Stuttgart - Full-year outlook: forecast for Mercedes-Benz Cars' adjusted return on sales confirmed; xEV share at Mercedes-Benz Cars now expected to be higher, at 23% to 25%; Mercedes-Benz Cars unit sales and Group revenue now expected to be slightly below the prior-year level; Forecast for adjusted return on equity at Financial Services raised to 12%-14%; forecast for Industrial Business free cash flow (including M&A) confirmed.
* Mercedes-Benz C 400 4MATIC (electric) | Combined energy consumption: 18.6-14.2 kWh/100 km | Combined CO2 emissions: 0 g/km | CO2 class: A
* Mercedes-Benz Cars: adjusted return on sales of 4.0% within the forecast range; reported return on sales reflects the tougher market environment in China and macroeconomic headwinds
* Model offensive gaining momentum: BEV sales at Mercedes-Benz Cars up 51% year-on-year, and up 87% in Europe
* Mercedes-Benz Vans delivers benchmark result: adjusted return on sales of 10.2% at the upper end of the forecast range; sales of fully electric vans up 46% year-on-year
* Mercedes-Benz Financial Services posts strong result: adjusted EBIT rises 70% to EUR492 million, driven by higher portfolio margins and lower operating costs; adjusted return on equity rises significantly to 15.3%
* Mercedes-Benz Group: EBIT rises to EUR1.5 billion; disciplined cost management supports earnings performance; strong net liquidity in the industrial business at EUR30.4 billion at quarter-end; free cash flow from the industrial business stands at EUR1.1 billion for the second quarter
'Even in a challenging market environment, we stayed on track in the second quarter and accelerated our model offensive. Customer response to the new models is very positive: sales of our electric passenger cars rose by 51%, and incoming orders for BEVs in Europe more than doubled during the quarter. In the second half of the year, we are focusing on getting more new models to our customers and further improving our cost position and productivity.'
Ola Kallenius, Chairman of the Board of Management of Mercedes-Benz Group AG
Mercedes-Benz Group AG (ticker symbol: MBG) posted Group revenue of EUR32.1 billion (Q2 2025: EUR33.2 billion) and Group EBIT of EUR1.5 billion (Q2 2025: EUR1.3 billion) in the second quarter. The company consistently continued its largest-ever model offensive and further improved efficiency and productivity.
Group EBIT was driven by strong results at Mercedes-Benz Financial Services and Mercedes-Benz Vans, as well as higher contributions from the Group reconciliation; these were partially offset by a lower result at Mercedes-Benz Cars. Group EBIT also included a positive effect of EUR131 million related to the planned sale of the Athlon Group. Adjusted Group EBIT reached EUR2.3 billion (Q2 2025: EUR2.0 billion).
Mercedes-Benz made further progress with its 'Next Level Performance' (NLP) program. Cost measures continued to support earnings in the second quarter. At the Group level, general administrative expenses fell by 14%, while research and development spending declined by 12% following the previous year's peak investment associated with the Mercedes-Benz Cars model offensive. At Mercedes-Benz Cars, the cost of sales decreased by 7%. Efficiency measures also supported the cost position at Mercedes-Benz Vans and Mercedes-Benz Financial Services. Building on a reduction in fixed costs of around 25% since 2019, Mercedes-Benz began further intensifying its global productivity offensive in June 2026-with a particular focus on its German sites.
Free cash flow from the industrial business amounted to EUR1.1 billion in the second quarter (Q2 2025: EUR1.9 billion), supported by proceeds of EUR417 million from the partial sale of the stake in Daimler Truck. In the first half of 2026, free cash flow from the industrial business stood at EUR3.0 billion (H1 2025: EUR4.2 billion). This figure includes a cash outflow of approximately EUR1.1 billion for severance payments related to the 'Next Level Performance' program.
Amid ongoing model launches and a challenging macroeconomic environment, Mercedes-Benz demonstrated financial strength: even after dividend payments and share buybacks totaling EUR5 billion in the first half of the year, the net liquidity of the industrial business remained at a high level of EUR30.4 billion. At the same time, the funding ratio of pension plans improved from 113% at the end of 2025 to 117%.
Mercedes-Benz Cars
Mercedes-Benz Cars achieved an adjusted... in the second quarter.
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