Factbook for Q2 2026*
August 07, 2026
* The Factbook reports on continuing operations, unless explicitly stated otherwise.
1. Stock Market Information | |||||||
Q3 | Q4 | Q1 | Q2 | FY | |||
In €m 2025 | 2025 | 2026 | 2026 | 2025 | Change | 2025 | |
Earnings per share (in €) basic | 0.51 | 0.59 | 0.18 | 0.15 | 0.29 | -46 % | 2.33 |
diluted | 0.51 | 0.59 | 0.18 | 0.15 | 0.29 | -46 % | 2.33 |
Average number of shares outstanding (adjusted for treasury shares, in millions) basic | 766 | 766 | 765 | 762 | 769 | -1 % | 769 |
diluted | 766 | 766 | 765 | 762 | 769 | -1 % | 769 |
Number of shares outstanding (at period end, in millions) | 766 | 766 | 764 | 760 | 767 | -1 % | 766 |
Xetra closing price (at period end, in €) | 35.02 | 37.32 | 41.47 | 42.20 | 40.17 | 5% | 37.32 |
Market capitalization, Frankfurt Stock Exchange (based on number of shares outstanding, at period end, in billions of €) | 26.81 | 28.57 | 31.70 | 32.08 | 30.80 | 4% | 28.57 |
1. Key Figures and Ratios Group
Q3 Q4 Q1 Q2 Q1-2 FY In €m 2025 2025 2026 2026 2025 Change 2026 2025 Change 2025Revenue | 10,551 | 11,797 | 9,981 | 12,292 | 11,674 | 5% | 22,273 | 23,182 | -4% | 45,530 |
EBIT | 553 | 677 | 292 | 360 | 396 | -9% | 652 | 1,399 | -53% | 2,630 |
Net profit | 407 | 428 | 149 | 128 | 245 | -48% | 277 | 994 | -72% | 1,829 |
Net profit from discontinued operations | 51 | 39 | 45 | 1,340 | 65 | - | 1,385 | 114 | - | 205 |
Net profit from continuing and discontinued operations | 458 | 467 | 194 | 1,468 | 310 | 374% | 1,662 | 1,108 | 50% | 2,033 |
t/o attributable to the shareholders of Daimler Truck Holding AG | 434 | 489 | 175 | 1,457 | 277 | 427 % | 1,631 | 1,047 | 56 % | 1,970 |
Sep. 30 | Dec. 31 | Mar. 31 | Jun. 30** | Dec. 31 | |
2025 | 2025 | 2026 | 2026 | 2025 | Change |
Total workforce (number of employees)* | 108,815 | 108,476 | 108,655 | 98,869 | 108,476 | -9% |
Trucks North America | 25,608 | 25,261 | 25,472 | 26,349 | 25,261 | 4 % |
Mercedes-Benz Trucks | 47,060 | 46,812 | 46,560 | 47,036 | 46,812 | 0 % |
Daimler Buses | 18,218 | 18,247 | 18,408 | 18,145 | 18,247 | -1 % |
Financial Services | 2,007 | 2,025 | 2,053 | 2,055 | 2,025 | 1 % |
* The total of the segments does not correspond to total workforce of the Group due to the reconciliation between the segments.
** Starting with Q2 2026, workforce figures no longer include approximately 10,000 Mitsubishi Fuso employees following the company's integration into ARCHION and the associated deconsolidation.
2. Key Figures and Ratios Industrial Business
Q3 Q4 Q1 Q2 Q1-2 FY In €m 2025 2025 2026 2026 2025 Change 2026 2025 Change 2025Continuing operations | ||||||||||
Unit sales | 72,277 | 85,961 | 68,849 | 86,707 | 80,607 | 8% | 155,556 | 156,365 | -1% | 314,603 |
Revenue | 9,695 | 10,921 | 9,142 | 11,417 | 10,821 | 6% | 20,559 | 21,438 | -4% | 42,054 |
EBIT | 513 | 631 | 253 | 302 | 376 | -20% | 555 | 1,329 | -58% | 2,472 |
Adj. EBIT | 600 | 702 | 460 | 780 | 998 | -22% | 1,239 | 2,022 | -39% | 3,323 |
ROS (in %) | 5.3 | 5.8 | 2.8 | 2.6 | 3.5 | - | 2.7 | 6.2 | - | 5.9 |
Adj. ROS (in %) | 6.2 | 6.4 | 5.0 | 6.8 | 9.2 | - | 6.0 | 9.4 | - | 7.9 |
Sum of continuing and discontinued operations | ||||||||||
EBIT | 611 | 673 | 315 | 1,701 | 475 | 258% | 2,015 | 1,504 | 34% | 2,788 |
Average operating net assets* | 10,874 | 10,556 | 10,405 | 10,396 | 10,645 | -2% | 10,400 | 10,502 | -1% | 10,608 |
Return on capital employed (in %) | 22.5 | 25.5 | 12.1 | 65.4 | 17.8 | - | 38.8 | 28.6 | - | 26.3 |
Free Cash Flow | 24 | 1,747 | -445 | 1,762 | 20 | - | 1,318 | 53 | - | 1,824 |
Net liquidity | 5,878 | 7,670 | 7,143 | 8,342 | 5,926 | 41% | 8,342 | 5,926 | 41% | 7,670 |
Investments PP&E | 275 | 484 | 140 | 234 | 164 | 43% | 374 | 347 | 8% | 1,106 |
Depreciation and amortization/impairments** | 237 | 259 | 247 | 252 | 270 | -7% | 499 | 558 | -11% | 1,054 |
t/o Amortization on capitalized development costs | 19 | 20 | 21 | 21 | 21 | 1% | 42 | 48 | -12% | 87 |
Research and development expenditure*** | 520 | 557 | 503 | 517 | 610 | -15% | 1,020 | 1,194 | -15% | 2,272 |
t/o Research and non-capitalized development costs*** | 465 | 508 | 463 | 481 | 534 | -10% | 943 | 1,033 | -9% | 2,006 |
t/o Capitalized development costs | 55 | 49 | 40 | 36 | 75 | -52 % | 76 | 161 | -53 % | 265 |
Capitalization ratio (in %)*** | 10.6 | 8.8 | 8.0 | 7.0 | 12.3 | - | 7.5 | 13.5 | - | 11.7 |
Research and development costs (EBIT view)*** | -485 | -528 | -484 | -502 | -555 | 10% | -986 | -1,081 | 9% | -2,093 |
t/o Research and non-capitalized development costs*** | -465 | -508 | -463 | -481 | -534 | 10% | -943 | -1,033 | 9% | -2,006 |
t/o Amortization on capitalized development costs | -19 | -20 | -21 | -21 | -21 | -1 % | -42 | -48 | 12 % | -87 |
* The operating net assets are calculated on the basis of the values at the end of each quarter. Liquidity as well as income taxes and pensions are not included in the calculation of the operating net assets.
Including assets and liabilities held for sale.
** Depreciation and amortization including amortization on capitalized development costs and right-of-use assets, excluding depreciation on leased assets.
*** Excluding a special item in research and development costs of €218 million in the second quarter of 2025 from a non-cash derecognition of capitalized development costs due to the slower pace of transformation to battery-electric vehicles, especially in the US market.
3. Key Segment Data
Q3 Q4 Q1 Q2 Q1-2 FY In €m 2025 2025 2026 2026 2025 Change 2026 2025 Change 2025Trucks North America | ||||||||||
Unit sales | 30,225 | 34,017 | 29,432 | 41,687 | 38,580 | 8% | 71,119 | 77,572 | -8% | 141,814 |
Revenue | 3,996 | 4,235 | 3,838 | 5,182 | 5,086 | 2% | 9,021 | 10,492 | -14% | 18,723 |
Adj. EBIT | 257 | 307 | 209 | 435 | 657 | -34% | 644 | 1,434 | -55% | 1,998 |
Adj. ROS (in %) | 6.4 | 7.2 | 5.4 | 8.4 | 12.9 | - | 7.1 | 13.7 | - | 10.7 |
Mercedes-Benz Trucks | ||||||||||
Unit sales | 35,818 | 44,794 | 34,486 | 38,970 | 35,299 | 10% | 73,456 | 65,944 | 11% | 146,556 |
Revenue | 4,886 | 5,616 | 4,605 | 5,318 | 4,826 | 10% | 9,923 | 9,235 | 7% | 19,738 |
Adj. EBIT | 319 | 391 | 233 | 317 | 283 | 12% | 550 | 521 | 6% | 1,230 |
Adj. ROS (in %) | 6.5 | 7.0 | 5.1 | 6.0 | 5.9 | - | 5.5 | 5.6 | - | 6.2 |
Daimler Buses | ||||||||||
Unit sales | 6,443 | 7,315 | 4,972 | 6,132 | 7,027 | -13% | 11,104 | 13,233 | -16% | 26,991 |
Revenue | 1,402 | 1,759 | 1,243 | 1,556 | 1,467 | 6% | 2,800 | 2,802 | 0% | 5,963 |
Adj. EBIT | 137 | 189 | 107 | 150 | 147 | 2% | 257 | 273 | -6% | 599 |
Adj. ROS (in %) | 9.8 | 10.7 | 8.6 | 9.6 | 10.0 | - | 9.2 | 9.7 | - | 10.0 |
Reconciliation | ||||||||||
Unit sales | -209 | -165 | -41 | -82 | -299 | 73% | -123 | -384 | 68% | -758 |
Revenue | -589 | -690 | -544 | -640 | -557 | -15% | -1,184 | -1,091 | -9% | -2,370 |
Adj. EBIT | -113 | -185 | -89 | -122 | -88 | -39% | -211 | -206 | -2% | -504 |
Financial Services | ||||||||||
Revenue | 856 | 876 | 839 | 876 | 853 | 3% | 1,715 | 1,744 | -2% | 3,476 |
Adj. EBIT | 48 | 54 | 39 | 58 | 23 | 151% | 97 | 79 | 23% | 181 |
Equity (quarterly average, year-to-date) | 2,981 | 2,979 | 3,019 | 3,067 | 2,998 | 2% | 3,067 | 2,998 | 2% | 2,979 |
Adj. ROE (in %, year-to-date) | 5.7 | 6.1 | 5.1 | 6.3 | 5.2 | - | 6.3 | 5.2 | - | 6.1 |
Daimler Truck Group | ||||||||||
Unit sales | 72,277 | 85,961 | 68,849 | 86,707 | 80,607 | 8% | 155,556 | 156,365 | -1% | 314,603 |
Revenue | 10,551 | 11,797 | 9,981 | 12,292 | 11,674 | 5% | 22,273 | 23,182 | -4% | 45,530 |
Adj. EBIT | 648 | 756 | 498 | 838 | 1,022 | -18% | 1,336 | 2,100 | -36% | 3,504 |
1. Market (company internal analysis)
Q3 Q4 Q1 Q2 Q1-2 FY In % 2025 2025 2026 2026 2025 Change 2026 2025 Change 2025Trucks North America | ||||||||||
North America* Class 8 | ||||||||||
Market (in k units) | 65 | 58 | 50 | 66 | 70 | -5.7% | 116 | 135 | -14.1% | 258 |
Market Share (in %) | 37.7% | 38.4% | 37.7% | 38.3 % | 40.4% | -2.1%-pts. | 38.0 % | 41.1% | -3.1%-pts. | 39.6% |
North America* Class 6-7 | ||||||||||
Market (in k units) | 34 | 30 | 31 | 36 | 34 | 5.9% | 67 | 68 | -1.5% | 131 |
Market Share (in %) | 30.4% | 30.0% | 33.0% | 30.9 % | 30.0% | 0.9%-pts. | 31.9 % | 30.9% | 1.0%-pts. | 30.6% |
North America* Class 6-8 | ||||||||||
Market (in k units) | 99 | 88 | 80 | 102 | 104 | -1.9% | 183 | 203 | -9.9% | 389 |
Market Share (in %) | 35.3% | 35.5% | 35.9% | 35.7% | 37.0% | -1.4%-pts. | 35.8% | 37.7% | -1.9%-pts. | 36.6% |
Mercedes-Benz Trucks | ||||||||||
EU30** HDT | ||||||||||
Market (in k units) | 68 | 79 | 80 | 85 | 77 | 10.4% | 164 | 149 | 10.1% | 296 |
Market Share (in %) | 19.1% | 18.8% | 18.3% | 19.2 % | 16.2% | 3.0%-pts. | 18.8 % | 15.3% | 3.5%-pts. | 17.1% |
EU30** MDT | ||||||||||
Market (in k units) | 8 | 9 | 7 | 7 | 8 | -12.5% | 14 | 16 | -12.5% | 33 |
Market Share (in %) | 24.2% | 22.1% | 20.5% | 20.4 % | 22.8% | -2.4%-pts. | 20.5 % | 22.9% | -2.4%-pts. | 23.0% |
EU30** HDT/MDT | ||||||||||
Market (in k units) | 76 | 88 | 87 | 91 | 85 | 7.1% | 178 | 165 | 7.9% | 329 |
Market Share (in %) | 19.7% | 19.2% | 18.5% | 19.3% | 16.8% | 2.5%-pts. | 18.9% | 16.0% | 2.9%-pts. | 17.7% |
Brazil HDT | ||||||||||
Market (in k units) | 22 | 23 | 17 | 20 | 20 | 0.0% | 37 | 42 | -11.9% | 87 |
Market Share (in %) | 22.3% | 23.6% | 23.0% | 22.8 % | 23.1% | -0.3%-pts. | 22.9 % | 21.8% | 1.1%-pts. | 22.4% |
Brazil MDT | ||||||||||
Market (in k units) | 6 | 5 | 4 | 5 | 5 | 0.0% | 9 | 10 | -10.0% | 21 |
Market Share (in %) | 42.2% | 41.5% | 39.9% | 39.0 % | 38.1% | 0.8%-pts. | 39.4 % | 38.6% | 0.8%-pts. | 40.3% |
Brazil HDT/MDT | ||||||||||
Market (in k units) | 28 | 28 | 21 | 26 | 25 | 4.0% | 47 | 52 | -9.6% | 108 |
Market Share (in %) | 26.4% | 27.1% | 26.3% | 26.0% | 26.2% | -0.2%-pts. | 26.1% | 25.0% | 1.1%-pts. | 25.9% |
* USA, Canada and Mexico.
** European Union, United Kingdom, Switzerland and Norway.
1. Condensed Statement of Income of Daimler Truck Group
Q3 Q4 Q1 Q2 Q1-2 FY In €m 2025 2025 2026 2026 2025 Change 2026 2025 Change 2025Revenue | 10,551 | 11,797 | 9,981 | 12,292 | 11,674 | 5% | 22,273 | 23,182 | -4% | 45,530 |
Cost of sales | -8,699 | -9,616 | -8,212 | -10,102 | -9,543 | -6 % | -18,313 | -18,575 | 1 % | -36,890 |
Gross profit | 1,852 | 2,181 | 1,769 | 2,191 | 2,131 | 3% | 3,960 | 4,607 | -14% | 8,640 |
Selling expenses | -589 | -724 | -580 | -599 | -582 | -3 % | -1,179 | -1,203 | 2 % | -2,517 |
General administrative expenses | -340 | -315 | -346 | -343 | -518 | 34 % | -689 | -987 | 30 % | -1,642 |
Research and non-capitalized development costs | -444 | -465 | -440 | -481 | -727 | 34 % | -921 | -1,205 | 24 % | -2,115 |
Other operating income | 147 | 190 | 172 | 132 | 225 | -42 % | 304 | 371 | -18 % | 708 |
Other operating expense | -31 | -125 | -47 | -254 | -77 | -231 % | -301 | -114 | -164 % | -270 |
Profit/loss on equity-method investments, net | -40 | -50 | -239 | -260 | -38 | -583 % | -498 | -67 | -639 % | -157 |
Other financial income/expense, net | -1 | -15 | 2 | -26 | -19 | -36 % | -24 | -2 | - | -18 |
Earnings before interest and taxes (EBIT) | 553 | 677 | 292 | 360 | 396 | -9% | 652 | 1,399 | -53% | 2,630 |
Interest income | 98 | 121 | 94 | 106 | 90 | 18 % | 201 | 197 | 2 % | 416 |
Interest expense | -82 | -102 | -79 | -73 | -82 | 12 % | -151 | -159 | 5 % | -344 |
Profit from continuing operations, before income taxes | 569 | 696 | 307 | 394 | 403 | -2% | 702 | 1,437 | -51% | 2,702 |
Income taxes | -162 | -268 | -158 | -266 | -158 | -68 % | -424 | -443 | 4 % | -873 |
Net profit from continuing operations, after tax | 407 | 428 | 149 | 128 | 245 | -48% | 277 | 994 | -72% | 1,829 |
Net profit from discontinued operations, after tax | 51 | 39 | 45 | 1,340 | 65 | - | 1,385 | 114 | - | 205 |
Net profit | 458 | 467 | 194 | 1,468 | 310 | 374% | 1,662 | 1,108 | 50% | 2,033 |
t/o attributable to non-controlling interests | 24 | -23 | 20 | 11 | 33 | -66 % | 31 | 61 | -50 % | 63 |
t/o attributable to the shareholders of Daimler Truck Holding AG | 434 | 489 | 175 | 1,457 | 277 | 427 % | 1,631 | 1,047 | 56 % | 1,970 |
2. Condensed Statement of Financial Position of Daimler Truck Group | |||||||||
Sept. 30 | Dec. 31 | Mar. 31 | Jun. 30 | Jun. 30 | Dec. 31 | ||||
In €m | 2025 | 2025 | 2026 | 2026 | 2025 | Change | 2026 | 2025 | Change |
Assets | |||||||||
Intangible assets | 2,727 | 2,771 | 2,807 | 2,852 | 2,688 | 6% | 2,852 | 2,771 | 3% |
Property, plant and equipment | 6,745 | 6,991 | 7,032 | 7,125 | 6,672 | 7% | 7,125 | 6,991 | 2% |
Equipment on operating leases | 3,979 | 4,117 | 4,111 | 4,213 | 4,003 | 5% | 4,213 | 4,117 | 2% |
Receivables from financial services | 25,675 | 26,109 | 26,214 | 27,028 | 26,523 | 2% | 27,028 | 26,109 | 4% |
Equity-method investments | 768 | 896 | 707 | 1,804 | 752 | 140% | 1,804 | 896 | 101% |
Inventories | 8,471 | 7,209 | 8,370 | 8,665 | 8,435 | 3% | 8,665 | 7,209 | 20% |
Trade receivables | 3,500 | 3,652 | 3,862 | 3,902 | 3,765 | 4% | 3,902 | 3,652 | 7% |
Cash and cash equivalents | 7,670 | 8,550 | 8,711 | 8,245 | 6,784 | 22% | 8,245 | 8,550 | -4% |
Marketable debt securities and similar investments | 2,572 | 2,725 | 3,030 | 2,491 | 1,923 | 30% | 2,491 | 2,725 | -9% |
t/o current | 2,468 | 2,630 | 2,925 | 2,375 | 1,814 | 31% | 2,375 | 2,630 | -10% |
t/o non-current | 104 | 95 | 104 | 116 | 109 | 6% | 116 | 95 | 22% |
Other financial assets | 2,020 | 1,733 | 1,739 | 1,321 | 1,937 | -32% | 1,321 | 1,733 | -24% |
Other assets | 4,469 | 4,299 | 4,270 | 4,307 | 4,461 | -3% | 4,307 | 4,299 | 0% |
Assets held for sale | 3,335 | 3,478 | 3,797 | 679 | 3,487 | -81% | 679 | 3,478 | -80% |
Total assets | 71,931 | 72,530 | 74,651 | 72,632 | 71,429 | 2% | 72,632 | 72,530 | 0% |
Equity and liabilities | |||||||||
Equity | 21,547 | 22,068 | 22,448 | 22,938 | 21,086 | 9% | 22,938 | 22,068 | 4% |
Provisions | 5,962 | 5,984 | 5,923 | 5,797 | 5,965 | -3% | 5,797 | 5,984 | -3% |
Financing liabilities | 29,417 | 29,194 | 29,921 | 29,136 | 28,670 | 2% | 29,136 | 29,194 | 0% |
t/o current | 7,148 | 8,767 | 9,247 | 10,312 | 8,383 | 23% | 10,312 | 8,767 | 18% |
t/o non-current | 22,269 | 20,426 | 20,674 | 18,824 | 20,287 | -7% | 18,824 | 20,426 | -8% |
Trade payables | 3,884 | 3,794 | 4,425 | 4,888 | 4,231 | 16% | 4,888 | 3,794 | 29% |
Other financial liabilities | 3,955 | 3,797 | 3,860 | 3,860 | 4,242 | -9% | 3,860 | 3,797 | 2% |
Contract and refund liabilities | 3,766 | 4,015 | 4,087 | 4,054 | 3,784 | 7% | 4,054 | 4,015 | 1% |
Other liabilities | 1,999 | 2,079 | 2,009 | 1,959 | 2,045 | -4% | 1,959 | 2,079 | -6% |
Liabilities related to assets held for sale | 1,401 | 1,600 | 1,976 | - | 1,405 | - | - | 1,600 | - |
Total equity and liabilities | 71,931 | 72,530 | 74,651 | 72,632 | 71,429 | 2% | 72,632 | 72,530 | 0% |
3. Condensed Statement of Cash Flows of Daimler Truck Group*
Q1-3 Q1-4 Q1 Q1-2 In €m 2025 2025 2026 2026 2025 ChangeCash and cash equivalents at beginning of period | 6,553 | 6,553 | 8,648 | 8,648 | 6,553 | 32% |
Profit before income taxes | 2,272 | 3,008 | 366 | 2,159 | 1,607 | 34% |
Depreciation and amortization/impairments | 816 | 1,075 | 253 | 510 | 569 | -10% |
Oth. non-cash expense/inc. & gains/losses on disposals of assets | 269 | 328 | 242 | -485 | 225 | - |
Change in operating assets and liabilities | ||||||
t/o Inventories | -1,041 | 194 | -1,153 | -1,466 | -894 | 64% |
t/o Trade receivables | 89 | -153 | -133 | -24 | -155 | 85% |
t/o Trade payables | 103 | 165 | 508 | 823 | 457 | 80% |
t/o Receivables from Financial Services | 1,298 | 828 | 451 | -45 | 348 | - |
t/o Vehicles on operating leases | 162 | 14 | 14 | -17 | 148 | - |
t/o Other operating assets and liabilities | -705 | -321 | -179 | -492 | -476 | 3% |
Dividends received from equity-method investments | 6 | 6 | - | 3 | 4 | -31% |
Income taxes paid | -733 | -808 | -107 | -245 | -569 | -57% |
Cash used for/provided by operating activities | 2,538 | 4,336 | 260 | 721 | 1,263 | 43% |
Additions to property, plant and equipment | -630 | -1,117 | -143 | -379 | -351 | 8% |
Additions to intangible assets | -281 | -358 | -54 | -108 | -203 | -47% |
Proceeds from the disposal of discontinued operations net of cash and cash equivalents disposed of | - | - | - | 1,178 | - | - |
Investments in and proceeds from disposals of shareholdings | -150 | -313 | -24 | -84 | -98 | 14% |
Acquisitions and sales of marketable debt securities and similar investments | -408 | -559 | -203 | 360 | 204 | 77% |
Other | 173 | 205 | -12 | -18 | 170 | - |
Cash used for/provided by investing activities | -1,297 | -2,142 | -436 | 949 | -278 | - |
Change in financing liabilities | 2,720 | 2,673 | 494 | -507 | 2,023 | - |
Dividends paid | -1,637 | -1,654 | -47 | -1,498 | -1,600 | -6% |
Acquisition of treasury shares | -616 | -616 | -51 | -214 | -532 | -60% |
Internal equity and financing transactions | 0 | 0 | 0 | 0 | 0 | - |
Cash used for/provided by financing activities | 467 | 403 | 396 | -2,219 | -110 | - |
Effect of foreign exchange rate changes on cash & cash equivalents | -507 | -502 | 101 | 146 | -489 | - |
Cash and cash equivalents at end of period | 7,753 | 8,648 | 8,969 | 8,245 | 6,939 | 19% |
* Of continuing and discontinued operations.
1. Summary Income Statement of the Industrial Business
Q3 Q4 Q1 Q2 Q1-2 FY In €m 2025 2025 2026 2026 2025 Change 2026 2025 Change 2025Production (in units) | 72,839 | 74,650 | 77,391 | 87,508 | 83,561 | 5% | 164,899 | 164,186 | 0% | 311,675 |
Incoming orders (in units) | 64,412 | 104,764 | 114,043 | 74,448 | 58,517 | 27% | 188,491 | 134,739 | 40% | 303,915 |
Zero-Emission-Vehicles (ZEV) | 1,064 | 1,188 | 1,149 | 1,249 | 664 | 88% | 2,398 | 1,826 | 31% | 4,078 |
Unit sales | 72,277 | 85,961 | 68,849 | 86,707 | 80,607 | 8% | 155,556 | 156,365 | -1% | 314,603 |
Zero-Emission-Vehicles (ZEV) | 1,679 | 1,966 | 742 | 1,405 | 1,162 | 21% | 2,147 | 1,752 | 23% | 5,397 |
Book-to-bill ratio (in %) | 89 | 122 | 166 | 86 | 73 | - | 121 | 86 | - | 97 |
Revenue | 9,695 | 10,921 | 9,142 | 11,417 | 10,821 | 6% | 20,559 | 21,438 | -4% | 42,054 |
Cost of sales | -7,959 | -8,861 | -7,497 | -9,379 | -8,789 | -7% | -16,876 | -17,066 | 1% | -33,886 |
Gross profit | 1,736 | 2,060 | 1,645 | 2,038 | 2,033 | 0% | 3,683 | 4,372 | -16% | 8,168 |
Selling expenses | -559 | -689 | -546 | -560 | -548 | -2% | -1,106 | -1,136 | 3% | -2,384 |
General administrative expenses | -293 | -261 | -297 | -285 | -465 | 39% | -583 | -875 | 33% | -1,429 |
Research and non-capitalized development costs | -444 | -465 | -440 | -481 | -727 | 34% | -921 | -1,205 | 24% | -2,115 |
Other operating income | 136 | 172 | 158 | 120 | 212 | -43% | 278 | 339 | -18% | 648 |
Other operating expense | -22 | -118 | -30 | -243 | -71 | -244% | -273 | -97 | -181% | -237 |
Result from equity-method investments, net | -40 | -55 | -240 | -262 | -39 | -571% | -501 | -69 | -625% | -164 |
Other financial income/expense, net | 0 | -13 | 3 | -25 | -18 | -36% | -21 | 0 | - | -14 |
EBIT | 513 | 631 | 253 | 302 | 376 | -20% | 555 | 1,329 | -58% | 2,472 |
ROS (in %) | 5.3 | 5.8 | 2.8 | 2.6 | 3.5 | - | 2.7 | 6.2 | - | 5.9 |
Legal proceedings and related measures | 44 | 31 | - | - | - | - | - | - | - | 76 |
Restructuring measures | 1 | -9 | - | - | 339 | - | - | 339 | - | 331 |
M&A-related matters | 41 | 48 | 206 | 478 | 65 | 631% | 684 | 136 | 403% | 226 |
Other | - | - | - | - | 218 | - | - | 218 | - | 218 |
Adj. EBIT | 600 | 702 | 460 | 780 | 998 | -22% | 1,239 | 2,022 | -39% | 3,323 |
Adj. ROS (in %) | 6.2 | 6.4 | 5.0 | 6.8 | 9.2 | - | 6.0 | 9.4 | - | 7.9 |
2. Summary Cash Flow Statement of the Industrial Business*
Q3 Q4 Q1 Q2 Q1-2 FY In €m 2025 2025 2026 2026 2025 Change 2026 2025 Change 2025Cash flows from operating activities | 440 | 2,529 | -205 | 938 | 350 | 168% | 734 | 743 | -1% | 3,712 |
Cash flows from investing activities | -1,013 | -842 | -432 | 1,388 | 1,153 | 20% | 956 | -269 | - | -2,124 |
Change in marketable debt securities and similar investments | 611 | 149 | 201 | -565 | -1,303 | 57% | -364 | -206 | -76% | 553 |
Right-of-use assets | -42 | -102 | -78 | -21 | -58 | 64% | -99 | -93 | -7% | -237 |
Other adjustments | 29 | 13 | 69 | 22 | -123 | - | 91 | -122 | - | -80 |
Free cash flow of the Industrial Business | 24 | 1,747 | -445 | 1,762 | 20 | - | 1,318 | 53 | - | 1,824 |
Net profit (Group) | 458 | 467 | 194 | 1,468 | 310 | 374% | 1,662 | 1,108 | 50% | 2,033 |
Cash conversion rate** | 0.1 | 3.7 | -2.3 | 1.2 | 0.1 | - | 0.8 | 0.0 | - | 0.9 |
Net liquidity at the beginning of the period | 5,926 | 5,878 | 7,670 | 7,143 | 7,931 | -10% | 7,670 | 8,558 | -10% | 8,558 |
FCF | 24 | 1,747 | -445 | 1,762 | 20 | - | 1,318 | 53 | - | 1,824 |
t/o working capital | -121 | 905 | -672 | 69 | -460 | - | -602 | -764 | 21% | 20 |
Other | -71 | 45 | -83 | -563 | -2,025 | 72% | -646 | -2,685 | 76% | -2,711 |
t/o dividends Daimler Truck Holding AG | - | - | - | -1,451 | -1,462 | 1% | -1,451 | -1,462 | 1% | -1,462 |
t/o acquisition of treasury shares | -83 | - | -51 | -163 | -326 | 50% | -214 | -532 | 60% | -616 |
Net liquidity at the end of the period | 5,878 | 7,670 | 7,143 | 8,342 | 5,926 | 41% | 8,342 | 5,926 | 41% | 7,670 |
* Of continuing and discontinued operations.
** Effective from January 01, 2026, the cash conversation rate (CCR) is calculated from the ratio of the Free Cash Flow of the Industrial Business to the Net profit of the Group.
DAIMLER TRUCK Industrial Business3. Return on Capital Employed of the Industrial Business*
Q1-3 Q1-4 Q1 Q1-2 In €m 2025 2025 2026 2026 2025 ChangeEBIT | 2,115 | 2,788 | 315 | 2,015 | 1,504 | 34% |
Intangible assets | 2,981 | 3,015 | 3,041 | 2,801 | 2,944 | -5% |
Property, plant and equipment | 7,995 | 8,218 | 8,274 | 7,051 | 7,943 | -11% |
Inventories | 9,448 | 8,134 | 9,388 | 8,585 | 9,355 | -8% |
Trade receivables | 3,484 | 3,844 | 3,910 | 3,413 | 3,878 | -12% |
Other assets | 4,656 | 4,610 | 4,445 | 5,771 | 4,774 | 21% |
Operating assets** | 28,564 | 27,821 | 29,059 | 27,621 | 28,894 | -4% |
Trade payables | 4,338 | 4,341 | 4,899 | 4,751 | 4,718 | 1% |
Other liabilities | 13,145 | 13,449 | 13,381 | 12,859 | 13,508 | -5% |
Operating liabilities** | 17,483 | 17,791 | 18,280 | 17,609 | 18,226 | -3% |
Operating net assets** | 11,081 | 10,030 | 10,779 | 10,012 | 10,668 | -6% |
Average operating net assets** | 10,626 | 10,608 | 10,405 | 10,400 | 10,502 | -1% |
Return on capital employed of the Industrial Business (in %) | 26.5 | 26.3 | 12.1 | 38.8 | 28.6 | - |
* Of continuing and discontinued operations.
** The operating net assets are calculated on the basis of the values at the end of each quarter. Liquidity as well as income taxes and pensions are not included in the calculation of the operating net assets.
Including assets and liabilities held for sale.
4. Condensed Statement of Financial Position of the Industrial Business | |||||||||
Sept. 30 | Dec. 31 | Mar. 31 | Jun. 30 | Jun. 30 | Dec. 31 | ||||
In €m | 2025 | 2025 | 2026 | 2026 | 2025 | Change | 2026 | 2025 | Change |
Assets | |||||||||
Intangible assets | 2,676 | 2,720 | 2,755 | 2,801 | 2,634 | 6% | 2,801 | 2,720 | 3% |
Property, plant and equipment | 6,692 | 6,939 | 6,981 | 7,051 | 6,619 | 7% | 7,051 | 6,939 | 2% |
Equipment on operating leases | 2,805 | 2,902 | 2,900 | 2,902 | 2,829 | 3% | 2,902 | 2,902 | 0% |
Receivables from Financial Services | -3 | -10 | -10 | -8 | -9 | 11% | -8 | -10 | 16% |
Equity-method investments | 764 | 888 | 698 | 1,792 | 750 | 139% | 1,792 | 888 | 102% |
Inventories | 8,412 | 7,136 | 8,296 | 8,585 | 8,369 | 3% | 8,585 | 7,136 | 20% |
Trade receivables | 2,935 | 3,248 | 3,333 | 3,413 | 3,328 | 3% | 3,413 | 3,248 | 5% |
Cash and cash equivalents | 7,312 | 8,249 | 8,340 | 7,971 | 6,535 | 22% | 7,971 | 8,249 | -3% |
Marketable debt securities and similar investments | 2,526 | 2,679 | 2,978 | 2,437 | 1,880 | 30% | 2,437 | 2,679 | -9% |
t/o current | 2,468 | 2,630 | 2,925 | 2,375 | 1,814 | 31% | 2,375 | 2,630 | -10% |
t/o non-current | 58 | 49 | 53 | 62 | 66 | -6% | 62 | 49 | 28% |
Other financial assets | 827 | 455 | 475 | 88 | 798 | -89% | 88 | 455 | -81% |
Other assets | 3,241 | 2,961 | 2,928 | 3,006 | 3,283 | -8% | 3,006 | 2,961 | 1% |
Assets held for sale | 3,335 | 3,478 | 3,797 | 679 | 3,487 | -81% | 679 | 3,478 | -80% |
Total assets | 41,524 | 41,646 | 43,472 | 40,718 | 40,501 | 1% | 40,718 | 41,646 | -2% |
Equity and liabilities | |||||||||
Equity | 18,573 | 19,103 | 19,375 | 19,783 | 18,162 | 9% | 19,783 | 19,103 | 4% |
Provisions | 5,805 | 5,835 | 5,767 | 5,647 | 5,813 | -3% | 5,647 | 5,835 | -3% |
Financing liabilities | 3,581 | 2,690 | 3,320 | 1,876 | 2,139 | -12% | 1,876 | 2,690 | -30% |
t/o current | -6,163 | -5,988 | -6,072 | -5,258 | -5,860 | 10% | -5,258 | -5,988 | 12% |
t/o non-current | 9,744 | 8,677 | 9,392 | 7,134 | 8,000 | -11% | 7,134 | 8,677 | -18% |
Trade payables | 3,773 | 3,671 | 4,306 | 4,751 | 4,131 | 15% | 4,751 | 3,671 | 29% |
Other financial liabilities | 3,099 | 3,044 | 3,027 | 3,051 | 3,437 | -11% | 3,051 | 3,044 | 0% |
Contract and refund liabilities | 3,765 | 4,014 | 4,086 | 4,052 | 3,783 | 7% | 4,052 | 4,014 | 1% |
Other liabilities | 1,526 | 1,688 | 1,615 | 1,557 | 1,632 | -5% | 1,557 | 1,688 | -8% |
Liabilities related to assets held for sale | 1,401 | 1,600 | 1,976 | - | 1,405 | - | - | 1,600 | - |
Total equity and liabilities | 41,524 | 41,646 | 43,472 | 40,718 | 40,501 | 1% | 40,718 | 41,646 | -2% |
5. Condensed Statement of Cash Flows of the Industrial Business*
Q1-3 Q1-4 Q1 Q1-2 In €m 2025 2025 2026 2026 2025** ChangeCash and cash equivalents at beginning of period | 6,363 | 6,363 | 8,347 | 8,348 | 6,363 | 31% |
Profit before income taxes | 2,163 | 2,853 | 328 | 2,063 | 1,538 | 34% |
Depreciation and amortization/impairments | 795 | 1,054 | 247 | 499 | 558 | -11% |
Oth. non-cash expense/inc. & gains/losses on disposals of assets | 266 | 325 | 224 | -509 | 227 | - |
Change in operating assets and liabilities | ||||||
t/o Inventories | -1,095 | 154 | -1,153 | -1,459 | -941 | -55% |
t/o Trade receivables | 123 | -271 | -31 | 26 | -274 | - |
t/o Trade payables | 87 | 136 | 512 | 831 | 451 | 84% |
t/o Receivables from financial services | -7 | 5 | -18 | -18 | -12 | -51% |
t/o Vehicles on operating leases | 306 | 379 | 61 | 155 | 201 | -23% |
t/o Other operating assets and liabilities | -791 | -207 | -306 | -669 | -494 | -35% |
Dividends received from equity-method investments | 6 | 6 | - | 3 | 4 | -31% |
Income taxes paid | -671 | -723 | -68 | -189 | -515 | 63% |
Cash flows from operating activities | 1,183 | 3,712 | -205 | 734 | 743 | -1% |
Additions to property, plant and equipment | -624 | -1,106 | -140 | -374 | -347 | -8% |
Additions to intangible assets | -272 | -347 | -52 | -105 | -197 | 47% |
Proceeds from the disposal of discontinued operations net of cash and cash equivalents disposed of | - | - | - | 1,178 | - | - |
Investments in and proceeds from disposals of shareholdings | -150 | -313 | -24 | -84 | -98 | 14% |
Acquisitions and sales of market. debt securities and similar investments | -404 | -553 | -201 | 364 | 206 | 76% |
Other | 168 | 195 | -15 | -23 | 167 | - |
Cash flows from investing activities | -1,282 | -2,124 | -432 | 956 | -269 | - |
Change in financing liabilities | 2,298 | 2,393 | 481 | -303 | 1,334 | - |
Dividends paid | -1,637 | -1,654 | -47 | -1,498 | -1,600 | 6% |
Acquisition of treasury shares | -616 | -616 | -51 | -214 | -532 | 60% |
Internal equity and financing transactions | 1,583 | 767 | 408 | -188 | 1,129 | - |
Cash flows from financing activities | 1,629 | 891 | 791 | -2,202 | 330 | - |
Effect of foreign exchange rate changes on cash & cash equivalents | -497 | -494 | 96 | 137 | -477 | - |
Cash and cash equivalents at end of period | 7,396 | 8,348 | 8,598 | 7,971 | 6,690 | 19% |
* Of continuing and discontinued operations.
** Profit before income taxes from continuing and discontinued operations and other operating assets and liabilities for Industrial Business have been adjusted due to an insignificant error.
Trucks North America1. Key Figures and Ratios
Q3 Q4 Q1 Q2 Q1-2 FY In €m 2025 2025 2026 2026 2025 Change 2026 2025 Change 2025Production (in units) | 28,108 | 33,235 | 31,775 | 42,269 | 38,635 | 9% | 74,044 | 77,575 | -5% | 138,918 |
Incoming orders (in units) | 26,168 | 52,293 | 59,195 | 35,379 | 13,842 | 156% | 94,574 | 45,582 | 107% | 124,043 |
Unit sales | 30,225 | 34,017 | 29,432 | 41,687 | 38,580 | 8% | 71,119 | 77,572 | -8% | 141,814 |
t/o North America* | 30,066 | 33,866 | 29,377 | 41,468 | 38,366 | 8% | 70,845 | 77,213 | -8% | 141,145 |
t/o USA | 25,968 | 30,004 | 26,741 | 35,844 | 34,033 | 5% | 62,585 | 67,432 | -7% | 123,404 |
Book-to-bill ratio (in %) | 87 | 154 | 202 | 85 | 36 | - | 133 | 59 | - | 87 |
Investments PP&E | 62 | 133 | 36 | 56 | 46 | 21% | 92 | 89 | 3% | 285 |
Research and development expenditure** | 155 | 126 | 135 | 157 | 179 | -12% | 292 | 362 | -19% | 643 |
t/o capitalized development costs | - | - | 0 | - | 20 | - | - | 45 | - | 45 |
Capitalization ratio (in %) | - | - | 0.0 | - | 11.2 | - | - | 12.4 | - | 7.0 |
Revenue | 3,996 | 4,235 | 3,838 | 5,182 | 5,086 | 2% | 9,021 | 10,492 | -14% | 18,723 |
Cost of sales | -3,425 | -3,640 | -3,325 | -4,386 | -4,076 | -8% | -7,710 | -8,344 | 8% | -15,409 |
Gross profit | 571 | 596 | 514 | 796 | 1,010 | -21% | 1,310 | 2,148 | -39% | 3,314 |
Selling expenses | -87 | -109 | -88 | -112 | -95 | -18% | -199 | -196 | -2% | -393 |
General administrative expenses | -79 | -50 | -88 | -94 | -124 | 25% | -181 | -246 | 27% | -375 |
Research and non-capitalized development costs | -155 | -126 | -135 | -157 | -307 | 49% | -292 | -465 | 37% | -746 |
Others | 4 | -9 | -194 | 1 | 19 | -93% | -193 | 35 | - | 30 |
EBIT | 254 | 300 | 10 | 435 | 504 | -14% | 445 | 1,276 | -65% | 1,831 |
ROS (in %) | 6.4 | 7.1 | 0.2 | 8.4 | 9.9 | - | 4.9 | 12.2 | - | 9.8 |
Legal proceedings and related measures | - | - | - | - | - | - | - | - | - | - |
Restructuring measures | - | - | - | - | - | - | - | - | - | - |
M&A-related matters | 3 | 6 | 199 | - | 5 | - | 199 | 10 | - | 20 |
Other | - | - | - | - | 148 | - | - | 148 | - | 148 |
Adj. EBIT | 257 | 307 | 209 | 435 | 657 | -34% | 644 | 1,434 | -55% | 1,998 |
Adj. ROS (in %) | 6.4 | 7.2 | 5.4 | 8.4 | 12.9 | - | 7.1 | 13.7 | - | 10.7 |
* USA, Canada and Mexico.
** Excluding a special item in research and development costs of €148 million in the second quarter of 2025 from a non-cash derecognition of capitalized development costs due to the slower pace of transformation to battery-electric vehicles, especially in the US market.
Mercedes-Benz Trucks1. Key Figures and Ratios
Q3 Q4 Q1 Q2 Q1-2 FY In €m 2025 2025 2026 2026 2025 Change 2026 2025 Change 2025Production (in units) | 37,528 | 35,561 | 39,843 | 39,135 | 37,374 | 5% | 78,978 | 72,135 | 9% | 145,224 |
Incoming orders (in units) | 33,131 | 47,095 | 48,987 | 33,850 | 37,839 | -11% | 82,837 | 74,643 | 11% | 154,869 |
t/o Zero-Emission-Vehicle (ZEV) | 233 | 748 | 690 | 861 | 371 | 132% | 1,551 | 1,035 | 50% | 2,016 |
Unit sales | 35,818 | 44,794 | 34,486 | 38,970 | 35,299 | 10% | 73,456 | 65,944 | 11% | 146,556 |
t/o EU30* | 15,012 | 19,384 | 13,963 | 16,538 | 12,184 | 36% | 30,501 | 23,446 | 30% | 57,842 |
t/o Zero-Emission-Vehicle (ZEV) | 1,011 | 1,270 | 445 | 901 | 451 | 100% | 1,346 | 550 | 145% | 2,831 |
t/o Germany | 5,452 | 6,263 | 4,107 | 5,370 | 3,711 | 45% | 9,477 | 7,639 | 24% | 19,354 |
t/o Latin America** | 9,911 | 9,242 | 7,687 | 9,447 | 9,889 | -4% | 17,134 | 17,313 | -1% | 36,466 |
t/o Brazil | 6,664 | 6,861 | 5,685 | 6,802 | 7,051 | -4% | 12,487 | 12,495 | 0% | 26,020 |
t/o Asia | 6,189 | 9,477 | 8,241 | 7,169 | 7,408 | -3% | 15,410 | 14,760 | 4% | 30,426 |
t/o India | 4,898 | 6,325 | 6,915 | 5,550 | 5,403 | 3% | 12,465 | 11,133 | 12% | 22,356 |
Book-to-bill ratio (in %) | 92 | 105 | 142 | 87 | 107 | - | 113 | 113 | - | 106 |
Investments PP&E | 162 | 232 | 74 | 142 | 84 | 69% | 216 | 187 | 16% | 580 |
Research and development expenditure*** | 221 | 247 | 223 | 238 | 277 | -14% | 461 | 537 | -14% | 1,006 |
t/o capitalized development costs | 47 | 36 | 29 | 26 | 49 | -48% | 55 | 107 | -49% | 189 |
Capitalization ratio (in %) | 21.2 | 14.5 | 13.1 | 10.7 | 17.7 | - | 11.9 | 19.9 | - | 18.8 |
Revenue | 4,886 | 5,616 | 4,605 | 5,318 | 4,826 | 10% | 9,923 | 9,235 | 7% | 19,738 |
Cost of sales | -3,979 | -4,362 | -3,719 | -4,341 | -4,086 | -6% | -8,060 | -7,566 | -7% | -15,907 |
Gross profit | 907 | 1,255 | 886 | 977 | 740 | 32% | 1,863 | 1,669 | 12% | 3,831 |
Selling expenses | -416 | -565 | -402 | -371 | -403 | 8% | -772 | -822 | 6% | -1,802 |
General administrative expenses | -139 | -174 | -130 | -151 | -254 | 41% | -281 | -420 | 33% | -733 |
Research and non-capitalized development costs | -174 | -211 | -194 | -212 | -298 | 29% | -406 | -501 | 19% | -886 |
Others | 105 | 65 | 65 | 67 | 56 | 19% | 132 | 119 | 11% | 288 |
EBIT | 283 | 370 | 225 | 311 | -158 | - | 536 | 45 | - | 698 |
ROS (in %) | 5.8 | 6.6 | 4.9 | 5.8 | -3.3 | - | 5.4 | 0.5 | - | 3.5 |
Legal proceedings and related measures | - | - | - | - | - | - | - | - | - | - |
Restructuring measures | 1 | -9 | - | - | 339 | - | - | 339 | - | 331 |
M&A-related matters | 34 | 30 | 7 | 6 | 31 | -79% | 14 | 67 | -79% | 131 |
Other | - | - | - | - | 70 | - | - | 70 | - | 70 |
Adj. EBIT | 319 | 391 | 233 | 317 | 283 | 12% | 550 | 521 | 6% | 1,230 |
Adj. ROS (in %) | 6.5 | 7.0 | 5.1 | 6.0 | 5.9 | - | 5.5 | 5.6 | - | 6.2 |
* European Union, United Kingdom, Switzerland and Norway.
** Excluding Mexico.
*** Excluding a special item in research and development costs of €70 million in the second quarter of 2025 from a non-cash derecognition of capitalized development costs due to the slower pace of transformation to battery-electric vehicles, especially in the US market.
Daimler Buses1. Key Figures and Ratios
Q3 Q4 Q1 Q2 Q1-2 FY In €m 2025 2025 2026 2026 2025 Change 2026 2025 Change 2025Production (in units) | 7,203 | 5,854 | 5,773 | 6,104 | 7,552 | -19% | 11,877 | 14,476 | -18% | 27,533 |
Incoming orders (in units) | 5,196 | 5,431 | 5,939 | 5,284 | 7,027 | -25% | 11,223 | 14,991 | -25% | 25,618 |
Unit sales | 6,443 | 7,315 | 4,972 | 6,132 | 7,027 | -13% | 11,104 | 13,233 | -16% | 26,991 |
t/o EU30* | 2,064 | 3,094 | 1,698 | 2,181 | 2,189 | 0% | 3,879 | 3,893 | 0% | 9,051 |
t/o Germany | 763 | 1,093 | 572 | 794 | 755 | 5% | 1,366 | 1,351 | 1% | 3,207 |
t/o North America** | 460 | 623 | 244 | 460 | 505 | -9% | 704 | 1,252 | -44% | 2,335 |
t/o Latin America | 3,511 | 2,834 | 2,678 | 2,980 | 3,781 | -21% | 5,658 | 7,171 | -21% | 13,516 |
t/o Brazil | 2,521 | 2,098 | 2,083 | 2,252 | 2,752 | -18% | 4,335 | 5,334 | -19% | 9,953 |
t/o Asia | 21 | 160 | 44 | 145 | 5 | - | 189 | 35 | 440% | 216 |
Book-to-bill ratio (in %) | 81 | 74 | 119 | 86 | 100 | - | 101 | 113 | - | 95 |
Investments PP&E | 38 | 73 | 22 | 34 | 19 | 80% | 57 | 41 | 40% | 152 |
Research development expenditure | 49 | 62 | 65 | 58 | 55 | 6% | 122 | 106 | 15% | 218 |
t/o capitalized development costs | 8 | 13 | 11 | 11 | 6 | 79% | 22 | 10 | 124% | 31 |
Capitalization ratio (in %) | 16.8 | 21.0 | 16.6 | 18.7 | 11.0 | - | 17.6 | 9.1 | - | 14.2 |
Revenue | 1,402 | 1,759 | 1,243 | 1,556 | 1,467 | 6% | 2,800 | 2,802 | 0% | 5,963 |
Cost of sales | -1,123 | -1,386 | -960 | -1,238 | -1,169 | -6% | -2,198 | -2,223 | 1% | -4,732 |
Gross profit | 279 | 373 | 283 | 318 | 298 | 7% | 602 | 579 | 4% | 1,231 |
Selling expenses | -71 | -93 | -76 | -77 | -72 | -8% | -154 | -143 | -8% | -307 |
General administrative expenses | -41 | -45 | -49 | -52 | -50 | -5% | -101 | -99 | -2% | -185 |
Research and non-capitalized development costs | -41 | -49 | -54 | -47 | -49 | 3% | -101 | -97 | -4% | -187 |
Others | 10 | 2 | 3 | 8 | 17 | -55% | 11 | 30 | -65% | 42 |
EBIT | 136 | 187 | 107 | 150 | 145 | 3% | 257 | 271 | -5% | 594 |
ROS (in %) | 9.7 | 10.7 | 8.6 | 9.6 | 9.9 | - | 9.2 | 9.7 | - | 10.0 |
Legal proceedings and related measures | - | - | - | - | - | - | - | - | - | - |
Restructuring measures | - | - | - | - | - | - | - | - | - | - |
M&A-related matters | 1 | 2 | - | - | 2 | - | - | 2 | - | 5 |
Adj. EBIT | 137 | 189 | 107 | 150 | 147 | 2% | 257 | 273 | -6% | 599 |
Adj. ROS (in %) | 9.8 | 10.7 | 8.6 | 9.6 | 10.0 | - | 9.2 | 9.7 | - | 10.0 |
* European Union, United Kingdom, Switzerland and Norway.
** USA, Canada and Mexico.
Financial Services1. Key Figures and Ratios
Q3 Q4 Q1 Q2 Q1-2 FY In €m 2025 2025 2026 2026 2025 Change 2026 2025 Change 2025New business | 2,435 | 2,735 | 2,170 | 2,628 | 2,521 | 4% | 4,799 | 4,803 | 0% | 9,973 |
Penetration rate (in %) | 24.1 | 22.8 | 20.9 | 23.4 | 22.8 | - | 22.1 | 21.8 | - | 22.7 |
Revenue | 856 | 876 | 839 | 876 | 853 | 3% | 1,715 | 1,744 | -2% | 3,476 |
EBIT | 41 | 46 | 39 | 58 | 20 | 198% | 97 | 70 | 38% | 157 |
Legal proceedings and related measures | - | - | - | - | - | - | - | - | - | - |
Restructuring measures | 5 | 6 | - | - | 3 | - | - | 6 | - | 18 |
M&A-related matters | 2 | 2 | - | - | 1 | - | - | 2 | - | 6 |
Adj. EBIT | 48 | 54 | 39 | 58 | 23 | 151% | 97 | 79 | 23% | 181 |
Q1-3 | Q1-4 | Q1 | Q1-2 | FY | |||
In €m | 2025 | 2025 | 2026 | 2026 | 2025 | Change | 2025 |
EBIT (year-to-date) | 111 | 157 | 39 | 97 | 70 | 38% | 157 |
Equity (quarterly average, year-to-date) | 2,981 | 2,979 | 3,019 | 3,067 | 2,998 | 2% | 2,979 |
RoE (in %, year-to-date) | 5.0 | 5.3 | 5.1 | 6.3 | 4.7 | - | 5.3 |
Adj. EBIT (year-to-date) | 127 | 181 | 39 | 97 | 79 | 23% | 181 |
Adj. ROE (in %, year-to-date) | 5.7 | 6.1 | 5.1 | 6.3 | 5.2 | - | 6.1 |
Contract volume (end of period) | 29,044 | 29,539 | 29,874 | 30,693 | 29,539* | 4% | 29,539 |
Equity (end of period) | 2,974 | 2,965 | 3,073 | 3,155.0 | 2,965* | 6% | 2,965 |
* End of Q4 2025.
Capital Structure1. Group Liquidity* | |||||||||
Sept. 30 | Dec. 31 | Mar. 31 | Jun. 30 | Jun. 30 | Dec. 31 | ||||
In €m | 2025 | 2025 | 2026 | 2026 | 2025 | Change | 2026 | 2025 | Change |
Group liquidity | |||||||||
t/o Cash and cash equivalents | 7,753 | 8,648 | 8,969 | 8,245 | 6,939 | 19% | 8,245 | 8,648 | -5 % |
t/o Marketable debt securities and similar investments | 2,572 | 2,725 | 3,030 | 2,491 | 1,923 | 30% | 2,491 | 2,725 | -9 % |
Group gross liquidity | 10,325 | 11,373 | 11,999 | 10,736 | 8,862 | 21% | 10,736 | 11,373 | -6% |
Total financing liabilities | -29,879 | -29,860 | -31,036 | -29,327 | -29,175 | -1% | -29,327 | -29,860 | 2% |
Group net debt | -19,554 | -18,488 | -19,037 | -18,591 | -20,313 | 8% | -18,591 | -18,488 | -1% |
* Of continuing and discontinued operations.
2. Industrial Liquidity* | |||||||||
Sept. 30 | Dec. 31 | Mar. 31 | Jun. 30 | Jun. 30 | Dec. 31 | ||||
In €m | 2025 | 2025 | 2026 | 2026 | 2025 | Change | 2026 | 2025 | Change |
Liquidity of the Industrial Business | |||||||||
t/o Cash and cash equivalents | 7,396 | 8,348 | 8,598 | 7,971 | 6,690 | 19 % | 7,971 | 8,348 | -5% |
t/o Marketable debt securities and similar investments | 2,526 | 2,679 | 2,978 | 2,437 | 1,880 | 30 % | 2,437 | 2,679 | -9% |
Gross liquidity of the Industrial Business | 9,921 | 11,026 | 11,576 | 10,408 | 8,570 | 21% | 10,408 | 11,026 | -6% |
Financing liabilities (nominal) | -4,043 | -3,356 | -4,434 | -2,067 | -2,644 | 22 % | -2,067 | -3,356 | 38% |
Net liquidity of the Industrial Business | 5,878 | 7,670 | 7,143 | 8,342 | 5,926 | 41% | 8,342 | 7,670 | 9% |
* Of continuing and discontinued operations.
3. Pension benefits | |||||||||
Sept. 30 | Dec. 31 | Mar. 31 | Jun. 30 | Jun. 30 | Dec. 31 | ||||
In €m | 2025 | 2025 | 2026 | 2026 | 2025 | Change | 2026 | 2025 | Change |
Pension benefits | |||||||||
Benefit obligations | -5,917 | -5,441 | -5,405 | -5,516 | -5,836 | 5% | -5,516 | -5,441 | -1% |
Plan assets | 5,674 | 5,329 | 5,269 | 5,498 | 5,561 | -1% | 5,498 | 5,329 | 3% |
Funded status | -242 | -112 | -135 | -17 | -276 | 94% | -17 | -112 | 85% |
Funding ratio (in %) | 95.9 | 97.9 | 97.5 | 99.7 | 95.3 | - | 99.7 | 97.9 | - |
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