Mercedes-Benz Group (MBG) Q1 2026 earnings summary

Executive summary

• Product ramp-up accelerated with launches of new S-Class, Maybach S-Class, EQS, GLS, GLE, electric C-Class, VLE, and new van models, plus MB.OS rollout and 140th anniversary celebrations.

• Strategic investments over $7 billion announced for the U.S. through 2030, reinforcing local-for-local strategy and SUV portfolio expansion.

• Automated driving advances with U.S. rollout and robotaxi ecosystem; BEV sales up 9% for cars and 29% for vans year-over-year.

• Order intake for new electric models in Europe more than doubled year-over-year, with strong demand for CLA, GLB, and GLC.

• Group completed and signed several Own Retail sales in Germany and advanced the sale of the Athlon Group.

Financial highlights

• Q1 2026 revenue at EUR 31.6 billion, down 5% year-over-year, mainly due to negative exchange rate effects; EBIT at EUR 1.9 billion, down 17% year-over-year.

• Adjusted group EBIT at EUR 1.77 billion; EPS at EUR 1.49, down 14% year-over-year.

• Free cash flow (industrial business) at EUR 1.86 billion, down 21% year-over-year; net industrial liquidity increased 5% to EUR 33.8 billion.

• Cars segment adjusted EBIT at EUR 900 million, adjusted CFBIT at EUR 3.4 billion (+22% YoY), adjusted return on sales at 4.1%.

• Vans segment adjusted EBIT at EUR 415 million, adjusted return on sales at 10.1%.

• Financial services adjusted EBIT up 44% year-over-year to EUR 413 million, adjusted return on equity at 13.3%.

Outlook and guidance

• Group and segment guidance for 2026 unchanged: cars return on sales 3%-5%, vans 8%-10%, financial services 10%-12%.

• Revenue for 2026 expected at prior-year level; EBIT forecasted significantly above prior-year; free cash flow projected slightly below prior-year.

• XEV share for Cars guided at 21–23% for FY 2026.

• Sales momentum expected to build in H2 2026, with Q1 as the lowest quarter.

• Raw material headwinds and tariffs expected to increase in H2, but included in guidance.

• Uncertainty remains high due to geopolitical risks, especially in the Middle East.