Press release

Robust Q3 & 9M 2024 Results1
Integration on track
Paris, 31 October 2024



Third quarter and nine months 2024 results


Leasing and Services margins Underlying margins2 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 1,4203 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
Synergies3 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 ratio4 stood at 63.4% in Q3 2024 and 64.3% in 9M 2024
Cost of risk5 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)6 stood at 7.1% in Q3 2024 and 8.8% in 9M 2024
Earnings per share7 stood at EUR 0.15 in Q3 2024 and EUR 0.56 in 9M 2024
Earning assets8 were flat vs. end June 2024, +5.8% vs. end September 2023
CET1 ratio stood at 12.6% as at end September 2024




1
The Group's results as at 30 September 2024 were examined by the Board of Directors, chaired by Pierre Palmieri on 30 October 2024
2
Leasing and Services margins excluding non-recurring items
3
Management information
4
Excluding UCS result, non-recurring items
5
Annualized impairment charges on receivables expressed as a percentage of average earning assets
6
Net income group share after deduction of interest on AT1 capital divided by average shareholder equity before non‑controlling interests,
goodwill and intangible assets
7
Diluted Earnings per share, calculated according to IAS 33. Basic EPS for Q3 2024 at EUR 0.16
8
Net carrying amount of the rental fleet plus net receivables on finance leases




1
On 31 October 2024, Tim Albertsen, CEO of Ayvens,
commenting on the third quarter 2024 Group results, stated:




“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.”




2
Q3 2024 FINANCIAL RESULTS



Fleet and earning assets
Earning assets increased by +5.8% year-on-year to EUR 53.1 billion as at 30 September 2024 and has
remained broadly flat vs. 30 June 2024. The year-on-year increase was primarily driven by inflation on car
prices and the transition to EVs, which have a higher value than ICE cars.

Ayvens’ total fleet amounted to 3.332 million as at 30 September 2024, down -1.6% year-on-year,
reflecting a commercial selective approach to restore margins.

Fleet management contracts decreased by -2.9% vs. 30 September 2023, remaining broadly stable vs.
June 2024, at 680 thousand vehicles as at 30 September 2024.

Full-service leasing contracts reached 2.653 million vehicles as at end September 2024, down -1.3% year-
on-year on a like-for-like basis and down -1.2% vs. 30 June 2024.

EV penetration reached 39%9 of new passenger car registrations in Q3 2024 in line with Q2 2024 level.
Ayvens’ BEV and PHEV10 penetration stood at 27% and 12% respectively in Q3 2024.




9
Management information, in EU+: European Union, UK, Norway, Switzerland
10
Plug-in Hybrids


3
Income statement11
In a softening economic environment, Ayvens demonstrated the strength of its business model and
market positioning. The decrease in the Gross Operating Income compared to the previous quarter, from
EUR 785 million to EUR 724 million, is mainly driven by lower services margin in July 2024 and
unfavourable non-recurring items which amounted to EUR -47 million in Q3 2024 vs. EUR -21 million in Q2
2024.


The Group’s underlying financial performance remained solid, with robust underlying margins12 which
stood at 521 bps and a Used Car Sales result that has remained at a high level, at EUR 77 million in Q3
2024 vs. EUR 91 million in Q2 2024.

Leasing & Services margins

Taken together, Leasing & Services margins amounted to EUR 647 million in Q3 2024, decreasing by -6.8%
compared to Q2 2024. In 9M 2024, total margins reached EUR 2,047 million, an increase of +2.0% vs. 9M
2023, including a perimeter change impact linked to the LeasePlan acquisition closing on 22 May 2023.

In Q3 2024 underlying margins16 increased by +1.0% in euros compared to Q3 2023 and decreased by
-3.0% compared to Q2 2024. The quarter-on-quarter evolution is mainly driven by lower services margin
in July. Underlying margins13 stood at 521 bps of average earning assets, compared to 539 bps in Q2 2024.
In 9M 2024, underlying margins stood at 530 bps, reflecting the measures implemented to restore
profitability.

Non-recurring items totalled EUR -47 million in Q3 2024 vs. EUR -21 million in Q2 2024 and EUR 80 million
in Q3 2023. Q3 2024 non-recurring items included notably a mark-to-market of derivative and breakage
revenues impact of EUR -54 million, vs. EUR +12 million in Q2 2024, mainly due to the decrease in interest
rates during this quarter. Thanks to a proactive reduction of LeasePlan’s legacy derivatives portfolio, the
sensitivity of this portfolio to a +10/-10 bps parallel shift of interest rates has been further reduced, from
EUR +6 million/EUR -6 million as at 30 June 2024 to EUR +2 million/EUR -2 million as at 30 September
2024. Hence, this derivatives portfolio, whose mark-to-market value stood at EUR +14 million as at 30
September 2024 vs. EUR +69 million as at 30 June 2024, is expected to generate lower volatility on the
Group’s income statement going forward.




11
LeasePlan consolidated from 22 May 2023
12
Excluding impacts of non-recurring items
13
Annualized


4
The detailed list of non-recurring items is presented in page 13.

Used car sales result

In Q3 2024, the Used Car Sales (UCS) result reached EUR 77 million vs. EUR 91 million in Q2 2024, reflecting
the on-going gradual normalization of used car sales markets. 157 thousand cars were sold in Q3 2024, in
line with Q2 2024 used cars sales volume.

Q3 2024 UCS result was driven by:

• The normalization of used car markets: Ayvens’ UCS result per unit 14 excluding the negative
impacts of reduction in depreciation costs and PPA came in at EUR 1,420 per unit in Q3 2024, down
EUR 60 vs. EUR 1,480 per unit in Q2 2024. This very gradual decrease reflects a similar pattern as
in previous quarters, with UCS result on ICE vehicles still at a high level and BEV negative impact
having plateaued overall since the beginning of the year.
• The slight increase in the negative impact of the reduction in depreciation costs booked in the
previous reporting periods: EUR -70 million vs. EUR -68 million in Q2 2024.
• The PPA amortization at EUR -75 million stable vs. Q2 2024.

Including the impact of PPA and reduction in depreciation costs from previous quarters, UCS result per
unit stood at EUR 493 in Q3 2024 vs. EUR 575 per unit in Q2 2024 and EUR 511 per unit in Q3 2023.

In 9M 2024, the UCS result stood at EUR 255 million, down vs. EUR 343 million in 9M 2023, driven by the
normalization of used car markets.

As at 30 September 2024, the Group’s stock of reduction in depreciation costs to be reversed over the
coming years was EUR 392 million, of which EUR 79 million to be reversed in Q4 2024. Likewise, the stock
of PPA remaining to be amortized in the income statement stood at EUR 100 million, of which EUR 75
million in Q4 2024.




14
Management information


5
Operating expenses

In Q3 2024, operating expenses amounted to EUR 460 million, up from EUR 445 million in the same period
last year but down from EUR 475m in Q2 2024, i.e. -3.2% quarter-on-quarter, resulting from lower IT costs
and on-going strong cost discipline across all departments.

Cost to achieve (CTA) amounted to EUR 20 million, down vs. Q2 2024 which stood at EUR 33 million.
Excluding non-recurring items, operating expenses decreased by EUR 3 million i.e. -0.6% vs. Q2 2024,
reflecting cost containment measures.

In 9M 2024, operating expenses reached EUR 1,425 million compared to EUR 1,075 million in the same
period last year, due to perimeter change impact. On a like-for-like basis15, 9M 2024 operating expenses
excluding non-recurring items are broadly stable at +0.5% vs. 9M 2023.

The underlying Cost / Income ratio in Q3 2024 stood at 63.4%, an increase of 1.5ppt vs. Q2 2024, as the
-0.6% operational expenses decrease quarter-on-quarter was offset by the impact of lower services
margin. Over 9M 2024, the cost-to-income ratio stood at 64.3%.

Cost of risk

Impairment charges on receivables came in at EUR 29 million in Q3 2024, compared to EUR 31 million in
Q2 2024 and EUR 22 million in Q3 2023. The cost of risk16 stood at 22 bps in Q3 2024 vs. 23 bps in Q2 2024
and 18 bps in Q3 2023. For 9M 2024, impairment charges were EUR 93 million vs. EUR 46 million in the
same period last year.

The increase in cost of risk in Q3 2024 and 9M 2024 compared to respectively Q3 2023 and 9M 2023 is
primarily driven by LeasePlan’s alignment on the Group’s provisioning methodology.

Net income

Income tax expense came in at EUR 82 million this quarter, down from EUR 132 million in Q3 2023 and up
from EUR 71 million in Q2 2024. The effective tax rate increased to 35.5%, impacted notably by the effect
of hyperinflation in Turkey and ongoing Group restructuring, vs. 25.5% in Q2 2024 which mainly benefited




15
Cf. Q3 2023 financial communication like-for-like disclosure
16
Annualized impairment charges on receivables expressed as a percentage of arithmetic average of earning assets


6
from the tax deduction of AT1 interest coupons payment that was accounted for its full-year impact in Q2
2024. For 9M 2024, the effective tax rate stood at 30.6%.

Non-controlling interests were EUR 1 million vs. EUR 11 million in Q3 2023 following the redemption of
LeasePlan’s Tier 1 capital with third parties which occurred during Q2 2024.

Net income (Group share) reached EUR 147 million in Q3 2024, compared to EUR 196 million in Q2 2024
and EUR 228 million in Q3 2023 which included EUR +80 million of non-recurring revenue items. For 9M
2024, Net income (Group share) was EUR 524 million.

Diluted Earnings per share17 was EUR 0.15 vs. EUR 0.25 in Q3 2023.

The Return on Tangible Equity (ROTE) came in at 7.1% in Q3 2024, down from 10% in Q2 2024 and down
vs. Q3 2023 at 12.6%.




BALANCE SHEET AND REGULATORY CAPITAL

Financial structure
Group shareholders’ equity18 totalled EUR 10.2 billion as at 30 September 2024 vs. EUR 10.0 billion as at
31 December 2023. Net asset value per share19 (NAV) was EUR 12.48 and net tangible asset value per share
(NTAV) was EUR 9.12 as at 30 September 2024, compared to EUR 12.28 and EUR 8.95 respectively as at 31
December 2023.

Total balance sheet increased to EUR 74.5 billion as at 30 September 2024 from EUR 70.3 billion as at 31
December 2023, mainly on the back of the increase in cash balances and short-term deposits with Societe
Generale.

Financial debt20 stood at EUR 40.6 billion at the end of September 2024 vs. EUR 37.6 billion at the end of
December 2023, while deposits reached EUR 13.4 billion compared to EUR 11.8 billion at the end of




17
Calculated according to IAS 33. Basic EPS at EUR 0.16. Under IAS 33, EPS is computed using the average number of shares weighted by time
apportionment
18
Excluding Additional Tier 1 capital
19
Before dividend provision
20
Excluding Additional Tier 1 capital


7
December 2023. 31% of the financial debt consisted of loans from Societe Generale as at end September
2024.

As part of its active liquidity management strategy, Ayvens further diversified its funding in July 2024 by
issuing a EUR 750 million bond over 5 years, confirming the market’s robust appetite for Ayvens debt
instruments.

The Group has access to ample short-term liquidity, with cash holdings at Central bank reaching EUR 5.4
billion and an undrawn committed Revolving Credit Facility of EUR 1.75 billion in place.

Ayvens has strong long-term debt credit ratings from Moody’s (A1), S&P Global Ratings and Fitch Ratings
(A-).

Regulatory capital
Ayvens’ risk-weighted assets (RWA) totalled EUR 58.3 billion as at 30 September 2024 under CRR2/CRD5
rules, with credit risk-weighted assets accounting for 84% of the total. The EUR 0.5 billion RWA increase
compared to 30 June 2024 is mainly explained by the combined increase in intra Societe Generale Group
deposits and the share of these deposits above 3 months.

Ayvens had a strong Common Equity Tier 1 ratio of 12.6%, i.e. 324 basis points above the regulatory
requirement of 9.33%21, and Total Capital ratio of 16.4% as at 30 September 2024, stable compared to 30
June 2024.




21
Based on estimated contracyclical capital buffers, the Maximum Distributable Amount (MDA) is expected to stand at 9.33% in Q4 2024


8
CONFERENCE CALL FOR INVESTORS AND ANALYSTS

• Date: 31 October, at 10.00 am Paris time – 9.00 am London time
• Speakers: Tim Albertsen, CEO / Patrick Sommelet, Deputy CEO and CFO

CONNECTION DETAILS
Webcast: Click Ayvens Third Quarter 2024 Results
• Conference call:
o FR: +33 1 70 91 87 04
o UK: +44 121 281 8004
o US: +1 718 705 8796
o Access code: 457698

AGENDA
• 6 February 2025: Q4 and FY 2024 results
• 30 April 2025: Q1 2025 results



•

Ayvens is a leading global sustainable mobility player committed With more than 14,500 employees across 42 countries, 3.3 million
to making life flow better. We’ve been improving mobility for vehicles and the world’s largest multi-brand EV fleet,
decades, providing full-service leasing, flexible subscription we are in a unique position to lead the way to net zero and
services, fleet management and multi-mobility solutions to large spearhead the digital transformation of the mobility sector. The
international corporates, SMEs, professionals and private company is listed on Compartment A of Euronext Paris (ISIN:
individuals. FR0013258662; Ticker: AYV). Societe Generale Group is Ayvens
majority shareholder.
Find out more at ayvens.com




Elise Boorée
Communications Department
Tel: +33 (0)6 25 01 24 16
elise.booree@ayvens.com


The information contained in this document (the “Information”) has been prepared by Ayvens (the “Company”) solely for informational
purposes. The Information is proprietary to the Company. This press release and its content may not be reproduced or distributed or published,
directly or indirectly, in whole or in part, to any other person for any purpose without the prior written permission of the Company.

The Information is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading
strategy, and does not constitute a recommendation of, or advice regarding investment in, any security or an offer to provide, or solicitation with



9
respect to, any securities-related services of the Company. This press release is information given in a summary form and does not purport to be
complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment
objectives, financial situation or needs of any particular investor. Investors should consult the relevant offering documentation, with or without
professional advice when deciding whether an investment is appropriate.


This document contains forward-looking statements relating to the targets and strategies of the Company. These forward-looking statements
are based on a series of assumptions, both general and specific, in particular the application of accounting principles and methods in accordance
with IFRS (International Financial Reporting Standards) as adopted in the European Union. These forward-looking statements have also been
developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment. The
Company may be unable to:


• anticipate all the risks, uncertainties or other factors likely to affect its business and to appraise their potential consequences
• evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ materially from those
provided in this document and the related presentation.


Therefore, although the Company believes that these statements are based on reasonable assumptions, these forward-looking statements are
subject to various risks and uncertainties, including matters not yet known to it or its management or not currently considered material, and
there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could
cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, overall trends in
general economic activity and in the Company’s markets in particular, regulatory and prudential changes, and the success of the Company’s
strategic, operating and financial initiatives. Unless otherwise specified, the sources for the business rankings and market positions are internal.


Other than as required by applicable law, the Company does not undertake any obligation to update or revise any forward-looking information
or statements, opinion, projection, forecast or estimate set forth herein. More detailed information on the potential risks that could affect the
Company’s financial results can be found in the 2023 Universal Registration Document filed with the French financial markets authority (Autorité
des marchés financiers).


Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the Company when considering the
information contained in such forward-looking statements. To the maximum extent permitted by law, none of the Company or any of its affiliates,
directors, officers, advisors and employees shall bear any liability (in negligence or otherwise) for any direct or indirect loss or damage which
may be suffered by any recipient through use or reliance on anything contained in or omitted from this document and the related presentation
or any other information or material arising from any use of these press release materials or their contents or otherwise arising in connection
with these materials.


The financial information presented for quarter ending 30 September 2024 was reviewed by the Board of Directors on 30 October 2024 and has
been prepared in accordance with IFRS as adopted in the European Union and applicable at this date.


By receiving this document and/or attending the presentation, you will be deemed to have represented, warranted and undertaken to have read
and understood the above notice and to comply with its contents.




10
Appendix
CONSOLIDATED INCOME STATEMENT


in EUR million Q3 2024 Q3 2023 Q Var. 9M 2024 9M 2023 9M Var.

Leasing Contract Revenues 2,775.8 2,418.8 14.8% 8,145.3 5,433.9 49.9%
Leasing Contract Costs -
(2,011.1) (1,712.4) 17.4% (6,037.7) (3,752.6) 60.9%
Depreciation
Leasing Contract Costs - Financing (505.0) (341.8) 47.7% (1,391.5) (607.4) 129.1%
Unrealised Gains/Losses on Financial
(41.8) (38.4) 8.7% 35.0 20.7 68.9%
Instruments
Leasing Contract Margin 217.9 326.2 -33.2% 751.1 1,094.6 -31.4%
Services Revenues 1,338.2 1,312.2 2.0% 4,130.3 3,014.8 37.0%
Cost of Services Revenues (909.5) (897.4) 1.4% (2,834.9) (2,113.5) 34.1%
Services Margin 428.6 414.8 3.3% 1,295.3 901.9 43.6%
Leasing Contract and Services
646.5 741.0 -12.7% 2,046.5 1,996.5 2.5%
Margins
Proceeds of Cars Sold 2,228.3 1,828.5 21.9% 6,663.6 4,354.5 53.0%
Cost of Cars Sold (2,151.1) (1,754.6) 22.6% (6,408.7) (3,995.2) 60.4%
Used Car Sales result 77.2 73.9 4.4% 254.9 359.3 -29.1%
Gross Operating Income 723.7 814.9 -11.2% 2,301.4 2,355.7 -2.3%
Staff Expenses (277.2) (272.4) 1.8% (889.9) (634.3) 40.3%
General and Administrative Expenses (138.1) (133.0) 3.8% (410.8) (354.0) 16.1%
Depreciation and Amortisation (44.6) (43.3) 2.9% (124.0) (92.5) 34.1%
Total Operating Expenses (459.9) (448.7) 2.5% (1,424.8) (1,080.8) 31.8%
Cost/Income ratio (excl UCS) 71.1% 60.6% 69.6% 54.1%
Impairment Charges on Receivables (28.8) (21.8) 32.3% (92.5) (46.3) 99.7%
Other income (7.3) (4.0) 83.3% 0.5 4.6 -89.2%
Non-Recurring Income (Expenses) 0.0 0.1 0.0 0.0 0.1 n.a
Operating Result 227.7 340.4 -33.1% 784.6 1,233.3 -37.6%
Share of Profit of Associates and
2.0 3.3 -40.3% 5.8 4.8 143.4%
Jointly Controlled Entities
Profit Before Tax 229.7 343.7 -33.2% 790.4 1,238.1 -0.20%
Income Tax Expense (81.6) (120.3) -32.1% (241.5) (355.7) 15.80%
Result from discontinued operations 0.0 14.0 n.a 0.0 (77.4) n.a
Net income 148.0 237.3 -37.6% 548.9 805.0 -13.70%
Non-controlling interests (1.4) (11.2) -87.9% (25.0) (17.5) 585.50%
Net income group share 146.7 226.2 -35.2% 523.9 787.6 -16.20%




11
BALANCE SHEET AS AT 30 SEPTEMBER 2024




in EUR million 30 September 2024 30 June 2024 31 December 202322

Earning assets 53,127 53,235 52,055
o/w Rental fleet 51,068 51,114 49,791
o/w Finance lease receivables 2,059 2,121 2,264
Cash & Cash deposits with the ECB 5,399 4,794 3,997
Intangibles (incl. goodwill) 2,737 2,728 2,719
Operating lease and other receivables 8,688 7,327 6,518
Other 4,501 4,763 5,023
Total assets 74,451 72,846 70,312
Group shareholders' equity 10,935 10,802 10,789
o/w Group shareholders’ equity excl. AT1 10,185 10,052 10,039
Tangible shareholders’ equity 7,445 7,339 7,301
o/w AT1 23
750 750 750
Non-controlling interests 30 30 526
o/w non-controlling interests excl. AT1 30 30 28
o/w non-controlling interests - AT1 24
0 0 498
Total equity 10,965 10,832 11,315
Deposits 13,418 13,090 11,785
Financial debt 40,603 39,460 37,627
Trade and other payables 6,052 6,042 6,107
Other liabilities 3,413 3,423 3,479
Total liabilities and equity 74,451 72,846 70,312




22
Restated for PPA update and adjustment on Fleetpool’s fleet depreciation costs
23
AT1 issued by ALD and subscribed by parent Societe Generale
24
AT1 issued by LeasePlan and subscribed by external parties


12
Details of operating income components in the income statement


in EUR million Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024

Fleet revaluation and reduction in
114 107 18 7 -
depreciation costs
MtM of derivatives and breakage
-82 -137 10 12 -54
revenues
Hyperinflation in Turkey 46 -27 -2 -37 10
Reversal of entities transferred to
-24 - - - -
discontinued operations
Impact of PPA 26 7 -2 -2 -2

Total non-recurring items 80 -50 23 -21 -47




13
EARNINGS PER SHARE (EPS)

Basic EPS 9M 2024 9M 2023
Existing shares 816,960,428 816,960,428
Shares allocated to cover stock options and shares awarded to staff -839,734 -1,114,336
Treasury shares in liquidity contracts -146,065 -146,298
End of period number of shares 815,974,629 815,699,794


Weighted average number of shares used for EPS calculation (A)25 815,821,533 676,183,905



in EUR million
Net income group share 524.0 787.6
Deduction of interest on AT1 capital -55.0 -26.5
Net income group share after deduction of interest on AT1 capital (B) 468.9 761.1
Basic EPS (in EUR) (B/A) 0.57 1.13


Diluted EPS 9M 2024 9M 2023
Existing shares 816,960,428 816,960,428
Shares issued for no consideration 26
17,798,524 19,048,759
End of period number of shares 834,758,952 836,009,187


Weighted average number of shares used for EPS calculation (A’) 834,968,049 685,862,470


Diluted EPS (in EUR) (B/A’) 0.56 1.11




25
Average number of shares weighted by time apportionment
26
Assuming exercise of warrants, as per IAS33




14
Return on tangible equity (ROTE)

in EUR million Q3 2024 Q3 2023 9M 2024 9M 202327
Group shareholders' equity 10,935.3 10,841.3 10,935.3 10,841.3
AT1 capital (750.0) (750.0) (750.0) (750.0)
Dividend provision and interest on AT1 capital 28 (253.5) (399.2) (253.5) (399.2)
OCI excluding conversion reserves 16.0 (8.5) 16.0 (8.5)
Equity base for ROE calculation end of period 9,947.8 9,683.5 9,947.8 9,683.5
Goodwill 2,073.2 2,392.4 2,073.2 2,392.4
Intangible assets 663.4 598.5 663.4 598.5


Average equity base for ROE calculation 9,915.7 9,591.4 9,795.2 7,962.4
Average Goodwill 2,073.2 2,377.6 2,073.2 1,505.5
Average Intangible assets 659.2 580.5 654.7 362.5
Average tangible equity for ROTE calculation 7,183.2 6,633.3 7,067.3 6,094.4


Group net income after non-controlling interests 146.7 226.2 523.9 787.6
Interest on AT1 capital (18.5) (18.7) (55.0) (26.5)
Adjusted Group net income 128.2 207.5 468.8 761.0


ROTE 7.1% 12.5% 8.8% 16.7%




27
Group shareholders’ equity restated for PPA update
28
The dividend provision assumes a payout ratio of 50% of net Income group share, after deduction of interest on AT1 capital


15
CRR2/CRD5 prudential capital ratios and Risk Weighted Assets


in EUR million 30 September 2024 30 June 2024

Group shareholders’ equity 10,935 10,802
AT1 capital (750) (750)
Dividend provision & interest on AT1 capital 29
(253) (171)
Goodwill and intangible assets (2,737) (2,728)
Deductions and regulatory adjustments 129 89
Common Equity Tier 1 capital 7,324 7,243
AT1 capital 750 750
Tier 1 capital 8,074 7,993
Tier 2 capital 1,500 1,500
Total capital (Tier 1 + Tier 2) 9,574 9,493


Risk-Weighted Assets 58,336 57,824
Credit Risk Weighted Assets 49,205 48,450
Market Risk Weighted Assets 2,554 2,556
Operational Risk Weighted Assets 6,578 6,818


Common Equity Tier 1 ratio 12.6% 12.5%

Tier 1 ratio 13.8% 13.8%
Total Capital ratio 16.4% 16.4%




29
The dividend provision assumes a payout ratio of 50% of Net Income group share, after deduction of interest on AT1 capital




16
Tangible book value per share


in EUR million 30 September 2024 30 June 2024 31 December 202330

Group shareholders' equity 10,935.3 10,802.4 10,789.1

Deeply subordinated and undated subordinated notes (750.0) (750.0) (750.0)
Interest of deeply subordinated and undated subordinated
(19.1) (0.6) (37.2)
notes
Book value of treasury shares 15.2 15.4 18.2

Net Asset Value (NAV) 10,181.5 10,067.1 10,020.1

Goodwill (2,073.2) (2,073.2) (2,073.2)

Intangible assets (663.4) (655.0) (645.9)

Net Tangible Asset Value (NTAV) 7,444.8 7,338.9 7,300.9

Number of shares31 815,974,629 815,951,524 815,691,541

NAV per share 12.48 12.34 12.28

NTAV per share 9.12 8.99 8.95
Net Tangible Asset Value (NTAV) after dividend provision 32
7,210.4 7,168.6 6,917.4

NTAV per share after dividend provision 8.84 8.79 8.48




30
Group shareholders’ equity restated for PPA update and adjustment on Fleetpool’s fleet depreciation costs
31
The number of shares considered is the number of ordinary shares outstanding at end of period, excluding treasury shares
32
The dividend provision assumes a payout ratio of 50% of net Income group share, after deduction of interest on AT1 capital


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Restated Quarterly series
(1) 34 34 34
(in EUR million) Q3 202233 Q4 202233 Q1 2023 Q2 202334 35 Q3 202334 Q4 2023 Q1 2024 Q2 2024 Q3 2024
Leasing Contract Margin 273.4 428.1 367.1 387.5 341.0 165.3 282.0 251.2 217.9
Services Margin 185.1 197.3 174.1 311.4 425.4 433.4 424.2 442.5 428.6
Leasing Contract and Services Margins 458.6 625.5 541.1 698.9 766.4 598.7 706.2 693.7 646.5
Used Car Sales Result 191.0 123.9 190.5 87.0 65.7 (13.4) 86.9 90.8 77.2
Gross Operating Income 649.6 749.4 731.6 785.9 832.2 585.3 793.1 784.5 723.7
Total Operating Expenses (219.4) (259.6) (260.5) (369.7) (444.5) (516.9) (489.6) (475.3) (459.9)
Impairment Charges on Receivables (13.5) (13.8) (8.8) (15.7) (21.8) (24.4) (33.1) (30.5) (28.8)
Non-Recurring Income (Expenses) - (50.6) (20.6) 33.1 (12.4) (28.8) 9.0 (1.2) (7.3)
Share of profit of associates and jointly controlled entities 0.3 0.3 0.8 0.8 3.3 1.6 1.5 2.3 2.0
Profit Before Tax 417.1 425.7 442.6 434.3 356.7 16.8 280.9 279.9 229.7
Income tax expense (98.3) (138.8) (125.6) (101.4) (131.5) (7.2) (88.4) (71.4) (81.6)
Result from discontinued operations - - - (91.3) 14.0 (0.2) - - -
Non-controlling interests (0.8) (7.2) (1.5) (4.8) (11.2) (10.4) (11.1) (12.5) (1.4)
Net Income (Group share) 318.0 284.7 315.5 236.7 228.0 (1.0) 181.3 195.9 146.7

(in '000) 30.09.2022 31.12.2022 31.03.2023 30.06.2023 30.09.2023 31.12.2023 31.03.2024 30.06.2024 30.09.2024

Total Contracts 1,762 1,806 1,815 3,496 3,394 3,420 3,386 3,373 3,332
Full service leasing contracts 1,454 1,464 1,473 2,755 2,692 2,709 2,699 2,686 2,653
Fleet management contracts 308 342 342 741 703 710 686 686 680



33
Restated for IFRS 17, which applies from 1 January 2023
34
Including i) impact of LeasePlan’s Purchase Price Allocation and its Q2 2024 adjustment, attributed to each quarter since acquisition closing instead of being allocated to Q4 2023 and Q2 2024 only and ii) adjustment on Fleetpool‘s
fleet depreciation costs which resulted in an accounting restatement of the comparative income statement for 2023
35
Q2 2023 non-controlling interests were corrected to include the interest coupons to holders of AT1 issued by LeasePlan and subscribed by external parties




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