Daimler Truck (DTG) Q1 2026 earnings summary

Executive summary

• Revenue declined 13% year-over-year to €10.0 billion, with adjusted EBIT down 54% to €498 million and net profit falling 80% to €149 million; net industrial liquidity stood at €7.1 billion.

• Q1 saw softer results with low volumes in North America and continued tariff impacts, but strong order intake and a record book-to-bill ratio of 166% support confidence for the rest of the year.

• Free cash flow of the industrial business was negative at -€445 million, mainly due to lower earnings and inventory build-up.

• Integration of Mitsubishi Fuso and Hino into ARCHION completed in April 2026, with deconsolidation of Mitsubishi Fuso and expected cash inflow of €1.5–2.0 billion.

• Toyota to join Cellcentric JV, advancing hydrogen technology collaboration.

Financial highlights

• Industrial business revenue declined 14% year-over-year to €9.1 billion; adjusted EBIT down 55% to €460 million.

• Adjusted EBIT for financial services decreased from €55 million to €39 million year-over-year; adjusted return on equity fell from 7.3% to 5.1%.

• Net industrial liquidity remained strong at €7.1 billion after deducting negative free cash flow and share buyback outflow.

• EPS from continuing operations was €0.18, down from €0.9 in Q1 2025.

• Free cash flow (industrial business) was -€445 million, compared to €33 million in Q1 2025.

Outlook and guidance

• 2026 outlook unchanged: adjusted Group EBIT expected between €3.2–3.7 billion; adjusted return on sales of 6–8%; unit sales forecast at 330–360 thousand units.

• North American heavy-duty market expected at 250,000–290,000 units, with a second-half pickup; EU30 market forecasted at 290,000–330,000 units.

• Trucks North America Q2 unit sales expected to be 50% above Q1, with profitability at the upper end of full-year guidance.

• Daimler Buses sales expected to be 30% above Q1, with profitability at the upper end of 8–10% guidance.

• Cost Down Europe program targets €1 billion annual cost reduction by 2030.