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Mercedes-Benz Group (MBG) investor relations material

Mercedes-Benz Group Q2 2025 (Media) earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 (Media) earnings summary30 Jul, 2025

Executive summary

  • Revenue for H1 2025 declined 9% year-over-year to €66.4 billion, with net profit down 56% to €2.7 billion and EBIT down 55% to €3.6 billion, mainly due to lower unit sales, negative exchange rates, and softer pricing.

  • Adjusted EBIT and free cash flow of the industrial business also fell, while the share of electrified vehicles in total unit sales increased to 20.1% in H1 2025.

  • Significant events included the sale of production and sales capacities in Argentina, workforce adjustment programs in Germany, and the launch of the all-electric CLA.

Financial highlights

  • Q2 2025 revenue was €33.2 billion, down 10% year-over-year; net profit was €957 million, down 69%.

  • H1 2025 EBIT was €3.6 billion (down 55%), net profit €2.7 billion (down 56%), and EPS €2.69 (down 54%).

  • Free cash flow of the industrial business rose slightly to €4.2 billion, with adjusted free cash flow at €4.4 billion.

  • Net liquidity of the industrial business was €30.8 billion at June 30, 2025, down €0.6 billion from year-end 2024.

  • Investments in property, plant, and equipment totaled €1.6 billion in H1 2025; R&D expenditure was €4.7 billion.

Outlook and guidance

  • Full-year 2025 revenue, EBIT, and free cash flow are now expected to be significantly below prior-year levels due to challenging markets and additional tariffs.

  • Mercedes-Benz Cars and Vans both expect unit sales to be significantly below 2024, with adjusted return on sales forecast at 4-6% for Cars and 8-10% for Vans.

  • Adjusted cash conversion rates are expected to decrease, and the share of electrified vehicles is forecast at 20-22% of unit sales.

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Frequently asked questions

Mercedes-Benz Group AG, formerly Daimler AG, operates as an automotive company in Germany and internationally. The company develops, manufactures, and sells passenger cars comprising premium and luxury vehicles of the Mercedes-Benz brand, including the Mercedes-AMG, G-Class, Mercedes-Maybach, and Mercedes-EQ brands, as well as small cars under the smart brand; ecosystem of Mercedes-Benz under the Mercedes me brand; and vans under the Mercedes-Benz and Freightliner brands, as well as related spare parts and accessories. It also provides financing and leasing packages for end-customers and dealers; automotive insurance brokerage and banking services; car subscription and car rental, and fleet management, as well as digital services for charging and payment; and mobility services. The company was formerly known as Daimler AG and changed its name to Mercedes-Benz Group AG in February 2022. Mercedes-Benz Group AG was founded in 1886 and is headquartered in Stuttgart, Germany.

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