Earnings call transcript: Ayvens Q3 2026 margins rise as used-car pressure bites

Ayvens reported Q3 2026 earnings showing stronger margins and tighter cost control despite weak used-car markets and inflation in Turkey. Underlying margins rose 4.6% year over year to EUR 817 million, while net income attributable to shareholders fell 12.1% to EUR 240 million. The stock gained 4.55% to $9.20 in pre-market trading.

Underlying margin rate increased 27 basis points to 620 basis points, the highest since Ayvens' inception. Gross operating income fell 13.1% to EUR 739 million, and total margins slipped 2% to EUR 761 million due to a EUR 58 million impact from Turkey's hyperinflation. Operating costs dropped 8.1%, and the cost-to-income ratio improved to 49.2% from 52.8% a year earlier. Management remains on track for full-year 2026 targets and expects a better cost-to-income ratio.