Sixt Reports Highest Quarter Revenue Earnings
For the financial year 2022, SIXT continues to expect a consolidated revenue between €2.8 billion and €3.1 billion.
Sixt experienced the strongest quarter in its history in the third quarter, according to the company. From July to September 2022, consolidated revenue increased by 24.8% to €997.1 million compared to the same quarter last year. Consolidated earnings before taxes (EBT) increased to €283.1 million.
For the first nine months of the year, Sixt recorded a 42.4% increase in revenue to €2.32 billion and a 59.5% increase in EBT to €506.3 million – compared to the same period in 2021. Compared to 2019, this represents an increase of 21.4% in revenue and 94.8% in earnings. Corporate EBITDA increased by 14.3% compared to the same quarter in 2021, from €287.9 million to €329.1 million.
Sixt paid a special bonus of €1,700 to its employees globally to meet higher costs of living. This measure will affect total earnings in the amount of around €15 million for financial year 2022, approximately €10 million of which is attributable to the third quarter.
Sixt increased its worldwide rental fleet (excluding franchise countries) to around 136,500 vehicles in the first nine months of 2022 (average inventory). This means the company had 13% more vehicles than during the same period of last year (120,700) and a good 5% more than in the first half of 2022 (129,400). In terms of value, 64% of the fleet consisted of vehicles from brands that can be assigned to the premium segment, an increase compared to the period before COVID.
“We are very satisfied with our economic development,” said Kai Andrejewski, Sixt SE’s chief financial officer. “Sixt's premium strategy is resonating with its customers. We have also benefited from a persistently positive market environment in terms of demand and prices. Although we are heading for a record year in 2022, we are also monitoring the economic trend very closely and are not immune to respective risks beginning at the end of the year.
“Nevertheless, we have a high degree of resilience and the capacity to invest counter-cyclical in our brand, the expansion of our network and our technology. Sixt is already very diversified, both geographically and in terms of its products, financed very solidly and continues to actively drive the digitalization of its products and services. In addition, we have repeatedly demonstrated the adaptability of our business model to changing conditions.”
The importance of the international business increased further in the first nine months of 2022. It accounted for 72.1% of consolidated revenue, compared to 67.3% in the same period of 2021.
- Revenue in the European foreign markets increased by 46.8% to €1 billion from January to September of this year. This was driven by the strong summer business in the tourist destinations of France, Spain, and Italy, after Covid restrictions on travel had largely been lifted.
- Revenue in North America was up 62.4% to €671.0 million in the first nine months. The U.S. is now the largest individual market for Sixt, with 98 rental stations in 22 states and around 1,200 employees. By expanding its operations to Canada in July, Sixt has also strengthened its presence in North America.
- In Germany, revenue reached €641.3 million in the first nine months, an increase of 22% compared to the same period in 2021.
For the financial year 2022, Sixt continues to expect a consolidated revenue between €2.8 billion and €3.1 billion and a consolidated EBT to be at the upper end of the previously communicated range of €500 million to €550 million.
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