Sixt tops revenue estimate in Q4, misses EBT guidance by €5 million
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Sixt Q4 2024 revenue rose 11.4% y/y to €969.6 million (calculated), topping analysts estimate of €919.6 million while EBT rose 3% to €53.3 million, missing management guidance of €58 million and analysts estimate of €56.3 million.
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For 2025, Sixt is guiding revenue growth in the range of 5% to 10% (analysts estimate: +6%), and EBT margin of 10%, up from 8.4% in 2024 (analysts estimate: 11%).
"Moving forward we expect the significantly improved purchasing conditions to provide a strong tailwind for our earnings from summer 2025 at the latest,” CFO Franz Weinberger said.
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Sixt’s revenue from Germany rose 1% to €277 million (my estimate: €282 million), revenue from Europe rose 15% to €356 million (my estimate: €313 million) while that from North America rose 18% to €336 million (my estimate: €337 million).
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Sixt shares were down 1% in pre-market but rose 5% when the market opened.
Assessment
The fact that Sixt’s Q4 2024 EBT didn’t deviate much from expectations confirms management’s comments that residual values are improving. The 2025 guidance also largely met estimates. However, the guidance for a deceleration in revenue growth in 2025 indicates low visibility on the economic situation in Germany and Europe.