STUTTGART, Germany, July 28 — Mercedes-Benz Group AG (ticker symbol: MBG) reported revenue of €32.1 billion in the second quarter (Q2 2025: €33.2 billion) and Group EBIT of €1.5 billion (Q2 2025: €1.3 billion), while continuing to execute its largest-ever product launch programme and further improving efficiency and productivity.
Group EBIT was supported by strong earnings at Mercedes-Benz Financial Services, Mercedes-Benz Vans and higher contributions from the Group reconciliation, partly offset by lower earnings at Mercedes-Benz Cars. Group EBIT also included a positive effect of €131 million related to the planned sale of Athlon Group. Adjusted Group earnings before interest and taxes reached €2.3 billion (Q2 2025: €2.0 billion).
Mercedes-Benz made further progress with its Next Level Performance (NLP) programme, with cost measures continuing to support earnings in the second quarter. At Group level, general administrative expenses decreased by 14%, and research and development expenditure declined by 12%, following last year’s investment peak for the Mercedes-Benz Cars product launch plan. At Mercedes-Benz Cars, cost of sales declined by 7%. Efficiency measures also supported the cost position at Mercedes-Benz Vans and Mercedes-Benz Financial Services. Building on a reduction in fixed costs of approximately 25% since 2019, the company began further intensifying its global productivity measures in June 2026, with a particular focus on its German locations.
Free cash flow of the industrial business amounted to €1.1 billion in the second quarter (Q2 2025: €1.9 billion), supported by proceeds of €417 million from the partial sale of the Daimler Truck shareholding. In the first half of 2026, free cash flow of the industrial business amounted to €3.0 billion (H1 2025: €4.2 billion), reflecting an outflow of approximately €1.1 billion for severance payments in connection with the Next Level Performance programme.
The company maintained a solid financial position amid macroeconomic headwinds and ongoing model ramp-ups. Following dividend payments and share repurchases totalling €5 billion in the first half of the year, net liquidity of the industrial business remained strong at €30.4 billion, while the funding ratio of the pension plans improved to 117% from 113% at year-end 2025.