Volvo Group – the first quarter 2023

“During Q1 2023, the Volvo Group's growth continued and our profitability took a step up. Sales increased in all business areas and in all regions. Net sales rose by 25% to SEK 131.4 billion, the highest so far for a first quarter. We increased the adjusted operating income by SEK 5.7 billion to SEK 18.4 billion, corresponding to a margin of 14.0% (12.0). Return on capital employed rose to 30.3% (25.3). A good profitability is important for us to be able to continue to increase our investments in the biggest technological shift ever in our industries. We are in a period when we are investing in battery and fuel cell electric vehicles as well as internal combustion engines in parallel,” says Martin Lundstedt, President and CEO.

  • In Q1 2023, net sales increased by 25% to SEK 131.4 billion (105.3). Adjusted for currency movements, the increase was 17%.
  • Adjusted operating income amounted to SEK 18,409 M (12,681), corresponding to an adjusted operating margin of 14.0% (12.0). Adjusted operating income excludes a negative effect of SEK 1,300 M from a restructuring provision in Buses.
  • Reported operating income amounted to SEK 17,109 M (8,556).
  • Currency movements had a positive impact on operating income of SEK 1,669 M.
  • Earnings per share amounted to SEK 6.35 (3.46).
  • Operating cash flow in the Industrial Operations amounted to SEK 5,004 M (-5,400).
  • Return on capital employed in Industrial Operations amounted to  30.3% (25.3).

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

April 20, 2023


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

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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 more than 100,000 people and serves customers in almost 190 markets. In 2022, net sales amounted to SEK 473 billion (EUR 45 billion). Volvo shares are listed on Nasdaq Stockholm.


Volvo Group report on Q1 2023 Format PDF Size 8 MB
Presentation material Format PDF Size 2 MB
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