Mercedes-Benz Group (MBG) Fixed income presentation summary

Q2 operating performance

• Q2 sales 736,000 units, up 36% YoY; revenue €43.5bn, up 44% YoY.

• Net industrial liquidity reached €20.9bn at June 30, 2021, up 17% from year-end 2020.

• Industrial business free cash flow was €2.586bn in Q2; strong cash conversion supported financial flexibility.

• Key messages highlighted earnings momentum across businesses, improved resilience, cost measures and continued EV portfolio expansion.

Divisional performance

• Mercedes-Benz Cars & Vans Q2 sales rose 29% YoY to 620,000 units and revenue rose 49% to €28.2bn; adjusted EBIT was €3.6bn.

• Mercedes-Benz Cars sold 511,000 cars wholesale; H1 xEV sales more than quadrupled and EV share exceeded 10%.

• Trucks & Buses Q2 sales rose 91% YoY to 116,800 units and revenue rose 61% to €10.0bn; adjusted EBIT was €831m.

• Mobility adjusted EBIT increased 197% YoY to €930m; new business rose 23% to €17.2bn while contract volume held at €150.6bn.

• Truck and bus orders exceeded prior-year levels across regions, while 2021 production capacity and semiconductor supply remained constraints.

2021 outlook

• Guidance assumes gradual economic normalization; semiconductor shortages are expected to affect business in H2, with low visibility on supply developments.

• Full-year revenue and EBIT guidance: significantly above prior-year; industrial free cash flow: slightly below; investment in PP&E: at prior-year level; R&D: significantly above.

• CO₂ emissions guidance was significantly below comparable prior-year figures; the group outlook included Trucks & Buses under the existing structure.

• Divisional guidance: adjusted return on sales of 10–12% for Cars & Vans and 6–8% for Trucks & Buses; Mobility adjusted ROE of 17–19%.