Financials AB Volvo

Equities

VOLV B

SE0000115446

Heavy Machinery & Vehicles

Market Closed - Nasdaq Stockholm Other stock markets 12:00:00 2025-07-11 pm EDT			5-day change	1st Jan Change
273.00 ^SEK	-1.44%		+4.04%	+1.64%

06:15am	DIARY-Nordic corporate earnings week ahead	RE
Jul. 09	Cliens Sverige Rises 0.5 Percent in June, Invests in H&M	FW

Projected Income Statement: AB Volvo

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	338,446	372,216	473,479	552,764	526,816	494,985	521,882	549,656
Change	-	9.98%	27.21%	16.75%	-4.69%	-6.04%	5.43%	5.32%
EBITDA ¹	49,163	59,735	71,196	98,865	88,266	75,662	84,541	91,076
Change	-	21.5%	19.19%	38.86%	-10.72%	-14.28%	11.73%	7.73%
EBIT ¹	28,564	41,015	50,467	77,638	65,718	54,872	62,627	68,209
Change	-	43.59%	23.05%	53.84%	-15.35%	-16.5%	14.13%	8.91%
Interest Paid ¹	-1,568	117	-634	-58	599	-282	-200	-122.5
Earnings before Tax (EBT) ¹	25,917	43,190	45,077	66,726	67,210	54,264	62,681	68,422
Change	-	66.65%	4.37%	48.03%	0.73%	-19.26%	15.51%	9.16%
Net income ¹	19,318	32,787	32,722	49,825	50,389	41,282	47,338	52,090
Change	-	69.72%	-0.2%	52.27%	1.13%	-18.07%	14.67%	10.04%
Announcement Date	2/3/21	1/28/22	1/26/23	1/26/24	1/29/25	-	-	-

¹SEK in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	73,227	76,852	96,917	94,018	90,561	85,258	102,378	105,317	118,943	114,917	134,302	131,420	140,821	132,405	148,117	131,177	140,249	116,978	138,413	121,792	122,949	112,519	129,072	122,897	131,525	128,176	142,355	130,196
Change	-	4.95%	26.11%	-2.99%	-3.68%	-5.86%	20.08%	2.87%	12.94%	-3.38%	16.87%	-2.15%	7.15%	-5.98%	11.87%	-11.44%	6.92%	-16.59%	18.32%	-12.01%	0.95%	-8.48%	14.71%	-4.78%	7.02%	-2.55%	11.06%	-8.54%
EBITDA ¹	7,589	10,990	16,216	16,363	14,271	14,220	14,879	17,566	18,723	16,910	17,996	23,517	27,022	24,448	23,879	23,325	23,563	17,189	20,301	17,701	18,323	17,068	20,513	21,260	23,695	22,820	24,153	22,576
Change	-	44.81%	47.55%	0.91%	-12.78%	-0.36%	4.63%	18.06%	6.59%	-9.68%	6.42%	30.68%	14.9%	-9.53%	-2.33%	-2.32%	1.02%	-27.05%	18.1%	-12.81%	3.51%	-6.85%	20.18%	3.64%	11.45%	-3.69%	5.84%	-6.53%
EBIT ¹	3,272	7,217	10,934	11,821	9,730	9,403	10,060	12,681	13,745	11,869	12,171	18,409	21,732	19,114	18,384	18,159	19,446	14,074	14,039	13,258	12,914	11,627	13,922	14,035	14,035	-	-	-
Change	-	120.57%	51.5%	8.11%	-17.69%	-3.36%	6.99%	26.05%	8.39%	-13.65%	2.54%	51.25%	18.05%	-12.05%	-3.82%	-1.22%	7.09%	-27.63%	-0.25%	-5.56%	-2.59%	-9.96%	19.74%	0.81%	0%	-	-	-
Charge d'intérêts ¹	-478	132	-338	223	-120	30	-17	471	127	-111	-1,122	-312	-52	317	-10	283	-	-501	-	-	-104	-205	-6	-	-	-	-	-
Earnings before Tax (EBT) ¹	-90	7,640	11,877	12,290	11,265	9,433	10,202	9,027	13,873	11,758	10,420	16,797	14,409	18,636	16,884	18,442	20,534	13,573	14,660	12,855	13,183	12,973	13,376	15,811	15,351	14,613	16,263	-
Change	-	8,588.89%	55.46%	3.48%	-8.34%	-16.26%	8.15%	-11.52%	53.68%	-15.25%	-11.38%	61.2%	-14.22%	29.34%	-9.4%	9.23%	11.34%	-33.9%	8.01%	-12.31%	2.55%	-1.6%	3.11%	18.2%	-2.91%	-4.81%	11.3%	-
Net income ¹	-282	5,723	9,202	8,841	8,900	7,052	7,995	7,033	10,443	8,627	6,620	12,910	10,770	14,092	12,053	14,080	15,551	10,017	10,742	9,890	10,148	9,716	10,485	11,183	12,088	11,635	12,670	12,284
Change	-	2,129.43%	60.79%	-3.92%	0.67%	-20.76%	13.37%	-12.03%	48.49%	-17.39%	-23.26%	95.02%	-16.58%	30.84%	-14.47%	16.82%	10.45%	-35.59%	7.24%	-7.93%	2.61%	-4.26%	7.92%	6.65%	8.09%	-3.75%	8.9%	-3.04%
Announcement Date	7/17/20	10/16/20	2/3/21	4/22/21	7/20/21	10/21/21	1/28/22	4/22/22	7/19/22	10/20/22	1/26/23	4/20/23	7/19/23	10/18/23	1/26/24	4/17/24	7/18/24	10/18/24	1/29/25	4/23/25	-	-	-	-	-	-	-	-

¹SEK in Million

Estimates

Fiscal Period: December	2021 S1	2022 S1	2025 S1	2025 S2
Net sales ¹	-	-	238,779	253,330
Change	-	-	-	6.09%
EBITDA	-	-	-	-
Change	-	-	-	-
EBIT ¹	21,551	26,426	25,795	29,686
Change	-	22.62%	-2.39%	15.08%
Charge d'intérêts ¹	-	-	-782	-895
Earnings before Tax (EBT) ¹	-	-	25,561	30,029
Change	-	-	-	17.48%
Net income ¹	-	-	19,768	22,823
Change	-	-	-	15.45%
Announcement Date	7/20/21	7/19/22	-	-

¹SEK in Million

Estimates

Forecast Balance Sheet: AB Volvo

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-51,000	-50,400	-61,300	-66,700	-67,200	-52,641	-60,772	-64,400
Change	-	1.18%	-21.63%	-8.81%	-0.75%	21.67%	-15.45%	-5.97%
Announcement Date	2/3/21	1/28/22	1/26/23	1/26/24	1/29/25	-	-	-

¹SEK in Million

Estimates

Cash Flow Forecast: AB Volvo

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	14,297	18,117	20,456	23,387	17,904	22,475	21,490	22,227
Change	-	26.72%	12.91%	14.33%	-23.44%	25.53%	-4.38%	3.43%
Free Cash Flow (FCF) ¹	16,313	15,530	12,788	11,130	28,540	34,712	39,781	45,944
Change	-	-4.8%	-17.66%	-12.97%	156.42%	21.63%	14.6%	15.49%
Announcement Date	2/3/21	1/28/22	1/26/23	1/26/24	1/29/25	-	-	-

¹SEK in Million

Estimates

Forecast Financial Ratios: AB Volvo

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	14.53%	16.05%	15.04%	17.89%	16.75%	15.29%	16.2%	16.57%
EBIT Margin (%)	8.44%	11.02%	10.66%	14.05%	12.47%	11.09%	12%	12.41%
EBT Margin (%)	7.66%	11.6%	9.52%	12.07%	12.76%	10.96%	12.01%	12.45%
Net margin (%)	5.71%	8.81%	6.91%	9.01%	9.56%	8.34%	9.07%	9.48%
FCF margin (%)	4.82%	4.17%	2.7%	2.01%	5.42%	7.01%	7.62%	8.36%
FCF / Net Income (%)	84.44%	47.37%	39.08%	22.34%	56.64%	84.09%	84.04%	88.2%
Profitability
ROA	3.89%	6.39%	5.72%	8.95%	7.16%	6.67%	7.28%	6.99%
ROE	14.2%	21.79%	23.83%	34.26%	26.74%	21.68%	23.71%	23.93%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	4.22%	4.87%	4.32%	4.23%	3.4%	4.54%	4.12%	4.04%
CAPEX / EBITDA (%)	29.08%	30.33%	28.73%	23.66%	20.28%	29.7%	25.42%	24.41%
CAPEX / FCF (%)	87.64%	116.66%	159.96%	210.13%	62.73%	64.75%	54.02%	48.38%
Items per share
Cash flow per share ¹	15.06	16.55	16.35	13.12	22.85	29.46	33.77	35.65
Change	-	9.92%	-1.2%	-19.76%	74.15%	28.93%	14.64%	5.56%
Dividend per Share ¹	6	13	14	18	18.5	17.56	18.68	19.58
Change	-	116.67%	7.69%	28.57%	2.78%	-5.07%	6.35%	4.83%
Book Value Per Share ¹	71.45	69.36	80.03	87.45	95.4	94.65	102.4	107.1
Change	-	-2.93%	15.39%	9.28%	9.09%	-0.78%	8.19%	4.6%
EPS ¹	9.5	16.12	16.09	24.5	24.78	20.59	23.52	25.1
Change	-	69.68%	-0.19%	52.27%	1.14%	-16.89%	14.22%	6.69%
Nbr of stocks (in thousands)	2,033,452	2,033,452	2,033,452	2,033,452	2,033,452	2,033,452	2,033,452	2,033,452
Announcement Date	2/3/21	1/28/22	1/26/23	1/26/24	1/29/25	-	-	-