Leasys, the JV equally owned by Stellantis and Crédit Agricole Consumer Finance, celebrated its first birthday since the consolidation with the former F2M Lease, posting strong FY 2023 Results.

Assets increased by € 2 Bln, to € 7.5 Bln (+ 32% YoY), with Total Sales Revenues growing to € 1.9 Bln (+ 15% YoY). Gross Operating Margin reached € 347 Mln (+ 11%); Cost of Risk under control at 0.33% (- 4 bps vs 2022). Operating income closed at € 201 Mln. Leasys commercial intake grew by 45% to 177.000 orders, significantly improving its Penetration on Stellantis LTR Channel by 9 pts, to 43%. The Group saw also an improvement of its performance on Multibrand (+ 62%), LEV (+ 40%) and LCV (+ 115%) contracts.

The Managed fleet increased to 870.000 vehicles (+ 5% vs April 2023), in line with 1 million vehicles target set to be achieved by 2026.

Rolando D’Arco, Group CEO, stated: “2023 was a key year for Leasys, as we managed to deliver successful results in a context of historical change, related to the completion of the consolidation process between Leasys and Free2Move Lease. In a rather mutable macro-economic environment, these very positive results, represent a testament to our capabilities as well as a concrete step towards our future ambitions. I would like to thank our entire team for their resilience and continuous dedication: their commitment towards excellency is the key element fueling the engines of our growth. We have already approached 2024 in the same spirit, ready to make our mark and to continue our pursuit of value creation for all stakeholders.”

Leasys financial and commercial results are a direct consequence of its “Go to Market Strategy”, articulated across the following 5 pillars:

PROMOTING DIGITAL TRANSFORMATION

Leasys' strategy has been strongly supported by significant investments in terms of digital transformation, with the aim of optimising systems and processes, as well as improving the customer journey. Two key activities moving in this direction have been the launch of Leasys Ecommerce platform, piloted in the Netherlands and soon to be deployed throughout the rest of its footprint and the enhancements of My-Leasys, the digital gateway dedicated to Fleet Managers, with the aim of supporting them to achieve economies of scale and TCO optimization.

A CONTINOUS COMMITMENT FOR QUALITY

A cornerstone of Leasys’ strategy is in its teams’ dedication towards delighting its customer’s base. Leasys supervises all touchpoints with its clients, monitoring their feedback, assessing their satisfaction rate, and gaining valuable insights on how to best serve their future needs. In 2024, Leasys plans to continue investing in cutting-edge technologies to promote innovation and enrich its products and services catalogue with the aim of providing a “best in class” customer experience.

FUNDING DIVERSIFICATION AND OPEX OPTIMIZATION

To face the negative headwinds of “higher for longer interest rates” and inflationary pressures, Leasys pursued the path of diversification, by renewing, extending, and opening credit lines with third-party banks for an approximate amount of €3 billion. Additionally, the Group originated approximately €1,4 billion under its first EMTN Programme and rolled over and extended up to €1,1 billion its existing securitization program (LABIRS-1) backed by Italian rental agreements. In 2024, Leasys primary goal will be to continue protecting its margins, by looking for opportunities to improve its cost of fundings and optimize its operating expenses thus consolidating its financial solidity.

SPEARHEADING SUSTAINABILITY IN MOBILITY

Leasys believes that the mobility industry has a responsibility to lead the transition to a more sustainable system, by minimizing its carbon footprint. Since April 2023, Leasys has defined a concrete mission: by 2026, 50% of new contracts will be activated on Low Emission Vehicles (LEV: < 50 g/Km of Co2 emissions at tailpipe), across all its geographies. This ambitious target will be achieved by conjugating product and services innovation with affordability, to make electrification a viable and accessible option for all existing and potential customers.

MANAGING CHANGE BY FOSTERING TALENT AND ENGAGEMENT

Following the consolidation process, Leasys can now count on 1.300+ employees, spread across 11 countries. To ensure a successful integration, 2023 main priority has been to identify and deploy an adaptable organisational structure, fostering a multicultural European dimension. The mission has been accomplished, with the creation of a unique, motivated team, encompassing a diverse set of skills and talents. In 2024, Leasys will continue disseminating its corporate values, promoting integration and engagement across all teams and countries: its people, with their expertise and dedication will be the lever to achieve its ambitious future goals.

Rome, May 6, 2024