Mercedes-benz Group Ag · XETR:MBG
Mercedes-benz — Q1 2026 Earnings Presentation
26 slides from Mercedes-benz's earnings presentation, Apr 29, 2026
Slide 1: Capital Market Presentation Q1 2026
CAPITAL MARKET PRESENTATION Q1 2026 Mercedes-Benz Group AG April 29, 2026
Slide 2: 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 portfolio
Slide 3: A strong start to the year: Our 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 Limousine
Slide 4: We strengthen our local presence in key markets across technology, products and capital deployment
– 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 2026 &
Slide 5: Group: Key Figures
– Mercedes-Benz Group: Key Figures – Q1 performance in line with expectations, healthy Free Cash Flow 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 bil
Slide 6: 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 5 5
Slide 7: 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 8: 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 profi
Slide 9: Cars: EBIT to CFBIT
– Mercedes-Benz Cars: EBIT to CFBIT – Cars demonstrated strong cash generation even during model transition and ramp-up 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 A
Slide 10: 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
Slide 11: 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: RoS:
Slide 12: 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 13: 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 Reconc
Slide 14: Group: 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 15: Group: 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 Earn
Slide 16: Mercedes-Benz Divisional Guidance 2026
– Mercedes-Benz Divisional Guidance 2026 – Mercedes-Benz Divisional Guidance 2026 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 17: Mercedes-Benz Group Guidance 2026
– Mercedes-Benz Group Guidance 2026 – Mercedes-Benz Group Guidance 2026 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 18: Our 2026 ramp-up continues to gain traction, supported by strong demand for all-new electric models
– Mercedes-Benz – Our 2026 ramp-up continues to gain traction, supported by strong demand for all-new electric 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 con
Slide 19: What's next is already on the way. Coming May 19.
What’s next is already on the way. Coming May 19. 19
Slide 20: Appendix
Appendix 20
Slide 21: Mercedes-Benz 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 investment
Slide 22: Mercedes-Benz 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 increased d
Slide 23: Mercedes-Benz 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 per
Slide 24: Mercedes-Benz Group/Divisional Guidance Ranges
– Mercedes-Benz – Mercedes-Benz Group/Divisional Guidance Ranges* 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 25: 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 26: 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 expres