Ayvens, a provider of sustainable mobility, delivered robust financial results for Q4 and full year 2024, marked by significant margin recovery, cost synergies, and progress in its integration roadmap. The company reported a net income of EUR 160 million in Q4 2024, bringing the full-year net income to EUR 684 million.
The company was formed through the acquisition of LeasePlan by ALD Automotive in May 2023, and it was rebranded as Ayvens in October 2023. Ayvens is part of the Societe Generale group and offers leasing, subscription services, fleet management services, and mobility solutions.
Key highlights:
- Leasing and services margins: Underlying margins rose to 541 bps in Q4 2024, up from 507 bps in Q4 2023, contributing to a 44.9% year-on-year increase in Q4 margins to EUR 675 million. Full-year margins reached EUR 2,697 million, up 33% from 2023.
- Used car sales (UCS): UCS result per unit stood at EUR 1,267 excluding depreciation adjustments, reflecting market normalization. Including adjustments, UCS result per unit was EUR 239 in Q4 2024.
- Synergies: Synergies reached EUR 41 million in Q4 2024, bringing the full-year total to EUR 121 million, in line with targets.
- Cost efficiency: The cost-to-income ratio improved to 60.2% in Q4 2024, down from 69.5% in Q4 2023.
- Dividend: A proposed dividend of EUR 0.37 per share, maintaining a 50% payout ratio.
Tim Albertsen, CEO of Ayvens, highlighted the company’s operational and financial achievements in 2024, emphasizing the successful integration of LeasePlan and the stabilization of margins. He noted, “2024 has been a satisfactory year… marked by restored margins and decreasing operating expenses as the first cost synergies kick in.”
2024 achievements:
- Legal integration was completed in five countries, including France and the Netherlands.
- Ayvens Bank and Ayvens Insurance were established to streamline banking and insurance activities.
- IT migrations successfully rolled out in seven countries.
2025 strategic priorities:
- Integration Execution: Finalize IT and legal integrations to deliver remaining synergies.
- Sustainable Growth: Resume fleet growth and expand EV penetration, which reached 40% of new passenger car registrations in 2024.
- Regulatory and ESG Standards: Maintain high ESG standards, supported by the Ecovadis Platinum medal.
2026 PowerUP targets:
- Earning assets growth of +6% per annum.
- Pre-tax annual gross synergies of EUR 440 million.
- Cost-to-income ratio (excl. UCS) at c. 52%.
- CET1 ratio of c. 12%.
- ROTE in the range of 13%-15%.
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