Volvo Construction Equipment (Volvo CE) reports a 14% increase in deliveries of Volvo-branded machines, an 8% increase in order intake, 9% organic growth in service sales, and a 14,4% 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% to SEK 21,603 M (22,906), because of the divestment of SDLG. The organic sales growth was 13%, of which net sales of machines increased by 14% and service sales increased by 9%. Adjusted operating income amounted to SEK 3,114 M (2,993), corresponding to an adjusted operating margin of 14,4% (13,1).
The order intake for the Volvo brand increased by 8%, with increased order intake in South America, Africa and Oceania as well as North America while it decreased in Europe and Asia.
Melker Jernberg, President of Volvo CE, says: “It has been a positive quarter that demonstrates growth in organic sales and continued stability driven by a strong product mix. We continue to grow our total offer while maintaining our focus on long-term investments and innovation to transform our industry.”
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.
The quarter also saw the groundbreaking of Volvo CE’s new excavator factory in Eskilstuna, Sweden, supported by a SEK700-million investment. In addition, 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,” says 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.”
The European market showed increased demand, supported by continued infrastructure investments, good machine utilisation and a healthy level of fleet replacement.
The market in North America continued to show good resilience supported by investments in data centres, 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.
| Net sales by market area | Second quarter | |
| SEK M | 2026 | 2025 |
| Europe | 9,070 | 7,356 |
| North America | 6,594 | 5,271 |
| South America | 1,047 | 899 |
| Asia | 3,308 | 6,899 |
| Africa & Oceania | 1,585 | 2,482 |
| Total | 21,603 | 22,906 |
Volvo Construction Equipment, net sales by market area, in Millions of Swedish Krona (SEK).
