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Investing.com -- Sixt’s third-quarter results were solid in light of the difficult macro environment, with the fleet up 8% showing sequential acceleration.
However, Pretax earnings, however, missed consensus by 5%, and guidance was adjusted toward the lower end, implying pretax for the full year only 2% below consensus estimates, sending shares down over 2% on Thursday.
Average selling prices remained at elevated levels, down 1.4% year over year, supported by solid vehicle utilization and continued pricing discipline among peers.
The confirmation of the EBT margin guidance of around 10% and sales of €4.25 billion would imply the strongest fourth quarter for Sixt in over three years.
For the third quarter of fiscal 2025, revenues rose 6.6% from the prior year to €1.32 billion in-line with company consensus of €1.32 billion.
Corporate EBITDA increased 7.2% to €321.7 million, and EBT rose 4.9% to €258.4 million, versus consensus of €271 million. Net profit increased 1.1% to €181.5 million.
Average selling prices remained at elevated levels, down 1.4% year over year, reflecting solid utilization and pricing. Combined with a larger fleet, revenues increased, particularly in Europe.
Europe excluding Germany grew 12.9% to €600.3 million, Germany rose 2% to €334.6 million, and North America increased 1.6% (up 6.6% excluding foreign exchange) to €386.9 million. Profitability was slightly down year over year, with EBT margin lower by 30 basis points.
In the third quarter, the fleet was up 8% to 223,000 vehicles, implying a continued solid ASP per vehicle of €5.9 k compared with €6 k in the third quarter of 2024.
The balance sheet showed an equity ratio of 27.5%, compared with 32.5% in fiscal 2024.
Full-year 2025 guidance was adjusted to the lower end of the range, with revenues expected at approximately €4.25 billion, or up 6%, compared with company consensus of €4.288 billion.
The EBT margin is projected to be “in the area of 10%,” corresponding to about €425 million in pretax earnings, versus consensus of €434 million.
“Given how weak the shares have been in the last few months, we believe the shares could rally given the previous anticipation of a potential guidance downgrade.,” said analysts at Jefferies note.