Amag Leasing Captive Platform Expands Service Income

UBS maintains a BBB rating and Stable outlook for AMAG Leasing AG, highlighting its 32.1% market share and CHF 5.6bn portfolio despite rising costs and automotive sector cyclicality.

Key Takeaways

• 1.AMAG Group regained market momentum in FY25, increasing its Swiss car market share to 32.1% and its leasing portfolio to CHF 5.6bn.
• 2.UBS reaffirmed its BBB rating and Stable issuer outlook for ALAG, citing its strong integration with the Volkswagen ecosystem and solid capitalization.
• 3.Profitability remains resilient but is pressured by rising operating expenses, with a cost-to-income ratio of 27% at the end of FY25.

Table of Contents

• Issuer credit view
• AMAG Leasing AG
• CIO credit risk flags
• Investment case
• Issuer description
• Resilient but costlier growth
• Sound balance sheet and funding profile
• AMAG Leasing AG's financial summary
• Required disclosures
• UBS CIO risk views
• UBS CIO valuation views
• Sell recommendations
• Issuer valuation views
• Analyst certification
• Company/Country Disclosures (2 June 2026)
• Producers, disseminators and their competent authorities
• Frequency of updates
• Statement of Risk
• Risk information

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