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Sixt Cuts Profit Forecast Despite Record Summer

Slowdown in rental business

Sixt SE has lowered its profit forecast for the current year despite a record summer. The car rental company cited a slowdown in the rental business, particularly in the US and Europe, as the reason for the downgrade.

In a statement, Sixt said that it now expects adjusted earnings before interest and taxes (EBIT) of between €1.1 billion and €1.2 billion in 2023. This is down from the previous forecast of €1.2 billion to €1.3 billion.

High fuel prices and inflation

Sixt said that the slowdown in the rental business was due to a number of factors, including high fuel prices and inflation. The company also said that it was facing increased competition from other car rental companies.

Despite the challenges, Sixt said that it was still confident in its long-term growth prospects.

Expansion in North America

The company plans to continue to expand in North America, where it sees significant growth potential. Sixt also plans to invest in new technologies, such as electric vehicles and autonomous driving.

Sixt is one of the world's leading car rental companies, with operations in over 100 countries.

Key takeaways

• Sixt has lowered its profit forecast for the current year due to a slowdown in the rental business.
• The slowdown is due to a number of factors, including high fuel prices and inflation.
• Sixt is still confident in its long-term growth prospects and plans to continue to expand in North America and invest in new technologies.