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Mercedes-Benz Group (MBG) investor relations material
Mercedes-Benz Group Q3 2025 (Media) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Major product launches included the new CLA, the first software-defined vehicle, and GLC, with strong feedback and order intake.
Q3 2025 revenue was €32.1bn, down 7% YoY; Q1–Q3 2025 revenue was €98.5bn, down 8% YoY.
Net profit for Q3 2025 was €1.2bn, down 31% YoY; Q1–Q3 2025 net profit was €3.9bn, down 50% YoY.
Top-End car sales rose 10% YoY, now 15% of mix, while total car sales fell 12% YoY; BEV sales up 22% for cars and 25% for vans sequentially.
Free cash flow (industrial business) at €1.4bn in Q3; Q1–Q3 free cash flow at €5.6bn, down 11% YoY.
Financial highlights
Group revenue down 7% YoY to €32.1bn in Q3; adjusted EBIT down 17% YoY to €2.1bn; EPS down 33% YoY to €1.22.
EBIT for Q3 2025 was €750m, down 70% YoY; Q1–Q3 2025 EBIT was €4.3bn, down 59%.
Cars revenue down 7% YoY to €23.7bn; adjusted EBIT down 6% to €1.1bn; adjusted CFBIT down 37% to €1.5bn.
Vans revenue down 13% YoY to €4.0bn; adjusted EBIT down 34% to €412m; adjusted CFBIT down 68% to €297m.
Net industrial liquidity increased to €32.3bn as of September 30, 2025.
Outlook and guidance
Cars and vans sales guidance confirmed; all divisional and group guidance ranges reaffirmed.
FY 2025 guidance: revenue, EBIT, and free cash flow expected to be significantly below prior year.
Cars RoS (adj.) guided at 4–6%, vans at 8–10%, mobility RoE at 8–9%.
Share of electrified vehicles (XEV) in Cars expected at 20–22% for the year.
High uncertainty from macroeconomic, geopolitical, and trade policy risks.
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