梅赛德斯-奔驰二季度业绩显示中国业务拖累但整体执行韧性仍在

Stocks end mixed to kick off key week dominated by mega-cap earnings, Fed decision
Introduction & Market Context
Mercedes-Benz Group AG (ETR:MBG) presented its second quarter 2026 results on July 28, revealing a mixed performance characterized by strong execution in key markets and product launches, offset by significant headwinds in China. The German luxury automaker delivered EUR 1.5 billion in reported EBIT despite EUR 844 million in valuation adjustments related to its China business, demonstrating operational resilience in a challenging environment.
The company’s shares traded near their 52-week low of $18.23, closing at $18.90, up 0.48% from the previous close of $19.21, as investors weighed strong performance in vans and financial services against continued pressure in the core cars division.
Quarterly Performance Highlights
Mercedes-Benz reported group revenue of EUR 32.1 billion in the second quarter, down 3% year-over-year, while adjusted group EBIT reached EUR 2.3 billion. The company’s financial performance reflected disciplined execution across divisions, with free cash flow of EUR 1.1 billion and net industrial liquidity remaining healthy at EUR 30.4 billion.
As shown in the following chart of key financial metrics, the company delivered earnings per share of EUR 1.14, representing a 20% increase year-over-year, even as free cash flow declined 41% due to working capital seasonality and continued investments.
The executive summary highlighted five strategic pillars driving the quarter’s performance: strategy execution through product launches, sales development led by BEV growth, financial performance within guidance ranges, an updated outlook, and disciplined capital allocation.
Cars Division: Navigating Market Headwinds
The Mercedes-Benz Cars division faced a challenging quarter, with total sales declining 8% to 418,000 units. However, the company emphasized that sales excluding China actually grew 2%, supported by 10% growth in the United States and 4% growth in Europe. The standout performance came from battery electric vehicles, which surged 51% year-over-year, driven by 87% growth in Europe.
The division’s sales breakdown reveals strategic positioning within target ranges, with Top-End vehicles maintaining a 14% share of total volume, consistent with the company’s 14-15% target range for the first half of 2026.
Financially, the Cars division achieved an adjusted return on sales of 4.0%, within the 3-5% guidance range, though down from 5.1% in the prior year quarter. Revenue declined 5% to EUR 23.0 billion, with average selling prices decreasing from EUR 67,700 to EUR 64,700, reflecting competitive pricing pressures.
The detailed EBIT reconciliation shows that while volume, structure, and net pricing pressures created a EUR 602 million headwind, strong industrial performance contributed EUR 482 million in operational efficiencies. The company benefited from purchasing and manufacturing improvements and positive effects from R&D post-funding peak, though these were partially offset by lower contributions from China profit pools and higher product launch costs.
Vans and Financial Services: Bright Spots
Mercedes-Benz Vans delivered strong performance, maintaining a double-digit adjusted return on sales of 10.2% at the upper end of its 8-10% guidance range. Sales increased 1% to 94,100 units, with the electric vehicle share rising to 11% from 7% in the prior year quarter. Revenue grew 5% to EUR 4.5 billion, and adjusted EBIT increased 3% to EUR 454 million.
The Financial Services division emerged as a standout performer, with adjusted EBIT surging 70% to EUR 492 million. The division’s adjusted return on equity reached 15.3%, significantly exceeding the original 10-12% guidance range and prompting management to raise full-year guidance to 12-14%. This improvement reflected continued margin expansion and stronger portfolio quality, with lower credit risk costs supporting profitability.
Strategic Initiatives and Product Pipeline
Mercedes-Benz emphasized its "biggest-ever product and technology launch program," highlighting several key milestones achieved during the quarter. The company premiered the all-new Mercedes-AMG GT 4-Door Coupé on the AMG.EA platform and began production of the electric C-Class in Kecskemét, Hungary. The new axial flux motor entered production in Berlin, representing what the company described as a unique selling proposition in BEV performance that no other manufacturer possesses.
The company also announced plans to launch Point-to-Point assisted driving in Germany by the end of 2026, following earlier launches in China and the United States. Additionally, Mercedes-Benz confirmed Security & Defence as a strategic development field, signing a first Memorandum of Understanding with TYTAN Technologies.
To enhance competitiveness, the company launched a global productivity initiative with special focus on Germany, aimed at lowering labor costs and increasing productivity. The significant extension of the Kecskemét plant was highlighted as a key move to increase production flexibility and cost efficiency.
China Challenges and Portfolio Adjustments
The most significant headwind in the quarter came from China, where valuation adjustments totaling EUR 844 million impacted reported results. The comprehensive group EBIT development chart illustrates how these China investments adjustments, along with other one-time items, reduced adjusted EBIT of EUR 2.3 billion to reported EBIT of EUR 1.5 billion.
Despite these challenges, management emphasized its strategic commitment to China while adapting to market realities. The company’s sales development outside China showed resilience, with ex-China sales growing 2% year-over-year in the first half of 2026.
Capital Allocation and Shareholder Returns
Mercedes-Benz demonstrated disciplined capital allocation during the quarter, successfully completing EUR 2.0 billion in share buybacks and announcing continuation of up to EUR 1.0 billion until the 2027 Annual General Meeting. The company also executed its first Daimler Truck share sell-down, generating EUR 0.4 billion in proceeds.
The net industrial liquidity development shows how the company maintained a healthy balance sheet at EUR 30.4 billion while returning capital to shareholders through EUR 3.3 billion in dividends and EUR 1.7 billion in share buybacks during the first half of 2026.
Forward-Looking Guidance
Mercedes-Benz updated its full-year 2026 guidance, maintaining most divisional targets while adjusting for market realities. The company confirmed its Cars adjusted return on sales guidance of 3-5% and Vans guidance of 8-10%, while raising Financial Services adjusted return on equity to 12-14% from the previous 10-12% range.
The detailed divisional guidance table shows the company expects Cars unit sales and Group revenue to come in slightly below prior year levels, while Group EBIT is expected significantly above 2025 levels despite China headwinds. Free cash flow guidance was confirmed at slightly below prior year.
For the Cars division, the company targets an xEV share of 23-25% for the full year, with investments in property, plant and equipment expected slightly below prior year levels. R&D expenditure is guided significantly below 2025 as the company moves past its peak investment phase.
The group-level guidance confirms revenue slightly below EUR 132.2 billion achieved in 2025, with EBIT expected significantly above the EUR 5.8 billion reported last year, and free cash flow slightly below the EUR 5.4 billion generated in 2025.
Mercedes-Benz positioned itself to navigate what it described as a dynamic environment, emphasizing continued execution of its product ramp-up plan while optimizing productivity, resilience, and competitiveness. The presentation concluded with a forward-looking message about maintaining high momentum despite expected market volatility.
Full presentation:
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.