Volvo Group (AB Volvo – not to be confused with Volvo Cars, a part of Geely) reported profit after financial items of Skr12.1bn ($1.27bn) for the third quarter of 2025, down nearly 11% from Skr13.57bn posted a year earlier.
Group net sales for Q3 fell 5% to Skr110.7bn; on a constant‑currency basis sales were up 1%.
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Adjusted operating income was Skr11.7bn, compared with Skr14.07bn in the same quarter of 2024, giving an adjusted operating margin of 10.6% (12% a year earlier).
A positive effect of Skr811m was excluded from adjusted operating income in the quarter; there were no adjustments in Q3 2024.
Reported operating income was Skr12.517bn, yielding an operating margin of 11.3% versus 12% in Q3 2024.
Earnings per share declined to Skr3.71 from Skr4.93 in the year ago period.
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By GlobalDataRegional performance was mixed: net sales rose in Europe but were weighed down by tougher market conditions in North and South America.
Deliveries in the truck division fell 4% year‑on‑year to 44,631 units; heavy‑duty truck deliveries were down 5%.
Order intake for heavy‑duty trucks in the quarter was 15% lower than a year earlier.
Truck division net sales, adjusted for currency, were down 2% at Skr74.2bn, with vehicle sales decreasing by 3%.
Aftermarket sales supported revenue, rising 4% as fleet utilisation stayed broadly healthy in most markets.
The truck division’s adjusted operating margin narrowed to 9.1% from 11.7% a year earlier, affected by lower volumes.
Volvo Buses delivered 1,393 units in Q3, a 13% decline versus the prior year, with volumes falling across most markets except North America.
Currency‑adjusted net sales for the bus business increased 4% to Skr6.0bn, and its adjusted operating margin improved to 12.6% from 11.8% in Q3 2024.
Commenting on the results, Volvo president and CEO Martin Lundstedt said: “In Q3 2025, the Volvo Group’s net sales increased in Europe, while more difficult market conditions in North America and South America impacted sales negatively.
“The underlying development in the service business remained good, with service sales growing by 4% adjusted for currency. On a rolling 12-month basis service revenues amounted to Skr126bn. Despite the lower vehicle volumes, we maintained our earnings resilience and generated an adjusted operating income of Skr11.7bn (14.1) with an adjusted operating margin of 10.6% (12.0).”
