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Investing.com -- Sixt SE (ETR:SIXG) reported a mixed start to 2025, with first-quarter revenue coming ahead of expectations while earnings before tax (EBT) came short. The company’s shares fell nearly 3% in Frankfurt trading after the report.
The German car rental company reported Q1 revenue of €858 million, up 10% year-over-year, and beating consensus expectations of €830 million.
Corporate EBITDA surged 90% to €48.3 million, while EBT narrowed to -€17.6 million from -€27.5 million a year earlier, slightly missing company and market expectations.
Net loss improved to €12.6 million from €23.1 million in Q1 2024.
The strong top-line performance was driven by a robust average selling price (ASP), up 5.8% year-on-year, supported by better vehicle utilization and a larger fleet. Revenues rose across all regions, led by North America (+14.9%), followed by Europe excluding Germany (+13.8%), while Germany was flat at +0.1%.
Fleet size increased 4% to 168.7k vehicles, and ASP per vehicle climbed to €5.1k from €4.8k.
Looking ahead, Sixt confirmed its full-year 2025 guidance, targeting revenue growth of 5–10% to €4.2–4.4 billion, compared to the company consensus of €4.27 billion.
EBT margin is projected to be “in the area” of 10%, or €430 million, which is below the company consensus of €446.8 million.
Jefferies analysts described the results as “a solid start despite macro uncertainty.”
They noted that the revenue beat was “largely thanks to stronger-than-expected ASP,” but the EBT miss reflected “lower residuals from the sale of the tail end of an older fleet and somewhat weaker-than-expected demand in the U.S.”
"Overall, apart from better-than-expected sales, largely thanks to stronger-than-expected ASP, the print came in pretty much in line," the analysts said.
Jefferies expects the sector’s pricing discipline to support performance in the coming summer quarters, even as macroeconomic uncertainty remains elevated.