Turnover was certainly slightly higher than expected and amounted to 110,692 million SEK. The adjusted operating profit was also slightly higher than analysts had expected.
The big sad reading, however, was the order intake. The order intake for trucks was 37,134 units and according to the forecast above, the number was estimated at 44,428 trucks.
What else can we say then? Yes, quarter 3 is quite interesting as they usually give a forecast for next year. We got that today as well.
Not surprisingly, the picture of North America is worse than before. Demand for heavy trucks is expected to be 250,000 next year. That’s 15k less than the forecast for this year (which was given exactly a year ago).
In Europe, things are expected to be a little brighter in 2026, but no miraculous changes. Here, demand is expected to be 295,000 trucks, which can then be compared to the forecast of 290,000 given for 2025.
Volvo is a strong player to own in a dividend portfolio, but there will be tough times for them too. After all, this is Sweden’s largest industrial company and even though it has become less cyclical, bad periods will affect it.
If Nordea gets the right to halve the extra dividend, you will still get a dividend yield of almost 5% based on today’s price.
Volvo traded around -8% during the day and I was happy to add more to my portfolio.
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