Mercedes-benz Group Ag · XETR:MBG
Mercedes-benz — Q2 2026 Earnings Presentation
25 slides from Mercedes-benz's earnings presentation, Jul 28, 2026
Slide 1: Capital Market Presentation Q2 2026
CAPITAL MARKET PRESENTATION Q2 2026 Mercedes -Benz Group AG July 28, 2026
Slide 2: Executive Summary Q2 2026
–Capital Market Presentation Q2 –2026 Executive Summary Q2 2026 1. Strategy Execution • Redefining performance: World premiere of the all-new Mercedes -AMG GT 4 -Door Coupé , based on our new AMG.EA platform. • V8 power at its finest : Debuts of the new Mercedes -AMG GLE 63 S 4MATIC+ and Mercedes -A
Slide 3: Our biggest-ever product and technology launch program continues to move forward
– Mercedes -Benz– Our biggest -ever product and technology launch program continues to move forward with strong momentum Mercedes -Benz C 400 4MATIC electric | Energy consumption combined: 18.5 -14.1 kWh/100 km | CO₂ emissions combined : 0.0 g/km | CO₂ class: A Products Technology Premiere of Merced
Slide 4: We are further strengthening our resilience and competitiveness
– Mercedes -Benz– We are further strengthening our resilience and competitive Enhancing competitiveness Optimizing industrial footprint Launch of a global productivity initiative Significant extension of our Kecskemét plant with special focus on Germany to increase production flexibility & cost effi
Slide 5: Group Key Figures: Q2 performance in line with expectations
– Mercedes -Benz Group: Key Figures – Q2 performance in line with expectations, healthy Net Indus Liquidity post cash return to shareholders Revenue EBIT Earnings per share Free Cash Flow (IB) Net Industrial Liquidity in billion euros in billion euros in euros in billion euros in billion euros -3% +
Slide 6: Cars: Top-End and Electric Vehicle Unit Sales
– Mercedes -Benz Cars: Top -End and Electric Vehicle Unit Sales – Product launch program progressing, reflected in strong BEV sales growth of 51% Total MB Cars Top - End Electric vehicles in thousand units in thousand units in thousand units -8% -10% -7% 454 65* 94 418 58* 87 65 13 58 Top -End 13 G
Slide 7: Cars: Financials
– Mercedes -Benz Cars:Financials– Cars achieved RoSadjusted of 4.0% and CFBIT adjusted of EUR 0.5 bn Sales Revenue EBIT adj. CFBIT adj. in thousand units in billion euros in billion euros in billion euros -8% -5% -26% -64% 454 24.2 1.2 1.4 418 23.0 0.9 0.5 RoS 67.7 ASP * 64.7 5.1% adj. 4.0% Q2 2025
Slide 8: Cars: EBIT & RoS
– Mercedes -Benz Cars: EBIT RoS & – CarsRoSadjusted well within guidance range, supported by strong industrial performance in million euros Gross Profit -103 1,228 Legal proceedings +69 482 Restructuring -62 143 M&A transactions -71 China investments -796 909 -194 -28 -137 17 RoS : 5.1% -602 Opera
Slide 9: Cars: EBIT to CFBIT
– Mercedes -Benz Cars: EBIT to CFBIT – Cars achieved CFBIT adjusted of EUR 0.5 bn influenced by working capital seasonality in million euros 127 506 608 379 CCR: CCR: 49 7.7 0.6 1,658 -264 -20 t/o Inventories -435 t/o Legal proceedings +32 Trade receivables -152 Dividend BBAC +297 Restructuring +90
Slide 10: Vans: Financials
– Mercedes -Benz Vans:Financials– Vans maintained double -digitRoSadjusted, while investing in new architecture Sales Revenue EBIT adj. CFBIT adj. in thousand units in billion euros in million euros in million euros +1% +5% +3% 93.4 94.1 4.5 441 454 227 4.2 0.5 CCR -0.2 adj. -83 xEV RoS 7% 11% 10.4%
Slide 11: Vans: EBIT & RoS
– Mercedes -Benz Vans: EBIT RoS & – In a competitive market environment, growth ex-China offset ramp -up costs for new architecture in million euros Gross Profit -12 98 48 502 -16 38 441 454 7 -19 -94 -1 Higher ex -China volume and positive contributions from aftersales RoS : RoS : Positive effe
Slide 12: Financial Services: Financials
– Mercedes -Benz Financial Services: Financials– Strong EBIT growth driven by continued margin improvements and portfolio quality New Business Contract Volume EBIT adj. in billion euros in billion euros in million euros -0% +1% +70% 13.8 13.8 130.1 131.6 492 290 RoE 15.3% 8.9% adj. Q2 2025 Q2 2026 0
Slide 13: Group: EBIT
– Mercedes -Benz Group: EBIT – Solid Group EBIT of EUR 1.5 bn impacted by valuation adjustments in our China business in million euros 444 2,299 492 1,547 454 -752 909 Legal proceedings +139 t/o Restructuring -86 At-equity Daimler Truck +100 M&A transactions +39 Sell -down Daimler Truck +157 China i
Slide 14: Group: Reconciliation from CFBIT to Free Cash Flow
– Mercedes -Benz Group: Reconciliation from CFBIT to Free Cash - Flow First monetization of Daimler Truck stake supported cash generation of EUR 1.1 bn in million euros 174 1,276 669 1,102 346 379 -1 t/o Legal proceedings +64 -120 Sell -down Daimler Truck +417 Restructuring +108 Dividend Daimler Tru
Slide 15: Group: Net Industrial Liquidity
– Mercedes -Benz Group: Net Industrial Liquidity – Maintaining a healthy balance sheet while returning capital to our shareholders in billion euros 3.5 2.4 0.5 32.2 0.6 -4.0 0.2 30.4 -3.3 -1.7 Free Cash Flow (industrial business) H1 2026: EUR 3.0 bn Net Industrial Earnings and Working Depreciation a
Slide 16: Mercedes-Benz Divisional Guidance 2026
– Mercedes -Benz Divisional Guidance2026– Mercedes -Benz Divisional Guidance2026 Actuals Actuals Guidance FY 2025 YTD 6M 2026 FY 2026 Unit sales 1,801k units 837k units Slightly below xEV share 20% 20% 23 to 25% Mercedes -Benz Return on sales (adj.*) 5.0% 4.0% 3 to 5% Cars Investment in PP&E EUR 4.1
Slide 17: Mercedes-Benz Group Guidance 2026
– Mercedes -Benz Group Guidance2026– Mercedes -Benz Group Guidance2026 Actuals Actuals Guidance FY 2025 YTD 6M 2026 FY 2026 Revenue EUR 132.2 bn EUR 63.7 bn Slightly below Mercedes -Benz EBIT EUR 5.8 bn EUR 3.5 bn Significantly above Group Free Cash Flow EUR 5.4 bn EUR 3.0 bn Slightly below (industr
Slide 18: The environment will remain dynamic – we will keep our high pace
The environment will remain dynamic – we will keep our high pace Products Performance Further executing our ramp-up plan Optimizing our productivity, while seizing new growth potential resilience, and competitiveness 18
Slide 19: Appendix
Appendix 19
Slide 20: Mercedes-Benz Vans: EBIT to CFBIT
– Mercedes -Benz Vans– Mercedes -Benz Vans: EBIT to CFBIT in million euros 502 8 -123 t/o Inventories -134 Legal proceedings +32 Trade receivables -97 Restructuring +8 Trade payables +108 M&A transactions -3 143 CCR: CCR: 37 -0.2 -0.2 -83 -104 -120 -546 EBIT Change in Net financial Net investments D
Slide 21: Financial Services: EBIT & RoE
– Mercedes -Benz Financial Services – Mercedes -Benz Financial Services: EBIT & RoE in million euros 31 2 188 492 475 -78 -17 66 290 -7 RoE: RoE: 15.3% 14.8% Positive development in portfolio margin continued RoE: Lower cost of credit risk supported by stronger portfolio quality 8.9% Efficienc
Slide 22: Financial Services: Net credit losses
– Mercedes -Benz Financial Services – Mercedes -Benz Financial Services: Net credit losses* 0.89% 0.83% 0.43% 0.44% 0.37% 0.38% 0.34% 0.33% 0.41% 0.31% 0.31% 0.26% 0.26% 0.24% 0.21% 0.21% 0.29% 0.20% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2026 * As p
Slide 23: Mercedes-Benz Group/Divisional Guidance Ranges
– Mercedes -Benz– Mercedes -Benz Group/Divisional GuidanceRanges* Significantly At prior -year Significantly Slightly below Slightly above below level above Revenue / Unit sales X < -7.5% -7.5% ≤ X < -2% -2% ≤ X ≤ +2% +2% < X ≤ +7.5% X > +7.5% EBIT (Group) X < -15% -15% ≤ X < -5% -5% ≤ X ≤ +5% +5% <
Slide 24: Investor Relations - Contacts
– Mercedes -Benz– Investor Relations - Contacts Visit our Investor Relations Website Click here or scan QR code below Alexander Jasperneite Analysts and Equity Relations Email: alexander.jasperneite@mercedes -benz.com Dirk van der Bank Analysts, Creditor and Equity Relations Email: dirk.van_der_bank
Slide 25: Disclaimer
– Mercedes -Benz– Disclaimer This document contains forward -looking statements that reflect current views of the Mercedes -Benz Group about future events . The words “anticipate”, “assume”, “believe”, “estimate”, “expect”, “intend”, “may”, “can”, “could”, “plan”, “project”, “should” and similar exp