Volvo B: 2Q26 Conf call: Ready to deliver volume & profitability

研报英文原文证据摘录

Volvo B: 2Q26 Conf call: Ready to deliver volume & profitability

Global Research

17 July 2026ab

First Read

EquitiesVolvo B

2Q26 Conf call: Ready to deliver volume Sweden

& profitability Land Transportation Equipment

12-month rating Buy

12m price target SKr395.00

Bottom line: We disagree with the share price reaction and see this as a

potential entry point

We see the weaker share price performance from the market open, driven largely by Price (16 Jul 2026) SKr341.30

broader negative market sentiment, as presenting a potential buying opportunity for a RIC: VOLVb.ST BBG: VOLVB SS

name that has an attractive H2 setup. We believe the conference call was solid, with

Trading data and key metrics

management stating that they are gradually increasing pricing to help offset higher

costs. The North American truck market was a key focus area of the call, with EPA and 52-wk range SKr353.20-247.40

Volvo's NA production ramp-up taking up the majority of Q&A. Volvo stated that they Market cap. SKr692b/US$71.7b

are able to deliver higher H2 North American truck production without their new Mexico Shares o/s 1,385m (BFREE)

plant. In our view, Volvo's comments surrounding EPA27 suggest that, while it is early, Free float 100%

they are confident that their operations are sufficiently robust to meet their customers' Avg. daily volume ('000) 3,041

engine preferences. While Truck OEMs are ordinarily impacted by the macro Avg. daily value (m) SKr982.8

environment, we see Volvo's roadmap ahead focusing on production following a solid Common s/h equity (12/26E) SKr199b

truck order intake. Volvo is already looking to mitigate higher costs through pricing, and P/BV (12/26E) 3.5x

we believe Volvo can deliver. Key points from the call below: Net debt to EBITDA (12/26E) 2.2x