Daimler Truck Holding (DTGGe.DE): Consensus estimates likely up MSD on FY26 guide upgrade, despite weak 2Q

Research evidence excerpt

Daimler Truck Holding (DTGGe.DE): Consensus estimates likely up MSD on FY26 guide upgrade, despite weak 2Q

Equity Research

23 July 2026 | 7:02AM BST

Daimler Truck Holding (DTGGe.DE): Consensus estimates likely up MSD

on FY26 guide upgrade, despite weak 2Q

Daimler Trucks consensus is likely to see MSD upgrades to 2026 adj. EBIT Daniela Costa

+44(20)7774-8354 |

pre-released 2Q26 on the back of raised guidance due to section 232 tariff daniela.costa@gs.com

Goldman Sachs International

reduction announcement and stronger US market expectations. While 2Q

Meihan Yang

industrial revenues/adj EBITA announced today fell short of company-compiled +44(20)7051-6601 |

consensus by 1%/5%, the company raised 2026 guidance with the implied mid-point meihan.x.yang@gs.comGoldman Sachs International

c6% above consensus. The 2Q miss was driven by lower revenues in North America Ines Lefranc

(deliveries already announced here) and weaker margins in Mercedes Benz, however +44(20)7051-8710ines.lefranc@gs.com|

Daimler announced the U.S. Department of Commerce has approved its U.S. Content Goldman Sachs International

application with an effective date of November 1, 2025. This, along with higher

expected unit sales for Trucks North America going forward, drove the company’s

upgrade of units sales guidance by c2% at the mid-point (although consensus at top

end already) and group adj EBIT by 12% at the mid point (vs consensus at the bottom

end and 6% below mid point). As such, all else equal, consensus 2026 adj. EBIT

estimates are likely to be raised by MSD.

We raise our group adj. EBIT by 11%/9% for 2026/27E to reflect the favorable

section 232 content approved with the US authorities. We had estimated the

headwind from tariffs for Daimler to be >500bps (here) assuming c55% of value add