Leasys finishes 2024 strong, posting full year results marked by consolidation and growth

New contract activations: 243,000, +87% YoY Corporate customer fleet: 131,000 vehicles, +32% YoY Managed fleet: 906,000 vehicles, +4% Total Earning Assets: €10,2B, +36% YoY Gross Operating Margin (Net Banking Income): €388M, +12% YoY Cost-Income Ratio (excl. Margin on Used Car Sales): 51% Profit Before Taxes: €173M, +1% in line with 2023 Adjusted Net Income: €112M, in line with 2023

Leasys, the Stellantis-Crédit Agricole JV, achieved 243,000 contract activations in 2024, an 87% YoY growth. Highlights include a threefold increase in LCV contracts and a 50% rise in electrified vehicle contracts, reflecting strong resilience and strategic growth.

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Leasys Finishes 2024 Strong, Posting Full Year Results Marked by Consolidation and Growth (Graphic: Business Wire)

Compared to 2023, Leasys increased its penetration on Stellantis sales by 9bps in the B2B channel and 21bps in the LTR channel. Managed Fleet grew by 4%, reaching 906,000 units (+32% in corporate customers), moving closer to the 1M vehicles target by 2026.

Total Earning Assets exceeded €10,2B, + 36% YoY, with Average Outstanding reaching €8.6B.

The Margin on Leasing reached €230M (+28% vs 2023), while the Margin on Services grew by 46% YoY, reaching €93M.

Leasys' strong organic margin growth helped mitigate the impact of the market normalization in used vehicles, a trend affecting the entire LTR industry.

Leasys posted strong Remarketing results at €65M and a 12% YoY growth in Gross Operating Margin, reaching €388M. Operating expenses increased to €168M, but remained at 1.94% of Average Outstanding, a 7bps decrease.

The Group’s fiscal discipline is confirmed by its Cost-to-Income ratio, which remained stable at 51% YoY. When including the Margin from Used Car Sales, the Cost-Income ratio decreases by an additional 8 bps, to 43%. The Cost of Risk remains under control, around 0.4% of Average Outstanding.

Leasys closed 2024 with Profit Before Taxes of €173M and Adjusted Net Income of €112M, both in line with 2023.

Rolando D’Arco, Leasys CEO, commented: “2024 has been a year marked by consolidation and growth. Following the integration with Free2Move Lease and the acquisitions in Portugal and Luxembourg, both completed in 2023, this was Leasys’ first “full” year in its present setup. Its resilience and flexibility in adapting to fluid market scenario, combined with a strong commitment to pursue innovation, digitalization and sustainability allowed Leasys to close the year with very strong commercial and financial results. Managed Fleet reached 906,000 vehicles and Earning Assets exceeded €10,2B. In 2025, Leasys will continue implementing strategies designed to enhance its customer experience, while further strengthening its position as a leader in the LTR and sustainable mobility”

In 2024, Leasys improved customer experience and loyalty with a 13% increase in its NPS and enhanced CX measurement systems. It diversified its funding sources, securing €2.3B in bank lines and raising €2.7B through bond offerings. Digitalization drove growth, with the launch of Leasys e-Store for LEV rentals and the relaunch of My-Leasys to optimize fleet monitoring and promote paperless operations. Leasys introduced e-Move and RE-USE to support electrified vehicle adoption and circular economy. The company continued to engage its 1,380 employees across 11 countries, fostering a work-life balance and encouraging participation in business process improvements.

This document contains preliminary information that is subject to change on completion of the annual audit of the consolidated financial statements

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