FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2026
===== 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