Ayvens reports Q3 profit below estimates on weak used car sales

Ayvens SA (EPA:AYVNS) on Thursday reported third-quarter pretax profit 5% below analyst estimates, with used car sales results falling short of expectations despite strong underlying lease margins.

The company’s pretax profit missed consensus forecasts, though lease and service margins were in line with expectations. The results included €56 million in non-recurring items, compared to the €25 million analysts had anticipated, which reduced the size of the profit miss.

Used car sales generated €19 million less than expected, with gross profit per unit at €118 versus the €178 analysts had forecast. The shortfall was not related to depreciation adjustments. Operating expenses came in about 1.5% above estimates, while fleet growth remained subdued as anticipated.

Underlying margins reached 620 basis points, but the earning asset base contracted 3% more than analysts expected. The company’s CET1 ratio stood at 12.8%.

Ayvens maintained its 2026 guidance for return on tangible equity of 13% to 15%, compared to the consensus estimate of 12.8%. The company also kept its cost-to-income target at 52.0% and forecast gross used car sales profit per unit between €200 and €600.

Non-recurring items in leasing and services margins totaled negative €56 million, primarily from €58 million in Turkey hyperinflation impacts. Operating expenses included €5 million in costs related to achieving synergies, down €12 million year-over-year, bringing underlying operating expenses down 2.4% annually.

The company achieved €116 million in synergies versus €104 million in the third quarter of 2025. Cost of risk was €24.5 million, or 25 basis points, compared to 27 basis points in the second quarter.

The CET1 ratio improved by 0.2 percentage points quarter-over-quarter, with 22 basis points coming from capital generation. As of Monday, Ayvens had completed 50% of its €450 million share buyback program.