See also: Sixt FX hedging investigation (should be consolidated in one topic going forward)

Aron: Euro strengthened against the dollar by how much in Q2 2025 compared to Q2 2024?

Aron: Euro strengthened against the dollar by how much in Q1 2025 compared to Q1 2024?

Aron: Can we assume that the headwind to Sixt revenue in Q2 2025 was around that much?

MM: I want to understand the fx gain and loss situation as it it is somehow confusing. In other operating income there is a gain of 116m & in other operating expensive there is a loss of 126.2m and in other comprehensive income there is a loss of 128m. How do the three reconcile? Two items are within the consolidated income statement and the other one is not. Does this distort the income statement? (I uploaded the H2 2025 report to it) → Good insightful answer

MM: The Sixt annual report gives an sensitivity analysis on page 151 and maybe more insights on FX in other pages. How does this fit together with the large loss in other comprehensive income (83.8m in q2 2025) and fx movements? Does everything fit together? (I upoaded Sixt 2024 annual report to it) → Answer a bit superficial

MM: That does not answer my question. I want you to have a look how much the dollar moved against the euro and then how this fits together with the sensitivity indications of Sixt and the loss in H2. I want to know if everything fits together and works as indicated or not. I also want to know if the fair value adjustments (€85.0m / –€103.9m) go into equity or pnl → Answer gave some good insights esp. on FVTPL and fit some things well together

MM: I want you to bring everything together into a comprehensive easy to understand way. The 108.9m that you mention are part of the operating income of 116.4m? Where does the rest come from? What about the 126.2m other operating expenses? What is causes that? Is it related somehow to the -103.919m per 10% sensitivity indication? Does it show up in some financial instruments as well or is this caused by the fact that liabilities are in euro? → Not good detailed answer

MM: Can you explain me in detail what exactly is causing the 126.2m in other operating expenses? I want as much specific insights as possible. Does it relate to the -103.9m sensitivity item line or not? → I just realized how dumb my question has been! Good answer overall!

MM: Ok now the most important question. In Q2 the Sixt U.S. business grew only around 4% y/y. Is this line so weak because of the fx and would be significantly higher without the fx impact? If yes how high? In addition on the group level there is the ooe which is hedged with ooi. Does this compensate for the fx impact? (not on the country but on the group level) Is the lower u.s. revenue be captured in ooe somehow and hedged for? → Good answer

MM: Ok thanks good answer. So to make sure within ooe there was not element that "hedged" for the around 4.8% in revenue hit. (So around 15million additional other operating expenses because the dollar was weaker?) Can you explain to me the 126.2m in a lot of details so i fully understand it and connect it with other items e.g. balance sheet items. USD receivables etc. (this question is a bit stupid but better to ask a stupid question than not ask)

MM: I think the reason why i ask is because you mention for example trade receivables. Does this include revenue outstanding from costumers? Let's say 100million of bills have not been payed an fx takes a hit. Does it effect outstanding money from last quarter or also this quarter?

So what is it in case of sixt. Does it hit ooe or oci?