Volvo Group - the second quarter 2026

The second quarter of 2026 demonstrates the strength and adaptability of the Volvo Group. We delivered net sales of SEK 126.3 billion, with an organic sales growth of 7%. This improvement was broad-based with vehicle sales growing 6% and service sales 7% organically - reflecting both the quality of our product offering and the continued high utilization of our customers' fleets across most markets. Profitability reached its highest level in recent quarters. Adjusted operating income rose to SEK 14.8 billion (13.5), with an adjusted operating margin of 11.7%, up from 11.0% in Q2 2025, progress that demonstrates our capacity to achieve good earnings through the business cycle.

In Q2 2026, net sales increased by 3% and amounted to SEK 126.3 billion (122.9). The organic sales growth was 7%. Adjusted operating income amounted to SEK 14,783 M (13,484), corresponding to an adjusted operating margin of 11.7% (11.0). In Q2 2026, effects totaling a negative SEK 1,305 M were excluded from adjusted operating income. In Q2 2025, negative effects of SEK 3,523 M were excluded. Reported operating income amounted to SEK 13,478 M (9,961), corresponding to an operating margin of 10.7% (8.1). Compared with Q2 2025, currency movements had a positive impact on operating income amounting to SEK 491 M. Earnings per share amounted to SEK 5.10 (3.64). Operating cash flow in the Industrial Operations amounted to SEK 5,837 M (2,948). Return on capital employed in the Industrial Operations amounted to 26.8% (25.7).

The Volvo Group drives prosperity through transport and infrastructure solutions, offering trucks, buses, construction equipment, power solutions for marine and industrial applications, financing and services that increase our customers' uptime and productivity. Founded in 1927, the Volvo Group is committed to shaping the future landscape of sustainable transport and infrastructure solutions. The Volvo Group is headquartered in Gothenburg, Sweden, employs almost 100,000 people and serves customers in almost 180 markets. In 2025, net sales amounted to SEK 479 billion (EUR 43 billion). Volvo shares are listed on Nasdaq Stockholm.