“We achieved robust financial results in the second quarter given the dynamic business environment. The best response is to stay on course to deliver desirable and intelligent products, while keeping a tight grip on costs. We’re adapting to new geopolitical realities by using our global production footprint intelligently and by executing our Next Level Performance programme, which goes beyond efficiency measures, to increase the resilience of our company.”
Ola Kaellenius, Chief Executive Officer of Mercedes-Benz Group AG
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).
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 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.
Mercedes-Benz Mobility achieved a robust adjusted return on equity of 8.9% in the second quarter and 8.8% in the first half. Second quarter adjusted EBIT of Mercedes-Benz Mobility was slightly above prior-year’s level supported by positive effects from financial investments and ongoing efficiency measures.
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.
| Outlook | FY 2024 Actuals | New FY 2025 Guidance | ||
| Unit Sales | Mercedes-Benz Cars | 1,983k units | Significantly below | |
| Mercedes-Benz Vans | 406k units | Significantly below | ||
| xEV Share | Mercedes-Benz Cars (xEV) | 19% | 20 to 22% | |
| Mercedes-Benz Vans (xEV) | 5% | 8 to 10% | ||
| Adjusted* return on sales (RoS) | Mercedes-Benz Cars | 8.1% | 4 to 6% | |
| Mercedes-Benz Vans | 14.6% | 8 to 10% | ||
| Mercedes-Benz Mobility (RoE) | 8.7% | 8 to 9% | ||
| Adjusted cash conversion rate (CCR) | Mercedes-Benz Cars | 1.0 | 0.8 to 1.0 | |
| Mercedes-Benz Vans | 1.0 | 0.5 to 0.7 | ||
| Investment in pp&e | Mercedes-Benz Cars | €3.4 billion | Significantly above | |
| Mercedes-Benz Vans | €0.6 billion | Significantly above | ||
| R&D expenditure | Mercedes-Benz Cars | €8.7 billion | At prior-year level | |
| Mercedes-Benz Vans | €1.0 billion | Significantly above | ||
*The adjustments may include material adjustments if they lead to significant effects in a reporting period. These material adjustments relate in particular to legal proceedings and related measures, restructuring measures and M&A transactions.
Q2 Highlights Mercedes-Benz Cars:
- CLA sales start in Europe; start of production at the Rastatt plant
- World premiere of the all-new CLA Shooting Brake
- CONCEPT AMG GT XX premiere gave insight into first-series production model based on AMG.EA
- Start of sales for all-new Mercedes-Maybach SL Monogram Series
- Opening of first Mercedes-Maybach brand center in Korea
- Launch of the Mercedes-Benz G-Class Edition STRONGER THAN THE 1980s
- Mercedes-Benz to showcase groundbreaking new vehicles and tech at Auto Shanghai 2025
- First own-retail dealerships in Germany sold to experienced dealer partners
Q2 Highlights Mercedes-Benz Vans:
- 5,000 electric vans to be added to Amazon’s transportation network
- Vision V provides a glimpse of the future Top-End model VLS
- Mercedes Benz VLE completes major development steps including aerodynamics testing in the wind tunnel, high-speed testing on a track and a long-range test from Stuttgart to Rome
- Mercedes-Benz Vans celebrated a milestone with the production of five million Sprinter vans globally
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
| Mercedes-Benz Group | Q2 2025 | Q2 2024 | Change 25/24 | Q1-Q2 2025 | Q1-Q2 2024 | Change 25/24 |
| Revenue* | 33,153 | 36,743 | -9.8% | 66,377 | 72,616 | -8.6% |
| Earnings before interest and taxes (EBIT)* | 1,273 | 4,037 | -68.5% | 3,562 | 7,900 | -54.9% |
| Adjusted earnings before interest and taxes (EBIT)* | 1,988 | 4,049 | -50.9% | 4,534 | 7,647 | -40.7% |
| Net profit/loss* | 957 | 3,062 | -68.7% | 2,688 | 6,087 | -55.8% |
| Free cash flow industrial business (FCF)* | 1,865 | 1,629 | +14.5% | 4,222 | 3,862 | +9.3% |
| Earnings per share (EPS) in EUR | 0.95 | 2.95 | -67.8% | 2.69 | 5.81 | -53.7% |
* in millions of €
| Mercedes-Benz Cars | Q2 2025 | Q2 2024 | Change 25/24 | Q1-Q2 2025 | Q1-Q2 2024 | Change 25/24 |
| Sales in units | 453,674 | 496,712 | -8.7% | 899,974 | 959,690 | -6.2% |
| thereof xEV | 93,952 | 89,963 | +4.4% | 180,766 | 180,140 | +0.3% |
| thereof BEV | 35,027 | 45,843 | -23.6% | 75,733 | 93,364 | -18.9% |
| Share of xEV in unit sales in % | 20.7 | 18.1 | – | 20.1 | 18.8 | – |
| Revenue* | 24,162 | 27,170 | -11.1% | 48,400 | 52,883 | -8.5% |
| Earnings before interest and taxes (EBIT)* | 783 | 2,756 | -71.6% | 2,541 | 5,212 | -51.2% |
| Adjusted earnings before interest and taxes (EBIT)* | 1,228 | 2,763 | -55.6% | 2,996 | 5,086 | -41.1% |
| Adjusted return on sales (RoS) in % | 5.1 | 10.2 | – | 6.2 | 9.6 | – |
| Cash flow before interest and taxes (CFBIT)* | 1,332 | 2,156 | -38.2% | 4,121 | 4,453 | -7.5% |
| Adjusted cash conversion rate (CCR) | 1.1 | 0.8 | – | 1.4 | 0.9 | – |
* in millions of €
| Mercedes-Benz Vans | Q2 2025 | Q2 2024 | Change 25/24 | Q1-Q2 2025 | Q1-Q2 2024 | Change 25/24 |
| Sales in units | 93,393 | 103,435 | -9.7% | 176,336 | 208,860 | -15.6% |
| thereof BEV | 6,872 | 5,209 | +31.9% | 11,621 | 8,189 | +41.9% |
| Share of BEV in unit sales in % | 7.4 | 5.0 | – | 6.6 | 3.9 | – |
| Revenue* | 4,237 | 4,774 | -11.2% | 8,317 | 9,667 | -14.0% |
| Earnings before interest and taxes (EBIT)* | 274 | 830 | -67.0% | 503 | 1,763 | -71.5% |
| Adjusted earnings before interest and taxes (EBIT) * | 441 | 834 | -47.1% | 916 | 1,634 | -43.9% |
| Adjusted return on sales (RoS) in % | 10.4 | 17.5 | – | 11.0 | 16.9 | – |
| Cash flow before interest and taxes (CFBIT)* | 199 | 591 | -66.3% | 787 | 1,234 | -36.2% |
| Adjusted cash conversion rate | 0.5 | 0.7 | – | 0.9 | 0.8 | – |
* in millions of €
| Mercedes-Benz Mobility | Q2 2025 | Q2 2024 | Change 25/24 | Q1-Q2 2025 | Q1-Q2 2024 | Change 25/24 |
| Revenue* | 6,248 | 6,347 | -1.6% | 12,670 | 13,202 | -4.0% |
| New business* | 13,805 | 14,094 | -2.1% | 27,427 | 28,844 | -4.9% |
| Contract volume (June 30, 2025)* | 128,809 | 138,747 | -5.1% | 128,809 | 138,095** | -6.7% |
| Earnings before interest and taxes (EBIT)* | 247 | 271 | -8.9% | 534 | 550 | -2.9% |
| Adjusted earnings before interest and taxes (EBIT) * | 290 | 271 | +7.0% | 577 | 550 | +4.9% |
| Adjusted return on equity (RoE) in % | 8.9 | 8.4 | – | 8.8 | 8.5 | – |
* in millions of €
** Year-end figure
SOURCE: Mercedes-Benz
