Mercedes-Benz Group (MBG) investor relations material

Executive summary

• Revenue for Q1 2026 was €31.6 billion, down 5% year-over-year, mainly due to negative exchange rate effects.

• Net profit declined 17% to €1.43 billion compared to Q1 2025.

• Free cash flow of the industrial business was €1.86 billion, a 21% decrease year-over-year.

• The group completed and signed several Own Retail sales in Germany and advanced the sale of the Athlon Group.

• Significant product launches included new S-Class, Maybach S-Class, GLE, GLS, VLE, and C-Class models.

Financial highlights

• EBIT fell 17% to €1.9 billion; adjusted EBIT dropped 30% to €1.77 billion.

• Earnings per share decreased 14% to €1.49.

• Net liquidity of the industrial business rose 5% to €33.8 billion since year-end 2025.

• Investments in property, plant, and equipment totaled €749 million (+9% YoY); R&D expenditure was €2.25 billion (-3% YoY).

• Group equity increased to €95.2 billion, with an equity ratio of 35.5%.

Outlook and guidance

• Revenue for 2026 expected at prior-year level; EBIT forecasted significantly above prior-year; free cash flow of industrial business slightly below prior-year.

• Mercedes-Benz Cars unit sales and share of electrified vehicles expected at prior-year level; adjusted return on sales 8-10%.

• Mercedes-Benz Vans unit sales and electrified share forecasted slightly above prior-year; adjusted return on sales 8-10%.

• Financial Services adjusted return on equity expected at 10-12%.