Ayvens posts €248m Q2 profit as used car market normalises

Ayvens has reported a resilient second-quarter performance for 2026, with higher leasing margins, growing synergies and lower operating costs helping offset continued pressure from used vehicle values as the mobility group reaffirmed it remains on track to achieve its PowerUP 2026 strategic targets.

The Societe Generale-owned fleet leasing and mobility specialist recorded net income attributable to shareholders of €248 million for the second quarter, down 8.7% from €271 million a year earlier, reflecting the continued normalisation of used car sales results. However, profitability remained strong, with return on tangible equity (ROTE) at 13.4%, only slightly below the 13.7% achieved in the second quarter of 2025.

Leasing and services margins increased 7% year-on-year to €762 million, while underlying margins rose 9.5% to €800 million, reflecting improved pricing and operational performance. Cost discipline also continued, with the cost-to-income ratio improving to 50.3% from 57.6% a year earlier. Synergies from the LeasePlan integration reached €112 million during the quarter, up from €86 million in the second quarter of 2025, leaving the group on track to achieve its full-year synergy target of €440 million.

The company reported a net used car sales result of minus €8 million, compared with a positive €143 million a year earlier, as residual values continued to normalise. Gross used car sales profit per unit was €326, in line with the group’s guidance but significantly lower than the exceptional levels seen in previous years.

Ayvens said depreciation adjustments increased to €50 million, driven largely by developments in the UK battery electric vehicle market, where prospective depreciation charges of €41 million were recognised on the running fleet. Softening demand for internal combustion engine vehicles, influenced by higher oil prices following the Middle East crisis, also weighed on used vehicle performance.

Despite these headwinds, operating expenses fell 8.3% to €410 million, while impairment charges declined to €16 million from €27 million a year earlier, reflecting continued strong asset quality and lower-than-expected credit losses.

The group’s earning assets stood at €52.6 billion at the end of June, while its fleet totalled 3.05 million vehicles. Battery electric vehicles continued to account for a growing share of deliveries, representing 31% during the quarter, up from 27% a year earlier, while hybrid and plug-in hybrid vehicles also increased their share of deliveries. Internal combustion engine vehicles accounted for 26% of deliveries, down from 34% in the second quarter of 2025.

Ayvens maintained a strong capital position with a Common Equity Tier 1 ratio of 12.6% and available liquidity supported by €1.9 billion in cash alongside an undrawn €2.5 billion revolving credit facility. During the quarter, the company also successfully issued €500 million of green bonds, underlining continued investor confidence.

“Ayvens has continued to deliver on its strategic and financial roadmap, with strong margins and further cost reductions, mitigating the anticipated normalisation of used car sales result in a moving environment.

“I am pleased to announce a EUR 700 million exceptional distribution, reaffirming the Group’s commitment to creating value for our shareholders.

“Cost income stood at 50.3%, down 7.3 percentage points versus Q2 2025, and 52.1% in H1 2026, down 5.7 percentage points versus H1 2025. Q2 2026 ROTE stood at 13.4%, broadly stable year-on-year. H1 2026 ROTE stood at 14.1%, up 1.7 percentage points versus H1 2025, amid a tough used car market, thanks to our focus on robust margins and cost efficiency.

“Ayvens is well positioned to reach its PowerUP 2026 targets.”

Reflecting its confidence in the business, Ayvens also announced a €700 million capital distribution to shareholders, comprising a €450 million share buyback programme and an exceptional interim dividend of €0.32 per share, payable on 10 September 2026.

For the first half of 2026, Ayvens reported net income attributable to shareholders of €514 million, up 4.7% year-on-year, while leasing and services margins increased 7% to €1.52 billion. The results leave the company well positioned to deliver its PowerUP 2026 objectives despite ongoing pressure on used vehicle markets and a changing automotive landscape.