Interim / Quarterly Report • Aug 28, 2025
Interim / Quarterly Report
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| 1. | Interim management report of the Group as of 30 June 2025 | 3 |
|---|---|---|
| 1.1 Group fundamentals | 3 | |
| 1.2 Business report | 5 | |
| 1.3 Report on outlook | 10 | |
| 1.4 Report on risks and opportunities | 12 | |
| 2. | Interim financial statements of the Group as of 30 June 2025 | 13 |
| 2.1 Consolidated income statement and statement of comprehensive income | 13 | |
| 2.2 Consolidated balance sheet | 14 | |
| 2.3 Consolidated cash flow statement | 15 | |
| 2.4 Consolidated statement of changes in equity | 16 | |
| 3. | Condensed notes to the interim financial statements of the Group | |
| for the period from 1 January to 30 June 2025 | 17 | |
| 3.1 Information about the Company | 17 | |
| 3.2 General disclosures | 17 | |
| 3.3 Scope of consolidated entities | 18 | |
| 3.4 Selected explanatory notes to the consolidated income statement | 19 | |
| 3.5 Selected explanatory notes to the consolidated balance sheet | 23 | |
| 3.6 Group segment reporting | 27 | |
| 3.7 Related party disclosures | 28 | |
| 3.8 Events subsequent to the reporting date | 28 | |
| 4. | Responsibility statement | 29 |
Due to rounding individual figures presented in this interim report may not add up exactly to the totals shown and half-year figures listed may not follow from adding up the individual quarterly figures. Furthermore, the percentage figures presented may not exactly reflect the absolute figures they relate to.
Allane SE, Garching near Munich, is a European Stock Corporation (Societas Europea) and the parent company of the Allane Mobility Group, which mainly conducts its business under the business names of "Allane" (up to 30 June 2025 "Sixt Neuwagen"), "Allane Mobility Consulting", "Allane Fleet" and "autohaus24". The Company has its registered offices at Parkring 33, 85748 Garching bei München/Germany, and is registered in the Commercial Register of Munich Local Court under docket number HRB 227195. The Company has been established for an indefinite period.
The Group interim financial report is prepared in accordance with the applicable provisions of section 115 of the Wertpapierhandelsgesetz (WpHG German Securities Trading Act) as well as in compliance with the International Financial Reporting Standards (IFRS) that are applicable for interim financial reports as published by the IASB and as adopted by the EU. The Group interim financial report should be read together with the audited and disclosed IFRS consolidated financial statements for the financial year 2024. The latter contains a comprehensive presentation of business activities.
As of 30 June 2025, the Company's share capital amounted to EUR 20,611,593 divided into 20,611,593 of ordinary no-parvalue bearer shares with a notional value of EUR 1.00 per share. The shares are fully paid up.
The largest shareholder on the balance sheet date was Hyundai Capital Bank Europe GmbH, Frankfurt am Main ("HCBE"), which held 92.07% of the ordinary shares and voting rights.
The Allane Mobility Group is organized into the two business units Leasing and Fleet Management. Leasing is divided into the Fleet Leasing, Online Retail and Captive Leasing operating segments. Fleet Management, conducts its operating business in the Fleet Management segment of the same name.
In the Leasing business unit, Allane SE operates as a leasing company with a multi-brand offering in Germany. The business unit is also represented by operating subsidiaries in France, Switzerland and Austria.
The business unit is divided into the operating segments Fleet Leasing (corporate customer leasing) Online Retail and Captive Leasing (private and commercial customer leasing).
In Fleet Leasing, the Group offers lease financing and related services (so-called full-service leasing) for corporate customers. The target customers are companies with a fleet size of more than 100 vehicles, whose fleets are made up of vehicles from different manufacturers and exhibit a certain degree of complexity. Allane SE supports these medium-sized and large customers with individual fleet solutions. Smaller corporate customers with fleets of around 20 to 100 vehicles are also supported. The approach in this customer segment is to professionalize fleet purchasing using standardized products and processes.
Allane SE's Online Retail operations include the websites allane.de and autohaus24.de. The platforms offer private and commercial customers (with a fleet size of up to 20 vehicles) the opportunity to configure models from about 30 car manufacturers, request an individual leasing offer and order vehicles online. In addition, you can choose from a large number of immediately available stock vehicles. With vehicle leasing in online-supported direct sales, the company is addressing a market that, according to a study by the German Direct Sales Association (BDD), is growing strongly in Germany - measured in terms of total sales.
In addition to traditional Online Retail, the Allane Mobility Group also operates Captive Leasing, which was added as part of the implementation of FAST LANE 27 and within which both private and commercial customers are offered Hyundai and Kia vehicle models via the dealer network at the point of sale. The core of this operating segment is the "Allease" dealer/seller portal developed by Allane SE, which is used by the more than 700 Hyundai and Kia dealers in Germany to market Hyundai and Kia vehicles to their end customers. The model ranges of both brands have firmly established themselves in the German automotive market in recent years. The fact that both Hyundai and Kia are among the most innovative suppliers of electric vehicles opens up major growth opportunities for Allane SE.
In Online Retail and Captive Leasing operating segments, additional services such as maintenance and wear and tear, inspection, winter tire and insurance packages are offered in addition to the leasing offer, which can be added to the leasing contract and included in the leasing rate.
The Allane Mobility Group operates the Fleet Management business unit via Allane Mobility Consulting GmbH, which was founded in 2011, and other direct and indirect subsidiaries of Allane SE. Its expertise in the management of larger vehicle fleets is also offered to customers who have purchased their vehicles or leased them from other providers. The target customers are large corporations.
Allane Mobility Consulting combines the holistic Fleet Management with individual brand-independent consulting, aiming to achieve measurable quality and operating cost optimization for its customers, and thus raising the efficiency of the fleets.
In the first half of the year, Allane Mobility Group performed broadly in line with expectations, in accordance with the earnings forecast communicated in the annual report on 13 June 2025.
As of 30 June 2025 the Group's contract portfolio inside and outside Germany totalled 152.700 contracts, 6,4% above the figure as of 31 December 2024 (143.500 contracts). The increase in the number of contracts is primarily due to contract growth in the business unit Leasing. Particularly the Captive Leasing operating segment is continuing its positive trend.
Consolidated revenue increased by 10,2% during the first half of 2025 to EUR 396,1 million (H1 2024: EUR 359,5 million) compared to the same period of the previous year. This is primarily attributable to the growing contract portfolio in the Leasing business unit, particularly in the Captive Leasing operating segment, where revenue increased by EUR 60.6 million to EUR 111,5 million (H1 2024: EUR 50.9 million). Operating revenue, which does not include the proceeds from vehicle sales, increased by 27,1% to EUR 272,6 million (H1 2024: EUR 214,5 million). This development was impacted by a sharp increase in leasing revenues and usage-related service revenues in the Leasing business unit due to a growing leasing contract portfolio. Sales revenues from leasing returns and marketed customer vehicles in Fleet Management decreased by 14,8% to EUR 123,5 million (H1 2024: EUR 145 million).With sales volumes decreasing, this development is mainly due to the stable unit prices of the vehicles sold, resulting from the continued normalization of the used car market.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 32,6% during the first half of 2025 to EUR 195,7 million (H1 2024: EUR 147,7 million). Earnings before taxes (EBT), however, increased by >100% to EUR 5,2 million (H1 2024: EUR -24,6 million). The operating retun on revenue (EBT/operating revenue) consequently came to 1,9% (H1 2024: -11,4%).
The significant increase in EBT is mainly attributable to the growth in the contract portfolio in the Captive Leasing operating segment. This positive effect is further reinforced by a reduction in provisions for residual value risks associated with leased assets.
| HE | HE | Change | |
|---|---|---|---|
| in EUR million | FDFI | FDFH | in % |
| Consolidated revenue | GMJ.E | GIM.I | ED.F |
| Thereof Operating revenue | FKF.J | FEH.I | FK.E |
| Thereof Sales revenue | EFG.I | EHI.D | –EH.L |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | EMI.K | EHK.K | GF.J |
| Earnings before taxes (EBT) | I.F | –FH.J | >EDD |
| Operating return on revenue (%) | E.M * |
–EE.H | EG.G points |
In the Leasing business unit, which consists of the operating segments Fleet Leasing, Online Retail and Captive Leasing, the contract portfolio totalled 106,300 contracts as of the end of the first half of 2025, an increase of 12.3% compared to the figure recorded at the end of 2024 (31 December 2024: 94,600 contracts).
The contract portfolio in the Captive Leasing operating segment increased by 31.3% to 51,300 contracts (31 December 2024: 39,000 contracts) and in the Online Retail operating segment by 0.5% to 24,300 contracts (31 December 2024: 24,200 contracts). In the operating segment Fleet Leasing contract portfolio fell by 2.1% to 30,700 contracts (31 December 2024: 31,400 contracts)
During the first half of 2025, total revenue of the Leasing business unit increased over the same period last year by 9.5% to EUR 381.2 million (H1 2024: EUR 348.0 million). Operating revenue increased by 27.5% to EUR 259.4 million (H1 2024: EUR 203.4 million). Revenue from vehicle sales decreased by 15.8% to 121.7 million (H1 2024: EUR 144.6 million). During the second quarter of 2025, the business unit Leasing recorded a revenue increase of 13.1% over the same quarter last year, to EUR 201.6 million (Q2 2024: EUR 178.2 million). Operating revenue increased in the second quarter 2025 by 34.2% to EUR 141.0 million (Q2 2024: EUR 105.1 million). Sales revenue decreased in the second quarter 2025 by 17.1% to EUR 60.6 million (Q2 2024: EUR 73.1 million).
EBITDA for the Leasing business unit amounted to EUR 191.9 million in the first half of 2025 (H1 2024: EUR 145.2 million), representing an increase of 32.2% compared to the same period last year. EBT decreased by >100% to EUR 1.5 million (H1 2024: EUR -27.0 million). Accordingly, the operating return on revenue (EBT/operating revenue) increased by 13.8 percentage points to 0.6% (H1 2024: -13.3%) with a second quarter operating return of 0.9% (Q2 2024: -19.8%).
The EBT of EUR 1.5 million in the Leasing business unit in the first half of 2025 was significantly above the previous year's level. This positive development was particularly characterized by the growing contract portfolio and increased leasing income in the Captive Leasing operating segment.
A comprehensive breakdown of the financial performance of the Fleet Leasing, Online Retail, and Captive Leasing operating segments is provided in the "Condensed notes to the interim financial statements of the Group" section under "Group segment reporting".
| HE | HE | Change | |
|---|---|---|---|
| in EUR million | FDFI | FDFH | in % |
| Total revenue | GLE.F | GHL.D | M.I |
| Thereof Leasing revenue (finance rate) | EML.J | EHG.J | GL.G |
| Thereof Other revenue from leasing business | JD.L | IM.L | E.J |
| Thereof Sales revenue | EFE.K | EHH.J | –EI.L |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | EME.M | EHI.F | GF.F |
| Earnings before taxes (EBT) | E.I | –FK.D | >EDD |
| Operating return on revenue (%) | D.J | –EG.G | –EG.L points |
The contract portfolio of the Fleet Management business unit, which operates in the Fleet Management operating segment under the same name, decreased by 5.1% to 46,400 contracts compared to the previous year's figure (31 December 2024: 48,900 contracts).
During the first half of 2025, the Fleet Management business unit's total revenue increased by 29.0% compared to the same period last year to EUR 14.9 million (H1 2024: EUR 11.6 million). Fleet Management revenue increased by 18.1% to EUR 13.2 million (H1 2024: EUR 11.1 million). Sales revenue rose by >100% to EUR 1.8 million (H1 2024: EUR 0.4 million). In Q2 2025, total revenue increased by 48.3% compared to the same quarter of the previous year to EUR 8.6 million (Q2 2024: EUR 5.8 million). Fleet management revenue increased by 32.1% to EUR 7.4 million (Q2 2024: EUR 5.6 million), while sales revenue rose by >100% to EUR 1.2 million (Q2 2024: EUR 0.2 million).
EBITDA for the Fleet Management business unit increased by 54.1% to EUR 3.8 million (H1 2024: EUR 2.4 million) in the first half of 2025 compared to the same period of the previous year. EBT rose by 50.9 % to 3.7 Mio. Euro (H1 2024: 2.4 Mio. Euro). The operating return on revenue (EBT/operating revenue) increased by 6.1 percentage points to 27.8% (H1 2024: 21.7%) in the first first half of 2025. In the second quarter it was 34.9% (Q2 2024: 20.3%).
In the Fleet Management business unit, earnings before taxes (EBT) amounted to EUR 3.7 million, representing a growth of 50.9% compared to the same period in the previous year. This development was mainly due higher Fleet Management revenues and lower expenses for fleet and leased assets. However, the decline in sales revenue from customer vehicles mitigated this effect.
Key figures Fleet Management business unit
| HE | HE | Change | |
|---|---|---|---|
| in EUR million | FDFI | FDFH | in % |
| Total revenue | EH.M | EE.J | FM.D |
| Thereof Fleet management revenue | EG.F | EE.E | EL.E |
| Thereof Sales revenue | E.L | D.H | >EDD |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | G.L | F.H | IH.E |
| Earnings before taxes (EBT) | G.K | F.H | ID.M |
| Operating return on revenue (%) | FK.L | FE.K | J.E points |
Consolidated revenue increased by 10.2% during the first half of 2025 to EUR 396.1 million (H1 2024: EUR 359.5 million).
Other operating income for the reporting period decreased by 9.2% to EUR 3.7 million (H1 2024: EUR 4.1 million).
Fleet expenses and cost of lease assets decreased by 9.2% to EUR 157.9 million (H1 2024: EUR 174.0 million). This development is mainly attributable to the decline in usage-related expenses for service products regarding repairs and maintenance, as well as the decline in expenses related to vehicle sales.
Personnel expenses decreased by 2.2% to EUR 29.1 million (H1 2024: EUR 29.7 million).
Other operating expenses increased by 23.8% to EUR 14.8 million (H1 2024: EUR 11.9 million). This was mainly due to higher IT expenses for operations and the ongoing modernization of the IT landscape, increased auditing and consulting costs in connection with the 2024 annual financial statements and higher marketing expenses for advertising measures.
Earnings before interest, taxes, depreciation and amortization (EBITDA) improved by 32.6% to EUR 195.7 million (H1 2024: EUR 147.7 million). Of this amount, EUR 99.6 million were attributable to the second quarter of 2025 (Q2 2024: EUR 76.9 million; +29.5%).
Depreciation and amortization increased period-on-period by 3.5% to EUR 158.9 million (H1 2024: EUR 153.5 million). The increase is mainly due to the significant increase in ordinary depreciation on leased assets as a result of the steadily increasing number of leased assets and a positive effect of the reduction of extraordinary depreciation at the same time.
Consolidated earnings before interest and taxes (EBIT) in the first half of the year were >100% above the figure for the same period of the previous year (H1 2024: EUR -5.8 million) and amounted to EUR 36.8 million. Of this, EUR 17.7 million was attributable to the second quarter of 2025 (Q2 2024: EUR -9.6 million; >100.0%).
The financial result of the Allane Mobility Group increased by 69.0% to EUR -31.6 million (H1 2024: EUR -18.7 million) in the first half of the year. This decrease is due in particular to higher refinancing costs as a result of increased financing requirements amid persistently high interest rates, which in turn stem from the growing lease portfolio.
In the first half of 2025, the Allane Mobility Group recorded a >100% increase in earnings before taxes (EBT) to EUR 5.2 million (H1 2024: EUR -24.6 million). Of this, EUR 1.3 million were attributable to the second quarter of 2025 (Q2 2024: EUR -19.7 million; >100.0%).
Income taxes rose by >100% to EUR 1.8 million in the first half of 2025 (H1 2024: EUR -6.1 million).
Consolidated profit for the first half of 2025 increased by >100% to EUR 3.4 million (H1 2024: EUR -18.4 million). Of this amount, EUR 0.6 million was attributable to the second quarter of 2025 (Q2 2024: EUR -14.8 million; >100.0%).
As a consequence, earnings per share - undiluted and diluted - amounted to EUR 0.16 (H1 2024: EUR -0.89) in the first half of 2025.
As of 30 June 2025, the Allane Mobility Group reports a balance sheet total of EUR 2,683.8 million, which is EUR 242.8 million or 9.9% more than on 31 December 2024 (EUR 2,441.1 million).
As of 30 June 2025, lease assets, which are by far the dominiating item in non-current assets, increased by EUR 218.4 million or 10.3% to EUR 2,332.8 million (31 December 2024: EUR 2,114.4 million). Overall, non-current assets rose by EUR 214.1 million or 9.8% to EUR 2,398.5 million as at the reporting date (31 December 2024: EUR 2,184.4 million).
Property, plant and equipment decreased by EUR 1.0 million or 2.5% to EUR 38.0 million (31 December 2024: EUR 39.0 million), mainly due to scheduled depreciation of rights of use assets in accordance with IFRS 16.
Compared with the end of 2024, current assets increased by EUR 28.7 million or 11.2% to EUR 285.4 million (31 December 2024: EUR 256.7 million). This is mainly due to the increase in trade receivables of EUR 10.7 million or 10.2% to EUR 115.9 million (31 December 2024: EUR 105.2 million) and the increase in bank balances by EUR 18.3 million or >100.0% to EUR 26.4 million (31 December 2024: EUR 8.1 million). In addition, inventories increased by EUR 5.9 million or 16.0% to EUR 42.4 million (31 December 2024: EUR 36.5 million), which is mainly attributable to an increase in the inventory of lease returns to be marketed. In contrast, other receivables and assets decreased by EUR 6.0 million or 5.8% to EUR 98.7 million (31 December 2024: EUR 104.7 million). This is primarily attributable to the reduction in receivables from affiliated companies by EUR 13.4 million or 22.1% to EUR 47.3 million (31 December 2024: EUR 60.7 million).
As of 30 June 2025, Allane Mobility Group's equity totalled EUR 189.6 million, representing an increase of EUR 1.1 million or 0.6% compared to the previous year (31 December 2024: EUR 188.4 million). Due to the high consolidated loss, no dividend was distributed for the 2024 reporting year by resolution of the Annual General Meeting on 31 July 2025. The equity ratio decreased by 0.7 percentage points to 7.1% (31 December 2024: 7.7%), mainly due to the increase in total assets resulting from a slight increase in lease assets.
As of 30 June 2025, the Allane Mobility Group reported non-current liabilities and provisions of EUR 1,801.5 million (31 December 2024: EUR 1,728.9 million; 4.2%). Non-current financial liabilites increased by EUR 72.9 million to EUR 1,728.9 million as of 30 June 2025 (31 December 2024: EUR 1,656.0 million; 4.4%). This is mainly attributable to the long-term loans taken out with Santander Consumer Bank AG as part of the Asset Backed Securities program ("ABS program").
Current liabilites and provisions amounted to EUR 692.3 million as of 30 June 2025 (31 December 2024: EUR 523.8 million). The increase of EUR 168.5 million or 32.2% was mainly due to the rise in current financial liabilities by EUR 175.0 million or 55.2% to EUR 491.8 million (31 December 2024: EUR 316.9 million) attributable to the raising of additional shortterm loans from third-party banks and the associated interest expenses. While other liabilities increased by EUR 19.5 million or 33.2% to EUR 78.1 million (31 December 2024: EUR 58.6 million), trade payables decreased by EUR 31.3 million or -30.6% to EUR 71.0 million (31 December 2024: EUR 102.3 million).
For the first half of 2025, the Allane Mobility Group reported a gross cash flow of EUR 156,7 million (H1 2024: EUR 106.6 million; 47.0%). Due to sales of used leasing vehicles, investments in new leasing vehicles and an adjustment to other net assets, the cash outflow from operating activities amounted to EUR 221.9 million (H1 2024: cash outflow EUR 356.5 million). This lower cash outflow compared with the same period of the previous year is particularly due to the reduced share of investments in lease assets.
The Allane Mobility Group's investing activities resulted in a cash outflow of EUR 2.9 million (H1 2024: cash outflow of EUR 3.7 million), mainly due to lower expenditures for intangible assets and property, plant and equipment.
The net cash inflow from financing activities amounted to EUR 243.8 million in the first half of the year (H1 2024: cash inflow of EUR 376.8 million). It resulted mainly from the lower volume of long-term loans taken out with Santander Consumer Bank AG.
Overall, cash and cash equivalents (net bank balances) as of 30 June 2025 increased by EUR 19.0 million compared to the previous year 2024 following minor changes to foreign currency translations and amounted to EUR 26.4 million (31 December 2024: EUR 7.4 million)
In the first half of 2025, the Allane Mobility Group added vehicles with a total value of EUR 468.6 million (H1 2024: EUR 612.4 million) to the leasing fleet. This decrease of 23.5% compared to the same period of the previous year is primarily attributable to a decrease in the order volume as well as the expiry of existing contracts.
The Allane Mobility Group operates in the fleet leasing sector, which is a highly competitive market dominated in Germany by manufacturer-affiliated providers. The focus is therefore on strengthening existing customer relationships through customized solutions and high service quality.
In the 2025 financial year, proactive contract monitoring will continue and flexibility in terms of term and mileage adjustments will be further improved.
Under the "Allane Fleet" brand, the electric mobility division will be expanded in a targeted manner despite declining market incentives. This includes the gradual expansion of the e-mobility competence center, the expansion of consulting services, and the establishment of new partnerships to complement the service portfolio—also against the backdrop of stricter COz requirements.
The Allane Mobility Group continues to anticipate an increasing shift in new car sales toward digital channels, a trend that has been confirmed by numerous studies (see Annual Report 2024, B.6 – Risk and Opportunity Report, 5. Opportunity Report).
The aim is to further strengthen the company's position in the online leasing market for private and commercial customers. In the 2025 financial year, the focus will be on a branding campaign designed to significantly increase the visibility of the "allane.de" platform. The offers and broad product portfolio of allane.de will be presented through the targeted use of animated advertisements and moving image formats. Various marketing measures and strategic partnerships will also contribute to gaining further market share.
The Online Retail offering is being continuously developed in order to tap into new target groups and generate additional growth. In particular, sales and purchasing cooperations for new cars are intended to support the expansion of the contract portfolio.
Another focus is on the further development of IT systems and the optimization of customer processes. The website "allane.de" and the processes surrounding ordering, delivery, and returns are being continuously improved to simplify the user experience and increase customer satisfaction. The goal is to sustainably increase the conclusion rate for new and follow-up contracts.
The online business continues to be supported by the four locations of autohaus24.
The central element of the captive leasing business is the "Allease" leasing portal developed by the Allane Mobility Group. It enables manufacturers Hyundai and Kia to market vehicles to end customers via their respective dealer networks.
The Allane Mobility Group plans to further strengthen Captive Leasing via its own leasing portal "Allease" in the 2025 financial year. The focus will be on intensifying exchanges with Hyundai and Kia's trading partners, expanding new business from existing cooperations, and introducing additional service products such as tire and fuel card service.
The aim is to strengthen the position in the commercial customer segment.
In the Fleet Management business, Allane Mobility Group plans to capitalize on the growing trend toward outsourcing fleet management to attract new customers. At the same time, the company aims to further strengthen its business in existing markets by expanding and deepening customer relationships.
The company will continue to invest in digital infrastructure and intelligent IT solutions to improve the level of service for corporate customers and the user experience for company car drivers. By expanding self-service functions and automating processes, the company aims to leverage efficiency potential and focus resources more strongly on consulting-intensive services. The goal is to increase productivity and customer satisfaction.
The Allane Mobility Group confirms the forecast published in its 2024 annual report and expects growth in all key figures for the 2025 financial year. The contract portfolio is expected to range between 150,000 and 170,000 contracts (2024: 143,500 contracts), and consolidated operating revenue is expected to be between EUR 570 million and EUR 620 million (2024: EUR 412.9 million). The company expects EBT to range between EUR 25 million and EUR 35 million (2024: EUR –49.3 million).
The 2024 annual report contains a detailed description of the company's risks, opportunities, risk management system, and accounting-related internal control system. The risks described in the 2024 annual report for Allane SE remain valid after the first half of 2025. The risk of stagnating growth in the German economy remains high. In particular, the trend toward creeping deindustrialization – caused by factors such as high energy costs, a shortage of skilled workers, and a lag in government digitization – has a negative impact on the company's risk and opportunity situation, according to Allane's assessment.
In line with earlier expectations, the situation with declining residual values has stabilized noticeably (especially for alternative drive types). The Allane Mobility Group is closely monitoring the market situation and is setting aside market-driven risk provisions, with the incremental additional risk provisions significantly below the previous year's figures. The Group expects price normalization to continue in very small steps. As the leasing contract portfolio has grown, the residual value risk and credit risk have increased further compared to the date of publication of the 2024 annual report. Both types of risk are closely monitored by management.
It is also relevant that two years ago, the European Central Bank (ECB) began raising key interest rates to counteract the sharp rise in inflation caused by factors such as Russia's invasion of Ukraine and pandemic-related supply bottlenecks. Inflation has since fallen significantly and currently stands at 2.0%. It is expected to remain at 2% until the end of the 2025 financial year, which is in line with the ECB's price stability target. In view of this downward trend, the ECB has decided to lower interest rates but remains vigilant and will maintain a restrictive interest rate policy until inflation has stabilized sustainably. The interest rate cut has a positive effect on Allane SE's risk and opportunity situation.
The risks described in the 2024 annual report resulting from changes in the legal and political framework remain significant and could have a negative impact on new business figures. Since the publication of the 2024 annual report, the Allane Mobility Group has not identified any new significant risks. The development of risks and opportunities is continuously monitored, evaluated, and, if necessary, taken into account in planning during the year.
Garching near Munich, 28 August 2025
Allane SE The Management Board
| HE | HE | QF | QF | |
|---|---|---|---|---|
| in EUR thou. | FDFI | FDFH | FDFI | FDFH |
| Revenue | GMJ,DJG | GIM,IFM | FDE,ILH | ELH,DEI |
| Other operating incomeE | G,KFD | H,DMM | E,IJF | F,FIM |
| Fleet expenses and cost of lease assets | EIK,MDK | EKH,DDD | KM,MMI | LL,DMI |
| Personnel expensesF | FM,DLH | FM,KGL | EH,FFH | EI,EDM |
| Net losses arising from the derecognition of financial assets | E,IDK | KLH | JJE | GIE |
| Net impairment losses/gain from financial assets | KMF | –HKJ | FID | –FJL |
| Other operating expenses | EH,KKE | EE,MGD | L,HEG | J,DKK |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | EMI,KFG | EHK,JIF | MM,JDF | KJ,MED |
| Depreciation and amortisation | EIL,MFE | EIG,HLJ | LE,LJJ | LJ,IHI |
| Earnings before interest and taxes (EBIT) | GJ,LDE | –I,LGH | EK,KGJ | –M,JGI |
| Net finance costs | –GE,JHI | –EL,KFH | –EJ,HFJ | –ED,EDD |
| Earnings before taxes (EBT) | I,EIK | –FH,IIL | E,GDM | –EM,KGJ |
| Income tax expense | E,KMI | –J,EEF | KEL | –H,MJF |
| Consolidated profit | G,GJE | –EL,HHJ | IMF | –EH,KKH |
| Of which attributable to shareholders of Allane SE | G,GJE | –EL,HHJ | IMF | –EH,KKH |
| Earnings per share – undiluted and diluted (in EUR) | D.EJ | –D.LM | D.DG | –D.KF |
| HE | HE | |
|---|---|---|
| in EUR thou. | FDFH | |
| Consolidated profit | G,GJE | –EL,HHJ |
| Other comprehensive income (not recognised in the income statement) | –F,FEH | –GK |
| Thereof components that could be reclassified to income statement in the future | ||
| Currency translation gains/losses | GD | –IID |
| Change of derivative financial instruments in hedge relationship | –F,LKL | JIL |
| Related deferred taxes | JGG | –EHI |
| Total comprehensive income | E,EHK | –EL,HLF |
| Of which attributable to minority interests | –F,FHI | IEG |
| Of which attributable to shareholders of Allane SE | G,GMF | –EL,MMI |
| Assets | ||
|---|---|---|
| in EUR thou. | GD Jun. FDFI | GE Dec. FDFH |
| Non-current assets | ||
| Goodwill | H,EGH | H,EGH |
| Intangible assets | EJ,KKM | EL,LKG |
| Property and equipment | GK,MME | GL,MIL |
| Lease assets | F,GGF,LGF | F,EEH,HED |
| Financial assets | FM | FL |
| Other receivables and assets | G,MEG | I,LFI |
| Deferred tax assets | F,KKK | F,EHH |
| Total non-current assets | F,GML,HII | F,ELH,GKE |
| Current assets | ||
| Inventories | HF,HDL | GJ,IHK |
| Trade receivables | EEI,LJJ | EDI,ELF |
| Receivables from related parties | HK,FIH | JD,JKI |
| Other receivables and assets | IE,HIE | HH,DJG |
| Income tax receivables | F,DGG | F,EII |
| Bank balances | FJ,GIJ | L,DKK |
| Total current assets | FLI,GJM | FIJ,KDD |
| Total assets | F,JLG,LFH | F,HHE,DKE |
| Equity and liabilities | ||
|---|---|---|
| in EUR thou. | GD Jun. FDFI | GE Dec. FDFH |
| Equity | ||
| Subscribed capital | FD,JEF | FD,JEF |
| Capital reserves | EGI,DHI | EGI,DHI |
| Other reserves | HF,FIF | GL,LJD |
| Minority interests | –L,GEL | –J,DKG |
| Total equity | ELM,IMD | ELL,HHG |
| Non-current liabilities and provisions | ||
| Provisions for pensions | EFM | EFL |
| Other provisions | FFJ | FFJ |
| Financial liabilities | E,KFL,MED | E,JII,MLF |
| Other liabilities | IG,HDJ | IG,IJL |
| Deferred tax liabilities | EL,LFD | EL,MID |
| Total non-current liabilities and provisions | E,LDE,HME | E,KFL,LIH |
| Current liabilities and provisions | ||
| Other provisions | I,ILD | H,GMJ |
| Income tax liabilities | F,FFD | H,GLE |
| Financial liabilities | HME,KIM | GEJ,LHJ |
| Trade payables | KE,DEL | EDF,FMJ |
| Liabilities to affiliated companies | EF,GFI | EE,DIG |
| Contract Liabilities | GE,GDH | FJ,FDF |
| Other liabilities | KL,IGJ | IL,JDD |
| Total current liabilities and provisions | JMF,KHF | IFG,KKH |
| Total equity and liabilities | F,JLG,LFH | F,HHE,DKE |
| HE | HE | |
|---|---|---|
| in EUR thou. | FDFI | FDFH |
| Operating activities | ||
| Consolidated result | G.GJE | –EL.HHJ |
| Income taxes recognised in income statement | E.MFI | E.IHI |
| Income taxes received | EFD | –E.KEH |
| Income taxes paid | –H.DLG | - |
| Financial result recognised in income statementE | GE.JHJ | EL.KFG |
| Interest received | E.LHI | H.HID |
| Interest paid | –FL.EFK | –EL.JIE |
| Depreciation and amortisation | EIL.MFE | EIG.HLJ |
| Income from disposal of fixed assets | –ED.EKM | –EM.KKJ |
| Other (non-)cash expenses and income | E.FJI | –EF.MMJ |
| Gross Cash flow | EIJ.JMH | EDJ.JFE |
| Proceeds from disposal of lease assets | EDI.LEJ | EGK.MFE |
| Payments for investments in lease assets | –HJL.JDL | –JEF.GJF |
| Change in inventories | –I.LJE | J.MEJ |
| Change in trade receivables | –ED.JLH | –EJ.DMJ |
| Change in trade payables | –GE.FKL | F.GEE |
| Change in other net assets | GE.MKM | EL.FDH |
| Net cash flows from (+)/ used in (-) operating activities | –FFE.MHE | –GIJ.HLI |
| Investing activities | ||
| Proceeds from disposal of intangible assets and equipmentF | IHJ | JMH |
| Payments for investments in intangible assets and equipment | –G.HLL | –H.HHD |
| Net cash flows from (+)/ used in (-) investing activities | –F.MHF | –G.KHJ |
| Financing activities | ||
| Proceeds from bank loans (incl. ABS-transaction)G | ELE.MLM | IFD.IJD |
| Payments made for redemptions of bonds, borrower´s note loans and bank loans (incl. ABS-transaction)H | –HE.IHH | –EME.KIH |
| Payments made for redemption of/payments received from taken-out short-term financial liabilitiesI,J | EDG.HDD | HL.DGG |
| Net cash flows from (+) / used in (-) financing activities | FHG.LHI | GKJ.LGM |
| Net change in cash and cash equivalents | EL.MJF | EJ.JDK |
| Effect of exchange rate changes on cash and cash equivalents | FF | –EF |
| Change in the scope of consolidation | - | - |
| Cash and cash equivalents at E Jan.K,L | K.GKF | I.ELK |
| Cash and cash equivalents at GD Jun.M | FJ.GIJ | FE.KLF |
1 Excluding income from investments.
2 Proceeds from disposals of property, plant, and equipment amounting to EUR 694 thousand were reported in the previous year under cash inflows (+)/outflows (-) from operating activities under proceeds from disposals of fixed assets.
3 Cash inflows from bank loans (including ABS transaction) include cash inflows from financing from affiliated companies amounting to EUR 76,000 thousand (H1 2024: EUR 100,000 thousand).
4 Payments for the repayment of bonds and bank loans (including ABS transactions) include payments for the repayment of financing from affiliated companies in the amount of EUR 40,000 thousand (H1 2024: EUR 40,000 thousand).
5 This includes payments received from the raising of financing for affiliated companies in the amount of EUR 50 thousand (H1 2024: EUR 0 thousand) and payments made for the repayment of financing for affiliated companies in the amount of EUR 0 thousand (H1 2024: EUR 0 thousand).
6 Short-term financing with terms of up to three months and high turnover.
7 As of January 1, 2024, cash and cash equivalents consist exclusively of bank balances (TEUR 5,187).
8 As of January 1, 2025, cash and cash equivalents consist of bank balances (EUR 8,078 thousand) and overdraft facilities (EUR -706 thousand).
| in EUR thou. | Subscribed capital |
Minority interests |
Total equity | |||
|---|---|---|---|---|---|---|
| DE. Jan. FDFH | FD,JEF | EGI,DHI | GL,LJD | EMH,IEK | –J,DKG | ELL,HHG |
| Consolidated profit | - | - | G,GJE | G,GJE | - | G,GJE |
| Other comprehensive income | - | - | GD | GD | –F,FHI | –F,FEH |
| Dividends paid | - | - | - | - | - | - |
| GD. Jun. FDFH | FD,JEF | EGI,DHI | HF,FIF | EMK,MED | –L,GEL | ELM,IMD |
| in EUR thou. | Equity attributable to |
||||||
|---|---|---|---|---|---|---|---|
| Subscribed capital |
Capital reserves |
Other reserves |
shareholders of Allane SE |
Minority interests |
Total equity | ||
| DE. Jan. FDFG | FD,JEF | EGI,DHI | LD,FHI | FGI,MDE | F,FLK | FGL,ELM | |
| Consolidated profit | - | - | –EL,HHJ | –EL,HHJ | - | –EL,HHJ | |
| Other comprehensive income | - | - | –IID | –IID | IEG | –GK | |
| Dividends paid | - | - | –E,LII | –E,LII | - | –E,LII | |
| GD. Jun. FDFG | FD,JEF | EGI,DHI | IM,GMH | FEI,DIE | F,LDD | FEK,LIE |
Allane SE, Garching bei München, is a European Stock Corporation (Societas Europea) and the parent company of the Allane Mobility Group. The Company's registered office is at Parkring 33, 85748 Garching bei München, Germany and it is registered in the Commercial Register of the Munich Local Court under docket number HRB 227195. The Company has been established for an indefinite period.
The consolidated financial statements of the Allane Mobility Group as of 31 December 2024 were prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU and effective at that date.
The interim financial statements as of 30 June 2025 have been prepared in accordance with International Accounting Standard (IAS) 34 "Interim Financial Reporting". The accounting policies adopted in the preparation of the IFRS interim consolidated financial statements are consistent with those used in the preparation of the audited and disclosed IFRS consolidated financial statements as of 31 December 2024. The effects of new accounting standards to be applied are explained in more detail in the following chapters.
In accordance with IAS 34 "Interim Financial Reporting", the interim financial report includes a consolidated income statement and statement of comprehensive income, a consolidated balance sheet, a consolidated cash flow statement, a consolidated statement of changes in equity and these condensed notes. In addition, the IFRS interim consolidated financial statements should be read in conjunction with the IFRS consolidated financial statements as of 31 December 2024 and the notes contained therein.
The preparation of interim consolidated financial statements requires management to make assumptions and estimates that affect the reported amounts of assets, liabilities and provisions, as well as of income and expenses. Actual amounts may differ from these estimates. A detailed description of the accounting principles, consolidation methods and accounting policies used is published in the notes to the IFRS consolidated financial statements as of 31 December 2024.
The results presented in the interim financial reports do not necessarily indicate the results of future reporting periods or of the full financial year.
The above paragraphs are particularly relevant against the backdrop of the weak overall economy and continuing geopolitical uncertainties as a result of ongoing wars and conflicts in relation to estimates and discretionary decisions in connection with assets and liabilities. However, the above-mentioned circumstances are not expected to have any significant negative impact for the results of operations, financial position or net assets of the Group.
The consolidated income statement is prepared in accordance with the nature of expense method using the two-statement approach.
The interim consolidated financial statements were prepared and published in euros (EUR). Due to rounding, it is possible that individual figures presented in the interim financial statements may not add up exactly to the totals shown and halfyear figures listed may not follow from adding up the individual quarterly figures. Furthermore, the percentage figures presented may not exactly reflect the absolute figures they relate to.
The accompanying interim consolidated financial statements as of 30 June 2025 have not been audited or reviewed.
The Management Board authorized the condensed interim consolidated financial statements for issue on 28 August 2025.
The development so far does not reveal any implications, that the Allane Mobility Group underlies seasonal effects with fundamental fluctuations.
Allane SE has implemented all accounting standards adopted by the EU and whose application is mandatory as of 1 January 2025:
Amendments to IAS 21 – Lack of Exchangeability require companies to apply a consistent approach when assessing whether one currency is exchangeable for another and, if this is not the case, when determining the exchange rate to be used and the necessary disclosures in the notes.
These changes did not have any material impact on the net assets, financial position and results of operations of the Allane Mobility Group as of 30 June 2025.
Accounting standards published but not yet endorsed by the European Union:
The above changes and new introductions of standards are not expected to have a material impact on Allane Mobility Group's reporting.
Since 31 December 2024, there have been no changes in the scope of consolidation of Allane Mobility Group.
Revenue of the Leasing business unit comprises lease income from contractually agreed leasing instalments and other income from leasing business, such as income from the sale of service components such as repairs, fuels, tyres, etc., income from claims settlements and franchise fees. In addition, the Leasing business unit reports sales revenue for used leasing assets (lease-returns) under sales revenue generated from the marketing of leased assets.
In the Fleet Management business unit, fleet management revenue materially comprises revenue for service components and contractually agreed service fees. In addition, the Fleet Management reports revenue from the sale of used customer vehicles.
Revenue is broken down as follows:
| Revenue | ||||||
|---|---|---|---|---|---|---|
| HE | HE | Change | QF | QF | Change | |
| in EUR thou. | FDFI | FDFH | in % | FDFI | FDFH | in % |
| Leasing business unit | ||||||
| Leasing revenue (finance rate) | EML,JFE | EHG,IKM | GL.G | EDF,EFE | KI,GFL | GI.J |
| Other revenue from leasing business | JD,LEK | IM,LGD | E.J | GE,IFF | FM,KLJ | I.L |
| Sales revenue | EFE,KEJ | EHH,IJK | –EI.L | IM,GIF | KG,EEF | –EL.L |
| Total | GLE,EIH | GHK,MKJ | M.I | EMF,MMJ | EKL,FFJ | L.G |
| Fleet Management business unit | ||||||
| Fleet management revenue | EG,EIL | EE,EGL | EL.E | K,GLG | I,IMM | GE.M |
| Sales revenue | E,KID | HEI | >EDD | E,FDH | EMD | >EDD |
| Total | EH,MDM | EE,IIG | FM.D | L,ILL | I,KMD | HL.G |
| Group total | GMJ,DJG | GIM,IFM | ED.F | FDE,ILH | ELH,DEI | M.I |
Leasing revenue (finance rate), other revenue from leasing business and Fleet Management revenue are together referred to as "operating revenue". In the reporting period, operating revenue increased by 27.1% to EUR 272.6 million (H1 2024: EUR 214.5 million). This is mainly due to the growing leasing contract portfolio in Captive Leasing operating segment.
| HE | HE | Change | |
|---|---|---|---|
| in EUR thou. | FDFI | FDFH | in % |
| Selling expensesE | EDI,KFE | EFH,FEI | –EH.M |
| Repair, maintenance and reconditioning | FL,EFG | FL,IKI | –E.J |
| Vehicle licenses | M,IFH | L,LKI | K.G |
| Insurance | H,KJE | G,DFF | IK.I |
| Vehicle return expenses | F,DJH | E,KKF | EJ.I |
| Transportation | E,GGJ | E,KJD | –FH.E |
| Fuel | EEJ | FHF | –IE.M |
| External rent expenses | EDM | FGJ | –IG.J |
| Taxes and dues | KG | EM | >EDD |
| Radio license fees | –H | –H | D.L |
| Other expenses | J,DLH | I,FLK | EI.E |
| Group total | EIK,MDK | EKH,DDD | –M.F |
1 Including impairment losses on leased assets held for sale of EUR 1,955 thousand (H1 2024: Impairment losses EUR 212 thousand)
Expenses in connection with the sale of leased assets remained at the previous year's level due to the unchanged sales volume in the marketing of lease returns and customer vehicles. In contrast, usage-related expenses in connection with existing leased vehicles increased, with expenses for repairs, maintenance and reconditioning as well as vehicle registrations rising in particular. As a result, total expenses for the fleet and leased assets were slightly above the previous year's level.
Other operating expenses are broken down as follows:
| Group total | EH,KKE | EE,MGD | FG.L |
|---|---|---|---|
| Miscellaneous expenses | F,IDE | F,DFD | FG.L |
| Expenses for foreign currency translation | EEF | IID | –KM.I |
| Other selling and marketing expenses | MFL | KDI | GE.K |
| Expenses for buildings | MFE | KIJ | FE.L |
| Other personnel services | E,EGH | E,GDG | –EF.M |
| Audit, legal, advisory costs, and investor relations expenses | F,KIK | E,MJF | HD.I |
| IT expenses | J,HEJ | H,KLM | GH.D |
| in EUR thou. | FDFI | FDFH | in % |
| HE | HE | Change |
Other operating expenses increased primarily due to a significant rise in IT expenses and auditing, legal, and consulting costs. The increase in IT expenses is related to the relocation of the Allane Mobility Group and the associated modernization and furnishing of the office space. Audit costs rose mainly due to increased auditor fees for the 2024 annual financial statements.
Depreciation and amortization expenses are explained in more detail below:
| HE | HE | Change | |
|---|---|---|---|
| in EUR thou. | FDFI | FDFH | in % |
| Lease assets | EIF,HDL | EHK,EJM | G.J |
| Property and equipment | F,KDG | F,KIK | –F.D |
| Intangible assets | G,LDM | G,IJD | K.D |
| Group total | EIL,MFE | EIG,HLJ | G.I |
The depreciation of leased assets was above the previous year's level at EUR 152.4 million (H1 2024: EUR 113.7 million). This increase is mainly attributable to the significantly higher average lease assets compared with the previous year and the associated higher scheduled depreciation. Depreciation on lease assets includes scheduled depreciation of EUR 159.0 million (H1 2024: EUR 1.3 million) and unscheduled depreciation of EUR -6.7 million (H1 2024: EUR 33.6 million). This positive effect of the extraordinary depreciation is mainly attributable to the Captive Leasing operating segment.
At EUR 2.7 million (H1 2024: EUR 2.8 million), depreciation and amortization of property, plant and equipment remained nearly unchanged.
The slight increase in amortization of intangible assets is due to an increase in scheduled amortization on self-developed software.
Net finance costs are broken down as follows:
| HE | HE | |
|---|---|---|
| in EUR thou. | FDFI | FDFH |
| Other interest and similar income | KHD | FJI |
| Other interest and similar income from related parties | IG | GL |
| Interest and similar expenses | –EK,JGK | –K,HJE |
| Interest and similar expenses for related parties | –EH,LDF | –EE,IJI |
| Other net financial result | E | –E |
| Group total | –GE,JHI | –EL,KFH |
Interest and similar expenses include interest expenditure from lease liabilities of the Allane Mobility Group as a lessee to the amount of EUR 0.4 million (H1 2024: EUR 0.3 million). The slight increase in interest expenses is due to the constant interest rate level for borrowings, especially in the context of the ABS Program.
The income tax expense comprises current income taxes amounting to EUR 1.9 million (H1 2024: EUR 1.5 million) as well as deferred taxes of EUR –0.1 million (H1 2024: EUR –7.7 million). Based on consolidated earnings before taxes (EBT), the Group's tax rate in the reporting period is 34.8% (H1 2024: 24.9%).
| HE | HE | ||
|---|---|---|---|
| FDFI | FDFH | ||
| Consolidated profit | in EUR thou. | G,GJE | –EL,HHJ |
| Profit attributable to shareholders of Allane SE | in EUR thou. | G,GJE | –EL,HHJ |
| Weighted average number of shares | FD,JEE,IMG | FD,JEE,IMG | |
| Earnings per share – undiluted and diluted | in EUR | D.EJ | –D.LM |
The weighted average number of shares is calculated based on the proportional number of shares per month, eventually adjusted by the respective number of treasury shares. Earnings per share are calculated by dividing the consolidated profit attributable to Group's shareholders through the weighted average number of ordinary shares outstanding. Financial instruments, that could lead to a dilutive effect, do not exist at the reporting date.
Property and equipment
Property and equipment can be broken down as follows:
| in EUR thou. | GD.DJ.FDFI | GE.EF.FDFH |
|---|---|---|
| Right of use assets | GD,DDJ | GE,GEE |
| Operating and office equipment | J,EIF | I,LEH |
| Payments on account of property and equipment | E,LGG | E,LGG |
| Group total | GK,MME | GL,MIL |
Lease assets increased by EUR 218.4 million to EUR 2,332.8 million (31 December 2024: EUR 2,114.4 million). In addition to the growing contract portfolio in the Captive Leasing operating segment, the increase in leasing assets is also due to higher acquisition costs of lease assets.
Other receivables and assets
Other receivables and assets can be broken down as follows:
| in EUR thou. | GD Jun. FDFI | GE Dec. FDFH |
|---|---|---|
| Financial other receivables and assets | ||
| Finance lease receivables | I,DJH | J,IIM |
| Interest rate swap | EEL | JDE |
| Miscellaneous assets | EL,FJF | M,EKI |
| Non-financial other receivables and assets | ||
| Other tax receivables | EI,LJK | EL,HMK |
| Insurance claims | ED,LHE | ED,FME |
| Deferred expense | I,FEF | H,JLF |
| Group total | II,GJH | HM,LDI |
| thereof current | IE,HIE | HG,MLD |
| thereof non-current | G,MEG | I,LFI |
The subscribed capital of Allane SE as of 30 June 2025 remained unchanged at EUR 20,611,593, divided into 20,611,593 ordinary bearer shares (31 December 2024: EUR 20,611,593). The shares are no-par value shares with a nominal value of EUR 1.00 per share. At the Annual General Meeting on 31 July 2025, it was resolved not to pay a dividend for the 2024 financial year.
In accordance with section 4 (4) of the Articles of Association, by resolution of the Annual General Meeting of 1 June 2016, the Company's share capital is conditionally increased by up to a total of EUR 4,122,318.00 (Conditional Capital 2016). The Conditional Capital 2016 serves the purpose of granting shares to the holders and/or creditors of convertible bonds as well as the holders of option rights from option bonds. Further details follow from the aforementioned article of the Articles of Association.
The financial liabilities are broken down as follows:
| Residual term of more than I | ||||||
|---|---|---|---|---|---|---|
| Residual term of up to E year | Residual term of E to I years | years | ||||
| GD Jun.FDFI | GE Dec. FDFH | GD Jun. FDFI | GE Dec. FDFH | GD Jun. FDFI | GE Dec.FDFH | |
| HKF,KII | GDE,LGH | E,JMM,JHF | E,JFI,LLG | - | - | |
| F,HHH | F,KJK | M,GDL | M,GMJ | EM,MJD | FD,KDG | |
| EJ,IJD | EF,FHJ | - | - | - | - | |
| HME,KIM | GEJ,LHJ | E,KDL,MID | E,JGI,FKM | EM,MJD | FD,KDG | |
Refinancing was obtained in particular through credit lines from Santander Consumer Bank AG and an ABS program.
Other liabilities are broken down as follows:
| Other liabilities | ||
|---|---|---|
| in EUR thou. | GD Jun. FDFI | GE Dec. FDFH |
| Financial other liabilities | ||
| Interest rate swap | EE,DJJ | L,JKD |
| Miscellaneous liabilities | GM,DGM | FE,HMM |
| Non-financial other liabilities | ||
| Deferred income | LD,JHH | LE,DFG |
| Tax liabilities | LLH | JKE |
| Payroll liabilities | GDM | GDI |
| Group total | EGE,MHF | EEF,EJL |
| thereof current | KL,IGJ | IL,JDD |
| thereof non-current | IG,HDJ | IG,IJL |
The deferred income mainly includes deferred income from advance lease payments from lessees. The deferred income from special lease payments is current in the amount of EUR 38.3 million (31 December 2024: EUR 36.6 million) with a remaining term of up to one year and non-current in the amount of EUR 40.2 million (31 December 2023: EUR 42.8 million) with a remaining term of one to five years.
The following table shows the carrying amounts and fair values of the individual financial assets and liabilities for each individual category of financial instruments. The fair values of financial assets and liabilities that are not regularly measured at fair value but for which the fair value is to be disclosed are assigned to the measurement levels of the fair value hierarchy according to IFRS 13 in the following table.
Carrying amounts and fair values by measurement category in accordance with IFRS 9:
| IFRS M measurement categoryE |
Measurement basis for fair value |
Carrying amount | Fair value | ||||
|---|---|---|---|---|---|---|---|
| in EUR thou. | GD Jun. FDFI | GE Dec. FDFH | GD Jun. FDFI | GE Dec. FDFH | |||
| Non-current assets | |||||||
| Financial assets | FVTPL | Level G | FM | FL | FM | FL | |
| Finance lease receivables | IFRS EJ | G,JLI | I,EEI | G,KGL | I,ELE | ||
| Interest rate derivatives | FVTPL | Level F | EEL | JDE | EEL | JDE | |
| Other receivables | AC | EED | EDM | EED | EDM | ||
| Total | G,MHF | I,LIG | G,MMI | I,MEM | |||
| Current assets | |||||||
| Finance lease receivables | IFRS EJ | E,GKM | E,HHH | E,GMF | E,HIK | ||
| Trade receivables | AC | EEI,LJJ | EDI,ELF | EEI,LJJ | EDI,ELF | ||
| Receivables from related parties | AC | HK,FIH | JD,JKI | HK,FIH | JD,JKI | ||
| Currency derivatives | FVTPL | Level F | FIL | HDE | FIL | HDE | |
| Other receivables | AC | EK,LMG | L,JJI | EK,LMG | L,JJI | ||
| Total | ELF,JID | EKJ,GJK | ELF,JJH | EKJ,GLE | |||
| Non-current liabilities | |||||||
| Liabilities to banks | AC | E,JMM,JHF | E,JFI,LLG | E,JLJ,EGD | E,JDK,FLL | ||
| Lease liabilities | IFRS EJ | FM,FJL | GD,DMM | FM,FJL | GD,DMM | ||
| Currency derivatives | FVTPL | Level F | E,ELK | E,EII | E,ELK | E,EII | |
| Interest rate derivatives | FVTPL | Level F | EE,DJJ | L,JKD | EE,DJJ | L,JKD | |
| Other financial liabilities | AC | HJE | IDD | HJE | IDD | ||
| Total | E,KHE,JFH | E,JJJ,GDJ | E,KFL,EEG | E,JHK,KEF | |||
| Current liabilities | |||||||
| Liabilities to banks | AC | HKF,KII | GDE,LGH | HMK,HMH | GFH,LLL | ||
| Lease liabilities | IFRS EJ | F,HHH | F,KJK | F,HHH | F,KJK | ||
| Liabilities to related parties | AC | EF,GFI | EE,DIG | EF,GFI | EE,DIG | ||
| Currency derivatives | FVTPL | Level F | EDE | - | EDE | - | |
| Other financial liabilities | AC | EJ,IJD | EF,FHJ | EJ,IJD | EF,FHJ | ||
| Trade payables | AC | KE,DEL | EDF,FMJ | KE,DEL | EDF,FMJ | ||
| Other financial liabilities | AC | KK,FHF | IK,JFI | KK,FHF | IK,JFI | ||
| Total | JIF,HHI | HLK,LFD | JKK,ELH | IED,LKH |
1 FVTPL - Fair value through profit or loss, AC - At amortized cost In the table above, financial instruments are classified into three levels depending on the measurement basis. Level 1 measurements are based on prices quoted in active markets. Level 2 measurements are based on parameters other than quoted prices that are observable either directly as prices or are indirectly derived from prices. Level 3 measurements are based on models that use parameters that are not based on observable market data, but rather on assumptions. This applies in particular to the accounting treatment of financial assets that are not actively traded. These assets are measured on the basis of the financial information available on the balance sheet date.
Due to factors that change in the course of time, the reported fair values can only be regarded as indicative of the values actually realisable on the market. The fair values of the financial instruments were calculated based on the market data available at the balance sheet date and methods and assumptions described below.
For all current financial instruments, it was assumed that the carrying amount (amortized cost) is a reasonable approximation of fair value, unless not specified otherwise in the table. The fair values of the finance lease receivables reported as non-current assets and the borrower's note loans, bonds and liabilities to banks were calculated as the present values of the future expected cash flows. Standard market interest rates between 2.8% p.a. and 3.5% p.a. (2024 financial year: between 3.8% p.a. and 4.7% p.a.) were used for discounting based on the respective maturities.
Finance lease receivables and lease liabilities are measured in accordance with IFRS 16. Financial assets whose cash flows comprise repayments and interest are allocated to the 'AC' ('At Amortized Cost') category and are measured at amortized cost.
The fair value of interest rate derivatives is determined by discounting the expected future cash flow over the remaining term of the contract using the current yield curves. The fair value of currency derivatives is determined on the basis of valuations of current market parameters of external financial service providers.
The change in the carrying amounts and fair values of Level 3 valuations of financial assets results from valuation effects in the period. Financial assets consist of investments and are valued on the basis of the net asset value. The result recognized in profit or loss resulted from the fair value measurement amounts to EUR 1 thousand (31 December 2024: EUR - 1 thousand).
Regrouping within the levels of the evaluation hierarchies did not take place in the reporting period.
Trade receivables consist of lease instalments due immediately or in the short term (operate lease) and receivables due immediately or in the short term from full service, fleet management and vehicle sales. Furthermore, to a significant lower extent, finance lease receivables exist, which are substantially current receivables as well. The Allane Mobility Group expects that any payment difficulties and defaults due to the weak overall economy will only become noticeable, if at all, in the medium to long term. Due to the short-term nature of the receivables portfolio, these scenarios have no significant impact when determining the expected credit loss. As part of its early warning, monitoring and control measures, Allane SE has not yet identified any significant direct impact of the weak economy on the receivables portfolio. The partners' receivables are monitored on an ongoing basis. If necessary, measures are initiated at short notice to identify non-impaired receivables at an early stage and to adjust or derecognize these receivables accordingly. A credit assessment process is in place for new business in the future.
The Allane Mobility Group operates in its two business units Leasing and Fleet Management. The leasing business unit is divided into the operating segments of Fleet Leasing, Online Retail, and Captive Leasing. The Fleet Management conducts its operational business in the corresponding operating segment called Fleet Management. The revenues from these operating segments excluding vehicle sales revenues are collectively referred to as "operating revenue".
The segment information for the first six months of 2025 compared with the same period in 2024 is as follows:
| Captive Leasing | |||||
|---|---|---|---|---|---|
| HE FDFI | HE FDFH | HE FDFI | HE FDFH | HE FDFI | HE FDFH |
| EDH,D | EFJ,F | EJI,K | EKD,M | EEE,I | ID,M |
| - | - | D.E | D.E | - | - |
| EDH.D | EFJ.F | EJI.K | EKD.M | EEE.I | ID.M |
| IE.M | KF.H | KI.E | LK.D | FG.G | L.J |
| HD.L | HE.I | KI.L | JM.F | KI.E | GH.G |
| FL.H | GJ.H | IH.D | IG.J | KJ.H | JG.H |
| EF.H | I.E | FE.L | EI.J | –E.G | –FM.E |
| –M.D | –J.D | –ED.F | –J.K | –EF.G | –J.D |
| G.I | –D.M | EE.J | L.M | –EG.J | –GI.E |
| IEE.H | IDM.L | JII.I | ILD.J | E,EJI.M | JJK.I |
| Online Retail | Fleet Leasing |
| By Operating Segments | Fleet Management | Consolidation | Group | ||||
|---|---|---|---|---|---|---|---|
| in EUR million | HE FDFI | HE FDFH | HE FDFI | HE FDFH | HE FDFI | HE FDFH | |
| External revenue | EH.M | EE.J | - | - | GMJ.E | GIM.I | |
| Internal revenue | - | D.D | –D.E | –D.E | - | - | |
| Total revenue | EH.M | EE.J | D.E | D.E | GMJ.E | GIM.I | |
| Fleet expenses and cost of lease assets | K.K | J.D | –D.E | –D.E | EIK.M | EKH.D | |
| EBITDAE | G.M | F.J | D.D | –D.D | EMI.K | EHK.K | |
| Depreciation and amortisation | D.E | D.E | - | - | EIL.M | EIG.I | |
| EBITF | G.L | F.I | D.D | –D.D | GJ.L | –I.L | |
| Net finance costs | –D.E | –D.D | –D.D | D.D | –GE.J | –EL.K | |
| EBTG | G.K | F.H | –D.D | D.D | I.F | –FH.J | |
| Lease assets | - | - | - | - | F,GGF.L | E,KIL.D |
1 Corresponds to earnings before interest, taxes, depreciation and amortisation (EBITDA)
2 Corresponds to earnings before interest and taxes (EBIT).
3 Corresponds to earnings before taxes (EBT).
| By region | Germany | International | Consolidation | Group | ||||
|---|---|---|---|---|---|---|---|---|
| in EUR million | HE FDFI | HE FDFH | HE FDFI | HE FDFH | HE FDFI | HE FDFH | HE FDFI | HE FDFH |
| Total revenue | GIL.I | GFG.I | GK.J | GJ.D | - | - | GMJ.E | GIM.I |
| Leasingvermögen | F,EMF.I | E.JGE.G | EHD.G | EFJ.J | - | - | F,GGF.L | E,KIL.D |
There have been no material changes in the nature and amount of Allane Mobility Group's transactions with related parties as of 30 June 2025 compared to those reported as of 31 December 2024, except the following described. For further details please refer to the consolidated financial statements of Allane SE as of 31 December 2024 in the Annual Report 2024 (Notes to the consolidated financial statements "5.4 Related party disclosures").
Allane SE entered into a credit facility agreement with Santander Consumer Bank AG. Of this credit facility, loans in the amount of EUR 960.0 million had been drawn as of 30 June 2025 (31 December 2024: EUR 900.0 million). The loans have a term of up to five years.
During the first six months of 2025, expenses from interest and commitment fees from Santander Consumer Bank AG were recognised in the amount of EUR 14.7 million (31 December 2024: EUR 26.1 million).
On 5 June 2025, Allane SE concluded a loan agreement with its majority shareholder, Hyundai Capital Bank Europe GmbH, for a subordinated shareholder loan in the amount of EUR 26 million. The loan funds were disbursed on 6 June 2025. The loan serves to strengthen risk-bearing capacity in accordance with the requirements of Allane SE's internal capital adequacy assessment process (ICAAP) as a regulated financial services institution. Repayment of the loan (including any interest payments) is fully linked to a minimum risk coverage ratio of 100% in accordance with the company's current ICAAP report. Repayment or interest payments are excluded if this condition is not met. Accordingly, the loan is contractually subordinated to all other liabilities of Allane SE.
In the first half of 2025, interest expenses of EUR 0.1 million were recognised in relation to Hyundai Capital Bank Europe GmbH.
The business relationships described were conducted on market terms.
There were no other significant events of particular significance for the net assets, financial position and results of operations of the Group and the Company after the end of the second financial quarter of 2025.
Responsibility statement in accordance with section 115 (2) of the Wertpapierhandelsgesetz (WpHG – German Securities Trading Act) in conjunction with section 264 (2) and section 289 (1) of the Handelsgesetzbuch (HGB – German Commercial Code)
"To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year."
Garching near Munich, 28 August 2025
Allane SE The Management Board
Allane SE Parkring 33 85748 Garching bei München | Deutschland
E-Mail [email protected] Phone +49 89 7080 816 10 Online ir.allane-mobility-group.com
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