Asger Risom
BMW-owned mobility and leasing company Alphabet Spain saw profits drop by a fifth in 2024 after severe floods in Valencia caused millions in vehicle damage.
Despite the setback, the firm grew its fleet to a record size and boosted electric vehicle adoption.
BMW-owned mobility and leasing company Alphabet Spain saw profits drop by a fifth in 2024 after severe floods in Valencia caused millions in vehicle damage.
Despite the setback, the firm grew its fleet to a record size and boosted electric vehicle adoption.
Profits Hit by Extreme Weather
Alphabet Spain closed 2024 with €37.72 million in profit, down 20% from the previous year. The drop was mainly due to flood damage from the October 29 storm in Valencia.
€8.6 Million in Vehicle Losses
The company reported €8.6 million in asset deterioration from damaged vehicles. It has claimed €6.7 million in compensation from Spain’s Insurance Compensation Consortium.
Strong Revenue Growth Despite Losses
Turnover rose 11% year-on-year to €431.16 million, showing solid operational performance despite the weather-related setback.
Fleet Reaches Record Size
Alphabet Spain’s fleet grew 3% to 85,191 units—the first time it has surpassed 85,000. The overall Spanish leasing sector grew by 13.38% in 2024.
Surge in Electric Vehicle Adoption
The number of electric cars in Alphabet Spain’s portfolio rose by 25% compared to 2023, reflecting growing demand for low-emission vehicles.
Contract Terms and Asset Value
The average contract length is now 49 months, with the residual value of the fleet reaching €985 million, up 7.79% year-on-year.
Pre-Tax Profits and Operating Results
Pre-tax profit fell 25% to €46.97 million. Operating profit remained stable at €83.53 million, just 0.09% below 2023’s figure.
Breaking a Growth Streak
The 2024 decline ends a run of consecutive profit growth in 2022 and 2023, when Alphabet Spain achieved record earnings.
Record First Half in 2025
In the first half of 2025, Alphabet Spain reported a record fleet size, with electric vehicle numbers more than doubling. Globally, Alphabet’s fleet grew 6% to 760,000 units, with EVs now making up 35% of its vehicles.
