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Mercedes-Benz Group AG shares climbed more than 6% on Wednesday after the automaker posted stronger-than-expected third-quarter earnings and confirmed the restart of a €2 billion share buyback program over the next 12 months.
Investment firm Jefferies praised the performance, noting that Mercedes-Benz “delivered a comfortable beat across divisions and metrics.” The company reported €1.4 billion in free cash flow—about half generated from working capital—fueling investor confidence in its buyback potential. Adjusted earnings before interest and taxes (EBIT) reached €2.1 billion on sales of €32.1 billion, translating to a 6.5% margin. This exceeded analyst expectations of €1.78 billion in EBIT and €32.4 billion in revenue for a 5.5% margin.
The Mercedes-Benz Cars division recorded €23.7 billion in sales, down 7.3% year over year, with wholesale volumes falling 12%. Despite lower sales, adjusted EBIT rose to €1.14 billion, achieving a 4.8% margin—slightly above estimates. Jefferies highlighted that cost savings and a favorable product mix offset weaker volumes and foreign exchange pressures, even as contributions from its Beijing Benz joint venture in China dropped to €175 million from €313 million last year.
The Vans segment reported €4 billion in revenue, down 13.2% annually, but outperformed expectations with a €412 million adjusted EBIT, yielding a robust 10.2% margin.
Free cash flow totaled €1.37 billion, surpassing the €787 million consensus, while net liquidity increased by €1.5 billion to €32.3 billion. Capital expenditures rose slightly to €2.4 billion. Mercedes-Benz maintained its full-year outlook and raised its cash conversion target to 90–110% for Cars and 60–80% for Vans.
Jefferies reaffirmed its “hold” rating on Mercedes-Benz, with a price target of €60—around 10% higher than Tuesday’s closing price of €54.65.
