Volvo Ab Class A · OMXSTO:VOLV_A
Volvo Ab Class A — AB Volvo — Q4 2025 Earnings Presentation
30 slides from Volvo Ab Class A's earnings presentation, Jan 28, 2026
Slide 1: Fourth Quarter 2025
voLuvo FOURTH QUARTER 2025 Martin Lundstedt President and CEO Volvo Group | Fourth quarter 2025 2026-01-28
Slide 2: Fourth quarter highlights
VOLVO GROUP votuvao Fourth quarter highlights + Net sales amounted to SEK 123.8 bn (138.4) and were flat adjusted for FX and the divestment of SDLG + Adjusted operating income reached SEK 12.8 bn (14.0), corresponding toa margin of 10.3% (10.1) + Operating cash flow in Industrial Operations amounted
Slide 3: Volume development
VOLVO GROUP votuvao Volume development *SDLG was divested Sep 1, 2025 Volvo Group | Fourth quarter 2025, TRUCK DELIVERIES == 12 months 203’ units 65.6 a4 qi 2023 Q2 a@3 Q4 ai 2024 -3% 56.7 Q@2 a3 a4 2025 MACHINE DELIVERIES == 12 months 52’ units -46% +9% excl. SDLG* 164 14.6 9 Q4 Qi @2 @3 @4 Qi a2 a
Slide 4: Electrification progress
VOLVO GROUP votuvao Electrification progress *SDLG was divested Sep 1, 2025 Volvo Group | Fourth quarter 2025, ORDER INTAKE, FULLY ELECTRIC VEHICLES «= 12 months 7,757 units 27% +3% excl. SDLG* 2,253 1,645 1,391 Q4 Q1 @2 Q@3 Q@4 Q1 Q@2 Q@3 a4 2023 2024 2025 DELIVERIES, FULLY ELECTRIC VEHICLES «== 12
Slide 5: Vehicle and machine sales development
votuvao VOLVO GROUP Vehicle and machine sales development VEHICLE SALES YoY GROWTH % SEK bn 12 months SEK 355 bn -12% -1% excl. FX & SDLG (2) ¢ -4% aoe 115.3 \ TRUCKS CONSTRUCTION 106.0 EQUIPMENT i/o 93.0 ae 18% i VOLVO PENTA Q4 Qi @2 G3 a4 Qi a2 a3 a4 —_— oe 2023 2024 2025 All figures are excluding
Slide 6: Service sales development
votuvao VOLVO GROUP Service sales development SERVICE SALES (Incl. Financial Services) YoY GROWTH % SEK bn = 12 months SEK 124 bn -5% +5% excl. FX & SDLG f2 (>. 4% ( 8% ( 1 ie 328 32.4 Se = == a \ TRUCKS CONSTRUCTION / BUSES 7 i = = J EQUIPMENT / aN Z Boake — — a. / 2a \ (2 [me | \wnoram ) \ Q4 Q1 Q
Slide 7: Trucks news
votuvao Trucks news « Volvo Trucks market leader in Europe for the second consecutive year. « Volvo Trucks has delivered 125 all-new VNL trucks to Highlight Motor Group in Canada. The largest order in the country to date for Volvo’s new flagship model. + The first all-new Mack Pioneer was delivered
Slide 8: Market environment
votuvao TRUCKS, Market environment NORTH AMERICA HD* EUROPE HD 400 400 300 300 200 200 100 2025: 258° 100 2025: 296' 0 Forecast 2026: 265" 0 Forecast 2026: 305' 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 CHINA HD+MD 150 450 1800 100 300 ieee 900 50
Slide 9: Book to bill
TRUCKS — MEDIUM- AND HEAVY DUTY Book to bill votuvao Medium- and heavy-duty trucks book to bill 94% in the quarter and 94% 12 months rolling NORTH AMERICA 97 Seascape eet 81 EUROPE 104 —_———=—— Q4 Qi Q@2 Q3 G4 Qi Q2 Q3 a4 2023 2024 2025 SOUTH AMERICA 81 Q4 Qi Q2 Q3 Q4 QI G2 Q3 a4 2023 2024 2025 Volv
Slide 10: Heavy-duty truck market shares
votuvao TRUCKS Heavy-duty truck market shares EUROPE (EU29) YTD December Total market share 46.1 Battery-electric 19.0 market share 17.9 244 24.2 91 94 15.0 mm «2024 mm «(2025 Volvo Renault Trucks Volvo Renault Trucks NORTH AMERICA BRAZIL AUSTRALIA YTD December YTD December YTD December 9.0 18.2 8.4
Slide 11: Construction Equipment news
Construction Equipment news « Eskilstuna, Sweden was selected as the location for the new crawler excavator assembly plant serving European markets. « Swecon acquisition closing expected on January 31, 2026. Volvo Group | Fourth quarter 2025, votuvao 2026-01-28 "
Slide 12: Market environment
CONSTRUCTION EQUIPMENT votuvao Market environment NORTH AMERICA* 9995 Year-to-date November: -2% Forecast 2026: -5% to +5% 04 06 08 10 12 14 16 18 20 22 24 26 SOUTH AMERICA 9095 Year-to-date November: +10% «0 Forecast 2026: -5% to +5% { 75 50 NN ae 0 04 06 08 10 12 14 16 18 20 22 24 26 *The North Am
Slide 13: Book to bill
CONSTRUCTION EQUIPMENT Book to bill votuvao Construction equipment book to bill 118% in the quarter and 104% 12 months rolling NORTH AMERICA 144 afore - EUROPE 125 ——_10 Q4 Qi Q@2 Q3 G4 Qi Q2 Q3 a4 2023 2024 2025 SOUTH AMERICA 110 104 Q4 Qi Q2 Q3 Q4 QI G2 Q3 a4 2023 2024 2025 Volvo Group | Fourth qu
Slide 14: Buses
Buses + Volvo Buses secured an order from Vy Buss in Boras, Sweden for 73 electric buses. The order comprises city and intercity buses, including 46 articulated buses. + Book to bill 91% in the quarter and 98% 12 months rolling. Volvo Group | Fourth quarter 2025, votuvao 2026-01-28 4
Slide 15: Volvo Penta
Volvo Penta « Volvo Penta launched its first natural gas engine, G17, to strengthen the lower- emission power generation offer, to meet global energy demand driven by datacenters, utilities and other mission- critical infrastructure * The Volvo Penta IPS Professional Platform made strong inroads in
Slide 16: Financial Services
vouvo 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. 34.5 + Penetration rate on a solid level at : - 30% for FY 2025. 36.8 * Deepening collaboration with Group bran
Slide 17: Fourth Quarter 2025
voLuvo FOURTH QUARTER 2025 Mats Backman EVP and CFO Volvo Group | Fourth quarter 2025 2026-01-28
Slide 18: Net sales per market
VOLVO GROUP Net sales per market Q4 2024 Volvo Group | Fourth quarter 2025, votuvao — —<— 09 135.1 -2.9 1.5 i | 123.8 11.3 Europe North South Asia Africa Q4 2025 FX Q4 2025 America America and excl. FX Oceania 2026-01-28 18
Slide 19: Adjusted operating income contributors
votuvao VOLVO GROUP Adjusted operating income contributors ADJUSTED OPERATING INCOME SEK bn + Service business . 14. it 440 tie on 02 06 4.8 7 + Operating expenses OS). game —_ | iam | 12.8 + JV business .. “15 “2.4 - US tariff costs mi - Material costs - Under absorption in US manufacturing system
Slide 20: Cash flow, net financial position and ROCE
VOLVO GROUP votuvao Cash flow, net financial position and ROCE in Industrial Operations OPERATING CASH FLOW SEK bn... 12 months SEK 21.8 bn 22.7 24.: 19.3 Q4 Qi @2 Q@3 G4 Q1 @2 Q@3 Q4 2023 2024 2025 Volvo Group | Fourth quarter 2025, ROCE NET FINANCIAL POSITION % 12 months (Excl. pensions and lease
Slide 21: Trucks
Trucks votuvao Net sales and adjusted operating income NETSALES _ 12 months SEK 323 bn SEK bn 11% (excl. FX -3% ) Q4 Q1 Q2 Q3 Q4 Q1 @2 Q3 a4 2023 2024 2025 Volvo Group | Fourth quarter 2025, ADJUSTED OPERATING INCOME SEK bn + Operating expenses 40.4 + + JV performance + Service business 84 - Volume
Slide 22: Construction Equipment
votuvao Construction Equipment Net sales and adjusted operating income NETSALES .. 12 months SEK 82 bn SEK bn -16% * (excl. FX -8% ) A 26.6 22.2 7 Q4 Qt @2 @3 @4 Qi @2 a3 a4 2023 2024 2025 *SDLG was divested Sep 1, 2025 +2% excl. SDLG and +12% excl. SDLG and FX Volvo Group | Fourth quarter 2025, ADJ
Slide 23: Buses
Buses votuvao Net sales and adjusted operating income NETSALES .. 12 months SEK 25 bn SEK bn 415% (excl. FX +26% ) A 7 $$ TE 6.6 Q4 Q1 @2 Q@3 Q4 Q1 G2 Q3 a4 2023 2024 2025 Volvo Group | Fourth quarter 2025, ADJUSTED OPERATING INCOME SEKM 689 683 + Service business als + Price realization + Volume mF
Slide 24: Volvo Penta
Volvo Penta votuvao Net sales and adjusted operating income NETSALES .. 19 months SEK 21 bn SEK bn +7% (excl. FX +16% ) A ‘ 541 5.0 as Q4 Q1 Q2 Q3 Q4 Q1 @2 Q3 a4 2023 2024 2025 Volvo Group | Fourth quarter 2025, ADJUSTED OPERATING INCOME SEKM + Volume 583 + Service business be - Market and product m
Slide 25: Financial Services
Financial Services Credit portfolio and profitability CREDIT PORTFOLIO & ROE* SEK bn .. 12 months SEK 10.4% 280 256 Q4 Q1 Q@2 Q@3 Q4 Q1 @2 Q3 a4 2023 2024 2025 As from 25Q1, VFS equity ratio has been increased from 8 to10% Volvo Group | Fourth quarter 2025, votuvao ADJUSTED OPERATING INCOME SEKM 1,0
Slide 26: Guidance 26Q1 and FY2026
votuvao VOLVO GROUP Guidance 26Q1 and FY2026 « Given currency rates at the end of December the effect on operating income from net flows in foreign currency and the translation of operating income in foreign subsidiaries is expected to be approximately SEK -2 bnin Q1 2026. « Net R&D capitalization/a
Slide 27: Volvo Group Full year 2025 highlights
votuvao VOLVO GROUP Volvo Group Full year 2025 highlights + Net sales SEK 479 bn (527) -3% excl. FX & SDLG* ° Vehicle sales decline -5% excl. FX & SDLG* ° Service sales growth +2% excl. FX & SDLG* * Gross income margin 25.3% (27.3) + Adjusted operating income SEK 51bn (66) with an adjusted operating
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Slide 29: Capital Markets Day
votuvao VOLVO GROUP Capital Markets Day « The next Capital Markets Day will be held in Eskilstuna, Sweden on June 10 « The CMD is coordinated with Epiroc holding their CMD on June 8-9 with bus transfer to Eskilstuna on June 9 * Those who would like to attend our event on site are kindly asked to con
Slide 30: Volvo
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