Mercedes-Benz Group posts robust H1 results as efficiency measures gain traction

Stuttgart (Germany) - Mercedes-Benz Group AG (ticker symbol: MBG) achieved robust financial results in the second quarter, despite a dynamic business environment and new global tariff policies. All three business units achieved solid EBIT margins. The company generated a robust free cash flow of the industrial business of €1.9 bn in the second quarter (Q2 2024: €1.6 bn) and €4.2 bn in the first six months (H1 2024: €3.9 bn). Net liquidity reached €30.8 bn in the first half (end of Q2 2024: €27.4 bn). Group Revenue and Group EBIT were influenced by the new tariffs. Group EBIT was impacted by €715 mn of adjustments which were mainly for measures to increase operational efficiency and M&A transactions, including for the sale of production and sales capacities in Argentina. The adjusted Mercedes-Benz Group EBIT reached €2.0 bn (Q2: 2024: €4.0 bn).

Divisional results

Mercedes-Benz Mobility

Mercedes-Benz Mobility achieved a robust adjusted return on equity (ROE) of 8.9% in the second quarter and 8.8% in the first half. Second-quarter adjusted EBIT was slightly above the prior year’s level, supported by positive effects from financial investments and ongoing efficiency measures.

Mercedes-Benz Cars

Mercedes-Benz Cars achieved a robust adjusted EBIT margin of 5.1% in the second quarter and 6.2% in the first half. Excluding the latest additional tariffs, the Mercedes-Benz RoS was 6.6% in Q2. Mercedes-Benz Cars sold 453,700 cars (-9%) in the second quarter, 2% above Q1 2025, influenced by the ongoing dynamic market environment especially in China and due to diligent management of stock to counter tariff impacts. Top-End Vehicles accounted for 14.3% of overall sales. Demand for plug-in hybrid vehicles (PHEV) remained strong in the second quarter (+34%) and xEV sales increased by 4%. Second quarter EBIT of Mercedes-Benz Cars was influenced by tariffs, and by lower unit sales and a softer net pricing as well as by efficiency measures, and macro environment.

Mercedes-Benz Vans

Mercedes-Benz Vans achieved a healthy adjusted EBIT margin of 10.4% in the second quarter and 11.0% in the first half. Second quarter adjusted EBIT was influenced by lower sales volumes. Mercedes-Benz Vans sold 93,400 units (-10%) in the second quarter in a highly competitive market environment. Sales of electric Vans increased 32% compared to Q2 2024.

Outlook

Mercedes-Benz Group now sees Group revenue significantly below the prior-year level based on lower sales expected at Mercedes-Benz Cars and Mercedes-Benz Vans.
Sales at Mercedes-Benz Cars are now seen significantly below 2024 levels, with sales in the second half of the year in the vicinity of H1. Overall sales in Q3 are seen slightly lower than in Q4. To reflect tariff impacts, the company now sees a new full-year guidance range for return on sales adj. at Mercedes-Benz Cars of 4-6%. For Mercedes-Benz Vans, sales are seen significantly below the previous year, with a stronger H2 versus H1. Including tariffs, this leads to a new guidance range of 8-10% for return on sales adj. at Mercedes-Benz Vans for the full year.

Q2 Highlights Mercedes-Benz Mobility:

• Mercedes-Benz launched High-Power Charging Hubs in Japan and Austria
• Mercedes-Benz customers in Germany can now purchase and pay for e-Vignettes directly from their vehicle

Link to press information “Sales figures Q2 2025”:
media.mercedes-benz.com/sales

Link to capital market presentation Q2 2025:
group.mercedes-benz.com/q2-2025