Announcement • May 13
Volvo Trucks Launches All-New Combustion Engine Platform Volvo Trucks announced most fuel-efficient engines ever are here - two all-new 13-liter engines ready for renewable diesel and gas fuel types, including future hydrogen applications. Both are based on Volvo's latest in-house developed engine platform. Volvo Trucks launches an all-new engine platform made for a range of alternative fuels. The combustion engine continues to play an important role in Volvo Truck's driveline strategy and its new engines offer an attractive combination of more power, lower fuel consumption, lower emissions, lower noise and improved drivability. The new engine can deliver up to 4% lower fuel consumption versus the engine it is replacing, when using the benefits of the new engine in combination with Volvo Trucks' latest fuel-saving innovations that will now become available to more customers. Volvo Trucks has developed new engines that will cater for a wide variety of needs and conditions and the new engines will also meet or exceed the requirements of new legislation such as emission and noise levels. With a constant focus on improving fuel efficiency, Volvo Trucks has developed one of the most fuel-efficient engine generations available on the market. Launched in early 2024, the Volvo Aero range cuts fuel consumption by up to 5% compared with the previous model, while the all-new in-house developed engines will deliver further fuel savings of up to 4% across a wide range of applications and segments. The new platform comes with a refined engine brake functionality for increased drivability, new cylinder and turbo designs as well as an updated version of Volvo's appreciated I-Shift transmission. Both the diesel and gas versions will also offer significantly higher torque levels. Many variants of the diesel version of the new engine are compatible with Volvo Trucks' I-Roll with engine stop/start functionality, which means that more customers can benefit from saving fuel and emissions by being able to turn off the engine and roll downhill. Volvo Trucks drives the transition towards fossil-free transport to reach its net-zero emissions target by 2040 using a three-path technology strategy. The approach is built on battery electric, fuel cell electric and combustion engines that run on renewable fuels like green hydrogen, biogas (bio-LNG), biodiesel, and HVO (hydrotreated vegetable oil). The new engine platform is ready for alternative fuels such as biodiesel/B100, HVO, biogas/bio-LNG and green hydrogen. The D13 engine will come with 380-560hp of power and 1,800-2,900Nm of torque. The G13 version has 420-500hp and 2,400-2,800Nm. The new Euro6 engines fulfil the new legal requirements NNR3 (New Noise Regulation Phase 3), and are built for legislation to come in the future. They will be offered in the Volvo FM, FMX, FH and FH Aero models. Sales will begin during the third quarter of 2026. The new engines will be launched step by step globally with the first markets being Europe, Morocco, Turkey and India, later followed by North and Latin America, Asia and Africa. The new engines will initially be produced in Skövde, Sweden and the trucks are assembled in Tuve, Sweden and Ghent, Belgium. Announcement • Apr 02
Volvo Trucks Begins On-Road Testing of Hydrogen Combustion Engine Trucks Volvo is taking another step towards net-zero CO2 emissions transport by starting on-road trials of heavy trucks with combustion engines powered by hydrogen. Volvo's hydrogen-powered trucks will have industry-leading performance with higher energy efficiency, lower fuel consumption and increased engine power compared to conventional hydrogen combustion engine technology. This is due to High Pressure Direct Injection (HPDI), a technology where a small amount of ignition fuel is injected with high pressure to enable compression ignition before hydrogen is added. Volvo is already using this technology in its gas-powered trucks, with more than 10,000 units sold globally. Hydrogen combustion engine trucks will be especially suitable over longer distances and in regions where there is limited charging infrastructure or time for recharging of battery-electric trucks. Volvo trucks with combustion engines powered by green hydrogen have the potential to deliver net zero CO2 well-to-wheel when using renewable HVO as ignition fuel. They are categorized as 'Zero Emission Vehicles' (ZEV) under the agreed EU CO2 emission standards. Volvo's advanced hydrogen engine technology is derived from its diesel powertrain, delivering diesel-like performance while substantially cutting CO2 emissions. The hydrogen-powered combustion engine trucks will complement the company's offering of other alternatives, such as battery electric trucks, fuel cell electric trucks and trucks that run on renewable fuels, like biogas and HVO (Hydrotreated Vegetable Oil). Volvo Trucks' hydrogen-powered trucks will use the fuel-efficient HPDI (High Pressure Direct Injection) technology from Cespira. Hydrogen-powered Volvo trucks will have an operational range exceeding many customers' daily driving distance. Due to the low CO2 emissions from hydrogen combustion, these trucks are categorized as 'Zero Emission Vehicles' under the agreed EU CO2 emission standards. Hydrogen can also be used to power fuel cell electric trucks, where electricity is produced on board the truck. Fuel cell electric trucks do not emit any tailpipe emissions, only water vapor. Volvo plans to launch fuel cell electric trucks in low volumes before 2030. Volvo Trucks' three-path strategy to reach net-zero emissions consists of battery-electric, fuel-cell electric, and combustion engines using renewable fuels. Announcement • Feb 23
Renault SA (ENXTPA:RNO) signed a binding agreement to acquire remaining 55% stake in Flexis SAS from AB Volvo (publ) (OM:VOLV B) and CMA CGM S.A. Renault SA (ENXTPA:RNO) signed a binding agreement to acquire remaining 55% stake in Flexis SAS from AB Volvo (publ) (OM:VOLV B) and CMA CGM S.A. on February 23, 2026. The agreement provides for Renault Group to acquire Volvo Group’s and CMA CGM Group’s respective stakes in Flexis (45% and 10%). Under this agreement, Renault Group will acquire full ownership of Flexis and carry the project through to completion, which will remain firmly rooted in France.
It could become effective by the end of the first half of 2026, subject to approval by the competition authorities. This agreement remains subject to the completion of all regulatory approval processes. Announcement • Jan 29
AB Volvo (publ), Annual General Meeting, Apr 08, 2026 AB Volvo (publ), Annual General Meeting, Apr 08, 2026. Announcement • Oct 03
Volvo Group Announces Executive Board Changes, Effective November 1, 2025 Volvo Group announced that after ten years of service, Bruno Blin, has decided to step down from his role as member of the Volvo Group Executive Board. He will be replaced by Antoine Duclaux, currently Senior Vice President Renault Trucks International. Bruno Blin has played a pivotal role in Renault Truck's profitability journey and has been an early advocate for advancing sustainable transport solutions. Going forward, he will remain with the Volvo Group, contributing to various strategic projects. Bruno Blin will be succeeded by Antoine Duclaux, currently leading the Renault Trucks international division. Antoine Duclaux has extensive experience in the transportation and construction industries, having held several leadership roles at Volvo Group and Holcim. The transition will take effect on November 1, 2025. Announcement • Jul 17
AB Volvo (publ) to Report Q4, 2025 Results on Jan 28, 2026 AB Volvo (publ) announced that they will report Q4, 2025 results on Jan 28, 2026 Announcement • Jun 27
Volvo Group Announces Changes to Its Executive Board Volvo Group announced that Lars Stenqvist, a member of the Volvo Group Executive Board and Group Chief Technology Officer, has decided to step down from his current role after nine years of service and will continue in the Group as a senior leader. He will be replaced by Jens Holtinger, who is currently a member of the Executive Board and Executive Vice President Group Trucks Operations. Lars Stenqvist has held his current role for nine years and has played a vital part in the journey towards more sustainable transport solutions. Jens Holtinger, who will succeed Lars Stenqvist, has had a number of leadership roles during his more than 25 years in the Volvo Group. In addition to his current role as Executive Vice President Group Trucks Operations, he has also been responsible for truck manufacturing in Europe and Brazil as well as various truck production plants. The transition will take effect on September 1, 2025. Announcement • Jan 30
AB Volvo (Publ) Proposes Extra Dividend The Board of Directors of AB Volvo (publ) proposed an extra dividend of SEK 10.50 per share. Announcement • Dec 10
AB Volvo (publ) to Report Fiscal Year 2024 Results on Feb 27, 2025 AB Volvo (publ) announced that they will report fiscal year 2024 results on Feb 27, 2025 Reported Earnings • Oct 18
Third quarter 2024 earnings released: EPS: kr4.93 (vs kr6.93 in 3Q 2023) Third quarter 2024 results: EPS: kr4.93 (down from kr6.93 in 3Q 2023). Revenue: kr117.0b (down 12% from 3Q 2023). Net income: kr10.0b (down 29% from 3Q 2023). Profit margin: 8.6% (down from 11% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Oct 01
Volvo Group Announces Resignation of Joachim Rosenberg as Member of the Volvo Group Executive Board, EVP Strategic Initiatives and President of Volvo Energy After many years of service Joachim Rosenberg has decided to resign from his role as member of the Volvo Group Executive Board, EVP Strategic Initiatives and President of Volvo Energy. His managerial assignments within the Group will be distributed to other members of the Volvo Group Executive Board. Joachim Rosenberg has been with the Volvo Group for 20 years and has served as member of the Volvo Group Executive Board for 13 years. Joachim Rosenberg resigns as of October 1, 2024. New Risk • Sep 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (326% cash payout ratio). Announcement • Sep 03
Volvo Announces to Launch Electric Truck with 600 Km Range Volvo Trucks announced to launch a new long-range version of its FH Electric that will be able to reach up to 600 km on one charge. This will allow transport companies to operate electric trucks on interregional and long-distance routes and to drive a full working day without having to recharge. The new Volvo FH Electric will be released for sale during the second half of 2025. The enabler for the 600 km range is Volvo's new driveline technology, the so-called e-axle, which creates space for significantly more battery capacity onboard. More efficient batteries, a further improved battery management system and overall efficiency of the powertrain also contribute to the extended range. Volvo Trucks drives the transition towards fossil-free transport to reach its net-zero emissions target by 2040 using a three-path technology strategy. The three-path technology approach is built on battery electric, fuel cell electric and combustion engines that run on renewable fuels like green hydrogen, biogas or HVO (Hydrogenated Vegetable Oil). Reported Earnings • Jul 19
Second quarter 2024 earnings released: EPS: kr7.65 (vs kr5.30 in 2Q 2023) Second quarter 2024 results: EPS: kr7.65 (up from kr5.30 in 2Q 2023). Revenue: kr140.2b (flat on 2Q 2023). Net income: kr15.6b (up 44% from 2Q 2023). Profit margin: 11% (up from 7.7% in 2Q 2023). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Jul 04
John Cockerill Defense France acquired Arquus from AB Volvo (publ) (OM:VOLV B). John Cockerill Defense France acquired Arquus from AB Volvo (publ) (OM:VOLV B) on July 2, 2024. John Cockerill Defense France was financed by Crédit Agricole CIB, BNP Paribas Fortis, and Société Générale Corporate and Investment Banking. Crédit Agricole Corporate and Investment Bank acted as financial advisor to John Cockerill Defense France.John Cockerill Defense France completed the acquisition of Arquus from AB Volvo (publ) (OM:VOLV B) on July 2, 2024. Announcement • Jun 28
Volvo Group Names Radhika Nair as Head of People Culture for India, Effective July 1, 2024 Volvo Group has named Radhika Nair as head of People Culture for India, effective July 1, 2024. In the new role, Nair will be responsible for the complete, end-to-end responsibility for the People Culture function, including Rewards, Labour Employee Relations, Talent Strategy, Talent Acquisition, People Operations, International Mobility, and Learning Development. She will also be a part of the India country management and leadership team. Nair joined the Group in 2021 and has more than two decades of experience. She has served as vice president, PC for Global Vehicle Technology, and head of People and Culture at Technology Centre of Volvo Group in Bangalore. She has served in various positions within the HR function at Accenture. Announcement • Jun 06
Westport Fuel Systems Inc. and Volvo Group Announces Board Appointments Volvo Group ("Volvo") and Westport Fuel Systems Inc. ("Westport" or the "Company") announced the closing and launch of their previously announced joint venture transaction. The joint venture is committed to accelerating the commercialization and global adoption of Westport's HPDI™ fuel system technology for long-haul and off-road applications. The joint venture will be led, on an interim basis, by Dan Sceli, Chief Executive Officer of Westport in addition to Scott Baker who will take on the role of Vice President, Product Development and Technology Officer and Anders Johansson who will be Vice President and Commercial Officer. The joint venture will be headquartered in Vancouver, Canada. As part of the agreement, three of the joint venture's board members have been appointed by each of Westport and the Volvo Group. These initial board members are Andrea Fuder, Chief Purchasing Officer Volvo Group, Dan Hancock, Chair of the Board of Directors of Westport, Dan Sceli, CEO and Director of Westport, Karl Viktor Schaller, Member of the Board of Directors of Westport, Lars Stenqvist, Chief Technology Officer Volvo Group, and Jan Ytterberg, Senior Advisor Volvo Group. Buy Or Sell Opportunity • May 14
Now 20% undervalued Over the last 90 days, the stock has risen 3.7% to €24.07. The fair value is estimated to be €30.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 1.5% per annum. Earnings are also forecast to grow by 1.8% per annum over the same time period. Buy Or Sell Opportunity • Apr 19
Now 22% undervalued Over the last 90 days, the stock has risen 10% to €23.88. The fair value is estimated to be €30.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 1.5% per annum. Earnings are also forecast to grow by 1.8% per annum over the same time period. Reported Earnings • Apr 17
First quarter 2024 earnings released: EPS: kr6.93 (vs kr6.35 in 1Q 2023) First quarter 2024 results: EPS: kr6.93 (up from kr6.35 in 1Q 2023). Revenue: kr131.2b (flat on 1Q 2023). Net income: kr14.1b (up 9.1% from 1Q 2023). Profit margin: 11% (in line with 1Q 2023). Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Mar 28
Now 22% undervalued Over the last 90 days, the stock has risen 6.0% to €25.00. The fair value is estimated to be €32.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 0.6% per annum. Earnings are also forecast to grow by 1.9% per annum over the same time period. Upcoming Dividend • Mar 21
Upcoming dividend of kr18.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 05 April 2024. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 5.9%. Within top quartile of German dividend payers (4.9%). Higher than average of industry peers (3.2%). Declared Dividend • Mar 08
Dividend of kr18.00 announced Shareholders will receive a dividend of kr18.00. Ex-date: 28th March 2024 Payment date: 5th April 2024 Dividend yield will be 68%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (31% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 3.0% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 07
AB Volvo (Publ) Proposes Extra Dividend The Board of Directors of Volvo proposed that the Annual General Meeting (AGM) scheduled for March 27, 2024, approves an extraordinary dividend of SEK 10.50 per share in addition to an ordinary dividend of SEK 7.50 per share. The scheduled Ex-date is March 28, 2024. Reported Earnings • Mar 04
Full year 2023 earnings released: EPS: kr24.51 (vs kr16.10 in FY 2022) Full year 2023 results: EPS: kr24.51 (up from kr16.10 in FY 2022). Revenue: kr552.8b (up 17% from FY 2022). Net income: kr49.8b (up 52% from FY 2022). Profit margin: 9.0% (up from 6.9% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Feb 09
Director recently bought €27m worth of stock On the 6th of February, Helena Stjernholm bought around 1m shares on-market at roughly €22.64 per share. This transaction increased Helena's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €49m more in shares than they have sold in the last 12 months. Announcement • Feb 02
AB Volvo (publ) (OM:VOLV B) completed the acquisition of Powered Business of Proterra Operating Company. AB Volvo (publ) (OM:VOLV B) entered into an Asset Purchase Agreement to acquire Powered Business of Proterra Operating Company for approximately $210 million on November 9, 2023. Ina related transaction Proterra Operating Company, Inc. entered into an Asset Purchase Agreement to sale its Transit Business. The transaction is subject to approval by the bankruptcy court in the US. In addition, closing of the transaction, which is expected early 2024, will be subject to merger clearance and certain other conditions. As of November 29, 2023, Proterra Inc. has received final approval from the U.S. Bankruptcy Court for the sale of the Company’s Proterra Powered business. The transaction close date is expected to occur in Q1 of 2024. Moelis & Company (NYSE:MC) acted as financial advisor to Proterra Operating Company, Inc. and PJT Partners acted as financial advisor to Volvo.
AB Volvo (publ) (OM:VOLV B) completed the acquisition of Powered Business of Proterra Operating Company on February 1, 2024. Reported Earnings • Jan 26
Full year 2023 earnings released: EPS: kr24.50 (vs kr16.10 in FY 2022) Full year 2023 results: EPS: kr24.50 (up from kr16.10 in FY 2022). Revenue: kr552.8b (up 17% from FY 2022). Net income: kr49.8b (up 52% from FY 2022). Profit margin: 9.0% (up from 6.9% in FY 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 3.3% p.a. on average during the next 2 years, while revenues in the Machinery industry in Germany are expected to grow by 3.3%. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Jan 05
AB Volvo (publ) to Report Fiscal Year 2023 Final Results on Feb 29, 2024 AB Volvo (publ) announced that they will report fiscal year 2023 final results on Feb 29, 2024 Announcement • Nov 11
AB Volvo (publ) (OM:VOLV B) made a bid to acquire battery business of Proterra Operating Company, Inc. for approximately $210 million, AB Volvo (publ) (OM:VOLV B) made a bid to acquire battery business of Proterra Operating Company, Inc. for approximately $210 million on November 10, 2023. The transaction is subject to approval by the bankruptcy court in the US. In addition, closing of the transaction, which is expected early 2024, will be subject to merger clearance and certain other conditions. New Risk • Oct 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Oct 18
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: kr132.4b (up 15% from 3Q 2022). Net income: kr14.1b (up 63% from 3Q 2022). Profit margin: 11% (up from 7.5% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 1.3% p.a. on average during the next 3 years, while revenues in the Machinery industry in Germany are expected to grow by 3.5%. Announcement • Oct 18
AB Volvo (publ), Annual General Meeting, Mar 27, 2024 AB Volvo (publ), Annual General Meeting, Mar 27, 2024. Announcement • Sep 22
AB Volvo Announces Board Changes The Election Committee of AB Volvo proposes that Pär Boman be appointed new Chairman and Board member at the Annual General Meeting in March 2024. As previously announced, AB Volvo's current Chairman of the Board Carl-Henric Svanberg has declined re-election. Pär Boman is currently Chairman of AB Volvo's Election Committee. He will step down from this role should the Annual General Meeting elect him as Chairman of the Board. In this event, he will how ever be proposed as a member of the Election Committee in his capacity as Chairman of the Board. The Election Committee of AB Volvo comprises representatives of four of the company's larger shareholders, who together represent approximately 16.1% of the shares and approximately 39.7% of the votes, in addition to the Chairman of the Board Carl-Henric Svanberg. The members representing the larger shareholders are Pär Boman (AB Industrivärden), Anders Oscarsson (AMF and AMF Funds), Carina Silberg (Alecta) and Anders Algotsson (AFA Insurance). Announcement • Sep 01
AB Volvo (Publ) Announces Executive Changes, Effective December 1, 2023 Anna Müller has been appointed as President Volvo Penta and member of Volvo Group management. She will replace Heléne Mellquist who will leave the Volvo Group to join the investment company Latour as Executive Vice President and Chief Operating Officer. Anna Müller started her Volvo Group career in 2014 in the Volvo Penta service organization, working with business development. Currently she holds the position as Senior Vice President for the Europe North and Central Division at Volvo Trucks. She has extensive international experience and has spent most of her career within the automotive industry. Anna Müller will take on her position as of December 1st, 2023. Announcement • Aug 23
Volvo Chairman Carl-Henric Svanberg Declines Re-Election Carl-Henric Svanberg has declined re-election as Chairman of the AB Volvo Board of Directors. He will remain as Board Chairman until the Annual General Meeting to be held in March 2024. Carl-Henric Svanberg became Board Chairman of AB Volvo in April 2012. During his time as Chairman, the Volvo Group has strengthened its leading positions globally, substantially improved its underlying profitability and established its journey toward net-zero emissions. Reported Earnings • Jul 19
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr140.8b (up 18% from 2Q 2022). Net income: kr10.8b (up 3.1% from 2Q 2022). Profit margin: 7.6% (down from 8.8% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.0% growth forecast for the Machinery industry in Germany. Recent Insider Transactions • May 25
Executive VP recently sold €303k worth of stock On the 19th of May, Scott Rafkin sold around 17k shares on-market at roughly €18.36 per share. This transaction amounted to 26% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €21m more than they sold in the last 12 months. Announcement • May 16
Volvo Group Launches World's First Electric Truck Safety App with AR Technology for First Responders Volvo Group is the first truck manufacturer to launch an Augmented Reality (AR) safety app for electric trucks, designed specifically to support first responders in an emergency. The app is developed to deliver instant, valuable information from the electric truck to the emergency services team arriving on the scene to guide them in real-time and ensure safe rescue conditions. Electric trucks will change the world, not only in terms of making transportation more sustainable, but also in how drive and interact with the trucks themselves. The technology involved - specifically the high-voltage systems capable of powering a heavy electric truck - is also changing how regard emergency response, as it requires its own set of new safety parameters and routines. The Emergency Response Guide app, now available for download free of charge from the Android and the Apple stores, provides safety information for all Volvo Group heavy electric truck brands, including Volvo Trucks, Renault Trucks and Mack Trucks. For Mack electric trucks, the AR features will be added during June 2023. By using a combination of connectivity, camera, sensors, 3D modeling, and augmented reality overlays, the safety app can provide first responders with a detailed view of the vehicle. It offers information on the location of high-voltage cables, battery packs, and other key components as well as step-by-step instructions on how to safely shut down the electric vehicle's power supply in case of an emergency. The safety app has been developed by a team of experts at Volvo Group's Research & Development facilities in Sweden, France, and the United States. Apart from augmented reality information and 3D models, the app also contains all safety documentation relating to the electric truck, which will be accessible to the app user once the truck is identified. Volvo Group is committed to promoting the safe and responsible use of electric vehicles and the development of this app is just one example of the company's ongoing efforts in this area. The Volvo Group is investing heavily in the development of electric vehicle technology and offers a wide range of electric solutions for commercial use. The new Emergency Response Guide app is available for download from the Apple App Store and Google Play. Announcement • May 11
AB Volvo (Publ) Announces Management Changes AB Volvo (publ) announced that Stephen Roy has been appointed as a new member of Volvo Group's Executive Board and President of Mack Trucks. He will succeed Martin Weissburg, who will retire after a long and successful career within the Volvo Group. Stephen Roy began his Volvo Group career in 1996 and currently holds the position of Head of Region North America, Volvo Construction Equipment. Prior to his current role he has held many senior positions in the company, including within Mack Trucks and the Group's North American truck organization. Martin Weissburg has served as a member of the Volvo Group Executive Board for over a decade and has been leader of Volvo Financial Services, Volvo Construction Equipment and Mack Trucks. He will now join the Board of Nova Bus. Stephen Roy will take on his new position as of June 1st, 2023. Recent Insider Transactions • Apr 24
Executive VP recently bought €467k worth of stock On the 21st of April, Joachim Rosenberg bought around 25k shares on-market at roughly €18.69 per share. This transaction amounted to 10% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €3.1m more in shares than they have sold in the last 12 months. Reported Earnings • Apr 20
First quarter 2023 earnings released: EPS: kr6.35 (vs kr3.46 in 1Q 2022) First quarter 2023 results: EPS: kr6.35 (up from kr3.46 in 1Q 2022). Revenue: kr131.4b (up 25% from 1Q 2022). Net income: kr12.9b (up 84% from 1Q 2022). Profit margin: 9.8% (up from 6.7% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 19% per year and the company’s share price has also increased by 19% per year. Upcoming Dividend • Mar 29
Upcoming dividend of kr14.00 per share at 6.8% yield Eligible shareholders must have bought the stock before 05 April 2023. Payment date: 13 April 2023. Payout ratio is a comfortable 43% but the company is paying out more than the cash it is generating. Trailing yield: 6.8%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.8%). Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: kr16.10 (vs kr16.13 in FY 2021) Full year 2022 results: EPS: kr16.10 (down from kr16.13 in FY 2021). Revenue: kr473.5b (up 27% from FY 2021). Net income: kr32.7b (flat on FY 2021). Profit margin: 6.9% (down from 8.8% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.3% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • Jan 27
Full year 2022 earnings released: EPS: kr16.09 (vs kr16.13 in FY 2021) Full year 2022 results: EPS: kr16.09 (down from kr16.13 in FY 2021). Revenue: kr473.5b (up 27% from FY 2021). Net income: kr32.7b (flat on FY 2021). Profit margin: 6.9% (down from 8.8% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 1.2% p.a. on average during the next 3 years, while revenues in the Machinery industry in Germany are expected to grow by 4.2%. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Nov 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.5%. The fair value is estimated to be €20.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 7.1%. For the next 3 years, revenue is forecast to decline by 0.01% per annum. Earnings is forecast to grow by 4.3% per annum over the same time period. Reported Earnings • Oct 22
Third quarter 2022 earnings released: EPS: kr4.24 (vs kr3.47 in 3Q 2021) Third quarter 2022 results: EPS: kr4.24 (up from kr3.47 in 3Q 2021). Revenue: kr114.9b (up 35% from 3Q 2021). Net income: kr8.63b (up 22% from 3Q 2021). Profit margin: 7.5% (down from 8.3% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.2% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 4% per year.