The Point for Europe Wednesday,

The Point for Europe Wednesday, 12 August 2026

Top Call | Company | Industry | Commodities | Key Rating and Target Price Changes

Top Call Must Read Daimler Truck Holding AG (DTGGe.DE) - CFO Roadshow Feedback We hosted DTG’s virtual CFO roadshow across NA, Europe/UK. A wide range of Global Economic Outlook & Strategy - topics were covered: 1) the decision to sell MY27 in 2027 instead of MY26 (robust Renewed Uncertainties—But Continued Resilience tech, fuel efficient offering, less dual costs running parallel programs); 2) the 2Q DTNA order weakness (seen as temporary, driven by DTNA’s fleet mix/rental fleets coming back, September key month and outlook into 2H26/2027 sounded relatively optimistic); 3) DTNA margin outlook (low-teens exit rate even if adjusting for retroactive tariff relief with savings from Portland closure into 2027/too early to comment on pricing; our view on upside potential here); 4) US capex outlook (strong payback given state of the art technology); 5) MB margin outlook (we sense strong drop-through ahead from pricing fully effective 1Q27, spare parts issue solved by 4Q, cost savings running according to plan); 6) Chinese competition (evident in LATAM/early signs in Europe, service offering creating barriers to entry). Klas Bergelind | Siron Ng

Global Sporting Goods - Data highlight continued softening in market volumes, against a challenged demand backdrop in Lifestyle footwear In conjunction with Citi’s Innovation Lab, we update our proprietary brand heat model, which uses publicly available sneaker data from StockX’s website as a proxy for brand heat. Total resale volumes of all sneakers again declined -1.2% MoM in July (the 9th consecutive month of decline). In terms of share of total resale volumes, adidas brand share grew +4bps, PUM +1bp, whilst NKE’s share increased +30bps suggesting some recovery in the US brand’s volume momentum on the site. This against a muted demand backdrop for Lifestyle footwear, highlighted in recent ADS/PUM reporting and at ZAL’s 2Q26 results (at which weaker-than-expected top-line was ‘driven by softer demand, mainly in the sneakers category’ (CEO, 4-Aug)). In this context, we flag our JD 2Q27e preview, forecasting negative LFLs in UK/Europe/NAM. Monique Pollard | Elizabeth Moore | Vandita Sood | Jamie Bass

Glencore PLC (GLEN.L) - Marketing cashes in (again and even more!) with industrial delivering as well Marketing delivered 1H'26 EBIT comparable to 1H’22 in a disproportionately less volatile environment, with impressive capital efficiency; a strength we believe the market continues to underappreciate. In Industrial assets, cost inflation is more _ than offset by higher commodity prices and marketing profits. GLEN is now _

See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations.

pivoting to growth, with rising capex funding a compelling copper growth narrative aimed at doubling production over a decade. This growth investment still leaves ample room for significant shareholder returns. Raise TP to £7.80. GLEN is our top pick amongst the large caps. Ephrem Ravi | Krishan M Agarwal

Company Siemens Healthineers (SHLG.DE) - Management meetings point to confidence in inflation mitigation; Dx carve-out likely to start soon; Buy

We hosted Jochen Schmitz, CFO, for investor meetings, following our recent discussions with the CEO Dr. Bernd Montag. Key takeaways: 1) management believes c.10% FY27 EPS growth is achievable from an ex-tariff FY26 base of c.€2.25, with pricing, tariff mitigation measures, and productivity initiatives expected to offset the c.€150mn of inflationary headwinds; against this, management expects headwinds from higher interest and tax rate, and modest recurring SIE separation costs, corresponding to c.€0.12/share on our math; 2) preparations for Diagnostics carve-out are progressing, although the process will take 24+ months; management is still targeting a mid-teens margin over time; and 3) separation from Siemens AG remains on track, with a spin agreement expected in December and management reiterating SHL will not pay a branding fee. Overall, we view management commentary as supportive with inflation effects…