Mercedes-Benz Group AG delivered solid first-quarter results in a continually evolving global market. The Group reported revenue of €33.2 billion (Q1 2024: €35.9 billion), primarily driven by strong sales in its passenger car and van segments. Earnings before interest and taxes (EBIT) totaled €2.3 billion.
The industrial business generated a strong free cash flow of €2.4 billion (Q1 2024: €2.2 billion), supported by seasonal improvements in working capital. Net liquidity rose to €33.3 billion (end of 2024: €31.4 billion), positioning the Group well to navigate geopolitical and economic uncertainties.
Mercedes-Benz Cars
The division sold 446,300 vehicles during the quarter, ahead of the upcoming market launch of the new CLA. Continued demand for the E-Class and GLC, along with strong performance from Mercedes-AMG and the G-Class, resulted in a Top-End Vehicle share of 15%. Cash flow before interest and taxes (CFBIT) surged by 21% to €2.8 billion—1.6 times the adjusted EBIT of €1.8 billion—primarily due to favorable net working capital developments. The adjusted return on sales (RoS) stood at 7.3%, in line with guidance.
Mercedes-Benz Vans
In a competitive market, the Vans division posted an adjusted EBIT of €475 million and an adjusted RoS of 11.6%. Despite lower unit sales, a favorable product mix and continued improvements in product substance helped maintain solid performance. Positive cost developments further supported the result. CFBIT reached €588 million, reflecting a high adjusted cash conversion rate of 1.3. Notably, battery electric vehicle (BEV) sales rose by 59%, driven by strong demand for the eSprinter.
Mercedes-Benz Mobility
Total contract volume for the quarter reached €133.7 billion (end of Q4 2024: €138.1 billion). New business amounted to €13.6 billion (Q1 2024: €14.8 billion), influenced by dynamics in the global financial services sector, particularly in China. The division maintained a higher average financing and leasing volume per contract. Adjusted EBIT came in at €287 million, consistent with the previous year (Q1 2024: €279 million). Continued investment in charging infrastructure was offset by rigorous cost control and efficiency measures, resulting in an adjusted return on equity (RoE) of 8.6% (Q1 2024: 8.5%).
Outlook
Group and divisional guidance remains unchanged, excluding the potential impact of tariffs. However, should all currently enacted and announced tariffs take effect and remain in place through year-end, material adverse impacts are anticipated. The high level of uncertainty around trade policies, mitigation strategies, and their influence on customer behavior and demand makes it difficult to project full-year financial outcomes with confidence.
If current trade conditions persist, the Group expects negative effects on EBIT, free cash flow from industrial operations, and adjusted returns on sales for both Mercedes-Benz Cars and Vans. Potential pressure on cash conversion rates in the automotive divisions cannot be ruled out.
