Volvo Ab Class A · OMXSTO:VOLV_A
Volvo Ab Class A — AB Volvo — Q2 2026 Earnings Presentation
30 slides from Volvo Ab Class A's earnings presentation, Jul 17, 2026
Slide 1: Second Quarter 2026
voLuvo SECOND QUARTER 2026 Martin Lundstedt President and CEO Volvo Group | Second quarter 2026 2026-07-17
Slide 2: Second quarter highlights
VOLVO GROUP vouvao Second quarter highlights + Net sales amounted to SEK 126.3 bn (122.9) with an organic sales growth of T%. + Adjusted operating income reached SEK 14.8 bn (13.5), corresponding to a margin of 11.7% (11.0). + Operating cash flow in Industrial Operations amounted to SEK 5.8 bn (2.9)
Slide 3: Group news
vouvao VOLVO GROUP Group news « Volvo Financial Services and Eicher Motors Limited intends to form a joint venture tapping into both Volvo and Eicher branded commercial vehicles and dealers in the Indian market. « Volvo Group Capital Markets Day in June: “Built for Resilience and Growth”. « Volvo Gr
Slide 4: Volume development
VOLVO GROUP vouvao Volume development *SDLG was divested on September 1, 2025. Volvo Group | Second quarter 2026 TRUCK DELIVERIES == 12 months 205’ units +6% 58.9 52.8 55.7 Q@2 Q3 Q4 Q1 Q@2 Q3 Q4 Q1 Q2 2024 2025 2026 MACHINE DELIVERIES == 12 months 36’ units -A8%* +14% Volvo brand 15.3 17.0 ii!) Q@2
Slide 5: Electrification progress
VOLVO GROUP vouvao Electrification progress Numbers are restated and they exclude SDLG. Volvo Group | Second quarter 2026 ORDER INTAKE, FULLY ELECTRIC VEHICLES «== 12months 5,521 units 1,302 943 Q2 Q3 Q@4 Q@1 Q@2 Q@3 Q@4 Q1 Q2 2024 2025 2026 +39% 1,805 DELIVERIES, FULLY ELECTRIC VEHICLES = 12months
Slide 6: Vehicle and machine sales development
vouvao VOLVO GROUP Vehicle and machine sales development VEHICLE SALES ORGANIC SALES GROWTH YoY % SEK bn 12 months SEK 346 bn 41% 4+6% organic sales growth a ( 6% ‘ase \ mos / ec” Ne iii er 92.7 w.3 w=) 2 BUSES VOLVO PENTA Q2 Q3 Q@4 Qi @2 @3 Q4 Q1 Q2 7 2024 2025 2026 Volvo Group | Second quarter 202
Slide 7: Service sales development
vouvao VOLVO GROUP Service sales development SERVICE SALES (Incl. Financial Services) ORGANIC SALES GROWTH YoY % SEK bn = 12 months SEK 126 bn 5% —_ — +7% organic sales growth — ye a wt / Pe 4 / 9, 0, \ i 33.0 { 10% 9% | 30.2 \ a an \ TRUCKS = J ich \ = a =. mane J i a » ‘x a“, 12% 0% } yee PENTA }
Slide 8: Trucks news
vouvao Trucks news + Volvo Trucks showcased their brand-new combustion engine platform, which will be implemented step by step globally. « Long-haul operations now possible with Renault Trucks’ new electric tractors. + Mack Trucks celebrated America's 250th anniversary with the debut of a limited-ed
Slide 9: Trucks market forecast
TRUCKS Market forecast vouvao NORTH AMERICA HD EUROPE HD 400 400 300 300 200 200 100 2025: 258° 100 2025: 296' i Forecast 2026: 265' a Forecast 2026: 315' 04 06 08 10 12 14 16 18 20 22 24 26 04 06 08 10 12 14 16 18 20 22 24 26 BRAZIL HD INDIA HD+MD 150 450 100 300 50 150 2025: 87' 2025: 378' o Forec
Slide 10: Trucks - Medium- and heavy-duty book to bill
TRUCKS — MEDIUM- AND HEAVY DUTY Book to bill Medium- and heavy-duty trucks book to bill 117% in the quarter and 106% 12 months rolling NORTH AMERICA 150 = 133 = vouvao EUROPE 100 96 ui -_—-" ---- Q2 Q3 4 Qi G2 Q3 a4 ai a2 2024 2025 2026 SOUTH AMERICA 135 --. ——" 92 Q2 Q3 Q4 Qi G2 Q3 Q4 Qi a2 2024 20
Slide 11: Heavy-duty truck market shares
vouvao TRUCKS Heavy-duty truck market shares EUROPE (EU29) YTD May Total market share Battery-electric 19.8 19.6 market share 33.8 10.0 9.3 22.3 16.3 2025 77 _ mm «(2026 Volvo Renault Trucks Volvo Renault Trucks NORTH AMERICA BRAZIL AUSTRALIA YTD May YTD June YTD June 8.6 8.4 . 7.6 73 23.3 23.2 NCAT
Slide 12: Construction Equipment news
Construction Equipment news « Volvo Days 2026 held in Eskilstuna, Sweden in June, gathering over 8,000 visitors. « Groundbreaking ceremony for the new excavator factory in Eskilstuna, Sweden. ¢ Delivery of the world’s first electric articulated hauler, the Volvo A380 Electric. Volvo Group | Second q
Slide 13: Construction Equipment market forecast
CONSTRUCTION EQUIPMENT Market forecast NORTH AMERICA* Forecast: 2026: 0% to +10% 200 150 100 50 O 04 06 08 10 12 14 16 18 20 22 24 26 SOUTH AMERICE Forecast: 2026: -5% to +5% 100 75 04 06 08 10 12 14 16 18 20 22 24 26 Volvo Group | Second quarter 2026. vouvao EUROPE Forecast: 2026: 0% to +10% 200 15
Slide 14: Construction Equipment book to bill
CONSTRUCTION EQUIPMENT Book to bill vouvao Construction equipment book to bill 92% in the quarter and 102% 12 months rolling NORTH AMERICA 109 81 EUROPE Q2 Q3 Q4 Q1 Q@2 Q3 Q4 Qt Q2 2024 2025 2026 SOUTH AMERICA 119 A » D> wo 112 Q2 Q3 Q4 Qi G2 Q3 Q4 Qi a2 2024 2025 2026 Volvo Group | Second quarter 2
Slide 15: Buses
vouvao Buses « Vy Flygbussarna orders new coaches including Volvo Buses’ new electrical coach. « Book to bill 62% in the quarter and 92% 12 months rolling. Volvo Group | Second quarter 2026 2026-07-17 15
Slide 16: Volvo Penta
vouvao Volvo Penta « Continued introductions of the IPS hybrid platform. SS « Expanded strategic collaboration with Utility SS nS Innovation Group for data centers. SS WERNER + Book to bill 96% in the quarter and 97% I — 12 months rolling. Volvo Group | Second quarter 2026. 2026-07-17 16
Slide 17: Financial Services
Financial Services « New retail financing continues to support profitable portfolio growth. « Stable portfolio performance with maintained earnings resilience. « Continued focus on supporting the Group’s total offer and value proposition. Volvo Group | Second quarter 2026. vouvao NEW RETAIL FINANCIN
Slide 18: Second Quarter 2026 - Mats Backman, EVP and CFO
voLuvo SECOND QUARTER 2026 Mats Backman EVP and CFO Volvo Group | Second quarter 2026 2026-07-17
Slide 19: Net sales per market
VOLVO GROUP Net sales per market ron Volvo Group | Second quarter 2026 Q2 2025 Europe vouvao 14 North America 0.9 South America Asia Africa and Oceania Q2 2026 excl. FX -0.9 FX 126.3 Q2 2026 2026-07-17 19
Slide 20: Adjusted operating income contributors
VOLVO GROUP Adjusted operating income contributors ADJUSTED OPERATING INCOME SEK bn 0.6 4 5 0.4 13.5 0.0 oe — -0.6 Q@2 Gross R&D Net R&D Selling Admin 2025 Income Exp. Cap./Amo. Volvo Group | Second quarter 2026 Other Q2 2026 excl FX FX vouvao a2 2026 \ + Service business + Brand & market mix + R&D
Slide 21: Cash flow, net financial position and ROCE in Industrial Operations
vouvao VOLVO GROUP Cash flow, net financial position and ROCE in Industrial Operations OPERATING CASH FLOW ROCE NET FINANCIAL POSITION SEK bn a. 12 months SEK 23.8 bn % 12 months (Excl. pensions and lease liabilities) SEK bn 41.3% 5.7% 26.8% 59.3 43.1 9.1 34.7 5.8 [| a u = =a Q2 Q@3 @4 @1 @2 Q@3 a4
Slide 22: Trucks: Net sales and adjusted operating income
Trucks vouvao Net sales and adjusted operating income NET SALES. SEK bn 2024 Volvo Group | Second quarter 2026. == 12 months SEK 322 bn 7% organic sales growth ema | | | | Q@2 Q@3 a4 Qi Q@2 Q@3 @4 ai ADJUSTED OPERATING INCOME SEK bn + Volumes + Service business 9.7 a4 + R&D net - Freight costs - Mat
Slide 23: Construction Equipment: Net sales and adjusted operating income
vouvao Construction Equipment Net sales and adjusted operating income NETSALES .. 12 months SEK 78 bn SEK bn 24.4 Q@2 Q@3 a4 Qi 2024 Volvo Group | Second quarter 2026 6% +13% organic sales growth A 22.9 Q@2 Q@3 @4 ai 2025 21.6 Q2 2026 ADJUSTED OPERATING INCOME SEK bn + Service business 3.0 tT + Bran
Slide 24: Buses: Net sales and adjusted operating income
Buses vouvao Net sales and adjusted operating income NET SALES. SEK bn = 12 months SEK 25 bn +1% 0% organic sales growth A —————— 6.0 6.1 Q2 Q3 Q4 Qi 2024 Volvo Group | Second quarter 2026. Q@2 Q@3 Q@4 Qi 2025 a2 2026 ADJUSTED OPERATING INCOME SEKM + Price realization ao an + Brand and product mix -
Slide 25: Volvo Penta: Net sales and adjusted operating income
Volvo Penta vouvao Net sales and adjusted operating income NETSALES .. 12 months SEK 21 bn SEK bn 1% 0% organic sales growth 1 52 5.5 5.4 Q@2 Q@3 Q4 Q1 @2 Q@3 Q4 Qi aQ2 2024 2025 2026 Volvo Group | Second quarter 2026. ADJUSTED OPERATING INCOME SEKM + Price realization 1,132 v + Service business 908
Slide 26: Financial Services: Credit portfolio and profitability
Financial Services Credit portfolio and profitability CREDIT PORTFOLIO & ROE* SEK bn ... 12 months 10.0% 271 264 274 Q@2 Q@3 Q4 Q1 @2 Q@3 Q4 Qi aQ2 2024 2025 2026 *As of Q1 2025, the equity ratio has been increased from 8% to10%. Volvo Group | Second quarter 2026. vouvao ADJUSTED OPERATING INCOME SE
Slide 27: Guidance Q3 and FY 2026
vouvo Guidance Q3 and FY 2026 « Given currency rates at the end of June, the effect on operating income from net flows in foreign currency and the translation of operating income in foreign subsidiaries is expected to be positive SEK ~0.5 bn in Q3 2026. « The forecasted net US tariff impact on opera
Slide 28: Second quarter highlights
VOLVO GROUP vouvao Second quarter highlights + Net sales amounted to SEK 126.3 bn (122.9) with an organic sales growth of T%. + Adjusted operating income reached SEK 14.8 bn (13.5), corresponding to a margin of 11.7% (11.0). + Operating cash flow in Industrial Operations amounted to SEK 5.8 bn (2.9)
Slide 29: Questions and Answers
Slide 30: votLv oOo
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