In the second quarter of 2026, Volvo CE posted SEK 9,070 million compared to SEK 7,356 in the second quarter of 2025, a 23.3-percent increase. In North America, sales increased from SEK 5,271 million in the second quarter of 2025 to SEK 6,594 million in the second quarter this year, a 25.1-percent jump. Q226 sales in South America were SEK 1,047 million compared to SEK 899,000 a year ago, a 16.5-percent increase. Asia sales dropped from SEK 6,899 million to SEK 3,308 million, a 52.1-percent tumble, while sales in Africa and Oceania dipped from SEK 2,482 million to 1,585 million, a 36.1-percent slide.

Volvo CE reported a 14-percent increase in deliveries of Volvo-branded machines, an 8-percent increase in order intake, 9-percent organic growth in service sales, and a 14.4-percent adjusted operating margin in Q2 2026.

During the second quarter the global machine market continued to grow, with all regions contributing. In Q2 2026, net sales decreased by 6 percent to SEK 21,603 M (22,906), because of the divestment of SDLG. The organic sales growth was 13 percent, of which net sales of machines increased by 14 percent and service sales increased by 9 percent. Adjusted operating income amounted to SEK 3,114 million (SEK 2,993 million a year ago), corresponding to an adjusted operating margin of 14.4 percent (13.1). The order intake for the Volvo brand increased by 8 percent, with increased order intake in South America, Africa and Oceania as well as North America while it decreased in Europe and Asia. 

“It's been a positive quarter that demonstrates growth in organic sales and continued stability driven by a strong product mix,” said Melker Jernberg, president of Volvo CE. We continue to grow our total offer while maintaining our focus on long-term investments and innovation to transform our industry.”

Milestones achieved and investments made 

In Q2, Volvo CE achieved several important milestones that reinforced its long-term strategic direction and commitment to innovation. In June, Volvo Days 2026 became the largest event in the company’s history, welcoming more than 8,000 visitors to Eskilstuna, Sweden. The event showcased Volvo CE’s integrated offering of machines, services and digital solutions, demonstrating how the company’s continued product and services renewal is delivering value for customers. During the quarter, Volvo CE also broke ground on new excavator factory in Eskilstuna, Sweden, supported by a SEK 700 million investment. 

Also, Volvo CE delivered the world’s first serial produced A30 electric articulated haulers to customer LNS in Norway following the start of serial production. Together, these milestones highlight the company’s ongoing investments in competitiveness, industrial capabilities and the transition to sustainable transport and infrastructure solutions. 

“The second quarter demonstrated our ability to turn strategy into action,” said Jernberg. “The milestones we reached demonstrate our commitment to strengthening our competitiveness, accelerating innovation and supporting customers with solutions that help them succeed both today and in the future.”

Market development 

The European market showed increased demand, supported by continued infrastructure investments, good machine utilization and a healthy level of fleet replacement. The market in North America continued to show good resilience supported by investments in data centers, energy infrastructure and the onshoring of manufacturing. The South American market expanded, driven by rebounds in Brazil, Colombia and Peru with mining and heavy infrastructure leading the way.

In Asia, Indonesia continued to grow on the back of resilient GDP growth and sustained infrastructure and food security investments. South Korea and Southeast Asia also grew, while India, Turkey and the Middle East contracted. There was strong growth in Australia and Africa, driven by infrastructure projects and mining. The Chinese market grew, supported by government policies to stimulate the real estate market.