Mercedes: 2Q26 briefing call - A welcome dose of reassurance

Research evidence excerpt

Mercedes: 2Q26 briefing call - A welcome dose of reassurance

14 July 2026

Stephen Reitman

+44 20 7762 5535

European Automobiles & Components stephen.reitman@bernsteinsg.com

Mercedes-Benz Group AG Steve Pereira Fernandes, CFA

+44 20 7676 7254

Rating steve.pereira-fernandes@bernsteinsg.com

Market-Perform Gali Salvatorelli Naraghi

Price Target +44 20 7676 6741

gali.salvatorelli-naraghi@bernsteinsg.com

MBG.GR 61.00 EUR

Harry Martin, CFA

+44 20 7676 8965

harry.martin@bernsteinsg.com

Mercedes hosted a pre-market 2Q26 briefing call on 14 July with Head of Treasury & Investor

Close Date 13 Jul 2026

Relations Christina Schenck. Mercedes will be presenting its 2Q26 results on 28 July. The

MBG.GR Close Price (EUR) 44.07

principal messages were that Passenger Cars’ adj. RoS in 2Q26 should be within the FY26

Price Target (EUR) 61.00

guidance range of 3-5% and that the 2Q26 Vans’ adj. RoS should be towards the upper end of

Upside/(Downside) 38%

the 8-10% FY26 guidance range. Industrial free cash flow should be positive in 2Q26, but not

52-Week Range 62.34/42.63

as strong as the €1.9bn reported in 1Q26. Based on the company’s defined ranges, it appears

EDME 1,592.89

that Mercedes expects to generate between €4.1 and €4.9bn of industrial free cash flow for

FYE Dec

the full year.

Div Yield 7.9%

Volumes and mix: 2Q26 group wholesales of 511.9k units were sequentially 2% ahead Market Cap (EUR) (M) 42,430

of the 499.7k units in 1Q26 but down -6% yoy, as already reported on 8 July. Excluding EV (EUR) (M) 16,710

China, global Passenger Car wholesales grew 2% vs 2Q25, supported by strong sales in Performance YTD 1M 6M 12M

both Europe and the US. Europe saw a 4% yoy rise in car wholesales, helped by Germany Absolute (%) (26.6) (8.7) (26.1) (16.6)

which saw growth of 6%.