- Record revenue: EUR 1.01 billion, up 8.9% on the same
quarter last year
- Operating performance: EBITDA even increased by 13% to EUR
384.2 million, also an all-time high for a second quarter
- Successful comeback in just one quarter: SIXT’s earnings
before taxes (EBT) of EUR 62.9 million are once again clearly in
the black and within the communicated range
- EBT almost at previous year’s level after adjustment for
residual value-related special effects
- Dr Franz Weinberger (CFO): “In terms of earnings before
taxes, we managed to reverse the trend in just a few months in a
continuously challenging market environment with vehicle residual
values continuing to fall. This demonstrates our operational
strength, the resilience of our business model and the
effectiveness of the measures we have taken. We will consciously
follow our fundamental and even more stringent strategy of striving
for high utilisation and an attractive price level with a tight
fleet.”
- Outlook for the full year: Further significant increase in
Group revenue and significant positive EBT of EUR 340 to 390
million expected, broadly in line with current market expectations
at the mid-point and significantly above the pre-Covid record
earnings of 2019
Driven by high demand and further investments in a premium
customer experience, SIXT has continued its significant revenue
growth. The international mobility provider generated a record
revenue for a second quarter of EUR 1.01 billion. This corresponds
to an increase of 8.9% compared to the same quarter last year. With
an increase in revenue of more than 25%, North America made the
strongest contribution to growth of all segments. In the US alone,
SIXT has opened 15 new branches since the beginning of the year (to
date), expanding its airport presence in the world’s largest car
rental market to 49 airports. As a result, SIXT has already nearly
reached its target of 50 US airports set for year-end.
Aligned with revenue trajectory, SIXT was also able to achieve a
record second quarter in terms of earnings before interest, taxes,
depreciation and amortisation (EBITDA), with an even higher
increase of 13% compared to the same quarter of the previous year.
By consistently focusing on and investing in its yield and pricing
systems, SIXT was able to significantly improve the utilisation of
its fleet. Rental price levels, which had come under pressure in
some regions at the beginning of the year, were more and more
brought back to last year’s levels by the end of the second
quarter.
Thanks to this operational strength and the measures taken,
SIXT’s earnings before taxes (EBT) returned clearly to the profit
zone at EUR 62.9 million after a loss in the first quarter. Q2 EBT
was within the communicated range of EUR 60 to 90 million.
Normalised for the results from vehicle remarketing and increased
depreciation on residual vehicle values (negative special effect
from this in Q2 2024 totalling more than EUR 40 million), it was
therefore almost on a par with the same quarter of the previous
year (in Q2 2023, EBT amounted to EUR 131.9 million, which still
included positive residual value effects of around EUR 15 million).
Financing the fleet in a persistently high interest rate
environment also had a negative impact on EBT in the second quarter
of 2024 compared to the same quarter of the previous year, with the
financial result weakening by EUR 13.8 million.
Dr Franz Weinberger, Chief Financial Officer (CFO) of Sixt
SE: “We were able to continue our growth strategy. I am
convinced that our internationalisation strategy as well as the
investments in our brand and the quality of our products will
continue to pay off and will be the foundation for further growth.
In terms of earnings before taxes, we managed to reverse the trend
in just a few months in a continuously challenging market
environment with vehicle residual values continuing to fall. This
demonstrates our operational strength, the resilience of our
business model and the effectiveness of the measures we have taken.
We will consciously follow our fundamental and even more stringent
strategy of striving for high utilisation and an attractive price
level with a tight fleet.”
SIXT pursues fleet cycling and de-risking
consistently
SIXT also continued to utilise the significant easing of the
procurement markets to exchange vehicles purchased in times of
vehicle shortages for vehicles that are now available at
significantly improved conditions. In Europe, SIXT systematically
continued the announced reduction of its risk fleet - i.e. vehicles
for which the company itself bears the remarketing risk. In the
second quarter, the proportion of newly in-fleeted risk vehicles
into its European fleet was only less than 2%. As planned, by the
end of the year the proportion of risk vehicles in the European car
fleet will continue to approach the level held prior to the vehicle
shortage. In the US, a market that is structurally characterised by
risk vehicles to a much greater extent, the lower acquisition costs
of newly acquired vehicles also results in a reduction in residual
value risks.
Continued fleet cycling sets the stage for gradual optimisation
of vehicle costs in the second half of the year and especially in
2025, both in Europe and the US. However, the special effects
caused by the market’s residual value losses had a significant
impact on the earnings in the first half of the year. These effects
will continue to affect the vehicles that have not yet been
replaced.
Group key figures for the second quarter of 2024
- Group revenue totalled EUR 1.01 billion (Q2 2023: EUR
925.1 million).
- SIXT generated revenue of EUR 285.8 million (+4.3%) in the
Germany segment, EUR 400.9 million (+1.0%) in the Europe
segment (excluding Germany) and EUR 319.1 million (+26.8%) in
the North America segment.
- The average fleet size was 187,200 vehicles (Q2 2023:
166,300 vehicles).
- Earnings before interest, taxes, depreciation and
amortisation (EBITDA) amounted to EUR 384.2 million (Q2 2023:
EUR 339.6 million).
- Corporate EBITDA, which represents the consolidated
operating result including net interest income and depreciation and
amortisation, amounted to EUR 120.0 million (Q2 2023: EUR 177.6
million).
- With consolidated earnings before taxes (EBT) of EUR
62.9 million, SIXT achieved the previously communicated profit
margin (Q2 2023: EUR 131.9 million).
Key Group figures in the first half of 2024
- Group revenue totalled EUR 1.79 billion (H1 2023: EUR
1.62 billion).
- EBITDA totalled EUR 602.0 million (H1 2023: EUR 542.0
million).
- Corporate EBITDA totalled EUR 145.5 million (H1 2023:
EUR 250.7 million).
- EBT totalled EUR 35.4 million (H1 2023: EUR 165.1
million), including EBT of minus EUR 27.5 million from the first
quarter
Business outlook and forecast
The Management Board of Sixt SE expects demand for its mobility
products to remain high for the full year and a further significant
increase in consolidated revenue. After the positive start, SIXT is
confident about the further course of the summer business and the
second half of the year. Inter alia, a further increase in the
desire to travel and positive industry figures at the start of the
summer season promise to provide a tailwind. For example, according
to the latest publication by the International Air Transport
Association (IATA), global passenger demand in June was around 9%
higher than in the same month last year. And according to a current
forecast by the European Tourism Organisation (ETOA) and the
ForwardKeys market research institute, international arrivals in
Europe this summer are expected to be 12% higher than in the
previous year.
At the same time, however, it is important to bear in mind the
continuing high level of uncertainty regarding residual value
trends. In the US in particular, residual values continued to fall
in the second quarter following the sharp declines in spring
(Manheim Used Vehicle Index in June at minus 8.9% compared to the
same month of the previous year; according to Manheim, used car
prices for risk rental vehicles fell by 5.3% from May to June 2024
alone).
Against the background of these developments, SIXT is
concretising its full-year EBT forecast to a range between EUR 340
and 390 million (previously: EUR 350 to 450 million). The mid-point
thus is broadly in line with the current market expectation of EUR
373 million. In the current market situation, this outlook is,
however, subject to a high degree of uncertainty. This is
particularly the case given the recent increase in geopolitical and
macroeconomic risks, the continued uncertainty around residual
values and short-term bookings for the important summer season.
Dr Franz Weinberger, CFO of Sixt SE: “2024 is a year of
transition in which we are laying the foundation for a successful
2025. In Europe, we aim to return to the historically low risk
ratios, and replace vehicles purchased in Europe and the US at
times of vehicle shortages with vehicles that can now be acquired
at more favourable conditions. Also compared to competition, we are
well positioned with our operational strength and our resilient
business model and can generate substantial profits even in the
current challenging, volatile market environment. This is a great
success, for which I would like to thank our employees.”
Sixt SE today publishes its consolidated half-year report as of
30 June 2024 on its website at http://ir.sixt.com in the section
“Financial Publications”. As previously announced, a press call
will take place today at 10:00 a.m. CEST, during which the CFO of
Sixt SE will explain the figures in more detail and be available
for questions. Interested media representatives can register by
sending an email to pressrelations@sixt.com.
About SIXT:
Sixt SE with its registered office in Pullach near Munich, is a
leading international provider of high-quality mobility services.
With its products SIXT rent, SIXT share, SIXT ride and SIXT+ on the
mobility platform ONE the company offers a uniquely integrated
premium mobility service across the fields of vehicle and
commercial vehicle rental, car sharing, ride hailing and car
subscriptions. The products can be booked, among others, via the
SIXT App, which also integrates the services of its renowned
mobility partners. SIXT has a presence in more than 100 countries
around the globe. The company stands for consistent customer
orientation, a lived culture of innovation with strong
technological competence, a high proportion of premium vehicles in
the fleet and an attractive price-performance ratio. In 2023 Sixt
Group achieved consolidated pre-tax earnings of EUR 464.3 million
and another significant increase in consolidated revenue to EUR
3.62 billion. Sixt SE has been listed on the Frankfurt Stock
Exchange since 1986 (ISIN ordinary share: DE0007231326, ISIN
preference share: DE0007231334).
The SIXT
Group at a glance
(Data according to IFRS; rounding
differences may occur)
Revenue development
Change
Change
in EUR million
H1 2024
H1 2023
in %
Q2 2024
Q2 2023
in %
Rental revenue
1,623.3
1,484.8
+9.3
920.1
850.4
+8.2
Other revenue from the rental business
161.4
130.5
+23.7
85.7
72.2
+18.7
Other revenue
3.2
4.9
-33.8
2.0
2.5
-21.0
Consolidated revenue
1,788.0
1,620.2
+10.4
1,007.7
925.1
+8.9
Earnings performance
Change
Change
in EUR million
H1 2024
H1 2023
in %
Q2 2024
Q2 2023
in %
Fleet expenses
421.3
365.7
+15.2
226.2
197.8
+14.4
Personnel expenses
341.9
317.5
+7.7
170.9
163.8
+4.3
Depreciation and amortisation expense
496.6
337.2
+47.3
282.1
182.2
+54.8
Net other operating income/expenses
-422.7
-395.0
+7.0
-226.4
-223.9
+1.1
Earnings before net finance costs and
taxes (EBIT)
105.4
204.8
-48.5
102.2
157.4
-35.1
Financial result
-70.0
-39.7
+76.5
-39.3
-25.5
+54.2
Earnings before taxes (EBT)
35.4
165.1
-78.6
62.9
131.9
-52.3
Income tax expense
10.2
46.4
-78.0
14.6
35.3
-58.7
Consolidated profit/loss
25.2
118.7
-78.8
48.3
96.6
-50.0
Earnings per share (in EUR)
0.54
2.53
1.03
2.06
Other key figures for the Group
30 Jun. 2024
31 Dec. 2023
Change in %
Total assets (in EUR million)
7,911.1
6,449.6
+22.7
Rental vehicles (in EUR million)
5,544.4
4,468.9
+24.1
Equity (in EUR million)
1,877.0
2,002.2
-6.3
Equity ratio (in %)
23.7
31.0
-7.3 points
H1 2024
H1 2023
Change in %
Investments (in EUR billion)1
4.86
3.69
+31.6
Average number of rental vehicles
(Group)
174,800
157,700
+10.8
1 Value of vehicles added to the rental
fleet
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240807615944/en/
Johannes Gunst Phone: +49 - (0)89 - 74444 6700 Email:
pressrelations@sixt.com