Mercedes-Benz Group (MBG) Investor presentation summary

Group financial performance Q1 2025

• Revenue increased by 6% to €35.9bn, but EBIT fell 41% to €2.3bn and free cash flow dropped 39% to €2.2bn.

• Net industrial liquidity rose to €33.3bn, up from €31.4bn at year-end 2024.

• Legal proceedings and M&A transactions negatively impacted EBIT and free cash flow.

• Gross industrial liquidity at €19.8bn, with financial flexibility supported by a €11bn undrawn credit facility and a 30% Daimler Truck stake.

Divisional review Q1 2025

• Mercedes-Benz Cars: Sales down 4% to 446k units, revenue down 6%, EBIT adj. down 24%, but CFBIT adj. up 20%.

• Top-end vehicles share rose to 15%, electric vehicles stable at 19% of volume.

• Mercedes-Benz Vans: Sales down 21%, revenue down 17%, EBIT adj. down 41%, CFBIT adj. down 11%.

• Mercedes-Benz Mobility: New business volumes down 8%, contract volume down 3%, EBIT adj. flat, RoE at 8.6%.

Outlook FY 2025

• Guidance revised downward due to tariff impacts: revenue, EBIT, and free cash flow expected to be lower than before.

• Mercedes-Benz Cars RoS (adj.) guided at 6–8%, Vans at 10–12%, Mobility RoE at 8–9%.

• XEV share targeted at 20–22% for Cars and 8–10% for Vans.

• Investment and R&D spending to remain high in 2025, then decline mid-term.