现金流成“压舱石” 奔驰启动产品攻势静待盈利修复
Zheng Quan Ri Bao Wang·2026-02-12 09:42

Core Viewpoint - Mercedes-Benz Group has demonstrated resilience in cash flow and liquidity amidst a challenging market environment, while also emphasizing a cautious outlook for fiscal year 2026 focused on profit recovery [1][3][7] Financial Performance - For fiscal year 2025, Mercedes-Benz reported revenues of €132.2 billion and adjusted EBIT of €8.2 billion, with industrial free cash flow at €5.4 billion and net industrial liquidity increasing to €32.2 billion [1] - The passenger car segment remains the main revenue and profit driver, with sales of 1.801 million units, a 9% year-on-year decline, and revenues of €96.4 billion, down 11% [3] - Adjusted EBIT for the passenger car segment was €4.8 billion, with an adjusted sales return rate of 5.0%, within the previously set range of 4%-6% [3] Business Segment Analysis - The light commercial vehicle segment achieved a double-digit adjusted sales return rate for the fourth consecutive year, with sales of 359,000 units, down 12%, and revenues of €17.1 billion, also down 11% [4] - The financial services segment showed a decline in new business scale but an increase in adjusted EBIT to €1.267 billion, with an adjusted return on equity of 9.7% [4] Strategic Initiatives - The company has initiated its largest-ever technology and product launch plan, focusing on MB.OS architecture and advanced driving assistance systems, with over 40 new models set to be launched in the next three years [2][5] - Mercedes-Benz aims to enhance local technology partnerships and accelerate supply chain localization in the Chinese market, reflecting a strategy to adapt to local consumer demands [6] Market Outlook - The company projects that revenues for fiscal year 2026 will remain flat compared to the previous year, while adjusted EBIT is expected to be significantly higher due to the absence of structural adjustment costs [6] - The focus will shift towards balancing investment efficiency and profit recovery as key technologies are implemented and product cycles accelerate [6][7]