CFO Weinberger said in Q2 2024 that the percentage of risk EVs in the electric fleet hadn’t changed sequentially.
Yes, EBT in Q3 should be much better than in Q4, but it’s hard to make sense of it under the current circumstances. For instance, depreciation and amortization as a % of total revenue was 15% and 26% in Q4 2021 and Q4 2022, respectively. Sixt reported an EBT of €52 million in Q4 2022. If depreciation and amortization as a % of total revenue had stayed at 15%, EBT in Q4 2022 could have been €143 million (52 million +(26% of 871-15% of 871)). But yeah, probability of reaching the lower range of their 2024 EBT guidance by reporting €187 million in EBT in Q3 will require a significant outperformance in Q4. Considering this and the September presentation, I agree with you that this is the worst case scenario.