Sixt SE Revises 2024 Financial Forecast and Reports Q1 Results

Sixt SE has updated its financial outlook for 2024 following a review of Q1 results and recent trends. The company adjusted its expected earnings before taxes (EBT) for 2024 to between EUR 350 million and EUR 450 million, down from the previous forecast of EUR 400 million to EUR 520 million. This revision comes in the wake of a challenging first quarter where Sixt reported an EBT of minus EUR 27.5 million, attributing the shortfall to worse economic conditions, delayed interest rate reversals, and increased vehicle costs due to lower residual values.

Despite the downturn, Sixt anticipates a recovery in the second quarter of 2024, projecting an EBT between EUR 60 million and EUR 90 million, supported by an expected rise in consolidated revenue. For the second half of the year, the company remains optimistic, citing potential benefits from reduced fleet costs and the integration of more cost-effective vehicles.

Detailed financial results for the first quarter ended March 31, 2024, will be released on May 7, 2024, as per the company’s schedule. Sixt stated that it would continue to focus on enhancing revenue and increasing operational efficiency moving forward.