2Q26 Preview: Expect focus on pricing, DPU and liquidity

Research evidence excerpt

2Q26 Preview: Expect focus on pricing, DPU and liquidity

Equity Research

23 July 2026 | 11:26PM EDT

AMERICAS RENTAL CARS

Ahead of the Q2 ’26 earnings season, we refresh our key industry charts with a focus Lizzie Dove

+1(212)902-0097 | lizzie.dove@gs.com

on pricing trends, including the latest airport data from LAX and LAS. We increase Goldman Sachs & Co. LLC

our revenue estimates for 2Q to reflect stronger pricing power around the World Joey Gaebler

Cup, but broadly maintain our EBITDA estimates for CAR, and cut HTZ meaningfully +1(212)902-4695joseph.gaebler@gs.com|

to reflect the pre-announcement on 6/24. Within the mix: Goldman Sachs & Co. LLC

Ryan Davis

+1(212)357-5252 |

n CAR. We tweak up our 2Q EBITDA estimate to $243mn, which would put CAR on ryan.m.davis@gs.com

Goldman Sachs & Co. LLC

track to its full year guidance of $850mn to $1bn (we model $895mn on an

Nina Flinn

annual basis). Our base case is that CAR does not raise the 2026 guidance, and +1(212)902-7295 | nina.flinn@gs.com

we believe the outlook for 2H and 2027+ will be in focus, particularly around the

right level for normalized EBITDA, and the extent to which CAR has seen any

pressure on DPU like HTZ, which we do not believe is the case.

n HTZ. Heading into earnings, we are focused on increasing concerns around

leverage and liquidity, along with visibility into DPU ad the viability of the North

Star targets. On the latter, we look for more color on the exact drivers of the DPU

miss, particularly as the Manheim moderation in May (-2.7% m/m for the Rental

Risk Index) did not deviate from usual seasonality given April typically sees a

boost from tax refunds. While HTZ did not outline any changes to 2026 guidance

of 3-6% EBITDA margins, we lower our estimates well below the range. We now