Ayvens: profit down 11.9% in third quarter, weighed down by used vehicle resales
Ayvens published on October 29, 2026 a net profit attributable to the group of €240 million for the third quarter, down 11.9% year-on-year. This decline stems from the result of used vehicle resales, which has turned negative. Over the same period, underlying margins increased and charges decreased.
The long-term car rental company thus presents two distinct developments. Its underlying operating ratio improved by 3.6 percentage points to 49.2%, while its used vehicle resale result fell below zero. This publication comes after a decline in the stock price, which had touched a record low below €8.60 on October 19, 2026.
Used vehicle resale result falls from €75 million to -€21 million
The net result from used vehicle sales, including depreciation adjustments, stood at -€21 million in the third quarter. It reached €75 million a year earlier and -€8 million in the second quarter of 2026. Over nine months, it amounts to €29 million, compared to €328 million over the same period in 2025.
The gross result per vehicle sold returned to €118, compared to €1,110 a year earlier and €326 in the previous quarter. The group attributes this decline to two factors: the normalization of results on combustion engine vehicles and the effect of persistently high oil prices on demand for these used models.
Sales volumes declined to 127,000 units, compared to 140,000 a year earlier. According to the company, this decrease reflects the lower number of new vehicles delivered in 2022 and 2023, a period marked by supply chain disruptions.
Over nine months, the gross result per unit comes to €313, in line with guidance according to the group.
Depreciation adjustments were reduced to -€36 million, compared to -€80 million a year earlier. The remaining prospective depreciation reserve to be reversed reaches -€61 million at the end of September, compared to -€12 million at the end of June.
Underlying margins up 4.6%, charges down 5.1%
Excluding non-recurring items, underlying margins increased by 4.6% to €817 million. They represent 620 basis points of average productive assets, compared to 593 a year earlier. Published rental and service margins decline by 2.0% however, to €761 million, due to a more pronounced negative effect of hyperinflation in Turkey.
Operating expenses fell by 5.1% to €407 million. Excluding implementation costs, they decline by 2.5% to €402 million, and cost synergies reach €52 million, compared to €39 million a year earlier.
Total synergies amount to €116 million for the quarter and €338 million over nine months, compared to €251 million a year earlier.
The underlying operating ratio thus stands at 49.2% for the quarter. Over nine months, it comes to 51.1%, compared to 56.1%. The gross operating result nonetheless declines by 13.1% to €739 million, due to the used vehicle resale result and Turkish hyperinflation.
The result before tax stands at €306 million, compared to €390 million a year earlier. The net result benefited from an effective tax rate of 21.5%, compared to 29.7%, due to two one-off gains. The first comes from a transfer of tax losses from a former LeasePlan Dutch entity, the second from a deferred tax recovery in Turkey.
CET1 ratio at 12.8% and PowerUp 2026 objectives deemed achievable
Over nine months, the net profit attributable to the group amounts to €754 million, down 1.2%. The return on tangible equity reaches 13.6%, compared to 13.4%, after €1.4 billion distributed to shareholders through share buybacks and exceptional dividends. For the quarter alone, it stands at 13.2%, compared to 14.3%.
Productive assets reach €52.8 billion, up 0.3% year-on-year. Over the same period, the total fleet declines by 4.7% on a comparable basis (excluding the United Arab Emirates, sold in June 2026), to 3,044 thousand vehicles. The net asset value per share stands at €13.28, compared to €13.05 at the end of 2025.
The CET1 equity ratio stands at 12.8%, compared to 12.6% at the end of June, or 344 basis points above the minimum requirement of 9.35%. Chief Executive Officer Philippe de Rovira indicated that the group is well positioned to achieve its PowerUp 2026 financial objectives and ready to launch its Ayvens 2029 strategic plan.
