Sixt SE

Interim / Quarterly Report • Aug 7, 2024

Interim Report as at 30 June 2024

CONTENT

1. INTERIM REPORT OF THE GROUP	2
1.1 Principles of the Group	2
1.2 Economic report	2
1.2.1 Key developments during the reporting period	2
1.2.2 Revenue development	3
1.2.3 Earnings development	3
1.2.4 Asset position	5
1.2.5 Financial position	5
1.2.6 Liquidity position	5
1.2.7 Investments	6
1.3 Report on risks and opportunities	6
1.4 Forecast report	6
2. INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT 30 JUNE 2024	7
2.1 Consolidated statement of income and statement of comprehensive income	7
2.2 Consolidated statement of financial position	8
2.3 Consolidated statement of cash flows	9
2.4 Consolidated statement of changes in equity	10
3. CONDENSED NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD FROM
1 JANUARY TO 30 JUNE 2024	11
3.1 General disclosures	11
3.2 Scope of consolidation	11
3.3 Explanations of selected items of the consolidated statement of income	12
3.4 Explanations of selected items of the consolidated statement of financial position	14
3.5 Segment reporting	19
3.6 Contingent liabilities	20
3.7 Related party disclosure	20
3.8 Events subsequent to reporting date	20
4. RESPONSIBILITY STATEMENT	20

Due to the rounding it is possible that individual figures presented in this Interim Report may not add up exactly to the totals shown and that the half-year figures listed may not follow from adding up the individual quarterly figures. Furthermore, the percentage figures presented may not exactly reflect the absolute figures they relate to.

1. INTERIM REPORT OF THE GROUP

1.1 PRINCIPLES OF THE GROUP

Sixt SE, domiciled in Zugspitzstrasse 1, 82049 Pullach, Germany, is registered in section B of the commercial register at the Munich Local Court, under the docket number 206738. The company was formed in 1986 as a result of a reorganisation of "Sixt Autovermietung GmbH", established in 1979, and has traded since then as "Sixt Aktiengesellschaft", which in 2013 was transferred into "Sixt SE". The company floated on the stock market in 1986. It has registered branches in Leipzig and at Munich airport. The company has been established for an indefinite period.

At the reporting date 30 June 2024, the company's subscribed capital amounted to EUR 120,174,996.48. Both ordinary shares and non-voting preference shares have been issued, both categories as no-par value shares with a notional amount of EUR 2.56 per share. All shares have been fully paid up. The largest shareholder is Erich Sixt Vermögensverwaltung GmbH, Pullach, which holds 58.3% of the ordinary shares and voting rights of the subscribed capital as at reporting date. Erich Sixt Vermögensverwaltung GmbH, Pullach, is the parent of Sixt SE, Pullach.

Sixt defines itself as a premium service provider and considers this to be an important unique selling proposition in international competition. A key element of the premium strategy is the high proportion of fleet vehicles coming from renowned manufacturer brands. Sixt also aspires to be the innovation leader in the mobility industry. A key role in this is accorded to the mobility platform ONE, which was launched in 2019. Its basis is the consistent digitalisation of the product portfolio (via the SIXT app) as well as of sales channels and operating business processes. The SIXT app provides access to the products SIXT rent, SIXT share, SIXT ride and the car subscription offer SIXT+ and also integrates the services of renowned mobility partners such as ride hailing providers, taxi centres and other mobility providers, which can also be booked via the app. Sixt is represented through its subsidiaries in the core European countries of Germany, France, Spain, the UK, the Netherlands, Austria, Switzerland, Italy, Belgium, Luxembourg, and Monaco and thus covers the largest part of the European market, making it one of the continent's leading mobility service providers. Sixt also operates subsidiaries in the US and in Canada. In many other European and non-European countries, Sixt is additionally represented by franchise and cooperation partners.

1.2 ECONOMIC REPORT

1.2.1 KEY DEVELOPMENTS DURING THE REPORTING PERIOD

In the second quarter of 2024, Sixt was able to build on the significant revenue growth achieved in the first quarter. At EUR 1.01 billion (Q2 2023: EUR 925.1 million; +8.9%), Sixt achieved record revenue of more than EUR 1 billion in a second quarter for the first time. In the first half of 2024, Group revenue increased by 10.4% to EUR 1.79 billion (H1 2023: EUR 1.62 billion). After regionally lower rental prices in the first months of the year, the price level at the end of the second quarter was more in line with the previous year's level. In this environment, Sixt already recorded high customer demand at the beginning of the year, which increased significantly again in the second quarter due to seasonal factors during the holiday season. All three segments, Germany, Europe and North America, supported revenue growth, with the North American business making the largest contribution with an increase of over 25%.

Sixt met the high customer demand in the first half of 2024 by expanding its rental fleet with a sense of proportion. At EUR 5.54 billion, the Group's rental assets at mid-year were EUR 1.08 billion (+24.1%) higher than at the end of December 2023 and EUR 0.93 billion higher than at 30 June 2023 (EUR 4,62 billion). In the first half of 2024, the average fleet size in the Sixt corporate countries was approximately 174,800 vehicles, 10.8% more than in the same period of the previous year (approximately 157,700 vehicles).

The increased utilisation and higher efficiency were driven by accelerated fleet rotation at improved new vehicle conditions and thus lower vehicle costs in the future, a consistent focus on improvements in yield and pricing systems and a reduced risk ratio in the European fleet. The proportion of newly introduced risk vehicles in the European passenger car fleet was less than 2% in the second quarter of 2024.

In a still challenging and highly volatile market environment with further declined residual values, especially in the USA (a market with a structurally higher share of risk vehicles), and a still significantly higher interest rate level, Sixt generated consolidated earnings before taxes (EBT) of EUR 62.9 million in the reporting quarter (Q2 2023: EUR 131.9 million) and EUR 35.4 million in the first six months (H1 2023: EUR 165.1 million). In the first quarter of 2024, there was still a loss. However, the results from vehicle sales and increased depreciation on vehicles for which Sixt bears the residual value risk continue to have a negative impact on earnings in the second quarter of 2024.

Corporate EBITDA at Group level was EUR 120.0 million in the second quarter (Q2 2023: EUR 177.6 million) and EUR 145.5 million in the first six months (H1 2023: EUR 250.7 million).

In Germany, Sixt had a nationwide network of 365 branches at 30 June 2024 (H1 2023: 350 branches). At the end of the first half of 2024, Sixt was represented in the USA at a large number of the country's major traffic hubs and had 120 branches (H1 2023: 100 branches), as well as four branches in Canada (H1 2023: 3 branches). The number of branches in Sixt's European countries (excluding Germany) was 461 (H1 2023: 437 branches). In addition, there were a further 1,190 branches in Sixt franchise countries (H1 2023: 1,189 branches), bringing the total number of branches to 2,140 at the end of June (H1 2023: 2,079 branches).

1.2.2 REVENUE DEVELOPMENT

The Sixt Group reported revenue of EUR 1.79 billion for the first six months of 2024, an increase of 10.4% compared to the same period last year (H1 2023: EUR 1.62 billion). Growth was achieved across all three segments. Group revenue generated in the segment Germany increased significantly by 7.5% to EUR 528.8 million in the first half of 2024 (H1 2023: EUR 492.1 million). Group revenue attributable to the segment Europe (excluding Germany) was 661.5 million (H1 2023: EUR 645.1 million), up 2.5% year on year. Group revenue generated in the segment North America in the first six months of the current year also increased significantly to EUR 594.4 million, up 24.3% from EUR 478.1 million in the same period last year. As a result, Sixt has a regionally very diversified revenue structure.

In the second quarter of 2024 the Group reported revenue of EUR 1.01 billion compared to EUR 925.1 million in the same quarter of the previous year. A particularly dynamic development driven by the extension of the branch network was seen in the segment North America with revenue of EUR 319.1 million (Q2 2023: EUR 251.7 million; +26.8%). The segment Germany generated revenue of EUR 285.8 million (Q2 2023: EUR 274.1 million; +4.3%). The segment Europe generated revenue of EUR 400.9 million (Q2 2023: EUR 396.8 million; +1.0%).

Revenue key figures Sixt Group			Change			Change
in EUR million	H1 2024	H1 2023	in %	Q2 2024	Q2 2023	in %
Segment Germany	528.8	492.1	7.5	285.8	274.1	4.3
Segment Europe	661.5	645.1	2.5	400.9	396.8	1.0
Segment North America	594.4	478.1	24.3	319.1	251.7	26.8
Other	3.2	4.9	-33.8	2.0	2.5	-21.0
Consolidated revenue	1,788.0	1,620.2	10.4	1,007.7	925.1	8.9

1.2.3 EARNINGS DEVELOPMENT

At EUR 128.7 million, other operating income in the first half of the reporting year was up 17.0% compared to the same period last year (H1 2023: EUR 110.0 million).

Fleet expenses increased by 15.2% to EUR 421.3 million in the first half of 2024 (H1 2023: EUR 365.7 million). The increase mainly relates to expenses for registration fees, insurance, repairs, maintenance and reconditioning as well as fuel which are driven by the significantly larger fleet as well as continued general price increases.

Personnel expenses increased by 7.7% to EUR 341.9 million in the first six months of the financial year, compared to EUR 317.5 million in the first half of 2023, due to the expansion of the workforce and at the same time investments in personnel efficiency through digitalisation in the service area as well as wage and salary increases in line with the market.

Depreciation and amortisation expense increased significantly by 47.3% to EUR 496.6 million in the first six months (H1 2023: EUR 337.2 million). The increase is due in particular to a 54.4% rise in depreciation on rental vehicles to EUR 388.7 million (H1 2023: EUR 251.7 million), which, in addition to the fleet expansion, is primarily the result of lower expected vehicle residual values for vehicles for which Sixt bears the residual value risk.

Other operating expenses increased by 9.2% to EUR 551.4 million after EUR 504.9 million in the first half of 2023. The largest increases were in leasing expenses and write-downs and impairments of receivables.

The Sixt Group thus reported earnings before interest and taxes (EBIT) of EUR 105.4 million for the first half of 2024, compared with EBIT of EUR 204.8 million in the first half of 2023. In the second quarter, EBIT reached EUR 102.2 million (Q2 2023: EUR 157.4 million).

The financial result for the first six months deteriorated by 76.5% from EUR -39.7 million to EUR -70.0 million compared to the previous year due to increased interest expenses.

Earnings before taxes (EBT) reached a value of EUR 35.4 million in the first six months and after EUR 165.1 million in the first half of the previous year. EBT in the second quarter reached EUR 62.9 million, after a corresponding figure of EUR 131.9 million in the previous year.

The Group's return on revenue thus amounts to 2.0% in the first half of 2024 (H1 2023: 10.2%) and to 6.2% in the second quarter of 2024 (Q2 2023: 14.3%).

Consolidated profit after taxes amounted to EUR 25.2 million in the first six months of the reporting year (H1 2023: EUR 118.7 million), of which the second quarter accounted for EUR 48.3 million (Q2 2023: EUR 96.6 million).

On the basis of 46.94 million shares outstanding (weighted average of the first six months for ordinary and preference shares taking treasury shares into account; same period of the previous year: 46.94 million shares outstanding), earnings per share (basic) for the first six months of the year amounted to EUR 0.54, compared to EUR 2.53 in the same period of the previous year.

Corporate EBITDA, i.e. EBITDA including additional consideration of depreciation on rental vehicles and the attributable interest result, reached EUR 145.5 million at Group level in the first half of 2024 (H1 2023: EUR 250.7 million). The segment Germany achieved a Corporate EBITDA of EUR 100.4 million in the first half of the year compared to EUR 34.9 million in the previous year. The segment Europe achieved a Corporate EBITDA of EUR 57.2 million (H1 2023: EUR 113.9 million). Corporate EBITDA in the segment North America decreased to EUR -15.1 million (H1 2023: EUR 100.5 million).

In the second quarter 2024, Corporate EBITDA for the Sixt Group amounted to EUR 120.0 million (Q2 2023: EUR 177.6 million). For the segment Germany the Corporate EBITDA for the months April to June 2024 was EUR 72.2 million (Q2 2023: EUR 25.5 million). The segment Europe achieved a Corporate EBITDA of EUR 63.0 million (Q2 2023: EUR 96.3 million) and segment North America recorded a Corporate EBITDA of EUR -17.7 million (Q2 2023: EUR 54.2 million).

Corporate EBITDA			Change			Change
in EUR million	H1 2024	H1 2023	in %	Q2 2024	Q2 2023	in %
Segment Germany	100.4	34.9	187.8	72.2	25.5	183.2
Segment Europe	57.2	113.9	-49.8	63.0	96.3	-34.6
Segment North America	-15.1	100.5	-115.1	-17.7	54.2	-132.6
Other	3.0	1.4	111.5	2.6	1.6	62.4
Group total	145.5	250.7	-42.0	120.0	177.6	-32.4

1.2.4 ASSET POSITION

As at the reporting date 30 June 2024, the Group's total assets of EUR 7.91 billion were EUR 1.46 billion higher than as at 31 December 2023 (EUR 6.45 billion).

Non-current assets increased by a total of EUR 127.5 million to EUR 1.08 billion (31 December 2023: EUR 957.3 million). The increase is mainly due to the increase of rights of use assets for rental branches as a result of the expansion of the branches network, especially at airports.

Current assets increased by EUR 1.33 billion from EUR 5.49 billion as at 31 December 2023 to reach EUR 6.83 billion at the end of June 2024. Rental assets increased in line with the expansion of the fleet and amounted to EUR 5.54 billion (31 December 2023: EUR 4.47 billion).

1.2.5 FINANCIAL POSITION

Equity

At EUR 1.88 billion, the Sixt Group's equity at the reporting date was EUR 125.3 million lower than at the end of 2023 (EUR 2.00 billion) due to the dividend payment of EUR 183.4 million. Because of the simultaneous increase in total assets, the equity ratio fell to 23.7% (31 December 2023: 31.0%), but remains well above the defined minimum value of 20% and at a level well above the average for the rental industry.

Liabilities

Non-current liabilities and provisions increased by EUR 362.6 million to EUR 2.57 billion as at 30 June 2024 (31 December 2023: EUR 2.21 billion). The increase was mainly due to higher financial liabilities resulting from the issuance of a new bond and new borrower's note loans.

Current liabilities and provisions amounted to a total of EUR 3.46 billion as at 30 June 2024, EUR 1.22 billion higher than at the end of 2023 (EUR 2.24 billion). The main reason for the increase was the higher trade payables as of the reporting date and the higher financial liabilities as a result of the increase in the fleet.

1.2.6 LIQUIDITY POSITION

The Sixt Group reports a gross cash flow of EUR 519.7 million for the first half of 2024 (H1 2023: EUR 443.7 million). After changes in net working capital, the cash outflow from operating activities is calculated at EUR 818.7 million for the first six months, compared to a cash outflow of EUR 295.6 million in the first half of 2023. The decline was mainly due to once again increased cash outflows of EUR 1.09 billion (H1 2023: EUR 797.1 million) from the further year-on-year increase in rental vehicles.

Investing activities resulted in a cash outflow of EUR 47.9 million due to expenditures for investments in intangible assets and property and equipment (H1 2023: cash outflow of EUR 30.0 million).

Financing activities resulted in a total cash inflow of EUR 868.5 million (H1 2023: cash inflow of EUR 315.6 million), mainly due to proceeds from borrower's note loans, bonds and long-term bank loans taken out as well as payments received from short-term financial liabilities taken out.

In terms of total cash flows, cash and cash equivalents, which correspond to the balance sheet item "Cash, cash equivalents and bank balances", increased by EUR 2.0 million as at 30 June 2024 compared to the value at the end of 2023 after exchange raterelated changes (H1 2023: reduction of EUR 10.0 million).

1.2.7 INVESTMENTS

In line with its growth plan, Sixt has continued to expand its fleet in order to meet the high demand and to be prepared for the upcoming third quarter. Against this background, around 136,100 vehicles (H1 2023: approx. 100,900 vehicles) with a total value of EUR 4.86 billion (H1 2023: EUR 3.69 billion) were added to the Sixt rental fleet between January and June 2024. Compared to the same period in 2023, this corresponds to an increase of around 34.9% in the number of vehicles and 31.6% in the investment volume.

1.3 REPORT ON RISKS AND OPPORTUNITIES

The management report in the Annual Report 2023 contains extensive details on the risks Sixt Group faces, its risk management system and its internal control and risk management system relating to accounting procedures. The risk and opportunity profile of the Sixt Group has not changed in the first six months of 2024 compared to the information provided in the Annual Report 2023, with the exception of the aspects described below.

For selling rental vehicles without buyback agreement, Sixt is highly dependent on the development of the used car markets, for structural reasons especially in the United States. In the first half of the year the decline in the residual value of used cars was stronger than expected. A stronger decline than currently expected would lead to further increased depreciation.

1.4 FORECAST REPORT

The Management Board of Sixt SE expects demand for its mobility products to remain high for the full year, with a corresponding further significant increase in consolidated revenue. After the positive start, Sixt is confident about the further course of the summer business and the second half of the year. The continuing high level of uncertainty regarding residual values trends must be taken into account in the earnings outlook. In the US in particular, residual values continued to fall in the second quarter following the sharp declines in the spring. Against the background of these developments, SIXT is concretising its full-year EBT forecast to a range between EUR 340 and 390 million (previously: EUR 350 to 450 million). In the current market situation, this outlook is subject to a high degree of uncertainty. This is particularly the case given the recent increase in geopolitical and macroeconomic risks, the continued uncertainty surrounding residual values and the short booking periods for the important summer season.

2. INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT 30 JUNE 2024

2.1 CONSOLIDATED STATEMENT OF INCOME AND STATEMENT OF COMPREHENSIVE INCOME

Consolidated Statement of Income	H1	H1	Q2	Q2
in EUR thousand	2024	2023	2024	2023
Revenue	1,787,955	1,620,180	1,007,716	925,095
Other operating income	128,694	109,992	76,478	52,545
Fleet expenses	421,348	365,709	226,213	197,780
Personnel expenses	341,888	317,499	170,871	163,817
Depreciation and amortisation expense including impairments	496,612	337,198	282,068	182,195
Other operating expenses	551,381	504,950	302,867	276,469
Earnings before interest and taxes (EBIT)	105,418	204,815	102,176	157,378
Financial result	-70,023	-39,681	-39,313	-25,496
Earnings before taxes (EBT)	35,395	165,134	62,863	131,882
Income tax expense	10,222	46,394	14,570	35,309
Consolidated profit/loss	25,173	118,740	48,293	96,573
Of which attributable to shareholders of Sixt SE	25,173	118,740	48,293	96,573
Earnings per share - basic (in EUR)	0.54	2.53	1.03	2.06
Earnings per share - diluted (in EUR)	0.54	2.53	1.03	2.06

Consolidated Statement of Comprehensive Income	H1	H1	Q2	Q2
in EUR thousand	2024	2023	2024	2023
Consolidated profit/loss	25,173	118,740	48,293	96,573
Other comprehensive income (not recognised in the income statement)	32,964	-6,012	10,934	7,924
Components that could be recognised in the income statement in the future
Currency translation gains/losses	31,559	-6,824	12,556	6,996
Amounts reclassified due to recognition in the income statement relating to currency translation gains/losses	-	-56	-	-
Changes in the fair value of derivative financial instruments in hedge relationships	-1,768	1,238	-4,727	1,238
Amounts reclassified due to recognition in the income statement	3,355	-149	2,482	7
Related deferred taxes	-217	-272	655	-310
Components that could not be recognised in the income statement in the future
Remeasurement of defined benefit plans	116	139	0	-0
Related deferred taxes	-34	-40	-0	0
Remeasurement of equity investments	-47	-48	-31	-7
Total comprehensive income	58,136	112,729	59,227	104,497
Of which attributable to shareholders of Sixt SE	58,136	112,729	59,227	104,497

2.2 CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Assets
in EUR thousand	30 Jun. 2024	31 Dec. 2023
Non-current assets
Goodwill	25,234	25,057
Intangible assets	53,489	47,755
Property and equipment	918,105	835,830
Investment property	48,888	6,534
Financial assets	15,741	16,214
Other receivables and assets	11,072	12,791
Deferred tax assets	12,263	13,078
Total non-current assets	1,084,793	957,259
Current assets
Rental vehicles	5,544,384	4,468,863
Inventories	226,636	218,480
Trade receivables	601,890	541,729
Other receivables and assets	388,439	217,913
Income tax receivables	57,045	39,462
Cash, cash equivalents and bank balances	7,931	5,924
Total current assets	6,826,325	5,492,370
Total assets	7,911,118	6,449,629

Equity and liabilities
in EUR thousand	30 Jun. 2024	31 Dec. 2023
Equity
Subscribed capital	120,175	120,175
Capital reserves	204,771	204,771
Other reserves	1,552,016	1,677,290
Total equity	1,876,961	2,002,236
Non-current liabilities and provisions
Provisions for pensions and other post-employment benefits	3,430	3,482
Other provisions	13,294	29,038
Financial liabilities	2,490,359	2,099,598
Other liabilities	9,485	9,254
Deferred tax liabilities	55,445	68,021
Total non-current liabilities and provisions	2,572,013	2,209,392
Current liabilities and provisions
Other provisions	207,872	207,451
Income tax liabilities	77,581	81,197
Financial liabilities	2,046,728	1,198,437
Trade payables	873,085	557,630
Other liabilities	256,878	193,286
Total current liabilities and provisions	3,462,143	2,238,001
Total equity and liabilities	7,911,118	6,449,629

2.3 CONSOLIDATED STATEMENT OF CASH FLOWS

Consolidated Statement of Cash Flows	H1	H1
in EUR thousand	2024	2023
Operating activities
Consolidated profit/loss	25,173	118,740
Income taxes recognised in the income statement	23,885	31,465
Income taxes paid	-44,958	-59,836
Financial result recognised in the income statement1	69,998	39,910
Interest received	4,902	2,101
Interest paid	-77,170	-30,929
Dividends received	-	132
Depreciation and amortisation expense including impairments	496,558	337,100
Income from disposal of fixed assets	1	995
Other (non-)cash expenses and income	21,323	4,012
Gross cash flow	519,712	443,690
Depreciation and impairments on rental vehicles2	-371,782	-224,101
Gross cash flow before changes in working capital	147,930	219,589
Change in rental vehicles2	-1,093,000	-797,070
Change in inventories	-8,156	-65,205
Change in trade receivables	-60,161	59,302
Change in trade payables	315,455	219,659
Change in other net assets	-120,754	68,075
Net cash flows used in operating activities	-818,687	-295,650
Investing activities
Proceeds from the disposal of intangible assets, property and equipment	-	29
Payments for investments in intangible assets, property and equipment	-47,901	-29,991
Payments for investments in short-term deposits	-33	-34
Payments from short-term deposits	33	-
Net cash flows used in investing activities	-47,901	-29,995
Financing activities
Dividends paid	-183,411	-287,155
Payments received from borrower's note loans taken out, bonds and bank loans	722,000	973,128
Payments made for redemption of borrower's note loans, bonds and bank loans	-514,025	-1,757
Payments made for redemption of lease liabilities	-103,645	-132,041
Payments made for redemption of and payments received from short-term financial liabilities taken out3	947,531	-236,531
Net cash flows from financing activities	868,450	315,643
Net change in cash and cash equivalents	1,862	-10,001
Effect of exchange rate changes on cash and cash equivalents	145	-7
Cash and cash equivalents on 1 Jan.	5,924	26,569
Cash and cash equivalents on 30 Jun.	7,931	16,560

¹ Excluding income from investments

² Disclosure on rental vehicles does not contain right of use assets for rental vehicles financed by lease contracts

³ Short-term borrowings with terms of up to three months and quick turnover

2.4 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Consolidated Statement of Changes in Equity	Subscribed capital	Capital reserves	Other reserves1	Equity attributable	Total equity
in EUR thousand				to shareholders of Sixt SE
1 Jan. 2024	120,175	204,771	1,677,290	2,002,236	2,002,236
Consolidated profit/loss	-	-	25,173	25,173	25,173
Dividend payments 2023	-	-	-183,411	-183,411	-183,411
Other comprehensive income	-	-	32,964	32,964	32,964
30 Jun. 2024	120,175	204,771	1,552,016	1,876,961	1,876,961
1 Jan. 2023	120,175	204,771	1,654,463	1,979,408	1,979,408
Consolidated profit/loss	-	-	118,740	118,740	118,740
Dividend payments 2022	-	-	-287,155	-287,155	-287,155
Other comprehensive income	-	-	-6,012	-6,012	-6,012
30 Jun. 2023	120,175	204,771	1,480,036	1,804,981	1,804,981

¹ Including retained earnings

3. CONDENSED NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2024

3.1 GENERAL DISCLOSURES

Fundamentals of the interim consolidated financial statements

The consolidated financial statements of Sixt SE as at 31 December 2023 were prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU and effective at the closing date.

The same accounting policies as in the 2023 consolidated financial statements are principally applied in the interim consolidated financial statements as at 30 June 2024, which were prepared on the basis of International Accounting Standard IAS 34 (Interim financial reporting). A detailed description of the accounting principles, consolidation, accounting and valuation methods used is published in the notes to the consolidated financial statements in the Annual Report 2023. New and/or amended standards and interpretations applied for the first time in the current financial year have no material impact on the interim consolidated financial statements of Sixt SE.

Preparation of interim consolidated financial statements requires management to make assumptions and estimates that affect the reported amounts of assets, liabilities and provisions, as well as of income and expenses. Sixt SE has updated its assumptions and estimates considering the expected economic development. Actual amounts may differ from these estimates. The results presented in the interim financial statements are not necessarily indicative of the results of future reporting periods or of the full financial year.

The interim consolidated financial statements were prepared and published in euros.

The accompanying interim consolidated financial statements as at 30 June 2024 have not been audited or reviewed by the Group's auditors, Mazars GmbH & Co. KG Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft, Hamburg.

Standards and interpretations not yet mandatory for application

The following new and/or amended standards and interpretations have been ratified by the IASB but are not yet mandatory. The company has not applied these regulations prematurely.

Standard / Interpretation		Adoption by European Commission	Applicable as at
IFRS 18	Presentation and Disclosure in Financial Statements	No	1 Jan. 2027
IFRS 19	Subsidiaries without Public Accountability: Disclosures	No	1 Jan. 2027
Amendments to IAS 21	The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability	No	1 Jan. 2025
Amendments to IFRS 9 and IFRS 7	Classification and Measurement of Financial Instruments	No	1 Jan. 2026
	Annual Improvements Volume 11	No	1 Jan. 2026

3.2 SCOPE OF CONSOLIDATION

Sixt SE, domiciled in Zugspitzstrasse 1, 82049 Pullach, Germany, is entered in section B of the commercial register at the Munich Local Court, under docket number 206738.

Compared to the reporting date as at 31 December 2023 the companies Sixt Car Sales GmbH, Vienna and Mobility Business Institute srl, Eppan, that were founded by Sixt Group have been newly consolidated.

3.3 EXPLANATIONS OF SELECTED ITEMS OF THE CONSOLIDATED STATEMENT OF INCOME

Revenue

Revenue is broken down as follows:

Revenue		Germany		Europe		North America		Total	Change
in EUR million	H1 2024	H1 2023	H1 2024	H1 2023	H1 2024	H1 2023	H1 2024	H1 2023	in %
Rental revenue	449.7	419.3	619.3	603.5	554.3	462.0	1,623.3	1,484.8	9.3
Other revenue from the rental business	79.1	72.7	42.3	41.6	40.1	16.1	161.4	130.5	23.7
Other revenue	2.9	4.0	0.3	0.9	-	-	3.2	4.9	-33.8
Group total	531.7	496.1	661.9	646.0	594.4	478.1	1,788.0	1,620.2	10.4

Revenue		Germany		Europe		North America		Total	Change
in EUR million	Q2 2024	Q2 2023	Q2 2024	Q2 2023	Q2 2024	Q2 2023	Q2 2024	Q2 2023	in %
Rental revenue	243.7	230.8	378.0	375.2	298.4	244.4	920.1	850.4	8.2
Other revenue from the rental business	42.1	43.3	22.9	21.6	20.7	7.3	85.7	72.2	18.7
Other revenue	1.8	2.0	0.2	0.4	-	-	2.0	2.5	-21.0
Group total	287.6	276.1	401.0	397.2	319.1	251.7	1,007.7	925.1	8.9

Other operating income

Other operating income is broken down as follows:

Other operating income	H1	H1	Change
in EUR million	2024	2023	in %
Forwarding costs to third parties	38.7	32.1	20.6
Currency translation	45.9	44.2	3.8
Capitalised costs	11.2	9.5	18.1
Miscellaneous income	32.9	24.2	35.9
Group total	128.7	110.0	17.0

Fleet expenses

Fleet expenses are broken down as follows:

Fleet expenses	H1	H1	Change
in EUR million	2024	2023	in %
Repairs, maintenance and reconditioning	193.4	171.0	13.1
Fuel	37.5	35.1	6.9
Insurance	75.8	58.8	28.9
Transportation	31.5	37.5	-16.2
Taxes and charges	12.4	13.1	-5.2
Registration fees	23.2	13.9	67.3
Other	47.5	36.3	30.8
Group total	421.3	365.7	15.2

Personnel expenses

Personnel expenses increased from EUR 317.5 million the year before to EUR 341.9 million.

Depreciation and amortisation expense including impairments

Expenses for depreciation and amortisation including impairments are explained in more detail below:

Depreciation and amortisation expense including impairments	H1	H1	Change
in EUR million	2024	2023	in %
Rental vehicles	388.7	251.7	54.4
Property and equipment and investment property	102.4	81.8	25.2
Intangible assets	5.5	3.7	50.1
Group total	496.6	337.2	47.3

Other operating expenses

Other operating expenses are broken down as follows:

Other operating expenses	H1	H1	Change
in EUR million	2024	2023	in %
Leasing expenses	36.4	24.1	51.1
Commissions	157.6	150.3	4.8
Expenses for buildings	35.3	34.7	1.7
Other selling and marketing expenses	70.5	78.1	-9.7
Expenses from write-downs/impairments of receivables	57.7	34.9	65.4
Audit, legal, advisory costs, and investor relations expenses	16.0	17.3	-7.5
Other personnel services	54.5	47.5	14.8
Expenses for IT and communication services	20.8	20.1	3.6
Currency translation/consolidation	51.3	49.5	3.7
Miscellaneous expenses	51.2	48.5	5.7
Group total	551.4	504.9	9.2

Financial result

The following table contains a breakdown of the financial result:

Financial result	H1	H1	Change
in EUR million	2024	2023	in %
Other interest and similar income	2.3	0.9	153.8
Interest and similar expenses	-73.0	-42.4	72.5
Thereof from leases	-13.0	-10.9	20.1
Net interest expense	-70.7	-41.4	70.7
Income from financial assets	0.4	0.2	112.5
Result from fair value measurement of financial assets	-0.4	0.0	-1,136.6
Net income from derivative financial instruments	0.7	1.5	-53.4
Other financial result	0.7	1.8	-60.9
Group total	-70.0	-39.7	76.5

Income tax expense

Income tax expense is composed of current income tax of EUR 23.9 million (H1 2023: EUR 31.5 million), as well as deferred taxes of EUR -13.7 million (H1 2023: EUR 14.9 million).

Earnings per share

Earnings per share - basic		H1 2024	H1 2023
Consolidated profit/loss for the period after minority interests	in EUR thousand	25,173	118,740
Profit attributable to ordinary shares	in EUR thousand	16,069	76,597
Profit attributable to preference shares	in EUR thousand	9,103	42,143
Weighted average number of ordinary shares		30,367,112	30,367,112
Weighted average number of preference shares		16,576,246	16,576,246
Earnings per ordinary share	in EUR	0.53	2.52
Earnings per preference share	in EUR	0.55	2.54

The profit attributable to preference shares includes the additional dividend of EUR 0.02 per preference share for preference shares carrying dividend rights in the financial year. The weighted average number of shares is calculated based on the proportionate number of shares per month for each category of shares, taking due account of the respective number of treasury shares. There were no circumstances that would lead to the dilution of earnings per share in either the financial year 2023 or the first half of 2024. The diluted earnings per share therefore correspond for both categories of shares in terms of the amount to basic earnings per share.

Dividend

The proposal to pay out a dividend of EUR 3.90 per ordinary share and EUR 3.92 per preference share was resolved unchanged by the Annual General Meeting on 12 June 2024. This corresponds to a total distribution to shareholders of EUR 183,411 thousand. The payment was made on 17 June 2024.

3.4 EXPLANATIONS OF SELECTED ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Property and equipment

The item property and equipment in the amount of EUR 918.1 million (31 December 2023: EUR 835.8 million) includes own property and equipment in the amount of EUR 213.1 million (31 December 2023: EUR 231.7 million) as well as right of use assets in the amount of EUR 705.0 million (31 December 2023: EUR 604.1 million).

Rental vehicles

Sixt has continued to expand its fleet in line with its plan in order to meet the high demand and to be prepared for the upcoming third quarter. The rental vehicles items increased by EUR 1,075.5 million to EUR 5.54 billion (31 December 2023: EUR 4.47 billion). In addition to own rental vehicles, leased rental vehicles are also included in the amount of 30.2 EUR million (31 December 2023: EUR 51.7 million).

Other receivables and assets

Other receivables and assets can be broken down as follows:

Other receivables and assets
in EUR million	30 Jun. 2024	31 Dec. 2023
Financial other receivables and assets
Receivables from affiliated companies and
from other investees	0.4	0.1
Deposits	0.1	0.1
Miscellaneous assets	176.4	145.0
Non-financial other receivables and assets
Other recoverable taxes	164.2	28.9
Insurance claims	21.1	25.9
Deferred expense	35.3	26.3
Delivery claims for vehicles of the rental fleet	2.0	4.5
Group total	399.5	230.7
Thereof current	388.4	217.9
Thereof non-current	11.1	12.8

Equity

The share capital of Sixt SE as at 30 June 2024 amounts unchanged to EUR 120,174,996 (31 December 2023: EUR 120,174,996).

The share capital is composed of:

Composition of the share capital	No-par value	Nominal value	No-par value	Nominal value
	shares	in EUR	shares	in EUR
		30 Jun. 2024		31 Dec. 2023
Ordinary shares	30,367,112	77,739,807	30,367,112	77,739,807
Non-voting preference shares	16,576,246	42,435,190	16,576,246	42,435,190
Total	46,943,358	120,174,996	46,943,358	120,174,996

Treasury shares

By resolution of the Annual General Meeting of 12 June 2024 the Managing Board, with consent of the Supervisory Board, is authorised, as specified in the proposed resolution, to acquire in the period up to and including 11 June 2029 treasury shares in the amount of up to 10% of the company's share capital at the time of the authorisation or, if lower, at the time of the exercise – including with the use of derivatives in the amount of up to 5% of the share capital. The authorisation may be exercised wholly or partially, on one or more occasions for any purpose permitted by law. Acquisitions for the purpose of trading in treasury shares are excluded. As at reporting date the authorisation has not been fully utilised. As in the previous year, Sixt SE did not hold any treasury shares as at 30 June 2024.

Authorised capital

By resolution of the Annual General Meeting of 12 June 2024 the Managing Board, with the consent of the Supervisory Board, is authorised, as specified in Article 4 (3) of the company's Articles of Association, to increase the share capital on one or more occasions in the period up to and including 11 June 2029 by up to a maximum of EUR 32,640,000 by issuing new no-par value bearer shares against cash and/or non-cash contributions, whereby the shareholders' pre-emptive rights may be excluded under certain conditions (Authorised Capital 2024). As at 30 June 2024 the authorisation has not been exercised.

Conditional capital

By resolution of the Annual General Meeting of 12 June 2024 the Managing Board, with the consent of the Supervisory Board, is authorised, as specified in the proposed resolution, to issue on one or more occasions in the period up to and including 11 June 2029 convertible and/or bonds with warrants registered in the name of the holder and/or bearer of up to a maximum of EUR 350,000,000

with a fixed or open-ended term and to grant conversion or option rights to the holder and/or creditor of convertible bonds to acquire a total of up to 6,000,000 new no-par value bearer shares in Sixt SE and/or to provide corresponding conversion rights for the company.

In this context the company's share capital has been conditionally increased based on the resolution taken by the Annual General Meeting on 12 June 2024 by up to EUR 15,360,000 (Conditional Capital 2024). The conditional capital increase serves to grant shares to the holders or creditors of convertible bonds and holders of option rights from bonds with warrants, insofar as the conversion or option rights from the aforementioned bonds are actually exercised or the conversion obligations from such bonds are fulfilled and provided that no other form of settlement is being used. As at 30 June 2024 the authorisation has not been exercised.

Profit participation bonds and rights

By resolution of the Annual General Meeting of 16 June 2021 the Managing Board, with the consent of the Supervisory Board, is authorised, to issue on one or more occasions in the period up to and including 15 June 2026 profit participation bonds and/or rights registered in the name of the holder and/or bearer by up to a maximum of EUR 350,000,000 with a fixed or open-ended term against cash and/or non-cash contributions. The profit participation bonds and/or rights issued under this authorisation may not provide for conversion or subscription rights to shares of the company. As at 30 June 2024 the authorisation has not been exercised.

Financial liabilities

Financial liabilities are broken down as follows:

Financial liabilities		Residual term of up to 1 year		Residual term of 1 to 5 years	Residual term of more than 5 years
in EUR million	30 Jun. 2024	31 Dec. 2023	30 Jun. 2024	31 Dec. 2023	30 Jun. 2024	31 Dec. 2023
Bonds	299.9	549.7	792.4	297.9	-	-
Borrower's note loans	241.0	186.4	1,013.9	1,155.6	49.9	99.8
Commercial papers	628.3	-	-	-	-	-
Liabilities to banks	681.6	269.0	55.2	56.8	-	-
Lease liabilities	159.3	164.3	341.7	307.2	237.2	182.3
Other liabilities	36.7	29.0	-	-	-	-
Group total	2,046.7	1,198.4	2,203.2	1,817.5	287.2	282.1

Borrower's note loans were issued in several tranches, with nominal terms between six months and seven years.

The bonds relate to the 2020/2024 bond placed in 2020 and the 2023/2027 bond placed in 2023, each issued by Sixt SE. In January 2024 Sixt SE issued a new bond with a nominal value of EUR 500 million. The bond was issued with a maturity of five years and a nominal interest rate of 3.75% p.a. The 2018/2024 bond with a nominal value of EUR 250 million, reported in the previous year under current bonds, was repaid on 21 February 2024 in accordance with the bond terms. The 2020/2024 bond with a nominal value of EUR 300 million is due for repayment in the second half of 2024.

The liabilities to banks include two long-term investment loans which have been secured by mortgages and short-term borrowings taken out by utilising the credit lines available to the Group.

Lease liabilities comprise liabilities resulting from leases recognised in accordance with IFRS 16.

Other liabilities consist mainly of deferred interest.

Other provisions

As was the case at year-end 2023, other provisions primarily comprise provisions for taxes, legal costs and the operating rental business (fleet related costs) as well as employee-related provisions.

Other liabilities

Other liabilities can be broken down as follows:

Other liabilities
in EUR million	30 Jun. 2024	31 Dec. 2023
Financial other liabilities
Liabilities to affiliated companies and other investees	1.3	1.4
Payroll liabilities	12.1	10.6
Miscellaneous liabilities	87.7	43.3
Non-financial other liabilities
Deferred income	1.4	1.4
Tax liabilities	47.0	81.1
Contract liabilities	117.0	64.7
Group total	266.4	202.5
Thereof current	256.9	193.3
Thereof non-current	9.5	9.3

Contract liabilities mainly relate to prepayments received from customers for the future rental of vehicles.

Additional disclosures on financial instruments

The following table shows the carrying amounts and fair values of the individual financial assets and liabilities for each single category of financial instruments. The fair value of financial assets and liabilities that are not regularly measured at fair value, but for which the fair value is to be specified, are assigned in the following table to the measurement levels of the fair value according to IFRS 13.

Financial instruments	IFRS 9 measurement	Measurement basis for fair value	Carrying amount		Fair value
in EUR thousand	category1		30 Jun. 2024	31 Dec. 2023	30 Jun. 2024	31 Dec. 2023
Non-current assets
Financial assets	FVTPL	Level 3	1,745	2,170	1,745	2,170
Financial assets	FVTOCI	Level 1	101	149	101	149
Financial assets	FVTOCI	Level 2	13,895	13,895	13,895	13,895
Interest derivatives	Hedge Accounting	Level 2	112	-	112	-
Other receivables	AC		10,960	12,791
Current assets
Currency derivatives	FVTPL	Level 2	500	14,702	500	14,702
Trade receivables	AC		601,890	541,729
Deposits	AC		56	54
Other receivables	AC		165,195	117,599
Cash, cash equivalents and bank balances	AC		7,931	5,924
Non-current liabilities
Bonds	AC	Level 1	792,392	297,911	816,129	317,502
Borrower's note loans	AC	Level 2	1,063,817	1,255,416	1,083,295	1,288,238
Liabilities to banks	AC	Level 2	55,215	56,758	51,172	52,439
Lease liabilities	IFRS 16		578,935	489,513
Total return swaps	Hedge Accounting	Level 2	8,283	2,716	8,283	2,716
Interest derivatives	Hedge Accounting	Level 2	777	6,140	777	6,140
Interest derivatives	FVTPL	Level 2	-	398	-	398
Current liabilities
Bonds	AC	Level 1	299,880	549,706	297,021	543,543
Borrower's note loans	AC	Level 2	240,988	186,441	241,398	185,820
Commercial papers	AC	Level 2	628,336	-	628,652	-
Liabilities to banks	AC	Level 2	681,557	269,032	683,051	269,732
Lease liabilities	IFRS 16		159,311	164,263
Other financial liabilities	AC		36,655	28,995
Trade payables	AC		873,085	557,630
Currency derivatives	FVTPL	Level 2	9,800	122	9,800	122
Total return swaps	Hedge Accounting	Level 2	1,582	499	1,582	499
Financial other liabilities	AC		80,210	45,425

1 FVTPL - Fair value through profit or loss, FVTOCI - Fair Value through OCI, AC - At amortised cost

The financial instruments in above table are classified into three levels depending on the measurement basis. Level 1 measurements are based on prices quoted in active markets. Level 2 measurements are based on parameters other than quoted prices that are observable either directly as prices or are indirectly derived from prices. Level 3 measurements are based on models that use parameters that are not based on observable market data, but rather on assumptions. There have been no transfers between the individual measurement levels at the reporting date.

Due to factors that change in the course of time, the reported fair values can only be regarded as indicative of the values actually realisable on the market. The fair values of the financial instruments were calculated on the basis of market data available at the balance sheet date and the methods and assumptions described below.

For current financial instruments it was assumed that the fair values correspond to the carrying amounts (amortised cost) unless specified otherwise in the table.

The fair values of borrower's note loans, commercial paper and liabilities to banks reported as non-current and current liabilities were calculated as the present value of the future expected cash flows. A standard market rate of interest of 3.8% p.a. for financial instruments that will be settled in Euro (2023: between 3.5% p.a. and 3.6% p.a.) based on respective maturities was used for discounting. The fair values of the bonds reported as non-current and current liabilities are based on the quoted market prices.

Lease liabilities are measured in accordance with IFRS 16.

The fair values for financial assets determined on the basis of unobservable market data relate to equity instruments which are valued on the basis of their net assets value. The change in the reported carrying amounts and fair values has resulted from results recognised in profit or loss in the amount of EUR -425 thousand (31 December 2023: EUR 64 thousand) and in the previous year from additions of equity instruments in amount of EUR 930 thousand.

	Germany		Europe				Other				Group
2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
528.8	492.1	661.5	645.1	594.4	478.1	3.2	4.9	-	-	1,788.0	1,620.2
56.0	44.9	5.9	6.7	5.4	8.2	18.7	18.8	-86.1	-78.5	-	-
584.8	536.9	667.5	651.8	599.8	486.3	21.9	23.7	-86.1	-78.5	1,788.0	1,620.2
26.5	14.8	9.9	7.4	0.1	1.9	-	-	-	-	36.4	24.1
92.3	104.2	146.9	109.3	149.4	38.3	-	-	-	-	388.7	251.7
59.8	21.3	3.4	4.2	0.5	0.1	-	-	-61.3	-24.8	2.3	0.9
62.7	35.3	26.2	13.7	42.7	16.2	-	-	-61.3	-24.7	70.2	40.4
100.4	34.9	57.2	113.9	-15.1	100.5	3.0	1.4	-	-	145.5	250.7
						2.8	3.0	-	-	107.9	85.5
						-	-	-	-	67.8	39.6
						0.2	-1.6	-	-	105.4	204.8
						-2.9	-1.9	-	-	-70.0	-39.7
						-2.7	-3.4	-	-	35.4	165.1
235.6	22.2	64.1	49.9	119.0	187.3	199.0	1.3	-390.4	-	227.3	260.7
1,033.9	907.3	1,549.2	1,071.4	1,121.1	735.7	-	-	-	-	3,704.2	2,714.5
5,200.4	4,076.7	3,116.6	2,563.0	2,852.1	2,108.7	1,372.4	1,265.5	-4,699.7	-3,543.9	7,841.8	6,470.1
4,421.4	3,423.5	2,150.3	1,501.1	1,843.8	1,301.1	143.7	156.6	-2,658.0	-1,792.5	5,901.1	4,589.8
						North America				Reconciliation

3.5 SEGMENT REPORTING

¹ Corresponds to earnings before interest and taxes (EBIT)

² Corresponds to earnings before taxes (EBT)

³ Investments in non-current assets including right of use assets, excluding rental vehicles

3.6 CONTINGENT LIABILITIES

There were no material changes in contingent liabilities resulting from guarantees or similar obligations as against the 2023 consolidated financial statements.

3.7 RELATED PARTY DISCLOSURE

There have been no material changes in the nature and amount of Sixt Group's transactions with related parties as of 30 June 2024 compared to those reported as of 31 December 2023. For further details please refer to the consolidated financial statements of Sixt SE as of 31 December 2023 in the Annual Report 2023 (Notes to the consolidated financial statements "5.4 Related party disclosure".)

3.8 EVENTS SUBSEQUENT TO REPORTING DATE

No events of special significance for the assets, financial and earnings position of the Sixt Group occurred after the reporting date as of 30 June 2024.

4. RESPONSIBILITY STATEMENT

To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, financial and earnings position of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year.

Pullach, 7 August 2024

Sixt SE The Management Board

Sixt SE Sixt SE Zugspitzstraße 1 Zugspitzstraße 1

Contact Published by 82049 Pullach, Germany 82049 Pullach, Germany

investorrelations@sixt.com Phone +49 (0) 89/ 7 44 44 - 5104 Fax +49 (0) 89/ 7 44 44 - 85104

Investor Relations website ir.sixt.eu Further sites sixt.com about.sixt.com/en/

Note: This announcement is available for download in German and in English translation on the internet at Investor Relations (ir.sixt.eu). In the event of any discrepancies, the German version of the report shall take precedence over the English translation.