Volvo Group Q2 2025 Quarterly Report
This report details Volvo Group's financial performance for the second quarter of 2025, including net sales, earnings, and segment overviews for trucks, construction equipment, buses, Volvo Penta, and financial services. It also covers key events, financial summaries, and risk factors.
Key Highlights
- Net sales decreased by 12% to SEK 122.9 billion (SEK 140.2 billion) in Q2 2025.
- Adjusted operating income amounted to SEK 13.5 billion (SEK 19.4 billion), with an adjusted operating margin of 11.0% (13.9%).
- The transition to zero-emission vehicles is proceeding slower than anticipated, impacting costs.
- Volvo CE is acquiring Swecon and selling its stake in SDLG.
- Volvo Group received innovation support from the EU for its "Carbon Smart" initiative.
- Changes in Volvo Group's management were announced.
Financial Summary
| Q2 2025 | Q2 2024 | Change (%) | |
|---|---|---|---|
| Net Sales (SEK billion) | 122.9 | 140.2 | -12 |
| Adjusted Operating Income (SEK billion) | 13.5 | 19.4 | -31 |
| Adjusted Operating Margin (%) | 11.0 | 13.9 |
Segment Overview
Trucks
Net sales decreased by 14% to SEK 81.7 billion. Adjusted operating income was SEK 8.4 billion, with a margin of 10.3%.
Construction Equipment
Net sales decreased by 6% to SEK 22.9 billion. Adjusted operating income was SEK 3.0 billion, with a margin of 13.1%.
Buses
Net sales decreased by 8% to SEK 6.0 billion. Adjusted operating income was SEK 0.5 billion, with a margin of 7.9%.
Volvo Penta
Net sales increased by 5% to SEK 5.5 billion. Adjusted operating income was SEK 1.1 billion, with a margin of 20.7%.
Financial Services
The credit portfolio grew by 5% (adjusted for currency). Adjusted operating income was SEK 0.98 billion.
Key Events
- Andrea Fuder, Volvo Group's Chief Procurement Officer, passed away.
- Volvo Group and Daimler Truck launched Coretura AB, a joint venture for a new software-defined vehicle platform.
- Volvo CE announced the acquisition of Swecon and the sale of its stake in SDLG.
- Volvo Group received innovation support from the EU for its "Carbon Smart" initiative.
- Changes in Volvo Group's management were announced, with Jens Holtinger succeeding Lars Stenqvist as Group Chief Technology Officer.
Risks and Uncertainties
Volvo Group faces various risks, including macroeconomic and market-related risks, operational risks, compliance risks, and financial risks. Specific risks highlighted include those related to tariffs and trade policy, supply chain disruptions, inflation, and the slower-than-expected transition to zero-emission vehicles.
About Volvo Group
Volvo Group is a leading manufacturer of trucks, buses, construction equipment, and marine and industrial engines. The Group is committed to sustainability and driving the transition to a more sustainable transport system.
