Mercedes-Benz Group (MBG) Investor presentation summary

Group performance and financials

• Revenue for Q2 2025 was €33.2bn, down 10% year-over-year, with EBIT falling 50% to €2.0bn and free cash flow (industrial business) at €1.6bn, reflecting tariff impacts and softer pricing.

• Net industrial liquidity remained strong at €30.8bn as of June 30, 2025, with €4.2bn cash generated in H1 and €4.1bn dividend paid.

• Financial flexibility is supported by €20.9bn gross industrial liquidity, an €11bn undrawn credit facility, and a 30% Daimler Truck stake.

• Funding strategy emphasizes diversification, no reliance on single markets or instruments, and prudent liquidity management.

• Credit ratings remain strong: S&P A/stable, Moody’s A2/stable, DBRS A/stable.

Divisional review

• Mercedes-Benz Cars unit sales fell 9% to 454k, with top-end and electric vehicle shares rising to 14% and 21% respectively.

• Cars division revenue dropped 11% to €24.2bn, with EBIT adj. down 56% to €1.2bn; cash conversion rate at 1.1.

• Vans unit sales declined 10% to 93k, with electric van share up to 7%; EBIT adj. fell 47% to €441m.

• Mobility new business volume decreased 2% to €13.8bn, with contract volume at €128.8bn and ROE at 8.9%.

Outlook FY 2025

• Guidance for 2025 expects revenue, EBIT, and free cash flow to be significantly below 2024 levels due to macroeconomic and trade policy uncertainties, especially tariffs.

• Cars and Vans unit sales are forecasted to be significantly below prior year, with XEV share targeted at 20–22% for cars and 8–10% for vans.

• Adjusted return on sales guidance: Cars 4–6%, Vans 8–10%, Mobility ROE 8–9%.