I=10
Sixt beats revenue expectations but misses EBT expectations due to higher depreciation
- Sixt’s Q2 2026 revenue rose 9.9% y/y to EUR 1,189 million, above my estimate of EUR 1,168 million, while EBT rose 14.6% y/y to EUR 123 million, below my estimate of EUR 136 million.
- The EBT miss was mainly driven by depreciation and amortization, which came in EUR 29 million above expectations.
- Sixt reaffirmed its 2026 guidance, expecting revenue to grow by 4% to 7.5% y/y to €4,450-4,600 m (midpoint: €4,525 m) and EBT margin of around 10% versus my base revenue estimate of €4,597 and EBT of €456.
- Sixt revenue from Germany rose 9.1% y/y to €319 m (estimate: €315 m or +7.8%), revenue from Europe rose 13% to €515 m (estimate: 501 m or +9.7%), revenue from North America rose 6.3% to €356 m (estimate: €353 m or +5.5%).
- Fleet expenses, which has been one of the main problems, rose 17.1% y/y to €297 m, lower than my estimate of €305 m.
- Sixt preference shares currently up 1.3%.
Sixt’s Valuation Model (Google Sheets)
Assessment
According to Yahoo Finance, Sixt’s results exceeded the average expectations of analysts surveyed by Bloomberg.
The higher-than-expected depreciation and amortization expenses were driven by North America and Europe (excluding Germany). North America depreciation of rental vehicles rose 13.6% y/y to €53 m (Q1 2026: -29% y/y) while Europe (excluding Germany) depreciation of rental vehicles rose 12.4% y/y to €75 m (Q1 2026: +0.9% y/y). While Avis and Hertz pointed out that the weakness in North America used-car prices during the quarter was temporary and seasonal, the higher-than expected depreciation of rental vehicles in Europe (excluding Germany) is concerning, especially since Sixt has a low percentage of risk vehicles in the region.