Overview
- On Friday, July 17, multiple Swedish groups published second-quarter results showing Volvo Cars returned to a small operating profit while Volvo Group, Saab, ASSA ABLOY, SKF and Autoliv posted stronger margins and order growth.
- Volvo Cars reported an operating income of SEK 0.8 billion on SEK 77.7 billion revenue, delivered SEK 5 billion of planned cost savings early and said electrified models made up 52% of sales, but it posted negative free cash flow of SEK -5.2 billion from EX60 inventory build‑up.
- AB Volvo (Volvo Group) reported adjusted operating income of about SEK 14.8 billion and an 11.7% adjusted margin as truck net orders jumped roughly 33% and North American demand more than doubled, and the company has filed for a U.S. tariff refund under IEEPA expected to hit Q3 results.
- Saab booked record Q2 order bookings of SEK 68.4 billion including a SEK 47 billion Polish submarine contract, while ASSA ABLOY reported record adjusted operating margins and Autoliv and SKF showed improving margins, cash flow or structural moves such as SKF's planned Automotive listing.
- The quarter highlights a split demand picture with much weaker sales in China, resilience in Europe and early U.S. recovery, and it underlines two risks for the next months: inventory and cash strain from EV model ramps and policy headwinds from tariffs that firms are trying to offset.