===== 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 5 Net sales SEK 121.8 billion (131.2) — — — — — — — — — — — — — — — — — — — — — — — Adjusted and reported operating income SEK 13.3 billion (18.2) — — — — — — — — — — — — — — — — — — — — — — — ===== SIDA 2 ===== • In Q1 2025, net sales decreased by 7% and amounted to SEK 121.8 billion (131.2). When adjusted for currency movements the decrease was also 7%. • Both adjusted and reported operating income1 amounted to SEK 13,258 M (18,159), corresponding to an operating margin of 10.9% (13.8). • Currency movements had a negative impact on operating income amounting to SEK 207 M. • Earnings per share amounted to SEK 4.86 (6.92). • Operating cash flow in the Industrial Operations amounted to SEK 1,309 M (8,896). • Return on capital employed in the Industrial Operations amounted to 31.8% (37.7). 131.2 121.8 Q1 2024 Q2 Q3 Q4 Q1 2025 18.2 13.3 13.8% 10.9% Q1 2024 Q2 Q3 Q4 Q1 2025 37.7% 31.8% Q1 2024 Q2 Q3 Q4 Q1 2025 First quarter SEK M unless otherwise stated 2025 2024 Net sales 121,792 131,177 Adjusted operating income¹ 13,258 18,159 Adjusted operating margin, % 10.9 13.8 Operating income 13,258 18,159 Operating margin, % 10.9 13.8 Income after financial items 12,855 18,442 Income for the period 9,984 14,103 Earnings per share, SEK 4.86 6.92 Operating cash flow in Industrial Operations 1,309 8,896 Net financial position in Industrial Operations², SEK bn 77.9 88.7 Return on capital employed in Industrial Operations³, % 31.8 37.7 Return on equity in Financial Services³, % 12.7 13.0 Net order intake, number of trucks 55,227 48,701 Deliveries, number of trucks 48,833 55,470 Net order intake, number of construction equipment 17,176 13,851 Deliveries, number of construction equipment 15,508 14,456 1 For information on adjusted operating income, please see note 6. 2 Excluding post-employment benefits and lease liabilities. 3 12 months rolling. On the cover: The all-new Mack Pioneer for long haul trucking on the North American market. Q1 VOLVO GROUP THE FIRST QUARTER 2025 2 IN BRIEF Net sales, SEK bn Adjusted operating income, SEK bn 1 Adjusted operating margin, % Return on capital employed Industrial Operations, % 3 ===== SIDA 3 ===== In Q1, the Volvo Groupʼs net sales declined by 7% adjusted for currency movements and amounted to SEK 121.8 billion (131.2). Sales of vehicles were 9% lower than in Q1 2024 and as the quarter went by, there was increased uncertainty surrounding tariffs and their effect on global trade. The underlying service business continued to grow supported by good utilization of vehicles and machines in many markets across the world. Adjusted for the divestment of Arquus and currency our service business grew by 2% compared with Q1, 2024, and on a rolling 12-month basis we had service revenues of SEK 129.2 billion. The lower vehicle volumes affected our profitability, but we nonetheless generated an operating income of SEK 13.3 billion (18.2) with a margin of 10.9% (13.8). Return on capital employed amounted to 31.8% (37.7) and operating cash flow in our Industrial Operations was SEK 1.3 billion (8.9). At the end of the quarter, we had a net financial position of SEK 77.9 billion, excluding pension and lease liabilities and before the distribution of the dividend in April. Compared with Q1 2024, deliveries in our truck business declined by 12% to 48,833 trucks, and the currency-adjusted net sales decreased by 9% to SEK 82.2 billion. In contrast to the lower deliveries, order intake rose by 13% to 55,227 trucks, with increases in all markets except South America. The operating margin amounted to 10.3% (14.5), impacted by the lower deliveries. In addition, the margin was impacted by the change- over to the new truck platform in North America as well as under absorption in the U.S. truck production. It is clear that our customers appreciate our new trucks and the benefits they provide for their businesses. In Europe, Volvo Trucks had an all-time high market share of 20.1% in heavy-duty trucks. Combined with Renault Trucks, the Groupʼs share was a record 30.6%, We were also the market leader in Brazil with Volvo Trucks on 23.8%. Volvo Trucksʼ market share in North America has been hampered by the changeover to the new product platform, whereas Mack Trucks have regained market share as supply chain issues have been worked through. On April 8, Mack celebrated its 125th anniversary and launched the all-new Mack Pioneer for long-haul trucking. The Mack Pioneer is designed for superior comfort, advanced aerodynamics and game-changing fuel efficiency and is a strong lever for further strengthening Mackʼs position going forward. Construction Equipmentʼs deliveries increased by 7% with lower volumes for the Volvo brand in Europe and North America more than being offset by an increase for the SDLG brand mainly in China. The net sales of SEK 21.1 billion were 8% lower than in the previous year adjusted for currency changes, and the operating margin declined to 12.0% (16.1) impacted by the lower volumes in Europe and North America. On the construction equipment side, we also continue to push innovation with the rollout of new products. At the large trade fair Bauma in Germany in early April we showcased our groundbreak- ing all-electric lineup of excavators, wheel loaders, articulated haulers, and compact equipment, and we also unveiled the worldʼs first electric articulated haulers in the A30 and A40 size classes. Demand for buses remained strong in many markets, particularly for coaches. Buses currency-adjusted net sales increased by 7% to SEK 5.4 billion with an improvement in the operating margin to 6.6% (5.0) supported by price realization and the restructuring of the business model in Europe carried out in 2024. Volvo Penta continued to perform well on slightly lower volumes in Q1. Net sales decreased by 3% to SEK 5.0 billion and the operating margin amounted to 18.3% (19.1), supported by a positive mix. Our customer financing operations, Volvo Financial Services, continued to report good earnings, stable portfolio performance and an increase in the penetration level to 29%. The operating income amounted to SEK 1.0 billion (1.0). We have have high customer satisfaction and strong relations, and in times of uncertainty it is more important than ever to work in close cooperation with our customers. We stay close to support their businesses as efficiently as possible with leading products and services. We have a solid foundation with the right people, a well-invested industrial backbone, cutting-edge technology and a strong financial position. In the fast-changing geopolitical landscape, it is too early to assess the full implications from the imposed tariffs. However, we have strong regional value chains and global capabilities. In the short term, we therefore work actively with our regional value chains to adapt flows, production capacity and commercial terms to mitigate the effects from tariffs and their subsequent impact on demand. In the long term, transport and infrastructure remain exciting growth industries at the core of driving prosperity. Martin Lundstedt President and CEO Q1 VOLVO GROUP THE FIRST QUARTER 2025 3 CEO'S COMMENTS “We have have high customer satisfaction and strong relations, and in times of uncertainty it is more important than ever to work in close cooperation with our customers.” Solid performance in an increasingly uncertain market ===== SIDA 4 ===== Annual General Meeting of AB Volvo AB Volvoʼs Annual General Meeting on April 2, 2025 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 8.00 per share and an extraordinary dividend of SEK 10.50 per share should be paid to the share- holders. April 4, 2025 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 2024 fiscal year. Matti Alahuhta, Bo Annvik, Pär Boman, 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 re-elected as Chairman of the Board. The auditing firm Deloitte AB was re-elected as auditor for the period until the close of the Annual General Meeting 2026, in accordance with the Election Committeeʼs proposal and the Boardʼs and the Audit Committeeʼs recommendation. Fredrik Persson (AB Industri- värden), 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. Detailed information is available at www.volvogroup.com Q1 VOLVO GROUP THE FIRST QUARTER 2025 4 IMPORTANT EVENTS ===== SIDA 5 ===== Net sales In Q1 2025, the Volvo Groupʼs net sales decreased by 7% to SEK 121,792 M compared with SEK 131,177 M in the same quarter the preceding year. Net sales decreased in all regions and in all segments except Buses. Also when adjusted for currency movements, net sales decreased by 7%, of which vehicle sales decreased by 9% and service sales decreased by 1%. Operating income In Q1 2025, both adjusted and reported operating income amounted to SEK 13,258 M (18,159), corresponding to an operating margin of 10.9% (13.8). For more information on adjusted operating income, please see Note 6. Compared with Q1 2024, the operating income was negatively affected by lower volumes, a negative brand and product mix, the changeover to new truck platform in North America as well as under absorption in the truck production in the U.S. These were partly offset by an improved service business, lower freight costs as well as decreased R&D, selling and administrative expenses. Currency movements, compared with Q1 2024, had a negative impact of SEK 207 M. Financial items In Q1 2025, interest income was SEK 638 M (885), whereas interest expenses amounted to SEK -409 M (-364). Other financial income and expenses amounted to SEK -632 M (-238). The change is primarily due to revaluation effects of financial assets and liabilities. Income taxes In Q1 2025, income taxes amounted to SEK -2,871 M (-4,339). The effective tax rate was 22.3% (23.5). Income for the period and earnings per share In Q1 2025, income for the period amounted to SEK 9,984 M (14,103). Earnings per share amounted to SEK 4.86 (6.92). Consolidated Income Statement First quarter SEK M 2025 2024 Net sales 121,792 131,177 Cost of sales -90,867 -94,395 Gross income 30,925 36,781 Research and development expenses -6,951 -7,332 Selling expenses -8,232 -8,617 Administrative expenses -1,820 -1,964 Other operating income and expenses -564 -567 Income/loss from investments in joint ventures and associated companies -122 -142 Income/loss from other investments 22 – Operating income 13,258 18,159 Interest income and similar credits 638 885 Interest expenses and similar charges -409 -364 Other financial income and expenses -632 -238 Income after financial items 12,855 18,442 Income taxes -2,871 -4,339 Income for the period * 9,984 14,103 * Attributable to: Owners of AB Volvo 9,890 14,080 Non-controlling interest 94 23 Basic earnings per share, SEK 4.86 6.92 Diluted earnings per share, SEK 4.86 6.92 Q1 VOLVO GROUP THE FIRST QUARTER 2025 5 FINANCIAL SUMMARY ===== SIDA 6 ===== Net sales First quarter SEK M 2025 2024 Change % Net sales per geographical region Europe 49,749 56,861 -13 North America 40,457 40,888 -1 South America 10,743 11,428 -6 Asia 14,671 14,710 – Africa and Oceania 6,171 7,289 -15 Total net sales 121,792 131,177 -7 Net sales per product group Vehicles 89,929 98,841 -9 Services 31,863 32,336 -1 Total net sales 121,792 131,177 -7 Timing of revenue recognition Revenue of vehicles and services recognized at the point of delivery 108,877 117,799 -8 Revenue of vehicles and services recognized over contract period 12,915 13,377 -3 Total net sales 121,792 131,177 -7 Operating cash flow in the Industrial Operations During Q1 2025, operating cash flow in the Industrial Operations was positive in an amount of SEK 1,309 M (8,896). Compared with Q1 2024, the decreased operating cash flow is mainly an effect of the lower operating income. 8.9 1.3 Q1 2024 Q2 Q3 Q4 Q1 2025 Q1 VOLVO GROUP THE FIRST QUARTER 2025 6 FINANCIAL SUMMARY Operating cash flow Industrial Operations, SEK bn ===== SIDA 7 ===== Volvo Group financial position During Q1 2025, net financial assets in the Industrial Operations, excluding provisions for post-employment benefits and lease liabilities, decreased by SEK 7.9 billion resulting in a net financial asset position of SEK 77.9 billion on March 31, 2025, compared with SEK 85.9 billion on December 31, 2024. The change is mainly explained by capital injections to Financial Services, made in order to increase their equity ratio from 8.0% to 10.0%. Currency movements decreased net financial assets by SEK 2.5 billion. Including provisions for post-employment benefits and lease liabilities, the Industrial Operations net financial assets amounted to SEK 61.4 billion on March 31, 2025, compared with SEK 67.2 billion on December 31, 2024. Remeasurements of defined benefit pension plans had a positive impact of SEK 1.2 billion during Q1 2025. Total assets in the Volvo Group decreased by SEK 26.9 billion compared with year end 2024, whereof SEK 38.9 billion is related to currency movements. On March 31, 2025, total equity for the Volvo Group amounted to SEK 199.2 billion compared with SEK 197.4 billion at year end 2024. The equity ratio was 29.0% (27.6). On the same date the equity ratio in the Industrial Operations amounted to 39.1% (38.4). 88.7 77.9 Q1 2024 Q2 Q3 Q4 Q1 2025 Number of employees On March 31, 2025, the Volvo Group had 102,648 employees, including temporary employees and consultants, compared with 101,595 employees on December 31, 2024. The number of blue-collar employees increased by 1,168 and the number of white-collar employees decreased by 115. Mar 31 2025 Dec 31 2024 Mar 31 2024 Blue-collar 49,645 48,477 51,599 Whereof temporary employees and consultants 4,597 3,201 6,153 White-collar 53,003 53,118 53,306 Whereof temporary employees and consultants 6,897 7,022 7,510 Total number of employees 102,648 101,595 104,905 Whereof temporary employees and consultants 11,494 10,223 13,663 Number of employees Q1 VOLVO GROUP THE FIRST QUARTER 2025 7 FINANCIAL SUMMARY Net financial position excl. post-employment benefits and lease liabilities Industrial Operations, SEK bn ===== SIDA 8 ===== Net sales First quarter Change 12 mths. Jan-Dec SEK M 2025 2024 % %¹ rolling 2024 Trucks 82,248 89,946 -9 -8 352,912 360,610 Construction Equipment 21,117 22,877 -8 -8 86,545 88,305 Buses 5,436 5,173 5 7 24,807 24,544 Volvo Penta 5,004 5,168 -3 -3 19,688 19,852 Group Functions & Other 3,664 4,281 -14 -14 15,931 16,548 Eliminations -1,213 -1,280 – – -4,816 -4,883 Industrial Operations 116,256 126,163 -8 -7 495,068 504,975 Financial Services 6,779 6,532 4 6 27,228 26,982 Reclassifications and eliminations -1,243 -1,519 – – -4,865 -5,140 Volvo Group net sales 121,792 131,177 -7 -7 517,431 526,816 1 Adjusted for exchange rate fluctuations. Adjusted operating income ¹ First quarter Change 12 mths. Jan-Dec SEK M 2025 2024 % rolling 2024 Trucks 8,464 13,073 -35 41,217 45,826 Construction Equipment 2,542 3,683 -31 11,596 12,737 Buses 360 259 39 2,333 2,233 Volvo Penta 915 988 -7 3,345 3,419 Group Functions & Other -114 -947 88 -2,109 -2,943 Eliminations -5 -13 – 39 32 Industrial Operations 12,162 17,044 -29 56,422 61,305 Financial Services 1,019 1,009 1 4,052 4,042 Reclassifications and eliminations 77 106 -27 343 371 Volvo Group adjusted operating income 13,258 18,159 -27 60,817 65,718 Adjustments ¹ – – – 893 893 Volvo Group operating income 13,258 18,159 -27 61,710 66,611 1 For more information on adjusted operating income, please see note 6. Adjusted operating margin First quarter 12 mths. Jan-Dec % 2025 2024 rolling 2024 Trucks 10.3 14.5 11.7 12.7 Construction Equipment 12.0 16.1 13.4 14.4 Buses 6.6 5.0 9.4 9.1 Volvo Penta 18.3 19.1 17.0 17.2 Industrial Operations 10.5 13.5 11.4 12.1 Volvo Group adjusted operating margin 10.9 13.8 11.8 12.5 Volvo Group operating margin 10.9 13.8 11.9 12.6 Q1 VOLVO GROUP THE FIRST QUARTER 2025 8 BUSINESS SEGMENT OVERVIEW ===== SIDA 9 ===== Market development In Q1, the European heavy-duty truck market was down by 15% in terms of registrations. Truck utilization remained on normal levels and the market is largely replacement-driven. Recently announced increases in defense spending in Europe is expected to gradually drive demand from armed forces. The Group's global deliveries of trucks to armed forces amount to approximately 1,500 trucks per year. Also in North America the market was down compared with Q1 2024 with retail sales being 13% lower mainly driven by a weaker long haul segment while the vocational segment remained stronger. Recent uncertainty surrounding trade tariffs and the EPA27 emissions legislation have caused US customers to adopt a wait and see approach. There is no longer an expectation of a prebuy in 2025 due to EPA27. The Brazilian truck market remained on a level broadly on par with the prior year. The market is supported by continued strong agricultural and mining exports, but high inflation and increased interest rates are expected to gradually dampen demand. In Q1 2025, the Indian truck market was supported by ongoing infrastructure projects and gradually strengthening freight demand. The freight overcapacity in China continued to hamper demand for trucks and the total market declined year of year. The market for battery-electric applications continued to grew. Orders and deliveries In Q1, net order intake increased by 13% to 55,227 trucks and deliveries decreased by 12% to 48,833 units. Deliveries of heavy- duty trucks decreased by 7%, of medium-duty trucks by 26% and for light-duty trucks the decrease was 36%. In Europe, order intake increased by 25% to 31,362 units. Order intake for heavy- and medium-duty trucks increased by 35% with good momentum for both Volvo and Renault Trucks. Total deliveries in Europe decreased by 18% to 24,047 trucks, impacted by deliveries of light-duty vehicles decreasing by 36% as a consequence of a model changeover. Through March, Volvo Trucks' total heavy-duty market share reached an all-time high of 20.1% (16.8). The electric heavy-duty market share was 36.5% (56,8). Renault Trucks' also had strong total heavy-duty truck market share, which increased to 10.5% (8.2). The electric heavy- duty market share increased to 23.6% (15.4). Order intake in North America increased by 6% to 10,217 trucks with strong demand for Mack's vocational trucks while order intake for Volvo was impacted by the changeover to the new platform. Deliveries in North America decreased by 5% to 14,315 trucks. Volvo Trucksʼ heavy-duty truck market share amounted to 7.2% (9.1) hampered by the model changeover while Mack Trucksʼ market share rose to 6.9% (5.3) on the back of an improved supply chain and good vocational demand. In South America, order intake decreased by 25% to 5,948 trucks while deliveries increased by 5% to 5,397 vehicles. In Brazil, Volvo Trucksʼ remained the market leader with a heavy-duty truck market share of 23.8% (22.3). Order intake in Asia increased by 35% to 5,556 vehicles while deliveries decreased by 11% to 3,315 vehicles. Order intake for fully electric trucks increased by 51% to 965 vehicles, largely driven by the light-duty segment while deliveries decreased by 9% to 828 vehicles. The market for electric trucks is still driven by early adopters. A broader adoption is dependent on several factors, among them the expansion of necessary infrastructure such as charging and the total cost of ownership development including incentive schemes. Order intake in the Indian joint venture, VE Commercial Vehicles, increased by 9% to 20,213 vehicles while deliveries increased by 6% to 20,580 vehicles. Deliveries from the Chinese joint venture, Dongfeng Commercial Vehicles, increased by 33% to 30,432 trucks. Total market development - the market forecasts are subject to significant uncertainty due to current market conditions First quarter Change Full year Forecast Change vs. Registrations, number of trucks 2025 2024 % 2024 2025 previous forecast Europe 29 ¹ heavy-duty 62,302 73,702 -15 278,166 – – Europe 30 ¹ heavy-duty 70,142 82,530 -15 313,894 290,000 Unchanged North America heavy-duty, retail sales. 62,275 71,329 -13 308,141 275,000 -25,000 Brazil heavy-duty 21,483 20,951 3 97,686 85,000 -5,000 China ² medium- and heavy-duty 213,408 222,454 -4 704,534 710,000 Unchanged India medium- and heavy-duty 105,851 103,695 2 351,252 380,000 +10,000 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 2025 9 TRUCKS All time high market share for Volvo in Europe • In Q1, net order intake increased by 13% while deliveries decreased by 12% • Adjusted and reported operating income decreased to SEK 8,464 M (13,073), with a margin of 10.3% (14.5) • Service sales increased by 1%, adjusted for currency ===== SIDA 10 ===== Net order intake First quarter Change Number of trucks 2025 2024 % Europe 31,362 25,077 25 Heavy- and medium-duty 26,964 19,976 35 Light-duty 4,398 5,101 -14 North America 10,217 9,620 6 South America 5,948 7,898 -25 Asia 5,556 4,115 35 Africa and Oceania 2,144 1,991 8 Total order intake 55,227 48,701 13 Heavy-duty (>16 tons) 47,808 40,211 19 Medium-duty (7-16 tons) 3,020 3,269 -8 Light-duty (<7 tons) 4,399 5,221 -16 Total order intake 55,227 48,701 13 Volvo 33,659 31,067 8 Renault Trucks 15,510 14,823 5 Heavy- and medium-duty 11,111 9,602 16 Light-duty 4,399 5,221 -16 Mack 5,854 2,765 112 Other brands 204 46 343 Total order intake 55,227 48,701 13 Non-consolidated operations VE Commercial Vehicles (Eicher) 20,213 18,611 9 Deliveries First quarter Change Number of trucks 2025 2024 % Europe 24,047 29,289 -18 Heavy- and medium-duty 19,748 22,559 -12 Light-duty 4,299 6,730 -36 North America 14,315 15,056 -5 South America 5,397 5,154 5 Asia 3,315 3,717 -11 Africa and Oceania 1,759 2,254 -22 Total deliveries 48,833 55,470 -12 Heavy-duty (>16 tons) 41,366 44,431 -7 Medium-duty (7-16 tons) 3,167 4,270 -26 Light-duty (<7 tons) 4,300 6,769 -36 Total deliveries 48,833 55,470 -12 Volvo 27,944 31,954 -13 Renault Trucks 12,948 15,836 -18 Heavy- and medium-duty 8,648 9,067 -5 Light-duty 4,300 6,769 -36 Mack 7,874 7,467 5 Other brands 67 213 -69 Total deliveries 48,833 55,470 -12 Non-consolidated operations VE Commercial Vehicles (Eicher) 20,580 19,328 6 Dongfeng Commercial Vehicle Company (Dongfeng Trucks) 30,432 22,850 33 Net sales and operating income In Q1 2025, net sales decreased by 9% to SEK 82,248 M (89,946). Excluding currency effects, net sales decreased by 8% with sales of vehicles decreasing by 10% and sales of services increasing by 1%. In Q1 2025, both adjusted and reported operating income amounted to SEK 8,464 M (13,073), corresponding to an operating margin of 10.3% (14.5). For more information on adjusted operating income, see note 6. Compared with Q1 2024, the lower operating income is an effect of lower volumes, the changeover to the new truck platform in North America and under absorption in the truck production in the U.S., which were partly offset by an improved service business, lower freight costs and lower R&D expenses. Compared with Q1 2024, currency movements had a negative impact of SEK 58 M. Q1 VOLVO GROUP THE FIRST QUARTER 2025 10 TRUCKS ===== SIDA 11 ===== Net order intake and deliveries of fully electric trucks First quarter Change Number of trucks 2025 2024 % Volvo 397 306 30 Renault Trucks 561 319 76 Heavy- and medium-duty 139 172 -19 Light-duty 422 147 187 Mack 7 13 -46 Total order intake of fully electric trucks 965 638 51 Volvo 281 520 -46 Renault Trucks 519 358 45 Heavy- and medium-duty 178 202 -12 Light-duty 341 156 119 Mack 28 29 -3 Total deliveries of fully electric trucks 828 907 -9 Net sales and operating income First quarter Change SEK M 2025 2024 % Net sales per geographical region Europe 37,925 43,425 -13 North America 26,882 27,237 -1 South America 8,046 8,712 -8 Asia 5,633 5,976 -6 Africa and Oceania 3,762 4,594 -18 Total net sales 82,248 89,946 -9 Net sales per product group Vehicles 63,752 71,584 -11 Services 18,496 18,361 1 Total net sales 82,248 89,946 -9 Timing of revenue recognition Revenue of vehicles and services recognized at the point of delivery 76,344 84,078 -9 Revenue of vehicles and services recognized over contract period 5,904 5,868 1 Total net sales 82,248 89,946 -9 Adjusted operating income ¹ 8,464 13,073 -35 Adjustments – - – Operating income 8,464 13,073 -35 Adjusted operating margin, % 10.3 14.5 Operating margin, % 10.3 14.5 1 For more information on adjusted operating income, please see note 6. Important events In the beginning of March, Volvo Trucks launched a completely new Volvo VNR for the North American regional haul market. It is built on Volvo's new platform, making the new truck more fuel efficient, safer and more versatile. Volvoʼs most fuel-efficient truck ever – the Volvo FH Aero – won the 2025 Green Truck award. The Volvo FH Aero offers a combination of good aerodynamics and an efficient powertrain, resulting in savings in fuel and CO2 according to an independent test in Germany. On April 8, Mack Trucks unveiled the all-new Mack Pioneer, its new flagship highway truck. Available in the U.S. and Canada in multiple configurations including day cabs, and short, medium and long sleeper options, the Pioneer meets the diverse needs of fleet owners and operators across all highway applications. Q1 VOLVO GROUP THE FIRST QUARTER 2025 11 TRUCKS ===== SIDA 12 ===== Market development In Q1, the total machine market was flat compared with the prior year. Asia, including China, and South America grew while Europe and North America contracted. Compared with the historically high levels in Q1 2024, the total market in Europe declined as end customer demand remained saturated. The North American market was down from very high levels, as replenishment of dealer and rental fleets continued to normalize. End customer demand declined due to repositioning of fleets and market outlook uncertainty. In South America, the market grew mainly driven by Brazil but also by improved business sentiment in Argentina and Chile. The Chinese market continued to grow on the back of govern- mental policies to stimulate the real estate and construction segments. Asia excluding China was slightly up, with growth in Indonesia driven by regained momentum in the mining industry as well as a good development in South Korea. India, Turkey and the Middle East experienced declines mainly because of revised government investments in infrastructure. Orders and deliveries In Q1, net order intake increased by 24% to 17,176 machines. Order intake for the Volvo brand increased by 19% with improvements in all markets except South America. In Europe, dealer orders increased as dealer inventory levels came down and end customer sentiment improved. The increased order intake in North America is an effect of more normalized supply and low order intake in the prior year due to high inventory levels in the market. Order intake for SDLG branded machines improved by 30% driven by the Chinese market. Deliveries in Q1 were 7% higher than in 2024 and amounted to 15,508 machines. Increased volumes for SDLG in China more than offset lower volumes of Volvo branded machines in Europe and North America. Total market development - the market forecasts are subject to significant uncertainty due to current market conditions Year-to-date February Forecast Previous forecast Change in % measured in units 2025 2025 2025 Europe -18 -5% to +5% -5% to +5% North America -14 -15% to -5% -10% to 0% South America 12 -5% to +5% -5% to +5% Asia excl. China 1 -5% to +5% -5% to +5% China 42 0% to +10% 0% to +10% Net order intake First quarter Change Number of construction equipment 2025 2024 % Europe 3,455 2,677 29 North America 1,625 1,446 12 South America 575 662 -13 Asia 10,687 8,415 27 Africa and Oceania 834 651 28 Total orders 17,176 13,851 24 Large and medium construction equipment 12,218 9,901 23 Compact construction equipment 4,958 3,950 26 Of which fully electric 1,019 199 412 Total orders 17,176 13,851 24 Of which: Volvo 8,442 7,083 19 SDLG 8,698 6,712 30 Of which in China 6,831 5,534 23 Q1 VOLVO GROUP THE FIRST QUARTER 2025 12 CONSTRUCTION EQUIPMENT • In Q1, order intake increased by 24% and deliveries increased by 7% • Adjusted and reported operating income decreased to SEK 2,542 M (3,683), with a margin of 12.0% (16.1) • Service sales increased by 2%, adjusted for currency Earnings impacted by lower volumes in Europe and North America ===== SIDA 13 ===== Deliveries First quarter Change Number of construction equipment 2025 2024 % Europe 2,635 3,050 -14 North America 1,430 1,746 -18 South America 459 370 24 Asia 10,270 8,650 19 Africa and Oceania 714 640 12 Total deliveries 15,508 14,456 7 Large and medium construction equipment 11,016 10,593 4 Compact construction equipment 4,492 3,863 16 Of which fully electric 1,008 232 334 Total deliveries 15,508 14,456 7 Of which: Volvo 6,774 7,688 -12 SDLG 8,698 6,712 30 Of which in China 6,831 5,534 23 Net sales and operating income First quarter Change SEK M 2025 2024 % Net sales per geographical region Europe 6,400 7,177 -11 North America 5,251 6,425 -18 South America 889 759 17 Asia 7,362 6,925 6 Africa and Oceania 1,215 1,589 -24 Total net sales 21,117 22,877 -8 Net sales per product group Construction equipment 17,233 19,092 -10 Services 3,884 3,784 3 Total net sales 21,117 22,877 -8 Timing of revenue recognition Revenue of vehicles and services recognized at the point of delivery 20,215 22,065 -8 Revenue of vehicles and services recognized over contract period 902 811 11 Total net sales 21,117 22,877 -8 Adjusted operating income ¹ 2,542 3,683 -31 Adjustments – – – Operating income 2,542 3,683 -31 Adjusted operating margin, % 12.0 16.1 Operating margin, % 12.0 16.1 1 For more information on adjusted operating income, please see note 6. Net sales and operating income In Q1 2025, net sales decreased by 8% to SEK 21,117 M (22,877). Also when adjusted for currency movements net sales decreased by 8%, of which net sales of machines decreased by 10% and service sales increased by 2%. Both adjusted and reported operating income amounted to SEK 2,542 M (3,683), corresponding to an operating margin of 12.0% (16.1). Compared with Q1 2024, a negative brand, market and product mix was partly offset by increased volumes, lower material costs and an improved service business. Compared with Q1 2024, currency movements had a negative impact of SEK 12 M. Important events In Q1, the rollout of Volvo Construction Equipmentʼs (Volvo CE) new conventional product range continued with the launch of the A50 articulated hauler for the important North American market alongside several local launches of the new range of excavators in Asian markets. Volvo CE also announced a partnership with Danish software company Unicontrol to integrate their 3D machine control technology into Volvo excavators. At the construction trade show Bauma in Germany in early April, Volvo CE showcased a groundbreaking all-electric lineup of excavators, wheel loaders, articulated haulers, and compact equipment. Bauma also marked the unveiling of the worldʼs first electric articulated haulers in the A30 and A40 size classes, which will reach selected customers in Europe in 2026. Q1 VOLVO GROUP THE FIRST QUARTER 2025 13 CONSTRUCTION EQUIPMENT ===== SIDA 14 ===== In Q1, demand for buses remained strong in many markets, particularly in the coach segment. Net order intake increased by 123% compared with Q1 2024 from a good order intake in all regions. The transition towards electric vehicles in city traffic continued and orders for 168 electric buses were confirmed in Q1. Total deliveries decreased by 5% to 1,235 units. In Q1, net sales increased by 5% to SEK 5,436 M (5,173). Adjusted for currency, net sales increased by 7%, with vehicle sales increasing by 5% and service sales increasing by 10%. Both adjusted and reported operating income amounted to SEK 360 M (259), corresponding to an operating margin of 6.6% (5.0). For information on adjusted operating income, see Note 6. Operating income was positively impacted by good price realization, a positive market mix and lower manufacturing costs as an effect of the restructuring in Europe, while lower delivery volumes and increased material costs had a negative impact. Compared with Q1 2024, currency movements had a negative impact of SEK 30 M. In Q1, Volvo Buses launched the new Volvo 7800 Electric in Mexico, the first electric articulated and bi-articulated bus manu- factured in the country. The new electric bus is built on Volvo Busesʼ global electromobility platform BZR and it will evolve the Bus Rapid Transit systems in Mexico, creating a more efficient and sustainable people transport system. The high order intake included the first order for the new inter- city bus Volvo 8900 Electric. Svealandstrafiken ordered a total of 106 electric buses to operate in Sweden, whereof 60 Volvo 8900 Electric. Net order intake and deliveries ¹ First quarter Change Number of buses 2025 2024 % Total orders 1,947 874 123 Of which fully electric 168 45 273 Of which hybrids – – – Total deliveries 1,235 1,301 -5 Of which fully electric 119 74 61 Of which hybrids – 26 – Net sales and operating income First quarter Change SEK M 2025 2024 % Net sales per geographical region Europe 1,721 1,564 10 North America 2,230 2,396 -7 South America 376 403 -7 Asia 431 296 46 Africa and Oceania 678 514 32 Total net sales 5,436 5,173 5 Net sales per product group Vehicles 3,928 3,794 4 Services 1,508 1,378 9 Total net sales 5,436 5,173 5 Timing of revenue recognition Revenue of vehicles and services recognized at the point of delivery 5,136 4,929 4 Revenue of vehicles and services recognized over contract period 300 244 23 Total net sales 5,436 5,173 5 Adjusted operating income ¹ 360 259 39 Adjustments – – – Operating income 360 259 39 Adjusted operating margin, % 6.6 5.0 Operating margin, % 6.6 5.0 1 For more information on adjusted operating income, please see note 6. Q1 VOLVO GROUP THE FIRST QUARTER 2025 14 BUSES • In Q1, deliveries decreased by 5% while net order intake increased by 123% • Adjusted and reported operating income increased to SEK 360 M (259), with a margin of 6.6% (5.0) • Service sales increased by 10% adjusted for currency Strong order intake and continued earnings improvement ===== SIDA 15 ===== In Q1, demand for power generation continued to rise, driven by energy infrastructure expansion. The off-highway segment was stable with some signs of construction recovering. Demand in the marine leisure market continued to be slow, while there was good sales traction with the IPS Professional Platform in the yacht segment. The marine commercial segment remained stable, supported by demand driven by the energy transition. In Q1, net order intake increased by 35% to 12,234 units with strong demand in the power generation segment, while deliveries decreased by 17% to 8,700 units. Net sales decreased by 3% to SEK 5,004 M (5,168). Also when adjusted for currency movements the decrease was 3%, of which sales of engines decreased by 5% and sales of services increased by 4%. Both adjusted and reported operating income amounted to SEK 915 M (988), corresponding to an operating margin of 18.3% (19.1). Earnings were negatively impacted by lower engine volumes, which were partly offset by a positive product and market mix, price realization and lower selling and administrative expenses. Compared with Q1 2024, the currency impact on operating income was negative in an amount of SEK 37 M. In Q1, the IPS Professional Platform was introduced to the North American yacht market and went into serial production. Net order intake and deliveries First quarter Change Number of Engines 2025 2024 % Total orders 12,234 9,050 35 Of which fully electric 17 43 -60 Total deliveries 8,700 10,435 -17 Of which fully electric 28 44 -36 Net sales and operating income First quarter Change SEK M 2025 2024 % Net sales per geographical region Europe 2,531 2,624 -4 North America 1,025 874 17 South America 204 226 -10 Asia 990 1,125 -12 Africa and Oceania 255 319 -20 Total net sales 5,004 5,168 -3 Net sales per product group Engines 3,647 3,861 -6 Services 1,357 1,306 4 Total net sales 5,004 5,168 -3 Timing of revenue recognition Revenue of vehicles and services recognized at the point of delivery 4,993 5,156 -3 Revenue of vehicles and services recognized over contract period 11 11 – Total net sales 5,004 5,168 -3 Adjusted operating income ¹ 915 988 -7 Adjustments – – – Operating income 915 988 -7 Adjusted operating margin, % 18.3 19.1 Operating margin, % 18.3 19.1 1 For more information on adjusted operating income, please see note 6. Q1 VOLVO GROUP THE FIRST QUARTER 2025 15 VOLVO PENTA Good performance on lower volumes • In Q1, order intake increased by 35% while deliveries decreased by 17% • Adjusted and reported operating income decreased to SEK 915 M (988), with a margin of 18.3% (19.1) • IPS Professional Platform introduced to the North American yacht market and serial production started ===== SIDA 16 ===== In Q1 2025, the credit portfolio for Financial Services continued to grow. Adjusted for currency, the net credit portfolio increased by 6% compared with Q1 2024. The portfolio performance continued to be good, with customer delinquencies stabilizing at average business cycle levels. Compared with Q1 2024, new business volume increased by 5%, when adjusted for currency. In Q1, both adjusted and reported operating income increased to SEK 1,019 M (1,009). The increase in operating income was primarily a result of continued profitable portfolio growth, which was partly offset by increased credit provisions. Currency movements had a negative impact of SEK 48 M compared with Q1 2024. The equity level has during the quarter been raised from 8.0% to 10.0%, due to increased regulatory requirements in many of the markets where Financial Services operates. Return on equity on a rolling 12-month basis amounted to 12.7% (13.0). Financial Services First quarter SEK M unless otherwise stated 2025 2024 Number of financed units, 12 months rolling 66,326 66,258 Total penetration rate, 12 months rolling, % ¹ 29 27 New retail financing volume, SEK billion 24.9 24.0 Credit portfolio net, SEK billion 264 270 Credit provision expenses 309 248 Adjusted operating income² 1,019 1,009 Adjustments – – Operating income 1,019 1,009 Credit reserves, % of credit portfolio 1.29 1.35 Return on equity³, 12 months rolling, % 12.7 13.0 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 For more information on adjustments, please see note 6. 3 2024 included Russian and Belarus operations, which were divested in Q3 2023. Q1 VOLVO GROUP THE FIRST QUARTER 2025 16 FINANCIAL SERVICES Good earnings and stable portfolio performance • In Q1, the net credit portfolio increased by 6%, adjusted for currency • Stable portfolio performance • Adjusted and reported operating income of SEK 1,019 M (1,009) ===== SIDA 17 ===== CONSOLIDATED INCOME STATEMENT - FIRST QUARTER Industrial Operations Financial Services Eliminations Volvo Group SEK M 2025 2024 2025 2024 2025 2024 2025 2024 Net sales 116,256 126,163 6,779 6,532 -1,243 -1,519 121,792 131,177 Cost of sales -87,499 -91,567 -4,688 -4,453 1,320 1,625 -90,867 -94,395 Gross income 28,757 34,596 2,091 2,079 77 106 30,925 36,781 Research and development expenses -6,951 -7,332 – – – – -6,951 -7,332 Selling expenses -7,410 -7,778 -822 -839 – – -8,232 -8,617 Administrative expenses -1,816 -1,960 -4 -4 – – -1,820 -1,964 Other operating income and expenses -308 -340 -255 -227 – – -564 -567 Income/loss from investments in joint ventures and associated companies -122 -142 – – – – -122 -142 Income/loss from other investments 12 – 10 – – – 22 – Operating income 12,162 17,044 1,019 1,009 77 106 13,258 18,159 Interest income and similar credits 715 991 – – -77 -106 638 885 Interest expenses and similar charges -409 -364 – – – – -409 -364 Other financial income and expenses -632 -238 – – – – -632 -238 Income after financial items 11,835 17,433 1,019 1,009 – – 12,855 18,442 Income taxes -2,600 -4,047 -271 -293 – – -2,871 -4,339 Income for the period * 9,235 13,387 749 716 – – 9,984 14,103 * Attributable to: Owners of AB Volvo 9,890 14,080 Non-controlling interest 94 23 Basic earnings per share, SEK 4.86 6.92 Diluted earnings per share, SEK 4.86 6.92 Key ratios, % Gross margin 24.7 27.4 25.4 28.0 Research and development expenses as % of net sales 6.0 5.8 5.7 5.6 Selling expenses as % of net sales 6.4 6.2 6.8 6.6 Administrative expenses as % of net sales 1.6 1.6 1.5 1.5 Operating margin 10.5 13.5 10.9 13.8 CONSOLIDATED OTHER COMPREHENSIVE INCOME - FIRST QUARTER SEK M 2025 2024 Income for the period 9,984 14,103 Items that will not be reclassified to income statement: Remeasurements of defined benefit pension plans 920 453 Remeasurements of holding of shares at fair value -1 -7 Items that may be reclassified subsequently to income statement: Exchange differences on translation of foreign operations -7,697 4,282 Share of OCI related to joint ventures and associated companies -1,359 756 Accumulated exchange differences reversed to income – – Other comprehensive income, net of income taxes -8,137 5,485 Total comprehensive income for the period * 1,847 19,588 * Attributable to: Owners of AB Volvo 2,031 19,437 Non-controlling interest -183 151 Q1 VOLVO GROUP THE FIRST QUARTER 2025 17 FINANCIAL STATEMENTS ===== SIDA 18 ===== CONSOLIDATED BALANCE SHEET - ASSETS Industrial Operations Financial Services Eliminations Volvo Group SEK M Mar 31 2025 Dec 31 2024 Mar 31 2025 Dec 31 2024 Mar 31 2025 Dec 31 2024 Mar 31 2025 Dec 31 2024 Non-current assets Intangible assets Goodwill 24,269 25,143 – – – – 24,269 25,143 Other intangible assets 19,370 19,046 132 151 – – 19,502 19,197 Tangible assets Property, plant and equipment 78,530 79,571 61 58 – – 78,591 79,629 Assets under operating leases 35,080 37,226 20,922 22,276 -15,625 -14,000 40,376 45,501 Financial assets Investments in joint ventures and associated companies 21,789 22,496 – – – – 21,789 22,496 Other shares and participations 1,075 1,089 27 18 – – 1,102 1,107 Non-current customer-financing receivables 1,298 1,533 125,604 134,969 -1,684 -1,897 125,218 134,605 Net pension assets 1,890 2,115 – – – – 1,890 2,115 Non-current interest-bearing receivables 4,220 4,969 3,570 – -3,570 -1,505 4,220 3,464 Other non-current receivables 6,582 7,018 277 322 -201 -220 6,658 7,120 Deferred tax assets 13,109 13,889 1,536 1,989 – – 14,645 15,878 Total non-current assets 207,212 214,094 152,128 159,784 -21,081 -17,623 338,260 356,254 Current assets Inventories 74,603 77,121 797 1,238 – – 75,400 78,359 Current receivables Customer-financing receivables 633 923 117,424 123,160 -1,394 -1,406 116,663 122,677 Tax assets 1,753 2,277 478 1,214 – – 2,232 3,491 Interest-bearing receivables 2,088 4,256 – – -16 -18 2,073 4,238 Internal funding 4,270 9,463 – – -4,270 -9,463 – – Accounts receivables 38,367 40,005 1,807 1,767 – – 40,174 41,772 Other receivables 22,237 22,441 3,348 3,796 -3,989 -4,234 21,597 22,003 Marketable securities 189 218 – – – – 189 218 Cash and cash equivalents 86,141 80,505 5,856 6,872 -1,283 -2,206 90,714 85,171 Assets held for sale 373 381 – – – – 373 381 Total current assets 230,654 237,590 129,710 138,047 -10,952 -17,328 349,413 358,309 Total assets 437,867 451,684 281,839 297,830 -32,032 -34,950 687,673 714,564 Q1 VOLVO GROUP THE FIRST QUARTER 2025 18 FINANCIAL STATEMENTS ===== SIDA 19 ===== CONSOLIDATED BALANCE SHEET - EQUITY AND LIABILITIES Industrial Operations Financial Services Eliminations Volvo Group SEK M Mar 31 2025 Dec 31 2024 Mar 31 2025 Dec 31 2024 Mar 31 2025 Dec 31 2024 Mar 31 2025 Dec 31 2024 Equity Equity attributable to owners of AB Volvo 167,887 170,218 28,183 23,831 – – 196,070 194,049 Non-controlling interest 3,117 3,312 – – – – 3,117 3,312 Total equity 171,004 173,530 28,183 23,831 – – 199,187 197,361 Non-current provisions Provisions for post-employment benefits 10,752 12,606 98 99 – – 10,850 12,706 Other provisions 11,077 12,243 51 51 – – 11,128 12,293 Total non-current provisions 21,829 24,849 148 150 – – 21,978 24,999 Non-current liabilities Bond loans 109,682 109,031 – – – – 109,682 109,031 Other loans 24,971 29,783 23,095 22,602 -1,377 -1,561 46,689 50,824 Internal funding -120,097 -126,063 104,859 113,733 15,239 12,330 – – Deferred tax liabilities 2,041 2,483 1,636 2,295 – – 3,677 4,778 Other liabilities 51,464 54,411 1,639 1,762 -11,047 -9,591 42,056 46,583 Total non-current liabilities 68,061 69,645 131,228 140,393 2,815 1,178 202,104 211,216 Current provisions 17,582 19,653 32 37 – – 17,613 19,690 Current liabilities Bond loans 43,683 45,460 – – – – 43,683 45,460 Other loans 41,093 44,698 14,047 14,507 -808 -912 54,332 58,292 Internal funding -72,660 -81,228 98,056 107,718 -25,397 -26,490 – – Trade payables 72,653 77,607 745 920 – – 73,397 78,527 Tax liabilities 2,862 1,916 659 1,194 – – 3,521 3,111 Other liabilities 71,745 75,540 8,740 9,082 -8,642 -8,726 71,842 75,896 Liabilities held for sale 14 13 – – – – 14 13 Total current liabilities 159,390 164,006 122,247 133,420 -34,847 -36,129 246,791 261,298 Total equity and liabilities 437,867 451,684 281,839 297,830 -32,032 -34,950 687,673 714,564 Key ratios, % Equity ratio 39.1 38.4 10.0 8.0 29.0 27.6 Equity attributable to owners of AB Volvo, per share in SEK 96.4 95.4 Return on operating capital ¹ 60.4 70.3 Return on capital employed ¹ 31.8 35.8 Return on equity ¹ 12.7 13.0 25.2 28.5 1 12 months rolling. Q1 VOLVO GROUP THE FIRST QUARTER 2025 19 FINANCIAL STATEMENTS ===== SIDA 20 ===== Net financial position excl. post-employment benefits and lease liabilities Industrial Operations Volvo Group SEK bn Mar 31 2025 Dec 31 2024 Mar 31 2025 Dec 31 2024 Non-current interest-bearing assets Non-current customer-financing receivables – – 125.2 134.6 Non-current interest-bearing receivables 4.2 5.0 4.2 3.5 Current interest-bearing assets Customer-financing receivables – – 116.7 122.7 Interest-bearing receivables 2.1 4.3 2.1 4.2 Internal funding 4.3 9.5 – – Marketable securities 0.2 0.2 0.2 0.2 Cash and cash equivalents 86.1 80.5 90.7 85.2 Assets held for sale – – – – Total interest-bearing financial assets 96.9 99.4 339.1 350.4 Non-current interest-bearing liabilities Bond loans -109.7 -109.0 -109.7 -109.0 Other loans -19.3 -23.8 -41.1 -44.9 Internal funding 120.1 126.1 – – Current interest-bearing liabilities Bond loans -43.7 -45.5 -43.7 -45.5 Other loans -39.0 -42.6 -52.3 -56.2 Internal funding 72.7 81.2 – – Liabilities held for sale – – – – Total interest-bearing financial liabilities excl. post-employment benefits and lease liabilities -19.0 -13.5 -246.7 -255.6 Net financial position excl. post-employment benefits and lease liabilities 77.9 85.9 92.3 94.8 Provisions for post-employment benefits and lease liabilities, net Industrial Operations Volvo Group SEK bn Mar 31 2025 Dec 31 2024 Mar 31 2025 Dec 31 2024 Non-current lease liabilities -5.7 -6.0 -5.6 -5.9 Current lease liabilities -2.1 -2.1 -2.1 -2.1 Provisions for post-employment benefits, net -8.9 -10.5 -9.0 -10.6 Liabilities held for sale – – – – Provisions for post-employment benefits and lease liabilities, net -16.6 -18.6 -16.6 -18.6 Net financial position incl. post-employment benefits and lease liabilities Industrial Operations Volvo Group SEK bn Mar 31 2025 Dec 31 2024 Mar 31 2025 Dec 31 2024 Net financial position excl. post-employment benefits and lease liabilities 77.9 85.9 92.3 94.8 Provisions for post-employment benefits and lease liabilities, net -16.6 -18.6 -16.6 -18.6 Net financial position incl. post-employment benefits and lease liabilities 61.4 67.2 75.7 76.2 Q1 VOLVO GROUP THE FIRST QUARTER 2025 20 FINANCIAL STATEMENTS ===== SIDA 21 ===== First quarter SEK bn 2025 Net financial position excl. post-employment benefits and lease liabilities at the end of previous period 85.9 Operating cash flow 1.3 Investments and divestments of shares, net -0.8 Acquired and divested operations, net -0.1 Capital injections to/from Financial Services -5.1 Currency effect -2.5 Dividend to owners of AB Volvo – Dividend to non-controlling interest – Other changes -0.8 Net financial position excl. post-employment benefits and lease liabilities at the end of period 77.9 Provisions for post-employment benefits and lease liabilities at the end of previous period -18.6 Pension payments, included in operating cash flow 0.4 Remeasurements of defined post-employment benefits 1.2 Service costs and other pension costs -0.3 Investments, remeasurements and amortizations of lease contracts -0.1 Transfer pensions and lease liabilities to divested entities – Currency effect 0.9 Other changes -0.1 Provisions for post-employment benefits and lease liabilities at the end of period -16.6 Net financial position incl. post-employment benefits and lease liabilities at the end of period 61.4 Changes in net financial position, Industrial Operations CHANGES IN CONSOLIDATED EQUITY SEK M Equity attributable to owners of AB Volvo Non-controlling interest Total equity Balance as of December 31, 2023 177,791 2,948 180,739 Income for the period 50,389 186 50,576 Other comprehensive income for the period 2,365 206 2,572 Total comprehensive income for the period 52,755 393 53,147 Dividend -36,602 -16 -36,618 Changes in non-controlling interests – -21 -21 Other changes 106 8 114 Transactions with shareholders -36,497 -28 -36,525 Balance as of December 31, 2024 194,049 3,312 197,361 Income for the period 9,890 94 9,984 Other comprehensive income for the period -7,859 -277 -8,137 Total comprehensive income for the period 2,031 -183 1,847 Dividend – – – Changes in non-controlling interests – -12 -12 Other changes -9 – -9 Transactions with shareholders -9 -12 -21 Balance as of March 31, 2025 196,070 3,117 199,187 Q1 VOLVO GROUP THE FIRST QUARTER 2025 21 FINANCIAL STATEMENTS ===== SIDA 22 ===== CONSOLIDATED CASH FLOW STATEMENT - FIRST QUARTER Industrial Operations Financial Services Eliminations Volvo Group SEK M 2025 2024 2025 2024 2025 2024 2025 2024 Operating activities Operating income 12,162 17,044 1,019 1,009 77 106 13,258 18,159 Amortization intangible assets 998 770 16 6 – – 1,014 776 Depreciation tangible assets 2,430 2,132 5 7 – – 2,436 2,138 Depreciation leasing vehicles 1,014 972 1,252 1,280 – – 2,266 2,252 Other non-cash items -56 365 378 213 – – 322 578 Total change in working capital whereof -7,576 -3,818 -3,293 -6,034 96 -104 -10,773 -9,956 Change in accounts receivables -904 953 -60 52 – – -964 1,005 Change in customer-financing receivables 13 31 -2,538 -5,099 57 -61 -2,467 -5,128 Change in inventories -2,677 -6,117 417 -138 – – -2,260 -6,255 Change in trade payables -1,266 1,150 -114 31 – – -1,380 1,181 Change in vehicles on operating lease and assets for service solutions -288 -63 -1,224 -1,108 -5 48 -1,516 -1,123 Other changes in working capital -2,454 227 225 229 44 -91 -2,184 364 Dividends received from joint ventures and associated companies – – – – – – – – Interest and similar items received 713 994 – – -82 -106 631 888 Interest and similar items paid -344 -267 – – -41 -27 -385 -294 Other financial items -83 -138 – – – – -83 -138 Income taxes paid -2,003 -5,588 -226 -300 – – -2,229 -5,888 Cash flow from operating activities 7,256 12,465 -849 -3,818 51 -131 6,457 8,516 Investing activities Investments in intangible assets -1,520 -1,135 -5 -11 – – -1,526 -1,146 Investments in tangible assets -4,500 -2,511 -1 -1 – – -4,500 -2,512 Disposals of in-/tangible assets 73 77 2 2 – – 75 79 Operating cash flow 1,309 8,896 -853 -3,828 51 -131 506 4,937 Investments of shares -779 -2,940 Divestment of shares – 2 Acquired operations -61 -2,448 Divested operations -48 170 Interest-bearing receivables incl. marketable securities -389 -292 Cash flow after net investments -771 -570 Financing activities New borrowings 119,179 62,761 Repayments of borrowings -109,691 -56,332 Dividend to owners of AB Volvo – – Dividend to non-controlling interest – – Other -26 41 Change in cash and cash equivalents excl. exchange rate changes 8,692 5,901 Effect of exchange rate changes on cash and cash equivalents -3,149 2,036 Change in cash and cash equivalents 5,543 7,936 Cash and cash equivalents, beginning of period 85,171 83,326 Cash and cash equivalents, end of period 90,714 91,263 Q1 VOLVO GROUP THE FIRST QUARTER 2025 22 FINANCIAL STATEMENTS ===== SIDA 23 ===== Income Statements, Volvo Group SEK M unless otherwise stated 1/2025 4/2024 3/2024 2/2024 1/2024 Net sales 121,792 138,413 116,978 140,249 131,177 Cost of sales -90,867 -103,142 -84,973 -100,257 -94,395 Gross income 30,925 35,271 32,005 39,992 36,781 Research and development expenses -6,951 -8,196 -7,213 -8,216 -7,332 Selling expenses -8,232 -9,292 -7,938 -8,841 -8,617 Administrative expenses -1,820 -2,194 -1,655 -1,988 -1,964 Other operating income and expenses -564 -666 -594 -16 -567 Income/loss from investments in joint ventures and associated companies -122 -889 -530 -605 -142 Income/loss from other investments 22 6 -1 13 – Operating income 13,258 14,039 14,074 20,339 18,159 Interest income and similar credits 638 656 601 546 885 Interest expenses and similar charges -409 -484 -375 -370 -364 Other financial income and expenses -632 449 -727 19 -238 Income after financial items 12,855 14,660 13,573 20,534 18,442 Income taxes -2,871 -3,843 -3,500 -4,952 -4,339 Income for the period * 9,984 10,817 10,073 15,583 14,103 * Attributable to: Owners of AB Volvo 9,890 10,742 10,017 15,551 14,080 Non-controlling interest 94 75 56 32 23 Key ratios, Volvo Group, % Gross margin 25.4 25.5 27.4 28.5 28.0 Research and development expenses as % of net sales 5.7 5.9 6.2 5.9 5.6 Selling expenses as % of net sales 6.8 6.7 6.8 6.3 6.6 Administrative expenses as % of net sales 1.5 1.6 1.4 1.4 1.5 Operating margin 10.9 10.1 12.0 14.5 13.8 Key ratios, Industrial Operations, % Gross margin 24.7 24.9 26.9 28.0 27.4 Research and development expenses as % of net sales 6.0 6.2 6.5 6.1 5.8 Selling expenses as % of net sales 6.4 6.3 6.4 5.9 6.2 Administrative expenses as % of net sales 1.6 1.7 1.5 1.5 1.6 Operating margin 10.5 9.8 11.7 14.2 13.5 EBITDA margin, Industrial Operations Net sales 116,256 132,519 111,577 134,715 126,163 Operating income 12,162 12,946 13,029 19,179 17,044 Amortization product and software development 907 915 944 821 736 Amortization other intangible assets 91 325 48 290 34 Depreciation tangible assets 3,444 3,721 3,168 3,274 3,103 Total depreciation and amortization 4,443 4,962 4,160 4,385 3,873 Operating income before depreciation and amortization (EBITDA) 16,604 17,907 17,189 23,563 20,917 EBITDA margin, % 14.3 13.5 15.4 17.5 16.6 Net capitalization of research and development Capitalization 1,488 1,673 839 648 1,101 Amortization -891 -900 -924 -786 -701 Net capitalization and amortization 598 774 -85 -138 400 Return on operating capital, Industrial Operations, %¹ 60.4 70.3 75.9 83.9 75.2 Return on capital employed, Industrial Operations, %¹ 31.8 35.8 38.3 41.3 37.7 1 12 months rolling. Q1 VOLVO GROUP THE FIRST QUARTER 2025 23 QUARTERLY FIGURES ===== SIDA 24 ===== Net sales SEK M 1/2025 4/2024 3/2024 2/2024 1/2024 Trucks 82,248 95,478 80,054 95,132 89,946 Construction Equipment 21,117 22,197 18,809 24,423 22,877 Buses 5,436 6,625 6,195 6,551 5,173 Volvo Penta 5,004 4,761 4,707 5,216 5,168 Group Functions & Other 3,664 4,685 2,925 4,657 4,281 Eliminations -1,213 -1,228 -1,112 -1,263 -1,280 Industrial Operations 116,256 132,519 111,577 134,715 126,163 Financial Services 6,779 6,936 6,712 6,801 6,532 Eliminations -1,243 -1,043 -1,311 -1,268 -1,519 Volvo Group net sales 121,792 138,413 116,978 140,249 131,177 Operating income SEK M 1/2025 4/2024 3/2024 2/2024 1/2024 Trucks 8,464 10,138 9,363 13,391 13,073 Construction Equipment 2,542 2,609 2,558 3,888 3,683 Buses 360 689 731 754 259 Volvo Penta 915 583 831 1,016 988 Group Functions & Other -114 -1,091 -468 117 -947 Eliminations -5 18 14 13 -13 Industrial Operations 12,162 12,946 13,029 19,179 17,044 Financial Services 1,019 1,012 992 1,028 1,009 Eliminations 77 81 52 132 106 Volvo Group operating income 13,258 14,039 14,074 20,339 18,159 Adjusted operating income ¹ SEK M 1/2025 4/2024 3/2024 2/2024 1/2024 Trucks 8,464 10,138 9,363 13,251 13,073 Construction Equipment 2,542 2,609 2,558 3,888 3,683 Buses 360 689 731 554 259 Volvo Penta 915 583 831 1,016 988 Group Functions & Other -114 -1,091 -468 -436 -947 Eliminations -5 18 14 13 -13 Industrial Operations 12,162 12,946 13,029 18,286 17,044 Financial Services 1,019 1,012 992 1,028 1,009 Eliminations 77 81 52 132 106 Volvo Group adjusted operating income 13,258 14,039 14,074 19,446 18,159 1 For more information on adjusted operating income, please see note 6. Q1 VOLVO GROUP THE FIRST QUARTER 2025 24 QUARTERLY FIGURES ===== SIDA 25 ===== Operating margin % 1/2025 4/2024 3/2024 2/2024 1/2024 Trucks 10.3 10.6 11.7 14.1 14.5 Construction Equipment 12.0 11.8 13.6 15.9 16.1 Buses 6.6 10.4 11.8 11.5 5.0 Volvo Penta 18.3 12.2 17.7 19.5 19.1 Industrial Operations 10.5 9.8 11.7 14.2 13.5 Volvo Group 10.9 10.1 12.0 14.5 13.8 Adjusted operating margin % 1/2025 4/2024 3/2024 2/2024 1/2024 Trucks 10.3 10.6 11.7 13.9 14.5 Construction Equipment 12.0 11.8 13.6 15.9 16.1 Buses 6.6 10.4 11.8 8.5 5.0 Volvo Penta 18.3 12.2 17.7 19.5 19.1 Industrial Operations 10.5 9.8 11.7 13.6 13.5 Volvo Group adjusted operating margin 10.9 10.1 12.0 13.9 13.8 Share data 1/2025 4/2024 3/2024 2/2024 1/2024 Earnings per share, SEK ¹ 4.86 5.28 4.93 7.65 6.92 Earnings per share, SEK ¹, 12 months rolling 22.72 24.78 25.43 27.43 25.07 Diluted earnings per share, SEK 4.86 5.28 4.93 7.65 6.92 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 2025 25 QUARTERLY FIGURES ===== SIDA 26 ===== 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 2024 (available at www.volvogroup.com). There are no new accounting policies applicable from 2025 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 four categories: Macro and market related risks – such as cyclical nature of the commercial vehicles industry, intense competition as well as 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, residual value commitments as well as people and culture; Compliance risks – such as product and operational related regulations, digital and data related regulations, protection and maintenance of intangible assets, legal proceedings, corruption and competition law and human rights; 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 60-66 in the Volvo Group Annual Report 2024. Risk updates Short-term risks, when applicable, are also described in the respective segment section of this report. Tariffs and trade policy shifts Recent tariffs and other trade restrictions imposed or considered to be imposed by the US and other countries have significantly increased uncertainty about trade conditions in markets where the Group is present, as well as in relation to global and regional supply chains. The situation is fast-changing and complex to assess, and no predictions can be made on future developments, potential impacts on the Group or whether trade restrictions may impact the Group more severely than main competitors. However, the introduction of tariffs, retaliatory tariffs or other trade restrictions on our vehicles, parts, and other products and materials could disrupt existing supply chains, impose additional costs on our business or that of our suppliers, create sudden disadvantages for Group operations compared to competitors having different supply chains, and could generally make our products more expensive for customers and/or less competitive. Recent developments in global trade policies have also increased the risk of a broader economic slowdown. Such developments could negatively impact global demand and lead to increased costs for e.g. raw materials, components, transport and energy. A prolonged period of trade uncertainty may also negatively affect investment levels and customer purchasing behavior, particularly in Group key markets. The Group will endeavor to adapt to changes in market conditions as they may evolve, but the introduction of trade restrictions and changes in trade policies could, individually or in combination, have a material adverse effect on the Groupʼs business and financial performance. 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, introduction of new or amended export controls, tariffs or other restrictions on international trade 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 Q1 VOLVO GROUP THE FIRST QUARTER 2025 26 NOTES ===== SIDA 27 ===== 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 2024, 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, 2025, amounted to SEK 15.8 billion, a decrease of SEK 1.2 billion compared with December 31, 2024. The gross exposure of SEK 15.8 billion is partly reduced by counter guarantees and collaterals. 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 (in addition to previously recognized costs of SEK 630 M and besides legal fees to advisors), relating 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 The Volvo Group has not completed any 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 358 M (368) as of March 31, 2025, which mainly relates to planned property divestments. Q1 VOLVO GROUP THE FIRST QUARTER 2025 27 NOTES ===== SIDA 28 ===== NOTE 4 | CURRENCY AND FINANCIAL INSTRUMENTS Fair value of financial instruments Valuation principles and classifications of Volvo Group financial instruments, as described in Volvo Group Annual Report 2024 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 7.4 billion (6.3) and derivatives with negative fair values amounted to SEK 2.6 billion (5.9) as of March 31, 2025. 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 253.0 billion (258.9) in reported carrying value with a fair value of SEK 253.1 billion (258.7). In the Volvo Group consolidated financial position, financial liabilities include loan-related deriva- tives with negative fair values amounting to SEK 1.3 billion (4.8). Currency effect on operating income, Volvo Group Compared to first quarter 2024 SEK M First quarter 2025 First quarter 2024 Change Net flow in foreign currency -89 Realized and unrealized gains and losses on derivatives 2 2 – Unrealized gains and losses on receivables and liabilities in foreign currency 27 -81 108 Translation effect on operating income in foreign subsidiaries -226 Total currency effect on operating income, Volvo Group -207 Applicable currency rates Quarterly exchange rates Close rates First quarter 2025 First quarter 2024 Mar 31 Mar 31 2025 2024 BRL 1.83 2.10 1.74 2.13 CNY 1.47 1.44 1.38 1.47 EUR 11.23 11.28 10.83 11.49 GBP 13.44 13.17 12.96 13.41 KRW 0.0074 0.0078 0.0068 0.0079 USD 10.68 10.38 10.00 10.62 NOTE 5 | TRANSACTIONS WITH RELATED PARTIES Sales of goods, services and other income Purchases of goods, services and other expenses SEK M First quarter 2025 First quarter 2024 First quarter 2025 First quarter 2024 Associated companies 155 503 65 53 Joint ventures 937 880 369 311 Receivables Payables Mar 31 Dec 31 Mar 31 Dec 31 SEK M 2025 2024 2025 2024 Associated companies 184 422 56 115 Joint ventures 640 528 155 213 Q1 VOLVO GROUP THE FIRST QUARTER 2025 28 NOTES ===== SIDA 29 ===== NOTE 6 | RECONCILIATION OF ADJUSTED OPERATING INCOME Adjusted operating income SEK M 1/2025 4/2024 3/2024 2/2024 1/2024 Trucks 8,464 10,138 9,363 13,251 13,073 Construction Equipment 2,542 2,609 2,558 3,888 3,683 Buses 360 689 731 554 259 Volvo Penta 915 583 831 1,016 988 Group Functions & Other -114 -1,091 -468 -436 -947 Eliminations -5 18 14 13 -13 Industrial Operations 12,162 12,946 13,029 18,286 17,044 Financial Services 1,019 1,012 992 1,028 1,009 Eliminations 77 81 52 132 106 Volvo Group adjusted operating income 13,258 14,039 14,074 19,446 18,159 Adjustments SEK M 1/2025 4/2024 3/2024 2/2024 1/2024 Adjustment items (segment) Financial impact related to the divestment of Arquus (Group Functions & Other) – – – 181 – Restructuring charges relating to the US bus production for Nova Bus (Group Functions & Other) – – – 372 – Restructuring charges relating to the European bus operation (Buses) – – – 200 – Previously announced provision for premature degradation of an emission control component: Trucks – – – 140 – Total adjustments Trucks – – – 140 – Construction Equipment – – – – – Buses – – – 200 – Volvo Penta – – – – – Group Functions & Other – – – 553 – Industrial Operations – – – 893 – Financial Services – – – – – Volvo Group – – – 893 – Operating income SEK M 1/2025 4/2024 3/2024 2/2024 1/2024 Trucks 8,464 10,138 9,363 13,391 13,073 Construction Equipment 2,542 2,609 2,558 3,888 3,683 Buses 360 689 731 754 259 Volvo Penta 915 583 831 1,016 988 Group Functions & Other -114 -1,091 -468 117 -947 Eliminations -5 18 14 13 -13 Industrial Operations 12,162 12,946 13,029 19,179 17,044 Financial Services 1,019 1,012 992 1,028 1,009 Eliminations 77 81 52 132 106 Volvo Group operating income 13,258 14,039 14,074 20,339 18,159 Q1 VOLVO GROUP THE FIRST QUARTER 2025 29 NOTES ===== SIDA 30 ===== Income from investments in Group companies for the first quarter includes dividend amounting to SEK 39 M (-). In appropriations, reversal of tax allocation reserve has been made by SEK 4,000 M. Net financial asset amounted to SEK 3,404 M by March 31, 2025, compared with net debt SEK 34,317 M at year end 2024. INCOME STATEMENT First quarter SEK M 2025 2024 Net sales¹ 284 233 Cost of sales¹ -284 -233 Gross income – – Administrative expenses¹ -281 -313 Other operating income and expenses -8 -1 Operating income (loss) -288 -314 Income from investments in Group companies 39 – Income from investments in joint ventures and associated companies – – Income from other investments – – Interest income and similar credits² 19 24 Interest expenses and similar charges² -156 -391 Income after financial items -387 -681 Appropriations 4,000 – Income taxes -788 129 Income for the period 2,825 -552 1 Of net sales in the first quarter SEK 284 M (233) pertained to Group companies, while purchases from Group companies amounted to SEK 133 M (137). 2 Other financial income and expenses have been reclassified to either Interest income and similar credits or to Interest expenses and similar charges. OTHER COMPREHENSIVE INCOME SEK M 2025 2024 Income for the period 2,825 -552 Other comprehensive income, net of income taxes – – Total comprehensive income for the period 2,825 -552 Q1 VOLVO GROUP THE FIRST QUARTER 2025 30 PARENT COMPANY ===== SIDA 31 ===== BALANCE SHEET SEK M Mar 31 2025 Dec 31 2024 Assets Non-current assets Tangible assets 21 6 Financial assets Shares and participations in Group companies 72,925 72,925 Investments in joint ventures and associated companies 8,971 8,971 Other shares and participations 2 2 Other non-current receivables 590 615 Deferred tax assets 196 196 Total non-current assets 82,705 82,715 Current assets Current receivables Tax assets 259 478 Receivables Group companies 3,830 49,627 Other receivables 351 254 Total current assets 4,440 50,359 Total assets 87,144 133,074 Equity and liabilities Equity Restricted equity Share capital 2,562 2,562 Statutory reserve 7,337 7,337 Unrestricted equity Non-restricted reserves 390 390 Retained earnings 72,020 38,855 Income for the period 2,825 33,164 Total equity 85,134 82,309 Untaxed reserves – 4,000 Provisions Provision for post-employment benefits 203 204 Other provisions – – Total provisions 203 204 Non-current liabilities Liabilities to Group companies 590 615 Other liabilities 46 108 Total non-current liabilities 636 723 Current liabilities Trade payables 249 320 Other liabilities to Group companies 249 44,757 Tax liabilities – – Other liabilities 673 760 Total current liabilities 1,171 45,838 Total equity and liabilities 87,144 133,074 Q1 VOLVO GROUP THE FIRST QUARTER 2025 31 PARENT COMPANY ===== SIDA 32 ===== Net order intake of trucks First quarter Change Number of trucks 2025 2024 % Net order intake Europe 31,362 25,077 25 Heavy- and medium-duty 26,964 19,976 35 Light-duty 4,398 5,101 -14 North America 10,217 9,620 6 South America 5,948 7,898 -25 Asia 5,556 4,115 35 Africa and Oceania 2,144 1,991 8 Total order intake 55,227 48,701 13 Heavy-duty (>16 tons) 47,808 40,211 19 Medium-duty (7-16 tons) 3,020 3,269 -8 Light-duty (<7 tons) 4,399 5,221 -16 Total order intake 55,227 48,701 13 Net order intake of trucks by brand Volvo Europe 18,517 12,065 53 North America 4,621 6,909 -33 South America 5,626 7,712 -27 Asia 3,702 3,074 20 Africa and Oceania 1,193 1,307 -9 Total Volvo 33,659 31,067 8 Heavy-duty (>16 tons) 32,837 30,194 9 Medium-duty (7-16 tons) 822 873 -6 Total Volvo 33,659 31,067 8 Renault Trucks Europe 12,845 13,012 -1 Heavy- and medium-duty 8,447 7,911 7 Light-duty 4,398 5,101 -14 North America 15 26 -42 South America 245 108 127 Asia 1,854 1,041 78 Africa and Oceania 551 636 -13 Total Renault Trucks 15,510 14,823 5 Heavy-duty (>16 tons) 9,558 7,769 23 Medium-duty (7-16 tons) 1,553 1,833 -15 Light-duty (<7 tons) 4,399 5,221 -16 Total Renault Trucks 15,510 14,823 5 Mack North America 5,581 2,685 108 South America 77 78 -1 Africa and Oceania 196 2 9,700 Total Mack 5,854 2,765 112 Heavy-duty (>16 tons) 5,208 2,214 135 Medium-duty (7-16 tons) 646 551 17 Total Mack 5,854 2,765 112 Q1 VOLVO GROUP THE FIRST QUARTER 2025 32 NET ORDER INTAKE ===== SIDA 33 ===== Deliveries of trucks First quarter Change Number of trucks 2025 2024 % Deliveries Europe 24,047 29,289 -18 Heavy- and medium-duty 19,748 22,559 -12 Light-duty 4,299 6,730 -36 North America 14,315 15,056 -5 South America 5,397 5,154 5 Asia 3,315 3,717 -11 Africa and Oceania 1,759 2,254 -22 Total deliveries 48,833 55,470 -12 Heavy-duty (>16 tons) 41,366 44,431 -7 Medium-duty (7-16 tons) 3,167 4,270 -26 Light-duty (<7 tons) 4,300 6,769 -36 Total deliveries 48,833 55,470 -12 Deliveries of trucks by brand Volvo Europe 12,502 14,554 -14 North America 6,510 7,881 -17 South America 5,206 5,012 4 Asia 2,578 3,045 -15 Africa and Oceania 1,148 1,462 -21 Total Volvo 27,944 31,954 -13 Heavy-duty (>16 tons) 27,364 30,987 -12 Medium-duty (7-16 tons) 580 967 -40 Total Volvo 27,944 31,954 -13 Renault Trucks Europe 11,545 14,735 -22 Heavy- and medium-duty 7,246 8,005 -9 Light-duty 4,299 6,730 -36 North America 121 22 450 South America 151 87 74 Asia 737 672 10 Africa and Oceania 394 320 23 Total Renault Trucks 12,948 15,836 -18 Heavy-duty (>16 tons) 7,275 7,449 -2 Medium-duty (7-16 tons) 1,373 1,618 -15 Light-duty (<7 tons) 4,300 6,769 -36 Total Renault Trucks 12,948 15,836 -18 Mack North America 7,684 7,153 7 South America 40 55 -27 Africa and Oceania 150 259 -42 Total Mack 7,874 7,467 5 Heavy-duty (>16 tons) 6,662 5,806 15 Medium-duty (7-16 tons) 1,212 1,661 -27 Total Mack 7,874 7,467 5 Q1 VOLVO GROUP THE FIRST QUARTER 2025 33 DELIVERIES ===== SIDA 34 ===== 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 2025 that are expected to have a material effect on the Volvo Group's financial statements. Gothenburg, April 23, 2025 AB Volvo (publ) Martin Lundstedt President and CEO This report has not been reviewed by AB Volvoʼs auditors. Financial calendar Report on the second quarter 2025 July 17, 2025 Report on the third quarter 2025 October 17, 2025 Contacts Media relations: Claes Eliasson +46 739 02 39 35 Investor Relations: Johan Bartler +46 739 02 21 93 Anders Christensson +46 765 53 59 66 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 23, 2025. 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. Q1 VOLVO GROUP THE FIRST QUARTER 2025 34 SIGNATURES AND CONTACTS Aktiebolaget Volvo (publ) 556012–5790 Investor Relations, VGHQ SE-405 08 Göteborg, Sweden Tel +46 31 66 00 00 www.volvogroup.com