Mercedes-benz Group Ag · XETR:MBG
Mercedes-benz — Q2 2026 Earnings Presentation
75 slides from Mercedes-benz's earnings presentation, 2026
Slide 1: Roadshow Presentation Q2 2026
ROADSHOW PRESENTATION Q2 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. Mercedes -Benz Vans III. Res
Slide 3: As rules shift, we gear up with even greater drive
AS RULES SHIFT, WE GEAR UP WITH EVEN GREATER DRIVE WE ARE TURNING OUR STRENGTHS INTO MOMENTUM. 3
Slide 4: 140 years ago, we invented the automobile
140 YEARS 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. Mercedes -Benz Vans III. Res
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 827mn 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 mid-term goals
THE DESTINATION IS SET: OUR STRATEGIC MID-TERM GOALS ~2.0 m sales volume >15% Top -End sales growth 2x xEV share 9
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 MM SL SL PureSpeed S-Class S-Class LWB GLS MM S-Class MM GLS BEV EQS GT 4DR ICE Core GLE GLE Coupé GLE LWB C-Class C-Class Estate BEV GLC GLC LWB C-Class ICE Entry CLA GLB CLA SB
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 intuitive, expressive commanding performance the segment 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 S- Class Mercedes -Maybach GLS Mercedes -Maybach Refined in S- Class The S-Class of SUVs GLS every detail True class runs deep redefines comfort A cosmos of your own 12 Mercedes -Maybach GLS 680
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 in May premiere of cabriolet customers debuted in March followed by new SUV later this y
Slide 14: Product pipeline drives mid-term growth target
PRODUCT PIPELINE DRIVES MID-TERM 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 Mid- term growth targets ▪ Targeted sa
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 ▪ Mid-term Top -End volume increase driven by AMG Top-End product momentum , including AMG.EA and new 6 - and 8 - share 14.9% 14-15% >15% cylinder options 2025 2026 2027 Mid-te
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 mid-term ▪ Maintain price premium on the back of brand and product strength Revenue ▪ Stable revenue develop
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. Mercedes -Benz Vans III. Res
Slide 18: Desirable HEV and BEV 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 19: 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 19
Slide 20: Every new Mercedes-Benz will be software-defined
EVERY NEW MERCEDES-BENZ WILL BE SOFTWARE-DEFINED. ELEVATING DIGITAL CUSTOMER EXPERIENCE ADAS Chip -to-Cloud User Experience Leverage data to Own architecture with Integration of local continuously add full OTA capability partners & AI functions functionality 20
Slide 21: MB.OS: the AI-enhanced superbrain
MB.OS: THE AI- ENHANCEDSUPERBRAIN. OUR SOFTWARE-DEFINED VEHICLE WITH FUNCTIONAL ZONES Autonomous Driving & MBUX Vehicle & Drive Controller High-performance computing as service providers with state of the art SoC by for functional zones NVIDIA & Qualcomm AD Computer MBUX Vehicle Drive Computer Contr
Slide 22: 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 22
Slide 23: 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 23
Slide 24: Cutting edge 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 24
Slide 25: Comprehensive sensor set and built-in supercomputer
EVERY MERCEDES COMES WITH A COMPREHENSIVE SENSOR SET & A SUPERCOMPUTER BUILT-IN Comprehensive sensor setup High-performance comput ing …opens up new possibilities for continuous ADAS Tele & Wide- Mid-Range 12 × Ultrasonic 4 × Corner and traffic safety improvements angle Camera Radar Sensors Radar An
Slide 26: 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. Mercedes -Benz Vans III. Res
Slide 27: 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* 27 *vs. act 2024
Slide 28: 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: start of production in
Slide 29: 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 30: 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 mid -term and for new products ▪ Ambition to close th
Slide 31: 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 32: 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 33: 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. Mercedes -Benz Vans III. Res
Slide 34: Rightsizing our production footprint
RIGHTSIZING OUR PRODUCTION FOOTPRINT: INDUSTRIAL BASE TAILORED TO MARKET DEMAND GLOBAL CAPACITY 2026 1 TARGET CAPACITY MID -TERM 1 ca. 2.4m units 2.0m to 2.2m units Capacity 2.5m 2.4m TUSCALOOSA 300k BEIJING 680k 2.2m WEU (mainly GER ) 900k 2.0m KECSKEMÉT 400k AGUASCALIENTES 0k EAST LONDON 100k 2020
Slide 35: Structural resilience across three regions by design
FROM GLOBAL REACH TO LOCAL DEPTH: STRUCTURAL RESILIENCE ACROSS THREE REGIONS BY DESIGN USA1 EUROPE1 CHINA1 Local production >85 % >85 % >80 % >80 % share in % >50 % >30 % 2026 Ambition 2026 Mid-term 2026 Mid-term Strengthening “Made in USA” Focus on craftsmanship, Broad Entry and Core portfolio with
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 unit
Slide 37: 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 age
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 > 30% market share of large luxury sedan CHINA 7M China customer base Tech & product offensive Next-level localisation Premium performance 7 China -dedicated models segment for AMG 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: 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 41: Delivering on targets: cost and efficiency
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 41 *Compared to 2024 figures
Slide 42: 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. Mercedes -Benz Vans III. Res
Slide 43: 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 mid -term mitigation levers ▪ Adverse foreign exchange effects 8 - 10% Ramp - up Ramp -up year 2026 2026 ▪ Product ramp -
Slide 44: 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. Mercedes -Benz Vans III. Res
Slide 45: Mercedes-Benz Vans strategy
MERCEDES-BENZ VANS STRATEGY We will offer the world’s most desirable vans and services Elevate Focus Expand Deliver Lower our position as the on profitable customer base and a world leading cost base, improve leading partner in growth grow lifetime value product experience industrial footprint comme
Slide 46: Our products keep the world running
OUR PRODUCTS KEEP THE WORLD RUNNING Private Usage Services & Crafts Rental Construction CEP & Logistics Trade & eGrocery Private 20% Commercial 80% Recreational Deployment & People Mover Manufacturing Vehicles Municipal Ordered according to sales volume of Mercedes Benz Vans in Europe (GER, FR, IT,
Slide 47: New modular and scalable van architecture
NEW MODULAR AND SCALABLE VAN ARCHITECTURE (VAN.EA | VAN.CA) Flexibility: Efficiency: Scalability: Flexible for changing customer Shared components reduces Facilitates easy scaling of production demand. Offering of latest technology development and production costs as volumes on same lines independen
Slide 48: All-new electric VLE, series production started
WITH THE ALL-NEW ELECTRIC VLE, MERCEDES-BENZ VANS IS STARTING INTO A NEW ERA. SERIESPRODUCTIONSTARTED • First vehicle based on the new Van Architecture, writing the next chapter in the iconic 140 -year automotive history of Mercedes -Benz. • The best of two worlds: the VLE combines limousine -like r
Slide 49: Mercedes-Benz VLS & Mercedes-Maybach VLS
MERCEDES - BENZ VLS & MERCEDES - MAYBACH VLS: TOP - END - PORTFOLIO IN GRAND LIMOUSINES SEGMENT 49
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. Mercedes -Benz Vans III. Res
Slide 51: 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 -
Slide 52: Biggest-ever product and technology launch program continues
– Mercedes -Benz– Our biggest -ever product and technology launch program continues to move forward with strong momentum Products Technology Premiere of Mercedes -AMG GT 4 -Door Coupé Next level ICE technology with new V8 engines Start of sales for electric C -Class, GLE, GLS & VLE Start of producti
Slide 53: Strengthening 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 54: Mercedes-Benz Group: Key Figures
– 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 55: 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 56: Mercedes-Benz 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 57: 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 58: 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 59: Mercedes-Benz 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 60: 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 61: Mercedes-Benz 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 62: 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 63: 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 64: 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 65: 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 66: 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 67: The environment will remain dynamic
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 67
Slide 68: Appendix
Appendix 68
Slide 69: 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 70: 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 71: 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 71
Slide 72: BBAC Joint Venture
– Mercedes -Benz– BBAC (Beijing Benz Automotive Cooperation) Joint Venture Key Facts − BBAC is based on a trustful partnership with our long-term partner BAIC. − BBAC is the largest Mercedes-Benz production facility in the world, featuring local R&D for passenger cars. BBAC figures disclosed by MBG
Slide 73: 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 74: 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 75: 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