In the first half of 2022, Sixt increased its consolidated revenue by 59.4% to €1.32 billion, compared to the same period last year. This represents the strongest first half in the company’s history in terms of revenue.
The company benefited from strong international business, particularly in Europe and in the United States. Strict cost discipline was another key factor. For instance, operating expenses rose by 47% in the first six months, less than revenue which increased by 59%.
In the first six months of 2022, consolidated earnings before taxes (EBT) reached a record level of €223.2 million (first half-year 2021: €64.2 million). Corporate EBITDA climbed to €299.9 million compared to €127.0 million in the first half of last year.
In addition to an increase in domestic revenue, the company’s foreign share of consolidated revenue continued to increase to over 70% from 64% in the same period in 2021. In the first half of 2022, 40.6% of consolidated revenue was generated in Europe, 29.8% in the U.S., and 29.6% in Germany.
In the U.S., Sixt is now operating at 36 of the 50 most important airports. New growth for the North American business is also expected from the launch in Canada; the first station opened in Vancouver in July. In the U.S., revenue increased 66% to €395 million in the first half of 2022 compared to the first half of 2021.
“Despite unprecedented geopolitical and macroeconomic challenges, Sixt achieved record revenue and earnings in the first six months,” said Alexander Sixt, co-CEO of Sixt SE. “Our internationalization strategy continues to pay off and the business performance is strong evidence of the robustness of our company. The forward-looking investments in the fleet have contributed significantly to this positive development. We also have the financial room for maneuver to further strengthen the investments in our network, our people, and our fleet. My personal thanks go to our employees worldwide for their outstanding commitment in these challenging times.”
In the second quarter, Sixt was able to further increase its fleet size despite the general shortage of vehicles. In the first half of the year, the average vehicle fleet was 129,400 vehicles, 24% more than in the same period in 2021.
“The expansion of our international footprint, with foreign revenue now accounting for more than 70% of consolidated revenue, and the consistent digitalization of our products and services are central pillars of our success,” said Konstantin Sixt, co-CEO of Sixt SE. “With the recent market entry in Canada, the development of Australia via a strong franchise partner with 160 stations and the successive expansion of our U.S. station network, we are stringently continuing this course. We can therefore benefit more than the competition from the market recovery and gain market share at home and abroad.”
In the second quarter, consolidated revenue increased by 48.4% to €743.8 million (Q2 2021: €501.2 million). Corporate EBITDA rose from €108.6 million to €169.2 million. Sixt reported EBT of €129.8 million for the months of April to June, an increase of 66.6% compared to the same quarter of 2021 (€77.9 million).
The European countries outside Germany were the main driver of revenue, posting an increase of 81.8% to €536.4 million. In the U.S., revenue rose by 66.1% to €394.7 million. In Germany, as well, SIXT was able to increase its half-year revenue (up 32.5% to €387.7 million).
Following the positive performance in the first half of the year, Sixt continues to expect high demand in the summer months. However, there are uncertainties for the final months of financial year 2022 due to many impending macroeconomic difficulties in Europe and the U.S. In addition, limited vehicle availability due to the product shortages of the manufactures remains a challenge.
For the full year 2022, Sixt continues to expect an increase in consolidated revenue compared to 2021 and anticipates consolidated EBT to be in the upper end of the range of €380 to 480 million last announced.