Financials Volvo Nasdaq Stockholm

Stocks

VOLV A

SE0000115420

Heavy Machinery & Vehicles

Real-time Estimate Cboe Europe 10:43:56 21/10/2026 BST			5-day change	1st Jan Change
321.40 ^SEK	+0.25%		+0.38%	+8.23%

09:27am	Volvo expected to report adjusted operating profit of 14,703 million kronor - Bloomberg	FW
10-19	Volvo Mining Appoints Per-Erik Lindström as Head, Effective January 1, 2027	CI

Projected Income Statement: Volvo

Projected Income Statement - Annual - Volvo

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	372,216	473,479	552,764	526,816	479,183	502,475	548,767	577,321
Change	-	27.21%	16.75%	-4.69%	-9.04%	4.86%	9.21%	5.2%
EBITDA ¹	59,735	71,196	98,865	88,266	74,704	78,070	90,761	97,813
Change	-	19.19%	38.86%	-10.72%	-15.36%	4.51%	16.26%	7.77%
EBIT ¹	41,015	50,467	77,638	65,718	51,218	57,811	69,746	75,764
Change	-	23.05%	53.84%	-15.35%	-22.06%	12.87%	20.64%	8.63%
Interest Paid ¹	117	-634	-58	599	-1,114	-416	-432.1	-548.6
Earnings before Tax (EBT) ¹	43,190	45,077	66,726	67,210	47,391	55,716	69,459	76,043
Change	-	4.37%	48.03%	0.73%	-29.49%	17.57%	24.67%	9.48%
Net income ¹	32,787	32,722	49,825	50,389	34,456	42,246	52,461	56,922
Change	-	-0.2%	52.27%	1.13%	-31.62%	22.61%	24.18%	8.5%
Announcement Date	28/01/22	26/01/23	26/01/24	29/01/25	28/01/26	-	-	-

¹SEK in Million

Estimates

Projected Income Statement - Quarterly - Volvo

Fiscal Period: December	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	2027 Q2	2027 Q3
Net sales ¹	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	122,896	110,692	123,803	110,765	126,273	125,142	142,609	134,964	144,351	133,184
Change	-	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%	0.91%	-9.93%	11.84%	-10.53%	14%	-0.9%	13.96%	-5.36%	6.96%	-7.74%
EBITDA ¹	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	19,614	17,368	18,749	15,311	20,727	21,325	23,769	-	-	-
Change	-	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%	10.81%	-11.45%	7.95%	-18.34%	35.37%	2.89%	11.46%	-	-	-
EBIT ¹	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	13,484	11,707	12,769	10,678	14,783	14,739	16,729	17,032	19,002	16,957
Change	-	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%	1.7%	-13.18%	9.07%	-16.38%	38.44%	-0.3%	13.51%	1.81%	11.57%	-10.76%
Charge d'intérêts ¹	30	-17	471	127	-111	-1,122	-312	-52	317	-10	283	-	-501	-	-	-256	-381	-74	85	-3	-190	-190	-	-	-
Earnings before Tax (EBT) ¹	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	9,705	12,136	12,695	10,762	13,474	14,741	17,029	16,886	18,736	16,967
Change	-	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%	-24.5%	25.05%	4.61%	-15.23%	25.2%	9.4%	15.53%	-0.84%	10.96%	-9.44%
Net income ¹	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	7,412	7,540	9,614	8,315	10,371	11,098	12,978	12,770	14,158	12,851
Change	-	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%	-25.06%	1.73%	27.51%	-13.51%	24.73%	7.01%	16.94%	-1.6%	10.87%	-9.23%
Announcement Date	21/10/21	28/01/22	22/04/22	19/07/22	20/10/22	26/01/23	20/04/23	19/07/23	18/10/23	26/01/24	17/04/24	18/07/24	18/10/24	29/01/25	23/04/25	17/07/25	17/10/25	28/01/26	24/04/26	17/07/26	-	-	-	-	-

¹SEK in Million

Estimates

Projected Income Statement - Halfyear - Volvo

Fiscal Period: December	2022 S1	2025 S1	2025 S2	2026 S1	2026 S2
Net sales ¹	-	244,687	234,495	237,038	265,821
Change	-	-	-4.17%	1.08%	12.14%
EBITDA ¹	-	38,588	36,116	38,734	43,837
Change	-	-	-6.41%	7.25%	13.17%
EBIT ¹	26,426	26,742	24,476	26,950	30,526
Change	-	1.2%	-8.47%	10.11%	13.27%
Charge d'intérêts	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	22,560	24,831	24,237	30,187
Change	-	-	10.07%	-2.39%	24.55%
Net income ¹	-	17,302	17,154	18,686	22,640
Change	-	-	-0.86%	8.93%	21.16%
Announcement Date	19/07/22	17/07/25	28/01/26	17/07/26	-

¹SEK in Million

Estimates

Forecast Balance Sheet: Volvo

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-50,400	-61,300	-66,700	-67,200	-48,400	-56,569	-68,764	-79,549
Change	-	-21.63%	-8.81%	-0.75%	27.98%	-16.88%	-21.56%	-15.68%
Announcement Date	28/01/22	26/01/23	26/01/24	29/01/25	28/01/26	-	-	-

¹SEK in Million

Estimates

Cash Flow Forecast: Volvo

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	18,117	20,456	23,387	17,904	25,460	23,189	22,398	23,994
Change	-	12.91%	14.33%	-23.44%	42.2%	-8.92%	-3.41%	7.13%
Free Cash Flow (FCF) ¹	15,530	12,788	11,130	28,540	20,135	34,561	42,201	46,393
Change	-	-17.66%	-12.97%	156.42%	-29.45%	71.65%	22.11%	9.93%
Announcement Date	28/01/22	26/01/23	26/01/24	29/01/25	28/01/26	-	-	-

¹SEK in Million

Estimates

Forecast Financial Ratios: Volvo

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	16.05%	15.04%	17.89%	16.75%	15.59%	15.54%	16.54%	16.94%
EBIT Margin (%)	11.02%	10.66%	14.05%	12.47%	10.69%	11.51%	12.71%	13.12%
EBT Margin (%)	11.6%	9.52%	12.07%	12.76%	9.89%	11.09%	12.66%	13.17%
Net margin (%)	8.81%	6.91%	9.01%	9.56%	7.19%	8.41%	9.56%	9.86%
FCF margin (%)	4.17%	2.7%	2.01%	5.42%	4.2%	6.88%	7.69%	8.04%
FCF / Net Income (%)	47.37%	39.08%	22.34%	56.64%	58.44%	81.81%	80.44%	81.5%
Profitability
ROA	6.39%	5.72%	8.95%	7.16%	5.35%	8%	8.82%	8.99%
ROE	21.79%	23.83%	34.26%	26.74%	19.57%	24.04%	26.36%	25.97%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	4.87%	4.32%	4.23%	3.4%	5.31%	4.62%	4.08%	4.16%
CAPEX / EBITDA (%)	30.33%	28.73%	23.66%	20.28%	34.08%	29.7%	24.68%	24.53%
CAPEX / FCF (%)	116.66%	159.96%	210.13%	62.73%	126.45%	67.1%	53.07%	51.72%
Items per share
Cash flow per share ¹	16.55	16.35	13.12	22.85	22.43	27.61	36.46	37.2
Change	-	-1.2%	-19.76%	74.15%	-1.85%	23.1%	32.07%	2.03%
Dividend per Share ¹	13	14	18	18.5	13	15.29	18.37	19.9
Change	-	7.69%	28.57%	2.78%	-29.73%	17.59%	20.17%	8.32%
Book Value Per Share ¹	69.36	80.03	87.45	95.4	87.7	96.43	106.4	115.3
Change	-	15.39%	9.28%	9.09%	-8.07%	9.95%	10.31%	8.36%
EPS ¹	16.12	16.09	24.5	24.78	16.94	20.75	25.57	27.77
Change	-	-0.19%	52.27%	1.14%	-31.64%	22.51%	23.19%	8.63%
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	28/01/22	26/01/23	26/01/24	29/01/25	28/01/26	-	-	-