Volvo AB: Q2 preview

研报英文原文证据摘录

Volvo AB: Q2 preview

Deutsche Bank

Research

Rating Company Date

Hold Volvo AB 16 June 2026

Results

Europe

Sweden

Reuters Bloomberg Exchange Ticker Price at 15 Jun 2026 (SEK) 320.20

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

Q2 preview

Valuation & Risks

Nicolai Kempf

Results due on July 17th Research Analyst

Volvo is scheduled to release its Q2 results on July 17th, with a corresponding +49-162-5168792

conference call the same day. North America Class 8 orders have normalized over

Tim Rokossa

recent months but continue to exhibit significant y/y growth rates. In Europe, we Head of European Equity Research

anticipate a decent trend at high, solid levels. We expect the under-absorption in the +49-69-910-31998

U.S. to conclude in Q2, driven by a further production ramp-up, while deliveries in

Christoph Laskawi

Europe should continue to increase. A notable headwind looks set to emerge from

Research Analyst

higher freight and steel costs, which we believe will be partially offset by a strong

+49-69-910-31924

service business. In summary, we project a truck margin of 10.9%. While we

understand that implementing price increases for new trucks remains challenging, Nikita Papaccio

we anticipate they will likely commence soon to pass on higher input costs. Research Analyst

+49-69-910-48637

End market guidance Mira Wiegratz

Research Associate

Volvo projects the EU heavy truck end market at 310k units and the North American

+49-69-9103-1733

market at 265k trucks. While we do not anticipate a change in the EU forecast, we

believe there is potential for a 5k to 10k unit upgrade to the North American Class

Key changes

8 retail sales outlook.

DB EPS (SEK) 19.84 to 19.75 ↓ -0.5%

479,489 to