Sixt SE Announces Q1 2024 Performance and Full-Year Forecast

Sixt SE released its Q1 2024 financial figures, forecasting a decline in earnings before taxes (EBT) to fall between EUR minus 15 million to minus 28 million, a significant dip from Q1 2023's EBT of EUR 33.3 million. Despite this, the company anticipates a notable increase in consolidated revenue, which was EUR 695.1 million in the same quarter the previous year. The decline is attributed to higher interest expenses, increased depreciation due to lower residual values, and the early sale of electric vehicles, which Sixt bears the residual value risk for.

The early disposal of electric vehicles is in response to falling used car prices for these models and diminishing customer demand compared to traditional vehicles. In contrast, Sixt SE projects a substantial rise in consolidated revenue and earnings for the full year 2024, with EBT expected to land between EUR 400 million and EUR 520 million, surpassing the consensus market expectation of EUR 476 million. The forecasted growth is fueled by high demand and ongoing international expansion.