Volvo Group – the fourth quarter and full year 2021

“In 2021, we continued to deliver good profitability and took several important steps in our efforts to lead the transition to a climate-neutral transport system. For the full year, the Volvo Group’s net sales increased to SEK 372 billion and the adjusted operating income to SEK 41.0 billion with a margin of 11.0%. This could not have been achieved without the dedicated work of my colleagues and our business partners in the supply chain. I would like to thank everyone for their fantastic efforts in a challenging year,” says Martin Lundstedt, President and CEO.


  • In Q4 2021, net sales increased by 6% to SEK 102.4 billion (96.9). Adjusted for currency movements and the divestment of UD Trucks, the increase was 12%.
  • Adjusted operating income2 amounted to SEK 10,060 M (10,934), corresponding to an adjusted operating margin of 9.8% (11.3).
  • Reported operating income amounted to SEK 10,219 M (12,215).
  • Currency movements had a positive impact on operating income of SEK 62 M.
  • Earnings per share amounted to SEK 3.93 (4.53).
  • Operating cash flow in the Industrial Operations amounted to SEK 23,579 M (16,668).


  • Full year net sales were SEK 372.2 billion (338.4).
  • Adjusted operating income2 amounted to SEK 41,015 M (28,564) with an adjusted operating margin of 11.0% (8.4).
  • Reported operating income amounted to SEK 43,074 M (27,484).
  • Earnings per share were SEK 16.12 (9.50).
  • Operating cash flow in the Industrial Operations amounted to SEK 29,440 M (18,545).
  • Return on capital employed in the Industrial Operations amounted to 25.3% (14.7).
  • The Board of Directors proposes an ordinary dividend of SEK 6.50 per share and an extra dividend of SEK 6.50 per share.

Press and Analyst Conference Call. An on-line presentation of the report, followed by a question and answer session will be webcast starting at 09.00 CET.

More information, including an interview with CEO Martin Lundstedt, is available on

This information is information that AB Volvo (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 07.20 CET on January 28, 2021.

Aktiebolaget Volvo (publ) 556012-5790
Investor Relations  
SE-405 08 Göteborg, Sweden
Tel +46 31 66 00 00     

Contact Media Relations:
Claes Eliasson              +46 765 53 72 29

Contacts Investor Relations:
Christer Johansson       +46 739 02 25 22
Johan Bartler                 +46 739 02 21 93
Anders Christensson     +46 765 53 59 66

January 28, 2022

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The Volvo Group drives prosperity through transport and infrastructure solutions, offering trucks, buses, construction equipment, power solutions for marine and industrial applications, financing and services that increase our customers’ uptime and productivity. Founded in 1927, the Volvo Group is committed to shaping the future landscape of sustainable transport and infrastructure solutions. The Volvo Group is headquartered in Gothenburg, Sweden, employs almost 100.000 people and serves customers in more than 190 markets. In 2020, net sales amounted to about SEK 338 billion (EUR 33.6 billion). Volvo shares are listed on Nasdaq Stockholm.

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