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Sixt SE

Interim / Quarterly Report Aug 13, 2025

397_rns_2025-08-13_4a1c8735-6fe0-45bd-9c43-f9b3a94e048e.pdf

Interim / Quarterly Report

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Interim Report as at 30 June 2025

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 4
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 2025 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 2025 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 2025, 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. The SIXT App plays an important role in this context. It provides access to the SIXT rent, SIXT share, SIXT ride and SIXT auto abo products 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 USA 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 2025, SIXT was able to build on the significant revenue growth achieved in the first quarter. At EUR 1.08 billion (Q2 2024: EUR 1.01 billion; +7.4%), SIXT achieved record revenue in a second quarter. In the first half of 2025, Group revenue increased by 8.5% to EUR 1.94 billion (H1 2024: EUR 1.79 billion). 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 European business making the largest contribution with an increase of 14%. This was mainly driven by popular holiday destinations in the Mediterranean region, such as Spain and Italy.

SIXT met the high customer demand in the first half of 2025 by expanding its rental fleet with a sense of proportion. At EUR 5.11 billion, the Group's rental assets at mid-year were EUR 0.99 billion (+23.9%) higher than at the end of December 2024 and at the same time due to an increased share of short-term leased vehicles EUR 0.43 billion lower than at 30 June 2024 (EUR 5.54 billion). Around 145,500 own and leased vehicles (H1 2024: approx. 136,100 vehicles) with a total value of EUR 5.34 billion (H1 2024: EUR 4.86 billion) were added to the SIXT rental fleet between January and June 2025. Compared to the same period in 2024, this corresponds to an increase of around 6.9% in the number of vehicles and 9.9% in the investment volume. In the first half of 2025, the average fleet size in the SIXT corporate countries was approximately 183,300 vehicles, 4.9% more than in the same period of the previous year (approximately 174,800 vehicles).

SIXT continues to focus consistently on a fleet with a high proportion of premium vehicles. The company pursues a cross-manufacturer strategy with a broad mix of models and brands. In order to better reflect the actual composition of the fleet, SIXT has adjusted the definition of the premium share. In addition to BMW including MINI, Audi and Mercedes-Benz, vehicles from other manufacturers such as Porsche, Volvo and Maserati are now also included in the assessment. The new definition increases the share of the premium fleet relating to the in-fleets measured by vehicle value in the first half of 2025 to 55% (H1 2024: 55%), compared with 46% (H1 2024: 47%) according to the previous calculation method.

In a market environment that remains politically challenging and highly volatile in macroeconomic terms, especially in the USA, SIXT generated consolidated earnings before taxes (EBT) of EUR 107.3 million in the reporting quarter (Q2 2024: EUR 62.9 million) and EUR 89.8 million in the first six months (H1 2024: EUR 35.4 million). SIXT thus increased its profitability in the second quarter by 71% year-on-year and, with an EBT margin of just under 10%, underscored its positive operating performance and strategic growth course.

Corporate EBITDA at Group level was EUR 171.9 million in the second quarter (Q2 2024: EUR 120.0 million) and EUR 220.2 million in the first six months (H1 2024: EUR 145.5 million).

SIXT continues to pursue its growth strategy and had a nationwide network of 375 branches at 30 June 2025 (H1 2024: 365 branches). At the end of the first half of 2025, SIXT was represented in the USA at a large number of the country's major traffic hubs and had 133 branches (H1 2024: 120 branches), as well as five branches in Canada (H1 2024: four branches). The number of branches in SIXT's European countries (excluding Germany) was 484 (H1 2024: 461 branches). In addition, there were a further 1,140 branches in SIXT franchise countries (H1 2024: 1,190 branches), bringing the total number of branches to 2,137 at the end of June (H1 2024: 2,140 branches).

New branches opened in the second quarter of 2025 include New York Brooklyn in the USA, Calgary in Canada, London Richmond in the UK and Reggio Calabria Airport in Italy.

SIXT entered into new partnerships in both the B2B and B2C customer segments in the second quarter of 2025. The existing cooperation with Siemens AG in the business travel sector was extended until 2027. In addition, SIXT received several awards for its products and services during the reporting period. SIXT was voted #1 car rental company in the USA in the USA TODAY 10Best Readers' Choice Awards 2025. SIXT also retained its place in the top 5 of Travel + Leisure's Readers' 5 Favorite Car Rental Companies of 2025, coming in second with a slightly improved reader rating. SIXT also received awards in Germany: in the AUTO BILD reader survey "Die besten Marken" (The Best Brands, with over 40,000 participants), SIXT share took first place in the "Mobility Providers" category and SIXT+ took first place in the "Car Subscription" category.

1.2.2 REVENUE DEVELOPMENT

The SIXT Group reported revenue of EUR 1.94 billion for the first six months of 2025, an increase of 8.5% compared to the same period last year (H1 2024: EUR 1.79 billion). Growth was achieved across all three segments. Group revenue generated in the segment Germany increased by 0.7% to EUR 532.5 million in the first half of 2025 (H1 2024: EUR 528.8 million). Group revenue attributable to the segment Europe (excluding Germany) was 752.5 million (H1 2024: EUR 661.5 million), up 13.8% year-on-year. Group revenue generated in the segment North America in the first six months of the current year also increased to EUR 650.9 million, up 9.5% from EUR 594.4 million in the same period last year. As a result, SIXT has a regionally very diversified revenue structure.

In the second quarter of 2025 the Group reported revenue of EUR 1.08 billion compared to EUR 1.01 billion 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 Europe with a generated revenue of EUR 456.0 million (Q2 2024: EUR 400.9 million; +13.7%). The segment Germany generated revenue of EUR 289.2 million (Q2 2024: EUR 285.8 million; +1.2%). The segment North America generated revenue of EUR 334.6 million (Q2 2024: EUR 319.1 million; +4.8%).

Revenue key figures SIXT Group Change Change
in EUR million H1 2025 H1 2024 in % Q2 2025 Q2 2024 in %
Segment Germany 532.5 528.8 0.7 289.2 285.8 1.2
Segment Europe 752.5 661.5 13.8 456.0 400.9 13.7
Segment North America 650.9 594.4 9.5 334.6 319.1 4.8
Other 4.7 3.2 44.4 2.7 2.0 39.7
Consolidated revenue 1,940.6 1,788.0 8.5 1,082.5 1,007.7 7.4

1.2.3 EARNINGS DEVELOPMENT

At EUR 191.1 million, other operating income in the first half of the reporting year was up 48.5% compared to the same period last year (H1 2024: EUR 128.7 million), mainly due to currency translation effects (H1 2025: EUR 116.4million; H1 2024: EUR 45.9million) .

Fleet expenses increased by 13.3% to EUR 477.3 million in the first half of 2025 (H1 2024: EUR 421.3 million). The increase mainly relates to expenses for registration fees, insurance, repairs, maintenance and reconditioning as well as fuel which are driven by the larger fleet as well as continued price increases.

Personnel expenses increased by 5.2% to EUR 359.7 million in the first six months of the financial year, compared to EUR 341.9 million in the first half of 2024, due to wage and salary increases in line with the market and higher ancillary personnel costs.

Depreciation and amortisation expense decreased significantly by 16.9% to EUR 412.8 million in the first six months (H1 2024: EUR 496.6 million). The reduction is due in particular to a 26.7% decrease in depreciation on rental vehicles to EUR 284.9 million (H1 2024: EUR 388.7 million). While the first half of 2024 was heavily impacted by residual value losses on vehicles with residual value risk, the current year has been positively influenced by a more stable used car price trend overall and a change in the fleet mix.

Other operating expenses increased by 31.3% to EUR 723.7 million after EUR 551.4 million in the first half of 2024. The largest increases were recorded in leasing expenses due to the increased share of leased rental vehicles and currency translation. However, currency translation expenses (H1 2025: EUR 126.2 million; H1 2024: EUR 51.3 million) are offset by income from currency translation.

The SIXT Group thus reported earnings before interest and taxes (EBIT) of EUR 158.1 million for the first half of 2025, compared with EBIT of EUR 105.4 million in the first half of 2024. In the second quarter, EBIT reached EUR 142.9 million (Q2 2024: EUR 102.2 million).

The financial result for the first six months improved by 2.5% from EUR -70.0 million to EUR -68.3 million compared to the previous year due to decreased interest expenses.

Earnings before taxes (EBT) reached a value of EUR 89.8 million in the first six months after EUR 35.4 million in the first half of the previous year. EBT in the second quarter reached EUR 107.3 million, after a corresponding figure of EUR 62.9 million in the previous year.

The Group's return on revenue thus amounts to 4.6% in the first half of 2025 (H1 2024: 2.0%) and to 9.9% in the second quarter of 2025 (Q2 2024: 6.2%).

Consolidated profit after taxes amounted to EUR 65.9 million in the first six months of the reporting year (H1 2024: EUR 25.2 million), of which the second quarter accounted for EUR 78.4 million (Q2 2024: EUR 48.3 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 1.40, compared to EUR 0.54 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 220.2 million at Group level in the first half of 2025 (H1 2024: EUR 145.5 million). The segment Germany achieved a Corporate EBITDA of EUR 90.4 million in the first half of the year compared to EUR 100.4 million in the previous year. The segment Europe achieved a Corporate EBITDA of EUR 95.3 million (H1 2024: EUR 57.2 million). Corporate EBITDA in the segment North America increased to EUR 27.9 million (H1 2024: EUR -15.1 million).

In the second quarter 2025, Corporate EBITDA for the SIXT Group amounted to EUR 171.9 million (Q2 2024: EUR 120.0 million). For the segment Germany, the Corporate EBITDA for the months April to June 2025 was EUR 61.4 million (Q2 2024: EUR 72.2 million). The segment Europe achieved a Corporate EBITDA of EUR 84.7 million (Q2 2024: EUR 63.0 million) and segment North America recorded a Corporate EBITDA of EUR 21.9 million (Q2 2024: EUR -17.7 million).

Corporate EBITDA Change Change
in EUR million H1 2025 H1 2024 in % Q2 2025 Q2 2024 in %
Segment Germany 90.4 100.4 -9.9 61.4 72.2 -15.0
Segment Europe 95.3 57.2 66.7 84.7 63.0 34.5
Segment North America 27.9 -15.1 - 21.9 -17.7 -
Other 6.6 3.0 117.2 3.9 2.6 53.6
Group total 220.2 145.5 51.4 171.9 120.0 43.2

1.2.4 ASSET POSITION

As at the reporting date 30 June 2025, the Group's total assets of EUR 7.63 billion were EUR 1.08 billion higher than as at 31 December 2024 (EUR 6.55 billion).

Non-current assets increased by a total of EUR 27.5 million to EUR 1.34 billion (31 December 2024: EUR 1.31 billion). 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 1.06 billion from EUR 5.24 billion as at 31 December 2024 to reach EUR 6.30 billion at the end of June 2025. Rental assets increased due to the expansion of the fleet and amounted to EUR 5.11 billion (31 December 2024: EUR 4.12 billion).

1.2.5 FINANCIAL POSITION

Equity

At EUR 1.94 billion, the SIXT Group's equity at the reporting date was EUR 188.5 million lower than at the end of 2024 (EUR 2.13 billion) due to the dividend payment of EUR 127.1 million and currency translation effects. Because of the simultaneous increase in total assets, the equity ratio fell to 25.4% (31 December 2024: 32.5%), 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 559.7 million to EUR 3.39 billion as at 30 June 2025 (31 December 2024: EUR 2.83 billion). The increase was mainly due to higher financial liabilities resulting from the issuance of a new bond in January 2025 and new borrower's note loans.

Current liabilities and provisions amounted to a total of EUR 2.31 billion as at 30 June 2025, EUR 0.71 billion higher than at the end of 2024 (EUR 1.60 billion). The main reason for the increase were the higher financial liabilities as a result of the increase in the fleet and higher trade payables as of the reporting date.

1.2.6 LIQUIDITY POSITION

The SIXT Group reports a gross cash flow of EUR 308.4 million for the first half of 2025 (H1 2024: EUR 519.7 million). After changes in net working capital, the cash outflow from operating activities is calculated at EUR 919.0 million for the first six months, compared to a cash outflow of EUR 818.7 million in the first half of 2024.

Investing activities resulted in a cash outflow of EUR 39.6 million due to expenditures for investments in intangible assets and property and equipment (H1 2024: cash outflow of EUR 47.9 million).

Financing activities resulted in a total cash inflow of EUR 806.5 million (H1 2024: cash inflow of EUR 868.5 million), mainly due to cash inflows from 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", decreased by EUR 152.7 million as at 30 June 2025 compared to the value at the end of 2024 after exchange raterelated changes (H1 2024: increase of EUR 2.0 million).

1.2.7 INVESTMENTS

SIXT has continued to invest into its fleet inside the demand in order to meet high customer requirements and be well prepared for the upcoming third quarter. Additions to rental vehicles reported in the balance sheet amounted to EUR 3.58 billion in the first half of 2025 (H1 2024: EUR 3.70 billion).

Additions Rental vehicles
in EUR million H1 2025 H1 2024
Germany 1,256.7 1,033.9
Europe 1,173.9 1,549.2
North America 1,150.7 1,121.1
Group total 3,581.3 3,704.2

1.3 REPORT ON RISKS AND OPPORTUNITIES

The management report in the Annual Report 2024 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 2025 compared to the information provided in the Annual Report 2024.

1.4 FORECAST REPORT

The Management Board of Sixt SE expects demand for its mobility products to remain high for the full year and, accordingly, continues to anticipate a significant increase in consolidated revenue. SIXT plans to continue to meet the high demand efficiently with a fleet that is in line with demand in order to ensure a consistently high utilisation rate. Following the positive start, SIXT is confident about the further course of the summer business and the second half of the year as a whole. Against this backdrop, the Management Board of Sixt SE confirms its forecast for the full year 2025 and, despite political uncertainties and a persistently competitive market, expects to increase revenue by between 5% and 10%. The Management Board also expects to achieve a significantly higher EBT margin in the range of 10% in the 2025 financial year compared to the previous year.

2. INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT 30 JUNE 2025

2.1 CONSOLIDATED STATEMENT OF INCOME AND STATEMENT OF COMPREHENSIVE INCOME

H1 H1 Q2 Q2
2025 2024 2025 2024
1,940,613 1,787,955 1,082,477 1,007,716
191,056 128,694 127,663 76,478
477,311 421,348 253,997 226,213
359,743 341,888 185,423 170,871
412,848 496,612 210,173 282,068
723,707 551,381 417,620 302,867
158,060 105,418 142,928 102,176
-68,303 -70,023 -35,581 -39,313
89,757 35,395 107,347 62,863
23,869 10,222 28,906 14,570
65,887 25,173 78,442 48,293
65,887 25,173 78,442 48,293
1.40 0.54 1.67 1.03
1.40 0.54 1.67 1.03
Consolidated Statement of Comprehensive Income H1 H1 Q2 Q2
in EUR thousand 2025 2024 2025 2024
Consolidated profit/loss 65,887 25,173 78,442 48,293
Other comprehensive income (not recognised in the income statement) -127,319 32,964 -83,191 10,934
Components that could be recognised in the income statement in the future
Currency translation gains/losses -128,405 31,559 -83,830 12,556
Changes in the fair value of derivative financial instruments in hedge relationships 636 -1,768 61 -4,727
Amounts reclassified due to recognition in the income statement 898 3,355 496 2,482
Related deferred taxes -383 -217 -139 655
Components that could not be recognised in the income statement in the future
Remeasurement of defined benefit plans -12 116 0 -0
Related deferred taxes 3 -34 0 0
Remeasurement of equity investments -58 -47 8 -31
Related deferred taxes - - 213 -
Total comprehensive income -61,431 58,136 -4,749 59,227
Of which attributable to shareholders of Sixt SE -61,431 58,136 -4,749 59,227

2.2 CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Assets
in EUR thousand 30 Jun. 2025 31 Dec. 2024
Non-current assets
Goodwill 25,162 25,375
Intangible assets 57,032 58,370
Property and equipment 1,160,304 1,139,867
Investment property 27,279 27,477
Financial assets 15,511 15,765
Other receivables and assets 12,329 10,291
Deferred tax assets 40,579 33,513
Total non-current assets 1,338,197 1,310,656
Current assets
Rental vehicles 5,106,048 4,120,589
Inventories 221,258 175,534
Trade receivables 533,059 580,567
Other receivables and assets 393,871 149,145
Income tax receivables 30,659 50,587
Cash, cash equivalents and bank balances 10,839 163,577
Total current assets 6,295,734 5,240,000
Total assets 7,633,931 6,550,656
Equity and liabilities
in EUR thousand 30 Jun. 2025 31 Dec. 2024
Equity
Subscribed capital 120,175 120,175
Capital reserves 199,757 208,148
Other reserves 1,620,217 1,800,336
Total equity 1,940,149 2,128,658
Non-current liabilities and provisions
Provisions for pensions and other post-employment benefits 3,693 3,444
Other provisions 10,277 15,475
Financial liabilities 3,332,287 2,757,739
Other liabilities 5,960 9,546
Deferred tax liabilities 33,937 40,297
Total non-current liabilities and provisions 3,386,154 2,826,502
Current liabilities and provisions
Other provisions 237,783 223,162
Income tax liabilities 77,300 128,879
Financial liabilities 837,869 368,061
Trade payables 915,526 635,277
Other liabilities 239,150 240,117
Total current liabilities and provisions 2,307,628 1,595,496
Total equity and liabilities 7,633,931 6,550,656

2.3 CONSOLIDATED STATEMENT OF CASH FLOWS

Consolidated Statement of Cash Flows H1 H1
in EUR thousand 2025 2024
Operating activities
Consolidated profit/loss 65,887 25,173
Current income taxes recognised in the income statement 39,591 23,885
Income taxes paid -71,242 -44,958
Financial result recognised in the income statement1 68,308 69,998
Interest received 3,983 4,902
Interest paid -76,157 -77,170
Depreciation and amortisation expense including impairments 412,848 496,558
Income from disposal of fixed assets 77 1
Other (non-)cash expenses and income -134,922 21,323
Gross cash flow 308,374 519,712
Depreciation and impairments on rental vehicles2 -280,559 -371,782
Gross cash flow before changes in working capital 27,815 147,930
Change in rental vehicles2 -991,117 -1,093,000
Change in inventories -45,725 -8,156
Change in trade receivables 47,508 -60,161
Change in trade payables 280,249 315,455
Change in other net assets -237,715 -120,754
Net cash flows used in operating activities -918,984 -818,687
Investing activities
Proceeds from the disposal of intangible assets, property and equipment 3 -
Payments for investments in intangible assets, property and equipment -39,593 -47,901
Payments for investments in short-term deposits -32 -33
Payments from short-term deposits 32 33
Net cash flows used in investing activities -39,590 -47,901
Financing activities
Dividends paid -127,079 -183,411
Payments received from borrower's note loans taken out, bonds and bank loans 750,000 722,000
Payments made for redemption of borrower's note loans, bonds and bank loans -127,043 -514,025
Payments made for redemption of lease liabilities -98,949 -103,645
Payments made for redemption of and payments received from short-term financial liabilities taken out3 409,619 947,531
Net cash flows from financing activities 806,548 868,450
Net change in cash and cash equivalents -152,026 1,862
Effect of exchange rate changes on cash and cash equivalents -712 145
Cash and cash equivalents on 1 Jan. 163,577 5,924
Cash and cash equivalents on 30 Jun. 10,839 7,931

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

30 Jun. 2024 120,175 204,771 1,552,016 1,876,961 1,876,961
Other comprehensive income - - 32,964 32,964 32,964
Dividend payments 2023 - - -183,411 -183,411 -183,411
Consolidated profit/loss - - 25,173 25,173 25,173
1 Jan. 2024 120,175 204,771 1,677,290 2,002,236 2,002,236
30 Jun. 2025 120,175 199,757 1,620,217 1,940,149 1,940,149
Transfer to the capital reserves - -8,391 8,391 - -
Other comprehensive income - - -127,319 -127,319 -127,319
Dividend payments 2024 - - -127,079 -127,079 -127,079
Consolidated profit/loss - - 65,887 65,887 65,887
1 Jan. 2025 120,175 208,148 1,800,336 2,128,658 2,128,658
in EUR thousand to shareholders of
Sixt SE
Consolidated Statement of Changes in Equity Subscribed
capital
Capital
reserves
Other reserves1 Equity
attributable
Total equity

1 Including retained earnings

3. CONDENSED NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2025

3.1 GENERAL DISCLOSURES

Fundamentals of the interim consolidated financial statements

The consolidated financial statements of Sixt SE as at 31 December 2024 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 2024 consolidated financial statements are principally applied in the interim consolidated financial statements as at 30 June 2025, 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 2024. 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 2025 have not been audited or reviewed by the Group's auditors, Forvis 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 IFRS 7 and IFRS 9 Classification and Measurement of Financial Instruments 27 May 2025 1 Jan. 2026
Amendments to IFRS 7 and IFRS 9 Contracts Referencing Nature-dependent Electricity 30 Jun. 2025 1 Jan. 2026
Annual Improvements Volume 11 9 Jul. 2025 1 Jan. 2026

Subject to adoption by the EU Commission, the standard IFRS 18 (Presentation and disclosures in financial statements) is to be applied for financial years beginning on or after 1 January 2027. IFRS 18 replaces the previous standard IAS 1, although many of the requirements in IAS 1 have been adopted unchanged. IFRS 18 requires additional, defined subtotals in the income statement disclosures about management-defined performance measures and adds new principles for aggregating and distributing information. The initial application must be retrospective. SIXT is currently examining what effects the initial application of IFRS 18 will have on the Consolidated Financial Statements.

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 2024 the companies Insurmob Sarl, Paris and Sixt Ride GmbH, Basel 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 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 in %
Rental revenue 452.2 449.7 708.7 619.3 599.8 554.3 1,760.6 1,623.3 8.5
Other revenue from the rental business 80.3 79.1 43.9 42.3 51.2 40.1 175.3 161.4 8.6
Other revenue 4.3 2.9 0.4 0.3 - - 4.7 3.2 44.4
Group total 536.8 531.7 752.9 661.9 650.9 594.4 1,940.6 1,788.0 8.5
Revenue Germany Europe Total Change
North America
in EUR million Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 in %
Rental revenue 246.3 243.7 433.2 378.0 311.2 298.4 990.7 920.1 7.7
Other revenue from the rental business 43.0 42.1 22.7 22.9 23.3 20.7 89.0 85.7 3.9
Other revenue 2.6 1.8 0.2 0.2 - - 2.7 2.0 39.7
Group total 291.8 287.6 456.1 401.0 334.6 319.1 1,082.5 1,007.7 7.4

Other operating income

Other operating income is broken down as follows:

Other operating income H1 H1 Change
in EUR million 2025 2024 in %
Forwarding costs to third parties 45.7 38.7 17.9
Currency translation 116.4 45.9 153.6
Capitalised costs 9.6 11.2 -14.1
Miscellaneous income 19.4 32.9 -41.0
Group total 191.1 128.7 48.5

Fleet expenses

Fleet expenses are broken down as follows:

Fleet expenses H1 H1 Change
in EUR million 2025 2024 in %
Repairs, maintenance and reconditioning 218.9 193.4 13.2
Fuel 42.0 37.5 11.9
Insurance 92.0 75.8 21.4
Transportation 31.9 31.5 1.5
Taxes and charges 13.9 12.4 11.6
Registration fees 22.2 23.2 -4.3
Penalty tickets, Vignette and Toll 26.8 21.4 25.2
Other 29.6 26.1 13.4
Group total 477.3 421.3 13.3

Personnel expenses

Personnel expenses increased from EUR 341.9 million the year before to EUR 359.7 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 2025 2024 in %
Rental vehicles 284.9 388.7 -26.7
Property and equipment and investment property 117.0 102.4 14.3
Intangible assets 10.9 5.5 98.0
Group total 412.8 496.6 -16.9

Other operating expenses

Other operating expenses are broken down as follows:

Other operating expenses H1 H1 Change
in EUR million 2025 2024 in %
Leasing expenses 73.1 36.4 100.9
Commissions 182.9 157.6 16.1
Expenses for buildings 35.2 35.3 -0.3
Other selling and marketing expenses 79.4 70.5 12.6
Expenses from write-downs/impairments of receivables 89.4 57.7 55.0
Audit, legal, advisory costs, and investor relations expenses 12.7 16.0 -20.5
Other personnel services 51.7 54.5 -5.1
Expenses for IT and communication services 16.1 20.8 -22.7
Currency translation/consolidation 126.2 51.3 145.9
Miscellaneous expenses 57.0 51.2 11.2
Group total 723.7 551.4 31.3

Financial result

The following table contains a breakdown of the financial result:

Financial result H1 H1 Change
in EUR million 2025 2024 in %
Other interest and similar income 4.0 2.3 71.0
Interest and similar expenses -71.7 -73.0 -1.8
Thereof from leases -16.8 -13.0 28.5
Net interest expense -67.7 -70.7 -4.2
Income from financial assets 0.2 0.4 -50.0
Result from fair value measurement of financial assets -0.2 -0.4 -54.0
Net income from derivative financial instruments -0.6 0.7 -
Other financial result -0.6 0.7 -
Group total -68.3 -70.0 -2.5

Income tax expense

Income tax expense is composed of current income tax of EUR 39.6 million (H1 2024: EUR 23.9 million), as well as deferred taxes of EUR -15.7 million (H1 2024: EUR -13.7 million).

Based on the law passed in July for a tax investment programme to strengthen Germany as a business location, the corporation tax rate is to be reduced in five steps to a final rate of 10% from the 2028 assessment period onwards. This will lead to a revaluation of the deferred taxes of German companies. The impact on future tax burdens or reliefs is currently being assessed.

Earnings per share

Earnings per share – basic 2025 2024
Consolidated profit/loss for the period after minority interests in EUR thousand 65,887 25,173
Profit attributable to ordinary shares in EUR thousand 42,407 16,069
Profit attributable to preference shares in EUR thousand 23,480 9,103
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 1.40 0.53
Earnings per preference share in EUR 1.42 0.55

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 2024 or the first half of 2025. 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 2.70 per ordinary share and EUR 2.72 per preference share was resolved unchanged by the Annual General Meeting on 5 June 2025. This corresponds to a total distribution to shareholders of EUR 127.1 million. The payment was made on 11 June 2025.

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 1,160.3 million (31 December 2024: EUR 1,139.9 million) includes own property and equipment in the amount of EUR 254.0 million (31 December 2024: EUR 248.5 million) as well as right of use assets in the amount of EUR 906.3 million (31 December 2024: EUR 891.4 million).

Rental vehicles

SIXT has continued to expand its fleet inside the demand to be prepared for the upcoming third quarter. The rental vehicles items increased by EUR 985.5 million to EUR 5.11 billion (31 December 2024: EUR 4.12 billion). In addition to own rental vehicles, leased rental vehicles are also included in the amount of 9.7 EUR million (31 December 2024: EUR 17.2 million).

Other receivables and assets

Other receivables and assets can be broken down as follows:

Other receivables and assets
in EUR million 30 Jun. 2025 31 Dec. 2024
Financial other receivables and assets
Receivables from affiliated companies and
from other investees 0.1 0.1
Deposits 0.0 0.1
Miscellaneous assets 188.5 72.1
Non-financial other receivables and assets
Other recoverable taxes 152.5 28.2
Insurance claims 19.4 24.5
Deferred expense 36.5 25.2
Delivery claims for vehicles of the rental fleet 9.1 9.2
Group total 406.2 159.4
Thereof current 393.9 149.1
Thereof non-current 12.3 10.3

Equity

The share capital of Sixt SE as at 30 June 2025 amounts unchanged to EUR 120,174,996 (31 December 2024: EUR 120,174,996).

The share capital is composed of:

No-par value Nominal value No-par value Nominal value
shares in EUR shares in EUR
30 Jun. 2025 31 Dec. 2024
30,367,112 77,739,807 30,367,112 77,739,807
16,576,246 42,435,190 16,576,246 42,435,190
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 Management 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 2025.

Authorised capital

By resolution of the Annual General Meeting of 12 June 2024, the Management 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 2025 the authorisation has not been exercised.

Conditional capital

By resolution of the Annual General Meeting of 12 June 2024, the Management 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 2025 the authorisation has not been exercised.

Profit participation bonds and rights

By resolution of the Annual General Meeting of 5 June 2025, the Management Board, with the consent of the Supervisory Board, is authorised, to issue on one or more occasions in the period up to and including 4 June 2030 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 2025 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. 2025 31 Dec. 2024 30 Jun. 2025 31 Dec. 2024 30 Jun. 2025 31 Dec. 2024
Bonds - - 1,292.6 793.2 - -
Borrower's note loans 218.0 155.0 1,220.4 1,108.5 - 49.9
Commercial papers 318.9 - - - - -
Liabilities to banks 93.2 4.5 52.1 53.7 - -
Lease liabilities 168.2 168.3 484.7 461.1 282.5 291.4
Other liabilities 39.6 40.3 - - - -
Group total 837.9 368.1 3,049.8 2,416.4 282.5 341.3

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

The bonds relate to the 2023/2027 bond placed in 2023 and the 2024/2029 bond placed in 2024, each issued by Sixt SE. In January 2025 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 3.25% p.a.

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 2024, 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. 2025 31 Dec. 2024
Financial other liabilities
Liabilities to affiliated companies and other investees 1.3 1.2
Payroll liabilities 11.3 9.8
Derivative financial instruments 8.3 43.9
Miscellaneous liabilities 58.5 45.4
Non-financial other liabilities
Deferred income 1.3 1.4
Tax liabilities 33.1 74.7
Contract liabilities 131.4 73.2
Group total 245.1 249.7
Thereof current 239.2 240.1
Thereof non-current 6.0 9.5

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. 2025 31 Dec. 2024 30 Jun. 2025 31 Dec. 2024
Non-current assets
Financial assets FVTPL Level 3 1,550 1,745 1,550 1,745
Financial assets FVTOCI Level 1 66 124 66 124
Financial assets FVTOCI Level 2 13,895 13,895 13,895 13,895
Total return swaps Hedge Accounting Level 2 14 - 14 -
Total return swaps FVTPL Level 2 0 - 0 -
Interest derivatives Hedge Accounting Level 2 3,087 - 3,087 -
Other receivables AC 9,227 10,291
Current assets
Currency derivatives FVTPL Level 2 77,007 543 77,007 543
Total return swaps Hedge Accounting Level 2 29 - 29 -
Trade receivables AC 533,059 580,567
Deposits AC 50 56
Other receivables AC 99,229 61,319
Cash, cash equivalents and bank balances AC 10,839 163,577
Non-current liabilities
Bonds AC Level 1 1,292,572 793,239 1,356,893 850,992
Borrower's note loans AC Level 2 1,220,354 1,158,408 1,236,238 1,186,142
Liabilities to banks AC Level 2 52,101 53,663 50,203 50,995
Financial other liabilities AC - 200
Lease liabilities IFRS 16 767,260 752,429
Total return swaps Hedge Accounting Level 2 1,531 4,071 1,531 4,071
Total return swaps FVTPL Level 2 262 366 262 366
Interest derivatives Hedge Accounting Level 2 3,853 4,596 3,853 4,596
Current liabilities
Borrower's note loans AC Level 2 217,956 154,957 220,149 155,102
Commercial papers AC Level 2 318,948 - 318,869 -
Liabilities to banks AC Level 2 93,196 4,484 93,792 5,081
Lease liabilities IFRS 16 168,195 168,296
Other financial liabilities AC 39,573 40,325
Trade payables AC 915,526 635,277
Currency derivatives FVTPL Level 2 346 32,773 346 32,773
Total return swaps Hedge Accounting Level 2 1,969 1,906 1,969 1,906
Total return swaps FVTPL Level 2 - 183 - 183
Interest derivatives Hedge Accounting Level 2 301 - 301 -
Financial other liabilities AC 70,834 56,107

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 between 2.7% and 3.7% p.a. for financial instruments that will be settled in Euro (2024: between 3.0% 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.

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 -195 thousand (31 December 2024: EUR -427 thousand) and in the previous year from additions of equity instruments in amount of EUR 3 thousand.

3.5 SEGMENT REPORTING

Segment Report Germany Europe North America Other Reconciliation Group
in EUR million 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
External revenue 532.5 528.8 752.5 661.5 650.9 594.4 4.7 3.2 - - 1,940.6 1,788.0
Internal revenue 61.0 56.0 6.6 5.9 6.5 5.4 20.5 18.7 -94.6 -86.1 - -
Total revenue 593.5 584.8 759.1 667.5 657.4 599.8 25.2 21.9 -94.6 -86.1 1,940.6 1,788.0
Leasing expenses for rental
vehicles
34.3 26.5 38.8 9.9 - 0.1 - - - - 73.1 36.4
Depreciation of rental vehicles 64.5 92.3 121.4 146.9 99.1 149.4 - - - - 284.9 388.7
Interest income 38.6 59.8 4.0 3.4 0.2 0.5 - - -38.8 -61.3 4.0 2.3
Interest expense 59.0 62.7 17.2 26.2 32.5 42.7 - - -39.0 -61.3 69.8 70.2
Corporate EBITDA 90.4 100.4 95.3 57.2 27.9 -15.1 6.6 3.0 - - 220.2 145.5
Other depreciation and
amortisation
2.7 2.8 - - 127.9 107.9
Reclassification net interest
expense
- - - - 65.8 67.8
EBIT1 3.9 0.2 - - 158.1 105.4
Financial result -1.9 -2.9 - - -68.3 -70.0
EBT2 1.9 -2.7 - - 89.8 35.4
Investments3 20.8 235.6 117.0 64.1 70.2 119.0 3.9 199.0 -0.0 -390.4 211.8 227.3
Additions Rental vehicles 1,256.7 1,033.9 1,173.9 1,549.2 1,150.7 1,121.1 - - - - 3,581.3 3,704.2
Assets 4,904.2 5,200.4 2,856.7 3,116.6 2,755.0 2,852.1 1,519.9 1,372.4 -4,473.0 -4,699.7 7,562.7 7,841.8
Segment liabilities 4,032.5 4,421.4 1,707.4 2,150.3 1,856.7 1,843.8 137.5 143.7 -2,151.5 -2,658.0 5,582.5 5,901.1

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 2024 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 2025 compared to those reported as of 31 December 2024. For further details please refer to the consolidated financial statements of Sixt SE as of 31 December 2024 in the Annual Report 2024.

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 2025.

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, 13 August 2025

Sixt SE The Management Board

Contact Published by Sixt SE Sixt SE Zugspitzstraße 1 Zugspitzstraße 1

82049 Pullach, Germany 82049 Pullach, Germany

[email protected] 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.

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