Core Insights - Ayvens reported a net income group share of EUR 996 million for 2025, reflecting a 45.7% increase compared to EUR 684 million in 2024, driven by higher margins and lower operating expenses [1][11][29] - The company achieved a cost to income ratio of 56.1% for 2025, improving by 7.1 points from 63.2% in 2024, indicating enhanced operational efficiency [1][25] - Return on Tangible Equity (ROTE) increased to 12.9% for 2025, up from 8.6% in 2024, showcasing improved profitability [1][29] Financial Performance - Full-year 2025 leasing and services margins reached EUR 2,944 million, a 9.1% increase from 2024 [1][15] - Gross operating income for 2025 was EUR 3,355 million, up 11.3% compared to 2024, supported by higher margins and net used car sales [12][29] - The net used car sales (UCS) result for 2025 was EUR 411 million, a 29.6% increase from 2024, with a net UCS result per unit at EUR 1,075, at the high end of guidance [1][21] Operational Efficiency - The cost to income ratio for Q4 2025 was 56.2%, down 4 points from 60.2% in Q4 2024, indicating continued improvement in cost management [1][25] - Operating expenses for 2025 decreased by 3.9% to EUR 1,826 million compared to 2024, reflecting effective cost control measures [22][24] - The company achieved gross revenue synergies of EUR 231 million for 2025, benefiting from the integration of LeasePlan [13] Fleet and Asset Management - Ayvens' total fleet decreased by 3.2% year-on-year to 3.175 million units, reflecting ongoing portfolio restructuring [7][34] - Earning assets stood at EUR 53.0 billion, a slight decrease of 1.0% compared to 2024, with a focus on profitability and asset risk management [1][5] - Electric vehicle (EV) penetration reached 43% of new passenger car registrations in 2025, up from 39% in 2024, indicating a shift towards sustainable mobility [8] Shareholder Returns - The proposed dividend for 2025 is EUR 0.59 per share, up from EUR 0.37 in 2024, aligning with a 50% payout ratio target [30][31] - Total distribution for 2025, including an exceptional dividend and share buyback, amounted to EUR 1,150 million, reaffirming the company's commitment to shareholder value [31] Regulatory Capital - Ayvens' Common Equity Tier 1 (CET1) ratio was 13.2% as of December 2025, above the regulatory requirement, reflecting strong capital management [1][38] - Risk-weighted assets (RWA) decreased to EUR 53.7 billion, contributing to the improved CET1 ratio [37][38]