Mercedes Benz : Fixed Income Presentation Q1 2025

Published: 2025-04-30 05:58:09 ET MBG.DE

- M E R C E D E S - B E N Z -

FIXED INCOME PRESENTATION MERCEDES-BENZ GROUP AG

Q1 2025

AGENDA

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

Mercedes-Benz Group Review Q1 2025

Divisional Review Q1 2025

- M E R C E D E S - B E N Z -

Outlook FY 2025

Funding

Sustainability

Products & Brand

IX.

Luxury & Top-End Vehicles VIII.Technology

Next Level Performance

M E R C E D E S - B E N Z G R O U P R E V I E W Q 1 2 0 2 5

MERCEDES- BENZ GROUP: KEY FIGURES

Revenue

- M E R C E D E S - B E N Z -

in billion euros

EBIT

in billion euros

-41%

3.9

2.3

Earnings per share

in euros

-39%

2.86

1.74

Free Cash Flow (IB)

in billion euros

+6%

2.4

2.2

Net Industrial Liquidity

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

in billion euros

+6%

33.3

31.4

35.9

33.2

-7%

Q1 2024 Q1 2025

12/31/2024 03/31/2025

M E R C E D E S - B E N Z G R O U P R E V I E W Q 1 2 0 2 5

MERCEDES- BENZ GROUP: EBIT

In million euros

- M E R C E D E S - B E N Z -

3,863

-265

3,598

-555 8

-325

-180

2,546

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

2,289

-257

M&A transactions -245

Legal proceedings -12

Legal proceedings -265

EBIT

Q1 2024

Adjustments

EBIT

adjusted Q1 2024

Mercedes-Benz

Cars

Mercedes-Benz

Vans

Mercedes-Benz

Mobility

Reconciliation

EBIT

adjusted Q1 2025

Adjustments

EBIT

Q1 2025

In million euros

M E R C E D E S - B E N Z G R O U P R E V I E W Q 1 2 0 2 5

MERCEDES- BENZ GROUP:

RECONCILIATION FROM CFBIT TO FREE CASH FLOW

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

588

-229

- M E R C E D E S - B E N Z -

2,789

-650

2,357 48

2,405

-151

Legal proceedings +48

Mercedes-Benz Cars

Mercedes-Benz Vans

Income taxes paid

Interest received

Effects from Pensions

Other reconciling items

Free cash flow (industrial business)

Adjustments

Free cash flow (industrial business) adjusted

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

In billion euros

M E R C E D E S - B E N Z G R O U P R E V I E W Q 1 2 0 2 5

MERCEDES- BENZ GROUP:

NET INDUSTRIAL LIQUIDITY

- M E R C E D E S - B E N Z -

1.3 1.8 0.0

31.4 0.7 -1.4

Free cash flow industrial business

Q1 2025: € 2.4 billion

-0.5

33.3

Net Industrial Liquidity 12/31/2024

Earnings and other cash flow impact

Working capital impact

Depreciation and amortization/ impairments

Additions to property, plant, equipment and intangible assets

Investments in and disposals of shareholdings

Others*

Net Industrial Liquidity 03/31/2025

* Mainly transactions related to MBM. 6

M E R C E D E S - B E N Z G R O U P R E V I E W Q 1 2 0 2 5

MERCEDES- BENZ GROUP: GROSS LIQUIDITY

In billion euros

19.1

3.8

- M E R C E D E S - B E N Z -

22.8

0.0

2.4

2.2

-2.5

-1.7

1.8

-3.3

0.7

-0.1

19.8

2.6

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

22.3

Liquidity

Dividend

MBM

Other

ABS

New

Bond

New

FX + Other

Liquidity

Dec 2024

Payment

Buyback

FCF

Debt

Maturities

ABS

Maturities

Bonds

Q1 2025

(LIB)

Note: Figures may not be additive due to rounding.

M E R C E D E S - B E N Z G R O U P R E V I E W Q 1 2 0 2 5

MERCEDES- BENZ GROUP: FINANCIAL FLEXIBILITY OVER A 12 - MONTH PERIOD - Q 1 2025

in billions of EUR

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

ABS potential

- M E R C E D E S - B E N Z -

Daimler Truck stake

Credit facility Liquidity

MB Mobility

Liquidity industrial business

Available or accessible liquidity

Maturities over next 12 months

Other incl. Fin. Lease Commercial

paper

Bank loans

Bonds

Account

deposits

Gross industrial liquidity at €19.8 billion

Financial flexibility supported by €11 billion revolving

credit facility (not utilized)

Financial flexibility supported by 30% Daimler Truck stake

AGENDA

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

Mercedes-Benz Group Review Q1 2025

Divisional Review Q1 2025

- M E R C E D E S - B E N Z -

Outlook FY 2025

Funding

Sustainability

Products & Brand

IX.

Luxury & Top-End Vehicles VIII.Technology

Next Level Performance

D I V I S I O N A L R E V I E W Q 1 2 0 2 5

MERCEDES- BENZ CARS: KEY MESSAGES Q 1 2025

- M E R C E D E S - B E N Z -

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

winter testing. E-Class awarded "Best Performer" by Euro NCAP.

D I V I S I O N A L R E V I E W Q 1 2 0 2 5

MERCEDES- BENZ CARS:

TOP- END AND ELECTRIC VEHICLE UNIT SALES

- M E R C E D E S - B E N Z -

Top-End

Core

Entry **

In thousand units

-4%

118

263

129

268

463 446

-2%

67* 65*

Maybach

AMG

S, EQS,

GLS, EQS SUV

-4%

90 87

BEV**

PHEV

Q1 2024

Q1 2025

Q1 2024

Q1 2025

Q1 2024

Q1 2025

Total MB Cars

Top-End

Electric vehicles

Share in % of volume 14% 15% 19% 19%

* w/o double counting (e.g. G63, S-Class, Maybach).

** incl. smart. 11

D I V I S I O N A L R E V I E W Q 1 2 0 2 5

MERCEDES- BENZ CARS: FINANCIALS

Sales

in thousand units

Revenue

in billion euros

EBIT adj.

in billion euros

CFBIT adj.

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

in billion euros

- M E R C E D E S - B E N Z -

463

-4%

446

25.7

-6%

24.2

72.3*

2.3

-24%

2.3

+20%

2.8

74.6*

1.8

-3%

Q1 2024 Q1 2025

* ASP in thousand euros excl. Smart, BBAC sales and pbp revenues

D I V I S I O N A L R E V I E W Q 1 2 0 2 5

MERCEDES- BENZ CARS: EBIT & ROS

In million euros

Gross Profit -434

2,456

RoS: 9.6%

-133

- M E R C E D E S - B E N Z -

2,323

RoS: 9.0%

-1,026

-140

732 26

-25

-163

41 1,768

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

1,758

-10

Legal proceedings -133

Operational efficiencies in purchasing and manufacturing

RoS: 7.3%

Negative net pricing effect

Legal proceedings -6

M&A -4

Lower unit sales and remarketing result

Lower overall BBAC contribution

Q1 2024

EBIT Adjustments

EBIT

adjusted Q1 2024

Volume / structure / net pricing

Foreign exchange rates

Industrial

performance

Selling

expenses

General administrative expenses

Research & non-capitalized development

costs

Others

EBIT

adjusted Q1 2025

Adjustments

EBIT Q1 2025

D I V I S I O N A L R E V I E W Q 1 2 0 2 5

MERCEDES- BENZ CARS: EBIT TO CFBIT

In million euros

- M E R C E D E S - B E N Z -

1,232 29

1,536

-561

2,789 23

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

2,812

CCR: 1.6

Legal proceedings +23

CCR: 1.6

1,758

-1,205

t/o

Inventories

-774

Trade receivables +140

Trade payables +1,866

t/o

Result at-Equity BBAC -316

EBIT Q1 2025

Change in working capital

Net financial investments

Net investments in pp&e and intangible assets

Depreciation and amortization/ impairments

Others

CFBIT Q1 2025

Adjustments

CFBIT

adjusted Q1 2025

D I V I S I O N A L R E V I E W Q 1 2 0 2 5

MERCEDES- BENZ VANS: KEY MESSAGES Q 1 2025

- M E R C E D E S - B E N Z -

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

architecture with both BEV and ICE.

D I V I S I O N A L R E V I E W Q 1 2 0 2 5

MERCEDES- BENZ VANS: ELECTRIC VEHICLE UNIT SALES

In thousand units

105

-21%

+59%

- M E R C E D E S - B E N Z -

BEV

thereof

Q1 2024 Q1 2025 Q1 2024 Q1 2025

Total MB Vans Electric vehicles

Share in % of volume 3% 6%

D I V I S I O N A L R E V I E W Q 1 2 0 2 5

MERCEDES- BENZ VANS: FINANCIALS

Sales

in thousand units

Revenue

in billion euros

EBIT adj.

in billion euros

CFBIT adj.

in billion euros

105

-21%

4.9

-17%

4.1

0.8

-41%

0.7

-11%

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

0.6

- M E R C E D E S - B E N Z -

0.5

Q1 2024 Q1 2025

D I V I S I O N A L R E V I E W Q 1 2 0 2 5

MERCEDES- BENZ VANS: EBIT & ROS

In million euros

Gross Profit -305

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

933

RoS: 16.3%

RoS:

19.1%

- M E R C E D E S - B E N Z -

800

-133

-407

95 0

4 9

RoS: 5.6%

-246

M&A transactions -241

Legal proceedings -5

RoS:

11.6%

-33

475

Legal proceedings -133

Healthy mix supported by improved product substance

Positive material cost development

Significantly lower unit sales

Slightly negative net pricing and increased leasing share

229

EBIT

Q1 2024

Adjustments

EBIT

adjusted Q1 2024

Volume / structure / net pricing

Foreign exchange rates

Industrial

performance

Selling

expenses

General administrative expenses

Research & non-capitalized development

costs

Others

EBIT

adjusted Q1 2025

Adjustments

EBIT Q1 2025

D I V I S I O N A L R E V I E W Q 1 2 0 2 5

MERCEDES- BENZ VANS: EBIT TO CFBIT

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

In million euros

- M E R C E D E S - B E N Z -

190

Legal proceedings +24

CCR: 2.6

CCR: 1.3

588

24 612

229

79 26

289

t/o

-225

+100

Trade payables

Trade receivables +179

Inventories -200

EBIT Q1 2025

Change in working capital

Net financial investments

Net investments in pp&e and intangible assets

Depreciation and amortization/ impairments

Others

CFBIT Q1 2025

Adjustments

CFBIT

adjusted Q1 2025

D I V I S I O N A L R E V I E W Q 1 2 0 2 5

MERCEDES- BENZ MOBILITY: KEY MESSAGES Q 1 2025

E N Z -

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

New business volumes impacted by competitive situation in

- M E R C E D E S - B

China.

Acquisition margin continues to be in line with target return.

Portfolio margin on a positive trend since mid 2024.

Efficiency measures yielding further cost improvements.

Charging Solutions continue to expand.

D I V I S I O N A L R E V I E W Q 1 2 0 2 5

MERCEDES- BENZ MOBILITY: FINANCIALS

New Business

in billion euros

Contract Volume

in billion euros

EBIT adj.

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

in billion euros

-8%

- M E R C E D E S - B E N Z -

14.8

13.6

-3%

138.1 133.7

+3%

0.3 0.3

Q1 2024 Q1 2025

12/31/2024 3/31/2025

Q1 2024 Q1 2025

D I V I S I O N A L R E V I E W Q 1 2 0 2 5

MERCEDES- BENZ MOBILITY: EBIT & ROE

In million euros

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

- M E R C E D E S - B E N Z -

279 0 279 3

31 -16

287 0 287

RoE:

8.6%

RoE: 8.5%

-109

RoE:

8.6%

Cost of credit risk improved

Efficiency measures leading to cost improvements

Negative one-timers incl. UK commission provisions

Further ramp-up of charging business

EBIT Q1 2024

Adjustments

EBIT

adjusted Q1 2024

Foreign exchange rates

Cost of credit risk (COCR)

Volume/ Margin

Selling expenses

General administrative expenses

Others

EBIT

adjusted Q1 2025

Adjustments

EBIT Q1 2025

D I V I S I O N A L R E V I E W Q 1 2 0 2 5

MERCEDES- BENZ MOBILITY:

NET CREDIT LOSSES*

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

0.89%

0.83%

- M E R C E D E S - B E N Z -

0.43%

0.34%

0.37%

0.31%

0.24%

0.31%

0.26%

0.21%

0.26%

0.33%

0.21%

0.20%

0.29%

0.40%

0.43%

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

YTD 2025

* As percentage of portfolio, subject to credit risk.

AGENDA

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

Mercedes-Benz Group Review Q1 2025

Divisional Review Q1 2025

- M E R C E D E S - B E N Z -

Outlook FY 2025

Funding

Sustainability

Products & Brand

IX.

Luxury & Top-End Vehicles VIII.Technology

Next Level Performance

O U T L O O K F Y 2 0 2 5

MERCEDES- BENZ DIVISIONAL GUIDANCE 2025

ASSUMPTION

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

The assumptions regarding the overall economic conditions and the development of the automotive markets continue to be characterized by exceptionally high levels of uncertainty. In addition to unexpected macroeconomic and geopolitical developments, trade policy events in particular are causing uncertainty for the world economy and thus for the business development of the Mercedes-Benz Group.

- M E R C E D E S - B E N Z -

Confirmed before additional Tariffs

FY 2024 Actuals FY 2025 Guidance

Unit Sales

Mercedes-Benz Cars

1,983k units

Slightly below

Mercedes-Benz Vans

406k units

Slightly below

xEV share

Mercedes-Benz Cars (xEV)

19%

20 to 22 %

Mercedes-Benz Vans (xEV)

8 to 10 %

Return on Sales (adjusted*)

Mercedes-Benz Cars

8.1%

6 to 8 %

Mercedes-Benz Vans

14.6%

10 to 12 %

Mercedes-Benz Mobility (RoE)

8.7%

8 to 9 %

Cash Conversion Rate** (adjusted)

Mercedes-Benz Cars

1.0

0.9 to 1.1

Mercedes-Benz Vans

1.0

0.5 to 0.7

Investment in PP&E

Mercedes-Benz Cars

EUR 3.4 bn.

Significantly above

Mercedes-Benz Vans

EUR 0.6 bn.

Significantly above

R&D expenditure

Mercedes-Benz Cars

EUR 8.7 bn.

At prior-year level

Mercedes-Benz Vans

EUR 1.0 bn.

Significantly above

* The adjustments 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.

** Adjusted Cash Flow before Interest and Taxes (CFBIT) divided by adjusted EBIT.

O U T L O O K F Y 2 0 2 5

MERCEDES- BENZ DIVISIONAL GUIDANCE 2025

ASSUMPTION

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

- M E R C E D E S - B E N Z -

FY 2024 Actuals FY 2025 Guidance

Mercedes-Benz Cars 1,983k units Slightly below

Unit Sales

Mercedes-Benz Vans 406k units Slightly below

Mercedes-Benz Cars (xEV) 19% 20 to 22 %

xEV share

Mercedes-Benz Vans (xEV) 5% 8 to 10 %

Mercedes-Benz Cars 8.1% 6 to 8 %

Return on Sales Mercedes-Benz Vans 14.6% 10 to 12 %

(adjusted*)

Mercedes-Benz Mobility (RoE) 8.7% 8 to 9 %

Cash Conversion Mercedes-Benz Cars 1.0 0.9 to 1.1

Rate** (adjusted) Mercedes-Benz Vans 1.0 0.5 to 0.7

Mercedes-Benz Cars EUR 3.4 bn. Significantly above

Investment in PP&E

Mercedes-Benz Vans EUR 0.6 bn. Significantly above

Mercedes-Benz Cars EUR 8.7 bn. At prior-year level

R&D expenditure

Mercedes-Benz Vans EUR 1.0 bn. Significantly above

** Adjusted Cash Flow before Interest and Taxes (CFBIT) divided by adjusted EBIT.

Confirmed before additional Tariffs

Additional

Tariff Impacts FY2025:

RoS adj. Cars: lower than before RoS adj. Vans: lower than before CCR adj.: lower than before

O U T L O O K F Y 2 0 2 5

MERCEDES- BENZ GROUP GUIDANCE 2025

ASSUMPTION

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

- M E R C E D E S - B E N Z -

FY 2024 Actuals FY 2025 Guidance

Revenue EUR 145.6 bn. Slightly below

EBIT EUR 13.6 bn. Significantly below

Free Cash Flow

(Industrial Business) EUR 9.2 bn. Significantly below

** Adjusted Cash Flow before Interest and Taxes (CFBIT) divided by adjusted EBIT.

Confirmed before Tariffs

Additional

Tariff Impacts FY2025:

Group EBIT: Lower than before

Group FCF: Lower than before

O U T L O O K F Y 2 0 2 5

MERCEDES- BENZ GROUP:

MASTERING A DYNAMIC ENVIRONMENT

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

Tariffs: Stay vigilant on tariff dynamics.

- M E R C E D E S - B E N Z -

Localization strategy: Further leverage localization potential in China and US.

Product & technology: Continue to deliver on product offensive

and tech stack roll out and development.

Next Level Performance: Accelerate implementation of top line and cost efficiency initiatives.

Financial resilience: Retain a healthy balance sheet to navigate

through periods of uncertainty.

AGENDA

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

Mercedes-Benz Group Review Q1 2025

Divisional Review Q1 2025

- M E R C E D E S - B E N Z -

Outlook FY 2025

Funding

Sustainability

Products & Brand

IX.

Luxury & Top-End Vehicles VIII.Technology

Next Level Performance

F U N D I N G

OUR FUNDING STRATEGY IS BUILT ON STRICT PRINCIPLES

Targeting Financial

Diversification of funding sources and instruments: Bank Loans, Bonds, ABS, Commercial Paper

No dependence from single markets, instruments, banks or investors

- M E R C E D E S - B E N Z -

Independence

Maximizing Financial

New markets funded via global and local banks first

Keeping prudent amount of Cash and Committed Credit Facility

Flexibility

Stringent Global

Interest rate matched funding

Liquidity matched funding

- F I X E D I N C O M E P R E S E N T A T I O N Q 1 2 0 2 5 -

Funding Policy

Country matched funding

Early capital market funding to save credit capacity in growth regions

No Covenants and asset pledges, no Credit Support Agreements

Currency matched funding

Disclaimer

Mercedes-Benz Group AG published this content on April 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2025 at 09:52 UTC.