from ALD (EPA:ALD)
Q4 and FY 2025 strong financial results: delivering on the roadmap and confirming PowerUp 2026 targets
Q4 and FY 2025 strong financial results: delivering on the roadmap and confirming PowerUP 2026 targets
Paris, 6 February 2026
2025 NET INCOME GROUP SHARE OF EUR 996 MILLION, UP 45.7% VS. EUR 684 MILLION IN 2024
FULL YEAR 2025 RESULTS
- Leasing and Services margins at EUR 2,944 million, up 9.1% vs. 2024
- Underlying margins of ECS top 5 over average of peers remains at 20%+
- Net used cars sales (UCS) result1 of EUR 411 million up 29.6% vs. 2024. Net UCS result per unit at 1,075 EUR, at the high end of the guidance
- Underlying operating expenses of EUR 2,496 million, up 4.6% vs. 2024
- Cost to income ratio at 56.1%, better than the 2024 guidance of between 57% and 59%
- Return on Tangible Equity (ROTE)2 of 14.4% in 2025, up 270 bps vs. 11.7% in 2024
- Earning assets3 at EUR 53.7 billion, down 1.0% versus 2024
- Common Equity Tier 1 (CET1) ratio at 13.2%4 in Q3 2025 pro forma, up 430 bps versus year-end 2024
SHAREHOLDER DISTRIBUTION
- Dividend for the 2025 financial year at EUR 0.42 per share, with a 50% dividend payout ratio, subject to approval by the General Meeting, and attached to the shares on 20 May 2026
- Share buyback of EUR 360 million completed in December 2025
- Total amount distributed to shareholders for 2025 at EUR 1,150 million
Q4 2025 RESULTS: CONTINUED STRONG PERFORMANCE
- Net income group share at EUR 351 million, up 127% versus Q4 2024
- Leasing and Services margins at EUR 772 million, up 7.7% versus Q4 2024
- Net UCS result1 of EUR 83 million in Q4 2025, up 120% versus Q4 2024, with net UCS result per unit at EUR 1,075
- Underlying operating expenses at EUR 656 million, down 1.3% versus Q4 2024
- Cost of risk at 55 bps in Q4 2025 vs. 64 bps in Q4 2024
On 6 February 2026, Philippe de Rovira, CEO of Ayvens, commenting on the 2025 Group results, stated:
“Since my appointment as CEO of Ayvens on 1 December 2023, I have been positively impressed by the expertise and passion of Ayvens’ teams. Their commitment and focus over the last two years have strongly contributed to the delivery of strong financial results for 2025.
2025 has been marked by key milestones, notably our IT migrations in overlapping countries, with 17 countries and 90% of the Group’s fleet now operating on the targeted IT platform of each country. The Group has engaged into a leaner and more efficient operating model.
These actions have translated in growing synergies, higher margins and a lower cost base. This optimisation of Ayvens’ asset management capabilities and the strict monitoring of residual values have allowed the Group to anticipate effectively market changes and maintain strong positions in our markets thanks to an attractive offer.
In 2025 Ayvens has delivered a cost income ratio better than guidance and a lower increase of impairments, translating into a strong set of results reaffirming its ambition to support responsibly how the world moves to a better future.
Looking forward, we remain confident to reach all our PowerUP 2026 targets on time and to distribute 50% of our adjusted net income group share to our shareholders. Over the 2024-2026 period, in line with our PowerUP 2026 guidance, we reiterate our commitment to a cumulative minimum of EUR 2.4 billion of distribution to our shareholders in dividends and share buybacks.”
POWERUP 2026 CORE TARGETS CONFIRMED
- Return on tangible equity (ROTE) target of 14%
- Cost to income ratio excl. UCS and non-recurring items of 56% to 58% in 2026
- Dividend payout of 50%
- ROTE in the range 13% - 15%
- Earning assets growth of 6% CAGR over 2023–2026 is not being targeted any longer in the context of a strategic shift towards profitability and strict residual value setting
2026 GUIDANCE
- Gross UCS result per unit EUR 200–600
- Costs to achieve (CTA) less than EUR 30 million
Q4 2025 AND FY 2025 FINANCIAL RESULTS
Fleet and earning assets
Earning assets stood at EUR 53.0 billion, a decrease of 1.0% compared to Q4 2024 and an increase of 0.8% compared to Q3 2025.
This decrease results mainly from the reduction in the fleet in the United Kingdom and the slowdown in fleet growth in Southern Europe when compared with the prior year and versus Q3 2025, notably on the corporate and SME segments, whilst the private lease and medium-term rental businesses increased compared to Q4 2024.
During Q4 2025, Ayvens added c. 200,000 EVs and 3–7 years vehicles to its fleet as part of the electrification of its offering and its strategy of addressing all customer segments.
At the end of Q4 2025, the total orders portfolio reached 750,000 vehicles (up 13% compared to Q4 2024), equivalent to c. 9 months of average registrations. This increase was driven by the rise of consumer contracts, as well as solid order intake in small and medium enterprises (SME) and corporate contract segments. At the end of 2025, Ayvens’ financed fleet reached 3,493,000vehicles worldwide (c. 3,426,000 vehicles at the end of Q4 2024).
EV penetration reached 43%5 of new passenger car registrations for 2025 vs. 39% in 2024. Ayvens’ BEV6 and PHEV7 penetration stood at 32% and 11% respectively in 2025.
Income statement
Ayvens net income group share stood at EUR 332 million, marking a 45.2% increase vs. Q4 2024. For 2025, net income group share stood at EUR 996 million, an increase of 45.7% compared to 2024. This growth benefits from a higher net interest on its assets, increasing margins, a higher net used car sales result and lower operating expenses, highlighting the strength of Ayvens’ business model through the cycle and the growing benefits of the LeasePlan acquisition.
Gross operating income and depreciation adjustments
In Q4 2025, gross operating income reached EUR 836.9 million, up 16.5% compared to Q4 2024, supported by higher margins and a higher net used car sales result. For 2025, gross operating income stood at EUR 3,355 million, an increase of 11.3% vs. 2024.
Thanks to the continued successful execution of Ayvens’ integration plan, in 2025 gross revenue benefitted from positive synergies. Leasing and services revenues were impacted by the lower impact of inflation pass-through in 2025 compared to 2024, given the stabilisation of inflation and the ongoing normalisation of interest rates.
As indicated in Q3 2025 results press release, Ayvens recorded in EUR 293 million in the Lincoln disposal transaction, with a net income group share negative impact of EUR 227 million. The Q4 2025 income statement also includes a release of EUR 34.1 million of provisions booked in H1 2025 related to the Lincoln transaction. As a reminder, Ayvens also recognized a CTA disposal of EUR 27 million in Q4 2024 related to the termination of its joint venture with Donlen in the US.
In Q4 2025, the Leasing margin amounted to EUR 240.9 million, compared to EUR 242.1 million in the same period in 2024. For 2025, the leasing margin stood at EUR 963.2 million, up 3.5% compared to 2024.
Services margin reached EUR 550.7 million in Q4 2025, an increase of 8.8% compared to Q4 2024, outperforming the growth in the fleet, driven by higher income from maintenance, tyre services and insurance activities. Services margin reached EUR 1,981 million in 2025, up 12.2% vs. 2024.
Overall, Leasing and Services margins increased by 9.6% in Q4 2025 to EUR 791.6 million and by 9.1% in 2025 to EUR 2,944 million.
In Q4 2025, net gains on sales of used vehicles (UCS) stood at EUR 83 million, up EUR 45 million versus Q4 2024. This improvement vs. Q4 2024 was driven by a stabilisation in used car market conditions and a strong operational performance in managing residual values, with a net UCS result of EUR 1,075 per unit in Q4 2025 at the high end of the guidance.
On a full-year basis, net gains on sales of used vehicles amounted to EUR 411 million in 2025, up 29.6% vs. EUR 317 million in 2024. This strong growth reflects the fact that Ayvens has fully absorbed the lower used car prices impact through disciplined provisioning policies over the last two years and thanks to the continued optimisation of its remarketing channels.
Depreciation adjustments on operating leases and financing contracts amounted to EUR -288.0 million in Q4 2025, up from EUR -265.2 million in Q4 2024. For the full-year 2025, depreciation adjustments reached EUR -1,302 million, compared to EUR -1,272 million in 2024. This evolution is mainly due to the growth of Ayvens’ earning assets and the normalisation of net UCS result.
Taking into account the LeasePlan purchase price allocation (PPA), the net impact of depreciation adjustments in Q4 2025 reached EUR -313.1 million versus EUR -292.5 million in Q4 2024, mainly due to higher earning assets. For 2025, this impact reached EUR -1,379 million vs. EUR -1,320 million in 2024.
As a reminder, the PPA depreciation charges are booked in Depreciation, amortisation and impairment of tangible and intangible assets for EUR -7 million in Q4 2025, compared to EUR -8 million in Q4 2024. For the full-year 2025, PPA depreciation charges amounted to EUR -30 million compared to EUR -31 million in 2024.
Other net income including income from equity method stood at EUR 4.9 million in Q4 2025 vs. EUR -2.9 million in Q4 2024, mainly due to a better contribution from joint ventures. For the full year 2025, other net income stood at EUR -2.9 million vs. EUR -14.0 million in 2024, mainly explained by the sale of a minority stake in a non-consolidated subsidiary in Q2 2024 and a better contribution from joint ventures in 2025.
Gross operating income and Depreciation adjustments
Net UCS result reached EUR 83 million, up 120% vs. Q4 2024 which stood to EUR 38 million. This results from a lower Gross UCS result which continued to normalize in 2025 to reach EUR 99 million vs. EUR 200 million in Q4 2024, that was more than offset by a strong reduction in depreciation adjustments down to EUR -16 million vs. EUR -162 million in Q4 2024. As a reminder, Q4 2024 included EUR -75 million of PPA amortisation and EUR -87 million of net prospective depreciation.
For 2025, net UCS result stood at EUR 411 million compared to EUR 317 million in 2024, supported by EUR 993 million of gross UCS result and EUR -582 million of depreciation adjustments.
Net interest on assets increased by 12.6% in 2025 to EUR 1,413 million compared to EUR 1,255 million in 2024. This increase results from the combined impact of higher margins on earning assets, disciplined pricing and strict residual value setting. The net interest margin on average earning assets reached 2.6% in 2025, compared to 2.3% in 2024.
Other net banking income stood at EUR -5.1 million in Q4 2025 compared to EUR -19.5 million in Q4 2024, mainly due to a lower negative impact of fair value adjustments and hedging instruments. For 2025, other net banking income stood at EUR -31.7 million vs. EUR -44.5 million in 2024.
Overall, gross operating income reached EUR 836.9 million in Q4 2025, up 16.5% vs. Q4 2024. For 2025, gross operating income stood at EUR 3,355 million, an increase of 11.3% compared to 2024.
Operating expenses and Depreciation adjustments
Underlying operating expenses in Q4 2025 decreased by 1.3% compared to Q4 2024 to EUR 656 million, reflecting the initial benefits of the integration of LeasePlan and cost synergies. For the full year 2025, underlying operating expenses amounted to EUR 2,496 million, up 4.6% vs. 2024, below the inflation rate and fleet growth.
CTA and the one-off impairment of IT assets, underlying operating expenses amounted to EUR 420 million, a decrease of -31.1% vs. Q4 2024, reflecting increasing cost synergies, at EUR 41 million vs. EUR 13 million in Q4 2024, and continued strict cost monitoring across the organization.
For 2025, underlying costs decreased by EUR 27 million or -0.9% compared to 2024, supported by EUR 92 million incremental synergies and the full-year impact of cost actions across the Group.
For 2024, increased margins and lower underlying operating expenses translated in an underlying Cost/income ratio of 54.6% in Q4 2025 vs. 60.8% in Q4 2024 and 56.1% in 2025 vs. 60.1% in 2024.
Including CTA and one-off impairment charges, the cost/income ratio stood at 56.0% in Q4 2025 and 57.4% on a full-year basis, improving 7.1 points compared to 2024 and 0.9 point better than the 2025 guidance of between 57% and 59%.
Cost of risk
Impairment charges on receivables came in at EUR 28 million compared to EUR 30 million in Q4 2024 and at EUR 102 million for the full-year 2025 compared to EUR 123 million in 2024.
Cost of risk stood at 55 bps in Q4 2025 compared to 64 bps in Q4 2024 and at 51 bps in 2025, a 9 bps improvement compared to 2024, remaining between 50 and 60 bps across the cycle.
Net income
Income tax charge stood at EUR 111 million in Q4 2025 compared to EUR 71 million in Q4 2024, leading to an effective tax rate of 24.8% in 2025 vs. 23.7% in 2024.
Net income group share stood at EUR 351 million in Q4 2025, more than double compared to Q4 2024, supported by higher gross operating income, lower underlying costs and a lower cost of risk.
For 2025, net income group share stood at EUR 996 million, up 45.7% vs. EUR 684 million in 2024.
Shareholder distribution
The Board of Directors has decided to propose to the Annual General Meeting of shareholders to distribute a dividend of EUR 0.59 per share in respect of the 2024 financial year, compared to EUR 0.37 the prior year. This amount corresponds to Ayvens’ PowerUP 2026 target of a 50% dividend payout ratio. Conditional on this approval, the dividend will be detached on 20 May 2026.
Combined with the exceptional dividend of EUR 0.42 per share already paid on 18 December 2025 and the share buyback of EUR 360 million completed in December 2025, Ayvens distributed a total of EUR 1,150 million for the 2025 financial year, reaffirming its commitment to deliver value to shareholders.
BALANCE SHEET AND REGULATORY CAPITAL
At 31 December 2025, Ayvens’ total balance sheet amounted to EUR 70.8 billion compared to EUR 75.1 billion at year-end 2024, mainly driven by the reduction in earning assets and the decrease in cash and cash equivalents following the share buyback.
Ayvens’ net asset value per share (NAV) stood at EUR 13.08 at end-2025, up from EUR 12.79 at end-2024, and net tangible asset value per share (NTAV) stood at EUR 9.58 vs. EUR 8.92 at end-2024.
Regulatory capital
Risk-weighted assets (RWA) totalled EUR 53.7 billion as at 31 December 2025, with credit risk-weighted assets accounting for 93% of the total.
The EUR 5.3 billion decrease in total RWA compared to 30 September 2025 is mainly explained by EUR 400 million credit RWA Group alignment and reduction in cash & forwards deposits for EUR 500 million, partially offset by an increase of EUR 500 million linked to the growth in earning assets.
Thanks to this reduction in RWA and the Group’s strong organic capital build-up throughout 2025, Ayvens’ Common Equity Tier 1 ratio reached 13.2% vs. 12.8% in Q3 2025 i.e. 383 bps points above the minimum regulatory requirement of 9.38%. Total capital ratio stood at 17.4% compared with 17.0% as at 30 September 2025.
CONFERENCE CALL FOR INVESTORS AND ANALYSTS
Date: 6 February 2026, at 10.00 am Paris time – 9.00 am London time
Speakers: Philippe de Rovira, CEO, Patrick Sommellet, Deputy CEO and CFO
Webcast: Click https://edge.media-server.com/mmc/p/jurbq5g7
CONNECTION DETAILS
- FR: +33 1 70 91 87 20
- UK: +44 121 281 8004
- US: +1 718 705 8796
- Other countries: +39 02 802 09 11
- Access code: 457698
AGENDA
- 30 April 2026: Q1 2026 results
- 13 May 2026: Annual General Meeting
- 20 May 2026: Dividend detachment
- 26 July 2026: Q2 2026 results
- 30 October 2026: Q3 2026 results
- 29 October 2026: Q3 2026 results
About Ayvens
Ayvens is a leading global sustainable mobility player committed to making life flow better. We’ve been innovating mobility for over 60 years, enabling complete, convenient, and sustainable journeys for our clients across 4 continents. Ayvens leverages global scale and best-in-class expertise to provide full-service leasing, flexible subscription services, fleet management optimization, as well as value-added services to large international corporates, SMEs, professionals and private individuals.
Ayvens is proud to offer sustainable mobility solutions at global scale, with c. 3.3 million vehicles, c. 2.2 million drivers and an innovative suite of digital and connected services. With c. 13,000 employees across 43 countries, Ayvens pioneers the road towards Net Zero by actively managing and reducing the environmental impact of its fleet and operations. Ayvens is fully owned by Societe Generale, one of Europe’s leading financial services groups. Find out more on www.ayvens.com.
Press contacts
Investor contacts
Appendix
CONSOLIDATED INCOME STATEMENT
| In EUR million | Q4 2025 | Q4 2024 | % vs. Q4 2024 | FY 2025 | FY 2024 | % vs. FY 2024 |
|---|---|---|---|---|---|---|
| Leasing & services revenues | 1,822.1 | 1,728.1 | 5.4% | 7,155.7 | 6,905.6 | 3.6% |
| Leasing contracts | 1,188.5 | 1,139.2 | 4.3% | 4,635.9 | 4,509.9 | 2.8% |
| Services contracts | 633.6 | 588.9 | 7.6% | 2,519.8 | 2,395.7 | 5.2% |
| Leasing & services margins | 791.6 | 722.0 | 9.6% | 2,944.0 | 2,698.3 | 9.1% |
| Net interest on financing | 404.6 | 355.9 | 13.7% | 1,413.0 | 1,255.0 | 12.6% |
| Unrealised net gain (loss) on financial instruments at fair value through profit or loss | 18.1 | -2.2 | n.s. | -31.7 | -44.5 | -28.7% |
| Leasing margin | 235.2 | 242.1 | -2.9% | 963.2 | 930.4 | 3.5% |
| Services revenues | 1,043.2 | 987.7 | 5.6% | 4,352.1 | 4,155.0 | 4.8% |
| Cost of services revenues | 492.5 | 456.9 | 7.8% | 2,371.1 | 2,174.0 | 9.1% |
| Services margin | 550.7 | 530.8 | 3.7% | 1,981.0 | 1,981.0 | 12.2% |
| Leasing & Services margins | 791.6 | 722.0 | 9.6% | 2,944.0 | 2,698.3 | 9.1% |
| Net gains on sales of used vehicles | 83.0 | 38.0 | 118.4% | 411.0 | 317.0 | 29.6% |
| Proceeds of car sales | 703.6 | 726.7 | -3.2% | 2,829.2 | 3,065.0 | -7.7% |
| Cost of car sales | 620.6 | 688.7 | -9.9% | 2,418.2 | 2,748.0 | -12.0% |
| Depreciation cost adjustments | -16.2 | -161.6 | -89.9% | -582.0 | -632.0 | -7.9% |
| UCS result and depreciation adjustments | 83.0 | 38.0 | 118.4% | 411.0 | 317.0 | 29.6% |
| Gross Operating Income | 836.9 | 718.4 | 16.5% | 3,355.1 | 3,012.3 | 11.3% |
| Staff expenses | 275.4 | 268.4 | 2.6% | 1,095.2 | 1,056.9 | 3.6% |
| Other expenses | 307.1 | 293.7 | 4.5% | 1,253.0 | 1,154.8 | 8.5% |
| Underlying operating expenses | 656.0 | 664.2 | -1.3% | 2,496.0 | 2,386.0 | 4.6% |
| CTA and one-off impairment of IT assets | 264.0 | 14.0 | n.s. | 420.0 | 193.0 | n.s. |
| Operating expenses | 392.0 | 678.2 | -42.2% | 2,916.0 | 2,579.0 | 13.1% |
| Depreciation, amortisation and impairment expense on tangible and intangible assets | 49.2 | 48.7 | 1.0% | 194.3 | 193.5 | 0.4% |
| Gross operating profit | 395.7 | 274.7 | 44.1% | 1,164.8 | 1,047.2 | 11.3% |
| Cost of risk | 28.0 | 30.0 | -6.7% | 102.0 | 123.0 | -17.1% |
| Operating income | 367.7 | 244.7 | 50.3% | 1,062.8 | 924.2 | 15.0% |
| Share of profit of equity accounted companies | 4.9 | -2.9 | n.s. | -2.9 | -14.0 | -79.3% |
| Income before tax | 372.6 | 241.8 | 54.1% | 1,059.9 | 910.2 | 16.4% |
| Income tax | 111.0 | 71.0 | 56.3% | 263.9 | 216.8 | 21.7% |
| Net income | 261.6 | 170.8 | 53.2% | 796.0 | 693.4 | 14.8% |
| Non-controlling interests | -89.5 | -45.2 | n.s. | -200.0 | -9.4 | n.s. |
| Net income group share | 351.1 | 215.9 | 62.7% | 996.0 | 684.0 | 45.7% |
BALANCE SHEET AS AT 31 DECEMBER 2025
| In EUR million | 31 December 2025 | 31 December 2024 |
|---|---|---|
| Earning assets | 53,045.3 | 55,500.0 |
| Rental fleet | 51,182.9 | 51,550.0 |
| Receivables due from clients | 1,877.4 | 2,014.9 |
| Cash & Cash deposits with the ECB | 2,045.0 | 4,052.0 |
| Intangibles (incl. goodwill) | 2,693.6 | 2,791.2 |
| Operating lease and other receivables | 8,339.6 | 8,765.7 |
| Other | 4,630.4 | 4,951.0 |
| Total assets | 70,815.0 | 75,115.8 |
| Group shareholders’ equity | 11,016.0 | 11,135.3 |
| Non-controlling interests equity | 10,240.6 | 10,355.3 |
| AT1 | 750.0 | 750.0 |
| Total shareholders’ equity | 7,997.7 | 5,721.8 |
| Non-controlling interests | 2.9 | 2.7 |
| Total equity | 11,309.7 | 11,162.5 |
| Deposits and borrowings | 34,208.4 | 40,835.0 |
| Financial liabilities at fair value through profit or loss | 156.379,4 | 140,1 |
| Trade and other payables | 8,267.4 | 9,472.8 |
| Other liabilities | 35,0 | 144,3 |
| Total liabilities and equity | 70,815.0 | 75,115.8 |
EARNINGS PER SHARE (EPS)
| In EUR million | FY 2025 | FY 2024 |
|---|---|---|
| Earnings per share | 783,692.7 | 816,930.4 |
| Existing shares | 783,692.7 | 816,930.4 |
| Treasury shares included in the calculation of EPS | -15,572 | -959,247 |
| Weighted average number of shares | 783,179.7 | 815,971.4 |
| Weighted average number of shares used for EPS calculation8 (A) | 815,391,289 | 815,250,567 |
| In EUR million | FY 2025 | FY 2024 |
| Net income group share | 995.8 | 683.6 |
| Deduction of interest on AT1 capital | -23.3 | -63.5 |
| Net income group share after deduction of interest on AT1 capital (B) | 702.5 | 620.1 |
| Basic EPS (in EUR) (B/A) | 1.35 | 0.75 |
| Diluted EPS | FY 2025 | FY 2024 |
| Existing shares | 783,802,071 | 816,930,474 |
| Treasury shares | -21,720,982 | -19,468,124 |
| Number of shares | 783,179,737 | 815,971,463 |
| Diluted EPS (in EUR) | 1.35 | 0.75 |
Return on tangible equity (ROTE)
| In EUR million | Q4 2025 | Q4 2024 | FY 2025 | FY 2024 |
|---|---|---|---|---|
| Group shareholders’ equity | 11,016.0 | 11,135.3 | 11,016.0 | 11,135.3 |
| AT1 Capital | -750.0 | -750.0 | -750.0 | -750.0 |
| Distribution provision9 & interest on AT1 capital | -330.0 | -300.0 | -330.0 | -300.0 |
| Goodwill and intangible assets | -2,737.0 | -2,128.3 | -2,737.0 | -2,128.3 |
| OCI excluding conversion reserves | 45.0 | 37.0 | 45.0 | 83.0 |
| Common Equity Tier 1 capital | 7,709.0 | 6,964.0 | 9,765.7 | 7,058.4 |
| Equity base for ROTE end of period | 9,765.7 | 7,058.4 | 9,765.7 | 7,058.4 |
| Goodwill | 2,127.5 | 2,128.3 | 2,127.5 | 2,128.3 |
| Intangible assets | 609.2 | 662.9 | 609.2 | 662.9 |
| Average equity base for ROTE calculation | 9,694.5 | 9,909.0 | 9,094.9 | 9,238.5 |
| Average Goodwill | 2,127.9 | 2,128.3 | 2,127.9 | 2,128.3 |
| Average Intangible assets | 609.2 | 662.9 | 609.2 | 662.9 |
| Average tangible equity base for ROTE calculation | 7,169.7 | 7,117.8 | 6,357.8 | 6,447.3 |
| Net income group share | 231.1 | 159.7 | 995.8 | 683.6 |
| Interest on AT1 capital | 23.3 | 63.5 | 23.3 | 63.5 |
| Adjusted net income group share | 212.8 | 112.4 | 929.0 | 620.1 |
| ROTE (annualised) | 11.8% | 7.8% | 14.4% | 11.7% |
CRR3/CRD6 prudential capital ratios and Risk Weighted Assets
| In EUR million | 31 December 2025 | 30 September 2025 |
|---|---|---|
| Group shareholders’ equity | 11,016 | 11,459 |
| AT1 capital | 750 | 750 |
| Distribution provision9 & interest on AT1 capital | -330 | -1,092 |
| Goodwill and intangible assets | -2,737 | -2,628 |
| OCI excluding conversion reserves | 75 | 116 |
| Common Equity Tier 1 capital | 7,709 | 6,964 |
| AT1 capital | 750 | 750 |
| Tier 1 capital | 7,849 | 7,714 |
| Tier 2 capital | 1,500 | 1,500 |
| Total capital (Tier 1 + Tier 2) | 9,349 | 9,214 |
| Risk-Weighted Assets | 53,745 | 54,250 |
| Credit Risk Weighted Assets | 49,889 | 50,314 |
| Market Risk Weighted Assets | 921 | 835 |
| Operational Risk Weighted Assets | 2,935 | 3,101 |
| Common Equity Tier 1 ratio | 13.2% | 12.8% |
| Tier 1 ratio | 14.6% | 14.2% |
| Total capital ratio | 17.4% | 17.0% |
Tangible book value per share
| In EUR million | 31 December 2025 | 31 December 2024 |
|---|---|---|
| Group shareholders’ equity | 11,016.0 | 11,135.3 |
| AT1 capital | -750.0 | -750.0 |
| Interest on AT1 capital | -23.3 | -63.5 |
| Book value of treasury shares | -636.9 | -243.8 |
| Net Asset Value (NAV) | 10,325.8 | 10,363.0 |
| Goodwill | 2,127.5 | 2,128.3 |
| Intangible assets | 609.2 | 662.9 |
| Net Tangible Asset Value (NTAV) | 7,499.1 | 7,571.8 |
| Distribution provision | -426.5 | -602.3 |
| NTAV after dividend provision9 | 7,072.6 | 7,249.6 |
| Number of shares8 | 783,179,737 | 815,961,473 |
| NAV per share | 13.08 | 12.70 |
| NTAV per share | 9.58 | 9.28 |
| NTAV per share after distribution provision | 9.03 | 8.88 |
Quarterly series
| In EUR million | Q4 202310 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Leasing margins11 | 245.7 | 238.0 | 239.3 | 240.9 | 242.1 | 239.8 | 240.0 | 242.5 | 235.2 |
| Services margins | 443.1 | 458.5 | 486.5 | 485.3 | 530.8 | 480.2 | 492.6 | 457.5 | 550.7 |
| Leasing & services margins | 688.8 | 696.5 | 725.8 | 726.2 | 772.9 | 720.0 | 732.6 | 700.0 | 791.6 |
| Net gains on sales of used vehicles | 145.2 | 81.0 | 86.0 | 97.0 | 38.0 | 118.0 | 110.0 | 100.0 | 83.0 |
| Gross operating income | 834.0 | 777.5 | 811.8 | 823.2 | 810.9 | 838.0 | 842.6 | 800.0 | 836.9 |
| Gross operating profit | 306.0 | 275.0 | 281.0 | 298.0 | 274.7 | 301.0 | 297.0 | 271.0 | 395.7 |
| Net income group share | 106.0 | 106.0 | 123.0 | 114.0 | 215.9 | 242.0 | 212.0 | 190.0 | 351.1 |
| Total contracts | 3,350.0 | 3,362.0 | 3,384.0 | 3,405.0 | 3,426.0 | 3,435.0 | 3,455.0 | 3,476.0 | 3,493.0 |
| Full service contracts | 2,201.0 | 2,220.0 | 2,233.0 | 2,249.0 | 2,262.0 | 2,272.0 | 2,288.0 | 2,306.0 | 2,323.0 |
| Fleet management contracts | 1,149.0 | 1,142.0 | 1,151.0 | 1,156.0 | 1,164.0 | 1,163.0 | 1,167.0 | 1,170.0 | 1,170.0 |
Notes
- UCS result corresponds to the net gains on sales of used vehicles.
- ROTE: Return on Tangible Equity.
- Earning assets: rental fleet and receivables due from clients.
- CET1 ratio at 13.2% in Q3 2025 pro forma including the full impact of the Lincoln disposal.
- EV penetration: share of BEV and PHEV in new passenger car registrations.
- BEV: Battery Electric Vehicle.
- PHEV: Plug-in Hybrid Electric Vehicle.
- Number of shares corresponds to the weighted average number of ordinary shares outstanding, excluding treasury shares.
- Distribution provision includes accruals for ordinary share dividends and interest on Additional Tier 1 securities.
- Restated for the provision related to the UK motor finance commissions.
- Change in presentation of OOI components: prospective depreciation was reclassified from Leasing costs – depreciation to Leasing margin in Depreciation adjustments. This change is applied retroactively to all periods.