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Mercedes-Benz Group AG (MBGn.DE): 2Q26 preview: Trimming estimates on softer China profitability; 2Q Cars margin still within guidance

Published: 2026-07-14Institution: Goldman SachsPages: 10Original language: EnglishEvidence page: 6

Research evidence excerpt

Mercedes-Benz Group AG (MBGn.DE): 2Q26 preview: Trimming estimates on softer China profitability; 2Q Cars margin still within guidance

Goldman Sachs Mercedes-Benz Group AG (MBGn.DE)

Disclosure Appendix

Reg AC

We, Christian Frenes, Monika Mengting Liu, CFA, Shivam Kotecha and Robert Triulzi, hereby certify that all of the views expressed in this report

accurately reflect our personal views about the subject company or companies and its or their securities. We also certify that no part of our

compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs’ Global Investment Research division.

Contributing Authors: Christian Frenes Goldman Sachs International, Monika Mengting Liu, CFA Goldman Sachs International, Shivam Kotecha

Goldman Sachs India SPL, Robert Triulzi Goldman Sachs International.

Unless otherwise stated, the individuals listed in the Contributing Authors disclosure of this report are analysts in Goldman Sachs’ Global Investment

Research division.

GS Factor Profile

The Goldman Sachs Factor Profile provides investment context for a stock by comparing key attributes to the market (i.e. our universe of rated stocks)

and its sector peers. The four key attributes depicted are: Growth, Financial Returns, Multiple (e.g. valuation) and Integrated (a composite of Growth,

Financial Returns and Multiple). Growth, Financial Returns and Multiple are calculated by using normalized ranks for specific metrics for each stock. The

normalized ranks for the metrics are then averaged and converted into percentiles for the relevant attribute. The precise calculation of each metric may

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