Sixt SE significantly exceeds market expectations in the second quarter of 2021 despite ongoing pandemic with earnings before taxes (EBT) of approx. EUR 78 million and issues forecast for the current financial year

• Consolidated operating revenue in the second quarter of 2021 more than doubled year-on-year and only 20% lower than in the second quarter of 2019

• In particular, strong US business, increasing demand in Europe and continuing cost management lead to very successful second quarter

• Despite ongoing uncertainty especially regarding the fourth quarter, the Management Board of Sixt SE today issued a forecast for financial year 2021 for the first time since the outbreak of the pandemic

• Co-CEO Alexander Sixt: “The second quarter developed extremely positively, with EBT of around EUR 78 million well above market expectations. Despite continuing uncertainties, especially for the fourth quarter, we currently expect the positive trend to continue. For the current financial year, we therefore expect EBT of between EUR 190 million and EUR 220 million, which is also above market expectations, and consolidated operating revenue of between EUR 1.95 billion and EUR 2.10 billion.”

Despite the ongoing COVID-19 pandemic, the Sixt Group’s business performance in the second quarter of 2021 was positive and exceeded market expectations. Based on preliminary figures, earnings before taxes (EBT) improved to approx. EUR 78 million in the quarter from April to June. Consolidated operating revenue in the second quarter of 2021 of approx. EUR 498 million more than doubled year-on-year (EUR 225.8 million) but was 20% lower than consolidated operating revenue in the second quarter of 2019 (EUR 625.7 million). SIXT thus exceeded analysts’ estimates for the second quarter, which on average had assumed EBT of EUR 61 million and consolidated revenue of EUR 468 million.

This result is due in particular to the positive business development and the increased price level in the United States and Europe, the noticeable recovery of business in Europe as a result of the reduction of pandemic-related restrictions as well as SIXT’s continuing cost management.

SIXT issues forecast for the full year 2021 for the first time

So far, Sixt SE had not been able to issue a forecast for 2021 due to the very high uncertainties regarding the future course of the COVID-19 pandemic. Based on the figures for the first quarter, the evaluation of the preliminary figures for the second quarter as well as up to date information on the current course of business, the Management Board of Sixt SE today for the first time issued a forecast for 2021: For financial year 2021, the Management Board expects EBT in the range between EUR 190 million and EUR 220 million (2020 (from continuing operations): EUR -81.5 million) and consolidated operating revenue in the range between EUR 1.95 billion and EUR 2.10 billion (2020: EUR 1.52 billion). The average of the analysts’ estimates for the consolidated revenue of the Sixt Group for 2021 of EUR 2.09 billion is within the range of the forecast. However, the EBT range forecasted for 2021 is above the market expectation of EUR 187 million.
The forecast for financial year 2021 was prepared on the basis of the current market environment and is based in particular on the assumptions that the further course of the COVID-19 pandemic will not again lead to more far-reaching restrictions on travel, that the price level in the United States and Europe will stay on current levels and that the supply shortages for vehicles as a result of the semiconductor crisis will not worsen.

Alexander Sixt, Co-CEO of Sixt SE: “The second quarter developed extremely positively, with EBT of around EUR 78 million well above market expectations. Despite continuing uncertainties, especially for the fourth quarter, we currently expect the positive trend to continue. For the current financial year, we therefore expect EBT in the range between EUR 190 million and EUR 220 million, which is also above market expectations, and consolidated operating revenue in the range between EUR 1.95 billion and EUR 2.10 billion. The forecast for the financial year 2021 was prepared on the basis of the current market environment and is based in particular on the assumptions that the further course of the COVID-19 pandemic will not again lead to more far-reaching restrictions on travel, that the price level in the United States and Europe will stay on current levels and that the supply shortages for vehicles as a result of the semiconductor crisis will not worsen. This very positive business development clearly demonstrates the unbroken urge of people to be mobile again and to travel as soon as possible. Our performance in the second quarter also shows that the strategic decisions we made during the crisis, such as the acquisitions we made in the United States and the launch of our SIXT+ car subscription, are now having an impact. Above all, however, our success is the result of the tireless efforts of our employees, for which I would like to express my sincere thanks on behalf of the entire Management Board.”

Prof. Dr. Kai Andrejewski, CFO of Sixt SE: “Not least thanks to our solid financing structure, Sixt SE was able to successfully implement measures to counter the effects of the pandemic on its own. Despite continuing uncertainties, we can now issue a forecast for the full year 2021. This forecast assumes a continued positive business development and is in regards of EBT above the average of the analysts’ estimates.”

Sixt SE will publish its Group Interim Report as at 30 June 2021 as planned on 12 August 2021.