Avis Budget Group: 2Q26 EBITDA Beat on DPU Favorability and International; FY26 EBITDA Guidance Maintained Albeit Appears Increasingly Vulnerable Amidst Decelerating Rental Demand Trends

研报英文原文证据摘录

Avis Budget Group: 2Q26 EBITDA Beat on DPU Favorability and International; FY26 EBITDA Guidance Maintained Albeit Appears Increasingly Vulnerable Amidst Decelerating Rental Demand Trends

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

28 July 2026

Avis Budget Group

2Q26 EBITDA Beat on DPU Favorability and Underweight

International; FY26 EBITDA Guidance Maintained CAR, CAR US

Albeit Appears Increasingly Vulnerable Amidst Price (28 Jul 26):$166.32

Decelerating Rental Demand Trends

Quick take: EBITDA of $286 mn was a beat (~2%/11% above JPMe/consensus)

albeit likely low-quality in nature given Americas segment softness (+$237 mn

EBITDA vs. JPMe +$274 mn) which was itself materially cushioned by DPU upside

(worldwide DPU of ~$290 vs. guidance for ~$340, largely related to solid gains on

sale of used vehicles and pull forward of disposition activity), less run-ratable in

Autos & Auto Partsforward quarters given leverage to used vehicle pricing, while overall rental volume

and pricing tracked softer as CAR highlighted demand degradation through the course Rajat Gupta AC

of 2Q. Management commentary indicated peers may not have recalibrated their (1-212) 622-6382

rajat.gupta@jpmorgan.com

fleets, indicating transitory competitive headwinds into 3Q in our view. International

EBITDA contribution was stronger (+$73 mn vs. JPMe $28 mn), more than offsetting Jash Patwa

(1-212) 622-5472

softness in Americas. 2026 EBITDA guidance was reiterated, with implied 2H jash.patwa@jpmchase.com

EBITDA tracking in line with JPMe (~5% below consensus), but likely to be more

Yash Beswala

dependent on DPU stability as broader market demand and pricing have softened. (1-212) 622-0028

Given the deterioration in industry fundamentals, we expect shares to remain yash.beswala@jpmchase.com