Volvo AB Class B

VOLV B: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Volvo Earnings: Margins Hold Up Despite Weak Volumes

Rella Suskin

Jan 28, 2026

Volvo saw fourth-quarter net sales of SEK 123.8 billion, down 11% year over year, reflecting weaker truck deliveries in North and South America, which fell 16% and 38%, respectively. Still, adjusted operating margin was up 20 basis points to 10.3%. Outlook for 2026 truck registrations was upgraded.

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Volvo AB Class B

Volvo Earnings: Margins Hold Up Despite Weak Volumes

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