Volvo Car AB (VOLCARb.ST): 2Q26 Pre-Close Call: Rather downbeat message on 2Q trading, a potential offset is better mix in wholesales

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Volvo Car AB (VOLCARb.ST): 2Q26 Pre-Close Call: Rather downbeat message on 2Q trading, a potential offset is better mix in wholesales

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16 Jun 2026 06:12:37 ET │ 11 pages

Volvo Car AB (VOLCARb.ST)

2Q26 Pre-Close Call: Rather downbeat message on 2Q trading, a

potential offset is better mix in wholesales

CITI’S TAKE Sell / High Risk

We joined the Volvo Car 2Q26 Pre-Close Call today with the key IR Price (16 Jun 26 09:00) SKr21.50

messages summarized below. With limited colour on the wholesale Target price SKr17.00

development it is difficult to bridge the exact revenue/EBIT trends but our

Expected share price return -20.9% sense is that Q2 may be the low point for the group given the combination

of headwinds from negative pricing/incentives, mix (more BEV less ICE), Expected dividend yield 0.0%

lower volumes and FX headwinds, along with higher sequential D&A. Self- Expected total return -20.9%

help actions may deliver some offset but with such a negatively skewed Market Cap SKr64,060M

bridge we believe margins will be down QoQ and thus at or below VA US$6,785M

consensus of 2.0%. While the retail sales mix may be negative, there is a

potential risk wholesale units remain skewed to ICE variants ahead of

EX60 ramp; this could limit absolute margin downside risks though we

think on balance the mood music around Q2 remains negative, expect Ross MacDonaldAC

shares to trade lower. +44-20-7986-7547

ross.macdonald@citi.com

Macro environment remains challenging in 2Q26 with low visibility in key regions Harald C Hendrikse

alongside limited improvement in consumer sentiment. US consumer sentiment +44-2075-0858-10

weakened further in the quarter on affordability and forward-looking expectations. harald.hendrikse@citi.com