European Trucks: Truck Trends: Incoming inflationary cost easing?

研报英文原文证据摘录

European Trucks: Truck Trends: Incoming inflationary cost easing?

Global Research

15 June 2026ab

European Trucks Equities

Europe including UKTruck Trends: Incoming inflationary cost easing?

Industrial Equipment

Hemal Bhundia, CFA

Focus this AM: US-Iran Peace framework & what it means for Truck OEMs: Analyst

Reuters has reported that the US and Iran have agreed on a peace framework for a hemal.bhundia@ubs.com

deal to end the conflict, with the pact due to be signed on Friday in Switzerland. +44-20-7901 6515

President Trump has stated that the Strait of Hormuz is expected to reopen on Steven Fisher, CFA

Friday. This should lead to lower fuel prices, in our view. Analyst

steven.fisher@ubs.com

Overall, we expect a positive share price reaction to this potentially +1-212-713 8634

positive outcome for European Truck OEMs, especially those with higher

Sven Weier

European exposure, such as Volvo & Traton (Figure 9). As previously noted, Europe

Analyst

is more sensitive to diesel/fuel costs from a macro perspective than North America. sven.weier@ubs.com

+49-69-1369 8278 Since the start of the conflict, DTG's share price is down 3%, compared with

declines of 5% for Traton and 10% for Volvo (Figure 1). Patrick Hummel, CFA

We do not believe costs would revert to pre-conflict levels immediately, as we patrick.hummel@ubs.com

expect a certain time lag as supply chains restart, and hence there may be a more +41-44-239 52 54

gradual easing of recent inflationary cost pressures.

Andre Kukhnin

Middle East sales exposure for DTG (c.2%), Traton (c.2%) and Volvo (c.3%) is Analyst

andre.kukhnin@ubs.com limited. We see the potential easing of supply chain disruptions, input costs, and

+44-20-7567 2162

greater economic certainty as likely to provide a more meaningful near-term uplift