Hertz Global Holdings 2Q26 Pre-announcement Confirms Pricing and Utilization Upside Amidst FIFA WC, Though DPUs Pressure Magnitude Surprising, Raising Concern Over Disposition Execution

研报英文原文证据摘录

Hertz Global Holdings 2Q26 Pre-announcement Confirms Pricing and Utilization Upside Amidst FIFA WC, Though DPUs Pressure Magnitude Surprising, Raising Concern Over Disposition Execution

J P M O R G A N North America Equity Research

24 June 2026

Hertz Global Holdings

2Q26 Pre-announcement Confirms Pricing and Underweight

Utilization Upside Amidst FIFA WC, Though DPUs HTZ, HTZ US

Pressure Magnitude Surprising, Raising Concern Over Price (23 Jun 26):$5.06

Disposition Execution

Autos & Auto Parts

Maintain UW rating. 2Q pre-announcement flags a sharper-than-expected Rajat Gupta AC

uptick in net DPU, attributed to broader used industry softening (partly (1-212) 622-6382

confirmed by rental pricing data), while other KPIs around pricing, rajat.gupta@jpmorgan.com

utilization, and demand are generally tracking in line with our recently raised Jash Patwa

assumptions, raising fresh questions around execution, specifically on (1-212) 622-5472

disposition and/or aggressive residual value assumption frameworks jash.patwa@jpmchase.com

following the atypically strong used vehicle pricing trends in 1Q. On the Yash Beswala

upcoming 2Q26 earnings call, we will look for a more detailed explanation from (1-212) 622-0028

yash.beswala@jpmchase.com

management on these drivers, specifically around divergences from initial residual J.P. Morgan Securities LLC

value assumptions. While 1Q results pointed to early signs of improved

operational execution and 2Q QTD KPIs show no evidence of backsliding, the

surprise on fleet costs/DPUs is partly explained by the underperformance in rental

pricing (Manheim Index -1.6%/+0.3% m/m in April/May and Manheim Rental

Risk Index -1.4%/-2.7% m/m – May 2026 average rental risk prices tracking