Sixt:Quarterly Results/2024 Q1

Return to: Earnings Season

• Sixt’s Q1 2024 revenue rose by 12.2% y/y to 780.2 million euros, exceeding Marketscreener estimate of 762.5 million euros (+9.7%) while EBT was minus 27.5 million euros, at the lower end of management’s guidance of between minus 15 million and minus 28 million euros.
• Sixt lowered its full year 2024 EBT range from 400-520 million euros to 350-450 million euros but still expects revenue for the year to grow significantly compared to last year.
• For Q2, Sixt expects a significant growth in revenue and EBT in the range of 60 to 90 million euros (-43% y/y growth at the midpoint).

  “The main reasons for the earnings forecast revisions are a further deterioration in the economic prospects, a repeated postponement of the interest rate reversal, a recent decline in market price level in some regions and, above all, lower residual values and consequently higher vehicle costs,” Sixt said.

• Sixt said it expects a significant tailwind in the second half of the year and beyond, brought by measures taken to improve fleet costs, addition of fleet at favorable conditions compared to previous years and efficiency gains.