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 new BEV and ICE models, including MB.OS and advanced assisted driving features.

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

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

• Electrified vehicles gained share, with BEV car sales up 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% year-over-year to €1.5 billion, impacted by valuation adjustments in China.

• Free cash flow 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 to €4.5 billion, adjusted EBIT at €454 million, double-digit return on sales at 10.2%.

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

Outlook and guidance

• Lowered full-year 2026 car sales and group revenue guidance to slightly below prior year due to China weakness; ex-China growth remains targeted.

• Raised full-year xEV share guidance to 23%-25% on strong BEV momentum.

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

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

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

• Group EBIT expected significantly above previous year; free cash flow guidance for industrial business slightly below prior year.