Sixt (SIX2) Q2 2024 earnings summary

Executive summary

• Achieved record Q2 2024 revenue above €1 billion and H1 2024 revenue of €1.79 billion, up 10.4% year-over-year, driven by strong demand and fleet expansion, especially in North America.

• Returned to profitability in Q2 2024 with EBT of €62.9 million, but H1 2024 EBT fell to €35.4 million from €165.1 million in H1 2023 due to lower residual values and higher depreciation.

• Record EBITDA of €384.2 million in Q2 2024, but H1 2024 corporate EBITDA dropped 42% year-over-year.

• Growth led by North America, with 24.3% H1 revenue increase; Germany and Europe also contributed.

• Over 100 branches in North America, with significant network expansion in H1 2024.

Financial highlights

• Q2 2024 revenue: €1,007.7 million (+8.9% year-over-year); H1 2024 revenue: €1.79 billion (+10.4%).

• Q2 2024 EBT: €62.9 million (Q1 2024: -€27.5 million); H1 2024 EBT: €35.4 million (H1 2023: €165.1 million).

• Q2 2024 EBITDA: €384.2 million; H1 2024 corporate EBITDA: €145.5 million (-42% year-over-year).

• H1 2024 net profit: €25.2 million (H1 2023: €118.7 million); EPS: €0.54 (H1 2023: €2.53).

• Dividend of €3.90 per ordinary share and €3.92 per preference share paid in June 2024.

Outlook and guidance

• Full-year 2024 guidance: significant revenue growth expected; EBT forecasted between €340–390 million, narrowed from previous range.

• 2024 described as a transition year, with foundations laid for a strong 2025.

• Positive travel demand and pricing trends anticipated for summer; cost efficiencies and prudent fleet management to continue.