Volvo Cars - Net debt items Dec 31, 2025
MSEK
Dec 31, 2024
MSEK
Cash and cash equivalents 57,564  56,373 
Marketable securities

-

Liabilities to credit institutions (non current) -6,723  -3,885 
Bonds (non-current) 1) -21,549  -18,590 

Other interest-bearing non-current liabilities 

Liabilities to credit institutions (current) -922  -1,059 
Bonds (current) -1,500  -5,724 
Net cash 26,871  -27,115 
1) The bonds are presented above at amortised cost. The fair value risk of the EUR-denominated bonds is hedged, and the bonds with fixed interest payments have been swapped into floating interest payments. Consequently, a portion of the bonds is therefore measured at fair value through the income statement, while the the remaining part is measured at amortised cost. On 31 December 2025, the fair value component amounted to SEK 96 (235) m.