Slide 1: Q4 & FY 2024 results
Q4 & FY 2024 results 6 February 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 3 Outlook Q4 and FY 2024 2 financial results 4 Appendix 3
Slide 4: Highlights
1 Highlights
Slide 5: Q4 and FY 2024 results
Q4 and FY 2024 results Change in GOI presentation Balance sheet Reclassification of depreciation adjustments from Leasing margins to UCS result and depreciation adjustments Solid CET 1 ratio(4) Income statement Q4 2024 FY 2024 Application of CRR3 from 1 January 2025 expected to Margins(1) 541 bps 53
Slide 6: Key achievements in 2024
Key achievements in 2024 Integration Key commercial Delivering financial & on track developments regulatory roadmap EUR 121m synergies(1) generated notably Strong commercial successes in the Margins at satisfactory levels for 2024 thanks to procurement and insurance international segment On-boardin
Slide 7: Fleet and earning assets
Fleet and earning assets Passenger car deliveries by Earning assets Total fleet(1)(2) powertrain(1) Earning Assets (in EUR bn) as at 31 December 2024 (in '000) In EU+ Funded fleet Fleet management BEV PHEV ICE Hybrids Others 1% 0% 53.6 3,415 3,298 16% 21% 52.1 708 672 48% 40% 2,706 2,626 13% 13% 27%
Slide 8: FY and Q4 2024 financial results
2 FY and Q4 2024 financial results
Slide 9: Gross operating income evolution
Gross operating income evolution Gross Operating Income(1)(2) Leasing & Services Margins(2) Used Car Sales Result and Depreciation Adjustments(1) 793 785 687 675 100 724 689 647 740 105 98 713 466 +5 77 38 640 50 560 540 94 - 440 In EUR m 714 721 In EUR m 693 In EUR m 689 687 648 683 340 647 675 (50
Slide 10: Margins trending higher
Margins trending higher Margins in bps(1) 507 522 539 521 541 FY 2024 margins at 532 bps reflecting commercial actions to increase profitability 800 687 647 675 700 466 689 500 Non-recurring items impacted by +5 • UK motor finance commissions: provision of EUR 93m o/w EUR 18m in Q4 2024 600 • Hyperi
Slide 11: Gradual UCS normalization impacted by end of year seasonality
Gradual UCS normalization impacted by end of year seasonality UCS result per unit sold (in EUR)(1)(2) Used Cars Sold(1) (in '000 units) 170 150 158 157 158 1,706 149 152 1,661 1,480 130 1,420 1,267 110 90 689 628 618 493 70 239 50 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 2023 Q1 2024 Q2 2024 Q3 20
Slide 12: Continued reduction in operating expenses
Continued reduction in operating expenses Underlying C/I ratio FY 2024 C/I ratio 63.2% 69.5% 67.7% 61.9% 63.4% 60.2% Sharp reduction in the underlying cost base vs. Q4 2023 thanks 600 0.700 to continued strict cost monitoring across central functions and 517 0.650 operational entities 490 475 500 46
Slide 13: Net income group share
Net income group share 40 Cost of risk (in EUR m) 30 Profit before tax (in EUR m) Net income group share (in EUR m) 27 25 0.150 35 23 350 22 36 35.5% 31.5% 0.400 215 9.4% 10.1% 19 33 25.5% 30 20 300 20.9% 7.8% 0.100 31 7.2% 29 0.200 196 25 250 281 280 165 181 0.050 24 -9.5% - 160 20 10 200 230 147 2
Slide 14: Risk-Weighted Assets and Capital
Risk-Weighted Assets and Capital RWA (in EUR bn) CET 1 ratio 0.4 0.1 59.0 12.6% 12.6% 0.2 -0.1 58.3 30 September 2024 31 December 2024 (1) (1) › 14
Slide 15: Outlook
(3) Outlook
Slide 16: Ayvens' strategic priorities for 2025
Ayvens’strategic priorities for 2025 Executing Sustainable Growth Maintain high Regulatory integration and EV strategy and ESG standards Finalize IT and Legal integrations in Resume fleet growth in 2025 after 2024 overlapping countries portfolio review Set CO2 emission reduction targets in line with
Slide 17: Confirming PowerUP 2026 targets
Confirming PowerUP 2026 targets 2025 guidance PowerUP 2026 targets confirmed UCS result per unit(1) Earning assets Annual gross synergies Annual gross synergies Cost / Income ratio(2) CET 1 ratio Costs to achieve Cost / Income ratio(2) Dividend payout(3) ROTE 1. Excluding the impacts of depreciation
Slide 18: Appendix
4 Appendix
Slide 19: Impact of depreciation adjustments and PPA on UCS result
Impact of depreciation adjustments and PPA on UCS result UCS result evolution 480 detail of depreciation adjustments and PPA 430 255 380 300 330 252 77 234 280 222 200 in EUR m 230 75 75 - 200 180 191 75 - 75 130 72 61 70 80 87 30 94 105 98 77 100 38 -20 -70 -107 -120 - Q4 2023 Q1 2024 Q2 2024 Q3 20
Slide 20: UK motor finance commissions provision
UK motor finance commissions provision Context • In the UK, it is common practice for intermediaries to introduce business to financing companies and to receive a commission in return. • On 28 January 2021, the Financial Conduct Authority (FCA) banned the practice of Discretionary Commissions Arrang
Slide 21: Balance sheet as at 31 December 2024
Balance sheet as at 31 December 2024 in EUR million 31 December 2024 31 December 2023(1) Earning assets 53,565 52,055 o/w Rental fleet 51,550 49,791 o/w Finance lease receivables 2,015 2,264 Cash & Cash deposits with the ECB 5,023 3,997 Intangibles 663 646 Goodwill 2,128 2,128 Intangibles (incl. goo
Slide 22: FY 2024 financial results
FY 2024 financial results FY 2024 FY 2023(1) Var. Var. % FY 2024 FY 2024 in EUR million vs. FY 2023 vs. FY 2023 Total contracts ('000) 3,298 3,420 -116 -3.4% Full service leasing contracts 2,626 2,709 -82 -3.0% Fleet management contracts 672 710 -38 -5.3% In EUR million Leasing contract margin 1,070
Slide 23: Q4 2024 financial results
Q4 2024 financial results Q4 2024 Q4 2023(1) Var. Var. % Q4 2024 Q4 2024 in EUR million vs. Q4 2023 vs. Q4 2023 Total contracts ('000) 3,298 3,420 -122 -3.6% Full service leasing contracts 2,626 2,709 -83 -3.1% Fleet management contracts 672 710 -38 -5.3% In EUR million Leasing contract margin 297.7
Slide 24: Earnings per share (EPS)
Earnings per share (EPS) Basic EPS FY 2024 FY 2023 Existing shares 816,960,428 816,960,428 Shares allocated to cover stock options and shares awarded to staff (839,734) (1,114,336) Treasury shares in liquidity contracts (159,221) (154,551) End of period number of shares 815,961,473 815,691,541 Weigh
Slide 25: Return on tangible equity (ROTE)
Return on tangible equity (ROTE) in EUR million Q4 2024 Q4 2023(1) FY 2024 FY 2023(1) Group shareholders' equity 11,135 10,770 11,135 10,770 AT1 Capital (750) (750) (750) (750) Dividend provision and interest on AT1 capital(2) (340) (421) (340) (421) OCI excluding conversion reserves 25 24 25 24 Equ
Slide 26: CRR2/CRD5 prudential capital ratios and RWA
CRR2/CRD5 prudential capital ratios and RWA in EUR million 31 December 2024 30 September 2024 Group shareholders’ equity 11,135 10,935 AT1 capital (750) (750) (1) Dividend provision & interest on AT1 capital (340) (253) Goodwill and intangible assets (2,791) (2,737) Deductions and regulatory adjustm
Slide 27: Tangible book value per share
Tangible book value per share in EUR million 31 December 2024 31 December 2023(1) Group shareholders' equity 11,135 10,770 Deeply subordinated and undated subordinated notes (750) (750) Interest of deeply subordinated and undated subordinated notes (38) (37) Book value of treasury shares 15 18 Net A
Slide 28: Quarterly series published in Q3 2024 (before restatements)
Quarterly series published in Q3 2024 (before restatements and change in GOI presentation) (in EUR million) Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Leasing Contract Margin 273.4 428.1 367.1 387.5 341.0 165.3 282.0 251.2 217.9 Services Margin 185.1 197.3 174.1 311.4 42
Slide 29: Yearly series published in Q3 2024 (before restatements)
Yearly series published in Q3 2024 (before restatements and change in GOI presentation) (in EUR million) 2015 2016 2017 2018 2019 2020 2021 2022 2023 Leasing Contract Margin 431.6 514.1 574.5 623.8 664.1 604.4 732.8 1,181.2 1,260.8 Services Margin 534.0 528.6 593.0 616.7 632.3 652.0 650.0 715.1 1,34
Slide 30: Impact of restatements on FY 2023 and FY 2024
Impact of restatements on FY 2023 and FY 2024 • Reclassification of short-term rental costs from leasing to services margin with no impact on GOI or net income • 2023 Ayvens P&L restatement: UK motor finance commissions EUR -26m (EUR -19m post-tax) GOI restatements - in EUR million Q1 2023 Q2 2023 Q
Slide 31: Change of GOI presentation
Change of GOI presentation Prospective depreciation, which reflects revision of residual values of the running fleet and previously accounted for in the Leasing contract margin (LCM), is now recognised in the Used Car Sales (UCS). This transfer is accompanied by a change of the “Used car sales resul
Slide 32: Quarterly series after restatements and change of GOI presentation
Quarterly series after restatements and change of GOI presentation (in EUR million) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023(3) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Leasing Contract Margin (1)(2) 173.9 210.6 247.7 239.6 77.6 281.2 260.2 231.7 297.7 Services Margin(2) 197.3 156.2 293.2 413.1 388.4 407.4 42
Slide 33: Yearly series after restatements and change of GOI presentation
Yearly series after restatements and change of GOI presentation (in EUR million) 2016 2017 2018 2019 2020 2021 2022 2023 (3) 2024 Leasing Contract 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 Leasin
Slide 34: Operating segments
Operating segments In 2024, the Group implemented a new regional structure for its operating segments, which reflects a strategic alignment with its management structure following the acquisition integration of LeasePlan. The Group has appointed a new leadership team where the members of the Executi
Slide 35: Development supported by strong funding diversification
Development supported by strong funding diversification Funding structure as at 31 December 2024 Strong retail deposits base Strong issuer profile in EUR bn EUR 13.7bn Best long-term credit ratings(2) As at 31 December 2024 Retail deposits 12.0 Societe Generale(1) 13.7 EUR Germany A1 A- A- 47.9 bn N
Slide 36: Strong recognition of ESG commitments
Strong recognition of ESG commitments Better than European average + 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 20% in the sector 14.4 Low risk Top 3% (LP) & 1% (ALD) negligible 10.
Slide 37: 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 38: Agenda
Agenda 1 Q1 2025 results 30 April 2025 2 Shareholders’ meeting 19 May 2025 3 Dividend detachment 26 May 2025 4 Dividend payment 28 May 2025 5 Q2 and H1 2025 results 31 July 2025
Slide 39: SOCIETE GENERALE GROUP
SOCIETE GENERALE GROUP