EQS-Adhoc: Sixt SE: Announcement of the dividend proposal for financial year 2022, forecast for financial year 2023 and trend for the first quarter of 2023

Sixt SE: Announcement of the dividend proposal for financial year 2022, forecast for financial year 2023 and trend for the first quarter of 2023

Pullach, 28 February 2023

The Management Board of Sixt SE plans, subject to the approval of the Supervisory Board, to propose to the upcoming Annual General Meeting of the company for the past financial year a dividend in the amount of EUR 4.11 per ordinary share and EUR 4.13 per preference share as well as a special dividend of EUR 2.00 per ordinary and preference share. This was resolved by the Management Board in its meeting today on the basis of the preliminary, very positive results for financial year 2022 with consolidated earnings before taxes (EBT) of EUR 550 million and an EBT margin of 17.9%, the business development to date in the current financial year, and the expected business development for the entire current financial year. The proposed dividend is thus significantly higher than the market expectation (average current analyst estimate: EUR 3.37 per ordinary share).

For the first quarter of 2023, there are clear indications that revenue will increase by 10 to 25% compared to the same quarter of the previous year (Q1 2022: EUR 580.8 million). In view of the currently emerging developments, the Management Board of Sixt SE estimates that consolidated earnings before taxes (EBT) for the first quarter of 2023 will be between EUR 20 million and EUR 40 million (Q1 2022: EUR 93.5 million). The first quarter of 2022 and the first quarter of 2023 was respectively is each characterized by extraordinary effects. These extraordinary effects mainly arise from the fact that due to the pandemic situation staffing levels and the fleet size were still at an unusually low level at the beginning of 2022, which had a positive impact on the cost situation in the first financial quarter 2022. At the same time, marketing expenses in the first quarter of 2023 will be high compared to past years as a result of the major US-campaign currently underway.

For financial year 2023, the Management Board of Sixt SE expects a large increase in the consolidated revenue compared to 2022 and consolidated earnings before taxes (EBT) in the range of EUR 430 million to EUR 550 million. The upper end of this range is thus on the level of the record year of 2022 and its lower end clearly above the pre-Corona level. The forecast revenue range for 2023 as well as the forecast EBT range are above market expectations (average analyst estimate for 2023: EUR 3.0 billion for consolidated revenue and EUR 427 million for EBT). Furthermore, the forecast is based on demand approaching the pre-pandemic level again, as it did in 2022 and the first weeks of 2023, but at higher prices.

The forecast assumes that the overall economic and sector-specific conditions will not deteriorate significantly compared to the current situation.

Sixt SE will announce the preliminary figures for financial year 2022 in course of today and will explain them as planned on 2 March 2023 in a press conference.

1570879  28-Feb-2023 CET/CEST