Business performance in the first quarter of 2024 and publication of the forecast for the full year 2024

Sixt SE: Business performance in the first quarter of 2024 and publication of the forecast for the full year 2024

Pullach, 29 February 2024

Sixt SE expects consolidated earnings before taxes (EBT) in the range of EUR minus 15 million to minus 28 million for the first quarter of 2024 (Q1 2023: EUR 33.3 million) and a significant increase in consolidated revenue (Q1 2023: EUR 695.1 million).

The main reasons for the noticeable decline in consolidated earnings in the first quarter that is usually weak are, on the one hand, higher interest expenses and increased depreciation due to lower residual values and the early sale of electric risk vehicles (i.e. vehicles for which SIXT bears the residual value risk). This is expected to result in a double-digit million decrease in earnings in each case. On the other hand, there were still positive effects in the double-digit million range from the sale of combustion vehicles in the same quarter of the previous year.

As used car prices for electric vehicles came under pressure in the course of last year, a trend that is continuing, SIXT will continue to pursue its strategy of selling electric risk vehicles earlier than originally planned in the course of 2024 and reducing its stock of such cars accordingly. At the same time, SIXT is thereby responding to the significantly lower customer demand in electric vehicles compared to conventional drive types.

For financial year 2024, the Management Board of Sixt SE expects consolidated earnings before taxes (EBT) to be between EUR 400 million and EUR 520 million (financial year 2023: EUR 464 million; consensus 2024 (market expectation): EUR 476 million).

Furthermore, the Management Board of Sixt SE expects significant growth in consolidated revenue for financial year 2024 compared to the previous year (financial year 2023: EUR 3.62 billion; consensus 2024: EUR 3.77 billion). The high demand that is expected and continued international expansion are the main driving factors.

Sixt SE will announce additional preliminary figures for financial year 2023 tomorrow in the form of a press release.

Contact: Alexander Enge
Director Investor Relations
Sixt SE
Phone: +49 (0)89 74444-5104
e-mail: investorrelations@sixt.com