CFO Prof. Dr. Kai Andrejewski: “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.”
Fort Lauderdale, November 9, 2022 – The international mobility services provider SIXT experienced the strongest quarter in its history in the third quarter of this year. Consolidated revenue increased by 24.8% to EUR 997.1 million from July to September compared to the same quarter of the previous year. Consolidated earnings before taxes (EBT) increased to EUR 283.1 million. For the first nine months of the year, SIXT recorded a 42.4% increase in revenue to EUR 2.32 billion and a 59.5% increase in EBT to EUR 506.3 million compared to the same period of the previous year. Compared to the pre-Covid year 2019, this represents an increase of 21.4% in revenue and even 94.8% in earnings. The company once more highly invested to be able to meet the buoyant demand. More than 1,000 additional employees, mainly in the area of Operations, have been hired worldwide to date. By paying a special bonus of EUR 1,700 to all of its employees globally, SIXT is not only expressing its appreciation, but also providing assistance in meeting the higher costs of living. This measure will affect total earnings in the amount of around EUR 15 million for financial year 2022, approximately EUR 10 million of which is attributable to the third quarter.
Farsighted fleet policy and close relationships with suppliers paying off
Due to the good long-standing business relationships with all of the major car manufacturers, the flexible extension of the term of the vehicles and the addition of new OEMs to the portfolio, SIXT managed to increase its worldwide rental fleet (excluding franchise countries) to around 136,500 vehicles in the first nine months of 2022 (average inventory) despite the difficult procurement situation. This means the company had 13% more vehicles than in 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, a significant increase compared to the period before Covid.
Prof. Dr. Kai Andrejewski, (CFO) of Sixt SE: “We are very satisfied with our economic development. 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.”
Strong growth in Europe – further expansion in North America
The importance of the international business to the Group 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 the previous year.
Achieving the mobility turnaround – 360° sustainable
SIXT’s sustainability strategy, which was communicated in September, creates the prerequisites for combining future growth with a green mobility revolution and significantly increasing enthusiasm for e-mobility. The strategy is based on four pillars:
CFO Prof. Dr. Kai Andrejewski: “With our ambitious
goals for climate and environmental protection, we want to live up to our
aspiration as technology and innovation leader in our industry. The measures
aimed at reducing our CO2 emissions will also ensure that the capital market will
continue to be able to invest in SIXT in the form of equity and debt capital in
the long term. The topic of sustainability is therefore important to us, both
in terms of our ecological responsibility and from an economic perspective.”
Key Group figures for the first nine months of 2022
Key Group figures for the third quarter of 2022
The market environment is still positive in terms of both demand and prices at the moment. For the financial year 2022, SIXT continues to expect a consolidated revenue of between EUR 2.8 billion and EUR 3.1 billion and a consolidated EBT to be at the upper end of the previously communicated range of EUR 500 million to EUR 550 million.
In addition to geopolitical crises such as Russia’s war in Ukraine, rampant inflation, high energy prices and, as a consequence, a possible slowdown in spending and travel pose risks to the future development of business that are difficult to predict. The possibility of the business cooling down is both real and difficult to project in terms of its extent. Moreover, SIXT is exposed to the risk of rising costs due to persistent inflation. The Management Board is confident overall in view of the strong diversification of the business with regard to customer groups and regions, the very good equity base as well as financing of EUR 950 million concluded in September at significantly better conditions and the resulting significant financial scope to take action. SIXT intends to take advantage of opportunities for anticyclical investments.
Sixt SE is publishing its Group Quarterly Statement as of September 30, 2022, on its website today at http://ir.sixt.com in the section “Financial Publications.”
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 2021 SIXT achieved significant market share gains, which contributed to a record earnings before taxes of EUR 442.2 million and a significant increase in revenues of EUR 2.28 billion – despite the since 2020 ongoing COVID-19 pandemic. In the decade before, from 2009 to 2019, the SIXT Group doubled its revenues. Sixt SE has been listed on the Frankfurt stock exchange since 1986 (ISIN ordinary share: DE0007231326, ISIN preference share: DE0007231334).
 The comparative data used for 2019 in this press release have been adjusted and refer to continuing operations in each case. For example, the leasing business was sold in July 2020.
SIXT Group at a glance
(Figures according to IFRS; rounding differences may occur)