Volvo AB: Strengthening resilience - CMD review

研报英文原文证据摘录

Volvo AB: Strengthening resilience - CMD review

Deutsche Bank

Research

Rating Company Date

Hold Volvo AB 11 June 2026

Company Update

Europe

Sweden

Reuters Bloomberg Exchange Ticker Price at 9 Jun 2026 (SEK) 318.90

VOLVb.ST VOLVB SS STO VOLVb

Price Target (SEK) 321.00

Capital Goods

Trucks ADR ISIN 52-week range (SEK) 353.20247.40-

VOLVY US9288564001

Strengthening resilience - CMD review

Valuation & Risks

Nicolai Kempf

Postcard from Eskilstuna Research Analyst

We attended Volvo's CMD in Eskilstuna, where the company provided an update on +49-162-5168792

its medium-term strategy to grow earnings and enhance business resilience. Volvo

Tim Rokossa

highlighted significant progress in recent years by strategically steering its portfolio Head of European Equity Research

towards the most profitable segments. We anticipate this trend will continue, with +49-69-910-31998

a particular focus on areas such as mining, quarrying, construction and defence.

Christoph Laskawi

Research Analyst

Driven by the increasing demand for data centers and power generation, Volvo

+49-69-910-31924

specifically emphasized the opportunities within it's Penta division, with plans to

double its revenues over the coming years which could lift industrial earnings by Nikita Papaccio

>5%. Research Analyst

+49-69-910-48637

Regarding current trading, demand remains solid in Europe and is picking up in Mira Wiegratz

North America, consistent with expectations. However, the management did flag Research Associate

cost headwinds to come in Q2 from higher freight and input costs. Overall, this was +49-69-9103-1733

a comprehensive business update, offering limited new financial targets but

providing insights into growth across various business areas. Due to valuation, we

maintain our Hold rating.

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