Volvo Ab Class A · OMXSTO:VOLV_A
Volvo Ab Class A — Q3 2026 Earnings Presentation
30 slides from Volvo Ab Class A's earnings presentation, Oct 23, 2026
Slide 1: Third Quarter 2026
THIRD QUARTER 2026 Martin Lundstedt President and CEO Volvo Group | Third quarter 2026 23/10/2026
Slide 2: Third quarter highlights
VOLVO GROUP Third quarter highlights • Net sales amounted to SEK 119.5 bn NET SALES ADJUSTED OPERATING INCOME (110.7) with an organic sales growth of SEK bn* SEK bn (margin)* 7%. 12 months SEK 480 bn 12 months 11.3% • Adjusted operating income reached SEK 14.7 bn (11.7), corresponding to a margin of
Slide 3: Group news
VOLVO GROUP Group news • Volvo Group, Daimler Truck and Toyota Motor Corporation signed binding agreement for Toyota to join cellcentric. • Industry leaders scale full value chain for hydrogen mobility across Europe. • Volvo Group announced energy park initiative as next step in Mariestad, Sweden. V
Slide 4: Volume development
VOLVO GROUP Volume development TRUCK DELIVERIES MACHINE DELIVERIES 12 months 209’ units 12 months 32’ units -34%* +11% +8% Volvo brand 49.6 46.3 44.6 *SDLG was divested on September 1, 2025. Volvo Group | Third quarter 2026 23/10/2026 4
Slide 5: Electrification progress
VOLVO GROUP Electrification progress ORDER INTAKE, FULLY ELECTRIC VEHICLES DELIVERIES, FULLY ELECTRIC VEHICLES 12 months 6,590 units 12 months 5,218 units +107% -7% Numbers are restated and they exclude SDLG. Volvo Group | Third quarter 2026 23/10/2026 5
Slide 6: Vehicle and machine sales development
VOLVO GROUP Vehicle and machine sales development VEHICLE SALES ORGANIC SALES GROWTH YoY % SEK bn 12 months SEK 352 bn +8% +8% organic sales growth 8% 13% TRUCKS CONSTRUCTION EQUIPMENT 85.1 85.7 79.5 -8% 7% BUSES VOLVO PENTA Volvo Group | Third quarter 2026 23/10/2026 6
Slide 7: Service sales development
VOLVO GROUP Service sales development SERVICE SALES (Incl. Financial Services) ORGANIC SALES GROWTH YoY % SEK bn 12 months SEK 128 bn 9% +5% organic sales growth 8% 5% -1% TRUCKS CONSTRUCTION BUSES EQUIPMENT -1% 0% VOLVO PENTA VFS Volvo Group | Third quarter 2026 23/10/2026 7
Slide 8: Trucks news
Trucks news • Volvo Trucks was awarded “International Truck of the Year 2027” for the its electric range. • Renault Trucks was awarded “International Van of the Year 2027” for its new Renault Trucks E -Tech Trafic. • Volvo Trucks unveiled the all -new Volvo VNX vocational truck, built for North Amer
Slide 9: Market forecast – Trucks
TRUCKS Market forecast NORTH AMERICA HD EUROPE HD 2025: 258' 2025: 296' Forecast 2026: 265' Forecast 2026: 315' Forecast 2027: 300' Forecast 2027: 320' BRAZIL HD INDIA HD+MD CHINA HD+MD 2025: 903' Forecast 2026: 900' Forecast 2027: 850' 2025: 87' 2025: 378' Forecast 2026: 80' Forecast 2026: 450' For
Slide 10: Book to bill – Trucks
TRUCKS – MEDIUM - AND HEAVY DUTY Book to bill Medium - and heavy -duty trucks book to bill 92% in the quarter and 109% 12 months rolling NORTH AMERICA EUROPE 110 125 104 81 Book to Bill, % Base line, 100% Book to Bill 12M, % SOUTH AMERICA AFRICA AND OCEANIA ASIA 105 103 99 104 98 58 Volvo Group | Th
Slide 11: Heavy-duty truck market shares
TRUCKS Heavy -duty truck market shares EUROPE (EU30) YTD September Total market share Battery -electric market share 2025 2026 NORTH AMERICA BRAZIL AUSTRALIA YTD September YTD September YTD September Volvo Group | Third quarter 2026 23/10/2026 11
Slide 12: Construction Equipment news
Construction Equipment news • Volvo Construction Equipment rolls out first U.S. -built excavators and large wheel loaders. Volvo Group | Third quarter 2026 23/10/2026 12
Slide 13: Market forecast – Construction Equipment
CONSTRUCTION EQUIPMENT Market forecast NORTH AMERICA* EUROPE Forecast: 2026: 0% to +10% Forecast: 2026: +5% to +15% Forecast 2027: 0% to +10% Forecast 2027: 0% to +10% SOUTH AMERICA ASIA ( excl. CHINA) CHINA Forecast: 2026: +5% to +15% Forecast 2027: -5% to +5% Forecast: 2026: 0% to +10% Forecast 20
Slide 14: Book to bill – Construction Equipment
CONSTRUCTION EQUIPMENT Book to bill Construction equipment book to bill 97% in the quarter and 104% 12 months rolling NORTH AMERICA EUROPE 113 104 93 103 Book to Bill, % Base line, 100% Book to Bill 12M, % SOUTH AMERICA AFRICA AND OCEANIA ASIA 111 101 106 101 99 58 Volvo Group | Third quarter 2026 2
Slide 15: Buses
Buses • Volvo Buses expanded the product range in Europe: ◦ Relaunched the Volvo 9700 coach ◦ Introduced Volvo B13R with Marcopolo body ◦ Continued rollout of the Volvo BZR Electric coach. • Buses also launched the Volvo BZL Electric double decker for Hong Kong, one of the world’s most demanding pub
Slide 16: Volvo Penta
Volvo Penta • Volvo Penta has expanded its data center business, representing 32% of the total order book value at the end of Q3. • Book to bill 132% in the quarter and 107% 12 months rolling. Volvo Penta D16 GE power generation solution for data centers Volvo Group | Third quarter 2026 23/10/2026 1
Slide 17: Financial Services
Financial Services • Increased new business volume NEW RETAIL FINANCING & PENETRATION RATE with good penetration rates. SEK bn Penetration rate 12 months 30% • Maintained earnings resilience. • Portfolio growth with stable portfolio performance. Volvo Group | Third quarter 2026 23/10/2026 17
Slide 18: Third Quarter 2026 – CFO
THIRD QUARTER 2026 Mats Backman EVP and CFO Volvo Group | Third quarter 2026 23/10/2026
Slide 19: Net sales per market
VOLVO GROUP Net sales per market NET SALES SEK bn Volvo Group | Third quarter 2026 23/10/2026 19
Slide 20: Adjusted operating income contributors
VOLVO GROUP Adjusted operating income contributors ADJUSTED OPERATING INCOME SEK bn + Service business + Net tariffs after IEEPA refund + Price realization + Volumes - Market and customer mix - Material costs - Freight costs Volvo Group | Third quarter 2026 23/10/2026 20
Slide 21: Cash flow, ROCE and net financial position in Industrial Operations
VOLVO GROUP Cash flow, ROCE and net financial position in Industrial Operations OPERATING CASH FLOW ROCE NET FINANCIAL POSITION SEK bn 12 months SEK 32.8 bn % 12 months (Excl. pensions and lease liabilities) SEK bn Volvo Group | Third quarter 2026 23/10/2026 21
Slide 22: Trucks
Trucks Net sales and adjusted operating income NET SALES 12 months SEK 329 bn ADJUSTED OPERATING INCOME ADJUSTED OPERATING INCOME SEK bn SEK bn SEK bn (margin) 12 months 10.5% 10% Currency SEK 703 M 8% organic sales growth + Service business 9.4 + Volumes (11.7%) 9.1 + Price realization (11.1%) 6.8
Slide 23: Construction Equipment
Construction Equipment Net sales and adjusted operating income NET SALES 12 months SEK 79 bn ADJUSTED OPERATING INCOME ADJUSTED OPERATING INCOME SEK bn SEK bn SEK bn (margin) 12 months 14.5% 5% Currency SEK 88 M +12% organic sales growth 3.2 2.7 (16.1%) + Net tariffs after IEEPA 2.6 (14.4%) refund (
Slide 24: Buses
Buses Net sales and adjusted operating income NET SALES 12 months SEK 25 bn ADJUSTED OPERATING INCOME ADJUSTED OPERATING INCOME SEK bn SEK M SEK M (margin) 12 months 8.5% -3% Currency SEK 98 M -6% organic sales growth 755 + Price realization 731 (12.6% ) (11.8% ) 451 (7.7% ) - Property divestment LY
Slide 25: Volvo Penta
Volvo Penta Net sales and adjusted operating income NET SALES 12 months SEK 21 bn ADJUSTED OPERATING INCOME ADJUSTED OPERATING INCOME SEK bn SEK M SEK M (margin) 12 months 17.4% +5% Currency SEK 25 M +4% organic sales growth 1,119 934 + Product and market mix (21.1%) 831 (18.6%) (17.7%) - Material c
Slide 26: Financial Services
Financial Services Credit portfolio and profitability CREDIT PORTFOLIO & ROE* ADJUSTED OPERATING INCOME ADJUSTED OPERATING INCOME SEK bn 12 months 9.9% SEK M SEK M 12 months SEK 3,940 M Currency SEK 36 M + Portfolio growth - Credit provisions - Selling expenses *As of Q1 2025, the equity ratio has b
Slide 27: Guidance FY 2026
VOLVO GROUP Guidance FY 2026 • Given currency rates at the end of September, the effect on operating income from net flows in foreign currency and the translation of operating income in foreign subsidiaries is expected to be positive SEK ~1.3 bn in Q4 2026. • In Q4, the forecasted net impact on oper
Slide 28: Third quarter highlights
VOLVO GROUP Third quarter highlights • Net sales amounted to SEK 119.5 bn NET SALES ADJUSTED OPERATING INCOME (110.7) with an organic sales growth of SEK bn* SEK bn (margin)* 7%. 12 months SEK 480 bn 12 months 11.3% • Adjusted operating income reached SEK 14.7 bn (11.7), corresponding to a 14.7 marg
Slide 29: Questions and answers
Questions and answers Volvo Group | Third quarter 2026 23/10/2026 29
Slide 30: VotLv oOo
VotLv oOo