October 2026 – Page 86

Change to the Executive Management of Netcompany Group A/S

Posted on October 29, 2026 by Ravi Shankar

Company announcement
No. 69/2026

29 October 2026

Change to the Executive Management of Netcompany Group A/S

Netcompany Group A/S (“Netcompany”) hereby announces that our Chief Commercial Officer, Alexandros Manos has decided to conclude his tenure in the Executive Management of Netcompany with effect from 31 December 2026 to dedicate the next chapter of his career to board and advisory roles.

Alexandros Manos will continue to advise Netcompany on strategic matters and support a smooth handover, with a focus on the Greek and EU markets, as senior advisor from 1 January 2027.

“Alexandros has been instrumental in ensuring the successful integration of Intrasoft International S.A. into the Group following Netcompany’s acquisition in October 2021. Alexandros has driven Netcompany SEE & EUI to double revenue over the last five years, while at the same time doubling margin. In his role in Executive Management, Alexandros has also contributed to and facilitated our strong growth internationally based on our Products & Platforms strategy. On behalf of the Board, I want to thank Alexandros for his significant contribution to the Group and wish him good luck in his future career, focusing on board and senior advisor roles”, says Bo Rygaard, Chair of the Board.

“I want to take the opportunity to thank the Board for its trust in me, both as CEO of Netcompany SEE & EUI and, most recently, as Chief Commercial Officer. I have enjoyed my time with the Group since the acquisition of Intrasoft International S.A. more than five years ago, and I am immensely proud of the results we have delivered. I look forward to continuing to work with my colleagues in Executive Management and throughout the Group in my capacity as senior advisor”, says Alexandros Manos, Chief Commercial Officer in Netcompany.

Alexandros Manos joined Netcompany in 2021 through the acquisition of Intrasoft International S.A. where he served as CEO of Netcompany SEE & EUI market units. Since 1 January 2026, he has served as Chief Commercial Officer.

From 1 January 2027, the Executive Management will consist of:

André Rogaczewski, CEO
Claus Jørgensen, COO
Thomas Johansen, CFO

Additional information
For additional information, please contact:

Netcompany Group A/S
Thomas Johansen, CFO, +45 51 19 32 24
Frederikke Linde, Head of IR, +45 60 62 60 87

Attachment

69. Netcompany – Change to the Executive Management of Netcompany Group AS

Posted in UncategorizedTagged GlobeNewswire

Change to the Executive Management of Netcompany Group A/S

Posted on October 29, 2026 by Ravi Shankar

Company announcement
No. 69/2026

29 October 2026

Change to the Executive Management of Netcompany Group A/S

Alexandros Manos will continue to advise Netcompany on strategic matters and support a smooth handover, with a focus on the Greek and EU markets, as senior advisor from 1 January 2027.

From 1 January 2027, the Executive Management will consist of:

André Rogaczewski, CEO
Claus Jørgensen, COO
Thomas Johansen, CFO

Additional information
For additional information, please contact:

Netcompany Group A/S
Thomas Johansen, CFO, +45 51 19 32 24
Frederikke Linde, Head of IR, +45 60 62 60 87

Attachment

69. Netcompany – Change to the Executive Management of Netcompany Group AS

Posted in UncategorizedTagged GlobeNewswire

Inbank unaudited financial results for Q3 and 9 months of 2026

Posted on October 29, 2026 by Ravi Shankar

In Q3 2026, Inbank reached a record originated volume of €227 million, representing an 11% year-on-year increase. Consolidated net profit for the quarter grew by 26% year-on-year to €6.3 million. Net profit for the first nine months of 2026 reached €14.6 million, up 11% year-on-year. The return on equity was 14% in Q3, and 11.1% for the first 9 months of the year.

Inbank’s total net income increased by 14% year-on-year to €25 million in the third quarter and by 9% to €68.8 million in the first nine months of 2026. The quarterly result includes a positive one-off adjustment to interest income resulting from a change in the interest income recognition methodology following the migration of the Lithuanian loan portfolio to Inbank’s unified platform. Operating expenses increased by 14% year-on-year to €13 million, mainly due to higher personnel and administrative expenses, with the latter including a provision for the fine imposed by the Polish consumer protection authority UOKiK. Inbank’s cost-income ratio improved to 52% for the quarter.
Originated volume reached a record €227 million in Q3 2026, up 11% year-on-year, bringing the total for the first 9 months of the year to €655 million, an increase of 16% year-on-year.
Across product segments, personal loan volumes increased by 35% year-on-year to €56 million, accounting now for a quarter of Inbank’s total originated volume. Car financing volumes grew for the third consecutive quarter, reaching €57 million, up 16% year-on-year. Growth was supported by Inbank’s partnership with Otomoto in Poland and the continued recovery of the Estonian car market. Rental services volumes increased by 54% to €19 million, supported by both full-service vehicle rental and consumer electronics renta. During the quarter, Mobire also introduced an operating lease offering. Pay later products, Inbank’s largest product segment, recorded an 8% year-on-year increase in originated volume to €67 million. Green financing volumes declined by 28% year-on-year to €28 million, reflecting an exceptionally strong comparison period in Poland last year, when sales were boosted by government subsidies. However, volumes have remained stable over the past two quarters.
The loan and rental portfolio grew 9% year-on-year to €1.36 billion, while customer deposits increased by 4% year-on-year to €1.37 billion. At the end of the third quarter, Inbank’s total assets stood at €1.67 billion.
Impairments on loans and receivables accounted for 1.38% of the average loan and rental portfolio, down from 1.52% a year ago, reflecting improving credit quality in the Baltics and Poland.
The total capital ratio stood at 18.74% at quarter end. At the end of September, Inbank announced the early redemption of its Additional Tier 1 (AT1) bonds issued in November 2021, with a total nominal value of €4.5 million, having received prior consent from the Estonian Financial Supervision and Resolution Authority.
On 15 September, Inbank and Eurobank established INE Embedded Finance Credit Company S.A., a 50/50 joint venture to offer embedded finance solutions in Greece. The company has submitted an operating licence application to the Bank of Greece, with operations expected to begin by the end of Q1 2027, subject to regulatory approval.
Following the end of the quarter, on 22 October 2026, Inbank established a Growth Committee, chaired by Jan Andresoo, and comprising Erkki Raasuke and Sergei Anikin as members. On 23 October 2026, Jan Andresoo was also appointed Vice-Chairman of Inbank’s Supervisory Board.
At the end of Q3 2026, Inbank had more than 787,000 active customer contracts and over 6,000 active partners.

Priit Põldoja, CEO of Inbank, comments on the results:

“Since the beginning of the year, we have achieved record sales volumes every quarter, and in Q3 this momentum was accompanied by improved profitability. Despite several one-off effects on income and expenses, our underlying margins, cost of risk and profitability improved significantly during the quarter, with net profit increasing by 26% year-on-year.

Looking ahead, we remain focused on improving margins and allocating capital to higher-return areas. With our joint venture with Eurobank now established and the licensing process underway, we are preparing to bring Inbank’s technology platform and products to the Greek market.”

Key financial indicators as of 30 September 2026

Total assets €1.67 billion
Loan and rental portfolio €1.36 billion
Customer deposits €1.37 billion
Total equity €182 million
Net profit €6.3 million
Return on equity 14%

Consolidated income statement (in thousands of euros)

	Q3 2026	Q3 2025	9 months 2026	9 months 2025
Interest income calculated using effective interest method	33,792	32,003	97,263	95,042
Interest expense	-13,003	-13,178	-38,957	-39,786
Net interest income	20,789	18,825	58,306	55,256

Fee and commission income	153	33	362	55
Fee and commission expenses	-1,347	-1,295	-3,877	-3,408
Net fee and commission income/expenses	-1,194	-1,262	-3,515	-3,353

Rental income	11,974	9,965	34,682	28,439
Sale of assets previously rented to customers	5,417	4,279	15,909	12,746
Depreciation of rental assets	-5,935	-4,690	-16,816	-13,511
Other operating expenses	-2,069	-1,731	-6,247	-5,083
Cost of assets sold previously rented to customers	-4,857	-3,997	-14,794	-11,693
Net rental income/expenses	4,530	3,826	12,734	10,898

Other operating income	257	58	315	77
Net gains/losses from financial assets measured at fair value	498	325	952	306
Foreign exchange rate gain/losses	86	81	37	139
Net gain/losses from financial items	841	464	1,304	522

Total net income	24,966	21,853	68,829	63,323

Personnel expenses	-6,451	-5,494	-18,910	-16,863
Marketing expenses	-992	-1,055	-3,361	-2,942
Administrative expenses	-3,593	-3,040	-9,323	-9,068
Depreciation, amortization	-1,955	-1,834	-5,443	-5,236
Total operating expenses	-12,991	-11,423	-37,037	-34,109

Impairment losses on loans and receivables	-4,713	-4,740	-14,940	-14,085
Profit before income tax	7,262	5,690	16,852	15,129

Income tax expense	-959	-682	-2,269	-2,026
Profit for the period	6,303	5,008	14,583	13,103

Other comprehensive income that may be reclassified subsequently to profit or loss
Currency translation differences	-290	-96	-363	-235
Total comprehensive income for the period	6,013	4,912	14,220	12,868

Consolidated statement of financial position (in thousands of euros)

	30/09/2026	31/12/2025	30/09/2025
Assets
Cash and cash equivalents	168,410	173,400	238,906
Due from other banks	9,998	10,004	0
Investments in debt securities	72,940	59,393	52,041
Financial assets measured at fair value through profit or loss	16	94	57
Loans and andvances	1,208,627	1,152,136	1,119,715
Investments in joint ventures	4,799	0	0
Other financial assets	6,596	3,610	8,176
Tangible fixed assets	136,760	113,835	103,279
Right of use assets	16,648	20,469	20,680
Intangible assets	34,979	33,492	33,061
Other assets	5,434	6,300	5,515
Deferred tax assets	6,321	7,299	5,496
Total assets	1,671,528	1,580,032	1,586,926

Liabilities
Customer deposits	1,373,669	1,301,052	1,318,930
Financial liabilities measured at fair value through profit or loss	0	265	417
Other financial liabilities	43,997	46,204	53,936
Current tax liability	482	193	569
Deferred tax liability	1,546	1,350	1,072
Other liabilities	12,203	11,132	10,365
Subordinated debt securities	57,253	48,866	40,927
Total liabilities	1,489,150	1,409,062	1,426,216

Equity
Share capital	1,190	1,178	1,152
Share premium	61,923	60,166	54,892
Statutory reserve	119	115	115
Other reserves	368	1,153	1,337
Retained earnings	118,778	108,358	103,214
Total equity	182,378	170,970	160,710

Total liabilities and equity	1,671,528	1,580,032	1,586,926

Inbank is a financial technology company with an EU banking license that connects merchants, consumers and financial institutions on its next generation embedded finance platform. Partnering with more than 6,000 merchants, Inbank has 787,000+ active contracts and collects deposits across seven markets in Europe. Inbank bonds are listed on the Nasdaq Tallinn Stock Exchange.

Additional information:
Styv Solovjov
AS Inbank
Head of Investor Relations
+372 5645 9738
styv.solovjov@inbank.ee

Attachments

Posted in UncategorizedTagged GlobeNewswire

Inbank unaudited financial results for Q3 and 9 months of 2026

Posted on October 29, 2026 by Ravi Shankar

Inbank’s total net income increased by 14% year-on-year to €25 million in the third quarter and by 9% to €68.8 million in the first nine months of 2026. The quarterly result includes a positive one-off adjustment to interest income resulting from a change in the interest income recognition methodology following the migration of the Lithuanian loan portfolio to Inbank’s unified platform. Operating expenses increased by 14% year-on-year to €13 million, mainly due to higher personnel and administrative expenses, with the latter including a provision for the fine imposed by the Polish consumer protection authority UOKiK. Inbank’s cost-income ratio improved to 52% for the quarter.
Originated volume reached a record €227 million in Q3 2026, up 11% year-on-year, bringing the total for the first 9 months of the year to €655 million, an increase of 16% year-on-year.
Across product segments, personal loan volumes increased by 35% year-on-year to €56 million, accounting now for a quarter of Inbank’s total originated volume. Car financing volumes grew for the third consecutive quarter, reaching €57 million, up 16% year-on-year. Growth was supported by Inbank’s partnership with Otomoto in Poland and the continued recovery of the Estonian car market. Rental services volumes increased by 54% to €19 million, supported by both full-service vehicle rental and consumer electronics renta. During the quarter, Mobire also introduced an operating lease offering. Pay later products, Inbank’s largest product segment, recorded an 8% year-on-year increase in originated volume to €67 million. Green financing volumes declined by 28% year-on-year to €28 million, reflecting an exceptionally strong comparison period in Poland last year, when sales were boosted by government subsidies. However, volumes have remained stable over the past two quarters.
The loan and rental portfolio grew 9% year-on-year to €1.36 billion, while customer deposits increased by 4% year-on-year to €1.37 billion. At the end of the third quarter, Inbank’s total assets stood at €1.67 billion.
Impairments on loans and receivables accounted for 1.38% of the average loan and rental portfolio, down from 1.52% a year ago, reflecting improving credit quality in the Baltics and Poland.
The total capital ratio stood at 18.74% at quarter end. At the end of September, Inbank announced the early redemption of its Additional Tier 1 (AT1) bonds issued in November 2021, with a total nominal value of €4.5 million, having received prior consent from the Estonian Financial Supervision and Resolution Authority.
On 15 September, Inbank and Eurobank established INE Embedded Finance Credit Company S.A., a 50/50 joint venture to offer embedded finance solutions in Greece. The company has submitted an operating licence application to the Bank of Greece, with operations expected to begin by the end of Q1 2027, subject to regulatory approval.
Following the end of the quarter, on 22 October 2026, Inbank established a Growth Committee, chaired by Jan Andresoo, and comprising Erkki Raasuke and Sergei Anikin as members. On 23 October 2026, Jan Andresoo was also appointed Vice-Chairman of Inbank’s Supervisory Board.
At the end of Q3 2026, Inbank had more than 787,000 active customer contracts and over 6,000 active partners.

Priit Põldoja, CEO of Inbank, comments on the results:

Key financial indicators as of 30 September 2026

Total assets €1.67 billion
Loan and rental portfolio €1.36 billion
Customer deposits €1.37 billion
Total equity €182 million
Net profit €6.3 million
Return on equity 14%

Consolidated income statement (in thousands of euros)

	Q3 2026	Q3 2025	9 months 2026	9 months 2025
Interest income calculated using effective interest method	33,792	32,003	97,263	95,042
Interest expense	-13,003	-13,178	-38,957	-39,786
Net interest income	20,789	18,825	58,306	55,256

Fee and commission income	153	33	362	55
Fee and commission expenses	-1,347	-1,295	-3,877	-3,408
Net fee and commission income/expenses	-1,194	-1,262	-3,515	-3,353

Rental income	11,974	9,965	34,682	28,439
Sale of assets previously rented to customers	5,417	4,279	15,909	12,746
Depreciation of rental assets	-5,935	-4,690	-16,816	-13,511
Other operating expenses	-2,069	-1,731	-6,247	-5,083
Cost of assets sold previously rented to customers	-4,857	-3,997	-14,794	-11,693
Net rental income/expenses	4,530	3,826	12,734	10,898

Other operating income	257	58	315	77
Net gains/losses from financial assets measured at fair value	498	325	952	306
Foreign exchange rate gain/losses	86	81	37	139
Net gain/losses from financial items	841	464	1,304	522

Total net income	24,966	21,853	68,829	63,323

Personnel expenses	-6,451	-5,494	-18,910	-16,863
Marketing expenses	-992	-1,055	-3,361	-2,942
Administrative expenses	-3,593	-3,040	-9,323	-9,068
Depreciation, amortization	-1,955	-1,834	-5,443	-5,236
Total operating expenses	-12,991	-11,423	-37,037	-34,109

Impairment losses on loans and receivables	-4,713	-4,740	-14,940	-14,085
Profit before income tax	7,262	5,690	16,852	15,129

Income tax expense	-959	-682	-2,269	-2,026
Profit for the period	6,303	5,008	14,583	13,103

Other comprehensive income that may be reclassified subsequently to profit or loss
Currency translation differences	-290	-96	-363	-235
Total comprehensive income for the period	6,013	4,912	14,220	12,868

Consolidated statement of financial position (in thousands of euros)

	30/09/2026	31/12/2025	30/09/2025
Assets
Cash and cash equivalents	168,410	173,400	238,906
Due from other banks	9,998	10,004	0
Investments in debt securities	72,940	59,393	52,041
Financial assets measured at fair value through profit or loss	16	94	57
Loans and andvances	1,208,627	1,152,136	1,119,715
Investments in joint ventures	4,799	0	0
Other financial assets	6,596	3,610	8,176
Tangible fixed assets	136,760	113,835	103,279
Right of use assets	16,648	20,469	20,680
Intangible assets	34,979	33,492	33,061
Other assets	5,434	6,300	5,515
Deferred tax assets	6,321	7,299	5,496
Total assets	1,671,528	1,580,032	1,586,926

Liabilities
Customer deposits	1,373,669	1,301,052	1,318,930
Financial liabilities measured at fair value through profit or loss	0	265	417
Other financial liabilities	43,997	46,204	53,936
Current tax liability	482	193	569
Deferred tax liability	1,546	1,350	1,072
Other liabilities	12,203	11,132	10,365
Subordinated debt securities	57,253	48,866	40,927
Total liabilities	1,489,150	1,409,062	1,426,216

Equity
Share capital	1,190	1,178	1,152
Share premium	61,923	60,166	54,892
Statutory reserve	119	115	115
Other reserves	368	1,153	1,337
Retained earnings	118,778	108,358	103,214
Total equity	182,378	170,970	160,710

Total liabilities and equity	1,671,528	1,580,032	1,586,926

Additional information:
Styv Solovjov
AS Inbank
Head of Investor Relations
+372 5645 9738
styv.solovjov@inbank.ee

Attachments

Posted in UncategorizedTagged GlobeNewswire

Invalda INVL has completed sale of UAB Litagra shares

Posted on October 29, 2026 by Ravi Shankar

On 8 September 2026, Invalda INVL published an announcement (text of the announcement: https://crib.lt/view/474938?lang=en) stating that an agreement had been concluded for the sale of 100% of the shares of the agricultural group Litagra. Invalda INVL indirectly holds 48.81% of the shares of this company. The buyer is AS Infortar subsidiary OÜ Infortar Agro.

The regulatory approvals required for the completion of the transaction have been obtained from the competition authorities of Estonia, Latvia and Lithuania and following the fulfilment of all conditions precedent, OÜ Infortar Agro has acquired a 100% shareholding in UAB Litagra.

The transaction was based on an enterprise value of EUR 95 million. Considering the company’s debt obligations, cash and other agreed price adjustments, the share purchase price attributable to the Invalda INVL group was equal to EUR 30.9 million (in the financial statements as of 30 June 2026, the value of the investment was EUR 25.8 million).

“This transaction is a great example of how we operate: we invest, work closely with management to build value, and sell the business when the time is right. Over 15 years, together with Litagra’s founder and management team, we transformed the company from a grain trading and agricultural services business into a higher value-added, vertically integrated food producer focused on dairy, poultry and feed manufacturing. I would like to thank Litagra’s founder, Gintaras Kateiva, and the entire team for the value we have created together, as well as Infortar for the professional and constructive cooperation throughout the transaction”, said Darius Šulnis, CEO of Invalda INVL.

The transaction will generate for Invalda INVL group approximately EUR 5 million in additional profit compared with the investment value reported in the financial statements as of 30 June 2026.

Further information:
Darius Sulnis, CEO of Invalda INVL
darius.sulnis@invl.com

Posted in UncategorizedTagged GlobeNewswire

Invalda INVL has completed sale of UAB Litagra shares

Posted on October 29, 2026 by Ravi Shankar

The transaction will generate for Invalda INVL group approximately EUR 5 million in additional profit compared with the investment value reported in the financial statements as of 30 June 2026.

Further information:
Darius Sulnis, CEO of Invalda INVL
darius.sulnis@invl.com

Posted in UncategorizedTagged GlobeNewswire

Robust Q3 2026 in a volatile used-car market, on track to achieve PowerUP 2026 targets

Posted on October 29, 2026 by Ravi Shankar

NET INCOME GROUP SHARE OF EUR 240 MILLION, DOWN 11.9% VS. Q3 2025
RETURN ON TANGIBLE EQUITY (ROTE) AT 13.2% VS. 14.3% IN Q3 2025

Q3 2026 RESULTS¹
Underlying margins² at EUR 817 million, up 4.6% vs. Q3 2025,

representing 620 bps of average earning assets vs. 593 bps in Q3 2025
Leasing and Services margins at EUR 761 million, down 2.0% vs. Q3 2025

Net Used Car Sales result³ at EUR -21 million vs. EUR 75 million in Q3 2025
Gross UCS result per unit⁴ at EUR 118 in Q3 2026 and EUR 313 in 9M 2026, in line with guidance

Synergies⁵ at EUR 116 million, up from EUR 104 million in Q3 2025
9M 2026 synergies at EUR 338 million vs. EUR 251 million in 9M 2025

Cost to income ratio⁶ at 49.2%, down 3.6 p.p. vs. 52.8% in Q3 2025, in line with guidance

Earning assets⁷ at EUR 52.8 billion, up 0.3% vs. end September 2025

CET1 ratio at 12.8% as at end September 2026

On 29 October 2026, Philippe de Rovira, CEO of Ayvens, commenting on the Q3 2026 Group results, stated:

“Ayvens has delivered a solid quarterly performance in a volatile used-car market environment. Our strong focus on profitable business and cost reductions has helped mitigate the decrease in used-car sales’ result exacerbated by the impact of high oil prices.

The strong positive jaws drove the Group’s cost-to-income ratio down to 49.2% and 51.1% for 9M 2026. ROTE stood at 13.2% and 13.6% for 9M 2026. These strong metrics demonstrate the robustness of our model and the relevance of our strategic actions in this uncertain environment.

Ayvens is well-positioned to successfully achieve its PowerUP 2026 financial targets and ready to launch the execution of its Ayvens 2029 strategic plan.”

Q3 2026 FINANCIAL RESULTS

Fleet and earning assets

Earning assets stood at EUR 52.8 billion vs. EUR 52.6 billion as at end September 2025.

Ayvens’ total fleet amounted to 3,044 thousand vehicles, down 0.3% compared to end June 2026 and down 4.7%⁸ year-on-year.

Full-service leasing contracts reached 2,470 thousand vehicles, down 0.2%⁸ compared to end June 2026.

Deliveries per powertrain⁹ showed a broadly stable BEV penetration at 30% vs. 31% in Q2 2026 and 28% in Q3 2025. Hybrids continued to increase their share of total deliveries, at 31% compared to 28% in Q2 2026 and 26% in Q3 2025. ICE penetration was stable vs. Q2 2026 at 26%, showing a marked decrease compared to 32% in Q3 2025.

Fleet management contracts reached 574 thousand vehicles, a decrease of 0.8% vs. Q2 2026.

Income statement

In a volatile used-car market environment, Ayvens’ net income group share stood at EUR 240 million, down 11.9% vs. Q3 2025. This financial performance was notably impacted by a significant decrease in net UCS result and a strong operating performance, with high margins and lower operating expenses, further supported by a lower effective tax rate.

Gross operating income

Gross operating income stood at EUR 739 million, a decrease of 13.1% vs. Q3 2025, reflecting the decrease in the net UCS result and the impact of hyperinflation in Turkey on margins. For 9M 2026, gross operating income stood at EUR 2,310 million, down 8.5% vs. 9M 2025.

Leasing contract and Services margins

Leasing and Services margins reached EUR 761 million, a decrease of 2.0% compared to Q3 2025 due to a higher negative hyperinflation impact. For 9M 2026, Leasing and Services margins stood at EUR 2,280 million, an increase of 3.8% compared to 9M 2025.

Underlying margins reached a high level, at EUR 817 million, showing an increase of 4.6% vs. Q3 2025 and stood at 620 bps vs. 593 bps in Q3 2025. In 9M 2026, underlying margins showed an increase of 5.6% compared to 9M 2025.

Non-recurring items totaled EUR -56 million vs. EUR -5 million in Q3 2025, reflecting hyperinflation impact in Turkey, as inflation continued to increase at a high pace while the used-car auto index was broadly stable in Q3 2026.

Used car sales result and Depreciation adjustments

Net UCS result stood at EUR -21 million vs. EUR 75 million in Q3 2025 and EUR -8 million in Q2 2026. For 9M 2026, net UCS result stood at EUR 29 million, vs. EUR 328 million in 9M 2025.

This results from a lower gross UCS result, at EUR 15 million in Q3 2026 vs. EUR 155 million in Q3 2025 and EUR 42 million in Q2 2026. Gross UCS per unit stood at EUR 118 vs. EUR 1,110 in Q3 2025 and EUR 326 in Q2 2026. This decrease reflects the ongoing normalization of UCS result on ICE vehicles and the adverse impacts of sustained high oil prices on demand for used ICE vehicles.

Depreciation adjustments amounted to EUR -36 million compared to EUR -80 million in Q3 2025 and EUR -50 million in Q2 2026. These depreciation adjustments include:

EUR -35 million resulting from the fleet reevaluation performed in H1 2026, driven mainly by the evolution of the UK BEV market, vs. EUR –48 million in Q3 2025,
EUR -16 million of reversal of prospective depreciation for vehicles sold, vs. EUR -38 million in Q3 2025
EUR 14 million of other reversals, mainly relating to the vehicles sold in Turkey and representing release of the impairment previously booked in the context of hyperinflation, vs. EUR 6 million in Q3 2025

Total volume of cars sold, at 127k units, was down vs. 140k units in Q3 2025, reflecting the lower number of new vehicles which were delivered in 2022 and 2023 in the context of supply chain disruptions.

As at end of Q3 2026, the Group’s stock of prospective depreciation costs to be reversed is EUR -61 million compared to EUR -12 million at end June 2026.

Operating expenses

Operating expenses amounted to EUR 407 million, a decrease of 5.1% vs. Q3 2025. Costs to achieve¹⁰ (CTA) amounted to EUR 5 million compared to EUR 17 million in Q3 2025.

Excluding CTA, underlying operating expenses amounted to EUR 402 million, a decrease of 2.5% vs. Q3 2025, reflecting increasing cost synergies, at EUR 52 million vs. EUR 39 million in Q3 2025, and continued strict cost monitoring across the organization.

The combined effect of higher underlying margins and lower underlying operating expenses resulted in a seasonally low underlying Cost/Income ratio at 49.2%, a 3.6 percentage point decrease compared to Q3 2025. In 9M 2026, underlying Cost/Income ratio stood at 51.1% vs. 56.1% vs. 9M 2025.

Cost of risk

Impairment charges on receivables came in at EUR 25 million compared to EUR 27 million in Q3 2025. The cost of risk¹¹ stood at 19 bps vs. 21 bps in Q3 2025.

Net income

Income tax expense came in at EUR 66 million down from EUR 116 million in Q3 2025, as a result of a lower profit before tax of EUR 306 million vs. EUR 390 million in Q3 2025 and a lower effective tax rate of 21.5% vs. 29.7% in Q3 2025.

The low tax rate in Q3 2026 is the result of two one-off gains: (i) a successful negotiation leading to the transfer of tax losses from a former Dutch LeasePlan entity to Ayvens and ii) a positive impact in Turkey coming from the reversal of deferred tax liabilities linked to inflation-related asset revaluation gains, following the election to recognize these gains as non-distributable equity under the local tax regulations. As a result, 9M 2026 effective tax rate stood at 25.3% vs. 29.7% in 9M 2025.

Ayvens’ net income group share reached EUR 240 million, compared to EUR 273 million in Q3 2025, reflecting a decrease in net UCS result partially offset by stronger margins, reduced operating expenses and lower income tax expense. In 9M 2026, net income group share stood at EUR 754 million, a decrease of 1.2% vs. 9M 2025 at EUR 764 million.

Diluted Earnings per share¹² was EUR 0.28 vs. EUR 0.31¹³ at Q3 2025.

The Return on Tangible Equity (ROTE) came in at 13.2% in Q3 2026 vs. 14.3% in Q3 2025. ROTE stood at 13.6% in 9M 2026 vs. 13.4% for 9M 2025, supported by a resilient net income group share and distribution of EUR 1.4 billion to shareholders through share buybacks and exceptional dividends announced in Q3 2025 and Q2 2026.

BALANCE SHEET AND REGULATORY CAPITAL

Financial structure

Group shareholders’ equity¹⁴ totaled EUR 10.3 billion compared to the same level as at 31 December 2025. Net asset value per share¹⁵ (NAV) was EUR 13.28 compared to EUR 13.05 as at 31 December 2025.

Net tangible asset value (NTAV) after dividend provision stood at EUR 6.8 billion vs. EUR 7.0 billion as at 31 December 2025. NTAV per share after distribution provision was EUR 8.84 as at 30 September 2026, and EUR 8.97 as at 31 December 2025.

Total balance sheet stood at EUR 71.3 billion, an increase of EUR 0.4 billion vs. 31 December 2025 largely reflecting an increase in retail deposits.

In September 2026, Ayvens successfully closed and settled a EUR 550 million securitisation transaction in Belgium, Europe’s first ABS backed entirely by BEVs, further demonstrating strong investor appetite for Ayvens’ debt instruments.
Ayvens has strong long-term debt credit ratings from Moody’s (A1), Fitch Ratings (A) and S&P Global Ratings (A-).

Regulatory capital

Ayvens’ risk-weighted assets (RWA) totaled EUR 53.4 billion compared to EUR 53.2 billion as at 30 June 2026, with credit risk-weighted assets accounting for 93% of the total.

Ayvens had a strong Common Equity Tier 1 ratio of 12.8% after distribution provision, i.e. 344 basis points above the minimum CET1 requirement of 9.35% and total Capital ratio stood at 17.0% compared to 12.6% and 16.9% respectively as at 30 June 2026.

CONFERENCE CALL FOR INVESTORS AND ANALYSTS

Date: 29 October 2026, at 10.00 am Paris time – 9.00 am London time
Speakers: Philippe de Rovira, CEO / Patrick Sommelet, Deputy CEO and CFO

CONNECTION DETAILS

Webcast link: https://edge.media-server.com/mmc/p/8pthusrg
Conference call:
- FR: +33 1 70 91 87 04
- UK: +44 121 281 8004
- US: +1 718 705 8796
- Other countries: + 39 02 802 09 11
- Access code: 457698

AGENDA

4 February 2027: Q4 2026 results
4 May 2027: Q1 2027 results


About Ayvens
Ayvens is a leading global sustainable mobility player committed to making life flow better. We’ve been improving mobility for decades, providing full-service leasing, flexible subscription services, fleet management and multi-mobility solutions to large international corporates, SMEs, professionals and private individuals.		With more than 13,000 employees across 40 countries, Ayvens manages 3.0 million vehicles and the world’s largest multi-brand EV fleet. The company is listed on Compartment A of Euronext Paris (ISIN: FR0013258662; Ticker: AYV). Societe Generale Group is Ayvens majority shareholder. Find out more at ayvens.com


Press contact
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 document 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.

“Ayvens” refers to the Company and its consolidated entities.

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 respect to, any securities-related services of the Company. This document 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.

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 2025 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 document or any other information or material arising from any use of its materials or their contents or otherwise arising in connection with these materials.

The financial information presented for quarter ending 30 September 2026 was reviewed by the Board of Directors on 28 October 2026 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at this date.

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

Appendix

CONSOLIDATED INCOME STATEMENT

in EUR million	Q3 2026	Q3 2025	Q Var.	9M 2026	9M 2025	9M Var.
Leasing revenues	2,833.3	2,783.1	1.8%	8,457.5	8,469.9	-0.1%
Leasing costs – depreciation	(2,060.2)	(1,975.7)	4.3%	(6,135.4)	(6,098.8)	0.6%
Leasing costs – financing	(440.2)	(459.5)	-4.2%	(1,297.0)	(1,414.9)	-8.3%
Unrealised gains/losses on financial instruments	(4.5)	(2.1)	111.5%	(4.4)	(37.6)	-88.3%
Leasing margin	328.5	345.8	-5.0%	1,020.8	918.6	11.1%
Services revenues	1,334.7	1,371.4	-2.7%	4,111.7	3,918.7	4.9%
Cost of services revenues	(902.4)	(941.0)	-4.1%	(2,852.1)	(2,640.6)	8.0%
Services margin	432.3	430.4	0.4%	1,259.6	1,278.1	-1.4%
*Leasing & Services margins*	*760.8*	*776.3*	*-2.0%*	*2,280.4*	*2,196.8*	*3.8%*
Proceeds of cars sold	1,975.0	2,137.7	-7.6%	6,236.0	6,560.4	-4.9%
Cost of cars sold	(1,960.1)	(1,982.7)	-1.1%	(6,110.6)	(6,031.2)	1.3%
Depreciation costs adjustments	(36.3)	(80.2)	-54.7%	(96.1)	(201.3)	-52.3%
Used car sales result and Depreciation adjustments	(21.4)	74.8	n.a.	29.3	327.9	-91.1%
Gross Operating Income	739.4	851.0	-13.1%	2,309.7	2,524.6	-8.5%
Staff expenses	(250.0)	(255.3)	-2.1%	(760.4)	(818.5)	-7.1%
General and administrative expenses	(116.8)	(131.2)	-11.0%	(361.6)	(402.3)	-10.1%
Depreciation and amortisation	(40.4)	(42.7)	-5.4%	(117.5)	(128.1)	-8.3%
Total operating expenses	(407.2)	(429.2)	-5.1%	(1,239.4)	(1,348.9)	-8.1%
Impairment charges on receivables	(24.5)	(27.5)	-10.6%	(66.2)	(85.4)	-22.4%
Other income / (expense)	(1.7)	(6.3)	-72.6%	5.0	(4.0)	n.a.
Operating result	306.0	388.0	-21.1%	1,009.0	1,086.4	-7.1%
Share of profit from associated and jointly controlled entities	0.4	1.5	-70.5%	2.2	4.8	-54.3%
Profit before tax	306.4	389.5	-21.3%	1,011.2	1,091.1	-7.3%
Income tax expense	(65.8)	(115.8)	-43.1%	(256.1)	(324.4)	-21.0%
Net income	240.6	273.7	-12.1%	755.0	766.8	1.5%
Non-controlling interests	(0.5)	(1.1)	-56.9%	(0.7)	(2.8)	-75.3%
Net income group share	240.1	272.7	-11.9%	754.3	763.9	-1.2%

BALANCE SHEET AS AT 30 SEPTEMBER 2026

in EUR million	30 September 2026	31 December 2025
Earning assets	52,759	53,045
o/w Rental fleet	50,988	51,168
o/w Finance lease receivables	1,771	1,877
Cash & Cash deposits with the ECB	1,863	2,045
Intangibles (incl. goodwill)	2,727	2,737
Operating lease and other receivables	9,530	8,394
Other	4,395	4,692
Total assets	71,274	70,913
Group shareholders’ equity	11,009	11,011
o/w Group shareholders’ equity excl. AT1	10,259	10,261
o/w AT1	750	750
Tangible shareholders’ equity	7,513	7,487
Non-controlling interests	24	29
Total equity	11,033	11,040
Deposits	15,025	14,308
Financial debt	35,711	36,379
Trade and other payables	6,283	5,861
Other liabilities	3,222	3,324
Total liabilities and equity	71,274	70,913

Breakdown of depreciation adjustments

P&L: Breakdown of depreciation adjustments in UCS

in EUR million	Q3 2026	Q3 2025
New prospective depreciation for running fleet¹⁶	(35)	(48)
Reversal of prospective depreciation for vehicles sold	(16)	(38)
Net prospective depreciation	(50)	(87)
Other reversals/impairments¹⁷	14	6
Depreciation adjustments	(36)	(80)

Balance sheet: prospective depreciation stock

	in EUR million
Prospective depreciation 30.06.2026	(12)
Net charge to Q3 2026 P&L	(50)
FX impact	1
Prospective depreciation 30.09.2026	(61)

EARNINGS PER SHARE (EPS)

Basic EPS	9M 2026	9M 2025
Existing shares	783,862,091	816,960,428
Shares allocated to cover shares awarded to staff	(218,239)	(484,981)
Other own shares and treasury shares	(12,797,902)	(130,929)
End of period number of shares	770,845,950	816,344,518
Weighted average number of shares used for EPS calculation (A)	777,012,554	816,152,996
in EUR million
Net income group share	754.3	763.9
Deduction of interest on AT1 capital	(51.3)	(54.2)
Net income group share after deduction of interest on AT1 capital (B)	703.1	709.7
Basic EPS (in EUR) (B/A)	0.90	0.87

Diluted EPS	9M 2026	9M 2025
Existing shares	783,862,091	816,960,428
Weighted average number of shares used for EPS calculation (A’)	783,862,091	816,960,428

Diluted EPS (in EUR) (B/A’)	0.90	0.87

Return on tangible equity (ROTE)

in EUR million	Q3 2026	Q3 2025	9M 2026	9M 2025
Equity base for ROE BoP	9,384.3	10,169.9	9,765.7	10,053.4
Group shareholders’ equity	11,008.8	11,458.5	11,008.8	11,458.5
AT1 Capital	(750.0)	(750.0)	(750.0)	(750.0)
Interest on AT1 capital	(18.4)	(18.1)	(18.4)	(18.1)
Distribution provision¹⁸	(695.8)	(1,073.5)	(695.8)	(1,073.5)
OCI excluding conversion reserves	(49.4)	8.2	(49.4)	8.2
Equity base for ROE EoP	9,495.2	9.625.1	9,495.2	9,625.1

Goodwill BoP	2,127.5	2,128.3	2,127.5	2,128.3
Goodwill EoP	2,127.5	2,128.3	2,127.5	2,128.3
Intangible assets BoP	602.6	652.6	609.2	662.9
Intangible assets EoP	599.6	640.2	599.6	640.2

Average equity base for ROE calculation	9,439.8	9,911.0	9,630.5	9,839.3
Average Goodwill	2,127.5	2,128.3	2,127.5	2,128.3
Average Intangible assets	601.1	654.7	604.4	651.6
Average tangible equity for ROTE calculation	6,711.2	7,128.1	6,898.6	7,059.5

Group net income after non-controlling interests	240.1	272.7	754.3	763.9
Interest on AT1 capital	(18.4)	(17.8)	(51.3)	(54.2)

Adjusted Group net income	221.7	254.8	703.1	709.7

ROTE	13.2%	14.3%	13.6%	13.4%

CRR3/CRD6 prudential capital ratios and Risk Weighted Assets

in EUR million	30 September 2026	30 June 2026	31 March 2026	31 December 2025
Group shareholders’ equity	11,009	11,115	11,380	11,011
AT1 capital	(750)	(750)	(750)	(750)
Distribution provision¹⁹ & interest on AT1 capital	(714)	(964)	(642)	(500)
Goodwill and intangible assets	(2,727)	(2,730)	(2,728)	(2,737)
Deductions and regulatory adjustments	6	51	32	75
Common Equity Tier 1 capital	6,824	6,722	7,293	7,099
AT1 capital	750	750	750	750
Tier 1 capital	7,574	7,472	8,043	7,849
Tier 2 capital	1,500	1,500	1,500	1,500
Total capital (Tier 1 + Tier 2)	9,074	8,972	9,543	9,349

Risk-Weighted Assets	53,363	53,175	52,583	53,745
Credit Risk Weighted Assets	49,409	49,230	48,664	49,889
Market Risk Weighted Assets	935	926	970	915
Operational Risk Weighted Assets	3,019	3,019	2,949	2,942

Common Equity Tier 1 ratio	12.8%	12.6%	13.9%	13.2%
Tier 1 ratio	14.2%	14.1%	15.3%	14.6%
Total Capital ratio	17.0%	16.9%	18.1%	17.4%

Tangible book value per share

in EUR million	30 September 2026	31 December 2025
Group shareholders’ equity	11,008.8	11,010.6
AT1 capital	(750.0)	(750.0)
Interest on AT1 capital	(18.4)	(37.2)
Net Asset Value (NAV)	10,240.4	10,223.5
Goodwill	(2,127.5)	(2,127.5)
Intangible assets	(599.6)	(609.2)
Net Tangible Asset Value (NTAV)	7,513.4	7,486.8
Distribution provision	(695.8)	(462.5)
NTAV after dividend provision²⁰	6,817.6	7,024.3

Number of shares²¹	770,845,950	783,179,157
NAV per share	13.28	13.05
NTAV per share	9.75	9.56
NTAV per share after distribution provision	8.84	8.97

Quarterly series

in EUR million	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Leasing margin	231.7	297.7	265.1	307.7	345.8	345.2	350.3	341.9	328.5
Services margin	414.8	377.5	443.3	404.4	430.4	402.1	407.0	420.3	432.3
*Leasing and Services margins*	*646.5*	*675.2*	*708.4*	*712.1*	*776.2*	*747.3*	*757.3*	*762.2*	*760.8*
Used Car Sales (UCS) result	222.3	199.6	193.4	180.9	154.9	98.9	68.5	41.9	14.9
Depreciation adjustments	(145.2)	(162.0)	(82.7)	(38.4)	(80.2)	(16.0)	(9.8)	(49.9)	(36.3)
*UCS result and Depreciation adjustments*	*77.2*	*37.7*	*110.6*	*142.5*	*74.8*	*82.9*	*58.7*	*(8.0)*	*(21.4)*
Gross operating income	723.7	712.9	819.0	854.7	851.0	830.2	816.1	754.2	739.4
Total operating expenses	(459.9)	(474.6)	(472.8)	(446.8)	(429.2)	(477.2)	(422.4)	(409.8)	(407.2)
Impairment charges on receivables	(28.8)	(36.1)	(30.7)	(27.2)	(27.5)	(27.5)	(25.5)	(16.2)	(24.5)
Other income/(expense)	(7.3)	(2.7)	(1.0)	3.2	(6.3)	(8.6)	(4.3)	10.9	(1.7)
Net result from equity method	2.0	4.4	1.6	1.7	1.5	1.5	1.1	0.6	0.4
Profit before tax	229.7	203.9	316.0	385.6	389.5	318.4	365.0	339.7	306.4
Income tax expense	(81.6)	(42.7)	(94.9)	(113.7)	(115.8)	(85.6)	(98.6)	(91.7)	(65.8)
Non-controlling interests	(1.4)	(1.6)	(1.2)	(0.6)	(1.1)	(1.0)	(0)	(0.3)	(0.5)
Net income group share	146.7	159.7	219.9	271.3	272.7	231.9	266.5	247.7	240.1

in ‘000	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
*Total Contracts²²*	*3,332*	*3,281*	*3,239*	*3,204*	*3,193*	*3,175*	*3,077*	*3,054*	*3,044*
Full service leasing contracts	2,653	2,609	2,578	2,557	2,539	2,525	2,494	2,475	2,470
Fleet management contracts	680	672	662	648	654	650	583	579	574

¹ The Group results as at 30 September 2026 were examined by the Board of Directors, chaired by Pierre Palmieri on 28 October 2026

² Excluding non-recurring items

³ Used car sales result and depreciation adjustments

⁴ Management information

⁵ Management information. Pre-tax gross synergies of which EUR 64 million in revenues from procurement, insurance and remarketing and EUR 52 million in operating expenses (Q3 2025: EUR 66 million in revenues and EUR 39 million in operating expenses)

⁶ Excluding Net UCS result and non-recurring items

⁷ Net carrying amount of the rental fleet plus net receivables from finance leases

⁸ Q3 2025 on a like-for-like perimeter: total fleet restated to exclude UAE following the completion of its sale in June 2026

⁹Management information, passenger cars and light commercial vehicles

¹⁰ Management information

¹¹ Annualized impairment charges on receivables expressed as a percentage of arithmetic average of earning assets

¹² Calculated according to IAS 33. Basic EPS at EUR 0.29

¹³ Restated to remove impact from warrants as not exercised

¹⁴ Excluding Additional Tier 1 capital

¹⁵ Before dividend provision

¹⁶ Based on H1 2026 fleet revaluation

¹⁷ EUR 14 million of reversals mainly relating to the vehicles sold in Turkey and representing release of the impairment previously booked in the context of hyperinflation

¹⁸ Assuming dividend payout ratio of 50% of adjusted net income group share and remaining share buyback and tax related impacts

¹⁹ Assuming dividend payout ratio of 50% of adjusted net income group share and remaining share buyback and tax related impacts

²⁰ Assuming dividend payout ratio of 50% of adjusted net income group share, and remaining share buyback and tax related impacts

²¹ The number of shares considered is the number of ordinary shares outstanding at end of period, excluding treasury shares

²² Q4 2024 to Q3 2025 total fleet restated to exclude UAE following the completion of its sale in June 2026

Attachment

Ayvens Q3 2026 Press release_final

Posted in UncategorizedTagged GlobeNewswire

Robust Q3 2026 in a volatile used-car market, on track to achieve PowerUP 2026 targets

Posted on October 29, 2026 by Ravi Shankar

NET INCOME GROUP SHARE OF EUR 240 MILLION, DOWN 11.9% VS. Q3 2025
RETURN ON TANGIBLE EQUITY (ROTE) AT 13.2% VS. 14.3% IN Q3 2025

Q3 2026 RESULTS¹
Underlying margins² at EUR 817 million, up 4.6% vs. Q3 2025,

representing 620 bps of average earning assets vs. 593 bps in Q3 2025
Leasing and Services margins at EUR 761 million, down 2.0% vs. Q3 2025

Net Used Car Sales result³ at EUR -21 million vs. EUR 75 million in Q3 2025
Gross UCS result per unit⁴ at EUR 118 in Q3 2026 and EUR 313 in 9M 2026, in line with guidance

Synergies⁵ at EUR 116 million, up from EUR 104 million in Q3 2025
9M 2026 synergies at EUR 338 million vs. EUR 251 million in 9M 2025

Cost to income ratio⁶ at 49.2%, down 3.6 p.p. vs. 52.8% in Q3 2025, in line with guidance

Earning assets⁷ at EUR 52.8 billion, up 0.3% vs. end September 2025

CET1 ratio at 12.8% as at end September 2026

On 29 October 2026, Philippe de Rovira, CEO of Ayvens, commenting on the Q3 2026 Group results, stated:

Ayvens is well-positioned to successfully achieve its PowerUP 2026 financial targets and ready to launch the execution of its Ayvens 2029 strategic plan.”

Q3 2026 FINANCIAL RESULTS

Fleet and earning assets

Earning assets stood at EUR 52.8 billion vs. EUR 52.6 billion as at end September 2025.

Ayvens’ total fleet amounted to 3,044 thousand vehicles, down 0.3% compared to end June 2026 and down 4.7%⁸ year-on-year.

Full-service leasing contracts reached 2,470 thousand vehicles, down 0.2%⁸ compared to end June 2026.

Fleet management contracts reached 574 thousand vehicles, a decrease of 0.8% vs. Q2 2026.

Income statement

Gross operating income

Leasing contract and Services margins

Used car sales result and Depreciation adjustments

Net UCS result stood at EUR -21 million vs. EUR 75 million in Q3 2025 and EUR -8 million in Q2 2026. For 9M 2026, net UCS result stood at EUR 29 million, vs. EUR 328 million in 9M 2025.

Depreciation adjustments amounted to EUR -36 million compared to EUR -80 million in Q3 2025 and EUR -50 million in Q2 2026. These depreciation adjustments include:

EUR -35 million resulting from the fleet reevaluation performed in H1 2026, driven mainly by the evolution of the UK BEV market, vs. EUR –48 million in Q3 2025,
EUR -16 million of reversal of prospective depreciation for vehicles sold, vs. EUR -38 million in Q3 2025
EUR 14 million of other reversals, mainly relating to the vehicles sold in Turkey and representing release of the impairment previously booked in the context of hyperinflation, vs. EUR 6 million in Q3 2025

As at end of Q3 2026, the Group’s stock of prospective depreciation costs to be reversed is EUR -61 million compared to EUR -12 million at end June 2026.

Operating expenses

Operating expenses amounted to EUR 407 million, a decrease of 5.1% vs. Q3 2025. Costs to achieve¹⁰ (CTA) amounted to EUR 5 million compared to EUR 17 million in Q3 2025.

Cost of risk

Impairment charges on receivables came in at EUR 25 million compared to EUR 27 million in Q3 2025. The cost of risk¹¹ stood at 19 bps vs. 21 bps in Q3 2025.

Net income

Diluted Earnings per share¹² was EUR 0.28 vs. EUR 0.31¹³ at Q3 2025.

BALANCE SHEET AND REGULATORY CAPITAL

Financial structure

Total balance sheet stood at EUR 71.3 billion, an increase of EUR 0.4 billion vs. 31 December 2025 largely reflecting an increase in retail deposits.

Regulatory capital

Ayvens’ risk-weighted assets (RWA) totaled EUR 53.4 billion compared to EUR 53.2 billion as at 30 June 2026, with credit risk-weighted assets accounting for 93% of the total.

CONFERENCE CALL FOR INVESTORS AND ANALYSTS

Date: 29 October 2026, at 10.00 am Paris time – 9.00 am London time
Speakers: Philippe de Rovira, CEO / Patrick Sommelet, Deputy CEO and CFO

CONNECTION DETAILS

Webcast link: https://edge.media-server.com/mmc/p/8pthusrg
Conference call:
- FR: +33 1 70 91 87 04
- UK: +44 121 281 8004
- US: +1 718 705 8796
- Other countries: + 39 02 802 09 11
- Access code: 457698

AGENDA

4 February 2027: Q4 2026 results
4 May 2027: Q1 2027 results


About Ayvens
Ayvens is a leading global sustainable mobility player committed to making life flow better. We’ve been improving mobility for decades, providing full-service leasing, flexible subscription services, fleet management and multi-mobility solutions to large international corporates, SMEs, professionals and private individuals.		With more than 13,000 employees across 40 countries, Ayvens manages 3.0 million vehicles and the world’s largest multi-brand EV fleet. The company is listed on Compartment A of Euronext Paris (ISIN: FR0013258662; Ticker: AYV). Societe Generale Group is Ayvens majority shareholder. Find out more at ayvens.com


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

“Ayvens” refers to the Company and its consolidated entities.

– 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.

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

Appendix

CONSOLIDATED INCOME STATEMENT

in EUR million	Q3 2026	Q3 2025	Q Var.	9M 2026	9M 2025	9M Var.
Leasing revenues	2,833.3	2,783.1	1.8%	8,457.5	8,469.9	-0.1%
Leasing costs – depreciation	(2,060.2)	(1,975.7)	4.3%	(6,135.4)	(6,098.8)	0.6%
Leasing costs – financing	(440.2)	(459.5)	-4.2%	(1,297.0)	(1,414.9)	-8.3%
Unrealised gains/losses on financial instruments	(4.5)	(2.1)	111.5%	(4.4)	(37.6)	-88.3%
Leasing margin	328.5	345.8	-5.0%	1,020.8	918.6	11.1%
Services revenues	1,334.7	1,371.4	-2.7%	4,111.7	3,918.7	4.9%
Cost of services revenues	(902.4)	(941.0)	-4.1%	(2,852.1)	(2,640.6)	8.0%
Services margin	432.3	430.4	0.4%	1,259.6	1,278.1	-1.4%
*Leasing & Services margins*	*760.8*	*776.3*	*-2.0%*	*2,280.4*	*2,196.8*	*3.8%*
Proceeds of cars sold	1,975.0	2,137.7	-7.6%	6,236.0	6,560.4	-4.9%
Cost of cars sold	(1,960.1)	(1,982.7)	-1.1%	(6,110.6)	(6,031.2)	1.3%
Depreciation costs adjustments	(36.3)	(80.2)	-54.7%	(96.1)	(201.3)	-52.3%
Used car sales result and Depreciation adjustments	(21.4)	74.8	n.a.	29.3	327.9	-91.1%
Gross Operating Income	739.4	851.0	-13.1%	2,309.7	2,524.6	-8.5%
Staff expenses	(250.0)	(255.3)	-2.1%	(760.4)	(818.5)	-7.1%
General and administrative expenses	(116.8)	(131.2)	-11.0%	(361.6)	(402.3)	-10.1%
Depreciation and amortisation	(40.4)	(42.7)	-5.4%	(117.5)	(128.1)	-8.3%
Total operating expenses	(407.2)	(429.2)	-5.1%	(1,239.4)	(1,348.9)	-8.1%
Impairment charges on receivables	(24.5)	(27.5)	-10.6%	(66.2)	(85.4)	-22.4%
Other income / (expense)	(1.7)	(6.3)	-72.6%	5.0	(4.0)	n.a.
Operating result	306.0	388.0	-21.1%	1,009.0	1,086.4	-7.1%
Share of profit from associated and jointly controlled entities	0.4	1.5	-70.5%	2.2	4.8	-54.3%
Profit before tax	306.4	389.5	-21.3%	1,011.2	1,091.1	-7.3%
Income tax expense	(65.8)	(115.8)	-43.1%	(256.1)	(324.4)	-21.0%
Net income	240.6	273.7	-12.1%	755.0	766.8	1.5%
Non-controlling interests	(0.5)	(1.1)	-56.9%	(0.7)	(2.8)	-75.3%
Net income group share	240.1	272.7	-11.9%	754.3	763.9	-1.2%

BALANCE SHEET AS AT 30 SEPTEMBER 2026

in EUR million	30 September 2026	31 December 2025
Earning assets	52,759	53,045
o/w Rental fleet	50,988	51,168
o/w Finance lease receivables	1,771	1,877
Cash & Cash deposits with the ECB	1,863	2,045
Intangibles (incl. goodwill)	2,727	2,737
Operating lease and other receivables	9,530	8,394
Other	4,395	4,692
Total assets	71,274	70,913
Group shareholders’ equity	11,009	11,011
o/w Group shareholders’ equity excl. AT1	10,259	10,261
o/w AT1	750	750
Tangible shareholders’ equity	7,513	7,487
Non-controlling interests	24	29
Total equity	11,033	11,040
Deposits	15,025	14,308
Financial debt	35,711	36,379
Trade and other payables	6,283	5,861
Other liabilities	3,222	3,324
Total liabilities and equity	71,274	70,913

Breakdown of depreciation adjustments

P&L: Breakdown of depreciation adjustments in UCS

in EUR million	Q3 2026	Q3 2025
New prospective depreciation for running fleet¹⁶	(35)	(48)
Reversal of prospective depreciation for vehicles sold	(16)	(38)
Net prospective depreciation	(50)	(87)
Other reversals/impairments¹⁷	14	6
Depreciation adjustments	(36)	(80)

Balance sheet: prospective depreciation stock

	in EUR million
Prospective depreciation 30.06.2026	(12)
Net charge to Q3 2026 P&L	(50)
FX impact	1
Prospective depreciation 30.09.2026	(61)

EARNINGS PER SHARE (EPS)

Basic EPS	9M 2026	9M 2025
Existing shares	783,862,091	816,960,428
Shares allocated to cover shares awarded to staff	(218,239)	(484,981)
Other own shares and treasury shares	(12,797,902)	(130,929)
End of period number of shares	770,845,950	816,344,518
Weighted average number of shares used for EPS calculation (A)	777,012,554	816,152,996
in EUR million
Net income group share	754.3	763.9
Deduction of interest on AT1 capital	(51.3)	(54.2)
Net income group share after deduction of interest on AT1 capital (B)	703.1	709.7
Basic EPS (in EUR) (B/A)	0.90	0.87

Diluted EPS	9M 2026	9M 2025
Existing shares	783,862,091	816,960,428
Weighted average number of shares used for EPS calculation (A’)	783,862,091	816,960,428

Diluted EPS (in EUR) (B/A’)	0.90	0.87

Return on tangible equity (ROTE)

in EUR million	Q3 2026	Q3 2025	9M 2026	9M 2025
Equity base for ROE BoP	9,384.3	10,169.9	9,765.7	10,053.4
Group shareholders’ equity	11,008.8	11,458.5	11,008.8	11,458.5
AT1 Capital	(750.0)	(750.0)	(750.0)	(750.0)
Interest on AT1 capital	(18.4)	(18.1)	(18.4)	(18.1)
Distribution provision¹⁸	(695.8)	(1,073.5)	(695.8)	(1,073.5)
OCI excluding conversion reserves	(49.4)	8.2	(49.4)	8.2
Equity base for ROE EoP	9,495.2	9.625.1	9,495.2	9,625.1

Goodwill BoP	2,127.5	2,128.3	2,127.5	2,128.3
Goodwill EoP	2,127.5	2,128.3	2,127.5	2,128.3
Intangible assets BoP	602.6	652.6	609.2	662.9
Intangible assets EoP	599.6	640.2	599.6	640.2

Average equity base for ROE calculation	9,439.8	9,911.0	9,630.5	9,839.3
Average Goodwill	2,127.5	2,128.3	2,127.5	2,128.3
Average Intangible assets	601.1	654.7	604.4	651.6
Average tangible equity for ROTE calculation	6,711.2	7,128.1	6,898.6	7,059.5

Group net income after non-controlling interests	240.1	272.7	754.3	763.9
Interest on AT1 capital	(18.4)	(17.8)	(51.3)	(54.2)

Adjusted Group net income	221.7	254.8	703.1	709.7

ROTE	13.2%	14.3%	13.6%	13.4%

CRR3/CRD6 prudential capital ratios and Risk Weighted Assets

in EUR million	30 September 2026	30 June 2026	31 March 2026	31 December 2025
Group shareholders’ equity	11,009	11,115	11,380	11,011
AT1 capital	(750)	(750)	(750)	(750)
Distribution provision¹⁹ & interest on AT1 capital	(714)	(964)	(642)	(500)
Goodwill and intangible assets	(2,727)	(2,730)	(2,728)	(2,737)
Deductions and regulatory adjustments	6	51	32	75
Common Equity Tier 1 capital	6,824	6,722	7,293	7,099
AT1 capital	750	750	750	750
Tier 1 capital	7,574	7,472	8,043	7,849
Tier 2 capital	1,500	1,500	1,500	1,500
Total capital (Tier 1 + Tier 2)	9,074	8,972	9,543	9,349

Risk-Weighted Assets	53,363	53,175	52,583	53,745
Credit Risk Weighted Assets	49,409	49,230	48,664	49,889
Market Risk Weighted Assets	935	926	970	915
Operational Risk Weighted Assets	3,019	3,019	2,949	2,942

Common Equity Tier 1 ratio	12.8%	12.6%	13.9%	13.2%
Tier 1 ratio	14.2%	14.1%	15.3%	14.6%
Total Capital ratio	17.0%	16.9%	18.1%	17.4%

Tangible book value per share

in EUR million	30 September 2026	31 December 2025
Group shareholders’ equity	11,008.8	11,010.6
AT1 capital	(750.0)	(750.0)
Interest on AT1 capital	(18.4)	(37.2)
Net Asset Value (NAV)	10,240.4	10,223.5
Goodwill	(2,127.5)	(2,127.5)
Intangible assets	(599.6)	(609.2)
Net Tangible Asset Value (NTAV)	7,513.4	7,486.8
Distribution provision	(695.8)	(462.5)
NTAV after dividend provision²⁰	6,817.6	7,024.3

Number of shares²¹	770,845,950	783,179,157
NAV per share	13.28	13.05
NTAV per share	9.75	9.56
NTAV per share after distribution provision	8.84	8.97

Quarterly series

in EUR million	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Leasing margin	231.7	297.7	265.1	307.7	345.8	345.2	350.3	341.9	328.5
Services margin	414.8	377.5	443.3	404.4	430.4	402.1	407.0	420.3	432.3
*Leasing and Services margins*	*646.5*	*675.2*	*708.4*	*712.1*	*776.2*	*747.3*	*757.3*	*762.2*	*760.8*
Used Car Sales (UCS) result	222.3	199.6	193.4	180.9	154.9	98.9	68.5	41.9	14.9
Depreciation adjustments	(145.2)	(162.0)	(82.7)	(38.4)	(80.2)	(16.0)	(9.8)	(49.9)	(36.3)
*UCS result and Depreciation adjustments*	*77.2*	*37.7*	*110.6*	*142.5*	*74.8*	*82.9*	*58.7*	*(8.0)*	*(21.4)*
Gross operating income	723.7	712.9	819.0	854.7	851.0	830.2	816.1	754.2	739.4
Total operating expenses	(459.9)	(474.6)	(472.8)	(446.8)	(429.2)	(477.2)	(422.4)	(409.8)	(407.2)
Impairment charges on receivables	(28.8)	(36.1)	(30.7)	(27.2)	(27.5)	(27.5)	(25.5)	(16.2)	(24.5)
Other income/(expense)	(7.3)	(2.7)	(1.0)	3.2	(6.3)	(8.6)	(4.3)	10.9	(1.7)
Net result from equity method	2.0	4.4	1.6	1.7	1.5	1.5	1.1	0.6	0.4
Profit before tax	229.7	203.9	316.0	385.6	389.5	318.4	365.0	339.7	306.4
Income tax expense	(81.6)	(42.7)	(94.9)	(113.7)	(115.8)	(85.6)	(98.6)	(91.7)	(65.8)
Non-controlling interests	(1.4)	(1.6)	(1.2)	(0.6)	(1.1)	(1.0)	(0)	(0.3)	(0.5)
Net income group share	146.7	159.7	219.9	271.3	272.7	231.9	266.5	247.7	240.1

in ‘000	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
*Total Contracts²²*	*3,332*	*3,281*	*3,239*	*3,204*	*3,193*	*3,175*	*3,077*	*3,054*	*3,044*
Full service leasing contracts	2,653	2,609	2,578	2,557	2,539	2,525	2,494	2,475	2,470
Fleet management contracts	680	672	662	648	654	650	583	579	574

¹ The Group results as at 30 September 2026 were examined by the Board of Directors, chaired by Pierre Palmieri on 28 October 2026

² Excluding non-recurring items

³ Used car sales result and depreciation adjustments

⁴ Management information

⁶ Excluding Net UCS result and non-recurring items

⁷ Net carrying amount of the rental fleet plus net receivables from finance leases

⁸ Q3 2025 on a like-for-like perimeter: total fleet restated to exclude UAE following the completion of its sale in June 2026

⁹Management information, passenger cars and light commercial vehicles

¹⁰ Management information

¹¹ Annualized impairment charges on receivables expressed as a percentage of arithmetic average of earning assets

¹² Calculated according to IAS 33. Basic EPS at EUR 0.29

¹³ Restated to remove impact from warrants as not exercised

¹⁴ Excluding Additional Tier 1 capital

¹⁵ Before dividend provision

¹⁶ Based on H1 2026 fleet revaluation

¹⁷ EUR 14 million of reversals mainly relating to the vehicles sold in Turkey and representing release of the impairment previously booked in the context of hyperinflation

¹⁸ Assuming dividend payout ratio of 50% of adjusted net income group share and remaining share buyback and tax related impacts

¹⁹ Assuming dividend payout ratio of 50% of adjusted net income group share and remaining share buyback and tax related impacts

²⁰ Assuming dividend payout ratio of 50% of adjusted net income group share, and remaining share buyback and tax related impacts

²¹ The number of shares considered is the number of ordinary shares outstanding at end of period, excluding treasury shares

²² Q4 2024 to Q3 2025 total fleet restated to exclude UAE following the completion of its sale in June 2026

Attachment

Ayvens Q3 2026 Press release_final

Posted in UncategorizedTagged GlobeNewswire

Flow Traders 3Q 2026 Trading Update

Posted on October 29, 2026 by Ravi Shankar

Flow Traders 3Q 2026 Trading Update

Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 3Q 2026 results.

Highlights

The third quarter of the year can generally be characterized by subdued market activity and lower volatility, which impacts the trading environment and consequently our financial results. Despite this, we continue to execute on our Horizon 2030 strategy, as demonstrated by the structural growth in our traditional business.
In YTD26, Flow Traders’ ETF value traded increased by 15% to €1,699bn compared to YTD25. During 3Q26, Flow Traders’ ETF value traded decreased by 2% to €553bn compared to 2Q26, while the market ETF value traded decreased by 6%.
Flow Traders recorded net trading income (NTI) of €388.2m and total income of €391.6m in YTD26, increases of 7% and 9% compared to YTD25, respectively. In 3Q26, NTI decreased to €84.5m and total income to €86.4m, 43% and 41% lower than in 2Q26, respectively.
The traditional business achieved an NTI of €336.4m, a 26% increase compared to YTD25, underlining its continued strong growth. In 3Q26, traditional NTI decreased by 46% to €70.8m, from €131.7m in 2Q26.
The digital assets business achieved an NTI of €51.7m YTD26, a decrease of 46% compared to YTD25, reflecting continued lower activity in digital asset markets. In 3Q26, digital assets NTI decreased by 15% to €13.8m, from €16.1m in 2Q26.
Fixed operating expenses were €180.2m for YTD26, in line with our 2026 guidance of €235-245m. Fixed operating expenses increased by 19% compared to YTD25, driven by higher technology expenses, the addition of subject matter experts, and one-off expenses, as we continue to invest in the capabilities required to deliver on our Horizon 2030 strategy. In 3Q26, fixed operating expenses increased by 9% to €64.8m, from €59.3m in 2Q26.
Total operating expenses were €238.2m for YTD26, an increase of 14% compared to YTD25, driven by higher fixed operating expenses, with variable employee expenses flat. In 3Q26, total operating expenses decreased by 18% to €68.9m, from €83.8m in 2Q26, mainly reflecting lower variable employee expenses.
EBITDA was €153.4m for YTD26, a 2% increase compared to YTD25, with an EBITDA margin of 39% compared to 42% in YTD25. In 3Q26, EBITDA decreased by 72% to €17.5m, from €63.6m in 2Q26, amid lower market activity, with the EBITDA margin declining to 20% from 43%.
Net profit was €97.6m for YTD26, a 1% decrease compared to YTD25, with basic and diluted EPS of €2.22 and €2.13, respectively. In 3Q26, net profit decreased by 84% to €6.4m, from €40.8m in 2Q26, with basic and diluted EPS of €0.15 and €0.14, respectively.
Trading capital stood at €1,137m at the end of 3Q26, compared to €1,150m at the end of 2Q26 and €848m at the end of 3Q25, and generated a 30% return on trading capital, compared with 53% in 2Q26 and 37% in 3Q25.
YTD26 return on trading capital is 47% compared to 59% YTD25.
The number of FTEs was 630 at the end of 3Q26, up 1% from 622 at the end of 3Q25 and down 2% from 641 at the end of 2Q26.

Financial overview

€million	3Q26	2Q26	Change	YTD26	YTD25	Change
Net trading income	84.5	147.8	(43)%	388.2	362.0	7%
Traditional	70.8	131.7	(46)%	336.4	266.3	26%
EMEA	34.4	72.0	(52)%	177.1	135.4	31%
U.S.	20.0	26.6	(25)%	72.0	49.5	45%
APAC	16.4	33.1	(50)%	87.4	81.4	7%
Digital assets	13.8	16.1	(15)%	51.7	95.7	(46)%
Other income	1.9	(0.3)	N.M.	3.4	(2.5)	N.M.
Total income	86.4	147.4	(41)%	391.6	359.5	9%
Fixed employee expenses	33.1	27.7	20%	88.3	71.6	23%
Technology expenses	22.9	20.6	12%	63.5	52.1	22%
Other expenses	8.7	11.1	(21)%	28.4	28.0	1%
Fixed operating expenses	64.8	59.3	9%	180.2	151.7	19%
Variable employee expenses	4.1	24.5	(83)%	58.0	58.0	(0)%
Total operating expenses	68.9	83.8	(18)%	238.2	209.7	14%
EBITDA	17.5	63.6	(72)%	153.4	149.8	2%
Interest expenses	5.4	5.1	6%	15.2	1.3	N.A.
Lease expenses	0.4	0.4	(1)%	1.2	1.4	(15)%
Depreciation & amortization	4.7	4.3	9%	13.1	14.0	(6)%
(Reversal of) Impairment of intangible assets	(0.1)	0.5	N.M.	1.3	8.3	(85)%
Profit/(loss) on equity-accounted investments	0.4	(1.0)	N.M.	(1.9)	(3.6)	(48)%
Profit before tax	7.6	52.3	(86)%	120.7	121.1	(0)%
Tax expense	1.1	11.5	(90)%	23.0	22.7	2%
Net profit	6.4	40.8	(84)%	97.6	98.5	(1)%
Basic EPS¹ (€)	0.15	0.93	(84)%	2.22	2.26	(2)%
Fully diluted EPS² (€)	0.14	0.89	(84)%	2.13	2.23	(4)%
EBITDA margin	20%	43%		39%	42%
FTEs	630	641	(2)%	630	622	1%

NTI split

€million³	3Q24	4Q24	1Q25	2Q25	3Q25	4Q25	1Q26	2Q26	3Q26
Traditional	75.4	107.3	98.8	125.2	42.3	77.6	134.0	131.7	70.8
EMEA	45.7	48.2	50.9	65.0	19.4	45.1	70.7	72.0	34.4
U.S.	12.9	13.5	9.1	28.5	11.8	15.9	25.4	26.6	20.0
APAC	16.9	45.6	38.7	31.7	11.0	16.6	37.9	33.1	16.4
Digital assets	31.9	46.6	41.4	18.3	36.1	46.3	21.9	16.1	13.8

Trading capital

	3Q24	4Q24	1Q25	2Q25	3Q25	4Q25	1Q26	2Q26	3Q26
Trading capital (€m)	668	775	803	831	848	1,044	1,092	1,150	1,137
Return on trading capital⁴	66%	85%	71%	70%	37%	52%	58%	53%	30%
Return on equity⁵	23%	35%	19%	25%	5%	16%	23%	17%	3%
Average VIX⁶	17.1	17.3	18.5	23.6	16.0	17.8	20.3	18.3	16.0

Value traded overview

€billion⁷	3Q26	2Q26	Change	YTD26	YTD25	Change
Market ETF value traded	20,550	21,962	(6)%	68,139	48,194	41%
Traditional ETF	20,241	21,674	(7)%	67,139	47,203	42%
EMEA	892	1,041	(14)%	3,105	2,413	29%
U.S.	13,731	15,286	(10)%	47,966	35,977	33%
APAC	5,619	5,347	5%	16,068	8,814	82%
EMEA digital assets ETF	4.0	3.6	11%	13.5	20.9	(35)%

Flow Traders ETF value traded	553	564	(2)%	1,699	1,473	15%
Traditional ETF	544	558	(2)%	1,674	1,431	17%
EMEA	257	279	(8)%	824	674	22%
U.S.	235	218	8%	683	639	7%
APAC	52	61	(14)%	167	119	41%
EMEA digital assets ETF	2.4	2.0	21%	7.4	11.1	(33)%

Market environment

Traditional

In 3Q26, the trading environment was marked by lower activity. Market ETF value traded declined 6% QoQ to €20,550bn, with traditional ETF value traded down 7% to €20,241bn, driven by EMEA (down 14%) and the U.S. (down 10%). The quarter was also characterized by lower volatility, with the average VIX falling to 16.0 in 3Q26 from 18.3 in 2Q26 and 20.3 in 1Q26, which impacted the trading environment.

Flow Traders’ ETF value traded fell 2% QoQ, against a 6% decline in the market. Traditional NTI was €70.8m in 3Q26, down 46% compared with €131.7m in 2Q26. On a year-to-date basis, traditional NTI increased 26% to €336.4m, from €266.3m in YTD25.

These results reflect the continued structural growth of the ETF market, with YTD traditional value traded up 42%, which supports our Horizon 2030 priority of expanding and scaling our ETF business.

Digital assets

Since 10 October 2025, the bitcoin and altcoin market has decreased materially. Bitcoin was down 33% compared to its peak in October 2025, with the broader digital assets market capitalization declining over the same period. Digital asset market trading volumes and volatility have remained subdued, with EMEA digital assets ETF market value traded down 35% YTD.

Our digital assets results declined in line with lower market activity YTD. In 3Q26, EMEA digital assets ETF value traded grew 11% for the market and 21% for Flow Traders. That said, centralized exchange trading volumes across the broader digital assets market declined, reaching multi-year lows during the quarter. As our NTI is driven by activity across the wider digital assets market, digital assets NTI was €13.8m in 3Q26, compared with €16.1m in 2Q26 and €36.1m in 3Q25. On a year-to-date basis, our EMEA digital assets ETF value traded decreased 33%, with digital assets NTI declining 46% to €51.7m from €95.7m in YTD25, contributing 13% of total NTI compared with 26% in YTD25. The tokenized RWA market continued to grow over the period, increasing to USD 39bn in 3Q26 from USD 36bn in 2Q26.

We continue to believe in the long-term trajectory of digital assets and tokenization, and remain committed to our Horizon 2030 strategy and targets, including growing our digital assets franchise and tokenized asset trading. The continued growth in the tokenized RWA market further supports our strategy and long-term opportunity.

Outlook

Fixed operating expenses for the year 2026 are expected to be €235-245m, driven by continued technology investments, talent additions to support growth initiatives, and one-off expenses. This excludes interest on the private credit facility, which is part of interest expenses.

CEO statement

Thomas Spitz, CEO

“The third quarter was marked by seasonally lower ETF market activity; however, we continued to build out our franchise and platform, as demonstrated by the 26% YTD NTI growth in our traditional business. Reflecting third-quarter seasonality, lower volatility and subdued activity in digital asset markets, our YTD26 EBITDA margin came in at 39%, alongside net profit of €97.6m and basic EPS of €2.22.

Despite disappointing financial results this quarter, we continue to focus on executing our Horizon 2030 strategy and building up the capabilities required to deliver long-term growth, especially research and technology, targeted regional growth and distribution.”

Preliminary financial calendar

11 February 2027 4Q26 and FY26 Results

Analyst conference call and webcast

The 3Q 2026 results analyst conference call will be held at 10:00 am CET on Thursday, 29 October 2026. The presentation can be downloaded at https://www.flowtraders.com/investors/results-centre and the conference call can be followed via a webcast. A replay of the conference call will be available on the company website for at least 90 days.

Contact details

Flow Traders Ltd.

Investors

Dick Peters
Phone: +31 20 7996799
Email: investor.relations@flowtraders.com

Media

Eliza de Waard
Phone: +31 6 27357983
Email: press@flowtraders.com

About Flow Traders

Flow Traders is a leading global ETF and digital asset liquidity provider, on a mission to become the liquidity provider of choice in a 24/7 global financial ecosystem. Founded in 2004, Flow Traders has built on its heritage in European equity ETFs to provide liquidity across more than 25,000 products in ETFs, equities, fixed income, commodities, FX and digital assets, on over 150 venues globally. With more than EUR 7 trillion in annual value traded and over 1,600 active counterparties, Flow Traders plays a central role in ensuring markets remain resilient and transparent. The Company is investing in frontier technologies to drive innovation across traditional and digital asset markets. Operating from eight offices across Europe, the Americas and Asia, Flow Traders brings together over 600 professionals representing more than 60 nationalities.

Notes

Weighted average shares outstanding: 3Q26 – 44,072,124; 2Q26 – 44,067,179; YTD26 – 44,017,572; YTD25 – 43,508,858.
Determined by adjusting the basic EPS for the effects of all dilutive share-based payments to employees.
NTI splits across Traditional and Digital Assets have been updated for 2Q25 (€0.6m from Traditional to Digital Assets), 3Q25 (€0.1m from Traditional to Digital Assets) and 4Q25 (€0.4m from Traditional to Digital Assets), with no impact on total NTI.
Return on trading capital: quarterly NTI annualized / average of current and prior quarter trading capital.
Return on equity: quarterly net profit annualized / average of current and prior quarter shareholder equity.
From 3Q24, average VIX is calculated as the mean of the three monthly averages of daily VIX closing levels in each quarter.
Total market ETF and Flow Traders ETF value traded for 2Q26 and 1H26 are lower than previously reported (most notably in the U.S.), following an adjustment to the recording of intra-group trades on RFQ transactions, with no impact on NTI.

Important legal information

This press release is prepared by Flow Traders Ltd. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.

The information and materials contained in this press release are provided ‘as is’ and Flow Traders Ltd. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.

This press release may include forward-looking statements, which are based on Flow Traders’ current expectations and projections about future events, and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.

Financial objectives are internal objectives of Flow Traders to measure its operational performance and should not be read as indicating that Flow Traders is targeting such metrics for any particular fiscal year. Flow Traders’ ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Flow Traders’ control, and upon assumptions with respect to future business decisions that are subject to change. As a result, Flow Traders’ actual results may vary from these financial objectives, and those variations may be material.

Efficiencies are net, before tax and on a run-rate basis, i.e. taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations.

By accepting this document you agree to the terms set out above. If you do not agree with the terms set out above please notify legal.amsterdam@nl.flowtraders.com immediately and delete or destroy this document.

All results published in this release are unaudited.

This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Attachment

Flow Traders 3Q26 Trading Update Press Release

Posted in UncategorizedTagged GlobeNewswire

Flow Traders 3Q 2026 Trading Update

Posted on October 29, 2026 by Ravi Shankar

Flow Traders 3Q 2026 Trading Update

Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 3Q 2026 results.

Highlights

The third quarter of the year can generally be characterized by subdued market activity and lower volatility, which impacts the trading environment and consequently our financial results. Despite this, we continue to execute on our Horizon 2030 strategy, as demonstrated by the structural growth in our traditional business.
In YTD26, Flow Traders’ ETF value traded increased by 15% to €1,699bn compared to YTD25. During 3Q26, Flow Traders’ ETF value traded decreased by 2% to €553bn compared to 2Q26, while the market ETF value traded decreased by 6%.
Flow Traders recorded net trading income (NTI) of €388.2m and total income of €391.6m in YTD26, increases of 7% and 9% compared to YTD25, respectively. In 3Q26, NTI decreased to €84.5m and total income to €86.4m, 43% and 41% lower than in 2Q26, respectively.
The traditional business achieved an NTI of €336.4m, a 26% increase compared to YTD25, underlining its continued strong growth. In 3Q26, traditional NTI decreased by 46% to €70.8m, from €131.7m in 2Q26.
The digital assets business achieved an NTI of €51.7m YTD26, a decrease of 46% compared to YTD25, reflecting continued lower activity in digital asset markets. In 3Q26, digital assets NTI decreased by 15% to €13.8m, from €16.1m in 2Q26.
Fixed operating expenses were €180.2m for YTD26, in line with our 2026 guidance of €235-245m. Fixed operating expenses increased by 19% compared to YTD25, driven by higher technology expenses, the addition of subject matter experts, and one-off expenses, as we continue to invest in the capabilities required to deliver on our Horizon 2030 strategy. In 3Q26, fixed operating expenses increased by 9% to €64.8m, from €59.3m in 2Q26.
Total operating expenses were €238.2m for YTD26, an increase of 14% compared to YTD25, driven by higher fixed operating expenses, with variable employee expenses flat. In 3Q26, total operating expenses decreased by 18% to €68.9m, from €83.8m in 2Q26, mainly reflecting lower variable employee expenses.
EBITDA was €153.4m for YTD26, a 2% increase compared to YTD25, with an EBITDA margin of 39% compared to 42% in YTD25. In 3Q26, EBITDA decreased by 72% to €17.5m, from €63.6m in 2Q26, amid lower market activity, with the EBITDA margin declining to 20% from 43%.
Net profit was €97.6m for YTD26, a 1% decrease compared to YTD25, with basic and diluted EPS of €2.22 and €2.13, respectively. In 3Q26, net profit decreased by 84% to €6.4m, from €40.8m in 2Q26, with basic and diluted EPS of €0.15 and €0.14, respectively.
Trading capital stood at €1,137m at the end of 3Q26, compared to €1,150m at the end of 2Q26 and €848m at the end of 3Q25, and generated a 30% return on trading capital, compared with 53% in 2Q26 and 37% in 3Q25.
YTD26 return on trading capital is 47% compared to 59% YTD25.
The number of FTEs was 630 at the end of 3Q26, up 1% from 622 at the end of 3Q25 and down 2% from 641 at the end of 2Q26.

Financial overview

€million	3Q26	2Q26	Change	YTD26	YTD25	Change
Net trading income	84.5	147.8	(43)%	388.2	362.0	7%
Traditional	70.8	131.7	(46)%	336.4	266.3	26%
EMEA	34.4	72.0	(52)%	177.1	135.4	31%
U.S.	20.0	26.6	(25)%	72.0	49.5	45%
APAC	16.4	33.1	(50)%	87.4	81.4	7%
Digital assets	13.8	16.1	(15)%	51.7	95.7	(46)%
Other income	1.9	(0.3)	N.M.	3.4	(2.5)	N.M.
Total income	86.4	147.4	(41)%	391.6	359.5	9%
Fixed employee expenses	33.1	27.7	20%	88.3	71.6	23%
Technology expenses	22.9	20.6	12%	63.5	52.1	22%
Other expenses	8.7	11.1	(21)%	28.4	28.0	1%
Fixed operating expenses	64.8	59.3	9%	180.2	151.7	19%
Variable employee expenses	4.1	24.5	(83)%	58.0	58.0	(0)%
Total operating expenses	68.9	83.8	(18)%	238.2	209.7	14%
EBITDA	17.5	63.6	(72)%	153.4	149.8	2%
Interest expenses	5.4	5.1	6%	15.2	1.3	N.A.
Lease expenses	0.4	0.4	(1)%	1.2	1.4	(15)%
Depreciation & amortization	4.7	4.3	9%	13.1	14.0	(6)%
(Reversal of) Impairment of intangible assets	(0.1)	0.5	N.M.	1.3	8.3	(85)%
Profit/(loss) on equity-accounted investments	0.4	(1.0)	N.M.	(1.9)	(3.6)	(48)%
Profit before tax	7.6	52.3	(86)%	120.7	121.1	(0)%
Tax expense	1.1	11.5	(90)%	23.0	22.7	2%
Net profit	6.4	40.8	(84)%	97.6	98.5	(1)%
Basic EPS¹ (€)	0.15	0.93	(84)%	2.22	2.26	(2)%
Fully diluted EPS² (€)	0.14	0.89	(84)%	2.13	2.23	(4)%
EBITDA margin	20%	43%		39%	42%
FTEs	630	641	(2)%	630	622	1%

NTI split

€million³	3Q24	4Q24	1Q25	2Q25	3Q25	4Q25	1Q26	2Q26	3Q26
Traditional	75.4	107.3	98.8	125.2	42.3	77.6	134.0	131.7	70.8
EMEA	45.7	48.2	50.9	65.0	19.4	45.1	70.7	72.0	34.4
U.S.	12.9	13.5	9.1	28.5	11.8	15.9	25.4	26.6	20.0
APAC	16.9	45.6	38.7	31.7	11.0	16.6	37.9	33.1	16.4
Digital assets	31.9	46.6	41.4	18.3	36.1	46.3	21.9	16.1	13.8

Trading capital

	3Q24	4Q24	1Q25	2Q25	3Q25	4Q25	1Q26	2Q26	3Q26
Trading capital (€m)	668	775	803	831	848	1,044	1,092	1,150	1,137
Return on trading capital⁴	66%	85%	71%	70%	37%	52%	58%	53%	30%
Return on equity⁵	23%	35%	19%	25%	5%	16%	23%	17%	3%
Average VIX⁶	17.1	17.3	18.5	23.6	16.0	17.8	20.3	18.3	16.0

Value traded overview

€billion⁷	3Q26	2Q26	Change	YTD26	YTD25	Change
Market ETF value traded	20,550	21,962	(6)%	68,139	48,194	41%
Traditional ETF	20,241	21,674	(7)%	67,139	47,203	42%
EMEA	892	1,041	(14)%	3,105	2,413	29%
U.S.	13,731	15,286	(10)%	47,966	35,977	33%
APAC	5,619	5,347	5%	16,068	8,814	82%
EMEA digital assets ETF	4.0	3.6	11%	13.5	20.9	(35)%

Flow Traders ETF value traded	553	564	(2)%	1,699	1,473	15%
Traditional ETF	544	558	(2)%	1,674	1,431	17%
EMEA	257	279	(8)%	824	674	22%
U.S.	235	218	8%	683	639	7%
APAC	52	61	(14)%	167	119	41%
EMEA digital assets ETF	2.4	2.0	21%	7.4	11.1	(33)%

Market environment

Traditional

These results reflect the continued structural growth of the ETF market, with YTD traditional value traded up 42%, which supports our Horizon 2030 priority of expanding and scaling our ETF business.

Digital assets

Outlook

CEO statement

Thomas Spitz, CEO

Preliminary financial calendar

11 February 2027 4Q26 and FY26 Results

Analyst conference call and webcast

Contact details

Flow Traders Ltd.

Investors

Dick Peters
Phone: +31 20 7996799
Email: investor.relations@flowtraders.com

Media

Eliza de Waard
Phone: +31 6 27357983
Email: press@flowtraders.com

About Flow Traders

Notes

Weighted average shares outstanding: 3Q26 – 44,072,124; 2Q26 – 44,067,179; YTD26 – 44,017,572; YTD25 – 43,508,858.
Determined by adjusting the basic EPS for the effects of all dilutive share-based payments to employees.
NTI splits across Traditional and Digital Assets have been updated for 2Q25 (€0.6m from Traditional to Digital Assets), 3Q25 (€0.1m from Traditional to Digital Assets) and 4Q25 (€0.4m from Traditional to Digital Assets), with no impact on total NTI.
Return on trading capital: quarterly NTI annualized / average of current and prior quarter trading capital.
Return on equity: quarterly net profit annualized / average of current and prior quarter shareholder equity.
From 3Q24, average VIX is calculated as the mean of the three monthly averages of daily VIX closing levels in each quarter.
Total market ETF and Flow Traders ETF value traded for 2Q26 and 1H26 are lower than previously reported (most notably in the U.S.), following an adjustment to the recording of intra-group trades on RFQ transactions, with no impact on NTI.

Important legal information

All results published in this release are unaudited.

This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Attachment

Flow Traders 3Q26 Trading Update Press Release

Posted in UncategorizedTagged GlobeNewswire