The first nine months of 2024 closed with a 14.2% increase in turnover for Motodynamics, with sales amounting to €144.5 million. Sales of two-wheelers and marine products (Yamaha) reached €70.2 million, an increase of 17.9%.

Dynamic growth was also recorded for Porsche's business, with sales amounting to €33.8 million, an increase of 29.6%. Very positive development also for the car rental business (Sixt), with rental revenues of €39.8 million, up 14.0%.

In the first nine months of 2024, increased supply from the main market players led to intense competition and pressure on Yamaha product prices and car rental prices. Gross profit amounted to €34.9 million, showing an increase of 10.6%. Operating profit was €16.9 million, an increase of 5.8%. 

Motodynamics: 14.2% increase in turnover in the first nine months-1

Investments to develop Sixt's car fleet and the return of the group's commercial activities to positive working capital led to an increase in long-term assets (excluding the impact of IFRS 16) to €84.6 million.

This was largely financed through borrowings as well as through the company's cash flow. Financial costs increased by €836 thousand. The group was able to have a lower financing rate of 40 basis points, even though central bank interest rates rose 70 basis points for the corresponding 9-month period.

As with every year, borrowing reached its peak during the first six months before declining, especially in the final quarter due to the anticipated cash flows from the sales of SIXT's car fleet.

President and CEO, Mr. Paris Kyriakopoulos, said: "For the nine months to 2024, Motodynamics delivered strong growth across all operations, benefiting from market momentum and increased market share. Despite pressure on margins due to competition and increased costs, operating profitability increased by 5.8% compared to the same period last year. Our priorities for the last quarter are to effectively sell SIXT cars and promote specific Porsche models, such as the electric Macan, and Yamaha products to continue to gain share in our individual markets."