Ayvens: Net Income Up 21.2% in Q1 2026, Business Normalizing
Ayvens released its Q1 2026 results on Thursday, showing a consolidated net income of 266 million euros, up 21.2% from Q1 2025. This improvement primarily reflects an increase in leasing margins and integration synergies, but contrasts with a 46.9% decline in used vehicle results, returning to normalized levels after an inflated Q1 2025 due to exceptional used market conditions.
Leasing Margins on the Rise: Core Business Resilient
Leasing and services margins reached 757 million euros, an increase of 6.9% from Q1 2025. Underlying margins (excluding non-recurring items) were at 775 million euros, up 3.0% year-over-year, with an average yield of 587 basis points on productive assets, compared to 562 basis points in Q1 2025. This improvement continues the synergies realized following the acquisition of LeasePlan. The group generated 110 million euros in synergies in Q1 2026, up from 61 million euros in Q1 2025. Of the 110 million, 65 million came from revenue gains (supply, insurance, resale) and 45 million from operational cost reductions.
Decline in Used Vehicle Results: Normalization Accelerates
Net income from used vehicle sales contracted to 59 million euros, down 46.9% from 111 million euros in Q1 2025. This change is due to a decline in gross used vehicle results, which went from 193 million euros to 69 million euros, normalized after an exceptionally favorable Q1 2025. The gross price per unit sold was set at 470 euros, in line with the 2026 guidance, compared to 1,229 euros in Q1 2025 and 702 euros in Q4 2025. This decrease reflects the anticipated increase in the proportion of electric vehicles sold, combined with unfavorable seasonality in the used vehicle market at the start of the year. The volume of cars sold reached 146,000 units, down from 157,000 units in Q1 2025.
Operational Efficiency and Integration Outlook
The cost-to-income ratio improved to 54.0%, from 58.0% in Q1 2025, a 4 percentage point improvement. This progress results from increased leasing margins combined with a 10.7% reduction in operational expenses (422 million euros versus 473 million euros in Q1 2025). The return on tangible equity (ROTE) reached 13.9% in Q1 2026, up from 11.0% in Q1 2025. Productive assets were set at 52.5 billion euros, down 1.8% from March 2025, reflecting a portfolio revision strategy favoring profitability over volume growth. The CET1 ratio stood at 13.9% at the end of March 2026, 454 basis points above the prudential limit of 9.33%.
