Daimler Truck Holding AG | Europe 2Q26: Pre-release and guidance raise on tariff update

研报英文原文证据摘录

Daimler Truck Holding AG | Europe 2Q26: Pre-release and guidance raise on tariff update

Update

July 22, 2026 07:33 PM GMT

Morgan Stanley & Co. International plc+MDaimler Truck Holding AG | Europe Shaqeal A Kirunda

Equity Analyst

2Q26: Pre-release and guidance Shaqeal.Kirunda@morganstanley.comMorgan Stanley Europe S.E., Madrid Branch+ +44 20 7425-0736

Javier Martinez de Olcoz Cerdan

Equity Analystraise on tariff update Javier.Martinez.Olcoz@morganstanley.com +34 9141-81289

Morgan Stanley & Co. International plc+

AlphaSignals Earnings Reaction Matias Rodriguez Florez-Estrada

Research Associate

Strengthens our thesis Modest shortfall Modest revision higher

Matias.Rodriguez@morganstanley.com +44 20 7425-1091

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research Daimler Truck Holding AG (DTGGe.DE, DTG GY)

Autos & Shared Mobility | Germany

We expect a small positive market reaction following the pre-release. Stock Rating Overweight

Industry View In-Line

What happened? DTG pre-released Q2 earnings and increased its FY26 guidance Price target €47.00

Shr price, close (Jul 22, 2026) €44.04

after its US content application was approved by the US Dept of Commerce. Q2 52-Week Range €45.19-33.46

earnings came in slightly below expectations, with group adj EBIT of €838m vs cons Mkt cap, curr (mn) €33,735

Net debt (12/26e) (mn)* €21,750

of €878m (-5%). At the midpoint, DTG's new guidance implies a ~6% uplift to group EV, curr (mn)* €54,924

adj. EBIT expectations (CC cons.). * = GAAP or approximated based on GAAP

New FY26 guidance implies 6% uplift to FY26 group adj EBIT. DTG had previously

flagged potential upside to its guide from its US content application. This has been