Finance 20 Jul 2021

Sixt SE: Sixt SE significantly exceeds market expectations in the second quarter of 2021 despite ongoing pandemic with EBT of approx. EUR 78 million and issues forecast for the current financial year

  • Preliminary figures exceed market expectations significantly in terms of revenue and earnings
  • Consolidated operating revenue in the second quarter of 2021 more than doubled year-on-year and only 20% lower than in the second quarter of 2019
  • In particular, strong US business, increasing demand in Europe and continuing cost management lead to very successful second quarter
  • Despite ongoing uncertainty especially regarding the fourth quarter, the Management Board of Sixt SE today issued a forecast for financial year 2021 for the first time since the outbreak of the pandemic
  • Co-CEO Alexander Sixt: “The second quarter developed extremely positively, with EBT of around EUR 78 million well above market expectations. Despite continuing uncertainties, especially for the fourth quarter, we currently expect the positive trend to continue. For the current financial year, we therefore expect EBT of between EUR 190 million and EUR 220 million, which is also above market expectations, and consolidated operating revenue of between EUR 1.95 billion and EUR 2.10 billion.”

Pullach, 20 July 2021 – Despite the ongoing COVID-19 pandemic, the Sixt Group’s business performance in the second quarter of 2021 was positive and exceeded market expectations. Based on preliminary figures, earnings before taxes (EBT) improved to approx. EUR 78 million in the quarter from April to June. Consolidated operating revenue in the second quarter of 2021 of approx. EUR 498 million more than doubled year-on-year (EUR 225.8 million) but was 20% lower than consolidated operating revenue in the second quarter of 2019 (EUR 625.7 million). SIXT thus exceeded analysts’ estimates for the second quarter, which on average had assumed EBT of EUR 61 million and consolidated revenue of EUR 468 million.

This result is due in particular to the positive business development and the increased price level in the United States and Europe, the noticeable recovery of business in Europe as a result of the reduction of pandemic-related restrictions as well as SIXT’s continuing cost management.

SIXT issues forecast for the full year 2021 for the first time
So far, Sixt SE had not been able to issue a forecast for 2021 due to the very high uncertainties regarding the future course of the COVID-19 pandemic. Based on the figures for the first quarter, the evaluation of the preliminary figures for the second quarter as well as up to date information on the current course of business, the Management Board of Sixt SE today for the first time issued a forecast for 2021: For financial year 2021, the Management Board expects EBT in the range between EUR 190 million and EUR 220 million (2020 (from continuing operations): EUR -81.5 million) and consolidated operating revenue in the range between EUR 1.95 billion and EUR 2.10 billion (2020: EUR 1.52 billion). The average of the analysts’ estimates for the consolidated revenue of the Sixt Group for 2021 of EUR 2.09 billion is within the range of the forecast. However, the EBT range forecasted for 2021 is above the market expectation of EUR 187 million.

The forecast for financial year 2021 was prepared on the basis of the current market environment and is based in particular on the assumptions that the further course of the COVID-19 pandemic will not again lead to more far-reaching restrictions on travel, that the price level in the United States and Europe will stay on current levels and that the supply shortages for vehicles as a result of the semiconductor crisis will not worsen.

Sixt SE will publish its Group Interim Report as at 30 June 2021 as planned on 12 August 2021.

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 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 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).

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