Mercedes-Benz Group (MBG) Investor presentation summary

Group performance and financials

• Robust car and van sales achieved despite a subdued market environment, with double-digit margins in cars and strong van performance; mobility division faced challenges.

• Q2 2024 revenue was €36.7bn, down 4% year-over-year; EBIT fell 19% to €4.0bn; earnings per share dropped 12% to €2.95.

• Free cash flow from industrial business was €1.6bn in Q2 2024, with net industrial liquidity at €28.0bn as of June 30, 2024.

• Gross industrial liquidity stood at €16.7bn, supported by a €11bn undrawn revolving credit facility and a 30% Daimler Truck stake.

• Share buyback was accelerated and dividend distributed in May, continuing sustainable cash generation.

Divisional review

• Mercedes-Benz Cars sales declined 4% to 496.7k units; adjusted EBIT margin was 10.1% in Q2 2024.

• Top-end vehicle sales share increased, with electric vehicles making up 18% of car sales volume.

• Vans sales dropped 13% to 103.4k units, but adjusted EBIT margin rose to 17.4%.

• Mobility division's new business volume fell 9%, with EBIT down 40% due to higher credit risk in the US consumer segment.

Outlook and guidance

• Revenue for FY 2024 expected at prior-year level, but EBIT and free cash flow from industrial business are forecasted significantly below prior year.

• Cars and vans unit sales expected slightly below prior year; adjusted return on sales guidance: cars 19–20%, vans 14–15%.

• XEV (electric and plug-in hybrid) share in cars targeted at 19–20% for 2024.