Volvo Ab Class A · OMXSTO:VOLV_A
Volvo Ab Class A — Investor Day (2026)
112 slides from Volvo Ab Class A's investor day presentation, 2026
Slide 1: Welcome to Capital Markets Day 2026
Welcome to Capital Markets Day 2026 VOLVO GROUP
Slide 2: Built for resilience and growth
Built for resilience and growth 2
Slide 3: Resilience Growth
Resilience Growth Volvo Group Capital Market Day 2026 3
Slide 4: We live with our customers
We live with our customers Volvo Group Capital Market Day 2026 4
Slide 5: Excelling on the basics will still make us unique
Geopolitical uncertainty Changing business Technology Energy transition & regionalization landscape development & decarbonization Excelling on the basics will still make us unique Volvo Group Capital Market Day 2026 5
Slide 6: A winning recipe for the future
A winning recipe for the future CUSTOMER TCO, UPTIME & DECENTRALIZED FOR TRUST PRODUCTIVITY SPEED AND EXECUTION Excelling on the basics will still make us unique Volvo Group Capital Market Day 2026 6
Slide 7: Built for resilience and growth
Built for resilience and growth 7
Slide 8: We continue to drive peak and trough margin expansion
We continue to drive peak and trough margin expansion 15% 14% 10% 8% 9% 11% 7% 8% 5% 3% 0% -5% Adj. Op. Inc. (%) -10% -8% 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 LTM We are on a journey to strengthen resilience and drive growth Volvo Group Capital Market Day 2026 *2004–2
Slide 9: Our service business brings us closer to our customers and adds earnings resilience
Our service business brings us closer to our customers and adds earnings resilience VOLVO GROUP SERVICE SALES (incl. Financial Services) SEK bn 140 +4.8% CAGR 123 24/7/365 120 100 80 77 60 40 20 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 26Q1 12MR Volvo Group Capital Market Day 2026 9
Slide 10: Volvo Group drives consistent earnings improvements and more potential being addressed
Volvo Group drives consistent earnings improvements and more potential being addressed Trucks, Buses & Engines Construction Equipment 12 months rolling Adj. op. margin Volvo vs. Peers (Trucks, Buses & Engines) 12 months rolling Adj. op. margin Volvo vs. Peers (Construction, Machinery & Forestry) 20%
Slide 11: Trading update
Trading update • Solid customer demand and deliveries in Europe across business areas • Strong customer demand in North America with production gradually increasing • General cost inflation gradually increasing • High utilization of customers’ trucks and machines Volvo Group Capital Market Day 2026
Slide 12: Group Trucks delivered resilient performance in 2025
Group Trucks delivered resilient performance in 2025 despite lower market volumes, tariffs and geopolitical uncertainty Africa & South Europe North America Asia Oceania America World Net 2025 49% 27% 8% 6% 11% 100% sales Volvo Trucks 66% Renault Trucks 19% Mack Trucks 16% Truck JVs Not material Tran
Slide 13: We drive performance using our toolbox
We drive performance using our toolbox Decentralized decisions Flexibility tools Price discipline Increased service business Cost control Volvo Group Capital Market Day 2026 13
Slide 14: Driving performance by continuously reviewing the Group's business portfolio
Driving performance by continuously reviewing the Group’s business portfolio Group Portfolio: Products, services, markets, segments, projects, business ventures Examples of actions taken since last CMD Operating • Divestment of SDLG Illustrative income • Divestment of Flexis (pending completion) • R
Slide 15: Our strategy has served us, our customers and our owners well
Our strategy has served us, our customers and our owners well ... Cumulative total return Volvo vs MSCI Index January 1, 2016 – May 28, 2026, % 800 Volvo MSCI Index 658% 600 377% 400 200 0 2016 17 18 19 20 21 22 23 24 25 2026 ... and we are committed to continuing this journey Volvo Group Capital Ma
Slide 16: Volvo Group Capital Market Day 2026
Volvo Group Capital Market Day 2026 16
Slide 17: Global demand for transport and infrastructure solutions will continue to grow
Global demand for transport and infrastructure solutions will continue to grow. But each job to be done needs to be more safe, more efficient and more sustainable. Volvo Group Capital Market Day 2026 17
Slide 18: Dynamical forces behind the speed of all transformations
Dynamical forces behind the speed of all transformations CURRENT TRANSPORT FUTURE TRANSPORT AND INFRASTRUCTURE AND INFRASTRUCTURE SOLUTIONS SOLUTIONS REGULATORY MARKET Wealth creation PUSH MECHANICS Wealth creation (GDP/Capita) (GDP/Capita) GROWTH Climate impact TRANSFORMATION Climate impact Noise N
Slide 19: Each of our customer equipment's is a P/L
Each of our customer equipment’s is a P/L Total cost of ownership elements EU27 4X2 Tractor, diesel • Win through best-in-class total cost of ownership for each type of customer application • World-class uptime and productivity for our customers is essential, backed by a dense service network and a
Slide 20: Key parameters to win through total offer
Key parameters to win through total offer Digital Vehicles & services machines Tires & super- Parts structure services Insurance Workshop & repair Charging Service services contracts Financing Volvo Group Capital Market Day 2026 20
Slide 21: Customer TCO with BEV is different and not yet low enough
Customer TCO with BEV is different and not yet low enough Total cost of ownership elements EU27 6X2 Tractor, BEV • Without demand stimulus BEV total cost of ownership is higher than for diesel in most segments • A BEV vehicle cost still higher than an ICE vehicle and stability in residual value is n
Slide 22: The industry transition to electrification happens when enabling conditions are met
The industry transition to electrification happens when enabling conditions are met = × × × × = Electromobility Product and Total cost of Infrastructure Fossil-free Supply Customer adoption rate services offering ownership incl. energy network competitiveness incentives, and peace of mind regulation
Slide 23: Real life BEV adoption varies between regions
Real life BEV adoption varies between regions depending on enabling conditions Electromobility Infrastructure Fossil-free adoption rate energy ~15 ~4.4 2% ~450 ~4.4 28% ~5.000 ~1.5 2021 2022 2023 2024 2025 BEV share of total heavy-duty truck market Public charging locations Public charging energy pr
Slide 24: Best-in-class total cost of ownership for each customer equipment
Best-in-class total cost of ownership for each customer equipment
Slide 25: We are leveraging our strong assets
We are leveraging our strong assets Segment and application excellence Regional value chains Distinct brands and retail excellence enabled by CAST (R&D, production and sourcing) Main geographical FOCUS for each brand Illustrative markets with significant presence per brand 100,000 skilled and passio
Slide 26: A winning recipe for the future
A winning recipe for the future CUSTOMER TCO, UPTIME & DECENTRALIZED FOR TRUST PRODUCTIVITY SPEED AND EXECUTION Excelling on the basics will still make us unique Volvo Group Capital Market Day 2026 26
Slide 27: Volvo Group Capital Market Day 2026
Volvo Group Capital Market Day 2026 27
Slide 28: Volvo Group key levers for growth
Volvo Group key levers for growth Growing global transport demand Targeting specific regions and growth segments Driving sales through market share gains Increasing content and service value through total offer Volvo Group Capital Market Day 2026 28
Slide 29: Strategic range of growth segments
The Volvo Group focuses on a strategic range of growth segments fitting our core capabilities and common assets Share of Group sales, Market growth Industry segments 2025 CAGR 2030 On-road Freight 38% 3% / 2%1 Construction 16% 3% Urban Logistics 12% 2% Mining & Quarry 11% 4% Agriculture & Forestry 9
Slide 30: On-road freight, urban logistics, people transportation and other segments
ON-ROAD FREIGHT URBAN LOGISTICS PEOPLE TRANSPORTATION MINING & QUARRY CONSTRUCTION AGRICULTURE & FORESTRY MARINE POWER GENERATION DEFENSE
Slide 31: On-road
On-road Volvo Trucks | Mack Trucks | Volvo Autonomous Solutions ON-ROAD FREIGHT URBAN LOGISTICS MINING & QUARRY CONSTRUCTION
Slide 32: Independent of business climate
Solid track record of resilience and continuous profitable growth Independent of business climate Op. margin Net sales 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q1 Volvo Group Capital Market Day 2026 32
Slide 33: We have grown profitable market shares
We have grown profitable market shares Solid track record to improve our position #5 US + CANADA #1 EUROPE 9.5% 19.3% market share market share Flat development since 2010 +5.0 p.p increase since 2010 Potential for further growth Market leader two years in a row #1 BRAZIL #2 AUSTRALIA 23.7% 17.1% ma
Slide 34: Growing truck population creates resilience
Growing truck population creates resilience Increased revenues on every truck sold from Total Offer 1.1 Million 1,000,000 7–9 Years 3–6 Years Op. inc. New Trucks 0–2 Years Op. inc. Services 2017 2018 2019 2020 2021 2022 2023 2024 2025 2017 2018 2019 2020 2021 2022 2023 2024 2025 Truck population and
Slide 35: It starts with the customer
It starts with the customer Volvo Group Capital Market Day 2026 35
Slide 36: We know where to find growth opportunities
We know where to find growth opportunities 1 SEGMENT GROWTH 2 TOTAL OFFER electromobility defense On-road freight Mining & Quarry construction SERVICE GROWTH ON A GROWTH IN KEY 3 GROWING TRUCK POPULATION 4 MARKETS/REGIONS Volvo Group Capital Market Day 2026 36
Slide 37: Driving progress in electromobility since 2019
1 Driving progress in electromobility since 2019 7,000 NEW RANGE COMING 2026 trucks in +400 8 700 470 50 million km in electric models in km range for long-haul km range for markets commercial operations series production with extended range next-gen versatile Volvo Group Capital Market Day 2026 37
Slide 38: Another level of fuel efficiency, safety and driver comfort
1 Another level of fuel efficiency, safety and driver comfort -10% fuel consumption -7% fuel consumption 35,300 volvo VNL 67,700 volvo FH Aero Volvo Group Capital Market Day 2026 38
Slide 39: Growth opportunities in mining, quarry and construction
1 Growth opportunities in mining, quarry and construction Volvo Group Capital Market Day 2026 39
Slide 40: Total offer
2 Truck Service Other Contracts Services Predictive Uptime Maintenance Services Total offer Insurance Digital Services Financing Features Volvo Group Capital Market Day 2026 40
Slide 41: Total offer – the key to capture the total revenue potential
2 Total offer – the key to capture the total revenue potential for each customer Untapped potential Financing & Insurance Service contract Total truck price Truck Specification Features Total Parts Workshop Digital Uptime Total Financing Insurance Total model truck price Services truck price truck p
Slide 42: Service growth on a growing truck population
3 Service growth on a growing truck population Building resilience and unleashing service business full potential 70 BSEK +180% 1.1 Million TRUCKS ON THE ROAD WORLDWIDE 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q1 Service contract portfolio Volvo Group Capital Market Day 2026 42
Slide 43: Building an even stronger distribution network
3 Building an even stronger distribution network Three-pillar strategy to further strengthen footprint Pursuing Strengthening Growing selected private dealers organically M&As Black = Private dealers Blue = Volvo owned Volvo Group Capital Market Day 2026 43
Slide 44: Strong growth in key markets
4 Strong growth in key markets Scaling profitable growth building on proven success from benchmark markets Europe South America Australia Volvo Group Capital Market Day 2026 44
Slide 45: European market – a benchmark of profitable growth
4 European market – a benchmark of profitable growth Total offer and service growth increase resilience and drives market share, top line and margin Market share (%) Net Sales Operating Margin (%) 19.3% 19.0% 17.9% 17.7% 18.3% 16.4% 16.3% 15.4% 2019 2020 2021 2022 2023 2024 2025 2026 2019 2020 2021
Slide 46: Key markets for growth
4 Key markets for growth North America and India with growth opportunities emerging into Asia North America India and Asia Growth supported by: Growth supported by: • New product range • New manufacturing capabilities • Mexico production capacity • Dealer investments • Focus on transport segments an
Slide 47: We continue to capture growth opportunities
We continue to capture Growth opportunities Volvo Group Capital Market Day 2026 47
Slide 48: Volvo Group Capital Market Day 2026
Volvo Group Capital Market Day 2026 48
Slide 49: Market share 18.6% YTD May 2026, 25% by 2030
Market Share 18.6% 25% YTD May 2026 by 2030 Volvo Group Capital Market Day 2026 49
Slide 50: New Mack & Volvo product families launched and more to come
New Mack & Volvo product families launched and more to come First batch of test vehicles built in Mexico Strengthening the performance of a strong dealer network Parts distribution expansion Volvo Group Capital Market Day 2026 50
Slide 51: Strong order intake for Vocational & Highway
Strong order intake for Vocational & Highway Pioneer sales where 45% are conquest Strong dealer network across North America Leading customer satisfaction Vocational refresh Q1 2027 Volvo Group Capital Market Day 2026 51
Slide 52: Mack – US & Canada
Mack – US & Canada TOTAL MARKET MACK SHARE DRIVING GROWTH Vocational 28% 16.7% 13.8% 14.2% 13.7% • #1 in customer satisfaction 11.5% • All new product line-up 2021 2022 2023 2024 2025 2030 (all segments) complete in 2027 Regional Haul 11.0% • Increasing supplier resilience 9.4% 7.4% 6.9% 7.9% and ma
Slide 53: Targeting to double Mack export business
Targeting to double Mack export business Key Markets DRIVING GROWTH Mexico Focus on 3 key markets: Caribbean • Mexico: expanding dealer footprint, sales organization & aftermarket support Central America • Chile: leverage strong dealer network and Mack brand position • Colombia: conquest flagship fl
Slide 54: Volvo Group Capital Market Day 2026
Volvo Group Capital Market Day 2026 54
Slide 55: Volvo Group Capital Market Day 2026
Volvo Group Capital Market Day 2026 55
Slide 56: Volvo Group Capital Market Day 2026
Volvo Group Capital Market Day 2026 56
Slide 57: The U.S. trucking market value is growing
The U.S. trucking market value is growing US TRUCKING MARKET SIZE, BUSD 1 600 +4.5% CAGR 1 400 1 200 1 000 70% of all freight in the 800 U.S. is moved by trucks 600 400 200 0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Source: American Trucking Association, 2024 Volvo Group Capital Market
Slide 58: Addressing customer pain points, unlocking new customer value
Addressing customer Unlocking new pain points customer value • Driver shortage ü Double asset utilization • Delivery reliability ü Scalability of fleets • Road safety ü Faster deliveries Volvo Group Capital Market Day 2026 58
Slide 59: Positioned to grow
Positioned to grow 2030 2035 25,000 220,000 Autonomous trucks Autonomous trucks installed base installed base Source: Forecasted Autonomous heavy-duty long-haul truck volumes in the U.S. / Volvo Autonomous Solutions, 2025 Volvo Group Capital Market Day 2026 59
Slide 60: One in ten heavy-duty long-haul trucks on U.S. highways will be driverless
In less than ten years, one in ten heavy-duty long-haul trucks on U.S. highways will be driverless Volvo Group Capital Market Day 2026 60
Slide 61: What is our winning recipe? A unique ecosystem
What is our winning recipe? A unique ecosystem Autonomous Virtual driver truck Transport and Uptime Autona freight fleet management Operations Terminals Volvo Group Capital Market Day 2026 61
Slide 62: Full speed ahead
Full speed ahead Q1 2027 by Q4 2027 2028 onwards Driverless +300 autonomous trucks Continue launch in operation across U.S. sunbelt industrial scaling Volvo Group Capital Market Day 2026 62
Slide 63: Winning with Volvo Autonomous Solutions
Winning with Volvo Autonomous Solutions Profitable Large addressable 100% more growth Unique ecosystem Rapid scaling market productive Autona freight model +300 trucks in 2027 With ambition to 220,000 HD long- haul difficult to replicate followed by high volume approach ~3 BUSD 2x asset utilization
Slide 64: Volvo Autonomous Solutions – bringing physical AI on the road
Volvo Autonomous Solutions – bringing physical AI on the road 4 days 2 days New York California Volvo Group Capital Market Day 2026 64
Slide 65: Urban logistics and people transportation
Urban logistics and people transportation Renault Trucks | Volvo Buses URBAN LOGISTICS PEOPLE TRANSPORTATION
Slide 66: Volvo Group Capital Market Day 2026
Volvo Group Capital Market Day 2026 66
Slide 67: Operating income margin 12MR
OPERATING INCOME MARGIN 12MR 10% -2% 2021 2026 Q1 Volvo Group Capital Market Day 2026 67
Slide 68: Operating income margin 12MR
North America – defend strong market OPERATING INCOME MARGIN 12MR position Coach – Execute on resilience European 10% through total initatives for solutions growth PROFITABLE GROWTH City – Leverage leverage the partnerships strengthened in chassis offer business Lowered break-even point in -2% produ
Slide 69: Optimized for profit and growth
North America – defend strong market position Coach – Execute on resilience European through total initatives for solutions growth OPTIMIZED FOR PROFITABLE GROWTH PROFIT AND GROWTH City – Leverage leverage the partnerships strengthened in chassis offer business Lowered break-even point in production
Slide 70: Volvo Group Capital Market Day 2026
Volvo Group Capital Market Day 2026 70
Slide 71: Tailored solutions, total offer, uptime, e-mobility
TAILORED SOLUTIONS TOTAL OFFER UPTIME E-MOBILITY Urban logistics Volvo Group Capital Market Day 2026 71
Slide 72: Light duty business target by 2030
LIGHT DUTY BUSINESS TARGET BY 2030 x2 Volvo Group Capital Market Day 2026 72
Slide 73: Mining, Quarry & Construction
Mining, Quarry & Construction Volvo Construction Equipment MINING & QUARRY CONSTRUCTION
Slide 74: Profitability and resilience across business cycles
Proven ability to deliver Profitability and resilience across business cycles 16.2% 14.4% 13.4% 13.4% 13.3% 13.2% 13.3% 11.9% 12.4% 100 105 89 92 88 84 81 82 4.4% 66 51 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Adj. op. margin Net sales BSEK Volvo Group Capital Market Day 2026 74
Slide 75: Focus on the segments with the highest growth and profitability
Focus on the segments with the highest growth and profitability Higher Heavy Recycling Infrastructure Demolition Mining Profitability Energy Infrastructure Quarry & Forestry Aggregates z Road Industrial Material Agriculture Handling Building Utilities Lower Volvo Group Capital Market Day 2026 Lower
Slide 76: Strategic segments – 80% of our business
Strategic segments – 80% of our business – strong growth potential SEGMENT CURRENT REVENUE INDUSTRY VALUE AND GROWTH POTENTIAL GROWTH DRIVEN BY: Volvo CE 50% Ind. • Infrastructure investments • Urbanization and population growth 5% CAGR • Sustainability and regulations Construction 2022 2023 2024 20
Slide 77: Scaling product and service offerings in strategic segments
Scaling product and service offerings in strategic segments Product renewal in recent years 50% New services added in recent years 15BSEK 11BSEK +36% • Up to 10% more Productivity • 13% greater Efficiency Service growth has been driven by • 20% lower Total Cost of Operation increased Uptime & Produc
Slide 78: Capturing growth through retail expansion
Capturing growth through retail expansion Increased revenue from owned retail With the Swecon acquisition, we will: operations from 30% to • Strengthen our position in the value chain 65% • Have closer customer engagement, which enables faster progress toward integrated and sustainable site solution
Slide 79: Strengthening regional value chains to accelerate market growth
Strengthening regional value chains to accelerate market growth Closer to customers, shorter lead times, capture the growth potential in core products 2.5 BSEK investment Volvo Group Capital Market Day 2026 79
Slide 80: Key takeaways
Key takeaways Strengthened resilience Continue to drive growth • Proven ability to deliver strong profitability across • Focus on segments with highest growth business cycles and profitability • Broad, competitive portfolio across all segments • Scale product and service offerings • Strong global pr
Slide 81: Power generation
Power generation Volvo Penta MINING & QUARRY AGRICULTURE & FORESTRY MARINE POWER GENERATION
Slide 82: On Land, at Sea
On Land, at Sea Volvo Group Capital Market Day 2026 82
Slide 83: Profitable growth driven by innovation and positive product and segment mix
Profitable growth driven by innovation and positive product and segment mix Revenue (MSEK) Volvo Penta Return on operating capital 14 000 Volvo Penta CAGR 8% 12 000 10 000 8 000 72% 6 000 Average last 10 years 4 000 2 000 0 15 16 17 18 19 20 21 22 23 24 25 20 20 20 20 20 20 20 20 20 20 20 Industrial
Slide 84: Scaling Volvo Technologies by innovation and application excellence
Scaling Volvo Technologies by innovation and application excellence Power generation Marine Leisure Yacht Technologies Mining Research & Application Accessories Manufacturing Commercial Material Handling Development expertise & Services & Logistics Presence Engines Construction Components Marine Com
Slide 85: We are a system supplier in both marine and industrial
We are a system supplier in both marine and industrial Industrial Marine Off-highway and Power generation From helm to propeller Volvo Group Capital Market Day 2026 85
Slide 86: Scaling Volvo technologies by innovation and application excellence
Scaling Volvo technologies by innovation and application excellence Industrial Marine Off-highway and Power generation From helm to propeller From engines From single From single To drivelines To power of plenty To power of plenty Volvo Group Capital Market Day 2026 86
Slide 87: New concepts open up scaling into new high potential profit-pools
New concepts open up scaling into new high potential profit-pools Industrial Marine Off-highway and Power generation From helm to propeller Datacenter Power of Plenty Super Yachts Heavy Duty Marine Commercial Heavy Duty Marine Gensets Volvo Group Capital Market Day 2026 87
Slide 88: Strong outlook of continued profitable growth
Strong outlook of continued profitable growth Industrial Marine Off-highway and Power generation From helm to propeller 2 X X 2 Volvo Group Capital Market Day 2026 88
Slide 89: Defense
Defense Across all business areas DEFENSE
Slide 90: Volvo Group Capital Market Day 2026
Volvo Group Capital Market Day 2026 90
Slide 91: Built for resilience and growth
Built for resilience and growth 91
Slide 92: Application excellence | Tailor-made equipment | At scale
Application excellence | Tailor-made equipment | At scale TCO UPTIME PRODUCTIVITY
Slide 93: Service within 24 hours in markets covering fleet of trucks
99% WITHIN 24h IN 180 MARKETS, AND A FLEET SIZE OF 1 .9m TRUCKS
Slide 94: Uptime within 24 hours across brands
9 99% 1240h WITHIN RENAULT TRUCKS VOLVO TRUCKS 2 1 IN 180 MACK TRUCKS VOLVO CONSTRUCTION EQUIPMENT MARKETS, AND A FLEET SIZE OF 3 .2m VOLVO BUSES VOLVO PENTA (INCL. NOVA & PREVOST) EQUIPMENT
Slide 95: Leveraging CAST globally
Leveraging CAST globally CAB OVER ENGINE CONVENTIONAL VOLVO CE TRUCK BUSES ALLIANCES VOLVO PENTA Volvo Group Capital Market Day 2026 CAST – Common Architecture, Shared Technology 95
Slide 96: Speed through global scale and regional execution
Speed through global scale and regional execution REGIONAL Application R&D | Sourcing | Production Volvo Group Capital Market Day 2026 96
Slide 97: Driving resilience – financially, technologically and geopolitically
Driving resilience – financially, technologically and geopolitically Volvo Group Capital Market Day 2026 97
Slide 98: Closer to customers with faster service at global scale
Closer to customers with faster service at global scale Volvo Group Capital Market Day 2026 98
Slide 99: Ready to grow – industrial capacity in place
Ready to grow – industrial capacity in place Volvo Group Capital Market Day 2026 99
Slide 100: Well-invested global industrial system and fourth industrial hub in India
Well-invested global industrial system and ramping up our fourth industrial hub in India Volvo Group Capital Market Day 2026 100
Slide 101: Balancing our R&D spending level
Balancing our R&D spending level CAB OVER ENGINE 35 30 CONVENTIONAL VOLVO CE 25 20 15 10 TRUCK BUSES ALLIANCES 5 0 2019 2020 2021 2022 2023 2024 2025 VOLVO PENTA R&D gross, Industrial Operations (BSEK) CAST – Common Architecture, Shared Technology Volvo Group Capital Market Day 2026 101
Slide 102: Slide 102
Slide 103: Built for resilience and growth
Built for resilience and growth 103
Slide 104: Investments laying the foundation to further strengthen resilience and business growth
Investments laying the foundation to further strengthen resilience and business growth R&D GROSS, INDUSTRIAL CAPEX INVESTMENTS, INDUSTRIAL OPERATIONS, BSEK OPERATIONS, BSEK 32 30 29 25 19 18 18 16 13 14 11 8 9 5 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Volvo Group Capita
Slide 105: Capital allocation for resilience, growth and shareholder returns
Capital allocation for resilience, growth and shareholder returns FORWARD-LEANING INVESTMENTS STRONG RETURN ON CAPITAL INTO TECHNOLOGY, INNOVATION, EMPLOYED INDUSTRIAL AND COMMERCIAL SYSTEMS ATTRACTIVE SHAREHOLDER RETURNS 36% Ordinary dividend 37% Extra dividend 27% Proceeds from UD divestment 28% 2
Slide 106: Our strategy has served us, our customers and our owners well
Our strategy has served us, our customers and our owners well ... Cumulative total return Volvo vs MSCI Index January 1, 2016 – May 28, 2026, % 800 Volvo MSCI Index 658% 600 377% 400 200 0 2016 17 18 19 20 21 22 23 24 25 2026 ... and we are committed to continuing this journey Volvo Group Capital Ma
Slide 107: Built for resilience and growth
Built for resilience and growth 107
Slide 108: Driving growth – capitalizing on investments made
Driving growth – capitalizing on investments made Four key levers 700 Net sales, BSEK Growing global transport demand 600 Historical CAGR: 5.3% Targeting specific regions and growth segments 500 Driving sales through market share gains 400 Increasing content and service value through total offer 300
Slide 109: We live with our customers
We live with our customers Volvo Group Capital Market Day 2026 109
Slide 110: We are Volvo Group
We are Volvo Group Volvo Group Capital Market Day 2026 110
Slide 111: Capital Markets Day 2026
Capital Markets Day 2026 VOLVO GROUP Volvo Group Capital Market Day 2026 111
Slide 112: Volvo Group Capital Market Day 2026
Volvo Group Capital Market Day 2026 112