“For the full year 2025, the Volvo Group's net sales amounted to SEK 479.2 billion (526.8) and the adjusted operating income to SEK 51.2 billion (65.7), with an adjusted operating margin of 10.7% (12.5). Return on capital employed in the Industrial Operations was 25.5% (35.8). We generated an operating cash flow of SEK 21.9 billion (45.3) with a strong Q4 and ended the year with a net cash position of SEK 63.0 billion (85.9) in the Industrial Operations, pension and lease liabilities excluded. The Board of Directors proposes an ordinary dividend of SEK 8.50 per share and an extra dividend of SEK 4.50 per share,” says Martin Lundstedt, President and CEO.
THE FOURTH QUARTER 2025
— In Q4 2025, net sales decreased by 11% and amounted to SEK 123.8 billion (138.4). Adjusted for currency movements and the divestment of SDLG, net sales were on the same level as in the prior year.
— Both adjusted operating income and reported operating income amounted to SEK 12,769 M (14,039), corresponding to an operating margin of 10.3% (10.1).
— Currency movements had a negative impact on operating income in an amount of SEK 2,072 M.
— Earnings per share amounted to SEK 4.73 (5.28).
— Operating cash flow in the Industrial Operations amounted to SEK 19,319 M (24,270).
THE FULL YEAR 2025
— Full year net sales amounted to SEK 479.2 billion (526.8).
— Adjusted operating income amounted to SEK 51,218 M (65,718), corresponding to an adjusted operating margin of 10.7% (12.5).
— Reported operating income amounted to SEK 48,506 M (66,611), corresponding to an operating margin of 10.1% (12.6).
— Earnings per share amounted to SEK 16.94 (24.78).
— Operating cash flow in the Industrial Operations amounted to SEK 21,837 M (45,295).
— Return on capital employed in the Industrial Operations amounted to 25.3% (35.8).
— The Board of Directors proposes an ordinary dividend of SEK 8.50 per share and an extra dividend of SEK 4.50 per share.
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: https://qreport.volvogroup.com/.
More information, including an interview with CEO Martin Lundstedt, will soon be available on https://www.volvogroup.com/en/investors.html.
January 28, 2026
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 CET on January 28, 2026.
Aktiebolaget Volvo (publ) 556012-5790
Investor Relations
SE-405 08 Göteborg, SwedenTel +46 31 66 00 00www.volvogroup.com
Contact Media Relations:
Claes Eliasson +46 765 53 72 29
Contacts Investor Relations:
Johan Bartler +46 739 02 21 93Anders Christensson+46 765 53 59 66
For more information, please visit
volvogroup.com
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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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