In Q4 2024, Grenke’s leasing new business grew by 17.6% year-over-year to €858.4m. Credit: T Schneider / Shutterstock.

German leasing company Grenke has reported an 18.4% increase in leasing new business, amounting to €3.05bn ($3.16bn), up from €2.58bn in 2023.

This marks significant growth for the company’s leasing new business, surpassing the €3bn mark in 2024, the company said.

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Grenke CEO Dr Sebastian Hirsch said: “Despite all of the macroeconomic challenges, we surpassed the €3bn threshold for leasing new business in 2024, marking the first time in our company’s history.”

The contribution margin 2 (CM2), a key profitability metric, grew by 21.6% year-on-year to reach €518.5m, compared to €426.3m in the previous year.

This growth also led to an increase in the CM2 margin, which rose to 17.0% from 16.5%, surpassing the full-year target.

In Q4 2024, Grenke's leasing new business grew by 17.6% year-over-year (YOY) to €858.4m while the CM2 saw a 27.3% increase to €149.2m.

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During the same quarter, the machinery and equipment category experienced above-average growth, contributing 16.4% to all new leasing contracts.

Industrial machinery, workshop equipment, and office and hospitality installations were key growth drivers.

Grenke also increased its international sales network to 39,400 specialist reseller partners by the end of Q4 2024, compared to 36,200 at the end of Q4 2023.

Western Europe, excluding the DACH [Germany, Austria, and Switzerland] region, was said to be the strongest performer in the fourth quarter, with an 11.3% growth to €224.2m, making up 26.1% of the total new business.

Grenke also recorded a 7% increase in lease applications with around 81,000 new lease contracts, compared to around 75,000 in the previous year.

As of 31 December 2024, Grenke's deposit business had grown by 37.7% YOY to €2.23bn.

Grenke chief financial officer Dr Martin Paal said: “With this year’s strong average CM2 margin of 17%, we are fully on track. Particularly in the final quarter, we were able to significantly increase our CM2 margin to 17.4%, despite the strong growth in volume.

“This performance lays a solid foundation for our earnings growth in 2025, which will continue to be shaped by risk provisions around our historical average level.”

Grenke reported earnings of €12m in Q3 2024, a 50% decrease from €24m in Q3 2023.