**Volvo Cars 2026 Operating Results Forecast – July 2026

1. Significantly stronger sales in H2 vs H1 expected.
2. H2 growth to be led by Europe; US to continue recovery; China is challenging.
3. External cost headwinds materializing in H2.
4. Continued focus on cost reduction and indirect spend reduction beyond plan.
5. Strong positive cash flow in late H2, ending year at approximately break-even.

“If we follow up and continue our strategy and transform faster and offer our Volvo customers, say, Volvo delivering everything they expect from a Volvo, but also being electric, that is our future in Europe. I think we see signs already that that strategy is working. I think for maybe a year ago, there were more doubts about electrification. I think we are very happy today to see that there is a solid transformation going on, which really will help Volvo being stronger in the future,” said Samuelsson on an earnings call today with analysts.