Solid Q4 profitability and margins
Adjusted operating income of SEK 12.8 billion in Q4 with an adjusted operating margin of 10.3%; full-year 2025 adjusted operating income SEK 51 billion with a margin of 10.7%.
Strong cash generation and net cash position
Q4 cash flow of SEK 19.3 billion; net cash position in Industrial Operations of SEK 63 billion; full-year cash flow SEK 22 billion.
High return on capital employed and EPS
Return on capital employed (Industrial Operations, rolling 12 months) of 25.3%; EPS for Q4 SEK 4.73.
Resilient service business
Service sales grew 5% in Q4 (adjusted for FX and SDLG); service revenues rolling 12 months SEK 124 billion, representing ~26% of group revenues.
Segment outperformance: Penta, Buses and Construction Equipment (ex-SDLG)
Penta sales up 18% FX adjusted in Q4 with adjusted operating margin 11.9%; Buses sales grew 28% in Q4 with margin ~9%; Construction Equipment deliveries increased ~9% (excluding SDLG) and CE sales up ~13% (FX-adjusted, excluding SDLG).
Electrification momentum in deliveries
Orders for fully electric vehicles (adjusted for SDLG) increased ~3% and deliveries rose ~20% (adjusted); electric light commercial vehicles in Trucks grew ~15%.
Market forecast upgrades and positive bookings
Upward revisions for 2026 truck markets: North America forecast increased to 265,000 heavy‑duty units (+15,000 vs Q3 guidance) and Europe to 305,000 (+10,000 vs Q3); Construction Equipment book-to-bill reached 118% in the quarter.
Strategic commercial & product milestones
Volvo Trucks named European heavy-duty champion for a second year; first deliveries of all-new Volvo VNL and Mack Pioneer; successful integration of Waabi Driver with Volvo VNL for autonomous operations; VCE selected Eskilstuna for crawler excavator factory (capacity 3,500 units).
Shareholder returns
Board proposes ordinary dividend of SEK 8.5 and an extraordinary dividend of SEK 4.5 for approval.