Mercedes-Benz Annual Results 2024: Speech by Harald Wilhelm – All Details

Good morning everyone, welcome also from me. I'm pleased to go into our figures in more detail. Starting with automotive: revenue matches unit sales given the circumstances Ola already highlighted. EBIT of 8.7 billion, more in cash flow. Looking at the bridge for 2024: volume structure and net prices were negative, mix slightly more positive, and we increased product cost efforts through lifecycle measures. We also adjusted residual values for used cars. FX headwinds, especially the Turkish lira. Industrial development very encouraging, especially for 2025, with improvements in the billions despite headwinds from suppliers. Efficiency is visible in full effect. Other bucket: lower BBIC equity result including dealer support in China and goodwill impairment. Additionally, 350 million adjustment for ACC ramp-up. Cash flow from industrial business 9 billion, driven by working capital management. Key indicators: ASP increased from 2019 to 2024, headcount reduced by 11,000, fixed costs down 19% net of inflation. Investment discipline. For vans: ASP up over 40%, headcount down 10%, fixed costs down 19%. Mobility: net credit business down due to market, competition in China, FX effects. Interest margins and residual values impact. Efficiency helped. Charging infrastructure investments. Return on sales 1% in 2024, aiming closer to 10%. Group EBIT 13.6 billion, tax rate 26%, EPS €2.10, including share buyback effects. Free cash flow 9.2 billion, net liquidity 31 billion. For 2025 outlook: potential US tariffs on EU exports up to 10% could impact auto margin by up to 100 bps. China import tariffs on US vehicles with >2.5L engines have limited impact. Group sales likely slightly lower than 2024. Car margin expected 6-8% adjusted, with stable pricing, positive product mix, lower volume, and CO2 cost impact in Europe low single-digit. First quarter margin within 6-8%. CapEx increase due to new product launches. Cash conversion rate 0.9-1.1. Van margin 10-12% before tariffs, with slightly lower volume, stable pricing, and higher CO2 impact. Mobility return on sales 8-9%. Group guidance: revenue slightly below prior year, EBIT slightly below, cash flow significantly below. I now hand over to Christina and Wilhelm.