Daimler Truck Holding AG

The company reported Q2 group revenue of EUR 12.3 billion, up 5% year over year, adjusted EBIT of around EUR 800 million, net profit of EUR 1.5 billion, and EPS from continuing and discontinued operations of EUR 1.91. Industrial Business revenue increased 6% year over year to EUR 11.4 billion, while adjusted EBIT declined 22% to EUR 780 million and adjusted return on sales fell to 6.8% from 9.2% last year. Orders were around 74,000 units, up 27% year over year, unit sales were about 87,000 units, up 8%, and zero-emission sales were around 1,400 units, up 21%. Q2 industrial business free cash flow was around EUR 1.8 billion, and net industrial liquidity improved to EUR 8.3 billion from EUR 7.1 billion at the end of Q1. For full-year 2026, Daimler Truck now expects group adjusted EBIT of EUR 3.6 billion to EUR 4.1 billion, Industrial Business unit sales of 340,000 to 370,000 vehicles, revenue of EUR 43 billion to EUR 47 billion, adjusted ROS of 7% to 9%, and free cash flow of EUR 3 billion to EUR 3.5 billion. North America guidance was raised to 160,000 to 180,000 units and ROS of 9% to 11%; Mercedes-Benz Trucks kept ROS guidance at 6% to 8%; Daimler Buses lowered unit sales guidance to 20,000 to 25,000 units; Financial Services kept ROE guidance at 6% to 8%.

Karin Radstrom framed the quarter as a turning point, pointing to strong order intake, a healthy backlog, improved market positioning, and the decision to launch a new U.S. manufacturing facility. She emphasized that the U.S. plant is a long-term strategic investment to increase flexibility and future growth, not a short-term tariff move, and said the company is also building out retail and defense businesses. Her tone was confident but measured: she repeatedly stressed execution, portfolio strength, and the need to keep investing despite near-term earnings pressure from tariffs, R&D, and market volatility.

Eva Scherer focused on the bridge from quarterly performance to guidance, citing North America volume and tariff dynamics, Mercedes-Benz pricing and cost pressure, and strong cash conversion. She said Trucks North America revenue rose to around EUR 5.2 billion, adjusted EBIT more than doubled sequentially to EUR 435 million, and July Class 8 order share reached 45%; Mercedes-Benz Trucks revenue reached EUR 5.3 billion with adjusted EBIT of EUR 317 million and ROS of 6%, while higher R&D spending and Halberstadt ramp-up costs weighed on margins. She also highlighted very strong industrial business free cash flow of around EUR 1.8 billion, net industrial liquidity of EUR 8.3 billion, and a second share buyback tranche of up to EUR 1.1 billion after the first tranche ends.

Analysts pressed management on how much of the improved North America outlook came from tariff relief versus pricing and volume, and on whether the new U.S. plant was tied to trade policy. Management said the guidance upgrade was driven by three items: higher North America volumes, tariff-related improvement, and Portland closure costs, while stressing the plant is strategic and not intended to avoid tariffs. Questions also focused on Mercedes-Benz Trucks margins, with management explaining that Q4 should be strongest because of higher volumes, the benefit from the new price increases, and easing Halberstadt ramp-up issues; they also said the U.S. content application is retroactive to November 2025 and flows into Q3 guidance, but declined to quantify it.