Sixt : Annual Financial Report 2025

About this update from Sixt Se

SE A N N U A L R E P 0 R T THE SIXT GROUP IN FIGURES Revenue 4,283 4,002 3,621 3,066 2,282 Segment Germany 1,165 1,135 1,075 870 740 Segment Europe 1,739 1,545 1,461 1,278 946 Segment North America 1,369 1,314 1,076 908 585 Other 11 8 8 10 13 Earnings before net finance costs and taxes (EBIT) 543 483 573 589 479 Corporate EBITDA 1 662 560 650 699 573 Earnings before taxes (EBT) 401 335 464 550 442 Return on revenue before taxes (in %) 9.4 8.4 12.8 17.9 19.4 Consolidated profit/loss 286 244 335 386 313 Net income per share (basic) Ordinary share (in Euro) 6.08 5.19 7.13 8.21 6.66 Preference share (in Euro) 6.10 5.21 7.15 8.23 6.68 Total assets 7,143 6,551 6,450 5,551 4,521 Rental vehicles 1 4,422 4,121 4,469 3,833 2,857 Equity 2,151 2,129 2,002 1,979 1,746 Equity ratio (in %) 30.1 32.5 31.0 35.7 38.6 Financial liabilities 3,622 3,126 3,298 2,505 2,001 Dividend per share Ordinary share (in Euro) 3.20 2 2.70 3.90 6.11 3.70 Preference share (in Euro) 3.22 2 2.72 3.92 6.13 3.72 Total dividend, net 150.6 2 127.1 183.4 287.2 174.0 Average fleet size 3 365,900 357,100 308,300 270,900 242,000 Share of premium vehicles (in %) 4 56 56 57 57 57 Number of employees 5 8,941 8,923 8,735 7,509 6,399 Number of branches worldwide (31 Dec.) 6 2,274 2,098 2,099 2,098 2,180 in EUR million 2025 2024 2023 2022 2021 1 Rights of use for leased vehicles financed via leasing contracts, which were previously included in the item property and equipment, have been reported in the item leased vehicles since 2022. The depreciation attributable to these rights of use has been reclassified to depreciation of rental vehicles. 2 Proposal by the management 3 Including franchisees 4 Share of vehicles added to the fleet in terms of value. The definition was adjusted in 2025 and additional manufacturers are included in the assessment. The reported prior year value for 2024 has been adjusted accordingly. The values for the years 2021-2023 are based on the narrower definition. 5 Average for the year 6 Including franchise countries TO OUR SHAREHOLDERS 1 COMBINED MANAGEMENT REPORT 12 CONSOLIDATED FINANCIAL STATEMENTS 128 FURTHER INFORMATION 187 ‌ \ TO OUR SHAREHOLDERS \ LETTER TO THE SHAREHOLDERS Dear shareholders, Dear ladies and gentlemen, 2025 was a strong year for SIXT: We were able to achieve record revenue for the fourth time in a row and increase our profitability by almost 20%. This was made possible by strict fleet discipline, the consistent pursuit of our premium strategy and targeted investments in technology - an approach that we must continue with the same clarity, discipline and consistency in what will certainly remain a volatile environment in order to achieve sustainable profitable growth. At constant exchange rates, consolidated revenue increased by 8.7% to EUR 4.28 billion in 2025. Our profitability increased even more significantly: Earnings before taxes (EBT) rose by 19.5% to EUR 400.5 million, corresponding to an EBT margin of 9.4%. Earnings per ordinary share were EUR 6.08, an increase of 17%. Our equity rose to EUR 2.15 billion - with a ratio of over 30%, an extremely solid financial base. This success pays off for you: Subject to the approval of the Supervisory Board, the Management Board proposes to the Annual General Meeting a dividend of EUR 3.20 per ordinary share and EUR 3.22 per preference share. This corresponds to an increase of 18.5% and, with a payout ratio of 53% of consolidated profit, is significantly above the average of 46.4% over the past ten years. Profitable growth despite volatility: The year 2025 was characterised by contrasts: While global disruptions, weakening consumer sentiment in the US and structural challenges in the automotive industry weighed on many sectors, global air traffic increased by 5% in 2025 according to IATA. According to UNWTO, international tourist arrivals rose by 4% to 5%. SIXT benefited disproportionately from this development and gained market share in all three regions. In Europe outside Germany, we achieved revenue growth of 12.6%, driven by the travel boom in the Mediterranean region following strategic investments in capacity. Europe was our strongest-performing region in 2025. In a European market of around EUR 14 billion, we further expanded our leading position and reached a market share of 18% - with additional, significant growth potential. Our long-term decisions are paying off: Ten years after the switch from a franchise to a corporate model, Italy grew dynamically in 2025, and we were able to significantly strengthen our market position. In Spain, the expansion of our presence as part of a tender process at major airports strengthened our positioning and gave us access to particularly fast-growing customer segments. In France we are the market leader, and we also have a leading position at important airports such as Paris CDG and Nice. In the United Kingdom we gained market share at strategic hubs. In Germany we increased by 2.8% and gained market share -and did so as the clear market leader. A solid result in a difficult environment with low economic momentum in the overall market. In North America, the hubs on the East and West coasts developed particularly dynamically with, in some cases, significant market share gains. Overall, despite challenges such as dampened consumer sentiment in the second half of the year and the historically longest shutdown, we grew by 9.0% at constant exchange rates in North America. The total market amounts to EUR 36 billion and is expected to grow by an average of four per cent per year by 2030. With a total of 153 branches, 53 of which are at airports, we have laid the foundation to benefit as a premium provider and continue to grow in the world's largest car rental market. In 2025, we were already able to increase our market share from 3.1% to 3.5%. Our increased profitability is not least the result of consistently tight fleet planning in line with demand and increased utilisation. We deliberately kept fleet growth below revenue growth: The average fleet size in 2025 was 196,900 vehicles (excluding franchises), an increase of 6.9% compared with 2024 and thus significantly below our currency-adjusted revenue growth of 8.7%. The high share of non-risk vehicles in fleet additions increased from 79% to 82%. One of the biggest challenges in 2025 was the inflation-driven increase in vehicle-related costs: According to GDV and DEKRA, repair costs rose by 7.5%, and spare parts costs by 6%. Insurance premiums increased by double-digit rates in some key markets. We responded systematically: optimised maintenance processes and repair networks, and automated processes at our branches. However, this does not fully offset the cost increases. With SIXT ONE , we have expanded our mobility platform to include a scalable, fully digitally integrated global rewards programme. Customers benefit from faster pick-up processes, clearly defined status tiers and a transparent points system that enables them to build up benefits fully digitally and redeem them flexibly. In the first few weeks alone, the programme recorded several hundred thousand registrations and acceptance above expectations. Following the successful US launch in the fourth quarter of 2025, the introduction in Germany, Austria and Switzerland took place at the beginning of 2026. The rollout to all other corporate countries is planned for the first quarter of 2026. SIXT ONE strengthens repeat booking rates, increases the share of direct customer relationships and thus sustainably improves the structural quality of revenue. In 2025 we introduced further technological innovations . SIXT systematically uses intelligent tools that lead to efficiency gains in fleet deployment and provide indications regarding maintenance and wear. The integration of Apple Pay as a payment method in Germany increases convenience for our customers with improved conversion rates. A new vehicle display enables them to make more informed booking decisions and promotes the sale of premium vehicles. This technological strength is not an end in itself. It translates directly into operational excellence, higher utilisation, lower costs and higher customer satisfaction. It is thus an essential component of our competitive advantage. With SIXT carhub , we created a digital platform in 2025 for the professional sale and purchase of fleet vehicles - not only for our own fleet but also for external partners such as leasing companies, banks, insurers and OEMs. External fleet operators upload their vehicles to the platform, while SIXT handles the entire remarketing process - from technical inspection and pricing proposals to secure, digital transaction processing via our dealer network. Premium experiences are the core of our value proposition and are reflected in every detail of our appearance. Today, our customers encounter SIXT at almost all major European and North American airports in a uniform, high-quality brand image. By spring 2026, we will have converted 500 branches worldwide to our new brand design. With 20,000 additional premium cars added to the fleet, our premium share by value reached 56%. These included, in particular, vehicles from brands such as Audi, BMW (including MINI), Mercedes and Volvo, as well as Porsche and Maserati. In 2025 we were able to significantly increase our brand reach. On Instagram and TikTok alone we now have more than 900,000 followers - a tripling within one year. Attention-grabbing installations at international airports, creative campaigns such as the Halloween campaign as the first global social-first AI campaign and the distinctive, iconic visual language strengthen the recognisability of the strong SIXT brand . This success is based on people. Worldwide, our employees are committed day after day at airports, in cities, in customer hotlines and in digital teams with professionalism, passion and courage to deliver an outstanding customer experience. Our special thanks go to our employees worldwide who, with professionalism, passion and entrepreneurial courage, make the success of SIXT possible again and again. This commitment is indispensable - and with a view to responsible entrepreneurship we are investing specifically in development. With "Game On!" we have established a globally standardised training programme that specifically prepares new Rental Sales Agents for success. With "1st Gear" we promote future leaders and create clear career prospects within the company. The fact that we have once again been named a "Great Place to Work" in the United Kingdom is exemplary: Our culture is the foundation of our success across borders. We look ahead with confidence. SIXT enters 2026 in a strengthened position. Our fleet is modern, our branch network is larger than ever, our technology platform is robust and our brand is strong. Mobility remains a globally growing market. At the same time, we remain vigilant in view of the challenging conditions. Meeting the challenges of 2026 and seizing opportunities. The macroeconomic environment remains under pressure in the face of geopolitical risks. For the US, moderate growth of 2.4% is expected. The IMF expects a slight increase for the Eurozone of 1.3% and for Germany of 1.1%. The travel sector expects moderate increases with a forecast rise in air traffic passengers of 4.9% (IATA) and growth of 3 to 4% in international tourism (UN Tourism). Our aspiration: We want to continue to grow sustainably and profitably. Despite geopolitical uncertainties and moderate macroeconomic forecasts, SIXT expects another record revenue of between EUR 4.45 and 4.60 billion in 2026, as well as an EBT margin in the range of 10%. We thank you, our esteemed shareholders, for your trust and loyalty. SIXT stands for mobility that exceeds expectations. We look forward to continuing this path together with you. Pullach, March 2026 ALEXANDER SIXT KONSTANTIN SIXT \ REPORT OF THE SUPERVISORY BOARD General information In financial year 2025, the Supervisory Board of Sixt SE duly performed the duties incumbent on it according to the law and the Articles of Association to the best of its knowledge and belief. It advised the Management Board in close and trusting cooperation on matters of major importance to Sixt SE and the Group and carefully and continuously monitored the Management Board in its management of the business. ERICH SIXT \ Chairman of the Supervisory Board of Sixt SE since 16 June 2021 \ Born in 1944 To this end, the Management Board informed the Supervisory Board in written and verbal form regularly, promptly, and comprehensively about the current business performance and the situation of the company and the Group. The Management Board reported every quarter detailed information on the business performance and economic and financial position of Sixt SE as well as its domestic and foreign subsidiaries. The Management Board explained the documents and reports on how the business developed, planning and company strategies at these Supervisory Board meetings. Furthermore, the Management Board involved the Supervisory Board in decisions of significant importance for Sixt SE and the Group at an early stage. Apart from the meetings, the members of the Supervisory Board remained in regular contact with the Management Board, especially the chairmen of the company organs respectively their committees. The recommendations and suggestions of the German Corporate Governance Code and of the legal stipulations on stock corporations governing the duty of the Management Board to report to the Supervisory Board were consistently complied with. The Supervisory Board convened for four meetings in the year under review in which it addressed the economic situation and strategic direction of the Group as well as the personnel situation in detail. One of the meetings took place with the attendees present. The remaining meetings were held by video conference or as hybrid. Key matters in 2025 In the four meetings in the reporting year, the Supervisory Board received detailed information from the Management Board on important issues relating to the development of the business, the strategic focus, the risk situation and risk management, the internal control systems and the asset, financial and earnings position of Sixt SE and the Group. The Management Board attended these meetings, explained all matters to the members of the Supervisory Board and answered their questions. The Supervisory Board conferred on individual topics without the Management Board being present. The Chairman of the Supervisory Board was also in direct contact with the Co-Chairmen of the Management Board and the Chairman of the Audit Committee with the Chief Financial Officer on important current issues. In the reporting year, the Supervisory Board's deliberations focused mainly on the following matters: \ In March 2025, the Board dealt with the audit of the accounts for financial year 2024. The financial statements were approved following the auditor's report on the results of the audit based on the recommendation of the Audit Committee. \ The Management Board informed the Supervisory Board in all meetings about how the business of the SIXT companies was developing at country level. Key financial ratios and liquidity were also a subject of these reports. The focus of explanations was for example on the development of used car prices, the tourism sector, and changes in the cost structure of a business subject to seasonal fluctuations. Also, the challenging macroeconomic environment was discussed. In addition, strategically important initiatives, as the mobile check in and the impact of Artificial Intelligence (AI) were discussed. \ Also in the financial year 2025, the Supervisory Board continuously informed itself about the company's further expansion and internationalisation. The focus again was on the North American market and for the second and third quarter, on Europe. The Supervisory Board also informed itself about the status of the electrification of the SIXT fleet and the development of demand for e-mobility. The topic Greening Corporate Fleet was also discussed. \ The Supervisory Board took note of and approved the planning for 2026 and medium-term business plan presented by the Management Board for the SIXT Group at the end of the reporting year. The Supervisory Board discussed in detail the economic and strategic assumptions underlying this planning with regard to market opportunities and cost developments, the expected demand and the anticipated development of customer needs in the individual regions. This was done in the light of the ongoing macroeconomic challenges. Report on the work of the committees The Supervisory Board has established an Audit Committee, a Remuneration Committee and a Nomination Committee to support it in its work. Further information on the tasks, composition and working methods of the committees can be found in the Corporate Governance Declaration. The Audit Committee held a total of five meetings in financial year 2025, all of which were held by video conference. The Board member responsible for finance was a regular participant. The auditor and heads of specialised departments such as Accounting, Tax, Internal Audit, Risk management and Legal were also present to discuss individual topics. In addition, the Audit Committee Chairman held regular one-on-one meetings with the Management Board member responsible for finance and the auditor, among other individuals. The Chairman of the Audit Committee informed the Supervisory Board in its respective following meeting about the activities of the committee as well as the content of meetings and discussions. The Audit Committee's deliberations focused mainly on the following topics in the reporting year: \ The meeting in March served to prepare the financial statement meeting of the Supervisory Board and the audit of the accounts for financial year 2024. The Audit Committee reviewed the financial statements and management reports, taking the audit reports and the focal points of the audit into account, and discussed them with the auditor and dealt with the quality of the audit. The Audit Committee also met occasionally without the members of the Management Board. \ In addition, the Audit Committee reviewed the auditor's declaration of independence and recommended to the full Supervisory Board that Forvis Mazars GmbH & Co. KG Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft be proposed as auditor for 2025 Annual General Meeting. Furthermore, the Audit Committee issued the audit mandate after the Annual General Meeting and continuously monitors the auditor's independency. It discussed the status of the audit and the determination of the audit priorities with the auditor in a meeting. \ In addition, the Audit Committee dealt with the sustainability reporting, the current risk situation, risk management and the further development of the internal control system and the compliance organisation. The Audit Committee monitors in particular the effectiveness of the internal control system for the accounting process. \ The Audit Committee also received reports on the main results of the internal audits carried out by Group Internal Audit and on further audit planning. \ The quarterly reports were presented and discussed by the Audit Committee prior to their publication. In addition, the Audit Committee dealt with the non-audit services provided by the auditor. The Remuneration Committee held one meeting in financial year 2025, at which it dealt with the target for the financial year 2026 and submitted corresponding recommendations to the Supervisory Board. The Nomination Committee is tasked with identifying suitable candidates for the Supervisory Board's proposals to the Annual General Meeting for the election of Supervisory Board members and held one meeting in the 2025 financial year. In the meeting, and in preparation for it, the committee conducted an in-depth review of the current composition of the Supervisory Board and a possible new appointment to the Supervisory Board. As a result, the Nomination Committee recommended to the full Supervisory Board that it propose to the 2025 Annual General Meeting that the three members elected by the Annual General Meeting be re-elected. Individualised disclosure of meeting attendance in financial year 2025 The members of the Supervisory Board and the committees attended the meetings of the Supervisory Board and the committees in the reporting period as follows: Conflicts of interest There were no conflicts of interest of Supervisory Board members in the past financial year. Corporate Governance The Management Board and Supervisory Board report on the topic of corporate governance in the Corporate Governance Declaration pursuant to sections 289f, 315d of the German Commercial Code (HGB), which is published on the Internet at ir.sixt.eu under "Corporate Governance" as well as in this Annual Report. Furthermore, the Management Board and the Supervisory Board issued the regular Declaration of Conformity pursuant to section 161 of the German Stock Corporation Act (AktG) in December 2025 and made it permanently available to shareholders on the company's website at ir.sixt.eu in the "Cor-porate Governance" section. Apart from one exception outlined in the Declaration, Sixt SE follows the recommendations of the Code in the version dated 28 April 2022 and applicable as of 27 June 2022. In the reporting year, there was one training programme for the Supervisory Board relating to usage of Artificial Intelligence at SIXT and connected requirements. In addition, the members of Supervisory Board member Erich Sixt Plenum Audit Committee Remuneration Committee Nomination Committee the Supervisory Board attended the training and development measures required for their duties on their own responsibility. (Chairman) 4/4 (100%) n/a n/a 1/1 (100%) Dr Daniel Terberger (Deputy Chairman) 4/4 (100%) 5/5 (100%) 0/1 (0%) 1/1 (100%) Anna Magdalena Kamenetzky-Wetzel 4/4 (100%) 3/5 (60%) 1/1 (100%) n/a Dr Julian zu Putlitz 4/4 (100%) 5/5 (100%) 1/1 (100%) n/a Total 100% 87% 67% 100% Audit of the 2025 Annual Financial Statements and Consolidated Financial Statements The Management Board prepared the Annual Financial Statements of Sixt SE as per 31 December 2025 in accordance with the requirements of the German Commercial Code (Han-delsgesetzbuch / HGB) and the Consolidated Financial Statements and Combined Management Report as per 31 December 2025 in accordance with section 315e of the German Commercial Code and on the basis of the International Financial Reporting Standards (IFRS), as adopted by the EU. According to the Law on Strengthening the Non-Financial Reporting of Companies in their Management and Group Management Reports (CSR Directive Implementation Act), the Combined Non-Finan-cial Declaration is included in the Management Report. Forvis Mazars GmbH & Co. KG Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft (Forvis Mazars) audited the Annual Financial Statements and Consolidated Financial Statements of Sixt SE as well as the Combined Management Report (with the exception of the Sustainability statement and the Corporate Governance Declaration) and issued these documents their unqualified audit opinion. Furthermore, the auditor also determined that the Management Board had taken the appropriate measures required under section 91 of the German Stock Corporation Act (AktG), in particular those relating to the establishment of a monitoring system, and that the monitoring system is suited for the early detection of developments that could jeopardise the company as a going concern. In addition, the auditor subjected the remuneration report to a formal completeness review in accordance with section 162 (3) of the German Stock Corporation Act (AktG). The Supervisory Board had commissioned Forvis Mazars on the basis of the resolution passed by the Annual General Meeting on 5 June 2025. Each member of the Supervisory Board received the documents together with the Management Board's Dependent Company Report and the auditor's audit reports as well as the Management Board's proposal on the appropriation of unappropriated profit in sufficient time for examination. The auditor attended the meeting of the Audit Committee on 24 March 2026 and the meeting of the Supervisory Board to approve the financial statements on 26 March 2026 and reported comprehensively on the course of the audit and its main results, addressing in particular the key audit matters. The main areas of the audit included, among other things, the recognition of revenue, the existence and valuation of rental vehicles, the recoverability of trade receivables, the impairment test of goodwill and non-financial assets, the completeness and valuation of provisions, trade payables, financial liabilities, current and deferred taxes and the lease transactions recognised in accordance with IFRS 16, the completeness of the disclosures in the notes, the forward-looking statements in the management report and the reporting on related party transactions (dependency report). The recoverability of shares in affiliated companies and the receivables from affiliated companies as well as the presentation of service relationships and agency agreements within the Group were also relevant for the audit of the stand-alone financial statements of Sixt SE. The Audit Committee reviewed the financial statements and Management Reports at its meeting on 24 March 2026, taking the audit reports and focal points of the audit into account, and discussed them with the auditor. The Chairman of the Audit Committee reported on the results of this preliminary review at the meeting of the Supervisory Board on 26 March 2026. In addition, the auditor informed the Audit Committee about services provided by the audit firm and its network beyond the audit of the financial statements. In his opinion, there were no circumstances that could cast doubt on the independence of the auditor. The Supervisory Board took due notice of the result of the audit and, following the completion of its own examination, which in particular covered the key audit matters described in the audi-tor's report, including the audit procedures, raised no objections. The Supervisory Board approved the Annual Financial Statements and Consolidated Financial Statements prepared by the Management Board and audited by the auditor, as well as the Combined Management Report (including the Combined Non-Financial Declaration contained in the Management Report). The 2025 Annual Financial Statements of Sixt SE were thus adopted in accordance with the provisions of the German Stock Corporation Act (AktG). Following its own review, the Supervisory Board also concurred with the proposal of the Management Board on the allocation of the unappropriated profit for 2025. The auditor included the report by the Management Board covering the relationship between Sixt SE and its affiliated companies in accordance with section 312 of the German Stock Corporation Act (AktG) in its audit and submitted its audit report to the Audit Committee and the Supervisory Board. The audit by the auditor did not lead to any objections. The following unqualified audit opinion was issued: "Upon completion of our audit and assessment in accordance with professional standards, we confirm that the actual disclosures made in the report are accurate." The Supervisory Board's examination of the report covering the relationship between Sixt SE and its affiliated companies in accordance with section 312 of the German Stock Corporation Act (AktG) did not give rise to any objections. The Supervisory Board therefore concurred with the auditor's findings. Following the completion of its own examination, the Supervisory Board had no objections to the Management Board's concluding statement concerning its relationships with its affiliated companies. Thanks to the management and all employees Despite the many global uncertainties in the financial year 2025, and a market environment that remains challenging for car rental companies, Sixt Group succeeded in again achieving a good result for 2025 and further strengthening its international presence. The Supervisory Board would like to thank the members of the Management Board, all Managing Directors and all employees worldwide for their strong personal commitment and trusting cooperation in these challenging times. It is confident that the Group will continue to successfully pursue its path of profitable growth in the future. Pullach, March 2026 The Supervisory Board ERICH SIXT Chairman DR DANIEL TERBERGER Deputy Chairman ANNA MAGDALENA KAMENETZKY-WETZEL Member DR JULIAN ZU PUTLITZ Member \ SIXT SHARE Development of the global stock markets in 2025 In 2025, Germany's largest benchmark index, the German share index (DAX), rose by 23.4% and closed the year at 24,490 points. The MDAX recorded an increase of 18.7 % in 2025. The SDAX, in which the ordinary shares have been listed, recorded an increase of 25.2%. The US stock markets also performed positively in 2025. The S&P 500 Index rose by 15.8% and thus continuing the positive performance of the previous year. The technology-heavy Nasdaq 100 Index rose by 20.6% and benefited particularly from the continued strong performance of the US technology sector. The globally diversified MSCI World Index achieved a price increase of 21.3% in 2025. Development of SIXT shares in 2025 The SIXT ordinary share lost around 11% in 2025, with the share reaching its high for the year of EUR 97.65 on 17 July after its low for the year of EUR 68.30 on 7 April. The SIXT preference share showed a similar development. The main reason for the underperformance compared to the overall market performance was particular challenges for the car rental industry. In particular in the US, weak consumer demand put pressure on the operating business of car rental companies. The market capitalisation of Sixt SE, measured at the year-end prices of both share classes, amounted to EUR 3.03 billion - a decrease of 9.6% compared with the value at the end of the previous year (EUR 3.35 billion, all figures based on Xetra closing prices). Shareholder structure unchanged As in the previous year, 58.3% of the ordinary shares with voting rights were held by Erich Sixt Vermögensverwaltung GmbH at the end of 2025, measured in terms of the registered share capital. All of its shares are held directly and indirectly by the Sixt family. Sixt SE publishes voting rights notifications on its website at ir.sixt.eu in the "Our News" section. Dividend In 2025, Sixt SE paid a dividend of EUR 2.70 per ordinary share and EUR 2.72 per preference share for the 2024 financial year. This corresponds to a total dividend payout of EUR 127.1 million or 52.1% of the consolidated net profit. The Board of Management will, subject to the approval of the Supervisory Board, propose to the 2026 Annual General Meeting a dividend for the 2025 financial year of EUR 3.20 per ordinary share and EUR 3.22 per preference share. The proposal would correspond to a total dividend payout of EUR 150.6 million or 52.7% of the consolidated net profit. Based on the respective year-end prices in 2025, this would result in dividend yields of 4.5% per ordinary share and 6.1% per preference share. Sixt SE pursues a conservative and long-term oriented financial strategy. The dividend policy is therefore based on the earnings situation of the SIXT Group and aims to enable shareholders to participate appropriately in the Group's earnings performance while at the same time maintaining the SIXT Group's strong capital base in the long term. Against this background, Sixt SE's dividend policy provides for distributing, in principle, between 35% and 60% of the SIXT Group's consolidated profit as a dividend. In order to maintain or adjust the capital structure, the Management Board and Supervisory Board may submit dividend proposals to the shareholders that deviate from this or propose special dividends in exceptional situations. Sixt share information Share classes No-par value voting bearer shares (WKN: 723132, ISIN: DE0007231326) No-par value non-voting preference bearer shares (WKN: 723133, ISIN: DE0007231334) No-par value voting ordinary registered shares (WKN: A1K065, ISIN: DE000A1K0656) Stock exchanges Xetra, Frankfurt am Main, Munich, Stuttgart, Hanover, Düsseldorf, Hamburg, Berlin Key indices SDAX, CDAX, Prime All Share Trading segment Prime Standard Designated sponsors M.M. Warburg & Co. KGaA until 31 December 2025, ODDO BHF SE since 1 January 2026 Earnings per share - basic (in EUR) Ordinary share Preference share Dividend (in EUR) Ordinary share Preference share Number of shares (as at 31 Dec.) Ordinary share Preference share Proposal to the Annual General Meeting All prices refer to Xetra closing prices Based on Xetra year-end closing price Based on ordinary and preference shares 2025 2024 6.08 6.10 3.20 1 3.22 1 46,943,358 30,367,112 16,576,246 5.19 5.21 2.70 2.72 46,943,358 30,367,112 16,576,246 High (in EUR) 2 Ordinary share Preference share Low (in EUR) 2 Ordinary share Preference share Year-end price (in EUR) 2 Ordinary share Preference share Dividend yield (in %) 3 Ordinary share Preference share Market capitalisation (in EUR billion) 3,4 as at 31 Dec. 2025 2024 97.65 66.30 68.30 48.60 70.80 53.00 4.5 6.1 3.03 100.90 68.00 60.05 48.95 78.60 57.90 3.4 4.7 3.35 Active capital market communication As a listed company, SIXT has always attached great importance to an ongoing and intensive dialogue with the capital market. Sixt SE is listed in the Prime Standard of the German Stock Exchange and is therefore subject to extensive transparency and publicity requirements. As part of its investor relations work, the company held many one-on-one meetings with investors and analysts and presented itself at a number of roadshows and international conferences. As in the previous year, an investor presentation was published for each reporting quarter at ir.sixt.eu in the "Publica-tions" section, which contained information on the current business environment and a detailed analysis of the key figures for the quarter. In the year under review, SIXT was covered regularly by Baader Bank, Berenberg, BNP Paribas, Deutsche Bank, DZ Bank, Jef-feries, Metzler, M.M. Warburg and ODDO BHF. In addition, UBS initiated coverage in September and issued a buy recommendation. The average price target for the SIXT ordinary share stated in the studies was EUR 101 as of 31 December of the reporting year (end of 2024: EUR 93). Eight of the financial analysts issued a positive recommendation (Buy/Outperform/Add) for the SIXT ordinary share as at the end of financial year 2025. PRINCIPLES OF THE GROUP 13 ECONOMIC REPORT 20 TAKEOVER-RELEVANT INFORMATION AND EXPLANATIONS 32 FORECAST REPORT 36 REPORT ON RISKS AND OPPORTUNITIES 41 SUSTAINABILITY STATEMENT 56 DEPENDENT COMPANY REPORT 115 CORPORATE GOVERNANCE DECLARATION IN ACCORDANCE WITH SECTIONS 289F AND 315D HGB 115 ADDITIONAL INFORMATION FOR SIXT SE PURSUANT TO HGB 125 ANNEX TO THE GROUP MANAGEMENT REPORT AND THE MANAGEMENT REPORT: REPORT ON EQUALITY AND EQUAL PAY (UNAUDITED) 127 12 - Sixt SE Annual Report 2025 \ COMBINED MANAGEMENT REPORT ‌ \ PRINCIPLES OF THE GROUP BUSINESS MODEL OF THE GROUP GROUP STRUCTURE AND MANAGEMENT Sixt SE, with its registered office in Pullach, Germany, is a listed European stock corporation (Societas Europaea) and serves as the parent and holding company of SIXT Group. Sixt SE performs key management and administrative tasks and is responsible for the strategic and financial management of Sixt Group. It also performs important financing functions for the Group. The operating business of SIXT Group is managed entirely by legally independent subsidiaries in Germany and abroad. The Management Board of Sixt SE manages the company on its own responsibility. The Supervisory Board of Sixt SE appoints, monitors and advises the Management Board and is directly involved in decisions of fundamental importance to the company and the Group. An overview of the companies included in the Consolidated Financial Statements as well as the other shareholdings of SIXT Group, which are of minor economic importance in their entirety, can be found in the Notes to the Consolidated Financial Statements under "Consolidation." This report summarises the Management Reports of the Group and Sixt SE in accordance with section 315 (5) of the German Commercial Code (HGB), hereinafter also referred to as the Combined Management Report or Management Report. GROUP ACTIVITIES AND RANGE OF SERVICES SIXT Group is a mobility service provider that operates in Europe and North America. Other regions of the world are covered by franchisees and cooperation partners operating under the SIXT brand name. SIXT has been pursuing a focused premium strategy for many years as a decisive unique selling proposition in a global competition. This strategy is based on the commitment to offering business and private customers high-quality solutions for their respective mobility needs that are characterised by the most flexible processes and ease of use. The high share of vehicles from renowned manufacturer brands in the vehicle fleet is also an elementary component of this strategy. SIXT aims to be the innovation leader in the mobility industry. The basis for this is the end-to-end digitalisation of the entire product portfolio (via the SIXT App) as well as all sales channels and operational business processes. Around its core product SIXT rent, SIXT has created an attractive, growing ecosystem for mobility for its customers. This way, customers benefit from more options for their various mobility needs worldwide. Via the SIXT App, users have access to the products SIXT rent, SIXT van & truck, SIXT share, SIXT ride, SIXT+ car subscription and the charging solution SIXT charge. With the new SIXT ONE rewards programme, the company further strengthens customer retention and rewards the use of the entire mobility ecosystem with attractive bonuses and benefits. SIXT also relies on strong partnerships to continuously expand the SIXT App as an open ecosystem and to provide customers with access to products and services from third-party providers. By the end of 2025, around 80% (end of 2024: 70%) of reservations were made via the company's online and mobile channels. Furthermore, SIXT uses digital channels such as the Group's websites and social media accounts to engage in a constant dialogue with its customers and the general public. In addition, regular and continuous marketing activities are managed via these channels. In order to promptly identify trends and record data and experience, the company monitors the acceptance of its new platforms and applications at an early stage. OPERATING BUSINESS MARKET POSITION AND POSITIONING The operating business is segmented by region. A distinction is made between the reporting segments Germany, Europe (excluding Germany) and North America. The global positioning is divided into own country organisations (corporate countries) and cooperation with franchisees and partners (franchise countries). As at 31 December 2025, SIXT was represented by franchisees in a total of around 100 markets. SIXT is present with its own subsidiaries in the European core countries of Austria, Belgium, France, Germany, Italy, Luxembourg, Monaco, the Netherlands, Spain, Switzerland and the UK, thus covering a large part of the European market. In addition, SIXT is active in North America with subsidiaries in the US and Canada. SIXT's strategy is to be represented by its own companies in large markets with low-risk conditions and to be represented by qualified franchisees and cooperation partners in smaller markets or markets with higher risks. Segment Germany: Based on its own estimates and data from Euromonitor, SIXT is the market leader by a wide margin over competitors, in a market valued at just under EUR 3 billion in 2025 according to Euromonitor, with a market share of 37.7% (2024: 37.1%). One focus of SIXT's business in Germany has traditionally been on business and corporate customers, together with a strong network of branches at German airports. SIXT operated at least one branch at all major German airports as early as 1977 and was represented at 28 airports in financial year 2025. At the end of 2025, SIXT had 379 branches and thus ensures extensive coverage in Germany (2024: 354 branches). Segment Europe: SIXT has been steadily expanding its presence in Europe since the mid-1990s and focuses on the leading countries in the car rental market. According to Euromonitor, the UK, France and Spain are the largest rental markets. The market size of the corporate countries in Europe (excluding Germany) amounted to EUR 11 billion in 2025, based on Euromonitor, in which SIXT holds a market share of 13.5% (2024: 12.9%). There were 515 branches at the end of 2025 (2024: 459 branches), of which around 123 are at airports. Private customers and tourists are the most important customer segment for SIXT in Europe. Segment North America: According to Euromonitor, SIXT achieves a market share of around 3.5% (2024: 3.1%) in North America, the world's largest car rental market, with an estimated total volume of around USD 40 billion in 2025. Within only a few years, SIXT managed to establish itself as the fourth largest vendor in the US. As in other target markets, SIXT is also successful on the other side of the Atlantic with its strategy of providing its customers with both premium products and convincing premium service and has achieved a differentiated positioning in the market. Similar to Europe, SIXT also relies on a strong presence at major airports and business centres in the US to further support its growing corporate customer base in the US. By 31 December 2025, SIXT was already present at 53 airports in North America. There were 147 branches in the US at the end of 2025 (2024: 127 branches). The opening of additional airport and downtown branches is planned for 2026. Expansion in Canada has followed a similar strategy since 2022. As of 31 December 2025, there were six branches in operation in Canada (2024: four branches). This brings the total number of branches in North America to 153 (2024: 131). Source Euromonitor International, Mobility 2026, February 2026 Despite advancing digitalisation, which makes it possible for customers to rent a vehicle without making a prior visit to a rental branch and saves costs, the close-knit global network of 2,274 branches (2024: 2,098) at the end of 2025 (including franchise countries) remains the basis of the operating business. Virtual branches are also available to customers, where they can rent and pick up vehicles at frequented locations such as shopping centres or car parks simply by using their smartphone and the SIXT App. SIXT Group's target audiences are private customers/tourists, business and corporate customers, whereby SIXT Group's revenue is mainly generated through the Business to Customer (B2C), Business to Business (B2B) and Business to Partner (B2P) sales channels. While B2B refers to the rental business with business/corporate customers, rental business with private customers/tourists falls under B2C. The B2P sales approach also targets private/end customers, however, unlike B2C, customers are not acquired directly (e.g. via the SIXT website) but rather via an intermediary partner. The B2C and B2P sales channels account for a total of 72% (2024: 72%), the remaining 28% (2024: 28%) are accounted for by B2B and other. The company continues to pursue its dedicated premium approach, which includes the high quality of the vehicle fleet as well as customer-oriented service. SIXT has therefore traditionally offered its customers a wide range of well-equipped vehicles from renowned car manufacturers. The company focuses on ensuring that its fleet is comprehensively and up-to-date equipped in terms of driving comfort and safety. To better reflect the actual composition of the fleet, SIXT adjusted the definition of the premium share in 2025: In addition to the previously narrow definition of BMW incl. MINI, Audi and Mercedes-Benz, vehicles from other premium manufacturers such as Porsche, Volvo or Maserati are now included in the assessment, also due to a broader offering. This expansion raises the share of the premium fleet, based on value-related fleet additions in 2025, to 56.5% (2024: 56.5%), compared to 49.5% (2024: 49.6%) under the previous calculation method. SIXT expanded its average vehicle fleet in Germany and abroad (excluding franchisees) to a record level of 196,900 vehicles in the reporting year (2024: 184,300). In 2025, SIXT contributed around 255,900 owned and leased vehicles (2024: 214,700 vehicles) with a total value of EUR 9.56 billion (2024: EUR 8.02 billion) to the rental fleet. This corresponds to an increase of 19.2% in the number of vehicles and 19.2% in vehicle value. The average value per vehicle was around EUR 37,400 on the previous year's level of EUR 37,400. Including the vehicles of franchisees and cooperation partners, SIXT's global vehicle fleet consisted of an average of 365,900 vehicles in 2025 after 357,100 vehicles in 2024. RANGE OF SERVICES The Group's product portfolio includes, alongside the core product SIXT rent (car rental), the areas of SIXT van & truck (commercial vehicle rental), SIXT share (car-sharing), SIXT+ (car subscriptions/long-term rental), SIXT ride (transfer services) and SIXT charge (charging solutions for electric vehicles). All products are linked via the SIXT App. \ SIXT rent: As the core product of the business model, SIXT rent consolidates the Group's activities in the car rental sector. The offering encompasses a wide selection of modern vehicles, ranging from compact cars to the luxury class, as well as minivans for up to nine passengers. The vehicle offering is tailored to the specific needs and demand in the respective regions, in order to best serve customers, for example for a vacation trip or a business appointment. In line with the corporate strategy, SIXT continues to drive international expansion with a focus on maintaining a high level of quality. Through SIXT's broad and growing branch network, customers have an increasing number of opportunities to rent or return a vehicle in over 100 countries worldwide, as well as to receive personalised advice from branch staff when needed. In 2025 as well, SIXT rent invested specifically in improving service quality. A key focus was on optimising the "customer journey" across all touchpoints - from the booking flow via SIXT.com and the SIXT App to the modernisation of branches and the upgrading of parking areas at top airports, including, for example, the branch in Palma/Mallorca. Numerous new branches were opened to offer customers even greater flexibility when picking up and returning their vehicles. \ SIXT van & truck: In addition to car rental, SIXT offers a wide range of commercial vehicles under the SIXT van & truck product. The products range from vans to trucks with a maximum permissible gross weight of up to 16 tonnes. These vehicles from renowned manufacturers are available for short-or long-term rentals, thus covering a wide variety of mobility requirements. Services such as moving accessories as well as special equipment and superstructures round out the offering. As of December 31, 2025, SIXT's corporate and franchise branch network comprised more than 1,000 branches offering commercial vehicles; of these, more than 20 branches were Truck Centres, providing a particularly large selection of commercial vehicles and specialised commercial vehicle consulting. In 2025, SIXT van & truck consistently continued its growth strategy: in the European corporate countries, operations reached new record highs in the number of vehicles in service, particularly in the long-term rental segment. In parallel, the SIXT van & truck network was further strengthened through new locations as well as the expansion of digital offerings, enabling customers to rent and pick up vehicles around the clock at selected branches. New locations were also opened that are specifically tailored to the needs of professional long-term renters. In addition, SIXT intensified its collaboration with Sortimo for the rental offering of commercial vehicles equipped with shelving systems. \ SIXT share: With SIXT share, the company has been offering flexible car-sharing since 2019, which - unlike many conventional models - also allows vehicles to be returned outside of strictly defined operating zones. This means vehicles can be returned at any SIXT branch in Germany. By networking the vehicle fleets of SIXT rent and SIXT share, the company leverages synergies within the Group, as vehicles can be deployed flexibly as needed. This enables SIXT to offer flexible, modern mobility not only in major cities and metropolitan areas, but also in surrounding communities and thus in suburban areas. The pooling of vehicle fleets also gives SIXT customers the advantage of a wider selection of vehicle brands and types. SIXT share additionally encompasses an offering in the area of micro-mobility with e-scooters, e-mopeds and e-bikes. In 2025, SIXT share strengthened its market position through a significant expansion of its offering and greater flexibility for customers. With new duration and flexible mileage packages as well as a broader package logic, SIXT share increased booking options and successfully responded to a variety of mobility needs. The offering was further expanded through a new airport rate in Berlin, Hamburg and Munich, covering up to two hours of driving including all fees. In 2025, the product portfolio was supplemented by international trips in 25 European countries. SIXT share was also expanded internationally, including the launch in Utrecht, and the micro-mobility offering was extended: e-mopeds are now bookable in Milan, Turin and Rome via Cooltra, complemented by the integration of the Dutch moped provider Felyx. \ SIXT+ car subscription: Since 2020, the SIXT+ car subscription has expanded the product portfolio with a solution for customers who do not wish to be tied to a car long-term through purchase or leasing. With SIXT+ car subscription, customers receive a car that they can use like a private vehicle for a chosen period of time at transparent monthly costs, without having to worry about registration, vehicle inspection and maintenance. The SIXT+ car subscription is particularly flexible due to its monthly cancellation option, fast availability, a pause option and a wide selection of protection packages. Customers can adjust certain parameters during their subscription, such as mileage usage via App. The SIXT+ brand umbrella also unites further SIXT subscription products, including the Europe-wide car rental flat rate SIXT unlimited as a premium model for frequent travellers. The white-label product "JLR SUBSCRIBE" with Jaguar Land Rover is also part of the portfolio. In the 2025 financial year, SIXT+ car subscription achieved a high media reach through an extensive social media campaign featuring a prominent brand ambassador. The flexible mobility solution was staged in an attention-grabbing manner on Instagram, TikTok and YouTube, inspired by a well-known TV commercial. In the French market, with a focus on the greater Paris metropolitan area, SIXT also increased brand awareness through an AI-supported campaign. SIXT+ car subscription also achieved remarkable success at industry awards during the reporting year: in the "brand-independent car subscription" category, the offering received the reader award "BEST BRAND 2025" from auto motor und sport, once again being recognised as a particularly customer-oriented and attractive solution. Furthermore, SIXT+ was continuously developed throughout 2025 to ensure an optimal customer experience. The vehicle offering was expanded with guaranteed models and operational processes were optimised, enabling customers to enjoy a smoother vehicle exchange process. \ SIXT ride: SIXT ride is an integrated mobility offering for the brokerage of professional driver and chauffeur services. With a global network of more than 4,000 partners and a total of more than 5 million drivers, SIXT ride offers customers the convenience of being picked up in over 700 cities across more than 46 countries worldwide, while benefiting from additional features. Thanks to its global network, SIXT ride is also able to provide event transportation services and has for several years been serving luxury companies in managing the logistics of events with several hundred guests. In addition, SIXT ride works with local taxi companies and renowned international ride-hailing partners to broker ride services for immediate pick-ups or short-notice bookings. In addition to taxi operators in all major German cities, these include established ride-hailing networks such as the ride-hailing provider Lyft in the USA, Cabify in Spain and Addison Lee in the United Kingdom. In 2025, the collaboration with Trip.com was further deepened. As currently the only provider in the "First Class" category, SIXT ride offers Trip.com customers a particularly premium chauffeur experience. Also in 2025, SIXT ride received several awards, including the German App Award from the German Institute for Service Quality for outstanding customer orientation and App performance, as well as the distinction of "Europe's Leading Chauffeur Company 2025". For corporate customers, SIXT ride offers the advantage of a simple and uniform billing system, enabling ride services to be incorporated into the planning and booking of business travellers and billed transparently. Ride services can thus be booked directly during travel planning via interfaces to corporate travel portals. Through bookability in the Amadeus Transfer Hub, travel agencies also have access to SIXT ride. \ SIXT charge: SIXT offers its customers a charging solution for electric vehicles within the SIXT App, thereby simplifying the charging process - from locating charging points to billing. Following its launch in the Netherlands, SIXT charge has also been available in Germany, Austria, France, Belgium and Luxembourg since February 2024. Customers have access to around 900,000 charging points via SIXT charge. This makes SIXT the first major car rental company to provide its customers with a charging solution for electric vehicles integrated directly into its own App. Customers no longer need a charging card or third-party Apps. They can use SIXT charge while renting a SIXT vehicle or whenever they wish to charge an electric vehicle. SIXT charge is a cooperation with Elli, a brand of the Volkswagen Group. SIGNIFICANT EXTERNAL INFLUENCING FACTORS SIXT Group operates internationally and has a listed parent company. Thus, the business of the Group companies is under the influence of a large number of different legal systems. These include regulations in the areas of road traffic, environmental protection, customer and data protection and public order, as well as tax and insurance laws and regulations for the financial and capital markets. In economic terms, the SIXT Group is influenced by the general economic conditions, which determine in particular the willingness of business travellers to spend, private consumption and the willingness of companies to invest. In addition, there are industry-specific influencing factors such as the availability of new vehicles and the development of the used car markets. These and other influencing factors, which represent both risks and opportunities for SIXT Group, are explained in detail in the Report on Risks and Opportunities. MANAGEMENT OF THE COMPANY The long-term success of SIXT Group is measured using predefined financial performance indicators. The following financial performance indicators are of particular importance at the Group level: \ Revenue \ Return on revenue, which is the quotient of earnings before taxes (EBT) and revenue In addition, the equity ratio (equity÷total assets) serves as a performance indicator. The relevant performance indicator for the operating segments is Corporate EBITDA, i.e. earnings before interest, taxes, depreciation and amortisation (EBITDA), but with additional consideration of depreciation on rental vehicles and the attributable interest result. SIXT Group aims to achieve the following returns and ratios in the long term and thus on a sustainable basis: \ A return on revenue of at least 10%. \ A Group equity ratio of at least 20%. RESEARCH AND DEVELOPMENT SIXT pursues a consistent digitalisation strategy that encompasses the product portfolio and sales channels as well as operational business processes. In doing so, SIXT uses and drives the latest technological developments and digital services to offer its customers fast, flexible and convenient solutions. The company attributes significant importance to its own technological expertise and development activities for its business success. SIXT has organised its research and development activities in the area of SIXT TECH, which is subdivided into so-called Product Divisions and Enabling Divisions. In 2025, an average of 562 employees worked in the SIXT TECH division at the development centres in Germany, India, Ukraine and Portugal. Product Divisions: The Product Divisions pursue the goal of developing and optimising mobility solutions. In addition, the focus is on increasing internal efficiency. Enabling Divisions : The Enabling Divisions are responsible for digital security, internal IT infrastructure, SIXT's cloud platform, and technical support for the specialist departments. They also ensure that the IT infrastructure at the branches and at headquarters in Pullach is always up to date. The goal is the development and modernisation of all mobility products as well as the IT infrastructure towards a completely cloud-based technology. For this purpose, SIXT uses an agile project management and development methodology based on SCRUM. The most significant activities in the Product Divisions in 2025 were: Booking: The Booking Division is responsible for providing the customer-centred offering via the SIXT website and the SIXT App. In 2025, the focus was on improving existing solutions and developing new features in line with customer needs. Through systematic A/B testing, the platforms are continuously optimised to provide the best possible customer experience. Post-Booking: The Post-Booking department handles the customer process from booking to vehicle pick-up. In 2025, the digital self-service management was completely redesigned with the new SIXT design language. Secure authentication methods allow customers easy access to their rentals, even for bookings made through third-party providers. Members of the SIXT ONE rewards programme can also view their rewards, points, and benefits on a dedicated page within their account. The SIXT ONE rewards programme is aimed at business and leisure travellers and is accessible via the SIXT App. Customers benefit from four status levels and a unified points system, through which they can unlock benefits, collect points, and redeem them as discounts on future bookings. With this introduction, SIXT strengthens customer retention in its core markets and continues its international growth strategy. Pricing and Yield: The Pricing and Yield Division is responsible for pricing and fleet management. In addition to the continuous optimisation of pricing algorithms and product design, the division developed new, data-driven approaches to fleet planning during the past financial year. These serve as guidelines for vehicle procurement and for operational fleet management through vehicle transfers as well as fleet additions and removals. Sales: The Sales Division is responsible for the expansion and optimisation of the digital offering for business and corporate customers (B2B). During the financial year, the focus was on demand-oriented B2B mobility solutions, an intuitive and industry-leading B2B self-service platform, as well as the digitalisation of the entire sales process. Fulfilment: The Fulfilment Division focuses on the digitalisation of car rental and fleet management processes. During the reporting year, the IT tools for check-in, turnaround, and vehicle handover were further developed. The digital rental solution was expanded and automatic key boxes for key collection in Europe were rolled out further. As a result, many branches in Germany, such as the newly opened downtown branches Essen-Nord and Offenbach, can now offer fully digital rentals outside of opening hours. The Mobile Check-in enables customers to fully prepare their rental car pick-up digitally by verifying their data in advance, selecting a vehicle category, and completing the pick-up process, allowing them to receive the key directly in the parking area, particularly outside of opening hours. This digital offering accelerates processes especially at high-frequency airport branches, relieves employees of routine tasks, and simultaneously improves the customer experience. In addition, the rollout of the modern car rental and fleet management software within the SIXT franchise network was initiated, in order to enable a consistent, efficient, and compelling customer experience in as many countries as possible. Finance: The Finance Division is central to smooth financial operations across the entire company. From supporting modern payment processes to overseeing the entire billing cycle, the team ensures compliance with legal requirements and the transition to cloud-based platforms. In 2025, the division expanded its range of financial solutions, encompassing payments, receivables, payables, and commissions. A key priority was the optimisation of payment collection in order to provide customers and partners with transparent billing in near real-time, while simultaneously improving automation in accounting and invoicing. By investing in financial automation and digital innovation, the team delivers scalable, reliable, and transparent financial functions that support the company's growth. Ride: The Ride Division provides and continuously develops the platform for taxis and chauffeur services. In 2025, SIXT ride expanded its digital integration through a cooperation with Trip.com as well as interfaces to corporate travel portals and the Amadeus Transfer Hub. The App was awarded the German App Award and offers business customers a unified digital billing system. Share: In 2025, SIXT share further expanded its digital booking options - with flexible durations, mileage packages, and optimised package logic in the App. In addition, the platform was more strongly interconnected across Europe, including cross-border usage and the integration of micro-mobility partners. Van & Truck: The Van & Truck Division develops tailored solutions for the rental of commercial vehicles. At the centre of this is the fleet management portal (B2B Fleet Portal), which is continuously being developed and enables corporate customers a wide range of self-services to manage vehicle rentals fully digitally and, for example, to optimise liquidity planning. In 2025, SIXT van & truck expanded its digital service concept with two new hubs in France (Marseille and Nice) and established an integrated service concept there for professional long-term renters. In addition, SIXT van & truck intensified its cooperation with Sortimo and enabled standardised, pre-configured commercial vehicle solutions with smart shelving systems. The total costs of the areas in SIXT Group that are significantly involved in development activities amounted to EUR 37.8 million in the financial year (2024: EUR 35.9 million). Development costs of EUR 20.1 million (2024: EUR 22.6 million) relating to current and future software solutions were capitalised in 2025. ‌ \ ECONOMIC REPORT Due to rounding, it is possible that individual figures in this Combined Management Report may not add up exactly to the totals shown. For the same reason, percentages presented may not accurately reflect the absolute figures to which they relate. The economic growth percentages shown below that were published by the International Monetary Fund (IMF) are preliminary estimates for 2025 and forecasts for 2026. GENERAL ECONOMIC CONDITIONS The focus of SIXT's Group activities in 2025 was once again essentially on growth in North America and the Western European countries. Therefore, the investment activity of the economy, the consumption behaviour of private customers and the willingness to spend of corporate customers in these regions are relevant for the business development of the entire SIXT Group. The global economy grew only moderately by 3.3% in 2025 (as of January 2026), thus in line with the forecasts of the International Monetary Fund (IMF) and the Organisation for Economic Co-op-eration and Development (OECD). Despite declining inflation, the price level remained elevated in many countries and weighed on consumer purchasing power. Growth was particularly subdued in the euro area due to weak consumer spending, the ongoing effects of high energy prices and the weakness of the interest-sen-sitive manufacturing industry and corporate investment. Over the course of the year, the initial robustness of the global economy faded as temporary growth impulses - for example through pull-forward investments - expired and geopolitical tensions, trade conflicts and macroeconomic uncertainties increasingly dampened economic momentum. In the advanced economies, this led to a restrained propensity to invest; in the US, a prolonged government shutdown in the fourth quarter further exacerbated uncertainty. In Europe, increased infrastructure and defence spending contrasted with sluggish implementation of necessary reforms. Emerging markets benefited from more reliable economic policy frameworks but remained vulnerable to external shocks and the increasing fragmentation of international trade relations. Overall, global growth lagged behind earlier decades, which is also attributable to structural factors such as demographic change and waning productivity dynamics. The euro fluctuated against the US dollar between a low of USD 1.02 in January and a high of USD 1.19 in September. On average over the year, the euro strengthened significantly and averaged USD 1.13 (2024: USD 1.08) per euro. The recovery of air traffic from the enormous impact of the Covid pandemic continued in 2025. According to the air traffic control organisation Eurocontrol, 11.1 million (2024: 10.7 million) flights were operated in 2025, which is 4.0% more than in the previous year and, for the first time, more flights than in the pre-Covid year 2019. Economic growth in the US increased by 2.1%, after having risen by 2.8% in the previous year. The unemployment rate in the US rose from 4.1% in December of the previous year to 4.4% in December 2025. According to an estimate by Eurostat, economic output in the EU grew by 1.6% in the reporting period after an increase of 0.8% in the previous year. According to the IMF, Spain recorded relatively high growth of 2.9% in an EU comparison, while France at 0.8% and Italy at 0.5% were below the average. After two recession years, the German economy returned to slight growth in 2025 with a price-adjusted increase in gross domestic product of 0.2% compared with the previous year, which was mainly attributable to increased consumer spending by private households and the government. However, the positive contribution of consumption was offset by declining exports due to higher US tariffs, the appreciation of the euro and increased competition from China, as well as a continued weakness in investment in capital equipment and construction. According to the Federal Statistical Office, German exports to the US fell by 9.4% from January to November 2025 compared with the same period of the previous year. According to the Munich-based ifo Institute, US tariffs are likely to have dampened German economic growth in 2025 by 0.3 percentage points. The number of unemployed in Germany increased by 161,000 to 2,948,000 people in 2025, causing the unemployment rate to rise by 0.3 percentage points to 6.3%, while employment opportunities fell to a historically low level due to weak demand for labour and the frequent mismatch between the qualifications of the unemployed and the requirements of open positions. Volatility continued to be observed on the used car markets over the course of the year due to tariffs, price developments and affordability issues. Compared with previous years, used car prices stabilised globally. In Europe, the AUTO1 Group Price Index 2025 rose by 2.2% from 135.2 to 138.2 points, with European used car prices easing again in the second half of the year after a peak in June (142.1). In the US, the Manheim Used Vehicle Value Index 2025 recorded an annual increase of 0.4%, which was below the long-term average of 2.3%. Sources International Monetary Fund (IMF), World Economic Outlook Update January 2026 Onvista chart analysis euro exchange rate (Euro / Dollar), 1.1.2025 - 31.12.2025 Exchange-Rates.org euro (EUR) to US dollar (USD) exchange rate trend in 2025 Air traffic control organisation Eurocontrol, Data Snapshot #57 on 2025 European aviation in numbers, January 2026 U.S. Bureau of Labor Statistics, The Employment Situation, December 2025 Statistical Office of the European Union (Eurostat): Preliminary Flash Estimate for the fourth quarter of 2025, January 2026 Federal Statistical Office, Press Release No. 017, January 2026 Federal Employment Agency, Annual review 2025, Press Release No. 2, January 2026 ifo Institute, Centre for International Economics (Handelsblatt January 2026 via dpa) Cox Automotive Inc., Press Release January 2026 Manheim Used Car Vehicle Value Index USA, Year 2025 AUTO1 Group Price Index, Press Release, December 2025 OVERVIEW OF THE GROUP'S BUSINESS PERFORMANCE AND COMPARISON WITH THE PREVIOUS YEAR'S FORECAST The SIXT Group continued its growth trajectory in 2025 for the fifth consecutive year, achieving a record revenue of EUR 4.28 billion (2024: EUR 4.00 billion; +7.0%). At constant exchange rates, growth would have amounted to 8.7%. The strong growth was primarily driven by high demand for mobility in the premium segment, which was efficiently served by expanding the fleet by 6.9% to an average size of 196,900 vehicles (excluding franchise), compared to 184,300 vehicles in 2024, while simultaneously improving utilisation. At the same time, a Group pre-tax profit (EBT) of EUR 400.5 million was achieved, significantly exceeding the 2024 figure (EUR 335.2 million; +19.5%). At the end of February 2025, the Management Board issued its first forecast for the financial year 2025. At that time, the Management Board anticipated a further significant increase in Group revenue compared to 2024 (EUR 4.00 billion) in a range of 5% to 10% and expected an increased EBT margin in the range of 10%. In the course of the two subsequent financial reports, Sixt SE confirmed its forecast for Group revenue and Group EBT. Based on the results as at September 30, 2025, the earnings forecast for the financial year was confirmed and refined on November 13, 2025. Despite political uncertainties and a persistently competitive market, the Management Board of Sixt SE anticipated being able to increase revenue to approximately EUR 4.25 billion, representing a 6% increase compared to financial year 2024. The Management Board also continued to expect a significantly increased EBT margin in the range of 10% for financial year 2025 compared to 2024. All three segments made a substantial contribution to the revenue increase. The largest driver in 2025 was the business in Europe, with growth of 12.6% to EUR 1.74 billion (2024: EUR 1.55 billion). In North America, Group revenue improved by 4.1% to EUR 1.37 billion (2024: EUR 1.31 billion); on a currency-ad-justed basis, revenue in North America improved by 9.0%. In Germany, revenue rose by 2.6% to EUR 1.16 billion (2024: EUR 1.14 billion). Although the pre-tax profit (EBT) in the first quarter of 2025 was still negative despite a significant improvement compared to 2024, SIXT was able to close the second quarter firmly in positive territory (+71% compared to the second quarter of 2024) and achieved the second-highest quarterly EBT in the company's history in the seasonally most important third quarter. In the fourth quarter, SIXT achieved a pre-tax profit in line with the 2024 level. The return on revenue for the reporting year was 9.4%, exceeding the 2024 figure of 8.4%. The equity ratio reported as at December 31, 2025, of 30.1% remains significantly above the minimum target of 20% and only slightly below the 2024 figure of 32.5% (-2.4 percentage points). SIGNIFICANT DEVELOPMENTS AND MEASURES IN THE REPORTING YEAR Rated bond and syndicated credit facility: In January 2025, SIXT successfully placed a five-year bond (ISIN: DE000A4DFCK8) of EUR 500 million, attracting strong international investor interest that resulted in more than fourfold over-subscription. The high demand and the coupon of 3.25%, improved by 0.50 percentage points compared to 2024, underline the capital market's confidence in the financial strength of SIXT. The proceeds from the bond serve to finance further growth, in particular the expansion of the vehicle fleet. In November 2025, Sixt SE renewed its existing syndicated credit facility ahead of schedule. The facility has a volume of EUR 1.55 billion and a term running until at least 2030, with two optional extensions until 2032. The credit facility, provided by several banks, strengthens the company's liquidity position and expands its financial scope for implementing its growth trajectory from EUR 950 million to EUR 1.55 billion. Vehicle remarketing: With SIXTcarhub.com, SIXT launched a new digital remarketing platform in 2025 that is open to external partners such as leasing companies, banks, insurance companies, and OEMs for the first time, while also serving as a central component of SIXT's own fleet rotation, through which SIXT resells a portion of its vehicles directly. SIXTcarhub.com offers an asset-light model in which SIXT handles the complete process from vehicle inspection and pricing through to digital sales processing, with sellers benefiting from higher margins and buyers benefiting from inspected vehicles, maximum transparency, and a consistent digital process. Targeted fleet expansion: In the European markets, SIXT continued its fleet renewal in 2025 and purchased new vehicles at improved terms. As a result, SIXT was able to further expand its rental fleet in the past financial year compared to 2024 and meet the persistently high demand. Thanks to intelligent and efficient vehicle procurement and fleet management based on longstanding, established supplier relationships and the sourcing from new manufacturers, the average fleet size (excluding franchise) in financial year 2025 amounted to approximately 196,900 vehicles, 6.9% more than in 2024 (184,300). Despite the expansion of the manufacturer structure, the SIXT Group continues to rely primarily on models from European and American OEMs. The premium share in the fleet in financial year 2025, measured by the vehicle value of infleets, was 56.5% (2024: 56.5%), accounting for more than half of all newly infleeted vehicles. Continuation of the internationalisation and growth strategy: In North America, the company's largest growth market, SIXT continues to invest in the expansion of its branch network. In the US, SIXT now operates more than 145 branches across approximately 25 states and has continuously expanded its branch network in recent months - both through new airport branches and attractive city centre locations. Most recently, SIXT opened new airport branches at Sarasota International Airport, Norfolk International Airport, and the Cross Border Xpress Terminal in San Diego, enabling travellers at key airports to be served even better. With locations at 53 airports, the company consolidates its position as one of the fastest-growing providers of premium mobility solutions in the US. In addition, the presence at existing airport branches was noticeably expanded. For example, SIXT was able to increase its market share at Miami Airport to 19% in the third quarter, at New York John F. Kennedy Airport to 15%, and at Newark Airport to 13%. The new downtown branches opened in the US in 2025 included Hallan-dale Beach in Florida, San Rafael in California, White Plains in the greater New York area, and, for the first time, a branch in the centre of Nashville. This strengthened SIXT's presence in strategically important metropolitan areas while also increasing customer proximity by making the service outside of airports even more accessible. In 2025, SIXT also launched a strategic partnership with US airline Delta Air Lines and integrated its car rental offering into the Delta platform "Cars & Stays". This allows Delta customers and SkyMiles® members worldwide to book SIXT vehicles directly and earn or redeem miles, significantly simplifying the travel experience and creating a seamless, convenient booking process for international travellers. In Germany and Europe as well, SIXT further expanded its presence with recently opened branches, including Hamburg-Bergedorf and Rastatt in Germany, Nantes Paridis (France), Reggio Calabria Airport, Milan Porta Romana, and Catania (Italy), as well as London Richmond and Liverpool Street (United Kingdom). In Spain, one of the world's most popular travel destinations, SIXT's presence was further expanded in 2025: New branches in Pamplona, Santander, and Valencia - each in central, strategically important locations - extend the local network and provide customers with even better access to premium mobility services throughout the whole country. Furthermore, the additional capacity secured through a tender process organised by AENA - the operator of most Spanish airports - has had a noticeable positive impact on growth in the European segment at numerous Spanish airports. In 2025, SIXT updated further branches to the new brand design, for example the branch at Palma de Mallorca Airport. Through expanded counter capacities, optimised wayfinding, and modernised areas for pick-up and return, the customer experience improved noticeably. Since January 2025, the SIXT branch at Munich Airport has also been shining in the new brand design following extensive modernisation. The counter now offers twelve service desks, including dedicated desks for Platinum customers, as well as digital elements for improved orientation and presentation of the premium vehicle offering. In 2025, SIXT continued its international expansion and strengthened its franchise network in Latin America and the Caribbean with four new markets (Chile, the Cayman Islands, El Salvador, and Nicaragua) and a new franchise partner (Mexico): The company is now represented in 26 countries in the region and present at key international airports. The expansion underlines SIXT's strategic ambition to further develop its premium mobility services in one of the world's most dynamic travel and growth regions. With Lufthansa, one of Europe's leading premium airlines began relying on SIXT vehicles for its First-Class limousine service in Frankfurt and Munich from 2025 onwards, thereby strengthening the existing partnership between the two brands. A total of 40 premium vehicles with exclusive "Lufthansa Shuttle Service" branding will ensure a high-quality ground product going forward, while simultaneously increasing SIXT's visibility among a particularly discerning target group in Germany. Key measures for customer retention: With SIXT ONE, SIXT introduced a new, modern, and status-based rewards programme in 2025. It is initially available to US customers and taps into one of the world's most competitive yet strongest loyalty markets. The programme offers both business and private customers benefits such as Status and Rental Points, which can be redeemed for savings on future rentals, as well as additional services such as priority lanes, counter-skip, exclusive offers, and complimentary upgrades at higher status levels. This creates a significantly more attractive, personalised, and transparent rewards experience for customers that enhances their entire customer journey. At the same time, SIXT ONE strengthens SIXT's international growth strategy, as a modern, globally scalable rewards programme increases customer satisfaction, encourages repeat rentals, and secures long-term retention. Major marketing activities: In financial year 2025, SIXT relied on the continuity of its proven partnerships and leveraged them for a multi-dimensional brand presence in key markets. In the US, the cooperation with the renowned American basketball club Los Angeles Lakers ensures greater visibility and trust in the SIXT brand. The partnership makes an important contribution to strengthening brand presence through marketing options both online and offline. These include the placement of SIXT at LA Lakers home games as well as out-of-home advertising campaigns and airport installations, and the activation of social media followers. In Germany, SIXT successfully continued its partnership with FC Bayern Basketball and accompanied home games with extensive brand presence. In addition, the cooperation offered TV and social media visibility as well as joint social activities in Munich, involving customers, partners, and the local community. As title partner of the "Porsche SIXT Carrera Cup Deutschland" (PSCCD), SIXT also benefited in the 2025 season from international brand presence on more than 30 racing vehicles and accompanying advertising spaces. The cooperation enables social media activations as well as ticketing and hospitality offerings for partners and customers and connects the dynamism and passion of the racing series with the SIXT brand. In the 2025 financial year, SIXT continued to invest in the online and offline expansion of its modernised brand and significantly expanded its brand presence on social media, including an increase in the number of followers on TikTok and Instagram. The marketing portfolio was complemented by a variety of daily online posts on political and social topics, collaboration with OEM partners, the Halloween campaign as the first global social-first AI campaign, as well as further campaigns at more than ten airports in Germany, Austria, and France, through which SIXT further strengthened its position as a creative, attention-grabbing mobility brand. Awards for excellence: In 2025, SIXT ranked third for the second consecutive year among 13 evaluated car rental companies in the J.D. Power North America Rental Car Satisfaction Study, increasing its customer satisfaction score to 711 points, significantly above the industry average. The study evaluates the customer experience based on key criteria such as booking convenience, vehicle quality, service, and digital tools, and is based on more than 8,000 surveys of business and leisure travellers at North American airports. The repeated top ranking confirms SIXT's strong position in the North American market. In addition, SIXT once again reached 2nd place in the Travel + Leisure Readers' "5 Favorite Car Rental Companies" in 2025, consolidating its position among the top five car rental companies for the second consecutive year. Readers described SIXT as a bright spot in the industry and highlighted that the company was their preferred car rental provider - with excellent customer service, a modern fleet, and an above-average vehicle selection in the market. In 2025, SIXT was voted the best car rental company in the US at the USA TODAY 10Best Readers' Choice Awards -based on an expert pre-selection and reader votes. Among the key factors behind the top ranking was the particularly customer-friendly digital booking process. REVENUE DEVELOPMENT DEVELOPMENT OF THE GROUP Total consolidated revenue increased by 7.0% to EUR 4.28 bil- lion (2024: EUR 4.00 billion) in the reporting year due to continued strong demand, particularly in European holiday destinations, which was met by a larger vehicle fleet with high utilisation, as well as a solid market price level. At constant exchange rates, growth would have amounted to 8.7%, with the weak US dollar exchange rate in particular having a negative impact. Breakdown of consolidated revenue 2025 2024 in EUR million in % in EUR million in % Rental revenue 90.9 3,640.7 91.0 Other revenue from the rental business 8.8 353.9 8.8 Other revenue 0.2 7.6 0.2 Total 100.0 4,002.2 100.0 3,894.2 378.2 10.6 4,283.0 4.2 REVENUE DEVELOPMENT BY REGIONS In Germany, consolidated revenue for 2025 was EUR 1.17 billion, an increase of 2.8% compared to the previous year (EUR 1.14 billion). With EUR 992.9 million, rental revenue was 2.2% above the previous year's level (EUR 971.2 million). Other revenue from the rental business increased by 4.7% and reached EUR 171.7 million (2024: EUR 164.0 million). In Europe (excluding Germany), the Group's revenue increased significantly by 12.6% to EUR 1.74 billion in 2025 compared to the previous year (2024: EUR 1.55 billion). Rental revenue increased by 13.1% to EUR 1.64 billion (2024: EUR 1.45 billion) due to strong demand in the summer business, particularly around the Mediterranean region. Other revenue from the rental business also exceeded the previous year's level at EUR 96.1 million (2024: EUR 92.7 million; +3.6%). In North America, Group revenue in 2025 increased by 4.1% year-on-year to EUR 1.37 billion (2024: EUR 1.31 billion). Excluding currency effects, revenue increased by 9.0%. Rental revenue rose by 3.4% to EUR 1.26 billion (2024: EUR 1.22 billion). This development was driven, on the one hand, by continued high demand and, on the other, by the ongoing expansion. Other revenue from the rental business also exceeded the previous year's level at EUR 110.5 million (EUR 97.1 million; +13.8%). The share of business in Europe (excluding Germany) in Group revenue in 2025 increased year-on-year to 40.6% (2024: 38.6%); while domestic revenue (27.4%; 2024: 28.5%) and the share of business in North America (32.0%; 2024: 32.8%) decreased slightly. 4.3 EARNINGS DEVELOPMENT Consolidated income statement (condensed) in EUR million 2025 2024 Change total Change in % Consolidated revenue 4,002.2 280.8 7.0 Other operating income 317.0 41.9 13.2 Fleet expenses 917.0 116.5 12.7 Personnel expenses 694.8 31.8 4.6 Depreciation and amortisation expense including impairments 976.6 -107.4 -11.0 Other operating expenses 1,248.0 221.4 17.7 Earnings before net finance costs and taxes (EBIT) 482.7 60.5 12.5 Financial result -147.5 4.8 -3.3 Earnings before taxes (EBT) 335.2 65.4 19.5 Income tax expense 91.2 23.5 25.7 Consolidated profit/loss 243.9 41.9 17.2 Earnings per share (in EUR)1 5.20 0.9 17.2 1 Basic, in 2025 based on 46.9 million shares (weighted), in 2024 based on 46.9 million shares (weighted) 4,283.0 358.9 1,033.5 726.6 869.2 1,469.4 543.2 -142.7 400.5 114.7 285.8 6.09 Other operating income increased by 13.2% to EUR 358.9 million (2024: EUR 317.0 million). In particular, gains from currency translation increased (EUR 166.4 million; +22.9%). Gains from currency translation are offset by expenses from currency translation in the amount of EUR 189.9 million, which are recognised under other operating expenses. The increase in both items is due to the strong exchange rate changes, particularly of the US dollar against the euro, over the course of the year. In addition, other operating income includes among other items income from cost transfers, including for traffic fines and toll fees (EUR 105.4 million; +18.8%), income from the reversal of provisions (EUR 13.6 million; -43.9%) as well as capitalised own work for internally developed software (EUR 20.1 million; -11.2%). The fleet expenses item comprises expenses for the rental fleet during the usage of the vehicles (for example fuel, transport, insurance, motor vehicle taxes, vehicle care, maintenance and repairs and vehicle preparation). Fleet expenses rose by 12.7% to EUR 1.03 billion (2024: EUR 917.0 million), with expenses for maintenance, care and reconditioning as well as for insurance rising in particular. In addition to the expansion of the fleet (excluding franchise partners) by an average of 6.9% over the year, costs also rose in line with general inflation, which were countered by implementing efficiency measures. Reconditioning expenses, i.e. expenses for restoring a contractually compliant condition, also increased due to a higher share of leased vehicles and vehicles with buy-back agreements. Personnel expenses increased by 4.6% to EUR 726.6 million (2024: EUR 694.8 million) due to wage and salary increases with an almost unchanged headcount. Depreciation and impairments amounted to EUR 869.2 million, 11.0% below the level of the previous year of EUR 976.6 million. The driver here was depreciation of rental vehicles, which decreased significantly by 18.9 % to EUR 611.1 million. This reduction is essentially due to a stabilisation of vehicle residual values compared with the prior year as well as a higher share of short-term leased vehicles. By contrast, depreciation on property and equipment (EUR 238.1 million; +12.5%), mainly relating to the right-of-use assets according to IFRS 16, increased, in particular due to the opening of new branches and the expansion of existing branches. Amortisation of intangible assets recorded significant growth (EUR 20.0 million; +77.3%) due to completed projects in connection with internally developed software. Other operating expenses increased by 17.7% to EUR 1.47 billion in the reporting year (2024: EUR 1.25 billion). Lease ex- (2024: EUR -151.1 million), mainly due to lower interest expenses as a result of a decline in the refinancing interest rate level as well as improved terms due to the rating. Interest expenses attributable to lease agreements amounted to EUR 33.6 million (2024: EUR 26.7 million). Other net financial income amounted to EUR 0.1 million (2024: EUR 3.5 million). SIXT recorded consolidated earnings before taxes (EBT) of EUR 400.5 million (2024: EUR 335.2 million). The EBT margin -based on consolidated revenue - was 9.4% (2024: 8.4%). Income tax expense amounted to EUR 114.7 million (2024: EUR 91.2 million). The tax rate, based on EBT, thus came to 28.6% (2024: 27.2%). For financial year 2025, SIXT Group reports consolidated profit of EUR 285.8 million (2024: EUR 243.9 million). There were no minority interests, therefore consolidated earnings after taxes and after minority interests also totalled EUR 285.8 million (2024: EUR 243.9 million). Corporate EBITDA, which is used for the assessment of the performance of the segments, increased from EUR 560.0 million to EUR 662.2 million. This industry-standard key figure is defined as earnings before taxes adjusted for non-fleet-related depreciation and amortisation and non-fleet-related interest as well as the other financial result. In contrast to EBITDA, Corporate EBITDA is thus reduced by fleet-related expenses such as depreciation and interest. Reconciliation EBT to Corporate EBITDA in EUR million 2025 2024 penses for short-term leased vehicles rose sharply (EUR 150.8 million; +54.2%) due to the changed fleet mix. Further drivers were higher commissions linked to revenue (EUR 411.8 million; +12.5%), increased impairment losses on receivables (EUR 188.5 million; +30.8%), higher expenses from currency translation (EUR 189.9 million; +28.0%) and increased expenses for marketing and sales (EUR 169.2 million; +18.5%). For 2025, SIXT Group shows earnings before net finance costs and taxes (EBIT) of EUR 543.2 million (2024: EUR 482.7 mil- Earnings before taxes (EBT) Depreciation and amortisation expense including impairments Financial result Earnings before interest, taxes, depreciation and amortisation (EBITDA) Depreciation of rental vehicles Fleet-related interest result Corporate EBITDA 400.5 869.2 -142.7 1,412.5 -611.1 -139.2 662.2 335.2 976.6 -147.5 1,459.3 -753.7 -145.6 560.0 lion). The EBIT margin, based on consolidated revenue, stood at 12.7% (2024: 12.1%). The financial result improved to EUR -142.7 million (2024: EUR -147.5 million). The interest result came to EUR -142.9 million Earnings per share on an undiluted basis amounted to EUR 6.09 for the reporting year. In the previous year, earnings per share were EUR 5.20. Return indicators at SIXT Group in % 2025 2024 Return on revenue (ratio of EBT to consolidated revenue) 9.4 8.4 Return on equity (ratio of EBT to equity) 18.6 15.7 4.4 DEVELOPMENT OF THE SEGMENTS In line with the company's internal reporting structures, SIXT Revenue key figures SIXT Group in EUR million 2025 2024 Change in % Group's business is segmented according to regional aspects. Segment Germany 1,135.2 2.6 The segment report distinguishes between the segments Ger- Segment Europe 1,545.0 12.6 many, Europe (excluding Germany) and North America. The Segment North America 1,314.3 4.1 profitability of the segments is represented by the industry- Other 7.6 39.2 standard key figure Corporate EBITDA. Consolidated revenue 4,002.2 7.0 Overall, all three segments recorded growth in revenue, alt- hough this was offset by increased expenses. Corporate EBITDA in EUR million 2025 2024 Change in % The share of Group revenue generated in the segment Germany Segment Germany 309.5 -10.6 amounted to EUR 1.16 billion (2024: EUR 1.14 billion). The Cor- Segment Europe 222.5 37.8 porate EBITDA fell to EUR 276.6 million (2024: EUR 309.5 mil- Segment North America 20.3 >100% lion). In particular, interest income declined significantly com- Other 7.7 46.7 pared to the prior year. The segment Germany also includes rev- Group total 560.0 18.2 enue from the franchise business, which includes licence and 1,164.6 1,739.2 1,368.6 10.6 4,283.0 276.6 306.8 67.4 11.3 662.2 franchise fees collected, as well as commission income totalling EUR 72.2 million (2024: EUR 65.0 million). The segment Europe contributed the largest share of EUR 1.74 billion (2024: EUR 1.55 billion) to the Group's revenue. The business benefited from the continued strong travel activity, particularly in the summer months and in holiday countries such as Spain and Italy. The segment Europe recorded Corporate EBITDA of EUR 306.8 million (2024: EUR 222.5 million). The North America segment exceeded the billion-euro mark for the third time in a row and contributed EUR 1.37 billion to consolidated revenue (2024: EUR 1.31 billion). The revenue growth was driven by continued high demand and the gradual expansion of the network of branches, especially in the area of downtown branches. The US dollar exchange rate, which weakened compared with the Group's currency, the euro, had a negative impact on the contribution to consolidated revenue. Corporate EBITDA increased mainly due to lower depreciation as used car prices in the US stabilised, to EUR 67.4 million after EUR 20.3 million in the prior year. The Other segment comprises all activities of SIXT Group that cannot be allocated to the rental business, which do not account for a significant share of SIXT Group's revenue and earnings and are therefore not reported separately. 5. APPROPRIATION OF PROFIT Sixt SE prepares its Annual Financial Statements according to the provisions of the German Commercial Code (HGB) and the German Stock Corporation Act (AktG). For 2025, Sixt SE reports unappropriated profit of EUR 457.4 million (2024: EUR 417.3 million). Subject to the consent of the Supervisory Board, the Management and Supervisory Board of Sixt SE propose that the 2026 Annual General Meeting distribute the unappropriated profit as follows: \ Payment of a dividend of EUR 3.20 per ordinary share \ Payment of a dividend of EUR 3.22 per preference share \ Carry-forward to new account EUR 306.9 million. The dividend proposal would result in a total dividend payment of EUR 150.6 million. This would equate to a payout ratio of 52.7% of consolidated profit. The dividend is an expression of the solid business performance in 2025. 6. NET ASSETS SIXT Group's total assets amounted to EUR 7.14 billion at the end of 2025, EUR 592.6 million or 9.0% above the figure as at 31 December 2024 (EUR 6.55 billion). Non-current assets totalled EUR 1.34 billion (2024: EUR 1.31 billion; +2.4%). The largest item is property and equipment including the capitalised right-of-use assets, which remained stable at EUR 1.15 billion (2024: EUR 1.14 billion). Ongoing depreciation was slightly overcompensated by branch expansions and new openings. Goodwill decreased slightly by 1.4% to EUR 25.0 million (2024: EUR 25.4 million) due to exchange rate effects. Intangible assets remained at EUR 58.4 million (2024: EUR 58.4 million), as additions of the same amount offset the amortisation. Deferred tax assets increased from EUR 33.5 million by 37.5% to EUR 46.1 million. Other receivables and assets rose by EUR 9.7 million to EUR 20.0 million (2024: EUR 10.3 million; 94.7%). Current assets increased by a total of EUR 561.5 million to EUR 5.80 billion (2024: EUR 5.24 billion; +10.7%). Rental vehicles accounted for EUR 4.42 billion, EUR 301.2 million or 7.3% more than the figure of 31 December 2024 (EUR 4.12 billion). The share of the "rental vehicles" item in current assets decreased to 76.2% (2024: 78.6%) and in total assets to 61.9% (2024: 62.9%). In addition to the capitalised rental vehicles, which essentially relate to own rental vehicles, the SIXT Group also holds a significant volume of leased rental vehicles. For these leased vehicles, right-of-use assets were recognised only to a very limited extent, as a large proportion of the lease agreements concluded have a term of less than one year. The decision to buy or lease rental vehicles therefore has a significant impact on the balance sheet structure. Inventories contain mainly rental vehicles that were taken out of the fleet and increased to EUR 212.9 million, up by EUR 37.3 million or 21.3% compared to the previous year (2024: EUR 175.5 million). Trade receivables came to EUR 767.2 million, a significant increase of EUR 186.7 million or 32.2% over the prior year's figure of EUR 580.6 million due to the reporting-date related increase in receivables from vehicle sales. Other current receivables and assets rose by EUR 59.7 million to EUR 208.8 million (2024: EUR 149.1 million), mainly due to higher receivables from grants and rebates from vehicle manufacturers and receivables from value-added taxes. Income tax receivables decreased by EUR 15.3 million from EUR 50.6 million to EUR 35.3 million (-30.2%). The Group's cash and bank balances amounted to EUR 155.5 million after EUR 163.6 million in the previous year. The "SIXT" brand name in particular is a significant asset that is not recognised in the balance sheet. The value of this asset can be affected, among other things, by advertising campaigns. However, advertising expenses cannot be unambiguously allocated. Advertising expenses for financial year 2025 amounted to 4.0% of consolidated revenue (2024: 3.6%). Consolidated balance sheet (condensed) Assets in EUR million 2025 2024 Non-current assets Property and equipment 1,148.6 1,139.9 Miscellaneous 193.2 170.8 Current assets Rental vehicles 4,421.8 4,120.6 Cash and bank balances 155.5 163.6 Miscellaneous 1,224.3 955.8 Total assets 7,143.3 6,550.7

View stock analysis, news, and events for Sixt Se