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Car rental company Sixt has reported its second-highest Q2 revenue in company history.
The company has released figures showing revenue of €925.1 million in Q2, equating to an increase of 24.4 per cent compared to the same quarter last year.
Sixt reported that its consolidated earnings before taxes (EBT) rose to a record level of €131.9 million in the second quarter, compared with €129.8 million in the same quarter last year.
Sixt said it had benefitted from continued strong demand for travel at the start of the summer period, a record fleet (excluding franchises) of 166,300 rental vehicles (+24.6 per cent compared to the same period last year) and rental car prices that remain well above 2019 levels.
The car rental company reported that Europe (excluding Germany) accounted for 39.9 per cent of consolidated revenue, while Germany accounted for 30.6 per cent and the North America segment accounted for 29.5 per cent.
In Germany, Sixt achieved half-year revenue of €492.1 million, an increase of 26.9 per cent compared to the same period of last year, while in the European markets outside Germany, revenue increased by 20.3 per cent to €645.1 million compared to the first half of 2022.
However co-CEO Alexander Sixt said while the company had achieved record results in the second quarter it was remaining cautious when it came to fleet expansion in 2024 because of the unstable economic climate in Europe.
Sixt said: “We achieved a record result in the second quarter, and we continue to target a significant increase in revenue as well as EBT within our EBT forecast of €430 million to €550 million for the full year. The current uncertain macroeconomic situation for Europe, especially for Germany, may influence the course of the second half of the year and we are therefore also cautious with regard to our fleet purchasing for 2024.”
For the business travel segment there were more premium vehicles in the Sixt fleet in the first six months of 2023 than in any previous half-year.
Sixt said the premium share of the fleet, (measured in terms of the value of the fleet introductions of the brands BMW (incl. Mini), Mercedes-Benz and Audi), was close to 60 per cent.
The car rental company said that because of the availability of vehicles and strong relationships with both German OEMs and new international partners, it was able to increase its global fleet of rental vehicles in its corporate countries (i.e. excluding franchises) to a record level of on average 157,700 vehicles in the first half of 2023.
Konstantin Sixt, co-CEO said: “We are very satisfied with our business performance. The main success factor for Sixt is and remains the premium offering we make available to our customers, which we have once again expanded significantly. Last, but not least, we increased our staff by around 850 additional employees in the course of the first half of the year. We would like to thank the entire staff for their extraordinary performance.”
Sixt is also on track when it comes to the electrification of its fleet. In the first quarter, the company for the first time achieved an electrification rate of more than 20 per cent in the European corporate countries and maintained this rate in the second quarter. It is aiming to have an electric share of 70-90 per cent in Europe by 2030.
As part of its sustainability strategy, Sixt is also driving the expansion of its own charging infrastructure and by the end of the year, it intends to have equipped the vast majority of its branches in Germany and its European corporate countries with its own charging points.
In the UK, Sixt appointed Andrew Smith as its new UK managing director last month.
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