Leasys, the joint venture between Stellantis and Crédit Agricole Personal Finance & Mobility, has posted its full-year results for 2024, marked by “consolidation and growth”.

The corporate customer fleet was up 32% YoY to 131,000 vehicles. This fuelled a 4% rise in the managed fleet from 870,000 to 906,000 vehicles

Created in April 2023 out of the merger with Free2Move Lease under the wider Stellantis umbrella, the group continues to grow in a context of “great transformation for the European automotive market” and a widespread fall in residual values that’s impacted the long-term rental industry.

Leasys closed 2024 with profit before taxes of €173m (£145.1m) and adjusted net income of €112m (£93.9m), both in line with last year’s performance.

The mobility firm achieved more than 243,000 contract activations; an 87% year-on-year growth and credited to a set of synergic initiatives deployed in coordination with Stellantis.

The most positive performances were seen in the light commercial vehicles segment with contracts intake tripling vs 2023 and on electrified vehicles, with an increase of contracts of 50% over the same period.

Compared to 2023, the penetration on Stellantis sales increased by 9 points in the B2B channel and by 21 points in the long-term rental channel.

The corporate customer fleet was up 32% YoY to 131,000 vehicles. This fuelled a 4% rise in the managed fleet from 870,000 to 906,000 vehicles, closing in on the target of one million vehicles by 2026.

Total earning assets exceeded €10.2bn (£8.6bn), an increase of 36% compared to 2023, with average outstanding reaching €8.6bn (£7.2bn). The margin on leasing reached €230m (£192.9m)(+28% vs 2023), while the margin on services grew by 46% year-on-year, reaching €93m (£73m).

Leasys said the strong growth of its ‘organic’ margins helped mitigate the effects of the “steep normalisation” affecting the market for used vehicles, a trend that has impacted the entire long-term rental industry.

The group’s remarketing results closed the year at €65m (£54.5m). Gross operating margin (net banking income) reached €388m (£325.4m), a 12% year-on-year growth. Throughout 2024, Leasys confirmed its commitment to operational efficiency: operating expenses (OPEX), despite a “nominal” increase to €168m (£140.9m), stand at 1.94% of Average Outstanding, a 7 bps decrease compared to 2023.

The cost-to-income ratio remained stable at 51% year on year. When including the margin from used car sales, the cost-income ratio decreases by an additional 8 bps, to 43%. Leasys said the cost of risk remains under control, around 0.4% of average outstanding.

Rolando D’Arco, Leasys CEO, stated: “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, digitalisation 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 €10.2bn. In 2025, Leasys will continue implementing strategies designed to enhance its customer experience, while further strengthening its position as a leader in the Long Term Rental and sustainable mobility.”

The firm added that digitalisation was providing a “true growth enabler”, fostering innovation, enabling efficiency and improving the customer experience.

It pointed to the Leasys e-Store, the e-Commerce platform launched in Italy, the UK and the Netherlands, and arriving soon in Spain. Designed as a fully digital marketplace for low emission vehicle rental offerings, e-Store gives customers the opportunity to choose their mobility solution in self-service mode.

My-Leasys, the platform dedicated to Fleet Managers for the monitoring of their fleet in real time, has also been relaunched and shares the same ambition of the e-Store. New developments give enhanced reporting on consumption, expiration and vehicles status, allowing an optimisation of total rental costs.

The new platform includes also a driver app for immediate access to a full range of long-term rental services.

Along with tools for digital signature and document dematerialisation, these initiatives support the Group Sustainability Strategy, with the objective of developing a ‘paperless’ operational model that conjugates business efficiency with a more responsible consumption of resources.

Leasys’ strategic priorities for 2025 including strengthening the presence in its markets, guided by a clear vision and a well-defined strategy.

The group said it “will continue its journey of promotion of a more sustainable mobility model, and to engage in the development of digital and innovative solutions with the objective of supporting Stellantis’ growth ambitions”.