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 (68.4%): 219,377 vehicles sold in 2024 (names Volvo, Renault, Eicher and Mack);

- sales of construction equipment (16.8%): excavators, loaders, backhoes, hydraulic shovels, graders, dump trucks, etc.;

- financial services (5.1%);

- bus and chassis sales (4.7%): world's No. 2 largest manufacturer;

- sales of parts, control systems, and marine and industrial motors (3.8%): for commerce and cruise ships and for industrial applications (irrigation units, lifting trucks, electrical generators, etc.);

- other (1.2%).

Net sales are distributed geographically as follows: Europe (41.1%), North America (30.8%), Asia (11.2%), South America (10.7%), Africa and Oceania (6.2%).

Number of employees: 87,585

Sales by Activity: AB Volvo

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

Industrial Operations - Trucks

231B 311B 373B 361B 323B

Industrial Operations - Construction Equipment

92.03B 100B 105B 88.3B 81.64B

Financial Services

13.44B 17.36B 24.01B 26.98B 26.47B

Industrial Operations - Buses

13.65B 18.58B 22.42B 24.54B 25.07B

Industrial Operations - Group Functions and Other

13.46B 16.38B 16.81B 16.55B -

Industrial Operations - Volvo Penta

14.44B 18.1B 21.01B 19.85B 20.6B

Industrial Operations - Group Functions & Other Incl. Eliminations

- - - - 6.74B

Eliminations

-3.4B -4.16B -5B -4.88B -

Reclassifications and Eliminations

-2.28B -3.58B -4.52B -5.14B -4.8B

Geographical breakdown of sales: AB Volvo

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

Other Europe

99.59B 118B 149B 134B 115B

USA

81.32B 115B 138B 134B 114B

Asia (Excl. China)

- 41.96B 51.62B 43.34B 44.1B

France

30.81B 36.25B 46.06B 41.54B 35.21B

Brazil

21.79B 37.2B 35.99B 43.33B 31.01B

UK

17.51B 23.64B 28.09B 29.21B 27.88B

North America (Excl. USA)

17.45B 21.66B 26.97B 28.3B 26.32B

Spain

- - - - 16.73B

Africa and Oceania (Excl. Australia)

- - - - 15.54B

South America (Excl. Brazil)

8.63B 14.54B 13.18B 13.23B 15.43B

Australia

- - - - 14.97B

Sweden

10.16B 12.79B 13.9B 11.73B 11.69B

China

29.68B 22.43B 14.49B 15.44B 11.06B

Africa and Oceania

- 29.03B 36.06B 32.84B -

Japan

5.93B - - - -

Asia (Excl. China & Japan)

27.55B - - - -

Other Markets

21.8B - - - -

Executive Committee: AB Volvo

Manager TitleAgeSince
Chief Executive Officer 59 2015-10-21
Director of Finance/CFO 58 2023-09-30
Compliance Officer 52 2022-12-31
Chief Tech/Sci/R&D Officer 56 2025-08-31
Investor Relations Contact - -

Composition of the Board of Directors: AB Volvo

Director TitleAgeSince
Director/Board Member 67 2016-03-31
Director/Board Member 74 2014-04-01
Director/Board Member 69 2014-04-01
Director/Board Member 63 2015-03-31
Director/Board Member 59 2016-04-05
Director/Board Member 56 2016-04-05
Director/Board Member 60 1996-12-31
Director/Board Member 65 2018-04-04
Director/Board Member 68 2020-06-17
Director/Board Member 56 2025-08-31

Shareholders: AB Volvo

NameEquities%Valuation
AMF Fonder AB
2.757 %
43,805,304 2.757 % 1 708 M kr
Industrivärden AB (Investment Company)
1.825 %
29,000,000 1.825 % 1 131 M kr
Nordea Investment Management AB
1.613 %
25,633,525 1.613 % 999 M kr
Alecta Tjanstepension Omsesidigt
1.483 %
23,567,706 1.483 % 919 M kr
Carnegie Fonder AB
1.285 %
20,423,074 1.285 % 796 M kr
NameEquities%Valuation
Industrivärden AB (Investment Company)
37.5 %
166,600,000 37.5 % 6 500 M kr
Zhejiang Geely Holding Group Co., Ltd.
19.94 %
88,582,225 19.94 % 3 456 M kr
AMF Fonder AB
6.617 %
29,398,971 6.617 % 1 147 M kr
Alecta Tjanstepension Omsesidigt
4.765 %
21,168,239 4.765 % 826 M kr
AFA Försäkring Tjänstepensionsaktiebolag (Invt Mgmt)
3.063 %
13,607,736 3.063 % 531 M kr
NameEquities%Valuation
RhumbLine Advisers LP
0.004391 %
69,775 0.004391 % 3 M kr
Ativo Capital Management LLC
0.002524 %
40,118 0.002524 % 2 M kr
Eurizon Capital SA
0.002003 %
31,823 0.002003 % 1 M kr
GAMMA Investing LLC
0.000484 %
7,688 0.000484 % 299 763 kr
PNC Wealth Management LLC
0.000058 %
927 0.000058 % 36 145 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
Motor Vehicles
Wholesale Distributors
Wholesale Distributors

Heavy Trucks

Change 5d. change 1-year change 3-years change Capi.($)
-1.70%+4.11%+29.38%+53.17% 71.74B
+7.10%+8.82%+152.56%+328.39% 15.6B
+2.51%+3.48%+34.24%+80.00% 4.33B
-2.30%+7.33%-4.16%-6.89% 3.44B
-1.19%+0.11%+2.92%-21.26% 2.51B
+0.69%+1.33%+7.55%-8.98% 2.29B
+1.98%+4.91%+5.50% - 1.97B
+2.66%+12.93%+85.94%+35.58% 1.55B
+1.81%+4.33%-15.10%-29.13% 1.19B
+0.07%-1.04%-18.24%+68.95% 1.03B
Average +1.17%+4.70%+28.06%+55.54% 10.56B
Weighted average by Cap. +0.01%+5.32%+44.99%+89.48%
Trader
Investor
Global
Quality
ESG MSCI
A
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
20
Last Close Price
326.30SEK
Average target price
332.26SEK
Spread / Average Target
+1.83%

Quarterly revenue - Rate of surprise