Mercedes-Benz Group (MBG) Investor presentation summary

Group financial performance and liquidity

• Revenue increased by 2% to €37.0bn, but EBIT declined 9% to €4.8bn and earnings per share fell 48% to €1.81 in Q3 2024 compared to Q3 2023.

• Free cash flow from industrial business dropped 48% to €1.2bn, with net industrial liquidity at €28.7bn as of September 30, 2024.

• Gross liquidity stood at €18.1bn, supported by a €11bn undrawn revolving credit facility and a 30% Daimler Truck stake.

• Share buybacks totaled €4.3bn year-to-date, reflecting strong cash generation and capital allocation.

• Funding is diversified across bonds, ABS, bank loans, and commercial paper, with a well-balanced bond maturity profile and no reliance on single markets or investors.

Divisional performance

• Car sales were solid but down 1%, with a soft mix due to subdued demand, especially in China; van sales fell 13% but profitability remained strong.

• Mercedes-Benz Cars EBIT margin dropped to 4.7% due to unfavorable mix, lower BBAC results, and higher product-related expenses.

• Vans achieved a 13.3% EBIT margin, supported by a healthy mix and reduced product-related expenses despite lower unit sales.

• Mobility division saw new business down 6% and EBIT down 21%, with ROE at 8.9% amid competitive interest margins.

Outlook and guidance

• Revenue, EBIT, and free cash flow for FY 2024 are expected to be slightly or significantly below prior-year levels due to ongoing macroeconomic and geopolitical uncertainties.

• Cars and vans unit sales are forecasted slightly below last year, with adjusted RoS guidance of 7.5–8.5% for cars and 14–15% for vans.

• XEV (plug-in hybrid and electric) share expected at 18–19% for cars and 4–5% for vans.