Equity Snap: Volvo Car AB (VOLCARB SS): After the 2Q26 call: (Very) back-end loaded

Research evidence excerpt

Equity Snap: Volvo Car AB (VOLCARB SS): After the 2Q26 call: (Very) back-end loaded

17 July 2026

Equity Snap: Volvo Car AB Equities Automobiles

(VOLCARB SS)

After the 2Q26 call: (Very) back-end loaded Sweden

◆ Orders supportive but cost headwinds and price competition Michael Tyndall*, CFA

weigh on benefits. Management hopes H2 is better than H1 Senior Global Autos Analyst HSBC Bank plc

michael.tyndall@hsbc.com

+44 20 3359 6301

Volvo Car AB (VOLCARB SS, SEK21.15, Hold, TP SEK22.00)

Pushkar Tendolkar*

(Priced as of 16 Jul 2026) Global Autos Analyst

HSBC Securities and Capital Markets (India) Private

Volvo hoping for product impetus to be the solution. After dropping its 2026 volume Limited

guidance, Volvo expects H2 2026 sales to be significantly stronger in H2 (c+10% but +/- pushkarnarendratendolkar@hsbc.co.in

+91 80 4555 2752

5% due to China uncertainty; HSBCe: +8%). That confidence is driven by the order pace

Alice Martin*

for the BEV models (EX60, EX30 and EX90). However, headwinds are increasing – Global Autos Analyst

notably raw materials and logistics were flagged as starting to hurt in H2. As these erode HSBC Bank plc

alice.martin@hsbc.com

the gains from the efficiency programme and no immediate underlying market +44 20 7992 0175

strengthening in China, it might get worse before it gets better.

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

EX60 update: not registered/ qualified pursuant to FINRA regulations

◆ Building strong order book, which is pre-requisite on margin. It turns fully positive into

margin, that's towards the end of the year.

◆ Keeping ambition of up to 40k vehicles. Seeing strong underlying momentum which

gives confidence for next year. Overperforming on orders expectation.

◆ Some cannibalisation with XC60.