Mercedes-Benz Group AG: Q2 preview: MB Cars in the 3-5% range and positive FCF in Q2. FY26 guide confirmed.

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Mercedes-Benz Group AG: Q2 preview: MB Cars in the 3-5% range and positive FCF in Q2. FY26 guide confirmed.

Equity Research

European Autos & Auto Parts

15 July 2026

Mercedes-Benz Group AG

Q2 preview: MB Cars in the 3-5%

range and positive FCF in Q2. FY26

MBGn.DE/MBG GY EQUAL WEIGHTguide confirmed.

European Autos & Auto NEGATIVE

MBG hosted an analyst and investor call ahead of its Q2/H1 Parts Price Target EUR 55.00

results on 28 July. Q2 Auto EBIT margin to be within its 3-5% Price (14-Jul-26) EUR 45.11

FY26 range, but no indication where within the range. Vans Potential Upside/Downside +21.9% Source: Bloomberg, Barclays Research

and FinCo strong in Q2 and Q2 FCF to be positive, although

below Q1'26. European Autos & Auto Parts

Henning Cosman

+44 (0)20 3134 3106

henning.cosman@barclays.com

Barclays, UK

Mercedes-Benz hosted an analyst/investor call ahead of its Q2 results yesterday morning

before market open. Q2 Mercedes-Benz Cars deliveries increased 2% YoY excluding China, with Erwann Dagorne

Europe and the US up 4% and 10%, respectively (already known from an earlier volume +33 (0)1 4458 3664

erwann.dagorne@barclays.comrelease). China deliveries declined 30% YoY attributable to the competitive environment and

BBI, Paris

cautious consumer sentiment. BEV deliveries increased 51% YoY globally and 87% YoY in

Europe, supported by continued ramp-up of new products, with European order books Wei Jia

extending into next year. Top-End share was 13.9%, influenced by planned product changeovers +44 (0)20 3555 6740

wei.jia@barclays.combut H1 stays within the company's guided 14-15% TEV share range.

Q2 Auto EBIT margin should be within the FY 3-5% guidance range, although the company

did not provide any indication as to where within the range the quarter would land. The