Slide 1: First Quarter 2026
FIRST QUARTER 2026 Martin Lundstedt President and CEO Volvo Group | First quarter 2026 2026 -04 -24
Slide 2: First quarter highlights
VOLVO GROUP First quarter highlights • Net sales amounted to SEK 110.8 bn NET SALES ADJUSTED OPERATING INCOME (121.8) with an organic sales growth of SEK bn* SEK bn (margin)* 2%. 12 months SEK 468 bn 12 months 10.7% • Adjusted operating income reached 131.2 18.2 121.8 SEK 12.2 bn (13.3), correspondi
Slide 3: Group news
VOLVO GROUP Group news • Toyota Motor Corporation aims to join the Volvo Group and Daimler Truck as equal shareholder in the fuel cell joint venture cellcentric. • Volvo Group, Renault Group and CMA -CGM in agreement on strategic change for Flexis. • Annual General Meeting of AB Volvo held at World
Slide 4: Volume development
VOLVO GROUP Volume development TRUCK DELIVERIES MACHINE DELIVERIES 12 months 202’ units 12 months 44’ units -50%* -3% +12% Volvo brand *SDLG was divested September 1, 2025. Volvo Group | First quarter 2026 2026 -04 -24 4
Slide 5: Electrification progress
VOLVO GROUP Electrification progress ORDER INTAKE, FULLY ELECTRIC VEHICLES DELIVERIES, FULLY ELECTRIC VEHICLES 12 months 5,018 units 12 months 5,342 units -22% +15% Numbers are restated and they exclude SDLG. Volvo Group | First quarter 2026 2026 -04 -24 5
Slide 6: Vehicle and machine sales development
VOLVO GROUP Vehicle and machine sales development VEHICLE SALES ORGANIC SALES GROWTH YoY % SEK bn 12 months SEK 345 bn -11% 0% organic sales growth -3% 16% TRUCKS CONSTRUCTION EQUIPMENT 14% 14% BUSES VOLVO PENTA Volvo Group | First quarter 2026 2026 -04 -24 6
Slide 7: Service sales development
VOLVO GROUP Service sales development SERVICE SALES (Incl. Financial Services) ORGANIC SALES GROWTH YoY % SEK bn 12 months SEK 123 bn -2% +6% organic sales growth 7% 7% 3% TRUCKS CONSTRUCTION BUSES EQUIPMENT 10% 0% VOLVO PENTA VFS Volvo Group | First quarter 2026 2026 -04 -24 7
Slide 8: Trucks news
Trucks news • Mack Trucks launched an all -new version of its iconic Mack Granite and the Mack Keystone vocational trucks at ConExpo in Las Vegas. • Volvo Trucks and Mack Trucks started production of their new regional haul trucks, the Volvo VNR and Mack Anthem. • Volvo Trucks has begun on -road tes
Slide 9: Market forecast
TRUCKS Market forecast NORTH AMERICA HD EUROPE HD 2025: 258' 2025: 296' Forecast 2026: 265' Forecast 2026: 310' BRAZIL HD INDIA HD+MD CHINA HD+MD 2025: 87' 2025: 378' 2025: 903' Forecast 2026: 80' Forecast 2026: 400' Forecast 2026: 760' Volvo Group | First quarter 2026 2026 -04 -24 9
Slide 10: Book to bill
TRUCKS – MEDIUM - AND HEAVY DUTY Book to bill Medium - and heavy -duty trucks book to bill 135% in the quarter and 99% 12 months rolling NORTH AMERICA EUROPE 192 115 100 108 Book to Bill, % Base line, 100% Book to Bill 12M, % SOUTH AMERICA AFRICA AND OCEANIA ASIA 127 134 106 86 104 86 Volvo Group |
Slide 11: Heavy-duty truck market shares
TRUCKS Heavy -duty truck market shares EUROPE (EU29) YTD March Total market share Battery -electric market share 2025 2026 NORTH AMERICA BRAZIL AUSTRALIA YTD March YTD March YTD March Volvo Group | First quarter 2026 2026 -04 -24 11
Slide 12: Construction Equipment news
Construction Equipment news • The acquisition of Swecon was completed on January 31. • Decision has been made to discontinue the Rokbak articulated hauler business and focus the Motherwell, Scotland operation on large rigid mining trucks. Volvo Group | First quarter 2026 2026 -04 -24 12
Slide 13: Market forecast
CONSTRUCTION EQUIPMENT Market forecast NORTH AMERICA* Forecast: 2026: -5% to +5% EUROPE Forecast: 2026: 0% to +10% SOUTH AMERICA Forecast: 2026: -5% to +5% ASIA ( excl. CHINA) Forecast: 2026: -5% to +5% CHINA Forecast: 2026: 0% to +10% Volvo Group | First quarter 2026 2026 -04 -24 13
Slide 14: Book to bill
CONSTRUCTION EQUIPMENT Book to bill Construction equipment book to bill 110% in the quarter and 103% 12 months rolling NORTH AMERICA EUROPE 147 109 115 106 Book to Bill, % Base line, 100% Book to Bill 12M, % SOUTH AMERICA AFRICA AND OCEANIA ASIA 109 95 99 101 83 97 Volvo Group | First quarter 2026 2
Slide 15: Buses
Buses • In Q1, the new Volvo 9800 was launched for the Mexican coach market. • Book to bill 130% in the quarter and 92% 12 months rolling. Volvo Group | First quarter 2026 2026 -04 -24 15
Slide 16: Volvo Penta
Volvo Penta • Volvo Penta was recognized with “Technical Development of the Year” for its Hybrid Electric IPS propulsion at the Motor Boat Awards 2026. • Strong market interest in the G17 power generation offering for mission -critical applications such as data centers. • Book to bill 95% in the qua
Slide 17: Financial Services
Financial Services • Continued portfolio growth with NEW RETAIL FINANCING & PENETRATION RATE stable new retail financing, SEK bn Penetration rate 12 months 30% adjusted for currency. • Penetration rate 12 months rolling sustained at 30% level in Q1. • Continued focus on enhancing total offer and cus
Slide 18: First Quarter 2026
FIRST QUARTER 2026 Mats Backman EVP and CFO Volvo Group | First quarter 2026 2026 -04 -24
Slide 19: Net sales per market
VOLVO GROUP Net sales per market NET SALES SEK bn Volvo Group | First quarter 2026 2026 -04 -24 19
Slide 20: Adjusted operating income contributors
VOLVO GROUP Adjusted operating income contributors ADJUSTED OPERATING INCOME SEK bn + Service business + R&D net + Product & market mix - US net tariff costs - Freight costs - Under absorption in the US manufacturing system Volvo Group | First quarter 2026 2026 -04 -24 20
Slide 21: Cash flow, net financial position and ROCE
VOLVO GROUP Cash flow, net financial position and ROCE in Industrial Operations OPERATING CASH FLOW ROCE NET FINANCIAL POSITION SEK bn 12 months SEK 21.0 bn % 12 months (Excl. pensions and lease liabilities) SEK bn Volvo Group | First quarter 2026 2026 -04 -24 21
Slide 22: Trucks
Trucks Net sales and adjusted operating income NET SALES 12 months SEK 317 bn ADJUSTED OPERATING INCOME ADJUSTED OPERATING INCOME SEK bn SEK bn SEK bn (margin) 12 months 9.7% -8% Currency SEK -0.8 bn -1% organic sales growth 13.1 (14.5%) + Service business 8.5 + R&D net (10.3%) + Market mix 7.6 (10.
Slide 23: Construction Equipment
Construction Equipment Net sales and adjusted operating income NET SALES 12 months SEK 79 bn ADJUSTED OPERATING INCOME ADJUSTED OPERATING INCOME SEK bn SEK bn SEK bn (margin) 12 months 13.7% -13% Currency SEK -148 M +14% organic sales growth 3.7 + Product mix (16.1%) + Service business 2.5 (12.0%) 2
Slide 24: Buses
Buses Net sales and adjusted operating income NET SALES 12 months SEK 25 bn ADJUSTED OPERATING INCOME ADJUSTED OPERATING INCOME SEK bn SEK M SEK M (margin) 12 months 9.5% +3% Currency SEK -47 M +11% organic sales growth 360 492 + Price realization (6.6% ) (8.8% ) + Industrial efficiency 259 - US net
Slide 25: Volvo Penta
Volvo Penta Net sales and adjusted operating income NET SALES 12 months SEK 21 bn ADJUSTED OPERATING INCOME ADJUSTED OPERATING INCOME SEK bn SEK M SEK M (margin) 12 months 17.8% +5% Currency SEK -145 M +13% organic sales growth 988 + Volumes 1,044 (19.1%) + Service business 915 (19.8%) (18.3%) - Mar
Slide 26: Financial Services
Financial Services Credit portfolio and profitability CREDIT PORTFOLIO & ROE* ADJUSTED OPERATING INCOME ADJUSTED OPERATING INCOME SEK bn 12 months 9.8% SEK M SEK M 12 months SEK 3,835 M Currency SEK -80 M + Portfolio growth - Credit provisions *As of Q1 2025, the equity ratio has been increased from
Slide 27: Guidance Q2 and FY 2026
VOLVO GROUP Guidance Q2 and FY 2026 • Given currency rates at the end of March, the effect on operating income from net flows in foreign currency and the translation of operating income in foreign subsidiaries is expected to be close to zero in Q2 2026. • US net tariff headwind in Q2 2026 expected t
Slide 28: First quarter highlights
VOLVO GROUP First quarter highlights • Net sales amounted to SEK 110.8 bn NET SALES ADJUSTED OPERATING INCOME (121.8) with an organic sales growth of SEK bn* SEK bn (margin)* 2%. 12 months SEK 468 bn 12 months 10.7% • Adjusted operating income reached 131.2 18.2 121.8 SEK 12.2 bn (13.3), correspondi
Slide 29: Questions and answers
Questions and answers Volvo Group | First quarter 2026 2026 -04 -24 29
Slide 30: VotLv oOo
VotLv oOo