Allane : Q1 statement / Q1 financial report 2024

Group Quarterly

Statement

Q1 2024

1. Business report

1.1 Change in revenue recognition with regard to full services and vehicle brokerage

Since 31 December 2023, the components "Fuel", "Vehicle tax and radio licence fees" and "Replacement vehicles" in the Leasing business unit and the components "Fuel", "Claims management", "Maintenance and wear and tear", "Tyres", "Vehicle tax and radio licence fees", "Replacement vehicles" and "Logistics" in the Fleet Management business unit, which were previously recognized as principal (gross basis) in the income statement, have been recognized as agent (net basis). In addition, brokerage income in the Fleet Management segment, which was recognized as principal (gross basis) in the previous year, has been recognized as agent (net basis) since 31 December 2023.

The previous year's figures for operating revenue, brokerage income and expenses for vehicle fleets and leased assets have been adjusted in this quarterly statement from revenue recognition as principal (gross basis) to revenue recognition as agent (net basis).

The adjusted prior-year figures were marked separately in the quarterly statement as at 31 March 2024 (*).

For further information, please refer to item 3.1 Income statement in the notes to the consolidated financial statements of the 2023 annual report published on 30 April 2024.

1.2 Group business performance

The Group contract portfolio in Germany and abroad amounted to 125,100 contracts as at 31 March 2024, down 0.6% on the figure as at 31 December 2023 (125,800 contracts).

In the first three months of 2024, Group sales increased by 16.0% to EUR 175.5 million compared to the same period of the previous year (Q1 2023: EUR 151.3 million*). Consolidated operating revenue, which die does not include revenue from vehicle sales, increased by 32.4% to EUR 103.8 million (Q1 2023: EUR 78.4 million*). This development is due to the increase in leasing income (finance rate) - particularly in the Retail Leasing segment. Sales revenue from the sale of lease returns and the brokerage and marketing of customerfrom Fleet Management fell by 1.6% to EUR 71.7 million (Q1 2023: EUR 72.9 million*). This was mainly due to a decline in sales prices.

Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 40.9% to EUR 70.7 million in the first three months compared to the same period of the previous year (Q1 2023: EUR 50.2 million). Earnings before taxes (EBT) decreased to EUR -4.8 million in the same period (Q1 2023: EUR 4.4 million). As a result, the operating return on sales (EBT/operating sales) amounted to -4.6% (Q1 2023: 5.7%*).

The decline in EBT in the first three months of 2024 is due to an increase in expenses for depreciation of leased assets. This negative effect is mainly the result of a high security provision for residual value risks of leased assets, which was recognized in the first quarter. Higher refinancing interest rates also had a negative impact on EBT.

Allane Mobility Group

in EUR million

Group sales

Thereof operating revenue

Thereof sales revenue

Earnings before interest, taxes, depreciation and amortization (EBITDA)

Earnings before taxes (EBT)

Operating return on sales (%)

* Adjusted; see "1.1 Change in revenue recognition regarding full services and vehicle brokerage"

Q1		Q1
2024		2023
175,5		151,3*
103,8	78,4*
71,7		72,9*
70,7		50,2
-4,8		4,4
-4,6	5,7*

Change in %

16,0

32,4

-1,6

41,0

-208,6

-10.3 points

Group Quarterly Statement as of 31 March 2024

page 1

1.3 Leasing business unit

In the Leasing business unit, which comprises the Retail Leasing (Online Retail and Captive Leasing) and Fleet Leasing business areas, the contract portfolio amounted to 77,600 contracts at the end of the first quarter of 2024. This corresponds to an nincrease of mainly due to the new contracts in the captive leasing segment.

Key figures for the Leasing business unit

in EUR million

Total revenue

Thereof leasing revenue (finance rate)

Thereof other revenue from leasing business

Thereof sales reveneue

Earnings before interest, taxes, depreciation and amortization (EBITDA)

Earnings before taxes (EBT)

Operating return on sales (%)

* Adjusted; see "1.1 Change in revenue recognition regarding full services and vehicle brokerage"

	Q1	Q1
	2024		2023
	169,8		146,1*
	68,3		48,8
	30,0		24,6*
	71,5		72,7
	69,4		49,9
	-6,1		4,2
	-6,2		5,7*

Change in %

16,2

40,0

21,9

-1,7

39,1

>-100,0

-11.9 points

Earnings before taxes (EBT) in the Leasing business unit were impacted both by increased depreciation on leased assets due to the risk provision for residual value risks of leased assets recognized in the first quarter and by an increase in refinancing costs as a result of higher interest expenses.

1.4 Fleet Management business unit

At 47,600 contracts, the number of contracts in the Fleet Management business unit at the end of the first quarter of 2024 was 1.9% below the previous year's figure (31 December 2023: 48,500). This decline is mainly due to expired and non-renewed fleet management contracts.

Key figures for the Fleet Management business unit

in EUR million

Total revenue

Thereof fleet management revenue

Thereof sales revenue

Earnings before interest, taxes, depreciation and amortization (EBITDA)

Earnings before taxes (EBT)

Operating return on sales (%)

* Adjusted; see "1.1 Change in revenue recognition regarding full services and vehicle brokerage"

Q1

2024

5,8

5,5

0,2

1,3

1,3

23,3

Q1	Change
2023		in %
5,1*		12,2
5,0*		10,8
0,1*		60,6
0,3		>100.0
0,2		>100.0
4,8*		+18.5 points

The increase in earnings before taxes (EBT) in the Fleet Management business unit is due in particular to the reversal of provisions for legal and consulting costs.

1.5 Financial position

Equity development

The equity of the Allane Mobility Group amounted to EUR 234.5 million as at 31 March 2024. This corresponds to a decrease of EUR

3.7 million or 1.5% compared to the previous year (31 December 2023: EUR 238.2 million). The equity ratio fell by 1.3 percentage points to 13.0% (31 December 2023: 14.2%) The increase in total assets is primarily the result of an increase in leased assets compared to 31 December 2023, which is mainly financed by borrowed capital.

Group Quarterly Statement as of 31 March 2024

page 2

Development of debt capital

As at 31 March 2024, the Allane Mobility Group reported non-current liabilities and provisions of EUR 1,151.5 million (31 December 2023: EUR 993.5 million; +15.9%). The increase of EUR 158.0 million resulted in particular from an increase in non-current financial liabilities of EUR 157.4 million to EUR 1,078.1 million (31 December 2023: EUR 920.7 million; +17.1%).This was mainly due to the raising of EUR 128.1 million as part of the asset-backed securities program ("ABS program") and the raising of a long-term loan from Santander Consumer Bank AG in the amount of EUR 30.0 million.

Current liabilities and provisions amounted to EUR 419.2 million as at 31 March 2024 (31 December 2023: EUR 441.6 million). The decrease of EUR 22.3 million or 5.1% was due in particular to the decline in current from the decrease in current financial liabilities, which fell by 26,8 million euros to 229,4 million euros (31 December 2023: 256,2 million euros). This is mainly due to the repayment of loans to third parties. In addition, trade payables decreased by 2.1 million euros or 1.8% to 114.2 million euros (31 December 2023:

116.3 million euros). In contrast, other liabilities increased by 1.5 million euros to 41.9 million euros (31 December 2023: 40.4 million euros).

1.6 Investments

In the first three months of 2024, the Allane Mobility Group contributed vehicles with a total value of 263.9 million EUR (Q1 2023: 116,5 million euros; +126,4 %). This is mainly due to a sharp increase in the order volume compared to the same quarter of the previous year as a result of new partnerships in the Captive Leasing business unit.

2. Events subsequent to the reporting date

No events of particular significance for the net assets, financial position and results of operations of the Group and the company occurred after the end of the first quarter of the 2024 financial year.

3. Special events

With regard to macroeconomic developments and the negative impact of high interest rates and residual value risk, please refer to the risk report in the management report of the 2023 annual report, which was published on 30 April 2024. However, it should be noted that it is still virtually impossible to reliably estimate the full and lasting economic impact on future development and that estimates and discretionary decisions are therefore still subject to increased uncertainty.

4. Report on outlook

The Managing Board confirms the forecast for the 2024 financial year published on 30 April 2024 and accordingly expects a contract portfolio in the range of 130,000 to 150,000 contracts (2023: 125,800 contracts) and consolidated operating sales of EUR 350 to 400 million (2023: EUR 342.7 million*). The Managing Board expects EBT to be in the high single-digit million euro range (2023: EUR 12.6 million).

This forecast is based on the expectation that the number of new registrations will increase slightly in 2024 and that the inflation rate will decrease. In addition, the above-mentioned financial targets also take into account current interest rate trends. In the event of significant fluctuations in interest rates, the Allane Mobility Group plans to adjust the offer prices in order to ensure the attractiveness and competitiveness of the offers and thus also the profitability of the company in the long term. Overall, the 2024 financial year will also be subject to major uncertainties. The potential residual value risks could continue to have a negative impact on the 2024 financial year. In addition, the weak overall economy is causing uncertainty on the demand side for passenger cars.

The Allane Mobility Group assumes that the market will continue to be negatively impacted by the factors mentioned above. However, the company expects new contracts to develop positively as a result of additional collaborations in the Leasing business unit, particularly in the Captive Leasing business pillar.

Group Quarterly Statement as of 31 March 2024

page 3

Group Quarterly Statement as of 31 March 2024

page 4

5. Financial information of the Allane Mobility Group as at 31 March 2024

5.1 Consolidated income statement and statement of comprehensive income

Income statement

in TEUR

Revenue

Other operating income

Expenses for vehicle fleet and leased assets

Personnel expenses

Net losses from the derecognition of financial assets

Net impairment losses (-)/income (+) from financial assets

Other operating expenses

Earnings before interest, taxes, depreciation and amortization (EBITDA)

Depreciation and amortization

Result from operating activities (EBIT)

Financial result

Earnings before taxes (EBT)

Income taxes

Consolidated net income

Of which shares of the shareholders of Allane SE

Earnings per share - basic and diluted (euros)

* Adjusted; see "1.1 Change in revenue recognition regarding full services and vehicle brokerage"

Statement of comprehensive income

in TEUR

Consolidated net income

Other comprehensive income (not recognized in income statement)

Of which components that may be recognized in profit or loss in the future

Currency conversions

Change in derivative financial instruments in a hedging relationship

Deferred taxes thereon

Overall result

Thereof minority interests

Of which shares of the shareholders of Allane SE

Q1		Q1
2024		2023
175.513	151.261*
1.840		2.116
85.905		81.073*
14.629		13.582
433	561

208-427

5.8537.538

70.742		50.195
66.941	43.362
3.801		6.834
-8.623		-2.393
-4.822	4.440
-1.150		1.597
-3.672	2.843
-3.672		2.843
-0,18		0,14

Q1		Q1
2024		2023
-3.672		2.843
4	-1.472
-722		-167
931	-1.673
-205		368
-3.668	1.372
726		-1.305
-4.394	2.677

Group Quarterly Statement as of 31 March 2024

page 5

5.2 Consolidated balance sheet

Assets

in TEUR

Non-current assets

Goodwill

Intangible assets

Property and equipment

Leased assets

Financial assets

Other receivables and assets

Deferred tax assets

Total non-current assets

Current assets

Inventories

Trade receivables

Receivables from related parties

Other receivables and assets

Income tax receivables

Bank balances

Total current assets

Balance sheet total

Liabilities

	31 Mar 2024			31 Dec 2023
	4.134		4.134
	20.566		20.595
	36.248		37.204
	1.545.955		1.406.444
	28		28
	5.064		3.959
	725		730
	1.612.720	1.473.094
	41.490		44.451
	101.781		98.396
	6.196		4.204
	36.523		47.774
	184		204
	6.369		5.187
	192.543	200.215
	1.805.263	1.673.309

in TEUR

Equity

Subscribed capital

Capital reserve

Other equity

Minority interests

Total equity

Non-current liabilities and provisions

Pension provisions

Other provisions

Financial liabilities

Liabilities to related parties

Other liabilities

Deferred tax liabilities

Total non-current liabilities and provisions

Current liabilities and provisions

Other provisions

Income tax liabilities

Financial liabilities

Trade payables

Liabilities to affiliated companies

Contract liabilities

Other liabilities

Total current liabilities and provisions

Balance sheet total

31 Mar 2024

20.612

135.045

75.851

3.013

234.521

134

226

1.078.107

42.349

30.682

1.151.498

4.177

4.049

229.411

114.236

3.550

21.945

41.876

419.244

1.805.263

31 Dec 2023

20.612

135.045

80.245

2.287

238.189

142

226

920.709

40.063

32.397

993.536

3.812

4.055

256.219

116.301

56

20.784

40.356

441.584

1.673.309

Group Quarterly Statement as of 31 March 2024

page 6

5.3 Consolidated cash flow statement

Consolidated cash flow statement

in TEUR

Operating activities

Consolidated net income

Income taxes recognized in profit or loss

Income taxes received

Income taxes paid

Financial result recognized in profit or loss1

Interest received

Interest paid

Depreciation and amortization

Result from the disposal of fixed assets

Other (non-)cash expenses and income

Gross cash flow

Income from the disposal of leased assets

thereof leased assets

thereof property, plant and equipment

Expenditure for investments in leased assets

Change in inventories

Change in trade receivables

Change in trade payables

Change in other net assets

Cash outflow from operating activities

Investment activity

Expenditure on investments in intangible assets and property, plant and equipment

Cash outflow from investing activities

Financing activities

Dividend payment

Proceeds from bank loans (incl. ABS transaction)2

Payments for redemption of bank loans (incl. ABS transaction)3

Payments for/proceeds from current financial liabilities4, 5, 6

Cash inflow from financing activities

Cash-effective change in cash and cash equivalents

Exchange rate-related change in cash and cash equivalents

Cash and cash equivalents on January 1

Cash and cash equivalents as at March 31

Q1		Q1
2024	2023
-3.672		2.843
768		1.430
-		-
-754	-1.875
8.623		2.393
100		1.624
-5.134		-2.088
66.941	43.362
-9.648		-11.404
-1.265		-562
55.959	35.722
68.980		70.526
68.536		70.380
445		146
-263.864	-116.538
2.961		2.350
-3.384		12.096
-2.065		-8.575
17.748	164
-123.665		-4.255
-2.287	-2.263
-2.287		-2.263
-		-
350.864		70.000
-151.046	-52.985
-72.667		6.500
127.151		23.515
1.200	16.997
-17		-24
5.187		5.168
6.369		22.139

1. Without investment income
2. Proceeds from bank loans (incl. ABS transaction) include proceeds from the financing of affiliated companies in the amount of EUR 70,000 thousand (Q1 2023: EUR 70,000 thousand).
3. Payments for the repayment of bonds, promissory note loans and bank loans (incl. ABS transaction) include payments for the repayment of financing for affiliated companies in the amount of EUR 0 thousand (Q1 2023: EUR 20,000 thousand).
4. This includes proceeds from the borrowing of financing from affiliated companies in the amount of EUR 0 thousand (Q1 2023: EUR 30,000 thousand) and payments
   from the repayment of financing from affiliated companies in the amount of EUR 0 thousand (Q1 2023: EUR 20 thousand).
5. Short-termfinancing with terms of up to three months and a high turnover rate.

.

Group Quarterly Statement as of 31 March 2024

page 7

5.4 Supplementary financial information

Sales revenue

Sales are broken down as follows:

Revenue

in TEUR

Leasing business unit

Thereof leasing income (finance rate)

Thereof other revenue from leasing business

Thereof sales revenue

Total

Fleet Management business unit

Thereof fleet management revenue

Thereof sales revenue

Total

Total Group

* Adjusted; see "1.1 Change in revenue recognition regarding full services and vehicle brokerage"

Expenses for vehicle fleet and leased assets

The expenses for the vehicle fleet and leased assets are broken down as follows:

Fleet expenses and cost of lease assets

in TEUR

Selling expenes1

Repairs, maintenance, care, reconditioning

Fuels

Vehicle licenses and deregistrations

External rent expenses

Insurance

Taxes and dues

Vehicle return expenses

Transportation

Radio license fees

Other expenses

Total Group

1 This includes impairment losses on leased assets held for sale.

* Adjusted; see "1.1 Change in revenue recognition regarding full services and vehicle brokerage"

Depreciation and amortization

Depreciation and amortization are explained in more detail below:

Q1

2024

68.251

30.044

71.456

169.750

5.539

224

5.763

175.513

Q1

2024

61.917

14.444

101

3.806

204

1.566

39

818

895

-0

2.116

85.905

Q1

2023

48.758

24.649*

72.716

146.123*

4.998*

140*

5.138*

151.261*

Q1

2023

61.728*

13.815*

-207*

1.635

-67*

1.411

-215*

706

617*

2*

1.647

81.073*

Change in %

40,0

21,9

-1,7

16,2

10,8

60,6

12,2

16,0

Change in %

0,3

4,6

-148,9

>100

-403,2

10,9

-118,1

15,8

44,9

-111,8

28,5

6,0

Depreciation and amortization
		Q1		Q1
in TEUR		2024		2023
Leased assets		63.721	40.657
Property and equipment		1.401		1.297
Intangible assets		1.819		1.408
Total Group		66.941		43.362

Group Quarterly Statement as of 31 March 2024

Change in %

56,7

8,0

29,2

54,4

page 8

Other operating expenses

Other operating expenses break down as follows:

Other operating expenses

in TEUR

Expenses for buildings

Other sales and marketing expenses

Audit, legal and consulting costs

Other personnel services

IT expenses

Expenses for foreign currency translation

Other expenses

Total Group

Q1

2024

404

596

767

635

2.433

205

813

5.853

Q1

2023

280

1.385

655

921

2.816

578

903

7.538

Change in %

44,5

-57,0

17,1

-31,1

-13,6

-64,5

-10,0

-22,4

Financial result

The financial result is as follows:

Financial result

in TEUR

Other interest and similar income

Other interest and similar income from related parties

Interest and similar expenses

Interest and similar expenses to related parties1

Other net financial result

Total Group

Q1

2024

77

18

-3.016

-5.702

-

-8.623

Q1

2023

59

4

-480

-1.983

7

-2.393

Change in %

30,7

>100

>100

>100

-100,0

>100

1 Interest and similar expenses to related parties mainly include interest provisions for future interest payments from the loan obligations to Santander Consumer Bank AG.

Group Quarterly Statement as of 31 March 2024

page 9