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Sixt SE Interim / Quarterly Report 2025

Nov 13, 2025

397_rns_2025-11-13_9001d5ae-dda9-450a-9409-e8cbab1a5406.pdf

Interim / Quarterly Report

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Group Quarterly Statement as at 30 September 2025

1. ECONOMIC REPORT

1.1 GENERAL DEVELOPMENT OF THE GROUP

In the third quarter of 2025, SIXT continued its growth trajectory despite a challenging macroeconomic environment, with EUR 1.32 billion revenue generated exceeding the same quarter of the previous year by 6.6%. An expanded fleet of around 223,000 rental vehicles (up 8.2%) successfully met continued strong customer demand in all three segments. Earnings before taxes (EBT) amounted to EUR 258.4 million, up just under 5% on the previous year and marking the second-strongest quarterly result in the company's history – despite continuing challenging market factors.

SIXT achieved Group revenue of EUR 3.27 billion in the first nine months of the financial year. This corresponds to an increase of 7.8% compared to the same period of the previous year (9M 2024: EUR 3.03 billion). The strongest growth was recorded in the European segment, where consolidated revenue rose 13.4% to EUR 1.35 billion in the first nine months (9M 2024: EUR 1.19 billion). Consolidated revenue generated in the segment North America amounted to EUR 1.04 billion in the first nine months, representing an increase of 6.6%. (9M 2024: EUR 0.97 billion). Consolidated revenue generated in the segment Germany rose by 1.0% to EUR 0.87 billion in the first nine months of 2025 (9M 2024: EUR 0.86 billion).

In the third quarter of the current financial year, SIXT recorded consolidated revenue of EUR 1.32 billion, a 6.6% increase over the same period of the previous year (Q3 2024: EUR 1.24 billion). Consolidated revenue generated in the segment Europe (excluding Germany) amounted to EUR 600.3 million, an increase of 12.9% (Q3 2024: EUR 531.7 million), and made the strongest contribution to revenue growth thanks to sustained high demand in the summer business. Consolidated revenue generated in the segment North America was 2.0% higher than the previous year at EUR 386.9 million (Q3 2024: EUR 379.3 million). Adjusted for currency effects, US-Dollar sales in North America grew by 6.6%. Consolidated revenue generated in the segment Germany increased by 1.6% to EUR 334.6 million in the third quarter of 2025 (Q3 2024: EUR 329.4 million).

Revenue key figures SIXT Group Change Change
in EUR million 9M 2025 9M 2024 in % Q3 2025 Q3 2024 in %
Segment Germany 867.1 858.2 1.0 334.6 329.4 1.6
Segment Europe 1,352.9 1,193.3 13.4 600.3 531.7 12.9
Segment North America 1,037.8 973.7 6.6 386.9 379.3 2.0
Other 7.5 5.2 43.9 2.8 1.9 43.1
Consolidated revenue 3,265.2 3,030.3 7.8 1,324.6 1,242.3 6.6

Consolidated earnings before taxes (EBT) increased to EUR 348.2 million in the financial year from January to September (9M 2024: 281.8 million). Despite persistently challenging market factors, SIXT exceeded the previous year's EBT level with EUR 258.4 million in the third quarter (Q3 2024: EUR 246.4 million). This was due in particular to SIXT's strategy of expanding its fleet in-line with seasonally-related increases in demand, while at the same time keeping it tight.

The Group's EBT margin was thus 10.7% in the nine-month period of 2025 (9M 2024: 9.3%), and 19.5% in the third quarter of 2025 (Q3 2024: 19.8%).

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Corporate EBITDA, i.e. EBITDA with additional consideration of depreciation on rental vehicles and the attributable interest result, reached EUR 541.9 million at Group level in the first nine months of 2025 (9M 2024: EUR 445.6 million; 21.6%). The highest contribution in the reporting period came from the segment Europe, followed by Germany and North America.

Corporate EBITDA at Group level amounted to EUR 321.7 million (Q3 2024: EUR 300.1 million; +7.2%) in the third quarter of 2025, with the largest share coming from the segment Europe, followed by the segments Germany and North America.

Corporate EBITDA Change Change
in EUR million 9M 2025 9M 2024 in % Q3 2025 Q3 2024 in %
Segment Germany 208.8 238.6 -12.5 118.4 138.2 -14.4
Segment Europe 265.0 183.6 44.3 169.6 126.4 34.2
Segment North America 58.7 17.0 >100% 30.8 32.1 -4.1
Other 9.5 6.4 48.8 2.9 3.3 -13.1
Group total 541.9 445.6 21.6 321.7 300.1 7.2

Consolidated profit for the first nine months of the reporting year amounted to EUR 247.4 million (9M 2024: EUR 204.7 million; 20.9%), whereby the third quarter accounted for EUR 181.5 million (Q3 2024: EUR 179.5 million; 1.1%).

Due to the continued strong customer demand, SIXT expanded its average fleet in the first nine months of 2025 worldwide (excluding franchisees) to around 196,700 vehicles, an increase of 6.2% compared to the same period of the previous year (approx. 185,300 vehicles). Between January and September 2025 around 203,900 vehicles (9M 2024: approx. 176,300 vehicles) worth a total of EUR 7.47 billion (9M 2024: EUR 6.39 billion) were added to the SIXT rental fleet. Compared to the same period of the previous year, this represents an increase of 15.6% in the number of vehicles and 16.9% in the investment volume.

SIXT had 379 branches in Germany as of 30 September 2025 (9M 2024: 361 branches). SIXT had 141 branches in North America (9M 2024: 129 branches), including five in Canada (9M 2024: four branches). There were 496 branches in the SIXT corporate countries in Europe (excluding Germany) (9M 2024: 461 branches). These were joined by another 1,160 branches in SIXT franchise countries (9M 2024: 1,171 branches), bringing the total number of branches to 2,176 at the end of September 2025 (9M 2024: 2,122 branches). In North America, the recently opened downtown branches in Atlanta, Long Island, and Houston, among others, contributed to growth. SIXT has also further increased its presence in Germany and Europe with the recent opening of branches in Hanover and Hamburg Bergedorf, for example, as well as in Catania (Italy), Sabadell (Spain), and at London City Airport (United Kingdom). In Germany, SIXT has also opened two additional truck centers in Munich and Frankfurt.

Number of branches 9M 2025 9M 2024
Germany 379 361
Europe 496 461
North America 141 129
Corporate countries 1,016 951
Franchise countries 1,160 1,171
Total 2,176 2,122

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1.2 FINANCIAL POSITION

Assets

As at the reporting date 30 September 2025, the Group's total assets of EUR 7.67 billion were EUR 1.12 billion significantly higher than the figure as at 31 December 2024 (EUR 6.55 billion). The increase was largely driven by the higher rental assets of EUR 5.04 billion due to the larger fleet compared to the previous year (31 December 2024: EUR 4.12 billion) as well as the higher trade receivables of EUR 744.6 (31 December 2024: EUR 580.6 million) in the course of the de-fleeting at the end of the summer season.

Equity

At EUR 2.11 billion, Sixt Group's equity was EUR 16.4 million slightly lower than the year-end figure for 2024 (EUR (2.13 billion) as at the reporting date. The consolidated profit compensated for the dividend payment. Currency translation of EUR 138.6 million recorded in other comprehensive income had a negative effect, particularly due to weaker US-dollar exchange rate. The equity ratio declined to 27.5% (31 December 2024: 32.5%) due to the increase in total assets, which was also influenced by seasonal factors, but still remained significantly above the defined minimum target value of 20% and at a level well above the average for the rental industry.

Liabilities

As of 30 September 2025, non-current liabilities and provisions increased to EUR 3.27 billion and were thus above the level of the year-end figure for 2024 (EUR 2.83 billion). Current liabilities and provisions also increased as of 30 September 2025 to a total of EUR 2.29 billion and were thus significantly higher than the figure at the end of 2024 (EUR 1.60 billion), mainly due to higher current financial liabilities resulting from the fleet expansion.

2. FORECAST REPORT

The economic outlook and the geopolitical situation remain highly uncertain. The German government expects Germany to see modest economic growth of 0.2% in 2025. The economy in many parts of the eurozone also remains under pressure. In the US, the current market situation remains challenging, characterized by a tense macroeconomic situation, an ongoing government shutdown, and declining consumer confidence.

Following robust summer business and good revenue development so far this year the Management Board of Sixt SE continues to anticipate an increase in consolidated revenue for the year as a whole. Against this backdrop, the Management Board of Sixt SE confirms and specifies its forecast for the full year 2025 and, despite political uncertainties and a persistently competitive market, expects to be able to increase revenue to approximately EUR 4.25 billion. This corresponds to an increase of 6%, which is within the original forecast of 5-10%. The Management Board also continues to expect to achieve a significantly higher EBT margin in the range of 10% in the 2025 financial year compared to the previous year.

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3. FINANCIAL INFORMATION OF THE SIXT GROUP AS AT 30 SEPTEMBER 2025

3.1 CONSOLIDATED STATEMENT OF INCOME AND STATEMENT OF COMPREHENSIVE INCOME

Consolidated Statement of Income 9M 9M Q3 Q3
in EUR thousand 2025 2024 2025 2024
Revenue 3,265,242 3,030,294 1,324,628 1,242,340
Other operating income 270,211 216,807 79,155 88,113
Fleet expenses 764,291 674,830 286,980 253,481
Personnel expenses 546,228 525,577 186,486 183,689
Depreciation and amortisation expense including impairments 657,908 751,561 245,059 254,948
Other operating expenses 1,111,585 902,300 387,878 350,918
Earnings before interest and taxes (EBIT) 455,441 392,834 297,380 287,416
Financial result -107,239 -110,999 -38,936 -40,976
Earnings before taxes (EBT) 348,201 281,835 258,445 246,440
Income tax expense 100,849 77,162 76,980 66,940
Consolidated profit/loss 247,352 204,673 181,465 179,501
Of which attributable to shareholders of Sixt SE 247,352 204,673 181,465 179,501
Consolidated Statement of Comprehensive Income 9M 9M Q3 Q3
in EUR thousand 2025 2024 2025 2024
Consolidated profit/loss 247,352 204,673 181,465 179,501
Other comprehensive income (not recognised in the income statement) -136,710 -14,316 -8,946 15,838
Components that could be recognised in the income statement in the future
Currency translation gains/losses -138,563 -9,808 -9,713 21,751
Amounts reclassified due to recognition in the income statement relating to currencytranslation gains/losses - -2,887 - -2,887
Changes in the fair value of derivative financial instruments in hedge relationships 1,121 -5,926 484 -4,158
Amounts reclassified due to recognition in the income statement 1,715 3,726 816 370
Related deferred taxes -707 555 -324 772
Components that could not be recognised in the income statement in the future
Remeasurement of defined benefit plans -11 114 0 -1
Related deferred taxes 3 -33 0 -
Remeasurement of equity investments -52 -57 6 -10
Related deferred taxes -216 - -216 -
Total comprehensive income 110,642 190,357 172,519 195,338

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3.2 CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Assets
in EUR thousand 30 Sep. 2025 31 Dec. 2024
Non-current assets
Goodwill 25,024 25,375
Intangible assets 58,244 58,370
Property and equipment 1,142,970 1,139,867
Investment property 27,182 27,477
Financial assets 15,535 15,765
Other receivables and assets 10,488 10,291
Deferred tax assets 25,063 33,513
Total non-current assets 1,304,506 1,310,656
Current assets
Rental vehicles 5,038,533 4,120,589
Inventories 224,220 175,534
Trade receivables 744,580 580,567
Other receivables and assets 271,494 149,145
Income tax receivables 52,600 50,587
Cash, cash equivalents and bank balances 37,690 163,577
Total current assets 6,369,117 5,240,000
Total assets 7,673,623 6,550,656
Equity and liabilitiesin EUR thousandEquity 30 Sep. 2025 31 Dec. 2024
Subscribed capital 120,175 120,175
Capital reserves 199,757 208,148
Other reserves 1,792,290 1,800,336
Total equity 2,112,222 2,128,658
Non-current liabilities and provisions
Provisions for pensions and other post-employment benefits 3,922 3,444
Other provisions 11,525 15,475
Financial liabilities 3,209,029 2,757,739
Other liabilities 5,037 9,546
Deferred tax liabilities 38,565 40,297
Total non-current liabilities and provisions 3,268,078 2,826,502
Current liabilities and provisions
Other provisions 257,951 223,162
Income tax liabilities 136,895 128,879
Financial liabilities 885,732 368,061
Trade payables 757,363 635,277
Other liabilities 255,381 240,117
Total current liabilities and provisions 2,293,322 1,595,496

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3.3 CONSOLIDATED STATEMENT OF CASH FLOWS

Consolidated Statement of Cash Flows 9M 9M
in EUR thousand 2025 2024
Operating activities
Consolidated profit/loss 247,352 204,673
Current income taxes recognised in the income statement 94,878 116,707
Income taxes paid -88,875 -68,408
Financial result recognised in the income statement1 107,261 113,868
Interest received 4,303 5,800
Interest paid -104,683 -101,779
Dividends received - 400
Depreciation and amortisation expense including impairments 657,908 751,506
Income from disposal of fixed assets 200 247
Other (non-)cash expenses and income -124,635 -46,721
Gross cash flow 793,709 976,294
Depreciation and impairments on rental vehicles2 -461,143 -565,263
Gross cash flow before changes in working capital 332,566 411,031
Change in rental vehicles2 -920,340 -383,977
Change in inventories -48,686 -33,655
Change in trade receivables -164,013 -270,186
Change in trade payables 122,086 28,844
Change in other net assets -69,463 51,672
Net cash flows used in operating activities -747,850 -196,271
Investing activities
Proceeds from the disposal of intangible assets, property and equipment 5 -
Payments for investments in intangible assets, property and equipment -61,808 -67,837
Payments for investments in financial assets - -3
Payments for investments in short-term deposits -51 -55
Payments from short-term deposits 51 55
Net cash flows used in investing activities -61,803 -67,840
Financing activities
Dividends paid -127,079 -183,411
Payments received from borrower's note loans taken out, bonds and bank loans 750,000 1,012,000
Payments made for redemption of borrower's note loans, bonds and bank loans -207,818 -621,791
Payments made for redemption of lease liabilities -149,039 -152,818
Payments made for redemption of and payments received from short-term financial liabilities taken out3 418,527 212,362
Net cash flows from financing activities 684,591 266,342
Net change in cash and cash equivalents -125,062 2,232
Effect of exchange rate changes on cash and cash equivalents -825 -33
Cash and cash equivalents on 1 Jan. 163,577 5,924
Cash and cash equivalents on 30 Sep. 37,690 8,123

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

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3.4 ADDITIONAL FINANCIAL INFORMATION

Revenue
Revenue Germany Europe North America Total Change
in EUR million 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 in %
Rental revenue 738.5 731.4 1,282.9 1,126.5 962.3 907.4 2,983.8 2,765.3 7.9
Other revenue from the rental business 128.5 126.8 69.9 66.8 75.5 66.3 274.0 259.8 5.4
Other revenue 6.9 4.6 0.6 0.6 - - 7.5 5.2 43.9
Group total 874.0 862.8 1,353.4 1,193.8 1,037.8 973.7 3,265.2 3,030.3 7.8
Revenue Germany Europe North America Total Change
in EUR million Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 in %
Rental revenue 286.3 281.7 574.3 507.2 362.6 353.1 1,223.2 1,142.0 7.1
Other revenue from the rental business 48.3 47.7 26.1 24.5 24.3 26.2 98.7 98.4 0.3
Other revenue 2.6 1.7 0.2 0.2 - - 2.8 1.9 43.1
Group total 337.2 331.1 600.5 531.9 386.9 379.3 1,324.6 1,242.3 6.6
Other operating income
Other operating income 9M 9M Change
in EUR million 2025 2024 in %
Forwarding costs to third parties 77.9 64.8 20.3
Currency translation 147.4 87.4 68.7
Capitalised costs 15.0 16.9
Miscellaneous income 29.8 47.8 -11.2-37.5
Group total 270.2 216.8 24.6
Fleet expenses
Fleet expenses 9M 9M Change
in EUR million 2025 2024 in %
Repairs, maintenance and reconditioning 349.1 310.1 12.6
Fuel 65.5 59.8 9.5
Insurance 153.6 124.6 23.2
Transportation 50.0 48.6 2.7
Taxes and charges 23.2 21.7 6.8
Registration fees 32.2 34.1 -5.8
Penalty tickets, Vignette and Toll 43.7 35.6 22.8
Other 47.1 40.3 17.1
Group total 764.3 674.8 13.3
Depreciation and amortisation expense
Depreciation and amortisation expense including impairments 9M 9M Change
in EUR million 2025 2024 in %
Rental vehicles 467.1 588.5 -20.6
Property and equipment and investment property 175.7 155.0 13.4
Intangible assets 8.1 85.8

Group total 657.9 751.6 -12.5

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Other operating expenses

Other operating expenses 9M 9M Change
in EUR million 2025 2024 in %
Leasing expenses 115.4 64.0 80.3
Commissions 316.0 276.3 14.4
Expenses for buildings 53.1 50.9 4.3
Other selling and marketing expenses 124.2 108.6 14.4
Expenses from write-downs/impairments of receivables 129.7 92.4 40.3
Audit, legal, advisory costs, and investor relations expenses 18.8 22.2 -15.4
Other personnel services 78.2 79.6 -1.8
Expenses for IT and communication services 25.5 29.8 -14.7
Currency translation/consolidation 164.8 99.9 65.0
Miscellaneous expenses 86.0 78.5 9.5
Group total 1,111.6 902.3 23.2
Financial result
Financial result 9M 9M Change
in EUR million 2025 2024 in %
Other interest and similar income 4.4 3.0 46.8
Interest and similar expenses -111.5 -117.5 -5.1
Thereof from leases -25.2 -19.1 31.9
Net interest expense -107.1 -114.5 -6.5
Income from financial assets 0.2 3.3 -93.9
Result from fair value measurement of financial assets -0.2 -0.4 -57.4

Net income from derivative financial instruments -0.2 0.7 - Other financial result -0.1 3.5 - Group total -107.2 -111.0 -3.4

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Group segment reporting

The segment information for the first nine months of 2025 (compared to the first nine months of 2024) is as follows:

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 867.1 858.2 1,352.9 1,193.3 1,037.8 973.7 7.5 5.2 - - 3,265.2 3,030.3
Internal revenue 109.0 98.8 11.3 10.8 10.8 10.1 31.1 27.8 -162.2 -147.5 - -
Total revenue 976.1 956.9 1,364.1 1,204.0 1,048.6 983.8 38.6 33.0 -162.2 -147.5 3,265.2 3,030.3
Leasing expenses for rentalvehicles 50.8 42.1 64.7 21.9 - 0.1 - - - - 115.4 64.0
Depreciation of rental vehicles 100.3 139.9 197.6 233.9 169.2 214.7 - - - - 467.1 588.5
Interest income 60.9 97.7 5.2 5.0 0.3 0.6 - - -62.1 -100.4 4.4 3.0
Interest expense 91.1 102.7 27.3 45.2 52.6 65.8 - - -62.4 -100.4 108.7 113.3
Corporate EBITDA 208.8 238.6 265.0 183.6 58.7 17.0 9.5 6.4 - - 541.9 445.6
Other depreciation andamortisation 4.1 4.2 - - 190.8 163.1
Reclassification net interestexpense - - - - 104.3 110.3
EBIT1 5.4 2.1 - - 455.4 392.8
Financial result -2.8 -4.2 - - -107.2 -111.0
EBT2 2.6 -2.1 - - 348.2 281.8

1 Corresponds to earnings before interest and taxes (EBIT)

Due to rounding it is possible that individual figures presented in this Group Quarterly Statement may not add up exactly to the totals shown and that the nine-month figures listed may not follow from adding up the individual quarterly figures. For the same reason, the percentage figures presented may not exactly reflect the absolute figures they relate to.

Pullach, 13 November 2025

Sixt SE

The Management Board

2 Corresponds to earnings before taxes (EBT)

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Sixt SE Sixt SE Zugspitzstraße 1 Zugspitzstraße 1 82049 Pullach, Germany 82049 Pullach, Germany

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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.