Mercedes-Benz Group (MBG) Investor presentation summary

Q1 group performance

• Revenue €34.9bn (+6% YoY); EBIT €4.7bn (+8%); adjusted EBIT €5.2bn (+19%).

• Industrial free cash flow was €1.2bn; net industrial liquidity rose to €22.7bn from €21.0bn at year-end 2021.

• High customer demand was constrained by semiconductor shortages; the Russia-Ukraine situation affected financials.

Segment results

• Cars sales fell 10% to 487,000 units, while revenue grew 8% to €25.8bn and adjusted EBIT rose 21% to €4.2bn.

• Cars’ strong margin reflected favorable mix, pricing power and cost discipline; lower unit sales and higher raw-material costs weighed on results.

• Vans sales were flat at 88,500 units; revenue rose 9% to €3.7bn, adjusted EBIT 42% to €466m and adjusted CFBIT 135% to €437m.

• Mobility new business declined 13% to €14.5bn; contract volume increased 1% to €134.4bn and adjusted EBIT rose 6% to €733m.

FY 2022 outlook

• Cars and Vans unit sales were guided slightly above prior-year levels; adjusted Cars return on sales was forecast at 11.5–13% and Vans at 8–10%.

• Mobility adjusted return on equity guidance was 16–18%; Cars cash conversion rate guidance was 0.8–1.0 and Vans 0.6–0.8.

• Group revenue was expected slightly above prior year, EBIT at prior-year level, industrial free cash flow slightly below and CO2 emissions at prior-year level.

• Guidance reflected exceptional uncertainty from the Ukraine war, supply-chain disruption, semiconductor shortages, inflation and pandemic measures in China.