Mercedes-Benz cuts 2026 outlook on expected Q4 impact

The split in guidance is the signal here: vans and financial services hold up at double-digit adjusted returns while the passenger car division lands at 2%-3%, so the pressure is concentrated in one segment rather than spread across the group. Holding EBIT flat while free cash flow falls significantly below the prior year points to a cash conversion problem that earnings alone won't capture. Whether the fourth-quarter effects prove transient or bleed into the 2027 outlook is the open question.