Volvo Car Ab Class B · OMXSTO:VOLCAR_B
Volvo Car Ab Class B — Q4 2025 Earnings Presentation
27 slides from Volvo Car Ab Class B's earnings presentation, Feb 5, 2026
Slide 1: Q4 and full year 2025
Q4 and full year 2025 5 February 2026 Håkan Samuelsson, President & CEO Fredrik Hansson, CFO
Slide 2: 2025: A year of strategic reset
Volvo Car Group Results Presentation Q4 and full year 2025 2025: A year of strategic reset Three cornerstones to drive profitable growth PROFITABILITY ELECTRIFICATION REGIONALISATION SEK 18 bn action plan Positioned for growth in Regionalisation for a strong delivered fast-growing BEV and global bra
Slide 3: Q4: Strong cash performance but tariffs and FX affected profitability
Volvo Car Group Results Presentation Q4 and full year 2025 Q4: Strong cash performance but tariffs and FX affected profitability VOLUME PRICING EBIT CASH Sales volume Pricing EBIT margin of Good free down 3% pressure 2% - down due cash flow of increased to pricing, SEK 8.8 bn BEV sales tariffs and F
Slide 4: Volvo Cars ahead in electrification
Volvo Car Group Results Presentation Q4 and full year 2025 Volvo Cars ahead in electrification 2025 electrified share 2026 addressable market 46% +200% Best-in-class with new EX60
Slide 5: Very successful launch of EX60
Volvo Car Group Results Presentation Q4 and full year 2025 Very successful launch of EX60 • All new architecture with game- changing technologies • Strong positive response from customers, retailers and media • Start of production in April – ramp-up in H2
Slide 6: Financial Update
Volvo Car Group Results Presentation Q4 and full year 2025 FINANCIAL UPDATE Q4 and full year 2025
Slide 7: Q4 – Strong cash flow in a challenging quarter
Volvo Car Group Results Presentation Q4 and full year 2025 Q4 – Strong cash flow in a challenging quarter Retail sales Wholesales Revenue Group EBIT Cash flow (k UNITS) (k UNITS) (bn SEK) (bn SEK/%) from operating and investing activities (bn SEK) -51% -3% -8% -16% -35% 3.9 202 196 207 112 (3.4%) 13
Slide 8: Q4 – Revenue
Volvo Car Group Results Presentation Q4 and full year 2025 Q4 – Revenue -16.7 BN SEK (-15%) 112.1 109.1 0.2 -3.0 -4.2 92.4 2.0 94.4 -5.3 -6.5 -0.9 Revenue Contract Revenue Volume Sales mix Sales of Foreign Other¹ Revenue Contract Revenue Q4 2024 manufacturing excl. contract and pricing licenses exch
Slide 9: Q4 – EBIT
Volvo Car Group Results Presentation Q4 and full year 2025 Q4 – EBIT -2.0 BN SEK (-51%) 1.8 3.9 -0.8 (3.4%) 1.9 1.6 (2.0%) -3.6 -1.0 Group EBIT Items affecting Volume Sales mix Foreign Other¹ Group EBIT Q4 2024 comparability and pricing exchange rates Q4 2025 from last year 1) Including change in ca
Slide 10: Q4 – Strong cash flow from cash actions
Volvo Car Group Results Presentation Q4 and full year 2025 Q4 – Strong cash flow from cash actions Cash flow from operating and investing activities 8.8 bn SEK Undrawn credit facilities 78 81 Cash 10 23 27 8 -2 -7 -2 58 51 Liquidity EBITDA Net working Other working Investments Financing³ Liquidity S
Slide 11: Full year – Key financials
Volvo Car Group Results Presentation Q4 and full year 2025 Full year – Key financials Retail sales Wholesales Revenue Group EBIT Cash flow (k UNITS) (k UNITS) (bn SEK) (bn SEK/%) from operating and investing activities (bn SEK) -44% +118% -7% -11% -11% 22.3 763 783 400 (5.6%) 2.4 710 693 357 12.5 (3
Slide 12: Successfully executed cost & cash action program
Volvo Car Group Results Presentation Q4 and full year 2025 Successfully executed 18 bn SEK cost & cash action program VARIABLE COST INDIRECT SPEND CAPEX & WORKING CAPITAL 3bn. 5bn. 10bn. Bottom line improvement ’26 vs. ’24 FY ‘26 vs. ‘24 baseline Beyond planned reductions ‘25-’26 EBIT FREE CASH FLOW
Slide 13: Further stretching cost & cash actions in 2026
Volvo Car Group Results Presentation Q4 and full year 2025 Further stretching cost & cash actions in 2026 VARIABLE COST INDIRECT SPEND CAPEX & WORKING CAPITAL 2025 3bn. 5bn. 10bn. Bottom line improvement ’26 vs. ’24 FY ‘26 vs. ‘24 baseline Beyond planned reductions ‘25-’26 8bn. +5bn. in 2026 2026 Af
Slide 14: And approaching affordable levels
Volvo Car Group Results Presentation Q4 and full year 2025 And approaching affordable levels Total investing cash flow Enabled by excl. JVs & Associates TODAY • Finalising one-off infrastructure investment • Structurally lower investments – one-track software • Access to high tech, low- Cell-to-body
Slide 15: Our strategy builds a company for long-term value creation
Volvo Car Group Results Presentation Q4 and full year 2025 Our strategy builds a company for long-term value creation >8% Strong EBIT positive cash flows
Slide 16: Back to growth with improved cash flow during 2026
Volvo Car Group Results Presentation Q4 and full year 2025 Back to growth with improved cash flow during 2026 Continued cost and cash actions with additional SEK 5 bn reduction Investments at affordable levels Increased addressable market with EX60 Returning to volume growth Free cash flow clearly b
Slide 17: Q&A
Volvo Car Group Results Presentation Q4 and full year 2025 Q&A
Slide 18: Disclaimer
Disclaimer • By accessing this document, the person to whom it is expressly disclaimed. Analyses and opinions provided (the “Recipient”) agrees to be bound by the contained herein may be based on assumptions that, following obligations and limitations. if altered, can change the analyses or opinions
Slide 19: VvVotLvoao
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Slide 20: Full year – Revenue
Volvo Car Group Results Presentation Q4 and full year 2025 Full year – Revenue -39.9 BN SEK (-10%) 400.2 387.0 1.3 11.6 347.1 10.2 357.3 -13.2 -34.4 -4.3 -14.1 Revenue Contract Revenue Volume Sales mix Sales of Foreign Other¹ Revenue Contract Revenue 2024 manufacturing excl. contract and pricing lic
Slide 21: Full year – EBIT
Volvo Car Group Results Presentation Q4 and full year 2025 Full year – EBIT -9.8 BN SEK (-44%) 22.3 (5.6%) 12.5 -7.9 8.0 (3.5%) 1.2 -9.4 -1.7 0.3 (0.1%) -12.2 Group EBIT Volume Sales mix Sale of Foreign Other¹ Group EBIT adj. Impairment & Group EBIT 2024 and pricing licenses exchange rates 2025 rest
Slide 22: Full year – Liquidity
Volvo Car Group Results Presentation Q4 and full year 2025 Full year – Liquidity Cash flow from operating and investing activities 2.4 bn SEK Undrawn credit facilities 9 Cash 89 36 -11 81 32 23 -32 -1 56 58 Liquidity EBITDA Net working Other working Investments Financing³ Liquidity Dec 2024 capital¹
Slide 23: EBIT development
EBIT development Volvo excl. JVs & Associates EBIT development, MSEK Volvo Car Group 8,423 10,801 8,216 6,677 6,795 5,710 5,714 5,668 6,038 3,887 6,315 6,428 6,148 6,318 6,433 4,316 3,513 1,707 5,528 7,969 1,874 5,877 4,612 5,100 4,993 4,458 5,388 4,706 5,790 6,255 4,815 3,708 3,443 3,852 3,329 1,93
Slide 24: Strong net cash and prudent maturity profile
Strong net cash and prudent maturity profile MATURITY PROFILE AND SPLIT (BN SEK) 80.9 Net cash 23.3 26.8 30.8 2% 23% 57.6 75% Loans 5.9 0.1 6.3 6.3 7.3 Green bond 2.4 0.5 0.5 0.0 0.5 5.4 0.4 5.4 0.9 5.4 0.9 5.4 1.9 0.5 0.5 0.3 Loans GFF* 1.5 0.4 0.5 Liquidity 2026 2027 2028 2029 2030 2031 2032 2033
Slide 25: Quarterly performance 2021-2025
Quarterly performance 2021-2025 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 MSEK Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenue 80,076 74,269 71,300 79,329 105,247 95,705 102,152 92,045 109,441 93,878 101,454 92,783 112,119 82,948 93,492 86,439 94
Slide 26: Financial net, tax and earnings per share
Financial net, tax and earnings per share Oct – Dec Oct – Dec MSEK 2025 2024 Operating income 1,886 3,853 Interest income and similar credits 492 440 Interest expenses and similar charges -287 267 Other financial income and expenses -359 -815 Income before tax 1,732 3,745 Income tax -2,082 -1,408 In
Slide 27: Retail sales, revenue, R&D, capex, EBITDA and operating cash flow history
RETAIL SALES (K UNITS) REVENUE (BN SEK) 763 399 400 705 699 709 710 357 642 661 330 572 615 SUV 274 263 282 Sedan 253 273 359 445 525 538 613 209 469 462 610 Estate 101 98 99 Coupe 98 198 185 161 96 82 89 84 52 MPV 94 77 47 45 44 35 2017 2018 2019 2020 2021 2022 2023 2024 2025 2017 2018 2019 2020 20