Mercedes-benz Group Ag · XETR:MBG
Mercedes-benz — Q1 2024 Earnings Presentation
26 slides from Mercedes-benz's earnings presentation, Apr 30, 2024
Slide 1: Capital Market Presentation Q1 2024
Capital Market Presentation Q1 2024 Mercedes-Benz Group AG Stuttgart, April 30, 2024
Slide 2: 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 +3% +6% -4% -30% -22% 37.5 5.5 3.7 2.2 33.6 35.9 2.2 31.7 2.9 3.9 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024
Slide 3: Mercedes-Benz Cars: Q1 Product Highlights
Mercedes-Benz Cars: Q1 Product Highlights Electric G-Class AMG GT EQS AMG E-Class 3
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 -8% 503 463 -27% -2% Top-End 92 67 92* 92 90 10 7 67* 9 G 52 48 BEV** Core 248 268 40 5 Maybach 29 AMG thereof S 48 EQS 40 43 PHEV Entry ** 163 129 35 GLS EQS SUV Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Total MB Ca
Slide 5: 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 -8% -8% -44% 503.5 27.8 4.1 463.0 25.7 -22% 3.0 2.3 2.3 76.0* -2% 74.6* Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 * ASP in thousand euros excl.
Slide 6: Mercedes-Benz Cars: EBIT & RoS
Mercedes-Benz Cars: EBIT & RoS In million euros Gross Profit -1,883 4,148 4,113 -35 237 133 2,456 34 21 2,323 344 -199 -1,990 -237 RoS: RoS: 14.9% 14.8% Lower raw material prices RoS: RoS: Lower R&D cost for existing vehicles and conventional drivetrains 9.0% 9.6% Lower unit sales Unfavorable produc
Slide 7: Mercedes-Benz Cars: EBIT to CFBIT
Mercedes-Benz Cars: EBIT to CFBIT In million euros 1,491 308 2,456 -25 2,297 44 2,341 -554 -1,379 CCR: CCR: 0.9 1.0 t/o t/o • Inventories -1,619 • Result at-Equity BBAC –340 • Legal proceedings +44 • Trade Payable/ Receivables +1,927 Net investments Depreciation and CFBIT EBIT Change in working Net
Slide 8: Mercedes-Benz Vans: Key messages
Mercedes-Benz Vans: Key messages Strong sales start into the year with growth driven by commercial vans. Especially strong performance in U.S. and China. Strengthening of product portfolio with launch of new eSprinter and midsize Vans. Continuously strong product substance, healthy mix, robust prici
Slide 9: Mercedes-Benz Vans: Electric vehicle unit sales
Mercedes-Benz Vans: Electric vehicle unit sales In thousand units +7% 105 -17% 99 3.6 3.0 thereof BEV thereof Q1 2023 Q1 2024 Q1 2023 Q1 2024 Total MB Vans Electric vehicles Share in % of volume 4% 3% 9
Slide 10: 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 +7% +6% +11% +53% 105.4 4.9 800 688 98.9 4.6 719 450 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 10
Slide 11: Mercedes-Benz Vans: EBIT & RoS
Mercedes-Benz Vans: EBIT & RoS In million euros Gross Profit +98 8 133 933 181 33 800 762 719 -91 -27 -10 -13 -43 RoS: RoS: RoS: 19.1% RoS: 16.3% 16.5% 15.6% Increased unit sales with positive structure Healthy net pricing supported by strong product substance • Legal proceedings -43 Higher inflatio
Slide 12: Mercedes-Benz Vans: EBIT to CFBIT
Mercedes-Benz Vans: EBIT to CFBIT In million euros 40 9 933 126 -176 45 688 643 -289 CCR: CCR: 0.7 0.9 t/o • New vehicle stock –211 • Legal proceedings +45 • Trade payable +220 Net investments Depreciation and CFBIT EBIT Change in working Net financial CFBIT in pp&e and amortization/ Other Adjustmen
Slide 13: Mercedes-Benz Mobility: Key messages
Mercedes-Benz Mobility: Key messages Stable new business development and continued support for xEV sales. Portfolio margin still under pressure. Profitability of new acquisitions continued to improve. Higher cost of credit risk mainly driven by U.S. Expanding worldwide charging solutions for our cus
Slide 14: Mercedes-Benz Mobility: Financials
Mercedes-Benz Mobility: Financials New Business Contract Volume EBIT adj. in billion euros in billion euros in million euros 0% 0% 14.7 14.8 135.0 134.7 -48% 539 279 Q1 2023 Q1 2024 12/31/2023 03/31/2024 Q1 2023 Q1 2024 14
Slide 15: Mercedes-Benz Mobility: EBIT & RoE
Mercedes-Benz Mobility: EBIT & RoE In million euros 539 0 539 -16 -95 30 279 0 279 RoE: RoE: 14 15.6% 15.6% -186 -7 Positive volume development RoE: RoE: Interest margin impacted by interest rate development in competitive environment 8.5% 8.5% Higher cost of credit risk driven by the U.S. Lower rem
Slide 16: Mercedes-Benz Group: EBIT
Mercedes-Benz Group: EBIT In million euros 5,504 5,422 -82 81 265 3,863 145 3,598 -1,790 -260 t/o • Legal proceedings -82 • At-equity Daimler Truck +209 • Legal proceedings +265 EBIT EBIT EBIT Mercedes-Benz Mercedes-Benz Mercedes-Benz EBIT Adjustments adjusted Reconciliation adjusted Adjustments Q1
Slide 17: Mercedes-Benz Group: Reconciliation from CFBIT to Free Cash Flow
Mercedes-Benz Group: Reconciliation from CFBIT to Free Cash Flow In million euros 643 147 2,297 90 2,323 2,233 -665 -154 -35 • Legal proceedings +90 Free cash flow Other Free cash flow Mercedes-Benz Mercedes-Benz Income taxes Interest Effects from (industrial reconciling (industrial Adjustments Cars
Slide 18: Mercedes-Benz Group: Net Industrial Liquidity
Mercedes-Benz Group: Net Industrial Liquidity In billion euros 1.6 1.4 0.3 0.3 0.0 33.6 31.7 -1.4 -0.3 Free cash flow industrial business Q1 2024: € 2.2 billion Additions to Net Industrial Earnings and Depreciation and Investments in Net Industrial Working capital property, plant, Liquidity other ca
Slide 19: Capital Allocation
Capital Allocation Capital Allocation Framework Share Buyback Execution Update In May 2024, EUR 3.0 bn share buyback to start. Free Cash Flow IB From May 2024 onwards buybacks will be executed in parallel. Dividend of approx. 40% In Q1 2025, before AGM, buybacks expected to reach EUR 7.0 bn. New Sha
Slide 20: Outlook 2024
Outlook 2024 20
Slide 21: 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 22: 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 23: Appendix
Appendix
Slide 24: Mercedes-Benz Mobility: Net credit losses
Mercedes-Benz Mobility: Net credit losses* 0.89% 0.83% 0.43% 0.37% 0.34% 0.33% 0.31% 0.31% 0.38% 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. 24
Slide 25: 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 26: 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