Improving Unit Economics Pose Upside Risk; TP up to €89

Research evidence excerpt

Improving Unit Economics Pose Upside Risk; TP up to €89

Deutsche Bank

Research

Rating Company Date

Buy Sixt SE 17 June 2026

Europe Reuters Bloomberg Rating Buy

Germany SIXG.DE SIX2 GR Price target (EUR) 89.00 Price at 15 Jun 26 74.90

52-week range 97.65 – 60.10

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Improving Unit Economics Pose Upside Risk;

TP up to €89 MichaelResearchKuhnAnalyst

+49-69-910-46002

Vehicle holding costs trending better than expected

Lars Vom-Cleff Sixt delivered a solid Q1 with revenue of €929m (+12.6% cFX) and EBT of €2.1m. Research Analyst

Costs deviated from our model - insurance costs were higher, but vehicle holding +49-69-910-13526

costs (DPU) came in materially lower at €290/month, down from €324 in FY25

and €385 at the 2024 peak. We expect DPU to remain around €290 through Q2-

Q4 before modest increases thereafter. This improving trajectory is the primary

driver behind our 4% FY26 EBT upgrade, which puts us 4% above consensus. We Key changes

raise our target price to €89 (from €85) and reiterate Buy. Price target (EUR) 85 89 5%

Source: Deutsche Bank

Summer travel setup cautiously favorable, but uncertainties persist

We see Sixt as a modest net beneficiary of the summer 2026 travel situation.

European intra-regional demand remains robust, and a potential Iran peace deal

could ease the jet fuel/flight cancellation risk that management flagged as the

single largest European concern. At the same time, significant uncertainties

persist - booking visibility is "even shorter than in the last years," Middle East and

Asian long-haul markets remain weak, and US consumer sentiment has not

improved. Management guided Q2 EBT as "mainly stable" versus last year's

~€110m, which we view as conservative given the improving cost trajectory.