Ayvens Reports a 45.7% Increase in Net Income to 996 Million Euros for 2025
The mobility group Ayvens announced a net income of 996 million euros for the year 2025, an increase of 45.7% compared to the 684 million euros recorded in 2024. This strong performance is based on improved margins, a significant increase in used vehicle sales results, and reduced operating expenses.
Ayvens delivered a net income of 996 million euros for the fiscal year 2025, marking a 45.7% increase compared to the 684 million euros in 2024. In the fourth quarter, the net income was 232 million euros, up 45.2% from 160 million euros in Q4 2024. The group's pre-tax profit amounted to 1.4096 billion euros for the full year, an increase of 41.8% compared to 994.3 million euros recorded the previous year. The rental and services margins were established at 2.944 billion euros for the year, up 9.1% compared to 2024. In underlying terms, the margins amounted to 565 basis points of average productive assets, up from 532 basis points in 2024, an increase of 33 basis points. The net result from used vehicle sales reached 411 million euros in 2025, up 29.6% compared to 2024, with a net result per vehicle of 703 euros compared to 508 euros the previous year. The gross result per vehicle was 1,075 euros, at the upper end of the group's guidance range of 700 to 1,100 euros. The return on tangible equity improved to 12.9% for 2025 compared to 8.6% in 2024. Synergies from the integration of LeasePlan amounted to 357 million euros, in line with the provided guidance.
The expense ratio was established at 56.1% for the fiscal year 2025, an improvement of 7.1 points compared to the 63.2% recorded in 2024, and better by 0.9 points compared to the lower end of the guidance for 2025 which was between 57% and 59%. In the fourth quarter, the ratio was 56.2%, an improvement of 4.0 points compared to 60.2% in Q4 2024. Total operating expenses were established at 1.826 billion euros for the year, down 3.9% compared to 2024. The costs to be incurred for realization were estimated at 112 million euros for the year 2025, slightly better than the guidance range of 115 to 125 million euros. The productive asset amounted to 53.0 billion euros, down 1.0% compared to December 31, 2024, this decrease mainly resulting from fleet reductions in the UK and Turkey as well as underwriting activities in Germany, all three undergoing restructuring following the portfolio review conducted in 2024. Credit risk charges reached 113 million euros or 21 basis points of average productive assets, down 16 million euros compared to 2024. The gross result from used vehicle sales per unit for the year reached 1,075 euros. The total fleet was established at 3.175 million vehicles, down 3.2% year-on-year, reflecting the ongoing impacts of the portfolio review conducted in 2024.
The Board of Directors has decided to propose to the General Meeting of Shareholders a distribution of a dividend of 0.59 euros per share for the fiscal year 2025, compared to 0.37 euros the previous year, representing the target payout ratio of 50% of the PowerUp 2026. Combined with the special dividend of 0.42 euros per share already paid on December 18, 2025, and the share buyback of 360 million euros carried out in December 2025, Ayvens distributed a total of 1.150 billion euros for the fiscal year 2025. The Common Equity Tier 1 ratio was established at 13.2% on December 31, 2025, compared to 12.8% on September 30, 2025, which is 383 basis points above the regulatory requirement of 9.38%. The group confirmed its PowerUp 2026 financial targets concerning the expense ratio and the return on tangible equity, including an expense ratio excluding the result from used vehicle sales and non-recurring items of about 52%, a CET1 ratio of about 12%, a return on tangible equity between 13% and 15%, and a dividend distribution of 50%.
