Slide 1: Third Quarter 2024
voLuvoe THIRD QUARTER 2024 Martin Lundstedt President and CEO Volve Group Third quarter 2024 2024-10-18
Slide 2: Third quarter highlights
VOLVO GROUP votLuveaod Third quarter highlights + Net sales amounted to SEK 117.0 bn (132.3) with SEK -5.7 bn impact from FX + Adjusted operating income reached SEK 14.1 bn (19.3), corresponding to a margin of 12.0% (14.4) * Operating cash flow in Industrial Operations amounted to SEK 3.1 bn (5.6) *
Slide 3: Volume development
VOLVO GROUP votLuveaod Volume development Volvo Group Third quarter 2024 TRUCK DELIVERIES <== 12 months 226' units 53.3 55.3 46.3 Q3 Q4 Qi Q2 Q3 4 Qi Q2 Q3 2022 2023 2024 MACHINE DELIVERIES == 12 months 57’ units Q@3 Q4 Qt Q2 Q @4 QI Q@2 Q@3 2022 2023 2024 2024-10418
Slide 4: Electrification progress
VOLVO GROUP votLuveaod Electrification progress Volvo Group Third quarter 2024 ORDER INTAKE, FULLY ELECTRIC VEHICLES == 12 months 5,382 units -2% 1,604 1,578 1,225 Q@3 Q4 Qi @2 Q@3 Q4 @t Q2 Qs 2022 2023 2024 DELIVERIES, FULLY ELECTRIC VEHICLES = 12 months 6,250 units +29% 1,439 517 Q3 Q4 Qi Q2 @ Q4
Slide 5: 1400 . 1200 . 1000 . 0. 00 25 0 60 0. 00 20
1400 . 00 50 0 45 0 1200 . 00 40 0 1000 . 00 35 0 30 0 80 0. 00 25 0 60 0. 00 20 0 15 0 40 0. 00 10 0 20 0. 00 50 0.000 0
Slide 6: 350. 300. 250. 200. . 000 50 100. 000 30 50. 000 10 0.
350. 000 15 0 13 0 300. 000 11 0 250. 000 90 200. 000 70 150. 000 50 100. 000 30 50. 000 10 0. 000 -10
Slide 7: Trucks news
votLuveaod Trucks news * Volvo Trucks will start selling Volvo FH electric with 600 km range in the second half of 2025 * Monterrey in Mexico has been selected as the location for the new truck assembly plant * The all-new Volvo VNL production started in September, a milestone for Volvo and a game-
Slide 8: Trucks market environment
TRUCKS Market environment NORTH AMERICA HD EUROPE HD 400 400 300 = 200 100 2023: 331’ 100 2023; 342’ Forecast 2024: 290' Forecast 2024: 300’ ° Forecast 2025: 300’ 0 Forecast 2025: 290' 03 05 07 09 1 13 15 17 19 21 23 25 03 05 07 09 11 13 15 17 19 21 23 25 BRAZIL HD 150 100 50 2023: 82’ Forecast 2024
Slide 9: Trucks book to bill
TRUCKS — MEDIUM- AND HEAVY-DUTY Book to bill Medium- and heavy-duty trucks book to bill 88% in the quarter and 84% 12 months rolling votLuveaod NORTH AMERICA Q3 Q4 Q1 Q2 Q@3 Q4 QI Q2 Q3 2022 2023 2024 EUROPE 107 eee’ 55 Q3 Q4 Qi Q@2 Q@3 Q@4 QI Q2 Q3 2022 2023 2024 ), p) on &» == Book to Bill, % = ©
Slide 10: Includes content supplied by IHS Markit . Copyright © IHS Markit (2022). All rights
Includes content supplied by IHS Markit . Copyright © IHS Markit (2022). All rights reserved.
Slide 11: Construction equipment news
• Continued market launches of new and upgraded models in Asia and North America • Inauguration of a new investment to support production of electric wheel loaders in Arvika, Sweden
Slide 12: Construction Equipment market environment
CONSTRUCTION EQUIPMENT votLuveaod Market environment NORTH AMERICA EUROPE . 200 200 3 150 “ 150 \ =< é 100 | f_ Ley e"F 100 ~ 50 50 Forecast 2024: -15% to-5% Forecast 2024: -25% to -15% ° Forecast 2025: -10% to 0% ° Forecast 2025: -5% to +5% 03 05 07 09 1 13 15 17 19 21 23 25 03 05 07 09 1 13 15 17
Slide 13: Construction equipment book to bill
votLuveaod CONSTRUCTION EQUIPMENT Book to bill Construction equipment book to bill 92% in the quarter and 90% 12 months rolling ys NORTH AMERICA EUROPE \ a --- 77 Q3 Q4 Qi Q@2 Q@3 Q4 Qi Q2 Q3 Q3 Q4 Qi Q@2 Q3 Q4 QI Q2 Q3 2022 2023 2024 == Book to Bill, % — Baseline, 100% = © Book to Bill 12M, % 2022
Slide 14: Buses
Buses ° First fully electric bi-articulated buses based on the global BZR electric platform launched in Q3 * Book to bill 105% in the quarter and 92% 12 months rolling Volvo Group Third quarter 2024 votLuveaod 2024-10-18 4
Slide 15: Volvo Penta
Volvo Penta * World’s first yacht to pilot Volvo Penta’s helm-to-propeller electric hybrid package with Volvo Penta IPS unveiled * Book to bill 80% in the quarter and 84% 12 months rolling Volvo Group Third quarter 2024 votLuveaod =s Staak 2024-10418 6
Slide 16: Financial Services
Financial Services * Portfolio growth across most markets * Penetration levels trending upwards * Solid portfolio performance and stable earnings Volvo Group Third quarter 2024 votLuveaod NEW RETAIL FINANCING & PENETRATION RATE* SEK bn === Penetration rate 12 months 28% —— 29.2 ——= 27.8 24.8 Q3 Q4 Q
Slide 17: Third Quarter 2024 - Mats Backman, EVP and CFO
THIRD QUARTER 2024 Mats Backman EVP and CFO
Slide 18: Net sales per market
VOLVO GROUP Net sales per market Volvo Group Third quarter 2024 votLuveaod NET SALES SEK bn 117.0 Q3 2023 Europe North South Asia Africa Q32024 FX Q3 2024 America America and — excl FX Oceania 2024-10418 18
Slide 19: Adjusted operating income contributors
votLuveaod VOLVO GROUP Adjusted operating income contributors ADJUSTED OPERATING INCOME SEK bn 19.3 ay + Price realization 144 + Raw material cost \ Volume Brand & market mix R&D expenses Q3 Gross Cash Net R&D Selling Admin Other @3 FX 3 2023 Income R&D Cap,/Amo. 2024 2024 excl FX Volvo Group Third
Slide 20: Cash flow, financial position and ROCE
votLuveaod VOLVO GROUP Cash flow, financial position and ROCE in Industrial Operations OPERATING CASH FLOW ROCE FINANCIAL POSITION SEK bn «=<» 42 months SEK 43.7 bn % 12 months (Excl. pensions and lease liabilities) SEK bn 8.3% Sf <—> 33.7% 27.4% 65.2 ° 59.5 62.9 14.6 ] o6 3.1 | = Q@3 Q4 Gl @2 G3 a4
Slide 21: Trucks: Net sales and adjusted operating income
Trucks votLuveaod Net sales and adjusted operating income NETSALES === 12 months SEK 365 bn SEK bn 1% (excl. FX -6%) 89. 80.1 7 Q3 a4 at a2 G3 4 ts 2022 2023 2024 Volvo Group Third quarter 2024 ADJUSTED OPERATING INCOME SEK bn + Price realization + Freight cost 14.0 + Raw material cost - Volume 9.4
Slide 22: Construction Equipment: Net sales and adjusted operating income
votLuveaod Construction Equipment Net sales and adjusted operating income NETSALES == 12 months SEK 93 bn SEK bn -23% (excl. FX -20%) Q3 Q4 Qi Q2 Q3 @4 Qi Q2 a3 2022 2023 2024 Volvo Group Third quarter 2024 ADJUSTED OPERATING INCOME SEK bn 3.7 ay + Raw material cost + Price realization + R&D expense
Slide 23: Buses: Net sales and adjusted operating income
Buses votLuveaod Net sales and adjusted operating income NETSALES === 12 months SEK 25 bn SEK bn +15% (excl. FX +21%) { \ 6.2 5.4 48 Q3 Q4 Q@1 Q2 Q@3 @4 QI Q2 Q3 2022 2023 2024 All numbers restated to exclude Nova Bus which is now included in segment ‘Group Functions and other’ Volvo Group Third qua
Slide 24: Volvo Penta: Net sales and adjusted operating income
Volvo Penta Net sales and adjusted operating income NET SALES SEK bn 45 Q3 Q4 Qi 2022 Volvo Group Third quarter 2024 == 12 months SEK 20 bn 5.0 Q2 Q3 2023 -5% (excl. FX -2%) AT Q4 Qi Q2 Q@3 2024 votLuveaod ADJUSTED OPERATING INCOME SEKM 790 Q3 2023 831 + Price realization + Product mix NP - Volume Q
Slide 25: Financial Services: Credit portfolio and profitability
votLuveaod Financial Services Credit portfolio and profitability CREDIT PORTFOLIO & ROE* SEK bn == ROE 12 months 13.2% 255 208 Q3 Q4 Q1 @2 @3 @4 a 2022 2023 Volvo Group Third quarter 2024 262 Q2 Q3 2024 ADJUSTED OPERATING INCOME* SEKM 1,062 992 ay + Portfolio growth NP - Credit provisions Q3 Q3 2023
Slide 26: Third quarter highlights
VOLVO GROUP votLuveaod Third quarter highlights + Net sales amounted to SEK 117.0 bn (132.3) with SEK -5.7 bn impact from FX + Adjusted operating income reached SEK 14.1 bn (19.3), corresponding to a margin of 12.0% (14.4) * Operating cash flow in Industrial Operations amounted to SEK 3.1 bn (5.6) *
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