Kvartalsrapport Q1 2024

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===== SIDA 1 =====

V O L V O  G R O U P  
R E P O R T  O N  T H E  F I R S T  Q U A R T E R
2 0 2 4
Net sales amounted to 
SEK 131.2 billion (131.3)
— — — — —  — — — — — — — — —
Adjusted operating 
income amounted to 
SEK 18,159 M (18,566)
— — — — — — — — — — — — — —

===== SIDA 2 =====

• In Q1 2024, net sales were on the same level as in the 
previous year and amounted to SEK 131.2 billion (131.3). 
Also when adjusted for currency movements, net sales 
were flat.
• Adjusted operating income1 amounted to SEK 18,159 M 
(18,566), corresponding to an adjusted operating 
margin of 13.8% (14.0). There were no adjustments in 
Q1 2024. In Q1 2023, a negative effect of SEK 1,300 M 
was excluded from adjusted operating income.
• Reported operating income amounted to SEK 18,159 M 
(17,266).
• Currency movements had a negative impact on 
operating income of SEK 346 M.
• Earnings per share amounted to SEK 6.92 (6.35).
• Operating cash flow in the Industrial Operations 
amounted to SEK 8,896 M (5,004).
• Return on capital employed in the Industrial Operations 
amounted to 37.7% (30.3).
          
131.3 131.2
Q1 
2023
Q2 Q3 Q4 Q1 
2024
18.6 18.2
14.0% 13.8%
Q1 
2023
Q2 Q3 Q4 Q1 
2024
30.3%
37.7%
Q1 
2023
Q2 Q3 Q4 Q1 
2024
First quarter 
SEK M unless otherwise stated 2024 2023
Net sales  131,177  131,303 
Adjusted operating income¹  18,159  18,566 
Adjusted operating margin, %  13.8  14.0 
Operating income²  18,159  17,266 
Operating margin, %  13.8  13.0 
Income after financial items  18,442  16,797 
Income for the period  14,103  12,934 
Earnings per share, SEK  6.92  6.35 
Operating cash flow in Industrial Operations  8,896  5,004 
Net financial position in Industrial Operations³, SEK bn  88.7  77.7 
Return on capital employed in Industrial Operations⁴, %  37.7  30.3 
Return on equity in Financial Services⁴, %  13.0  11.0 
Net order intake, number of trucks  48,701  60,040 
Deliveries, number of trucks  55,470  61,531 
Net order intake, number of construction equipment  13,851  13,342 
Deliveries, number of construction equipment  14,456  14,468 
1 For information on adjusted operating income, please see note 6.
2 As from 2024, elimination of internal interest income related to internal funding from Volvo Treasury AB to Financial Services is reclassified from finance net 
to gross income. The comparative figures in the financial statements for 2023 have been restated accordingly, impacting operating income positively with 
SEK 158 M in Q1 2023. The effect on key ratios is insignificant.
3 Excluding post-employment benefits and lease liabilities.
4 12 months rolling.
On the cover: Volvo Trucks' new heavy-duty range.
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 2 IN BRIEF
Net sales, SEK bn Adjusted operating income, SEK bn 1 
Adjusted operating margin, %
Return on capital employed
Industrial Operations, % 4

===== SIDA 3 =====

During Q1 2024, demand continued to normalize at good levels 
across many of the Volvo Groupʼs markets. Adjusted for currency, 
net sales were on the same level as in Q1 2023 and amounted to 
SEK 131.2 billion. Invoiced price continued to increase, mainly on 
the back of carry-over from the price increases we gradually 
implemented last year. Adjusted operating income amounted to 
SEK 18.2 billion (18.6), which corresponds to a margin of 13.8% 
(14.0). Return on capital employed improved to 37.7% (30.3). We 
continue to prioritize quality in the business.
Operating cash flow in our Industrial Operations amounted to SEK 
8.9 billion (5.0), driven by the earnings and good inventory 
management. At the end of the quarter, we had a net financial 
position of SEK 88.7 billion, excluding pension and lease liabilities 
and before the distribution of the dividend in April.
Overall, utilization of vehicles and machines remained on a good 
level and this supported the service business, which grew by 6% 
adjusted for currency. The service business is an area of priority 
because it contributes to improving our customersʼ productivity, 
strengthens our relationships and provides financial resilience for 
the Volvo Group. On a rolling 12 month basis we have service 
revenues of SEK 129 billion.
In Q1, we delivered 55,470 trucks, which was 10% fewer than in 
the year before and net order intake declined by 19% to 48,701 
trucks. In Europe, order backlogs and lead times have normalized. 
Through the quarter we gradually reduced production capacity in 
Europe and anticipate to be in balance during Q2. In North 
America, Mack Trucksʼ order backlogs are still extended, partly 
due to the strike in November, which pushed already sold 
production slots from 2023 into 2024. Therefore, Mack has been 
restrictive in slotting orders into production. In Brazil, both 
deliveries and order intake increased significantly. Overall, net 
sales in our truck business were on par with last year and 
amounted to SEK 89.9 billion (89.6). The adjusted operating 
margin increased to 14.5% (14.2).
In Q1, Volvo Trucks unveiled an all-new heavy-duty truck platform 
for the North American market in parallel to a new heavy-duty 
truck range for Europe, Australia and markets in Asia and Africa. 
The new ranges provide significant improvements in energy 
efficiency and customer profitability. We also continue to develop 
our presence in North America and have decided to add capacity 
by building a new plant for cabs and final assembly for Volvo 
Trucks and Mack Trucks in Mexico. We plan to have the plant up 
and running in 2026 and it will be a strong complement to our 
main sites in Virginia and Pennsylvania in the US.
For Construction Equipment, demand for new machines has come 
down in many markets, particularly in Europe. In Q1, deliveries of 
14,456 machines were on the same level as in the previous year, 
while order intake went up by 4%. Both deliveries and order 
intake decreased in Europe and North America, whereas they 
increased in China driven by SDLG. Construction Equipmentʼs net 
sales decreased by 9% to SEK 22.9 billion and the adjusted 
operating margin declined to 16.1% (18.3).
In Q1, deliveries of buses increased in Europe and North America 
on the back of a continued increase in travel. Net sales in Buses 
rose by 21% to SEK 5.2 billion. The adjusted operating margin 
improved to 5.0% (4.2).
For Volvo Penta, end customer demand has weakened in both the 
marine and industrial segment. Net sales decreased by 8% to 
SEK 5.2 billion and the adjusted operating margin amounted to 
19.1% (22.7).
For Volvo Financial Services, the credit portfolio continued to 
perform well with low levels of overdues and credit losses. The 
adjusted operating income amounted to SEK 1,009 M (871).
In Q1, we finalized the acquisition of the battery business from 
Proterra, thereby fast-forwarding our establishment of a value 
chain for batteries in North America. We also signed the final 
agreements to establish a joint venture with Westport regarding 
high pressure injectors, which is a technology suited for 
combustion engines running on carbon-neutral or zero-carbon 
fuels like biogas or hydrogen. Furthermore, we completed the 
creation of Flexis, which is a joint venture with Renault SAS and 
CMA CGM Group, for an all-new generation of electric vans for 
last mile delivery, which is an area with good growth prospects.
The continued strengthening of our customersʼ competitiveness 
and the Volvo Groupʼs performance remain our core priorities. We 
are committed to driving the day-to-day performance of our 
business and the transformation of our industries towards safer 
and more sustainable solutions. Keys to maintaining good 
profitability over the business cycle are a strong focus on our 
service business, volume flexibility in the industrial system and 
tight cost control across the organization. At the same time, we 
will continue to drive R&D investments in the new technologies 
and services that are transforming our industries.
Martin Lundstedt
President and CEO
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 3 CEO'S COMMENTS
“We are committed to driving the 
day-to-day performance of our 
business and the transformation 
of our industries towards safer 
and more sustainable solutions.”
Good profitability 
on lower volumes

===== SIDA 4 =====

Acquisition of battery business from Proterra completed
On February 1, 2024, it was announced that the Volvo Group had 
completed the previously announced transaction whereby the 
Group acquired the battery business from Proterra Inc. and 
Proterra Operating Company Inc. The acquisition, which was 
made at a purchase price of SEK 2.4 billion, includes a 
development center for battery modules and packs in California 
and an assembly factory in Greer, South Carolina. The assets as 
well as the skills and competence of the Proterra team are great 
complements to the Volvo Group's current footprint and enables 
the Group to accelerate its battery-electric roadmap. The 
transaction has no material impact on the Volvo Group's financial 
performance.
Agreement with Westport for joint venture
On March 11, 2024, it was announced that the Volvo Group had 
signed an agreement according to the previously announced 
Letter of Intent with Westport Fuel Systems Inc to establish a 
joint venture to accelerate the commercialization and global 
adoption of Westportʼs High Pressure Direct Injection fuel system 
technology for long-haul and off-road applications. As previously 
announced, Westport will contribute certain HPDI assets and 
opportunities, including related fixed assets, intellectual property, 
and business, into the joint venture. Volvo Group will acquire a 
45% interest in the joint venture for approximately SEK 290 M 
plus up to an additional approximately SEK 460 M depending on 
the performance of the joint venture. It is anticipated that the joint 
venture will become operational following the formal closing 
which is expected in the second quarter of 2024, subject to 
certain conditions, including regulatory and government approvals.
Creation of Flexis completed
On March 22, 2024, it was announced that Volvo Group and 
Renault Group had obtained all the required regulatory approvals 
and had officially launched the new company Flexis SAS for the 
next generation fully electric and software defined vehicles. The 
new company, which will be based in France, will address the 
growing needs of decarbonized and efficient urban logistics. Volvo 
Group and Renault Group plan to invest EUR 300 M respectively 
over the next three years. The initial investment for Volvo Groupʼs 
share in Flexis amounted to SEK 2.4 billion. On April 3, 2024, 
CMA CGM Group acquired a 10% stake in Flexis and will invest 
up to EUR 120 M by 2026.
Annual General Meeting of AB Volvo
AB Volvoʼs Annual General Meeting on March 27, 2024, adopted 
the income statement and balance sheet as well as the 
consolidated income statement and the consolidated balance 
sheet. In accordance with the Boardʼs proposal, the Meeting 
resolved that an ordinary dividend of SEK 7.50 per share and an 
extraordinary dividend of SEK 10.50 per share should be paid to 
the shareholders. April 2, 2024, was decided as the record date 
for the right to receive dividends. The Board Members, Board 
Deputies and the President and CEO were discharged from 
liability for their administration during the 2023 fiscal year. Matti 
Alahuhta, Bo Annvik, Jan Carlson, Eric Elzvik, Martha Finn Brooks, 
Kurt Jofs, Martin Lundstedt, Kathryn V. Marinello, Martina Merz 
and Helena Stjernholm were re-elected as members of the Board. 
Pär Boman was elected as new member of the Board and 
Chairman. The auditing firm Deloitte AB was re-elected as Auditor 
for the period until the close of the Annual General Meeting 2025, 
in accordance with the Election Committeeʼs proposal and the 
Boardʼs and the Audit Committeeʼs recommendation. Fredrik 
Persson (AB Industrivärden), Anders Oscarsson (AMF and AMF 
Funds), Carina Silberg (Alecta), Anders Algotsson (AFA Insurance) 
and the Chairman of the Board were elected members of the 
Election Committee. The Annual General Meeting approved the 
Boardʼs remuneration report.
Volvo Group to increase North American heavy-duty truck 
production capacity
On April 11, 2024, Volvo Group announced that it will build a new 
heavy-duty truck manufacturing plant in Mexico to supplement the 
Groupʼs U.S. production. The plant will provide additional capacity 
to support the growth plans of both Volvo Trucks and Mack 
Trucks in the U.S. and Canadian markets and support Mack's 
truck sales in Mexico and Latin America.  The plant is expected to 
be operational in 2026. The new plant will be approximately 1.7 
million square feet in size, and will focus on production of heavy-
duty conventional vehicles for the Volvo and Mack brands. It will 
be a complete conventional vehicle assembly facility including cab 
body-in-white production and paint.
Detailed information about the events is available at 
www.volvogroup.com
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 4 IMPORTANT EVENTS

===== SIDA 5 =====

Net sales
In Q1 2024, the Volvo Groupʼs net sales amounted to SEK 
131,177 M compared with SEK 131,303 M in the same quarter the 
preceding year. Sales increased in North America and South 
America but decreased in Europe, Asia and Africa and Oceania.
Also when adjusted for currency movements, net sales were on 
the same level as in Q1 2023, of which vehicle sales decreased by 
2% and service sales increased by 6%.
Operating income
In Q1 2024, adjusted operating income amounted to SEK 18,159 
M (18,566), corresponding to an adjusted operating margin of 
13.8% (14.0). There were no adjustments in Q1 2024. Adjusted 
operating income in Q1 2023 excluded a negative effect of SEK 
1,300 M from a restructuring provision in Buses. For more 
information on adjusted operating income, please see Note 6.
Compared with Q1 2023, the adjusted operating income was 
negatively affected by lower volumes and industrial utilization as 
well as higher selling, administrative and R&D expenses, which 
were partly offset by price realization and lower material costs. 
Currency movements, compared with Q1 2023, had a negative 
impact of SEK 346 M.
Reported operating income in Q1 2024 amounted to SEK 
18,159 M (17,266).
Financial items
In Q1 2024, interest income was SEK 885 M (572) as a 
consequence of higher interest rates on financial assets, whereas 
interest expenses amounted to SEK -364 M (-472).
Other financial income and expenses amounted to SEK -238 M 
(-570). The change is primarily due to revaluation effects of 
financial assets and liabilities.
Income taxes
In Q1 2024, income taxes amounted to SEK -4,339 M (-3,863). 
The tax rate was 23.5% (23.0).
Income for the period and earnings per share
In Q1 2024, income for the period amounted to SEK 14,103 M 
(12,934). Earnings per share amounted to SEK 6.92 (6.35).
Consolidated Income Statement First quarter 
SEK M 2024 2023
Net sales  131,177  131,303 
Cost of sales  -94,395  -95,837 
Gross income  36,781  35,466 
Research and development expenses  -7,332  -6,492 
Selling expenses  -8,617  -7,894 
Administrative expenses  -1,964  -1,663 
Other operating income and expenses  -567  -1,980 
Income/loss from investments in joint ventures and associated companies  -142  -171 
Income/loss from other investments  –  – 
Operating income  18,159  17,266 
Interest income and similar credits  885  572 
Interest expenses and similar charges  -364  -472 
Other financial income and expenses  -238  -570 
Income after financial items  18,442  16,797 
Income taxes  -4,339  -3,863 
Income for the period *  14,103  12,934 
* Attributable to:
Owners of AB Volvo  14,080  12,910 
Non-controlling interest  23  24 
 14,103  12,934 
Basic earnings per share, SEK  6.92  6.35 
Diluted earnings per share, SEK  6.92  6.35 
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 5 FINANCIAL SUMMARY

===== SIDA 6 =====

Net sales First quarter 
Change %SEK M 2024 2023
Net sales per geographical region
Europe  56,861  57,404  -1 
North America  40,888  40,153  2 
South America  11,428  9,566  19 
Asia  14,710  16,488  -11 
Africa and Oceania  7,289  7,692  -5 
Total net sales  131,177  131,303  – 
Net sales per product group
Vehicles  98,841  100,732  -2 
Services  32,336  30,571  6 
Total net sales  131,177  131,303  – 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  117,799  119,878  -2 
Revenue of vehicles and services recognized over contract period  13,377  11,425  17 
Total net sales  131,177  131,303  – 
  
Operating cash flow in the Industrial Operations
During Q1 2024 operating cash flow in the Industrial Operations 
was positive in an amount of SEK 8,896 M (5,004). Compared 
with Q1 2023, the higher operating cash flow is primarily related 
to the higher earnings and good inventory management.
   
5.0
8.9
Q1 
2023
Q2 Q3 Q4 Q1 
2024
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 6 FINANCIAL SUMMARY
Operating cash flow
Industrial Operations, SEK bn

===== SIDA 7 =====

Volvo Group financial position
During Q1 2024, net financial assets in the Industrial Operations, 
excluding provisions for post-employment benefits and lease 
liabilities, increased by SEK 5.3 billion resulting in a net financial 
asset position of SEK 88.7 billion (83.4) on March 31, 2024. The 
change is mainly explained by a positive operating cash flow of 
SEK 8.9 billion, partly reduced by the acquisition of the battery 
business from Proterra Inc. and Proterra operating company Inc. 
by SEK 2.4 billion and from the investment of shares in Flexis 
SAS, a newly formed joint venture with Renault Group and CMA 
CGM Group, by SEK 2.4 billion. Currency movements increased 
net financial assets by SEK 1.6 billion.
Including provisions for post-employment benefits and lease 
liabilities, the Industrial Operations net financial assets amounted 
to SEK 71.8 billion (66.7) on March 31, 2024. During Q1 2024, 
remeasurements of defined benefit pension plans had a positive 
impact of SEK 0.6 billion.
 Total assets in the Volvo Group increased by SEK 45.8 billion 
compared with Q1 2023 whereof SEK 22.5 billion is related to 
currency movements.
On March 31, 2024, total equity for the Volvo Group amounted 
to SEK 163.9 billion compared with SEK 180.7 billion at year end 
2023. The equity ratio was 22.8% (26.8). On the same date the 
equity ratio in the Industrial Operations amounted to 30.2% 
(36.2).
77.7
88.7
Q1 
2023
Q2 Q3 Q4 Q1 
2024
Number of employees
On March 31, 2024, the Volvo Group had 104,905 employees, 
including temporary employees and consultants, compared with 
104,251 employees on March 31, 2023. The number of blue-collar 
employees decreased by 1,887 and the number of white-collar 
employees increased by 2,541. The decrease in blue-collar 
employees is related to lower production levels and the increase in 
white-collar employees is related to higher development and 
transformational activities.
Blue-collar  51,599  51,424  53,486 
Whereof temporary employees and consultants  6,153  6,002  8,567 
White-collar  53,306  52,723  50,765 
Whereof temporary employees and consultants  7,510  7,410  7,366 
Total number of employees  104,905  104,147  104,251 
Whereof temporary employees and consultants  13,663  13,412  15,933 
Number of employees Mar 31             
2024
Dec 31             
2023
Mar 31             
2023
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 7 FINANCIAL SUMMARY
Net financial position excl. post-employment benefits 
and lease liabilities Industrial Operations, SEK bn

===== SIDA 8 =====

Net sales First quarter 
Change % Change %¹
 12 months 
rolling
Jan-Dec
SEK M 2024 2023 2023
Trucks  89,946  89,556  0  1  373,438  373,048 
Construction Equipment  22,877  25,109  -9  -8  102,749  104,981 
Buses  5,173  4,267  21  19  23,329  22,423 
Volvo Penta  5,168  5,603  -8  -7  20,571  21,006 
Group Functions & Other  4,281  3,779  13  13  17,311  16,809 
Eliminations  -1,280  -1,195  –  –  -5,083  -4,998 
Industrial Operations  126,163  127,117  -1  0  532,315  533,269 
Financial Services  6,532  5,370  22  21  25,175  24,012 
Reclassifications and eliminations  -1,519  -1,184  –  –  -5,365  -5,030 
Volvo Group  131,177  131,303  0  0  552,125  552,252 
1 Adjusted for exchange rate fluctuations.
Adjusted operating income ¹ First quarter 
Change %
12 months 
rolling
Jan-Dec
SEK M 2024 2023 2023
Trucks  13,073  12,715  3  55,753  55,394 
Construction Equipment  3,683  4,587  -20  16,088  16,993 
Buses  259  178  46  1,141  1,059 
Volvo Penta  988  1,271  -22  2,947  3,230 
Group Functions & Other  -947  -1,225  -23  -2,672  -2,950 
Eliminations  -13  12  –  31  55 
Industrial Operations  17,044  17,538  -3  73,288  73,782 
Financial Services  1,009  871  16  3,993  3,855 
Reclassifications and eliminations  106  158  -33  466  519 
Volvo Group adjusted operating income  18,159  18,566  -2  77,746  78,155 
Adjustments ¹  –  -1,300  –  -9,554  -10,854 
Volvo Group operating income  18,159  17,266  5  68,193  67,301 
1  For more information on adjusted operating income, please see note 6.
Adjusted operating margin First quarter 12 months 
rolling
Jan-Dec
% 2024 2023 2023
Trucks  14.5  14.2  14.9  14.8 
Construction Equipment  16.1  18.3  15.7  16.2 
Buses  5.0  4.2  4.9  4.7 
Volvo Penta  19.1 22.7  14.3  15.4 
Industrial Operations  13.5  13.8  13.8  13.8 
Volvo Group adjusted operating margin  13.8  14.0  14.1  14.0 
Volvo Group operating margin  13.8  13.0  12.4  12.1 
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 8 BUSINESS SEGMENT OVERVIEW

===== SIDA 9 =====

Market development
During Q1, market conditions continued to normalize both in 
Europe and North America on the back of transport volumes and 
freight rates coming down from the previously very high levels. 
Many fleets continue their replacements, while retail customers 
are more in a wait-and-see mode. Utilization of the installed truck 
fleet remains on good levels.
The Brazilian truck market was on par with Q1 2023. The 
mining sector and good domestic spending provided resilience to 
the market.
In India, the truck market declined somewhat but remained on a 
good level mirroring positive economic sentiment with good 
investment levels and consumer spending. 
The overall Chinese market continued to improve from a low 
level. Demand in the construction and general cargo segments 
continued to be weak while demand for tractors was stronger, 
especially for LNG trucks.
Orders and deliveries
In Q1, net order intake declined by 19% to 48,701 units and 
deliveries decreased by 10% to 55,470 units.
In Europe, order intake decreased by 20% to 25,077 trucks 
while deliveries decreased by 11% to 29,289 trucks. Through 
March, Volvo Trucksʼ total heavy-duty truck market share 
decreased to 17.2% (17.7) while the electric heavy-duty market 
share increased to 54.1% (50.2). Renault Trucksʼ total heavy-duty 
truck market share decreased to 8.0% (9.0) while the electric 
heavy-duty market share increased to 19.8% (15.5).
Order intake in North America decreased by 37% to 9,620 
trucks while deliveries decreased by 6% to 15,056 vehicles. Mack 
Trucksʼ order intake was impacted by the strike in Q4 2023 as 
already sold production slots were moved from 2023 into 2024 
and by Mack Trucks having been restrictive in order slotting 
because of long lead times. Volvo Trucksʼ heavy-duty truck market 
share increased to 9.1% (8.7) while Mack Trucksʼ market share 
declined somewhat to 5.3% (5.7).
In South America, order intake increased by 52% to 7,898 
trucks while deliveries increased by 15% to 5,154 vehicles 
compared with the weak development in Q1 2023. In Brazil, Volvo 
Trucksʼ heavy-duty truck market share remained strong and came 
in on 22.3% (21.8).
Order intake in Asia decreased by 23% to 4,115 vehicles while 
deliveries decreased by 35% to 3,717 vehicles.
Order intake for fully electric trucks declined by 23% to 638 
vehicles while deliveries increased by 32% to 907 vehicles. The 
market for electric trucks is still driven by early adopters. A broader 
adoption is dependent on several factors, including the expansion 
of necessary infrastructure such as charging.
Order intake in the Indian joint venture, VE Commercial 
Vehicles, decreased by 10% to 18,611 vehicles and deliveries 
decreased by 3% to 19,328 vehicles.
Deliveries from the Chinese joint venture, Dongfeng 
Commercial Vehicles, increased by 61% to 22,850 trucks.
Total market development First quarter 
Change %
Full year 
2023
Forecast 
2024
Change vs. 
previous forecastRegistrations, number of trucks 2024 2023
Europe 29 ¹ heavy-duty 73,702 80,186 -8 304,360 – –
Europe 30 ¹ heavy-duty 82,530 89,770 -8 341,892 280,000 unchanged
North America heavy-duty (retail) 71,329 79,433 -10 330,792 290,000 unchanged
Brazil heavy-duty 20,951 21,454 -2 82,070 95,000 +5,000
China ² medium- and heavy-duty 222,454 197,265 13 717,272 800,000 unchanged
India medium- and heavy-duty 103,695 117,318 -12 383,654 390,000 -35,000
1 EU29 includes Norway and Switzerland but excludes UK. EU30 includes UK.
2 Previous year has been adjusted to exclude exports.
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 9 TRUCKS
Stable sales and higher 
margin on lower volumes
• In Q1, net sales amounted to SEK 89,946 M, 
on par with the prior year
• Adjusted operating income rose to SEK 
13,073 M (12,715) with a margin of 14.5% 
(14.2)
• Deliveries decreased by 10% and net order 
intake decreased by 19%

===== SIDA 10 =====

Net order intake First quarter 
Change %Number of trucks 2024 2023
Europe  25,077  31,290  -20 
   Heavy- and medium-duty  19,976  26,055  -23 
   Light-duty  5,101  5,235  -3 
North America  9,620  15,159  -37 
South America  7,898  5,212  52 
Asia  4,115  5,336  -23 
Africa and Oceania  1,991  3,043  -35 
Total order intake  48,701  60,040  -19 
Heavy-duty (>16 tons)  40,211  49,901  -19 
Medium-duty (7-16 tons)  3,269  4,831  -32 
Light-duty (<7 tons)  5,221  5,308  -2 
Total order intake  48,701  60,040  -19 
Volvo  31,067  35,956  -14 
Renault Trucks  14,823  15,741  -6 
   Heavy- and medium-duty  9,602  10,433  -8 
   Light-duty  5,221  5,308  -2 
Mack  2,765  7,933  -65 
Other brands  46  410  -89 
Total order intake  48,701  60,040  -19 
Non-consolidated operations
VE Commercial Vehicles (Eicher)  18,611  20,590  -10 
Deliveries First quarter 
Change %Number of trucks 2024 2023
Europe  29,289  32,850  -11 
Heavy- and medium-duty  22,559  26,702  -16 
Light-duty  6,730  6,148  9 
North America  15,056  16,011  -6 
South America  5,154  4,475  15 
Asia  3,717  5,742  -35 
Africa and Oceania  2,254  2,453  -8 
Total deliveries  55,470  61,531  -10 
Heavy-duty (>16 tons)  44,431  50,684  -12 
Medium-duty (7-16 tons)  4,270  4,604  -7 
Light-duty (<7 tons)  6,769  6,243  8 
Total deliveries  55,470  61,531  -10 
Volvo  31,954  35,789  -11 
Renault Trucks  15,836  17,496  -9 
Heavy- and medium-duty  9,067  11,253  -19 
Light-duty  6,769  6,243  8 
Mack  7,467  7,958  -6 
Other brands  213  288  -26 
Total deliveries  55,470  61,531  -10 
Non-consolidated operations
VE Commercial Vehicles (Eicher)  19,328  20,017  -3 
Dongfeng Commercial Vehicle Company (Dongfeng Trucks)  22,850  14,184  61 
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 10 TRUCKS

===== SIDA 11 =====

Net order intake and deliveries of fully electric trucks First quarter 
Change %Number of trucks 2024 2023
Volvo  306  486  -37 
Renault Trucks  319  324  -2 
Heavy- and medium-duty  172  174  -1 
Light-duty  147  150  -2 
Mack  13  15  -13 
Total order intake of fully electric trucks  638  825  -23 
Volvo  520  350  49 
Renault Trucks  358  331  8 
Heavy- and medium-duty  202  128  58 
Light-duty  156  203  -23 
Mack  29  2  1,350 
Total deliveries of fully electric trucks  907  683  33 
Net sales and operating income First quarter 
Change %SEK M 2024 2023
Net sales per geographical region
Europe  43,425  42,676  2 
North America  27,237  27,607  -1 
South America  8,712  7,224  21 
Asia  5,976  7,533  -21 
Africa and Oceania  4,594  4,516  2 
Total net sales  89,946  89,556  – 
Net sales per product group
Vehicles  71,584  71,754  – 
Services  18,361  17,802  3 
Total net sales  89,946  89,556  – 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  84,078  84,395  – 
Revenue of vehicles and services recognized over contract period  5,868  5,161  14 
Total net sales  89,946  89,556  – 
Adjusted operating income ¹  13,073  12,715  3 
Adjustments  –  139  – 
Operating income  13,073  12,854  2 
Adjusted operating margin, %  14.5  14.2 
Operating margin, %  14.5  14.4 
1 For more information on adjusted operating income, please see note 6.
Net sales and operating income
In Q1 2024, the truck operationʼs net sales amounted to SEK 
89,946 M, which was on the same level as in Q1 2023. Excluding 
currency effects, net sales increased by 1% with sales of vehicles 
being flat and sales of services increasing by 3%.
In Q1 2024, adjusted operating income increased to SEK 
13,073 M (12,715), corresponding to an adjusted operating 
margin of 14.5% (14.2). There were no adjustments in Q1 2024. 
Adjusted operating income in Q1 2023 excluded a positive effect 
of SEK 139 M. For more information on adjusted operating 
income, see note 6.
Compared with Q1 2023 the higher adjusted operating income 
is an effect of price realization and lower material costs, which 
were partly offset by lower volumes and industrial utilization as 
well as higher R&D and selling expenses. Compared with 
Q1 2023, currency movements had a negative impact of SEK 364 
M. 
Reported operating income amounted to SEK 13,073 M 
(12,854).
Important events
In January, Volvo Trucks unveiled an all-new heavy-duty product 
platform for the North American market in parallel to the new 
Volvo Aero heavy-duty truck range for Europe, Australia and 
markets in Asia and Africa. These new energy-efficient models 
drive productivity and profitability for customers.
In March, Volvo Group, Renault Group and CMA CGM Group 
completed the creation of a joint venture, Flexis SAS, for an all-
new generation of electric vans for urban logistics.
On April 11, 2024, Volvo Group announced that it will build a 
new heavy-duty truck manufacturing plant in Mexico to 
supplement the Groupʼs U.S. production.
For more information on the latter two events, please see 
Important events on page 4.
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 11 TRUCKS

===== SIDA 12 =====

Market development
In Q1, the total machine market was flat or negative in most 
regions. In Asia outside of China it was on par with the prior year, 
while it declined in Europe, North America and China. In South 
America the market increased somewhat.
The North American market softened in Q1, due to a continued 
deferral of rental fleet replacement, as interest rates and inflation 
remain high.
In Europe, the market decline accelerated driven by weakening 
business confidence and cautiousness among end customers.
The South American market grew driven by increased demand 
in Brazil, Chile and Colombia as there were signs of recovery in 
various industry segments.
In China, market demand continued to decline due to low 
investment levels and an overall slow economic activity. Other 
Asian markets were flat overall, with increased demand in India 
and a slowdown in Indonesia and Japan. Demand in the Middle 
East and Africa grew.
Orders and deliveries
In Q1, net order intake increased by 4%. The increase was driven 
by SDLG and China due to low order intake in Q1 2023 following 
a prebuy in Q4 2022 in connection with changes to the Chinese 
emissions regulations. Order intake for the Volvo brand decreased 
in line with the overall market development in Europe and North 
America. Orders in South America increased from a low level 
driven by signs of a recovery in Brazil.
Deliveries in Q1 were on par with last year as the lower market 
demand in Europe and North America was offset by China that 
increased from very low levels.
Total market development Year-to-date 
February Forecast
Previous 
forecast
Change in % measured in units 2024 2024 2024
Europe  -22 -20% to -10% -20% to -10%
North America  -6 -10% to 0% -10% to 0%
South America  4 0% to +10% 0% to +10%
Asia excl. China  -1 -15% to -5% -15% to -5%
China  -22 -10% to 0% -10% to 0%
Net order intake First quarter 
Change %Number of construction equipment 2024 2023
Europe  2,677  3,226  -17 
North America  1,446  2,596  -44 
South America  662  478  38 
Asia  8,415  6,404  31 
Africa and Oceania  651  638  2 
Total orders  13,851  13,342  4 
Large and medium construction equipment  9,901  10,049  -1 
Compact construction equipment  3,950  3,293  20 
Of which fully electric  199  259  -23 
Total orders  13,851  13,342  4 
Of which:
Volvo  7,083  9,161  -23 
SDLG  6,712  4,114  63 
Of which in China  5,534  2,846  94 
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 12 CONSTRUCTION EQUIPMENT
Earnings impacted by 
lower volumes in Europe 
and North America
• In Q1, deliveries were on the same level as the 
prior year, whereas order intake increased by 
4%, driven by China from low levels
• Adjusted and reported operating income of 
SEK 3,683 M (4,587), with a margin of 16.1% 
(18.3)
• Service sales decreased by 3%, adjusted for 
currency

===== SIDA 13 =====

Deliveries First quarter 
Change %Number of construction equipment 2024 2023
Europe  3,050  4,384  -30 
North America  1,746  2,334  -25 
South America  370  398  -7 
Asia  8,650  6,370  36 
Africa and Oceania  640  982  -35 
Total deliveries  14,456  14,468  – 
Large and medium construction equipment  10,593  10,665  -1 
Compact construction equipment  3,863  3,803  2 
Of which fully electric  232  202  15 
Total deliveries  14,456  14,468  – 
Of which:
Volvo  7,688  10,287  -25 
SDLG  6,712  4,114  63 
Of which in China  5,534  2,846  94 
Net sales and operating income First quarter 
Change %SEK M 2024 2023
Net sales per geographical region
Europe  7,177  8,610  -17 
North America  6,425  6,537  -2 
South America  759  758  – 
Asia  6,925  7,098  -2 
Africa and Oceania  1,589  2,106  -25 
Total net sales  22,877  25,109  -9 
Net sales per product group
Construction equipment  19,092  21,188  -10 
Services  3,784  3,921  -3 
Total net sales  22,877  25,109  -9 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  22,065  24,469  -10 
Revenue of vehicles and services recognized over contract period  811  640  27 
Total net sales  22,877  25,109  -9 
Adjusted operating income ¹  3,683  4,587  -20 
Adjustments  –  –  – 
Operating income  3,683  4,587  -20 
Adjusted operating margin, %  16.1  18.3 
Operating margin, %  16.1  18.3 
1  For more information on adjusted operating income, please see note 6.
Net sales and operating income
In Q1 2024, net sales amounted to SEK 22,877 M (25,109). 
Adjusted for currency movements net sales decreased by 8%, of 
which net sales of machines decreased by 9% and service sales 
decreased by 3%.
Both adjusted and reported operating income amounted to SEK 
3,683 M (4,587), corresponding to an operating margin of 16.1% 
(18.3). For more information on adjusted operating income, please 
see note 6.
Compared with Q1 2023, a negative brand and market mix was 
partly offset by price realization and lower material costs. Currency 
movements had a negative impact of SEK 24 M. 
Important events 
In Q1, Volvo Construction Equipment (Volvo CE) introduced the 
grid-connected EW240 Electric Material Handler, the latest 
addition to its range of zero exhaust emission machines. The 
wheeled excavator is available to select customers, initially in 
Europe.
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 13 CONSTRUCTION EQUIPMENT

===== SIDA 14 =====

In Q1, demand for  buses continued to improve in many markets, 
with a particularly strong development for coaches.
Following a high order book at the start of Q1 as well as  a 
consequence of the ongoing transformation in Europe, net order 
intake decreased by 52% compared with Q1 2023. At the end of 
Q1, the order book was nonetheless higher compared with the 
prior year. The transition towards electric vehicles in city traffic 
continues and orders for 45 electric buses were confirmed in Q1.
Deliveries increased by 10% to 1,301 units, from a good 
development in a majority of the bus markets, particularly in 
Mexico.
In Q1, net sales increased by 21% to SEK 5,173 M (4,267). 
Adjusted for currency, net sales increased by 19%, whereof 
vehicle sales increased by 24% and service sales by 7%.
Adjusted operating income amounted to SEK 259 M (178), 
corresponding to an adjusted operating margin of 5.0% (4.2).  
There were no adjustments in Q1 2024. Adjusted operating 
income in Q1 2023 excluded negative effects in a total of SEK 
1,439 M. For more information on adjusted operating income, 
please see note 6.
 Price realization and lower material costs had a positive 
impact, whereas lower industrial utilization due to the wind-down 
of the complete bus factory in Poland had a negative impact. 
Compared with Q1 2023, currency movements had a positive 
impact of SEK 48 M.
Reported operating income amounted to SEK 259 M (-1,261).
In Q1, the wind-down of the complete bus production in Poland 
was finalized. This has been a critical step in the transformation to 
offer customers in Europe a complete range of products together 
with external bodybuilders.
In March, Volvo Buses launched the Volvo BZR Electric, which 
is a new global electromobility platform for city, intercity and 
commuter operations.
Net order intake and deliveries ¹ First quarter 
Change %Number of buses 2024 2023
Total orders  874  1,839  -52 
Of which fully electric  45  48  -6 
Of which hybrids  –  3  – 
Total deliveries  1,301  1,184  10 
Of which fully electric  74  34  118 
Of which hybrids  26  44  -41 
Net sales and operating income First quarter 
Change %SEK M 2024 2023
Net sales per geographical region
Europe  1,564  1,340  17 
North America  2,396  1,745  37 
South America  403  300  34 
Asia  296  365  -19 
Africa and Oceania  514  516  – 
Total net sales  5,173  4,267  21 
Net sales per product group
Vehicles  3,794  2,986  27 
Services  1,378  1,280  8 
Total net sales  5,173  4,267  21 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  4,929  4,064  21 
Revenue of vehicles and services recognized over contract period  244  203  20 
Total net sales  5,173  4,267  21 
Adjusted operating income ¹  259  178  46 
Adjustments  –  -1,439  – 
Operating income  259  -1,261  – 
Adjusted operating margin, %  5.0 4.2
Operating margin, %  5.0  -29.6 
1  For more information on adjusted operating income, please see note 6.
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 14 BUSES
• In Q1, deliveries increased by 10% while net 
order intake decreased by 52%
• Adjusted operating income improved to SEK 
259 M (178) with a margin of 5.0% (4.2)
• Service sales increased by 7% adjusted for 
currency
Improved profitability

===== SIDA 15 =====

In Q1, demand in most of Volvo Pentaʼs markets declined, 
especially the market for smaller power boats. However, the 
marine commercial market showed resilience and the market for 
crew transfer vessels continued to grow.
On the industrial market, demand for engines for power 
generation applications declined, especially in Europe. Demand 
was also affected by a prebuy in 2023 for a previous engine range 
that is being phased out. The off-highway markets in construction, 
mining, and material handling faced lower demand while 
agriculture held up better.
In Q1, net order intake was affected by the weakening demand 
and decreased by 33% to 9,050 units compared with Q1 2023. 
Deliveries decreased by 18% to 10,435 units.
Net sales decreased by 8% to SEK 5,168 M (5,603). Adjusted 
for currency movements, net sales decreased by 7%, of which 
sales of engines decreased by 9% and sales of services by 1%.
Both adjusted and reported operating income amounted to SEK 
988 M (1,271), corresponding to an operating margin of 19.1% 
(22.7). For more information on adjusted operating income, please 
see note 6.
Price realization contributed positively to the result, but this was 
offset by lower volumes, increased selling and administrative 
expenses as well as lower industrial utilization. Compared with 
Q1 2023, the currency impact on operating income was positive 
in an amount of SEK 11 M.
In Q1, Volvo Penta unveiled its intelligent technology and 
propulsion solution for superyachts and commercial vessels – the 
IPS Professional Platform. The technology builds on Volvo Pentaʼs 
Inboard Performance System and Electronic Vessel Control, with 
enhancements to accommodate larger vessels.
Net order intake and deliveries First quarter 
Change %Number of Engines 2024 2023
Total orders  9,050  13,489  -33 
Of which fully electric  43  21  105 
Total deliveries  10,435  12,727  -18 
Of which fully electric  44  20  120 
Net sales and operating income First quarter 
Change %SEK M 2024 2023
Net sales per geographical region
Europe  2,624  2,973  -12 
North America  874  1,043  -16 
South America  226  164  38 
Asia  1,125  1,067  5 
Africa and Oceania  319  356  -10 
Total net sales  5,168  5,603  -8 
Net sales per product group
Engines  3,861  4,256  -9 
Services  1,306  1,347  -3 
Total net sales  5,168  5,603  -8 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  5,156  5,603  -8 
Revenue of vehicles and services recognized over contract period  11  –  – 
Total net sales  5,168  5,603  -8 
Adjusted operating income ¹  988  1,271  -22 
Adjustments  –  –  – 
Operating income  988  1,271  -22 
Adjusted operating margin, %  19.1  22.7 
Operating margin, %  19.1  22.7 
1  For more information on adjusted operating income, please see note 6.
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 15 VOLVO PENTA
Declining sales in a 
softening market
• In Q1, deliveries decreased by 18% and order 
intake decreased by 33%
• Adjusted and reported operating income of 
SEK 988 M (1,271) with a margin of 19.1% 
(22.7)
• Continued focus on large yachts and 
commercial vessels

===== SIDA 16 =====

In Q1 2024, the credit portfolio increased by 16% compared with 
Q1 2023, adjusted for currency. Overall portfolio performance 
continues to be good, with customer overdues and defaults at 
relatively low levels historically, although a return to average 
business cycle conditions in some markets is visible.
Penetration levels in the quarter improved compared to Q1, 
2023, however the financing of new products slowed down 
reflecting the normalization of demand for Group products. In Q1 
2024, new business volume decreased by 5%, when adjusted for 
currency.
In Q1, both adjusted and reported operating income increased 
to SEK 1,009 M (871). For more information on adjusted operating 
income, please see note 6.
The increase in operating income was primarily a result of 
continued profitable portfolio growth, which was partly offset by 
higher selling expenses and increased credit provisions. Currency 
movements had a positive impact of SEK 50 M compared with Q1 
2023.
Return on equity increased to 13.0% (11.0).
Financial Services First quarter 
SEK M unless otherwise stated 2024 2023
Number of financed units, 12 months rolling  66,258  67,727 
Total penetration rate, 12 months rolling, % ¹  27  27 
New retail financing volume, SEK billion  24.0  25.1 
Credit portfolio net, SEK billion  270  227 
Credit provision expenses ²  248  160 
Adjusted operating income ³  1,009  871 
Adjustments ³  –  – 
Operating income  1,009  871 
Credit reserves ², % of credit portfolio  1.35  2.88 
Return on equity ², 12 months rolling, %  13.0  11.0 
1 Share of unit sales financed by Volvo Financial Services in relation to the total number of units sold by the Volvo Group in markets where financial services 
are offered. 
2 2023 included Russian and Belarus operations, which were divested in Q3 2023.
3 For more information on adjustments, please see note 6.
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 16 FINANCIAL SERVICES
Solid earnings and stable 
portfolio performance
• In Q1, new business volume decreased by 
5%, adjusted for currency
• Stable portfolio performance
• Both adjusted and reported operating 
income amounted to SEK 1,009 M (871)

===== SIDA 17 =====

CONSOLIDATED INCOME STATEMENT - FIRST QUARTER 
Industrial Operations Financial Services Eliminations Volvo Group
SEK M 2024 2023 2024 2023 2024 2023 2024 2023
Net sales¹  126,163  127,117  6,532  5,370  -1,519  -1,184  131,177  131,303 
Cost of sales¹  -91,567  -93,602  -4,453  -3,577  1,625  1,342  -94,395  -95,837 
Gross income  34,596  33,516  2,079  1,793  106  158  36,781  35,466 
Research and development expenses  -7,332  -6,492  –  –  –  –  -7,332  -6,492 
Selling expenses  -7,778  -7,114  -839  -780  –  –  -8,617  -7,894 
Administrative expenses  -1,960  -1,659  -4  -3  –  –  -1,964  -1,663 
Other operating income and expenses  -340  -1,841  -227  -139  –  –  -567  -1,980 
Income/loss from investments in joint 
ventures and associated companies  -142  -171  –  –  –  –  -142  -171 
Income/loss from other investments  –  –  –  –  –  –  –  – 
Operating income  17,044  16,238  1,009  871  106  158  18,159  17,266 
Interest income and similar credits  991  729  –  –  -106  -158  885  572 
Interest expenses and similar charges¹  -364  -472  –  –  –  –  -364  -472 
Other financial income and expenses  -238  -570  –  –  –  –  -238  -570 
Income after financial items  17,433  15,926  1,009  871  –  –  18,442  16,797 
Income taxes  -4,047  -3,614  -293  -249  –  –  -4,339  -3,863 
Income for the period *  13,387  12,312  716  622  –  –  14,103  12,934 
* Attributable to:
Owners of AB Volvo  14,080  12,910 
Non-controlling interest  23  24 
 14,103  12,934 
Basic earnings per share, SEK  6.92  6.35 
Diluted earnings per share, SEK  6.92  6.35 
Key ratios, %
Gross margin  27.4  26.4  28.0  26.9 
Research and development expenses as % 
of net sales  5.8  5.1  5.6  4.9 
Selling expenses as % of net sales  6.2  5.6  6.6  6.0 
Administrative expenses as % of net sales  1.6  1.3  1.5  1.3 
Operating margin  13.5  12.8  13.8  13.0 
1   As from 2024, elimination of internal interest income related to internal funding from Volvo Treasury AB to Financial Services is reclassified from finance net 
to gross income. The comparative figures in the financial statements for 2023 have been restated accordingly, impacting operating income positively with 
SEK 158 M in Q1, 2023. The effect on key ratios is insignificant.
CONSOLIDATED OTHER COMPREHENSIVE INCOME - FIRST QUARTER 
SEK M 2024 2023
Income for the period  14,103  12,934 
Items that will not be reclassified to income statement:
Remeasurements of defined benefit pension plans  453  -744 
Remeasurements of holding of shares at fair value  -7  1 
Items that may be reclassified subsequently to income statement:
Exchange differences on translation of foreign operations  4,282  69 
Share of OCI related to joint ventures and associated companies  756  116 
Accumulated exchange differences reversed to income  –  – 
Other comprehensive income, net of income taxes  5,485  -558 
Total comprehensive income for the period *  19,588  12,376 
* Attributable to:
Owners of AB Volvo  19,437  12,341 
Non-controlling interest  151  36 
 19,588  12,376 
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 17 FINANCIAL STATEMENTS

===== SIDA 18 =====

CONSOLIDATED BALANCE SHEET
Industrial Operations Financial Services Eliminations Volvo Group
SEK M
Mar 31 
2024
Dec 31 
2023
Mar 31 
2024
Dec 31 
2023
Mar 31 
2024
Dec 31 
2023
Mar 31 
2024
Dec 31 
2023
Assets
Non-current assets
Intangible assets  43,554  42,378  144  135  –  –  43,697  42,512 
Tangible assets
Property, plant and equipment  72,665  68,393  58  56  –  –  72,723  68,449 
Assets under operating leases  35,451  35,154  22,028  21,318  -15,780  -14,562  41,699  41,910 
Financial assets
Investments in joint ventures and 
associated companies  22,714  19,158  –  –  –  –  22,714  19,158 
Other shares and participations  1,125  862  19  18  –  –  1,144  881 
Non-current customer-financing 
receivables  1,655  1,605  127,373  121,987  -1,968  -1,954  127,061  121,638 
Net pension assets  2,092  2,039  –  –  –  –  2,092  2,039 
Non-current interest-bearing receivables  2,860  3,405  –  950  -210  -950  2,650  3,405 
Other non-current receivables  6,603  6,431  307  283  -210  -197  6,699  6,518 
Deferred tax assets  15,516  14,142  2,143  2,044  –  –  17,659  16,186 
Total non-current assets  204,234  193,566  152,071  146,791  -18,168  -17,662  338,137  322,695 
Current assets
Inventories  86,188  75,958  1,066  904  –  –  87,254  76,863 
Current receivables
Customer-financing receivables  1,046  1,027  120,722  110,822  -1,406  -1,284  120,362  110,565 
Tax assets  2,608  1,329  492  895  –  –  3,100  2,223 
Interest-bearing receivables  2,498  2,784  –  –  -19  -19  2,479  2,765 
Internal funding  6,435  10,680  –  –  -6,435  -10,680  –  – 
Accounts receivable  43,453  41,383  1,787  1,827  –  –  45,240  43,210 
Other receivables  22,352  22,173  2,948  3,283  -4,988  -5,084  20,311  20,372 
Marketable securities  179  89  –  –  –  –  179  89 
Cash and cash equivalents  87,555  78,858  4,592  5,785  -884  -1,318  91,263  83,326 
Assets held for sale  11,540  11,960  –  –  –  –  11,540  11,960 
Total current assets  263,855  246,241  131,607  123,516  -13,732  -18,384  381,729  351,373 
Total assets  468,089  439,807  283,678  270,307  -31,900  -36,046  719,866  674,068 
Equity and liabilities
Equity attributable to owners of AB Volvo  138,054  156,171  22,698  21,620  –  –  160,753  177,791 
Non-controlling interest  3,100  2,948  –  –  –  –  3,100  2,948 
Total equity  141,154  159,119  22,698  21,620  –  –  163,852  180,739 
Non-current provisions
Provisions for post-employment benefits  10,742  11,138  81  81  –  –  10,823  11,219 
Other provisions  14,106  12,902  76  76  –  –  14,182  12,979 
Non-current liabilities
Bond loans  107,765  96,970  –  –  –  –  107,765  96,970 
Other loans  24,065  23,779  19,085  19,352  -1,632  -1,599  41,518  41,532 
Internal funding  -120,225  -109,059  115,868  112,231  4,357  -3,173  –  – 
Deferred tax liabilities  2,717  2,486  2,219  2,238  –  –  4,936  4,725 
Other liabilities  51,453  49,600  1,766  1,701  -10,746  -9,759  42,473  41,542 
Current provisions  19,537  19,609  37  14  –  –  19,574  19,623 
Current liabilities
Bond loans  52,676  46,641  –  –  –  –  52,676  46,641 
Other loans  40,984  40,804  11,546  11,861  -1,023  -1,017  51,507  51,648 
Internal funding   -86,624  -79,494  99,376  89,985  -12,752  -10,491  –  – 
Trade payables  85,322  81,883  1,173  1,103  –  –  86,495  82,987 
Tax liabilities  4,428  4,140  670  947  –  –  5,098  5,087 
Other liabilities  111,202  71,130  9,082  9,095  -10,104  -10,007  110,180  70,218 
Liabilities held for sale  8,787  8,157  –  –  –  –  8,787  8,157 
Total equity and liabilities  468,089  439,807  283,678  270,307  -31,900  -36,046  719,866  674,068 
Key ratios, %
Equity ratio  30.2  36.2  8.0  8.0  22.8  26.8 
Equity attributable to owners of AB Volvo, 
per share in SEK  79.1  87.4 
Return on operating capital ¹  75.2  71.3 
Return on capital employed ¹  37.7  36.7 
Return on equity ¹  13.0  13.0  29.4  28.7 
1 12 months rolling.
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 18 FINANCIAL STATEMENTS

===== SIDA 19 =====

Net financial position excl. post-employment benefits and lease 
liabilities Industrial Operations Volvo Group
SEK bn
Mar 31 
2024
Dec 31 
2023
Mar 31 
2024
Dec 31 
2023
Non-current interest-bearing assets
Non-current customer-financing receivables  –  –  127.1  121.6 
Non-current interest-bearing receivables  2.9  3.4  2.6  3.4 
Current interest-bearing assets
Customer-financing receivables  –  –  120.4  110.6 
Interest-bearing receivables  2.5  2.8  2.5  2.8 
Internal funding  6.4  10.7  –  – 
Marketable securities  0.2  0.1  0.2  0.1 
Cash and cash equivalents  87.6  78.9  91.3  83.3 
Assets held for sale  –  –  –  – 
Total interest-bearing financial assets  99.5  95.8  344.0  321.8 
Non-current interest-bearing liabilities
Bond loans  -107.8  -97.0  -107.8  -97.0 
Other loans  -18.4  -18.4  -35.9  -36.2 
Internal funding  120.2  109.1  –  – 
Current interest-bearing liabilities
Bond loans  -52.7  -46.6  -52.7  -46.6 
Other loans  -38.9  -38.9  -49.4  -49.8 
Internal funding  86.6  79.5  –  – 
Liabilities held for sale  –  –  –  – 
Total interest-bearing financial liabilities excl. lease liabilities  -10.8  -12.4  -245.7  -229.6 
Net financial position excl. post-employment benefits and lease liabilities 88.7  83.4  98.3  92.2 
Provisions for post-employment benefits and lease liabilities, net
Industrial Operations Volvo Group
SEK bn
Mar 31 
2024
Dec 31 
2023
Mar 31 
2024
Dec 31 
2023
Non-current lease liabilities  -5.7  -5.3  -5.7  -5.3 
Current lease liabilities  -2.1  -1.9  -2.1  -1.9 
Provisions for post-employment benefits, net  -8.7  -9.1  -8.7  -9.2 
Liabilities held for sale  -0.4  -0.4  -0.4  -0.4 
Provisions for post-employment benefits and lease liabilities, net  -16.9  -16.7  -16.9  -16.8 
Net financial position incl. post-employment benefits and lease liabilities Industrial Operations Volvo Group
SEK bn
Mar 31 
2024
Dec 31 
2023
Mar 31 
2024
Dec 31 
2023
Net financial position excl. post-employment benefits and lease liabilities  88.7  83.4  98.3  92.2 
Provisions for post-employment benefits and lease liabilities, net  -16.9  -16.7  -16.9  -16.8 
Net financial position incl. post-employment benefits and lease liabilities 71.8  66.7  81.4  75.4 
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 19 FINANCIAL STATEMENTS

===== SIDA 20 =====

Changes in net financial position, 
industrial operations First quarter 
SEK bn 2024
Net financial position excl. post-employment benefits and lease liabilities at the end of previous period  83.4 
Operating cash flow  8.9 
Investments and divestments of shares, net  -2.9 
Acquired and divested operations, net  -2.3 
Capital injections to/from Financial Services  0.4 
Currency effect  1.6 
Dividend to owners of AB Volvo  – 
Dividend to non-controlling interest  – 
Other changes  -0.4 
Net financial position excl. post-employment benefits and lease liabilities at the end of period  88.7 
Provisions for post-employment benefits and lease liabilities at the end of previous period  -16.7 
Pension payments, included in operating cash flow  0.6 
Remeasurements of defined post-employment benefits  0.6 
Service costs and other pension costs  -0.3 
Investments, remeasurements and amortizations of lease contracts  -0.1 
Currency effect  -0.5 
Other changes  -0.3 
Provisions for post-employment benefits and lease liabilities at the end of period  -16.9 
Net financial position incl. post-employment benefits and lease liabilities at the end of period  71.8 
CHANGES IN CONSOLIDATED EQUITY
SEK M
Equity attributable to 
owners of AB Volvo
Non-controlling 
interest Total equity
Balance as of December 31, 2022  162,717  3,519  166,236 
Income for the period  49,825  107  49,932 
Other comprehensive income for the period  -6,094  -191  -6,285 
Total comprehensive income for the period  43,731  -84  43,647 
Dividend  -28,468  -457  -28,926 
Changes in non-controlling interests  –  -29  -29 
Other changes  -189  –  -189 
Transactions with shareholders  -28,658  -486  -29,143 
Balance as of December 31, 2023  177,791  2,948  180,739 
Income for the period  14,080  23  14,103 
Other comprehensive income for the period  5,357  128  5,485 
Total comprehensive income for the period  19,437  151  19,588 
Dividend  -36,602  –  -36,602 
Changes in non-controlling interests  –  –  – 
Other changes  127  –  127 
Transactions with shareholders  -36,475  –  -36,475 
Balance as of March 31, 2024  160,753  3,100  163,852 
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 20 FINANCIAL STATEMENTS

===== SIDA 21 =====

CONSOLIDATED CASH FLOW STATEMENT - FIRST QUARTER 
Industrial Operations Financial Services Eliminations Volvo Group
SEK M 2024 2023 2024 2023 2024 2023 2024 2023
Operating activities
Operating income  17,044  16,238  1,009  871  106  158  18,159  17,266 
Amortization intangible assets  770  740  6  8  –  –  776  748 
Depreciation tangible assets  2,132  2,068  7  5  –  –  2,138  2,073 
Depreciation leasing vehicles  972  1,075  1,280  1,212  –  –  2,252  2,287 
Other non-cash items  365  1,859  213  229  –  -1  578  2,087 
Total change in working capital whereof  -3,818  -7,738  -6,034  -11,355  -104  -263  -9,956  -19,356 
Change in accounts receivables  953  13  52  -125  –  –  1,005  -112 
Change in customer-financing receivables  31  59  -5,099  -11,102  -61  -198  -5,128  -11,241 
Change in inventories  -6,117  -9,206  -138  54  –  –  -6,255  -9,152 
Change in trade payables  1,150  1,899  31  7  –  –  1,181  1,907 
Change in vehicles on operating lease and 
assets for service solutions¹  -63  -180  -1,108  -689  48  12  -1,123  -858 
Other changes in working capital  227  -324  229  500  -91  -77  364  99 
Dividends received from joint ventures and 
associated companies  –  –  –  –  –  –  –  – 
Interest and similar items received  994  724  –  –  -106  -158  888  567 
Interest and similar items paid  -267  -620  –  –  -27  21  -294  -599 
Other financial items  -138  -27  –  –  –  –  -138  -27 
Income taxes paid  -5,588  -5,602  -300  -285  –  –  -5,888  -5,888 
Cash flow from operating activities  12,465  8,717  -3,818  -9,315  -131  -243  8,516  -841 
Investing activities
Investments in intangible assets  -1,135  -1,315  -11  -8  –  –  -1,146  -1,324 
Investments in tangible assets  -2,511  -2,463  -1  -3  –  –  -2,512  -2,466 
Disposals of in-/tangible assets  77  65  2  1  –  –  79  66 
Operating cash flow  8,896  5,004  -3,828  -9,326  -131  -243  4,937  -4,565 
Investments of shares  -2,940  -673 
Divestment of shares  2  – 
Acquired operations  -2,448  -9 
Divested operations  170  196 
Interest-bearing receivables incl. marketable 
securities  -292  -76 
Cash flow after net investments  -570  -5,127 
Financing activities
New borrowings  62,761  44,727 
Repayments of borrowings  -56,332  -39,524 
Dividend to owners of AB Volvo  –  – 
Dividend to non-controlling interest  –  – 
Other  41  3 
Change in cash and cash equivalents excl. 
exchange rate changes  5,901  80 
Effect of exchange rate changes on cash and 
cash equivalents  2,036  212 
Change in cash and cash equivalents  7,936  292 
Cash and cash equivalents, beginning of 
quarter  83,326  83,886 
Cash and cash equivalents, end of quarter  91,263  84,178 
1 As from 2024, change in vehicles on operating lease and assets for service solutions is presented separately in the cash flow statement. The comparative 
figures for 2023 have been restated.
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 21 FINANCIAL STATEMENTS

===== SIDA 22 =====

Income Statements, Volvo Group
SEK M unless otherwise stated 1/2024 4/2023 3/2023 2/2023 1/2023
Net sales  131,177  147,988  132,275  140,685  131,303 
Cost of sales  -94,395  -109,188  -95,751  -101,637  -95,837 
Gross income  36,781  38,800  36,524  39,048  35,466 
Research and development expenses  -7,332  -7,029  -6,305  -6,819  -6,492 
Selling expenses  -8,617  -9,249  -8,202  -8,329  -7,894 
Administrative expenses  -1,964  -2,149  -1,686  -1,858  -1,663 
Other operating income and expenses  -567  -2,247  -1,180  -6,873  -1,980 
Income/loss from investments in Joint Ventures and associated companies  -142  -1,154  -665  -578  -171 
Income/loss from other investments  –  10  -22  -2  – 
Operating income  18,159  16,982  18,464  14,589  17,266 
Interest income and similar credits  885  890  656  572  572 
Interest expenses and similar charges  -364  -406  -417  -390  -472 
Other financial income and expenses  -238  -582  -67  -362  -570 
Income after financial items  18,442  16,884  18,636  14,409  16,797 
Income taxes  -4,339  -4,798  -4,543  -3,591  -3,863 
Income for the period *  14,103  12,086  14,093  10,819  12,934 
* Attributable to:
Owners of AB Volvo  14,080  12,053  14,092  10,770  12,910 
Non-controlling interest  23  33  1  49  24 
 14,103  12,086  14,093  10,819  12,934 
Key ratios, Volvo Group, %
Gross margin  28.0  26.1  27.5  27.6  26.9 
Research and development expenses as % of net sales  5.6  4.7  4.8  4.8  4.9 
Selling expenses as % of net sales  6.6  6.2  6.2  5.9  6.0 
Administrative expenses as % of net sales  1.5  1.5  1.3  1.3  1.3 
Operating margin  13.8  11.4  13.8  10.3  13.0 
Key ratios, Industrial Operations, %
Gross margin  27.4  25.7  27.0  27.3  26.4 
Research and development expenses as % of net sales  5.8  4.9  5.0  5.0  5.1 
Selling expenses as % of net sales  6.2  5.9  5.8  5.5  5.6 
Administrative expenses as % of net sales  1.6  1.5  1.3  1.4  1.3 
Operating margin  13.5  11.1  13.7  10.0  12.8 
EBITDA margin, Industrial Operations
Operating income Industrial Operations  17,044  15,887  17,393  13,545  16,238 
Product and software development, amortization  736  781  704  709  696 
Other intangible assets, amortization  34  40  39  38  44 
Tangible assets, depreciation  3,103  3,407  3,314  3,259  3,143 
Total depreciation and amortization  3,873  4,228  4,057  4,006  3,883 
Operating income before depreciation and amortization (EBITDA)  20,917  20,115  21,450  17,551  20,121 
EBITDA margin, %  16.6  14.1  16.9  12.9  15.8 
Net capitalization of research and development
Capitalization  1,101  1,314  1,022  1,166  1,208 
Amortization  -701  -696  -665  -670  -657 
Net capitalization and amortization  400  617  357  496  551 
Return on operating capital in Industrial Operations, % ¹  75.2  71.3  66.0  58.4  57.0 
Return on capital employed in Industrial Operations, % ¹  37.7  36.7  33.7  30.2  30.3 
1 12 months rolling.
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 22 QUARTERLY FIGURES

===== SIDA 23 =====

Net sales
SEK M 1/2024 4/2023 3/2023 2/2023 1/2023
Trucks  89,946  99,896  89,848  93,748  89,556 
Construction Equipment  22,877  26,578  24,296  28,999  25,109 
Buses  5,173  7,336  5,386  5,434  4,267 
Volvo Penta  5,168  5,031  4,956  5,416  5,603 
Group Functions & Other  4,281  5,448  3,954  3,629  3,779 
Eliminations  -1,280  -1,348  -1,219  -1,236  -1,195 
Industrial Operations  126,163  142,941  127,220  135,991  127,117 
Financial Services  6,532  6,542  6,249  5,851  5,370 
Eliminations  -1,519  -1,495  -1,195  -1,156  -1,184 
Volvo Group  131,177  147,988  132,275  140,685  131,303 
Operating income
SEK M 1/2024 4/2023 3/2023 2/2023 1/2023
Trucks  13,073  13,691  13,397  8,950  12,854 
Construction Equipment  3,683  2,710  3,733  5,353  4,587 
Buses  259  323  340  219  -1,261 
Volvo Penta  988  365  790  804  1,271 
Group Functions & Other  -947  -1,232  -878  -1,783  -1,225 
Eliminations  -13  30  11  3  12 
Industrial Operations  17,044  15,887  17,393  13,545  16,238 
Financial Services  1,009  1,005  927  916  871 
Eliminations  106  90  144  128  158 
Volvo Group  18,159  16,982  18,464  14,589  17,266 
Adjusted operating income ¹
SEK M 1/2024 4/2023 3/2023 2/2023 1/2023
Trucks  13,073  13,691  14,038  14,950  12,715 
Construction Equipment  3,683  3,320  3,733  5,353  4,587 
Buses  259  323  340  219  178 
Volvo Penta  988  365  790  804  1,271 
Group Functions & Other  -947  -352  -860  -513  -1,225 
Eliminations  -13  30  11  3  12 
Industrial Operations  17,044  17,377  18,051  20,815  17,538 
Financial Services  1,009  1,005  1,062  916  871 
Eliminations  106  90  144  128  158 
Volvo Group adjusted operating income  18,159  18,472  19,258  21,859  18,566 
1 For more information on adjusted operating income, please see note 6.
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 23 QUARTERLY FIGURES

===== SIDA 24 =====

Operating margin
% 1/2024 4/2023 3/2023 2/2023 1/2023
Trucks  14.5  13.7  14.9  9.5  14.4 
Construction Equipment  16.1  10.2  15.4  18.5  18.3 
Buses  5.0  4.4  6.3  4.0  -29.6 
Volvo Penta  19.1  7.3  15.9  14.8  22.7 
Industrial Operations  13.5  11.1  13.7  10.0  12.8 
Volvo Group  13.8  11.4  13.8  10.3  13.0 
Adjusted operating margin
% 1/2024 4/2023 3/2023 2/2023 1/2023
Trucks  14.5  13.7  15.6  15.9  14.2 
Construction Equipment  16.1  12.5  15.4  18.5  18.3 
Buses  5.0  4.4  6.3  4.0  4.2 
Volvo Penta  19.1  7.3  15.9  14.8  22.7 
Industrial Operations  13.5  12.2  14.2  15.3  13.8 
Volvo Group adjusted operating margin  13.8  12.4  14.4  15.4  14.0 
Share data
1/2024 4/2023 3/2023 2/2023 1/2023
Earnings per share, SEK ¹  6.92  5.93  6.93  5.30  6.35 
Earnings per share, SEK ¹, 12 months rolling  25.07  24.50  21.84  19.15  18.98 
Diluted earnings per share, SEK  6.92  5.93  6.93  5.30  6.35 
Number of outstanding shares in millions  2,033  2,033  2,033  2,033  2,033 
Average number of shares before dilution in millions  2,033  2,033  2,033  2,033  2,033 
Average number of shares after dilution in millions  2,033  2,033  2,033  2,033  2,033 
Number of own shares in millions  –  –  –  –  – 
Average number of own shares in millions  –  –  –  –  – 
1  Earnings per share are calculated as Income for the period (excl. Non-controlling interest) divided by the weighted average number of shares outstanding 
during the period.
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 24 QUARTERLY FIGURES

===== SIDA 25 =====

NOTE 1 | ACCOUNTING POLICIES
The Volvo Group applies International Financial Reporting 
Standards (IFRS) as endorsed by the EU. The accounting policies 
and definitions are consistently applied with those described in 
the Volvo Group Annual Report 2023 (available at 
www.volvogroup.com). There are no new accounting policies 
applicable from 2024 that materially affects the Volvo Group.
This interim report has been prepared in accordance with IAS 
34 Interim Financial Reporting and the Swedish Annual Accounts 
Act. The Parent Company applies the Swedish Annual Accounts 
Act and RFR 2 Reporting for legal entities.
NOTE 2 | RISKS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
Each of the Volvo Groupʼs Business Areas and Truck Divisions 
monitors and manages risks in its operations. In addition, the 
Volvo Group utilizes a centralized Enterprise Risk Management 
(ERM) reporting process, which is a systematic and structured 
framework for reporting and reviewing risk assessments and 
mitigations as well as for follow-up on identified risks. 
The ERM process classifies Volvo Group risks into five categories:
Macro and market related risks – such as cyclical nature of the 
commercial vehicles industry, intense competition, extensive 
government regulations, political and social uncertainty;
Operational risks – such as transformation and technology risk, 
new business models, risks related to industrial operations 
including supply chain, reliance on suppliers and materials, cost 
inflation and price increases, information security and digital 
infrastructure, strategic transactions such as mergers and 
acquisitions, partnerships and divestments as well as residual 
value commitments; 
Climate and people risks – such as climate, people and culture 
as well as human rights;
Compliance risks – such as data protection laws, protection and 
maintenance of intangible assets, legal proceedings and 
corruption and competition law; and
Financial risks – such as insurance coverage, credit risk, pension 
commitments, interest-rates and currency fluctuations, liquidity 
risk, as well as impairment on goodwill and other intangible assets.
For a more elaborate description of these risks, please refer to 
the Risk Management section on pages 82-88 in the Volvo Group 
Annual Report 2023.
Risk updates
Short-term risks, when applicable, are also described in the 
respective segment section of this report.
Update on supply situation and inflationary pressure
Our ability to deliver according to market demand depends 
significantly on obtaining a timely and adequate supply of 
materials, components and other vital services, as well as on our 
ability to properly utilize the capacity in the Groupʼs different 
production and services facilities. At present, our supply chain and 
industrial system are strained in many areas due to e.g. shortages 
of labor, materials and components, and transport services. 
Further strains on the supply chain may also evolve from other 
events, including financial distress of suppliers and consequences 
of the war in Ukraine and other geopolitical events. There might be 
supply chain disturbances and stoppages in production going 
forward. Such disturbances could lead to higher costs and 
interruptions in production and delivery of Group products and 
services, that could have a material negative impact on the 
Groupʼs financial performance.
The Group might experience higher input costs from increased 
prices on e.g. purchased material, freight and energy as well as 
higher labor costs. If the Group is unable to compensate for the 
higher input costs through increased prices on products and 
services sold, this could have a negative impact on the Groupʼs 
financial performance.
Accounts receivable
Due to the prevailing business model in the construction 
equipment industry in China, with long payment terms to 
customers, a substantial part of the Volvo Groupʼs accounts 
receivable is related to customers in this market. The weakened 
Chinese construction equipment market is currently impacting 
customersʼ and dealersʼ profitability negatively. This might affect 
their ability to honor their obligations to the Group and may 
consequently have a material adverse effect on the Groupʼs 
financial result and position.
Detected premature degradation of emissions control 
component
As previously communicated, the Volvo Group has detected that 
an emissions control component used in certain markets and 
models, may degrade more quickly than expected, affecting the 
vehicles emission performance negatively. The Volvo Group made 
a provision of SEK 7 billion impacting the operating income in 
Q4 2018, relating to the estimated costs to address the issue. 
Negative cash flow effects started in 2019 and will continue in the 
coming years. As of year-end 2023, approximately half of the 
initial provision had been utilized. The Volvo Group will 
continuously assess the size of the provision as the matter 
develops.
Contingent liabilities
The reported amounts for contingent liabilities reflect a part of 
Volvo Groupʼs risk exposure. Total contingent liabilities as of 
March 31, 2024, amounted to SEK 16.1 billion, an increase of SEK 
0.2 billion compared with December 31, 2023. The gross 
exposure of SEK 16.1 billion is partly reduced by counter guarantees 
and collaterals.
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 25 NOTES

===== SIDA 26 =====

Legal proceedings
Starting in January 2011, the Volvo Group, together with a number 
of other truck manufacturers, was investigated by the European 
Commission in relation to a possible violation of EU antitrust rules. 
In July 2016 the European Commission adopted a settlement 
decision against the Volvo Group and other truck manufacturers 
finding that they were involved in an antitrust infringement which, 
in the case of the Volvo Group, covered a 14-year period from 1997 
to 2011. The Volvo Group paid a monetary fine of EUR 670 million.
Following the adoption of the European Commissionʼs 
settlement decision, the Volvo Group has received and is 
defending itself against a significant number of private damages 
claims brought by customers and other third parties alleging that 
they suffered loss, directly or indirectly, by reason of the conduct 
covered in the decision. The claims relate primarily to Volvo Group 
trucks sold during the 14-year period of the infringement and, in 
some cases, to trucks sold in certain periods after the infringement 
ended. Some claims have also been made against the Volvo 
Group that relate to trucks sold by other manufacturers. The truck 
manufacturers subject to the 2016 settlement decision are, in 
most countries, jointly and severally liable for any losses arising 
from the infringement.
In the region of 3,000 claims are being brought in over 20 
countries (including EU Member States, the United Kingdom, 
Norway and Israel) by large numbers of claimants either acting 
individually or as part of a wider group or class of claimants. 
Further claims may be commenced. The litigation in many 
countries can be expected to run for several years.
Several hundred thousand trucks sold by the Volvo Group are 
currently subject to claims against it or other truck manufacturers, 
with claimants alleging that the infringement resulted in an 
increase in the prices paid for Volvo Group trucks which directly or 
indirectly caused them loss.
The Volvo Group maintains its firm view that no damage was 
caused to its customers or any third party by the conduct set out 
in the settlement decision, and in fact, the European Commission 
did not assess any potential effects of the infringement on the 
market. The Volvo Group considers that transaction prices our 
customers paid for their trucks were unaffected by the 
infringement and were the outcome of individual negotiations 
across all elements of their purchasing requirements, including not 
only the prices for new trucks but also (where relevant) associated 
products and services sold together with new trucks such as 
service contracts, financing, buy-back guarantees etc.
Litigation developments so far have been mixed with some 
adverse outcomes, although uncertainty regarding ultimate 
exposure to the litigation remains high and it is inherent in 
complex litigation that outlooks and risks fluctuate over time.  
At this stage it is not possible to make a reliable estimate of the 
total liability that could arise from such proceedings given the 
complexity of the claims and the different (and in some cases 
relatively early) stages to which national proceedings have 
progressed. However, the litigation is substantial in scale and any 
adverse outcome or outcomes of some or all of the litigation, 
depending on the nature and extent of such outcomes, may have a 
material negative impact on the Volvo Groupʼs financial results, 
cash flows and financial position. In light of progress in litigations 
and current risks, the Volvo Group has in Q2 2023 recognized a 
cost of SEK 6 billion, besides legal fees to advisors, which relate 
to aspects of the litigation that are currently possible to estimate 
and where an outflow of resources is probable. This is Volvo 
Group's current assessment, which may change as the litigation 
progresses.
NOTE 3 | ACQUISITIONS AND DIVESTMENTS
Acquisitions and divestments
In February, the Volvo Group acquired the battery business from 
Proterra Inc. and Proterra Operating Company Inc. The acquisition 
was made at a purchase price of SEK 2.4 billion, including an 
adjustment for inventory levels at closing. In March, the Volvo 
Group and Renault Group completed the creation of Flexis, a joint 
venture with the purpose to offer an all-new generation of electric 
vans. The initial investment for Volvo Groupʼs share in Flexis 
amounted to SEK 2.4 billion. The Volvo Group has not completed 
any other acquisitions or divestments of operations during the first 
quarter that have had a material impact on the financial 
statements.
Assets and liabilities held for sale
Assets and liabilities held for sale amounted to net SEK 2,753 M 
(3,803) as of March 31, 2024. It relates to the planned 
divestments of Arquus to John Cockerill Defense, Volvo 
Construction Equipmentʼs ABG paver business to Ammann 
Group, and property divestments. 
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 26 NOTES

===== SIDA 27 =====

NOTE 4 | CURRENCY AND FINANCIAL INSTRUMENTS
Valuation principles and classifications of Volvo Group financial 
instruments, as described in Volvo Group Annual Report 2023 
Note 30, have been consistently applied throughout the reporting 
period. Financial instruments in the Volvo Group reported at fair 
value through profit and loss consist mainly of interest and 
currency derivatives. Derivatives with positive fair values 
amounted to SEK 5.8 billion (6.9) and derivatives with negative 
fair values amounted to SEK 5.7 billion (5.8) as of March 31, 
2024. The derivatives are accounted for on gross basis. 
Financial liabilities valued at amortized cost, reported as non-
current and current bond loans and other loans, amounted to SEK 
249.8 billion (233.5) in reported carrying value with a fair value of 
SEK 247.6 billion (232.8). In the Volvo Group consolidated 
financial position, financial liabilities include loan-related 
derivatives with negative fair values amounting to SEK 3.6 billion 
(3.3).
Currency effect on operating income, Volvo Group Compared to first quarter 2023
SEK M
First quarter 
2024
First quarter 
2023 Change
Net flow in foreign currency  -19 
Realized and unrealized gains and losses on derivatives  2  -1  3 
Unrealized gains and losses on receivables and liabilities in foreign currency  -81  241  -323 
Translation effect on operating income in foreign subsidiaries  -7 
Total currency effect on operating income, Volvo Group  -346 
Applicable currency rates Quarterly exchange rates Close rates
First quarter 
2024
First quarter 
2023
Mar 31 Mar 31
2024 2023
BRL  2.10  2.01  2.13  2.03 
CNY  1.44  1.52  1.47  1.51 
EUR  11.28  11.20  11.49  11.28 
GBP  13.17  12.68  13.41  12.81 
KRW  0.0078  0.0082  0.0079  0.0079 
USD  10.38  10.43  10.62  10.35 
NOTE 5 | TRANSACTIONS WITH RELATED PARTIES
Sales of goods, services 
and other income
Purchases of goods, services 
and other expenses
SEK M 
First quarter 
2024
First quarter 
2023
First quarter 
2024
First quarter 
2023
Associated companies  503  513  53  52 
Joint ventures  880  391  311  325 
Receivables Payables 
Mar 31 Dec 31 Mar 31 Dec 31
SEK M 2024 2023 2024 2023
Associated companies  513  259  75  106 
Joint ventures  517  535  117  85 
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 27 NOTES

===== SIDA 28 =====

NOTE 6 | RECONCILIATION OF ADJUSTED OPERATING INCOME
Adjusted operating income
SEK M 1/2024 4/2023 3/2023 2/2023 1/2023
Trucks 13,073 13,691 14,038 14,950 12,715
Construction Equipment 3,683 3,320 3,733 5,353 4,587
Buses 259 323 340 219 178
Volvo Penta 988 365 790 804 1,271
Group Functions & Other -947 -352 -860 -513 -1,225
Eliminations -13 30 11 3 12
Industrial Operations 17,044 17,377 18,051 20,815 17,538
Financial Services 1,009 1,005 1,062 916 871
Eliminations 106 90 144 128 158
Volvo Group adjusted operating income¹ 18,159 18,472 19,258 21,859 18,566
Adjustments
SEK M 1/2024 4/2023 3/2023 2/2023 1/2023
Adjustment items (segment)
Financial impact related to the planned divestment of Arquus (Group 
Functions & Other)  –  -880  –  –  – 
Financial impact related to the planned divestment of the ABG paver 
business (Construction Equipment)  –  -610  –  –  – 
Financial impact related to Russia:
Trucks  –  –  -640  –  – 
Group Functions & Other  –  –  -18  –  – 
Financial Services  –  –  -136  –  – 
Costs relating to claims arising from the European Commissionʼs 2016 
antitrust settlement decision (Trucks)  –  –  –  -6,000  – 
Restructuring charges relating to the US bus production for Nova Bus 
(Group Functions & Other)  –  –  –  -1,270  – 
Restructuring charges relating to the European bus operation (Buses)  –  –  –  –  -1,300 
Previously announced provision for premature degradation of an emission 
control component:
Trucks  –  –  –  –  139 
Buses  –  –  –  –  -139 
Total adjustments
Trucks  –  –  -640  -6,000  139 
Construction Equipment  –  -610  –  –  – 
Buses  –  –  –  –  -1,439 
Volvo Penta  –  –  –  –  – 
Group Functions & Other  –  -880  -18  -1,270  – 
Industrial Operations  –  -1,490  -658  -7,270  -1,300 
Financial Services  –  –  -136  –  – 
Eliminations  –  –  –  –  – 
Volvo Group  –  -1,490  -794  -7,270  -1,300 
Operating income
SEK M 1/2024 4/2023 3/2023 2/2023 1/2023
Trucks  13,073  13,691  13,397  8,950  12,854 
Construction Equipment  3,683  2,710  3,733  5,353  4,587 
Buses  259  323  340  219  -1,261 
Volvo Penta  988  365  790  804  1,271 
Group Functions & Other  -947  -1,232  -878  -1,783  -1,225 
Eliminations  -13  30  11  3  12 
Industrial Operations  17,044  15,887  17,393  13,545  16,238 
Financial Services  1,009  1,005  927  916  871 
Eliminations  106  90  144  128  158 
Volvo Group¹  18,159  16,982  18,464  14,589  17,266 
1 As from 2024, elimination of internal interest income related to internal funding from Volvo Treasury AB to Financial Services is reclassified from finance net 
to gross income. The comparative figures in the financial statements for 2023 have been restated accordingly, impacting operating income positively with 
SEK 158 M in Q1, 2023. The effect on key ratios is insignificant.
For reconciliation of other key ratios, see www.volvogroup.com
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 28 NOTES

===== SIDA 29 =====

There was no income from investments in Group companies in the 
first quarter 2024. In the previous year an additional payment of 
earnout from divestment of UD Trucks amounted to SEK 49 M. 
Net financial assets amounted to SEK 6,599 M at end of the first 
quarter 2024. At year-end 2023, there was a net debt of SEK 
34,147 M.
Income statement First quarter 
SEK M 2024 2023
Net sales¹  233  70 
Cost of sales¹  -233  -70 
Gross income  –  – 
Operating expenses¹  -314  -368 
Operating income (loss)  -314  -368 
Income from investments in group companies  –  49 
Income from investments in joint ventures and associated companies  –  – 
Income from investments, other shares and participations  –  – 
Interest income and expenses  -353  -160 
Other financial income and expenses  -14  -54 
Income after financial items  -681  -533 
Appropriations  –  – 
Income taxes  129  91 
Income for the period  -552  -442 
1  Of net sales in the first quarter, SEK 233 M (67) pertained to group companies, while purchases from group companies amounted to SEK 137 M (106).
Other comprehensive income
Income for the period  -552  -442 
Other comprehensive income, net of income taxes  –  – 
Total comprehensive income for the period  -552  -442 
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 29 PARENT COMPANY

===== SIDA 30 =====

Balance sheet
SEK M
31 Mar                                        
2024
31 Dec                                        
2023
Assets
Non-current assets
Tangible assets  7  7 
Financial assets
   Shares and participations in group companies  72,597  71,885 
   Investments in joint ventures and associated companies  8,946  8,946 
   Other shares and participations  2  2 
   Other non-current receivables  690  690 
   Deferred tax assets  324  205 
Total non-current assets  82,556  81,735 
Current assets
Current receivables from group companies  7,239  47,762 
Tax assets  1,174  – 
Other current receivables  197  305 
Total current assets  8,610  48,067 
Total assets  91,176  129,802 
Equity and liabilities
Equity
   Restricted equity  9,899  9,899 
   Unrestricted equity  38,694  75,849 
Total Equity  48,593  85,748 
Untaxed reserves  4,000  4,000 
Provisions  246  251 
Non-current liabilities¹  742  696 
Current liabilities²  37,595  39,107 
Total equity and liabilities  91,176  129,802 
1 Of which SEK 735 M (690) pertains to group companies.
2 Of which SEK 79 M (35,889) pertains to group companies.
Events after the balance sheet date
For important events, please see page 4. No other significant events have occurred after the end of the first quarter 2024 that are 
expected to have a material effect on the Volvo Group.
Gothenburg, April 17, 2024
AB Volvo (publ)
Martin Lundstedt
President and CEO
This report has not been reviewed by AB Volvoʼs auditors.
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 30 PARENT COMPANY

===== SIDA 31 =====

Net order intake of trucks First quarter 
Change %Number of trucks 2024 2023
Net order intake 
Europe  25,077  31,290  -20 
Heavy- and medium-duty  19,976  26,055  -23 
Light-duty  5,101  5,235  -3 
North America  9,620  15,159  -37 
South America  7,898  5,212  52 
Asia  4,115  5,336  -23 
Africa and Oceania  1,991  3,043  -35 
Total order intake  48,701  60,040  -19 
Heavy-duty (>16 tons)  40,211  49,901  -19 
Medium-duty (7-16 tons)  3,269  4,831  -32 
Light-duty (<7 tons)  5,221  5,308  -2 
Total order intake  48,701  60,040  -19 
Net order intake of trucks by brand
Volvo
Europe  12,065  17,367  -31 
North America  6,909  7,554  -9 
South America  7,712  4,924  57 
Asia  3,074  4,232  -27 
Africa and Oceania  1,307  1,879  -30 
Total Volvo  31,067  35,956  -14 
Heavy-duty (>16 tons)  30,194  34,742  -13 
Medium-duty (7-16 tons)  873  1,214  -28 
Total Volvo  31,067  35,956  -14 
Renault Trucks
Europe  13,012  13,923  -7 
Heavy- and medium-duty  7,911  8,688  -9 
Light-duty  5,101  5,235  -3 
North America  26  50  -48 
South America  108  127  -15 
Asia  1,041  1,104  -6 
Africa and Oceania  636  537  18 
Total Renault Trucks  14,823  15,741  -6 
Heavy-duty (>16 tons)  7,769  8,528  -9 
Medium-duty (7-16 tons)  1,833  1,905  -4 
Light-duty (<7 tons)  5,221  5,308  -2 
Total Renault Trucks  14,823  15,741  -6 
Mack
North America  2,685  7,555  -64 
South America  78  149  -48 
Africa and Oceania  2  229  -99 
Total Mack  2,765  7,933  -65 
Heavy-duty (>16 tons)  2,214  6,268  -65 
Medium-duty (7-16 tons)  551  1,665  -67 
Total Mack  2,765  7,933  -65 
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 31 NET ORDER INTAKE

===== SIDA 32 =====

Deliveries of trucks First quarter 
Change %Number of trucks 2024 2023
Deliveries
Europe  29,289  32,850  -11 
Heavy- and medium-duty  22,559  26,702  -16 
Light-duty  6,730  6,148  9 
North America  15,056  16,011  -6 
South America  5,154  4,475  15 
Asia  3,717  5,742  -35 
Africa and Oceania  2,254  2,453  -8 
Total deliveries  55,470  61,531  -10 
Heavy-duty (>16 tons)  44,431  50,684  -12 
Medium-duty (7-16 tons)  4,270  4,604  -7 
Light-duty (<7 tons)  6,769  6,243  8 
Total deliveries  55,470  61,531  -10 
Deliveries of trucks by brand
Volvo
Europe  14,554  17,189  -15 
North America  7,881  8,306  -5 
South America  5,012  4,297  17 
Asia  3,045  4,449  -32 
Africa and Oceania  1,462  1,548  -6 
Total Volvo  31,954  35,789  -11 
Heavy-duty (>16 tons)  30,987  34,705  -11 
Medium-duty (7-16 tons)  967  1,084  -11 
Total Volvo  31,954  35,789  -11 
Renault Trucks
Europe  14,735  15,661  -6 
Heavy- and medium-duty  8,005  9,513  -16 
Light-duty  6,730  6,148  9 
North America  22  50  -56 
South America  87  81  7 
Asia  672  1,293  -48 
Africa and Oceania  320  411  -22 
Total Renault Trucks  15,836  17,496  -9 
Heavy-duty (>16 tons)  7,449  9,345  -20 
Medium-duty (7-16 tons)  1,618  1,908  -15 
Light-duty (<7 tons)  6,769  6,243  8 
Total Renault Trucks  15,836  17,496  -9 
Mack
North America  7,153  7,655  -7 
South America  55  83  -34 
Africa and Oceania  259  220  18 
Total Mack  7,467  7,958  -6 
Heavy-duty (>16 tons)  5,806  6,388  -9 
Medium-duty (7-16 tons)  1,661  1,570  6 
Total Mack  7,467  7,958  -6 
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 32 DELIVERIES

===== SIDA 33 =====

Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 33 OTHER INFORMATION
This is information that AB Volvo (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the 
Securities Market Act. The information was submitted for publication, through the agency of the contact person set  out 
in the press release concerning this report, at 07.20 CET on April 17, 2024.
   This report contains forward-looking statements that reflect the Board of Directors' and management's current views 
with respect to certain future events and potential financial performance. Forward-looking statements are subject to 
risks and uncertainties. Results could differ materially from forward-looking statements as a result of, among other 
factors, (i) changes in economic, market and competitive conditions, (ii) success of business initiatives, (iii) changes in 
the regulatory environment and other government actions, (iv) fluctuations in exchange rates and (v) business risk 
management.
   This report is based solely on the circumstances at the date of publication and except to the extent required under 
applicable law, AB Volvo is under no obligation to update the information, opinions or forward-looking statements in this 
report.

===== SIDA 34 =====

Financial calendar
Report on the second quarter 2024 July 18, 2024
Report on the third quarter 2024 October 18, 2024
Capital Markets Day November 14, 2024
Contacts
Media relations:
Claes Eliasson +46 765 53 72 29
Investor Relations:
Johan Bartler +46 739 02 21 93
Anders Christensson +46 765 53 59 66
Q1
VOLVO GROUP
THE FIRST QUARTER 2024
 34 FINANCIAL CALENDAR AND CONTACTS
Aktiebolaget Volvo (publ)
556012–5790
Investor Relations, VGHQ
SE-405 08 Göteborg, Sweden
Tel +46 31 66 00 00
www.volvogroup.com