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Mercedes - Benz Group AG ROADSHOW PRESENTATION Q2 2026
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2 Agenda I. Mercedes - Benz Cars: Five reasons for confidence 1. Biggest product launch program in our history 2. Next generation of MB Tech 3. Taking performance to the next level 4. Increasing resilience and reshaping global footprint 5. Attractive shareholder returns II. Mercedes - Benz Vans III. Results Q2 2026
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3 AS RULES SHIFT, WE GEAR UP WITH EVEN GREATER DRIVE. WE ARE TURNING OUR STRENGTHS INTO MOMENTUM.
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4 140 YEARS AGO, WE INVENTED THE AUTOMOBILE – AND WE ARE STILL SHAPING ITS FUTURE
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5 Biggest product launch programme Next generation of MB tech Taking performance to next level Attractive shareholder returns Increasing resilience & reshaping global footprint FIVE REASONS FOR CONFIDENCE. MERCEDES - BENZ IS DETERMINED TO DELIVER
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6 6 Agenda I. Mercedes - Benz Cars: Five reasons for confidence 1. Biggest product launch program in our history 2. Next generation of MB Tech 3. Taking performance to the next level 4. Increasing resilience and reshaping global footprint 5. Attractive shareholder returns II. Mercedes - Benz Vans III. Results Q2 2026
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7 MERCEDES - BENZ – THE ORIGINAL AND MOST VALUABLE LUXURY CAR BRAND Heritage: Mercedes - Benz is built on constant reinvention Formula 1: The power of F1 for our brand $ 50 bn Mercedes - Benz brand value 2025 1 1 Interbrand: Best Global Brands 2025 827 mn global fanbase 2 114 mn social media followers 2 2 In 2025; Source: Formula One World Championship Limited
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8 WHAT MAKES A CAR A MERCEDES - BENZ? THE PERFECT COMBINATION OF EXTRAORDINARY DETAILS Safety Trustworthy responsibility Quality Engineering excellence Comfort Effortless comfort Design Sensual purity Intelligence Hyper - personalized user experience
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9 THE DESTINATION IS SET: OUR STRATEGIC MID - TERM GOALS ~2.0 m sales volume >15% Top - End sales growth 2x xEV share
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10 ICE BEV 2025 2026 Top - End ICE BEV Core ICE BEV Entry MM SL SL PureSpeed CLA CLA CLA LWB GLC GLB CLA SB S - Class 2027 WE’LL HAVE A COMPLETE AND COMPELLING PORTFOLIO. OUR NEW DESIGN LANGUAGE: 100% MERCEDES - BENZ Mercedes - Maybach SL 680 Monogram Series | Energy consumption combined : 13,6 l/100km | CO ₂ emissions combined : 309,0 g/km | CO ₂ class : G Mercedes - AMG PureSpeed | Energy consumption combined : 13,7 l/100 km | CO ₂ emissions combined : 312 g/km | CO ₂ class : G Mercedes - Benz C 400 4MATIC electric | Energy consumption combined : 18.5 - 14.1 kwh /100 km | CO ₂ emissions combined : 0.0 g/km | CO ₂ class : A Mercedes - Maybach GLS 680 | Energy consumption combined : 13,7 - 13,3 l/100 km | CO ₂ emissions combined : 312 - 304 g/km | CO ₂ class : G 10 S - Class LWB MM S - Class GLS EQS GT 4DR GLE GLE Coupé GLC LWB C - Class GLB CLA SB MM GLS CLA LWB MM = Mercedes - Maybach LWB = Long Wheelbase SB = Shooting Brake
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11 GLE Coupé Powerful, commanding, intuitive, expressive THE CORE SEGMENT REMAINS THE BACKBONE OF OUR BUSINESS. WE’LL COMPLETE OUR PORTFOLIO ACROSS ALL POWERTRAINS GLE Modern intelligence meets commanding performance Electric C-Class Redefining the segment Mercedes - Benz C 400 4MATIC electric | Energy consumption combined : 18.5 - 14.1 kwh /100 km | CO ₂ emissions combined : 0.0 g/km | CO ₂ class : A
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12 EXPANDING AND PROTECTING THE SHARE OF TOP - END VEHICLES AND LEVERAGING THE POTENTIAL OF OUR LUXURY BRANDS Mercedes - Maybach GLS 680 | Energy consumption combined : 13,7 - 13,3 l/100 km | CO ₂ emissions combined : 312 - 304 g/km | CO ₂ class : G Mercedes-Maybach S-Class True class runs deep S-Class Refined in every detail Mercedes-Maybach GLS A cosmos of your own GLS The S-Class of SUVs redefines comfort
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13 New Mercedes - Maybach S - Class for our most demanding customers debuted in March AMG.EA enters series production: launch of new 4 - door Coupé in May followed by new SUV later this year Best - ever sales in 2025; premiere of cabriolet next year THE FOCUS ON THE TOP - END SEGMENT REMAINS A CORNERSTONE OF OUR STRATEGY
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14 PRODUCT PIPELINE DRIVES MID - TERM GROWTH TARGET China Short - term product ramp - up ▪ 2026 sales on prior year level; impacted by ongoing market dynamics in China ▪ Product momentum to further unfold in H2 2026 with new model introductions Mid - term growth targets ▪ Targeted sales of ~2.0 million units based on product momentum and market share recovery ▪ Exploitation of growth opportunities in the USA with attractive new products, particularly in Top - End, as well as in Europe and overseas China competition and macro ▪ Adjusting volume to market realities. Closing portfolio white spots with new electric models 552 1,249 2025 2026 2027 Mid - term 1,801 ~2,000 GLOBAL SALES 1 1) schematic graph in k units
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15 xEV (BEV+PHEV) 1 369 2025 2026 2027 Mid - term ~800 20.5% 2 3 - 25 % ~40% 268 2025 2026 2027 Mid - term >300 14.9% Top - End share xEV share 14 - 15% >15% FOCUS ON TOP - END AND BEV TOP - END 1 Top - End Vehicles ▪ Solidify Top - End share in target corridor from 14% to 15% ▪ Mid - term Top - End volume increase driven by AMG product momentum , including AMG.EA and new 6 - and 8 - cylinder options ▪ Major S - Class and GLS upgrade BEV transformation ▪ CLA, GLB and GLC gaining strong order momentum ▪ xEV share ~40% mid - term boosted by full availability of MMA and MB.EA 1) schematic graph in k units
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16 Pricing ▪ Competitive pricing to support volume growth while safeguarding margins ▪ Discounts to stabilise and ASP to grow again in mid - term ▪ Maintain price premium on the back of brand and product strength Revenue ▪ Stable revenue development in 2026 in line with sales ▪ Ambition to grow revenue beyond 2026 driven by product pipeline and portfolio ▪ CAGR beyond 2026 of ~7% targeted PRODUCT SUBSTANCE TRANSLATING INTO SALES AND REVENUE GROWTH Mercedes - AMG G 63 | Energy consumption combined : 15.7 - 14.7 l/100 km | CO ₂ emissions combined : 358 - 335 g/km | CO ₂ class : G
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17 17 Agenda I. Mercedes - Benz Cars: Five reasons for confidence 1. Biggest product launch program in our history 2. Next generation of MB Tech 3. Taking performance to the next level 4. Increasing resilience and reshaping global footprint 5. Attractive shareholder returns II. Mercedes - Benz Vans III. Results Q2 2026
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18 WE OFFER BOTH DESIRABLE HEV AND BEV IN AN UNCOMPROMISING LINE - UP FROM ENTRY TO TOP - END B A T T E R Y E L E C T R I C D R I V E T R A I N & … … E L E C T R I F I E D C O M B U S T I O N E N G I N E TOP - END & CORE Uncompromising through dedication to battery - & hybrid - electric vehicles Catering to the most demanding customer requirements better than the competition ENTRY Uncompromising MMA platform allows front - wheel - drive layout for hybrid - electric vehicles without compromising BEV E N T R Y C O R E T O P - E N D
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19 HIGH - TECH ELECTRIFIED COMBUSTION ENGINES (EU7 - READY) MERCEDES - BENZ CUSTOMERS HAVE FULL CHOICE Most comprehensive powertrain update ever, incl. electrified V8 & long - range PHEV 4 cylinders petrol & diesel 6 cylinders petrol & diesel 8 cylinders petrol 2026: new S - Class
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20 Chip - to - Cloud Own architecture with full OTA capability User Experience Integration of local partners & AI functions ADAS Leverage data to continuously add functionality EVERY NEW MERCEDES - BENZ WILL BE SOFTWARE - DEFINED. ELEVATING DIGITAL CUSTOMER EXPERIENCE
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21 MB.OS: THE AI - ENHANCED SUPERBRAIN . OUR SOFTWARE - DEFINED VEHICLE WITH FUNCTIONAL ZONES Autonomous Driving & MBUX High - performance computing with state of the art SoC by NVIDIA & Qualcomm Vehicle & Drive Controller as service providers for functional zones Chip - to - cloud Architecture Continuous full vehicle OTA update across fleet, vehicle car package within days Energy - efficient by software - based functional zone shutoffs Service - Oriented Architecture enabling AI Agents to access vehicle function via stable APIs Vehicle Controller Drive Controller AD Computer MBUX Computer
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22 EVERY NEW MERCEDES - BENZ IS SOFTWARE - DEFINED Infotainment Automated Driving Body & Comfort Driving & Charging ACROSS ALL SEGMENTS & DRIVETRAINS, CUSTOMERS WILL BENEFIT FROM MB TECH STACK WE’RE ROLLING OUT MB.OS WITH LIGHTNING SPEED 22
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23 FLEET PARTNERS HARDWARE PARTNER SOFTWARE PARTNERS North America Europe Middle East Asia ROBOTAXI ECOSYSTEM POWERED BY STRONG STRATEGIC PARTNERSHIPS
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24 SENSORS + NVIDIA ORIN X End - to - End AI Model CLASSICAL AV STACK MOTION CONTROL POLICY AND SAFETY EVALUATOR USER EXPERIENCE & STAGING MB.DRIVE ASSIST PRO MB.OS MERCEDES COMBINES CUTTING EDGE AI - MODELS WITH CLASSICAL AV STACK TO ENSURE BEST - IN - CLASS SAFETY
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25 Tele & Wide- angle Camera Mid-Range Radar 12 × Ultrasonic Sensors 4 × Corner Radar Antenna Module 4 × Surround Camera Intelligent Drive Controller 2/4 × Side Camera H i g h- p e r f o r m a n c e c o m p u t i n g …opens up new possibilities for continuous ADAS and traffic safety improvements C o m p r e h e n s i v e s e n s o r s e t u p 200 Petabytes AI-training data 254 TOPS Nvidia Orin-X setup EVERY MERCEDES COMES WITH A COMPREHENSIVE SENSOR SET & A SUPERCOMPUTER BUILT - IN
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26 Agenda I. Mercedes - Benz Cars: Five reasons for confidence 1. Biggest product launch program in our history 2. Next generation of MB Tech 3. Taking performance to the next level 4. Increasing resilience and reshaping global footprint 5. Attractive shareholder returns II. Mercedes - Benz Vans III. Results Q2 2026
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27 Material cost >8% reduction 2027+* Investments 10% reduction until 2027* Fixed costs 10% reduction until 2027* Production cost > 10% reduction 2027+* WE’RE INTENSIFYING OUR EFFORTS TO FUNDAMENTALLY REDUCE COSTS AND PRIORITISE FUNDING *vs. act 2024
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28 Improved productivity levels, lower labor costs, higher equipment utilisation and automation through AI & digitalisation Reducing logistics cost by optimising transport routes and outsourcing Reduction of energy costs, particularly in Germany Moving east: start of production in plant extension in Hungary, doubling capacity to 400 k units NEXT LEVEL PRODUCTION BEST - COST COUNTRY SHARE IN EU: 15% 2024 30% Target 2027 > - 10% 2027+ vs. act 2024 - 4% achieved in 2025 PRODUCTION COSTS: (in cost/unit)
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29 MATERIAL COST REDUCTION AND COST ENGINEERING ▪ Leveraging the global footprint and network to strengthen local - for - local and best - cost - country sourcing ▪ Radical cost engineering driven jointly by R&D and purchasing teams from both OEM and supplier, focusing on development phase and lifecycle measures ▪ Design - to - cost and further standardisation of components and modules ▪ Expanding the supply base with new partners bringing fresh cost - saving ideas > - 8% > - 2% 2027+ vs. act 2024 without raw mats & product enhancements achieved in 2025 MATERIAL COST REDUCTION - 10% going forward 29
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30 - 30% MMA and MB.EA vs. predecessor BATTERY COST REDUCTION BEV/ICE MARGIN PARITY BY END OF THE DECADE ▪ Battery cost reduced by - 30% €/kWh and overall vehicle cost reduced by > - 15% for MMA and MB.EA products vs. predecessors ▪ Targeting further cost reductions over lifecycle in the mid - term and for new products ▪ Ambition to close the BEV/ICE margin gap over lifecycle for MB.EA products ▪ Considering all costs incl. CO 2 closing the BEV/ICE margin gap by end of this decade feasible
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31 INVESTMENT PEAK BEHIND US CASH - VIEW R&D and PP&E 1 Disciplined investment policy: ▪ Peak of tech investments (MB.OS, ADAS, EV and ICE drivetrain) behind us ▪ Proliferation of the tech stack into the entire product portfolio ▪ Peak of invest in ICE and BEV vehicle portfolio behind us ▪ Investments focus on Top - End and Core 2024 2025 2026 2027 Top - End Entry Core 8.7 8.6 3.4 4.1 R&D PP&E 12.1 12.7 ~11.0 ~12.0 - 10% Tech Stack BEV, ICE & PHEV 1) schematic graph in EUR bn
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32 Streamlining of all business functions ▪ Use of attrition ▪ Personal cost reduction programme ▪ Reduction of management positions (span & layers) and introduction of dual roles ▪ Outsourcing to best - cost countries or external service providers ▪ Sale of own retail Germany ▪ Integration of MBFS and Sales & Customer ▪ Stringent standardisation , digitalisation and use of AI 2024 2027 - 19% 2019 FIXED COST REDUCTION 1 (net of inflation) ~14% ~10% ~9% As percentage of revenue: - 10% - 7% achieved in 2025 SIGNIFICANT FIXED COST REDUCTION ACHIEVED 1) schematic graph; in EUR bn as a percentage auf MB Cars revenue
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33 Agenda I. Mercedes - Benz Cars: Five reasons for confidence 1. Biggest product launch program in our history 2. Next generation of MB Tech 3. Taking performance to the next level 4. Increasing resilience and reshaping global footprint 5. Attractive shareholder returns II. Mercedes - Benz Vans III. Results Q2 2026
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34 WEU ( mainly GER ) 900k KECSKEMÉT 400k BEIJING 680k TUSCALOOSA 300k EAST LONDON 100k GLOBAL CAPACITY 2026 1 ca. 2.4m units AGUASCALIENTES 0k RIGHTSIZING OUR PRODUCTION FOOTPRINT: INDUSTRIAL BASE TAILORED TO MARKET DEMAND Structurally well positioned with production capacity and flexibility to readjust based on product portfolio and market demand 1) schematic graph TARGET CAPACITY MID - TERM 1 2.0m to 2.2m units Mid - term 2020 2024 Capacity 2.5 m 2026 2.4 m 2.2 m 2.0 m
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35 FROM GLOBAL REACH TO LOCAL DEPTH: STRUCTURAL RESILIENCE ACROSS THREE REGIONS BY DESIGN 1) schematic graph Local production share in % CHINA 1 USA 1 EUROPE 1 >30 % >50 % >80 % >85 % >80 % >85 % 2026 2026 2026 Ambition Mid - term Mid - term Strengthening “Made in USA” with broader local SUV line - up U.S. as key export hub for SUVs to Europe & overseas Mitigating tariff exposure in mid - term by next level localization Focus on craftsmanship, luxury and performance Fully - localized MMA and MB.EA production line - up Export of Top - End globally, sedans mainly to U.S. & overseas Broad Entry and Core portfolio localized, GLE SoP in H2 2026 Fully tapping into Chinese production cost structure China as potential export hub to other Asian markets
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36 USA 30% Top - End share (Actuals MB 2025) 75% SUV/SUC share (Actuals MB 2025) 85% ICE share (Actuals MB 2025) 16% of sales in 2025 (~285 k units in 2025) IN THE USA, AMBITION 400 K UNITS WITH FOCUS ON US - TAILORED SUV & TOP - END MODELS AND LOCALISATION Leveraging US - tailored SUVs Introducing high - performance BEVs Expanded local production Launching I6 & new V8 AMG engines Benefiting from US - tech collaborations
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37 EUROPE 10% Top - End share (Actuals MB 2025) 50% Entry share (Actuals MB 2025) 40% xEV share (Actuals MB 2025) 35% of sales in 2025 (~635 k units in 2025) PROFITABLE GROWTH THROUGH TARGETED PORTFOLIO STRATEGY AND FOCUS ON BEV MOMENTUM Closing of white spots (e.g. C - Class & GLC BEV) Optimised channel mix (e.g. fleet) Sale of own retail Germany Reduction in sales outlets ( - 18% vs. 2019) Further rollout agency model (50% in 2025) EU - specific products (e.g. Shooting Brake BEV)
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38 Tech & product offensive Customer - centricity Next-level localisation Operational excellence CHINA LEADING POSITION IN CHINA DESPITE MAJOR SHIFTS IN PREMIUM MARKET 7M China customer base 7 China - dedicated models 100% China focus No. 1 > RMB 400 k 24% market share > RMB 1m > 30% market share of large luxury sedan Premium performance segment for AMG Top in transaction price & residual value among premium OEMs
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39 UNCOMPROMISING VALUES LEADING PARTNERSHIPS ACCELERATE IN THE UNIQUE ECOSYSTEM Leading partnerships & local technology stack – purely Mercedes - Benz
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40 In - house hardware and software engineers 2,000 L2; RSE; ASIL - D Standards development in 12 months AI - powered cockpit with full fleet adoption in 12 - 18 months Parity in intelligence across ICEs and BEVs OTA in every quarter In China for Global Rear - Seat Entertainment Software Competence + Fostering Tech Innovation SHANGHAI Engineering Excellence + Accelerated Localization BEIJING THE FORCES BEHIND: DUAL R&D ENGINES IN CHINA WITH FULL AUTONOMY WHILE LEVERAGING GLOBAL RESOURCES
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41 Local m aterial cost Variable production cost Fixed cost > - 20% - 20% > - 10% Stringent Targets to Achieve by 2027* Continued production footprint optimisation DELIVERING ON TARGETS: Cost & efficiency as principles *Compared to 2024 figures
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42 Agenda I. Mercedes - Benz Cars: Five reasons for confidence 1. Biggest product launch program in our history 2. Next generation of MB Tech 3. Taking performance to the next level 4. Increasing resilience and reshaping global footprint 5. Attractive shareholder returns II. Mercedes - Benz Vans III. Results Q2 2026
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43 STRATEGIC MARGIN TARGET OF 8 - 10% INCLUDING TARIFFS 2025 Ramp - up 2026 2026 5.0% 3 - 5% 8 - 10% External factors and market environment ▪ Full - year tariff effect of 150 - 200 basis points with limited mid - term mitigation levers ▪ Adverse foreign exchange effects Ramp - up year 2026 ▪ Product ramp - up and continued roll - out of Next Level Performance efficiency measures Rebuilding margin trajectory ▪ Product momentum materialising in volume and mix, absorbing higher BEV share ▪ Next Level Performance yielding full benefits in variable and fixed costs ▪ Lower investments supporting cash conversion and generation MB CARS MARGIN CORRIDOR 1 Strategic Target 1) schematic graph
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44 ▪ Payout of 100% of free cash flow ▪ Proceeds from major M&A will increase shareholder return according to our capital allocation framework ▪ D ividend of EUR 3.50 paid out in April 2026 ▪ Share buyback of up to EUR 2 bn completed in June 2026 . Continuation of share buyback activity of up to EUR 1 bn until AGM 2027 ▪ Cash return to shareholders in H1 2026: EUR 5 bn ▪ Healthy and stable net industrial liquidity SHAREHOLDER RETURN 2025 - 2026 BENCHMARK CAPITAL ALLOCATION FRAMEWORK 2025 2026 Dividend Share buyback ‘25 Share buyback ’26 - 27 4.1 3.4 0.3 1.7 – 1.0 4.4 ~6 Cash Return Yield ~7% ~10% Net Industrial Liquidity 32.2 ~32 FCF IB 5.3 >4 in billion euros Potential proceeds from M&A 0,1 ~2
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45 Agenda I. Mercedes - Benz Cars: Five reasons for confidence 1. Biggest product launch program in our history 2. Next generation of MB Tech 3. Taking performance to the next level 4. Increasing resilience and reshaping global footprint 5. Attractive shareholder returns II. Mercedes - Benz Vans III. Results Q2 2026
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46 MERCEDES - BENZ VANS STRATEGY We will offer the world’s most desirable vans and services cost base, improve industrial footprint and increase supply chain resilience LowerFocus on profitable growth Expand customer base and grow lifetime value a world leading product experience DeliverElevate our position as the leading partner in commercial solutions Guided by sustainability, integrity & diversity Driven by an ambitious team Accelerated by data & AI
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47 OUR PRODUCTS KEEP THE WORLD RUNNING Private Usage Private 20% Ordered according to sales volume of Mercedes Benz Vans in Europe (GER, FR, IT, ES, DEN, SWE, UK) in 2025. Construction CEP & Logistics People MoverDeployment & Municipal Services & Crafts Recreational Vehicles Trade & eGrocery Manufacturing Rental Commercial 80% Mercedes - Benz VLE 300 electric | Energy consumption combined : 20.7 - 18.4 kWh/100 km | CO ₂ emissions combined : 0.0 g/km | CO ₂ class : A
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48 NEW MODULAR AND SCALABLE VAN ARCHITECTURE (VAN.EA | VAN.CA) Flexibility: Flexible for changing customer demand. Offering of latest technology independent of respective powertrain. Efficiency: Shared components reduces development and production costs as well as bundling of purchasing activities. Scalability: Facilitates easy scaling of production volumes on same lines independent of powertrain technology.
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49 WITH THE ALL - NEW ELECTRIC VLE, MERCEDES - BENZ VANS IS STARTING INTO A NEW ERA. SERIES PRODUCTION STARTED • First vehicle based on the new Van Architecture, writing the next chapter in the iconic 140 - year automotive history of Mercedes - Benz. • The best of two worlds: the VLE combines limousine - like ride and handling with MPV - style versatility. • Ideal fit for every journey : best - in - class efficiency, new 800 - volt technology and high - performance charging. • Start of series production: in June, series production of the VLE started at the Vitoria plant. • Market launches: the VLE is available to order in over 20 European markets. Over the course of this year, the portfolio will be successively expanded with additional models and attractive new equipment options and lines. Mercedes - Benz VLE 300 electric | Energy consumption combined : 20.7 - 18.4 kWh/100 km | CO ₂ emissions combined : 0.0 g/km | CO ₂ class : A
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50 MERCEDES - BENZ VLS & MERCEDES - MAYBACH VLS: TOP - END - PORTFOLIO IN GRAND LIMOUSINES SEGMENT
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51 Agenda I. Mercedes - Benz Cars: Five reasons for confidence 1. Biggest product launch program in our history 2. Next generation of MB Tech 3. Taking performance to the next level 4. Increasing resilience and reshaping global footprint 5. Attractive shareholder returns II. Mercedes - Benz Vans III. Results Q2 2026
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52 1. Strategy Execution • Redefining performance: World premiere of the all - new Mercedes - AMG GT 4 - Door Coupé , based on our new AMG.EA platform. • V8 power at its finest : Debuts of the new Mercedes - AMG GLE 63 S 4MATIC+ and Mercedes - AMG GLS 63 4MATIC+ . • Production ramp - up : Plant extension and SoP of electric C - Class in Kecskemét , new axial flux motor in Berlin , and VLE in Vitoria . • Point - to - Point assisted driving set to be available in Germany by the end of 2026 , following its launch in China and the U.S. • Security & Defence confirmed as strategic development field ; first Memorandum of Understanding signed with TYTAN Technologies. • Enhancing competitiveness : Productivity initiative for Germany announced to lower labor costs and increase productivity. 2. Sales Development • BEV car sales up +51% YoY , driven by strong growth in Europe (+87%). Top - End share within 14 - 15% target range in H1 2026. • Total car sales - 8% lower YoY, while ex - China up +2% YoY , supported by continued growth in the U.S. (+10%) and Europe (+4%). 3. Financial Performance • Cars RoS adj. at 4.0%, within the guidance range (3% to 5%). • Vans RoS adj. at 10.2%, at the upper end of the guidance range (8% to 10%). • FS RoE adj. at 15.3%, above the guidance range (10% to 12%). • Group EBIT at EUR 1.5 bn impacted by valuation adjustments related to investments in China; FCF (IB) of EUR 1.1 bn. 4. Outlook • FS RoE adj. raised to 12 to 14%; Cars and Vans RoS adj., Group EBIT and FCF (IB) confirmed . Cars sales and Group Revenue updated to slightly below. 5. Capital Allocation • First Daimler Truck share sell - down generated EUR 0.4 bn of proceeds, seizing favorable market conditions. • Successful completion of EUR 2.0 bn in share buybacks; continuation of up to EUR 1.0 bn until AGM 2027. Executive Summary Q2 2026 – Capital Market Presentation Q2 2026 –
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53 Our biggest - ever product and technology launch program continues to move forward with strong momentum – Mercedes - Benz – Products Premiere of Mercedes - AMG GT 4 - Door Coupé Start of sales for electric C - Class, GLE, GLS & VLE Security & Defence as strategic development field Technology Next level ICE technology with new V8 engines Start of production of electric axial flux motor Launch of Point - to - Point assistance in Germany by end of 2026 Mercedes - Benz C 400 4MATIC electric | Energy consumption combined: 18.5 - 14.1 kWh/100 km | CO ₂ emissions combined : 0.0 g/km | CO₂ class: A
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54 We are further strengthening our resilience and competitiveness – Mercedes - Benz – Enhancing competitiveness Launch of a global productivity initiative with special focus on Germany Optimizing industrial footprint Significant extension of our Kecskemét plant to increase production flexibility & cost efficiency
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55 Q2 performance in line with expectations, healthy Net Industrial Liquidity post cash return to shareholders – Mercedes - Benz Group: Key Figures – Earnings per share in euros Q2 2025 Q2 2026 0.95 1.14 Q2 2025 Q2 2026 33.2 32.1 Revenue in billion euros - 3% +20% Free Cash Flow (IB) in billion euros Q2 2025 Q2 2026 1.9 1.1 Net Industrial Liquidity in billion euros 12/31/2025 06/30/2026 32.2 30.4 EBIT in billion euros Q2 2025 Q2 2026 1.3 1.5 +22% - 41% - 5%
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56 Product launch program progressing, reflected in strong BEV sales growth of 51% – Mercedes - Benz Cars: Top - End and Electric Vehicle Unit Sales – * w/o double counting (e.g. G63, S - Class, Maybach). Mercedes - Benz C 400 4MATIC electric | Energy consumption combined : 18.5 - 14.1 kWh/100 km | CO ₂ emissions combined : 0.0 g/km | CO ₂ class : A. 65 274 115 Q2 2025 58 249 110 Q2 2026 Top - End Core Entry 454 418 - 8% - 7% Total MB Cars in thousand units Electric vehicles in thousand units 35 59 Q2 2025 53 35 Q2 2026 BEV PHEV 94 87 Share in % of volume 14% 14% 21% 21% 13 5 34 25 Q2 2025 13 4 30 22 Q2 2026 G Maybach AMG S, EQS, GLS, EQS SUV 65* 58* - 10% Top - End in thousand units
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57 Cars achieved RoS adjusted of 4.0% and CFBIT adjusted of EUR 0.5 bn – Mercedes - Benz Cars: Financials – * ASP = Average Selling Price in thousand euros excl. BBAC sales and pbp revenues. Q2 2025 Q2 2026 24.2 23.0 64.7 ASP * 67.7 Q2 2025 Q2 2026 454 418 Sales in thousand units - 8% Revenue in billion euros - 5% EBIT adj. in billion euros Q2 2025 Q2 2026 1.2 0.9 - 26% CFBIT adj. in billion euros Q2 2025 Q2 2026 1.4 0.5 - 64% 4.0% RoS adj. 5.1%
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58 909 49 17 482 143 - 602 - 194 - 28 - 137 - 860 1,228 Cars RoS adjusted well within guidance range, supported by strong industrial performance – Mercedes - Benz Cars: EBIT & RoS – in million euros Operational efficiencies in purchasing and manufacturing Positive effects from R&D post funding peak – Lower contributions from China profit pools – Negative net pricing effect and product lifecycle measures – Higher costs for product launch campaigns and direct sales rollout Legal proceedings +69 Restructuring - 62 M&A transactions - 71 China investments - 796 Gross Profit - 103 EBIT adjusted Q2 2025 Volume / structure / net pricing Foreign exchange rates Industrial performance Selling expenses General administrative expenses Research & non - capitalized development costs Adjustments EBIT Q2 2026 Others EBIT adjusted Q2 2026 RoS : 4.0% RoS : 0.2% RoS : 5.1%
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59 49 379 506 - 20 127 - 264 1,658 608 - 1,652 Cars achieved CFBIT adjusted of EUR 0.5 bn influenced by working capital seasonality – Mercedes - Benz Cars: EBIT to CFBIT – in million euros Legal proceedings +32 Restructuring +90 M&A transactions +5 t/o Dividend BBAC +297 China investments +652 t/o Inventories - 435 Trade receivables - 152 Trade payables +323 EBIT Q2 2026 CFBIT adjusted Q2 2026 Change in working capital Net financial investments Net investments in PP&E and intangible assets Depreciation and amortization / impairments Others CFBIT Q2 2026 Adjustments CCR: 7.7 CCR: 0.6 Mercedes - AMG GLS 63 4MATIC+ SUV | Energy consumption combined: 13.7 - 13.4 l/100 km | CO ₂ emissions combined: 312 - 305 g/km | CO ₂ class: G.
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60 Q2 2025 Q2 2026 93.4 94.1 CCR adj. Vans maintained double - digit RoS adjusted, while investing in new architecture – Mercedes - Benz Vans: Financials – CFBIT adj. in million euros 227 Q2 2025 Q2 2026 11% xEV share 7% 0.5 - 0.2 - 83 Sales in thousand units +1% Q2 2025 Q2 2026 4.2 4.5 Revenue in billion euros +5% 441 454 Q2 2025 Q2 2026 EBIT adj. in million euros +3% 10.2% RoS adj. 10.4% Mercedes - Benz VLE 300 electric | Energy consumption combined: 20.7 - 18.4 kWh/100 km | CO ₂ emissions combined: 0.0 g/km | CO₂ class: A.
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61 In a competitive market environment, growth ex - China offset ramp - up costs for new architecture – Mercedes - Benz Vans: EBIT & RoS – 441 454 502 98 7 38 48 - 16 - 94 - 1 - 19 EBIT adjusted Q2 2025 Volume / structure / net pricing Foreign exchange rates Industrial performance Selling expenses General administrative expenses Research & non - capitalized development costs Adjustments EBIT Q2 2026 Higher ex - China volume and positive contributions from aftersales Positive effects from leasing portfolio – Negative net pricing and unfavorable product mix – Ramp - up costs for new Van architecture Gross Profit - 12 RoS : 10.4% RoS : 10.2% RoS : 11.3% in million euros Legal proceedings +70 Restructuring - 1 M&A transactions - 21 Others EBIT adjusted Q2 2026 Mercedes - Benz VLE 300 electric | Energy consumption combined: 20.7 - 18.4 kWh/100 km | CO ₂ emissions combined: 0.0 g/km | CO₂ class: A.
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62 Strong EBIT growth driven by continued margin improvements and portfolio quality – Mercedes - Benz Financial Services: Financials – 03/31/2026 06/30/2026 130.1 131.6 Q2 2025 Q2 2026 13.8 13.8 New Business in billion euros - 0% Contract Volume in billion euros +1% EBIT adj. in million euros 290 492 Q2 2025 Q2 2026 +70% RoE adj. 15.3% 8.9%
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63 Solid Group EBIT of EUR 1.5 bn impacted by valuation adjustments in our China business – Mercedes - Benz Group: EBIT – in million euros 909 454 492 444 2,299 - 752 1,547 Mercedes - Benz Cars Mercedes - Benz Vans Mercedes - Benz Financial Services Reconciliation EBIT adjusted Q2 2026 Adjustments EBIT Q2 2026 t/o At - equity Daimler Truck +100 Sell - down Daimler Truck +157 Legal proceedings +139 Restructuring - 86 M&A transactions +39 China investments - 844 Mercedes - Benz C 400 4MATIC electric | Energy consumption combined: 18.5 - 14.1 kWh/100 km | CO ₂ emissions combined: 0.0 g/km | CO₂ class: A.
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64 First monetization of Daimler Truck stake supported cash generation of EUR 1.1 bn – Mercedes - Benz Group: Reconciliation from CFBIT to Free Cash Flow - 379 346 669 174 - 120 - 171 - 1 1,102 1,276 CFBIT Mercedes - Benz Cars Free Cash Flow (industrial business) adjusted CFBIT Mercedes - Benz Vans Income taxes paid / refunded Interest paid / received Effects from pensions Other reconciling items Free Cash Flow (industrial business) Adjustments Legal proceedings +64 Restructuring +108 M&A transactions +2 in million euros t/o Sell - down Daimler Truck +417 Dividend Daimler Truck +338 Mercedes - AMG CLA 45 4MATIC+ Saloon | Energy consumption combined: 18.7 – 16.5 kWh/100 km | CO ₂ emissions combined: 0.0 g/km | CO₂ class: A2.
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65 Maintaining a healthy balance sheet while returning capital to our shareholders – Mercedes - Benz Group: Net Industrial Liquidity – - 4.0 - 3.3 - 1.7 32.2 0.6 2.4 3.5 0.5 0.2 30.4 Free Cash Flow (industrial business) H1 2026: EUR 3.0 bn * Mainly transactions related to MBFS and FX effects . in billion euros Net Industrial Liquidity 12/31/2025 Others* Earnings and other cash flow impact Working capital impact Depreciation and amortization / impairments Additions to PP&E and intangible assets Investments in and disposals of shareholdings Share buyback Dividend Net Industrial Liquidity 06/30/2026
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66 Mercedes - Benz Divisional Guidance 2026 – Mercedes - Benz Divisional Guidance 2026 – Please refer to the Disclaimer at the end of this presentation for additional context. * 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. Actuals FY 2025 Actuals YTD 6M 2026 Guidance FY 2026 Mercedes - Benz Cars Unit sales 1,801k units 837k units Slightly below xEV share 20% 20% 23 to 25% Return on sales (adj.*) 5.0% 4.0% 3 to 5% Investment in PP&E EUR 4.1 bn EUR 1.4 bn Slightly below R&D expenditure EUR 8.6 bn EUR 3.8 bn Significantly below Cash conversion rate (adj.**) 1.2 2.1 1.0 to 1.2 Mercedes - Benz Vans Unit sales 359k units 174k units Slightly above xEV share 8% 9% 8 to 10% Return on sales (adj.*) 10.2% 10.1% 8 to 10% Investment in PP&E EUR 1.2 bn EUR 0.5 bn Significantly above R&D expenditure EUR 1.1 bn EUR 0.6 bn Slightly above Cash conversion rate (adj.**) 0.6 - 0.2 0.1 to 0.3 Mercedes - Benz Financial Services Return on equity (adj.*) 9.7% 14.4% 12 to 14%
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67 Mercedes - Benz Group Guidance 2026 – Mercedes - Benz Group Guidance 2026 – Please refer to the Disclaimer at the end of this presentation for additional context. Actuals FY 2025 Actuals YTD 6M 2026 Guidance FY 2026 Mercedes - Benz Group Revenue EUR 132.2 bn EUR 63.7 bn Slightly below EBIT EUR 5.8 bn EUR 3.5 bn Significantly above Free Cash Flow (industrial business) EUR 5.4 bn EUR 3.0 bn Slightly below
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68 The environment will remain dynamic – we will keep our high pace Performance Optimizing our productivity, resilience, and competitiveness Products Further executing our ramp-up plan while seizing new growth potential
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69 Appendix
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70 Mercedes - Benz Vans: EBIT to CFBIT – Mercedes - Benz Vans – EBIT Q2 2026 CFBIT adjusted Q2 2026 Change in working capital Net financial investments Net investments in PP&E and intangible assets Depreciation and amortization / impairments Others CFBIT Q2 2026 Adjustments in million euros 502 - 120 - 83 8 - 104 - 123 - 546 143 37 Legal proceedings +32 Restructuring +8 M&A transactions - 3 t/o Inventories - 134 Trade receivables - 97 Trade payables +108 CCR: - 0.2 CCR: - 0.2
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71 Mercedes - Benz Financial Services: EBIT & RoE – Mercedes - Benz Financial Services – 290 492 475 66 188 31 2 - 7 - 78 - 17 EBIT adjusted Q2 2025 Adjustments Foreign exchange rates Cost of credit risk (COCR) Volume / margin Selling expenses General administrative expenses EBIT adjusted Q2 2026 EBIT Q2 2026 Others Positive development in portfolio margin continued Lower cost of credit risk supported by stronger portfolio quality Efficiency measures leading to cost savings – Negative one - time effects from mobility participations in million euros Restructuring - 17 RoE: 8.9% RoE: 15.3% RoE: 14.8%
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72 Mercedes - Benz Financial Services: Net credit losses* 2009 0.83% 2010 0.43% 2011 0.34% 2012 0.37% 2013 0.31% 2014 0.24% 2015 0.31% 2016 0.26% 2017 0.89% 2018 0.26% 2019 0.33% 2020 0.21% 2021 0.20% 2022 0.29% 2023 0.41% 2024 0.44% 2025 0.38% YTD 2026 0.21% – Mercedes - Benz Financial Services –
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73 BBAC (Beijing Benz Automotive Cooperation) Joint Venture – Mercedes - Benz – Key Facts − BBAC is based on a trustful partnership with our long-term partner BAIC. − BBAC is the largest Mercedes-Benz production facility in the world, featuring local R&D for passenger cars. − Product range from ICE, PHEVs and BEVs across compact, midsize, and large- mid segment. Planned localization of upgraded GLE LWB starting in the course of 2026. − Engines as well as batteries are also produced locally. − The production is strongly integrated into the worldwide Mercedes-Benz network with a highly flexible production set-up and shift models across the BBAC-Yishuang (BDA) and BBAC-Shunyi locations. − Both partners (BAIC and Mercedes-Benz) share the investments for new products. − CEO and CFO appointed by Mercedes-Benz. − MB contribution by locally produced cars are generated via (i) supplies, (ii) royalties, and (iii) at equity results (see right chart). BBAC figures disclosed by MBG 2023 2024 2025 Sales volume (in thousand units) 591 563 453 Revenue 22,484 21,747 16,720 Profit after taxes 2,999 2,443 1,500 BBAC equity result MB 1,457 1,073 761 BBAC dividend MB 1,595 1,235 881 in million EUR
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74 Mercedes - Benz Group/Divisional Guidance Ranges* Significantly below Slightly below At prior - year level Slightly above Significantly above Revenue / Unit sales X < - 7.5% - 7.5% ≤ X < - 2% - 2% ≤ X ≤ +2% +2% < X ≤ +7.5% X > +7.5% EBIT (Group) X < - 15% - 15% ≤ X < - 5% - 5% ≤ X ≤ +5% +5% < X ≤ +15% X > +15% Free Cash Flow (industrial business) X < - 25% - 25% ≤ X < - 10% - 10% ≤ X ≤ +10% +10% < X ≤ +25% X > +25% Investments / R&D X < - 10% - 10% ≤ X < - 2.5% - 2.5% ≤ X ≤ +2.5% +2.5% < X ≤ 10% X > +10% * X = Actual guidance figure. – Mercedes - Benz –
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75 Investor Relations - Contacts – Mercedes - Benz – Alexander Jasperneite Analysts and Equity Relations Email: alexander.jasperneite@mercedes - benz.com Dirk van der Bank Analysts, Creditor and Equity Relations Email: dirk.van_der_bank@mercedes - benz.com Stephanie Dumke ESG, Annual General Meeting and Retail Investors Email : stephanie.dumke@mercedes - benz.com Visit our Investor Relations Website Click here or scan QR code below
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76 Disclaimer – Mercedes - Benz – This document contains forward - looking statements that reflect current views of the Mercedes - Benz Group about future events . The words “anticipate”, “assume”, “believe”, “estimate”, “expect”, “intend”, “may”, “can”, “could”, “plan”, “project”, “should” and similar expressions are used to identify forward - looking statements . These statements are subject to many risks and uncertainties, material examples of which include ( 1 ) an adverse development of global economic conditions, in particular a negative change in market conditions in the most important markets e . g . a shift in consumer preferences towards smaller, lower - margin vehicles ; a limited demand for all - electric vehicles ; a possible lack of acceptance of products or services which limits the ability to achieve prices and adequately utilize production capacities ; a decline in resale prices of used vehicles ; ( 2 ) the business outlook for companies in which the Mercedes - Benz Group holds a significant equity interest ; ( 3 ) the successful implementation of strategic cooperations and joint ventures ; ( 4 ) a deterioration of refinancing possibilities on the credit and financial markets ; ( 5 ) the effective implementation of cost - reduction and efficiency - optimization measures ; and ( 6 ) the resolution of pending governmental investigations or of investigations requested by governments and the outcome of pending or threatened future legal proceedings ; and other risks and uncertainties, some of which are described under the heading “Risk and Opportunity Report” in the current Annual Report or in the current Interim Report . Further examples for such risks include events of force majeure including natural disasters, pandemics, acts of terrorism, cyber - attacks, political unrest, armed or other conflicts, industrial accidents and their effects on sales, purchasing, production or financial services activities ; changes in currency exchange rates, customs and foreign trade provisions ; changes in laws, regulations and government policies (or changes in their interpretation), particularly those relating to vehicle emissions, fuel economy and safety or to the communication regarding sustainability topics (environmental, social or governance topics) ; price increases for fuel, raw materials or energy ; disruption of production due to shortages of materials or energy, labour strikes or supplier insolvencies . If any of these risks and uncertainties materializes or if the assumptions underlying any of our forward - looking statements prove to be incorrect, the actual results may be materially different from those we express or imply by such statements . The Mercedes - Benz Group does not intend or assume any obligation to update these forward - looking statements since they are based solely on the circumstances at the date of publication .