Robust Q3 & 9M 2024 Results Integration on track
Third quarter and nine months 2024 results
Leasing and Services margins Underlying margins stood at 521 bps in Q3 2024 vs. 539 bps in Q2 2024. Margins stood at EUR 647 million, down by -6.8% vs. Q2 2024, notably impacted by a EUR -66 million swing in mark-to-market of derivatives and breakage revenues. For 9M 2024, margins stood at EUR 2,047 million, corresponding to 530 bps on an underlying basis
Used Car Sales (UCS) result per unit stood at EUR 1,420 excluding the impacts of reduction in depreciation costs and Purchase Price Allocation (PPA), gradually decreasing vs. Q2 2024 (EUR 1,480). UCS result per unit at EUR 493 including the impacts of reduction in depreciation costs and PPA, vs. EUR 575 in Q2 2024
Synergies stood at EUR 32 million in Q3 2024, up from EUR 27 million in Q2 2024. In 9M 2024 synergies amounted to EUR 80 million
Cost to income ratio stood at 63.4% in Q3 2024 and 64.3% in 9M 2024
Cost of risk stood at 22 bps vs. 23 bps in Q2 2024, 9M 2024 cost of risk stood at 23 bps
Net income (group share) stood at EUR 147 million in Q3 2024 and EUR 524 million in 9M 2024
Return on Tangible Equity (ROTE) stood at 7.1% in Q3 2024 and 8.8% in 9M 2024
Earnings per share stood at EUR 0.15 in Q3 2024 and EUR 0.56 in 9M 2024
Earning assets were flat vs. end June 2024, +5.8% vs. end September 2023
CET1 ratio stood at 12.6% as at end September 2024
Ayvens has continued to deliver steadily on its integration roadmap, with robust business and financial performance in a contrasted environment.
First, integration has been making good progress in all aspects, notably with the successful execution of IT platform migration in France which took place mid-October 2024. Rebranding has continued to be rolled out, now covering 32 countries out of 42 in total. Rebranding has also concerned the creation of Ayvens Bank, which is an important pillar of our Group funding strategy. Ayvens is reaping the benefits of its best-in-class combined remarketing channels that allow to leverage its most profitable markets to optimize resale volumes and prices, notably on electric vehicles. The ongoing integration of our legacy treasury centres has been accompanied by a strong decrease in Ayvens’ derivatives portfolio which will significantly reduce the volatility of our financial results going forward. Finally, total synergies have further increased this quarter, on track to reach our 2024 objective.
From a financial standpoint, Ayvens has demonstrated a robust performance this quarter again, though negatively impacted by non-recurring items, with superior leasing and services margins, good cost monitoring and solid capital position.
Last but not least, I am happy to share that Ecovadis has awarded Ayvens the Platinum medal which places our Group in the top 1% of companies assessed by Ecovadis over the last 12 months. This clearly illustrates our commitment to be "better with every move" as a leading global sustainable mobility player.
I would like to thank all our staff for their strong commitment to the delivery of our integration roadmap.