Kvartalsrapport Q1 2025

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===== SIDA 1 =====

V O L V O  G R O U P  
R E P O R T  O N  T H E  F I R S T  Q U A R T E R  2 0 2 5 
Net sales SEK 121.8 billion (131.2)
— — — — — — — — — — — — — — — — — — — — — — — 
Adjusted and reported operating income 
SEK 13.3 billion (18.2)
— — — — — — — — — — — — — — — — — — — — — — —

===== SIDA 2 =====

• In Q1 2025, net sales decreased by 7% and amounted to 
SEK 121.8 billion (131.2). When adjusted for currency 
movements the decrease was also 7%. 
• Both adjusted and reported operating income1 amounted 
to SEK 13,258 M (18,159), corresponding to an 
operating margin of 10.9% (13.8).
• Currency movements had a negative impact on operating 
income amounting to SEK 207 M.
• Earnings per share amounted to SEK 4.86 (6.92).
• Operating cash flow in the Industrial Operations amounted 
to SEK 1,309 M (8,896).
• Return on capital employed in the Industrial Operations 
amounted to 31.8% (37.7).
          
131.2 121.8
Q1 
2024
Q2 Q3 Q4 Q1 
2025
18.2
13.3
13.8%
10.9%
Q1 
2024
Q2 Q3 Q4 Q1 
2025
37.7%
31.8%
Q1 
2024
Q2 Q3 Q4 Q1 
2025
First quarter 
SEK M unless otherwise stated 2025 2024
Net sales  121,792  131,177 
Adjusted operating income¹  13,258  18,159 
Adjusted operating margin, %  10.9  13.8 
Operating income  13,258  18,159 
Operating margin, %  10.9  13.8 
Income after financial items  12,855  18,442 
Income for the period  9,984  14,103 
Earnings per share, SEK  4.86  6.92 
Operating cash flow in Industrial Operations  1,309  8,896 
Net financial position in Industrial Operations², SEK bn  77.9  88.7 
Return on capital employed in Industrial Operations³, %  31.8  37.7 
Return on equity in Financial Services³, %  12.7  13.0 
Net order intake, number of trucks  55,227  48,701 
Deliveries, number of trucks  48,833  55,470 
Net order intake, number of construction equipment  17,176  13,851 
Deliveries, number of construction equipment  15,508  14,456 
1 For information on adjusted operating income, please see note 6.
2 Excluding post-employment benefits and lease liabilities.
3 12 months rolling.
On the cover: The all-new Mack Pioneer for long haul trucking on the North American market.
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 2 IN BRIEF
Net sales, SEK bn Adjusted operating income, SEK bn 1 
Adjusted operating margin, %
Return on capital employed
Industrial Operations, % 3

===== SIDA 3 =====

In Q1, the Volvo Groupʼs net sales declined by 7% adjusted for 
currency movements and amounted to SEK 121.8 billion (131.2). 
Sales of vehicles were 9% lower than in Q1 2024 and as the 
quarter went by, there was increased uncertainty surrounding 
tariffs and their effect on global trade. The underlying service 
business continued to grow supported by good utilization of 
vehicles and machines in many markets across the world. 
Adjusted for the divestment of Arquus and currency our service 
business grew by 2% compared with Q1, 2024, and on a rolling 
12-month basis we had service revenues of SEK 129.2 billion.
The lower vehicle volumes affected our profitability, but we 
nonetheless generated an operating income of SEK 13.3 billion 
(18.2) with a margin of 10.9% (13.8). Return on capital 
employed amounted to 31.8% (37.7) and operating cash flow in 
our Industrial Operations was SEK 1.3 billion (8.9). At the end of 
the quarter, we had a net financial position of SEK 77.9 billion, 
excluding pension and lease liabilities and before the distribution 
of the dividend in April.
Compared with Q1 2024, deliveries in our truck business 
declined by 12% to 48,833 trucks, and the currency-adjusted net 
sales decreased by 9% to SEK 82.2 billion. In contrast to the 
lower deliveries, order intake rose by 13% to 55,227 trucks, with 
increases in all markets except South America. The operating 
margin amounted to 10.3% (14.5), impacted by the lower 
deliveries. In addition, the margin was impacted by the change-
over to the new truck platform in North America as well as under 
absorption in the U.S. truck production. 
It is clear that our customers appreciate our new trucks and the 
benefits they provide for their businesses. In Europe, Volvo Trucks 
had an all-time high market share of 20.1% in heavy-duty trucks. 
Combined with Renault Trucks, the Groupʼs share was a record 
30.6%, We were also the market leader in Brazil with Volvo 
Trucks on 23.8%. Volvo Trucksʼ market share in North America 
has been hampered by the changeover to the new product 
platform, whereas Mack Trucks have regained market share as 
supply chain issues have been worked through.
On April 8, Mack celebrated its 125th anniversary and launched 
the all-new Mack Pioneer for long-haul trucking. The Mack 
Pioneer is designed for superior comfort, advanced aerodynamics 
and game-changing fuel efficiency and is a strong lever for further 
strengthening Mackʼs position going forward.
Construction Equipmentʼs deliveries increased by 7% with lower 
volumes for the Volvo brand in Europe and North America more 
than being offset by an increase for the SDLG brand mainly in 
China. The net sales of SEK 21.1 billion were 8% lower than in 
the previous year adjusted for currency changes, and the operating 
margin declined to 12.0% (16.1) impacted by the lower volumes 
in Europe and North America.
On the construction equipment side, we also continue to push 
innovation with the rollout of new products. At the large trade fair 
Bauma in Germany in early April we showcased our groundbreak-
ing all-electric lineup of excavators, wheel loaders, articulated 
haulers, and compact equipment, and we also unveiled the 
worldʼs first electric articulated haulers in the A30 and A40 size 
classes.
Demand for buses remained strong in many markets, particularly 
for coaches. Buses currency-adjusted net sales increased by 7% 
to SEK 5.4 billion with an improvement in the operating margin to 
6.6% (5.0) supported by price realization and the restructuring of 
the business model in Europe carried out in 2024.
Volvo Penta continued to perform well on slightly lower volumes 
in Q1. Net sales decreased by 3% to SEK 5.0 billion and the 
operating margin amounted to 18.3% (19.1), supported by a 
positive mix.
Our customer financing operations, Volvo Financial Services, 
continued to report good earnings, stable portfolio performance 
and an increase in the penetration level to 29%. The operating 
income amounted to SEK 1.0 billion (1.0).
We have have high customer satisfaction and strong relations, and 
in times of uncertainty it is more important than ever to work in 
close cooperation with our customers. We stay close to support 
their businesses as efficiently as possible with leading products 
and services. We have a solid foundation with the right people, a 
well-invested industrial backbone, cutting-edge technology and a 
strong financial position.
In the fast-changing geopolitical landscape, it is too early to 
assess the full implications from the imposed tariffs. However, we 
have strong regional value chains and global capabilities. In the 
short term, we therefore work actively with our regional value 
chains to adapt flows, production capacity and commercial terms 
to mitigate the effects from tariffs and their subsequent impact on 
demand.
In the long term, transport and infrastructure remain exciting 
growth industries at the core of driving prosperity.
Martin Lundstedt
President and CEO
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 3 CEO'S COMMENTS
“We have have high customer 
satisfaction and strong relations, 
and in times of uncertainty it is 
more important than ever to work 
in close cooperation with our 
customers.”
Solid performance in an 
increasingly uncertain 
market

===== SIDA 4 =====

Annual General Meeting of AB Volvo
AB Volvoʼs Annual General Meeting on April 2, 2025 adopted the 
income statement and balance sheet as well as the consolidated 
income statement and the consolidated balance sheet. In 
accordance with the Boardʼs proposal, the Meeting resolved that 
an ordinary dividend of SEK 8.00 per share and an extraordinary 
dividend of SEK 10.50 per share should be paid to the share-
holders. April 4, 2025 was decided as the record date for the right 
to receive dividends. The Board Members, Board Deputies and the 
President and CEO were discharged from liability for their 
administration during the 2024 fiscal year. Matti Alahuhta, Bo 
Annvik, Pär Boman, Jan Carlson, Eric Elzvik, Martha Finn Brooks, 
Kurt Jofs, Martin Lundstedt, Kathryn V. Marinello, Martina Merz 
and Helena Stjernholm were re-elected as members of the Board. 
Pär Boman was re-elected as Chairman of the Board. The auditing 
firm Deloitte AB was re-elected as auditor for the period until the 
close of the Annual General Meeting 2026, in accordance with 
the Election Committeeʼs proposal and the Boardʼs and the Audit 
Committeeʼs recommendation. Fredrik Persson (AB Industri-
värden), Anders Oscarsson (AMF and AMF Funds), Carina Silberg 
(Alecta), Anders Algotsson (AFA Insurance) and the Chairman of 
the Board were elected members of the Election Committee. The 
Annual General Meeting approved the Boardʼs remuneration 
report.
Detailed information is available at www.volvogroup.com
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 4 IMPORTANT EVENTS

===== SIDA 5 =====

Net sales
In Q1 2025, the Volvo Groupʼs net sales decreased by 7% to SEK 
121,792 M compared with SEK 131,177 M in the same quarter 
the preceding year. Net sales decreased in all regions and in all 
segments except Buses.
Also when adjusted for currency movements, net sales 
decreased by 7%, of which vehicle sales decreased by 9% and 
service sales decreased by 1%.
Operating income
In Q1 2025, both adjusted and reported operating income 
amounted to SEK 13,258 M (18,159), corresponding to an  
operating margin of 10.9% (13.8). For more information on 
adjusted operating income, please see Note 6.
Compared with Q1 2024, the operating income was negatively 
affected by lower volumes, a negative brand and product mix, the 
changeover to new truck platform in North America as well as 
under absorption in the truck production in the U.S. These were 
partly offset by an improved service business, lower freight costs 
as well as decreased R&D, selling and administrative expenses. 
Currency movements, compared with Q1 2024, had a negative 
impact of SEK 207 M.
Financial items
In Q1 2025, interest income was SEK 638 M (885), whereas 
interest expenses amounted to SEK -409 M (-364).
Other financial income and expenses amounted to SEK -632 M 
(-238). The change is primarily due to revaluation effects of 
financial assets and liabilities.
Income taxes
In Q1 2025, income taxes amounted to SEK -2,871 M (-4,339). 
The effective tax rate was 22.3% (23.5).
Income for the period and earnings per share
In Q1 2025, income for the period amounted to SEK 9,984 M 
(14,103). Earnings per share amounted to SEK 4.86 (6.92).
Consolidated Income Statement
First quarter 
SEK M 2025 2024
Net sales  121,792  131,177 
Cost of sales  -90,867  -94,395 
Gross income  30,925  36,781 
Research and development expenses  -6,951  -7,332 
Selling expenses  -8,232  -8,617 
Administrative expenses  -1,820  -1,964 
Other operating income and expenses  -564  -567 
Income/loss from investments in joint ventures and associated companies  -122  -142 
Income/loss from other investments  22  – 
Operating income  13,258  18,159 
Interest income and similar credits  638  885 
Interest expenses and similar charges  -409  -364 
Other financial income and expenses  -632  -238 
Income after financial items  12,855  18,442 
Income taxes  -2,871  -4,339 
Income for the period *  9,984  14,103 
* Attributable to:
Owners of AB Volvo  9,890  14,080 
Non-controlling interest  94  23 
Basic earnings per share, SEK  4.86  6.92 
Diluted earnings per share, SEK  4.86  6.92 
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 5 FINANCIAL SUMMARY

===== SIDA 6 =====

Net sales
First quarter 
SEK M 2025 2024 Change %
Net sales per geographical region
Europe  49,749  56,861  -13 
North America  40,457  40,888  -1 
South America  10,743  11,428  -6 
Asia  14,671  14,710  – 
Africa and Oceania  6,171  7,289  -15 
Total net sales  121,792  131,177  -7 
Net sales per product group
Vehicles  89,929  98,841  -9 
Services  31,863  32,336  -1 
Total net sales  121,792  131,177  -7 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  108,877  117,799  -8 
Revenue of vehicles and services recognized over contract period  12,915  13,377  -3 
Total net sales  121,792  131,177  -7 
  
Operating cash flow in the Industrial Operations
During Q1 2025, operating cash flow in the Industrial Operations 
was positive in an amount of SEK 1,309 M (8,896). Compared 
with Q1 2024, the decreased operating cash flow is mainly an 
effect of the lower operating income.
   
8.9
1.3
Q1 
2024
Q2 Q3 Q4 Q1 
2025
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 6 FINANCIAL SUMMARY
Operating cash flow
Industrial Operations, SEK bn

===== SIDA 7 =====

Volvo Group financial position
During Q1 2025, net financial assets in the Industrial Operations, 
excluding provisions for post-employment benefits and lease 
liabilities, decreased by SEK 7.9 billion resulting in a net financial 
asset position of SEK 77.9 billion on March 31, 2025, compared 
with SEK 85.9 billion on December 31, 2024. The change is 
mainly explained by capital injections to Financial Services, made 
in order to increase their equity ratio from 8.0% to 10.0%. 
Currency movements decreased net financial assets by SEK 2.5 
billion.
Including provisions for post-employment benefits and lease 
liabilities, the Industrial Operations net financial assets amounted 
to SEK 61.4 billion on March 31, 2025, compared with SEK 
67.2 billion on December 31, 2024. Remeasurements of defined 
benefit pension plans had a positive impact of SEK 1.2 billion 
during Q1 2025.
Total assets in the Volvo Group decreased by SEK 26.9 billion 
compared with year end 2024, whereof SEK 38.9 billion is 
related to currency movements.
On March 31, 2025, total equity for the Volvo Group amounted 
to SEK 199.2 billion compared with SEK 197.4 billion at year end 
2024. The equity ratio was 29.0% (27.6). On the same date the 
equity ratio in the Industrial Operations amounted to 39.1% 
(38.4).
88.7
77.9
Q1 
2024
Q2 Q3 Q4 Q1 
2025
Number of employees
On March 31, 2025, the Volvo Group had 102,648 employees, 
including temporary employees and consultants, compared with 
101,595 employees on December 31, 2024. The number of 
blue-collar employees increased by 1,168 and the number of 
white-collar employees decreased by 115.
Mar 31             
2025
Dec 31             
2024
Mar 31             
2024
Blue-collar  49,645  48,477  51,599 
Whereof temporary employees and consultants  4,597  3,201  6,153 
White-collar  53,003  53,118  53,306 
Whereof temporary employees and consultants  6,897  7,022  7,510 
Total number of employees  102,648  101,595  104,905 
Whereof temporary employees and consultants  11,494  10,223  13,663 
Number of employees
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 7 FINANCIAL SUMMARY
Net financial position excl. post-employment benefits 
and lease liabilities Industrial Operations, SEK bn

===== SIDA 8 =====

Net sales
First quarter Change 12 mths. Jan-Dec
SEK M 2025 2024 % %¹ rolling 2024
Trucks  82,248  89,946  -9  -8  352,912  360,610 
Construction Equipment  21,117  22,877  -8  -8  86,545  88,305 
Buses  5,436  5,173  5  7  24,807  24,544 
Volvo Penta  5,004  5,168  -3  -3  19,688  19,852 
Group Functions & Other  3,664  4,281  -14  -14  15,931  16,548 
Eliminations  -1,213  -1,280  –  –  -4,816  -4,883 
Industrial Operations  116,256  126,163  -8  -7  495,068  504,975 
Financial Services  6,779  6,532  4  6  27,228  26,982 
Reclassifications and eliminations  -1,243  -1,519  –  –  -4,865  -5,140 
Volvo Group net sales  121,792  131,177  -7  -7  517,431  526,816 
1 Adjusted for exchange rate fluctuations.
Adjusted operating income ¹
First quarter Change 12 mths. Jan-Dec
SEK M 2025 2024 % rolling 2024
Trucks  8,464  13,073  -35  41,217  45,826 
Construction Equipment  2,542  3,683  -31  11,596  12,737 
Buses  360  259  39  2,333  2,233 
Volvo Penta  915  988  -7  3,345  3,419 
Group Functions & Other  -114  -947  88  -2,109  -2,943 
Eliminations  -5  -13  –  39  32 
Industrial Operations  12,162  17,044  -29  56,422  61,305 
Financial Services  1,019  1,009  1  4,052  4,042 
Reclassifications and eliminations  77  106  -27  343  371 
Volvo Group adjusted operating income  13,258  18,159  -27  60,817  65,718 
Adjustments ¹  –  –  –  893  893 
Volvo Group operating income  13,258  18,159  -27  61,710  66,611 
1 For more information on adjusted operating income, please see note 6.
Adjusted operating margin
First quarter 12 mths. Jan-Dec
% 2025 2024 rolling 2024
Trucks  10.3  14.5  11.7  12.7 
Construction Equipment  12.0  16.1  13.4  14.4 
Buses  6.6  5.0  9.4  9.1 
Volvo Penta  18.3  19.1  17.0  17.2 
Industrial Operations  10.5  13.5  11.4  12.1 
Volvo Group adjusted operating margin  10.9  13.8  11.8  12.5 
Volvo Group operating margin  10.9  13.8  11.9  12.6 
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 8 BUSINESS SEGMENT OVERVIEW

===== SIDA 9 =====

Market development
In Q1, the European heavy-duty truck market was down by 15% 
in terms of registrations. Truck utilization remained on normal levels 
and the market is largely replacement-driven.
Recently announced increases in defense spending in Europe is 
expected to gradually drive demand from armed forces. The 
Group's global deliveries of trucks to armed forces amount to 
approximately 1,500 trucks per year.
Also in North America the market was down compared with Q1 
2024 with retail sales being 13% lower mainly driven by a weaker 
long haul segment while the vocational segment remained 
stronger. Recent uncertainty surrounding trade tariffs and the 
EPA27 emissions legislation have caused US customers to adopt 
a wait and see approach. There is no longer an expectation of a 
prebuy in 2025 due to EPA27.
The Brazilian truck market remained on a level broadly on par 
with the prior year. The market is supported by continued strong 
agricultural and mining exports, but high inflation and increased 
interest rates are expected to gradually dampen demand.
In Q1 2025, the Indian truck market was supported by ongoing 
infrastructure projects and gradually strengthening freight 
demand. 
The freight overcapacity in China continued to hamper demand 
for trucks and the total market declined year of year. The market 
for battery-electric applications continued to grew.
Orders and deliveries
In Q1, net order intake increased by 13% to 55,227 trucks and 
deliveries decreased by 12% to 48,833 units. Deliveries of heavy-
duty trucks decreased by 7%, of medium-duty trucks by 26% and 
for light-duty trucks the decrease was 36%.
In Europe, order intake increased by 25% to 31,362 units. 
Order intake for heavy- and medium-duty trucks increased by 
35% with good momentum for both Volvo and Renault Trucks. 
Total deliveries in Europe decreased by 18% to 24,047 trucks, 
impacted by deliveries of light-duty vehicles decreasing by 36% as 
a consequence of a model changeover. Through March, Volvo 
Trucks' total heavy-duty market share reached an all-time high of 
20.1% (16.8). The electric heavy-duty market share was 36.5% 
(56,8). Renault Trucks' also had strong total heavy-duty truck 
market share, which increased to 10.5% (8.2). The electric heavy-
duty market share increased to 23.6% (15.4). 
Order intake in North America increased by 6% to 10,217 
trucks with strong demand for Mack's vocational trucks while 
order intake for Volvo was impacted by the changeover to the new 
platform. Deliveries in North America decreased by 5% to 14,315 
trucks. Volvo Trucksʼ heavy-duty truck market share amounted to 
7.2% (9.1) hampered by the model changeover while Mack 
Trucksʼ market share rose to 6.9% (5.3) on the back of an 
improved supply chain and good vocational demand. 
In South America, order intake decreased by 25% to 5,948 
trucks while deliveries increased by 5% to 5,397 vehicles. In 
Brazil, Volvo Trucksʼ remained the market leader with a heavy-duty 
truck market share of 23.8% (22.3).
Order intake in Asia increased by 35% to 5,556 vehicles while 
deliveries decreased by 11% to 3,315 vehicles.
Order intake for fully electric trucks increased by 51% to 965 
vehicles, largely driven by the light-duty segment while deliveries 
decreased by 9% to 828 vehicles. The market for electric trucks is 
still driven by early adopters. A broader adoption is dependent on 
several factors, among them the expansion of necessary 
infrastructure such as charging and the total cost of ownership 
development including incentive schemes.
Order intake in the Indian joint venture, VE Commercial 
Vehicles, increased by 9% to 20,213 vehicles while deliveries 
increased by 6% to 20,580 vehicles.
Deliveries from the Chinese joint venture, Dongfeng 
Commercial Vehicles, increased by 33% to 30,432 trucks.
Total market development - the market forecasts are subject to significant uncertainty due to current market conditions
First quarter Change Full year Forecast Change vs.
Registrations, number of trucks 2025 2024 % 2024 2025 previous forecast
Europe 29 ¹ heavy-duty  62,302  73,702  -15  278,166  –  – 
Europe 30 ¹ heavy-duty  70,142  82,530  -15  313,894  290,000 Unchanged
North America heavy-duty, retail sales.  62,275  71,329  -13  308,141  275,000 -25,000
Brazil heavy-duty  21,483  20,951  3  97,686  85,000 -5,000
China ² medium- and heavy-duty  213,408  222,454  -4  704,534  710,000 Unchanged
India medium- and heavy-duty  105,851  103,695  2  351,252  380,000 +10,000
1 EU29 includes Norway and Switzerland but excludes UK. EU30 includes UK.
2 Previous year has been adjusted to exclude exports.
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 9 TRUCKS
All time high market 
share for Volvo in Europe
• In Q1, net order intake increased by 13% 
while deliveries decreased by 12%
• Adjusted and reported operating income 
decreased to SEK 8,464 M (13,073), with a 
margin of 10.3% (14.5)
• Service sales increased by 1%, adjusted for 
currency

===== SIDA 10 =====

Net order intake
First quarter Change
Number of trucks 2025 2024 %
Europe  31,362  25,077  25 
   Heavy- and medium-duty  26,964  19,976  35 
   Light-duty  4,398  5,101  -14 
North America  10,217  9,620  6 
South America  5,948  7,898  -25 
Asia  5,556  4,115  35 
Africa and Oceania  2,144  1,991  8 
Total order intake  55,227  48,701  13 
Heavy-duty (>16 tons)  47,808  40,211  19 
Medium-duty (7-16 tons)  3,020  3,269  -8 
Light-duty (<7 tons)  4,399  5,221  -16 
Total order intake  55,227  48,701  13 
Volvo  33,659  31,067  8 
Renault Trucks  15,510  14,823  5 
   Heavy- and medium-duty  11,111  9,602  16 
   Light-duty  4,399  5,221  -16 
Mack  5,854  2,765  112 
Other brands  204  46  343 
Total order intake  55,227  48,701  13 
Non-consolidated operations
VE Commercial Vehicles (Eicher)  20,213  18,611  9 
Deliveries
First quarter Change
Number of trucks 2025 2024 %
Europe  24,047  29,289  -18 
Heavy- and medium-duty  19,748  22,559  -12 
Light-duty  4,299  6,730  -36 
North America  14,315  15,056  -5 
South America  5,397  5,154  5 
Asia  3,315  3,717  -11 
Africa and Oceania  1,759  2,254  -22 
Total deliveries  48,833  55,470  -12 
Heavy-duty (>16 tons)  41,366  44,431  -7 
Medium-duty (7-16 tons)  3,167  4,270  -26 
Light-duty (<7 tons)  4,300  6,769  -36 
Total deliveries  48,833  55,470  -12 
Volvo  27,944  31,954  -13 
Renault Trucks  12,948  15,836  -18 
Heavy- and medium-duty  8,648  9,067  -5 
Light-duty  4,300  6,769  -36 
Mack  7,874  7,467  5 
Other brands  67  213  -69 
Total deliveries  48,833  55,470  -12 
Non-consolidated operations
VE Commercial Vehicles (Eicher)  20,580  19,328  6 
Dongfeng Commercial Vehicle Company (Dongfeng Trucks)  30,432  22,850  33 
Net sales and operating income
In Q1 2025, net sales decreased by 9% to SEK 82,248 M 
(89,946). Excluding currency effects, net sales decreased by 8% 
with sales of vehicles decreasing by 10% and sales of services 
increasing by 1%.
In Q1 2025, both adjusted and reported operating income 
amounted to SEK 8,464 M (13,073), corresponding to an  
operating margin of 10.3% (14.5). For more information on 
adjusted operating income, see note 6.
Compared with Q1 2024, the lower operating income is an 
effect of lower volumes, the changeover to the new truck platform 
in North America and under absorption in the truck production in 
the U.S., which were partly offset by an improved service 
business, lower freight costs and lower R&D expenses. Compared 
with Q1 2024, currency movements had a negative impact of 
SEK 58 M.
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 10 TRUCKS

===== SIDA 11 =====

Net order intake and deliveries of fully electric trucks
First quarter Change
Number of trucks 2025 2024 %
Volvo  397  306  30 
Renault Trucks  561  319  76 
Heavy- and medium-duty  139  172  -19 
Light-duty  422  147  187 
Mack  7  13  -46 
Total order intake of fully electric trucks  965  638  51 
Volvo  281  520  -46 
Renault Trucks  519  358  45 
Heavy- and medium-duty  178  202  -12 
Light-duty  341  156  119 
Mack  28  29  -3 
Total deliveries of fully electric trucks  828  907  -9 
Net sales and operating income
First quarter Change
SEK M 2025 2024 %
Net sales per geographical region
Europe  37,925  43,425  -13 
North America  26,882  27,237  -1 
South America  8,046  8,712  -8 
Asia  5,633  5,976  -6 
Africa and Oceania  3,762  4,594  -18 
Total net sales  82,248  89,946  -9 
Net sales per product group
Vehicles  63,752  71,584  -11 
Services  18,496  18,361  1 
Total net sales  82,248  89,946  -9 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  76,344  84,078  -9 
Revenue of vehicles and services recognized over contract period  5,904  5,868  1 
Total net sales  82,248  89,946  -9 
Adjusted operating income ¹  8,464  13,073  -35 
Adjustments  –  -  – 
Operating income  8,464  13,073  -35 
Adjusted operating margin, %  10.3  14.5 
Operating margin, %  10.3  14.5 
1 For more information on adjusted operating income, please see note 6.
Important events 
In the beginning of March, Volvo Trucks launched a completely 
new Volvo VNR for the North American regional haul market. It is 
built on Volvo's new platform, making the new truck more fuel 
efficient, safer and more versatile.
Volvoʼs most fuel-efficient truck ever – the Volvo FH Aero – 
won the 2025 Green Truck award. The Volvo FH Aero offers a 
combination of good aerodynamics and an efficient powertrain, 
resulting in savings in fuel and CO2 according to an independent 
test in Germany.
On April 8, Mack Trucks unveiled the all-new Mack Pioneer, its 
new flagship highway truck. Available in the U.S. and Canada in 
multiple configurations including day cabs, and short, medium and 
long sleeper options, the Pioneer meets the diverse needs of fleet 
owners and operators across all highway applications.
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 11 TRUCKS

===== SIDA 12 =====

Market development
In Q1, the total machine market was flat compared with the prior 
year. Asia, including China, and South America grew while Europe 
and North America contracted.
Compared with the historically high levels in Q1 2024, the total 
market in Europe declined as end customer demand remained 
saturated.
The North American market was down from very high levels, as 
replenishment of dealer and rental fleets continued to normalize. 
End customer demand declined due to repositioning of fleets and 
market outlook uncertainty.
In South America, the market grew mainly driven by Brazil but 
also by improved business sentiment in Argentina and Chile.
The Chinese market continued to grow on the back of govern-
mental policies to stimulate the real estate and construction 
segments.
Asia excluding China was slightly up, with growth in Indonesia 
driven by regained momentum in the mining industry as well as a 
good development in South Korea. India, Turkey and the Middle 
East experienced declines mainly because of revised government 
investments in infrastructure.
Orders and deliveries
In Q1, net order intake increased by 24% to 17,176 machines. 
Order intake for the Volvo brand increased by 19% with 
improvements in all markets except South America.
In Europe, dealer orders increased as dealer inventory levels 
came down and end customer sentiment improved.
The increased order intake in North America is an effect of more 
normalized supply and low order intake in the prior year due to 
high inventory levels in the market.
Order intake for SDLG branded machines improved by 30% 
driven by the Chinese market.
Deliveries in Q1 were 7% higher than in 2024 and amounted 
to 15,508 machines. Increased volumes for SDLG in China more 
than offset lower volumes of Volvo branded machines in Europe 
and North America.
 
Total market development - the market forecasts are subject to significant uncertainty due to current market conditions
Year-to-date 
February Forecast Previous forecast
Change in % measured in units 2025 2025 2025
Europe  -18 -5% to +5% -5% to +5%
North America  -14 -15% to -5% -10% to 0%
South America  12 -5% to +5% -5% to +5%
Asia excl. China  1 -5% to +5% -5% to +5%
China  42 0% to +10% 0% to +10%
Net order intake
First quarter Change
Number of construction equipment 2025 2024 %
Europe  3,455  2,677  29 
North America  1,625  1,446  12 
South America  575  662  -13 
Asia  10,687  8,415  27 
Africa and Oceania  834  651  28 
Total orders  17,176  13,851  24 
Large and medium construction equipment  12,218  9,901  23 
Compact construction equipment  4,958  3,950  26 
Of which fully electric  1,019  199  412 
Total orders  17,176  13,851  24 
Of which:
Volvo  8,442  7,083  19 
SDLG  8,698  6,712  30 
Of which in China  6,831  5,534  23 
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 12 CONSTRUCTION EQUIPMENT
• In Q1, order intake increased by 24% and 
deliveries increased by 7%
• Adjusted and reported operating income 
decreased to SEK 2,542 M (3,683), with a 
margin of 12.0% (16.1)
• Service sales increased by 2%, adjusted for 
currency
Earnings impacted by 
lower volumes in Europe 
and North America

===== SIDA 13 =====

Deliveries
First quarter Change
Number of construction equipment 2025 2024 %
Europe  2,635  3,050  -14 
North America  1,430  1,746  -18 
South America  459  370  24 
Asia  10,270  8,650  19 
Africa and Oceania  714  640  12 
Total deliveries  15,508  14,456  7 
Large and medium construction equipment  11,016  10,593  4 
Compact construction equipment  4,492  3,863  16 
Of which fully electric  1,008  232  334 
Total deliveries  15,508  14,456  7 
Of which:
Volvo  6,774  7,688  -12 
SDLG  8,698  6,712  30 
Of which in China  6,831  5,534  23 
Net sales and operating income
First quarter Change
SEK M 2025 2024 %
Net sales per geographical region
Europe  6,400  7,177  -11 
North America  5,251  6,425  -18 
South America  889  759  17 
Asia  7,362  6,925  6 
Africa and Oceania  1,215  1,589  -24 
Total net sales  21,117  22,877  -8 
Net sales per product group
Construction equipment  17,233  19,092  -10 
Services  3,884  3,784  3 
Total net sales  21,117  22,877  -8 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  20,215  22,065  -8 
Revenue of vehicles and services recognized over contract period  902  811  11 
Total net sales  21,117  22,877  -8 
Adjusted operating income ¹  2,542  3,683  -31 
Adjustments  –  –  – 
Operating income  2,542  3,683  -31 
Adjusted operating margin, %  12.0  16.1 
Operating margin, %  12.0  16.1 
1  For more information on adjusted operating income, please see note 6.
Net sales and operating income
In Q1 2025, net sales decreased by 8% to SEK 21,117 M 
(22,877). Also when adjusted for currency movements net sales 
decreased by 8%, of which net sales of machines decreased by 
10% and service sales increased by 2%.
Both adjusted and reported operating income amounted to SEK 
2,542 M (3,683), corresponding to an operating margin of 
12.0% (16.1).
Compared with Q1 2024, a negative brand, market and 
product mix was partly offset by increased volumes, lower 
material costs and an improved service business. Compared with 
Q1 2024, currency movements had a negative impact of SEK 12 M.
Important events 
In Q1, the rollout of Volvo Construction Equipmentʼs (Volvo CE) 
new conventional product range continued with the launch of the 
A50 articulated hauler for the important North American market 
alongside several local launches of the new range of excavators in 
Asian markets.
Volvo CE also announced a partnership with Danish software 
company Unicontrol to integrate their 3D machine control 
technology into Volvo excavators.
At the construction trade show Bauma in Germany in early 
April, Volvo CE showcased a groundbreaking all-electric lineup of 
excavators, wheel loaders, articulated haulers, and compact 
equipment. Bauma also marked the unveiling of the worldʼs first 
electric articulated haulers in the A30 and A40 size classes, which 
will reach selected customers in Europe in 2026.
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 13 CONSTRUCTION EQUIPMENT

===== SIDA 14 =====

In Q1, demand for buses remained strong in many markets, 
particularly in the coach segment. Net order intake increased by 
123% compared with Q1 2024 from a good order intake in all 
regions. The transition towards electric vehicles in city traffic 
continued and orders for 168 electric buses were confirmed in 
Q1. Total deliveries decreased by 5% to 1,235 units.
In Q1, net sales increased by 5% to SEK 5,436 M (5,173). 
Adjusted for currency, net sales increased by 7%, with vehicle 
sales increasing by 5% and service sales increasing by 10%.
Both adjusted and reported operating income amounted to SEK 
360 M (259), corresponding to an operating margin of 6.6% 
(5.0). For information on adjusted operating income, see Note 6.
Operating income was positively impacted by good price 
realization, a positive market mix and lower manufacturing costs 
as an effect of the restructuring in Europe, while lower delivery 
volumes and increased material costs had a negative impact. 
Compared with Q1 2024, currency movements had a negative 
impact of SEK 30 M.
In Q1, Volvo Buses launched the new Volvo 7800 Electric in 
Mexico, the first electric articulated and bi-articulated bus manu-
factured in the country. The new electric bus is built on Volvo 
Busesʼ global electromobility platform BZR and it will evolve the 
Bus Rapid Transit systems in Mexico, creating a more efficient and 
sustainable people transport system.
The high order intake included the first order for the new inter-
city bus Volvo 8900 Electric. Svealandstrafiken ordered a total of 
106 electric buses to operate in Sweden, whereof 60 Volvo 8900 
Electric.
Net order intake and deliveries ¹
First quarter Change
Number of buses 2025 2024 %
Total orders  1,947  874  123 
Of which fully electric  168  45  273 
Of which hybrids  –  –  – 
Total deliveries  1,235  1,301  -5 
Of which fully electric  119  74  61 
Of which hybrids  –  26  – 
Net sales and operating income 
First quarter Change
SEK M 2025 2024 %
Net sales per geographical region
Europe  1,721  1,564  10 
North America  2,230  2,396  -7 
South America  376  403  -7 
Asia  431  296  46 
Africa and Oceania  678  514  32 
Total net sales  5,436  5,173  5 
Net sales per product group
Vehicles  3,928  3,794  4 
Services  1,508  1,378  9 
Total net sales  5,436  5,173  5 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  5,136  4,929  4 
Revenue of vehicles and services recognized over contract period  300  244  23 
Total net sales  5,436  5,173  5 
Adjusted operating income ¹  360  259  39 
Adjustments  –  –  – 
Operating income  360  259  39 
Adjusted operating margin, %  6.6  5.0 
Operating margin, %  6.6  5.0 
1  For more information on adjusted operating income, please see note 6.
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 14 BUSES
• In Q1, deliveries decreased by 5% while net 
order intake increased by 123%
• Adjusted and reported operating income 
increased to SEK 360 M (259), with a 
margin of 6.6% (5.0)
• Service sales increased by 10% adjusted for 
currency
Strong order intake and 
continued earnings 
improvement

===== SIDA 15 =====

In Q1, demand for power generation continued to rise, driven by 
energy infrastructure expansion. The off-highway segment was 
stable with some signs of construction recovering. Demand in the 
marine leisure market continued to be slow, while there was good 
sales traction with the IPS Professional Platform in the yacht 
segment. The marine commercial segment remained stable, 
supported by demand driven by the energy transition.
In Q1, net order intake increased by 35% to 12,234 units with 
strong demand in the power generation segment, while deliveries 
decreased by 17% to 8,700 units.
Net sales decreased by 3% to SEK 5,004 M (5,168). Also 
when adjusted for currency movements the decrease was 3%, of 
which sales of engines decreased by 5% and sales of services 
increased by 4%.
Both adjusted and reported operating income amounted to SEK 
915 M (988), corresponding to an operating margin of 18.3% 
(19.1).
Earnings were negatively impacted by lower engine volumes, 
which were partly offset by a positive product and market mix, 
price realization and lower selling and administrative expenses. 
Compared with Q1 2024, the currency impact on operating 
income was negative in an amount of SEK 37 M.
In Q1, the IPS Professional Platform was introduced to the 
North American yacht market and went into serial production. 
Net order intake and deliveries
First quarter Change
Number of Engines 2025 2024 %
Total orders  12,234  9,050  35 
Of which fully electric  17  43  -60 
Total deliveries  8,700  10,435  -17 
Of which fully electric  28  44  -36 
Net sales and operating income
First quarter Change
SEK M 2025 2024 %
Net sales per geographical region
Europe  2,531  2,624  -4 
North America  1,025  874  17 
South America  204  226  -10 
Asia  990  1,125  -12 
Africa and Oceania  255  319  -20 
Total net sales  5,004  5,168  -3 
Net sales per product group
Engines  3,647  3,861  -6 
Services  1,357  1,306  4 
Total net sales  5,004  5,168  -3 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  4,993  5,156  -3 
Revenue of vehicles and services recognized over contract period  11  11  – 
Total net sales  5,004  5,168  -3 
Adjusted operating income ¹  915  988  -7 
Adjustments  –  –  – 
Operating income  915  988  -7 
Adjusted operating margin, %  18.3  19.1 
Operating margin, %  18.3  19.1 
1  For more information on adjusted operating income, please see note 6.
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 15 VOLVO PENTA
Good performance on 
lower volumes
• In Q1, order intake increased by 35% while 
deliveries decreased by 17% 
• Adjusted and reported operating income 
decreased to SEK 915 M (988), with a margin 
of 18.3% (19.1)
• IPS Professional Platform introduced to the 
North American yacht market and serial 
production started

===== SIDA 16 =====

In Q1 2025, the credit portfolio for Financial Services continued 
to grow. Adjusted for currency, the net credit portfolio increased 
by 6% compared with Q1 2024. The portfolio performance 
continued to be good, with customer delinquencies stabilizing at 
average business cycle levels.
Compared with Q1 2024, new business volume increased by 
5%, when adjusted for currency. In Q1, both adjusted and 
reported operating income increased to SEK 1,019 M (1,009).
The increase in operating income was primarily a result of 
continued profitable portfolio growth, which was partly offset by 
increased credit provisions. Currency movements had a negative 
impact of SEK 48 M compared with Q1 2024.
The equity level has during the quarter been raised from 8.0% 
to 10.0%, due to increased regulatory requirements in many of 
the markets where Financial Services operates. Return on equity 
on a rolling 12-month basis amounted to 12.7% (13.0).
Financial Services
First quarter 
SEK M unless otherwise stated 2025 2024
Number of financed units, 12 months rolling  66,326  66,258 
Total penetration rate, 12 months rolling, % ¹  29  27 
New retail financing volume, SEK billion  24.9  24.0 
Credit portfolio net, SEK billion  264  270 
Credit provision expenses  309  248 
Adjusted operating income²  1,019  1,009 
Adjustments  –  – 
Operating income  1,019  1,009 
Credit reserves, % of credit portfolio  1.29  1.35 
Return on equity³, 12 months rolling, %  12.7  13.0 
1 Share of unit sales financed by Volvo Financial Services in relation to the total number of units sold by the Volvo Group in markets where financial services 
are offered.
2 For more information on adjustments, please see note 6. 
3 2024 included Russian and Belarus operations, which were divested in Q3 2023.
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 16 FINANCIAL SERVICES
Good earnings and 
stable portfolio 
performance
• In Q1, the net credit portfolio increased by 
6%, adjusted for currency
• Stable portfolio performance
• Adjusted and reported operating income of 
SEK 1,019 M (1,009)

===== SIDA 17 =====

CONSOLIDATED INCOME STATEMENT - FIRST QUARTER 
Industrial Operations Financial Services Eliminations Volvo Group
SEK M 2025 2024 2025 2024 2025 2024 2025 2024
Net sales  116,256  126,163  6,779  6,532  -1,243  -1,519  121,792  131,177 
Cost of sales  -87,499  -91,567  -4,688  -4,453  1,320  1,625  -90,867  -94,395 
Gross income  28,757  34,596  2,091  2,079  77  106  30,925  36,781 
Research and development expenses  -6,951  -7,332  –  –  –  –  -6,951  -7,332 
Selling expenses  -7,410  -7,778  -822  -839  –  –  -8,232  -8,617 
Administrative expenses  -1,816  -1,960  -4  -4  –  –  -1,820  -1,964 
Other operating income and expenses  -308  -340  -255  -227  –  –  -564  -567 
Income/loss from investments in joint ventures 
and associated companies  -122  -142  –  –  –  –  -122  -142 
Income/loss from other investments  12  –  10  –  –  –  22  – 
Operating income  12,162  17,044  1,019  1,009  77  106  13,258  18,159 
Interest income and similar credits  715  991  –  –  -77  -106  638  885 
Interest expenses and similar charges  -409  -364  –  –  –  –  -409  -364 
Other financial income and expenses  -632  -238  –  –  –  –  -632  -238 
Income after financial items  11,835  17,433  1,019  1,009  –  –  12,855  18,442 
Income taxes  -2,600  -4,047  -271  -293  –  –  -2,871  -4,339 
Income for the period *  9,235  13,387  749  716  –  –  9,984  14,103 
* Attributable to:
Owners of AB Volvo  9,890  14,080 
Non-controlling interest  94  23 
Basic earnings per share, SEK  4.86  6.92 
Diluted earnings per share, SEK  4.86  6.92 
Key ratios, %
Gross margin  24.7  27.4  25.4  28.0 
Research and development expenses as % of 
net sales  6.0  5.8  5.7  5.6 
Selling expenses as % of net sales  6.4  6.2  6.8  6.6 
Administrative expenses as % of net sales  1.6  1.6  1.5  1.5 
Operating margin  10.5  13.5  10.9  13.8 
CONSOLIDATED OTHER COMPREHENSIVE INCOME - FIRST QUARTER 
SEK M 2025 2024
Income for the period  9,984  14,103 
Items that will not be reclassified to income statement:
Remeasurements of defined benefit pension plans  920  453 
Remeasurements of holding of shares at fair value  -1  -7 
Items that may be reclassified subsequently to income statement:
Exchange differences on translation of foreign operations  -7,697  4,282 
Share of OCI related to joint ventures and associated companies  -1,359  756 
Accumulated exchange differences reversed to income  –  – 
Other comprehensive income, net of income taxes  -8,137  5,485 
Total comprehensive income for the period *  1,847  19,588 
* Attributable to:
Owners of AB Volvo  2,031  19,437 
Non-controlling interest  -183  151 
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 17 FINANCIAL STATEMENTS

===== SIDA 18 =====

CONSOLIDATED BALANCE SHEET - ASSETS
Industrial Operations Financial Services Eliminations Volvo Group
SEK M
Mar 31 
2025
Dec 31 
2024
Mar 31 
2025
Dec 31 
2024
Mar 31 
2025
Dec 31 
2024
Mar 31 
2025
Dec 31 
2024
Non-current assets
Intangible assets
Goodwill  24,269  25,143  –  –  –  –  24,269  25,143 
Other intangible assets  19,370  19,046  132  151  –  –  19,502  19,197 
Tangible assets
Property, plant and equipment  78,530  79,571  61  58  –  –  78,591  79,629 
Assets under operating leases  35,080  37,226  20,922  22,276  -15,625  -14,000  40,376  45,501 
Financial assets
Investments in joint ventures and associated 
companies  21,789  22,496  –  –  –  –  21,789  22,496 
Other shares and participations  1,075  1,089  27  18  –  –  1,102  1,107 
Non-current customer-financing receivables  1,298  1,533  125,604  134,969  -1,684  -1,897  125,218  134,605 
Net pension assets  1,890  2,115  –  –  –  –  1,890  2,115 
Non-current interest-bearing receivables  4,220  4,969  3,570  –  -3,570  -1,505  4,220  3,464 
Other non-current receivables  6,582  7,018  277  322  -201  -220  6,658  7,120 
Deferred tax assets  13,109  13,889  1,536  1,989  –  –  14,645  15,878 
Total non-current assets  207,212  214,094  152,128  159,784  -21,081  -17,623  338,260  356,254 
Current assets
Inventories  74,603  77,121  797  1,238  –  –  75,400  78,359 
Current receivables
Customer-financing receivables  633  923  117,424  123,160  -1,394  -1,406  116,663  122,677 
Tax assets  1,753  2,277  478  1,214  –  –  2,232  3,491 
Interest-bearing receivables  2,088  4,256  –  –  -16  -18  2,073  4,238 
Internal funding  4,270  9,463  –  –  -4,270  -9,463  –  – 
Accounts receivables  38,367  40,005  1,807  1,767  –  –  40,174  41,772 
Other receivables  22,237  22,441  3,348  3,796  -3,989  -4,234  21,597  22,003 
Marketable securities  189  218  –  –  –  –  189  218 
Cash and cash equivalents  86,141  80,505  5,856  6,872  -1,283  -2,206  90,714  85,171 
Assets held for sale  373  381  –  –  –  –  373  381 
Total current assets  230,654  237,590  129,710  138,047  -10,952  -17,328  349,413  358,309 
Total assets  437,867  451,684  281,839  297,830  -32,032  -34,950  687,673  714,564 
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 18 FINANCIAL STATEMENTS

===== SIDA 19 =====

CONSOLIDATED BALANCE SHEET - EQUITY AND LIABILITIES
Industrial Operations Financial Services Eliminations Volvo Group
SEK M
Mar 31 
2025
Dec 31 
2024
Mar 31 
2025
Dec 31 
2024
Mar 31 
2025
Dec 31 
2024
Mar 31 
2025
Dec 31 
2024
Equity
Equity attributable to owners of AB Volvo  167,887  170,218  28,183  23,831  –  –  196,070  194,049 
Non-controlling interest  3,117  3,312  –  –  –  –  3,117  3,312 
Total equity  171,004  173,530  28,183  23,831  –  –  199,187  197,361 
Non-current provisions
Provisions for post-employment benefits  10,752  12,606  98  99  –  –  10,850  12,706 
Other provisions  11,077  12,243  51  51  –  –  11,128  12,293 
Total non-current provisions  21,829  24,849  148  150  –  –  21,978  24,999 
Non-current liabilities
Bond loans  109,682  109,031  –  –  –  –  109,682  109,031 
Other loans  24,971  29,783  23,095  22,602  -1,377  -1,561  46,689  50,824 
Internal funding  -120,097  -126,063  104,859  113,733  15,239  12,330  –  – 
Deferred tax liabilities  2,041  2,483  1,636  2,295  –  –  3,677  4,778 
Other liabilities  51,464  54,411  1,639  1,762  -11,047  -9,591  42,056  46,583 
Total non-current liabilities  68,061  69,645  131,228  140,393  2,815  1,178  202,104  211,216 
Current provisions  17,582  19,653  32  37  –  –  17,613  19,690 
Current liabilities
Bond loans  43,683  45,460  –  –  –  –  43,683  45,460 
Other loans  41,093  44,698  14,047  14,507  -808  -912  54,332  58,292 
Internal funding   -72,660  -81,228  98,056  107,718  -25,397  -26,490  –  – 
Trade payables  72,653  77,607  745  920  –  –  73,397  78,527 
Tax liabilities  2,862  1,916  659  1,194  –  –  3,521  3,111 
Other liabilities  71,745  75,540  8,740  9,082  -8,642  -8,726  71,842  75,896 
Liabilities held for sale  14  13  –  –  –  –  14  13 
Total current liabilities  159,390  164,006  122,247  133,420  -34,847  -36,129  246,791  261,298 
Total equity and liabilities  437,867  451,684  281,839  297,830  -32,032  -34,950  687,673  714,564 
Key ratios, %
Equity ratio  39.1  38.4  10.0  8.0  29.0  27.6 
Equity attributable to owners of AB Volvo, per 
share in SEK  96.4  95.4 
Return on operating capital ¹  60.4  70.3 
Return on capital employed ¹  31.8  35.8 
Return on equity ¹  12.7  13.0  25.2  28.5 
1 12 months rolling.
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 19 FINANCIAL STATEMENTS

===== SIDA 20 =====

Net financial position excl. post-employment benefits and lease liabilities
Industrial Operations Volvo Group
SEK bn
Mar 31
 2025
Dec 31
 2024
Mar 31
 2025
Dec 31
 2024
Non-current interest-bearing assets
Non-current customer-financing receivables  –  –  125.2  134.6 
Non-current interest-bearing receivables  4.2  5.0  4.2  3.5 
Current interest-bearing assets
Customer-financing receivables  –  –  116.7  122.7 
Interest-bearing receivables  2.1  4.3  2.1  4.2 
Internal funding  4.3  9.5  –  – 
Marketable securities  0.2  0.2  0.2  0.2 
Cash and cash equivalents  86.1  80.5  90.7  85.2 
Assets held for sale  –  –  –  – 
Total interest-bearing financial assets  96.9  99.4  339.1  350.4 
Non-current interest-bearing liabilities
Bond loans  -109.7  -109.0  -109.7  -109.0 
Other loans  -19.3  -23.8  -41.1  -44.9 
Internal funding  120.1  126.1  –  – 
Current interest-bearing liabilities
Bond loans  -43.7  -45.5  -43.7  -45.5 
Other loans  -39.0  -42.6  -52.3  -56.2 
Internal funding  72.7  81.2  –  – 
Liabilities held for sale  –  –  –  – 
Total interest-bearing financial liabilities excl. post-employment benefits 
and lease liabilities  -19.0  -13.5  -246.7  -255.6 
Net financial position excl. post-employment benefits and lease liabilities  77.9  85.9  92.3  94.8 
Provisions for post-employment benefits and lease liabilities, net
Industrial Operations Volvo Group
SEK bn
Mar 31 
2025
Dec 31 
2024
Mar 31 
2025
Dec 31 
2024
Non-current lease liabilities  -5.7  -6.0  -5.6  -5.9 
Current lease liabilities  -2.1  -2.1  -2.1  -2.1 
Provisions for post-employment benefits, net  -8.9  -10.5  -9.0  -10.6 
Liabilities held for sale  –  –  –  – 
Provisions for post-employment benefits and lease liabilities, net  -16.6  -18.6  -16.6  -18.6 
Net financial position incl. post-employment benefits and lease liabilities
Industrial Operations Volvo Group
SEK bn
Mar 31 
2025
Dec 31 
2024
Mar 31 
2025
Dec 31 
2024
Net financial position excl. post-employment benefits and lease liabilities  77.9  85.9  92.3  94.8 
Provisions for post-employment benefits and lease liabilities, net  -16.6  -18.6  -16.6  -18.6 
Net financial position incl. post-employment benefits and lease liabilities  61.4  67.2  75.7  76.2 
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 20 FINANCIAL STATEMENTS

===== SIDA 21 =====

First quarter 
SEK bn 2025
Net financial position excl. post-employment benefits and lease liabilities at the end of previous period  85.9 
Operating cash flow  1.3 
Investments and divestments of shares, net  -0.8 
Acquired and divested operations, net  -0.1 
Capital injections to/from Financial Services  -5.1 
Currency effect  -2.5 
Dividend to owners of AB Volvo  – 
Dividend to non-controlling interest  – 
Other changes  -0.8 
Net financial position excl. post-employment benefits and lease liabilities at the end of period  77.9 
Provisions for post-employment benefits and lease liabilities at the end of previous period  -18.6 
Pension payments, included in operating cash flow  0.4 
Remeasurements of defined post-employment benefits  1.2 
Service costs and other pension costs  -0.3 
Investments, remeasurements and amortizations of lease contracts  -0.1 
Transfer pensions and lease liabilities to divested entities  – 
Currency effect  0.9 
Other changes  -0.1 
Provisions for post-employment benefits and lease liabilities at the end of period  -16.6 
Net financial position incl. post-employment benefits and lease liabilities at the end of period  61.4 
Changes in net financial position, Industrial Operations
CHANGES IN CONSOLIDATED EQUITY
SEK M
Equity attributable to 
owners of AB Volvo
Non-controlling 
interest Total equity
Balance as of December 31, 2023  177,791  2,948  180,739 
Income for the period  50,389  186  50,576 
Other comprehensive income for the period  2,365  206  2,572 
Total comprehensive income for the period  52,755  393  53,147 
Dividend  -36,602  -16  -36,618 
Changes in non-controlling interests  –  -21  -21 
Other changes  106  8  114 
Transactions with shareholders  -36,497  -28  -36,525 
Balance as of December 31, 2024  194,049  3,312  197,361 
Income for the period  9,890  94  9,984 
Other comprehensive income for the period  -7,859  -277  -8,137 
Total comprehensive income for the period  2,031  -183  1,847 
Dividend  –  –  – 
Changes in non-controlling interests  –  -12  -12 
Other changes  -9  –  -9 
Transactions with shareholders  -9  -12  -21 
Balance as of March 31, 2025  196,070  3,117  199,187 
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 21 FINANCIAL STATEMENTS

===== SIDA 22 =====

CONSOLIDATED CASH FLOW STATEMENT - FIRST QUARTER 
Industrial Operations Financial Services Eliminations Volvo Group
SEK M 2025 2024 2025 2024 2025 2024 2025 2024
Operating activities
Operating income  12,162  17,044  1,019  1,009  77  106  13,258  18,159 
Amortization intangible assets  998  770  16  6  –  –  1,014  776 
Depreciation tangible assets  2,430  2,132  5  7  –  –  2,436  2,138 
Depreciation leasing vehicles  1,014  972  1,252  1,280  –  –  2,266  2,252 
Other non-cash items  -56  365  378  213  –  –  322  578 
Total change in working capital whereof  -7,576  -3,818  -3,293  -6,034  96  -104  -10,773  -9,956 
Change in accounts receivables  -904  953  -60  52  –  –  -964  1,005 
Change in customer-financing receivables  13  31  -2,538  -5,099  57  -61  -2,467  -5,128 
Change in inventories  -2,677  -6,117  417  -138  –  –  -2,260  -6,255 
Change in trade payables  -1,266  1,150  -114  31  –  –  -1,380  1,181 
Change in vehicles on operating lease and 
assets for service solutions  -288  -63  -1,224  -1,108  -5  48  -1,516  -1,123 
Other changes in working capital  -2,454  227  225  229  44  -91  -2,184  364 
Dividends received from joint ventures and 
associated companies  –  –  –  –  –  –  –  – 
Interest and similar items received  713  994  –  –  -82  -106  631  888 
Interest and similar items paid  -344  -267  –  –  -41  -27  -385  -294 
Other financial items  -83  -138  –  –  –  –  -83  -138 
Income taxes paid  -2,003  -5,588  -226  -300  –  –  -2,229  -5,888 
Cash flow from operating activities  7,256  12,465  -849  -3,818  51  -131  6,457  8,516 
Investing activities
Investments in intangible assets  -1,520  -1,135  -5  -11  –  –  -1,526  -1,146 
Investments in tangible assets  -4,500  -2,511  -1  -1  –  –  -4,500  -2,512 
Disposals of in-/tangible assets  73  77  2  2  –  –  75  79 
Operating cash flow  1,309  8,896  -853  -3,828  51  -131  506  4,937 
Investments of shares  -779  -2,940 
Divestment of shares  –  2 
Acquired operations  -61  -2,448 
Divested operations  -48  170 
Interest-bearing receivables incl. marketable 
securities  -389  -292 
Cash flow after net investments  -771  -570 
Financing activities
New borrowings  119,179  62,761 
Repayments of borrowings  -109,691  -56,332 
Dividend to owners of AB Volvo  –  – 
Dividend to non-controlling interest  –  – 
Other  -26  41 
Change in cash and cash equivalents excl. 
exchange rate changes  8,692  5,901 
Effect of exchange rate changes on cash and 
cash equivalents  -3,149  2,036 
Change in cash and cash equivalents  5,543  7,936 
Cash and cash equivalents, beginning of 
period  85,171  83,326 
Cash and cash equivalents, end of period  90,714  91,263 
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 22 FINANCIAL STATEMENTS

===== SIDA 23 =====

Income Statements, Volvo Group
SEK M unless otherwise stated 1/2025 4/2024 3/2024 2/2024 1/2024
Net sales  121,792  138,413  116,978  140,249  131,177 
Cost of sales  -90,867  -103,142  -84,973  -100,257  -94,395 
Gross income  30,925  35,271  32,005  39,992  36,781 
Research and development expenses  -6,951  -8,196  -7,213  -8,216  -7,332 
Selling expenses  -8,232  -9,292  -7,938  -8,841  -8,617 
Administrative expenses  -1,820  -2,194  -1,655  -1,988  -1,964 
Other operating income and expenses  -564  -666  -594  -16  -567 
Income/loss from investments in joint ventures and associated companies  -122  -889  -530  -605  -142 
Income/loss from other investments  22  6  -1  13  – 
Operating income  13,258  14,039  14,074  20,339  18,159 
Interest income and similar credits  638  656  601  546  885 
Interest expenses and similar charges  -409  -484  -375  -370  -364 
Other financial income and expenses  -632  449  -727  19  -238 
Income after financial items  12,855  14,660  13,573  20,534  18,442 
Income taxes  -2,871  -3,843  -3,500  -4,952  -4,339 
Income for the period *  9,984  10,817  10,073  15,583  14,103 
* Attributable to:
Owners of AB Volvo  9,890  10,742  10,017  15,551  14,080 
Non-controlling interest  94  75  56  32  23 
Key ratios, Volvo Group, %
Gross margin  25.4  25.5  27.4  28.5  28.0 
Research and development expenses as % of net sales  5.7  5.9  6.2  5.9  5.6 
Selling expenses as % of net sales  6.8  6.7  6.8  6.3  6.6 
Administrative expenses as % of net sales  1.5  1.6  1.4  1.4  1.5 
Operating margin  10.9  10.1  12.0  14.5  13.8 
Key ratios, Industrial Operations, %
Gross margin  24.7  24.9  26.9  28.0  27.4 
Research and development expenses as % of net sales  6.0  6.2  6.5  6.1  5.8 
Selling expenses as % of net sales  6.4  6.3  6.4  5.9  6.2 
Administrative expenses as % of net sales  1.6  1.7  1.5  1.5  1.6 
Operating margin  10.5  9.8  11.7  14.2  13.5 
EBITDA margin, Industrial Operations
Net sales  116,256  132,519  111,577  134,715  126,163 
Operating income  12,162  12,946  13,029  19,179  17,044 
Amortization product and software development  907  915  944  821  736 
Amortization other intangible assets  91  325  48  290  34 
Depreciation tangible assets  3,444  3,721  3,168  3,274  3,103 
Total depreciation and amortization  4,443  4,962  4,160  4,385  3,873 
Operating income before depreciation and amortization (EBITDA)  16,604  17,907  17,189  23,563  20,917 
EBITDA margin, %  14.3  13.5  15.4  17.5  16.6 
Net capitalization of research and development
Capitalization  1,488  1,673  839  648  1,101 
Amortization  -891  -900  -924  -786  -701 
Net capitalization and amortization  598  774  -85  -138  400 
Return on operating capital, Industrial Operations, %¹  60.4  70.3  75.9  83.9  75.2 
Return on capital employed, Industrial Operations, %¹  31.8  35.8  38.3  41.3  37.7 
1 12 months rolling.
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 23 QUARTERLY FIGURES

===== SIDA 24 =====

Net sales
SEK M 1/2025 4/2024 3/2024 2/2024 1/2024
Trucks  82,248  95,478  80,054  95,132  89,946 
Construction Equipment  21,117  22,197  18,809  24,423  22,877 
Buses  5,436  6,625  6,195  6,551  5,173 
Volvo Penta  5,004  4,761  4,707  5,216  5,168 
Group Functions & Other  3,664  4,685  2,925  4,657  4,281 
Eliminations  -1,213  -1,228  -1,112  -1,263  -1,280 
Industrial Operations  116,256  132,519  111,577  134,715  126,163 
Financial Services  6,779  6,936  6,712  6,801  6,532 
Eliminations  -1,243  -1,043  -1,311  -1,268  -1,519 
Volvo Group net sales  121,792  138,413  116,978  140,249  131,177 
Operating income
SEK M 1/2025 4/2024 3/2024 2/2024 1/2024
Trucks  8,464  10,138  9,363  13,391  13,073 
Construction Equipment  2,542  2,609  2,558  3,888  3,683 
Buses  360  689  731  754  259 
Volvo Penta  915  583  831  1,016  988 
Group Functions & Other  -114  -1,091  -468  117  -947 
Eliminations  -5  18  14  13  -13 
Industrial Operations  12,162  12,946  13,029  19,179  17,044 
Financial Services  1,019  1,012  992  1,028  1,009 
Eliminations  77  81  52  132  106 
Volvo Group operating income  13,258  14,039  14,074  20,339  18,159 
Adjusted operating income ¹
SEK M 1/2025 4/2024 3/2024 2/2024 1/2024
Trucks  8,464  10,138  9,363  13,251  13,073 
Construction Equipment  2,542  2,609  2,558  3,888  3,683 
Buses  360  689  731  554  259 
Volvo Penta  915  583  831  1,016  988 
Group Functions & Other  -114  -1,091  -468  -436  -947 
Eliminations  -5  18  14  13  -13 
Industrial Operations  12,162  12,946  13,029  18,286  17,044 
Financial Services  1,019  1,012  992  1,028  1,009 
Eliminations  77  81  52  132  106 
Volvo Group adjusted operating income  13,258  14,039  14,074  19,446  18,159 
1 For more information on adjusted operating income, please see note 6.
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 24 QUARTERLY FIGURES

===== SIDA 25 =====

Operating margin
% 1/2025 4/2024 3/2024 2/2024 1/2024
Trucks  10.3  10.6  11.7  14.1  14.5 
Construction Equipment  12.0  11.8  13.6  15.9  16.1 
Buses  6.6  10.4  11.8  11.5  5.0 
Volvo Penta  18.3  12.2  17.7  19.5  19.1 
Industrial Operations  10.5  9.8  11.7  14.2  13.5 
Volvo Group  10.9  10.1  12.0  14.5  13.8 
Adjusted operating margin
% 1/2025 4/2024 3/2024 2/2024 1/2024
Trucks  10.3  10.6  11.7  13.9  14.5 
Construction Equipment  12.0  11.8  13.6  15.9  16.1 
Buses  6.6  10.4  11.8  8.5  5.0 
Volvo Penta  18.3  12.2  17.7  19.5  19.1 
Industrial Operations  10.5  9.8  11.7  13.6  13.5 
Volvo Group adjusted operating margin  10.9  10.1  12.0  13.9  13.8 
Share data
1/2025 4/2024 3/2024 2/2024 1/2024
Earnings per share, SEK ¹  4.86  5.28  4.93  7.65  6.92 
Earnings per share, SEK ¹, 12 months rolling  22.72  24.78  25.43  27.43  25.07 
Diluted earnings per share, SEK  4.86  5.28  4.93  7.65  6.92 
Number of outstanding shares in millions  2,033  2,033  2,033  2,033  2,033 
Average number of shares before dilution in millions  2,033  2,033  2,033  2,033  2,033 
Average number of shares after dilution in millions  2,033  2,033  2,033  2,033  2,033 
Number of own shares in millions  –  –  –  –  – 
Average number of own shares in millions  –  –  –  –  – 
1  Earnings per share are calculated as Income for the period (excl. Non-controlling interest) divided by the weighted average number of shares outstanding 
during the period.
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 25 QUARTERLY FIGURES

===== SIDA 26 =====

NOTE 1 | ACCOUNTING POLICIES
The Volvo Group applies International Financial Reporting 
Standards (IFRS) as endorsed by the EU. The accounting policies 
and definitions are consistently applied with those described in 
the Volvo Group Annual Report 2024 (available at 
www.volvogroup.com). There are no new accounting policies 
applicable from 2025 that materially affects the Volvo Group.
This interim report has been prepared in accordance with IAS 
34 Interim Financial Reporting and the Swedish Annual Accounts 
Act. The Parent Company applies the Swedish Annual Accounts 
Act and RFR 2 Reporting for legal entities.
NOTE 2 | RISKS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
Each of the Volvo Groupʼs Business Areas and Truck Divisions 
monitors and manages risks in its operations. In addition, the 
Volvo Group utilizes a centralized Enterprise Risk Management 
(ERM) reporting process, which is a systematic and structured 
framework for reporting and reviewing risk assessments and 
mitigations as well as for follow-up on identified risks. 
The ERM process classifies Volvo Group risks into four 
categories:
Macro and market related risks – such as cyclical nature of the 
commercial vehicles industry, intense competition as well as 
political and social uncertainty;
Operational risks – such as transformation and technology risk, 
new business models, risks related to industrial operations 
including supply chain, reliance on suppliers and materials, cost 
inflation and price increases, information security and digital 
infrastructure, strategic transactions such as mergers and 
acquisitions, partnerships and divestments, residual value 
commitments as well as people and culture; 
Compliance risks – such as product and operational related 
regulations, digital and data related regulations, protection and 
maintenance of intangible assets, legal proceedings, corruption 
and competition law and human rights; and
Financial risks – such as insurance coverage, credit risk, pension 
commitments, interest-rates and currency fluctuations, liquidity 
risk, as well as impairment on goodwill and other intangible assets.
For a more elaborate description of these risks, please refer to 
the Risk Management section on pages 60-66 in the Volvo Group 
Annual Report 2024.
Risk updates
Short-term risks, when applicable, are also described in the 
respective segment section of this report.
Tariffs and trade policy shifts
Recent tariffs and other trade restrictions imposed or considered 
to be imposed by the US and other countries have significantly 
increased uncertainty about trade conditions in markets where the 
Group is present, as well as in relation to global and regional 
supply chains. The situation is fast-changing and complex to 
assess, and no predictions can be made on future developments, 
potential impacts on the Group or whether trade restrictions may 
impact the Group more severely than main competitors. However, 
the introduction of tariffs, retaliatory tariffs or other trade 
restrictions on our vehicles, parts, and other products and 
materials could disrupt existing supply chains, impose additional 
costs on our business or that of our suppliers, create sudden 
disadvantages for Group operations compared to competitors 
having different supply chains, and could generally make our 
products more expensive for customers and/or less competitive.
Recent developments in global trade policies have also 
increased the risk of a broader economic slowdown. Such 
developments could negatively impact global demand and lead to 
increased costs for e.g. raw materials, components, transport and 
energy. A prolonged period of trade uncertainty may also 
negatively affect investment levels and customer purchasing 
behavior, particularly in Group key markets. The Group will 
endeavor to adapt to changes in market conditions as they may 
evolve, but the introduction of trade restrictions and changes in 
trade policies could, individually or in combination, have a material 
adverse effect on the Groupʼs business and financial performance.
Update on supply situation and inflationary pressure
Our ability to deliver according to market demand depends 
significantly on obtaining a timely and adequate supply of 
materials, components and other vital services, as well as on our 
ability to properly utilize the capacity in the Groupʼs different 
production and services facilities. At present, our supply chain and 
industrial system are strained in many areas due to e.g. shortages 
of labor, materials and components, and transport services. 
Further strains on the supply chain may also evolve from other 
events, including financial distress of suppliers, introduction of 
new or amended export controls, tariffs or other restrictions on 
international trade and other geopolitical events. There might be 
supply chain disturbances and stoppages in production going 
forward. Such disturbances could lead to higher costs and 
interruptions in production and delivery of Group products and 
services, that could have a material negative impact on the 
Groupʼs financial performance.
The Group might experience higher input costs from increased 
prices on e.g. purchased material, freight and energy as well as 
higher labor costs. If the Group is unable to compensate for the 
higher input costs through increased prices on products and 
services sold, this could have a negative impact on the Groupʼs 
financial performance.
Accounts receivable
Due to the prevailing business model in the construction 
equipment industry in China, with long payment terms to 
customers, a substantial part of the Volvo Groupʼs accounts 
receivable is related to customers in this market. The weakened 
Chinese construction equipment market is currently impacting 
customersʼ and dealersʼ profitability negatively. This might affect 
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 26 NOTES

===== SIDA 27 =====

their ability to honor their obligations to the Group and may 
consequently have a material adverse effect on the Groupʼs 
financial result and position.
Detected premature degradation of emissions control 
component
As previously communicated, the Volvo Group has detected that 
an emissions control component used in certain markets and 
models, may degrade more quickly than expected, affecting the 
vehicles emission performance negatively. The Volvo Group made 
a provision of SEK 7 billion impacting the operating income in 
Q4 2018, relating to the estimated costs to address the issue. 
Negative cash flow effects started in 2019 and will continue in 
the coming years. As of year-end 2024, approximately half of the 
initial provision had been utilized. The Volvo Group will 
continuously assess the size of the provision as the matter 
develops.
Contingent liabilities
The reported amounts for contingent liabilities reflect a part of 
Volvo Groupʼs risk exposure. Total contingent liabilities as of March 
31, 2025, amounted to SEK 15.8 billion, a decrease of SEK 1.2 
billion compared with December 31, 2024. The gross exposure of 
SEK 15.8 billion is partly reduced by counter guarantees and 
collaterals.
Legal proceedings
Starting in January 2011, the Volvo Group, together with a 
number of other truck manufacturers, was investigated by the 
European Commission in relation to a possible violation of EU 
antitrust rules. In July 2016 the European Commission adopted a 
settlement decision against the Volvo Group and other truck 
manufacturers finding that they were involved in an antitrust 
infringement which, in the case of the Volvo Group, covered a 14-
year period from 1997 to 2011. The Volvo Group paid a monetary 
fine of EUR 670 million.
Following the adoption of the European Commissionʼs 
settlement decision, the Volvo Group has received and is 
defending itself against a significant number of private damages 
claims brought by customers and other third parties alleging that 
they suffered loss, directly or indirectly, by reason of the conduct 
covered in the decision. The claims relate primarily to Volvo Group 
trucks sold during the 14-year period of the infringement and, in 
some cases, to trucks sold in certain periods after the infringement 
ended. Some claims have also been made against the Volvo 
Group that relate to trucks sold by other manufacturers. The truck 
manufacturers subject to the 2016 settlement decision are, in 
most countries, jointly and severally liable for any losses arising 
from the infringement.
In the region of 3,000 claims are being brought in over 20 
countries (including EU Member States, the United Kingdom, 
Norway and Israel) by large numbers of claimants either acting 
individually or as part of a wider group or class of claimants. 
Further claims may be commenced. The litigation in many 
countries can be expected to run for several years.
Several hundred thousand trucks sold by the Volvo Group are 
currently subject to claims against it or other truck manufacturers, 
with claimants alleging that the infringement resulted in an 
increase in the prices paid for Volvo Group trucks which directly or 
indirectly caused them loss.
The Volvo Group maintains its firm view that no damage was 
caused to its customers or any third party by the conduct set out 
in the settlement decision, and in fact, the European Commission 
did not assess any potential effects of the infringement on the 
market. The Volvo Group considers that transaction prices our 
customers paid for their trucks were unaffected by the 
infringement and were the outcome of individual negotiations 
across all elements of their purchasing requirements, including not 
only the prices for new trucks but also (where relevant) associated 
products and services sold together with new trucks such as 
service contracts, financing, buy-back guarantees etc.
Litigation developments so far have been mixed with some 
adverse outcomes, although uncertainty regarding ultimate 
exposure to the litigation remains high and it is inherent in 
complex litigation that outlooks and risks fluctuate over time.  
At this stage it is not possible to make a reliable estimate of the 
total liability that could arise from such proceedings given the 
complexity of the claims and the different (and in some cases 
relatively early) stages to which national proceedings have 
progressed. However, the litigation is substantial in scale and any 
adverse outcome or outcomes of some or all of the litigation, 
depending on the nature and extent of such outcomes, may have a 
material negative impact on the Volvo Groupʼs financial results, 
cash flows and financial position. In light of progress in litigations 
and current risks, the Volvo Group has in Q2 2023 recognized a 
cost of SEK 6 billion (in addition to previously recognized costs of 
SEK 630 M and besides legal fees to advisors), relating to aspects 
of the litigation that are currently possible to estimate and where 
an outflow of resources is probable. This is Volvo Group's current 
assessment, which may change as the litigation progresses.
NOTE 3 | ACQUISITIONS AND DIVESTMENTS
Acquisitions and divestments
The Volvo Group has not completed any acquisitions or 
divestments of operations during the first quarter that have had a 
material impact on the financial statements.
Assets and liabilities held for sale
Assets and liabilities held for sale amounted to net SEK 358 M 
(368) as of March 31, 2025, which mainly relates to planned 
property divestments.
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 27 NOTES

===== SIDA 28 =====

NOTE 4 | CURRENCY AND FINANCIAL INSTRUMENTS
Fair value of financial instruments
Valuation principles and classifications of Volvo Group financial 
instruments, as described in Volvo Group Annual Report 2024 
Note 30, have been consistently applied throughout the reporting 
period. Financial instruments in the Volvo Group reported at fair 
value through profit and loss consist mainly of interest and 
currency derivatives. Derivatives with positive fair values 
amounted to SEK 7.4 billion (6.3) and derivatives with negative 
fair values amounted to SEK 2.6 billion (5.9) as of March 31, 
2025. The derivatives are accounted for on gross basis. 
Financial liabilities valued at amortized cost, reported as non-
current and current bond loans and other loans, amounted to SEK 
253.0 billion (258.9) in reported carrying value with a fair value of 
SEK 253.1 billion (258.7). In the Volvo Group consolidated 
financial position, financial liabilities include loan-related deriva-
tives with negative fair values amounting to SEK 1.3 billion (4.8).
Currency effect on operating income, Volvo Group
Compared to first quarter 2024
SEK M
First quarter 
2025
First quarter 
2024 Change
Net flow in foreign currency  -89 
Realized and unrealized gains and losses on derivatives  2  2  – 
Unrealized gains and losses on receivables and liabilities in foreign currency  27  -81  108 
Translation effect on operating income in foreign subsidiaries  -226 
Total currency effect on operating income, Volvo Group  -207 
Applicable currency rates
Quarterly exchange rates Close rates
First quarter 
2025
First quarter 
2024
Mar 31 Mar 31
2025 2024
BRL  1.83  2.10  1.74  2.13 
CNY  1.47  1.44  1.38  1.47 
EUR  11.23  11.28  10.83  11.49 
GBP  13.44  13.17  12.96  13.41 
KRW  0.0074  0.0078  0.0068  0.0079 
USD  10.68  10.38  10.00  10.62 
NOTE 5 | TRANSACTIONS WITH RELATED PARTIES
Sales of goods, services 
and other income
Purchases of goods, services 
and other expenses
SEK M 
First quarter 
2025
First quarter 
2024
First quarter 
2025
First quarter 
2024
Associated companies  155  503  65  53 
Joint ventures  937  880  369  311 
Receivables Payables 
Mar 31 Dec 31 Mar 31 Dec 31
SEK M 2025 2024 2025 2024
Associated companies  184  422  56  115 
Joint ventures  640  528  155  213 
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 28 NOTES

===== SIDA 29 =====

NOTE 6 | RECONCILIATION OF ADJUSTED OPERATING INCOME
Adjusted operating income
SEK M 1/2025 4/2024 3/2024 2/2024 1/2024
Trucks 8,464 10,138 9,363 13,251 13,073
Construction Equipment 2,542 2,609 2,558 3,888 3,683
Buses 360 689 731 554 259
Volvo Penta 915 583 831 1,016 988
Group Functions & Other -114 -1,091 -468 -436 -947
Eliminations -5 18 14 13 -13
Industrial Operations 12,162 12,946 13,029 18,286 17,044
Financial Services 1,019 1,012 992 1,028 1,009
Eliminations 77 81 52 132 106
Volvo Group adjusted operating income 13,258 14,039 14,074 19,446 18,159
Adjustments
SEK M 1/2025 4/2024 3/2024 2/2024 1/2024
Adjustment items (segment)
Financial impact related to the divestment of Arquus (Group Functions & Other)  –  –  –  181  – 
Restructuring charges relating to the US bus production for Nova Bus (Group Functions 
& Other)  –  –  –  372  – 
Restructuring charges relating to the European bus operation (Buses)  –  –  –  200  – 
Previously announced provision for premature degradation of an emission control 
component:
Trucks  –  –  –  140  – 
Total adjustments
Trucks  –  –  –  140  – 
Construction Equipment  –  –  –  –  – 
Buses  –  –  –  200  – 
Volvo Penta  –  –  –  –  – 
Group Functions & Other  –  –  –  553  – 
Industrial Operations  –  –  –  893  – 
Financial Services  –  –  –  –  – 
Volvo Group  –  –  –  893  – 
Operating income
SEK M 1/2025 4/2024 3/2024 2/2024 1/2024
Trucks  8,464  10,138  9,363  13,391  13,073 
Construction Equipment  2,542  2,609  2,558  3,888  3,683 
Buses  360  689  731  754  259 
Volvo Penta  915  583  831  1,016  988 
Group Functions & Other  -114  -1,091  -468  117  -947 
Eliminations  -5  18  14  13  -13 
Industrial Operations  12,162  12,946  13,029  19,179  17,044 
Financial Services  1,019  1,012  992  1,028  1,009 
Eliminations  77  81  52  132  106 
Volvo Group operating income  13,258  14,039  14,074  20,339  18,159 
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 29 NOTES

===== SIDA 30 =====

Income from investments in Group companies for the first quarter 
includes dividend amounting to SEK 39 M (-). In appropriations, 
reversal of tax allocation reserve has been made by SEK 4,000 M.
Net financial asset amounted to SEK 3,404 M by March 31, 
2025, compared with net debt SEK 34,317 M at year end 2024.
INCOME STATEMENT
First quarter 
SEK M 2025 2024
Net sales¹  284  233 
Cost of sales¹  -284  -233 
Gross income  –  – 
Administrative expenses¹  -281  -313 
Other operating income and expenses  -8  -1 
Operating income (loss)  -288  -314 
Income from investments in Group companies  39  – 
Income from investments in joint ventures and associated companies  –  – 
Income from other investments  –  – 
Interest income and similar credits²  19  24 
Interest expenses and similar charges²  -156  -391 
Income after financial items  -387  -681 
Appropriations  4,000  – 
Income taxes  -788  129 
Income for the period  2,825  -552 
1  Of net sales in the first quarter SEK 284 M (233) pertained to Group companies, while purchases from Group companies amounted to SEK 133 M (137).
2  Other financial income and expenses have been reclassified to either Interest income and similar credits or to Interest expenses and similar charges.
OTHER COMPREHENSIVE INCOME
SEK M 2025 2024
Income for the period  2,825  -552 
Other comprehensive income, net of income taxes  –  – 
Total comprehensive income for the period  2,825  -552 
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 30 PARENT COMPANY

===== SIDA 31 =====

BALANCE SHEET
SEK M
Mar 31 
2025
Dec 31 
2024
Assets
Non-current assets
Tangible assets  21  6 
Financial assets
   Shares and participations in Group companies  72,925  72,925 
   Investments in joint ventures and associated companies  8,971  8,971 
   Other shares and participations  2  2 
   Other non-current receivables  590  615 
   Deferred tax assets  196  196 
Total non-current assets  82,705  82,715 
Current assets
Current receivables
Tax assets  259  478 
Receivables Group companies  3,830  49,627 
Other receivables  351  254 
Total current assets  4,440  50,359 
Total assets  87,144  133,074 
Equity and liabilities
Equity
Restricted equity
Share capital  2,562  2,562 
Statutory reserve  7,337  7,337 
Unrestricted equity
Non-restricted reserves  390  390 
Retained earnings  72,020  38,855 
Income for the period  2,825  33,164 
Total equity  85,134  82,309 
Untaxed reserves  –  4,000 
Provisions
Provision for post-employment benefits  203  204 
Other provisions  –  – 
Total provisions  203  204 
Non-current liabilities
Liabilities to Group companies  590  615 
Other liabilities  46  108 
Total non-current liabilities  636  723 
Current liabilities
Trade payables  249  320 
Other liabilities to Group companies  249  44,757 
Tax liabilities  –  – 
Other liabilities  673  760 
Total current liabilities  1,171  45,838 
Total equity and liabilities  87,144  133,074 
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 31 PARENT COMPANY

===== SIDA 32 =====

Net order intake of trucks
First quarter Change
Number of trucks 2025 2024 %
Net order intake 
Europe  31,362  25,077  25 
Heavy- and medium-duty  26,964  19,976  35 
Light-duty  4,398  5,101  -14 
North America  10,217  9,620  6 
South America  5,948  7,898  -25 
Asia  5,556  4,115  35 
Africa and Oceania  2,144  1,991  8 
Total order intake  55,227  48,701  13 
Heavy-duty (>16 tons)  47,808  40,211  19 
Medium-duty (7-16 tons)  3,020  3,269  -8 
Light-duty (<7 tons)  4,399  5,221  -16 
Total order intake  55,227  48,701  13 
Net order intake of trucks by brand
Volvo
Europe  18,517  12,065  53 
North America  4,621  6,909  -33 
South America  5,626  7,712  -27 
Asia  3,702  3,074  20 
Africa and Oceania  1,193  1,307  -9 
Total Volvo  33,659  31,067  8 
Heavy-duty (>16 tons)  32,837  30,194  9 
Medium-duty (7-16 tons)  822  873  -6 
Total Volvo  33,659  31,067  8 
Renault Trucks
Europe  12,845  13,012  -1 
Heavy- and medium-duty  8,447  7,911  7 
Light-duty  4,398  5,101  -14 
North America  15  26  -42 
South America  245  108  127 
Asia  1,854  1,041  78 
Africa and Oceania  551  636  -13 
Total Renault Trucks  15,510  14,823  5 
Heavy-duty (>16 tons)  9,558  7,769  23 
Medium-duty (7-16 tons)  1,553  1,833  -15 
Light-duty (<7 tons)  4,399  5,221  -16 
Total Renault Trucks  15,510  14,823  5 
Mack
North America  5,581  2,685  108 
South America  77  78  -1 
Africa and Oceania  196  2  9,700 
Total Mack  5,854  2,765  112 
Heavy-duty (>16 tons)  5,208  2,214  135 
Medium-duty (7-16 tons)  646  551  17 
Total Mack  5,854  2,765  112 
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 32 NET ORDER INTAKE

===== SIDA 33 =====

Deliveries of trucks
First quarter Change
Number of trucks 2025 2024 %
Deliveries
Europe  24,047  29,289  -18 
Heavy- and medium-duty  19,748  22,559  -12 
Light-duty  4,299  6,730  -36 
North America  14,315  15,056  -5 
South America  5,397  5,154  5 
Asia  3,315  3,717  -11 
Africa and Oceania  1,759  2,254  -22 
Total deliveries  48,833  55,470  -12 
Heavy-duty (>16 tons)  41,366  44,431  -7 
Medium-duty (7-16 tons)  3,167  4,270  -26 
Light-duty (<7 tons)  4,300  6,769  -36 
Total deliveries  48,833  55,470  -12 
Deliveries of trucks by brand
Volvo
Europe  12,502  14,554  -14 
North America  6,510  7,881  -17 
South America  5,206  5,012  4 
Asia  2,578  3,045  -15 
Africa and Oceania  1,148  1,462  -21 
Total Volvo  27,944  31,954  -13 
Heavy-duty (>16 tons)  27,364  30,987  -12 
Medium-duty (7-16 tons)  580  967  -40 
Total Volvo  27,944  31,954  -13 
Renault Trucks
Europe  11,545  14,735  -22 
Heavy- and medium-duty  7,246  8,005  -9 
Light-duty  4,299  6,730  -36 
North America  121  22  450 
South America  151  87  74 
Asia  737  672  10 
Africa and Oceania  394  320  23 
Total Renault Trucks  12,948  15,836  -18 
Heavy-duty (>16 tons)  7,275  7,449  -2 
Medium-duty (7-16 tons)  1,373  1,618  -15 
Light-duty (<7 tons)  4,300  6,769  -36 
Total Renault Trucks  12,948  15,836  -18 
Mack
North America  7,684  7,153  7 
South America  40  55  -27 
Africa and Oceania  150  259  -42 
Total Mack  7,874  7,467  5 
Heavy-duty (>16 tons)  6,662  5,806  15 
Medium-duty (7-16 tons)  1,212  1,661  -27 
Total Mack  7,874  7,467  5 
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 33 DELIVERIES

===== SIDA 34 =====

Events after the balance sheet date
For important events, please see page 4. No other significant events have occurred after the end of the first quarter 2025 that are 
expected to have a material effect on the Volvo Group's financial statements.
Gothenburg, April 23, 2025
AB Volvo (publ)
Martin Lundstedt
President and CEO
This report has not been reviewed by AB Volvoʼs auditors.
Financial calendar
Report on the second quarter 2025 July 17, 2025
Report on the third quarter 2025 October 17, 2025
Contacts
Media relations:
Claes Eliasson +46 739 02 39 35
Investor Relations:
Johan Bartler +46 739 02 21 93
Anders Christensson +46 765 53 59 66
This is information that AB Volvo (publ) is obliged to make public 
pursuant to the EU Market Abuse Regulation and the Securities 
Market Act. The information was submitted for publication, 
through the agency of the contact person set out in the press 
release concerning this report, at 07.20 CET on April 23, 2025.
   This report contains forward-looking statements that reflect the 
Board of Directors' and management's current views with respect 
to certain future events and potential financial performance. 
Forward-looking statements are subject to risks and uncertainties. 
Results could differ materially from forward-looking statements as 
a result of, among other factors, (i) changes in economic, market 
and competitive conditions, (ii) success of business initiatives, (iii) 
changes in the regulatory environment and other government          
actions, (iv) fluctuations in exchange rates and (v) business risk 
management.
   This report is based solely on the circumstances at the date of 
publication and except to the extent required under applicable law, 
AB Volvo is under no obligation to update the information, 
opinions or forward-looking statements in this report.
Q1
VOLVO GROUP
THE FIRST QUARTER 2025
 34 SIGNATURES AND CONTACTS
Aktiebolaget Volvo (publ)
556012–5790
Investor Relations, VGHQ
SE-405 08 Göteborg, Sweden
Tel +46 31 66 00 00
www.volvogroup.com