Sixt Confirms FY Expectations; Shareholders Approve All Resolutions

Sixt SE confirmed its expectations for the further course of business in 2020, at today's Annual General Meeting that was held virtually.

The shareholders at the Annual General Meeting approved all items on the agenda by large majorities. They renewed the authorizations of the Managing Board to acquire own shares, to issue convertible bonds and/or bonds with warrants and for
authorized capital, each until June 23, 2025.

The term of office of all members of the Supervisory Board of Sixt was extended. Friedrich Joussen was delegated for a further term of office, Ralf Teckentrup and Daniel Terberger were elected by an overwhelming majority of the Annual
General Meeting. In the subsequent Supervisory Board meeting, Joussen was elected Chairman of the Supervisory Board and Teckentrup Deputy Chairman of the Supervisory Board.

"Despite dramatic losses in the first and particularly second quarter, which will be the worst in our company's history, so far our business has developed in line with the assumptions we made in March," CEO Erich Sixt said.

At the same time, he pointed out the major uncertainties associated with the COVID-19 pandemic: "The third quarter, which is usually the strongest quarter in terms of sales over the course of the year, will be a crucial factor for us, as it is currently subject to considerable uncertainty."

The company assumes that demand will normalise again step by step in the second half of the year and return to normal in 2021.

The company continues to expect a sharp decline in consolidated operating revenue for the full year 2020 compared to the previous year (excluding the discontinued Leasing
Business Unit) and consolidated EBT to be clearly positive, but very strongly below the previous year's level (excluding the positive earnings effect from the sale of the stake in Sixt Leasing.)

For the year as a whole, the company will save more than 150 million euros in material and personnel costs alone - not including the reduction in fleet costs.

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