FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2025
===== SIDA 1 =====
V O L V O G R O U P
R E P O R T O N T H E T H I R D Q U A R T E R 2 0 2 5
Net sales SEK 110.7
billion (117.0)
— — — — — — — — — — — — — — —
Adjusted operating income
SEK 11.7 billion (14.1)
— — — — — — — — — — — — — — —
===== SIDA 2 =====
• In Q3 2025, net sales decreased by 5% and amounted to
SEK 110.7 billion (117.0). When adjusted for currency
movements net sales increased by 1%.
• Adjusted operating income1 amounted to SEK 11,707 M
(14,074), corresponding to an adjusted operating margin
of 10.6% (12.0). In Q3 2025, a positive effect of SEK
811 M was excluded from adjusted operating income.
There were no adjustments in Q3 2024.
• Reported operating income amounted to SEK 12,517 M
(14,074), corresponding to an operating margin of 11.3%
(12.0).
• Compared with Q3 2024, currency movements had a
negative impact on operating income amounting to SEK
1,626 M.
• Earnings per share amounted to SEK 3.71 (4.93).
• Operating cash flow in the Industrial Operations amounted
to SEK -1,739 M (3,069).
• Return on capital employed in the Industrial Operations
amounted to 25.2% (38.3).
117.0 110.7
Q3
2024
Q4 Q1 Q2 Q3
2025
14.1 11.7
12.0% 10.6%
Q3
2024
Q4 Q1 Q2 Q3
2025
38.3%
25.2%
Q3
2024
Q4 Q1 Q2 Q3
2025
Third quarter First nine months
SEK M unless otherwise stated 2025 2024 2025 2024
Net sales 110,692 116,978 355,379 388,404
Adjusted operating income¹ 11,707 14,074 38,449 51,679
Adjusted operating margin, % 10.6 12.0 10.8 13.3
Operating income 12,517 14,074 35,737 52,572
Operating margin, % 11.3 12.0 10.1 13.5
Income after financial items 12,136 13,573 34,697 52,550
Income for the period 7,583 10,073 25,092 39,759
Earnings per share, SEK 3.71 4.93 12.22 19.50
Operating cash flow in Industrial Operations -1,739 3,069 2,518 21,025
Net financial position in Industrial Operations², SEK bn 45.4 62.9
Return on capital employed in Industrial Operations³, % 25.2 38.3
Return on equity in Financial Services³, % 11.3 13.2
Net order intake, number of trucks 37,134 43,234 140,122 139,695
Deliveries, number of trucks 44,631 46,266 146,228 160,671
Net order intake, number of construction equipment 10,546 10,781 44,442 38,154
Of which SDLG⁴ 3,987 5,743 22,052 20,118
Deliveries, number of construction equipment 11,198 11,703 43,693 41,414
Of which SDLG⁴ 3,987 5,743 22,052 20,118
1 For information on adjusted operating income, please see Note 6.
2 Excluding post-employment benefits and lease liabilities.
3 12 months rolling.
4 Unless otherwise stated, SDLG is included in July and August throughout the report.
On the cover: The new Volvo BZR Electric – CD coach with a range of up to 700 kilometers.
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
2 IN BRIEF
Net sales, SEK bn Adjusted operating income, SEK bn 1
Adjusted operating margin, %
Return on capital employed
Industrial Operations, % 3
===== SIDA 3 =====
In Q3 2025, the Volvo Group's net sales increased in Europe,
while more difficult market conditions in North America and South
America impacted sales negatively. In total, the Group's net sales
amounted to SEK 110.7 billion (117.0), which was an increase of
1% when adjusted for currency movements. Sales of vehicles
were 1% lower than in Q3 2024 when adjusted for currency. The
underlying development in the service business remained good,
with service sales growing by 4% adjusted for currency. On a
rolling 12-month basis service revenues amounted to SEK 126
billion. Despite the lower vehicle volumes, we maintained our
earnings resilience and generated an adjusted operating income of
SEK 11.7 billion (14.1) with an adjusted operating margin of
10.6% (12.0).
Operating cash flow in the Industrial Operations amounted to SEK
-1.7 billion (3.1). Cash flow was impacted by the normal
seasonality with lower production in Q3 and also by increased
investments. At the end of the quarter, we had a net financial
position of SEK 45.4 billion (62.9) excluding pension and lease
liabilities. Return on capital employed amounted to 25.2% (38.3).
Compared with Q3 2024, deliveries in our truck business
decreased by 4% to 44,631 trucks with heavy-duty trucks
declining by 5%. Our deliveries in Europe increased, with
production rates being raised before summer, while volumes in
North America and South America decreased, reflecting
production adjustments to the more difficult market conditions
there. In Q3, order intake for heavy-duty trucks declined by 15%
compared with a year ago. Order intake has softened in Europe,
but following the good order momentum we had in the first half of
the year our order backlog is on a good level. In North America,
customers continue to be cautious due to the weak freight market,
which is further compounded by uncertainty regarding the EPA
2027 emissions standards and the impact of tariffs. Demand in
Brazil has been impacted by increased interest rates, which
restrain economic activity.
In Q3, net sales in our truck business declined by 2% to SEK 74.2
billion adjusted for currency, with sales of vehicles decreasing by
3%. However, despite various uncertainties, the overall utilization
of trucks in the fleets has remained on good levels in most
markets. This has supported demand for spare parts and services,
with sales increasing by 4%. The adjusted operating margin in the
truck segment was impacted by the lower volumes and amounted
to 9.1% (11.7).
Our vision of zero accidents involving our products and in our own
operations is about putting people in the center of everything we
do. Our efforts in this area were confirmed in the latest Euro NCAP
safety rating of heavy-duty trucks in which Volvo again scored five
stars for both the Volvo FH Aero and the Volvo FM. The Renault
Trucks T model kept its four stars. All three trucks were awarded
the CitySafe Label, which recognizes trucks designed to protect
vulnerable road users in city traffic situations.
In Q3, Construction Equipment's deliveries decreased by 4%,
impacted by the previously announced divestment of our stake in
SDLG, which was finalized on September 1. Adjusting for SDLG,
deliveries increased by 14%. The net sales of SEK 18.9 billion
were 8% higher than in Q3 2024 adjusted for currency changes.
The adjusted operating margin increased to 14.4% (13.6) driven
by a positive product mix and an improved service business.
Volvo Buses' deliveries decreased by 13% to 1,393 units, with
lower volumes in all markets except North America. However, the
currency-adjusted net sales increased by 4% to SEK 6.0 billion
and the adjusted operating margin amounted to 12.6% (11.8).
In Q3, Volvo Penta maintained its strong performance supported
by good engine and service volumes. The industrial segments,
including data centers in the US and marine commercial remain
strong. Currency-adjusted net sales increased by 13% to SEK 5.0
billion and the adjusted operating margin amounted to 18.6%
(17.7).
The portfolio performance in our customer-financing operation,
Volvo Financial Services, continued to be stable with a portfolio
growth of 4% adjusted for currency. The adjusted operating
income amounted to SEK 1.0 billion (1.0).
We are in a period with weaker demand in our key regions and
with increased uncertainty in North America. In this situation, we
focus on what we can impact. We have have adjusted our
operations, applied strict cost control, remain firm on commercial
conditions and drive our service business. Our customers around
the world continue to utilize their vehicles and machines, which
means that they will have to be replaced sooner or later. With our
fuel-efficient and competitive lineup of products and services
across the business areas, we are well-positioned to capture
growth in the next cyclical upturn.
We also continue to drive the shift toward zero-emission
solutions, knowing that the transformation must go hand-in-hand
with progress in society. By balancing our ambitions with
customer readiness, we will continue to move the industry
forward and deliver long-term value for both our customers and
our shareholders.
Martin Lundstedt
President and CEO
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
3 CEO'S COMMENTS
“Despite lower vehicle volumes, we
maintained our earnings resilience
and generated an adjusted operating
margin of 10.6%.”
Earnings resilience in focus
===== SIDA 4 =====
Volvo CE completed divestment of SDLG equity
On September 1, Volvo Construction Equipment (Volvo CE)
completed its previously communicated divestment of its
ownership in China-based SDLG to a fund predominantly owned
by the Lingong Group for SEK 8 billion (RMB 6 billion). The
transaction had a positive effect of SEK 811 M on operating
income in Q3.
Changes to the Volvo Group Executive Board and Renault
Trucks management team
On October 1, it was announced that after ten years of service,
Bruno Blin, had decided to step down from his role as member of
the Volvo Group Executive Board and President Renault Trucks.
He will be replaced by Antoine Duclaux, currently Senior Vice
President Renault Trucks International. The transition will take
effect on November 1.
Events after the balance sheet date
No other significant events have occurred after the end of the third
quarter 2025 that are expected to have a material effect on the
Volvo Group's financial statements.
Previously reported important events in 2025
• Annual General Meeting of AB Volvo
• Andrea Fuder, Chief Purchasing Officer, has passed away
• Volvo Group and Daimler Truck launch Coretura
• Volvo CE to acquire Swecon and sell its stake in SDLG
• Volvo Group receives EU innovation support for CarbonSmart
Initiative
• Changes to the Volvo Group Executive Board
Detailed information is available at www.volvogroup.com
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
4 IMPORTANT EVENTS
===== SIDA 5 =====
Net sales
In Q3 2025, the Volvo Group's net sales decreased by 5% to SEK
110,692 M compared with SEK 116,978 M in the same quarter
the preceding year. Net sales increased in Europe but decreased
in all other regions.
When adjusted for currency movements, net sales increased by
1%, of which vehicle sales decreased by 1% and service sales
increased by 4%.
Operating income
In Q3 2025, adjusted operating income amounted to SEK
11,707 M (14,074), corresponding to an adjusted operating
margin of 10.6% (12.0). Compared with Q3 2024, the adjusted
operating income was negatively affected by increased material,
manufacturing and tariff costs, which were partly offset by an
improved service business and lower R&D expenses. In Q3, the
net tariff impact was negative in an amount of approximately SEK
500 M, with more than half impacting Construction Equipment. In
Q4, the net tariff impact is expected to be approximately SEK 1
billion. Compared with Q3 2024, currency movements, had a
negative impact of SEK 1,626 M.
In Q3 2025, a positive effect of SEK 811 M from to the
divestment of SDLG has been excluded from adjusted operating
income. There were no adjustments in Q3 2024. For more
information on adjusted operating income, please see Note 6.
Reported operating income in Q3 2025 amounted to SEK
12,517 M (14,074), corresponding to an operating margin of
11.3% (12.0).
Financial items
In Q3 2025, interest income was SEK 380 M (601), whereas
interest expenses amounted to SEK -451 M (-375).
Other financial income and expenses amounted to SEK -310 M
(-727). The change is primarily due to revaluation effects of
financial assets and liabilities.
Income taxes
In Q3 2025, income taxes amounted to SEK -4,554 M (-3,500).
The effective tax rate was 37.5% (25.8). The higher tax rate is
mainly related to the taxable gain from the sale of the SDLG
shares in China. Excluding the SDLG divestment, the effective tax
rate was 23.5%.
Income for the period and earnings per share
In Q3 2025, income for the period amounted to SEK 7,583 M
(10,073). Earnings per share amounted to SEK 3.71 (4.93).
Consolidated Income Statement
Third quarter First nine months
SEK M 2025 2024 2025 2024
Net sales 110,692 116,978 355,379 388,404
Cost of sales -83,214 -84,973 -269,342 -279,625
Gross income 27,478 32,005 86,037 108,778
Research and development expenses -5,511 -7,213 -19,549 -22,761
Selling expenses -7,791 -7,938 -24,236 -25,396
Administrative expenses -1,529 -1,655 -5,335 -5,607
Other operating income and expenses 514 -594 52 -1,178
Income/loss from investments in joint ventures and associated companies -622 -530 -1,214 -1,277
Income/loss from other investments -22 -1 -19 12
Operating income 12,517 14,074 35,737 52,572
Interest income and similar credits 380 601 1,491 2,032
Interest expenses and similar charges -451 -375 -1,343 -1,109
Other financial income and expenses -310 -727 -1,189 -946
Income after financial items 12,136 13,573 34,697 52,550
Income taxes -4,554 -3,500 -9,604 -12,791
Income for the period * 7,583 10,073 25,092 39,759
* Attributable to:
Owners of AB Volvo 7,540 10,017 24,841 39,648
Non-controlling interest 43 56 251 111
Basic earnings per share, SEK 3.71 4.93 12.22 19.50
Diluted earnings per share, SEK 3.71 4.93 12.22 19.50
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
5 FINANCIAL SUMMARY
===== SIDA 6 =====
Net sales
Third quarter First nine months
SEK M 2025 2024 Change % 2025 2024 Change %
Net sales per geographical region
Europe 47,261 45,498 4 148,996 159,317 -6
North America 31,052 36,156 -14 107,353 120,979 -11
South America 12,407 14,705 -16 34,477 40,695 -15
Asia 12,568 12,878 -2 42,821 43,368 -1
Africa and Oceania 7,403 7,741 -4 21,732 24,045 -10
Total net sales 110,692 116,978 -5 355,379 388,404 -9
Net sales per product group
Vehicles 79,543 85,062 -6 262,201 291,180 -10
Services 31,149 31,915 -2 93,178 97,223 -4
Total net sales 110,692 116,978 -5 355,379 388,404 -9
Timing of revenue recognition
Revenue of vehicles and services recognized at
the point of delivery 97,765 104,101 -6 316,830 348,478 -9
Revenue of vehicles and services recognized
over contract period 12,927 12,877 – 38,549 39,926 -3
Total net sales 110,692 116,978 -5 355,379 388,404 -9
Operating cash flow in the Industrial Operations
During Q3 2025, operating cash flow in the Industrial Operations
was negative in an amount of SEK -1,739 M (3,069). Compared
with Q3 2024, the decreased operating cash flow is primarily an
effect of increased working capital, lower operating income and
increased investments.
3.1
-1.7
Q3
2024
Q4 Q1 Q2 Q3
2025
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
6 FINANCIAL SUMMARY
Operating cash flow
Industrial Operations, SEK bn
===== SIDA 7 =====
Volvo Group financial position
During Q3 2025, net financial assets in the Industrial Operations,
excluding provisions for post-employment benefits and lease
liabilities, increased by SEK 2.2 billion resulting in a net financial
asset position of SEK 45.4 billion on September 30, 2025,
compared with SEK 43.1 billion on June 30, 2025. The change is
mainly explained by a positive impact from the divestment of
SDLG, which was partly offset by the negative operating cash
flow. Currency movements decreased net financial assets by SEK
0.3 billion.
Including provisions for post-employment benefits and lease
liabilities, the Industrial Operations net financial assets amounted
to SEK 31.0 billion on September 30, 2025, compared with SEK
26.5 billion on June 30, 2025. Remeasurements of defined
benefit pension plans had a positive impact of SEK 2.2 billion
during Q3 2025.
Total assets in the Volvo Group decreased by SEK 69.6 billion
compared with year end 2024, whereof SEK 48.7 billion is
related to currency movements.
On September 30, 2025, total equity for the Volvo Group
amounted to SEK 171.9 billion compared with SEK 197.4 billion
at year end 2024. The equity ratio was 26.6% (27.6). On the
same date the equity ratio in the Industrial Operations amounted
to 36.6% (38.4).
62.9
45.4
Q3
2024
Q4 Q1 Q2 Q3
2025
Number of employees
On September 30, 2025, the Volvo Group had 100,177
employees, including temporary employees and consultants,
compared with 103,201 employees on June 30, 2025. The
number of blue-collar employees decreased by 1,914 people and
the number of white-collar employees decreased by 1,110
people. The decrease is mainly an effect of the divestment of
SDLG.
Sep 30
2025
Jun 30
2025
Mar 31
2025
Dec 31
2024
Sep 30
2024
Blue-collar 48,138 50,052 49,645 48,477 49,908
Whereof temporary employees and consultants 5,149 5,206 4,597 3,201 5,048
White-collar 52,039 53,149 53,003 53,118 53,081
Whereof temporary employees and consultants 6,837 6,999 6,897 7,022 7,338
Total number of employees 100,177 103,201 102,648 101,595 102,989
Whereof temporary employees and consultants 11,986 12,205 11,494 10,223 12,386
Number of employees
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
7 FINANCIAL SUMMARY
Net financial position excl. post-employment benefits
and lease liabilities Industrial Operations, SEK bn
===== SIDA 8 =====
Net sales
Third quarter Change First nine months Change 12 mths. Jan-Dec
SEK M 2025 2024 % %¹ 2025 2024 % %¹ rolling 2024
Trucks 74,196 80,054 -7 -2 238,134 265,131 -10 -6 333,612 360,610
Construction Equipment 18,926 18,809 1 8 62,949 66,108 -5 – 85,146 88,305
Buses 6,009 6,195 -3 4 17,481 17,919 -2 4 24,107 24,544
Volvo Penta 5,030 4,707 7 13 15,494 15,090 3 7 20,255 19,852
Group Functions & Other 2,235 2,925 -24 -18 8,582 11,863 -28 -25 13,267 16,548
Eliminations -1,153 -1,112 – – -3,549 -3,655 – – -4,777 -4,883
Industrial Operations 105,244 111,577 -6 – 339,090 372,456 -9 -4 471,609 504,975
Financial Services 6,570 6,712 -2 4 19,848 20,045 -1 5 26,785 26,982
Reclassifications and eliminations -1,122 -1,311 – – -3,560 -4,098 – – -4,602 -5,140
Volvo Group net sales 110,692 116,978 -5 1 355,379 388,404 -9 -4 493,792 526,816
1 Adjusted for exchange rate changes.
Adjusted operating income ¹
Third quarter Change First nine months Change 12 mths. Jan-Dec
SEK M 2025 2024 % 2025 2024 % rolling 2024
Trucks 6,761 9,363 -28 23,624 35,688 -34 33,762 45,826
Construction Equipment 2,722 2,558 6 8,257 10,129 -18 10,865 12,737
Buses 755 731 3 1,590 1,544 3 2,278 2,233
Volvo Penta 934 831 12 2,982 2,836 5 3,565 3,419
Group Functions & Other -543 -468 -16 -1,231 -1,852 34 -2,322 -2,943
Eliminations -3 14 – 10 14 – 28 32
Industrial Operations 10,627 13,029 -18 35,231 48,359 -27 48,176 61,305
Financial Services 1,029 992 4 3,028 3,030 – 4,040 4,042
Reclassifications and eliminations 51 52 -2 191 290 -34 272 371
Volvo Group adjusted operating
income 11,707 14,074 -17 38,449 51,679 -26 52,488 65,718
Adjustments ¹ 811 – – -2,712 893 – -2,712 893
Volvo Group operating income 12,517 14,074 -11 35,737 52,572 -32 49,776 66,611
1 For more information on adjusted operating income, please see Note 6.
Adjusted operating margin
Third quarter First nine months 12 mths. Jan-Dec
% 2025 2024 2025 2024 rolling 2024
Trucks 9.1 11.7 9.9 13.5 10.1 12.7
Construction Equipment 14.4 13.6 13.1 15.3 12.8 14.4
Buses 12.6 11.8 9.1 8.6 9.5 9.1
Volvo Penta 18.6 17.7 19.2 18.8 17.6 17.2
Industrial Operations 10.1 11.7 10.4 13.0 10.2 12.1
Volvo Group adjusted operating
margin 10.6 12.0 10.8 13.3 10.6 12.5
Volvo Group operating margin 11.3 12.0 10.1 13.5 10.1 12.6
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
8 BUSINESS SEGMENT OVERVIEW
===== SIDA 9 =====
Market development
During Q3, the European truck market continued to be
replacement-driven on the back of a stable truck fleet utilization.
Through September, registrations of heavy-duty trucks were down
by 9% compared with the prior year. Recently announced
increases in defense spending in Europe has not yet materialized
in demand but is expected to have a gradual impact from 2026.
The North American long-haul freight market remains in
recession with decreased freight volumes and freight prices. The
straight truck and the cab over engine segment, such as refuse
trucks, has held up better. Continued uncertainty regarding EPA
2027 emissions standards and tariffs also adds to customers
taking a cautious stance. The total North American market as per
August was 10% lower than in 2024.
High interest rates in Brazil is cooling down the economy and
the truck market, which declined by 11% compared with the prior
year. The market is supported by the agricultural, mining and pulp
industries while the general industrial segments are weaker.
In Q3, the Indian truck market regained strength from a post-
monsoon rebound in construction and mining. The market was
also supported by tax rate revisions as well as from improved
financing conditions as inflation eased.
The Chinese market rebound continued through the summer
and was fueled by trade-in incentives for diesel, natural gas as well
as battery-electric trucks. Diesel trucks represented half of the
market through September and the other half was split equally
between natural gas and battery-electric vehicles.
Orders and deliveries
In Q3, total net order intake declined by 14% compared with the
prior year and reached 37,134 trucks while deliveries decreased
by 4% to 44,631 units. Deliveries of heavy-duty trucks decreased
by 5% while deliveries of light-duty increased by 47% as the
light-duty model program is now largely complete, which drove
deliveries to dealers.
In Europe, order intake decreased by 10% to 21,290 units,
with orders for heavy- and medium-duty trucks decreasing by
11% and orders for light-duty trucks decreasing by 4%. Total
deliveries in Europe increased by 10% to 22,200 trucks, with
heavy- and medium-duty trucks increasing by 4% and light-duty
trucks increasing by 50%. Through September, Volvo continued
to deliver a strong heavy-duty market share which reached 19.4%
(16.8). The electric heavy-duty market share was 29,1% (56.8).
Also Renault Trucks improved the heavy-duty truck market share
to 10.5% (8.2) and the electric heavy-duty market share
increased to 23.6% (15.4).
Order intake in North America increased by 10% to 9,434
trucks, driven by straight trucks and refuse trucks for Mack and a
weak comparison figure for Volvo Trucks in Q3 2024. Deliveries in
North America decreased by 20% to 9,622 trucks. Volvo's heavy-
duty truck market share as of August amounted to 7.9% (9.1).
Mack's market share rose to 7.5% (6.0) on the back of an
improved supply chain and good demand in Mack's core
segments.
In South America, order intake decreased by 63% to 2,227
trucks while deliveries decreased by 17% to 6,784 vehicles. In
Brazil, Volvo remained the market leader with a heavy-duty truck
market share of 23.1% (23.2). Order intake in Asia decreased by
41% to 1,783 vehicles while deliveries increased by 5% to
3,735 vehicles. Order intake in Asia and South America has been
affected by restrictive order slotting.
Order intake for fully-electric trucks decreased by 17% to 733
trucks, and deliveries decreased by 38% to 1,061 trucks.
Order intake in the Indian joint venture, VE Commercial
Vehicles, increased by 9% to 18,214 vehicles while deliveries
increased by 9% to 18,083 vehicles.
Deliveries from the Chinese joint venture, Dongfeng
Commercial Vehicles, increased to 32,141 trucks (18,330).
Total market development
First nine months Change Full year Forecast Change vs. Forecast
Registrations, number of trucks 2025 2024 % 2024 2025 previous
forecast 2026
Europe 29 ¹ heavy-duty 192,418 212,327 -9 278,166 – – —
Europe 30 ¹ heavy-duty 216,387 238,523 -9 313,894 290,000 Unchanged 295,000
North America ² heavy-duty, retail sales. (YTD August) 179,429 198,802 -10 308,141 265,000 -10,000 250,000
Brazil heavy-duty 63,883 71,519 -11 97,686 85,000 Unchanged 75,000
China ³ medium- and heavy-duty 652,501 532,826 22 704,534 760,000 +50,000 760,000
India medium- and heavy-duty 268,259 263,129 2 351,252 360,000 Unchanged 380,000
1 EU29 includes Norway and Switzerland but excludes UK. EU30 includes UK.
2 The forecast is subject to a large degree of uncertainty.
3 Previous year has been adjusted to exclude exports.
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
9 TRUCKS
Stable European market while
customers in North and South
America are more cautious
• In Q3, net order intake decreased by 14%
and deliveries decreased by 4%
• Both adjusted and reported operating
income of SEK 6,761 M (9,363), with a
margin of 9.1% (11.7)
• Service sales increased by 4%, adjusted for
currency
===== SIDA 10 =====
Net order intake
Third quarter Change First nine months Change
Number of trucks 2025 2024 % 2025 2024 %
Europe 21,290 23,546 -10 78,181 69,703 12
Heavy- and medium-duty 16,937 19,016 -11 64,648 58,193 11
Light-duty 4,353 4,530 -4 13,533 11,510 18
North America 9,434 8,614 10 27,894 27,990 –
South America 2,227 6,060 -63 15,054 24,441 -38
Asia 1,783 3,043 -41 11,967 11,307 6
Africa and Oceania 2,400 1,971 22 7,026 6,254 12
Total order intake 37,134 43,234 -14 140,122 139,695 –
Heavy-duty (>16 tons) 30,483 35,993 -15 118,591 118,759 –
Medium-duty (7-16 tons) 2,296 2,716 -15 7,969 9,313 -14
Light-duty (<7 tons) 4,355 4,525 -4 13,562 11,623 17
Total order intake 37,134 43,234 -14 140,122 139,695 –
Volvo 20,520 24,646 -17 83,020 86,424 -4
Renault Trucks 11,078 13,041 -15 41,080 37,940 8
Heavy- and medium-duty 6,723 8,516 -21 27,518 26,317 5
Light-duty 4,355 4,525 -4 13,562 11,623 17
Mack 5,370 5,462 -2 15,501 15,039 3
Other brands 166 85 95 521 292 78
Total order intake 37,134 43,234 -14 140,122 139,695 –
Non-consolidated operations
VE Commercial Vehicles (Eicher) 18,214 16,641 9 53,611 49,526 8
Deliveries
Third quarter Change First nine months Change
Number of trucks 2025 2024 % 2025 2024 %
Europe 22,200 20,262 10 72,930 77,637 -6
Heavy- and medium-duty 18,570 17,834 4 60,380 62,544 -3
Light-duty 3,630 2,428 50 12,550 15,093 -17
North America 9,622 12,026 -20 36,918 43,316 -15
South America 6,784 8,153 -17 18,430 20,675 -11
Asia 3,735 3,560 5 11,538 11,538 –
Africa and Oceania 2,290 2,265 1 6,412 7,505 -15
Total deliveries 44,631 46,266 -4 146,228 160,671 -9
Heavy-duty (>16 tons) 38,627 40,583 -5 125,174 134,123 -7
Medium-duty (7-16 tons) 2,373 3,208 -26 8,481 11,315 -25
Light-duty (<7 tons) 3,631 2,475 47 12,573 15,233 -17
Total deliveries 44,631 46,266 -4 146,228 160,671 -9
Volvo 27,994 30,876 -9 86,381 98,088 -12
Renault Trucks 10,901 9,812 11 37,830 41,371 -9
Heavy- and medium-duty 7,270 7,337 -1 25,257 26,138 -3
Light-duty 3,631 2,475 47 12,573 15,233 -17
Mack 5,619 5,463 3 21,684 20,643 5
Other brands 117 115 2 333 569 -41
Total deliveries 44,631 46,266 -4 146,228 160,671 -9
Non-consolidated operations
VE Commercial Vehicles (Eicher) 18,083 16,552 9 53,680 49,826 8
Dongfeng Commercial Vehicle Company (Dongfeng Trucks)¹ 32,141 18,330 75 94,784 78,418 21
1 Dongfeng Trucks' deliveries have been restated for 2024.
Net sales and operating income
In Q3 2025, net sales decreased by 7% to SEK 74,196 M
(80,054). Excluding currency effects, net sales decreased by 2%
with sales of vehicles decreasing by 3% and sales of services
increasing by 4%.
In Q3 2025, both adjusted and reported operating income
amounted to SEK 6,761 M (9,363), corresponding to an
operating margin of 9.1% (11.7). Compared with Q3 2024, the
lower operating income is an effect of higher material and
manufacturing costs as well as decreased volumes and increased
tariff costs, which were partly offset by lower R&D expenses and
an improved service business. Compared with Q3 2024, currency
movements had a negative impact of SEK 1,074 M.
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
10 TRUCKS
===== SIDA 11 =====
Net order intake and deliveries of fully electric trucks
Third quarter Change First nine months Change
Number of trucks 2025 2024 % 2025 2024 %
Volvo 287 289 -1 1,118 903 24
Renault Trucks 444 571 -22 1,572 1,230 28
Heavy- and medium-duty 131 204 -36 471 543 -13
Light-duty 313 367 -15 1,101 687 60
Mack 2 27 -93 10 47 -79
Total order intake of fully electric trucks 733 887 -17 2,700 2,180 24
Volvo 358 415 -14 938 1,483 -37
Renault Trucks 697 309 126 1,927 1,195 61
Heavy- and medium-duty 181 262 -31 593 749 -21
Light-duty 516 47 998 1,334 446 199
Mack 6 43 -86 53 96 -45
Total deliveries of fully electric trucks 1,061 767 38 2,918 2,774 5
Net sales and operating income
Third quarter Change First nine months Change
SEK M 2025 2024 % 2025 2024 %
Net sales per geographical region
Europe 35,588 34,751 2 112,726 120,811 -7
North America 18,716 23,088 -19 68,567 78,983 -13
South America 9,299 11,709 -21 25,819 31,824 -19
Asia 5,742 5,659 1 18,095 18,263 -1
Africa and Oceania 4,852 4,847 – 12,926 15,250 -15
Total net sales 74,196 80,054 -7 238,134 265,131 -10
Net sales per product group
Vehicles 56,473 61,802 -9 184,864 210,288 -12
Services 17,723 18,251 -3 53,270 54,843 -3
Total net sales 74,196 80,054 -7 238,134 265,131 -10
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery 68,382 74,162 -8 220,604 247,592 -11
Revenue of vehicles and services recognized over contract period 5,814 5,892 -1 17,530 17,540 –
Total net sales 74,196 80,054 -7 238,134 265,131 -10
Adjusted operating income ¹ 6,761 9,363 -28 23,624 35,688 -34
Adjustments – – – -2,947 140 –
Operating income 6,761 9,363 -28 20,677 35,828 -42
Adjusted operating margin, % 9.1 11.7 9.9 13.5
Operating margin, % 9.1 11.7 8.7 13.5
1 For more information on adjusted operating income, please see Note 6.
Important events
Volvo Trucks again received the maximum 5-star safety rating for
its heavy-duty trucks from the European consumer test
organization Euro NCAP. Both the Volvo FH Aero 6x2 and the
Volvo FM 6x2 scored top results in the 2025 rating. The Renault
Trucks T confirmed its high safety performance by keeping its 4-
star rating. All models were awarded the CitySafe label, which
recognizes vehicles best equipped for urban driving and for the
protection of vulnerable road users.
Trucks that keep moving, are safe and deliver maximum uptime
and productivity for their owners. This is what Volvo wants to
achieve with its digital and connected services for customers. One
million connected Volvo trucks are on the road worldwide, and can
make use of the Volvoʼs full range of services.
In August, Mack Trucks started the production of the all-new
Mack Pioneer at its Lehigh Valley Operations manufacturing
facility in Macungie, Pennsylvania, USA. The highway truck,
unveiled in April 2025, represents the most significant advance-
ment in Mackʼs long-haul offerings, combining unprecedented
aerodynamic performance, driver comfort and fuel efficiency.
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
11 TRUCKS
===== SIDA 12 =====
Market development
In Q3, the global machine market grew compared with the prior
year. Europe, North America and Asia including China grew while
South America contracted.
In Q3, the total market in Europe grew for the first time in more
than a year, with support from major markets, such as Germany
and the UK, while France and Italy contracted.
After a weak first half of the year, the North American market
grew in Q3, partly driven by anticipation of higher prices due to
tariffs. Government stimulus through tax credits and favorable
depreciation also supported the market.
In South America, the market declined in Q3 driven by Brazil.
There is a more positive sentiment in other markets, such as
Argentina and Colombia.
The Chinese market continued to grow, albeit at a slower pace,
following governmental policies to stimulate the real estate sector.
This mainly drives demand for smaller machines.
Asia excluding China was up, with continued growth in
Indonesia driven by regained momentum in the mining industry, as
well as growth in Southeast Asia, the Middle East and Turkey.
Japan and South Korea continued to decline. The Indian market
was down, mainly for large machines.
Orders and deliveries
In Q3, net order intake decreased by 2%, impacted by the
divestment of SDLG on September 1. Adjusting for SDLG, order
intake increased by 22%. Order intake for the Volvo brand was
driven by continued dealer inventory replenishment in Europe and
resizing of fleets and stock levels in North America preparing for
2026.
Deliveries in Q3 were 4% lower than in the prior year, driven by
the divestment of SDLG. Adjusting for SDLG, deliveries increased
by 14%. The Volvo brand had higher deliveries in Europe and the
Middle East, which were partly offset by lower deliveries in North
America as dealers balance their inventory levels.
Net sales and operating income
In Q3 2025, net sales increased by 1% to SEK 18,926 M
(18,809). Adjusted for currency movements net sales increased
by 8%. Excluding SDLG the increase was14%, of which machine
sales increased by 17% and service sales increased by 6%.
Total market development
Year-to-date August Forecast Previous forecast Forecast
Change in % measured in units 2025 2025 2025 2026
Europe -5 -5% to +5% -5% to +5% -5% to +5%
North America -3 -10% to 0% -15% to -5% -10% to 0%
South America 4 -5% to +5% -5% to +5% -5% to +5%
Asia excl. China 5 -5% to +5% -5% to +5% -5% to +5%
China 21 +5% to +15% +5% to +15% -5% to +5%
Net order intake
Third quarter Change First nine months Change
Number of construction equipment 2025 2024 % 2025 2024 %
Europe 2,522 1,877 34 9,284 6,571 41
North America 1,086 774 40 4,255 3,626 17
South America 680 770 -12 1,721 1,887 -9
Asia 5,454 6,643 -18 26,208 23,954 9
Africa and Oceania 804 717 12 2,974 2,116 41
Total orders 10,546 10,781 -2 44,442 38,154 16
Large and medium construction equipment 8,099 8,531 -5 32,503 28,819 13
Compact construction equipment 2,447 2,250 9 11,939 9,335 28
Total orders 10,546 10,781 -2 44,442 38,154 16
Volvo 6,127 4,995 23 21,864 17,886 22
SDLG 3,987 5,743 -31 22,052 20,118 10
Other brands 432 43 905 526 150 251
Total orders 10,546 10,781 -2 44,442 38,154 16
Fully electric 553 466 19 2,623 1,202 118
Of which SDLG 510 422 21 2,418 1,050 130
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
12 CONSTRUCTION EQUIPMENT
• In Q3, order intake decreased by 2% and
deliveries by 4%. Adjusted for the divestment
of SDLG order intake increased by 22% and
deliveries by 14%
• Adjusted operating income amounted to SEK
2,722 M (2,558), with a margin of 14.4%
(13.6)
• Service sales increased by 6%, adjusted for
currency and the divestment of SDLG
Earnings improvement
supported by a positive
product mix
===== SIDA 13 =====
Deliveries
Third quarter Change First nine months Change
Number of construction equipment 2025 2024 % 2025 2024 %
Europe 2,797 2,131 31 8,746 8,282 6
North America 1,352 1,712 -21 4,405 5,357 -18
South America 619 559 11 1,689 1,552 9
Asia 5,699 6,597 -14 25,898 24,131 7
Africa and Oceania 731 704 4 2,955 2,092 41
Total deliveries 11,198 11,703 -4 43,693 41,414 6
Large and medium construction equipment 8,357 9,346 -11 31,736 31,484 1
Compact construction equipment 2,841 2,357 21 11,957 9,930 20
Total deliveries 11,198 11,703 -4 43,693 41,414 6
Volvo 6,779 5,916 15 21,117 21,145 –
SDLG 3,987 5,743 -31 22,052 20,118 10
Other brands 432 44 882 524 151 247
Total deliveries 11,198 11,703 -4 43,693 41,414 6
Fully electric 586 504 16 2,631 1,305 102
Of which SDLG 510 422 21 2,418 1,050 130
Net sales and operating income
Third quarter Change First nine months Change
SEK M 2025 2024 % 2025 2024 %
Net sales per geographical region
Europe 6,449 5,718 13 20,205 20,439 -1
North America 4,766 5,055 -6 15,288 18,441 -17
South America 1,057 997 6 2,845 2,780 2
Asia 5,246 5,533 -5 19,507 19,630 -1
Africa and Oceania 1,407 1,506 -7 5,104 4,818 6
Total net sales 18,926 18,809 1 62,949 66,108 -5
Net sales per product group
Construction equipment 15,101 14,849 2 51,471 54,272 -5
Services 3,825 3,960 -3 11,477 11,836 -3
Total net sales 18,926 18,809 1 62,949 66,108 -5
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery 18,041 17,985 – 60,341 63,608 -5
Revenue of vehicles and services recognized over contract period 884 824 7 2,608 2,500 4
Total net sales 18,926 18,809 1 62,949 66,108 -5
Of which SDLG 1,962 2,943 -33 10,099 9,482 7
Adjusted operating income ¹ 2,722 2,558 6 8,257 10,129 -18
Adjustments 811 – – 581 – –
Operating income 3,532 2,558 38 8,837 10,129 -13
Adjusted operating margin, % 14.4 13.6 13.1 15.3
Operating margin, % 18.7 13.6 14.0 15.3
1 For more information on adjusted operating income, please see Note 6.
Adjusted operating income increased to SEK 2,722 M (2,558),
corresponding to an adjusted operating margin of 14.4% (13.6).
Compared with Q3 2024, a positive product mix and an improved
service business offset increased tariff costs and lower volumes.
Currency movements had a negative impact of SEK 268 M.
In Q3 2025, adjusted operating income excludes a positive
impact of SEK 811 M from to the divestment of SDLG. There
were no adjustments in Q3 2024. For more information on
adjusted operating income, please see note 6. Reported operating
income amounted to SEK 3,532 M (2,558).
Important events
On September 1, Volvo CE completed the previously announced
divestment of its ownership stake in China-based SDLG. The
divestment enables Volvo CE to focus on Volvo-branded solutions
within its targeted segments. It also allows Volvo CE to further
capitalize on its strong industrial presence in China, supported by
both its assembly and technology centers.
In Q3, Volvo CE also continued the rollout of its recently
launched products, with events for the latest articulated haulers
across Asia.
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
13 CONSTRUCTION EQUIPMENT
===== SIDA 14 =====
In Q3, demand slowed down in some markets, including Mexico
and Brazil, compared with the same period the prior year. Net
order intake decreased by 22% compared with Q3 2024. In Q3
orders for 86 electric buses were confirmed, including an order for
electric articulated and bi-articulated buses to Goiânia, Brazil.
Total deliveries decreased by 13% to 1,393 units.
In Q3, net sales decreased by 3% to SEK 6,009 M (6,195).
Adjusted for currency, net sales increased by 4%, with both
vehicle sales and service sales increasing by 4%.
Both adjusted and reported operating income increased to SEK
755 M (731), with an operating margin of 12.6% (11.8).
Operating income was positively impacted by good price
realization and lower operating expenses, which offset lower
volumes. A gain on a property sale had a positive impact of SEK
170 M while currency movements had a negative impact of SEK
159 M compared with Q3 2024.
In Q3, Volvo Buses launched a new electric coach chassis with
industry-leading battery capacity of up to 720 kWh, expanding
the modular BZR Electric platform to also include coach applica-
tions. The coach chassis will be offered with bodies from various
bodybuilders, tailored to market and customer needs.
Volvo Buses has formed a strategic partnership with the body-
builder Marcopolo to broaden its product portfolio and strengthen
its position in the European coach market. Marcopolo is already a
trusted partner in several markets outside Europe, where Volvoʼs
renowned chassis technology is paired with Marcopoloʼs body
design.
Net order intake and deliveries
Third quarter Change First nine months Change
Number of buses 2025 2024 % 2025 2024 %
Total orders 1,311 1,677 -22 4,228 3,928 8
Of which fully electric 86 186 -54 298 384 -22
Of which hybrids – – – – – –
Total deliveries 1,393 1,604 -13 4,154 4,549 -9
Of which fully electric 77 89 -13 315 206 53
Of which hybrids – 12 – – 48 –
Net sales and operating income ¹
Third quarter Change First nine months Change
SEK M 2025 2024 % 2025 2024 %
Net sales per geographical region
Europe 1,492 1,606 -7 4,928 4,664 6
North America 3,062 2,734 12 7,799 8,136 -4
South America 448 608 -26 1,248 1,627 -23
Asia 354 435 -19 1,310 1,336 -2
Africa and Oceania 652 813 -20 2,196 2,155 2
Total net sales 6,009 6,195 -3 17,481 17,919 -2
Net sales per product group
Vehicles 4,487 4,649 -3 13,059 13,502 -3
Services 1,522 1,547 -2 4,422 4,417 –
Total net sales 6,009 6,195 -3 17,481 17,919 -2
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery 5,661 5,927 -4 16,552 17,085 -3
Revenue of vehicles and services recognized over contract period 348 268 30 929 834 11
Total net sales 6,009 6,195 -3 17,481 17,919 -2
Adjusted operating income ¹ 755 731 3 1,590 1,544 3
Adjustments – – – -80 200 –
Operating income 755 731 3 1,509 1,744 -13
Adjusted operating margin, % 12.6 11.8 9.1 8.6
Operating margin, % 12.6 11.8 8.6 9.7
1 For more information on adjusted operating income, please see Note 6.
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
14 BUSES
• In Q3, deliveries decreased by 13% and net
order intake decreased by 22%
• Both adjusted and reported operating
income amounted to SEK 755 M (731), with
a margin of 12.6% (11.8)
• Service sales increased by 4% adjusted for
currency
Continued strong
performance on
lower volumes
===== SIDA 15 =====
In Q3, the industrial business continued to grow with an increase
in order intake of 22% driven by mining and special vehicles. The
high demand for power generation engines for data centers in the
U.S. continued. In the marine business unit, order intake grew by
44% — fueled by strong growth in marine commercial, particu-
larly in defense and passenger transport. The yacht segment
improved while marine leisure remained at a stable but low level.
In Q3, overall net order intake increased by 28% to 8,190
units, and deliveries increased by 16% to 9,302 units.
Net sales increased by 7% to SEK 5,030 M (4,707). Adjusted
for currency movements, net sales increased by 13%, of which
engine sales increased by 11% and service sales by 17%.
Both adjusted and reported operating income amounted to SEK
934 M (831), corresponding to an operating margin of 18.6%
(17.7). Operating income was positively affected by increased
volumes and an improved service business while an unfavorable
product mix had a negative impact. Compared with Q3 2024, the
currency impact on operating income was negative in an amount
of SEK 185 M.
In Q3, Volvo Penta announced its next-generation marine
autopilot system and a milestone for its IPS Professional Platform
being featured for the first time in two superyachts, a Sanlorenzo
and an Amer Yacht.
New business also included Taiwan-based SEETEL New
Energy selecting Volvo Pentaʼs battery systems for energy storage
to power its mobile fast-charging solutions.
Net order intake and deliveries
Third quarter Change First nine months Change
Number of Engines 2025 2024 % 2025 2024 %
Total orders 8,190 6,394 28 28,762 22,291 29
Of which fully electric 1 32 -97 31 70 -56
Total deliveries 9,302 7,998 16 28,819 27,384 5
Of which fully electric 7 24 -71 45 90 -50
Net sales and operating income
Third quarter Change First nine months Change
SEK M 2025 2024 % 2025 2024 %
Net sales per geographical region
Europe 2,362 2,173 9 7,398 7,317 1
North America 1,164 1,044 11 3,442 2,981 15
South America 203 196 3 606 631 -4
Asia 1,005 963 4 3,204 3,113 3
Africa and Oceania 297 330 -10 844 1,048 -19
Total net sales 5,030 4,707 7 15,494 15,090 3
Net sales per product group
Engines 3,453 3,271 6 11,125 10,772 3
Services 1,578 1,436 10 4,369 4,318 1
Total net sales 5,030 4,707 7 15,494 15,090 3
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery 5,018 4,694 7 15,458 15,050 3
Revenue of vehicles and services recognized over contract period 13 13 – 36 40 -10
Total net sales 5,030 4,707 7 15,494 15,090 3
Adjusted operating income ¹ 934 831 12 2,982 2,836 5
Adjustments – – – -218 – –
Operating income 934 831 12 2,764 2,836 -3
Adjusted operating margin, % 18.6 17.7 19.2 18.8
Operating margin, % 18.6 17.7 17.8 18.8
1 For more information on adjusted operating income, please see Note 6.
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
15 VOLVO PENTA
Increased order intake
and strong performance
in key segments
• In Q3, order intake increased by 28% and
deliveries increased by 16%
• Both adjusted and reported operating income
amounted to SEK 934 M (831), with a margin
of 18.6% (17.7)
• Strong order intake in the industrial segment,
driven by special vehicles and power
generation engines for US data centers
===== SIDA 16 =====
In Q3 2025, the credit portfolio for Financial Services continued
to grow. Adjusted for currency, the net credit portfolio increased
by 4% compared with Q3 2024. The portfolio performance
continued to be solid, although increased delinquencies and write-
offs have been visible in some markets and business segments.
Compared with Q3 2024, new business volume decreased by
3%, when adjusted for currency.
In Q3, both adjusted and reported operating income amounted
to SEK 1,029 M (992). The increase in operating income
compared with Q3 2024 is primarily a result of continued
portfolio growth, which was partly offset by increased credit
provision expenses and unfavorable currency movements, which
had a negative impact of SEK 79 M compared with Q3 2024.
Return on equity on a rolling 12-month basis amounted to
11.3% (13.2).
Financial Services
Third quarter First nine months
SEK M unless otherwise stated 2025 2024 2025 2024
Number of financed units, 12 months rolling 67,569 64,639
Total penetration rate, 12 months rolling, % ¹ 31 28
New retail financing volume, SEK billion 25.4 27.8 78.1 79.4
Credit portfolio net, SEK billion 259 262
Credit provision expenses 379 199 1,011 733
Adjusted operating income² 1,029 992 3,028 3,030
Adjustments – – -47 –
Operating income 1,029 992 2,980 3,030
Credit reserves, % of credit portfolio 1.36 1.33
Return on equity³, 12 months rolling, % 11.3 13.2
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%.
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
16 FINANCIAL SERVICES
Maintained earnings and
solid portfolio performance
• In Q3, the net credit portfolio increased by
4%, adjusted for currency
• Solid portfolio performance
• Both adjusted and reported operating
income of SEK 1,029 M (992)
===== SIDA 17 =====
CONSOLIDATED INCOME STATEMENT - THIRD QUARTER
Industrial Operations Financial Services Eliminations Volvo Group
SEK M 2025 2024 2025 2024 2025 2024 2025 2024
Net sales 105,244 111,577 6,570 6,712 -1,122 -1,311 110,692 116,978
Cost of sales -79,912 -81,587 -4,476 -4,749 1,173 1,363 -83,214 -84,973
Gross income 25,332 29,990 2,095 1,963 51 52 27,478 32,005
Research and development expenses -5,511 -7,213 – – – – -5,511 -7,213
Selling expenses -7,039 -7,118 -752 -819 – – -7,791 -7,938
Administrative expenses -1,525 -1,651 -4 -4 – – -1,529 -1,655
Other operating income and expenses 825 -447 -311 -147 – – 514 -594
Income/loss from investments in joint ventures
and associated companies -622 -530 – – – – -622 -530
Income/loss from other investments -23 -1 – – – – -22 -1
Operating income 11,438 13,029 1,029 992 51 52 12,517 14,074
Interest income and similar credits 431 653 – – -51 -52 380 601
Interest expenses and similar charges -451 -375 – – – – -451 -375
Other financial income and expenses -310 -727 – – – – -310 -727
Income after financial items 11,108 12,580 1,029 992 – – 12,136 13,573
Income taxes -4,304 -3,232 -250 -268 – – -4,554 -3,500
Income for the period * 6,804 9,348 779 725 – – 7,583 10,073
* Attributable to:
Owners of AB Volvo 7,540 10,017
Non-controlling interest 43 56
Basic earnings per share, SEK 3.71 4.93
Diluted earnings per share, SEK 3.71 4.93
Key ratios, %
Gross margin 24.1 26.9 24.8 27.4
Research and development expenses as % of
net sales 5.2 6.5 5.0 6.2
Selling expenses as % of net sales 6.7 6.4 7.0 6.8
Administrative expenses as % of net sales 1.4 1.5 1.4 1.4
Operating margin 10.9 11.7 11.3 12.0
CONSOLIDATED OTHER COMPREHENSIVE INCOME - THIRD QUARTER
SEK M 2025 2024
Income for the period 7,583 10,073
Items that will not be reclassified to income statement:
Remeasurements of defined benefit pension plans 1,709 -149
Remeasurements of holding of shares at fair value 1 15
Items that may be reclassified subsequently to income statement:
Exchange differences on translation of foreign operations¹ -484 -2,864
Share of OCI related to joint ventures and associated companies¹ -12 -20
Accumulated exchange differences reversed to income -863 -422
Other comprehensive income, net of income taxes 350 -3,439
Total comprehensive income for the period * 7,933 6,634
* Attributable to:
Owners of AB Volvo 7,886 6,632
Non-controlling interest 47 3
1 As of Q2 2025, the exchange differences on translation of investments in joint ventures and associated companies has been reclassified from share of OCI
related to joint venture and associated companies to exchange differences on translation of foreign operations. The comparative figures in the financial
statements for Q1 2025 and 2024 have been restated accordingly, with no net impact on other comprehensive income.
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
17 FINANCIAL STATEMENTS
===== SIDA 18 =====
CONSOLIDATED INCOME STATEMENT - FIRST NINE MONTHS
Industrial Operations Financial Services Eliminations Volvo Group
SEK M 2025 2024 2025 2024 2025 2024 2025 2024
Net sales 339,090 372,456 19,848 20,045 -3,560 -4,098 355,379 388,404
Cost of sales -259,454 -270,128 -13,638 -13,885 3,750 4,388 -269,342 -279,625
Gross income 79,637 102,328 6,210 6,160 191 290 86,037 108,778
Research and development expenses -19,549 -22,761 – – – – -19,549 -22,761
Selling expenses -21,860 -22,883 -2,377 -2,513 – – -24,236 -25,396
Administrative expenses -5,323 -5,596 -12 -11 – – -5,335 -5,607
Other operating income and expenses 904 -572 -852 -606 – – 52 -1,178
Income/loss from investments in joint ventures
and associated companies -1,214 -1,277 – – – – -1,214 -1,277
Income/loss from other investments -30 12 11 – – – -19 12
Operating income 32,566 49,252 2,980 3,030 191 290 35,737 52,572
Interest income and similar credits 1,682 2,323 – – -191 -290 1,491 2,032
Interest expenses and similar charges -1,343 -1,109 – – – – -1,343 -1,109
Other financial income and expenses -1,189 -946 – – – – -1,189 -946
Income after financial items 31,716 49,520 2,980 3,030 – – 34,697 52,550
Income taxes -8,830 -11,943 -775 -848 – – -9,604 -12,791
Income for the period * 22,886 37,577 2,206 2,182 – – 25,092 39,759
* Attributable to:
Owners of AB Volvo 24,841 39,648
Non-controlling interest 251 111
Basic earnings per share, SEK 12.22 19.50
Diluted earnings per share, SEK 12.22 19.50
Key ratios, %
Gross margin 23.5 27.5 24.2 28.0
Research and development expenses as % of
net sales 5.8 6.1 5.5 5.9
Selling expenses as % of net sales 6.4 6.1 6.8 6.5
Administrative expenses as % of net sales 1.6 1.5 1.5 1.4
Operating margin 9.6 13.2 10.1 13.5
CONSOLIDATED OTHER COMPREHENSIVE INCOME - FIRST NINE MONTHS
SEK M 2025 2024
Income for the period 25,092 39,759
Items that will not be reclassified to income statement:
Remeasurements of defined benefit pension plans 2,486 -1,332
Remeasurements of holding of shares at fair value -9 8
Items that may be reclassified subsequently to income statement:
Exchange differences on translation of foreign operations¹ -11,409 114
Share of OCI related to joint ventures and associated companies¹ -25 -19
Accumulated translation difference reversed to income -916 -423
Other comprehensive income, net of income taxes -9,874 -1,652
Total comprehensive income for the period * 15,219 38,107
* Attributable to:
Owners of AB Volvo 15,376 37,932
Non-controlling interest -158 175
1 As of Q2 2025, the exchange differences on translation of investments in joint ventures and associated companies has been reclassified from share of OCI
related to joint venture and associated companies to exchange differences on translation of foreign operations. The comparative figures in the financial
statements for Q1 2025 and 2024 have been restated accordingly, with no net impact on other comprehensive income.
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
18 FINANCIAL STATEMENTS
===== SIDA 19 =====
CONSOLIDATED BALANCE SHEET - ASSETS
Industrial Operations Financial Services Eliminations Volvo Group
SEK M
Sep 30
2025
Dec 31
2024
Sep 30
2025
Dec 31
2024
Sep 30
2025
Dec 31
2024
Sep 30
2025
Dec 31
2024
Non-current assets
Intangible assets
Goodwill 23,842 25,143 – – – – 23,842 25,143
Other intangible assets 21,236 19,046 134 151 – – 21,371 19,197
Tangible assets
Property, plant and equipment 80,641 79,571 69 58 – – 80,710 79,629
Assets under operating leases 35,046 37,226 20,266 22,276 -15,535 -14,000 39,777 45,501
Financial assets
Investments in joint ventures and associated
companies 21,478 22,496 – – – – 21,478 22,496
Other shares and participations 1,060 1,089 28 18 – – 1,088 1,107
Non-current customer-financing receivables 1,018 1,533 127,257 134,969 -1,497 -1,897 126,778 134,605
Net pension assets 1,855 2,115 – – – – 1,855 2,115
Non-current interest-bearing receivables 6,158 4,969 1,705 – -1,705 -1,505 6,158 3,464
Other non-current receivables 3,637 7,018 392 322 -191 -220 3,839 7,120
Deferred tax assets 11,986 13,889 1,303 1,989 – – 13,290 15,878
Total non-current assets 207,959 214,094 151,154 159,784 -18,928 -17,623 340,186 356,254
Current assets
Inventories 73,065 77,121 751 1,238 – – 73,816 78,359
Current receivables
Customer-financing receivables 611 923 111,781 123,160 -1,396 -1,406 110,996 122,677
Tax assets 5,864 2,277 924 1,214 – – 6,787 3,491
Interest-bearing receivables 2,254 4,256 – – -14 -18 2,241 4,238
Internal funding -1,101 9,463 – – 1,101 -9,463 – –
Accounts receivables 30,844 40,005 1,959 1,767 – – 32,803 41,772
Other receivables 22,113 22,441 3,190 3,796 -4,384 -4,234 20,918 22,003
Marketable securities 171 218 – – – – 171 218
Cash and cash equivalents 52,646 80,505 6,264 6,872 -1,957 -2,206 56,953 85,171
Assets held for sale 104 381 – – – – 104 381
Total current assets 186,570 237,590 124,869 138,047 -6,650 -17,328 304,789 358,309
Total assets 394,529 451,684 276,024 297,830 -25,578 -34,950 644,975 714,564
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
19 FINANCIAL STATEMENTS
===== SIDA 20 =====
CONSOLIDATED BALANCE SHEET - EQUITY AND LIABILITIES
Industrial Operations Financial Services Eliminations Volvo Group
SEK M
Sep 30
2025
Dec 31
2024
Sep 30
2025
Dec 31
2024
Sep 30
2025
Dec 31
2024
Sep 30
2025
Dec 31
2024
Equity
Equity attributable to owners of AB Volvo 144,191 170,218 27,606 23,831 – – 171,797 194,049
Non-controlling interest 70 3,312 – – – – 70 3,312
Total equity 144,261 173,530 27,606 23,831 – – 171,867 197,361
Non-current provisions
Provisions for post-employment benefits 8,565 12,606 88 99 – – 8,653 12,706
Other provisions 10,541 12,243 62 51 – – 10,603 12,293
Total non-current provisions 19,106 24,849 151 150 – – 19,256 24,999
Non-current liabilities
Bond loans 86,078 109,031 – – – – 86,078 109,031
Other loans 25,312 29,783 24,926 22,602 -1,089 -1,561 49,149 50,824
Internal funding -101,650 -126,063 101,795 113,733 -145 12,330 – –
Deferred tax liabilities 3,571 2,483 1,375 2,295 – – 4,946 4,778
Other liabilities 51,846 54,411 1,885 1,762 -11,166 -9,591 42,566 46,583
Total non-current liabilities 65,158 69,645 129,980 140,393 -12,399 1,178 182,739 211,216
Current provisions 16,967 19,653 37 37 – – 17,004 19,690
Current liabilities
Bond loans 67,312 45,460 – – – – 67,312 45,460
Other loans 33,894 44,698 15,147 14,507 -678 -912 48,363 58,292
Internal funding -88,546 -81,228 92,102 107,718 -3,556 -26,490 – –
Trade payables 62,658 77,607 997 920 – – 63,655 78,527
Tax liabilities 5,834 1,916 1,016 1,194 – – 6,850 3,111
Other liabilities 67,872 75,540 8,988 9,082 -8,944 -8,726 67,917 75,896
Liabilities held for sale 12 13 – – – – 12 13
Total current liabilities 149,038 164,006 118,250 133,420 -13,179 -36,129 254,109 261,298
Total equity and liabilities 394,529 451,684 276,023 297,830 -25,578 -34,950 644,975 714,564
Key ratios, %
Equity ratio 36.6 38.4 10.0 8.0 26.6 27.6
Equity attributable to owners of AB Volvo, per
share in SEK 84.5 95.4
Return on operating capital ¹ 45.6 70.3
Return on capital employed ¹ 25.2 35.8
Return on equity ¹ 11.3 13.0 19.4 28.5
1 12 months rolling.
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
20 FINANCIAL STATEMENTS
===== SIDA 21 =====
Net financial position excl. post-employment benefits and lease liabilities
Industrial Operations Volvo Group
SEK bn
Sep 30
2025
Dec 31
2024
Sep 30
2025
Dec 31
2024
Non-current interest-bearing assets
Non-current customer-financing receivables – – 126.8 134.6
Non-current interest-bearing receivables 6.2 5.0 6.2 3.5
Current interest-bearing assets
Customer-financing receivables – – 111.0 122.7
Interest-bearing receivables 2.3 4.3 2.2 4.2
Internal funding -1.1 9.5 – –
Marketable securities 0.2 0.2 0.2 0.2
Cash and cash equivalents 52.6 80.5 57.0 85.2
Assets held for sale – – – –
Total interest-bearing financial assets 60.1 99.4 303.3 350.4
Non-current interest-bearing liabilities
Bond loans -86.1 -109.0 -86.1 -109.0
Other loans -19.7 -23.8 -43.5 -44.9
Internal funding 101.6 126.1 – –
Current interest-bearing liabilities
Bond loans -67.3 -45.5 -67.3 -45.5
Other loans -31.8 -42.6 -46.3 -56.2
Internal funding 88.5 81.2 – –
Liabilities held for sale – – – –
Total interest-bearing financial liabilities excl. post-employment benefits
and lease liabilities -14.8 -13.5 -243.2 -255.6
Net financial position excl. post-employment benefits and lease liabilities 45.4 85.9 60.1 94.8
Provisions for post-employment benefits and lease liabilities, net
Industrial Operations Volvo Group
SEK bn
Sep 30
2025
Dec 31
2024
Sep 30
2025
Dec 31
2024
Non-current lease liabilities -5.6 -6.0 -5.7 -5.9
Current lease liabilities -2.0 -2.1 -2.1 -2.1
Provisions for post-employment benefits, net -6.7 -10.5 -6.8 -10.6
Liabilities held for sale – – – –
Provisions for post-employment benefits and lease liabilities, net -14.4 -18.6 -14.5 -18.6
Net financial position incl. post-employment benefits and lease liabilities
Industrial Operations Volvo Group
SEK bn
Sep 30
2025
Dec 31
2024
Sep 30
2025
Dec 31
2024
Net financial position excl. post-employment benefits and lease liabilities 45.4 85.9 60.1 94.8
Provisions for post-employment benefits and lease liabilities, net -14.4 -18.6 -14.5 -18.6
Net financial position incl. post-employment benefits and lease liabilities 31.0 67.2 45.6 76.2
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
21 FINANCIAL STATEMENTS
===== SIDA 22 =====
Third quarter
First nine
months
SEK bn 2025 2025
Net financial position excl. post-employment benefits and lease liabilities at the end of previous period 43.1 85.9
Operating cash flow -1.7 2.5
Investments and divestments of shares, net -0.7 -1.6
Acquired and divested operations, net 4.4 4.8
Capital injections to/from Financial Services 1.4 -3.2
Currency effect -0.3 -2.9
Dividend to owners of AB Volvo – -37.6
Dividend to non-controlling interest – –
Other changes -0.9 -2.4
Net financial position excl. post-employment benefits and lease liabilities at the end of period 45.4 45.4
Provisions for post-employment benefits and lease liabilities at the end of previous period -16.6 -18.6
Pension payments, included in operating cash flow 0.3 1.3
Remeasurements of defined post-employment benefits 2.2 3.2
Service costs and other pension costs -0.3 -0.9
Investments, remeasurements and amortizations of lease contracts -0.1 -0.2
Acquired and divested pensions and lease liabilities -0.1 -0.1
Currency effect 0.1 1.0
Other changes 0.3 0.1
Provisions for post-employment benefits and lease liabilities at the end of period -14.4 -14.4
Net financial position incl. post-employment benefits and lease liabilities at the end of period 31.0 31.0
Changes in net financial position, Industrial Operations
CHANGES IN CONSOLIDATED EQUITY
SEK M
Equity attributable to
owners of AB Volvo
Non-controlling
interest Total equity
Balance as of December 31, 2023 177,791 2,948 180,739
Income for the period 50,389 186 50,576
Other comprehensive income for the period 2,365 206 2,572
Total comprehensive income for the period 52,755 393 53,147
Dividend -36,602 -16 -36,618
Changes in non-controlling interests – -21 -21
Other changes 106 8 114
Transactions with shareholders -36,497 -28 -36,525
Balance as of December 31, 2024 194,049 3,312 197,361
Income for the period 24,841 251 25,092
Other comprehensive income for the period -9,465 -408 -9,874
Total comprehensive income for the period 15,376 -158 15,219
Dividend -37,619 -10 -37,629
Changes in non-controlling interests – -12 -12
Other changes -9 -3,063 -3,072
Transactions with shareholders -37,628 -3,085 -40,713
Balance as of September 30, 2025 171,797 70 171,867
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
22 FINANCIAL STATEMENTS
===== SIDA 23 =====
CONSOLIDATED CASH FLOW STATEMENT - THIRD QUARTER
Industrial Operations Financial Services Eliminations Volvo Group
SEK M 2025 2024 2025 2024 2025 2024 2025 2024
Operating activities
Operating income 11,438 13,029 1,029 992 51 52 12,517 14,074
Amortization and impairment intangible assets 998 992 10 10 – – 1,008 1,002
Depreciation and impairment tangible assets 2,451 2,282 8 6 – – 2,459 2,288
Depreciation and impairment leasing vehicles 1,039 886 1,155 1,236 – – 2,194 2,122
Other non-cash items -134 146 373 211 – – 239 357
Total change in working capital whereof -9,545 -7,531 2,703 71 187 -124 -6,655 -7,585
Change in accounts receivables -455 4,952 -101 35 – – -556 4,987
Change in customer-financing receivables 79 19 3,596 1,102 198 -126 3,873 995
Change in inventories 239 807 -149 -66 – – 90 740
Change in trade payables -6,134 -11,698 -73 51 – – -6,207 -11,647
Change in vehicles on operating lease and
assets for service solutions -445 -403 -733 -866 – 35 -1,178 -1,234
Other changes in working capital -2,828 -1,209 163 -184 -11 -34 -2,676 -1,427
Dividends received from joint ventures and
associated companies – 11 – – – – – 11
Interest and similar items received 427 644 – – -51 -52 376 591
Interest and similar items paid -429 -281 – – 11 34 -418 -247
Other financial items -119 -61 – – – – -119 -61
Income taxes paid -2,558 -2,930 -230 -329 – – -2,787 -3,260
Cash flow from operating activities 3,568 7,185 5,048 2,197 198 -90 8,814 9,292
Investing activities
Investments in intangible assets -2,095 -861 -10 -9 – – -2,105 -870
Investments in tangible assets -3,769 -3,353 -1 – – – -3,769 -3,354
Disposals of in-/tangible assets 557 98 – 1 – – 557 99
Operating cash flow -1,739 3,069 5,037 2,189 198 -90 3,496 5,167
Investments of shares -704 -609
Divestment of shares – –
Acquired operations -691 -271
Divested operations 1,055 1,918
Interest-bearing receivables incl. marketable
securities 20 -20
Cash flow after net investments 3,176 6,185
Financing activities
New borrowings 128,964 93,702
Repayments of borrowings -145,386 -97,620
Dividend to owners of AB Volvo – –
Dividend to non-controlling interest -10 -16
Other 2 -36
Change in cash and cash equivalents excl.
exchange rate changes -13,254 2,215
Effect of exchange rate changes on cash and
cash equivalents -234 -588
Reclassification of cash and cash equivalents
from assets held for sale 8,983 –
Change in cash and cash equivalents -4,505 1,627
Cash and cash equivalents, beginning of
period 61,459 66,902
Cash and cash equivalents, end of period 56,953 68,529
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
23 FINANCIAL STATEMENTS
===== SIDA 24 =====
CONSOLIDATED CASH FLOW STATEMENT - FIRST NINE MONTHS
Industrial Operations Financial Services Eliminations Volvo Group
SEK M 2025 2024 2025 2024 2025 2024 2025 2024
Operating activities
Operating income 32,566 49,252 2,980 3,030 191 290 35,737 52,572
Amortization and impairment intangible assets 2,984 2,872 28 26 – – 3,011 2,898
Depreciation and impairment tangible assets 7,814 6,647 21 19 – – 7,834 6,666
Depreciation and impairment leasing vehicles 3,037 2,898 3,624 3,824 – – 6,661 6,722
Other non-cash items 473 118 1,146 736 – – 1,619 854
Total change in working capital whereof -19,950 -18,526 -5,075 -13,003 -1 -104 -25,025 -31,633
Change in accounts receivables -3,306 4,533 -222 41 – – -3,528 4,574
Change in customer-financing receivables 147 59 -3,109 -9,495 5 31 -2,957 -9,405
Change in inventories -5,175 -6,384 379 -195 – – -4,796 -6,580
Change in trade payables -2,917 -12,263 127 -539 – – -2,790 -12,801
Change in vehicles on operating lease and
assets for service solutions -1,081 -747 -2,990 -3,026 3 71 -4,068 -3,702
Other changes in working capital -7,617 -3,725 739 212 -9 -206 -6,887 -3,719
Dividends received from joint ventures and
associated companies 203 163 – – – – 203 163
Interest and similar items received 1,706 2,353 – – -195 -290 1,511 2,063
Interest and similar items paid -1,153 -886 – – -20 20 -1,173 -865
Other financial items -288 -317 – – – – -288 -317
Income taxes paid -7,887 -12,490 -787 -1,020 – – -8,674 -13,509
Cash flow from operating activities 19,505 32,085 1,937 -6,388 -26 -84 21,416 25,614
Investing activities
Investments in intangible assets -5,191 -2,690 -23 -41 – – -5,213 -2,730
Investments in tangible assets -12,445 -8,624 -3 -2 – – -12,448 -8,626
Disposals of in-/tangible assets 648 253 2 6 – – 650 259
Operating cash flow 2,518 21,025 1,913 -6,424 -26 -84 4,405 14,517
Investments of shares -1,622 -4,064
Divestments of shares – 8
Acquired operations -756 -2,796
Divested operations 1,488 2,248
Interest-bearing receivables incl. marketable
securities -339 -337
Cash flow after net investments 3,176 9,577
Financing activities
New borrowings 380,056 244,871
Repayments of borrowings -370,113 -233,320
Dividend to owners of AB Volvo -37,619 -36,602
Dividend to non-controlling interest -10 -16
Other -24 -10
Change in cash and cash equivalents excl.
exchange rate changes -24,535 -15,501
Effect of exchange rate changes on cash and
cash equivalents -3,683 703
Change in cash and cash equivalents -28,218 -14,797
Cash and cash equivalents, beginning of
period 85,171 83,326
Cash and cash equivalents, end of period 56,953 68,529
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
24 FINANCIAL STATEMENTS
===== SIDA 25 =====
Income Statements, Volvo Group
First nine
months
First nine
months
SEK M unless otherwise stated 3/2025 2/2025 1/2025 4/2024 3/2024 2025 2024
Net sales 110,692 122,896 121,792 138,413 116,978 355,379 388,404
Cost of sales -83,214 -95,261 -90,867 -103,142 -84,973 -269,342 -279,625
Gross income 27,478 27,635 30,925 35,271 32,005 86,037 108,778
Research and development expenses -5,511 -7,087 -6,951 -8,196 -7,213 -19,549 -22,761
Selling expenses -7,791 -8,214 -8,232 -9,292 -7,938 -24,236 -25,396
Administrative expenses -1,529 -1,986 -1,820 -2,194 -1,655 -5,335 -5,607
Other operating income and expenses 514 101 -564 -666 -594 52 -1,178
Income/loss from investments in joint ventures and
associated companies -622 -470 -122 -889 -530 -1,214 -1,277
Income/loss from other investments -22 -18 22 6 -1 -19 12
Operating income 12,517 9,961 13,258 14,039 14,074 35,737 52,572
Interest income and similar credits 380 473 638 656 601 1,491 2,032
Interest expenses and similar charges -451 -483 -409 -484 -375 -1,343 -1,109
Other financial income and expenses -310 -246 -632 449 -727 -1,189 -946
Income after financial items 12,136 9,705 12,855 14,660 13,573 34,697 52,550
Income taxes -4,554 -2,180 -2,871 -3,843 -3,500 -9,604 -12,791
Income for the period * 7,583 7,525 9,984 10,817 10,073 25,092 39,759
* Attributable to:
Owners of AB Volvo 7,540 7,412 9,890 10,742 10,017 24,841 39,648
Non-controlling interest 43 114 94 75 56 251 111
Key ratios, Volvo Group
Gross margin, % 24.8 22.5 25.4 25.5 27.4 24.2 28.0
Research and development expenses as % of net sales 5.0 5.8 5.7 5.9 6.2 5.5 5.9
Selling expenses as % of net sales 7.0 6.7 6.8 6.7 6.8 6.8 6.5
Administrative expenses as % of net sales 1.4 1.6 1.5 1.6 1.4 1.5 1.4
Operating margin, % 11.3 8.1 10.9 10.1 12.0 10.1 13.5
Net capitalization of research and development
Capitalization 2,081 1,566 1,488 1,673 839 5,136 2,588
Amortization -882 -875 -891 -900 -924 -2,648 -2,411
Net capitalization of research and development 1,199 690 598 774 -85 2,488 178
Key ratios, Industrial Operations
Gross margin, % 24.1 21.7 24.7 24.9 26.9 23.5 27.5
Research and development expenses as % of net sales 5.2 6.0 6.0 6.2 6.5 5.8 6.1
Selling expenses as % of net sales 6.7 6.3 6.4 6.3 6.4 6.4 6.1
Administrative expenses as % of net sales 1.4 1.7 1.6 1.7 1.5 1.6 1.5
Operating margin, % 10.9 7.6 10.5 9.8 11.7 9.6 13.2
EBITDA and EBITDA margin, Industrial Operations
Net sales 105,244 117,590 116,256 132,519 111,577 339,090 372,456
Operating income 11,438 8,967 12,162 12,946 13,029 32,566 49,252
Amortization and impairment product and software
development 900 891 907 915 944 2,698 2,500
Amortization and impairment other intangible assets 98 96 91 325 48 286 372
Depreciation and impairment tangible assets 3,490 3,917 3,444 3,721 3,168 10,851 9,545
Total depreciation and amortization 4,487 4,904 4,443 4,962 4,160 13,834 12,417
Operating income before depreciation and amortization
(EBITDA) 15,925 13,871 16,604 17,907 17,189 46,400 61,669
EBITDA margin, % 15.1 11.8 14.3 13.5 15.4 13.7 16.6
Return on operating capital, Industrial Operations, %¹ 45.6 47.1 60.4 70.3 75.9
Return on capital employed, Industrial Operations, %¹ 25.2 25.7 31.8 35.8 38.3
1 12 months rolling.
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
25 QUARTERLY FIGURES
===== SIDA 26 =====
Net sales
First nine
months
First nine
months
SEK M 3/2025 2/2025 1/2025 4/2024 3/2024 2025 2024
Trucks 74,196 81,690 82,248 95,478 80,054 238,134 265,131
Construction Equipment 18,926 22,906 21,117 22,197 18,809 62,949 66,108
Buses 6,009 6,036 5,436 6,625 6,195 17,481 17,919
Volvo Penta 5,030 5,460 5,004 4,761 4,707 15,494 15,090
Group Functions & Other 2,235 2,682 3,664 4,685 2,925 8,582 11,863
Eliminations -1,153 -1,184 -1,213 -1,228 -1,112 -3,549 -3,655
Industrial Operations 105,244 117,590 116,256 132,519 111,577 339,090 372,456
Financial Services 6,570 6,499 6,779 6,936 6,712 19,848 20,045
Eliminations -1,122 -1,194 -1,243 -1,043 -1,311 -3,560 -4,098
Volvo Group net sales 110,692 122,896 121,792 138,413 116,978 355,379 388,404
Operating income
First nine
months
First nine
months
SEK M 3/2025 2/2025 1/2025 4/2024 3/2024 2025 2024
Trucks 6,761 5,451 8,464 10,138 9,363 20,677 35,828
Construction Equipment 3,532 2,763 2,542 2,609 2,558 8,837 10,129
Buses 755 394 360 689 731 1,509 1,744
Volvo Penta 934 915 915 583 831 2,764 2,836
Group Functions & Other -543 -574 -114 -1,091 -468 -1,231 -1,299
Eliminations -3 18 -5 18 14 10 14
Industrial Operations 11,438 8,967 12,162 12,946 13,029 32,566 49,252
Financial Services 1,029 932 1,019 1,012 992 2,980 3,030
Eliminations 51 62 77 81 52 191 290
Volvo Group operating income 12,517 9,961 13,258 14,039 14,074 35,737 52,572
Adjusted operating income ¹
First nine
months
First nine
months
SEK M 3/2025 2/2025 1/2025 4/2024 3/2024 2025 2024
Trucks 6,761 8,399 8,464 10,138 9,363 23,624 35,688
Construction Equipment 2,722 2,993 2,542 2,609 2,558 8,257 10,129
Buses 755 474 360 689 731 1,590 1,544
Volvo Penta 934 1,132 915 583 831 2,982 2,836
Group Functions & Other -543 -574 -114 -1,091 -468 -1,231 -1,852
Eliminations -3 18 -5 18 14 10 14
Industrial Operations 10,627 12,442 12,162 12,946 13,029 35,231 48,359
Financial Services 1,029 980 1,019 1,012 992 3,028 3,030
Eliminations 51 62 77 81 52 191 290
Volvo Group adjusted operating income 11,707 13,484 13,258 14,039 14,074 38,449 51,679
1 For more information on adjusted operating income, please see Note 6.
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
26 QUARTERLY FIGURES
===== SIDA 27 =====
Operating margin
First nine
months
First nine
months
% 3/2025 2/2025 1/2025 4/2024 3/2024 2025 2024
Trucks 9.1 6.7 10.3 10.6 11.7 8.7 13.5
Construction Equipment 18.7 12.1 12.0 11.8 13.6 14.0 15.3
Buses 12.6 6.5 6.6 10.4 11.8 8.6 9.7
Volvo Penta 18.6 16.8 18.3 12.2 17.7 17.8 18.8
Industrial Operations 10.9 7.6 10.5 9.8 11.7 9.6 13.2
Volvo Group operating margin 11.3 8.1 10.9 10.1 12.0 10.1 13.5
Adjusted operating margin
First nine
months
First nine
months
% 3/2025 2/2025 1/2025 4/2024 3/2024 2025 2024
Trucks 9.1 10.3 10.3 10.6 11.7 9.9 13.5
Construction Equipment 14.4 13.1 12.0 11.8 13.6 13.1 15.3
Buses 12.6 7.9 6.6 10.4 11.8 9.1 8.6
Volvo Penta 18.6 20.7 18.3 12.2 17.7 19.2 18.8
Industrial Operations 10.1 10.6 10.5 9.8 11.7 10.4 13.0
Volvo Group adjusted operating margin 10.6 11.0 10.9 10.1 12.0 10.8 13.3
Share data
First nine
months
First nine
months
3/2025 2/2025 1/2025 4/2024 3/2024 2025 2024
Earnings per share, SEK ¹ 3.71 3.64 4.86 5.28 4.93 12.22 19.50
Earnings per share, SEK ¹, 12 months rolling 17.50 18.72 22.72 24.78 25.43 – –
Diluted earnings per share, SEK 3.71 3.64 4.86 5.28 4.93 12.22 19.50
Number of outstanding shares in millions 2,033 2,033 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 2,033 2,033
Average number of shares after dilution in millions 2,033 2,033 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.
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
27 QUARTERLY FIGURES
===== SIDA 28 =====
NOTE 1 | ACCOUNTING POLICIES
The Volvo Group applies International Financial Reporting
Standards (IFRS) as endorsed by the EU. The accounting policies
and definitions are consistently applied with those described in
the Volvo Group Annual Report 2024 (available at
www.volvogroup.com). There are no new accounting policies
applicable from 2025 that materially affects the Volvo Group. This
interim report has been prepared in accordance with IAS 34
Interim Financial Reporting and the Swedish Annual Accounts Act.
The Parent Company applies the Swedish Annual Accounts Act
and RFR 2 Reporting for legal entities.
NOTE 2 | RISKS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
Each of the Volvo Group's Business Areas and Truck Divisions
monitors and manages risks in its operations. In addition, the
Volvo Group utilizes a centralized Enterprise Risk Management
(ERM) reporting process, which is a systematic and structured
framework for reporting and reviewing risk assessments and
mitigations as well as for follow-up on identified risks.
The ERM process classifies Volvo Group risks into four
categories:
Macro and market related risks – such as cyclical nature of the
commercial vehicles industry, intense competition as well as
political and social uncertainty;
Operational risks – such as transformation and technology risk,
new business models, risks related to industrial operations
including supply chain, reliance on suppliers and materials, cost
inflation and price increases, information security and digital
infrastructure, strategic transactions such as mergers and
acquisitions, partnerships and divestments, residual value
commitments as well as people and culture;
Compliance risks – such as product and operational related
regulations, digital and data related regulations, protection and
maintenance of intangible assets, legal proceedings, corruption
and competition law and human rights; and
Financial risks – such as insurance coverage, credit risk, pension
commitments, interest-rates and currency fluctuations, liquidity
risk, as well as impairment on goodwill and other intangible assets.
For a more elaborate description of these risks, please refer to
the Risk Management section on pages 60-66 in the Volvo Group
Annual Report 2024.
Risk updates
Short-term risks, when applicable, are also described in the
respective segment section of this report.
Tariffs and trade policy shifts
Recent tariffs and other trade restrictions imposed or considered
to be imposed by the US and other countries have significantly
increased uncertainty about trade conditions in markets where the
Group is present, as well as in relation to global and regional
supply chains. The situation is fast-changing and complex to
assess, and no predictions can be made on future developments,
or whether trade restrictions may impact the Group more severely
than main competitors. However, the introduction of tariffs,
retaliatory tariffs or other trade restrictions on our vehicles, parts,
and other products and materials could disrupt existing supply
chains, impose additional costs on our business or that of our
suppliers, create sudden disadvantages for Group operations
compared to competitors having different supply chains, and
could generally make our products more expensive for customers
and/or less competitive.
Recent developments in global trade policies have also
increased the risk of a broader economic slowdown. Such
developments could negatively impact global demand and lead to
increased costs for e.g. raw materials, components, transport and
energy. A prolonged period of trade uncertainty may also
negatively affect investment levels and customer purchasing
behavior, particularly in Group key markets. The Group will
endeavor to adapt to changes in market conditions as they may
evolve, but the introduction of trade restrictions and changes in
trade policies could, individually or in combination, have a material
adverse effect on the 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 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
vehicles emission performance negatively. The Volvo Group made
a provision of SEK 7 billion impacting the operating income in
Q4 2018, relating to the estimated costs to address the issue.
Negative cash flow effects started in 2019 and will continue in
the coming years. As of year-end 2024, approximately half of the
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
28 NOTES
===== SIDA 29 =====
initial provision had been utilized. The Volvo Group will
continuously assess the size of the provision as the matter
develops.
Contingent liabilities
The reported amounts for contingent liabilities reflect a part of
Volvo Group's risk exposure. Total contingent liabilities as of
September 30, 2025, amounted to SEK 14.0 billion, a decrease
of SEK 2.9 billion compared with December 31, 2024, mainly
related to the divestment of SDLG. The gross exposure of SEK
14.0 billion is partly reduced by counter guarantees and collaterals.
Legal proceedings
Starting in January 2011, the Volvo Group, together with a
number of other truck manufacturers, was investigated by the
European Commission in relation to a possible violation of EU
antitrust rules. In July 2016 the European Commission adopted a
settlement decision against the Volvo Group and other truck
manufacturers finding that they were involved in an antitrust
infringement which, in the case of the Volvo Group, covered a 14-
year period from 1997 to 2011. The Volvo Group paid a monetary
fine of EUR 670 million.
Following the adoption of the European 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
In August, the Volvo Group acquired 100% of the shares in Truck
Centre Western Australia from P.H.W Air Charter and Max
Winkless. The acquisition was made at a purchase price of SEK
655 M (AUD 105 M). The acquired operation is recognized in the
segment Trucks in the Volvo Group financial statements.
In September, the Volvo Group divested its entire stake of 70%
of the shares in SDLG (Shandong Lingong Construction
Machinery Co) to a fund predominantly owned by LGG (Lingong
Group) for SEK 7 943 M (RMB 6 000 M). The divestment
impacted the Volvo Groupʼs operating income positively by SEK
811 M (including recycled accumulated currency effects of SEK
815 M).
The Volvo Group has not completed any other acquisitions or
divestments of operations during the third 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 91 M
(368) as of September 30, 2025.
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
29 NOTES
===== SIDA 30 =====
NOTE 4 | CURRENCY AND FINANCIAL INSTRUMENTS
Fair value of financial instruments
Valuation principles and classifications of Volvo Group financial
instruments, as described in Volvo Group Annual Report 2024
Note 30, have been consistently applied throughout the reporting
period. Financial instruments in the Volvo Group reported at fair
value through profit and loss consist mainly of interest and
currency derivatives. Derivatives with positive fair values
amounted to SEK 8.1 billion (6.3) and derivatives with negative
fair values amounted to SEK 2.1 billion (5.9) as of September 30,
2025. The derivatives are accounted for on gross basis.
Financial liabilities valued at amortized cost, reported as non-
current and current bond loans and other loans, amounted to SEK
249.8 billion (258.9) in reported carrying value with a fair value of
SEK 250.2 billion (258.7). In the Volvo Group consolidated
financial position, financial liabilities include loan-related
derivatives with negative fair values amounting to SEK 1.1 billion
(4.8).
Currency effect on operating income, Volvo Group
Compared to third quarter 2024
SEK M
Third quarter
2025
Third quarter
2024 Change
Net flows in foreign currency -900
Realized and unrealized gains and losses on derivatives -16 -42 26
Unrealized gains and losses on receivables and liabilities in foreign currency -113 16 -130
Translation effect on operating income in foreign subsidiaries -622
Total currency effect on operating income, Volvo Group -1,626
Applicable currency rates
Quarterly exchange rates Close rates
Third quarter
2025
Third quarter
2024
Sep 30 Sep 30
2025 2024
BRL 1.75 1.88 1.77 1.86
CNY 1.33 1.45 1.32 1.44
EUR 11.12 11.45 11.04 11.27
GBP 12.84 13.55 12.64 13.51
KRW 0.0069 0.0077 0.0067 0.0077
USD 9.52 10.43 9.40 10.10
NOTE 5 | TRANSACTIONS WITH RELATED PARTIES
Sales of goods, services
and other income
Purchases of goods, services
and other expenses
SEK M
Third quarter
2025
Third quarter
2024
Third quarter
2025
Third quarter
2024
Associated companies 323 376 52 47
Joint ventures 590 1,034 441 358
Receivables Payables
Sep 30 Dec 31 Sep 30 Dec 31
SEK M 2025 2024 2025 2024
Associated companies 325 422 47 115
Joint ventures 305 528 233 213
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
30 NOTES
===== SIDA 31 =====
NOTE 6 | RECONCILIATION OF ADJUSTED OPERATING INCOME
Adjusted operating income
First nine
months
First nine
months
SEK M 3/2025 2/2025 1/2025 4/2024 3/2024 2025 2024
Trucks 6,761 8,399 8,464 10,138 9,363 23,624 35,688
Construction Equipment 2,722 2,993 2,542 2,609 2,558 8,257 10,129
Buses 755 474 360 689 731 1,590 1,544
Volvo Penta 934 1,132 915 583 831 2,982 2,836
Group Functions & Other -543 -574 -114 -1,091 -468 -1,231 -1,852
Eliminations -3 18 -5 18 14 10 14
Industrial Operations 10,627 12,442 12,162 12,946 13,029 35,231 48,359
Financial Services 1,029 980 1,019 1,012 992 3,028 3,030
Eliminations 51 62 77 81 52 191 290
Volvo Group adjusted operating income 11,707 13,484 13,258 14,039 14,074 38,449 51,679
Adjustments
First nine
months
First nine
months
SEK M 3/2025 2/2025 1/2025 4/2024 3/2024 2025 2024
Adjustment items (segment)
Divestment of SDLG (Construction Equipment) 811 – – – – 811 –
Transformation to zero-emission vehicles (Trucks, Construction
Equipment, Buses, Volvo Penta, Financial Services) – -4,512 – – – -4,512 –
Establishment of the joint venture Coretura (Trucks) – 989 – – – 989 –
Financial impact related to the divestment of Arquus (Group
Functions & Other) – – – – – – 181
Restructuring charges relating to the US bus production for
Nova Bus (Group Functions & Other) – – – – – – 372
Restructuring charges relating to the European bus operation
(Buses) – – – – – – 200
Previously announced provision for premature degradation of
an emission control component (Trucks) – – – – – – 140
Total adjustments
Trucks – -2,947 – – – -2,947 140
Construction Equipment 811 -230 – – – 581 –
Buses – -80 – – – -80 200
Volvo Penta – -218 – – – -218 –
Group Functions & Other – – – – – – 553
Industrial Operations 811 -3,475 – – – -2,665 893
Financial Services – -47 – – – -47 –
Volvo Group 811 -3,523 – – – -2,712 893
Operating income
First nine
months
First nine
months
SEK M 3/2025 2/2025 1/2025 4/2024 3/2024 2025 2024
Trucks 6,761 5,451 8,464 10,138 9,363 20,677 35,828
Construction Equipment 3,532 2,763 2,542 2,609 2,558 8,837 10,129
Buses 755 394 360 689 731 1,509 1,744
Volvo Penta 934 915 915 583 831 2,764 2,836
Group Functions & Other -543 -574 -114 -1,091 -468 -1,231 -1,299
Eliminations -3 18 -5 18 14 10 14
Industrial Operations 11,438 8,967 12,162 12,946 13,029 32,566 49,252
Financial Services 1,029 932 1,019 1,012 992 2,980 3,030
Eliminations 51 62 77 81 52 191 290
Volvo Group operating income 12,517 9,961 13,258 14,039 14,074 35,737 52,572
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
31 NOTES
===== SIDA 32 =====
Income from investments in Group companies for the third quarter
includes dividends amounting to SEK 5,428 M (698).
Financial net debt amounted to SEK 29,432 M on September 30,
2025, compared with net debt SEK 34,317 M at year end 2024.
INCOME STATEMENT
Third quarter First nine months
SEK M 2025 2024 2025 2024
Net sales¹ 263 268 877 828
Cost of sales¹ -263 -268 -877 -828
Gross income – – – –
Administrative expenses¹ -197 -376 -753 -836
Other operating income and expenses -28 182 -22 2
Operating income (loss) -225 -194 -775 -834
Income from investments in Group companies 5,428 698 9,457 3,213
Income from investments in joint ventures and associated companies – – 154 108
Income from other investments – – – –
Interest income and similar credits² 17 33 77 52
Interest expenses and similar charges² -252 -403 -662 -1174
Income after financial items 4,968 134 8,251 1,365
Appropriations – – 4,000 –
Income taxes 309 77 -372 338
Income for the period 5,277 211 11,879 1,703
1 Of net sales in the third quarter SEK 263 M (268) pertained to Group companies, while purchases from Group companies amounted to SEK 147 M (128).
2 Other financial income and expenses have been reclassified to either Interest income and similar credits or to Interest expenses and similar charges.
OTHER COMPREHENSIVE INCOME
Second quarter First six months
SEK M 2025 2024 2025 2024
Income for the period 5,277 211 11,879 1,703
Other comprehensive income, net of income taxes – – – –
Total comprehensive income for the period 5,277 211 11,879 1,703
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
32 PARENT COMPANY
===== SIDA 33 =====
BALANCE SHEET
SEK M
Sep 30
2025
Dec 31
2024
Assets
Non-current assets
Tangible assets 21 6
Financial assets
Shares and participations in Group companies 73,175 72,925
Investments in joint ventures and associated companies 8,971 8,971
Other shares and participations 2 2
Other non-current receivables 490 615
Deferred tax assets 195 196
Total non-current assets 82,854 82,715
Current assets
Current receivables
Tax assets 4,141 478
Receivables Group companies 566 49,627
Other receivables 362 254
Total current assets 5,069 50,359
Total assets 87,923 133,074
Equity and liabilities
Equity
Restricted equity
Share capital 2,562 2,562
Statutory reserve 7,337 7,337
Unrestricted equity
Non-restricted reserves 390 390
Retained earnings 34,401 38,855
Income for the period 11,879 33,164
Total equity 56,569 82,309
Untaxed reserves – 4,000
Provisions
Provision for post-employment benefits 201 204
Other provisions – –
Total provisions 201 204
Non-current liabilities
Liabilities to Group companies 490 615
Other liabilities 52 108
Total non-current liabilities 542 723
Current liabilities
Trade payables 299 320
Other liabilities to Group companies 29,796 44,757
Tax liabilities – –
Other liabilities 516 760
Total current liabilities 30,611 45,838
Total equity and liabilities 87,923 133,074
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
33 PARENT COMPANY
===== SIDA 34 =====
Net order intake of trucks
Third quarter Change First nine months Change
Number of trucks 2025 2024 % 2025 2024 %
Net order intake
Europe 21,290 23,546 -10 78,181 69,703 12
Heavy- and medium-duty 16,937 19,016 -11 64,648 58,193 11
Light-duty 4,353 4,530 -4 13,533 11,510 18
North America 9,434 8,614 10 27,894 27,990 –
South America 2,227 6,060 -63 15,054 24,441 -38
Asia 1,783 3,043 -41 11,967 11,307 6
Africa and Oceania 2,400 1,971 22 7,026 6,254 12
Total order intake 37,134 43,234 -14 140,122 139,695 –
Heavy-duty (>16 tons) 30,483 35,993 -15 118,591 118,759 –
Medium-duty (7-16 tons) 2,296 2,716 -15 7,969 9,313 -14
Light-duty (<7 tons) 4,355 4,525 -4 13,562 11,623 17
Total order intake 37,134 43,234 -14 140,122 139,695 –
Net order intake of trucks by brand
Volvo
Europe 10,509 11,698 -10 41,898 36,455 15
North America 4,176 3,405 23 12,928 13,507 -4
South America 2,145 5,924 -64 14,442 23,886 -40
Asia 1,824 2,512 -27 9,185 8,558 7
Africa and Oceania 1,866 1,107 69 4,567 4,018 14
Total Volvo 20,520 24,646 -17 83,020 86,424 -4
Heavy-duty (>16 tons) 19,874 24,041 -17 80,918 84,110 -4
Medium-duty (7-16 tons) 646 605 7 2,102 2,314 -9
Total Volvo 20,520 24,646 -17 83,020 86,424 -4
Renault Trucks
Europe 10,781 11,848 -9 36,283 33,248 9
Heavy- and medium-duty 6,428 7,318 -12 22,750 21,738 5
Light-duty 4,353 4,530 -4 13,533 11,510 18
North America 18 12 50 65 45 44
South America 33 98 -66 426 351 21
Asia -41 531 – 2,782 2,749 1
Africa and Oceania 287 552 -48 1,524 1,547 -1
Total Renault Trucks 11,078 13,041 -15 41,080 37,940 8
Heavy-duty (>16 tons) 5,538 6,835 -19 23,075 21,354 8
Medium-duty (7-16 tons) 1,185 1,681 -30 4,443 4,963 -10
Light-duty (<7 tons) 4,355 4,525 -4 13,562 11,623 17
Total Renault Trucks 11,078 13,041 -15 41,080 37,940 8
Mack
North America 5,240 5,197 1 14,901 14,438 3
South America 49 38 29 186 204 -9
Africa and Oceania 81 227 -64 414 397 4
Total Mack 5,370 5,462 -2 15,501 15,039 3
Heavy-duty (>16 tons) 4,907 5,051 -3 14,081 13,063 8
Medium-duty (7-16 tons) 463 411 13 1,420 1,976 -28
Total Mack 5,370 5,462 -2 15,501 15,039 3
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
34 NET ORDER INTAKE
===== SIDA 35 =====
Deliveries of trucks
Third quarter Change First nine months Change
Number of trucks 2025 2024 % 2025 2024 %
Deliveries
Europe 22,200 20,262 10 72,930 77,637 -6
Heavy- and medium-duty 18,570 17,834 4 60,380 62,544 -3
Light-duty 3,630 2,428 50 12,550 15,093 -17
North America 9,622 12,026 -20 36,918 43,316 -15
South America 6,784 8,153 -17 18,430 20,675 -11
Asia 3,735 3,560 5 11,538 11,538 –
Africa and Oceania 2,290 2,265 1 6,412 7,505 -15
Total deliveries 44,631 46,266 -4 146,228 160,671 -9
Heavy-duty (>16 tons) 38,627 40,583 -5 125,174 134,123 -7
Medium-duty (7-16 tons) 2,373 3,208 -26 8,481 11,315 -25
Light-duty (<7 tons) 3,631 2,475 47 12,573 15,233 -17
Total deliveries 44,631 46,266 -4 146,228 160,671 -9
Deliveries of trucks by brand
Volvo
Europe 12,511 11,799 6 39,740 40,390 -2
North America 4,395 6,744 -35 15,903 23,404 -32
South America 6,473 8,042 -20 17,649 20,218 -13
Asia 3,203 2,752 16 9,149 9,144 –
Africa and Oceania 1,412 1,539 -8 3,940 4,932 -20
Total Volvo 27,994 30,876 -9 86,381 98,088 -12
Heavy-duty (>16 tons) 27,366 30,121 -9 84,569 95,468 -11
Medium-duty (7-16 tons) 628 755 -17 1,812 2,620 -31
Total Volvo 27,994 30,876 -9 86,381 98,088 -12
Renault Trucks
Europe 9,689 8,463 14 33,190 37,247 -11
Heavy- and medium-duty 6,059 6,035 – 20,640 22,154 -7
Light-duty 3,630 2,428 50 12,550 15,093 -17
North America 8 21 -62 172 68 153
South America 179 72 149 524 318 65
Asia 532 808 -34 2,389 2,349 2
Africa and Oceania 493 448 10 1,555 1,389 12
Total Renault Trucks 10,901 9,812 11 37,830 41,371 -9
Heavy-duty (>16 tons) 5,929 5,928 – 20,825 21,500 -3
Medium-duty (7-16 tons) 1,341 1,409 -5 4,432 4,638 -4
Light-duty (<7 tons) 3,631 2,475 47 12,573 15,233 -17
Total Renault Trucks 10,901 9,812 11 37,830 41,371 -9
Mack
North America 5,219 5,261 -1 20,843 19,889 5
South America 132 39 238 257 139 85
Africa and Oceania 268 163 64 584 615 -5
Total Mack 5,619 5,463 3 21,684 20,643 5
Heavy-duty (>16 tons) 5,217 4,446 17 19,454 16,644 17
Medium-duty (7-16 tons) 402 1,017 -60 2,230 3,999 -44
Total Mack 5,619 5,463 3 21,684 20,643 5
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
35 DELIVERIES
===== SIDA 36 =====
Gothenburg, October 17, 2025
AB Volvo (publ)
Martin Lundstedt
President and CEO
This report has not been reviewed by AB Volvo's auditors.
Financial calendar
Report on the fourth quarter and full year 2025 January 28, 2026
Annual Report 2025 February 26, 2026
Annual General Meeting 2026 April 8, 2026
Report on the first quarter 2026 April 24, 2026
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 October 17,
2025.
This report contains forward-looking statements that reflect the
Board of Directors' and management's current views with respect
to certain future events and potential financial performance.
Forward-looking statements are subject to risks and uncertainties.
Results could differ materially from forward-looking statements as
a result of, among other factors, (i) changes in economic, market
and competitive conditions, (ii) success of business initiatives, (iii)
changes in the regulatory environment and other government
actions, (iv) fluctuations in exchange rates and (v) business risk
management.
This report is based solely on the circumstances at the date of
publication and except to the extent required under applicable law,
AB Volvo is under no obligation to update the information,
opinions or forward-looking statements in this report.
Q3
VOLVO GROUP
THE THIRD QUARTER 2025
36 CONTACTS
Aktiebolaget Volvo (publ)
556012–5790
Investor Relations, VGHQ
SE-405 08 Göteborg, Sweden
Tel +46 31 66 00 00
www.volvogroup.com