Ayvens reported strong first-quarter 2025 results as it advanced the integration of ALD and LeasePlan, the two companies whose merger created the group in 2023. The company said it was progressing rapidly with operational integration while delivering growth across key performance indicators.
“Ayvens has delivered a strong financial performance across the board for the first quarter of 2025 and has continued on its integration and transformational journey at a high pace,” said CEO Tim Albertsen.
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The company operates an asset-light, full-service leasing and fleet management model, managing a multi-brand fleet and providing mobility solutions to corporate and retail clients. Its Q1 2025 results were supported by higher leasing margins, increased synergy capture and continued strength in used car sales.
Gross operating income reached €819 million, up 3.3% from €793 million in Q1 2024. Leasing and Services margins rose to €708 million, up 2.9% year-on-year. Underlying margins improved to 562 basis points of average earning assets, up from 522 basis points in Q1 2024.
Used car sales (UCS) result and depreciation adjustments totalled €111 million, a 5.8% increase from €105 million the previous year, helped by slower-than-expected market normalisation and reduced depreciation adjustments. Per-unit UCS performance rose to €703, compared to €689 in Q1 2024 and €239 in Q4 2024.
Synergies rose to €61 million in Q1 2025, compared to €20 million in Q1 2024 and €41 million in the prior quarter, highlighting continued progress in combining the legacy operations of ALD and LeasePlan.
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By GlobalDataCost efficiency improved, with the cost-to-income ratio falling to 58.0%, down 9.7 percentage points from 67.7% in Q1 2024. The cost of risk slightly declined to 23 basis points, from 25 basis points a year earlier.
Net income group share grew by 21.3% to €220 million, up from €181 million in Q1 2024. Return on Tangible Equity (ROTE) rose to 11.0% from 9.4%, and earnings per share increased to €0.24 from €0.20.
Earning assets rose 1.4% from end-March 2024, supported by increased vehicle values. The Common Equity Tier 1 (CET1) ratio stood at 13.2%, reflecting a favourable impact from the implementation of the EU’s CRR3 capital requirements.
