Mercedes-benz Group Ag · XETR:MBG
Mercedes-benz — FY2025 Earnings Presentation
25 slides from Mercedes-benz's earnings presentation, Feb 12, 2026
Slide 1: Annual Results Conference 2025
ANNUAL RESULTS CONFERENCE 2025 Mercedes -Benz Group AG February 12, 2026
Slide 2: Executive Summary 2025 (1/2)
–Annual Results Conference 2025 – Executive Summary 2025 –1/2 1. Strategy Execution • Biggest product launch program in our history started in 2025 with world premieres of the new CLA, GLC and GLB. • Successful CLA market introduction : our first s oftware -defined vehicle is awarded Car of the Year
Slide 3: Executive Summary 2025 (2/2)
–Annual Results Conference 2025 – Executive Summary 2025 –2/2 3. Financial Performance • Next Level Performance: Cost savings supporting positive EBIT contribution of EUR >3.5 bn for Cars in FY25. • Cars RoS adj. at 5.0% incl. tariffs for FY25 , well within guidance range (4% to 6%). • Vans RoS adj.
Slide 4: In 2025, we operated in a very dynamic environment
– Mercedes -Benz– In 2025, we operated in a very dynamic environment Global tariff situation Rising protectionism & volatility in key regions Business environment in China Intense competition & pricing pressure European regulatory framework Ongoing need for better balance between decarbonisation & i
Slide 5: 2025 was an eventful year for Mercedes-Benz
– Mercedes -Benz– 2025 was an eventful year for Mercedes -Benz Product launch program gaining traction Own operating system MB.OS launched Elevated ADAS & electric performance Management team reshuffled Overall financial results within guidance 5
Slide 6: Group Key Figures: adjusted EBIT of EUR 8.2 bn
– Mercedes -Benz Group: Key Figures – In a dynamic environment, Mercedes -Benz delivered an adjusted EBIT of EUR 8.2 bn and generated a Free Cash Flow of EUR 5 Revenue EBIT / EBIT adj. Earnings per share Free Cash Flow (IB) Net Industrial Liquidity in billion euros in billion euros in euros in billi
Slide 7: Cars: Top-End and Electric Vehicle Unit Sales
– Mercedes -Benz Cars: Top -End and Electric Vehicle Unit Sales – Top-End and electric vehicle shares increased, G-Class posted its strongest sales to date Total MB Cars Top - End Electric vehicles in thousand units in thousand units in thousand units -9% -5% +0% 1,983 281* 368 369 268* 1,801 42 281
Slide 8: Cars achieved adjusted EBIT of EUR 4.8 bn
– Mercedes -Benz Cars:Financials– Cars achieved an adjusted EBIT of EUR 4.8 bn and adjusted CFBIT of EUR 5.5 bn Sales Revenue EBIT adj. CFBIT adj. in thousand units in billion euros in billion euros in billion euros -9% -11% - -45% -39% 1,983 107.8 8.7 9.1 1,801 96.4 5.5 4.8 71.0 ASP * 68.1 2024 202
Slide 9: Cost savings yielding positive EBIT contribution for Cars
– Mercedes -Benz Cars: EBIT RoS & – Cost savings yielding positive EBIT contribution of EUR >3.5 bn for Cars in million euros Gross Profit -4,583 Material cost savings and efficiencies in production 8,677 Lower SG&A costs – Headwinds from foreign exchange rates and tariffs – Lower unit sales and
Slide 10: Cars: Continued Cash Flow discipline, CFBIT adjusted EUR 5.5 bn
– Mercedes -Benz Cars: EBIT to CFBIT – Continued Cash Flow discipline supported strong CFBIT adjusted of EUR 5.5 bn in million euros 308 5,535 1,619 5,227 1,217 5 3,564 6,431 CCR: CCR: t/o 1.5 1.2 Inventories +434 t/o Legal proceedings +97 Trade receivables +781 At-equity BBAC -761 Restructuring +27
Slide 11: Vans achieved solid EBIT adjusted of EUR 1.8 bn
– Mercedes -Benz Vans:Financials– Vans achieved a solid EBIT adjusted of EUR 1.8 bn while investing in new architecture Sales Revenue EBIT adj. CFBIT adj. in thousand units in billion euros in billion euros in billion euros -11% -11% - -38% -63% 406 19.3 2.8 2.8 359 17.1 1.8 1.0 xEV 8% 5% share 2024
Slide 12: Vans maintained double-digit return on sales adjusted
– Mercedes -Benz Vans: EBIT RoS & – In a competitive market environment, Vans maintained a double -digit return on sales adjusted in million euros Gross Profit -993 2,825 58 12 29 1,755 -947 -31 -104 -87 RoS : 1,309 14.6% Healthy mix supported by improved product substance -446 Lower expenses fo
Slide 13: Vans: CFBIT reflects investments in next-generation portfolio
– Mercedes -Benz Vans: EBIT to CFBIT – CFBIT reflects investmentsour in next-generation Vans portfolio in million euros 73 268 1,309 91 1,042 746 951 t/o CCR: Inventories +151 CCR: Legal proceedings +91 0.7 0.6 Trade receivables +44 Restructuring +21 660 Trade payables +73 M&A transactions -21 -2,10
Slide 14: Financial Services achieved EBIT growth of 12%
– Mercedes -Benz Financial Services: Financials– Financial Services achieved EBIT growth of 12% New Business Contract Volume EBIT adj. in billion euros in billion euros in billion euros -6% -7% +12% 59.5 138.1 1.3 55.9 128.8 1.1 2024 2025 2024 2025 2024 2025 14
Slide 15: Financial Services: EBIT and RoE development
– Mercedes -Benz Financial Services: EBIT RoE &– Improved portfolio margin and efficiencies drove favorable EBIT development in million euros 116 1,267 1,134 64 -9 23 -11 -50 Ongoing efficiency measures leading to further cost improvements 690 Positive development in portfolio margin RoE : RoE :
Slide 16: Group EBIT: adjusted EBIT of EUR 8.2 bn
– Mercedes -Benz Group: EBIT – Solid adjusted EBIT of EUR 8.2 bn achieved, with restructuring costs weighing on EBIT in million euros 440 8,235 1,267 1,755 5,820 -2,415 4,773 Legal proceedings -418 t/o Restructuring -1,616 At-equity Daimler Truck +353 M&A transactions -381 Mercedes -Benz Mercedes -B
Slide 17: Group: Free Cash Flow of EUR 5.4 bn
– Mercedes -Benz Group: Reconciliation from CFBIT to Free Cash – Flow Strong cash generation in a dynamic environment with Free Cash Flow of EUR 5.4 bn in million euros 951 442 5,856 350 5,414 5,227 140 550 -1,804 Legal proceedings +190 Restructuring +338 M&A transactions -86 Mercedes -Benz Mercedes
Slide 18: Group: Net Industrial Liquidity
– Mercedes -Benz Group: Net Industrial Liquidity – Robust Free Cash Flow serving strong dividend and ongoing share buyback program in billion euros 7.1 1.5 6.3 0.1 31.4 -9.5 32.2 -4.1 -0.3 -0.2 Free Cash Flow (industrial business) FY 2025: EUR 5.4 bn Net Industrial Earnings and Working Depreciation
Slide 19: Mercedes-Benz Divisional Guidance 2026
– Mercedes -Benz Divisional Guidance2026– Mercedes -Benz Divisional Guidance2026 Actuals Actuals Guidance FY 2024 FY 2025 FY 2026 Unit sales 1,983k units 1,801k units At prior-year level xEV share 19% 20% 21 to 23% Mercedes -Benz Return on sales (adj.*) 8.1% 5.0% 3 to 5% Cars Cash conversion rate (a
Slide 20: Mercedes-Benz Group Guidance 2026
– Mercedes -Benz Group Guidance2026– Mercedes -Benz Group Guidance2026 Actuals Actuals Guidance FY 2024 FY 2025 FY 2026 Revenue EUR 145.6 bn EUR 132.2 bn At prior-year level Mercedes -Benz EBIT EUR 13.6 bn EUR 5.8 bn Significantly above Group Free Cash Flow EUR 9.2 bn EUR 5.4 bn Slightly below (indu
Slide 21: Appendix
Appendix 21
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% 0.34% 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 * As percentage of po
Slide 23: 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