Slide 1: Q1 2024 results
3 May 2024
Slide 2: Disclaimer
The information contained in this document (the “Information”) has been prepared by ALD (the “Company”) solely for informational purposes. The Information is proprietary to the Company. This presentation and its content may not be reproduced or distributed or published, directly or indirectly, in wh
Slide 3: Content
Content Highlights (2) Q1 2024 financial results Appendix A
Slide 4: Highlights
Slide 5: Stabilization of margins, used car sales result per unit at a high level
Stabilization of margins(1) Used car sales result per CET 1 ratio unit(2) at a high level as at 31 March 2024 Net income group share ROTE(3) Bonds issued in Q1 2024 1. Leasing contract and Services margins excluding non-recurring items and impact of LeasePlan’s Purchase Price Allocation (PPA), annua
Slide 6: Declaration of No-Objection obtained, allowing to start the merger
Declaration of No-Objection(1) obtained, P&L synergies(4) allowing to start the merger achieved in Q1 2024 of legal entities vehicles sold through the platform in Q1 2024(2) On track to achieve Implementation of Target Operating Model bids/vehicle P&L synergies in FY 2024 and start of IT integration
Slide 7: Earning assets and total fleet as at 31 March 2024
Earning assets Total fleet In EU+(4) as at 31 March 2024 (in EUR bn) as at 31 March 2024 (in ‘000) 5 6 7 8 BEV PHEV ICE Others 52.7 Funded fleet Fleet management +1.1% +12.5% 46.9 20% 3,347 3,386 22% 711 686 -3.4% 44% 48% 2,637 2,699 +2.4% 14% 12% 18% 22% Mar. 2023 Mar. 2024 Mar. 2023 Mar. 2024 Q1 2
Slide 8: Q1 2024 financial results
Slide 9: Gross operating income, margins and used car sales result
Gross operating income(2) Leasing contract and Services margins Used Car Sales result 3,102 2,802 250.0 3,500 200.0 2,495 3,000 842.5 2,500 785.9 801.7 767.0 190.5 1,706 1,661 731.6 706.6 150.0 2,000 698.9 In EUR m In EUR m In EUR m 609.1 1,500 605.6 100.0 541.1 1,000 87.0 95.0 50.0 75.5 500 0 0.0 -
Slide 10: Leasing contract and services margins
Leasing contract and Services margins(1) in EUR m Underlying margins Impact of ongoing vs Q4 2023 measures to defend 541.1 698.9 767.0 609.1 706.6 margins Underlying margins excl. UCS in bps(2) Procurement and Fleet revaluation and revenue synergies reduction in depreciation 554 558 552 515 522 cost
Slide 11: Used car sales result and UCS result per unit sold
Used car sales result(1) (in EUR m) UCS result per unit sold(1)(2) (in EUR) Used cars sold(1)(2) (in ‘000 units) 3,102 3102 2,802 2,535 2,495 149 152 -67.0 129 -58.9 2190 1975 -178.6 -67.0 -67.3 -42.7 1,706 1,661 -123.6 96 190.5 -191.2 -89.7 1258 1217 75 905 587 626 87.0 95.0 75.5 -3.5 -24 Q1 2023 Q
Slide 12: Total operating expenses and underlying C/I ratio
Total operating expenses(1) in EUR m 260.5 369.7 444.5 516.9 489.6 Underlying C/I ratio(2) 60.4% 59.1% 60.5% 68.4% 67.7% 66.4 27.4 28.9 462.2 450.5 415.6 In EUR m 61.0 50.0 308.7 210.5 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Underlying operating expenses Non-recurring items In EUR million Q1 2023 Q2
Slide 13: Cost of risk, profit before tax and net income group share
Cost of risk(1) (in EUR m) Profit before tax(1) (in EUR m) Net income group share(1) (in EUR m) 36.5% 28.4% 31.3% 22.5% 50.0 30 500.0 23.4% 25.0% 350.0 25.0% 25 15.6% 12.6% 45.0 450.0 20.0% 20.0% 315.5 300.0 442.6 9.6% 25 434.3 40.0 400.0 15.0% 19 18 0.0% 250.0 17 35.0 350.0 10.0% 367.1 20 236.7 235
Slide 14: c. 310 bps over MDA as at 31 March 2024
c. 310 bps over MDA(1) as at 31 March 2024 12.5% 12.3% 3 31 December 2023 31 March 2024 14 1. Maximum Distributable Amount
Slide 15: Appendix
Slide 16: Consolidated balance sheet
in EUR million 31 March 2024 31 December 2023 Earning assets 52,733 52,025 o/w Rental fleet 50,528 49,765 o/w Financial lease receivables 2,205 2,260 Cash & Cash deposits with the ECB 4,935 3,997 Intangibles (incl. goodwill) 2,702 2,695 Operating lease and other receivables 7,174 6,536 Other 5,344 5
Slide 17: Consolidated income statement Q1 2024 vs Q1 2023
Q1 2024 Q1 2023 Var. Var. % in EUR million Q1 2024 Q1 2024 vs. Q1 2023 vs. Q1 2023 Total contracts ('000) 3,386 1,815 1,571 86.5% Full service leasing contracts 2,699 1,473 1,226 83.3% Fleet management contracts 686 342 344 100.7% In EUR million Leasing contract margin 282.4 367.1 (84.6) -23.1% Serv
Slide 18: Leasing contract margin and UCS result
Leasing contract margin(1) UCS result(1) 387.5 367.1 341.6 -67.0 282.4 158.0 -58.9 174.4 113.7 17.6 -67.0 In EUR m -42.7 -67.3 in EUR m 165.8 - 178.6 - 123.6 - 89.7 264.8 229.5 227.9 107.1 190.5 - 191.2 192.7 87.0 75.5 95.0 58.7 - 3.5 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q1 2023 Q2 2023 Q3 2023 Q
Slide 19: Interest rate and currency hedging profile
• While the Group is economically hedged, there can be accounting mismatches when derivatives • Interest rate and currency profile of funding do not qualify for hedge accounting and are fair are matched with the lease contract portfolio valued through P&L profile as much as possible • Derivatives on
Slide 20: Funding programme and ratings
• EUR 4bn-5bn funding programme planned for 2024 • Prudent pre-funding and front-loading (65% of 2024 annual programme already funded) Stable outlook • Flexibility in seizing market windows • Diversification of investor base and currencies • Balanced maturity schedule Stable outlook Senior Preferred
Slide 21: Quarterly income statement
(in EUR million)(1) Q1 2022(2) Q2 2022(2) Q3 2022(2) Q4 2022(2) Q1 2023 Q2 2023(3)(4) Q3 2023(3) Q4 2023(3) Q1 2024 Leasing Contract Margin 171.4 308.1 273.4 428.1 367.1 387.5 341.6 165.8 282.4 Services Margin 160.0 172.6 185.1 197.3 174.1 311.4 425.4 443.3 424.2 Leasing Contract and Services Margin
Slide 22: Annual income statement 2015-2023
(in EUR million)(1) 2015 2016 2017 2018 2019 2020(2) 2021 2022(3) 2023 Leasing Contract Margin 431.6 514.1 574.5 623.8 664.1 604.4 732.8 1,181.2 1,261.9 Services Margin 534.0 528.6 593.0 616.7 632.3 652.0 650.0 715.1 1,354.2 Leasing Contract and Services Margins 965.6 1,042.7 1,167.5 1,240.5 1,296.4
Slide 23: Basic and diluted EPS
Basic EPS Q1 2024 Q1 2023 Existing shares 816,960,428 565,745,096 Shares allocated to cover stock options and shares awarded to staff (839,734) (671,704) Treasury shares in liquidity contracts (143,312) (126,277) End of period number of shares 815,977,382 564,947,115 Weighted average number of share
Slide 24: ROTE calculation
in EUR million Q1 2024 Q1 2023 Group shareholders' equity 11,062.1 7,187.8 AT1 capital (750.0) 0.0 Dividend provision and interest on AT1 capital(1) (523.8) (756.6) OCI excluding conversion reserves 20.7 (36.2) Equity base for ROE calculation end of period 9,809.0 6,395.1 Goodwill 1,990.9 618.6 Inta
Slide 25: Regulatory capital and ratios
in EUR million 31 March 2024 31 December 2023 Group shareholders’ equity 11,062 10,826 AT1 capital (750) (750) Dividend provision & interest on AT1 capital(1) (524) (423) Goodwill and intangible assets (2,702) (2,695) Deductions and regulatory adjustments 153 183 Common Equity Tier 1 capital 7,239 7
Slide 26: Net asset value and net tangible asset value
in EUR million 31 March 2024 31 December 2023 Group shareholders' equity 11,062.1 10,826.1 Deeply subordinated and undated subordinated notes (750.0) (750.0) Interest of deeply subordinated and undated subordinated notes (55.4) (37.2) Book value of treasury shares 18.1 18.2 Net Asset Value (NAV) 10,
Slide 27: Maximum Distributable Amount
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Maximum Distributable Amount(1) 9.21% 9.52% 9.54% 9.54% 27 1. Based on estimated contracyclical capital buffers for the upcoming quarters
Slide 28: ESG ratings
Better than European average + rental & leasing sector ALD: gold medal LeasePlan: silver medal Advanced Top 1% global universe Top 30% Rated “prime” on sustainability performance Top 20% in the sector 10.9 14.4 Low risk Top 3% (LP) & 1% (ALD) negligible low medium high severe Rank : 3rd/399 (ALD) in
Slide 29: Agenda
Agenda 4) Shareholders meeting 14 May 2024 Dividend detachment 31 May 2024 Dividend payment 4 June 2024 Q2 and H1 2024 results 1 August 2024 Q3 and 9M 2024 results 31 October 2024
Slide 30: Societe Generale Group
SOCIETE GENERALE GROUP