Operator

Ladies and gentlemen, welcome to the Ayvens Q1 2026 Results Conference Call. Today's speaker will be Philippe de Rovira, CEO; and Patrick Sommelet, Deputy CEO and CFO.

I now hand over to Mr. Philippe de Rovira. Sir, please go ahead.

Philippe de Rovira
CEO & Director

Thank you. Well, good morning, ladies and gentlemen. Welcome to Ayvens Q1 2026 Results Conference Call. I'm hosting this call with Patrick Sommelet. And first, I will present the highlights of Q1, then Patrick will comment on the detail of our financial results, and we will then take your questions.

So let's now go directly to Slide 5 on the highlights of the financial performance. Q1 2026 is a good start to the year for Ayvens as the group has once again delivered a strong set of financial results. First, margins stood at 587 bps of earning assets, an increase of 25 bps compared to Q1 2025. This reflects our focus on profitability with an adequate balance between growth, profitability and tight monitoring of asset risk.

This increase in margin compensated the normalization of the used car sales results, which has continued in Q1 2026 at a similar pace as in Q4 2025. In Q1 2026, the gross UCS stood at EUR 470 per unit compared to EUR 1,229 in Q1 '25 and EUR 702 in Q4 2025. The decrease was mitigated by lower depreciation adjustments. On a net basis, UCS stood at EUR 403