Ayvens reports €240m Q3 profit as used car market pressures persist

Ayvens has reported net income of €240m for the third quarter of 2026, down 11.9% year-on-year, as challenging conditions in the used car market offset stronger underlying margins and continued cost reductions.

The global vehicle leasing and fleet management provider recorded underlying margins of €817m, an increase of 4.6% compared with Q3 2025, while operating expenses fell by 5.1% to €407m.

The group’s cost-to-income ratio improved to 49.2%, down from 52.8% a year earlier, reflecting progress in its efficiency programme and integration synergies.

Ayvens’ return on tangible equity (ROTE) stood at 13.2%, compared with 14.3% in the third quarter of 2025.

The group’s net used car sales result, including depreciation adjustments, fell to a loss of €21m, compared with a €75m profit in Q3 2025.

Gross used car sales profit per vehicle declined to €118 from €1,110 a year earlier, reflecting the continued normalisation of residual values for internal combustion engine (ICE) vehicles and the impact of sustained high oil prices on demand.

Ayvens sold 127,000 used vehicles during the quarter, compared with 140,000 in the corresponding period last year.

The company also recorded €36m in depreciation adjustments, including €35m linked primarily to developments in the UK battery electric vehicle (BEV) market.

Ayvens’ total managed fleet stood at 3.04 million vehicles at the end of September, down 4.7% year-on-year.

Full-service leasing contracts accounted for 2.47 million vehicles, while fleet management contracts totalled 574,000.

The transition towards electrified vehicles continued, with BEVs representing 30% of new vehicle deliveries, compared with 28% in Q3 2025.

Hybrid vehicles accounted for 31% of deliveries, up from 26% a year earlier, while the share of ICE vehicles declined from 32% to 26%.

Earning assets remained broadly stable at €52.8bn, compared with €52.6bn at the end of September 2025.

Ayvens generated €116m in synergies during the quarter, up from €104m a year earlier, bringing total synergies for the first nine months of 2026 to €338m.

“Our strong focus on profitable business and cost reductions has helped mitigate the decrease in used-car sales’ result exacerbated by the impact of high oil prices.”

He added: “Ayvens is well-positioned to successfully achieve its PowerUP 2026 financial targets and ready to launch the execution of its Ayvens 2029 strategic plan.”

For the first nine months of 2026, Ayvens reported net income group share of €754m, down 1.2% year-on-year, while its cost-to-income ratio improved to 51.1% from 56.1%.

The company also strengthened its funding activities during the period, completing a €550m securitisation transaction in Belgium in September, described as Europe’s first asset-backed securities transaction backed entirely by battery electric vehicles.

Ayvens reaffirmed that it remains on track to achieve its PowerUP 2026 financial targets, despite ongoing uncertainty in European used vehicle markets.