Volvo B "2Q26 Preview: We see a solid Truck orders print" (Buy) Bhundia

研报英文原文证据摘录

Volvo B "2Q26 Preview: We see a solid Truck orders print" (Buy) Bhundia

Global Research

24 June 2026ab

Volvo B Equities

Sweden2Q26 Preview: We see a solid Truck orders print

Land Transportation Equipment

12-month rating Buy

Key focus: Truck margins, NA volume absorption & price-cost dynamics

We forecast 2Q26 group revenues and adjusted operating profit to be c.1-2% ahead of 12m price target SKr395.00

consensus expectations with truck orders c.5% ahead of consensus at 55.9k, Prior : SKr387.00

largely driven by North America and Europe. We expect the focus to be on the Q/Q

Price (23 Jun 2026) SKr317.50

development of truck margins, which we believe will be boosted by higher truck

volumes in North America following quarters of volume under-absorption. We note Q2 RIC: VOLVb.ST BBG: VOLVB SS

reflects two months of NA production capacity being in balance and hence we would

Trading data and key metrics

expect further NA margin improvements from H2 onwards, assuming no additional cost

52-wk range SKr353.20-247.40

headwinds. Higher truck production in both Europe (from solid 1Q and expected 2Q

intake) and South America (via the Move Brazil initiative) should also support Volvo's Market cap. SKr644b/US$66.1b

truck margins. We expect Penta & CE margins to be in line with expectations. Shares o/s 1,385m (BFREE)

Free float 100%

Avg. daily volume ('000) 3,322

Price-cost dynamics: We expect cost headwinds stemming from higher freight costs,

which we incorporate into our adj. operating profit. We assume freight costs represent Avg. daily value (m) SKr1,058

c.1.5% of total revenues and that these will increase by c.9% y/y in 2Q26, using Common s/h equity (12/26E) SKr199b

European contract rates increases as a proxy, with no price offset in the current quarter P/BV (12/26E) 3.2x