Sixt : Financial report 2023

THE SIXT GROUP IN FIGURES

in EUR million		2023		2022		2021		2020		2019
Revenue		3,621		3,066		2,282		1,532		2,501
Segment Germany		1,075		870		740		679		978
Segment Europe		1,461		1,278		946		577		1,033
Segment North America		1,076		908		585		264		483
Other		8		10		13		12		7
Earnings before net finance costs and taxes (EBIT)		573		589		479		-49		339
Corporate EBITDA1		650		699		573		81		419
Earnings before taxes (EBT)		464		550		442		-82		308
Return on revenue before taxes (in %)		12.8		17.9		19.4		-5.3		12.3
Consolidated profit/loss		335		386		313		2		247
Net income per share (basic)
Ordinary share (in Euro)		7.13		8.21		6.66		-0.73		4.97
Preference share (in Euro)		7.15		8.23		6.68		-0.68		5.02
Total assets		6,450		5,551		4,521		4,428		6,249
Rental vehicles1		4,469		3,833		2,857		2,205		3,035
Equity		2,002		1,979		1,746		1,395		1,592
Equity ratio (in %)		31.0		35.7		38.6		31.5		25.5
Financial liabilities		3,298		2,505		2,001		2,378		3,437
Dividend per share
Ordinary share (in Euro)		3.902		6.11		3.70		-		-
Preference share (in Euro)		3.922		6.13		3.72		0.05		0.05
Total dividend, net		183.42		287.2		174.0		0.8		0.8
Average fleet size3		308,300		270,900		242,000		205,400		284,500
Share of premium vehicles (in %)4		57		57		57		55		50
Share of electric vehicles, including plug-in hybrids and mild hybrids (in %)		18		11		9		3		1
Number of employees5		8,735		7,509		6,399		6,921		8,105
Number of stations worldwide (31 Dec.)6		2,099		2,098		2,180		2,067		2,111

• 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.

• Proposal by the management

• Including franchisees

• Share of vehicles added to the fleet in terms of value

• Average for the year

• Including franchise countries

A	TO OUR SHAREHOLDERS	1
B	COMBINED MANAGEMENT REPORT	14
C	CONSOLIDATED FINANCIAL STATEMENTS	96
D	FURTHER INFORMATION	152

TO OUR SHAREHOLDERS

LETTER TO THE SHAREHOLDERS

• \ TO OUR SHAREHOLDERS

A.1 \ LETTER TO THE SHAREHOLDERS

Dear shareholders,

Dear ladies and gentlemen,

2023 was another very successful year for the Sixt Group and we continued on our profitable growth trajectory. Never before have we been able to meet more customers' needs for travel and mobility in a single year. We reached the ambitious goals we had set for ourselves for the year in terms of both revenue and earnings. Consolidated revenue of EUR 3.62 billion marks the second consecutive record year and a new all-time high with strong contribution to growth from all three regional segments: North America (+18%), Germany (+24%) and the European markets outside Germany (+14%).

Earnings before interest, taxes, depreciation and amortisation (EBITDA) also reached an all-time high of EUR 1.33 billion (2022: EUR 1.14 billion). This underscores the very solid condition of Sixt's operating business. Earnings before taxes (EBT) of EUR

464.3 million in 2023 marked the second-best result in the com- pany's history, exceeding the pre-Covid record result in 2019 by more than 50%* and falling within the range communicated at the beginning of 2023. With an EBT margin of 12.8%, Sixt also clearly exceeded its minimum target margin of 10%.

• EBT of EUR 534.6 million for 2018 is not included in this analysis. It included a non- recurring effect from the sale of the stake in DriveNow and totalled EUR 336.7 million on an adjusted basis. In addition, the comparative figures for 2019 used in this text have been adjusted and relate to continuing operations. The Leasing segment was sold in July 2020.

In view of the very positive business performance in 2023, the Management Board plans to propose a dividend of EUR 3.90 per ordinary share and EUR 3.92 per preference share for the past financial year at the company's upcoming Annual General Meeting, subject to the approval of the Supervisory Board. The payout ratio of 54.7% is above the long-term average of 53.7%, which has been the case since 2012 with the exception of the Covid years 2019 to 2021.

Our earnings are all the more remarkable because the market environment - besides positive developments - also presented us with demanding challenges. Besides higher interest rates, these challenges included a significant deterioration in market conditions for e-mobility in particular. At Sixt, falling residual values for electric vehicles led to increased depreciation and losses from vehicle sales and thus to a negative impact on earnings in

the range of around EUR 40 million for 2023. At the same time, demand for e-mobility as a whole has not yet developed the momentum desired by politics in many places. Sixt has also felt the effects of this, despite investing a sum in the millions in high- profile electric car marketing campaigns and investments into charging infrastructure. According to Sixt's estimates, the lower demand compared to combustion engines resulted in a substantial loss of revenue. Sixt assumes that without these two effects relating to e-mobility, the last financial year would have closed with EBT above the record year 2022.

Sixt reacted quickly to the changed market conditions over the course of the year, particularly in the fourth quarter of 2023 and the first quarter of 2024: Increased depreciation was carried out and the phasing out of electric risk vehicles - i.e. vehicles for which there are no buy-back or leasing agreements and for which Sixt therefore bears the residual value risk itself - was brought forward significantly. At the end of February 2024, the percentage of such vehicles in the electric Sixt fleet was only around half as high as on 31 March 2023. Compared to its competitors and in terms of its overall fleet, Sixt has a lower share of risk vehicles anyway.

The global tourism industry as a whole developed positively in 2023. Statistics from Eurostat and the US Travel Association show that global industry revenue and overnight stays exceeded the comparable figures from 2019. The recovery varied from region to region and by type of travel, however. While the number of holiday trips exceeded the 2019 level, the global business travel industry recovered faster than expected, but has not yet reached pre-Covid levels. A similar picture emerges in commercial aviation - despite a significant increase in seat kilometres offered and passenger kilometres flown, total capacity in 2023 was still just below pre-Covid levels, according to the International Air Transport Association (IATA).

Despite this challenging situation, the global car rental market proved to be robust and continued to grow. After years of persistent supply bottlenecks in the automotive industry, caused in particular by a shortage of semiconductors, supply chains largely stabilised in 2023. This resulted - with respect to the industry as a whole - in a significantly broader range of rental vehicles in all vehicle classes. However, the car rental prices that Sixt managed to charge were still significantly higher than the comparable figures for 2019. This impressively demonstrates the value

Sixt SE Annual Report 2023 - 1

TO OUR SHAREHOLDERS LETTER TO THE SHAREHOLDERS

of our premium positioning, which we not only emphasize through our marketing, but also consistently deliver to our customers and thus justify the corresponding price points.

This advantage is also an expression of the successful implementation of our EXPECT BETTER strategy. Let us look back together on the efforts and successes of the past year in our five strategic fields of action.

Our declared goal is to create premium experiences for our customers. Therefore, we made significant investments along the entire customer journey last year. This includes a fleet of unprecedented size and quality of nearly 170,000 rental vehicles on average (excluding franchises) with an average share (meas- ured by vehicle value) of premium vehicles from the Audi, BMW (incl. MINI) and Mercedes brands of 57% - an increase of 7 percentage points compared to the pre-Covid record year 2019. In addition, Sixt continued to invest heavily in the infrastructure of its branches and the design of its car parks as well as in making the vehicle pick-up process as convenient as possible.

The investments in tech and innovation that we have made have contributed to the premium experience for our customers (e.g. in the form of the SIXT App and website, which have been thoroughly modernised since the end of 2023). At the same time, they have had a positive impact on our internal efficiency (e.g. in the form of faster and more cost-efficientturnaround pro- cesses). The foundation and centrepiece of our tech strategy is and remains our SIXT App with the underlying mobility platform ONE - an integrated ecosystem for all SIXT products with a single sign-on.From Rent, Share, Ride, Van & Truck to our SIXT+ car subscription and our new SIXT charge offer, it includes both offers that we operate ourselves and offers from partners that we make available to our customers via the SIXT App according to the asset-lightprinciple (since 2023, this has also included offers from the provider Miles in Germany, for example).

Sixt's desire for growth, the third pillar of our company strategy, continued unabated in 2023. This can be seen not only in our record fleet, but also in the high number of newly opened branches. In the United States, the world's largest and most important car rental market, Sixt was able to open three new airport and seven new downtown branches in the past financial year and increase its market share even further. Sixt also continued its expansion in its domestic market of Germany and in other European markets by opening many new locations (e.g. London Heathrow, Perugia Airport, Munich Ostbahnhof) and significantly increased its market share. Besides its corporate countries, Sixt

continued to drive its growth in cooperation with its franchise partners. Over the last decade, these partners have more than tripled their revenue.

As you know, we at Sixt are guided by responsible behaviour and entrepreneurship in particular, the fourth pillar of our strat- egy. This maxim is not limited to our management team. Our business is and remains a people business that is driven by our employees. They shape, breathe life into and fulfil the premium promise that Sixt stands for. Last year, we once again invested heavily and very consciously in expanding our workforce and thus not least in excellent customer service. As of 31 December 2023, close to 9,000 employees worked for Sixt (+13.5% compared to the end of the previous year), more than ever before.

Our commitment to acting responsibly also includes environmental sustainability, of course. We are already making a contribution here per se due to the nature of our business model. All of our mobility services ultimately follow the shared mobility concept and thus create alternatives to private car ownership. At the same time, we are reducing CO2 emissions at our branches and sites as far as possible and, as announced, have been offsetting the estimated remaining emissions since the end of last year. With the help of our new product SIXT charge, we are also making it even easier for users of our app to get started with electric mobility.

The SIXT brand goes far beyond our distinctive logo and the colour orange. It represents the result of all points of contact with our company and our services and acts as a link for the four pillars of our strategy already mentioned. The SIXT brand benefits from the positive experiences and associations that we have built up over decades. In 2023, we also took important steps to further strengthen and sharpen the reach, awareness and profile of the SIXT brand worldwide.

The most important initiatives were the refresh of our brand design in the spring of 2023 and the style-defining "Rent THE Car" brand campaign in the US with New York's Times Square being lit up in bright orange for several weeks. In the area of professional US sports, we also entered into important, long-term partnerships with the NBA teams Los Angeles Lakers and the Chi- cago Bulls, with which we will further increase our awareness of and emotional connection to the SIXT brand, particularly in the B2C segment in the US.

As we look to the future, our maxim for the current year remains unchanged: The EXPECT BETTER strategy remains our

2 - Sixt SE Annual Report 2023

TO OUR SHAREHOLDERS LETTER TO THE SHAREHOLDERS

compass in everything that we do. In particular, we are focussing on the strategic pillar of Premium Experience and thus on further enhancing the quality of experience for our customers. As a re- sult, we want to do an even better job when it comes to gaining customer trust. We expect this to continue to have a positive effect on customer loyalty. What we call Digital Rent will play a key role here: From an even more intuitive booking process, even faster vehicle pick-up (e.g. thanks to advance recording of all key data and the option to go directly to the vehicle), straightforward digital management of all key parameters during the rental (e.g. the rental period) through to even more customer-friendly handling of the end of the rental (e.g. thanks to automatic recording of the external condition of the vehicle at more and more branches as well as digital transmission of the fuel level and mileage upon retun for a growing number of rental vehicles).

With our focus on digital innovations like these and the related further improvement of the entire customer journey, we believe we are very well equipped to continue our successful development in a macroeconomic environment that remains volatile.

Our highly flexible and diversified business model will help us to continue to benefit disproportionately from growth opportunities in the future and to cushion market risks: a balanced ratio of our three regional segments, a healthy customer mix of B2C and B2B, our high share of variable costs, a short holding period of well under one year on average and a high proportion of non- risk vehicles compared to the competition, in other words, vehicles for which we are not affected by price fluctuations on the used vehicle markets, that has increased compared to the previous year.

When it comes to financing, we not only benefit from a continued high equity ratio but also from a high degree of flexibility and diversification with regard to debt financing. As part of the consistent further development of our financing strategy, we also published the rating from one of the major rating agencies in

January 2024 for the first time in the company's history. The long-term issuer rating from S&P Global Ratings (BBB; outlook stable) reflects Sixt's resilience and, in particular, its profitable revenue growth, premium positioning and the strategy of fleet acquisition based on a solid balance sheet and moderate debt levels.

Looking back, 2023 was characterised by very successful financial transactions: in June 2023, we successfully placed a new bond on the market with a total volume of EUR 300 million. We were also able to issue several borrower's note loans totalling EUR 864 million in financial year 2023. And 2024 has also got off to an extremely satisfactory start. For the first time, we issued a EUR 500 million rated benchmark bond. The impressive order book of over EUR 2.4 billion and the interest coupon of "only" 3.75% once again demonstrate the high level of confidence of the capital markets and the financial strength of our company. With a revolving credit line of EUR 950 million as an additional source of liquidity, we also have sufficient financial room for manoeuvre to take advantage of short-term opportunities and continue to invest vigorously wherever this makes sense.

Our fleet of attractive rental vehicles will of course continue to account for a significant share of our financing requirements in the future. However, we also have advantageous purchasing agreements for 2024 and beyond, which will enable us to create the conditions for further growth and at the same time respond to demand with the necessary degree of flexibility in order to ensure high capacity utilisation while maintaining positive price points. We remain true to our premium strategy, with the highest premium share among our competitors. At the same time, a comprehensive agreement with Stellantis that provides for the purchase of up to 250,000 vehicles by 2026, for example, has put us in a position to meet our customers' needs for flexible mobility with a wide range of brands and vehicle classes even better - especially when it comes to the volume segment.

Sixt SE Annual Report 2023 - 3

TO OUR SHAREHOLDERS LETTER TO THE SHAREHOLDERS

With regard to e-mobility: now that used car prices for electric vehicles have come under pressure over the course of the past year and this trend is continuing, Sixt will continue its strategy of selling electric risk vehicles early in the course of 2024 and further reduce its fleet accordingly. Nevertheless, electric vehicles will continue to make up part of the Sixt fleet in the future. How- ever, further developments require a high degree of flexibility. The key factor is what customers demand from us. The cost situation also plays a role, as do the (changing) long-term strategies of car manufacturers, to which Sixt as a car rental company is ultimately a subsequent party.

Overall, we are optimistic about the course of business in 2024 and expect a strong year with high demand. We are forecasting

Pullach, March 2024

another significant increase in consolidated revenue, which should thus reach a new record level for the third year in a row. Consolidated earnings before taxes (EBT) for the full year 2024 are expected to be between EUR 400 million and EUR 520 mil- lion.

Dear shareholders, at the end of this review of the past, very successful financial year and the outlook for 2024, we realise that we at Sixt know who we are. What we stand for as a company and as a team. Where we come from. Where we want to go. And above all: how we plan to get there. Together. We look forward to it and thank you for your trust.

ALEXANDER SIXT	KONSTANTIN SIXT

4 - Sixt SE Annual Report 2023

TO OUR SHAREHOLDERS

THE REPORT OF THE SUPERVISORY BOARD

A.2 \ THE REPORT OF THE SUPERVISORY BOARD

General information

In financial year 2023, 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.

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 the 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. In the reporting year, there was no need to examine additional company documents above and beyond the reports and proposals for resolution submitted by the Management Board.

Apart from the meetings, the members of the Supervisory Board remained in regular contact with the Management Board, especially the chairmen of the two company organs. 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 five 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 pre- sent. The remaining meetings were held by video conference.

Key issues in 2023

In the four regular meetings in the reporting year, the Supervisory Board received detailed information from the Management Board on important issues relating to the development of the

ERICH SIXT

• Chairman of the Supervisory Board of Sixt SE since 16 June 2021
• Born in 1944

business, the strategic focus, the risk situation and risk manage- ment, the internal control systems and the asset, financial and earnings position of Sixt SE and the Group. The Management Board attended these regular meetings, explained all matters to the members of the Supervisory Board and answered their questions. The Supervisory Board also met 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 2023, the Board dealt with the audit of the accounts for financial year 2022. The financial statements were ap- proved 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 regular meetings about how the business of the Sixt compa- nies was developing. Key financial ratios and liquidity were also the subject of these reports. Besides geopolitical crises such as the war in Ukraine and the terrorist attack by Hamas on Israel, the focus was on macroeconomic issues such as the continuing high inflation, high energy prices and increased refinancing costs, as well as the global recessionary eco- nomic trends, particularly in the German domestic market. The Supervisory Board commended the management for its forward-looking approach.

Sixt SE Annual Report 2023 - 5

TO OUR SHAREHOLDERS

THE REPORT OF THE SUPERVISORY BOARD

• The Supervisory Board continuously informed itself about the company's further expansion and internationalisation. The fo- cus was on the US market and its unique features. Sixt was already present at 43 of the 50 most important airports in the US in 2023. In this context, the Supervisory Board also dealt with the marketing measures carried out in the United States to increase awareness and improve the positioning of Sixt.
• In the reporting year, the Supervisory Board also dealt inten- sively with the reorganisation of the remuneration system. The remuneration system was fundamentally revised and ap- proved by the Annual General Meeting of Sixt SE by a majority of 98.63% of the votes cast. In particular, it is important to em- phasise that part of the short-term variable remuneration and part of the long-term variable remuneration will be dependent on the achievement of ESG targets in future. Share ownership guidelines were also introduced.
• The Supervisory Board also informed itself about the status of the electrification of the Sixt fleet and the development of de- mand for electromobility. It was noted that the demand ob- served is clearly behind the demand for combustion engines and does not yet meet the politically defined targets.
• The Supervisory Board took note of and approved the me- dium-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 stra- tegic assumptions underlying this planning with regard to mar- ket opportunities and cost developments (in particular the in- creased financing costs), the expected demand and the antic- ipated development of customer needs in the individual regions and in particular against the backdrop of the overall macroeconomic challenges.
• The Supervisory Board also dealt with the personnel changes on the Management Board described separately below.

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 2023, 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 Ac- counting, ESG, Internal Audit, Global GRC 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 balance sheet meeting of the Supervisory Board and the audit of the ac- counts for financial year 2022. 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 being present.
• In addition, the Audit Committee reviewed the auditor's decla- ration of independence and recommended to the full Supervi- sory Board that Deloitte GmbH Wirtschaftsprüfungsgesell- schaft be proposed as auditor for the last time at the 2023 Annual General Meeting. Furthermore, the Audit Committee issued the audit mandate after the Annual General Meeting.
• The Audit Committee repeatedly dealt with the current risk sit- uation, risk management and the further development of the internal control system and the compliance organisation.
• The Audit Committee also received reports on the main re- sults 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 Au- dit Committee dealt with the non-audit services provided by the auditor on a regular basis.

6 - Sixt SE Annual Report 2023

TO OUR SHAREHOLDERS THE REPORT OF THE SUPERVISORY BOARD

The Remuneration Committee held a total of three meetings in financial year 2023, at which it dealt intensively with the revision of the remuneration system for the Management Board and its implementation and submitted corresponding recommendations to the Supervisory Board.

The Nomination Committee did not convene in financial year 2023.

Individualised disclosure of meeting attendance in financial year 2023

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 2023 and made it permanently available to shareholders on the company's website at ir.sixt.eu in the "Cor- porate Governance" section. Apart from a few exceptions out-

Supervisory Board member

Erich Sixt (Chairman)

Dr. Daniel Terberger (Deputy Chairman)

Anna Magdalena Kamenetzky-Wetzel

Dr. Julian zu Putlitz

Total

		Plenum			Audit
					Committee
	5/5 (100%)			n/a
	5/5 (100%)		5/5 (100%)
	5/5 (100%)	5/5 (100%)
	5/5 (100%)	5/5 (100%)
		100%		100%

Nomination Committee

n/a

3/3 (100%)

3/3 (100%)

3/3 (100%)

100%

lined 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 the Corporate Sustainability Reporting Directive (CSRD) In addition, the members of the Supervisory Board attended the training and development measures required for their duties on their own responsibility.

Sixt SE Annual Report 2023 - 7

TO OUR SHAREHOLDERS

THE REPORT OF THE SUPERVISORY BOARD

Audit of the 2023 Annual Financial Statements and Consolidated Financial Statements

The Management Board prepared the Annual Financial Statements of Sixt SE as per 31 December 2023 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 2023 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-Financial Declaration is included in the Management Report.

Deloitte GmbH Wirtschaftsprüfungsgesellschaft, Munich, audited the Annual Financial Statements and Consolidated Financial Statements of Sixt SE as well as the Combined Management Report (with the exception of the Combined Non-Financial Declaration and the Corporate Governance Declaration) and issued these documents their unqualified audit opinion. Further- more, 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 the auditor on the basis of the resolution passed by the Annual General Meeting on 23 May 2023.

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 20 March 2024 and the meeting of the Supervisory Board to approve the financial statements on 26 March 2024 and reported comprehensively on the course of the audit and its main results, addressing in particular the key audit matters. The focal points of the audit included the subsequent valuation of rental vehicles, the recoverability of trade receivables and non-financial assets, revenue recognition, the early risk detection system and risk reporting in the Management Report, the completeness of provisions and recognised leasing transactions in accordance with IFRS 16, and the reporting on

transactions with related parties (Dependent Company 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 financial statements of Sixt SE.

The Audit Committee reviewed the financial statements and Management Reports at its meeting on 20 March 2024, 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 2024. In ad- dition, 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 2023 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 2023.

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

8 - Sixt SE Annual Report 2023