Europe’s top 50 lessors reach €341bn as AFE50 marks its tenth edition

Europe’s leading asset finance providers recorded steady growth in 2025, with independents outperforming banks and captives, according to the Asset Finance Europe 50 (AFE50) Report 2026, published by Finance Connect in association with Asset Finance Policy and sponsored by Alfa.

Now in its tenth edition, the AFE50 ranks Europe’s top 50 auto and equipment finance providers, offering an overview of the business leasing market based on audited and publicly available accounts.

“For ten years, the AFE50 has been the sole source of data on the largest business equipment and vehicle leasing market providers across Europe, based on data from audited accounts adjusted based on transparent and consistent estimates and assumptions.

“It aims to provide vital intelligence to anyone wanting to understand the structure of the European market, including the role of different types of lessors and the importance of different countries as headquarters of European leasing groups.”

The full AFE50 Report 2026 and rankings are available to download now.

Combined business equipment and vehicle lease receivables across the AFE50 reached approximately €341 billion, an increase of 1.9% on a like-for-like basis compared with 2024. With the top 50 estimated to account for around 70% of the market, the report puts wider European lease receivables at approximately €490 billion.

Historical figures have been restated to reflect updated exchange rates, changes in the ranking’s composition and revised estimates, including the treatment of the equipment finance portfolio acquired by Groupe BPCE. The headline total should therefore be compared with the restated 2024 figure rather than the total published in last year’s edition.

Independent providers recorded the strongest growth of the three main lessor categories, increasing combined receivables by 5.0% to €29.6 billion, led by Novuna, grenke and CHG-Meridian. Captives grew by 2.0%, while banks expanded by 1.5% and continued to account for around 80% of AFE50 receivables.

French-headquartered groups remain at the centre of European leasing, representing approximately 40% of the total. BNP Paribas retained first place, followed by Société Générale, Groupe BPCE and Crédit Agricole.

Growth was spread across a range of organisations. Lloyds recorded the highest percentage increase, while Société Générale achieved the largest absolute rise in receivables. Longer-term analysis also highlights sustained expansion among banks, captives and independent specialists.

This year’s report brings additional focus to Central and Eastern Europe, with the first inclusion of OTP Group and MBH Bank (Euroleasing). A feature on Hungary and Poland examines the region’s established leasing markets, their role in supporting SMEs and opportunities for further development.

Beyond the rankings, contributions from Neil Pein of BNP Paribas Leasing Solutions, Odile de Saivre of BPCE Equipment Solutions and Rob van den Heuvel of DLL explore changing equipment investment decisions and the role of finance in supporting productivity, flexibility and technological and green transitions.

Together, the findings present a sector continuing to evolve through modest overall growth, specialist opportunities and changing customer expectations.