Mercedes-Benz Group (MBG) Q2 2026 earnings summary

Executive summary

• Delivered solid Q2 results amid macroeconomic and geopolitical headwinds, with strong adaptation and execution across teams.

• Launched new Mercedes-AMG GT 4-Door Coupé, expanded electric C-Class production, and rolled out significant technology and product updates.

• Security & Defence established as a strategic field, with a Memorandum of Understanding signed with TYTAN Technologies.

• Productivity initiatives in Germany and Hungary aim to lower labor costs and boost competitiveness.

• BEV car sales surged 51% year-over-year, especially in Europe (+87%), while total car sales declined 8% year-over-year; ex-China sales rose 2% year-over-year.

Financial highlights

• Group revenue in Q2 2026 was €32.1 billion, down 3% year-over-year; EBIT up 22% to €1.5 billion.

• Free cash flow (industrial business) reached €1.1 billion in Q2, with net industrial liquidity at €30.4 billion after significant shareholder returns.

• Cars segment: adjusted EBIT of €900 million, adjusted return on sales at 4% (within 3%-5% guidance).

• Vans segment: stable sales (~94,000 units), revenue up 5% to €4.5 billion, adjusted EBIT at €454 million, double-digit return on sales (10.2%).

• Financial services: adjusted EBIT up 70% to nearly €500 million, adjusted return on sales at 15.3%.

Outlook and guidance

• Cars: lowered full-year 2026 sales guidance to slightly below 2025 levels due to China, but raised xEV share guidance to 23%-25%.

• Cars adjusted return on sales guidance confirmed at 3%-5%, expecting to be in the lower half for the full year.

• Vans: sales guidance unchanged, full-year adjusted return on sales expected between 8%-10%.

• Financial services: full-year return on equity guidance raised to 12%-14%.

• Group revenue and free cash flow expected slightly below prior year; EBIT significantly above previous year.