Mercedes (MBG GY) Q1 2026 (EUR) Adj. EBIT 1.77bln (exp. 1.63bln, prev. 2.55bln Y/Y), Revenue 31.6bln (exp. 31.9bln), EPS 1.49 (prev. 1.74 Y/Y), Cars Adj. EBIT 933mln (exp. 751.3mln), Cars Adj. RoS 4.1% (exp. 3.17%); confirms guidance

• In the first three months, the global car market was slightly below previous year’s level.
• In the European market, particularly in Germany, the division recorded positive growth in unit sales compared to the previous year. Unit sales increased significantly in the United States in the first quarter of 2026.

Outlook:

• The potential impacts of the war in the Middle East are exacerbating existing uncertainties.
• Customer demand is expected to remain rather weak in the global automotive markets. Accordingly, based on the current assessment, the global car market for 2026 as a whole is likely to remain at the previous year’s level.
• The market in the sales region Europe is also expected to reach the same level as last year.
• The market in the United States is expected to remain slightly below the prior-year level due to increased oil prices also having an adverse effect on affordability. In China, the market is also expected to remain slightly below the previous year’s level.
• In the Chinese premium and luxury segment, the ongoing intense price competition, especially by local manufacturers, is expected to lead to weaker development of unit sales for many foreign manufacturers.