Business description: AB Volvo

AB Volvo is the leading European truck maker and No. 3 worldwide. Net sales break down by activity as follows:

- sales of trucks (66.2%): 202,911 vehicles sold in 2025 (names Volvo, Renault, Eicher and Mack);

- sales of construction equipment (16.7%): excavators, loaders, backhoes, hydraulic shovels, graders, dump trucks, etc.;

- financial services (5.4%);

- bus and chassis sales (5.1%): world's No. 2 largest manufacturer;

- sales of parts, control systems, and marine and industrial motors (4.2%): for commerce and cruise ships and for industrial applications (irrigation units, lifting trucks, electrical generators, etc.);

- other (2.4%).

Net sales are distributed geographically as follows: Europe (43.1%), North America (29.3%), Asia (11.5%), South America (9.7%), and Africa & Oceania (6.4%).

Number of employees: 89,299

Sales by Activity: AB Volvo

Fiscal Period: December 2021 (SEK) 2022 (SEK) 2023 (SEK) 2024 (SEK) 2025 (SEK)

Industrial Operations - Trucks

23TCr 31TCr 37TCr 36TCr 32TCr

Industrial Operations - Construction Equipment

9.2TCr 10TCr 10TCr 8.83TCr 8.16TCr

Financial Services

1.34TCr 1.74TCr 2.4TCr 2.7TCr 2.65TCr

Industrial Operations - Buses

1.37TCr 1.86TCr 2.24TCr 2.45TCr 2.51TCr

Industrial Operations - Group Functions and Other

1.35TCr 1.64TCr 1.68TCr 1.65TCr -

Industrial Operations - Volvo Penta

1.44TCr 1.81TCr 2.1TCr 1.99TCr 2.06TCr

Industrial Operations - Group Functions & Other Incl. Eliminations

- - - - 673.6Cr

Eliminations

-339.8Cr -415.5Cr -499.8Cr -488.3Cr -

Reclassifications and Eliminations

-228.3Cr -357.9Cr -451.8Cr -514Cr -479.5Cr

Geographical breakdown of sales: AB Volvo

Fiscal Period: December 2021 (SEK) 2022 (SEK) 2023 (SEK) 2024 (SEK) 2025 (SEK)

Other Europe

9.96TCr 12TCr 15TCr 13TCr 11TCr

USA

8.13TCr 12TCr 14TCr 13TCr 11TCr

Asia (Excl. China)

- 4.2TCr 5.16TCr 4.33TCr 4.41TCr

France

3.08TCr 3.63TCr 4.61TCr 4.15TCr 3.52TCr

Brazil

2.18TCr 3.72TCr 3.6TCr 4.33TCr 3.1TCr

UK

1.75TCr 2.36TCr 2.81TCr 2.92TCr 2.79TCr

North America (Excl. USA)

1.74TCr 2.17TCr 2.7TCr 2.83TCr 2.63TCr

Spain

- - - - 1.67TCr

Africa and Oceania (Excl. Australia)

- - - - 1.55TCr

South America (Excl. Brazil)

863Cr 1.45TCr 1.32TCr 1.32TCr 1.54TCr

Australia

- - - - 1.5TCr

Sweden

1.02TCr 1.28TCr 1.39TCr 1.17TCr 1.17TCr

China

2.97TCr 2.24TCr 1.45TCr 1.54TCr 1.11TCr

Africa and Oceania

- 2.9TCr 3.61TCr 3.28TCr -

Japan

593.3Cr - - - -

Asia (Excl. China & Japan)

2.75TCr - - - -

Other Markets

2.18TCr - - - -

Executive Committee: AB Volvo

Manager TitleAgeSince
Chief Executive Officer 59 22/10/2015
Director of Finance/CFO 58 01/10/2023
Compliance Officer 52 01/01/2023
Chief Tech/Sci/R&D Officer 56 01/09/2025
Investor Relations Contact - -

Composition of the Board of Directors: AB Volvo

Director TitleAgeSince
Director/Board Member 67 01/04/2016
Director/Board Member 74 02/04/2014
Director/Board Member 69 02/04/2014
Director/Board Member 63 01/04/2015
Director/Board Member 59 06/04/2016
Director/Board Member 56 06/04/2016
Director/Board Member 60 01/01/1997
Director/Board Member 65 05/04/2018
Director/Board Member 68 18/06/2020
Director/Board Member 56 01/09/2025

Shareholders: AB Volvo

NameStocks%Valuation
AMF Fonder AB
2.75 %
4,38,05,304 2.75 % 1 544 M kr
Industrivärden AB (Investment Company)
1.821 %
2,90,00,000 1.821 % 1 022 M kr
Nordea Investment Management AB
1.572 %
2,50,42,673 1.572 % 883 M kr
Alecta Tjanstepension Omsesidigt
1.48 %
2,35,67,706 1.48 % 831 M kr
Carnegie Fonder AB
1.271 %
2,02,36,676 1.271 % 713 M kr
NameStocks%Valuation
Industrivärden AB (Investment Company)
37.8 %
16,66,00,000 37.8 % 5 871 M kr
Zhejiang Geely Holding Group Co., Ltd.
20.1 %
8,85,82,225 20.1 % 3 122 M kr
AMF Fonder AB
6.67 %
2,93,98,971 6.67 % 1 036 M kr
Alecta Tjanstepension Omsesidigt
4.803 %
2,11,68,239 4.803 % 746 M kr
AFA Försäkring Tjänstepensionsaktiebolag (Invt Mgmt)
3.087 %
1,36,07,736 3.087 % 480 M kr
NameStocks%Valuation
RhumbLine Advisers LP
0.004415 %
70,316 0.004415 % 2 M kr
Ativo Capital Management LLC
0.003394 %
54,064 0.003394 % 2 M kr
Eurizon Capital SA
0.000939 %
14,962 0.000939 % 527 455 kr
Ascentis Independent Advisors LLC
0.000551 %
8,778 0.000551 % 309 451 kr
GAMMA Investing LLC
0.000509 %
8,113 0.000509 % 286 008 kr

Company details: AB Volvo

Volvo AB

Gropegårdsgatan 2

417 15, Gothenburg

+46 31 66 00 00

http://www.volvogroup.com
address AB Volvo(VOLV B)

Group companies: AB Volvo

NameCategory and Sector
VFS Equipment Receivables Finance LLC
Motor Vehicles
Wholesale Distributors
Volvo CE India Pvt Ltd.
Finance/Rental/Leasing

Heavy Trucks

Change 5-day change 1-year change 3-year change Capi.($)
+0.75%-0.24%+21.62%+54.12% 7.04TCr
-1.34%-3.86%+75.42%+151.07% 1.42TCr
-0.33%-4.65%+16.26%+21.84% 367.78Cr
+0.51%-3.32%-44.17%-28.05% 276.8Cr
+1.24%-5.83%-10.68%-23.76% 211.02Cr
-0.27%-6.09%-18.08% - 196.02Cr
+1.90%-6.82%-16.43%-47.83% 188.63Cr
+2.59%-5.51%+4.62%+2.59% 104.61Cr
+4.19%+1.79%-42.32%-46.79% 90Cr
-0.44%-.--%-.--%-.--% 77Cr
Average +0.88%-2.50%-1.38%+9.24% 997.39Cr
Weighted average by Cap. +0.46%-0.09%+24.16%+59.12%
Trader
Investor
Global
Quality
ESG MSCI
A
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
21
Last Close Price
336.90SEK
Average target price
345.27SEK
Spread / Average Target
+2.48%

Quarterly revenue - Rate of surprise