Mercedes-Benz reported higher EBIT, lower adjusted EBIT and record electric-vehicle sales in the third quarter of 2026. These findings can coexist. The 28 October results show why a single headline number provides an incomplete assessment.
A lower reported comparison base
Group reported EBIT rose from €0.75 billion to €1.77 billion, while adjusted EBIT fell from €2.10 billion to €1.78 billion, approximately 15%. The company attributes the reported improvement mainly to lower adjustments than a year earlier.
The gap between adjusted and reported EBIT was approximately €1.35 billion in the prior-year quarter and €0.01 billion in the latest period, calculated from rounded figures. A shrinking gap explains how reported profit can rise while the comparable adjusted result weakens. Treating the entire reported increase as operating improvement would be misleading.
| Measure | Q3 2025 | Q3 2026 |
|---|---|---|
| Group revenue, €bn | 32.1 | 30.7 |
| Reported EBIT, €bn | 0.75 | 1.77 |
| Adjusted EBIT, €bn | 2.10 | 1.78 |
| Cars adjusted return on sales | 4.8% | 2.5% |
| Cars unit sales | 441,453 | 407,232 |
Electric sales grow within a smaller overall total
Battery-electric vehicle sales increased 61% year on year, taking their share to 16.8%. Overall Mercedes-Benz Cars sales nevertheless declined approximately 8%. Growth in one powertrain category cannot be applied to the entire portfolio.
The car division’s adjusted return on sales fell from 4.8% to 2.5%, a decline of 2.3 percentage points. The company cites Chinese competition, currency effects and model-launch expenditure. Vans and Financial Services supported the group result, so group EBIT is not a pure measure of passenger-car performance.
Converting sales into earnings matters next
New models can strengthen demand, but revenue becomes profit only after production, marketing and other costs. Record EV sales alone do not reveal their separate profitability: the published aggregates do not provide that breakdown.
The next reports will show whether Cars margins recover, how overall sales develop and whether new models offset Chinese-market and currency pressures. Keeping reported and adjusted measures side by side is more informative than selecting only the rising number. This is an analysis of the accounts, not a forecast of the share price.
FinFly illustration created with AI.
