Interim / Quarterly Report • Aug 13, 2025
Interim / Quarterly Report
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Interim Report as at 30 June 2025
| 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.
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.
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.
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 |
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 |
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).
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.
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.
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).
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 |
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.
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.
| 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 |
| 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 |
| 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
| 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
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.
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.
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.
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 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 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 increased from EUR 341.9 million the year before to EUR 359.7 million.
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 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 |
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 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 – 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.
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.
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).
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 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 |
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 |
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.
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.
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.
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 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.
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 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.
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.
| 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
There were no material changes in contingent liabilities resulting from guarantees or similar obligations as against the 2024 consolidated financial statements.
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.
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.
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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