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Introduction & Market Context
Ayvens SA (EURONEXT:AYV) released its third-quarter 2025 financial results on October 30, showing substantial improvement in profitability despite a slight reduction in fleet size. The market responded positively to the announcement, with Ayvens shares climbing 9.74% to €10.06, moving closer to its 52-week high of €11.18.
The vehicle leasing and fleet management company delivered significant growth in net income while improving operational efficiency through continued integration synergies and cost management initiatives.
Quarterly Performance Highlights
Ayvens reported a dramatic 86% year-over-year increase in net income for Q3 2025, reaching €273 million compared to €147 million in Q3 2024. This performance was driven by higher margins, decreased operating expenses, and continued realization of synergies from the company’s integration efforts.
As shown in the following financial highlights chart, the company achieved substantial improvements across key metrics:
Leasing and services margins improved to 593 basis points in Q3 2025, up from 521 basis points in the same period last year. The company’s return on tangible equity (ROTE) doubled to 14.3%, compared to 7.2% in Q3 2024, demonstrating enhanced capital efficiency.
The underlying cost-to-income ratio showed marked improvement, decreasing to 52.8% from 63.4% in Q3 2024, reflecting the company’s focus on operational efficiency and cost management.
Detailed Financial Analysis
Ayvens’ gross operating income reached €851 million in Q3 2025, representing a 17.6% increase from €724 million in Q3 2024. This growth was primarily driven by stronger leasing and services margins, which rose to €776 million, a 20% improvement year-over-year.
The following chart illustrates the consistent upward trend in revenues and margins over the past five quarters:
Margins have shown steady improvement throughout 2025, reaching 593 basis points in Q3, the highest level in the past five quarters. This positive trend is attributed to portfolio optimization, procurement synergies, and lower funding costs.
Operating expenses continued to decrease, falling 6.1% compared to Q3 2024, contributing significantly to the improved cost-to-income ratio. Cost synergies increased to €39 million in Q3 2025, compared to just €9 million in the same period last year.
The company’s used car sales business showed signs of normalization, with results per unit declining to €1,110 in Q3 2025 from €1,420 in Q3 2024. This reflects the gradual return to more typical market conditions following the exceptional used car market of recent years.
Strategic Initiatives
Ayvens outlined several strategic developments during the quarter, focusing on strengthening its asset management capabilities and advancing its integration process.
The company appointed Roderick Jorna as Chief Remarketing and Asset Management Officer and launched the Ayvens Factory in the Netherlands, enhancing its operational infrastructure for used car refurbishment. These initiatives aim to improve the company’s ability to manage assets throughout their lifecycle.
As illustrated in the strategic highlights slide, Ayvens continued to grow its Re-lease fleet while making progress on integration:
The company reported gross synergies of €251 million for the first nine months of 2025, indicating that its integration efforts remain on track. Additionally, Ayvens completed a third successful accelerated bookbuilding transaction in September, with approximately 48 million shares sold by former LeasePlan shareholders.
Despite these positive developments, Ayvens’ total fleet decreased by 3.7% year-over-year to 3.2 million vehicles. The company is also facing challenges in the UK market, where it has proactively reduced its brokered business and is managing the impact of electric vehicle price trends.
Forward-Looking Statements
Ayvens announced plans to return approximately €700 million to shareholders through a combination of share buybacks and dividends. This includes a €360 million share buyback program set to launch on October 31, 2025, and an exceptional cash dividend of €0.42 per share to be paid on December 18, 2025.
The company maintains a strong capital position with a CET1 ratio of 12.8% after accounting for the planned distributions, providing a substantial buffer of 348 basis points above minimum distributable amount requirements.
Ayvens also highlighted its strong ESG performance, receiving recognition from multiple rating agencies. The company achieved a Gold medal from Ecovadis (placing in the top 2%), a "Low risk" rating from Sustainalytics (top 1%), and a "Prime" rating from ISS ESG (top 20% in the sector).
Looking ahead, Ayvens anticipates slight fleet growth in 2026 and aims to achieve full-year synergies of €350 million. The company maintains its cost-to-income guidance of 57-59% for 2025 and targets a further reduction to 52% in 2026.
CEO Tim Albertsen expressed confidence in the company’s momentum, stating, "We have built a group with a unique scale, capabilities, and a new momentum." He also noted improvements in order intake, indicating potential for future growth despite current challenges in certain markets.
Full presentation:
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