Sixt:Quarterly Results/2025 Q2

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See also: Sixt Valuation Model

This article is being updated !

Management guidance and analysts estimate

Management guidance

• Sixt's management guided for 2025 year-over-year revenue growth in the range of 5% to 10% (€4,202 to €4,402).
• It guides for an EBT margin in the area of 10%, translating to an EBT in the range of €420.2 to €440.2

Analysts estimates

Key Items	Q2 2025	Y/Y	2025	Y/Y
Revenue	€1,070	6.2%	€4,269	6.7%
EBT	€107.8	71.5%	€440.3	31.4%

Analysts opinions

• Buy, €105: Analyst Constantin Hesse of Jefferies expects the company to report strong travel demand in Q2, especially in Europe.
• Buy, €100->€105: Analyst Dirk Schlamp expects Sixt's Q2 2025 results to come in line with the company's expectations. He expects strong operational performance and robust demand. He pointed out that the weak US dollar will likely weigh on revenue but the decline in depreciation should have a positive impact on the earnings.
• Buy, €105: Analyst Michael Kuhn of Deutsche Bank expects Sixt's Q2 2025 pre-tax profit to nearly double. He expects positive share price development since the consensus is lower than his estimates.
• Buy, €125: Analyst Marc-Rene Tonn of Warburg research expects Sixt's Q2 developments to strengthen the company's annual targets.

Earnings insights from competitors

Insights from Sunny Cars

• Sunny Cars CEO said in July 8 that pricing development is stable, showing a slight upward trend in response to summer demand.
• He pointed out that rental car market remained stable in June. He said bookings were 12% higher in June compared to the same period last year. However, June bookings lagged behind that of May.
• Sunny cars is a rental car broker company present in over 8,000 stations in over 120 countries. It generated €425 million in revenue in 2024.

Insights from Avis Budget Group

Q2 2025 earnings results and expectations

Key items	Actual	Estimate
Revenue	$3.0 billion	$3.022 billion
EPS	$0.10	$2.21
Adjusted EBITDA	$277 million	$214 million
Americas Revenue per Day (RPD)	$70.06 or -2% y/y
International Revenue per Day (RPD)	$60.74 or +7% y/y
Revenue per Day (RPD)	0%
Vehicle depreciation	$636 million or -13.3%

Q2 2025 Avis Budget Group earnings call

Q2 2025 Avis Earnings Call Transcript

Car rental demand: leisure stronger than business

• CEO Brian Choi said people are still travelling and that leisure is stronger than commercial business.

  “Leisure is stronger than commercial right now and pricing is more challenged than volume. And this is true in PRASM for airlines, it's true for RevPAR for hotels and RPD for us.”

  “We do think that there are signs that things are firming up for the summer and I think summer is off to a good start.”

  “Industry demand, surprisingly, I know there's a lot of uncertainty around there with the economy, but the demand is out there to be got right now. People are still traveling.”

Pricing was pressured this year but stabilizing

• CEO Brian Choi said pricing was pressured this year but is getting firmer.

“RPD has been pretty challenged all throughout this year. I do think industry supply overall tightening up is having an impact and that RPD is getting better because of it.”

“We are seeing some green shoots here in terms of RPD because of [recent recalls]. It’s not like we’re making a call that this is structural at this time.”

“We at Avis do not set rental car prices. We respond to them given consumer demand and industry supply.”

“We're fleeting slightly inside of demand, making sure that we receive an appropriate ROI on the cars that we do put out there.”

Sixt stepped up competition this year

• CEO Brian Choi said Sixt stepped up competition this year and that competition is generally strong.

“Felt like Enterprise was pretty competitive last year, then Sixt maybe stepped on the gas this year.”

“It is a competitive environment. It always has been and this year is no different.”

“What we're trying to do here is to not compete on a commodity product. I feel like that's what's been happening for decades… Avis First is a little bit of our answer to that.”

“Avis First isn't about taking share. We want to be growing the size of the revenue and profit pools of the entire car rental industry.”

Tariffs boosted used car prices but is delaying re-fleeting

• CEO Brian Choi said used car prices have benefited from the tariff uncertainty. However, the uncertainty has also delayed delivery of new vehicles forcing them to hold onto used cars for longer.

“The uncertainty around auto tariffs, of course, that's lifted the used car market. That's been a clear benefit.”

“Tariff uncertainty is causing OEMs to delay production and delivery. So our in-fleet schedule is getting pushed.”

“We've been having to hold on to the older model year cars for longer.”

“We’re not changing how we account for gross depreciation… If you keep that constant, the only way to harvest used car gains is by selling older model year vehicles.”

“That write-down we took early this year is still fresh in my mind… it was driven largely by purchases made for the model year 2023 and 2024 cycles when we purchased at elevated levels.”

“Despite tariffs coming… we can’t repeat that same mistake with the model year 26x. We have to remain disciplined.”

Avis suffered massive recalls in USA

• CEO Brian Choi said Avis suffered massive recalls in the US, affecting transit vans and minivans.

“This one’s different. It’s massive. It affects 4% of our America’s fleet.”

“We’re not allowed to sell [recalled cars]… it’s some of our highest RPD segments. These are transit vans and minivans.”

“There’s also no visibility on when this gets resolved… it’s a parts defect… no delivery time for these parts from the OEMs.”

“It’s a gut punch. There’s no other way to describe it… it’s hitting us in the heart of summer right now.”

Avis reiterated its guidance for 2025

“$1 billion is the bare minimum of what we want to do in a normalized year and that's going to continue going forward.”

“We’re reaffirming our $900 million to $1 billion EBITDA guidance for 2025.”

“I don't think this is a particularly normal year given what we're having to deal with, with the tariffs and with the recalls.”

“Everything we do, we are a cash flow machine at this company… whatever partnerships we want to do, that's additive, but we need to be a $1 billion EBITDA business going forward.”

“The only silver lining with this recall and the tariffs, it's not unique to Avis. The entire industry is affected… I think we're seeing that right now lead to some pricing recalibration.”