Ayvens raises its 2029 targets: profitability targeted between 14% and 16%
The long-term car leasing company unveiled its roadmap through 2029, with tangible equity return targeted between 14% and 16%, compared to a previous target of 13% to 15% in the PowerUP 2026 plan.
Profitability and solvency ratio revised upwards
Ayvens presented its 2029 strategic plan on 21 September 2026, with financial objectives raised compared to the PowerUP 2026 plan. The group targets a return on tangible equity (ROTE) of between 14% and 16% in 2029, against a previous range of 13% to 15%.
The hard equity capital ratio (CET 1) is targeted at approximately 12.5%, compared to approximately 12% in the previous plan. The cost-to-income ratio is expected to improve by 4 percentage points, to approximately 49% in 2029, compared to approximately 53% in 2026, with this decline including a reduction in operating expenses.
The dividend distribution rate is set between 50% and 60%, supplemented by a redistribution of excess capital, compared to a rate of 50% in PowerUP 2026. The board of directors, chaired by Pierre Palmieri, approved this plan and its financial targets at its meeting on 18 September 2026.
Philippe de Rovira, Chief Executive Officer of Ayvens, indicated that the execution of the PowerUP 2026 plan is coming to an end with the integration of ALD and LeasePlan. The group is, according to him, entering a new development phase based on the resumption of profitable growth and operational excellence.
Fleet growth and cost reduction at the heart of the plan
The plan is structured around three pillars: grow, excel and transform. Ayvens targets fleet growth of at least 3% between 2026 and 2029, focusing on the most profitable geographies and segments. The retail segment is targeted at over 900,000 vehicles in 2029 compared to 780,000 in 2026, and the light commercial vehicle segment at over 580,000 vehicles compared to over 530,000.
The penetration rate of insurance and damage coverage offerings is expected to rise from 53% in 2026 to 56% in 2029, with the rollout of the Ayvens Power charging solution in 15 countries by 2029, compared to 2 currently. On the cost side, the group plans a steady reduction in its operating expenses and a reduction in the IT intensity ratio from approximately 15% to approximately 12%.
The cost of services, which amounted to 2.6 billion euros in 2025 for repair, maintenance and tyres, is to be reduced by approximately 2% in net spending. The 4-percentage-point improvement in the cost-to-income ratio includes a cumulative unfavourable effect of 5 percentage points linked to inflation and electrification, more than offset by growth initiatives (3 percentage points) and productivity gains including artificial intelligence (6 percentage points).
Macroeconomic assumptions and financing programme
The plan is based on macroeconomic assumptions for the eurozone: GDP growth progressing gradually towards approximately 1.5%, the ECB deposit rate reaching 2.75% progressively and inflation returning to approximately 2.0%. Ayvens anticipates growth in its productive assets of approximately 10% between December 2026 and December 2029, with acceleration over the period.
The group expects battery electric vehicle penetration to reach approximately 50% of the market in 2030, compared to 20% in 2025. The average CO₂ emissions of the leased fleet are expected to decline from 101 g/km in 2025 to a range of 75 to 85 g/km in 2029.
On the financing side, Ayvens plans annual volumes of 1 to 2 billion euros of net retail deposit collection, 1 to 2 billion euros of securitisation issuances and 2 to 3 billion euros of bond issuances. The group will announce its third quarter 2026 results on 29 October 2026.
