Mercedes-benz Group Ag · XETR:MBG
Mercedes-benz — Debt Investor Presentation (2026)
100 slides from Mercedes-benz's debt investor presentation, 2026
Slide 1: Fixed Income Presentation Q1 2026
FIXED INCOME PRESENTATION Q1 2026 Mercedes -Benz Group AG
Slide 2: Agenda
Agenda I. Mercedes-Benz Cars: Five reasons for confidence 1. Biggest product launch program in our history 2. Next generation of MB Tech 3. Taking performance to the next level 4. Increasing resilience and reshaping global footprint 5. Attractive shareholder returns II. Sustainability III. Funding I
Slide 3: As rules shift, we gear up with even greater drive
AS RULES SHIFT, WE GEAR UP WITH EVEN GREATER DRIVE WE’RETURNING OUR STRENGTHS INTO MOMENTUM 3
Slide 4: 140 years ago, we invented the automobile
140YEARS AGO,WEINVENTED THE AUTOMOBILE– AND WEARE STILL SHAPING ITS FUTURE. 4
Slide 5: Five reasons for confidence
FIVE REASONS FOR CONFIDENCE. MERCEDES -BENZ IS DETERMINED TO DELIVER Biggest product Next Taking Increasing Attractive launch generation performance resilience & reshaping shareholder programme of MB tech to next level global footprint returns 5
Slide 6: Agenda
Agenda I. Mercedes-Benz Cars: Five reasons for confidence 1. Biggest product launch program in our history 2. Next generation of MB Tech 3. Taking performance to the next level 4. Increasing resilience and reshaping global footprint 5. Attractive shareholder returns II. Sustainability III. Funding I
Slide 7: The original and most valuable luxury car brand
MERCEDES-BENZ – THE ORIGINAL AND MOST VALUABLE LUXURY CAR BRAND Heritage: Formula 1: Mercedes -Benz is built on constant reinvention The power of F1 for our brand 827 mn 114mn global fanbase 2 social media followers 2 $50 bn 1 Mercedes -Benz brand value 2025 7 1 Interbrand: Best Global Brands 2025 2
Slide 8: What makes a car a Mercedes-Benz?
WHAT MAKES A CAR A MERCEDES -BENZ? THE PERFECT COMBINATION OF EXTRAORDINARY DETAILS Safety Quality Comfort Intelligence Design Trustworthy Engineering Effortless Hyper -personalized Sensual responsibility excellence comfort user experience purity 8
Slide 9: Our strategic midterm goals
THE DESTINATION IS SET: OUR STRATEGIC MIDTERM GOALS ~2.0 m sales volume >15% Top -End sales growth 2x xEV share 9 Mercedes -Benz GLC 400 4MATIC mit EQ Technologie | Energieverbrauch kombiniert: 18,9 - 14,9 kWh/100kmCO ₂-Emissionen kombiniert: 0 g/km |CO ₂-Klasse(n): A
Slide 10: Complete and compelling portfolio, new design language
WE’LL HAVE A COMPLETE AND COMPELLING PORTFOLIO. OUR NEW DESIGN LANGUAGE: 100% MERCEDES -BENZ 2025 2026 2027 ICE Top -End SL MM SL PureSpeed S-Class BEV ICE Core BEV GLC ICE Entry CLA GLB CLA SB BEV CLA CLA LWB GLB CLA SB 10 Mercedes -Maybach SL 680 Monogram Series | Energieverbrauch kombiniert: 13,6
Slide 11: Core segment remains the backbone of our business
THE CORE SEGMENT REMAINS THE BACKBONE OF OUR BUSINESS. WE’LL COMPLETE OUR PORTFOLIO ACROSS ALL POWERTRAINS. GLE Coupé GLE Electric C-Class: Powerful, commanding, Modern intelligence meets Redefining the segment intuitive, expressive commanding performance 11
Slide 12: Expanding and protecting the share of Top-End vehicles
EXPANDING AND PROTECTING THE SHARE OF TOP-END VEHICLES AND LEVERAGING THE POTENTIAL OF OUR LUXURY BRANDS Mercedes-Maybach S-Class S-Class GLS True class runs deep Refined in every The S-Class of SUVs detail redefines comfort 12
Slide 13: Focus on Top-End segment remains a cornerstone
THE FOCUS ON THE TOP-END SEGMENT REMAINS A CORNERSTONE OF OUR STRATEGY New Mercedes -Maybach S -Class AMG.EA enters series production: Best -ever sales in 2025; for our most demanding launch of new 4 -door Coupé premiere of cabriolet customers debuts in March this year followed by new SUV next year
Slide 14: Product pipeline drives midterm growth target
PRODUCT PIPELINE DRIVES MIDTERM GROWTH TARGET GLOBAL SALES 1 Short - term product ramp - up ▪ 2026 sales on prior year level; impacted by ongoing market dynamics in China ▪ Product momentum to further unfold in H2 2026 with new model introductions ~2,000 1,801 Midterm growth targets ▪ Targeted sales
Slide 15: Focus on Top-End and BEV
FOCUS ON TOP-END AND BEV TOP -END 1 Top -End Vehicles >300 ▪ Solidify Top -End share in target corridor from 14% to 15%. 268 Midterm Top -End volume increase driven by AMG product Top-End momentum, particularly in the important AMG mid -size share 14.9% 14-15% >15% segment (GLC; C) and portfolio exp
Slide 16: Product substance translating into sales and revenue growth
PRODUCT SUBSTANCE TRANSLATING INTO SALES AND REVENUE GROWTH Pricing ▪ Competitive pricing to support volume growth while safeguarding margins ▪ Discounts to stabilise and ASP to grow again in midterm ▪ Maintain price premium on the back of brand and product strength Revenue ▪ Stable revenue developm
Slide 17: Agenda
Agenda I. Mercedes-Benz Cars: Five reasons for confidence 1. Biggest product launch program in our history 2. Next generation of MB Tech 3. Taking performance to the next level 4. Increasing resilience and reshaping global footprint 5. Attractive shareholder returns II. Sustainability III. Funding I
Slide 18: 140 years of innovation
WE’RE PROUD OF 140 YEARS OF INNOVATION– AND OUR PIONEERING SPIRIT HAS NEVER BEEN STRONGER 18
Slide 19: Uncompromising line-up from entry to Top-End
WE OFFER BOTH DESIRABLE HEV AND BEV IN AN UNCOMPROMISING LINE- UP FROM ENTRY TO TOP-END BATTERY ELECTRIC … ELECTRIFIED DRIVETRAIN & … COMBUSTION ENGINE TOP-END TOP - END & CORE Uncompromising through dedication to battery - & hybrid-electric vehicles Catering to the most demanding customer CORE requ
Slide 20: Mercedes-Benz customers have full choice
MERCEDES-BENZ CUSTOMERS HAVE FULL CHOICE HIGH -TECH ELECTRIFIED COMBUSTION ENGINES (EU7 -READY) 4 cylinders 6 cylinders 8 cylinders petrol & diesel petrol & diesel petrol 2026: new S -Class Most comprehensive powertrain update ever, incl. electrified V8 & long -range PHEV 20
Slide 21: Every new Mercedes-Benz will be software-defined
EVERY NEW MERCEDES-BENZ WILL BE SOFTWARE-DEFINED. IT’S THE FOUNDATION TO ELEVATE THE DIGITAL CUSTOMER EXPERIENCE. Chip -to-Cloud User Experience ADAS Own architecture with Integration of local leverage fleet data to full OTA capability partners & AI functions continuously add functionality 21
Slide 22: MB.OS: the AI-enhanced superbrain
MB.OS: THE AI- ENHANCEDSUPERBRAIN OUR SDV ARCHITECTURE WITH FUNCTIONAL ZONES AD & MBUX Vehicle & Drive Controller High-performance as service providers computing with state of the for functional zones art SoC by NVIDIA & AD Qualcomm Computer MBUX Vehicle Drive Computer Controller Controller Service
Slide 23: Rolling out MB.OS with lightning speed
WE’RE ROLLING OUT MB.OSWITH LIGHTNING SPEED EVERY NEW MERCEDES -BENZ ACROSS ALL SEGMENTS & DRIVETRAINS, IS SOFTWARE -DEFINED CUSTOMERS WILL BENEFIT FROM MB TECH STACK Body & Comfort Infotainment Automated Driving Driving & Charging 23
Slide 24: Robotaxi ecosystem powered by strategic partnerships
ROBOTAXI ECOSYSTEM POWERED BY STRONG STRATEGIC PARTNERSHIPS North America Europe Middle East Asia FLEET PARTNERS HARDWARE PARTNER SOFTWARE PARTNERS 24
Slide 25: Combining AI models with classical AV stack
MERCEDES COMBINES CUTTING EDGE AI -MODELS WITH CLASSICAL AV STACK TO ENSURE BEST-IN-CLASS SAFETY USER EXPERIENCE & STAGING MOTION CONTROL End - to- End AI Model POLICY AND SAFETY EVALUATOR CLASSICAL AV STACK MB.DRIVE ASSIST PRO MB.OS SENSORS + NVIDIA ORIN X 25
Slide 26: Comprehensive sensor set and built-in supercomputer
EVERY MERCEDES COMES WITH A COMPREHENSIVE SENSOR SET & A SUPERCOMPUTER BUILT-IN Comprehensive sensor setup High-performance computing …opens up new possibilities for continuous ADAS Tele & Wide- Mid-Range 12 × Ultrasonic 4 × Corner and traffic safety improvements angle Camera Radar Sensors Radar Ant
Slide 27: Agenda
Agenda I. Mercedes-Benz Cars: Five reasons for confidence 1. Biggest product launch program in our history 2. Next generation of MB Tech 3. Taking performance to the next level 4. Increasing resilience and reshaping global footprint 5. Attractive shareholder returns II. Sustainability III. Funding I
Slide 28: Intensifying efforts to reduce costs and prioritise funding
WE’RE INTENSIFYING OUR EFFORTS TO FUNDAMENTALLY REDUCE COSTS ANDPRIORITISE FUNDING Production cost Material cost Fixed costs Investments >10% reduction >8% reduction 10% reduction 10% reduction 2027+* 2027+* until 2027* until 2027* 28 *vs. act 2024
Slide 29: Next level production
NEXT LEVEL PRODUCTION Improved productivity levels, lower labor costs, higher equipment utilisation and automation through AI & digitalisation Reducing logistics cost by optimising transport routes and outsourcing Reduction of energy costs, particularly in Germany Moving east: ramp -up of plant exte
Slide 30: Material cost reduction and cost engineering
MATERIAL COST REDUCTIONAND COST ENGINEERING MATERIAL COST REDUCTION 2027+ vs. act 2024 >-8% without raw mats & product enhancements >-2% achieved in 2025 -10% going forward ▪ Leveraging the global footprint and network to strengthen local -for-local and best -cost -country sourcing ▪ Radical cost en
Slide 31: BEV/ICE margin parity by end of the decade
BEV/ICE MARGINPARITY BY END OF THE DECADE BATTERY COST REDUCTION ▪ Battery cost reduced by -30% €/kWh and overall vehicle cost reduced by > -15% for MMA and MB.EA products vs. predecessors ▪ Targeting further cost reductions over lifecycle in the midterm and for new products ▪ Ambition to close the
Slide 32: Investment peak behind us
INVESTMENT PEAK BEHIND US CASH -VIEW R&D and PP&E 1 -10% 12.1 12.7 ~12.0 Disciplined investment policy: 3.4 4.1 ~11.0 PP&E ▪ Peak of tech investments (MB.OS, ADAS, EV and ICE drivetrain) behind us 8.7 8.6 R&D ▪ Proliferation of the tech stack into the entire product portfolio BEV, ▪ Peak of invest i
Slide 33: Significant fixed cost reduction achieved
SIGNIFICANT FIXED COST REDUCTION ACHIEVED FIXED COST REDUCTION 1 Streamlining of all business functions (net of inflation) ▪ Use of attrition As percentage of revenue: ▪ Personal cost reduction programme ~14% ~10% ~9% ▪ Reduction of management positions (span & layers) and introduction of dual roles
Slide 34: Agenda
Agenda I. Mercedes-Benz Cars: Five reasons for confidence 1. Biggest product launch program in our history 2. Next generation of MB Tech 3. Taking performance to the next level 4. Increasing resilience and reshaping global footprint 5. Attractive shareholder returns II. Sustainability III. Funding I
Slide 35: Europe: profitable growth through targeted portfolio strategy
PROFITABLEGROWTHTHROUGHTARGETEDPORTFOLIOSTRATEGY ANDFOCUSON BEVMOMENTUM 10% Top-End share (Actuals MB 2025) Closing of white spots (e.g. C -Class & GLC BEV) EU-specific products (e.g. Shooting Brake BEV) 50% Entry share (Actuals MB 2025) EUROPE Optimised channel mix (e.g. fleet) Further rollout agen
Slide 36: USA: ambition 400k units
IN THEUSA, AMBITION 400UNITSWITHFOCUSON K US-TAILOREDSUV & TOP-ENDMODELSANDLOCALISATION 30% Top-End share (Actuals MB 2025) Leveraging US-tailored SUVs USA Launching I6 & new V8 AMG engines 75% SUV/SUC share (Actuals MB 2025) Introducing high - performance BEVs 16% of sales in 2025 85% (~285 k units
Slide 37: Overseas: dedicated strategy for each market
INVESTIN OVERSEASREGIONSWITHA DEDICATED STRATEGYFOREACHMARKET Asia (outside of China) Attacking new growth Leveraging production segments (e.g. VLE/VLS) network incl. China Middle East OVERSEAS Fully utilising trade agreements Foster brand experience via regional brand centres ~18% of sales in 2025
Slide 38: Leading position in China
LEADING POSITION IN CHINA DESPITE MAJOR SHIFTS IN PREMIUM MARKET No. 1 > RMB 400 k 24% market share > RMB 1m Tech & product Next-level localisation > 30% market share offensive of large luxury sedan China 7M China customer base Premium performance segment for AMG 7 China -dedicated models 100% China
Slide 39: Accelerate in the unique ecosystem
ACCELERATE IN THE UNIQUE ECOSYSTEM Leading partnerships & local technology stack – purely Mercedes -Benz UNCOMPROMISING VALUES LEADING PARTNERSHIPS 39
Slide 40: First OEM to deliver cutting-edge intelligence across all drivetrains
THE FIRST OEM TO DELIVER CUTTING-EDGE INTELLIGENCE ACROSS ALL DRIVETRAINS ALL-NEW NEW NEW ELECTRIC GLC LWB GLE LWB S-CLASS L2 Urban/Highway ADAS Capabilities // MB.OS Cabin Integrating Doubao AI 40
Slide 41: Dual R&D engines in China
THE FORCES BEHIND: DUAL R&D ENGINES IN CHINA WITH FULL AUTONOMY WHILE LEVERAGING GLOBAL RESOURCES In-house hardware and software engineers BEIJING SHANGHAI 2,000 Engineering Excellence Software Competence + + Accelerated Localization Fostering Tech Innovation L2; RSE; ASIL -D Standards development i
Slide 42: Delivering on targets
DELIVERING ON TARGETS: Cost & efficiency as principles Stringent Targets to Achieve by 2027* >-10% Local material cost >-20% Variable production cost -20% Fixed cost Continued production footprint optimisation 42 *Compared to 2024 figures
Slide 43: Mercedes-Benz global network
MERCEDES-BENZ GLOBAL NETWORK 43
Slide 44: Tailoring industrial base to market demand
TAILORING INDUSTRIAL BASE TO MARKETDEMAND GLOBAL PRODUCTION CAPACITY 1 Continuous focus on streamlining capacities 2026: ca. 2.4 m units ( -120 k vs. 2024) ▪ German plant capacity of ca. 900 k units; 300 k units per plant EUROPE/ ▪ End of production at joint venture plant in AMERICAS ASIA REST OF WO
Slide 45: Strengthening local-for-local from 60% to 70%
STRENGTHENINGLOCAL-FOR-LOCAL FROM 60% TO 70% TARGET GLOBAL PRODUCTION NETWORK 1 USA: Our “Home of mid and large SUVs” ▪ Substantial invest in US production to support volume growth; next generation of GLC USA EUROPE CHINA to be localised in Tuscaloosa Local - for - local share ▪ Export of large SUVs
Slide 46: Agenda
Agenda I. Mercedes-Benz Cars: Five reasons for confidence 1. Biggest product launch program in our history 2. Next generation of MB Tech 3. Taking performance to the next level 4. Increasing resilience and reshaping global footprint 5. Attractive shareholder returns II. Sustainability III. Funding I
Slide 47: Strategic margin target of 8-10% including tariffs
STRATEGIC MARGINTARGET OF 8-10%INCLUDINGTARIFFS MB CARS MARGIN CORRIDOR 1 External factors and market environment ▪ Full -year tariff effect of 150 -200 basis points with limited midterm mitigation levers ▪ Adverse foreign exchange effects 8 - 10% Ramp - up Ramp -up year 2026 2026 ▪ Product ramp -up
Slide 48: >130% total shareholder return between 2019 and 2025
>130% TOTAL SHAREHOLDER RETURN BETWEEN2019 AND 2025 Schematic graph CASH GENERATED CASH RETURNED AND NET INDUSTRIAL SINCE 2019 SPIN -OFF TO SHAREHOLDERS LIQUIDITY Total MB Daimler Shareholder Return 2019-2025 >€50 bn Group Truck 2025 >30% Share price >130% 1 >€30 bn >€30 bn (>20% in 2025) 2024 + Sha
Slide 49: Benchmark capital allocation framework
BENCHMARKCAPITAL ALLOCATIONFRAMEWORK SHAREHOLDER RETURN 2025 -2026 in billion euros 2025 2026 ▪ Payout of 100% of free cash flow FCF IB 5.3 >4 ▪ Proceeds from major M&A will increase shareholder Potential proceeds from M&A 0,1 ~2 return according to our capital allocation framework Dividend 4.1 3.4
Slide 50: Agenda
Agenda I. Mercedes-Benz Cars: Five reasons for confidence 1. Biggest product launch program in our history 2. Next generation of MB Tech 3. Taking performance to the next level 4. Increasing resilience and reshaping global footprint 5. Attractive shareholder returns II. Sustainability III. Funding I
Slide 51: Our sustainable business strategy
OUR SUSTAINABLE BUSINESS STRATEGY Decarbonisation Human Resource use rights & circularity Mercedes-Benz Sustainable Business Strategy People Traffic safety Digital trust 51
Slide 52: Committed to our Ambition 2039
WE ARE COMMITTED TO OUR AMBITION 2039 Reducing CO2 emissions Aiming for a net-carbon neutral* MB new vehicle fleet along entire value chain & over entire life cycle by 2039 Accelerating the energy transition Aiming to further increase share of renewable energy sources at MBC production plants Closin
Slide 53: Great leap forward with all-new products
WITH OUR ALL-NEW PRODUCTS, WE ARE MAKING GREAT LEAP FORWARD minus two-thirds minus 40% carbon footprint reduction across the carbon footprint reduction along the entire lifecycle compared to the entire value chain with new CLA vs. current combustion-powered GLC non-electric predecessor 53
Slide 54: On the road to zero carbon emissions
ON THE ROAD TO ZERO CARBON EMISSIONS 2030 2039 AMBITION CO 2 EMISSIONS Mercedes -Benz Cars Operations s cope 1 and s cope 2 compared to 2018 -80% -100% DECARBONISATION OF HEAT PUMPS ELECTRIFICATION DISTRICT HEATING OF PAINT SHOPS 54
Slide 55: Renewable energy expansion
RENEWABLE ENERGY EXPANSION 2030 2039 AMBITION MERCEDES-BENZ CARS Operations 70% 100% SOLAR WINDPARK ENERGY PAPENBURG 120 MW CONSTRUCTION up to 140 MWp STARTED WINDPARK WINDANKER 11 MWh INSTALLATIONS IN PROGRESS 140 MW APPROVAL RECEIVED 55
Slide 56: Energy efficiency
ENERGY EFFICIENCY REDUCTION UNTIL 2030 CONSUMPTION 2030 -25% compared to 2024 <2 MWh/vehicle HEAT RECOVERY DIGITALISATION TECHNOLOGY 56
Slide 57: Decarbonisation in logistics
DECARBONISATION IN LOGISTICS TARGET | CO2 EMISSION REDUCTIONS 2039 -60% compared to 2021 AVOIDANCE REDUCTION BY LOCALISATION, OPTIMISATION & EFFICIENCY BY TECHNOLOGY = E-TRUCKS, BIO-FUEL, SAF 57
Slide 58: Batteries in a closed loop
BATTERIES IN A CLOSED LOOP Battery Production EV Production Cell Production Lifespan of EV Cathode Production Secondary Materials Reuse in the Vehicle Primary Materials Recycling + Reuse in Second Life 58
Slide 59: Water management
WATERMANAGEMENT TARGET 2030 | AMBITION 2039 MULTI-REUSE WATER 50% ZERO Water reduction Drinking water in 1,000,000m / year3 in production production in 202 9 processes processes compared to 2023 59
Slide 60: Cost efficiency: energy, water, waste
COST EFFICIENCY CU T TI NG ENERGY, WATER, WASTE IN PRODUCTION COSTS -25% PER VEHICLE until 2030 compared to 2024 60
Slide 61: We finance our transformation in a sustainable manner
WE FINANCE OUR TRANSFORMATION IN A SUSTAINABLE MANNER GREEN FINANCE FRAMEWORK GREEN FINANCE INVESTOR REPORT Since 2020, updated in 2023 and in line with Ambition 2039 Transparency on use of proceeds and environmental impact Principles used to issue green financing instruments Financed projects (allo
Slide 62: Mercedes-Benz Group ESG ratings performance
MERCEDES-BENZ GROUP ESG RATINGS PERFORMANCE 2019 2020 2021 2022 2023 2024 2025 03/2026 Sector leading position among automotive OEMs MSCI BBB BBB A A A A A A Recognized by leading SUSTAINALYTICS medium risk low risk low risk low risk low risk ESG rating agencies: 27.1 25.6 22.1 20.9 19.6 15.7 15.1 1
Slide 63: Agenda
Agenda I. Mercedes-Benz Cars: Five reasons for confidence 1. Biggest product launch program in our history 2. Next generation of MB Tech 3. Taking performance to the next level 4. Increasing resilience and reshaping global footprint 5. Attractive shareholder returns II. Sustainability III. Funding I
Slide 64: Our funding strategy is built on strict principles
OUR FUNDING STRATEGY IS BUILT ON STRICT PRINCIPLES Targeting Financial Maximizing Financial Stringent Global Independence Flexibility Funding Policy No dependence from single Keeping prudent amount of markets, instruments, banks Cash and Committed Credit Liquidity matched funding or investors Facili
Slide 65: Portfolio at Mercedes-Benz Financial Services remained stable
PORTFOLIO AT MERCEDES-BENZ FINANCIAL SERVICES REMAINED STABLE COMPARED TO 2025 Wholesale 163 154 151 140 138 133 134 132 135 129 130 Loan 117 Lease Portfolio (in bn €) 72 74 71 68 62 64 62 Others 58 58 59 56 Acquisitions Vans (in bn €) 13 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Y
Slide 66: MBFS stringent credit management and solid refinancing
MERCEDES-BENZ FINANCIAL SERVICES BUSINESS WITH STRINGENT CREDIT MANAGEMENT AND SOLID REFINANCING Net credit losses as a percentage of portfolio, subject to credit risk 0.41 0.44 0.38 0.33 0.31 0.29 0.26 0.26 Global net credit losses remain on an elevated 0.24 0.21 0.21 0.20 level. They are expected
Slide 67: Well balanced bond maturity profile
WELL BALANCED BOND MATURITY PROFILE in billions of EUR as of March 31st, 2026 Issued in 2026 13.1 Maturities 10.8 8.6 1.8 5.6 5.4 5.1 0.9 0.5 6.9 4.7 4.9 1.7 1.5 1.4 0.9 0.5 0.2 0.3 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2037 Note: Including accounting related accrued interest 67
Slide 68: Financing liabilities decreased, diversified funding mix
FINANCING LIABILITIES DECREASED AND SHOW A DIVERSIFIED FUNDING MIX in billions of EUR Lease Liabilities Acc. Deposits Other (ex Lease Liab.) Bank Loans Com. Paper Bonds 112 113 ABS 2% 109 2% 2% 1% 1% 1% 2% 3% 1% 100 2% 100 2% 16% 1% 15% 1% 14% 0% 1% 1% 16% 16% 9% 5% 2% 23% 2% 22% 23% 24% 22% 56% 48%
Slide 69: Balanced mix of funding instruments
TO ENSURE SUSTAINABLE PORTFOLIO GROWTH WE MITIGATE RISK AND VOLATILITY THROUGH A BALANCED MIX OF FUNDING INSTRUMENTS Other Lease Liabilities 1% 2% Bank Loans Bonds & CPs Fortify our global footprint and use market opportunities 21% 22% Q1 Maintain our excellent Bank Loans bank relationships 51% Depo
Slide 70: Diversified global funding base matched with MBFS requirements
DIVERSIFIED GLOBAL FUNDING BASE: CONTINUOUSLY MATCHED WITH MBFS REQUIREMENTS Canada EMTN Domestic Bonds CP Prog. Europe, UK & CH Japan ABS EMTN Program Domestic CP EUR CP Program Prog. USA IT& HU, UK & CH: China EMTN 144a / RegS PP - Domestic Bonds Turkey Domestic Bond Prog. ABS EMTN ABS Domestic Bo
Slide 71: Financial KPIs set to support a strong rating
MERCEDES-BENZ GROUP’S FINANCIAL KPIS SET TO SUPPORT A STRONG RATING Agency Long-term Outlook Short-term S&P: A negative A-1 Current Credit Moody's: A2 stable P-1 Ratings DBRS: A negative R-1 (low) 71
Slide 72: Funded ratio of pension obligations at approx. 113%
FUNDED RATIO OF PENSION OBLIGATIONS AT APPROX. 113% Daimler Group Mercedes-Benz Group (excl. Truck) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1-2026 3.7 2.4 2.6 2.6 1.5 0.9 Solid capital 0.5 0.5 0.6 0.5 0.1 0.1 0.1 0.1 0.2 0.0 structure: on a net basis. No more pension provisions -4.5 -4.3
Slide 73: Agenda
Agenda I. Mercedes-Benz Cars: Five reasons for confidence 1. Biggest product launch program in our history 2. Next generation of MB Tech 3. Taking performance to the next level 4. Increasing resilience and reshaping global footprint 5. Attractive shareholder returns II. Sustainability III. Funding I
Slide 74: Executive Summary Q1 2026
– Capital Market Presentation Q1–2026 Executive Summary Q1 2026 1. Strategy Execution • Elevating the Top -End: Premieres of the new S -Class, EQS, GLS and Mercedes -Maybach S -Class. • Advancing the Core: The all-new electric C -Class combines sportiness and comfort; new GLE bolsters the SUV portfo
Slide 75: A strong start to the year: biggest-ever product launch program continues
– Mercedes -Benz– A strong start to the year: Our biggest -ever product launch program continues S- Class GLS GLE C - Class VLE The benchmark in The S -Class of SUVs The modern expression A class of its own A new era of its segment redefining comfort of Mercedes DNA redefining the segment Grand Limo
Slide 76: Strengthening local presence in key markets
– Mercedes -Benz– We strengthen our local presence in key markets across technology, products and capital deployment Automated driving roll - out China - fit vehicles Driving U.S. growth U.S. launch of Point -to-Point All-new GLC L revealed in Beijing, SUV portfolio upgraded & assisted driving in 20
Slide 77: Group Key Figures
– Mercedes -Benz Group: Key Figures – Q1 performance in line with expectations, healthy Free Cash of EUR 1.9 bn reinforces our strong financial position 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
Slide 78: Group: EBIT
– Mercedes -Benz Group: EBIT – In a dynamic environment, Mercedes -Benz Group achieved solid EBIT of EUR 1.9 bn in million euros 131 1,904 413 12 1,773 415 933 Legal proceedings -4 t/o Restructuring -175 At-equity Daimler Truck +82 M&A transactions +310 Mercedes -Benz Mercedes -Benz Mercedes -Benz R
Slide 79: Reconciliation from CFBIT to Free Cash Flow
– Mercedes -Benz Group: Reconciliation from CFBIT to Free Cash - Flow Strong cash generation of EUR 1.9 bn despite restructuring payments of EUR 1.0 bn in million euros 983 2,840 2,645 95 -227 -152 -268 1,857 -236 Legal proceedings +87 Restructuring +976 M&A transactions -80 CFBIT CFBIT Income taxes
Slide 80: Net Industrial Liquidity
– Mercedes -Benz Group: Net Industrial Liquidity – Healthy Free Cash Flow supports our strong financial position in billion euros 1.7 2.7 0.1 0.2 33.8 32.2 -1.8 -0.5 -0.8 Free Cash Flow (industrial business) Q1 2026: EUR 1.9 bn Prior to dividend payout of EUR 3.3 bn in April 2026. Net Industrial Ear
Slide 81: Gross Liquidity
– Mercedes -Benz Group: Gross Liquidity – – Mercedes -Benz Group: Gross Liquidity – Mercedes -Benz Group: Gross Liquidity In billion euros Financial Services Industrial Business 1.9 0.2 -0.6 -1.5 1.4 -4.0 19.8 0.0 -0.5 3.4 0.0 * 20.1 2.4 3.2 16.7 17.7 Liquidity Dividend Share IB FS Other ABS New Bon
Slide 82: Financial Flexibility
– Mercedes -Benz Group: Financial Flexibility – – Mercedes -Benz Group: Financial Flexibility – Mercedes -Benz Group: Financial flexibility over a 12 -month period Q1 2026 in billions of EUR 46 ABS potential Gross industrial liquidity at €17.7 billion Daimler Truck stake Other incl. Financial flexib
Slide 83: Cars: Top-End and Electric Vehicle Unit Sales
– Mercedes -Benz Cars: Top -End and Electric Vehicle Unit Sales – TEV share resilient, solid BEV growth supported by strong demand for electric CLA Total MB Cars Top - End Electric vehicles in thousand units in thousand units in thousand units -6% -5% -6% 446 65* 87 419 62* 81 65 11 G 62 Top-End 11
Slide 84: Cars: Financials
– Mercedes -Benz Cars:Financials– Cars achieved an adjusted EBIT of EUR 0.9 bn and strong adjusted CFBIT of EUR 3.4 bn Sales Revenue EBIT adj. CFBIT adj. in thousand units in billion euros in billion euros in billion euros -6% -5% -47% +22% 446 24.2 1.8 3.4 419 23.0 2.8 0.9 72.3 ASP * 66.7 Q1 2025 Q
Slide 85: Cars: EBIT & RoS
– Mercedes -Benz Cars: EBIT RoS & – Cars delivered Return on Sales adjusted of 4.1%, well within guidance range in million euros Efficiency gains in production, material and SG&A continued Gross Profit -1,376 1,768 Positive effects from R&D post funding peak – Lower contributions from China prof
Slide 86: Cars: EBIT to CFBIT
– Mercedes -Benz Cars: EBIT to CFBIT – Cars demonstrated strong cash generation even during model transition and-up ramp phase in million euros 1,586 2,824 83 785 3,430 2,645 -1,351 -1,306 CCR: 3.7 CCR: 3.3 809 Legal proceedings +44 t/o Inventories +146 t/o Restructuring +808 Trade receivables +109
Slide 87: Vans: Financials
– Mercedes -Benz Vans:Financials– Vans performance resilient, CFBIT reflects investments in new architecture Sales Revenue EBIT adj. CFBIT adj. in thousand units in billion euros in million euros in million euros -3% +1% -13% 83 80 4.1 4.1 475 612 415 1.3 CCR -0.3 adj. xEV 8% -134 6% share Q1 2025 Q
Slide 88: Vans: EBIT & RoS
– Mercedes -Benz Vans: EBIT RoS & – In a competitive market environment, Vans maintained a double -digit Return on Sales adjusted in million euros Gross Profit -65 475 19 415 -48 -2 392 -15 -2 -8 -4 -23 RoS : Ongoing cost efficiency 11.6% Positive effects from increased leasing portfolio RoS : R
Slide 89: Vans: EBIT to CFBIT
– Mercedes -Benz Vans- Mercedes -Benz Vans: EBIT to CFBIT in million euros 392 25 -87 t/o Inventories -299 Legal proceedings +43 Trade receivables -188 Restructuring +63 Trade payables +401 M&A transactions -13 124 CCR: CCR: 93 -0.3 -0.6 -134 -487 -194 -227 EBIT Change in Net financial Net investmen
Slide 90: Financial Services: Financials
– Mercedes -Benz Financial Services: Financials– Strong EBIT growth driven by continued portfolio margin improvements and efficiency gains New Business Contract Volume EBIT adj. in billion euros in billion euros in million euros -4% +1% +44% 13.6 128.8 130.1 413 13.1 287 RoE 13.3% 8.6% adj. Q1 2025
Slide 91: Financial Services: EBIT & RoE
– Mercedes -Benz Financial Services - Mercedes -Benz Financial Services: EBIT RoE & in million euros 34 413 399 18 158 11 -14 287 -27 RoE : RoE : 13.3% 12.9% -68 RoE : 8.6% Positive development in portfolio margin continued Efficiency measures leading to cost savings – Cost of credit risk increa
Slide 92: 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% 0.31% 0.31% 0.41% 0.24% 0.26% 0.26% 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 93: Divisional Guidance 2026
– Mercedes -Benz Divisional Guidance2026– Mercedes -Benz Divisional Guidance2026 Actuals Actuals Guidance FY 2025 YTD 3M 2026 FY 2026 Unit sales 1,801k units 419k units At prior-year level xEV share 20% 19% 21 to 23% Mercedes -Benz Return on sales (adj.*) 5.0% 4.1% 3 to 5% Cars Investment in PP&E EU
Slide 94: Group Guidance 2026
– Mercedes -Benz Group Guidance2026– Mercedes -Benz Group Guidance2026 Actuals Actuals Guidance FY 2025 YTD 3M 2026 FY 2026 Revenue EUR 132.2 bn EUR 31.6 bn At prior-year level Mercedes -Benz EBIT EUR 5.8 bn EUR 1.9 bn Significantly above Group Free Cash Flow EUR 5.4 bn EUR 1.9 bn Slightly below (in
Slide 95: 2026 ramp-up continues to gain traction
– Mercedes -Benz– Our 2026 ramp -up continues to gain traction, supported by strong demand for -new allelectric models Customer order intake for BEVs in Europe up by +107% in Q1 2026 vs. Q1 2025 Order books for CLA, GLB and GLC filled well into H2 2026 Production for CLA and GLC running at Energy co
Slide 96: What's next is already on the way. Coming May 19.
What’s next is already on the way. Coming May 19. 96
Slide 97: Appendix
Appendix 97
Slide 98: 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 99: 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 100: 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
Mercedes-Benz Group — Debt Investor Presentation (2026) on 6ix