Volvo Q3 Sales Reach SEK119.5bn as Margin Improves

Adjusted operating profit rose to SEK14.7 billion, while industrial operating cash flow recovered to SEK7.2 billion as both vehicle and service sales grew organically.

Volvo Group increased third-quarter net sales by 8% to SEK119.5 billion, with organic growth of 7%, according to its results released on 23 October.

Vehicle sales rose 8% organically and service sales grew 5%, providing growth across both equipment and aftermarket activity. The group reported adjusted operating income of SEK14.693 billion, compared with SEK11.707 billion in the same period of 2025.

That lifted the adjusted operating margin to 12.3%, up from 10.6% a year earlier. Reported operating income reached SEK14.354 billion, giving a margin of 12.0%, compared with 11.3% in the corresponding quarter.

The distinction reflects adjustments excluded from the comparable measure. Costs of SEK339 million were excluded from adjusted operating income in the latest quarter, while the prior-year period excluded a positive effect of SEK811 million. Currency movements had a positive SEK970 million impact on operating income compared with the third quarter of 2025.

Operating cash flow in Industrial Operations improved to SEK7.195 billion from an outflow of SEK1.739 billion. Return on capital employed in those operations reached 27.5%, compared with 25.2%.

Earnings per share increased to SEK5.29 from SEK3.71. President and chief executive Martin Lundstedt attributed the performance to work across the group, alongside continued organic growth in vehicles and services.