Ayvens · EURONEXT:AYV
Ayvens — Q3 2025 Earnings Presentation
30 slides from Ayvens's earnings presentation, Oct 30, 2025
Slide 1: Q3 2025 results
Q3 2025 results 30 October 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 Q3 2025 financial results 3 Appendix 3
Slide 4: Highlights
1 Highlights
Slide 5: Financial takeaways
Financial takeaways Income statement Delivering value to shareholders Q3 2025 Q3 2024 c. EUR 700m distribution to shareholders Margins (1) 593 bps 521 bps EUR 360m share buyback to be launched on 31 October Used car sales result and 2025 EUR 536 EUR 493 depreciation adjustments per unit Exceptional
Slide 6: Strategic and business highlights
Strategic and business highlights Strengthening of our asset management setup Further shareholding evolution Appointment of Roderick Jorna 3rd successful accelerated bookbuilding as Chief Remarketing and Asset Management Officer transaction in September c. 48 million shares sold by ex-LeasePlan Scal
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 in ‘000 vehicles in EU+ 53.1 (1) Funded fleet Fleet management BEV PHEV ICE Hybrids Others 52.6 1% 1% 3,323 3,200 22% 30% 680 655 38% 32% 2,643 2,545 12% 11% 27% 26% Sep.24 Sept.25 Sep.24 (4
Slide 8: Overview of latest developments in the UK
Overview of latest developments in the UK Restructuring the business Evolution of used car UK motor finance footprint of Ayvens UK prices in the UK(2) commissions Evolution vs. Ayvens’ price scenario 31 December 2024 Provision for future redress of EUR 93 million Pro-active reduction in selected bro
Slide 9: Q3 2025 financial results
2 Q3 2025 financial results
Slide 10: Increased revenues supported by higher margins
Increased revenues supported by higher margins Gross Operating Income Leasing & Services margins Used car sales result and 855 851 Depreciation adjustments 819 850 776 900 708 712 675 724 713 750 647 800 650 700 740 550 600 110 640 in EUR m in EUR m in EUR m 712 450 500 708 776 540 143 647 752 782 6
Slide 11: Strong margins
Strong margins Margins in bps 9M 2025 underlying margins at 569 bps vs. 530 bps in 9M 2024 521 541 562 550 593 Q3 2025 Underlying margins +12.8% vs Q3 2024 850 776 900 708 712 750 647 675 800 Incremental increase from portfolio review, synergies(1) 650 700 (procurement, RMT and insurance) and lower
Slide 12: Ongoing normalization of UCS result
Ongoing normalization of UCS result Result per unit sold (in EUR)(1) Used Cars Sold(1) (in '000 units) 157 158 157 147 140 1,420 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 1,267 1,229 1,234 1,110 972 480 703 430 380 300 330 536 493 280 222 193 239 230 200 181 155 200 180 130 (2) Q3 2024 Q4 2024 Q1 2025
Slide 13: Decreasing operating expenses
Decreasing operating expenses Underlying C/I ratio 9M 2025 Cost/Income ratio at 56.1% vs. 64.3% in 9M 2024 Q3 2025 Cost/Income ratio down 10.6 pp vs. Q3 2024 63.4% 60.2% 58.0% 57.6% 52.8% supported by high margins Underlying Expenses down 6.1% vs. Q3 2024 500 460 475 473 0.700 447 429 450 20 41 36 0
Slide 14: Strong net income group share
Strong net income group share Cost of risk (in EUR m) Profit before tax (in EUR m) Net income group share (in EUR m) 450 35.5% 30.0% 29.5% 29.7% 0.500 400 20.9% 386 390 350 - 14.3% 300 13.7% 0.140 300 316 11.0% 0.120 250 -0.500 250 271 273 0.100 7.8% 200 230 200 7.2% 220 0.080 27 204 40 22 23 20 21
Slide 15: Risk-weighted assets and capital
Risk-weighted assets and capital RWA (in EUR bn) evolution Strong capital generation +51bps 14.2% 55.8 +33bps +77bps 54.3 -70 bps -1.3 -0.2 12.8% 12.6% -63 bps Large buffer over MDA (348 bps) 15
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) 222 200 193 181 Prospective in EUR million -75 depreciation stock in EUR m -28 155 -75 -38 Q4 2025 -32 -55
Slide 18: Balance sheet as at 30 September 2025
Balance sheet as at 30 September 2025 in EUR million 30 September 2025 30 June 2025 31 December 2024 Earning assets 52,615 52,876 53,565 o/w Rental fleet 50,694 50,895 51,550 o/w Finance lease receivables 1,921 1,982 2,015 Cash & Cash deposits with the ECB(1) 4,356 7,059 5,023 Intangibles (incl. goo
Slide 19: Q3 2025 financial results
Q3 2025 financial results Var. Var. % Q3 2025 Q3 2025 Q3 2025 Q3 2024 in EUR million vs. Q3 2024 vs. Q3 2024 Total contracts ('000)(1) 3,200 3,323 (123.1) -3.7% Full service leasing contracts 2,545 2,643 (98.0) -3.7% Fleet management contracts 655 680 (25) -3.7% In EUR million Leasing margin 345.8 2
Slide 20: 9M 2025 financial results
9M 2025 financial results Var. Var. % 9M 2025 9M 2025 9M 2025 9M 2024 in EUR million vs.9M 2024 vs.9M 2024 Total contracts ('000) 3,200 3,323 (123.1) -3.7% Full service leasing contracts 2,545 2,643 (98.0) -3.7% Fleet management contracts 655 680 (25) -3.7% In EUR million Leasing margin 918.6 773.1
Slide 21: Earnings per share (EPS)
Earnings per share (EPS) Basic EPS 9M 2025 9M 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 (130,929) (146,065) End of period number of shares 816,344,518 815,974,629 Weighte
Slide 22: Return on tangible equity (ROTE)
Return on tangible equity (ROTE) in EUR million Q3 2025 Q3 2024 9M 2025 9M 2024 Group shareholders' equity 11,458.5 10,915.8 11,458.5 10,915.8 AT1 Capital (750.0) (750.0) (750.0) (750.0) Interest on AT1 capital (18.1) (19.1) (18.1) (19.1) Distribution provision(1) (1,073.5) (234.4) (1,073.5) (234.4)
Slide 23: CRR3/CRD6 prudential capital ratios and RWA
CRR3/CRD6 prudential capital ratios and RWA in EUR million 30 September 2025 30 June 2025 Group shareholders’ equity 11,459 11,162 AT1 capital (750) (750) (1) Distribution provision & interest on AT1 capital (1,092) (228) Goodwill and intangible assets (2,768) (2,781) Deductions and regulatory adjus
Slide 24: Tangible book value per share
Tangible book value per share in EUR million 30 September 2025 31 December 2024 Group shareholders' equity 11,458.5 11,135.3 AT1 capital (750.0) (750.0) Interest on AT1 capital (18.1) (37.6) Book value of treasury shares 11.7 15.3 Net Asset Value (NAV) 10,702.1 10,363.0 Goodwill (2,128.3) (2,128.3)
Slide 25: Quarterly series
Quarterly series (in EUR million) Q3 2023 Q4 2023 (3) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Leasing margin (1)(2) 239.6 77.6 281.2 260.2 231.7 297.7 265.1 307.7 345.8 Services margin (2) 413.1 388.4 407.4 426.7 414.8 377.5 443.3 404.4 430.4 Leasing and Services margins 652.7 466.1
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 Gold medal Top 2% Carbon management level: Leader Low risk - Top 1% Rank : 2/352 10.2 negligible low medium high severe in transportation Better than European average In line with rental & leasing sector Advanced Rank 4/98 in “Business Support Services EU” secto
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 1 Launch of share buyback programme 31 October 2025 2 Exceptional dividend detachment 16 December 2025 3 Exceptional dividend payment 18 December 2025 Q4 and FY 2025 results 4 6 February 2026 5 Q1 2026 results 30 April 2026
Slide 30: Societe Generale Group
SOCIETE GENERALE GROUP