February 12, 2026 – Group revenue seen at the prior-year level, Group EBIT seen significantly above the previous year’s level and free cash flow of the Industrial Business seen slightly below 2025.
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Mercedes-Benz AG
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Represented by the Board of Management:
Ola Källenius, Chairman; Jörg Burzer, Mathias Geisen, Olaf Schick, Michael Schiebe, Britta Seeger, Oliver Thöne, Harald Wilhelm
Chairman of the Supervisory Board: Martin Brudermüller
Court of Registry: Stuttgart; commercial register no. 762873
VAT ID: DE 32 12 81 763
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February 12, 2026 – Group revenue seen at the prior-year level, Group EBIT seen significantly above the previous year’s level and free cash flow of the Industrial Business seen slightly below 2025.
Return on Sales adj. Mercedes-Benz Cars seen at 3–5%, Mercedes-Benz Vans 8–10%, Return on Equity adj. at Mercedes-Benz Financial Services 10–12%.
The Mercedes-Benz Group expects Group revenue in 2026 to be at the prior-year level. Group EBIT is expected to be significantly above the previous year’s level due to restructuring charges in the prior year. Group free cash flow of the industrial business is seen slightly below the 2025 level.
| Outlook | FY 2025 Actuals | FY 2026 Guidance | |
|---|---|---|---|
| Revenue | Mercedes-Benz Group | €132.2 billion | At prior-year level |
| EBIT | Mercedes-Benz Group | €5.8 billion | Significantly above |
| Free Cash Flow (IB) | Mercedes-Benz Group | €5.4 billion | Slightly below |
| Unit Sales | Mercedes-Benz Cars Mercedes-Benz Vans | 1,801k units 359k units | At prior-year level Slightly above |
| xEV Share | Mercedes-Benz Cars (xEV) Mercedes-Benz Vans (xEV) | 20% 8% | 21 to 23% 8 to 10% |
| Adjusted* return on sales (RoS) | Mercedes-Benz Cars Mercedes-Benz Vans Mercedes-Benz Financial Services (RoE) | 5% 10.2% 9.7% | 3 to 5% 8 to 10% 10 to 12% |
| Adjusted cash conversion rate (CCR) | Mercedes-Benz Cars Mercedes-Benz Vans | 1.2 0.6 | 1.0 to 1.2 0.1 to 0.3 |
| Investment in PP&E | Mercedes-Benz Cars Mercedes-Benz Vans | €4.1 billion €1.2 billion | Slightly below Significantly above |
| R&D expenditure | Mercedes-Benz Cars Mercedes-Benz Vans | €8.6 billion €1.1 billion | Significantly below Slightly above |
| * The adjustments include material adjustments if they lead to significant effects in a reporting period. These material adjustments relate in particular to legal proceedings and related measures, restructuring measures and M&A transactions. | |||
This page was revised based on the Annual Results Conference 2025 and contains forward-looking statements.