Sixt SE

Latest Results (22.01.2026):

Sixt SE — reporting on fiscal year 2024 (covering Q4 2024). Sixt posted record group revenue of EUR 4.00 billion for 2024 and a record Group EBITDA reported in the annual letter of EUR 1.46 billion, while EBIT was EUR 483 million and EBT EUR 335.2 million, resulting in consolidated profit of EUR 244 million (basic EPS ordinary: €5.19). Management cited strong summer demand and growth across North America, Germany and Europe but noted materially higher depreciation and used‑car remarketing losses and elevated interest costs that weighed on profitability.

Revenue & EBITDA

Group revenue: EUR 4,002m (2024) vs EUR 3,621m (2023). Company highlights a record EBITDA of EUR 1.46bn in 2024; the reported Corporate EBITDA line in the financial table is EUR 560m (different definition). Return on revenue before taxes fell to 8.4% (2024) from 12.8% (2023).

Profit & EPS

EBIT: EUR 483m (2024) (2023: EUR 573m). EBT: EUR 335.2m (2024). Consolidated profit: EUR 244m. Basic earnings per ordinary share: EUR 5.19 (2024) vs EUR 7.13 (2023).

Regional performance

All three reporting segments grew in 2024: North America +22.2% (segment revenue EUR 1,314m), Europe excl. Germany +5.7% (EUR 1,545m) and Germany +5.5% (EUR 1,135m). Management emphasised particularly strong summer performance and further US network expansion.

Fleet & operations

Average fleet including franchisees: 357,100 vehicles (2024). Average corporate rental fleet (excluding franchises) ~184,300. Rental vehicles (rights of use) shown as 4,121. Management increased fleet rotation and the share of non‑risk vehicles to reduce exposure to used‑car markets and improved branch footprint (+~60 new branches in 2024).

Balance sheet & financing

Total assets: EUR 6,551m; equity: EUR 2,129m (equity ratio 32.5%); financial liabilities: EUR 3,126m. Report notes continued financing flexibility and strong investor demand for a EUR 500m five‑year bond (3.25% coupon) issued in early 2025.

Dividend proposal

Management will propose at the 2025 AGM a dividend of EUR 2.70 per ordinary share and EUR 2.72 per preference share for FY2024 (proposed payout ratio ~52.1%, above the 10‑year average ~47.5%).

Drivers & headwinds

Drivers: record summer demand, higher fleet availability, premium vehicle mix, digitalisation (SIXT app ecosystem), and geographic expansion (esp. North America). Headwinds: pronounced pressure on vehicle residual values (noted as “almost a three‑digit million‑euro” impact), higher depreciation and remarketing losses—mainly in H1—and elevated interest costs that reduced EBT margin in 2024.

Outlook (company guidance)

Sixt expects further profitable growth in 2025, targeting consolidated revenue growth of 5–10% and an EBT margin around 10%, supported by favourable 2025 vehicle purchase agreements, a high share of non‑risk vehicles and continued fleet/branch expansion.