Volvo Ab Class A · OMXSTO:VOLV_A
Volvo Ab Class A — AB Volvo — Q1 2025 Earnings Presentation
30 slides from Volvo Ab Class A's earnings presentation, Apr 23, 2025
Slide 1: First Quarter 2025
FIRST QUARTER 2025 Martin Lundstedt President and CEO Volvo Group | First quarter 2025 2025-04-23
Slide 2: Net sales and adjusted operating income, 12 months
• 12 m onths SEK 517 bn 12 m onths 11.8% • 131.2 18.2 18.6 131.3 121.8 (13.8% ) (14.0% ) • 13.3 (10.9% ) • • • Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 20 23 20 24 20 25 20 23 20 24 20 25
Slide 3: Deliveries of trucks and construction equipment
12 m onths 213'units 12 m onths 57'units -12% +7% 15.5 61.5 14.5 14.5 55.5 48.8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2 02 3 2 02 4 2 02 5 2 02 3 2 02 4 2 02 5
Slide 4: Deliveries of electric vehicles
12 m onths 7,594 units 12 m onths 7,192 units +138% +58% 2 ,3 2 9 2 ,0 3 0 1 ,2 8 1 1 ,1 9 7 979 961 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2 02 3 2 02 4 2 02 5 2 02 3 2 02 4 2 02 5
Slide 5: Net sales, 12 months SEK 388 bn
12 m onths SEK 388 bn -9% -9% excl.FX -10% -10% 1400 . 00 50 0 98.8 45 0 1200 . 00 89.9 100.7 40 0 1000 . 00 35 0 30 0 80 0. 00 25 0 60 0. 00 20 0 15 0 5% -5% 40 0. 00 10 0 20 0. 00 50 0.000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2 02 3 2 02 4 2 02 5
Slide 6: Net sales, 12 months SEK 129 bn
12 m onths SEK 129 bn -1% -1% excl.FX 32.3 31.9 1% 2% 10% 35 0. 00 150 30.6 130 30 0. 00 110 25 0. 00 90 20 0. 00 70 15 0. 00 50 10 0. 00 4% 6% 30 50 . 00 0 10 0.000 -1 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 20 23 20 24 20 25
Slide 7: Group news
votLuveaod Group news * Annual General Meeting of AB Volvo held on April 2 * The Volvo Group total dividend for 2024 was the highest ever for a Swedish company * High focus on tariff mitigation Volvo Group | First quarter 2025 2025-04-23 7
Slide 8: Strong regional value chains combined with global capabilities
voLuvoe Strong regional value chains combined with global capabilities i .. 5 c ‘ ra “gy a’ fp ‘ é ‘ * Volvo Trucks has a ' 4 ! ' global reach while i A 2% || 1 I aN i \t DFCV 1 Mack Trucks, Renault 1 V | RENAULT a “ b Trucks and JVs are 1 TRUCKS it . n ry regionally focused \ + All brands delivered
Slide 9: Trucks news
Trucks news * The all-new Mack Pioneer was launched on April 8 in Brooklyn, setting a new standard in long haul * Volvo FH Aero won the 2025 Green Truck award * Volvo Trucks unveiled the all- new Volvo VNR in North America Volvo Group | First quarter 2025 votLuveaod 2025-04-23 9
Slide 10: Truck market registrations and deliveries
400 400 300 300 200 200 100 100 0 0 03 05 07 09 11 13 15 17 19 21 23 25 03 05 07 09 11 13 15 17 19 21 23 25 150 450 1,800 1,350 100 300 900 50 150 450 0 0 0 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 03 05 07 09 11 13 15 17 19 21 23 25 03 05 07 09 11 13 15 17 19 21 23 25
Slide 11: Medium- and heavy-duty trucks book to bill 114% in the quarter
M edium -and heavy-duty trucks book to bill114% in the quarterand 99% 12 m onths rolling 137 81 107 71 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2 02 3 2 02 4 2 02 5 2 02 3 2 02 4 2 02 5 122 168 110 109 105 91 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 12: Truck brands deliveries by region
56.8 20.1 36.5 16.8 23.6 10.5 8.2 15.4 Volvo Renault Trucks Volvo Renault Trucks 23.8 20.8 25 22.3 9.1 20 16.9 7.2 6.9 15 5.3 10 6.3 4.9 5 0 Volvo Mack Volvo Volvo Mack
Slide 13: Construction Equipment news
Construction Equipment news * The world’s first electric articulated haulers in the A30 and A40 size classes were unveiled at Bauma in Munich * The new A5O articulated hauler was launched into the North American market Volvo Group | First quarter 2025 votLuveaod 2025-04-23 13
Slide 14: Construction equipment market deliveries
200 200 150 150 100 100 50 50 0 0 100 250 500 200 400 75 150 300 50 100 200 25 50 100 0 0 0
Slide 15: Construction equipment book to bill 111% in the quarter
Construction equipm entbook to bill111% in the quarterand 99% 12 m onths rolling 114 131 80 104 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2 0 23 2 0 24 2 0 25 2 02 3 2 02 4 2 02 5 104 117 125 106 101 99 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2 0 23 2 0 24 2 0 25 Q1 Q2 Q3 Q
Slide 16: Buses
Buses * The new Volvo 7800 Electric was launched in Mexico — the first electric articulated and bi-articulated bus manufactured in the country * Svealandstrafiken ordered 106 electric buses to operate in Sweden * Book to bill 158% in the quarter and 102% 12 months rolling Volvo Group | First quarter
Slide 17: Volvo Penta
Volvo Penta «In Q1, the IPS Professional Platform went into serial production and was introduced to the North American yacht market * Book to bill 141% in the quarter and 109% 12 months rolling Volvo Group | First quarter 2025 votLuveaod 2025-04-23 17
Slide 18: Volvo Financial Services
• • • Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2024 2025
Slide 19: First Quarter 2025 - CFO
FIRST QUARTER 2025 Mats Backman EVP and CFO Volvo Group | First quarter 2025 2025-04-23
Slide 20: Net sales per market
VOLVO GROUP Net sales per market Volvo Group | First quarter 2025 votLuveaod NET SALES SEK bn 131.2 _ _ 04 0.1 121.8 7.1 -1.0 11 -0.7 Qi Europe North South Asia Africa Qi FX Qi 2024 America America and 2025 2025 Oceania excl. FX 2025-04-23 20
Slide 21: Adjusted operating income contributors
votLuveaod VOLVO GROUP Adjusted operating income contributors ADJUSTED OPERATING INCOME SEK bn oe - + Service business ay + Freight costs 0.4 0.1 0.0 13.5 13.3 + R&D and S&A expenses 0.2 0.2 . 1 0.0 | ; | 56 ~ : -0.2 ai Gross Cash Net R&D Selling Admin. Other Q1 FX Qi 2024 Income R&D Cap./Amo. 2025
Slide 22: Operating cash flow, 12 months SEK 37.7 bn
12 m onths SEK 37.7 bn 37.7% 88.7 77.7 77.9 31.8% 30.3% 8.9 5.0 1.3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 20 23 20 24 20 25 20 23 20 24 20 25 20 23 20 24 20 25
Slide 23: Trucks net sales and adjusted operating margin
12 m onths SEK 353 bn -9% 12 m onths 11.7% Currency SEK -58 M (excl.FX -8% ) 13.1 12.7 (14.5% ) 89.9 82.2 (14.2% ) 8.5 89.6 (10.3% ) 13.1 8.5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q1 2 02 3 2 02 4 2 02 5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2 02 4 2 02 5 2 02 3 2 02 4 2 02 5
Slide 24: Construction Equipment net sales and adjusted operating margin
12 m onths SEK 87 bn 12 m onths 13.4% Currency SEK -12 M -8% (excl.FX -8% ) 4.6 3 .7 (18.3% ) 2 5 .1 3.7 2 2 .9 2 .5 2 1 .1 (16.1% ) 2.5 (12.0% ) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2 02 3 2 02 4 2 02 5 2 02 4 2 02 5 2 02 3 2 02 4 2 02 5
Slide 25: Buses net sales and adjusted operating margin
12 m onths SEK 25 bn +5% 12 m onths 9.4% (excl.FX +7% ) Currency SEK -30 M 360 (6.6% ) 5 .4 360 5 .2 4 .3 259 259 178 (5.0% ) (4.2% ) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q1 2 02 3 2 02 4 2 02 5 2 02 3 2 02 4 2 02 5 2 02 4 2 02 5
Slide 26: Volvo Penta net sales and adjusted operating margin
12 m onths SEK 20 bn 12 m onths 17.0% -3% Currency SEK -37 M (excl.FX -3% ) 1 271 988 915 (22.7% ) 988 5.6 (19.1% ) 915 (18.3% ) 5.2 5.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2 02 3 2 02 4 2 02 5 2 02 4 2 02 5 2 02 3 2 02 4 2 02 5
Slide 27: Volvo Financial Services results
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q1 2023 2024 2025 2023 2024 2025 2024 2025
Slide 28: Net sales and adjusted operating income summary
• 12 m onths SEK 517 bn 12 m onths 11.8% • 131.2 18.2 18.6 131.3 121.8 (13.8% ) (14.0% ) • 13.3 (10.9% ) • • • Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 20 23 20 24 20 25 20 23 20 24 20 25
Slide 29: Volvo Group | First quarter
Volvo Group | First quarter
Slide 30: Volvo
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