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Sixt SE — Interim / Quarterly Report 2026
May 13, 2026
397_ir_2026-05-12_2c060b63-8b10-44c0-8d5e-cf398cc6e352.pdf
Interim / Quarterly Report
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SixT SE
Group Quarterly Statement as at 31 March 2026
1. ECONOMIC REPORT
1.1 GENERAL DEVELOPMENT OF THE GROUP
In the first quarter of the current financial year, SIXT recorded consolidated revenues of EUR 928.9 million, an increase of 8.2% compared to the same period of the previous year (Q1 2025: EUR 858.1 million). Excluding currency effects, consolidated revenue grew by 12.6%. Consolidated revenues generated in the segment Germany amounted to EUR 271.2 million in the first quarter of 2026 (Q1 2025: EUR 243.3 million, +11.5%). Consolidated revenue generated in the Europe segment (excluding Germany) increased significantly by 16.2% year-on-year to EUR 344.7 million (Q1 2025: EUR 296.5 million). Consolidated revenue generated in the North America segment amounted to EUR 310.3 million and thus recorded a slight decline of 1.9% due to currency effects, in particular the weaker US dollar compared with the same quarter of the previous year (Q1 2025: EUR 316.4 million). On a currency-adjusted basis, the segment's contribution to revenue would have risen by 9.2%.
| Revenue key figures SIXT Group | |||
|---|---|---|---|
| in EUR million | Q1 2026 | Q1 2025 | Change in % |
| Segment Germany | 271.2 | 243.3 | 11.5 |
| Segment Europe | 344.7 | 296.5 | 16.2 |
| Segment North America | 310.3 | 316.4 | -1.9 |
| Other | 2.8 | 2.0 | 42.2 |
| Consolidated revenue | 928.9 | 858.1 | 8.2 |
The consolidated earnings before taxes (EBT) amounted to EUR 2.1 million after EUR -17.6 million in the corresponding period of the previous year. The improvement in earnings is primarily attributable to revenue growth and further improvements in depreciation on rental vehicles; however, the rise in fleet expenses had a dampening effect. The Group's EBT margin thus amounted to 0.2% (Q1 2025: -2.0%).
Corporate EBITDA, i.e. EBITDA with additional consideration of depreciation on rental vehicles and the attributable interest result, rose sharply to EUR 67.7 million (Q1 2025: EUR 48.3 million) in the first three months of 2026 at Group level. The highest contribution of EUR 39.1 million (Q1 2025: EUR 29.0 million) was made by the segment Germany in the reporting period, followed by the segment North America, which generated a Corporate EBITDA of EUR 22.8 million (Q1 2025: EUR 6.0 million). Corporate EBITDA of the Europe segment amounted to EUR 4.9 million in the reporting period (Q1 2025: EUR 10.6 million).
| Corporate EBITDA | |||
|---|---|---|---|
| in EUR million | Q1 2026 | Q1 2025 | Change in % |
| Segment Germany | 39.1 | 29.0 | 34.6 |
| Segment Europe | 4.9 | 10.6 | -54.3 |
| Segment North America | 22.8 | 6.0 | >100% |
| Other | 1.0 | 2.6 | -60.7 |
| Group total | 67.7 | 48.3 | 40.2 |
Sixt SE – Group Quarterly Statement as at 31 March 2026 – 1
Consolidated net income after taxes improved at EUR 1.5 million in the first three months of the reporting year (Q1 2025: EUR -12.6 million).
The average number of vehicles in Germany and abroad (excluding franchisees) increased by 8.4% in the first three months of 2026 to around 182,900 vehicles compared to the same period of the previous year (approx. 168,700 vehicles). The increase in the fleet was therefore below currency-adjusted revenue growth (+12.6%) and underlines SIXT's strategy of planning the fleet tightly and keeping capacity utilisation at a high level.
The SIXT branch network has been further expanded across the Group. In Germany, SIXT had 381 branches as at 31 March 2026 (Q1 2025: 361 branches), thus continuing to ensure wide-area coverage. In North America, SIXT had 155 branches as at 31 March 2026 (Q1 2025: 133 branches), including seven in Canada (Q1 2025: four branches). The number of branches in the SIXT corporate countries in Europe (excluding Germany) was 530 (Q1 2025: 476 branches). In addition, there were a further 1,233 branches in SIXT franchise countries (Q1 2025: 1,152 branches), bringing the total number of branches to 2,299 at the end of March 2026 (Q1 2025: 2,122 branches).
| Number of branches | Q1 2026 | Q1 2025 |
|---|---|---|
| Germany | 381 | 361 |
| Europe | 530 | 476 |
| North America | 155 | 133 |
| Corporate countries | 1,066 | 970 |
| Franchise countries | 1,233 | 1,152 |
| Total | 2,299 | 2,122 |
1.2 SIGNIFICANT EVENTS IN THE REPORTING PERIOD
SIXT ONE rewards programme: SIXT ONE, the customer rewards programme launched in autumn 2025, was successfully rolled out to further corporate markets in early 2026, including the DACH region. With its planned launch in Canada in the second quarter of 2026, the fully digitally integrated rewards programme will then be available in all corporate markets. Customers benefit from faster pick-up processes, clearly defined status tiers and a transparent points system that allows them to accumulate and redeem rewards flexibly.
New branch openings and modernisation: In the first quarter of 2026, SIXT further expanded its global branch network, thereby specifically strengthening accessibility for customers in key markets. In the US, two new downtown branches were opened in New York, thereby expanding the offering in one of the world's most significant mobility markets – complemented by a new airport branch at Palm Springs Airport, which offers travellers even greater convenience in the fast-growing holiday region of Southern California. The network is also growing in Europe: in Italy, SIXT customers can now also be served in Bergamo Porta Nuova and Bolzano; in France in Belfort-Montbéliard; and in the UK in London Bloomsbury. In Germany, two further locations have been added: Sieburg and Cologne Mühlheim. SIXT has reached another significant milestone in the modernisation of its branches: with the opening at Brussels Airport, the 500th SIXT branch worldwide has been launched in the new, modern SIXT brand design, thereby further enhancing the customer experience in the future.
1.3 FINANCIAL POSITION
Assets
As at the balance sheet date of 31 March 2026, the Group's total assets with EUR 7.33 billion were EUR 187.8 million higher than the figure as at 31 December 2025 (EUR 7.14 billion), primarily due to fleet growth.
Equity
At EUR 2.18 billion, the SIXT Group's equity at the reporting date was almost unchanged at the level of the year-end figure for 2025 (EUR 2.15 billion). The equity ratio decreased slightly to 29.7% (31 December 2025: 30.1%) but remained well above the defined minimum target value of 20% and at a level above the average for the rental industry.
2 - Sixt SE - Group Quarterly Statement as at 31 March 2026
Sixt SE – Group Quarterly Statement as at 31 March 2026 – 3
Liabilities
Non-current liabilities and provisions decreased to EUR 2.84 billion as at 31 March 2026 compared to the year-end value in 2025 (EUR 2.98 billion).
Current liabilities and provisions as at 31 March 2026 increased to a total of EUR 2.31 billion compared to the value at the end of 2025 (EUR 2.01 billion).
1.4 INVESTMENTS
SIXT again succeeded in expanding its fleet size inside the demand in the first quarter of 2026. From January to March 2026, around 76,900 vehicles (Q1 2025: approx. 57,900 vehicles) with a total value of EUR 2.93 billion (Q1 2025: EUR 2.17 billion) were added to the rental fleet. This corresponds to an increase of 32.8% in the number of vehicles and 35.0% in the investment volume compared to the same period of the previous year.
2. OUTLOOK
SIXT is maintaining its expansion course for all regional segments, with profitable growth remaining the top priority. SIXT expects demand for its mobility products to continue to rise in the current financial year. Therefore, SIXT confirms its forecast for the 2026 financial year to increase revenue to between EUR 4.45 billion and EUR 4.60 billion and anticipates achieving an EBT margin in the range of 10% in the 2026 financial year, increased compared to the previous year (2025: 9.4%).
3. FINANCIAL INFORMATION OF THE SIXT GROUP AS AT 31 MARCH 2026
3.1 CONSOLIDATED STATEMENT OF INCOME AND STATEMENT OF COMPREHENSIVE INCOME
| Consolidated Statement of Income | Q1 | Q1 |
|---|---|---|
| in EUR thousand | 2026 | 2025 |
| Revenue | 928,902 | 858,137 |
| Other operating income | 70,567 | 63,393 |
| Fleet expenses | 266,316 | 223,314 |
| Personnel expenses | 186,830 | 174,320 |
| Depreciation and amortisation expense including impairments | 185,863 | 202,676 |
| Other operating expenses | 328,123 | 306,087 |
| Earnings before net finance costs and taxes (EBIT) | 32,336 | 15,132 |
| Financial result | -30,282 | -32,723 |
| Earnings before taxes (EBT) | 2,054 | -17,590 |
| Income tax expense | 565 | -5,036 |
| Consolidated profit/loss | 1,489 | -12,554 |
| Of which attributable to shareholders of Sixt SE | 1,489 | -12,554 |
| Consolidated Statement of Comprehensive Income | Q1 | Q1 |
| in EUR thousand | 2026 | 2025 |
| Consolidated profit/loss | 1,489 | -12,554 |
| Other comprehensive income (not recognised in the income statement) | 24,466 | -44,128 |
| Components that could be recognised in the income statement in the future | ||
| Currency translation gains/losses | 25,138 | -44,575 |
| Changes in the fair value of derivative financial instruments in hedge relationships | -755 | 575 |
| Amounts reclassified due to recognition in the income statement | 2,213 | 402 |
| Related deferred taxes | -294 | -244 |
| Components that could not be recognised in the income statement in the future | ||
| Remeasurement of defined benefit plans | 21 | -12 |
| Related deferred taxes | -6 | 3 |
| Remeasurement of equity investments | -2,332 | -66 |
| Related deferred taxes | 482 | -213 |
| Total comprehensive income | 25,956 | -56,682 |
| Of which attributable to shareholders of Sixt SE | 25,956 | -56,682 |
4 – Sixt SE – Group Quarterly Statement as at 31 March 2026
3.2 CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| Assets | ||
|---|---|---|
| in EUR thousand | 31 Mar. 2026 | 31 Dec. 2025 |
| Non-current assets | ||
| Goodwill | 25,062 | 25,030 |
| Intangible assets | 57,029 | 58,426 |
| Property and equipment | 1,168,674 | 1,148,617 |
| Investment property | 26,987 | 27,084 |
| Financial assets | 1,570 | 16,502 |
| Other receivables and assets | 12,711 | 20,037 |
| Deferred tax assets | 43,036 | 46,075 |
| Total non-current assets | 1,335,269 | 1,341,772 |
| Current assets | ||
| Rental vehicles | 4,668,576 | 4,421,756 |
| Inventories | 234,754 | 212,861 |
| Trade receivables | 684,926 | 767,241 |
| Other receivables and assets | 295,454 | 208,833 |
| Income tax receivables | 60,908 | 35,331 |
| Cash, cash equivalents and bank balances | 51,215 | 155,481 |
| Total current assets | 5,995,834 | 5,801,502 |
| Total assets | 7,331,103 | 7,143,274 |
| Equity and liabilities | ||
| in EUR thousand | 31 Mar. 2026 | 31 Dec. 2025 |
| Equity | ||
| Subscribed capital | 120,175 | 120,175 |
| Capital reserves | 204,218 | 204,218 |
| Other reserves | 1,852,419 | 1,826,463 |
| Total equity | 2,176,812 | 2,150,856 |
| Non-current liabilities and provisions | ||
| Provisions for pensions and other post-employment benefits | 3,261 | 3,313 |
| Other provisions | 12,611 | 12,430 |
| Financial liabilities | 2,776,183 | 2,927,243 |
| Other liabilities | 14,624 | 5,721 |
| Deferred tax liabilities | 32,679 | 31,323 |
| Total non-current liabilities and provisions | 2,839,359 | 2,980,030 |
| Current liabilities and provisions | ||
| Other provisions | 282,268 | 265,286 |
| Income tax liabilities | 102,968 | 100,726 |
| Financial liabilities | 650,465 | 694,736 |
| Trade payables | 1,013,046 | 740,119 |
| Other liabilities | 266,185 | 211,521 |
| Total current liabilities and provisions | 2,314,932 | 2,012,387 |
| Total equity and liabilities | 7,331,103 | 7,143,274 |
Sixt SE – Group Quarterly Statement as at 31 March 2026 – 5
3.3 CONSOLIDATED STATEMENT OF CASH FLOWS
| Consolidated Statement of Cash Flows | Q1 | Q1 |
|---|---|---|
| in EUR thousand | 2026 | 2025 |
| Operating activities | ||
| Consolidated profit/loss | 1,489 | -12,554 |
| Current income taxes recognised in the income statement | -4,354 | 4,407 |
| Income taxes paid | -18,981 | -40,474 |
| Financial result recognised in the income statement¹ | 30,319 | 32,672 |
| Interest received | 12,097 | 2,996 |
| Interest paid | -61,415 | -54,058 |
| Depreciation and amortisation expense including impairments | 185,863 | 202,676 |
| Income from disposal of fixed assets | 57 | 55 |
| Other (non-)cash expenses and income | 31,105 | -50,557 |
| Gross cash flow | 176,180 | 85,164 |
| Depreciation and impairments on rental vehicles² | -120,121 | -135,387 |
| Gross cash flow before changes in working capital | 56,059 | -50,224 |
| Change in rental vehicles² | -247,832 | -86,273 |
| Change in inventories | -21,894 | -30,813 |
| Change in trade receivables | 82,315 | -38,527 |
| Change in trade payables | 272,928 | 236,440 |
| Change in other net assets | -2,525 | -196,678 |
| Net cash flows from/used in operating activities | 139,050 | -166,075 |
| Investing activities | ||
| Proceeds from the disposal of intangible assets, property and equipment | 1 | 2 |
| Payments for investments in intangible assets, property and equipment | -21,240 | -18,465 |
| Payments for investments in short-term deposits | -28 | -33 |
| Payments from short-term deposits | 28 | 33 |
| Net cash flows used in investing activities | -21,239 | -18,462 |
| Financing activities | ||
| Payments received from borrower's note loans taken out, bonds and bank loans | - | 500,000 |
| Payments made for redemption of borrower's note loans, bonds and bank loans | -188,780 | -51,270 |
| Payments made for redemption of lease liabilities | -51,073 | -52,948 |
| Payments made for redemption of and payments received from short-term financial liabilities taken out³ | 17,578 | 16,554 |
| Net cash flows used in/from financing activities | -222,274 | 412,336 |
| Net change in cash and cash equivalents | -104,463 | 227,799 |
| Effect of exchange rate changes on cash and cash equivalents | 198 | -169 |
| Cash and cash equivalents on 1 Jan. | 155,481 | 163,577 |
| Cash and cash equivalents on 31 Mar. | 51,215 | 391,207 |
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
6 – Sixt SE – Group Quarterly Statement as at 31 March 2026
3.4 ADDITIONAL FINANCIAL INFORMATION
Revenue
| Revenue | Germany | Europe | North America | Total | Change | ||||
|---|---|---|---|---|---|---|---|---|---|
| in EUR million | Q1 2026 | Q1 2025 | Q1 2026 | Q1 2025 | Q1 2026 | Q1 2025 | Q1 2026 | Q1 2025 | in % |
| Rental revenue | 230.1 | 206.0 | 321.6 | 275.4 | 285.8 | 288.5 | 837.5 | 769.9 | 8.8 |
| Other revenue from the rental business | 41.1 | 37.3 | 23.0 | 21.1 | 24.5 | 27.8 | 88.6 | 86.3 | 2.7 |
| Other revenue | 2.7 | 1.7 | 0.1 | 0.2 | - | - | 2.8 | 2.0 | 42.2 |
| Group total | 273.8 | 245.0 | 344.8 | 296.8 | 310.3 | 316.4 | 928.9 | 858.1 | 8.2 |
Other operating income
| Other operating income | Q1 | Q1 | Change |
|---|---|---|---|
| in EUR million | 2026 | 2025 | in % |
| Recharge to third parties | 21.6 | 22.2 | -2.8 |
| Currency translation | 31.5 | 29.2 | 7.9 |
| Capitalised costs | 3.6 | 4.0 | -9.8 |
| Miscellaneous income | 13.9 | 8.1 | 72.8 |
| Group total | 70.6 | 63.4 | 11.3 |
Fleet expenses
| Fleet expenses | Q1 | Q1 | Change |
|---|---|---|---|
| in EUR million | 2026 | 2025 | in % |
| Repairs, maintenance and reconditioning | 110.6 | 105.6 | 4.8 |
| Fuel | 20.9 | 18.3 | 14.0 |
| Insurance | 57.9 | 42.0 | 37.6 |
| Transportation | 17.2 | 15.4 | 12.3 |
| Taxes and charges | 10.5 | 6.1 | 71.0 |
| Registration fees | 15.4 | 9.8 | 57.7 |
| Penalty tickets, Vignette and Toll | 13.9 | 13.4 | 3.7 |
| Other | 19.9 | 12.7 | 56.6 |
| Group total | 266.3 | 223.3 | 19.3 |
Depreciation and amortisation expense
| Depreciation and amortisation expense including impairments | Q1 | Q1 | Change |
|---|---|---|---|
| in EUR million | 2026 | 2025 | in % |
| Rental vehicles | 121.2 | 138.5 | -12.5 |
| Property and equipment and investment property | 59.7 | 58.9 | 1.4 |
| Intangible assets | 5.0 | 5.3 | -5.5 |
| Group total | 185.9 | 202.7 | -8.3 |
Sixt SE – Group Quarterly Statement as at 31 March 2026 – 7
Other operating expenses
| Other operating expenses | Q1 | Q1 | Change |
|---|---|---|---|
| in EUR million | 2026 | 2025 | in % |
| Leasing expenses | 37.7 | 34.0 | 11.0 |
| Commissions | 83.4 | 77.2 | 8.1 |
| Expenses for buildings | 15.0 | 17.8 | -15.3 |
| Other selling and marketing expenses | 36.5 | 32.5 | 12.1 |
| Expenses from write-downs/impairments of receivables | 51.9 | 41.4 | 25.2 |
| Audit, legal, advisory costs, and investor relations expenses | 6.8 | 7.1 | -3.8 |
| Other personnel services | 25.4 | 24.4 | 4.0 |
| Expenses for IT and communication services | 10.4 | 8.9 | 17.1 |
| Currency translation/consolidation | 33.4 | 34.1 | -1.8 |
| Miscellaneous expenses | 27.5 | 28.7 | -4.2 |
| Group total | 328.1 | 306.1 | 7.2 |
Financial result
| Financial result | Q1 | Q1 | Change |
|---|---|---|---|
| in EUR million | 2026 | 2025 | in % |
| Other interest and similar income | 3.2 | 3.1 | 3.8 |
| Interest and similar expenses | -33.4 | -35.2 | -5.0 |
| Thereof from leases | -8.2 | -8.4 | -2.6 |
| Net interest expense | -30.2 | -32.0 | -5.8 |
| Result from fair value measurement of financial assets | 0.0 | -0.1 | - |
| Net income from derivative financial instruments | -0.1 | -0.6 | -76.8 |
| Other financial result | -0.1 | -0.7 | -83.9 |
| Group total | -30.3 | -32.7 | -7.5 |
8 – Sixt SE – Group Quarterly Statement as at 31 March 2026
Group segment reporting
The segment information for the first three months of 2026 (compared to the first three months of 2025) is as follows:
| Segment Report in EUR million | Germany | Europe | North America | Other | Reconciliation | Group | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
| External revenue | 271.2 | 243.3 | 344.7 | 296.5 | 310.3 | 316.4 | 2.8 | 2.0 | - | - | 928.9 | 858.1 |
| Internal revenue | 28.9 | 26.8 | 3.4 | 3.0 | 2.8 | 2.8 | 10.6 | 9.7 | -45.7 | -42.4 | - | - |
| Total revenue | 300.1 | 270.1 | 348.0 | 299.6 | 313.1 | 319.1 | 13.4 | 11.7 | -45.7 | -42.4 | 928.9 | 858.1 |
| Fleet expense | 90.1 | 73.8 | 105.5 | 81.8 | 76.2 | 73.0 | - | - | -5.4 | -5.2 | 266.3 | 223.3 |
| Leasing expenses for rental vehicles | 16.9 | 18.3 | 20.8 | 15.7 | - | - | - | - | - | - | 37.7 | 34.0 |
| Depreciation of rental vehicles | 28.0 | 30.5 | 55.6 | 55.1 | 37.5 | 52.9 | - | - | - | - | 121.2 | 138.5 |
| Interest income | 14.5 | 18.9 | 2.7 | 2.3 | 0.2 | 0.1 | - | - | -14.2 | -18.2 | 3.2 | 3.1 |
| Interest expense | 26.7 | 29.2 | 7.6 | 8.7 | 12.4 | 14.4 | - | - | -14.2 | -18.2 | 32.6 | 34.1 |
| Corporate EBITDA | 39.1 | 29.0 | 4.9 | 10.6 | 22.8 | 6.0 | 1.0 | 2.6 | - | - | 67.7 | 48.3 |
| Other depreciation and amortisation | 1.4 | 1.3 | - | - | 64.7 | 64.2 | ||||||
| Reclassification net interest expense | - | - | - | - | 29.3 | 31.0 | ||||||
| EBIT¹ | -0.3 | 1.3 | - | - | 32.3 | 15.1 | ||||||
| Financial result | -0.9 | -1.0 | - | - | -30.3 | -32.7 | ||||||
| EBT² | -1.2 | 0.3 | - | - | 2.1 | -17.6 |
¹ Corresponds to earnings before net finance costs and taxes (EBIT)
² Corresponds to earnings before taxes (EBT)
Due to rounding it is possible that individual figures presented in this Group Quarterly Statement may not add up exactly to the totals shown. For the same reason, the percentage figures presented may not exactly reflect the absolute figures they relate to.
Pullach, 13 May 2026
Sixt SE
The Management Board
Sixt SE – Group Quarterly Statement as at 31 March 2026 – 9
10 – Sixt SE – Group Quarterly Statement as at 31 March 2026
Contact
Sixt SE
Zugspitzstraße 1
82049 Pullach, Germany
Published by
Sixt SE
Zugspitzstraße 1
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.