Mercedes-Benz Group (MBG) Fixed income presentation summary

Q1 financial performance

• Sales reached 729k units, up 13% YoY; revenue was €41.0bn, up 10% YoY.

• EBIT rose to €5.7bn from €0.6bn; adjusted EBIT increased to €5.7bn from €0.7bn.

• Industrial free cash flow was €1.810bn; adjusted free cash flow was €2.832bn after €1.022bn of adjustments.

• Key messages highlighted strong Cars & Vans margins, effective working-capital management and world premieres of EQS, EQA and EQB.

Liquidity and financial flexibility

• Net industrial liquidity increased to €20.1bn at 31 March 2021 from €17.9bn at year-end 2020; Q1 industrial free cash flow was €1.810bn.

• Gross industrial liquidity was €27.9bn; financial flexibility included an undrawn €11bn revolving credit facility.

• Available or accessible liquidity over 12 months was €65.5bn versus €52.0bn of maturities.

Divisional results

• Mercedes-Benz Cars & Vans sales were 627k units, up 15% YoY; revenue was €26.9bn, up 16%; adjusted EBIT was €3.8bn and adjusted CFBIT €3.1bn.

• Mercedes-Benz Cars & Vans adjusted RoS was 14.3%; higher volume, favorable mix and net pricing supported EBIT, alongside industrial improvements and fixed-cost reductions.

• Trucks & Buses sales were 98k units and revenue €8.7bn; adjusted EBIT rose 110% to €518m and adjusted CFBIT was €435m.

• Trucks & Buses adjusted RoS reached 6.0%, supported by volume, structure and net pricing; restructuring and the fuel-cell JV affected reported EBIT.

• Mobility new business rose 4% to €16.8bn, contract volume increased 1% to €152.7bn and adjusted EBIT rose to €691m from €58m.