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—
1
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M
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D
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—Mercedes-Benz
Group
AG,
Sindelfingen,
February
20,
2025——
FMEEBRRCUEADR
EY
S2-0B2E5N—Z
——
E
C
N
E
R
E
F
N
O
C
S
T
L
U
S
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R
L
A
U
N
N
A
———
22
——Review
2024—
A
N—
M
E
R
CE
D
E
S
-
B
E
N
Z
——
A
NN
NU
UA
LA
LR
ERSEUS
UL
TLST
SC
OC
ON
NF
EFRE
ERNE
NC
EC
E———
3
—Mercedes-Benz
Group:
Key
figuresRevenue*in
billion
eurosEBITin
billion
eurosEarnings
per
sharein
eurosFree
Cash
Flow
(IB)in
billion
euros2023
2024
2023
20242024
figures
preliminary
and
unaudited.* 2023
revenue
has
been
corrected
in
accordance
with
IAS
8.**
Group
Return
on
Sales
considering
the
Industrial
Business.***
Accrued
interests
are
now
shown
under
financing
liabilities
leading
to
a
change
of
Net
Industrial
Liquidity.19.713.6-31%2023202413.4610.19-24%2023202411.39.2-19%152.4145.6-4%2023202431.131.4Net
Industrial
Liquidity***in
billion
euros+1%RoS:14.5%**RoS:10.3%**Share
buyback:
EUR
~7
bn.
completed.Dividend:
EUR
5.5
bn.
paid
out.—
A
N
N
U
A
L
R
E
S
U
L
T
S
C
O
N
F
E
R
E
N
C
E
——
M
E
R
CE
D
E
S
-
B
E
N
Z
—Mercedes-Benz
Cars:
Key
messages
2024Products:
Launch
of
new
G-Class
(ICE
&
BEV),
updated
EQS,SL
Maybach,
several
premieres
at
AMG.Technology:
Elevating
digital
in-car
user
experience,advancing
ADAS
technology
in
all
regions.Transformation:
PHEV
sales
growth
in
subdued
EV
environment,opening
of
new
competence
center
for
battery
development.Performance:
Top
line
development
impacted
by
marketdynamics,
intensified
cost
efficiencies
at
work,
RoS
adj.
at
8.1%.—
4
——
A
N
N
U
A
L
R
E
S
U
L
T
S
C
O
N
F
E
R
E
N
C
E
——
M
E
R
CE
D
E
S
-
B
E
N
Z
—Mercedes-Benz
Cars:
Top-End
and
electric
vehicle
unit
salesShare
in
%
of
volume
16%
14%
20%
19%*
w/o
double
counting
(e.g.
G63,
S-Class,Maybach).**
incl.
smart.2411611851832023
2024Electric
vehiclesBEV**PHEV402368-9%3281,0976192811,167535Top-EndCoreEntry
**2,0441,983-3%In
thousand
units43281431712023
2024
2023Total
MB
Cars
Top-End42211401272024GMaybachAMGS,
EQS,GLS,
EQS
SUV328*281*-14%—
5
——
5
——
A
N
N
U
A
L
R
E
S
U
L
T
S
C
O
N
F
E
R
E
N
C
E
——
M
E
R
CE
D
E
S
-
B
E
N
Z
—Mercedes-Benz
Vans
Strategy
pays
offStrategy:
Consistent
and
successful
implementation
ofMercedes-Benz
Vans
strategy
with
industry
leading
profitability.Performance:
Strong
profitable
growth
by
focusing
on
premiumsegments
and
portfolio
adjustment.
Digital
services
to
enhanceproductivity
of
commercial
customers.Product:
Complete
product
portfolio
renewed
in
2024.First
VAN.EA
test
vehicles
on
the
road.Transformation:
Development
and
industrialization
of
one
VANarchitecture
with
both
BEV
and
ICE.Footprint:
Continuous
rightsizing
of
industrial
base.
Sale
ofbusiness
operations
in
Argentina.Costs:
On
track
in
all
areas.
2024
fixed
cost
reduction
of
3%
vs.2023.—
6
——
A
N
N
U
A
L
R
E
S
U
L
T
S
C
O
N
F
E
R
E
N
C
E
——
M
E
R
CE
D
E
S
-
B
E
N
Z
—Mercedes-Benz
Vans:
Electric
vehicle
unit
sales20232024BEV2320-14%thereof20232024448406Share
in
%
of
volume
5%
5%—
7
——
7
—Total
MB
Vans
Electric
vehiclesIn
thousand
units-9%—
A
N
N
U
A
L
R
E
S
U
L
T
S
C
O
N
F
E
R
E
N
C
E
——
M
E
R
CE
D
E
S
-
B
E
N
Z
—Mercedes-Benz
Mobility:
Key
messages
2024Portfolio
slightly
up,
new
business
impacted
by
highcompetition
in
China.Acquisition
margin
stabilized
in
line
with
target
return.Portfolio
margin
at
subdued
level.Cost
of
credit
risk
on
elevated
level.Efficiency
measures
led
to
significant
cost
improvements.Charging
Solutions
continued
to
expand.—
7
——
8
——
A
N
N
U
A
L
R
E
S
U
L
T
S
C
O
N
F
E
R
E
N
C
E
——
M
E
R
CE
D
E
S
-
B
E
N
Z
—Mercedes-Benz
Cars:
FinancialsEBIT
adj.in
billion
eurosCFBIT
adj.
inbillion
eurosRevenuein
billion
euros202320242,0441,983-3%20232024112.8107.8-4%2023202414.38.7-39%2023202412.59.1-27%—
7
——
9
—Salesin
thousand
units——A
NA
NN
NU
UA
LA
LR
ERSEUS
UL
TLST
SC
OC
ON
NF
EFRE
ERNE
NC
EC
E———
M
E
R
CE
D
E
S
-
B
E
N
Z
—289584199495RoS:12.6%RoS:12.6%RoS:8.1%RoS:7.9%14,22414,252-5,676-433-1,0598,677-2178,460Mercedes-Benz
Cars:
EBIT
&
RoSEBIT2023AdjustmentsEBITadjusted
2023Volume
/
structure
/
net
pricingForeign
exchange
ratesIndustrial
performanceSelling
expensesGeneral
administrative
expensesResearch
&
non-capitalized
developmentcostsOthersEBITadjusted
2024AdjustmentsEBIT2024Legal
proceedings
+94Russia -66Legal
proceedings
+133Restructuring -350
Operational
efficiencies
outweighing
one-time
supplier
payments
Lower
RD
cost
and
SG&A–Negative
net
pricing
effect–Lower
unit
sales
and
unfavorable
mix–Higher
expenses
for
product
lifecycle
measures–Lower
used
car
business
and
residual
value
adjustment–Valuations
and
lower
BBAC
at-equity
resultGross
Profit
-5,151—
10
—In
million
euros——A
NA
NN
NU
UA
LA
LR
ERSEUS
UL
TLST
SC
OC
ON
NF
EFRE
ERNE
NC
EC
E———
M
E
R
CE
D
E
S
-
B
E
N
Z
—Mercedes-Benz
Cars:
EBIT
to
CFBITNet
investments
in
pp&e
and
intangible
assetsEBIT2024AdjustmentsCFBIT2024Depreciation
and
amortization/
impairmentsChange
in
working
capitalNet
financial
investmentsOthers134—
11
—132CCR:1.1CCR:1.08,460-470-7,6366,1382,3378,9639,095CFBITadjusted2024t/oInventories
+792Trade
receivables
+139Trade
payables
-1,401Legal
proceedings
+132t/oResult
at-Equity
BBAC
-1,073Dividend
BBAC
+1,286In
million
euros—
12
———A
NA
NN
NU
UA
LA
LR
ERSEUS
UL
TLST
SC
OC
ON
NF
EFRE
ERNE
NC
EC
E———
M
E
R
CE
D
E
S
-
B
E
N
Z
—20192024-19%Mercedes-Benz
Cars:
Indicators
of
Change2019
2024
2019
2024FTE
=
Full
time
equivalent.*
ASP
excl.
smart,
BBAC
sales
and
pbp
revenues.**
Active
Workforce
figures
have
been
adjusted
to
comply
withCSRD/ESRS
requirements.Active
Workforcein
thousand
FTEFixed
Costsin
billion
eurosR&Din
billion
eurosInvestment
in
PP&Ein
billion
euros139.2-11%201920247.58.7+16%201920245.63.4-40%Average
Sales
Price*in
thousand
euros51.071.0+39%123.9136.5**Net
of
inflation—
A
N
N
U
A
L
R
E
S
U
L
T
S
C
O
N
F
E
R
E
N
C
E
——
M
E
R
CE
D
E
S
-
B
E
N
Z
—Mercedes-Benz
Vans:
FinancialsEBIT
adj.in
billion
eurosCFBIT
adj.
inbillion
eurosRevenuein
billion
euros20232024448406-9%2023202420.319.3-5%202320243.12.8-8%202320243.02.8-6%—
13
—Salesin
thousand
units——A
NA
NN
NU
UA
LA
LR
ERSEUS
UL
TLST
SC
OC
ON
NF
EFRE
ERNE
NC
EC
E———
M
E
R
CE
D
E
S
-
B
E
N
Z
—604991107RoS:15.5%RoS:15.1%RoS:14.6%RoS:15.2%3,138-753,063-184-109-13-1322,8252,932
Healthy
mix
supported
by
improved
product
substance–Lower
unit
sales–Lower
FBAC
result
due
to
model
changeMercedes-Benz
Vans:
EBIT
&
RoSGross
Profit
-233EBIT2023AdjustmentsEBITadjusted
2023Volume
/
structure
/
net
pricingForeign
exchange
ratesIndustrialperformanceSellingexpensesGeneral
administrative
expensesResearch
&
non-capitalized
developmentcostsOthersEBITadjusted
2024AdjustmentsEBIT2024Legal
proceedings
-70Russia -5Legal
proceedings
+107In
million
eurosIn
million
euros—
14
———
M
E
R
CE
D
E
S
-
B
E
N
Z
——A
NA
NN
NU
UA
LA
LR
ERSEUS
UL
TLST
SC
OC
ON
NF
EFRE
ERNE
NC
EC
E——Mercedes-Benz
Vans:
EBIT
to
CFBITNet
investments
in
pp&e
and
intangible
assetsEBIT2024AdjustmentsCFBIT2024Depreciation
and
amortization/
impairmentsChange
in
working
capitalNet
financial
investmentsOthers61—
15
—520408133CCR:0.9CCR:1.02,932-43-1,1732,7052,838CFBITadjusted2024t/oInventories
+28Trade
payable -128Trade
receivables
+57Legal
proceedings
+133In
million
euros—
16
———A
NA
NN
NU
UA
LA
LR
ERSEUS
UL
TLST
SC
OC
ON
NF
EFRE
ERNE
NC
EC
E———
M
E
R
CE
D
E
S
-
B
E
N
Z
—Mercedes-Benz
Vans:
Indicators
of
Change2019
2024FTE
=
Full
time
equivalent.*
Excluding
FBAC
Business.35.249.7+41%2019202420.618.6-10%20192024-19%544201920241,012+86%24057120192024+138%Average
Sales
Price*in
thousand
eurosActive
Workforcein
thousand
FTEFixed
Costsin
billion
eurosR&Din
million
eurosInvestment
in
PP&Ein
million
eurosNet
of
inflation—
A
N
N
U
A
L
R
E
S
U
L
T
S
C
O
N
F
E
R
E
N
C
E
——
M
E
R
CE
D
E
S
-
B
E
N
Z
—Mercedes-Benz
Mobility:
FinancialsEBIT
adj.in
billion
euros202320241.71.1-33%Contract
Volumein
billion
euros2023202462.059.5-4%New
Businessin
billion
euros20232024135.0138.1+2%—
17
——
17
——
A—
M
E
R
CE
D
E
S
-
B
E
N
Z
——
NA
NN
NU
UA
LA
LR
ERSEUS
UL
TLST
SC
OC
ON
NF
EFRE
ERNE
NC
EC
E——Mercedes-Benz
Mobility:
EBIT
&
RoE393683690RoE:9.5%RoE:12.3%RoE:8.7%RoE:8.7%1,3021,695-26-116-6131,13401,134General
administrative
expensesSelling
expensesEBITadjusted
2024AdjustmentsOthersVolume/
MarginAdjustmentsEBITadjusted
2023Cost
of
credit
risk
(COCR)EBIT2023EBIT2024Foreign
exchange
ratesEfficiency
measures
leading
to
cost
improvementsInterest
margin
impacted
by
interest
rate
development
in
competitive
environmentHigher
cost
of
credit
risk
mainly
driven
by
USALower
remarketing
result
at
AthlonIn
million
euros—
18
—M&A
transactionsRussia+117+276——A
NA
NN
NU
UA
LA
LR
ERSEUS
UL
TLST
SC
OC
ON
NF
EFRE
ERNE
NC
EC
E———
M
E
R
CE
D
E
S
-
B
E
N
Z
—Mercedes-Benz
Group:
EBIT3448319,66020,004-5,575-238-56113,713-11413,599AdjustmentsEBITadjusted
2023Mercedes-Benz
CarsMercedes-Benz
VansMercedes-Benz
MobilityReconciliationEBITadjusted
2024AdjustmentsEBIT2024EBIT2023Legal
proceedings
+236Restructuring -350Legal
proceedings
+22M&A
transactions
+117Russia
+205In
million
eurosEPS:13.46EPS:10.19—
19
———A
NA
NN
NU
UA
LA
LR
ERSEUS
UL
TLST
SC
OC
ON
NF
EFRE
ERNE
NC
EC
E———
M
E
R
CE
D
E
S
-
B
E
N
Z
—Mercedes-Benz
Group:
Reconciliationfrom
CFBIT
to
Free
Cash
Flow—
20
—Mercedes-Benz
CarsIncome
taxes
paidInterest
receivedEffects
from
PensionsOther
reconciling
itemsFree
cash
flow
(industrial
business)AdjustmentsFree
cash
flow
(industrial
business)
adjustedMercedes-Benz
Vans6291775722698,9632,705-3,8949,1529,421Legal
proceedings
+269In
million
euros——A
NA
NN
NU
UA
LA
LR
ERSEUS
UL
TLST
SC
OC
ON
NF
EFRE
ERNE
NC
EC
E———
M
E
R
CE
D
E
S
-
B
E
N
Z
——
21
—Mercedes-Benz
Group:Net
Industrial
Liquidity*31.110.9-0.56.7-8.50.6-5.5-4.81.431.4Free
cash
flow
industrial
businessFY
2024:
€
9.2
billionEarnings
and
other
cash
flow
impactWorking
capital
impactDepreciation
and
amortization/
impairmentsAdditions
to
property,
plant,
equipment
and
intangible
assetsInvestments
inand
disposals
of
shareholdingsShare
buybackNet
Industrial
Liquidity*
12/31/2023Net
Industrial
Liquidity
12/31/2024Others**In
billion
eurosDividends*
Accrued
interests
are
now
shown
under
financing
liabilities
leading
to
a
change
of
Net
Industrial
Liquidity.**
Mainly
transactions
related
to
MBM.——
FMEEBRRCUEADR
EY
S2-0B2E5N—Z
——
E
C
N
E
R
E
F
N
O
C
S
T
L
U
S
E
R
L
A
U
N
N
A
———
2222
——Outlook2025—
A
N
N
U
A
L
R
E
S
U
L
T
S
C
O
N
F
E
R
E
N
C
E
——
M
E
R
CE
D
E
S
-
B
E
N
Z
—FY
2024
ActualsFY
2025
GuidanceUnit
SalesMercedes-Benz
Cars1,983k
unitsSlightly
belowMercedes-Benz
Vans406k
unitsSlightly
belowxEV
shareMercedes-Benz
Cars
(xEV)19%20
to
22
%Mercedes-Benz
Vans
(xEV)5%8
to
10
%Return
on
Sales(adjusted*)Mercedes-Benz
Cars8.1%6
to
8
%Mercedes-Benz
Vans14.6%10
to
12
%Mercedes-Benz
Mobility
(RoE)8.7%8
to
9
%Cash
ConversionRate**
(adjusted)Mercedes-Benz
Cars1.00.9
to
1.1Mercedes-Benz
Vans1.00.5
to
0.7Investment
inPP&EMercedes-Benz
CarsEUR
3.4
bn.Significantly
aboveMercedes-Benz
VansEUR
0.6
bn.Significantly
aboveR&D
expenditureMercedes-Benz
CarsEUR
8.7
bn.At
prior-year
levelMercedes-Benz
VansEUR
1.0
bn.Significantly
aboveMercedes-Benz
Divisional
Guidance
2025* 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
adjustedEBIT.ASSUMPTIONThe
premises
regarding
the
overall
economic
conditions
and
the
development
of
the
automotive
markets
continue
to
be
characterized
by
exceptional
uncertainty.
In
addition
to
unexpected
macroeconomic
developments,
geopolitical
and
trade
policy
events
in
particular
can
create
uncertainty
and
burdens
for
the
global
economy
and
the
business
development
of
the
Mercedes-Benz
Group.
These
include
the
Middle
East
conflict,
the
Russia-Ukraine
war
and
possible
other
regional
crises.
In
addition,
the
ongoing
tensions
between
the
United
States
and
China,
a
possible
deterioration
in
relations
between
the
EU
and
China
and
the
future
development
of
the
relationship
between
the
EU
and
the
United
States
pose
uncertainties.
Trade
conflicts
and
in
particular
additional
tariffs
and
sanctions
could
significantly
affect
global
trade
flows
and
corporate
activities.
Further
disruptions
to
supply
chains
and,
in
particular,
availability
bottlenecks
for
critical
components
remain
significant
risk
factors.
Sharply
rising
energy
and
raw
material
prices,
higher
than
expected
inflation
rates
and
interest
rates,
possible
distortions
in
the
financial
markets
and
a
pronounced
weakening
of
economic
activity
can
also
have
an
impact
on
the
development
of
the
global
economy
and
the
automotive
markets.—
23
——
A
N
N
U
A
L
R
E
S
U
L
T
S
C
O
N
F
E
R
E
N
C
E
——
M
E
R
CE
D
E
S
-
B
E
N
Z
—Mercedes-Benz
Group
Guidance
2025FY
2024
ActualsFY
2025
GuidanceRevenueEUR
145.6
bn.Slightly
belowEBITEUR
13.6
bn.Significantly
belowFree
Cash
Flow
(Industrial
Business)EUR
9.2
bn.Significantly
belowASSUMPTIONThe
premises
regarding
the
overall
economic
conditions
and
the
development
of
the
automotive
markets
continue
to
be
characterized
by
exceptional
uncertainty.
In
addition
to
unexpected
macroeconomic
developments,
geopolitical
and
trade
policy
events
in
particular
can
create
uncertainty
and
burdens
for
the
global
economy
and
the
business
development
of
the
Mercedes-Benz
Group.
These
include
the
Middle
East
conflict,
the
Russia-Ukraine
war
and
possible
other
regional
crises.
In
addition,
the
ongoing
tensions
between
the
United
States
and
China,
a
possible
deterioration
in
relations
between
the
EU
and
China
and
the
future
development
of
the
relationship
between
the
EU
and
the
United
States
pose
uncertainties.
Trade
conflicts
and
in
particular
additional
tariffs
and
sanctions
could
significantly
affect
global
trade
flows
and
corporate
activities.
Further
disruptions
to
supply
chains
and,
in
particular,
availability
bottlenecks
for
critical
components
remain
significant
risk
factors.
Sharply
rising
energy
and
raw
material
prices,
higher
than
expected
inflation
rates
and
interest
rates,
possible
distortions
in
the
financial
markets
and
a
pronounced
weakening
of
economic
activity
can
also
have
an
impact
on
the
development
of
the
global
economy
and
the
automotive
markets.—
24
——
24
——
25
——
A
N
N
U
A
L
R
E
S
U
L
T
S
C
O
N
F
E
R
E
N
C
E
——
Z
N
E
B
-
S
ED
EC
R
E
M
——
A
N
N
U
A
L
R
E
S
U
L
T
S
C
O
N
F
E
R
E
N
C
E
——
Z
N
E
B
-
S
ED
EC
R
E
M
—Appendix——A
NA
NN
NU
UA
LA
LR
ERSEUS
UL
TLST
SC
OC
ON
NF
EFRE
ERNE
NC
EC
E———
M
E
R
CE
D
E
S
-
B
E
N
Z
—Mercedes-Benz
Mobility:
Net
credit
losses*2009—
26
—20100.43%20110.34%20120.37%20130.31%20140.24%20150.31%0.89%0.83%201620170.21%20180.26%20190.33%20200.21%20210.20%20220.29%20230.41%20240.26%*
As
percentage
ofportfolio,
subject
to
credit
risk.—
27
——
A
N
N
U
A
L
R
E
S
U
L
T
S
C
O
N
F
E
R
E
N
C
E
——
M
E
R
CE
D
E
S
-
B
E
N
Z
—Mercedes-Benz
Group/Divisional
Guidance
Ranges*—
27
—Specification/KPISignificantlybelowSlightly
belowAt
prior-yearlevelSlightly
aboveSignificantlyaboveRevenue/Unit
SalesX
<
-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%FCF
IBX
<
-25%-25%
≤
X
<
-10%-10%
≤
X
≤
+10%+10%
<
X
≤
+25%X
>
+25%Investments/R&DX
<
-10%-10%
≤
X
<
-2.5%-2.5%
≤
X
≤
+2.5%+2.5%
<
X
≤
10%X
>
+10%*
X
=
Actual
Guidance
Figure—
A
N
N
U
A
L
R
E
S
U
L
T
S
C
O
N
F
E
R
E
N
C
E
——
29
——
M
E
R
CE
D
E
S
-
B
E
N
Z
—DisclaimerThis
document
contains
forward-looking
statements
that
reflect
our
current
views
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,
including
an
adverse
development
of
global
economicconditions,
in
particular
a
negative
change
in
market
conditions
in
our
most
important
markets;
a
deterioration
of
our
refinancing
possibilities
on
the
credit
and
financial
markets;
events
of
force
majeure
including
natural
disasters,
pandemics,
acts
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