Sixt (SIX2) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue exceeded €1.2 billion, up 10% year-over-year, driven by strong demand and a premium fleet exceeding 200,000 vehicles.

• EBT margin in Q3 2024 reached 19.8%, signaling a strong recovery despite challenging market conditions.

• Record EBITDA achieved, with EBT nearly matching last year's level when excluding negative residual value effects.

• Group revenue for the first nine months rose 10.2% to €3.03 billion, with North America leading growth at 23.1% year-over-year.

• EBT for Q3 2024 remained stable at €246.4 million, despite higher depreciation and interest rates.

Financial highlights

• Q3 2024 EBT was €246.4 million, nearly flat compared to Q3 2023 (€246.9 million).

• Q3 2024 revenue reached €1,242 million, up 10% year-over-year; 9M 2024 revenue: €3,030.3 million (+10.2%).

• EBITDA for Q3 2024 was €542 million, a 15% increase from Q3 2023.

• Q3 2024 consolidated profit: €179.5 million (-1.9% year-over-year); 9M 2024: €204.7 million (-32.2%).

• Premium fleet share increased to 59% from 54% in Q3 2023.

Outlook and guidance

• Full-year 2024 revenue expected to show significant growth.

• EBT guidance for 2024 set at around €340 million, reflecting continued negative impact from lower vehicle residual values and high interest rates.