Volvo Car AB: Q2 preview: Persisting headwinds

Research evidence excerpt

Volvo Car AB: Q2 preview: Persisting headwinds

Deutsche Bank

Research

Rating Company Date

Hold Volvo Car AB 16 June 2026

Results

Europe

Sweden

Reuters Bloomberg Exchange Ticker Price at 15 Jun 2026 (SEK) 21.49

VOLCARb.ST VOLCARB SS STO VOLCARb

Price Target (SEK) 25.00

Autos

52-week range (SEK) 35.75 - 16.17

Auto Manufacturing

Q2 preview: Persisting headwinds

Valuation & Risks

Nikita Papaccio

Results on July 17th Research Analyst

Volvo Cars will publish its Q2-26 results on July 17th followed by a conference call +49-69-910-48637

on the same day. We anticipate that the headwinds experienced in Q1 have

Tim Rokossa

continued into Q2, and in some areas, partially worsened. While FX and raw Head of European Equity Research

material challenges persist, the mix impact has turned negative due to muted +49-69-910-31998

demand for the OEM's larger BEV models. Furthermore, higher discounts applied

Christoph Laskawi

to Q1 orders are expected to impact the company's P&L in Q2. Following the

Research Analyst

conversion of Polestar's debt to equity, Volvo Cars now holds approximately a 20%

+49-69-910-31924

stake in the company, which it will begin accounting for from Q3. Overall, we expect

H1 to be weaker than H2, consistent with the company's communication. Nicolai Kempf

Consequently, we do not anticipate any change to the guidance alongside the Q2 Research Analyst

+49-162-5168792

results.

Mira Wiegratz

Research Associate

Q2-26 preview in more detail

+49-69-9103-1733

Retail sales for the qtd (April + May) are down -9% y/y. Given that wholesale and

retail volumes are expected to be balanced throughout the year, we anticipate a

volume headwind in Q2. The product mix is likely to deteriorate due to muted

demand for BEV models. Pricing should also negatively impact revenues, attributed