Q3 2025 Ayvens SA Earnings Call Transcript
Key Points
- Ayvens (ALLDF) reported strong financial results for Q3 2025, with margins at 593 basis points compared to 521 in Q3 2024.
- Net income group share increased by 86% to EUR273 million compared to Q3 2024.
- The company announced a EUR700 million distribution to shareholders, including a share buyback program and an exceptional cash dividend.
- Ayvens (ALLDF) is strengthening its asset management setup, including the appointment of a new Chief Remarketing and Asset Management Officer.
- The company achieved EUR251 million in synergies in the first nine months of 2025, aligning with its target of EUR350 million for the full year.
- The UK market posed challenges, leading to a EUR48 million prospective depreciation charge due to specific local conditions affecting car prices.
- Total fleet decreased by 3.7% compared to September 2024, with a notable decline in the UK funded fleet.
- Electric vehicle (EV) penetration decreased to 37% from 39% in Q3 2024, indicating a slowdown in EV deliveries.
- The company anticipates some increase in operating expenses in Q4 2025 due to year-end activities and ongoing restructuring efforts.
- The cost-income ratio, while improved, is expected to rise slightly in Q4 2025, maintaining a full-year guidance of 57% to 59%.
Good morning, ladies and gentlemen, and welcome to this Ayvens Q3 2025 results conference call. I'm hosting this call as always with Patrick Sommelet. First, I'll present the highlights of our third quarter, then Patrick will comment on our financial results.
We then take all the questions you may have. Let's go directly to slide 5. Continuing on the positive trend set in the first half of the year, Ayvens has posted strong financial results for the third quarter. Margins stood at a very high level at 593 [bits] of burning assets versus 521 [BIs] in Q3 24.
Car sales results after depreciation adjustments stood at EUR536 per car, showing an increase of 9% compared to [EUR324]. This result includes a EUR48 million prospective depreciation charge on our UK fleet on which will come back in a few minutes.
Underlying used car sales results, excluding accounting adjustments suit at [EUR1110] per car continuing on its normalization trend. Cost to income ratio stood at a low 52.8% for [EUR325], supported by both higher
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