Ayvens · EURONEXT:AYV
Ayvens — Q2 2025 Earnings Presentation
30 slides from Ayvens's earnings presentation, Jul 31, 2025
Slide 1: Q2 2025 results
Q2 2025 results 31 July 2025
Slide 2: Disclaimer
Disclaimer The information contained in this document (the “Information”) has been prepared by Ayvens (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 ind
Slide 3: Contents
Contents 1 Highlights 2 Q2 2025 financial results 3 Appendix 3
Slide 4: Highlights
1 Highlights
Slide 5: Key financial highlights
Key financial highlights CET 1 ratio Income statement at 30 June 2025 Q2 2025 Q2 2024 H1 2025 H1 2024 Margins (1) 550 bps 539 bps 557 bps 531 bps Used car sales result and depreciation adjustments per unit EUR 972 EUR 618 EUR 833 EUR 653 Used car sales result per unit (2) EUR 1,234 EUR 1,480 EUR 1,2
Slide 6: Key strategic developments
Key strategic developments Smooth management transition Reshaping of the shareholding Appointment of Philippe de Rovira 2 successful accelerated book building as CEO of Ayvens transactions in May and June effective 1 December 2025 Integration progressing further now holding c.18% of Ayvens’ capital
Slide 7: Fleet and earning assets
Fleet and earning assets Passenger car deliveries by Earning assets Total fleet(2)(3) powertrain(2) in EUR bn as at 30 June 2025 In EU+ Funded fleet Fleet management BEV PHEV ICE Hybrids Others 53.2 52.9 (1) 2% 2% 3,363 3,211 19% 29% 686 648 41% 27% 13% 2,676 2,563 13% 26% 30% Jun.24 Jun.25 Jun.24 J
Slide 8: Well positioned to capture retail growth opportunities
Well positioned to capture retail growth opportunities Wide and established retail network Extend our client base with enlarged offering Retail clients represent one third of Ayvens’ funded fleet(1) Ready-to-go Fitted-for-you Ayvens Re-lease Private lease Affordable mobility for price 2 dedicated LC
Slide 9: Q2 2025 financial results
2 Q2 2025 financial results
Slide 10: Increased revenues supported by UCS result
Increased revenues supported by UCS result Gross Operating Income Leasing & Services margins Used car sales result and 855 850 800 Depreciation adjustments 785 819 708 712 687 675 724 750 647 713 700 650 600 740 550 500 110 640 in EUR m in EUR m in EUR m 712 450 687 708 400 540 647 714 721 752 731 6
Slide 11: Robust margins
Robust margins Margins in bps Q2 Underlying margins +2.4% vs Q2 2024 539 521 541 562 550 H1 2025 Margins at 557 bps vs. 531 in H1 2024 850 687 708 712 800 647 675 750 700 Ramp up in procurement and insurance synergies(1) 650 600 550 500 Non-recurring items: mostly hyperinflation in Turkey in EUR m 4
Slide 12: Resilient UCS result, lower impact of depreciation adjustments
Resilient UCS result, lower impact of depreciation adjustments Result per unit sold (in EUR)(1) Used Cars Sold(1) (in '000 units) 158 157 158 157 147 1,480 1,420 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 1,267 1,229 1,234 972 480 430 703 380 618 300 330 234 493 280 222 200 193 181 230 200 180 239 130
Slide 13: Operating expenses trending down
Operating expenses trending down Underlying C/I ratio 61.9% 63.4% 60.2% 58.0% 57.6% Underlying Expenses down 4.8% vs Q2 2024 475 475 473 Initial impact of IT migrations : cost synergies(1) 500 460 447 0.700 450 33 20 41 36 0.650 increasing to EUR 27 million vs. EUR 7 million in Q2 26 400 0.600 2024
Slide 14: Strong increase in net income group share
Strong increase in net income group share Cost of risk (in EUR m) Profit before tax (in EUR m) Net income group share (in EUR m) 25.5% 35.5% 30.0% 29.5% 450 20.9% 0.300 400 -0.200 350 386 13.7% -0.700 300 300 11.0% 0.130 316 10.1% 280 -1.200 250 271 0.110 250 7.2% 7.8% 0.090 200 230 -1.700 200 220 0
Slide 15: Risk-Weighted Assets and Capital
Risk-Weighted Assets and Capital RWA (in EUR bn) CET 1 ratio 13.2% 13.5% 56.7 -0.2 55.8 -0.3 -0.2 -0.2 31 March 2025 30 June 2025 › 413 bps over MDA › Notification of MREL requirements in June 2025 › 19.95%(2) of total RWA › 5.91% of Ayvens’ leverage ratio exposure › Applicable from 31 December 2026
Slide 16: Appendix
4 Appendix
Slide 17: Impact of depreciation adjustments and PPA on UCS result
Impact of depreciation adjustments and PPA on UCS result Used car sales result and Depreciation adjustments Projected impacts of prospective depreciation to be released in future UCS results(1) 234 222 200 193 -75 181 Prospective in EUR million -75 depreciation stock in EUR m -28 -38 -75 Q3 2025 onw
Slide 18: Balance sheet as at 30 June 2025
Balance sheet as at 30 June 2025 in EUR million 30 June 2025 31 March 2025 Earning assets 52,876 53,483 o/w Rental fleet 50,895 51,464 o/w Finance lease receivables 1,982 2,019 Cash & Cash deposits with the ECB(1) 7,059 5,377 Intangibles (incl. goodwill) 2,781 2,788 Operating lease and other receiva
Slide 19: H1 2025 financial results
H1 2025 financial results Var. Var. % H1 2025 H1 2025 H1 2025 H1 2024 in EUR million vs. H1 2024 vs. H1 2024 Total contracts ('000) 3,211 3,363 (152) -4.5% Full service leasing contracts 2,563 2,676 (113) -4.2% Fleet management contracts 648 686 -38 -5.5% In EUR million Leasing margin 572.8 541.3 31
Slide 20: Q2 2025 financial results
Q2 2025 financial results Var. Var. % Q2 2025 Q2 2025 Q2 2025 Q2 2024 in EUR million vs. Q2 2024 vs. Q2 2024 Total contracts ('000) 3,211 3,363 (152) -4.5% Full service leasing contracts 2,563 2,676 (113) -4.2% Fleet management contracts 648 686 -38 -5.5% In EUR million Leasing margin 307.7 260.2 47
Slide 21: Earnings per share (EPS)
Earnings per share (EPS) Basic EPS H1 2025 H1 2024 Existing shares 816,960,428 816,960,428 Shares allocated to cover stock options and shares awarded to staff (484,981) (839,734) Treasury shares in liquidity contracts (138,779) (169,170) End of period number of shares 816,336,668 815,951,524 Weighte
Slide 22: Return on tangible equity (ROTE)
Return on tangible equity (ROTE) in EUR million Q2 2025 Q2 2024 H1 2025 H1 2024 H2 2024 Group shareholders' equity 11,161.5 10,782.9 11,161.5 10,782.9 11,135.3 AT1 Capital (750.0) (750.0) (750.0) (750.0) (750.0) Dividend provision and interest on AT1 capital(1) (227.7) (170.9) (227.7) (170.9) (339.8
Slide 23: CRR3/CRD6 prudential capital ratios and RWA
CRR3/CRD6 prudential capital ratios and RWA in EUR million 30 June 2025 31 March 2025 Group shareholders’ equity 11,162 11,351 AT1 capital (750) (750) (1) Dividend provision & interest on AT1 capital (228) (459) Goodwill and intangible assets (2,781) (2,788) Deductions and regulatory adjustments 111
Slide 24: Tangible book value per share
Tangible book value per share in EUR million 30 June 2025 31 December 2024 Group shareholders' equity 11,162 11,135 AT1 capital (750) (750) Interest on AT1 capital (0) (38) Book value of treasury shares 12 15 Net Asset Value (NAV) 10,423 10,363 Goodwill (2,128) (2,128) Intangible assets (653) (663)
Slide 25: Quarterly series
Quarterly series (in EUR million) Q2 2023 Q3 2023 Q4 2023 (3) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Leasing margin (1)(2) 247.7 239.6 77.6 281.2 260.2 231.7 297.7 265.1 307.7 Services margin (2) 293.2 413.1 388.4 407.4 426.7 414.8 377.5 443.3 404.4 Leasing and Services margins 540.9 652.7
Slide 26: Yearly series
Yearly series (in EUR million) 2016 2017 2018 2019 2020 2021 2022 2023 (3) 2024 Leasing margin (1)(2) 521.6 558.1 613.1 643.7 643.4 683.0 758.8 775.5 1,070.7 Services margin (2) 528.6 593.0 616.7 632.3 652.0 650.0 715.1 1,250.9 1,626.5 Leasing and Services margins 1,050.2 1,151.1 1,229.8 1,276.0 1,2
Slide 27: Strong recognition of ESG commitments
Strong recognition of ESG commitments Better than European average, in line with rental & leasing sector Platinum medal Top 1% Advanced Rank 4/98 in “Business Support Services EU” sector Top 30% Rated “Prime” on sustainability performance Top 30% in the sector 14.4 Low risk 10.9 Top 1% negligible lo
Slide 28: Glossary
Glossary BEV Battery Electric Vehicles Earning assets Net carrying amount of the rental fleet plus receivables on finance leases EU+ European Union, UK, Norway, Switzerland EV Electric Vehicles ICE Internal Combustion Engine: Petrol and Diesel Hybrids Mild and full hybrid vehicles MDA Maximum Distri
Slide 29: Agenda
Agenda Q3 and 9M 2025 results 1 30 October 2025 Q4 and FY 2025 results 2 6 February 2026
Slide 30: SOCIETE GENERALE GROUP
SOCIETE GENERALE GROUP