{"id":7761,"date":"2024-11-12T07:39:17","date_gmt":"2024-11-12T06:39:17","guid":{"rendered":"https:\/\/about.sixt.com\/?p=7761"},"modified":"2024-11-12T07:39:17","modified_gmt":"2024-11-12T06:39:17","slug":"record-summer-at-sixt-q3-revenue-at-an-all-time-high-of-eur-1-24-billion-ebt-of-eur-246-million-at-previous-years-level-margin-of-around-20","status":"publish","type":"post","link":"https:\/\/about.sixt.com\/en\/record-summer-at-sixt-q3-revenue-at-an-all-time-high-of-eur-1-24-billion-ebt-of-eur-246-million-at-previous-years-level-margin-of-around-20\/","title":{"rendered":"Record summer at SIXT: Q3 revenue at an all-time high of EUR 1.24 billion, EBT of EUR 246 million at previous year\u2019s level, margin of around 20%"},"content":{"rendered":"

Pullach, 12 November 2024 \u2013 <\/strong>SIXT has continued its profitable growth in a challenging macroeconomic environment. During the third quarter, the company managed to boost its revenue to a record EUR 1.24 billion. This corresponds to a gain of 10% compared to the same quarter of the previous year and an increase of around 60% compared to the third quarter of the pre-Covid year of 2019. All three of SIXT\u2019s geographical segments once more substantially contributed to this. Business in North America grew by 20%. Despite the weak economy, SIXT was also able to increase its revenue by more than 5% in both, Germany and its other European markets. Main drivers of this growth were continued investments in the fleet, the network, the brand and digitalisation.<\/p>\n

SIXT not only increased its revenue, but also its earnings before interest, taxes, depreciation and amortisation (EBITDA), which reached a new record for a third quarter at EUR 542.4 million. This demonstrates the strong operating performance of the business, with high demand meeting a conservatively planned fleet resulting in a significant increase in utilisation.<\/p>\n

Following a negative EBT in the first quarter in a market environment with sharply declining residual values, SIXT was already able to return to profitability in Q2. In the third quarter, which is the most important for the business, EBT of EUR 246.4 million was achieved, matching the previous year\u2019s level (EUR 246.9 million). This corresponded to an EBT margin of 19.8%.<\/p>\n

Among other factors, the earnings benefited from SIXT\u2019s ability to purchase vehicles under more favourable conditions after years of supply shortages on the part of the manufacturers. In Europe, as fleet rotation continued, SIXT was also able to further increase its share of non-risk vehicles, i.e. the share of vehicles that are covered by buyback or leasing agreements and for which SIXT therefore bears no remarketing risk. The share of non-risk passenger vehicles in-fleeted in Europe was over 98% for the second consecutive quarter.<\/p>\n

Furthermore, SIXT continued to invest heavily in the customer experience. The share of premium[1]<\/a> vehicles in the fleet was almost at 60%, around five percentage points higher than in the same quarter last year and well above the general target rate of 50%. In addition, SIXT opened numerous new branches in the third quarter. In Europe, the newly added locations in Q3 included new downtown branches in Berlin, Dresden, Li\u00e8ge, Paris, London and Parma, while the US saw new openings at, for example, New York\u2019s Times Square and at Houston\u2019s George Bush Intercontinental Airport.<\/p>\n

Alexander Sixt, Co-CEO of Sixt SE: <\/strong>\u201cIn an extremely challenging market with economic headwinds, the SIXT team has once again demonstrated its ability to adapt. Even in this environment, we have been able to grow significantly: our revenue in Q3 was 10% above the prior-year quarter, and around 60% higher than pre-Covid. The utilisation of our fleet is high, the measures taken are effective, and the investments made are paying off. We fought our way back step by step and were able to achieve Q3 earnings at the level of the previous year. We closed Q3 with an EBT of EUR 246 million and a very positive EBT margin of around 20%. I would like to thank our customers for their trust and, above all, our employees for their extraordinary commitment during the peak travel season. We will continue to pursue our strategy in 2025 and will maintain our conservative fleet planning at a tight level with purchasing conditions that are significantly more attractive than in the years of vehicle shortages.\u201d<\/p><\/blockquote>\n

Group key figures for the third quarter of 2024<\/strong><\/p>\n