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Volvo Group - the second quarter 2025

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Volvo Group (VLVLY) reported mixed Q2 2025 results, with net sales declining 5% (currency-adjusted) to SEK 122.9 billion compared to SEK 140.2 billion in Q2 2024. Vehicle sales dropped 6% year-over-year, while service revenues remained stable. The company's adjusted operating income decreased to SEK 13.5 billion from SEK 19.4 billion, with adjusted operating margin falling to 11.0% from 13.9%.

The quarter was marked by market stabilization in Europe but increased uncertainty in North America. Operating cash flow in Industrial Operations decreased to SEK 2,948 million from SEK 9,060 million. Earnings per share declined to SEK 3.64 from SEK 7.65, while return on capital employed in Industrial Operations fell to 25.7% from 41.3%.

Volvo Group (VLVLY) ha riportato risultati contrastanti nel secondo trimestre del 2025, con un calo delle vendite nette del 5% (a tassi di cambio costanti) a 122,9 miliardi di SEK rispetto ai 140,2 miliardi di SEK del secondo trimestre 2024. Le vendite di veicoli sono diminuite del 6% su base annua, mentre i ricavi dei servizi sono rimasti stabili. L'utile operativo rettificato è sceso a 13,5 miliardi di SEK dai 19,4 miliardi precedenti, con un margine operativo rettificato che è calato all'11,0% rispetto al 13,9%.

Il trimestre è stato caratterizzato da una stabilizzazione del mercato in Europa, ma da una crescente incertezza in Nord America. Il flusso di cassa operativo nelle Operazioni Industriali è diminuito a 2.948 milioni di SEK dai 9.060 milioni precedenti. L'utile per azione è sceso a 3,64 SEK da 7,65 SEK, mentre il ritorno sul capitale impiegato nelle Operazioni Industriali è calato al 25,7% dal 41,3%.

Volvo Group (VLVLY) reportó resultados mixtos en el segundo trimestre de 2025, con una disminución de las ventas netas del 5% (ajustadas por moneda) a 122,9 mil millones de SEK en comparación con 140,2 mil millones de SEK en el segundo trimestre de 2024. Las ventas de vehículos cayeron un 6% interanual, mientras que los ingresos por servicios se mantuvieron estables. El ingreso operativo ajustado disminuyó a 13,5 mil millones de SEK desde 19,4 mil millones, con un margen operativo ajustado que bajó al 11,0% desde el 13,9%.

El trimestre estuvo marcado por la estabilización del mercado en Europa, pero con una mayor incertidumbre en Norteamérica. El flujo de caja operativo en Operaciones Industriales disminuyó a 2.948 millones de SEK desde 9.060 millones. Las ganancias por acción cayeron a 3,64 SEK desde 7,65 SEK, mientras que el retorno sobre el capital empleado en Operaciones Industriales bajó al 25,7% desde 41,3%.

Volvo Group (VLVLY)� 2025� 2분기 실적에서 혼재� 결과� 보고했으�, 순매출은 환율 조정 기준으로 전년 동기 대� 5% 감소� 1229� SEK� 기록했습니다(2024� 2분기 1402� SEK 대�). 차량 판매� 전년 대� 6% 감소했으� 서비� 수익은 안정적이었습니다. 회사� 조정 영업이익은 135� SEK으로 194� SEK에서 감소했으�, 조정 영업이익률은 11.0%� 13.9%에서 하락했습니다.

이번 분기� 유럽 시장� 안정화가 두드러졌으나 북미에서� 불확실성� 증가했습니다. 산업 부문의 영업 현금 흐름은 29� 4800� SEK� 90� 6000� SEK에서 감소했습니다. 주당순이익은 3.64 SEK� 7.65 SEK에서 하락했으�, 산업 부문의 자본 수익률은 25.7%� 41.3%에서 떨어졌습니다.

Volvo Group (VLVLY) a publié des résultats mitigés pour le deuxième trimestre 2025, avec un chiffre d'affaires net en baisse de 5 % (ajusté des changes) à 122,9 milliards de SEK contre 140,2 milliards de SEK au deuxième trimestre 2024. Les ventes de véhicules ont diminué de 6 % d'une année sur l'autre, tandis que les revenus des services sont restés stables. Le résultat opérationnel ajusté a diminué à 13,5 milliards de SEK contre 19,4 milliards, avec une marge opérationnelle ajustée en baisse à 11,0% contre 13,9 %.

Le trimestre a été marqué par une stabilisation du marché en Europe mais une incertitude accrue en Amérique du Nord. Les flux de trésorerie opérationnels des opérations industrielles ont diminué à 2 948 millions de SEK contre 9 060 millions. Le bénéfice par action a chuté à 3,64 SEK contre 7,65 SEK, tandis que le rendement du capital employé dans les opérations industrielles est passé à 25,7 % contre 41,3 %.

Volvo Group (VLVLY) meldete gemischte Ergebnisse für das zweite Quartal 2025, mit einem Rückgang des Nettoumsatzes um 5 % (währungsbereinigt) auf 122,9 Milliarden SEK im Vergleich zu 140,2 Milliarden SEK im zweiten Quartal 2024. Der Fahrzeugabsatz sank im Jahresvergleich um 6 %, während die Serviceerlöse stabil blieben. Das bereinigte Betriebsergebnis sank auf 13,5 Milliarden SEK von zuvor 19,4 Milliarden SEK, wobei die bereinigte operative Marge auf 11,0% von 13,9 % fiel.

Das Quartal war geprägt von einer Marktstabilisierung in Europa, jedoch zunehmender Unsicherheit in Nordamerika. Der operative Cashflow im Bereich Industrial Operations sank auf 2.948 Millionen SEK von 9.060 Millionen SEK. Der Gewinn je Aktie fiel auf 3,64 SEK von 7,65 SEK, während die Kapitalrendite im Bereich Industrial Operations auf 25,7 % von 41,3 % zurückging.

Positive
  • Service business remains robust with rolling 12-month revenues of SEK 126.3 billion
  • Maintained double-digit adjusted operating margin of 11.0%
  • Strong return on capital employed at 25.7% in Industrial Operations
  • Stable service revenue development despite market challenges
Negative
  • Net sales declined 5% currency-adjusted to SEK 122.9 billion
  • Vehicle sales dropped 6% year-over-year
  • Adjusted operating income fell to SEK 13.5 billion from SEK 19.4 billion
  • Operating cash flow decreased significantly to SEK 2,948M from SEK 9,060M
  • Earnings per share declined by 52% to SEK 3.64

GOTHENBURG, Sweden, July 17, 2025 /PRNewswire/ -- "In a quarter characterized by a general stabilization of the European market and more of uncertainty and a wait and see mode among customers in North America, the Volvo Group's net sales declined by 5% adjusted for currency movements and amounted to SEK 122.9 billion (140.2). Sales of vehicles were 6% lower than in Q2 2024 when adjusted for currency, while the underlying service development remained robust, supported by continued good utilization of vehicles and machines. Our service sales were on the same level as in the previous year when adjusted for currency, and on a rolling 12-month basis revenues in our service business amounted to SEK 126.3 billion. On the lower vehicle volumes, we generated an adjusted operating income of SEK 13.5 billion (19.4) with an adjusted operating margin of 11.0% (13.9)," says Martin Lundstedt, President and CEO.

  • In Q2 2025, net sales decreased by 12% and amounted to SEK 122.9 billion (140.2). When adjusted for currency movements net sales decreased by 5%.
  • Adjusted operating income amounted to SEK 13,484 M (19,446), corresponding to an adjusted operating margin of 11.0% (13.9). In Q2 2025, a negative effect of SEK 4,512 M and a positive effect of SEK 989 M were excluded from adjusted operating income. In Q2 2024, positive effects of SEK 893 M were excluded from adjusted operating income.
  • Reported operating income amounted to SEK 9,961 billion (20,339), corresponding to an operating margin of 8.1% (14.5).
  • Compared with Q2 2024, currency movements had a negative impact on operating income amounting to SEK 2,310 M.
  • Earnings per share amounted to SEK 3.64 (7.65).
  • Operating cash flow in the Industrial Operations amounted to SEK 2,948 M (9,060).
  • Return on capital employed in the Industrial Operations amounted to 25.7% (41.3).

Press and Analyst Conference Call. An online presentation of the report, followed by a question and answer session will start at 09:00 CEST. Link to webcast:

More information, including an interview with CEO Martin Lundstedt, will soon be available on.

Jul 17, 2025

This information is information that AB Volvo (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 07:20 CEST on July 17, 2025.

Aktiebolaget Volvo (publ) 556012-5790

Investor Relations
SE-405 08 Göteborg, Sweden
Tel +46 31 66 00 00

Contact Media Relations:
Claes Eliasson +46 765 53 72 29

Contacts Investor Relations:
Johan Bartler +46 739 02 21 93
Anders Christensson +46 765 53 59 66

For more information, please visit

For frequent updates,

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 more than 100,000 people and serves customers in almost 190 markets. In 2024, net sales amounted to SEK 527 billion (EUR 46 billion). Volvo shares are listed on Nasdaq Stockholm.

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Volvo Group � Report on the second quarter 2025

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Press Release � Volvo Group � the second quarter 2025

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FAQ

What were Volvo Group's (VLVLY) Q2 2025 earnings results?

Volvo reported net sales of SEK 122.9 billion, down 5% currency-adjusted, with adjusted operating income of SEK 13.5 billion and an adjusted operating margin of 11.0%.

How did Volvo's vehicle sales perform in Q2 2025?

Volvo's vehicle sales decreased by 6% compared to Q2 2024 when adjusted for currency movements.

What was Volvo Group's earnings per share in Q2 2025?

Volvo Group's earnings per share were SEK 3.64, down from SEK 7.65 in Q2 2024.

How is Volvo's service business performing?

Volvo's service business remained stable year-over-year, with rolling 12-month revenues reaching SEK 126.3 billion.

What was Volvo's operating cash flow in Q2 2025?

Operating cash flow in Industrial Operations was SEK 2,948 million, down from SEK 9,060 million in Q2 2024.
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