Mercedes-benz Group Ag · XETR:MBG
Mercedes-benz — Q3 2023 Earnings Presentation
27 slides from Mercedes-benz's earnings presentation, Oct 26, 2023
Slide 1: Capital Market Presentation Q3 2023
Willkommen | Welcome Capital Market Presentation Q3 2023 Mercedes-Benz Group AG Stuttgart, October 26, 2023
Slide 2: Review Q3 2023
Review Q3 2023
Slide 3: Mercedes-Benz Group: Key figures
Mercedes-Benz Group: Key figures Revenue EBIT EBIT adj. Free Cash Flow (IB) Net Industrial Liquidity in billion euros in billion euros in billion euros in billion euros in billion euros -1% -8% -7% 37.7 5.3 +7% 37.2 5.2 4.8 4.9 28.5 -22% 26.6 3.0 2.3 Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q
Slide 4: Mercedes-Benz Cars: Key messages
Mercedes-Benz Cars: Key messages Performance: Strong growth of G and Maybach; GLC and E-Class deliveries impacted by 48V supply constraint Profitability: Solid results and improved net pricing demonstrate resilience in challenging environment Products: Premiere of Concept CLA, all-new AMG GT Coupé a
Slide 5: Mercedes-Benz Cars: Top-End and electric vehicle unit sales
Mercedes-Benz Cars: Top-End and electric vehicle unit sales In thousand units +21% -4% 530 102 511 -11% Top-End 79 79* 70 85 9 70* 5 10 G 62 BEV 7 Maybach 37 Core 293 290 36 30 AMG thereof S 48 41 EQS 41 PHEV Entry ** 158 36 151 GLS EQS SUV Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 Total MBC T
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% 530.4 510.6 28.2 -18% 27.1 4.1 -38% 3.6 3.4 2.2 75.4* -1% 74.6* Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 * ASP in thousand euros excl.
Slide 7: Mercedes-Benz Cars: Q3 2023 EBIT & RoS
Mercedes-Benz Cars: Q3 2023 EBIT & RoS In million euros Gross Profit -829 Net pricing 4,034 47 4,081 -101 -329 50 37 6 13 3,357 3,312 others -399 -45 RoS: RoS: 14.3% 14.5% RoS: RoS: Improved net pricing Lower raw material prices 12.4% 12.2% Lighter product mix in Q3 Decreased unit sales due to 48V s
Slide 8: Mercedes-Benz Cars: EBIT to CFBIT
Mercedes-Benz Cars: EBIT to CFBIT In million euros 3,312 120 -492 1,512 2,148 47 2,195 -376 CCR: CCR: 0.6 0.7 -1,928 t/o • Inventories - 909 • Trade receivables - 79 t/o • Legal proceedings + 66 • Trade payables + 496 • Result at-equity BBAC - 539 • M&A - 19 Net investments Depreciation and CFBIT EB
Slide 9: Mercedes-Benz Vans: Key messages
Mercedes-Benz Vans: Key messages Performance: Stable sales in core regions; eVans more than doubled Profitability: Strong results with solid net pricing and healthy product mix outweighing supply chain related cost increases Products: Preview of new EQV, V-Class, V-Class Marco Polo as well as eVito
Slide 10: Mercedes-Benz Vans: Electric vehicle unit sales
Mercedes-Benz Vans: Electric vehicle unit sales In thousand units +1% +105% 104 105 6.3 thereof 3.1 thereof Q3 2022 Q3 2023 Q3 2022 Q3 2023 Total MB Vans Battery electric vehicles Share in % of volume 3% 6% 10
Slide 11: 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 +1% +15% +96% 104.0 105.1 4.9 1,035 +36% 4.3 743 546 529 Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 11
Slide 12: Mercedes-Benz Vans: Q3 2023 EBIT & RoS
Mercedes-Benz Vans: Q3 2023 EBIT & RoS In million euros Gross Profit +315 546 -24 -207 -18 -8 743 -37 715 -56 -28 49 546 497 RoS: RoS: RoS: Strongly improved net pricing 15.0% 14.5% RoS: 12.7% Significantly improved product mix 11.5% Lower raw material prices Higher inflation and supply chain relate
Slide 13: Mercedes-Benz Vans: EBIT to CFBIT
Mercedes-Benz Vans: EBIT to CFBIT In million euros 55 1,035 159 980 134 0 104 715 -132 CCR: CCR: 1.4 1.4 t/o • Inventories + 21 • Trade receivables + 90 • Trade payables + 24 • Legal proceedings + 55 Net investments Depreciation and CFBIT EBIT Change in working Net financial CFBIT in pp&e and amorti
Slide 14: Mercedes-Benz Mobility: Key messages
Mercedes-Benz Mobility: Key messages Business: Competitive market environment and continued support of BEV ramp-up with positive IRA effect on penetration rate in US Performance: Interest margin impacted by higher interest rates and elevated cost of credit risk driven by macroeconomic environment St
Slide 15: Mercedes-Benz Mobility: Financials
Mercedes-Benz Mobility: Financials New Business Contract Volume EBIT adj. in billion euros in billion euros in million euros +7% +2% 15.2 133.8 131.4 14.3 -37% 577 363 Q3 2022 Q3 2023 06/30/2023 09/30/2023 Q3 2022 Q3 2023 15
Slide 16: Mercedes-Benz Mobility: Q3 2023 EBIT & RoE
Mercedes-Benz Mobility: Q3 2023 EBIT & RoE In million euros 577 0 577 -37 -21 68 363 0 363 2 RoE: RoE: -190 15.8% 15.8% -36 Interest margin impacted by higher refinancing cost and increased competition RoE: RoE: Ramp-up of charging business 10.4% 10.4% Higher cost of credit risk mainly driven by cha
Slide 17: Mercedes-Benz Group: Group EBIT
Mercedes-Benz Group: Group EBIT In million euros 5,196 148 5,344 197 312 4,915 4,842 -73 -724 -214 • Legal proceedings + 97 • M&A transactions + 51 • Legal proceedings - 73 EBIT EBIT EBIT Mercedes-Benz Mercedes-Benz Mercedes-Benz EBIT Adjustments adjusted Reconciliation adjusted Adjustments Q3 2022
Slide 18: Reconciliation from CFBIT to Free Cash Flow
Mercedes-Benz Group: Reconciliation from CFBIT to Free Cash Flow* In million euros 980 102 2,449 139 2,347 2,148 133 43 -1,096 • Legal proceedings + 121 • M&A - 19 Free cash flow Free cash flow Mercedes-Benz Mercedes-Benz Income taxes Effects from Other reconciling (industrial Interest received (ind
Slide 19: Mercedes-Benz Group: Net Industrial Liquidity
Mercedes-Benz Group: Net Industrial Liquidity In billion euros 1.6 2.9 0.2 0.9 28.5 25.8 -0.3 -2.1 -0.5 Free cash flow industrial business Q3 2023: € 2.3 billion Additions to Net Industrial Earnings and Depreciation and Investments in Net Industrial Working capital property, plant, Share Liquidity o
Slide 20: Outlook 2023
Ve=ee=s = Outlook 2023
Slide 21: Mercedes-Benz Divisional Guidance 2023
Mercedes-Benz Divisional Guidance 2023 ASSUMPTION With regional differences the overall growth momentum of the world economy is likely to remain rather subdued in the rest of the year. Above all, the still above-average inflation in many places and the persistently restrictive monetary policy of key
Slide 22: Mercedes-Benz Group Guidance 2023
Mercedes-Benz Group Guidance 2023 ASSUMPTION With regional differences the overall growth momentum of the world economy is likely to remain rather subdued in the rest of the year. Above all, the still above-average inflation in many places and the persistently restrictive monetary policy of key cent
Slide 23: 2024 will be packed with TEV premieres
Slide 24: Appendix
Appendix
Slide 25: Mercedes-Benz Mobility: Net credit losses
Mercedes-Benz Mobility: Net credit losses* in thousand units 0.89% 0.83% 0.51% 0.43% 0.37% 0.34% 0.33% 0.31% 0.31% 0.26% 0.26% 0.24% 0.21% 0.21% 0.27% 0.18% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 ytd. 2023 * As percentage of portfolio, subject to credit risk. 25
Slide 26: 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/ Unit Above -7.5% -7.5% to -2% -2% to +2% +2% to +7.5% Above +7.5% Sales EBIT (Group) Above -15% -15% to -5% -5% to +5% +5% to +15% Abov
Slide 27: 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