Mercedes-Benz Group AG: 2Q26 First Take: Strong quarter ahead of expectations

Research evidence excerpt

Mercedes-Benz Group AG: 2Q26 First Take: Strong quarter ahead of expectations

J P M O R G A N Europe Equity Research

28 July 2026

Mercedes-Benz Group AG Overweight

MBGn.DE, MBG GR

2Q’26 First Take: Strong quarter ahead of expectations Price (27 Jul 26):€45.54

Price Target (Jun-27):€70.00

Our Take: All in all, a strong quarter ahead of consensus expectations driven by European Autos & Auto Parts

ACall categories across cars, vans, and financial services as well as the reconciliation Jose M Asumendi

line which came in very strong in the quarter. Notably, Mercedes Benz cars ROS (44-20) 7742-5315

came in at 4% despite the challenging end markets which led to a one-time non- jose.m.asumendi@jpmorgan.com

cash impact revaluation charge driving the reported margin to 0.2% for the quarter. J.P. Morgan Securities plc

The van division continued to deliver very strong results at 10% margin for the Piyush Singla

quarter. Free cash flow adjusted was solid at €1.3bn, which also included €609m (91-22) 6157-3324

piyush.singla@jpmorgan.com

of inflows from the DTG dividend as well as the disposal of the DTG stake. The J.P. Morgan India Private Limited

company has ajusted the guidance for the year on revenues due to the challenging

end markets in the car division but confirmed group EBIT and cash flow, which Specialist Sales contact details:

supports the quality of the performance across the remaining divisions. Sam Edmunds - Specialist Sales -

European Industrials

Table 1: Mercedes Benz Q2’26 Financials (44-20) 7742-8733

€ in million, % sam.edmunds@jpmorgan.com

Group 2Q25A 1Q26A 2Q26A YoY QoQ 2Q26 JPMe 2Q26 Cons % vs. JPMe % vs. Cons

Revenues 33,153 31,602 32,061 -3.3% 1.5% 31,052 31,897 3.2% 0.5%

Adj. EBIT 1,988 1,773 2,299 15.6% 29.7% 1,713 1,645 34.2% 39.8%

% Adj.