Volvo Ab Class A · OMXSTO:VOLV_A
Volvo Ab Class A — AB Volvo — Q3 2025 Earnings Presentation
30 slides from Volvo Ab Class A's earnings presentation, Oct 17, 2025
Slide 1: Third Quarter 2025
votLuveo THIRD QUARTER 2025 Martin Lundstedt President and CEO 2025-10-17
Slide 2: Third Quarter highlights
votLuLuveaoe VOLVO GROUP Third Quarter highlights + Net sales amounted to SEK 110.7 bn (117.0) with SEK -7.2 bn in FX impact NET SALES ADJUSTED OPERATING INCOME SEK bn* SEK bn (margin)* + Adjusted operating income reached << 12 months SEK 494 bn << 12 months 10.6% SEK 11.7 bn (14.1), corresponding t
Slide 3: Volume development
VOLVO GROUP votLuLuveaoe Volume development *SDLG was divested Sep 1, 2025 Volvo Group | Third Quarter 2025 TRUCK DELIVERIES «== 12 months 205' units -4% 53 | | | | | 44.6 Q3 Q4 Qi @ Q@3 Q4 QI Q2 Qs 2023 2024 2025 MACHINE DELIVERIES == 12 months 58' units -4% +14% excl. SDLG* 13.3 11.2 Q@3 Q4 Q@1 @2
Slide 4: Electrification progress
votLuLuveaoe VOLVO GROUP Electrification progress ORDER INTAKE, FULLY ELECTRIC VEHICLES == 12 months 8,365 units BAYH -4% — -13% excl. SDLG* aries leis SAE | rH he 1,604 1,578 4,810 , Qi Q@2 Q3 G4 Q1 Q2 3 2023 2024 2025 *SDLG was divested Sep 1, 2025 Volvo Group | Third Quarter 2025 DELIVERIES, FULL
Slide 5: Vehicle sales development
VOLVO GROUP votLuLuveaoe Vehicle sales development VEHICLE SALES SEK bn 12 months SEK 368 bn -6% -1% excl. FX 100.1 85.1 79.5 a3 a4 a1 a2 Q3 a4 ai a2 a3 2023 2024 2025 Volvo Group | Third Quarter 2025 YoY GROWTH % “5 aeT * -3% 9% TRUCKS CONSTRUCTION EQUIPMENT oh, wen 4% 11% BUSES VOLVO PENTA All fig
Slide 6: Service sales development
voLveaoe VOLVO GROUP Service sales development SERVICE SALES (incl. Financial Services) YoY GROWTH % SEK bn 12 months SEK 126 bn -2% 4% excl. FX _- —? — * a2 #13 a. 4% 3% 4% 7 TRUCKS: CONSTRUCTION BUSES EQUIPMENT we > 17% 4% VOLVO PENTA VFS Q@3 @4 Q@1 @2 Q@3 Q@4 Qi G2 GQ 2023 2024 2025 All figures a
Slide 7: Group news
Group news * Volvo Construction Equipment completes divestment of SDLG equity Volvo Group | Third Quarter 2025, votLuLuveaoe 2025-10-17 7
Slide 8: Trucks news
votLuLuveaoe Trucks news Volvo scores five stars in second Euro NCAP safety rating of heavy trucks * Renault Trucks T keeps its 4 Euro NCAP stars and earns the CitySafe label * One million connected Volvo trucks on the road * Mack Trucks begins production of all- new Mack Pioneer at Lehigh Valley Op
Slide 9: Market environment
TRUCKS votLuLuveaoe Market environment NORTH AMERICA HD* EUROPE HD 400 400 300 es 300 = 200 | 200 2024: 308° 2024: 314" 100 Forecast 2025: 265° 100 Forecast 2025: 290° Forecast 2026: 250° Forecast 2026: 295° o o 04 06 08 10 12 14 16 18 20 22 24 26 04 06 08 10 12 14 16 18 20 22 24 26 BRAZILHO INDIA H
Slide 10: Book to bill
votLuLuveaoe TRUCKS — MEDIUM- AND HEAVY-DUTY Book to bill Medium- and heavy-duty trucks book to bill 80% in the quarter and 98% 12 months rolling NORTH AMERICA EUROPE ‘=== Book to Bill in the quarter,% —— Baseline, 100% Q3 Q4 @1 @2 Q3 a4 a1 a2 a3 Q3 Q4 G1 G2 G3 4 a1 a2 a3 = © Book to Bill 12M, % 202
Slide 11: Heavy-duty truck market shares
TRUCKS votLuLuveaoe Heavy-duty truck market shares EUROPE (EU29) YTD Sep Total market share 19.3 16.8 Volvo Renault Trucks: NORTH AMERICA YTD Aug 79 75 Volvo Mack Volvo Group | Third Quarter 2025 BRAZIL YTD Sep 66.8 Battery-electric market share 29.1 23.6 15.4 mm 2024 mm 2025 Volvo Renault Trucks AU
Slide 12: Construction Equipment news
votLuLuveaoe * Continuation of the global rollout of the recently launched products * Launch events for the latest articulated haulers were held in Asia Volvo Group | Third Quarter 2025 2025-10-17 12
Slide 13: Market environment
CONSTRUCTION EQUIPMENT Market environment NORTH AMERICA 200 150 100 Forecast 2025: -10% to 0% Forecast 2026: -10% to 0% votLuLuveaoe 04 06 08 10 12 14 16 18 20 22 24 26 ‘SOUTH AMERICA 04 06 08 10 ASIA (excl. CHINA) 12 14 16 18 20 22 24 26 100 500 5 400 300 50 200 25 50 Forecast 2025: -5% to +5% 100
Slide 14: Book to bill
CONSTRUCTION EQUIPMENT Book to bill Construction equipment book to bill 94% in the quarter and 102% 12 months rolling votLuLuveaoe NORTH AMERICA a3 a4 Q1 a2 Q@3 @4 a1 @2 a3 2023 2024 2025 ‘SOUTH AMERICA Q3 Q4 Q1 Q@2 G3 Q4 Q@1 @2 a3 2023 2024 2025 Volvo Group | Third Quarter 2025 EUROPE Q@3 Q@4 Q1 @2
Slide 15: Buses
voLveaoe Buses * Volvo Buses launched a new electric coach chassis with industry-leading battery capacity of up to 720 kWh * Volvo Buses formed a strategic partnership with Marcopolo to broaden its product portfolio and strengthen its position in the European coach market * Book to bill 94% in the q
Slide 16: Volvo Penta
votLuLuveaoe Volvo Penta * Volvo Penta’s Autopilot takes seamless boating to a new level * Taiwan-based SEETEL New Energy selecting Volvo Penta for energy storage in Asia Pacific * Book to bill 88% in the quarter and 108% in 12 m rolling * Volvo Power Unit 2000 (PU2000) is a high-performance energy
Slide 17: Financial Services
voL.voaeo Financial Services + Maintained ; NEW RETAIL FINANCING & PENETRATION RATE aintained earnings SEK bn Penetration rate 12 months 31 % * Portfolio growth * Solid portfolio Pik 278 performance 25.4 Q@3 Q@4 Q@1 @2 @3 @4 Qi @2 Q3 2023 2024 2025 Volvo Group | Third quarter 2025 2025-10-17
Slide 18: Third Quarter 2025
votLuveo THIRD QUARTER 2025 Mats Backman EVP and CFO 2025-10-17
Slide 19: Net sales per market
votLuLuveaoe VOLVO GROUP Net sales per market NET SALES SEK bn Q3 2024 Europe North South Asia Africa Q32025 FX Q32025 America America and excl FX Oceania Volvo Group | Third Quarter 2025 2025-10-17 49
Slide 20: Adjusted operating income contributors
votLuLuveaoe VOLVO GROUP Adjusted operating income contributors ADJUSTED OPERATING INCOME SEK bn 1.3 01 Be oo 2.4 “1.6 * - - Material cost we - Manufacturing cost - Tariff cost (net) Q3 Gross R&D NetR&D Selling Admin Other FX 2024 Income Exp. Cap./Amo. ones 2025 excl FX 141 Volvo Group | Third Quart
Slide 21: Cash flow, net financial position and ROCE
VOLVO GROUP voLveaoe Cash flow, net financial position and ROCE in Industrial Operations OPERATING CASH FLOW SEK bn = 12 months SEK 26.8 bn Q3 4 Q@1 @2 Q@3 @4 ai a2 a3 Volvo Group | Third Quarter 2025 ROCE % 12 months Q3 @4 Qi @2 Q@3 @4 ai a2 @ 2023 2024 2025 NET FINANCIAL POSITION (Excl. pensions a
Slide 22: Trucks
votLuLuveaoe Trucks Net sales and adjusted operating income NETSALES == 12 months SEK 334 bn ADJUSTED OPERATING INCOME ADJUSTED OPERATING INCOME SEK bn 7% SEK bn SEK bn (margin)* === 12 months 10.1% : Currency SEK -1.1B (excl. ex -2%) 140 ( (15.6%) 9.4 898 9.4 7 + R&D expenses (11.7%) 80.1 + Service
Slide 23: Construction Equipment
votLuLuveaoe Construction Equipment Net sales and adjusted operating income NETSALES © 12months SEK 85 bn ADJUSTED OPERATING INCOME SEK bn SEK bn +1% * (excl. FX +8%) pay 4 24.3 2.6 + Product mix + Service business 18.8 9 ale - Tariff cost (net) - Volume Q3 @4 Qi @2 @3 @4 Qi G2 Q3 Q3 Q3 2023 2024 20
Slide 24: Buses
Buses votLuLuveaoe Net sales and adjusted operating income NETSALES = === 12 months SEK 24 bn SEK bn -3% (excl. FX +4%) 0 5 Q3 Q4 Q1 @2 G3 @4 Q1 Q2 Q3 2023 2024 2025 Volvo Group | Third Quarter 2025 ADJUSTED OPERATING INCOME SEKM 731 + Property divestment + Price realization + Operating expenses abe
Slide 25: Volvo Penta
Volvo Penta votLuLuveaoe Net sales and adjusted operating income NET SALES. == 12months SEK 20 bn SEK bn +7% (excl. FX +13%) Tn Q@3 Q4 Q@1 @2 @3 @4 Qi @ @ 2023 2024 2025 Volvo Group | Third Quarter 2025 ADJUSTED OPERATING INCOME SEKM 934 831 + Volume + Service business als - Product mix Q3 Q3 2024 2
Slide 26: Financial Services
Financial Services Credit portfolio and profitability CREDIT PORTFOLIO & ROE* SEK bn com ROE 12 months 11,3% 255 262 259 Q3 @4 @1 @2 Q@3 @4 ai @2 @3 2023 2024 2025 *As of Q1 2025, the equity ratio has been increased from 8.0% to 10.0% Volvo Group | Third quarter 2025 votLuLuveaoe ADJUSTED OPERATING
Slide 27: Third Quarter highlights
votLuLuveaoe VOLVO GROUP Third Quarter highlights + Net sales amounted to SEK 110.7 bn (117.0) with SEK -7.2 bn in FX impact NET SALES ADJUSTED OPERATING INCOME SEK bn* SEK bn (margin)* + Adjusted operating income reached << 12 months SEK 494 bn << 12 months 10.6% SEK 11.7 bn (14.1), corresponding t
Slide 28: Capital Markets Day
Capital Markets Day - Save the date * The next Capital Markets Day will be held in Eskilstuna, Sweden on June 10, 2026 * The Capital Markets Day will be held in conjunction with the Volvo Days at Volvo Construction Equipment * Formal invitations to analysts, investors and media will be sent out late
Slide 29: Questions and Answers
Slide 30: voLv o
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