Mercedes-benz Group Ag · XETR:MBG
Mercedes-benz — Q3 2025 Earnings Presentation
26 slides from Mercedes-benz's earnings presentation, Oct 29, 2025
Slide 1: Capital Market Presentation Q3 2025
CAPITAL MARKET PRESENTATION — CAPITAL MARKET PRESENTATION Q3 2025 — Q3 2025 — MERCEDES-BENZ — MERCEDES-BENZ GROUP AG Stuttgart, October 29, 2025
Slide 2: Executive Summary Q3 2025
EXECUTIVE SUMMARY Q3 2025 1. Strategy Execution — CAPITAL MARKET PRESENTATION Q3 2025 — • Product offensive started with CLA, our first software-defined vehicle on the road, now also available with LFP battery. • Product offensive continues: GLC world premiere at IAA with fantastic feedback, competi
Slide 3: We've kicked off our biggest-ever product launch programme
WE’VE KICKED OFF OUR BIGGEST -EVER PRODUCT LAUNCH PROGRAMME — CAPITAL MARKET PRESENTATION Q3 2025 — — MERCEDES-BENZ — Energy consumption combined: 18,9 – 14,9 kWh/100 km | CO₂ emissions combined: 0 g/km | CO₂ class: A CLA CLA Shooting Brake GLC VLE / VLS Class of its own More room for The new face A
Slide 4: We're pushing the boundaries of technology for our customers
WE’RE PUSHING THE BOUNDARIES OF TECHNOLOGY FOR OUR CUSTOMERS — CAPITAL MARKET PRESENTATION Q3 2025 — — MERCEDES-BENZ — Electric drive Software Automated Driving New era of performance Launch, roll-out & Premiere of Point-to- with AMG GT XX evolution of MB.OS Point assisted driving
Slide 5: Group: Key Figures – Q3 underlying performance in line with expectations
– MERCEDES-BENZ GROUP: KEY FIGURES – Q3 UNDERLYING PERFORMANCE IN LINE WITH EXPECTATIONS, CASH GENERATION CONTINUED — CAPITAL MARKET PRESENTATION Q3 2025 — Revenue EBIT / EBIT adj. Earnings per share Free Cash Flow (IB) Net Industrial Liquidity in billion euros in billion euros in euros in billion e
Slide 6: Cars: Top-End and Electric Vehicle Unit Sales
– MERCEDES-BENZ CARS: TOP-END AND ELECTRIC VEHICLE UNIT SALES – TOP-END SALES INCREASED, ELECTRIC VEHICLES SUPPORTED BY NEW CLA In thousand units -12% — CAPITAL MARKET PRESENTATION Q3 2025 — 504 +10% +10% Top-End 62 441 68* 96 — MERCEDES-BENZ — 68 62* 87 12 G 9 5 Maybach 5 43 BEV** Core 301 43 250 3
Slide 7: Cars: Financials – In a dynamic environment
– MERCEDES-BENZ CARS: FINANCIALS – IN A DYNAMIC ENVIRONMENT FINANCIALS SHOW RESILIENCE — CAPITAL MARKET PRESENTATION Q3 2025 — Sales Revenue EBIT adj. CFBIT adj. in thousand units in billion euros in billion euros in billion euros -12% -7% -37% — MERCEDES-BENZ — 504 25.6 2.4 23.7 441 1.5 -6% 1.2 1.1
Slide 8: Cars: EBIT & RoS
– MERCEDES-BENZ CARS: EBIT & ROS – NEXT LEVEL PERFORMANCE AND In million euros COST EFFICIENCY MEASURES AT WORK Gross Profit -465 — CAPITAL MARKET PRESENTATION Q3 2025 — 1,207 287 1,139 — MERCEDES-BENZ — -50 56 104 629 RoS: Material cost savings and efficiencies in production RoS: 4.7% -634 Lowe
Slide 9: Cars: EBIT to CFBIT
– MERCEDES-BENZ CARS: EBIT TO CFBIT – CONTINUED EMPHASIS ON CASH FLOW In million euros STEERING SUPPORTED STRONG CFBIT ADJUSTED — CAPITAL MARKET PRESENTATION Q3 2025 — 173 1,529 — MERCEDES-BENZ — 530 1,356 464 18 1,659 CCR: CCR: 1.3 430 3.2 • Legal proceedings +23 t/o • Restructuring +147 • Result a
Slide 10: Vans: Financials
– MERCEDES-BENZ VANS: FINANCIALS – VANS CONTINUED TO DELIVER DOUBLE -DIGIT RETURN WHILE INVESTING IN NEW ARCHITECTURE — CAPITAL MARKET PRESENTATION Q3 2025 — Sales Revenue EBIT adj. CFBIT adj. in thousand units in billion euros in million euros in million euros -8% -13% -34% -68% — MERCEDES-BENZ — 9
Slide 11: Mercedes-Benz Vans: EBIT & RoS
MERCEDES-BENZ VANS: EBIT & ROS In In million million euros euros Gross Profit -248 — CAPITAL MARKET PRESENTATION Q3 2025 — Positive effects from industrial performance incl. one-timers 628 – Significantly lower unit sales and negative net pricing – Provisions for achieving CO2 targets — MERCEDES-B
Slide 12: Mobility: Financials
– MERCEDES-BENZ MOBILITY: FINANCIALS – IMPROVED PORTFOLIO MARGIN AND EFFICIENCIES DROVE FAVORABLE EBIT DEVELOPMENT — CAPITAL MARKET PRESENTATION Q3 2025 — New Business Contract Volume EBIT adj. in billion euros in billion euros in million euros -1% +10% -4% — MERCEDES-BENZ — 14.2 128.8 128.0 313* 13
Slide 13: Group: EBIT – Restructuring costs and legal proceedings impacted EBIT
– MERCEDES-BENZ GROUP: EBIT – RESTRUCTURING COSTS AND In million euros LEGAL PROCEEDINGS IMPACTED EBIT — CAPITAL MARKET PRESENTATION Q3 2025 — 235 2,099 — MERCEDES-BENZ — 313 412 1,139 750 -1,349 • Legal proceedings -427 t/o • Restructuring -876 • At-equity Daimler Truck +153 • M&A transactions -46
Slide 14: Group: Reconciliation from CFBIT to Free Cash Flow
– MERCEDES-BENZ GROUP: RECONCILIATION FROM CFBIT TO FREE CASH FLOW – HEALTHY DIVISIONAL CASH GENERATION In million euros LED TO FREE CASH FLOW OF EUR 1.4 BN — CAPITAL MARKET PRESENTATION Q3 2025 — 273 218 1,585 — MERCEDES-BENZ — 1,356 120 1,367 46 -316 -112 • Legal proceedings +41 • Restructuring +1
Slide 15: Group: Net Industrial Liquidity
– MERCEDES-BENZ GROUP: NET INDUSTRIAL LIQUIDITY – CASH GENERATION SUPPORTED In billion euros HEALTHY BALANCE SHEET — CAPITAL MARKET PRESENTATION Q3 2025 — 1.8 1.1 0.8 0.1 0.1 32.3 — MERCEDES-BENZ — 30.8 -2.4 Free cash flow industrial business Q3 2025: € 1.4 billion Additions to Net Industrial Earnin
Slide 16: Benchmark shareholder return continues backed by strong cash generation
BENCHMARK SHAREHOLDER RETURN CONTINUES BACKED BY STRONG CASH GENERATION — CAPITAL MARKET PRESENTATION Q3 2025 — Generated Free Cash Flow Dividend YTD25 9M paid out in May 2025 — MERCEDES-BENZ — 5.6 bn New Share Buyback up to 2bn EUR 4.1 bn Planned start November 3, 2025 with a duration of up to 12 m
Slide 17: Divisional Guidance 2025
– MERCEDES-BENZ DIVISIONAL GUIDANCE 2025 – MERCEDES-BENZ DIVISIONAL GUIDANCE 2025 Actuals Actuals Guidance — CAPITAL MARKET PRESENTATION Q3 2025 — FY 2024 YTD 9M 2025 FY 2025 Unit Sales 1,983k units 1,341k units Significantly below xEV share 19% 21% 20 to 22% Return on Sales (adj.*) 8.1% 5.7% 4 to 6
Slide 18: Group Guidance 2025
– MERCEDES-BENZ GROUP GUIDANCE 2025 – MERCEDES-BENZ GROUP GUIDANCE 2025 Actuals Actuals Guidance — CAPITAL MARKET PRESENTATION Q3 2025 — FY 2024 YTD 9M 2025 FY 2025 Revenue EUR 145.6 bn. EUR 98.5 bn. Significantly below — MERCEDES-BENZ — EBIT EUR 13.6 bn. EUR 4.3 bn. Significantly below Free Cash Fl
Slide 19: Five reasons for confidence
FIVE REASONS FOR CONFIDENCE . MERCEDES -BENZ IS DETERMINED TO DELIVER — CAPITAL MARKET PRESENTATION Q3 2025 — — MERCEDES-BENZ — Biggest Next Taking Increasing Attractive product launch generation performance resilience & reshaping shareholder programme of MB tech to next level global footprint retur
Slide 20: Appendix
— CAPITAL MARKET PRESENTATION Q3 2025 — APPENDIX — MERCEDES-BENZ —
Slide 21: Mercedes-Benz Vans: EBIT to CFBIT
MERCEDES-BENZ VANS: EBIT TO CFBIT In million euros — CAPITAL MARKET PRESENTATION Q3 2025 — 46 277 — MERCEDES-BENZ — 358 24 297 80 273 124 t/o CCR: CCR: • Inventories +265 0.8 • Legal proceedings +17 0.7 • Trade receivables -79 • Restructuring +8 • Trade payables +91 • M&A transactions -1 -612 Net in
Slide 22: Mercedes-Benz Mobility: EBIT & RoE
MERCEDES-BENZ MOBILITY: EBIT & ROE In million euros — CAPITAL MARKET PRESENTATION Q3 2025 — • Legal proceedings -422 • Restructuring -71 40 313 285 25 -6 21 — MERCEDES-BENZ — -7 -45 RoE: RoE: Ongoing efficiency measures leading to further cost improvements 9.6% 8.9% Positive development in portf
Slide 23: Mercedes-Benz Mobility: Net Credit Losses
MERCEDES-BENZ MOBILITY: NET CREDIT LOSSES* — CAPITAL MARKET PRESENTATION Q3 2025 — 0.89% 0.83% — MERCEDES-BENZ — 0.43% 0.37% 0.42% 0.34% 0.33% 0.40% 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 YTD 2025 * As per
Slide 24: Mercedes-Benz Group/Divisional Guidance Ranges
MERCEDES-BENZ GROUP/ DIVISIONAL GUIDANCE RANGES* — CAPITAL MARKET PRESENTATION Q3 2025 — Specification/ Significantly Slightly below At prior-year Slightly above Significantly KPI below level above — MERCEDES-BENZ — Revenue/ X < -7.5% -7.5% ≤ X < -2% -2% ≤ X ≤ +2% +2% < X ≤ +7.5% X > +7.5% Unit Sale
Slide 25: Contacts – Investor Relations
CONTACTS – INVESTOR RELATIONS — CAPITAL MARKET PRESENTATION Q3 2025 — Visit our Investor Relations Website: Click here — MERCEDES-BENZ — Alexander Jasperneite Analysts, Creditor and Equity Relations Email: alexander.jasperneite@mercedes-benz.com Stephanie Dumke ESG, Annual General Meeting & Share Re
Slide 26: Disclaimer
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 expressions are used to