Ayvens (AYV) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 delivered strong financial performance with net income group share reaching €273 million, up 85.9% year-over-year, driven by higher margins, cost discipline, and integration synergies.

• €700 million capital distribution announced, including a €360 million share buyback and €340 million exceptional cash dividend (€0.42 per share), to optimize capital structure.

• Integration of LeasePlan progressing, with 16 of 21 overlapping countries migrated and €251 million in synergies delivered in the first nine months.

• Strategic initiatives included asset management enhancements, operational scaling in used car leasing, and successful shareholding evolution.

• Leadership transition announced, with Philippe de Rovira to become CEO on 1 December 2025.

Financial highlights

• Net income group share reached €273 million in Q3 2025, up 85.9% year-over-year; nine-month net income at €764 million, up 46% year-over-year.

• Gross operating income for Q3 was €851 million, up 17.6% year-over-year; Leasing & Services margins at €776 million, up 20%.

• Cost-to-income ratio improved to 52.8% in Q3, down 10.6 percentage points year-over-year; 56.1% for nine months.

• Return on tangible equity (ROTE) at 14.3% for Q3, up from 7.2% in Q3 2024.

• Basic EPS for 9M 2025 was €0.87, up from €0.57 in 9M 2024; diluted EPS was €0.30, up from €0.15 in Q3 2024.

Outlook and guidance

• Full-year 2025 cost-to-income guidance maintained at 57%-59%.

• Share buyback of €360 million to launch on 31 October 2025; exceptional cash dividend of €0.42 per share to be paid on 18 December 2025.

• Management expects an increase in operating expenses for Q4 2025 due to year-end closing activities.

• Guidance for cost to achieve (CTA) remains around €120 million for the year.

• Expect slight fleet growth in 2026 as restructuring efforts conclude and order intake improves.