Volvo Group has signed an option agreement with John Cockerill Defense which gives the group the right to sell Arquus after mandatory consultations with staff representative bodies.

The consultations are expected to be finalised in Q1 2024. As a result of the option agreement, group operating income will be negatively impacted by approximately SEK900m in Q4 2023.

Arquus manufactures and sells specially designed vehicles to defence forces and employs about 1,200 in France. In 2022, Arquus represented approximately 1 % of group revenues.

The negative earnings effect will be excluded from adjusted operating income.

Closing of any divestment would be subject to governmental approval and other conditions.

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