Daimler Truck Holding (DTGGe.DE): 2Q unit sales broad-based miss

Research evidence excerpt

Daimler Truck Holding (DTGGe.DE): 2Q unit sales broad-based miss

Goldman Sachs Daimler Truck Holding (DTGGe.DE)

Exhibit 1: Daimler Truck unit sales 2Q26

Source: Company data, Goldman Sachs Global Investment Research, Visible Alpha Consensus Data

Exhibit 2: Daimler has seen relative 3m rolling market share

loss in latest months vs Volvo/Paccar

NA Class 8 market share (3m rolling)

50%

40%

30%

20%

10%

0%

-10% May-05Nov-05May-06Nov-06May-07Nov-07May-08Nov-08May-09Nov-09May-10Nov-10May-11Nov-11May-12Nov-12May-13Nov-13May-14Nov-14May-15Nov-15May-16Nov-16May-17Nov-17May-18Nov-18May-19Nov-19May-20Nov-20May-21Nov-21May-22Nov-22May-23Nov-23May-24Nov-24May-25Nov-25May-26

Daimler International Paccar Volvo Others

Source: ACT Research, Data compiled by Goldman Sachs Global Investment

Research

Valuation and key risks

We are Neutral-rated and our price target of €46.0 is based on our sector-relative

EV/IC to ROIC/WACC framework, on our valuation horizon of 9m27/3m28.

Key downside risks include: 1) weaker-than-expected volumes in Europe due to

prolonged Central European truck market weakness or a deteriorating market due to

inflation induced by the Middle East crisis; 2) more severe pricing pressure due to

Chinese competition; 3) step up in tariffs; 4) delays in progress with self-help measures;

5) larger-than-expected impairments from antitrust civil claims; and 6) overhang risk

due to uncertainty around decisions from Mercedes regarding its stake.

Key upside risks include: 1) quicker-than-expected freight capex recovery in 2026 and

a higher-than-expected German stimulus impact; 2) better-than-expected self-help

progress; 3) further market share gains, especially in the US vocational market; and 4)

higher cash to shareholders.

8 July 2026 2