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Sound Q2 2024 financial results and integration moving forward
Q2 2024 results
Leasing and Services margins Underlying margins increased to 539 bps vs. 522 bps in Q1 2024. Margins stood at EUR 693 million, down by -1.9% vs. Q1 2024, due to non-recurring items, notably the impact of hyperinflation accounting in Turkey for EUR -37 million
Used Car Sales (UCS) result per unit at EUR 1,480 excluding the impacts of reduction in depreciation costs and Purchase Price Allocation (PPA), gradually decreasing vs. Q1 2024 (EUR 1,661). UCS result per unit at EUR 575 including the impacts of reduction in depreciation costs and PPA, stable vs. Q1 2024
Cost to income ratio at 61.9%, improving from 67.7% in Q1 2024
Cost of risk at 23 bps vs. 25 bps in Q1 2024
Net income (group share) at EUR 189 million, stable vs. Q1 2024 (EUR 188 million)
Return on Tangible Equity (ROTE) at 9.6%
Earnings per share at EUR 0.21
Earning assets up 9.5% vs. end June 2023
CET1 ratio at 12.5% as at end June 2024
Ayvens had another solid quarter marked both by a sound financial performance and further progress on the integration of LeasePlan.
Indeed, our Q2 2024 results confirm the financial upturn initiated at the beginning of the year with solid revenues, focusing on profitable growth and controlled costs, demonstrating our commitment and capacity to deliver on our strategic roadmap.
Integration is moving forward and gaining momentum across the company. For our customers, the Ayvens’ brand name that establishes our company as a leading global mobility player is now live in twenty countries. The legal integration of local entities in overlapping countries has been completed in France and the Netherlands, our flagship locations, as well as for our insurance business in Dublin. Finally, we are streamlining and optimizing our combined procurement operations, insurance activities, commerce forces and IT architecture and have already begun to reap the benefits of our integration journey.
Ayvens is progressing at a high pace in its transformational journey and I am grateful to all our teams for their unwavering commitment.
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