SIXT doubles earnings before taxes in first quarter of 2022 compared to 2019 – Mobility provider benefits from market share gains
- SIXT closes first quarter of 2022 as best starting quarter in the company’s history
- Market share gains in Europe and the US drive revenue up 76% compared to the first quarter of 2021 to EUR 580.8 million (+15% vs. Q1 2019)
- Next international growth driver: After Australia, SIXT enters Canadian market with a total market potential of approximately EUR 1.4 billion per year
- SIXT doubles Group EBT in the first quarter of 2022 to EUR 93.5 million compared to pre-crisis year 2019, exceeding analyst expectations
- Fleet size at +35% well up on the same quarter of the previous year and roughly back to the pre-corona level of 2019, despite the chip crisis
- Mobility offer on the integrated platform ONE continues to grow
- Forecast for the full year 2022 confirmed
Pullach, 12 May 2022 – SIXT continued its growth course unabated in the first quarter of 2022. Due to the consistent progress of internationalisation, the company has gained market share since the outbreak of the crisis and is now benefiting from continued strong non-domestic business, in Europe and especially in the US. Compared to the first quarter of the previous year, consolidated revenue increased by 76.1% to EUR 580.8 million and was thus even around 15% higher than the corresponding quarterly revenue in the pre-corona year 2019. With earnings before taxes (EBT) of EUR 93.5 million, the international mobility services provider achieved by far the best operating result in a first quarter: This was EUR 107.2 million higher than the loss of EUR 13.7 million in the same quarter of 2021 and double the figure of EUR 40.1 million in the pre-crisis quarter of 2019. SIXT thus once again exceeded the expectations of the capital market. Further growth drivers included the continuous digitalisation of the business, a higher price level and strict cost management. As a result, total costs only increased by 41.6% compared to the same quarter of 2021 last year, which is significantly less than the 76.1% increase in revenue compared to 2021. Despite the chip crisis, the vehicle fleet grew by 35% in the first quarter compared to the same quarter of 2021 and was thus roughly at the level of the pre-corona quarter of 2019. This positive development in procurement played a major role in enabling the company to realise the disproportionate increase in revenue in the first quarter.
Continued strong non-domestic business and Canada as a new growth driver
The expansion of its international presence led to very dynamic business outside Germany in the first quarter. In the US, SIXT is now present at 28 of the country’s top 30 airports following the recent opening of stations at Charlotte and Baltimore airports. SIXT continues to steadily gain market share in the US.
Following the successful establishment of its US presence, SIXT is now taking the next logical step and enters the Canadian market with a total market potential of approximately EUR 1.4 billion per year. SIXT offers a wide range of premium vehicles for both business customers and tourists in the Canadian market.
“The Canadian market is very important to us, not least because we see synergies with the US business and can leverage the experience we have gained there in Canada right from the start,” commented Sixt SE Chief Financial Officer (CFO) Prof. Dr. Kai Andrejewski. “We have gotten off to a very good start into the year and are seamlessly continuing the strong business development of the previous year. Our active fleet policy has contributed significantly to the fact that we are roughly at the pre-crisis level of 2019. As one measure, we already added new manufacturers to our fleet in 2021. This enabled us to meet the growing demand in all customer segments. Despite the challenges in new vehicle production, we are optimistic for the rest of the year and continue to expect the business to develop very positively for SIXT,” he added.
Key consolidated figures for the first quarter of 2022 in comparison
- Consolidated revenue from January to March 2022 amounted to EUR 580.8 million, an increase of 76.1% compared to the same period in 2021 (EUR 329.9 million), which was still affected by the corona-related lockdowns, and up 14.8% on the figure in pre-corona 2019 (Q1 2019: EUR 505.7 million). SIXT recorded the strongest growth in the US, where revenues more than doubled from EUR 82.3 million in the first quarter of 2021 to EUR 186.1 million (Q1 2019: EUR 111.1 million, +67.5%). In other European countries, revenues increased by 93.0% to EUR 213.4 million (Q1 2021: EUR 110.6 million, Q1 2019: EUR 174.6 million, +22.2%). In Germany, revenues increased by 32.3% from EUR 137.0 million to EUR 181.2 million (Q1 2019: EUR 220.0 million, -17.6%).
- Corporate EBITDA, which represents the Group’s operating result including interest and depreciation on rental vehicles, jumped from EUR 18.3 million in the same period of the previous year to EUR 130.7 million in the first three months. In addition to the strong growth in revenue and the persistently high market price level, the continued cost discipline in the Group was also an important influencing factor.
- Consolidated earnings before taxes (EBT) improved from EUR -13.7 million to a record level of EUR 93.5 million, the highest operating result ever achieved by SIXT in a first quarter. Compared to the pre-crisis year 2019, Group EBT even doubled (Q1 2019: EUR 40.1 million, +133.0%).
- The Group’s equity ratio was 39.4% as of 31 March 2022, once again above the high value at the end of 2021 last year (38.6%).
Successful fleet expansion despite market bottlenecks
Thanks to efficient fleet procurement and the addition of new manufacturers, the global SIXT fleet (excluding franchise countries) comprised an average of around 125,000 vehicles in the first quarter of 2022. This puts the premium fleet at roughly the same level as in the pre-crisis year 2019 and, at plus 35%, significantly higher than in the same quarter of 2021 (Q1/2019: 129,000 vehicles; Q1/2021: 93,000 vehicles).
Further expansion of the ONE platform by adding attractive mobility products
In the first quarter of 2022, SIXT further expanded the range on its unique integrated mobility platform ONE, which is accessible with a single login via the SIXT App. Since January, the ride-hailing offer bookable in the App now also includes on-demand taxi services in Rome through a cooperation with the taxi company itTaxi. In February, SIXT opened one of Europe’s largest Van & Truck Centres in Berlin on the site of the former Tegel Airport, with an area of more than 15,000 square metres and a fleet capacity of up to 500 commercial vehicles, thus realising an important building block in the growth strategy of the Van & Truck business. And since April, bicycles from Europe’s largest bike sharing provider, nextbike, have been bookable via the SIXT App in around 50 German cities.
Outlook for the full year 2022
SIXT expects high demand in all markets for the traditionally strong second and third quarter, as the mobility needs of all customer groups are high after the end of the corona restrictions. The supply of new vehicles is likely to remain scarce in the months ahead, therefore prices are likely to remain high. SIXT assumes that the price level is due to a general catch-up effect in the car rental industry and therefore of a long-term nature.
In the current year, SIXT will continue with its internationalisation and digitalisation strategy and invest heavily in products, in an improved customer experience and in geographic expansion. In addition to the availability of vehicles due to the current global chip shortage and corresponding production restrictions for the overall market, growing inflation and its impact on operating costs as well as the course of the COVID-19 pandemic remain risks for the further development of the business.
Assuming this, and with reference to the uncertain geopolitical situation and the related challenging procurement situation, the Management Board confirms the forecast for financial year 2022: It continues to assume a significant increase in consolidated revenue compared to 2021. Group EBT is expected to be in a range of EUR 380 million to EUR 480 million.
 The key figures stated for 2019 have been adjusted for the Leasing business unit, which was sold in July 2020.
Sixt SE will publish its Group Quarterly Statement today, 12 May 2022, on its website at http://ir.sixt.eu
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 through 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 2021 SIXT achieved significant market share gains, which contributed to record earnings before taxes of EUR 442.2 million and a significant increase in revenues of EUR 2.28 billion – despite the COVID-19 pandemic that first broke out in 2020. In the decade before, from 2009 to 2019, the SIXT Group doubled its revenues. Sixt SE is the parent company of the Group and has been listed on the Frankfurt stock exchange since 1986 (ISIN ordinary share: DE0007231326, ISIN preference share: DE0007231334).
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The SIXT Group at a glance
(Figures according to IFRS; rounding differences may occur)
|Revenue development of the Group||Change|
|in EUR million||Q1 2022||Q1 2021||in %|
|Other revenue from the rental business||49.9||38.3||+30.1|
|Earnings performance of the Group||Change|
|in EUR million||Q1 2022||Q1 2021||in %|
|Depreciation and amortisation expenses||101.4||79.4||+27.7|
|Balance of other operating income/expenses||-126.5||-77.8||+62.6|
|Earnings before interest and taxes (EBIT)||101.6||-4.9||-2,172.3|
|Earnings before taxes (EBT)||93.5||-13.7||-781.5|
|Other key figures for the Group||31.03.2022||31.12.2021||Change in %|
|Total assets (in EUR million)||4,621.8||4.521.2||+2.2|
|Rental vehicles (in EUR million)||2,715.6||2.846.8||-4.6|
|Equity (in EUR million)||1,820.3||1.746.2||+4.2|
|Equity ratio (in %)||39.4||38.6||+0.8 points|
|Q1 2022||Q1 2021||Change in %|
|Investments (in EUR billion)1||0.73||1.15||-36.2|
|Average number of rental vehicles (Group)||125,300||93,200||+34.5|
1 Value of vehicles added to the rental fleet