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Volvo Group Q3 2025 Sales Slip on FX as Services Cushion Earnings

Currency headwinds coupled with softer Americas demand compressed margins.

Overview

  • Group net sales reached SEK 110.7 billion, down 5% year over year but up 1% at constant currency.
  • Adjusted operating income was SEK 11.7 billion for a 10.6% margin versus 12.0% a year earlier, while reported operating income was SEK 12.5 billion.
  • Currency movements reduced operating income by SEK 1.626 billion compared with Q3 2024.
  • Service sales rose 4% at constant currency and rolling 12‑month service revenue hit SEK 126 billion, as vehicle sales slipped 1%.
  • Industrial Operations posted SEK –1.739 billion in operating cash flow with ROCE at 25.2%, and the truck unit saw deliveries fall 4% with heavy‑duty order intake down 15%.