Arval grows fleet by 4.6% to 1.83 million vehicles

Arval reported solid business expansion in the first half of 2025, with financed fleet and financial outstandings rising strongly, even as its bottom line was weighed down by the ongoing normalisation of used vehicle prices compared to last year’s exceptional levels.

The BNP Paribas subsidiary grew its financed fleet to 1.83 million vehicles, up 4.6% compared with June 2024. Financial outstandings also rose sharply, climbing 14.5% year-on-year, reflecting both higher demand and the company’s continued expansion across corporate, retail and international markets.

Gross operating income (GOI) came in at €1.1 billion, down 24.2% versus the first half of 2024. However, excluding the impact of car sales, GOI rose strongly by 16.6% to €1.02 billion, driven by significant growth in both financial and service margins.

Arval noted that the decline in headline GOI and net income primarily reflected an unfavourable base effect: the first half of 2024 benefited from exceptionally high results on vehicle sales as used car prices peaked, a trend that has since normalised.

Operating expenses remained under control at €537.3 million (+5.9%), supported by efficiency measures and digitalisation. The cost of risk stayed moderate at 15 basis points, close to last year’s level.

Operating result stood at €530.1 million, down from €906.7 million in H1 2024, while net income reached €351.4 million, a decline of 49% year-on-year due to the base effect from used vehicle sales.

“Gross operating income recorded a sharp increase in financial and service margins in connection with the increase in outstandings, but its evolution was still penalised this semester by an unfavourable base effect compared to the still particularly high level of car sales result in the first half of 2024.Operating expenses are well controlled, and the cost of risk remains very moderate. Arval thus recorded a net income of €351 million for this half year, remaining at a good level.”

Arval also underlined its progress in sustainable mobility. Its fleet of electrified vehicles rose 23.7% year-on-year, with fully electric vehicles surging 42.6% to nearly 300,000 units. The company reiterated its ambition to reach a 2 million vehicle fleet by 2026, including 400,000 full EVs, as part of its extended Arval Beyond plan.

Partnerships also remain a growth lever. Arval extended its long-standing alliance with CaixaBank in Spain until 2030, signed a new framework agreement with Nissan in Latin America, and entered into a strategic deal with Maxus Motors France to expand leasing for commercial vehicles.

The Board of Directors approved the results on 12 September 2025.