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Revenue: EUR12.3 billion, up 5% year-over-year.
Adjusted EBIT: Approximately EUR800 million.
Net Profit: EUR1.5 billion.
Earnings Per Share: EUR1.91 from continuing and discontinued operations.
Net Industrial Liquidity: EUR8.3 billion.
Industrial Business Revenue: EUR11.4 billion, up 6% year-over-year.
Industrial Business Adjusted EBIT: EUR780 million, down 22% year-over-year.
Adjusted Return on Sales (Industrial Business): 6.8%, compared to 9.2% in the prior year quarter.
Unit Sales: Approximately 87,000 units, up 8% year-over-year.
Incoming Orders: Approximately 74,000 units, up 27% year-over-year.
Zero-Emission Vehicle Sales: Approximately 1,400 units, up 21% year-over-year.
Trucks North America Revenue: Approximately EUR5.2 billion, up 2% year-over-year.
Trucks North America Adjusted EBIT: EUR435 million, up from EUR209 million in the first quarter.
Trucks North America Adjusted Return on Sales: 8.4%, compared to 12.9% in the prior year quarter.
Mercedes-Benz Trucks Revenue: EUR5.3 billion, up 10% year-over-year.
Mercedes-Benz Trucks Adjusted EBIT: EUR317 million, up from EUR283 million a year ago.
Mercedes-Benz Trucks Adjusted Return on Sales: 6%.
Daimler Buses Revenue: EUR1.6 billion, up 6% year-over-year.
Daimler Buses Adjusted EBIT: EUR150 million, compared to EUR147 million a year ago.
Daimler Buses Adjusted Return on Sales: 9.6%.
Financial Services Adjusted EBIT: EUR58 million, compared to EUR23 million in the prior year quarter.
Financial Services Adjusted Return on Equity: 7.5%, up from 3.1% in the prior year quarter.
Industrial Business Free Cash Flow: Approximately EUR1.8 billion, compared to EUR20 million in the prior year quarter.
Release Date: August 07, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
Daimler Truck Holding AG (DTRUY) raised its full-year 2026 guidance for adjusted EBIT, unit sales, revenue, and free cash flow, driven by a stronger outlook for Trucks North America.
Trucks North America showed a strong sequential recovery, with adjusted EBIT more than doubling from Q1 to Q2 and order intake surging 156% year-over-year, supported by a July Class 8 order share of 45%.
The company received approval for its US content application, which is expected to reduce tariff headwinds and positively impact profitability in the second half of 2026.
Daimler Truck Holding AG (DTRUY) is investing in future growth with a new state-of-the-art US manufacturing facility, which will increase capacity, flexibility, and competitiveness in the North American market.
The company’s balance sheet remains strong, with net industrial liquidity increasing to EUR8.3 billion, supported by strong free cash flow of EUR1.8 billion in Q2 and proceeds from the ARCHION transaction.
Daimler Truck Holding AG (DTRUY) maintains a leading market position in North America (38% share) and Europe (18.9% share), and leads in the European zero-emission truck segment with a 38% share.
The launch of Daimler Truck Defense aims to grow defense-related revenue to EUR1 billion by 2028, leveraging global engineering and manufacturing expertise.
Mercedes-Benz Trucks and Daimler Buses delivered positive earnings contributions, with Mercedes-Benz benefiting from higher volumes and its cost-down program, and Daimler Buses showing improved profitability resilience.
The company’s Financial Services segment showed significant improvement, with adjusted return on equity more than doubling year-over-year to 7.5%.
Daimler Truck Holding AG (DTRUY) announced a new EUR1.1 billion share buyback tranche, reflecting confidence in its financial position and commitment to returning capital to shareholders.
Negative Points
Adjusted EBIT for the industrial business declined 22% year-over-year in Q2, primarily due to significant tariff headwinds in North America that were higher than in the prior year.
Trucks North America profitability remained below last year’s strong level (8.4% vs. 12.9% return on sales) due to ongoing tariff impacts.
Mercedes-Benz Trucks faces continued cost pressures, with net price cost remaining negative in Q2 and expected to worsen in H2, leading to additional pricing measures and a softer Q3 profitability outlook.
The ramp-up of the new global parts distribution center in Halberstadt is causing earnings headwinds and is expected to continue impacting Q3 before easing in Q4.
Daimler Buses lowered its 2026 unit sales outlook due to continued weakness in Latin America and Mexico, with order intake declining 25% year-over-year.
The company recorded an impairment loss of EUR297 million on its ARCHION investment and an additional EUR222 million impairment on shares held for sale.
The closure of the Portland manufacturing plant will result in high double-digit restructuring costs in the second half of 2026, negatively impacting adjusted EBIT.
Incoming orders for Mercedes-Benz Trucks decreased 11% year-over-year, and the group’s book-to-bill ratio fell to 86% in Q2.
The European zero-emission truck market remains at an early stage, with adoption rates far below what is needed to meet 2030 CO2 targets, posing a significant regulatory and market risk.
The company faces ongoing challenges in Latin America, particularly in Argentina, and high inflation in Turkey, which continue to pressure profitability in those regions.
Q & A Highlights
Q: Can you provide more details on the drivers behind the raised full-year guidance, specifically the impact of the US content application approval and the Portland plant closure costs?A: Eva Scherer (CFO) explained that the guidance upgrade was driven by three main factors: a volume upgrade in the North American business, the closure of the Portland plant (which carries a high double-digit million euro impact), and tariff-related improvements. She noted that the US content application is retroactive to November 2025 and is reflected in the Q3 guidance, but declined to provide specific figures on the tariff relief or the exact split of the moving pieces.
Q: What is the strategic rationale behind the new US manufacturing facility, and will it increase overall production capacity in North America?A: Karin Radstrom (CEO) stated that the new plant is a long-term strategic investment designed to increase flexibility and resilience in the production network, leveraging state-of-the-art technologies and automation. It will increase total capacity, which is necessary as the company currently faces supply limitations at the top of the cycle. Eva Scherer (CFO) added that it will be the company’s largest plant in the US, but it is too early to share the CapEx figure as site selection is still being finalized. The investment is not a reaction to tariffs but a strategic move to support future growth.
Q: How will Daimler Truck approach the EPA27 emissions standard, and will the company use NOx credits or pay non-conformance penalties?A: Eva Scherer (CFO) confirmed that credits are part of the technological solution for EPA27 compliance, providing flexibility in certification. The company’s EPA27-compliant engine is a robust technical solution that does not require a 48-volt system, and they do not expect to pay any non-conformance penalties. Karin Radstrom (CEO) added that the new engine will have a Total Cost of Ownership (TCO) advantage of around 3%, and the company will fully transition to the new engine without running parallel programs into 2027.
Q: Can you elaborate on the order intake and market dynamics in North America, particularly regarding the book-to-bill ratio and fleet demand?A: Eva Scherer (CFO) noted that the order book remains healthy and significantly stronger than a year ago, with improved customer demand and stronger order intake throughout the cycle. While Q2 order intake was lower, this was due to an exceptionally strong Q4 and Q1. Since the start of Q3, larger fleets and rental/leasing customers have returned, resulting in a July Class 8 order share of 45%. The production program is largely booked for the remainder of the year, providing strong visibility.
Q: What is the outlook for Mercedes-Benz Trucks profitability in Q3 and Q4, and how are price increases and the Halberstadt parts center ramp-up affecting results?A: Eva Scherer (CFO) stated that Q3 profitability is expected to be in the lower half of the 6%-8% guidance range due to sequentially higher material costs and negative net price cost effects. However, Q4 is expected to be very strong, driven by large volumes and the positive impact of price increases (announced in March and July) and easing ramp-up challenges at the Halberstadt parts center. Karin Radstrom (CEO) added that the Halberstadt situation is improving, with expectations of efficient global parts logistics by Q4.
Q: What are the key drivers behind the improved performance in the second quarter, and how is the company positioned for the second half of 2026?A: Karin Radstrom (CEO) highlighted that Q2 marked a turning point, with group revenue up 5% to EUR12.3 billion and adjusted EBIT of around EUR800 million. The strong performance was driven by Trucks North America, which benefited from higher volumes, pricing actions, and cost discipline, despite significant tariff headwinds. Eva Scherer (CFO) added that the company raised its full-year guidance, expecting adjusted EBIT of EUR3.6 billion to EUR4.1 billion, with a positive trajectory expected to accelerate in Q3.
Q: How is the company addressing the challenges in the European zero-emission truck market, and what is needed to meet the 2030 CO2 reduction targets?A: Karin Radstrom (CEO) acknowledged that while the company holds a 38% market share in European heavy-duty zero-emission trucks, the overall market is still small, with electric trucks representing only 6% of registrations in Q2. To meet the 43% CO2 reduction target by 2030, an electrification rate of around 35% is needed. The main bottleneck is infrastructure, particularly charging stations, and the company is working with governments and the EU to improve enabling conditions, including the implementation of the Eurovignette Directive.
Q: Can you provide details on the ARCHION transaction and its impact on the financial results?A: Eva Scherer (CFO) explained that following the closing on April 1, the company received approximately EUR1.4 billion in cash, with a net positive cash flow of EUR1.1 billion after deconsolidation. The company is in the final stages of reducing its shareholding to 25%, which is expected to generate an additional EUR500 million to EUR600 million. In Q2, the equity participation contributed EUR24 million to adjusted EBIT, while a gain of EUR1.4 billion was recorded in reported EBIT, partially offset by impairments of EUR297 million and EUR222 million.
Q: What is the company’s strategy regarding the closure of the Portland plant, and how will it affect the production network?A: Karin Radstrom (CEO) stated that the Portland plant closure, which affects 370 employees, is due to logistical challenges, as most customers and suppliers are on the East Coast. The plant’s small volume can be absorbed within the current network, and the aim is to close it by the end of the year. The closure costs are expected to be in the high double-digit million range, impacting Q3 results.
Q: How is the company managing the impact of the drought on the Rhine River and its logistics operations?A: Eva Scherer (CFO) acknowledged that the drought affects logistics, and the company has taken measures for alternative routing on the road instead of the river to ensure customers receive their trucks in the second half of the year. Karin Radstrom (CEO) added that most trucks are already transported
For the complete transcript of the earnings call, please refer to the full earnings call transcript.