Mercedes-Benz Group (MBG) Investor presentation summary

Q3 performance

• Vehicle sales fell 25% YoY to 578,000 amid semiconductor constraints; revenue was €40.1bn versus €40.3bn in Q3 2020.

• Net industrial liquidity rose 31% to €23.5bn from €17.9bn at year-end 2020; favorable liquidity and free cash flow supported financial flexibility.

• Resilience improved as favorable mix and net pricing helped offset semiconductor-related supply constraints and raw-material headwinds.

• 99.90% of shareholders supported the planned Daimler Truck spin-off and renaming; first listing was targeted by year-end 2021.

Segment results

• Mercedes-Benz Cars & Vans sales declined 30% YoY to 471,000; revenue was €25.6bn, down 1%, and adjusted EBIT was €4.1bn, down 14%.

• Mercedes-Benz Cars & Vans adjusted ROS was 8.2% versus 9.4% in Q3 2020; favorable mix and net pricing offset lower volume and higher raw-material costs.

• Daimler Trucks & Buses sales rose 7% to 106,400, while revenue fell 4% to €8.9bn and adjusted EBIT declined 19% to €489m.

• Trucks & Buses adjusted ROS was 5.5% versus 5.9%; regional heavy-duty mix, supply constraints and raw-material costs weighed on performance.

• Daimler Mobility adjusted EBIT increased 57% to €943m, benefiting from lower refinancing costs; contract volume was €148.1bn, down 2%.

FY 2021 outlook

• Worldwide demand conditions were expected to remain favorable, but supply-chain bottlenecks would continue to constrain Q4 vehicle production; semiconductor supply was expected to improve versus Q3.

• Divisional guidance: Mercedes-Benz Cars & Vans adjusted ROS of 10–12%; Trucks & Buses adjusted ROS of 6–8%; Daimler Mobility ROE of 20–22%.

• Group guidance projected revenue and EBIT significantly above prior year, industrial free cash flow slightly below, and CO₂ emissions significantly below prior year.

• Expected positive Q4 EBIT effects from the truck spin-off, especially deconsolidation, were not included in Group guidance because they could not yet be reliably determined.