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Company Research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
Volvo (VOLV) investor relations material
Volvo Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary17 Jul, 2025
Executive summary
Net sales declined 12% year-over-year to SEK 122.9 billion, mainly due to lower truck volumes and SEK 10.4 billion in FX headwinds.
Adjusted operating income dropped to SEK 13.5 billion (margin 11.0%), down from SEK 19.4 billion (13.9%).
Service business remained resilient, with service sales growing 2% FX-adjusted and providing earnings support.
Significant one-time items: SEK 4.5 billion negative for zero-emission vehicle transformation, SEK 1 billion positive from Coretura JV.
Operating cash flow in Industrial Operations fell to SEK 2.9 billion from SEK 9.1 billion.
Financial highlights
Net cash position in Industrial Operations was SEK 43.1 billion, down from SEK 59.3 billion.
Return on capital employed in Industrial Operations was 25.7% (down from 41.3%).
Earnings per share was SEK 3.64, down from SEK 7.65.
Service sales (including Financial Services) reached SEK 33.0 billion, flat growth excluding FX.
Financial Services credit portfolio grew 5% FX-adjusted to SEK 271 billion; new business volume up 9%.
Outlook and guidance
2025 truck market forecasts: Europe 290,000 units, North America 275,000, Brazil 85,000, China 710,000; North America and Brazil expected to contract.
Construction equipment markets in North America expected to decline 5–15% in 2025; China revised up to +10% due to stimulus.
European demand stable; order books for Q3 full, Q4 orders being taken.
Electrification demand slowing but order intake for fully electric vehicles up 59%.
Management focused on earnings resilience, cost control, and service growth amid uncertainty.
How will tariffs/EPA 2027 impact truck demand?
Explain Volvo CE's SDLG divestment strategy.
What is the status of the antitrust litigation?
How will tariffs impact results in Q3/Q4?
What's the strategy for trucks in China?
Why the strategic shift in construction equipment?
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Next Volvo earnings date
Q3 202517 Oct, 2025
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Frequently asked questions
Safe and Reliable Swedish Engineering
Founded in 1927 in Gothenburg, Sweden, Volvo has acted as a symbol of Swedish engineering and design for decades. It’s important to note that the modern iteration of the company operates in two separate entities: Volvo Group and Volvo Car. While the brand might first bring to mind passenger cars, Volvo Group's operations primarily encompass commercial vehicles, including trucks, buses, and construction equipment with Volvo Car continuing to build personal vehicles.
Gothenburg Born and Bred
Volvo, a Swedish automobile giant, was founded in 1927 by Assar Gabrielsson and Gustaf Larson in Gothenburg. Originally, the company's primary focus was on producing high-quality cars equipped to withstand Sweden's rough terrain and cold conditions. The name "Volvo" originates from the Latin word "volvere," meaning "to roll", and the name of the company literally translates to “I roll”. Over the years, Volvo expanded its portfolio to include trucks, buses, construction equipment, and marine products, which also is the present-day focus of Volvo Group.
Geely and Volvo Car
In 2010, Geely, a leading Chinese automotive company, made a significant move by acquiring Volvo Car from Ford Motor Company. This acquisition was a strategic play to elevate Geely's global presence and harness Volvo's renowned reputation for safety and innovation. Post-acquisition, it's crucial to distinguish between two distinct entities: Volvo Car and the Volvo Group. While Geely took ownership of Volvo Car, focusing on passenger vehicles that compete with companies such as Volkswagen and BMW, the Volvo Group remained independent, concentrating on trucks, buses, and construction equipment.
Volvo Group’s Operations
Volvo Group's products find use in numerous applications worldwide, from city streets to remote construction sites. Their division producing trucks has several brands under its umbrella, each catering to different market segments and regions. In the bus segment, Volvo's electric and hybrid buses are specially designed to be utilized in sustainable urban public transportation. Furthermore, Volvo Construction Equipment produces a variety of machines used in sectors like mining and road construction, ranging from excavators to haulers. Beyond vehicles, Volvo Penta supplies marine and power systems for both small boats as well as larger industrial customers.
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