Mercedes-benz Group Ag · XETR:MBG
Mercedes-benz — Q2 2024 Earnings Presentation
25 slides from Mercedes-benz's earnings presentation, Jul 26, 2024
Slide 1: Capital Market Presentation Q2 2024
Capital Market Presentation Q2 2024 Mercedes-Benz Group AG Stuttgart, July 26, 2024
Slide 2: Mercedes-Benz Group: Key messages
Mercedes-Benz Group: Key messages Performance: robust car and van sales in subdued market environment. Products: world premiere of electric G-Class, extensive EQS upgrade & Mythos series Concept Mercedes-AMG PureSpeed. Further ramp-up of recently launched vehicles. Profitability: Cars double digit m
Slide 3: Mercedes-Benz Group: Key figures
Mercedes-Benz Group: Key figures 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 -4% -19% -12% -52% -12% 38.2 5.0 3.34 3.4 31.7 36.7 2.95 28.0 4.0 1.6 Q2 2023 Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2
Slide 4: Mercedes-Benz Cars: Top-End and electric vehicle unit sales
Mercedes-Benz Cars: Top-End and electric vehicle unit sales In thousand units -4% 516 497 Top-End 85 -17% -6% 70 85* 96 90 11 6 70* 9 G 5 Maybach 46 BEV** Core 277 290 61 38 35 AMG thereof S 43 EQS 44 PHEV Entry ** 154 136 33 35 GLS EQS SUV Q2 2023 Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2 2024 Total MB Ca
Slide 5: Mercedes-Benz Vans: Electric vehicle unit sales
Mercedes-Benz Vans: Electric vehicle unit sales In thousand units -13% 120 +3% 5.2 5.1 103 thereof BEV thereof Q2 2023 Q2 2024 Q2 2023 Q2 2024 Total MB Vans Electric vehicles Share in % of volume 4% 5% 5
Slide 6: Mercedes-Benz Cars: Financials
Mercedes-Benz Cars: Financials Sales Revenue EBIT adj. CFBIT adj. in thousand units in billion euros in billion euros in billion euros -4% -4% -28% -43% 515.7 28.2 3.8 3.8 496.7 27.2 2.8 2.2 73.5* -4% 70.9* Q2 2023 Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2 2024 * ASP in thousand euros excl.
Slide 7: Mercedes-Benz Cars: EBIT & RoS
Mercedes-Benz Cars: EBIT & RoS In million euros Gross Profit -1,020 3,852 3,812 -40 144 395 34 61 2,763 2,756 -268 -7 -1,345 -70 RoS: RoS: 13.6% 13.5% Operational efficiencies Favorable material costs RoS: RoS: Lighter product-mix 10.2% 10.1% Negative Net Pricing Effect • Legal proceedings +26 Highe
Slide 8: Mercedes-Benz Cars: EBIT to CFBIT
Mercedes-Benz Cars: EBIT to CFBIT In million euros 2,756 893 2,156 36 2,192 130 1,501 -1,424 CCR: CCR: 0.8 0.8 t/o • Inventories -426 t/o • Trade Payable/ • Dividend BBAC +641 • Legal proceedings +36 Receivables -998 • Result at-Equity BBAC –305 -1,700 Net investments Depreciation and CFBIT EBIT Cha
Slide 9: Mercedes-Benz Vans: Financials
Mercedes-Benz Vans: Financials Sales Revenue EBIT adj. CFBIT adj. in thousand units in billion euros in million euros in million euros +5% -13% -7% -24% 119.5 5.1 834 819 4.8 792 103.4 624 Q2 2023 Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2 2024 9
Slide 10: Mercedes-Benz Vans: EBIT & RoS
Mercedes-Benz Vans: EBIT & RoS In million euros Gross Profit +32 88 3 23 10 834 830 806 792 6 -61 -26 -4 -14 RoS: RoS: RoS: RoS: 15.7% 15.5% 17.5% 17.4% Healthy net pricing and mix supported by strong product substance Favorable FX Favorable material cost • Legal proceedings -9 Lower unit sales • Le
Slide 11: Mercedes-Benz Vans: EBIT to CFBIT
Mercedes-Benz Vans: EBIT to CFBIT In million euros 830 33 624 248 591 22 -405 129 CCR: CCR: 0.7 0.7 t/o t/o -233 • New vehicle stock –152 • Dividend FBAC +99 • Legal proceedings +33 • Trade payable –118 Net investments Depreciation and CFBIT EBIT Change in working Net financial CFBIT in pp&e and amo
Slide 12: Mercedes-Benz Mobility: Financials
Mercedes-Benz Mobility: Financials New Business Contract Volume EBIT adj. in billion euros in billion euros in million euros +1% -9% 15.4 134.7 135.7 14.1 -40% 448 271 Q2 2023 Q2 2024 03/31/2024 06/30/2024 Q2 2023 Q2 2024 12
Slide 13: Mercedes-Benz Mobility: EBIT & RoE
Mercedes-Benz Mobility: EBIT & RoE In million euros 276 448 -7 -52 25 271 0 271 5 -4 RoE: -144 12.8% 172 RoE: RoE: Efficiency measures leading to cost improvements 8.4% 8.4% RoE: Interest margin impacted by interest rate development in competitive environment Higher cost of credit risk driven by con
Slide 14: Mercedes-Benz Group: EBIT
Mercedes-Benz Group: EBIT In million euros 223 5,211 4,988 42 22 4,049 4,037 -1,049 -177 -12 t/o • At-equity Daimler Truck - 147 • Legal proceedings -12 • Legal proceedings + 18 • Russia + 205 EBIT EBIT EBIT Mercedes-Benz Mercedes-Benz Mercedes-Benz EBIT Adjustments adjusted Reconciliation adjusted
Slide 15: Mercedes-Benz Group: Reconciliation from CFBIT to Free Cash Flow
Mercedes-Benz Group: Reconciliation from CFBIT to Free Cash Flow In million euros 591 2,156 238 1,629 70 1,699 91 14 -1,461 • Legal proceedings +70 Free cash flow Other Free cash flow Mercedes-Benz Mercedes-Benz Income taxes Interest Effects from (industrial reconciling (industrial Adjustments Cars
Slide 16: Mercedes-Benz Group: Net Industrial Liquidity
Mercedes-Benz Group: Net Industrial Liquidity In billion euros 3.5 1.6 0.3 33.6 -1.8 -2.0 1.1 28.0 -5.5 Free cash flow industrial business -2.8 Q2 2024: € 1.6 billion Additions to Net Industrial Earnings and Depreciation and Investments in Net Industrial Working capital property, plant, Liquidity ot
Slide 17: Outlook 2024
Outlook 2024 17
Slide 18: Mercedes-Benz Divisional Guidance 2024
Mercedes-Benz Divisional Guidance 2024 ASSUMPTION The assumptions regarding the economic situation and the development of automotive markets continue to be characterized by a degree of uncertainty. In addition to unexpected macroeconomic developments, uncertainties for the global economy and the bus
Slide 19: Mercedes-Benz Group Guidance 2024
Mercedes-Benz Group Guidance 2024 ASSUMPTION The assumptions regarding the economic situation and the development of automotive markets continue to be characterized by a degree of uncertainty. In addition to unexpected macroeconomic developments, uncertainties for the global economy and the business
Slide 20: We will continue to execute our strategy
We will continue to execute our strategy Top-End ramp-up Maintain cost Further momentum supporting sales & mix discipline, resilience generated by several in second half at work initiatives, e.g. BEAT 20
Slide 21: We will be able to cater to different customer needs well into the 2030s
We will be able to cater to different customer needs well into the 2030s All new models aim to exceed highest customer expectations Flexibility to offer Product offensive 2025ff Desirable offerings ICE & BEV during with new positions & in all segments transition phase significant upgrades 21
Slide 22: Appendix
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Slide 23: Mercedes-Benz Mobility: Net credit losses
Mercedes-Benz Mobility: Net credit losses* 0.89% 0.83% 0.43% 0.37% 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 YTD 2024 * As percentage of portfolio, subject to credit risk. 23
Slide 24: Mercedes-Benz Group/Divisional Guidance Ranges
Mercedes-Benz Group/Divisional Guidance Ranges* Specification/ Significantly Slightly below At prior-year Slightly above Significantly KPI below level above Revenue/ X < -7.5% -7.5% ≤ X < -2% -2% ≤ X ≤ +2% +2% < X ≤ +7.5% X > +7.5% Unit Sales EBIT (Group) X < -15% -15% ≤ X <-5% -5% ≤ X ≤ +5% +5% < X
Slide 25: Disclaimer
Disclaimer This document contains forward-looking statements that reflect our current views about future events. The words “anticipate”, “assume”, “believe”, “estimate”, “expect”, “intend”, “may”, “can”, “could”, “plan”, “project”, “should” and similar expressions are used to identify forward-lookin