This quarter, U.S. operating revenues increased 4x compared to Q2 2020. New locations at various...

This quarter, U.S. operating revenues increased 4x compared to Q2 2020. New locations at various U.S. airports are a large contributor to Sixt's growth.

Photo: Sixt

In the second quarter of 2021, Sixt Group’s business performance is on par with the record year of 2019, the company reported in a press announcement. Consolidated earnings before taxes (EBT) for the quarter was €77.9 million, up 6.3% from the 2019 comparison. However, revenue of €498.1 million was around 20% below the second quarter of 2019 (€625.7 million).

Sixt points to air traffic revenue, which fell by more than 62% globally compared to the second quarter of 2019, as an indicator of Sixt’s flexible business model.

U.S. performance led the way with travel activity starting to return to normal, as the vaccination numbers increase and more travel restrictions have been lifted. In the second quarter, U.S. operating revenues were four times higher than in the same quarter in 2020 – increasing by 65.3% to €237.6 million for the first half of 2021. The new Sixt locations at 10 U.S. airports (in 2020) achieved a market share of over 5%, which made a large contribution to the company’s growth.

With the start of the holiday season and easing of travel restrictions, Sixt saw more demand in other European countries. Operating revenues increased to €185.2 million in second quarter. Sixt + car subscription service (now offered in eight European countries) as well as internationalization of Sixt carsharing service also contributed to this growth.

In the second quarter, Sixt expanded its global fleet by adding around 70,900 vehicles, worth €2.1 billion. With available financial resources of around €1.5 billion, SIXT is equipped for further fleet expansion.

Compared to second quarter 2019, costs fell by almost 25% (€140 million), with only about 20% lower quarterly revenue. 

“SIXT has used the crisis as an opportunity and expanded its market position both in Europe and especially in the United States,” said Alexander Sixt, co-CEO of Sixt SE. “Based on an optimized cost base, this is the result of a highly flexible business model, targeted acquisitions, and strategic product offensives at the right time. Above all, it is the result of the work of our highly motivated SIXT teams all over the world, who have made SIXT stronger despite all the challenges posed by the pandemic.

“Despite the extremely positive result in the second quarter, the fourth quarter of this year remains fraught with uncertainty. Here we are ultimately dependent on the course of the infection and the decisions of politicians,” added Sixt. 

“Sixt is always looking ahead,” said Konstantin Sixt, co-CEO of Sixt SE. “That is why we will expand our strategic investments in products, processes, and technology in the coming years to drive the internationalization of our business and the digitization of our service offering. The strategic growth measures in the past year, such as the launch of the car subscription offer SIXT+, the investments in our van and truck business and the launch of our mobility platform ONE, were the right steps at the right time.”

Following the good performance in the second quarter, Sixt SE issued a forecast for financial year 2021 for the first time. For 2021, the Sixt Management Board expects consolidated operating revenues of between €1.95 billion and €2.10 billion (2020: €1.52 billion) and group earnings before taxes (EBT) in the range of between €190 million and €220 million (2020 from continuing operations: €-81.5 million).

This forecast was prepared based on the current market environment – in particular on the assumptions that the COVID-19 pandemic will not again lead to more profound restrictions on travel, that the price level in the United States and Europe will continue, and that the supply bottlenecks for vehicles as a result of the semiconductor crisis will not worsen.

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