1st Quarter Results 2023.

Mercedes-Benz continues to transform at full speed towards an all-electric software-driven future. The Mercedes-Maybach EQS SUV¹, an all-electric Top-End vehicle, was presented at Auto Shanghai 2023 following the introduction of a plug-in hybrid version of the Mercedes-Maybach, the S 580 e² earlier in the year. With the Mercedes-Maybach EQS SUV¹, the company presented an EQ model tailor-made for delivering further growth in China and the U.S.. In the first quarter, the company also presented its strategy for MB.OS, its proprietary software operating system. As part of its ESG efforts to make Mercedes-Benz a more sustainable company, a groundbreaking ceremony for a battery recycling plant was held in Kuppenheim, Germany and Mercedes-Benz signed a 140 megawatts Power Purchase Agreement (PPA) with Iberdrola to access green energy for production. The company’s Green Finance Framework was also expanded to include green asset backed securities.

The free cash flow of the industrial business increased to €2.2 billion (Q1 2022: €1.2 billion). The net liquidity of the industrial business rose to €28.9 billion (end of 2022: €26.6 billion). The Group’s investments in property, plant and equipment in the first quarter totaled €0.8 billion (Q1 2022: €0.9 billion). Research and development expenditure amounted to €2.5 billion (Q1 2022: €2.0 billion) due to higher investments for future platforms and technologies, including MB.OS. In February 2023, the Board of Management and the Supervisory Board of Mercedes-Benz Group AG resolved to conduct a share buyback program. Beginning in March 2023, own shares worth up to €4 billion (not including incidental costs) are intended to be acquired on the stock exchange over a period of up to two years and shall subsequently be cancelled.

Russia: As of this week, Mercedes-Benz successfully transferred its Russian business activities to Avtodom, a step which had no significant effects on profitability and cash flows. For Mercedes-Benz Mobility the company expects a loss in the low triple-digit million euros range, once the sale becomes effective. No significant effects are expected on liquidity and capital resources.

Fuel consumption and emissions data:

¹Mercedes-Maybach EQS 680 SUV (provisional figures: combined power consumption: 24.4-22.5 kWh/100 km; CO2 emissions: 0 g/km)

²Mercedes-Maybach S 580 e (provisional figures, fuel consumption combined, weighted: 1.0-0.8 l/100 km, CO₂ emissions combined, weighted: 23-18 g/km, electricity consumption combined, weighted: 25.0-22.9 kWh/100 km)