Kvartalsrapport Q1 2026

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

===== 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 6 
Net sales SEK 110.8 billion (121.8)
— — — — — — — — — — — — — — — — — — — — — 
Adjusted operating income SEK 12.2 billion (13.3)
— — — — — — — — — — — — — — — — — — — — — — — — — — — — — —

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

• In Q1 2026, net sales decreased by 9% and amounted 
to SEK 110.8 billion (121.8). The organic sales growth1 
was 2%. 
• Adjusted operating income2 amounted to SEK 12,167 
M (13,258), corresponding to an adjusted operating 
margin of 11.0% (10.9). In Q1 2026, negative effects 
of SEK 1,490 M were excluded from adjusted operating 
income. There were no adjustments in Q1 2025. 
• Reported operating income amounted to SEK 10,678 
M (13,258), corresponding to an operating margin of 
9.6% (10.9).
• Compared with Q1 2025, currency movements had a 
negative impact on operating income amounting to SEK 
1,112 M.
• Earnings per share amounted to SEK 4.09 (4.86).
• Operating cash flow in the Industrial Operations 
amounted to SEK 432 M (1,309).
• Return on capital employed in the Industrial Operations 
amounted to 24.5% (31.8).
          
121.8 110.8
Q1 
2025
Q2 Q3 Q4 Q1 
2026
13.3 12.2
10.9% 11.0%
Q1 
2025
Q2 Q3 Q4 Q1 
2026
31.8%
24.5%
Q1 
2025
Q2 Q3 Q4 Q1 
2026
First quarter 
SEK M unless otherwise stated 2026 2025
Net sales  110,765  121,792 
Adjusted operating income²  12,167  13,258 
Adjusted operating margin, %  11.0  10.9 
Operating income  10,678  13,258 
Operating margin, %  9.6  10.9 
Income after financial items  10,762  12,855 
Income for the period  8,317  9,984 
Earnings per share, SEK  4.09  4.86 
Operating cash flow in Industrial Operations  432  1,309 
Net financial position in Industrial Operations³, SEK bn  56.8  77.9 
Return on capital employed in Industrial Operations⁴, %  24.5  31.8 
Return on equity in Financial Services⁴, %  9.8  12.7 
Net order intake, number of trucks  62,755  55,227 
Deliveries, number of trucks  47,504  48,833 
Net order intake, number of construction equipment  8,607  17,176 
Of which SDLG⁵  –  8,698 
Deliveries, number of construction equipment  7,825  15,508 
Of which SDLG⁵  –  8,698 
1 Organic sales growth is adjusted for exchange rate changes, the acquisition of Swecon and the divestment of SDLG. For information, please see Key ratios.
2 For information on adjusted operating income, please see Note 6.
3 Excluding post-employment benefits and lease liabilities.
4 12 months rolling.
5 Unless otherwise stated, SDLG is included up until August 2025 throughout the report.
On the cover: The new Volvo FH Aero Electric with extended range, capable of driving up to 700 km on one charge.
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 2 IN BRIEF
Net sales, SEK bn Adjusted operating income, SEK bn 2
Adjusted operating margin, %
Return on capital employed
Industrial Operations, % 4

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

In Q1 2026, the Volvo Group demonstrated continued resilience 
and operational strength, achieving solid profitability with an 
adjusted operating margin of 11.0% even as market volumes 
were lower compared to last year. Performance was good across 
all our business areas. Despite the ongoing geopolitical uncertain-
ties, customer confidence in our products and services remained 
strong, reflected in good order intake and low cancellations 
throughout the quarter.
The Group had net sales of SEK 110.8 billion (121.8), with increased 
sales in Europe and Africa and Oceania, but with lower sales in the 
Americas and Asia. Our organic sales growth was 2%, with vehicle 
sales being at the same level as last year, but with very strong service 
sales that increased by 6%. Despite lower volumes, we maintained 
our earnings resilience with an adjusted operating margin of 11.0% 
(10.9) supported by good development in the service business and 
cost control. Return on capital employed in Industrial Operations 
decreased to 24.5% (31.8). The operating cash flow of SEK 0.4 
billion in Industrial Operations was affected by normal seasonal 
buildup of working capital and was slightly lower than in 2025. We 
ended the quarter with a net cash position of SEK 56.8 billion.
In Q1, order intake for trucks increased by 14% to 62,755 vehicles. 
Demand in Europe continued to grow gradually, while order intake 
increased significantly in both North and South America. We have 
made some upward adjustments to our truck market forecast for 
Europe and Brazil, while we keep the North American forecast 
unchanged. Total truck deliveries decreased by 3% to 47,504 
vehicles. A strong delivery pace in Europe was offset by a number of 
stop weeks in our North American production system as well as lower 
deliveries in South America and Asia. Given the recent increase in 
orders in North America, production there will be in better balance 
from May. Net sales in our truck business amounted to SEK 75.4 
billion (82.2), with vehicle sales decreasing by 3% organically, but 
with the service business growing by 7% supported by continued 
good utilization of the truck fleets in most markets. The adjusted 
operating margin was stable at 10.1% (10.3).
With the new lineup of on-highway trucks in North America now 
complete and in production, we continued the comprehensive 
product renewal with the launch of an all-new version of the iconic 
vocational truck Mack Granite and the new Mack Keystone. In 
Europe, Volvo Trucks launched new Volvo FH, FM and FMX Electric 
models with improved performance, flexibility and ranges of up to 
470 km. We also announced a new long-distance electric truck, the 
Volvo FH Aero Electric with extended range, capable of driving up to 
700 km on one charge. The new trucks will be rolled out step by step 
to markets starting in 2026. We are also pushing ahead with 
hydrogen solutions and have begun on-road testing of heavy-duty 
trucks powered by hydrogen combustion engines, with commercial 
launch expected towards the end of this decade.
The global construction equipment market continued to grow in Q1. 
Deliveries of Volvo branded machines were up by 12%, with higher 
volumes in Europe, Asia, and Africa and Oceania, which were partially 
offset by somewhat weaker volumes in North and South America. 
Volvo Construction Equipment had net sales of SEK 18.3 billion, with 
an organic sales growth of 14% supported by a good underlying 
development for both Volvo machines and service sales. The adjusted 
operating margin improved to 13.6% (12.0). Order intake for the 
Volvo brand was on the same level as in Q1 2025.
In Q1, we completed the acquisition of Volvo CE's dealer Swecon, 
with operations in Sweden, Germany and the Baltics. This is a 
strategic move that strengthens our retail operations and service sales 
in key markets and thus makes retail core for Volvo CE in Europe. We 
also announced that we will close the loss-making Rokbak business 
and concentrate resources on our other hauling solutions. 
Volvo Buses continued the strong performance of recent quarters, 
despite lower demand in certain key markets. Net sales amounted to 
SEK 5.6 billion, with an organic sales growth of 11%. The adjusted 
operating margin improved to 8.8% (6.6).
V o l v o  P e n t a  h a d  a  g o o d  p e r f o r m a n c e   i n  b o t h  t h e  i n d u s t r i a l  a n d  m a r i n e  
segments, with an organic sales growth of 13%. Volvo Penta has 
expanded its power generation offering for mission-critical 
applications such as data centers. Both engine volumes and service 
sales were strong. Volvo Penta reported net sales of SEK 5.3 (5.0) 
billion and improved the adjusted operating margin to 19.8% (18.3).
For Volvo Financial Services, the portfolio performance continued to 
be good although delinquencies and write-offs continued to be higher 
than last year. The adjusted operating income amounted to SEK 0.9 
billion (1.0).
While the recent geopolitical turmoil, and the Middle East conflict, 
have not caused any major disruptions in our supply chain, we are 
keeping a watchful eye on whether they will begin to affect demand 
and the global economy more broadly. With our flexible business 
model, strong market positions and disciplined cost control, we are 
well positioned to navigate potential swings in demand. We focus on 
what we can impact and stay close to our customers and business 
partners to continue to drive resilience and growth based on a 
continued sound capital allocation. 
Martin Lundstedt
President and CEO
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 3 CEO'S COMMENTS
“We focus on what we can impact and 
stay close to our customers and 
business partners to continue to drive 
resilience and growth.”
A good start to the year 
amid geopolitical turmoil

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

Volvo CEʼs acquisition of Swecon completed
On February 1, it was announced that Volvo Construction 
Equipment (Volvo CE) had completed the previously announced 
acquisition of Swecon, following approval from the European 
Commission. Volvo CE acquired Sweconʼs business operations in 
Sweden, Germany and the Baltics including Entrack, at an 
enterprise value of SEK 7 billion.
Volvo Group, Renault Group and CMA-CGM in agreement on 
strategic change for Flexis
On February 23, Volvo Group, Renault Group and CMA-CGM 
announced that they had made an agreement to make a strategic 
change to the business model of Flexis. Renault will buy Volvoʼs 
45% and CMA-CGMʼs 10% ownership in Flexis S.A.S. Volvo 
Group, through Renault Trucks, will remain a partner and investor 
in the project and will distribute Flexis developed products from 
2027. The agreement is subject to regulatory approval. The 
transaction has no material impact on the Volvo Group's earnings.
Volvo Construction Equipment announced closure of Rokbak 
business
On March 17, it was announced that Volvo Construction 
Equipment, as part of a long-term strategic shift and due to the 
unsustainable profitability of the Rokbak business will close this 
business and concentrate resources on its portfolio of other 
hauling solutions. The business had revenues of SEK 1.0 billion in 
2025 and was loss-making. The closure of the business 
negatively impacted operating income in the Construction 
Equipment segment by SEK 678 M in Q1 2026.
Toyota Motor Corporation aims to join Volvo Group and 
Daimler Truck as equal shareholder in the fuel cell joint 
venture cellcentric
On March 31, Volvo Group, Daimler Truck, cellcentric and Toyota 
Motor Corporation announced that they had signed a non-binding 
agreement to cooperate in the fuel cell system joint venture 
cellcentric. The three companies intend to collaborate based on an 
equal shareholding, with Toyota as the third joint venture partner 
to cellcentric. The combination of the partiesʼ complementary 
experience and know-how will support and accelerate their joint 
objective to develop, produce and commercialize fuel cell systems 
for heavy-duty vehicles and other heavy-duty applications with 
comparable requirements. Additionally, Toyota and cellcentric 
intend to jointly manage the development and production of fuel 
cell unit cells, the core component of fuel cell systems, and 
directly linked architecture and control elements with the aim of 
creating competitive products based on the technologies of both 
companies.
Annual General Meeting of AB Volvo
AB Volvo's Annual General Meeting on April 8, 2026 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 8.50 per share and an extraordinary 
dividend of SEK 4.50 per share should be paid to the share-
holders. April 10, 2026 was decided as the record date for the 
right to receive dividends. The Board members, the deputy Board 
members and the President and CEO were discharged from 
liability for their administration during the 2025 fiscal year. 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 2027. Fredrik Persson (AB 
Industrivärden), Dick Bergqvist (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 Meeting resolved that no fees shall be paid to the 
members of the Election Committee. The Annual General Meeting 
approved the Boardʼs remuneration report. The Annual General 
Meeting resolved to not approve shareholder Kapitalforeningen 
MP Investʼs proposal.
Dividend paid
On April 15, the dividend of SEK 26,435 M was paid out to the 
shareholders.
Changes to the Volvo Group Executive Board and Mack Trucks 
management team
On April 21, it was announced that after nearly 25 years of service 
with the Volvo Group, including three years as President for Mack 
Trucks and head of Group Trucks North America, Stephen Roy had 
decided to retire. He will be succeeded by Wilson Lirmann, who 
has led both Volvo Trucks Latin America and the Groupʼs Latin 
American business for nearly ten years. The transition will take 
effect on August 1.
Events after the balance sheet date
No other significant events have occurred after the end of the first 
quarter 2026 that are expected to have a material effect on the 
Volvo Group's financial statements.
Detailed information is available at www.volvogroup.com
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 4 IMPORTANT EVENTS

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

Net sales
In Q1 2026, the Volvo Groupʼs net sales decreased by 9% to SEK 
110,765 M compared with SEK 121,792 M in the same quarter 
the preceding year. Net sales increased in Europe as well as in 
Africa and Oceania, but decreased in the other regions.
The organic sales growth was 2%, with vehicle sales being at 
the same level as in the prior year and with service sales 
increasing by 6%.
Operating income
In Q1 2026, adjusted operating income amounted to SEK 
12,167 M (13,258), corresponding to an adjusted operating 
margin of 11.0% (10.9). Compared with Q1 2025, adjusted 
operating income was negatively affected by increased net US 
tariff costs, freight costs and under absorption in the US 
manufacturing system, which were partially offset by an improved 
service business, lower R&D expenses and a favorable product 
and market mix.
Compared with Q1 2025, the net tariff impact was SEK 1 
billion negative, with about half impacting Construction 
Equipment.
Compared with Q1 2025, currency movements had a negative 
impact of SEK 1,112 M.
In Q1 2026, costs of SEK 1,490 M were excluded from 
adjusted operating income, of which SEK 678 M related to the 
closing of the Rokbak business and SEK 812 M related to Group-
wide cost savings, mainly driven by headcount reductions of 
approximately 900 employees primarily in Sweden and the US 
during 2026. Of the costs related to Rokbak, SEK 398 M are 
non-cash items. There were no adjustments in Q1 2025. For 
more information on adjusted operating income, please see Note 
6. Reported operating income amounted to SEK 10,678 M 
(13,258).
Financial items
In Q1 2026, interest income was SEK 418 M (638), whereas 
interest expenses amounted to SEK -424 M (-409).
Other financial income and expenses amounted to SEK 91 M 
(-632). The change is primarily due to revaluation effects of 
financial assets and liabilities.
Income taxes
In Q1 2026, income taxes amounted to SEK -2,445 M (-2,871). 
The effective tax rate was 22.7% (22.3).
Income for the period and earnings per share
In Q1 2026, income for the period amounted to SEK 8,317 M 
(9,984). Earnings per share amounted to SEK 4.09 (4.86).
Consolidated Income Statement
 First quarter 
SEK M 2026 2025
Net sales  110,765  121,792 
Cost of sales  -82,041  -90,867 
Gross income  28,724  30,925 
Research and development expenses  -5,861  -6,951 
Selling expenses  -8,269  -8,232 
Administrative expenses  -1,712  -1,820 
Other operating income and expenses  -1,931  -564 
Share of profit/loss on investments in joint ventures and associated companies  -274  -122 
Profit/loss on other investments  1  22 
Operating income  10,678  13,258 
Interest income and similar credits  418  638 
Interest expenses and similar charges  -424  -409 
Other financial income and expenses  91  -632 
Income after financial items  10,762  12,855 
Income taxes  -2,445  -2,871 
Income for the period *  8,317  9,984 
* Attributable to:
Owners of AB Volvo  8,315  9,890 
Non-controlling interest  2  94 
Basic earnings per share, SEK  4.09  4.86 
Diluted earnings per share, SEK  4.09  4.86 
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 5 FINANCIAL SUMMARY

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

Net sales
First quarter 
SEK M 2026 2025 Change %
Net sales per geographical region
Europe  54,397  49,749  9 
North America  29,379  40,457  -27 
South America  9,962  10,743  -7 
Asia  9,556  14,671  -35 
Africa and Oceania  7,472  6,171  21 
Total net sales  110,765  121,792  -9 
Net sales per product group
Vehicles  79,687  89,929  -11 
Services  31,078  31,863  -2 
Total net sales  110,765  121,792  -9 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  97,576  108,877  -10 
Revenue of vehicles and services recognized over contract period  13,189  12,915  2 
Total net sales  110,765  121,792  -9 
  
Operating cash flow in the Industrial Operations
During Q1 2026, operating cash flow in the Industrial Operations 
was positive in an amount of SEK 432 M (1,309). Compared with 
Q1 2025, the decreased operating cash flow is primarily an effect 
of the lower operating income, which was partially offset by a 
lower build-up of working capital.
   
1.3 0.4
Q1 
2025
Q2 Q3 Q4 Q1 
2026
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 6 FINANCIAL SUMMARY
Operating cash flow
Industrial Operations, SEK bn

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

Volvo Group financial position
During Q1 2026, net financial assets in the Industrial Operations, 
excluding provisions for post-employment benefits and lease 
liabilities, decreased by SEK 6.3 billion resulting in a net financial 
asset position of SEK 56.8 billion on March 31, 2026, compared 
with SEK 63.0 billion on December 31, 2025. The change is 
mainly explained by the acquisition of Swecon. Currency 
movements increased net financial assets by SEK 0.6 billion.
Including provisions for post-employment benefits and lease 
liabilities, the Industrial Operations net financial assets amounted 
to SEK 41.9 billion on March 31, 2026, compared with SEK 
48.4 billion on December 31, 2025. Remeasurements of defined 
benefit pension plans had a positive impact of SEK 1.0 billion 
during Q1 2026.
The Volvo Groupʼs cash and cash equivalents amounted to SEK 
72.5 billion on March 31, 2026 (73.4). In addition to this granted, 
but unutilized, credit facilities amounted to SEK 70.7 billion on 
March 31, 2026 (61.2). Cash and cash equivalents include SEK 
1.5 (1.1) billion that are not available for use by the Volvo Group 
and SEK 7.9 (7.5) billion where other limitations exist, mainly 
liquid funds in countries where exchange controls or other legal 
restrictions apply. 
Total assets in the Volvo Group increased by SEK 33.9 billion 
compared with year end 2025, whereof SEK 17.4 billion is 
related to currency movements.
On March 31, 2026, total equity for the Volvo Group amounted 
to SEK 190.8 billion compared with SEK 178.5 billion at year end 
2025, whereof SEK 3.8 billion of the increase is related to 
currency effects. The equity ratio was 28.0% (27.5). On the same 
date the equity ratio in the Industrial Operations amounted to 
38.2% (37.6).
77.9
56.8
Q1 
2025
Q2 Q3 Q4 Q1 
2026
Number of employees
On March 31, 2026, the Volvo Group had 101,202 employees, 
including temporary employees and consultants, compared with 
98,844 employees on December 31, 2025. 
The number of blue-collar employees increased by 2,001 
people while the number of white-collar employees increased by 
357 people. The acquisition of Swecon increased the number of 
white-collar employees by 780 people and the number of blue-
collar employees by 690 people.
Mar 31             
2026
Dec 31             
2025
Sep 30             
2025
Jun 30             
2025
Mar 31             
2025
Blue-collar  48,478  46,477  48,138  50,052  49,645 
Whereof temporary employees and consultants  4,957  3,717  5,149  5,206  4,597 
White-collar  52,724  52,367  52,039  53,149  53,003 
Whereof temporary employees and consultants  6,946  7,129  6,837  6,999  6,897 
Total number of employees  101,202  98,844  100,177  103,201  102,648 
Whereof temporary employees and consultants  11,903  10,846  11,986  12,205  11,494 
Number of employees
Forward-looking guidance
Based on the currency exchange rates on March 31, 2026, the 
currency effect on operating income from net flows in foreign 
currency and the translation of operating income in foreign 
subsidiaries is expected to be close to zero in Q2 2026 when 
compared with Q2 2025.
In Q2 2026, the net tariff effect is expected to be 
approximately SEK 1.2 billion negative, with around half 
impacting Construction Equipment.
The net of capitalization and amortization of research and 
development expenses is expected to have a positive impact on 
operating income of approximately SEK 3 billion for the full year 
2026. The effect for full year 2026 compared with full year 2025 
is expected to be approximately SEK 1 billion negative.
The effective tax rate for the full year 2026 is estimated to be 
approximately 24%.
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 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 2026 2025 % %¹ rolling 2025
Trucks  75,372  82,248  -8  -1  316,587  323,463 
Construction Equipment  18,305  21,117  -13  -5  78,830  81,641 
Buses  5,593  5,436  3  11  25,229  25,072 
Volvo Penta  5,272  5,004  5  13  20,866  20,597 
Group Functions & Other  2,228  3,664  -39  -35  10,045  11,481 
Eliminations  -1,190  -1,213  –  –  -4,723  -4,746 
Industrial Operations  105,581  116,256  -9  -2  446,834  457,509 
Financial Services  6,237  6,779  -8  –  25,927  26,469 
Reclassifications and eliminations  -1,052  -1,243  –  –  -4,604  -4,795 
Volvo Group net sales  110,765  121,792  -9  -1  468,156  479,183 
1 Adjusted for exchange rate changes.
Adjusted operating income ¹
First quarter Change 12 mths. Jan-Dec
SEK M 2026 2025 % rolling 2025
Trucks  7,586  8,464  -10  30,852  31,730 
Construction Equipment  2,491  2,542  -2  10,805  10,856 
Buses  492  360  37  2,404  2,272 
Volvo Penta  1,044  915  14  3,719  3,590 
Group Functions & Other  -438  -114  -284  -1,769  -1,446 
Eliminations  -9  -5  –  37  41 
Industrial Operations  11,167  12,162  -8  46,048  47,043 
Financial Services  938  1,019  -8  3,835  3,916 
Reclassifications and eliminations  62  77  -19  243  258 
Volvo Group adjusted operating income  12,167  13,258  -8  50,127  51,218 
Adjustments ¹  -1,490  –  –  -4,201  -2,712 
Volvo Group operating income  10,678  13,258  -19  45,926  48,506 
1  For more information on adjusted operating income, please see Note 6.
Adjusted operating margin
First quarter 12 mths. Jan-Dec
% 2026 2025 rolling 2025
Trucks  10.1  10.3  9.7  9.8 
Construction Equipment  13.6  12.0  13.7  13.3 
Buses  8.8  6.6  9.5  9.1 
Volvo Penta  19.8  18.3  17.8  17.4 
Industrial Operations  10.6  10.5  10.3  10.3 
Volvo Group adjusted operating margin  11.0  10.9  10.7  10.7 
Volvo Group operating margin  9.6  10.9  9.8  10.1 
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 8 BUSINESS SEGMENT OVERVIEW

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

Market development
In Q1, the European truck market continued to be replacement-
driven on the back of  good freight activity and increasing 
manufacturing PMI's. Through March, European heavy-duty truck 
registrations increased  by 7% compared with the prior year.
The US freight environment remained weak. Recent spot freight 
rate increases appear to be driven by capacity normalization rather 
than freight demand. Construction spending is on the same level 
as in the previous year, which brings some stability to the demand 
for construction trucks. The total North American market through 
March was 23% lower than in the prior year.
As the conflict in the Middle East emerged it increased fuel 
costs and brought some uncertainty among customers. While 
transport operators initially absorbed the higher fuel costs, these 
are increasingly being passed on to end customers.
The Brazilian truck market declined by 21% compared with the 
prior year due to high interest rates, US tariffs and increased 
energy costs. Governmental interest-rate subsidies bring some 
support to demand and have helped reduce dealer inventories. 
Demand in India grew in Q1, continuing the strong momentum 
seen in recent quarters. Growth was supported by a steady freight 
activity, continued investments in infrastructure, and healthy 
replacement demand. 
The Chinese market grew by 15% compared with Q1 2025. 
Demand for diesel trucks declined because of higher fuel prices, 
while relatively inexpensive natural gas and stable electricity prices 
have increased demand for natural gas and battery-electric trucks. 
Orders and deliveries
In Q1, total net order intake increased by 14% year over year and 
reached 62,755 trucks while deliveries decreased by 3% to 
47,504 units. Deliveries of heavy-duty trucks decreased by 5%.
In Europe, order intake increased by 2% to 31,983 units, with 
orders for heavy- and medium-duty trucks decreasing by 4% and 
orders for light-duty trucks increasing by 38%. Total deliveries in 
Europe increased by 17% to 28,041 trucks, with heavy- and 
medium-duty trucks increasing by 14% and light-duty trucks 
increasing by 27%. Volvo's European heavy-duty market share 
through March reached 19.3% (20.1) and Renault Trucks' market 
share reached 9.4% (10.5). Both Volvo and Renault Trucks 
experienced more competition in the battery-electric heavy-duty 
market and the Volvo market share declined to 14.4% (36.5) and 
Renault Trucks to 8.4% (23.6).
Order intake in North America increased by 78% to 18,221 
trucks, while deliveries in North America decreased by 34% to 
9,486 trucks. Through March, Volvo's heavy-duty truck market 
share grew to 8.5% (7.2) and Mack's market share grew to 8.7% 
(6.9) on the back of an improved supply chain and relatively good 
demand in the vocational segments. 
In South America, order intake increased by 10% to 6,567 
trucks while deliveries decreased by 9% to 4,896 vehicles. In 
Brazil, Volvo retained its market-leading position for heavy-duty 
truck with a market share of 23.8% (23.7).
Order intake in Asia decreased by 34% to 3,669 vehicles while 
deliveries declined by 13% to 2,893 vehicles.
Order intake for fully-electric trucks decreased by 15% to 820 
trucks while deliveries increased by 17% to 966 trucks, mainly 
driven by the light-duty segment.
Order intake in the Indian joint venture, VE Commercial 
Vehicles, increased by 35% to 27,320 vehicles while deliveries 
increased by 32% to 27,190 vehicles.
Deliveries from the Chinese joint venture, Dongfeng 
Commercial Vehicles, increased by 5% to 31,840 trucks.
Net sales and operating income
In Q1 2026, net sales decreased by 8% to SEK 75,372 M 
(82,248). The organic sales growth was -1%, with sales of 
vehicles at -3% and sales of services at 7%.
In Q1, adjusted operating income amounted to SEK 7,586 M 
(8,464), corresponding to an adjusted operating margin of 10.1% 
(10.3). 
Total market development
First quarter Change Full year Forecast Change vs.
Registrations, number of trucks 2026 2025 % 2025 2026
previous 
forecast
Europe 29 ¹, heavy-duty  67,731  63,297  7  262,485  –  – 
Europe 30 ¹, heavy-duty  75,756  71,137  6  296,430  310,000 +5,000
North America heavy-duty, retail sales  47,807  62,275  -23  257,968  265,000 Unchanged
Brazil heavy-duty  16,878  21,483  -21  86,654  80,000 +5,000
China medium- and heavy-duty  244,270  213,256  15  903,263  760,000 Unchanged
India medium- and heavy-duty  136,183  105,851  29  378,082  400,000 +20,000
1 EU29 includes Norway and Switzerland but excludes UK. EU30 includes UK.
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 9 TRUCKS
Continued strengthening of 
the North American 
business offering
• In Q1, net order intake increased by 14% 
while deliveries decreased by 3%
• Adjusted operating income of SEK 7,586 M 
(8,464), with a margin of 10.1% (10.3)
• Service sales increased by 7% organically

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

Net order intake
First quarter Change
Number of trucks 2026 2025 %
Europe  31,983  31,362  2 
   Heavy- and medium-duty  25,929  26,964  -4 
   Light-duty  6,054  4,398  38 
North America  18,221  10,217  78 
South America  6,567  5,948  10 
Asia  3,669  5,556  -34 
Africa and Oceania  2,315  2,144  8 
Total order intake  62,755  55,227  14 
Heavy-duty (>16 tons)  53,309  47,808  12 
Medium-duty (7-16 tons)  3,330  3,020  10 
Light-duty (<7 tons)  6,116  4,399  39 
Total order intake  62,755  55,227  14 
Volvo  35,715  33,659  6 
Renault Trucks  15,998  15,510  3 
   Heavy- and medium-duty  9,882  11,111  -11 
   Light-duty  6,116  4,399  39 
Mack  10,903  5,854  86 
Other brands  139  204  -32 
Total order intake  62,755  55,227  14 
Non-consolidated operations
VE Commercial Vehicles (Eicher)  27,320  20,213  35 
Deliveries
First quarter Change
Number of trucks 2026 2025 %
Europe  28,041  24,047  17 
Heavy- and medium-duty  22,573  19,748  14 
Light-duty  5,468  4,299  27 
North America  9,486  14,315  -34 
South America  4,896  5,397  -9 
Asia  2,893  3,315  -13 
Africa and Oceania  2,188  1,759  24 
Total deliveries  47,504  48,833  -3 
Heavy-duty (>16 tons)  39,101  41,366  -5 
Medium-duty (7-16 tons)  2,902  3,167  -8 
Light-duty (<7 tons)  5,501  4,300  28 
Total deliveries  47,504  48,833  -3 
Volvo  26,719  27,944  -4 
Renault Trucks  14,831  12,948  15 
Heavy- and medium-duty  9,330  8,648  8 
Light-duty  5,501  4,300  28 
Mack  5,748  7,874  -27 
Other brands  206  67  207 
Total deliveries  47,504  48,833  -3 
Non-consolidated operations
VE Commercial Vehicles (Eicher)  27,190  20,580  32 
Dongfeng Commercial Vehicle Company (Dongfeng Trucks)  31,840  30,432  5 
Compared with Q1 2025, the lower operating income is an 
effect of under absorption in the US manufacturing system, 
increased freight costs, lower volumes and net US tariff costs, 
which were partially offset by an improved service business, lower 
R&D expenses and a favorable market mix. Compared with 
Q1 2025, currency movements had a negative impact of SEK 
843 M.
In Q1 2026, adjusted operating income excluded costs of SEK 
687 M. There were no adjustments in Q1 2025. For more 
information on adjusted operating income, please see Note 6. 
Reported operating income amounted to SEK 6,899 M (8,464).
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 10 TRUCKS

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

Net order intake and deliveries of fully electric trucks
First quarter Change
Number of trucks 2026 2025 %
Volvo  241  397  -39 
Renault Trucks  578  561  3 
Heavy- and medium-duty  118  139  -15 
Light-duty  460  422  9 
Mack  1  7  -86 
Total order intake of fully electric trucks  820  965  -15 
Volvo  293  281  4 
Renault Trucks  669  519  29 
Heavy- and medium-duty  176  178  -1 
Light-duty  493  341  45 
Mack  4  28  -86 
Total deliveries of fully electric trucks  966  828  17 
Net sales and operating income
First quarter Change
SEK M 2026 2025 %
Net sales per geographical region
Europe  40,991  37,925  8 
North America  17,773  26,882  -34 
South America  7,405  8,046  -8 
Asia  4,644  5,633  -18 
Africa and Oceania  4,558  3,762  21 
Total net sales  75,372  82,248  -8 
Net sales per product group
Vehicles  57,214  63,752  -10 
Services  18,158  18,496  -2 
Total net sales  75,372  82,248  -8 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  69,151  76,344  -9 
Revenue of vehicles and services recognized over contract period  6,221  5,904  5 
Total net sales  75,372  82,248  -8 
Adjusted operating income ¹  7,586  8,464  -10 
Adjustments  -687  –  – 
Operating income  6,899  8,464  -18 
Adjusted operating margin, %  10.1  10.3 
Operating margin, %  9.2  10.3 
1 For more information on adjusted operating income, please see Note 6.
Important events 
In January, Mack Trucks began production of the all-new Mack 
Anthem for regional haul in the plant in Macungie, Pennsylvania.
In February, Volvo Trucks started production of its new regional 
hauler, the all-new Volvo VNR, at the plant in Dublin, Virginia. The 
new Volvo VNR is designed to meet the demands of urban and 
regional delivery operations.
In March, Mack Trucks launched all-new versions of the iconic 
Mack Granite construction truck and the Mack Keystone at the 
ConExpo exhibition in Las Vegas, Nevada.
In April, Volvo Trucks announced the start of on-road testing of 
heavy trucks powered by hydrogen combustion engines. Volvoʼs 
hydrogen-powered trucks will have industry-leading performance 
with higher energy efficiency, lower fuel consumption and 
increased engine power compared with conventional hydrogen 
combustion engine technology. The commercial launch will take 
place towards the end of the decade.
In April, Volvo Trucks also launched new electric trucks with 
improved performance, increased flexibility and longer ranges. 
Firstly, a new long-distance electric truck, the FH Aero Electric 
with extended range, capable of driving up to 700 km on one 
charge. Secondly, the next-generation heavy-duty Volvo FH, FM 
and FMX Electric trucks, with major improvements in flexibility, 
productivity, driving comfort and with ranges up to 470 km. The 
new trucks will be rolled out step by step to markets starting in 
2026.
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 11 TRUCKS

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

Market development
In Q1, the global machine market continued to grow. South 
America, Africa and Oceania, and Asia outside of China saw 
increases while North America was at the same level as in the 
prior year. Europe and China contracted somewhat.
The market in Europe declined somewhat following a weak 
January, when construction activity was hampered by severe 
winter conditions, especially in Northern Europe.
The North American market continued to show good resilience 
supported by investments in data centers, energy infrastructure 
and the onshoring of manufacturing.
South America expanded, driven by rebounds in Brazil, 
Argentina, and Peru with mining and heavy infrastructure leading 
the way.
In Asia, the Japanese and South Korean markets declined while 
Indonesia continued to grow on the back of resilient GDP growth, 
sustained infrastructure and food security investments. The 
markets in Southeast Asia, Turkey and the Middle East also grew. 
The Chinese market contracted slightly.
There was good growth in Africa and Australia.
Orders and deliveries
In Q1, order intake for the Volvo brand was flat, with increased 
order intake in North America, Africa and Oceania, and Europe, 
while it decreased in South America and Asia. Total net order 
intake decreased by 50%, as a consequence of the divestment of 
SDLG on September 1, 2025. 
Deliveries in Q1 for the Volvo brand increased by 12% with 
higher deliveries in Europe and Asia as well as Africa and Oceania, 
which were partially offset by lower deliveries in North America 
and South America. Total volumes were 50% lower than in the 
prior year, because of the divestment of SDLG.
Net sales and operating income
In Q1 2026, net sales decreased by 13% to SEK 18,305 M 
(21,117), as a consequence of the divestment of SDLG. The 
organic sales growth was 14%, of which net sales of machines 
increased by 16% and service sales increased by 7%. 
Adjusted operating income amounted to SEK 2,491 M 
(2,542), corresponding to an adjusted operating margin of 13.6% 
(12.0).
Total market development
Year-to-date February Forecast Previous forecast
Change in % measured in units 2026 2026 2026
Europe  -3 0% to +10% 0% to +10%
North America  1 -5% to +5% -5% to +5%
South America  20 -5% to +5% -5% to +5%
Asia excl. China  4 -5% to +5% -5% to +5%
China  -3 0% to +10% 0% to +10%
Net order intake
First quarter Change
Number of construction equipment 2026 2025 %
Europe  3,529  3,455  2 
North America  1,887  1,625  16 
South America  398  575  -31 
Asia  2,394  10,687  -78 
Africa and Oceania  399  834  -52 
Total orders  8,607  17,176  -50 
Large and medium construction equipment  7,129  12,218  -42 
Compact construction equipment  1,478  4,958  -70 
Total orders  8,607  17,176  -50 
Volvo  8,401  8,442  – 
SDLG  –  8,698  – 
Other brands  206  36  472 
Total orders  8,607  17,176  -50 
Fully electric  81  1,019  -92 
Of which SDLG  –  941  – 
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 12 CONSTRUCTION EQUIPMENT
• In Q1, deliveries of Volvo branded machines 
increased by 12% while order intake was flat
• Adjusted operating income of SEK 2,491 M 
(2,542), with a margin of 13.6% (12.0)
• Organic service sales growth of 7%
Positive mix and better 
service business drove 
margin improvement

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

Deliveries
First quarter Change
Number of construction equipment 2026 2025 %
Europe  3,226  2,635  22 
North America  1,284  1,430  -10 
South America  366  459  -20 
Asia  2,468  10,270  -76 
Africa and Oceania  481  714  -33 
Total deliveries  7,825  15,508  -50 
Large and medium construction equipment  6,356  11,016  -42 
Compact construction equipment  1,469  4,492  -67 
Total deliveries  7,825  15,508  -50 
Volvo  7,609  6,774  12 
SDLG  –  8,698  – 
Other brands  216  36  500 
Total deliveries  7,825  15,508  -50 
Fully electric  57  1,008  -94 
Of which SDLG  –  941  – 
Net sales and operating income
First quarter Change
SEK M 2026 2025 %
Net sales per geographical region
Europe  7,886  6,400  23 
North America  4,535  5,251  -14 
South America  690  889  -22 
Asia  3,426  7,362  -53 
Africa and Oceania  1,767  1,215  46 
Total net sales  18,305  21,117  -13 
Net sales per product group
Construction equipment  14,407  17,233  -16 
Services  3,898  3,884  – 
Total net sales  18,305  21,117  -13 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  17,181  20,215  -15 
Revenue of vehicles and services recognized over contract period  1,124  902  25 
Total net sales  18,305  21,117  -13 
Of which SDLG  –  3,954  – 
Adjusted operating income ¹  2,491  2,542  -2 
Adjustments  -684  –  – 
Operating income  1,807  2,542  -29 
Adjusted operating margin, %  13.6  12.0 
Operating margin, %  9.9  12.0 
1  For more information on adjusted operating income, please see Note 6.
Compared with Q1 2025, a positive product mix and an improved 
service business were offset by net US tariff costs and a negative 
inventory effect from the acquisition of Swecon. Currency 
movements had a negative impact of SEK 148 M. 
In Q1 2026, adjusted operating income excluded costs of SEK 
684 M, of which SEK 678 M related to the closure of Rokbak. 
There were no adjustments in Q1 2025. For more information on 
adjusted operating income, please see Note 6. Reported operating 
income amounted to SEK 1,807 M (2,542).
Important events
As part of a long-term strategic shift and due to the unsustainable 
profitability of the Rokbak business, Volvo CE announced in March 
that it will close the business and concentrate resources on its 
portfolio of other hauling solutions. The business had revenues of 
SEK 1.0 billion in 2025 and was loss-making. The production of 
Rokbak articulated haulers is scheduled to stop in July 2026.
On February 1, Volvo CE announced that the acquisition of 
Swecon had been completed, following  approval from the 
European Commission. Volvo CE acquired Sweconʼs business 
operations in Sweden, Germany and the Baltics including Entrack.
Volvo CE had a strong presence at the ConExpo exhibition in 
Las Vegas in March. Since the last ConExpo, 35% of the Volvo 
machine portfolio has been renewed, including the launch of the 
EC560 excavator, the new flagship A50 articulated hauler, major 
w h e e l  l o a d e r  u p d a t e s ,  a n d  a  n e w - g e n e r a t i o n  o f  e l e c t r i c  m a c h i n e s  
such as the L120 Electric. Services and solutions to support 
customer uptime and productivity have also been expanded.
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 13 CONSTRUCTION EQUIPMENT

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

In Q1, demand in some key markets, including Brazil, Mexico and 
parts of the Middle East, continued to be lower compared with the 
same period in the prior year. Net order intake decreased by 25% 
compared with Q1 2025, following a strong order intake at the 
end of 2025 and a well-covered order book for 2026. The 
transition towards electric vehicles in city traffic continued and 
135 electric buses were delivered in the quarter. Total deliveries 
decreased by 10% to 1,117 units.
In Q1, net sales increased by 3% to SEK 5,593 M (5,436).  
The organic sales growth was 11%, with vehicle sales increasing 
by 14% and service sales increasing by 3%.
Adjusted operating income amounted to SEK 492 M (360), 
with an adjusted operating margin of 8.8% (6.6). Income was 
positively impacted by price realization and industrial efficiency, 
whereas net US tariffs on complete buses and lower volumes had 
a negative effect. Currency movements had a negative impact of 
SEK 47 M compared with Q1 2025.
In Q1 2026, adjusted operating income excluded costs of SEK 
3 M. There were no adjustments in Q1 2025. For information on 
adjusted operating income, please see Note 6. Reported operating 
income amounted to SEK 490 M (360).
In Q1, the new Volvo 9800 was launched for the Mexican 
coach market, marking another milestone in the Mexican 
passenger transport industry offering significant weight reduction, 
without compromising strength, safety and comfort. The new 
Volvo 9800 has new aerodynamics and a comprehensive design 
that reduce fuel consumption by up to 4%.
Net order intake and deliveries
First quarter Change
Number of buses 2026 2025 %
Total orders  1,454  1,947  -25 
Of which fully electric  87  168  -48 
Total deliveries  1,117  1,235  -10 
Of which fully electric  135  119  13 
Net sales and operating income ¹
First quarter Change
SEK M 2026 2025 %
Net sales per geographical region
Europe  1,794  1,721  4 
North America  2,491  2,230  12 
South America  340  376  -10 
Asia  291  431  -32 
Africa and Oceania  677  678  – 
Total net sales  5,593  5,436  3 
Net sales per product group
Vehicles  4,140  3,928  5 
Services  1,453  1,508  -4 
Total net sales  5,593  5,436  3 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  5,234  5,136  2 
Revenue of vehicles and services recognized over contract period  359  300  19 
Total net sales  5,593  5,436  3 
Adjusted operating income ¹  492  360  37 
Adjustments  -3  –  – 
Operating income  490  360  36 
Adjusted operating margin, %  8.8  6.6 
Operating margin, %  8.8  6.6 
1  For more information on adjusted operating income, please see Note 6.
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 14 BUSES
• In Q1, deliveries decreased by 10% and net order 
intake decreased by 25%
• Adjusted operating income of SEK 492 M (360), 
with a margin of 8.8% (6.6)
• Organic service sales growth was 3%
Continued strong 
performance

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

In the industrial business, off-highway order intake was stable based 
on improved market conditions in material handling and mining. In 
power generation, North America demand remained strong, 
supported by data center applications while other regions were 
negatively impacted by developments in the Middle East. In marine 
leisure, order intake improved, supported by a continued recovery in 
consumer sentiment. Demand in the yacht segment remained strong, 
while a slower start in North America led to somewhat lower order 
intake in the marine commercial segment. 
In Q1, deliveries increased by 19% to 10,383 units, while net 
order intake decreased by 19% to 9,892 units following strong 
power generation order intake in Q1 last year and a negative impact 
from the development in the Middle East. Net sales increased by 5% 
to SEK 5,272 M (5,004). The organic sales growth was 13%, driven 
by a 14% increase in engine sales and a 10% increase in services 
sales. The strong volumes in the industrial business were primarily 
driven by Europe and China.
Adjusted operating income amounted to SEK 1,044 M (915), 
corresponding to an adjusted operating margin of 19.8% (18.3). 
Operating income was positively affected by higher volumes and an 
improved service business, which were partially offset by a negative 
market, customer and product mix as well as net US tariff costs. 
Compared with Q1 2025, the currency impact on operating income 
was negative in the amount of SEK 145 M.
In Q1, costs of SEK 6 M were excluded from adjusted operating 
income. There were no adjustments in Q1 2025. For more 
information on adjusted operating income, please see note 6. 
Reported operating income amounted to SEK 1,038 M (915).
In Q1, Volvo Penta was recognized for its leadership in marine 
innovation with its Hybrid Electric IPS propulsion named Technical 
Development of the Year at the Motor Boat Awards 2026. 
Commercial deliveries of the new hybrid IPS offer for the yacht sector 
are planned to begin later in 2026. Following its introduction in 
January, the new G17 natural gas engine attracted strong market 
interest, reinforcing Volvo Pentaʼs expanded power generation 
offering for mission-critical applications such as data centers.
Net order intake and deliveries
First quarter Change
Number of engines 2026 2025 %
Total orders  9,892  12,234  -19 
Of which fully electric  12  17  -29 
Total deliveries  10,383  8,700  19 
Of which fully electric  8  28  -71 
Net sales and operating income
First quarter Change
SEK M 2026 2025 %
Net sales per geographical region
Europe  2,686  2,531  6 
North America  1,112  1,025  8 
South America  194  204  -5 
Asia  997  990  1 
Africa and Oceania  283  255  11 
Total net sales  5,272  5,004  5 
Net sales per product group
Engines  3,896  3,647  7 
Services  1,376  1,357  1 
Total net sales  5,272  5,004  5 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  5,259  4,993  5 
Revenue of vehicles and services recognized over contract period  14  11  27 
Total net sales  5,272  5,004  5 
Adjusted operating income ¹  1,044  915  14 
Adjustments  -6  –  – 
Operating income  1,038  915  13 
Adjusted operating margin, %  19.8  18.3 
Operating margin, %  19.7  18.3 
1  For more information on adjusted operating income, please see Note 6.
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 15 VOLVO PENTA
S t r o n g  p e r f o r m a n c e  
in both industrial and 
m a r i n e  s e g m e n t s   
• In Q1, order intake decreased by 19% while 
deliveries increased by 19% 
• Adjusted operating income of SEK 1,044 M (915), 
with a margin of 19.8%
• Strong sales volumes in the industrial business, in 
both power generation and off-highway applications 
driven by Europe and China

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

In Q1 2026, the net credit portfolio for Financial Services 
continued to grow. Adjusted for currency, the portfolio increased 
by 1% compared with Q1 2025. Portfolio performance continued 
to be good, although delinquencies and write-offs remained at 
higher levels than in the prior year. Compared with Q1 2025, new 
business volume decreased by 1%, adjusted for currency.
In Q1, adjusted operating income amounted to SEK 938 M 
(1,019). Higher credit provisions and unfavorable currency 
movements were the main drivers behind the decrease, with 
currency movements having a negative impact of SEK 80 M 
compared with Q1 2025.
Restructuring costs amounting to SEK 81 M were excluded 
from adjusted operating income in Q1 2026. No adjustments 
were made in Q1 2025. For more information on adjusted 
operating income, please see note 6. Reported operating income 
decreased to SEK 857 M (1,019).
Return on equity amounted to 9.8% (12.7) on a rolling 12 
month basis.
Financial Services
First quarter 
SEK M unless otherwise stated 2026 2025
Number of financed units, 12 months rolling  66,486  66,326 
Total penetration rate, 12 months rolling, % ¹  30  29 
New retail financing volume, SEK billion  22.9  24.9 
Credit portfolio net, SEK billion  264  264 
Net sales  6,237  6,779 
Credit provision expenses  358  309 
Adjusted operating income²  938  1,019 
Adjustments  -81  – 
Operating income  857  1,019 
Credit reserves, % of credit portfolio  1.35  1.29 
Return on equity³, 12 months rolling, %  9.8  12.7 
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 As of Q1 2025, the equity ratio has been increased from 8.0% to 10.0%. 
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 16 FINANCIAL SERVICES
Good portfolio 
performance
• In Q1, the net credit portfolio increased by 
1%, adjusted for currency
• Good portfolio performance in current economic 
environment
• Adjusted operating income of SEK 938 M 
(1,019)

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

CONSOLIDATED INCOME STATEMENT - FIRST QUARTER 
Industrial Operations Financial Services Eliminations Volvo Group
SEK M 2026 2025 2026 2025 2026 2025 2026 2025
Net sales  105,581  116,256  6,237  6,779  -1,052  -1,243  110,765  121,792 
Cost of sales  -78,889  -87,499  -4,267  -4,688  1,114  1,320  -82,041  -90,867 
Gross income  26,692  28,757  1,970  2,091  62  77  28,724  30,925 
Research and development expenses  -5,861  -6,951  –  –  –  –  -5,861  -6,951 
Selling expenses  -7,517  -7,410  -752  -822  –  –  -8,269  -8,232 
Administrative expenses  -1,707  -1,816  -4  -4  –  –  -1,712  -1,820 
Other operating income and expenses  -1,583  -308  -348  -255  –  –  -1,931  -564 
Share of profit/loss on investments in joint 
ventures and associated companies  -274  -122  –  –  –  –  -274  -122 
Profit/loss on other investments  9  12  -8  10  –  –  1  22 
Operating income  9,758  12,162  857  1,019  62  77  10,678  13,258 
Interest income and similar credits  480  715  –  –  -62  -77  418  638 
Interest expenses and similar charges  -424  -409  –  –  –  –  -424  -409 
Other financial income and expenses  91  -632  –  –  –  –  91  -632 
Income after financial items  9,905  11,835  857  1,019  –  –  10,762  12,855 
Income taxes  -2,217  -2,600  -228  -271  –  –  -2,445  -2,871 
Income for the period *  7,688  9,235  629  749  –  –  8,317  9,984 
* Attributable to:
Owners of AB Volvo  8,315  9,890 
Non-controlling interest  2  94 
Basic earnings per share, SEK  4.09  4.86 
Diluted earnings per share, SEK  4.09  4.86 
Key ratios, %
Gross margin  25.3  24.7  25.9  25.4 
Research and development expenses as % of 
net sales  5.6  6.0  5.3  5.7 
Selling expenses as % of net sales  7.1  6.4  7.5  6.8 
Administrative expenses as % of net sales  1.6  1.6  1.5  1.5 
Operating margin  9.2  10.5  9.6  10.9 
 
CONSOLIDATED OTHER COMPREHENSIVE INCOME - FIRST QUARTER 
SEK M 2026 2025
Income for the period  8,317  9,984 
Items that will not be reclassified to income statement:
Remeasurements of defined benefit pension plans¹  761  920 
Remeasurements of holding of shares at fair value  2  -1 
Share of OCI related to joint ventures and associated companies¹  2  – 
Items that may be reclassified subsequently to income statement:
Exchange rate changes on translation of foreign operations¹  3,824  -9,054 
Share of OCI related to joint ventures and associated companies¹  6  -2 
Accumulated exchange rate changes reversed to income  -26  – 
Other comprehensive income, net of income taxes  4,569  -8,137 
Total comprehensive income for the period *  12,886  1,847 
* Attributable to:
Owners of AB Volvo  12,882  2,031 
Non-controlling interest  5  -183 
1 As of 2025, share of OCI related to joint ventures and associated companies has been reclassified between exchange rate changes on translation of foreign 
operations and remeasurements of defined benefit pension plans. The comparative figures in the financial statements for 2025 have been restated 
accordingly, with no net impact on other comprehensive income.
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 17 FINANCIAL STATEMENTS

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

CONSOLIDATED BALANCE SHEET - ASSETS
Industrial Operations Financial Services Eliminations Volvo Group
SEK M
Mar 31 
2026
Dec 31 
2025
Mar 31 
2026
Dec 31 
2025
Mar 31 
2026
Dec 31 
2025
Mar 31 
2026
Dec 31 
2025
Non-current assets
Intangible assets
Goodwill  27,762  23,659  –  –  –  –  27,762  23,659 
Other intangible assets  25,264  22,769  139  132  –  –  25,404  22,901 
Tangible assets
Property, plant and equipment  87,995  83,758  67  70  –  –  88,062  83,829 
Assets under operating leases  38,481  36,072  20,952  20,563  -16,367  -16,150  43,066  40,485 
Financial assets
Investments in joint ventures and associated 
companies  19,932  21,111  –  –  –  –  19,932  21,111 
Other shares and participations  1,151  1,080  20  27  –  –  1,172  1,106 
Non-current customer-financing receivables  922  936  130,819  126,597  -1,416  -1,397  130,325  126,136 
Net pension assets  1,878  1,828  –  –  –  –  1,878  1,828 
Non-current interest-bearing receivables  3,865  5,619  355  1,605  -355  -1,605  3,865  5,619 
Other non-current receivables  3,565  3,412  416  373  -196  -187  3,785  3,597 
Deferred tax assets  12,130  11,502  1,284  1,247  –  –  13,414  12,749 
Total non-current assets  222,946  211,745  154,052  150,614  -18,334  -19,340  358,665  343,019 
Current assets
Inventories  75,030  65,104  636  858  –  –  75,666  65,963 
Current receivables
Customer-financing receivables  580  569  112,449  108,519  -1,312  -1,126  111,717  107,962 
Tax assets  3,246  3,113  466  1,008  –  –  3,712  4,121 
Interest-bearing receivables  2,996  2,843  –  –  -13  -13  2,983  2,829 
Internal funding  -1,208  372  –  –  1,208  -372  –  – 
Accounts receivables  32,265  29,333  2,032  1,900  –  –  34,297  31,232 
Other receivables  22,282  20,366  3,612  4,134  -4,779  -4,539  21,115  19,960 
Marketable securities  121  142  –  –  –  –  121  142 
Cash and cash equivalents  66,474  67,875  7,539  7,666  -1,561  -2,180  72,452  73,361 
Assets held for sale  1,755  –  –  –  –  –  1,755  – 
Total current assets  203,540  189,716  126,735  124,085  -6,457  -8,231  323,818  305,570 
Total assets  426,487  401,461  280,787  274,699  -24,791  -27,571  682,483  648,590 
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 18 FINANCIAL STATEMENTS

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

CONSOLIDATED BALANCE SHEET - EQUITY AND LIABILITIES
Industrial Operations Financial Services Eliminations Volvo Group
SEK M
Mar 31 
2026
Dec 31 
2025
Mar 31 
2026
Dec 31 
2025
Mar 31 
2026
Dec 31 
2025
Mar 31 
2026
Dec 31 
2025
Equity
Equity attributable to owners of AB Volvo  162,586  150,931  28,081  27,464  –  –  190,668  178,395 
Non-controlling interest  119  83  –  –  –  –  119  83 
Total equity  162,706  151,013  28,081  27,464  –  –  190,787  178,477 
Non-current provisions
Provisions for post-employment benefits  7,790  8,604  67  65  –  –  7,858  8,669 
Other provisions  10,215  10,161  70  61  –  –  10,285  10,222 
Total non-current provisions  18,006  18,765  137  125  –  –  18,143  18,891 
Non-current liabilities
Bond loans  93,560  82,620  –  –  –  –  93,560  82,620 
Other loans  31,520  29,240  27,747  26,380  -992  -1,005  58,275  54,614 
Internal funding  -109,832  -102,075  101,761  99,783  8,071  2,292  –  – 
Deferred tax liabilities  4,069  3,573  1,466  1,635  –  –  5,535  5,208 
Other liabilities  54,623  52,584  1,891  1,867  -11,714  -11,584  44,800  42,867 
Total non-current liabilities  73,941  65,941  132,865  129,665  -4,635  -10,297  202,170  185,309 
Current provisions  15,536  14,939  175  100  –  –  15,711  15,039 
Current liabilities
Bond loans  63,451  64,960  –  –  –  –  63,451  64,960 
Other loans  26,356  31,088  16,638  15,413  -647  -635  42,347  45,866 
Internal funding   -80,629  -84,161  90,510  91,507  -9,881  -7,345  –  – 
Trade payables  70,947  67,265  1,359  701  –  –  72,306  67,966 
Tax liabilities  3,521  2,721  706  974  –  –  4,227  3,695 
Other liabilities  72,652  68,930  10,317  8,751  -9,628  -9,293  73,341  68,388 
Liabilities held for sale  –  –  –  –  –  –  –  – 
Total current liabilities  156,299  150,802  119,529  117,346  -20,156  -17,273  255,672  250,874 
Total equity and liabilities  426,487  401,461  280,787  274,699  -24,791  -27,571  682,483  648,590 
Key ratios, %
Equity ratio  38.2  37.6  10.0  10.0  28.0  27.5 
Equity attributable to owners of AB Volvo, per 
share in SEK  93.8  87.7 
Return on operating capital ¹  41.4  44.5 
Return on capital employed ¹  24.5  25.3 
Return on equity ¹  9.8  10.4  18.6  19.1 
1 12 months rolling.
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 19 FINANCIAL STATEMENTS

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

Net financial position excl. post-employment benefits and lease liabilities
Industrial Operations Volvo Group
SEK bn
Mar 31
 2026
Dec 31
 2025
Mar 31
 2026
Dec 31
 2025
Non-current interest-bearing assets
Non-current customer-financing receivables  –  –  130.3  126.1 
Non-current interest-bearing receivables  3.9  5.6  3.9  5.6 
Current interest-bearing assets
Customer-financing receivables  –  –  111.7  108.0 
Interest-bearing receivables  3.0  2.8  3.0  2.8 
Internal funding  -1.2  0.4  –  – 
Marketable securities  0.1  0.1  0.1  0.1 
Cash and cash equivalents  66.5  67.9  72.5  73.4 
Assets held for sale  –  –  –  – 
Total interest-bearing financial assets  72.2  76.9  321.5  316.0 
Non-current interest-bearing liabilities
Bond loans  -93.6  -82.6  -93.6  -82.6 
Other loans  -24.9  -23.4  -51.5  -48.8 
Internal funding  109.8  102.1  –  – 
Current interest-bearing liabilities
Bond loans  -63.5  -65.0  -63.5  -65.0 
Other loans  -24.1  -29.0  -40.0  -43.8 
Internal funding  80.6  84.2  –  – 
Liabilities held for sale  –  –  –  – 
Total interest-bearing financial liabilities excl. post-employment benefits 
and lease liabilities  -15.5  -13.8  -248.6  -240.1 
Net financial position excl. post-employment benefits and lease liabilities  56.8  63.0  72.9  76.0 
Provisions for post-employment benefits and lease liabilities, net
Industrial Operations Volvo Group
SEK bn
Mar 31 
2026
Dec 31 
2025
Mar 31 
2026
Dec 31 
2025
Non-current lease liabilities  -6.7  -5.8  -6.7  -5.9 
Current lease liabilities  -2.3  -2.1  -2.3  -2.1 
Provisions for post-employment benefits, net  -5.9  -6.8  -6.0  -6.8 
Liabilities held for sale  –  –  –  – 
Provisions for post-employment benefits and lease liabilities, net  -14.8  -14.6  -15.0  -14.8 
Net financial position incl. post-employment benefits and lease liabilities
Industrial Operations Volvo Group
SEK bn
Mar 31 
2026
Dec 31 
2025
Mar 31 
2026
Dec 31 
2025
Net financial position excl. post-employment benefits and lease liabilities  56.8  63.0  72.9  76.0 
Provisions for post-employment benefits and lease liabilities, net  -14.8  -14.6  -15.0  -14.8 
Net financial position incl. post-employment benefits and lease liabilities  41.9  48.4  57.9  61.1 
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 20 FINANCIAL STATEMENTS

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

First quarter 
SEK bn 2026
Net financial position excl. post-employment benefits and lease liabilities at the end of previous period  63.0 
Operating cash flow  0.4 
Investments and divestments of shares, net  -0.6 
Acquired and divested operations, net  -7.2 
Capital injections to/from Financial Services  1.1 
Currency effect  0.6 
Dividend to owners of AB Volvo  – 
Dividend to non-controlling interest  – 
Other changes  -0.6 
Net financial position excl. post-employment benefits and lease liabilities at the end of period  56.8 
Provisions for post-employment benefits and lease liabilities at the end of previous period  -14.6 
Pension payments, included in operating cash flow  0.5 
Remeasurements of defined post-employment benefits  1.0 
Service costs and other pension costs  -0.3 
Investments, remeasurements and amortizations of lease contracts  -0.3 
Acquired and divested pensions and lease liabilities  -0.6 
Currency effect  -0.3 
Other changes  -0.1 
Provisions for post-employment benefits and lease liabilities at the end of period  -14.8 
Net financial position incl. post-employment benefits and lease liabilities at the end of period  41.9 
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, 2024  194,049  3,312  197,361 
Income for the period  34,456  251  34,707 
Other comprehensive income for the period  -12,450  -411  -12,861 
Total comprehensive income for the period  22,006  -160  21,846 
Dividend  -37,619  -10  -37,629 
Changes in non-controlling interests  12  -3,075  -3,063 
Other changes  -53  15  -38 
Transactions with shareholders  -37,660  -3,070  -40,729 
Balance as of December 31, 2025  178,395  83  178,477 
Income for the period  8,315  2  8,317 
Other comprehensive income for the period  4,566  3  4,569 
Total comprehensive income for the period  12,882  5  12,886 
Dividend  –  –  – 
Changes in non-controlling interests  -32  32  – 
Other changes¹  -577  –  -577 
Transactions with shareholders  -609  32  -577 
Balance as of March 31, 2026  190,668  119  190,787 
1  O t h e r  c h a n g e s  i n c l u d e  a  r e v e r s a l  o f  d i s c o u n t i n g  e f f e c t s  o n  l o n g - t e r m  l i a b i l i t i e s  f r o m  a n  e a r l i e r  r e t r o s p e c t i v e  a p p l i c a t i o n .
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 21 FINANCIAL STATEMENTS

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

CONSOLIDATED CASH FLOW STATEMENT - FIRST QUARTER 
Industrial Operations Financial Services Eliminations Volvo Group
SEK M 2026 2025 2026 2025 2026 2025 2026 2025
Operating activities
Operating income  9,758  12,162  857  1,019  62  77  10,678  13,258 
Amortization and impairment intangible assets  1,064  998  9  16  –  –  1,073  1,014 
Depreciation and impairment property, plant 
and equipment  2,428  2,430  7  5  –  –  2,435  2,436 
Depreciation and impairment leasing vehicles  1,141  1,014  1,191  1,252  –  –  2,333  2,266 
Other non-cash items  197  -56  361  378  –  –  558  322 
Total change in working capital whereof  -6,388  -7,576  1,610  -3,293  95  96  -4,682  -10,773 
Change in accounts receivables  -2,070  -904  -117  -60  –  –  -2,187  -964 
Change in customer-financing receivables  33  13  79  -2,538  89  57  201  -2,467 
Change in inventories  -6,401  -2,677  232  417  –  –  -6,169  -2,260 
Change in trade payables  2,914  -1,266  634  -114  –  –  3,547  -1,380 
Change in vehicles on operating lease and 
assets for service solutions  -243  -288  -985  -1,224  –  -5  -1,228  -1,516 
Other changes in working capital  -619  -2,454  1,767  225  6  44  1,154  -2,184 
Dividends received from joint ventures and 
associated companies  –  –  –  –  –  –  –  – 
Interest and similar items received  441  713  –  –  -62  -82  379  631 
Interest and similar items paid  -334  -344  –  –  -10  -41  -343  -385 
Other financial items  -53  -83  –  –  –  –  -53  -83 
Income taxes paid  -1,573  -2,003  -168  -226  –  –  -1,741  -2,229 
Cash flow from operating activities  6,682  7,256  3,867  -849  86  51  10,635  6,457 
Investing activities
Investments in intangible assets  -2,369  -1,520  -11  -5  –  –  -2,380  -1,526 
Investments in property, plant and equipment  -3,905  -4,500  –  -1  –  –  -3,905  -4,500 
Disposals of intangible assets and property, 
plant and equipment  24  73  2  2  –  –  26  75 
Operating cash flow  432  1,309  3,858  -853  86  51  4,376  506 
Investments of shares  -585  -779 
Divestment of shares  –  – 
Acquired operations  -6,830  -61 
Divested operations  29  -48 
Interest-bearing receivables incl. marketable 
securities, net  –  -389 
Cash flow after net investments  -3,010  -771 
Financing activities
New borrowings  121,237  119,179 
Repayments of borrowings  -120,255  -109,691 
Dividend to owners of AB Volvo  –  – 
Dividend to non-controlling interest  –  – 
Other  –  -26 
Change in cash and cash equivalents excl. 
exchange rate changes  -2,028  8,692 
Effect of exchange rate changes on cash and 
cash equivalents  1,119  -3,149 
Change in cash and cash equivalents  -909  5,543 
Cash and cash equivalents, beginning of 
period  73,361  85,171 
Cash and cash equivalents, end of period  72,452  90,714 
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 22 FINANCIAL STATEMENTS

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

Income Statements, Volvo Group
SEK M unless otherwise stated 1/2026 4/2025 3/2025 2/2025 1/2025
Net sales  110,765  123,803  110,692  122,896  121,792 
Cost of sales  -82,041  -92,972  -83,214  -95,261  -90,867 
Gross income  28,724  30,832  27,478  27,635  30,925 
Research and development expenses  -5,861  -6,693  -5,511  -7,087  -6,951 
Selling expenses  -8,269  -8,584  -7,791  -8,214  -8,232 
Administrative expenses  -1,712  -1,895  -1,529  -1,986  -1,820 
Other operating income and expenses  -1,931  -482  514  101  -564 
Share of profit/loss on  investments in joint ventures and associated companies  -274  -415  -622  -470  -122 
Profit/loss from other investments  1  6  -22  -18  22 
Operating income  10,678  12,769  12,517  9,961  13,258 
Interest income and similar credits  418  418  380  473  638 
Interest expenses and similar charges  -424  -476  -451  -483  -409 
Other financial income and expenses  91  -16  -310  -246  -632 
Income after financial items  10,762  12,695  12,136  9,705  12,855 
Income taxes  -2,445  -3,080  -4,554  -2,180  -2,871 
Income for the period *  8,317  9,614  7,583  7,525  9,984 
* Attributable to:
Owners of AB Volvo  8,315  9,614  7,540  7,412  9,890 
Non-controlling interest  2  –  43  114  94 
Key ratios, Volvo Group
Gross margin, %  25.9  24.9  24.8  22.5  25.4 
Research and development expenses as % of net sales  5.3  5.4  5.0  5.8  5.7 
Selling expenses as % of net sales  7.5  6.9  7.0  6.7  6.8 
Administrative expenses as % of net sales  1.5  1.5  1.4  1.6  1.5 
Operating margin, %  9.6  10.3  11.3  8.1  10.9 
Net capitalization of research and development expenses
Capitalization  2,316  2,418  2,081  1,566  1,488 
Amortization  -890  -879  -882  -875  -891 
Net capitalization of research and development expenses  1,426  1,538  1,199  690  598 
Key ratios, Industrial Operations
Gross margin, %  25.3  24.2  24.1  21.7  24.7 
Research and development expenses as % of net sales  5.6  5.7  5.2  6.0  6.0 
Selling expenses as % of net sales  7.1  6.6  6.7  6.3  6.4 
Administrative expenses as % of net sales  1.6  1.6  1.4  1.7  1.6 
Operating margin, %  9.2  10.0  10.9  7.6  10.5 
Operating income before depreciation and amortization (EBITDA)  14,391  16,551  15,925  13,871  16,604 
EBITDA margin, %  13.6  14.0  15.1  11.8  14.3 
Return on operating capital, Industrial Operations, %¹  41.4  44.5  45.6  47.1  60.4 
Return on capital employed, Industrial Operations, %¹  24.5  25.3  25.2  25.7  31.8 
1 12 months rolling.
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 23 QUARTERLY FIGURES

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

Net sales
SEK M 1/2026 4/2025 3/2025 2/2025 1/2025
Trucks  75,372  85,329  74,196  81,690  82,248 
Construction Equipment  18,305  18,692  18,926  22,906  21,117 
Buses  5,593  7,590  6,009  6,036  5,436 
Volvo Penta  5,272  5,103  5,030  5,460  5,004 
Group Functions & Other  2,228  2,900  2,235  2,682  3,664 
Eliminations  -1,190  -1,196  -1,153  -1,184  -1,213 
Industrial Operations  105,581  118,419  105,244  117,590  116,256 
Financial Services  6,237  6,620  6,570  6,499  6,779 
Eliminations  -1,052  -1,236  -1,122  -1,194  -1,243 
Volvo Group net sales  110,765  123,803  110,692  122,896  121,792 
Operating income
SEK M 1/2026 4/2025 3/2025 2/2025 1/2025
Trucks  6,899  8,106  6,761  5,451  8,464 
Construction Equipment  1,807  2,599  3,532  2,763  2,542 
Buses  490  683  755  394  360 
Volvo Penta  1,038  608  934  915  915 
Group Functions & Other  -466  -215  -543  -574  -114 
Eliminations  -9  31  -3  18  -5 
Industrial Operations  9,758  11,813  11,438  8,967  12,162 
Financial Services  857  889  1,029  932  1,019 
Eliminations  62  68  51  62  77 
Volvo Group operating income  10,678  12,769  12,517  9,961  13,258 
Adjusted operating income ¹
SEK M 1/2026 4/2025 3/2025 2/2025 1/2025
Trucks  7,586  8,106  6,761  8,399  8,464 
Construction Equipment  2,491  2,599  2,722  2,993  2,542 
Buses  492  683  755  474  360 
Volvo Penta  1,044  608  934  1,132  915 
Group Functions & Other  -438  -215  -543  -574  -114 
Eliminations  -9  31  -3  18  -5 
Industrial Operations  11,167  11,813  10,627  12,442  12,162 
Financial Services  938  889  1,029  980  1,019 
Eliminations  62  68  51  62  77 
Volvo Group adjusted operating income  12,167  12,769  11,707  13,484  13,258 
1 For more information on adjusted operating income, please see Note 6.
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 24 QUARTERLY FIGURES

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

Operating margin
% 1/2026 4/2025 3/2025 2/2025 1/2025
Trucks  9.2  9.5  9.1  6.7  10.3 
Construction Equipment  9.9  13.9  18.7  12.1  12.0 
Buses  8.8  9.0  12.6  6.5  6.6 
Volvo Penta  19.7  11.9  18.6  16.8  18.3 
Industrial Operations  9.2  10.0  10.9  7.6  10.5 
Volvo Group operating margin  9.6  10.3  11.3  8.1  10.9 
Adjusted operating margin
% 1/2026 4/2025 3/2025 2/2025 1/2025
Trucks  10.1  9.5  9.1  10.3  10.3 
Construction Equipment  13.6  13.9  14.4  13.1  12.0 
Buses  8.8  9.0  12.6  7.9  6.6 
Volvo Penta  19.8  11.9  18.6  20.7  18.3 
Industrial Operations  10.6  10.0  10.1  10.6  10.5 
Volvo Group adjusted operating margin  11.0  10.3  10.6  11.0  10.9 
Share data
1/2026 4/2025 3/2025 2/2025 1/2025
Earnings per share, SEK ¹  4.09  4.73  3.71  3.64  4.86 
Earnings per share, SEK ¹, 12 months rolling  16.17  16.94  17.50  18.72  22.72 
Diluted earnings per share, SEK  4.09  4.73  3.71  3.64  4.86 
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 2026
 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 2025 (available at 
www.volvogroup.com). There are no new accounting policies
applicable from 2026 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 one of the Volvo Group's Business Areas, Divisions and 
Group Functions 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 assess-
ments 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, political and 
social uncertainty, the introduction of tariffs as well as uncertain 
developments in global trade policies;
Operational risks – such as transformation and technology risk, 
new business models, risks related to supply chain and industrial 
operations, tariffs, 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, tax 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 section Risks and uncertainties on pages 60-67 in the Volvo 
Group Annual Report 2025.
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 future developments remain uncertain, including 
whether trade restrictions may impact the Group more severely 
than its 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.
Macro and market developments
Heightened international tension and conflicts, including the 
ongoing conflicts in the Middle East, as well as 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 uncertainty in the market 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 
these developments could, individually or in combination, have a 
material adverse effect on the Group's 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 Group's different 
production and services facilities. At present, our supply chain and 
industrial system are strained in some 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, ongoing conflicts in the Middle East 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 Group's 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.
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 
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 26 NOTES

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

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 2025, approximately three-
quarters of the initial provision had been utilized. The Volvo Group 
will continuously assess the size of the provision as the matter 
develops.
Contingent liabilities and contingent assets
The reported amounts for contingent liabilities reflect a part of 
Volvo Group's risk exposure. Total contingent liabilities as of 
March 31, 2026, amounted to SEK 15.5 billion, an increase of 
SEK 1.0 billion compared with December 31, 2025. The gross 
exposure of SEK 15.5 billion is partially reduced by counter 
guarantees and collaterals.
In February 2026, the US supreme court ruled that the 
International Emergency Economic Powers Act (IEEPA) does not 
authorize the US administration to impose tariffs, thus IEEPA 
duties already collected shall be refunded by the US Customs and 
Border Protection (CBP). In addition, US manufacturers 
assembling medium- and heavy-duty vehicles (MHDVs) 
domestically may apply to receive an import adjustment offset 
related to Section 232 MHDVP tariffs, effective November 1, 
2025. At present, there is a lack of clarity in the process to pursue 
tariff refunds retroactively. Given all uncertainties, it is premature 
to recognize any financial impact from these measures in Q1 
2026.
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 Commission's 
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 Group's 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 
On January 31, 2026, the Volvo Group completed the acquisition 
of Swecon, which comprises Sweconʼs operations in Sweden, 
Germany and the Baltics, including Entrack. The purchase price 
amounted to SEK 7.3 bn before adjustment of actual closing 
balances. The Volvo Group has made a preliminary purchase price 
allocation of identified assets and liabilities, which is expected to 
be finalized within 12 months from the acquisition date. The 
purchase price represents the fair value of the identifiable net 
assets acquired, consisting mainly of tangible assets (SEK 2.6 bn), 
inventory (SEK 1.4 bn) and surplus values related to customer 
relationships (SEK 0.8 bn) and brand (SEK 0.2 bn). The identified 
intangible assets will be amortized within four years. The residual 
amount of SEK 4.0 bn has been recognized as goodwill, which 
represents the acquired market position, future customers, the 
assembled and skilled workforce and anticipated synergies arising 
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 27 NOTES

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

from the business combination. As the Volvo Group was and 
remains Sweconʼs main supplier, the relationship between the 
parties will be internal going forward. For the full year of 2025, 
Sweconʼs revenues amounted to SEK 10 bn. Transactions 
between Volvo Construction Equipment and Swecon after the 
acquisition will be eliminated within the Volvo Group. The acquired 
operation is recognized in the segment Construction Equipment. 
The Volvo Group has not completed any other 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 1,755 M 
(–) as of March 31, 2026, which is related to the planned 
divestment of the Volvo Group's ownership of 45% in the joint 
venture Flexis SAS to Renault Group.
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 2025 
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, classified as level 2 in the fair value hierarchy. 
Derivatives with positive fair values amounted to SEK 6.0 billion 
(7.6) and derivatives with negative fair values amounted to SEK 
2.7 billion (1.8) as of March 31, 2026. 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 
255.8 billion (247.0) in reported carrying value with a fair value of 
SEK 255.1 billion (247.4). In the Volvo Group consolidated 
financial position, financial liabilities include loan-related 
derivatives with negative fair values amounting to SEK 1.8 billion 
(1.1).
Currency effect on operating income, Volvo Group
Compared to first quarter 2025
SEK M
First quarter 
2026
First quarter 
2025 Change
Net flows in foreign currency  -673 
Realized and unrealized gains and losses on derivatives  6  2  4 
Unrealized gains and losses on receivables and liabilities in foreign currency  55  27  28 
Translation effect on operating income in foreign subsidiaries  -471 
Total currency effect on operating income, Volvo Group  -1,112 
Applicable currency rates
Quarterly exchange rates Close rates
First quarter 
2026
First quarter 
2025
Mar 31 Mar 31
2026 2025
BRL  1.74  1.83  1.82  1.74 
CNY  1.32  1.47  1.39  1.38 
EUR  10.69  11.23  10.98  10.83 
GBP  12.31  13.44  12.63  12.96 
KRW  0.0062  0.0074  0.0063  0.0068 
USD  9.14  10.68  9.57  10.00 
NOTE 5 | TRANSACTIONS WITH RELATED PARTIES
Sales of goods, services 
and other income
Purchases of goods, services 
and other expenses
SEK M 
First quarter 
2026
First quarter 
2025
First quarter 
2026
First quarter 
2025
Associated companies  191  155  42  65 
Joint ventures  666  937  388  369 
Receivables Payables 
Mar 31 Dec 31 Mar 31 Dec 31
SEK M 2026 2025 2026 2025
Associated companies  183  138  30  52 
Joint ventures  402  299  117  223 
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 28 NOTES

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

NOTE 6 | RECONCILIATION OF ADJUSTED OPERATING INCOME
Adjusted operating income
SEK M 1/2026 4/2025 3/2025 2/2025 1/2025
Trucks 7,586 8,106 6,761 8,399 8,464
Construction Equipment 2,491 2,599 2,722 2,993 2,542
Buses 492 683 755 474 360
Volvo Penta 1,044 608 934 1,132 915
Group Functions & Other -438 -215 -543 -574 -114
Eliminations -9 31 -3 18 -5
Industrial Operations 11,167 11,813 10,627 12,442 12,162
Financial Services 938 889 1,029 980 1,019
Eliminations 62 68 51 62 77
Volvo Group adjusted operating income 12,167 12,769 11,707 13,484 13,258
Adjustments
SEK M 1/2026 4/2025 3/2025 2/2025 1/2025
Adjustment items (segment)
Group wide cost savings mainly related to headcount reductions (All segments)  -812 
Closure of Rokbak business (Construction Equipment)  -678 
Divestment of SDLG (Construction Equipment)  –  –  811  –  – 
Transformation to zero-emission vehicles (Trucks, Construction Equipment, Buses, 
Volvo Penta, Financial Services)  –  –  –  -4,512  – 
Establishment of the joint venture Coretura (Trucks)  –  –  –  989  – 
Total adjustments
Trucks  -687  –  –  -2,947  – 
Construction Equipment  -684  –  811  -230  – 
Buses  -3  –  –  -80  – 
Volvo Penta  -6  –  –  -218  – 
Group Functions & Other  -29  –  –  –  – 
Industrial Operations  -1,408  –  811  -3,475  – 
Financial Services  -81  –  –  -47  – 
Volvo Group  -1,490  –  811  -3,523  – 
Operating income
SEK M 1/2026 4/2025 3/2025 2/2025 1/2025
Trucks  6,899  8,106  6,761  5,451  8,464 
Construction Equipment  1,807  2,599  3,532  2,763  2,542 
Buses  490  683  755  394  360 
Volvo Penta  1,038  608  934  915  915 
Group Functions & Other  -466  -215  -543  -574  -114 
Eliminations  -9  31  -3  18  -5 
Industrial Operations  9,758  11,813  11,438  8,967  12,162 
Financial Services  857  889  1,029  932  1,019 
Eliminations  62  68  51  62  77 
Volvo Group operating income  10,678  12,769  12,517  9,961  13,258 
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 29 NOTES

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

In Q1 2026 there was no income from investments in Group 
companies. Q1 2025 included dividends of SEK 39 M and a 
reversal of a tax allocation reserve of SEK 4,000 M.
Financial net debt amounted to SEK 11,210 M on March 31, 
2026, compared with net debt SEK 30,561 M at year end 2025.
INCOME STATEMENT
First quarter 
SEK M 2026 2025
Net sales¹  228  284 
Cost of sales¹  -228  -284 
Gross income  –  – 
Administrative expenses¹  -264  -281 
Other operating income and expenses  -19  -8 
Operating income (loss)  -282  -288 
Income from investments in Group companies  –  39 
Income from investments in joint ventures and associated companies  –  – 
Income from other investments  –  – 
Interest income and similar credits  23  19 
Interest expenses and similar charges  -144  -156 
Income after financial items  -403  -387 
Appropriations  –  4,000 
Income taxes  86  -788 
Income for the period²  -317  2,825 
1  Of net sales in the first quarter SEK 228 M (284) pertained to Group companies, while purchases from Group companies amounted to SEK 132 M (133).
2  Income for the period is the same as total comprehensive income for the period.
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 30 PARENT COMPANY

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

BALANCE SHEET
SEK M
Mar 31 
2026
Dec 31 
2025
Assets
Non-current assets
Tangible assets  21  21 
Financial assets
   Shares and participations in Group companies  73,196  73,196 
   Investments in joint ventures and associated companies  8,971  8,971 
   Other shares and participations  2  2 
   Other non-current receivables  565  540 
   Deferred tax assets  276  190 
Total non-current assets  83,031  82,921 
Current assets
Current receivables
Tax assets  772  1,035 
Receivables Group companies  434  38,259 
Other receivables  222  370 
Total current assets  1,429  39,664 
Total assets  84,460  122,585 
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  61,628  34,400 
Income for the period  -317  27,227 
Total equity  71,600  71,917 
Untaxed reserves  –  – 
Provisions
Provision for post-employment benefits  198  199 
Other provisions  18  – 
Total provisions  215  199 
Non-current liabilities
Liabilities to Group companies  565  540 
Other liabilities  36  60 
Total non-current liabilities  601  600 
Current liabilities
Trade payables  204  410 
Other liabilities to Group companies  11,224  48,788 
Tax liabilities  –  – 
Other liabilities  616  670 
Total current liabilities  12,043  49,869 
Total equity and liabilities  84,460  122,585 
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 31 PARENT COMPANY

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

Net order intake of trucks
First quarter Change
Number of trucks 2026 2025 %
Net order intake 
Europe  31,983  31,362  2 
Heavy- and medium-duty  25,929  26,964  -4 
Light-duty  6,054  4,398  38 
North America  18,221  10,217  78 
South America  6,567  5,948  10 
Asia  3,669  5,556  -34 
Africa and Oceania  2,315  2,144  8 
Total order intake  62,755  55,227  14 
Heavy-duty (>16 tons)  53,309  47,808  12 
Medium-duty (7-16 tons)  3,330  3,020  10 
Light-duty (<7 tons)  6,116  4,399  39 
Total order intake  62,755  55,227  14 
Net order intake of trucks by brand
Volvo
Europe  17,198  18,517  -7 
North America  7,540  4,621  63 
South America  6,206  5,626  10 
Asia  3,126  3,702  -16 
Africa and Oceania  1,645  1,193  38 
Total Volvo  35,715  33,659  6 
Heavy-duty (>16 tons)  34,814  32,837  6 
Medium-duty (7-16 tons)  901  822  10 
Total Volvo  35,715  33,659  6 
Renault Trucks
Europe  14,785  12,845  15 
Heavy- and medium-duty  8,731  8,447  3 
Light-duty  6,054  4,398  38 
North America  32  15  113 
South America  193  245  -21 
Asia  543  1,854  -71 
Africa and Oceania  445  551  -19 
Total Renault Trucks  15,998  15,510  3 
Heavy-duty (>16 tons)  8,182  9,558  -14 
Medium-duty (7-16 tons)  1,700  1,553  9 
Light-duty (<7 tons)  6,116  4,399  39 
Total Renault Trucks  15,998  15,510  3 
Mack
North America  10,649  5,581  91 
South America  168  77  118 
Africa and Oceania  86  196  -56 
Total Mack  10,903  5,854  86 
Heavy-duty (>16 tons)  10,175  5,208  95 
Medium-duty (7-16 tons)  728  646  13 
Total Mack  10,903  5,854  86 
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 32 NET ORDER INTAKE

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

Deliveries of trucks
First quarter Change
Number of trucks 2026 2025 %
Deliveries
Europe  28,041  24,047  17 
Heavy- and medium-duty  22,573  19,748  14 
Light-duty  5,468  4,299  27 
North America  9,486  14,315  -34 
South America  4,896  5,397  -9 
Asia  2,893  3,315  -13 
Africa and Oceania  2,188  1,759  24 
Total deliveries  47,504  48,833  -3 
Heavy-duty (>16 tons)  39,101  41,366  -5 
Medium-duty (7-16 tons)  2,902  3,167  -8 
Light-duty (<7 tons)  5,501  4,300  28 
Total deliveries  47,504  48,833  -3 
Deliveries of trucks by brand
Volvo
Europe  14,318  12,502  15 
North America  3,968  6,510  -39 
South America  4,692  5,206  -10 
Asia  2,354  2,578  -9 
Africa and Oceania  1,387  1,148  21 
Total Volvo  26,719  27,944  -4 
Heavy-duty (>16 tons)  25,967  27,364  -5 
Medium-duty (7-16 tons)  752  580  30 
Total Volvo  26,719  27,944  -4 
Renault Trucks
Europe  13,723  11,545  19 
Heavy- and medium-duty  8,255  7,246  14 
Light-duty  5,468  4,299  27 
North America  24  121  -80 
South America  107  151  -29 
Asia  539  737  -27 
Africa and Oceania  438  394  11 
Total Renault Trucks  14,831  12,948  15 
Heavy-duty (>16 tons)  7,680  7,275  6 
Medium-duty (7-16 tons)  1,650  1,373  20 
Light-duty (<7 tons)  5,501  4,300  28 
Total Renault Trucks  14,831  12,948  15 
Mack
North America  5,494  7,684  -29 
South America  97  40  143 
Africa and Oceania  157  150  5 
Total Mack  5,748  7,874  -27 
Heavy-duty (>16 tons)  5,272  6,662  -21 
Medium-duty (7-16 tons)  476  1,212  -61 
Total Mack  5,748  7,874  -27 
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
 33 DELIVERIES

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

The Volvo Group uses key ratios with the aim to provide valuable 
information to management, investors and analysts when 
analyzing trends and financial performance of the Group. The key 
ratios are not defined by IFRS, unless otherwise stated, and may 
differ from similar measures used by other companies and are 
therefore not always comparable. The measures should be 
considered as a complement to, and not a substitute for, the 
financial information presented in compliance with IFRS. If the 
reconciliation of significant key ratios is not directly reflected in the 
financial report, a separate reconciliation is presented below. 
Definitions and reason for use are presented in the Key Ratios 
section on pages 216-220 in the Volvo Group Annual Report 
2025.
Organic sales growth
Industrial operations Volvo Group
First quarter First quarter 
SEK M 2026 2025 2026 2025
Net sales  105,581  116,256  110,765  121,792 
Net sales last year  116,256  126,163  121,792  131,177 
Material acquired/divested operations last year  -3,954  –  -3,954  – 
Adjusted net sales last year  112,302  126,163  117,838  131,177 
Increase/decrease of net sales compared with adjusted net sales  -6,721  -9,907  -7,073  -9,385 
Material acquired/divested operations current year  -511  –  -511  – 
Exchange rate changes  8,846  558  9,365  732 
Total change  1,614  -9,349  1,781  -8,653 
Organic sales growth, %  1  -7  2  -7 
Of which vehicles, %  –  -9  –  -9 
Of which services, %  7  -2  6  -1 
Trucks
Construction 
Equipment
First quarter First quarter 
SEK M 2026 2025 2026 2025
Net sales  75,372  82,248  18,305  21,117 
Net sales last year  82,248  89,946  21,117  22,877 
Material acquired/divested operations last year  –  –  -3,954  – 
Adjusted net sales last year  82,248  89,946  17,163  22,877 
Increase/decrease of net sales compared with adjusted net sales  -6,876  -7,698  1,143  -1,760 
Material acquired/divested operations current year  –  –  -511  – 
Exchange rate changes  6,098  518  1,751  -48 
Total change  -778  -7,180  2,382  -1,808 
Organic sales growth, %  -1  -8  14  -8 
Of which vehicles, %  -3  -10  16  -10 
Of which services, %  7  1  7  2 
Buses Volvo Penta
First quarter First quarter 
SEK M 2026 2025 2026 2025
Net sales  5,593  5,436  5,272  5,004 
Net sales last year  5,436  5,173  5,004  5,168 
Material acquired/divested operations last year  –  –  –  – 
Adjusted net sales last year  5,436  5,173  5,004  5,168 
Increase/decrease of net sales compared with adjusted net sales  157  263  268  -164 
Material acquired and divested operations current year  –  –  –  – 
Exchange rate changes  444  77  387  10 
Total change  601  341  656  -154 
Organic sales growth, %  11  7  13  -3 
Of which vehicles, %  14  5  14  -5 
Of which services, %  3  10  10  4 
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
34 KEY RATIOS

===== SIDA 35 =====

Gross income and gross margin
Industrial operations Volvo Group
First quarter First quarter 
SEK M 2026 2025 2026 2025
Net sales  105,581  116,256  110,765  121,792 
Cost of sales  -78,889  -87,499  -82,041  -90,867 
Gross income  26,692  28,757  28,724  30,925 
Gross margin, %  25.3  24.7  25.9  25.4 
Trucks
Construction 
Equipment
First quarter First quarter 
SEK M 2026 2025 2026 2025
Net sales  75,372  82,248  18,305  21,117 
Cost of sales  -57,074  -61,937  -13,423  -16,063 
Gross income  18,298  20,311  4,883  5,054 
Gross margin, %  24.3  24.7  26.7  23.9 
Buses Volvo Penta
First quarter First quarter 
SEK M 2026 2025 2026 2025
Net sales  5,593  5,436  5,272  5,004 
Cost of sales  -4,332  -4,274  -3,252  -3,137 
Gross income  1,261  1,162  2,020  1,867 
Gross margin, %  22.5  21.4  38.3  37.3 
EBITDA and EBITDA margin
Industrial operations
First quarter 
SEK M 2026 2025
Net sales  105,581  116,256 
Operating income  9,758  12,162 
Amortization and impairment product and software development  902  907 
Amortization and impairment other intangible assets  162  91 
Depreciation and impairment tangible assets  3,569  3,444 
Total depreciation, amortization and impairment  4,633  4,443 
Operating income before depreciation and amortization (EBITDA)  14,391  16,604 
EBITDA margin, %  13.6  14.3 
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
35 KEY RATIOS

===== SIDA 36 =====

Return on capital employed
Industrial Operations
SEK M
Mar 31 
2026
Mar 31 
2025
Operating income, 12 months rolling  41,976  57,315 
Interest income and similar credits, 12 months rolling  1,931  2,784 
Operating income and interest income and similar credits, 12 months rolling  43,907  60,099 
Capital employed
Total assets  426,487  437,867 
Less: Net pension assets  -1,878  -1,890 
Less: Unrealized gains financial instruments (mainly other receivables)  -4,874  -5,513 
Capital employed assets  419,734  430,463 
Total liabilities  -263,781  -266,862 
Less: Provisions for post-employment benefits  7,790  10,752 
Less: Bond loans, other loans and internal funding liabilities  24,427  26,672 
Less: Unrealized losses financial instruments (other liabilities)  913  1,270 
Capital employed liabilities  -230,651  -228,168 
Capital employed, end of period  189,083  202,296 
Quarterly weighted average capital employed  178,931  188,893 
Return on capital employed, 12 months rolling, % 24.5 31.8
Return on operating capital
Industrial Operations
SEK M
Mar 31 
2026
Mar 31 
2025
Operating income, 12 months rolling  41,976  57,315 
Operating capital
Intangible assets  53,027  43,639 
Tangible assets  126,476  113,610 
Investments in joint ventures and associated companies  19,932  21,789 
Other shares and participations  1,151  1,075 
Inventories  75,030  74,603 
Customer-financing receivables  1,502  1,932 
Accounts receivables  32,265  38,367 
Other receivables  24,739  26,083 
Operating capital assets  334,122  321,099 
Other provisions  -25,752  -28,659 
Trade payables  -70,947  -72,653 
Other liabilities  -124,824  -120,294 
Operating capital liabilities  -221,523  -221,606 
Operating capital, end of period  112,599  99,493 
Quarterly weighted average operating capital  101,355  94,924 
Return on operating capital, 12 months rolling, %  41.4  60.4 
Return on equity
Financial Services Volvo Group
SEK M
Mar 31 
2026
Mar 31 
2025
Mar 31 
2026
Mar 31 
2025
Income for the period, 12 months rolling  2,734  2,982  33,040  46,456 
Equity
Equity attributed to owners of AB Volvo, end of period  28,081  28,183  190,668  197,572 
Quarterly weighted average equity  27,857  23,566  178,085  184,231 
Return on equity, 12 months rolling, %  9.8  12.7  18.6  25.2 
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
36 KEY RATIOS

===== SIDA 37 =====

Equity ratio
Industrial Operations Financial Services Volvo Group
SEK M
Mar 31 
2026
Dec 31 
2025
Mar 31 
2026
Dec 31 
2025
Mar 31 
2026
Dec 31 
2025
Total equity  162,706  151,013  28,081  27,464  190,787  178,477 
Total assets  426,487  401,461  280,787  274,699  682,483  648,590 
Equity ratio, %  38.2  37.6  10.0  10.0  28.0  27.5 
Net capitalization of research and development expenses
Volvo Group
First quarter
SEK M 2026 2025
Capitalization  2,316  1,488 
Amortization  -890  -891 
Net capitalization of research and development expenses  1,426  598 
Penetration rate
Financial Services
Number of units
Mar 31 
2026
Mar 31 
2025
Number of financed units, 12 months rolling  66,486  66,326 
Number of units sold where financial services are offered, 12 months rolling  221,667  226,008 
Penetration rate, 12 months rolling, %  30  29 
Q1
VOLVO GROUP
THE FIRST QUARTER 2026
37 KEY RATIOS

===== SIDA 38 =====

Göteborg, April 24, 2026
AB Volvo (publ)
Martin Lundstedt
President and CEO
This report has not been reviewed by AB Volvo's auditors.
Financial calendar
Capital Markets Day June 10, 2026
Report on the second quarter 2026 July 17, 2026
Report on the third quarter 2026 October 23, 2026
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 24, 2026.
   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 2026
 38 CONTACTS
Aktiebolaget Volvo (publ)
556012–5790
Investor Relations, VGHQ
SE-405 08 Göteborg, Sweden
Tel +46 31 66 00 00
www.volvogroup.com