Annual Results 2024: Mobilize Financial Services continues to grow

Sales Performance

• The number of financing contracts is stable (+0.6%) compared with 2023.
• The amount of new financings is up 2.4% compared with 2023 
• The penetration rate for electric vehicles is 45% in 2024, i.e. 2.9 points higher than the penetration rate for other types of engines
• The penetration rate, all engines combined, was 42.3%, down 1.1 point on 2023.
• In a growing market, Mobilize Lease&Co's portfolio of financing contracts is up 11% compared with 2023.
• Mobilize Financial Services sold 3.7 million service and insurance contracts in 2024, down 4.4% on 2023.

Financial Performance

• Net banking income (NBI) came to 2,180 million euros, up 11.2% on 2023. 
• Operating costs reached 1.30% of Average Performing Assets (APA)[2], an improvement of 8 basis points compared with 2023.
• The total cost of risk was 0.31% of APAs in 2024, compared with 0.30% in 2023.
• At the end of the year, net assets at end[3] amounted to 61 billion euros compared with 54.7 billion euros in 2023, an increase of 11.6%.
• Net deposits collected increased by 2.3 billion euros to 30.5 billion euros.
• Pre-tax income was 1,194 million euros, compared with 1,034 million euros at the end of December 2023.

Gianluca De Ficchy, Chairman of the Board of Directors of RCI Banque SA: “In a rapidly changing automotive and banking environment, Mobilize Financial Services continues to demonstrate its strength by delivering an excellent commercial and financial performance and making a significant contribution to Renault Group's results. In 2025, we will leverage synergies with the Group to accelerate the adoption of more sustainable mobility, while placing customer experience and satisfaction at the heart of our strategy. Together, we will continue to create value for all our stakeholders. “

Martin Thomas, Chief Executive Officer of Mobilize Financial Services: “In 2024, Mobilize Financial Services delivered remarkable growth and proved its resilience, with a 2.4% increase in financing amounts and an 11.2% rise in net banking income. As we start 2025, we are determined to support our customers in adopting a more sustainable form of mobility by offering products and services tailored to new uses. We will also continue our efforts to achieve operational excellence, through exemplary management of our costs and risks “.

Mobilize Financial Services will see the amount of new financings (excluding cards and personal loans) rise by 2.4% compared with 2023, to 21.5 billion euros, thanks to the growth in registrations by Renault Group, Nissan and Mitsubishi, the increase in average amounts financed and the acquisition of MeinAuto. Mobilize Financial Services financed 1,282,066 contracts in 2024, a stable volume compared with 2023 (+0.6%).

In an automotive market that grew slightly by 2.3%, volumes for Renault Group, Nissan and Mitsubishi brands reached 2.25 million vehicles in 2024, up 3.9%.

The penetration rate, all engines combined, will be 42.3% in 2024, down 1.1 points on 2023. The penetration rate for electric vehicles is 45%, 2.9 points higher than for other types of engines.

Mobilize Financial Services sold 3.7 million service and insurance contracts in 2024, down 4.4% on 2023.

Used vehicle financing was down 5.9% on 2023, with 310,747 loans financed.

Mobilize Financial Services is continuing to roll out operational leasing offers in partnership with its dealer network, via Mobilize Lease&Co. In a buoyant operational leasing market, Mobilize Lease&Co aims to expand its fleet to one million vehicles by 2030. Renault Group's full-service leasing offerings in Europe and Latin America are showing a very positive trend for 2024, with volumes up 11% on the previous year.

In 2024, Mobilize Financial Services achieved a record level of customer recommendation with a Net Promoter Score[4] of +59 in June 2024, up one point compared to November 2023, the date of the previous edition of this barometer. Mobilize Financial Services has also achieved a 79% satisfaction rate among its dealer customers, up 4 points compared with 2023, and a Net Promoter Score of +49 (+11 points compared with 2023).

At the end of 2024, net assets at end of business reached 61 billion euros compared with 54.7 billion euros at the end of 2023, an increase of 11.6% on the previous year. 

Net banking income (NBI) came to 2,180 million euros, up 11.2% on 2023. This increase is due to growth in outstandings, the non-recurrence of a negative impact on the valuation of swaps observed in 2023 and the acquisition of MeinAuto at the beginning of 2024. 

Services account for 34% of NBI, down 2.8 points on 2023. 

The deposit collection business was buoyant. The net savings collected increased by 2.3 billion euros to 30.5 billion euros, compared with 28.2 billion euros at the end of December 2023. 

Operating costs amount to 727 million euros, up 21 million euros on 2023. This increase is due to the inclusion of MeinAuto's operating costs in 2024. Operating expenses represent 1.30% of average performing assets (APA), an improvement of 8 basis points compared with 2023. 

The overall cost of risk is 0.31% of APAs, compared with 0.30% in 2023. 

Pre-tax income was therefore 1,194 million euros, compared with 1,034 million euros at the end of December 2023.

Mobilize Financial Services focuses on four priorities:

• Offers based on usage throughout the vehicle's life cycle to meet the changing mobility needs of professional and retail customers. Mobilize Financial Services is continuing to develop its loyalty-building operational leasing offers, with the aim of developing a pan-European range of offers for new and used vehicles.
• Insurance and services tailored to new mobility needs: new offers will be tested and deployed according to the value they bring to customers and to Renault Group, to cover new uses and the real needs of the market.
• The ongoing development of information systems: Mobilize Financial Services continues to invest in the transformation of its digital tools, in order to benefit from the latest technological standards and increased flexibility in the management of its activities. This development is being carried out with particular attention to the customer experience, in compliance with cybersecurity and data protection requirements.
• Operational excellence: the Group will take great care to improve its efficiency by simplifying and harmonising its processes, to the benefit of all its businesses.

In pursuing these focus areas, Mobilize Financial Services relies on two fundamental levers:

• Consolidate the management of its sustainable development strategy, in line with Renault Group's ESG approach. 
• Managing risks and ensuring compliance throughout the Group to protect its customers and its business.

[1] Except Equity Accounted Companies

[2] Average performing assets: APA corresponds to average performing assets plus assets related to operating leases. For customers, this is the average of month-end performing assets. For the dealer network, it is the average of daily performing assets.

[3] Net assets at-end = Total net outstandings at-end + operating leases transactions net of depreciation and impairement.

[4] The Net Promoter Score (NPS) is the percentage of customers who rate their likelihood of recommending a company, product or service to a friend or colleague as 9 or 10 ("promoters") minus the percentage who rate this likelihood as 6 or less ("detractors") on a scale of 0 to 10.

Attentive to the needs of all its customers, Mobilize Financial Services, a subsidiary of Renault Group, creates innovative financial services to build sustainable mobility for all. Mobilize Financial Services, which began operations over 100 years ago, is the commercial brand of RCI Banque SA, a French bank specializing in automotive financing and services for customers and networks of Renault Group, and also for the brands Nissan and Mitsubishi in several countries. 

With operations in 35 countries and over 4,000 employees, Mobilize Financial Services financed more than 1,2 million contracts (new and used vehicles) in 2023 and sold 3,7 million service contracts. At the end of December 2024, average earning assets stood at 61 billion euros of financing and pre-tax earnings at 1 194 million euros.

Since 2012, the Group has deployed a deposit-taking business in several countries. At the end of December 2024, net deposits amounted to 30,5 billion euros, or 50 % of the company's net assets.    

The consolidated financial statements of RCI Banque Groupe and RCI Banque S.A. at 31 December 2024 were approved by the Board of Directors on 11 February 2025. The audit procedures on the consolidated financial statements for the year ended 31 December 2024 have beeń substantially completed. The audit reports relating to the certification of these consolidated financial statements will be issued after verification of the management report and finalisation of the procedures required for the purposes of publication of the 2024 Annual Financial Report in ESEF format. The 6-page business report with an analysis of the financial results for 2024 and the uncertified consolidated financial statements are available on www.mobilize-fs.com under the headings ‘Business Report’ and ‘Financial Reports’ on the ‘Finance’ page.