Ayvens SA (AYV.PA): 2Q results impacted by weak UCS, solid L&S and new buy-back are key positives

Research evidence excerpt

Ayvens SA (AYV.PA): 2Q results impacted by weak UCS, solid L&S and new buy-back are key positives

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30 Jul 2026 03:29:28 ET │ 10 pages

Ayvens SA (AYV.PA)

2Q results impacted by weak UCS, solid L&S and new buy-back are key

positives

CITI'S TAKE Neutral

Price (29 Jul 26 17:30) €11.57 Ayvens reported gross operating income at €754m in 2Q26, 10%/5% miss

Target price €11.00 vs Citi/Co Cons, down ~12% YoY, with better Leasing margin offset by

much weaker UCS results. Group’s underlying margin at 609bps in 2Q26 Expected share price return -4.9%

higher than 587bps in 1Q26 and 550bps in 2Q25, mainly driven by Expected dividend yield 5.4%

continued focus on profitability over volumes and robust synergies. Net Expected total return 0.5%

UCS results came in at €-8m (huge miss vs Citi/Cons) on lower gross UCS Market Cap €9,069M

result which continued to normalize and higher negative depreciation US$10,400M

adjustments. Cost to income ratio continued to improve at 50.3% vs. 54%

in 1Q26 and 57.6% in 2Q25. Synergies at €112m in 2Q26 vs. €86m 2Q25

and on track to achieve €400m for FY26. Ayvens launched another

€450m share-buyback from July onwards, following €360m buyback in Harald C HendrikseAC

late 2025. +44-2075-0858-10

harald.hendrikse@citi.com

Weak UCS results – Net UCS results came in at €-8m (huge miss vs Citi/Cons) on Ross MacDonald

lower gross UCS result which continued to normalize and higher negative +44-20-7986-7547

depreciation adjustments. Gross UCS/unit has continued to normalize at €326 vs. ross.macdonald@citi.com

€470 in 1Q26 and €1,234 in 2Q25, impacted by higher proportion of BEVs, was Soumava Banerjee

further impacted by softening of the demand on ICE vehicles due to high oil prices in +44-20-7986-4126

the context of the Middle East crisis.