Daimler Truck Holding Ag · XETR:DTG
Daimler Truck — Q1 2024 Earnings Presentation
35 slides from Daimler Truck's earnings presentation, May 3, 2024
Slide 1: Q1 2024 Interim Results Call
Q1 2024 Interim Results Call May 3, 2024 Martin Daum, CEO ISIN: DE 000 DTR0CK8 Bloomberg Ticker: DTG:GR WKN: DTR0CK Reuters Ticker: DTGGe.DE Eva Scherer, CFO ADR Program Symbol: DTRUY
Slide 2: Q1 2024 Interim Results Call Agenda
Q1 2024 Interim Results Call Business Update 01 Financials 02 Outlook 03 Appendix 04 Daimler Truck Holding AG | Annual Results Daimler Truck Group | Q1 2024 Interim Results Call 2 Conference | March 24, 2022
Slide 3: Q1/24 Key Topics – Solid start into the year 2024
Q1/24 Key Topics – Daimler Truck with solid start into the year 2024 • Daimler Truck Supervisory Board appointed Eva Scherer as new CFO with effect from April 1, 2024 • Decrease of unit sales (-13%) in line with the expected normalization of markets • Incoming orders (-14%) and order backlog decreas
Slide 4: Q1/24 shows normalizing HD markets in important regions
Q1/24 shows normalizing HD markets in important regions units North America3 Class 8 2024 Market YTD5 Assumption 350,000 320,000 299,000 average 46,000 300,000 total market units 280,000 250,000 43.2% 200,000 39.1% SoM1 SoM1 150,000 2018 2019 2020 2021 2022 2023 units EU304 HDT YTD5 2024 Market 350,
Slide 5: Q1/24 Incoming Orders and Unit Sales
Q1/24 Incoming Orders and Unit Sales Daimler Truck Group Highlights • Order backlog shows normalization in all regions units 145,000 140,132 • North America: relative demand shift in orders from on-highway segment to vocational and 140,000 medium-duty segment – high quality order book with normalizi
Slide 6: Increasing order and unit sales in zero-emission trucks and buses
Increasing order and unit sales in zero-emission trucks and buses Orders YTD*/24 Orders YTD*/23 716 1,146 Unit Sales YTD*/24 813 Unit Sales YTD*/23 287 * January – March Daimler Truck Group | Q1 2024 Interim Results Call 6
Slide 7: Financials
Q1 2024 Interim Results Call Business Update 01 Financials 02 Outlook 03 Appendix 04 Daimler Truck Holding AG | Annual Results Daimler Truck Group | Q1 2024 Interim Results Call 7 7 Conference | March 24, 2022
Slide 8: Q1/24 Key Figures Group
Q1/24 Key Figures Group in million Euro Revenue EBIT EBIT adjusted Free Cash Net Industrial 0% Flow IB Liquidity +24% 13,200 13,263 9,360 7,526 +4% +623% +1% 1,162 1,210 1,213 1,121 1,131 168 Q1/23A Q1/24A Daimler Truck Group | Q1 2024 Interim Results Call 8
Slide 9: Q1/24 EBIT Group
Q1/24 EBIT Group + Improved net pricing − Lower unit sales − Inflation-related cost increase in million Euro Industrial Business +49 Gross Profit +96 151 18 10 1,210 41 1,162 -73 1,121 -34 -17 -6 -1 1,131 -79 t/o • Restruct. -1 t/o • M&A -79 • Restruct. +/-0 • M&A +41 Q1/23 EBIT Adjustments Q1/23 EB
Slide 10: Revenue and EBIT – Industrial Business
Q1/24 Revenue and EBIT – Industrial Business in million Euro Unit Sales / Revenue Q1/24 ROS / EBIT adjusted 125,172 109,286 108,911 t/o t/o 12,588 12,481 • Restruct. +/-0 • Restruct. -1 10,242 • M&A +33 • M&A -78 49 50 1 1,159 33 1,110 1,081 1,077 -19 -31 -78 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/2
Slide 11: Revenue and EBIT – Trucks North America
Q1/24 Revenue and EBIT – Trucks North America in million Euro Unit Sales / Revenue 46,220 Q1/24 ROS / EBIT adjusted 48,891 724 43,477 5,807 5,808 675 4,583 + Improved net pricing Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 + Favorable effects from sales mix ROS + Favorable effects from exc
Slide 12: Revenue and EBIT – Mercedes-Benz
Q1/24 Revenue and EBIT – Mercedes-Benz in million Euro Unit Sales / Revenue Q1/24 ROS / EBIT adjusted 33,763 34,492 440 31,885 421 4,990 4,826 4,305 + Improved net pricing Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 ROS − Lower unit sales, the market decline in the ROS ROS / EBIT adjusted
Slide 13: Revenue and EBIT – Trucks Asia
Q1/24 Revenue and EBIT – Trucks Asia in million Euro Unit Sales / Revenue Q1/24 ROS / EBIT adjusted 40,210 80 29,993 28,457 1,761 1,421 1,506 + Improved net pricing 49 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 + Favorable effects from sales mix + Positive development of the aftersales RO
Slide 14: Revenue and EBIT – Daimler Buses
Q1/24 Revenue and EBIT – Daimler Buses in million Euro Unit Sales / Revenue Q1/24 ROS / EBIT adjusted 59 5,570 5,604 3,582 1,176 950 626 + Favorable effects from sales mix Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 + Improved net pricing + Favorable effects from exchange rates ROS ROS / E
Slide 15: Revenue and EBIT – Financial Services
Q1/24 Revenue and EBIT – Financial Services in million Euro Contract Volume Q1/24 ROE / EBIT adjusted 52 29,877 51 24,529 18,007 + Improved operating result due to increased Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 contract volume ROE ROE ROE / EBIT adjusted − Increase in credit risk co
Slide 16: Cash Flow Industrial Business
Q1/24 Cash Flow Industrial Business Net Industrial Liquidity (NIL) at end of Q4/23 Q1/24 in million Euro 8.3 bn. 9.4 bn. 1,213 0 9,360 8,322 Cash Conversion -175 Rate adjusted 1.3 NIL Q4/23 FCF IB Dividend Others/ NIL Q1/24 Payment Buyback 139 1,421 258 276 79 1,292 28 1,213 1,081 -235 -333 t/o • Re
Slide 17: Outlook
Q1 2024 Interim Results Call Business Update 01 Financials 02 Outlook 03 Appendix 04 Daimler Truck Group | Q1 2024 Interim Results Call 17
Slide 18: Market Assumptions 2024
Market Assumptions 2024 Heavy Duty Truck Market1 2024 North America2 280 – 320 k units EU303 260 – 300 k units Assumption The outlook is especially subject to further macroeconomic and geopolitical developments. 1 Source: Company estimate 2 USA, Canada and Mexico 3 European Union, United Kingdom, Sw
Slide 19: Daimler Truck Group/Industrial Business Assumptions 2024
Daimler Truck Group/Industrial Business Assumptions 2024 Group FY 2023 Guidance 2024 Revenue 55.890 bn. € 55 – 57 bn. € EBIT 5.183 bn. € on prior-year level EBIT adjusted 5.489 bn. € on prior-year level Investments in PP&E 2.991 bn. € slight increase and R&D costs1 Unit Sales 526,053 units 490 – 510
Slide 20: Daimler Truck Segment Assumptions 2024
Daimler Truck Segment Assumptions 2024 Unit Sales ROS/ROE adjusted in thousand units in % FY 2023 Guidance 2024 FY 2023 Guidance 2024 Trucks North 195 180 – 200 12.3 11 – 13 America Mercedes-Benz 159 140 – 160 10.2 8.5 – 10.5 Trucks Asia 161 130 – 150 4.7 3–5 Daimler Buses 26 23 – 28 4.7 5–7 Financi
Slide 21: We consistently work towards our two strategic ambitions
We consistently work towards our two strategic ambitions LEADING UNLOCKING SUSTAINABLE PROFIT POTENTIAL TRANSPORTATION Daimler Truck Group | Q1 2024 Interim Results Call 21
Slide 22: Appendix
Q1 2024 Interim Results Call Business Update 01 Financials 02 Outlook 03 Appendix 04 Daimler Truck Group | Q1 2024 Interim Results Call 22
Slide 23: Q1/23 – Q1/24 Incoming Orders and Unit Sales by Segment
Q1/23 – Q1/24 Incoming Orders and Unit Sales by Segment Trucks North America Mercedes-Benz Trucks Asia Daimler Buses units 44,706 8,746 8,553 57,545 51,319 40,077 8,002 50,618 39,236 7,628 48,891 48,256 47,249 46,220 42,812 6,980 6,789 34,492 40,210 40,097 44,530 6,181 38,052 31,885 32,867 5,570 5,6
Slide 24: Q1/23 – Q1/24 IB Performance: Revenue by Segment
Q1/23 – Q1/24 IB Performance: Revenue by Segment in million Euro Daimler Truck Industrial Business Reconciliation 14,208 13,248 13,173 12,588 12,481 -828 -853 -835 -919 -941 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Trucks North America Mercedes-Benz 5,971 5,992 5,807 5,722 5,808 5
Slide 25: Q1/23 – Q1/24 IB Performance: EBIT by Segment
Q1/23 – Q1/24 IB Performance: EBIT by Segment Daimler Truck Industrial Business Reconciliation in million Euro 1,509 1,424 1,323 1,363 1,295 1,173 1,159 1,077 1,110 1,081 -66 -87 -95 -94 -107 -104 -103 -112 -133 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 -148 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 adj. ROS 8.8% 10.3% 9.8
Slide 26: Q1/24 Net Profit
Q1/24 Net Profit in million Euro 57 1,188 1,131 847 -341 Q1/24 EBIT Interest Income/Expense Q1/24 Profit before Income Taxes Incomes Taxes Q1/24 Net Profit Due to rounding, individual figures may not add up precisely to the totals shown and percentages presented may not accurately reflect the absolu
Slide 27: Q1/24 EBIT Trucks North America
Q1/24 EBIT Trucks North America in million Euro Key Topics • Greenlane Announces 280 mile Corridor of Commercial EV Charging Stations from Los Angeles to Las Vegas + Improved net pricing − Weaker used vehicle market • Daimler Truck North America’s First Battery Electric Freightliner eM2 Box Trucks +
Slide 28: Q1/24 EBIT Mercedes-Benz
Q1/24 EBIT Mercedes-Benz in million Euro Key Topics • The Swiss building materials producer Holcim plans to add a total of 1000 battery-electric eActros 600 to its fleet to implement its sustainability strategy on a large scale + Improved net pricing − Lower unit sales, the market decline in the • M
Slide 29: Q1/24 EBIT Trucks Asia
Q1/24 EBIT Trucks Asia in million Euro Key Topics • Mitsubishi Fuso launched the new light duty Canter truck in Japan offering the first redesign in 14 years and a wide range of advanced safety features + Improved net pricing − Significantly lower unit sales due to weak • First All electric RIZON Tr
Slide 30: Q1/24 EBIT Daimler Buses
Q1/24 EBIT Daimler Buses in million Euro Key Topics • Higher market demand, especially in Europe and Mexico + Favorable effects from sales mix − Inflation-related cost increase • European coach segment further recovering + Improved net pricing − Higher research and development expenditure • Coach Me
Slide 31: Q1/24 Key Figures Financial Services
Q1/24 Key Figures Financial Services New Business Penetration Contract EBIT adjusted ROE adjusted in million Euro in million Euro in % Rate Volume in % in million Euro at end of period +16% +5.2 ppts +6% -1% -1.0 ppts 2,775 21.9 29,877 52 51 9.2 28,277 2,401 8.2 16.7 Due to rounding, individual figu
Slide 32: Q1/24 EBIT Financial Services
Q1/24 EBIT Financial Services in million Euro Key Topics • Start of label program in Romania • Launch of rental business in Brazil • Higher penetration rate and the ramp up in Germany and France lead to increased new business volume of €2.8 bn. + Improved operating result due to increased − Increase
Slide 33: Capital Structure
Capital Structure in million Euro Sep 30, 2023 Dec 31, 2023 Mar 31, 2024 Group liquidity Cash and cash equivalents 9,982 7,067 7,859 Marketable debt securities and similar investments 1,905 1,808 2,125 Group Gross Liquidity 11,888 8,875 9,983 Total Financing Liabilities -28,406 -26,096 -27,528 Group
Slide 34: Definition of Guidance Sensitivities
Definition of Guidance Sensitivities Guidance KPI Sensitivities Definition significant decrease below -15.0% slight decrease -15.0% to below -5.0% EBIT on prior-year level -5.0% to 5.0% slight increase above +5.0% to +15.0% significant increase above +15.0% significant decrease below -15.0% slight d
Slide 35: Disclaimer
Disclaimer Forward-looking statements This document contains forward-looking statements that reflect our current views about future events. The words “aim”, “ambition”, “anticipate”, “assume”, “believe”, “estimate”, “expect”, “intend”, “may”, ”can”, “could”, “plan”, “project”, “should” and similar e
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