Ayvens to resume fleet growth after revealing latest financials

Pre-tax profits for global leasing giant Ayvens reached almost €1 billion in 2024, a €200 million decline on the previous year.

Newly published fourth quarter and full-year results reveal that profit before tax last year hit €994.3m (£828m) compared to €1.218bn (£1bn) in 2023.

Full-service leasing contracts fell from 2.7m to 2.62m year-on-year, with fleet maintenance contracts also declining, from 710,000 to 672,000.

Its leasing contract margin, however, grew from €775m (£645m) to more than €1bn (£800m) year-on-year and its services margin from €1.25bn (£1bn) to more than €1.6bn (£1.3bn).

Tim Albertsen (pictured), CEO of Ayvens, said: “2024 has been a satisfactory year both from an operational and financial perspective in a backdrop of an intense transformational journey and a long-awaited normalisation of used car markets. 

“The integration of our entities and corporate functions have been delivered according to plan and in remarkable conditions as no disruption has impacted our clients in the countries where the merger and migration has occurred. 

“The evolution of financial results has been marked by restored margins and decreasing operating expenses as the first cost synergies are starting to kick in the new Ayvens.”

Ayvens officially launched in the UK last year, following the acquisition of LeasePlan by ALD Automotive.

ALD completed its £4.1bn (€4.8bn) acquisition of LeasePlan by a consortium led by TDR Capital in May 2023, bringing together two of the UK’s biggest leasing companies.

Ayvens’ UK business topped the most recent FN50, with a risk fleet of almost 300,000 cars and vans. 

Ayvens says it will continue to roll-out its strategic and financial roadmap and will focus on three core priorities in 2025.

The group's integration execution will continue gaining momentum in 2025, with the objective to finalise IT and legal integrations in overlapping countries and implement local target operating models. 

This, it says, will enable to deliver the remaining synergies and achieve the group’s financial targets.

After the portfolio review that was operated in 2024, Ayvens also plans to resume fleet growth in 2025 by leveraging its close partnerships with car manufacturers. 

In parallel, it says will continue to pro-actively monitor the electric vehicle (EV) value chain to ensure adequate profitability and mitigate residual value risk. 

Albertsen said: “After a year of stabilisation of fleet and margins, we intend to resume growth in 2025 while continuing to deliver our merger agenda. 

“I would like to warmly thank our staff for their strong commitment to the delivery of our integration roadmap throughout the year.”

Ayvens’ PowerUP 2026 plan, includes earning assets growth at +6% per annum between 2023 and 2026, and pre-tax annual gross synergies of €440m.