Ayvens earnings fell in the third quarter of 2026 as a loss on used-car sales outweighed stronger underlying margins and lower expenses. The vehicle leasing and fleet management company reported net income attributable to the group of €240 million, down 11.9% from €273 million a year earlier.

Key Takeaways

  • The net used-car sales result swung to a €21 million loss from a €75 million profit.
  • Underlying margins rose 4.6%, while operating expenses fell 5.1%.
  • Management said Ayvens was on track to achieve its PowerUP 2026 financial targets.

Used-car losses weigh on Ayvens earnings

The net used-car sales result includes depreciation adjustments. Ayvens said gross sales profit per vehicle fell to €118 from €1,110 in the third quarter of 2025.

The company attributed the decline to continued normalization of results on internal-combustion-engine vehicles and the adverse effect of sustained high oil prices on demand for those used cars. It sold 127,000 vehicles, down from 140,000 a year earlier.

Margins and costs provide a partial offset

Underlying margins rose to €817 million, while leasing and services margins fell 2.0% to €761 million. Ayvens said the latter decline reflected a larger negative impact from hyperinflation in Turkey.

Operating expenses fell to €407 million. The underlying cost-to-income ratio improved to 49.2% from 52.8%, as higher underlying margins combined with lower underlying operating expenses. Income tax expense also fell, to €66 million from €116 million, partly because of a lower effective tax rate that included two one-off gains.

Fleet and outlook

Ayvens’ total fleet stood at 3.044 million vehicles at the end of September, down 4.7% year over year. Earning assets were €52.8 billion, up 0.3% from a year earlier.

In its third-quarter results announcement, Ayvens said its gross used-car sales result per unit for the first nine months was in line with guidance. CEO Philippe de Rovira said the company was well-positioned to achieve its PowerUP 2026 financial targets; that assessment is management’s outlook, not a completed result.

Next milestone

Ayvens is scheduled to report fourth-quarter 2026 results on February 4, 2027.

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