Kvartalsrapport Q2 2023

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

Report on the 
second quarter 2023 
Volvo Group
Volvo Buses has received two orders for a total of 189 electric buses from Stagecoach, one of the UKʼs largest coach and bus operators.

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

The second quarter in brief
➣ In Q2 2023, net sales increased by 18% to SEK 140.8 
billion ( 118.9). Adjusted for currency movements, the 
increase was 11%.
➣ Adjusted operating income1 amounted to SEK 21,732 M 
(13,745), corresponding to an adjusted operating margin 
of 15.4% ( 11.6). Adjusted operating income excludes a 
negative effect of SEK 1,270 M from a previously 
announced restructuring provision in Nova Bus and 
costs of SEK 6,000 M relating to claims arising from the 
European Commission's 2016 antitrust settlement 
decision. For more information, please see Legal 
Proceedings in Note 2.
➣ Reported operating income amounted to SEK 14,462 M 
(13,745).
➣ Currency movements had a positive impact on operating 
income of SEK 817 M.
➣ Earnings per share amounted to SEK 5.30 (5.14).
➣ Operating cash flow in the Industrial Operations 
amounted to SEK 12,553 M (7,199).
➣ Return on capital employed in Industrial Operations 
amounted to  30.2% (26.8).
Second quarter First six months
SEK M unless otherwise stated 2023 2022 2023 2022
Net sales  140,821  118,943  272,241  224,259 
Adjusted operating income ¹  21,732  13,745  40,141  26,426 
Adjusted operating margin, %  15.4  11.6  14.7  11.8 
Operating income  14,462  13,745  31,571  22,301 
Operating margin, %  10.3  11.6  11.6  9.9 
Income after financial items  14,409  13,873  31,206  22,899 
Income for the period  10,819  10,520  23,753  17,591 
Earnings per share, SEK  5.30  5.14  11.65  8.59 
Operating cash flow in Industrial Operations  12,553  7,199  17,556  1,799 
Net financial position in Industrial Operations, SEK bn ²  61.6  44.2 
Return on capital employed in Industrial Operations, % ³  30.2  26.8 
Return on equity in Financial Services, % ³  10.7  3.5 
Return on equity in Financial Services excluding Russian and Belarus operations, % ³  13.9  17.0 
Net order intake, number of trucks  48,308  53,388  108,348  98,982 
Deliveries, number of trucks  63,842  60,833  125,373  116,421 
Net order intake, number of construction equipment  12,421  21,089  25,763  41,772 
Deliveries, number of construction equipment  16,940  22,398  31,408  43,177 
Net sales, SEK bn Adjusted operating income, SEK bn 1 
Adjusted operating margin, %
Return on capital employed
Industrial Operations, % 3
  
118.9
140.8
Q2 2022Q3Q4Q1Q2 2023
13.7
21.711.6%
15.4%
Q2 2022Q3Q4Q1Q2 2023
26.8%30.2%
Q2 2022Q3Q4Q1Q2 2023
1 For information on adjusted operating income, please see note 6.
2 Excluding post-employment benefits and lease liabilities.
3 12 months rolling.
                        VOLVO GROUP   — 2 —   THE SECOND QUARTER 2023

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

CEOʼS COMMENTS
Record earnings
In Q2 2023, the Volvo Group continued to perform well, with 
continued growth and improved profitability. We increased our net 
sales by 18% to SEK 140.8 billion and the adjusted operating 
income by SEK 8.0 billion to SEK 21.7 billion, corresponding to an 
adjusted operating margin of 15.4% (11.6). Thanks to a strong 
commercial focus, we have been successful in improving margins 
while managing cost inflation and increased disturbances in the 
supply chain. Return on capital employed rose to 30.2% (26.8).
Transport volumes and infrastructure activity remain on good levels 
in most of our markets, but have come down from recent highs. Our 
service sales grew by 11% adjusted for currency supported by 
continued good vehicle and machine utilization at our customers and 
our own efforts to develop service offers that keep our customersʼ 
trucks and businesses moving.
Our Industrial Operations generated an operating cash flow of SEK 
12.6 billion (7.2) and at the end of the quarter we had a net cash 
position of SEK 61.6 billion, excluding pension and lease liabilities. A 
good profitability and strong finances are crucial for us to be able to 
continue investing in, and taking advantage of, the biggest 
technological shift ever in our industries.
In Q2, order intake for new trucks declined by 10% to 48,300 
vehicles, which reflects the fact that we have continued to be 
restrictive in slotting orders and also more cautiousness among 
customers. Deliveries on the other hand, increased by 5% compared 
to the previous year and amounted to 63,800 trucks. This is the 
result of hard work across the whole value chain to handle continued 
supply disturbances. Net sales in our truck business grew by 19% to 
SEK 93.7 billion, with strong sales in almost all regions. The adjusted 
operating margin increased to 15.9% (12.2).
Construction Equipmentʼs net sales increased by 12% to SEK 29.0 
billion with a good development for our Volvo products and the 
adjusted operating margin rose to 18.5% (13.8). However, there are 
signs of demand weakening in some markets due to the overall 
economic development and rising interest rates, which is cooling 
down the activity especially within residential construction. Order 
intake decreased by 41%, which is a consequence of lower demand 
in Europe and China as well as us having been restrictive in our order 
slotting. 
In Q2, net sales in the Bus segment rose by 34% and amounted to 
SEK 5.4 billion, driven by a continued rebound for coaches and an 
improvement in the service business. The adjusted operating margin 
improved to 4.0% (0.2). To secure the competitiveness of our Nova 
Bus business, we have decided to focus on Canada and end the 
production of buses in the US, which has been loss-making, by Q1 
2025.
"We continue to push innovation and investments to 
stay in the forefront of the transformation. The 
importance of performing today to be able to 
transform for tomorrow will be decisive for the years 
to come."
Volvo Penta's net sales rose by 18% to SEK 5.4 billion on a 
softening market. The adjusted operating margin amounted to 
14.8% (15.2).
For Volvo Financial Services, the credit portfolio continued to grow 
and credit losses remained low, reflecting good customer 
profitability. The adjusted operating income amounted to SEK 916 M 
(792).
We are gradually entering into a more normalized demand situation 
with record strong profitability and high operational performance. At 
the same time, we continue to push innovation and investments to 
stay in the forefront of the transformation. The importance of 
performing today to be able to transform for tomorrow will be 
decisive for the years to come. This will benefit our customers, our 
shareholders and society as a whole, today and in the future.
Martin Lundstedt
President and CEO
                        VOLVO GROUP   — 3 —   THE SECOND QUARTER 2023

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

FINANCIAL SUMMARY OF THE SECOND QUARTER 2023
Net sales
In Q2 2023, the Volvo Groupʼs net sales amounted to SEK 140,821 
M compared with SEK 118,943 M in the same quarter the preceding 
year. Sales increased in all business areas and in almost all regions.
  Adjusted for currency movements, net sales increased by 11%, of 
which vehicle sales increased by 12% and service sales by 11%.
Operating income
In Q2 2023, adjusted operating income amounted to SEK 21,732 M 
(13,745), corresponding to an adjusted operating margin of 15.4% 
(11.6).
  The adjusted operating income in Q2 2023  excludes a negative 
effect of SEK 1,270 M from a previously announced restructuring 
provision in Nova Bus in the Group Functions & Other segment and 
costs of SEK 6,000 M relating to claims arising from the European 
Commission's 2016 antitrust settlement decision in the Trucks 
segment. For more information, please see Legal Proceedings in 
Note 2. There were no adjustments in Q2 2022 . For more 
information on adjusted operating income, please also see Note 6.
  Compared with Q2 2022, the higher adjusted operating income is 
mainly an effect of price realization and favorable brand and product 
mix. This was partly offset by higher material costs, increased R&D 
expenses and lower production efficiency. 
  Currency movements, compared with Q2 2022 , had a positive 
impact of SEK 817 M.
   Reported operating income in Q2 2023 amounted to SEK 14,462 
M (13,745).
Net sales Second quarter Change 
%
First six months Change 
%SEK M 2023 2022 2023 2022
Net sales per geographical region
Europe  59,553  47,621  25  117,074  94,186  24 
North America  42,186  34,851  21  82,339  64,712  27 
South America  12,049  13,153  -8  21,615  21,989  -2 
Asia  17,765  16,141  10  34,253  30,255  13 
Africa and Oceania  9,267  7,177  29  16,959  13,117  29 
Total net sales  140,821  118,943  18  272,241  224,259  21 
Net sales per product group
Vehicles  109,305  92,234  19  210,035  172,269  22 
Services  31,515  26,708  18  62,205  51,990  20 
Total net sales  140,821  118,943  18  272,241  224,259  21 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  128,657  109,532  17  248,536  205,871  21 
Revenue of vehicles and services recognized over contract period  12,163  9,411  29  23,705  18,389  29 
Total net sales  140,821  118,943  18  272,241  224,259  21 
Consolidated Income Statement Second quarter First six months
SEK M 2023 2022 2023 2022
Net sales  140,821  118,943  272,241  224,259 
Cost of sales  -101,900  -90,221  -198,012  -170,921 
Gross income  38,920  28,721  74,229  53,338 
Research and development expenses  -6,819  -5,454  -13,310  -10,037 
Selling expenses  -8,329  -6,977  -16,224  -13,760 
Administrative expenses  -1,858  -1,432  -3,521  -2,753 
Other operating income and expenses  -6,873  -809  -8,853  -4,187 
Income/loss from investments in joint ventures and associated companies  -578  -323  -749  -446 
Income/loss from other investments  -2  19  -2  146 
Operating income  14,462  13,745  31,571  22,301 
Interest income and similar credits  572  182  1,144  308 
Interest expenses and similar charges  -262  -277  -576  -606 
Other financial income and expenses  -362  222  -932  896 
Income after financial items  14,409  13,873  31,206  22,899 
Income taxes  -3,591  -3,352  -7,453  -5,308 
Income for the period *  10,819  10,520  23,753  17,591 
* Attributable to:
Owners of AB Volvo  10,770  10,443  23,680  17,476 
Non-controlling interest  49  78  73  116 
 10,819  10,520  23,753  17,591 
Basic earnings per share, SEK  5.30  5.14  11.65  8.59 
Diluted earnings per share, SEK  5.30  5.14  11.65  8.59 
                        VOLVO GROUP   — 4 —   THE SECOND QUARTER 2023

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

Financial items
In Q2 2023 , interest income was SEK 572 M (182) as a 
consequence of higher interest on financial assets, whereas interest 
expenses amounted to SEK 262 M (277).
  Other financial income and expenses amounted to SEK -362 M 
(222). The change is primarily due to revaluation effects of financial 
assets and liabilities.
Income taxes
In Q2 2023, income taxes amounted to SEK 3,591 M (3,352). The 
tax rate was 25% (24).
Income for the period and earnings per share
In Q2 2023 , income for the period amounted to SEK 10,819 M 
(10,520). Earnings per share amounted to SEK 5.30 (5.14).
Operating cash flow in the Industrial Operations
During Q2 2023 , operating cash flow in the Industrial Operations 
was positive in an amount of SEK 12,553 M (7,199). Compared with 
Q2 2022, the increased operating cash flow is primarily related to 
the improved earnings, partly offset by higher inventories.
Operating cash flow
Industrial Operations, SEK bn
7.2
12.6
Q2 2022Q3Q4Q1Q2 2023
Volvo Group financial position
During Q2 2023, net financial assets in the Industrial Operations, 
excluding provisions for post-employment benefits and lease 
liabilities, decreased by SEK 16.1 billion resulting in a net financial 
asset position of SEK 61.6 billion (44.2) on June 30, 2023. The 
change is mainly explained by the dividend paid to AB Volvo 
shareholders of SEK 28.5 billion and the positive operating cash flow 
of SEK 12.6 billion. Currency movements increased net financial 
assets by SEK 1.1 billion.
  Including provisions for post-employment benefits and lease 
liabilities, the Industrial Operations net financial assets amounted to 
SEK 47.8 billion (38.0) on June 30, 2023. During Q2 2023, 
remeasurements of defined benefit pension plans had a positive 
impact of SEK 0.9 billion. The remeasurements were primarily an 
effect of higher discount rates, partly offset by lower return on 
assets.
   On June 30, 2023, total equity for the Volvo Group amounted to 
SEK 165.8 billion compared with SEK 166.2 billion at year-end 
2022. The equity ratio was 24.4% (26.4). On the same date the 
equity ratio in the Industrial Operations amounted to 32.0% (34.1).
Net financial position excl. post-employment benefits 
and lease liabilities
Industrial Operations, SEK bn
44.2
61.6
Q2 2022Q3Q4Q1Q2 2023
Blue-collar  54,100  53,486  51,779  52,826 
Whereof temporary employees and consultants  9,021  8,567  7,064  9,008 
White-collar  51,096  50,765  50,376  48,658 
Whereof temporary employees and consultants  7,341  7,366  7,405  7,147 
Total number of employees  105,196  104,251  102,155  101,484 
 Whereof temporary employees and consultants  16,362  15,933  14,469  16,155 
Number of employees Jun 30 
2023
Mar 31 
2023
Dec 31 
2022
Jun 30 
2022
Number of employees
On June 30, 2023 , the Volvo Group had 105,196 employees, 
including temporary employees and consultants, compared with 
101,484 employees on June 30 2022 . The number of blue-collar 
employees increased by 1,274 and the number of white-collar 
employees increased by 2,438. The increase in blue-collar 
employees is related to higher production levels and the increase in 
white-collar employees is related to higher development and 
transformational activities.
                        VOLVO GROUP   — 5 —   THE SECOND QUARTER 2023

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

IMPORTANT EVENTS FOR THE VOLVO GROUP
Stephen Roy new member of the Volvo Group Executive Board 
and President of Mack Trucks
Stephen Roy was appointed as a new member of Volvo Groupʼs 
Executive Board and President of Mack Trucks. Stephen Roy began 
his Volvo Group career in 1996 and was previously Head of Region 
North America for Volvo Construction Equipment. He took on his 
new position on June 1. He succeeded Martin Weissburg, who 
retired after a long and successful career in the Volvo Group.
Nova Bus ends bus production in the US
Nova Bus is exiting bus production in the US market. Consequently, 
the company has decided to close its Plattsburgh manufacturing and 
delivery facility by 2025. Production in North America will be 
focused to its Canadian facilities located in Saint-Eustache and 
Saint-François-du-Lac (Quebec) and Nova Bus will continue its 
successful Canadian business, where it is the market leader. A 
restructuring provision of SEK 1,270 M negatively impacted the 
Volvo Groupʼs operating income in the second quarter of 2023. The 
provision is reported in the segment Group Functions & Other.
Mats Backman new Chief Financial Officer and member of the 
Volvo Group Executive Board
Mats Backman has been appointed as Chief Financial Officer and a 
new member of Volvo Group's Executive Board. He will succeed Jan 
Ytterberg, who as previously communicated, will continue as Volvo 
Group senior advisor. Mats Backman has held many senior positions 
in Swedish industry and has extensive international experience. He 
has been the Chief Financial Officer for companies such as Sandvik, 
Autoliv and Veoneer. He will take on his new position during the 
second half of 2023. The exact date is yet to be decided.
Joint venture with Westport
In July, Volvo Group and Westport signed a letter of intent to 
establish a joint venture for high-pressure gas injection fuel systems 
(HPDI) with a 45/55 ownership split. Westport will contribute with 
current HPDI assets, activities, including fixed assets, intellectual 
property, and business into the joint venture. Volvo will acquire 45% 
in the joint venture for approximately SEK 300 M (USD 28 M) plus 
up to an additional approximately SEK 500 M (USD 45 M) 
depending on the performance of the joint venture. The transaction 
has no significant impact on the Volvo Groupʼs earnings or financial 
position. 
Previously reported important events
• Volvo Buses changes business model in Europe and has 
decided to close its bodybuilding factory in Wroclaw in 2024
• Annual General Meeting of AB Volvo
Detailed information about the events is available at 
www.volvogroup.com
                        VOLVO GROUP   — 6 —   THE SECOND QUARTER 2023

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

BUSINESS SEGMENT OVERVIEW
Net sales Second quarter Change 
%
Change 
%¹
First six months Change 
%
Change 
%¹
12 months Jan-Dec
SEK M 2023 2022 2023 2022 rolling 2022
Trucks  93,748  78,603  19  12  183,304  148,155  24  16  345,685  310,536 
Construction Equipment  28,999  25,814  12  7  54,108  48,427  12  6  105,942  100,261 
Buses  5,434  4,062  34  26  9,701  7,112  36  27  21,172  18,583 
Volvo Penta  5,416  4,597  18  11  11,019  8,802  25  18  20,319  18,102 
Group Functions & Other  3,629  3,750  -3  -8  7,407  7,598  -3  -8  16,186  16,376 
Eliminations  -1,236  -1,106  -  -  -2,431  -2,030  -  -  -4,557  -4,155 
Industrial Operations  135,991  115,719  18  11  263,108  218,065  21  13  504,747  459,703 
Financial Services  5,851  4,067  44  36  11,221  7,801  44  34  20,774  17,355 
Reclassifications and eliminations  -1,021  -844  -  -  -2,088  -1,606  -  -  -4,061  -3,579 
Volvo Group net sales  140,821  118,943  18  11  272,241  224,259  21  14  521,460  473,479 
1  Adjusted for exchange rate fluctuations.
Adjusted operating income ¹ Second quarter Change 
%
First six months Change 
%
12 months Jan-Dec
SEK M 2023 2022 2023 2022 rolling 2022
Trucks  14,950  9,551  57  27,665  18,240  52  43,246  33,821 
Construction Equipment  5,353  3,568  50  9,940  6,378  56  16,806  13,244 
Buses  219  7  3,087  397  27  1,366  723  353 
Volvo Penta  804  699  15  2,075  1,468  41  3,136  2,530 
Group Functions & Other  -513  -890  -42  -1,738  -1,379  26  -3,270  -2,911 
Eliminations  3  19  -  15  16  -  10  12 
Industrial Operations  20,815  12,953  61  38,353  24,751  55  60,651  47,049 
Financial Services  916  792  16  1,787  1,674  7  3,529  3,416 
Reclassifications and eliminations  -  -  -  -  1  -  1  2 
Volvo Group adjusted operating 
income  21,732  13,745  58  40,141  26,426  52  64,181  50,467 
Adjustments ¹  -7,270  -  -  -8,570  -4,125  -  -9,200  -4,755 
Volvo Group operating income  14,462  13,745  5  31,571  22,301  42  54,981  45,712 
1 For more information on adjusted operating income, please see note 6
Adjusted operating margin Second quarter First six months 12 months Jan-Dec
% 2023 2022 2023 2022 rolling 2022
Trucks  15.9  12.2  15.1  12.3  12.5  10.9 
Construction Equipment  18.5  13.8  18.4  13.2  15.9  13.2 
Buses  4.0  0.2  4.1  0.4  3.4  1.9 
Volvo Penta  14.8  15.2  18.8  16.7  15.4  14.0 
Industrial Operations  15.3  11.2  14.6  11.4  12.0  10.2 
Volvo Group adjusted operating 
margin
 15.4  11.6  14.7  11.8  12.3  10.7 
Volvo Group operating margin  10.3  11.6  11.6  9.9  10.5  9.7 
                        VOLVO GROUP   — 7 —   THE SECOND QUARTER 2023

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

TRUCKS
All-time high profitability
• In Q2, net sales increased by 19% to SEK 93,748 M
• Adjusted operating income increased to SEK 14,950 M (9,551) 
with a margin of 15.9% (12.2)
• Deliveries increased by 5% while order intake decreased by 
10%
      
Market development
In Q2, truck fleet utilization in Europe and North America continued 
to be on a good level. In both regions, larger fleets continue their 
replacement cycles while smaller companies have become more 
cautious because of lower freight volumes and spot rates as well as 
softer used truck prices.
  In South America, the market continued to cool off following the 
prebuy of Euro V trucks in 2022 ahead of the new Euro VI emission 
legislation introduced on January 1, 2023.
   The Indian market continued to increase with the support of good 
economic activity and increased consumer spending.
  In China the total market started to rebound from low levels in 
March, and this development continued during Q2.
Orders and deliveries
In Q2, the Volvo Group's truck brands were restrictive in slotting 
orders too far out in time due to extended order backlogs.
  Order intake in Europe decreased by 7% to 24,840 trucks while 
deliveries increased by 11% to 33,169 trucks. Volvo Trucksʼ total 
heavy-duty market share through May decreased to 17.9% (19.3) 
while the electric heavy-duty market share increased to 50.7% 
(36.9). Renault Trucksʼ heavy-duty total market share decreased to 
8.9% (9.6) and the electric heavy-duty market share amounted to 
18.0% (18.8).
  Order intake in North America decreased by 11% to 8,708 trucks 
while deliveries increased by 6% to 15,960 vehicles. Volvo Trucksʼ 
heavy-duty truck market share through May decreased to 9.2% 
(10.5). Mack Trucksʼ market share increased to 5.9% (5.8).
   In South America, order intake decreased by 32% to 6,302 trucks 
and deliveries decreased by 36% to 5,385 vehicles. In Brazil, Volvo 
Trucksʼ heavy-duty truck market share through June decreased to 
23.0% (25.8).
  Order intake in Asia increased by 7% to 5,236 vehicles and 
deliveries increased by 25% to 5,902 vehicles, mainly driven by the 
Middle East.
  In Q2, order intake for fully electric trucks decreased by 38% to 
677 (1,097) vehicles. Deliv eries of fully electric trucks increased by 
251% to 759 (216) vehicles.
   Order intake in the Indian joint venture, VE Commercial Vehicles, 
increased by 3% to 14,092 vehicles while deliveries increased by 
8% to 14,381 vehicles.
   Deliveries from the Chinese joint venture, Dongfeng Commercial 
Vehicles increased by 40% to 32,674 trucks.
Total market development First six months Change 
%
Full year Forecast Change vs. previous 
forecastRegistrations, number of trucks 2023 2022 2022 2023
Europe 29 ¹ heavy-duty  129,711  109,486  18  264,100  - -
Europe 30 ¹ heavy-duty  145,340  122,673  18  298,066  330,000 +10 000
North America heavy-duty (retail)  137,163  111,256  23  309,916  330,000 +10 000
Brazil heavy-duty  39,114  43,641  -10  97,856  80,000 unchanged
China ² medium- and heavy-duty  395,617  343,999  15  566,130  650,000 unchanged
India medium- and heavy-duty  194,574  178,866  9  350,797  400,000 unchanged
1 EU29 includes Norway and Switzerland but excludes UK. EU30 includes UK.
2 Previous year has been adjusted to exclude exports.
                        VOLVO GROUP   — 8 —   THE SECOND QUARTER 2023

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

Net order intake Second quarter Change 
%
First six months Change 
%Number of trucks 2023 2022 2023 2022
Europe  24,840  26,595  -7  56,130  51,579  9 
   Heavy- and medium-duty  18,476  22,335  -17  44,531  41,966  6 
   Light-duty  6,364  4,260  49  11,599  9,613  21 
North America  8,708  9,731  -11  23,867  15,748  52 
South America  6,302  9,336  -32  11,514  16,690  -31 
Asia  5,236  4,883  7  10,572  9,649  10 
Africa and Oceania  3,222  2,843  13  6,265  5,316  18 
Total order intake  48,308  53,388  -10  108,348  98,982  9 
Heavy-duty (>16 tons)  38,397  45,993  -17  88,298  82,854  7 
Medium-duty (7-16 tons)  3,497  3,054  15  8,328  6,326  32 
Light-duty (<7 tons)  6,414  4,341  48  11,722  9,802  20 
Total order intake  48,308  53,388  -10  108,348  98,982  9 
Volvo  29,597  33,334  -11  65,553  60,491  8 
Renault Trucks  13,326  15,576  -14  29,067  31,717  -8 
   Heavy- and medium-duty  6,912  11,235  -38  17,345  21,915  -21 
   Light-duty  6,414  4,341  48  11,722  9,802  20 
Mack  5,104  4,093  25  13,037  6,124  113 
Other brands  281  385  -27  691  650  6 
Total order intake  48,308  53,388  -10  108,348  98,982  9 
Non-consolidated operations
VE Commercial Vehicles (Eicher)  14,092  13,726  3  34,682  31,612  10 
Deliveries Second quarter Change 
%
First six months Change 
%Number of trucks 2023 2022 2023 2022
Europe  33,169  29,809  11  66,019  58,898  12 
Heavy- and medium-duty  24,862  24,944  -  51,564  49,220  5 
Light-duty  8,307  4,865  71  14,455  9,678  49 
North America  15,960  15,073  6  31,971  28,981  10 
South America  5,385  8,380  -36  9,860  14,625  -33 
Asia  5,902  4,718  25  11,644  8,415  38 
Africa and Oceania  3,426  2,853  20  5,879  5,502  7 
Total deliveries  63,842  60,833  5  125,373  116,421  8 
Heavy-duty (>16 tons)  50,355  52,066  -3  101,039  98,955  2 
Medium-duty (7-16 tons)  5,070  3,847  32  9,674  7,665  26 
Light-duty (<7 tons)  8,417  4,920  71  14,660  9,801  50 
Total deliveries  63,842  60,833  5  125,373  116,421  8 
Volvo  36,455  38,256  -5  72,244  72,117  - 
Renault Trucks  19,164  15,030  28  36,660  29,770  23 
Heavy- and medium-duty  10,747  10,110  6  22,000  19,969  10 
Light-duty  8,417  4,920  71  14,660  9,801  50 
Mack  7,960  7,152  11  15,918  13,670  16 
Other brands  263  395  -33  551  864  -36 
Total deliveries  63,842  60,833  5  125,373  116,421  8 
Non-consolidated operations
VE Commercial Vehicles (Eicher)  14,381  13,279  8  34,398  31,139  10 
Dongfeng Commercial Vehicle Company (Dongfeng Trucks)  32,674  23,262  40  46,858  43,823  7 
                        VOLVO GROUP   — 9 —   THE SECOND QUARTER 2023

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

Net sales and operating income Second quarter Change 
%
First six months Change 
%SEK M 2023 2022 2023 2022
Net sales per geographical region
Europe  43,080  34,492  25  85,756  67,991  26 
North America  27,762  23,951  16  55,369  44,531  24 
South America  9,101  9,962  -9  16,326  16,743  -2 
Asia  8,070  5,794  39  15,603  10,590  47 
Africa and Oceania  5,734  4,405  30  10,250  8,300  23 
Total net sales  93,748  78,603  19  183,304  148,155  24 
Net sales per product group
Vehicles  75,851  63,018  20  147,605  117,485  26 
Services  17,897  15,585  15  35,699  30,671  16 
Total net sales  93,748  78,603  19  183,304  148,155  24 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  88,384  74,017  19  172,779  139,034  24 
Revenue of vehicles and services recognized over contract period  5,364  4,586  17  10,525  9,121  15 
Total net sales  93,748  78,603  19  183,304  148,155  24 
Adjusted operating income ¹  14,950  9,551  57  27,665  18,241  52 
Adjustments  -6,000  -  -  -5,861  -1,447  - 
Operating income  8,950  9,551  -6  21,804  16,794  30 
Adjusted operating margin, %  15.9  12.2  15.1  12.3 
Operating margin, %  9.5  12.2  11.9  11.3 
1 For more information on adjusted operating income, please see note 6.
Net sales and operating income
In Q2 2023, the truck operationʼs net sales amounted to SEK 
93,748 M, which was 19% higher than in Q2 2022. Excluding 
currency effects, net sales increased by 12% with sales of vehicles 
increasing by 13% and sales of services by 8%.
  Adjusted operating income increased to SEK 14,950 (9,551), 
corresponding to an adjusted operating margin of 15.9% (12.2). 
Adjusted operating income excludes costs of SEK 6,000 M relating 
to claims arising from the European Commissionʼs 2016 antitrust 
settlement decision. For more information, please see Legal 
Proceedings in Note 2. There were no adjustments in Q2 2022. For 
more information on adjusted operating income, see Note 6.
   Compared with Q2 2022, the higher adjusted operating income is 
primarily an effect of price realization, which was partly offset by 
increased material costs and R&D expenses as well as lower 
production efficiency. Compared with Q2 2022, currency 
movements had a positive impact of SEK 633 M. Reported 
operating income amounted to SEK 8,950 M (9,551).
Important events
In May, Volvo Trucks signed a letter of intent to sell 1,000 electric 
trucks until 2030 to Holcim, one of the worldʼs largest building 
solution providers. The deal is the largest commercial order to date 
for Volvo electric trucks. The first 130 trucks will be delivered in 
2023 and 2024.
   Also in May, it was announced that Volvo Trucks and Jiangling 
Motors Co., Ltd would not pursue the previously announced 
transaction which involved the acquisition of JMC Heavy Duty 
Vehicle Co., Ltd, and its manufacturing site in Taiyuan, Shanxi 
province, China. Volvo Trucks continues to export trucks to 
customers in China.
Net order intake of fully electric trucks Second quarter Change 
%
First six months Change 
%Number of trucks 2023 2022 2023 2022
Volvo  410  612  -33  896  814  10 
Renault Trucks  258  476  -46  582  768  -24 
Heavy- and medium-duty  113  173  -35  287  311  -8 
Light-duty  145  303  -52  295  457  -35 
Mack  9  9  -  24  9  167 
Total order intake  677  1,097  -38  1,502  1,591  -6 
Deliveries of fully electric trucks Second quarter Change 
%
First six months Change 
%Number of trucks 2023 2022 2023 2022
Volvo  337  83  306  687  144  377 
Renault Trucks  417  127  228  748  257  191 
Heavy- and medium-duty  168  93  81  296  175  69 
Light-duty  249  34  632  452  82  451 
Mack  5  6  -17  7  8  -13 
Total deliveries  759  216  251  1,442  409  253 
                        VOLVO GROUP   — 10 —   THE SECOND QUARTER 2023

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

CONSTRUCTION EQUIPMENT
Record earnings despite 
lower deliveries
• In Q2, deliveries decreased by 24%, primarily due to China
• Both adjusted and reported operating income increased to SEK 
5,353 M (3,568), with a margin of 18.5% (13.8)
• Service sales increased by 4%, adjusted for currency
Market development
Overall, the development in major markets outside of China 
continued to be good in Q2, with growth in North America, flat 
markets in Europe and Asia outside of China, while South America 
continued to be weak.
   In the North American market, demand continued to be solid with 
the continued execution of large infrastructure projects and strong 
commercial construction more than offsetting a weakness in 
residential construction amid high interest rates.
   In Europe, market growth has flattened in line with a weaker 
macroeconomic outlook, an elevated inflation and higher interest 
rates.
   In South America, investment levels remain low in Brazil due to 
weak business confidence among customers.
   The Chinese market continued to have a significant negative 
correction due to the prebuy effect related to the emissions 
regulations change at the end of last year in addition to lower 
economic activity.
   Development in other Asian markets were positive due to growth in 
India and the Middle East more than offsetting a weakness in 
markets such as South Korea and Thailand.
Orders and deliveries
In Q2, net order intake declined by 41%. Order intake continued to 
be heavily impacted by low order intake in China reflecting a weaker 
market and the prebuy in Q4 last year. Cautiousness among 
customers and dealers in Europe also impacted order intake 
negatively. Order intake in North America decreased due to 
restrictive order slotting.
   In Q2, deliveries decreased by 24% as a consequence of lower 
demand in China and a slowdown in Brazil. Deliveries increased in 
Europe and more substantially in North America supported by 
favorable market conditions.
Total market development Year-to-date May Forecast Previous forecast
Change in % measured in units 2023 2023 2023
Europe  4 -5% to +5% -5% to +5%
North America  9 0% to +10% -5% to +5%
South America  -24 -20% to -10% -20% to -10%
Asia excl. China  4 -5% to +5% -5% to +5%
China  -40 -40% to -30% -15% to -5%
Net order intake Second quarter Change 
%
First six months Change 
%Number of construction equipment 2023 2022 2023 2022
Europe  2,282  3,768  -39  5,508  8,917  -38 
North America  1,064  2,045  -48  3,660  3,299  11 
South America  638  825  -23  1,116  1,510  -26 
Asia  7,394  13,471  -45  13,798  26,325  -48 
Africa and Oceania  1,043  980  6  1,681  1,721  -2 
Total orders  12,421  21,089  -41  25,763  41,772  -38 
Large and medium construction equipment  9,785  16,039  -39  19,834  31,114  -36 
Compact construction equipment  2,636  5,050  -48  5,929  10,658  -44 
Of which fully electric  205  171  20  464  312  49 
Total orders  12,421  21,089  -41  25,763  41,772  -38 
Of which:
Volvo  6,115  9,237  -34  15,276  18,613  -18 
SDLG  6,233  11,777  -47  10,347  23,038  -55 
Of which in China  4,510  9,839  -54  7,356  19,022  -61 
                        VOLVO GROUP   — 11 —   THE SECOND QUARTER 2023

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

Deliveries Second quarter Change 
%
First six months Change 
%Number of construction equipment 2023 2022 2023 2022
Europe  4,655  4,400  6  9,039  9,215  -2 
North America  2,650  1,967  35  4,984  3,702  35 
South America  645  1,516  -57  1,043  2,467  -58 
Asia  7,939  13,471  -41  14,309  26,169  -45 
Africa and Oceania  1,051  1,044  1  2,033  1,624  25 
Total deliveries  16,940  22,398  -24  31,408  43,177  -27 
Large and medium construction equipment  12,903  17,067  -24  23,568  32,282  -27 
Compact construction equipment  4,037  5,331  -24  7,840  10,895  -28 
Of which fully electric  228  169  35  430  282  52 
Total deliveries  16,940  22,398  -24  31,408  43,177  -27 
Of which:
Volvo  10,634  10,546  1  20,921  20,018  5 
SDLG  6,233  11,777  -47  10,347  23,038  -55 
Of which in China  4,510  9,839  -54  7,356  19,022  -61 
Net sales and operating income Second quarter Change 
%
First six months Change 
%SEK M 2023 2022 2023 2022
Net sales per geographical region
Europe  9,413  7,607  24  18,023  14,996  20 
North America  8,123  5,669  43  14,660  10,431  41 
South America  1,105  1,890  -42  1,864  2,980  -37 
Asia  8,042  8,716  -8  15,140  16,844  -10 
Africa and Oceania  2,315  1,931  20  4,421  3,175  39 
Total net sales  28,999  25,814  12  54,108  48,427  12 
Net sales per product group
Construction equipment  24,986  22,154  13  46,174  41,137  12 
Services  4,013  3,660  10  7,934  7,290  9 
Total net sales  28,999  25,814  12  54,108  48,427  12 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  28,299  25,187  12  52,769  47,205  12 
Revenue of vehicles and services recognized over contract period  700  626  12  1,339  1,222  10 
Total net sales  28,999  25,814  12  54,108  48,427  12 
Adjusted operating income ¹  5,353  3,568  50  9,940  6,378  56 
Adjustments  -  -  -  -  -106  - 
Operating income  5,353  3,568  50  9,940  6,272  58 
Adjusted operating margin, %  18.5  13.8  18.4  13.2 
Operating margin, %  18.5  13.8  18.4  13.0 
1 For more information on adjusted operating income, please see note 6.
Net sales and operating income
In Q2 2023, net sales increased by 12% to SEK 28,999 M 
(25,814). Adjusted for currency movements net sales increased 
by 7%, of which sales of machines were up by 7% and service 
sales by 4%.
   Both adjusted and reported operating income amounted to SEK 
5,353 M (3,568), corresponding to an operating margin of 18.5% 
(13.8). Compared with Q2 2022, the higher operating income is 
an effect of positive brand and product mix and price realization, 
which were partially offset by decreased volumes and lower 
production efficiency as well as higher R&D and selling expenses. 
Compared with Q2 2022, currency movements had a positive 
impact of SEK 229 M.
Important events 
During Q2, Volvo Construction Equipment announced the 
creation of a new dedicated business unit for its range of compact 
machines and solutions, with the aim of driving growth and 
profitability in this important and growing product segment.
   Volvo CE continued the global rollout of electric machines with 
a launch event in Singapore for the Southeast Asian markets and 
a launch in Tokyo for the important Japanese market. 
                        VOLVO GROUP   — 12 —   THE SECOND QUARTER 2023

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

BUSES
Improved service sales and 
profitability
• In Q2, order intake increased by 23% while deliveries 
were flat
• Both adjusted and reported operating income increased  
to SEK 219 M (7) with a margin of 4.0% (0.2)
• Service sales increased by 23%, adjusted for currency
In Q2, global demand for new buses continued to be high, 
particularly for coaches. In the city bus segment, demand for electric 
buses continued to increase.
  Compared with Q2 2022, net order intake increased by 23% to 
1,743 units, primarily supported by large coach orders in North 
America and important electric bus orders to Stagecoach in the UK. 
Deliveries were stable at 1,277 units, with higher deliveries in North 
America, but lower deliveries in South America and Europe.
  In Q2, net sales increased by 34% to SEK 5,434 M (4,062). 
Adjusted for currency, net sales increased by 26%, whereof vehicle 
sales increased by 26% and service sales by 23%.
   Both adjusted and reported operating income amounted to SEK 
219 M (7), corresponding to an operating margin of 4.0% (0.2). 
Compared with Q2 2022, the higher operating income is an effect of 
price realization, increased service sales and a positive mix, whereas 
material costs increased. Compared with Q2 2022, currency 
movements had a positive impact of SEK 116 M.
   During Q2, Volvo Buses signed Letters of Intent with body builders 
MCV in Egypt and Sunsundegui in Spain, with the intention to 
produce bodies under license to support the new business model for 
Europe, which was announced in Q1.
   The electric city bus LUMINUS was launched in Mexico. It is based 
on the BZL technology, will come in different lengths, battery 
configurations and be equipped with important safety systems.
Net order intake and deliveries ¹ Second quarter Change 
%
First six months Change 
%Number of buses 2023 2022 2023 2022
Total orders  1,743  1,422  23  3,582  3,186  12 
Of which fully electric  317  78  306  365  130  181 
Of which hybrids  4  40  -90  7  52  -87 
Total deliveries  1,277  1,295  -1  2,461  2,242  10 
Of which fully electric  131  39  236  165  70  136 
Of which hybrids  52  46  13  96  49  96 
Net sales and operating income Second quarter Change 
%
First six months Change 
%SEK M 2023 2022 2023 2022
Net sales per geographical region
Europe  1,968  1,455  35  3,309  2,452  35 
North America  2,104  1,534  37  3,848  2,777  39 
South America  378  361  5  678  608  11 
Asia  363  315  15  728  563  29 
Africa and Oceania  622  397  57  1,138  713  60 
Total net sales  5,434  4,062  34  9,701  7,112  36 
Net sales per product group
Vehicles  4,080  3,023  35  7,067  5,105  38 
Services  1,354  1,038  30  2,635  2,007  31 
Total net sales  5,434  4,062  34  9,701  7,112  36 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  5,210  3,877  34  9,274  6,771  37 
Revenue of vehicles and services recognized over contract period  225  184  22  427  342  25 
Total net sales  5,434  4,062  34  9,701  7,112  36 
Adjusted operating income ¹  219  7  3,087  397  27  1,366 
Adjustments  -  -  -  -1,439  -  - 
Operating income  219  7  3,087  -1,042  27  - 
Adjusted operating margin, %  4.0  0.2  4.1  0.4 
Operating margin, %  4.0  0.2  -10.7  0.4 
1 For more information on adjusted operating income, please see note 6.
                        VOLVO GROUP   — 13 —   THE SECOND QUARTER 2023

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

VOLVO PENTA
Strong sales in a softening market
• In Q2, net sales increased by 18%, while order intake 
decreased by 11%
• Both adjusted and reported operating income amounted to SEK 
804 M (699), with a margin of 14.8% (15.2)
• Innovative news for net zero transformation in both marine and 
industrial segments
       
In Q2, a continued weakening demand for smaller boats caused a 
slight decline in the marine leisure segment. In the marine 
commercial segment, the market for supply boats and patrol vessels 
continued to be strong. Demand for power generation solutions was 
still high but with signs of normalization as the global energy 
situation has stabilized. The construction market, especially in China, 
as well as mining and material handling declined while demand in 
agriculture, forestry and special vehicles remained on good levels.
  Compared with Q2 2022, net order intake decreased by 11% 
impacted by uncertainty in the market, which makes some 
customers therefore shorten their planning horizons. Deliveries 
decreased by 3%.
   Net sales increased by 18% to SEK 5,416 M (4,597). Adjusted for 
currency movements, net sales increased by 11%, of which sales of 
engines increased by 10% and sales of services by 13%.
   Both adjusted and reported operating income amounted to SEK 
804 M (699), corresponding to an operating margin of 14.8% 
(15.2). 
  Price realization and a favorable product mix contributed positively, 
while higher material costs, increased selling expenses and lower 
production efficiency had a negative effect. Compared with Q2 
2022, the currency impact on operating income was positive in an 
amount of SEK 145 M.
  Several innovative news were launched in both marine and 
industrial segments. In June, media, dealers, and boat owners were 
invited by Groupe Beneteau and Volvo Penta to test a new hybrid 
electric experience onboard a Jeanneau NC 37 yacht with the aim to 
gather insights for data-driven continued development.
  The Volvo Penta Inboard Performance System (IPS) professional 
platform was introduced, offering a powerful and flexible solution for 
professional vessels and superyachts from 25 to 55+ meters. The 
platform is prepared for a range of energy sources.
  An enhanced Volvo Penta joystick, which integrates steering, 
throttle, and shift into a single  control, was also announced.
  The longstanding partnership with Fantuzzi Team Material Handling 
was expanded into electrification of forklifts ranging from 26 to 55 
tonnes. 
Net order intake and deliveries Second quarter Change 
%
First six months Change 
%Number of Engines 2023 2022 2023 2022
Total orders  8,602  9,641  -11  22,091  23,956  -8 
Of which fully electric  9  -  -  30  18  67 
Total deliveries  11,261  11,601  -3  23,988  23,115  4 
Of which fully electric  31  3  933  51  9  467 
Net sales and operating income Second quarter Change 
%
First six months Change 
%SEK M 2023 2022 2023 2022
Net sales per geographical region
Europe  2,871  2,416  19  5,843  4,761  23 
North America  1,054  970  9  2,098  1,748  20 
South America  186  172  8  349  315  11 
Asia  936  791  18  2,003  1,491  34 
Africa and Oceania  369  248  49  725  486  49 
Total net sales  5,416  4,597  18  11,019  8,802  25 
Net sales per product group
Engines  3,897  3,317  17  8,150  6,375  28 
Services  1,519  1,281  19  2,868  2,427  18 
Total net sales  5,416  4,597  18  11,019  8,802  25 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  5,407  4,597  18  11,009  8,802  25 
Revenue of vehicles and services recognized over contract period  9  -  -  9  -  - 
Total net sales  5,416  4,597  18  11,019  8,802  25 
Adjusted operating income ¹  804  699  15  2,075  1,468  41 
Adjustments  -  -  -  -  -3  - 
Operating income  804  699  15  2,075  1,465  42 
Adjusted operating margin, %  14.8  15.2  18.8  16.7 
Operating margin, %  14.8  15.2  18.8  16.6 
1 For more information on adjusted operating income, please see note 6.
                        VOLVO GROUP   — 14 —   THE SECOND QUARTER 2023

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

FINANCIAL SERVICES
Growing portfolio with good earnings
• In Q2, new business volume increased 6%, adjusted for 
currency 
• Both adjusted and reported operating income amounted to SEK 
916 M (792)
• Stable portfolio performance
In Q2 2023, Volvo Financial Services continued to grow the credit 
portfolio and increase earnings.
   Compared with Q2 2022, new business volume excluding Russia 
and Belarus was up by 6%, currency adjusted, primarily due to 
higher sales of Group products, although penetration declined in a 
competitive environment. Adjusted for currency, the credit portfolio 
grew by 19% on a year over year basis.
   Portfolio performance remained stable in most parts of the world 
due to continued high transport volumes and infrastructure activity 
levels.
   Both adjusted and reported operating income amounted to SEK 
916 M (792). The increase in operating income is primarily a result of 
continued profitable portfolio growth, which was partially offset by 
spread compression. Currency movements had a negative impact of 
SEK 17 M compared with Q2 2022.
   Return on equity amounted to 10.7% (3.5). Excluding Russia and 
Belarus, return on equity amounted to 13.9% (17.0).
Financial Services Second quarter First six months
SEK M unless otherwise stated 2023 2022 2023 2022
Number of financed units, 12 months rolling  66,867  70,149 
Total penetration rate, 12 months rolling, % ¹  27  30 
New retail financing volume, SEK billion  29.2  26.0  54.3  48.2 
Credit portfolio net, SEK billion  251  197 
Credit portfolio net excluding Russian and Belarus operations, SEK billion  252  192 
Credit provision expenses  107  40  268  3,073 
Credit provision expenses excluding Russian and Belarus operations  151  38  277  105 
Adjusted operating income ²  916  792  1,787  1,674 
Adjustments ²  -  -  -  -2,568 
Operating income  916  792  1,787  -894 
Credit reserves, % of credit portfolio  2.69  3.23 
Credit reserves, % of credit portfolio excluding Russian and Belarus operations  1.49  1.76 
Return on equity, 12 months rolling, %  10.7  3.5 
Return on equity excluding Russian and Belarus operations, 12 months rolling, % ²  13.9  17.0 
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.
                        VOLVO GROUP   — 15 —   THE SECOND QUARTER 2023

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

CONSOLIDATED INCOME STATEMENT SECOND QUARTER 
Industrial 
Operations Financial Services Eliminations Volvo Group
SEK M 2023 2022 2023 2022 2023 2022 2023 2022
Net sales  135,991  115,719  5,851  4,067  -1,021  -844  140,821  118,943 
Cost of sales  -98,894  -88,651  -4,028  -2,415  1,021  844  -101,900  -90,221 
Gross income  37,097  27,068  1,823  1,653  -  -  38,920  28,721 
Research and development expenses  -6,819  -5,454  -  -  -  -  -6,819  -5,454 
Selling expenses  -7,482  -6,255  -847  -722  -  -  -8,329  -6,977 
Administrative expenses  -1,854  -1,428  -4  -3  -  -  -1,858  -1,432 
Other operating income and expenses  -6,822  -674  -51  -136  -  -  -6,873  -809 
Income/loss from investments in joint ventures and 
associated companies
 -578  -323  -  -  -  -  -578  -323 
Income/loss from other investments  4  19  -5  -  -  -  -2  19 
Operating income  13,545  12,953  916  792  -  -  14,462  13,745 
Interest income and similar credits  700  236  -  -  -128  -54  572  182 
Interest expenses and similar charges  -390  -331  -  -  128  54  -262  -277 
Other financial income and expenses  -362  222  -  -  -  -  -362  222 
Income after financial items  13,493  13,080  916  792  -  -  14,409  13,873 
Income taxes  -3,360  -3,181  -230  -171  -  -  -3,591  -3,352 
Income for the period *  10,133  9,900  686  620  -  -  10,819  10,520 
* Attributable to:
Owners of AB Volvo  10,770  10,443 
Non-controlling interest  49  78 
 10,819  10,520 
Basic earnings per share, SEK  5.30  5.14 
Diluted earnings per share, SEK  5.30  5.14 
Key ratios, %
Gross margin  27.3  23.4  27.6  24.1 
Research and development expenses as % of net sales  5.0  4.7  4.8  4.6 
Selling expenses as % of net sales  5.5  5.4  5.9  5.9 
Administrative expenses as % of net sales  1.4  1.2  1.3  1.2 
Operating margin  10.0  11.2  10.3  11.6 
CONSOLIDATED OTHER COMPREHENSIVE INCOME SECOND QUARTER 
SEK M 2023 2022
Income for the period  10,819  10,520 
Items that will not be reclassified to income statement:
Remeasurements of defined benefit pension plans  727  5,356 
Remeasurements of holding of shares at fair value  9  -17 
Items that may be reclassified subsequently to income statement:
Exchange differences on translation of foreign operations  3,675  7,688 
Share of OCI related to joint ventures and associated companies  428  773 
Accumulated translation difference reversed to income  -  - 
Other comprehensive income, net of income taxes  4,838  13,800 
Total comprehensive income for the period *  15,657  24,320 
* Attributable to:
Owners of AB Volvo  15,633  24,100 
Non-controlling interest  24  220 
 15,657  24,320 
                        VOLVO GROUP   — 16 —   THE SECOND QUARTER 2023

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

CONSOLIDATED INCOME STATEMENT FIRST SIX MONTHS
Industrial 
Operations Financial Services Eliminations Volvo Group
SEK M 2023 2022 2023 2022 2023 2022 2023 2022
Net sales  263,108  218,065  11,221  7,801  -2,088  -1,606  272,241  224,259 
Cost of sales  -192,495  -167,979  -7,605  -4,550  2,088  1,607  -198,012  -170,921 
Gross income  70,613  50,086  3,616  3,251  -  1  74,229  53,338 
Research and development expenses  -13,310  -10,037  -  -  -  -  -13,310  -10,037 
Selling expenses  -14,596  -12,379  -1,627  -1,380  -  -  -16,224  -13,760 
Administrative expenses  -3,514  -2,746  -7  -6  -  -  -3,521  -2,753 
Other operating income and expenses  -8,663  -1,428  -189  -2,759  -  -  -8,853  -4,187 
Income/loss from investments in joint ventures and 
associated companies
 -749  -446  -  -  -  -  -749  -446 
Income/loss from other investments  4  146  -5  -  -  -  -2  146 
Operating income  29,783  23,194  1,787  -894  -  1  31,571  22,301 
Interest income and similar credits  1,429  375  -  -  -285  -68  1,144  308 
Interest expenses and similar charges  -861  -674  -  -  285  68  -576  -606 
Other financial income and expenses  -932  896  -  -  -  -  -932  896 
Income after financial items  29,419  23,792  1,787  -894  -  1  31,206  22,899 
Income taxes  -6,974  -5,424  -479  116  -  -  -7,453  -5,308 
Income for the period *  22,445  18,368  1,308  -778  -  1  23,753  17,591 
* Attributable to:
Owners of AB Volvo  23,680  17,476 
Non-controlling interest  73  116 
 23,753  17,591 
Basic earnings per share, SEK  11.65  8.59 
Diluted earnings per share, SEK  11.65  8.59 
Key ratios, %
Gross margin  26.8  23.0  27.3  23.8 
Research and development expenses as % of net sales  5.1  4.6  4.9  4.5 
Selling expenses as % of net sales  5.5  5.7  6.0  6.1 
Administrative expenses as % of net sales  1.3  1.3  1.3  1.2 
Operating margin  11.3  10.6  11.6  9.9 
CONSOLIDATED OTHER COMPREHENSIVE INCOME FIRST SIX MONTHS 
SEK M 2023 2022
Income for the period  23,753  17,591 
Items that will not be reclassified to income statement:
Remeasurements of defined benefit pension plans  -17  8,416 
Remeasurements of holding of shares at fair value  10  -42 
Items that may be reclassified subsequently to income statement:
Exchange differences on translation of foreign operations  3,743  10,711 
Share of OCI related to joint ventures and associated companies  544  1,159 
Accumulated translation difference reversed to income  -  - 
Other comprehensive income, net of income taxes  4,281  20,244 
Total comprehensive income for the period *  28,033  37,835 
* Attributable to:
Owners of AB Volvo  27,973  37,487 
Non-controlling interest  60  348 
 28,033  37,835 
                        VOLVO GROUP   — 17 —   THE SECOND QUARTER 2023

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

CONSOLIDATED BALANCE SHEET
Industrial 
Operations Financial Services Eliminations Volvo Group
SEK M
Jun 30 
2023
Dec 31 
2022
Jun 30 
2023
Dec 31 
2022
Jun 30 
2023
Dec 31 
2022
Jun 30 
2023
Dec 31 
2022
Assets
Non-current assets
Intangible assets  43,341  41,471  88  73  -  -  43,429  41,544 
Tangible assets
Property, plant and equipment  67,206  63,112  59  50  -  -  67,265  63,162 
Assets under operating leases  35,690  34,109  22,051  21,372  -13,234  -11,963  44,508  43,518 
Financial assets
Investments in Joint Ventures and associated companies  21,455  21,583  -  -  -  -  21,455  21,583 
Other shares and participations  887  587  20  18  -  -  906  605 
Non-current customer-financing receivables  1,859  1,903  119,043  105,536  -2,208  -2,375  118,694  105,064 
Net pension assets  2,676  2,722  2  5  -  -  2,678  2,727 
Non-current interest-bearing receivables  7,370  7,227  -  1,153  -5,050  -6,578  2,320  1,803 
Other non-current receivables  10,752  10,997  285  227  -212  -202  10,825  11,022 
Deferred tax assets  15,023  12,219  2,188  1,969  -  -  17,211  14,189 
Total non-current assets  206,258  195,931  143,737  130,404  -20,704  -21,118  329,291  305,217 
Current assets
Inventories  92,939  75,382  300  307  -  -  93,239  75,689 
Current receivables
Customer-financing receivables  1,212  1,128  109,695  89,145  -1,342  -1,409  109,565  88,864 
Tax assets  3,721  1,489  524  570  -  -  4,246  2,059 
Interest-bearing receivables  6,443  5,690  1,035  -  -1,059  -27  6,419  5,663 
Internal funding  11,230  7,991  -  -  -11,230  -7,991  -  - 
Accounts receivable  48,308  46,672  1,801  1,548  -  -  50,108  48,220 
Other receivables  23,988  21,390  2,859  3,302  -5,755  -5,319  21,092  19,373 
Marketable securities  97  93  -  -  -  -  97  93 
Cash and cash equivalents  54,900  76,005  10,369  9,688  -1,450  -1,806  63,819  83,886 
Assets held for sale  718  -  -  -  -  -  718  - 
Total current assets  243,555  235,840  126,583  104,560  -20,836  -16,553  349,303  323,847 
Total assets  449,814  431,771  270,319  234,964  -41,540  -37,671  678,594  629,064 
Equity and liabilities
Equity attributable to owners of AB Volvo  140,568  143,921  21,626  18,796  -  -  162,194  162,717 
Non-controlling interest  3,566  3,519  -  -  -  -  3,565  3,519 
Total equity  144,134  147,439  21,626  18,796  -  -  165,759  166,236 
Non-current provisions
Provisions for post-employment benefits  9,236  8,690  60  55  -  -  9,296  8,745 
Other provisions  13,339  12,330  76  66  -  -  13,415  12,396 
Non-current liabilities
Bond loans  105,145  102,887  -  -  -  -  105,145  102,887 
Other loans  21,945  25,446  12,804  12,325  -1,923  -2,086  32,826  35,684 
Internal funding  -114,902  -110,254  122,185  98,310  -7,283  11,944  -  - 
Deferred tax liabilities  3,238  3,060  2,351  2,412  -  -  5,589  5,472 
Other liabilities  55,491  51,351  1,573  1,467  -8,498  -7,270  48,565  45,549 
Current provisions  21,296  13,095  22  24  -  -  21,318  13,119 
Current liabilities
Bond loans  53,471  37,794  -  -  -  -  53,471  37,794 
Other loans  33,296  24,666  12,674  11,163  -1,216  -1,247  44,754  34,583 
Internal funding   -73,307  -50,804  85,299  79,677  -11,992  -28,873  -  - 
Trade payables  94,723  89,174  918  1,003  -  -  95,641  90,177 
Tax liabilities  7,587  6,147  735  760  -  -  8,323  6,907 
Other liabilities  75,122  70,749  9,997  8,906  -10,628  -10,138  74,491  69,517 
Liabilities held for sale  1  -  -  -  -  -  1  - 
Total equity and liabilities  449,814  431,771  270,319  234,964  -41,540  -37,671  678,594  629,064 
Key ratios, %
Equity ratio  32.0  34.1  8.0  8.0  24.4  26.4 
Equity attributable to owners of AB Volvo, per share in SEK  79.8  80.0 
Return on operating capital ¹  58.4  50.8 
Return on capital employed ¹  30.2  27.4 
Return on equity ¹  10.7  -0.3  23.2  20.7 
1 12 months rolling.
                        VOLVO GROUP   — 18 —   THE SECOND QUARTER 2023

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

CONSOLIDATED CASH FLOW STATEMENT SECOND QUARTER 
Industrial 
Operations Financial Services Eliminations Volvo Group
SEK M 2023 2022 2023 2022 2023 2022 2023 2022
Operating activities
Operating income  13,545  12,953  916  792  -  -  14,462  13,745 
Amortization intangible assets  746  723  8  17  -  -  753  740 
Depreciation tangible assets  2,120  1,953  5  6  -  -  2,126  1,959 
Depreciation leasing vehicles  1,139  1,140  1,272  1,139  -  -  2,411  2,279 
Other non-cash items  6,840  288  257  182  -  -107  7,097  363 
Total change in working capital whereof  -4,927  -3,626  -11,771  -5,188  -234  49  -16,931  -8,766 
Change in accounts receivables  86  -2,412  -235  -62  -  -  -149  -2,474 
Change in customer-financing receivables  12  -9  -12,039  -5,613  -172  -18  -12,199  -5,641 
Change in inventories  -5,366  -2,192  -57  -48  -  -  -5,423  -2,239 
Change in trade payables  1,009  665  -147  91  -  -  862  756 
Other changes in working capital  -668  322  708  443  -62  67  -22  832 
Dividends received from joint ventures and associated 
companies
 108  54  -  -  -  -  108  54 
Interest and similar items received  791  135  -  -  -128  97  663  232 
Interest and similar items paid  -409  -235  -  -  114  10  -296  -225 
Other financial items  -130  -131  -  -  -  -  -130  -131 
Income taxes paid  -3,941  -2,846  -383  -864  -  -  -4,324  -3,710 
Cash flow from operating activities  15,882  10,409  -9,695  -3,917  -248  49  5,939  6,542 
Investing activities
Investments in intangible assets  -1,212  -1,319  -20  -9  -  -  -1,232  -1,328 
Investments in tangible assets  -2,619  -2,071  -4  -4  -  -  -2,623  -2,074 
Investment in leasing vehicles  -  -  -2,556  -2,137  4  -  -2,552  -2,137 
Disposals of in-/tangible assets and leasing vehicles  502  179  1,086  1,483  -2  -3  1,586  1,659 
Operating cash flow  12,553  7,199  -11,188  -4,583  -247  46  1,118  2,662 
Investments of shares  -271  -99 
Divestment of shares  8  - 
Acquired operations ¹  358  -36 
Divested operations  -  - 
Interest-bearing receivables incl. marketable securities  -106  328 
Cash flow after net investments  1,107  2,854 
Financing activities
New borrowings ²  64,843  49,957 
Repayments of borrowings ²  -58,976  -47,666 
Dividend to owners of AB Volvo  -28,468  -26,435 
Dividend to non-controlling interest  -  - 
Other  -31  -55 
Change in cash and cash equivalents excl. translation 
differences
 -21,525  -21,345 
Translation difference on cash and cash equivalents  1,166  2,225 
Change in cash and cash equivalents  -20,359  -19,120 
Cash and cash equivalents, beginning of quarter  84,178  73,388 
Cash and cash equivalents, end of quarter  63,819  54,268 
1 Volvo Trucks has discontinued the acquisition of a heavy-duty truck manufacturing operation in China and recovered a previous advance payment.
2 The comparative figures are restated due to a reclassification between new borrowings and repayments of borrowings.
                        VOLVO GROUP   — 19 —   THE SECOND QUARTER 2023

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

CONSOLIDATED CASH FLOW STATEMENT FIRST SIX MONTHS
Industrial 
Operations Financial Services Eliminations Volvo Group
SEK M 2023 2022 2023 2022 2023 2022 2023 2022
Operating activities
Operating income  29,783  23,194  1,787  -894  -  1  31,571  22,301 
Amortization intangible assets  1,486  1,423  16  26  -  -  1,502  1,449 
Depreciation tangible assets  4,188  3,813  10  12  -  -  4,199  3,825 
Depreciation leasing vehicles  2,214  2,323  2,484  2,266  -  -  4,698  4,589 
Other non-cash items  8,700  2,117  486  3,146  -1  -123  9,184  5,140 
Total change in working capital whereof  -12,665  -19,516  -22,436  -9,539  -523  29  -35,624  -29,026 
Change in accounts receivables  99  -3,686  -360  -68  -  -  -262  -3,754 
Change in customer-financing receivables  71  -5  -23,141  -10,773  -369  -1  -23,440  -10,780 
Change in inventories  -14,862  -9,957  -3  -79  -  -  -14,865  -10,036 
Change in trade payables  2,909  -4,763  -140  82  -  -  2,769  -4,681 
Other changes in working capital  -882  -1,104  1,208  1,300  -154  30  173  226 
Dividends received from joint ventures and associated 
companies
 108  54  -  -  -  -  108  54 
Interest and similar items received  1,515  243  -  -  -285  103  1,230  346 
Interest and similar items paid  -1,029  -658  -  -  292  20  -737  -639 
Other financial items  -157  -53  -  -  -  -  -157  -53 
Income taxes paid  -9,543  -4,672  -668  -1,141  -  -  -10,212  -5,813 
Cash flow from operating activities  24,599  8,269  -18,321  -6,124  -517  29  5,761  2,174 
Investing activities
Investments in intangible assets  -2,527  -2,664  -28  -12  -  -  -2,556  -2,676 
Investments in tangible assets  -5,083  -4,017  -7  -5  -  -  -5,089  -4,022 
Investment in leasing vehicles  -  -1  -4,472  -4,254  32  4  -4,440  -4,250 
Disposals of in-/tangible assets and leasing vehicles  567  212  2,314  2,874  -4  -6  2,877  3,080 
Operating cash flow  17,556  1,799  -20,514  -7,521  -490  28  -3,447  -5,695 
Investments of shares  -944  -624 
Divestments of shares  8  157 
Acquired operations ¹  350  -36 
Divested operations  196  153 
Interest-bearing receivables incl. marketable securities  -182  -53 
Cash flow after net investments  -4,019  -6,098 
Financing activities
New borrowings ²  109,570  99,120 
Repayments of borrowings ²  -98,500  -77,459 
Dividend to owners of AB Volvo  -28,468  -26,435 
Dividend to non-controlling interest  -  - 
Other  -27  -18 
Change in cash and cash equivalents excl. translation 
differences
 -21,445  -10,890 
Translation difference on cash and cash equivalents  1,378  3,032 
Change in cash and cash equivalents  -20,067  -7,857 
Cash and cash equivalents, beginning of period  83,886  62,126 
Cash and cash equivalents, end of period  63,819  54,268 
1 Volvo Trucks has discontinued the acquisition of a heavy-duty truck manufacturing operation in China and recovered a previous advance payment.
2 The comparative figures are restated due to a reclassification between new borrowings and repayments of borrowings.
                        VOLVO GROUP   — 20 —   THE SECOND QUARTER 2023

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

CONSOLIDATED NET FINANCIAL POSITION
Net financial position excl. post-employment benefits and lease liabilities Industrial 
Operations Volvo Group
SEK bn Jun 30 
2023
Dec 31 
2022
Jun 30 
2023
Dec 31 
2022
Non-current interest-bearing assets
Non-current customer-financing receivables  -  -  118.7  105.1 
Non-current interest-bearing receivables  7.4  7.2  2.3  1.8 
Current interest-bearing assets
Customer-financing receivables  -  -  109.6  88.9 
Interest-bearing receivables  6.4  5.7  6.4  5.7 
Internal funding  11.2  8.0  -  - 
Marketable securities  0.1  0.1  0.1  0.1 
Cash and cash equivalents  54.9  76.0  63.8  83.9 
Total interest-bearing financial assets  80.0  97.0  300.9  285.4 
Non-current interest-bearing liabilities
Bond loans  -105.1  -102.9  -105.1  -102.9 
Other loans  -16.7  -20.6  -27.7  -30.9 
Internal funding  114.9  110.3  -  - 
Current interest-bearing liabilities
Bond loans  -53.5  -37.8  -53.5  -37.8 
Other loans  -31.3  -22.9  -42.7  -32.8 
Internal funding  73.3  50.8  -  - 
Total interest-bearing financial liabilities excl. lease liabilities  -18.4  -23.1  -229.0  -204.4 
Net financial position excl. post-employment benefits and lease liabilities  61.6  73.9  71.9  81.0 
Provisions for post-employment benefits and lease liabilities, net Industrial 
Operations Volvo Group
SEK bn
Jun 30 
2023
Dec 31 
2022
Jun 30 
2023
Dec 31 
2022
Non-current lease liabilities  -5.2  -4.8  -5.2  -4.8 
Current lease liabilities  -2.0  -1.8  -2.0  -1.8 
Provisions for post-employment benefits, net  -6.6  -6.0  -6.6  -6.0 
Provisions for post-employment benefits and lease liabilities, net  -13.8  -12.6  -13.8  -12.6 
Net financial position incl. post-employment benefits and lease liabilities Industrial 
Operations Volvo Group
SEK bn
Jun 30 
2023
Dec 31 
2022
Jun 30 
2023
Dec 31 
2022
Net financial position excl. post-employment benefits and lease liabilities  61.6  73.9  71.9  81.0 
Provisions for post-employment benefits and lease liabilities, net  -13.8  -12.6  -13.8  -12.6 
Net financial position incl. post-employment benefits and lease liabilities  47.8  61.3  58.1  68.4 
                        VOLVO GROUP   — 21 —   THE SECOND QUARTER 2023

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

CHANGES IN NET FINANCIAL POSITION, INDUSTRIAL OPERATIONS
Second quarter First six months
SEK bn 2023 2023
Net financial position excl. post-employment benefits and lease liabilities at the end of previous 
period
 77.7  73.9 
Operating cash flow  12.6  17.6 
Investments and divestments of shares, net  -0.3  -0.9 
Acquired and divested operations, net  0.4  0.5 
Capital injections to/from Financial Services  -0.6  -1.0 
Currency effect  1.1  1.4 
Dividend to owners of AB Volvo  -28.5  -28.5 
Dividend to non-controlling interest  -  - 
Other changes  -0.7  -1.5 
Net financial position excl. post-employment benefits and lease liabilities at the end of period  61.6  61.6 
Provisions for post-employment benefits and lease liabilities at the end of previous period  -14.2  -12.6 
Pension payments, included in operating cash flow  0.4  0.5 
Remeasurements of defined post-employment benefits  0.9  - 
Service costs and other pension costs  -0.3  -0.6 
Investments, remeasurements and amortizations of lease contracts  0.1  -0.3 
Currency effect  -0.5  -0.5 
Other changes  -0.1  -0.1 
Provisions for post-employment benefits and lease liabilities at the end of period  -13.8  -13.8 
Net financial position incl. post-employment benefits and lease liabilities at the end of period  47.8  47.8 
CONSOLIDATED CHANGES IN TOTAL EQUITY
SEK M
Equity 
attributable to 
owners of AB 
Volvo
Non-controlling 
interest Total equity
Balance as of December 31, 2021  141,045  3,073  144,118 
Income for the period  32,722  247  32,969 
Other comprehensive income for the period  15,417  179  15,596 
Total comprehensive income for the period  48,140  425  48,565 
Dividend  -26,435  -19  -26,454 
Changes in non-controlling interests  -  40  40 
Other changes  -33  -  -33 
Transactions with shareholders  -26,468  20  -26,447 
Balance as of December 31, 2022  162,717  3,519  166,236 
Income for the period  23,680  73  23,753 
Other comprehensive income for the period  4,293  -13  4,281 
Total comprehensive income for the period  27,973  60  28,033 
Dividend  -28,468  -  -28,468 
Changes in non-controlling interests  -  -13  -13 
Other changes  -28  -  -28 
Transactions with shareholders  -28,496  -13  -28,509 
Balance as of June 30, 2023  162,194  3,565  165,759 
                        VOLVO GROUP   — 22 —   THE SECOND QUARTER 2023

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

QUARTERLY FIGURES
Income Statements, Volvo Group
First six 
months
First six 
months
SEK M unless otherwise stated 2/2023 1/2023 4/2022 3/2022 2/2022 2023 2022
Net sales  140,821  131,420  134,302  114,917  118,943  272,241  224,259 
Cost of sales  -101,900  -96,112  -103,227  -87,594  -90,221  -198,012  -170,921 
Gross income  38,920  35,308  31,076  27,324  28,721  74,229  53,338 
Research and development expenses  -6,819  -6,492  -6,893  -5,595  -5,454  -13,310  -10,037 
Selling expenses  -8,329  -7,894  -8,239  -7,046  -6,977  -16,224  -13,760 
Administrative expenses  -1,858  -1,663  -1,744  -1,383  -1,432  -3,521  -2,753 
Other operating income and expenses  -6,873  -1,980  -2,292  -896  -809  -8,853  -4,187 
Income/loss from investments in Joint Ventures and associated 
companies  -578  -171  -351  -536  -323  -749  -446 
Income/loss from other investments  -2  -  -15  1  19  -2  146 
Operating income  14,462  17,109  11,541  11,869  13,745  31,571  22,301 
Interest income and similar credits  572  572  453  247  182  1,144  308 
Interest expenses and similar charges  -262  -314  -338  -262  -277  -576  -606 
Other financial income and expenses  -362  -570  -1,237  -96  222  -932  896 
Income after financial items  14,409  16,797  10,420  11,758  13,873  31,206  22,899 
Income taxes  -3,591  -3,863  -3,730  -3,071  -3,352  -7,453  -5,308 
Income for the period *  10,819  12,934  6,690  8,687  10,520  23,753  17,591 
* Attributable to:
Owners of AB Volvo  10,770  12,910  6,620  8,627  10,443  23,680  17,476 
Non-controlling interest  49  24  70  61  78  73  116 
 10,819  12,934  6,690  8,687  10,520  23,753  17,591 
Key ratios, Volvo Group, %
Gross margin  27.6  26.9  23.1  23.8 24.1  27.3  23.8 
Research and development expenses as % of net sales  4.8  4.9  5.1  4.9 4.6  4.9  4.5 
Selling expenses as % of net sales  5.9  6.0  6.1  6.1 5.9  6.0  6.1 
Administrative expenses as % of net sales  1.3  1.3  1.3  1.2 1.2  1.3  1.2 
Operating margin  10.3  13.0  8.6  10.3 11.6  11.6  9.9 
Key ratios, Industrial Operations, %
Gross margin  27.3  26.4  22.5  23.0 23.4  26.8  23.0 
Research and development expenses as % of net sales  5.0  5.1  5.3  5.0 4.7  5.1  4.6 
Selling expenses as % of net sales  5.5  5.6  5.7  5.7 5.4  5.5  5.7 
Administrative expenses as % of net sales  1.4  1.3  1.3  1.2 1.2  1.3  1.3 
Operating margin  10.0  12.8  8.2  9.9 11.2  11.3  10.6 
EBITDA margin, Industrial Operations
Operating income Industrial Operations  13,545  16,238  10,678  10,990  12,953  29,783  23,194 
Product and software development, amortization  709  696  723  712  697  1,404  1,364 
Other intangible assets, amortization  38  44  33  27  26  82  59 
Tangible assets, depreciation  3,259  3,143  3,784  3,090  3,093  6,402  6,136 
Total depreciation and amortization  4,006  3,883  4,541  3,828  3,816  7,888  7,559 
Operating income before depreciation and amortization (EBITDA)  17,551  20,121  15,219  14,818  16,769  37,671  30,753 
EBITDA margin, %  12.9  15.8  11.7  13.3 14.5  14.3  14.1 
Net capitalization of research and development
Capitalization  1,166  1,208  1,114  972  1,296  2,374  2,620 
Amortization  -670  -657  -677  -673  -658  -1,327  -1,286 
Net capitalization and amortization  496  551  438  300  638  1,047  1,334 
Return on operating capital in Industrial Operations, % ¹  58.4  57.0  50.8  50.1  50.6 
Return on capital employed in Industrial Operations, % ¹  30.2  30.3  27.4  27.4  26.8 
1  12 months rolling.
                        VOLVO GROUP   — 23 —   THE SECOND QUARTER 2023

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

QUARTERLY FIGURES
Net sales First six 
months
First six 
months
SEK M 2/2023 1/2023 4/2022 3/2022 2/2022 2023 2022
Trucks  93,748  89,556  87,303  75,078  78,603  183,304  148,155 
Construction Equipment  28,999  25,109  27,596  24,238  25,814  54,108  48,427 
Buses  5,434  4,267  6,654  4,817  4,062  9,701  7,112 
Volvo Penta  5,416  5,603  4,849  4,451  4,597  11,019  8,802 
Group Functions & Other  3,629  3,779  4,985  3,793  3,750  7,407  7,598 
Eliminations  -1,236  -1,195  -1,175  -950  -1,106  -2,431  -2,030 
Industrial Operations  135,991  127,117  130,212  111,427  115,719  263,108  218,065 
Financial Services  5,851  5,370  5,124  4,430  4,067  11,221  7,801 
Eliminations  -1,021  -1,067  -1,033  -940  -844  -2,088  -1,606 
Volvo Group net sales  140,821  131,420  134,301  114,917  118,943  272,241  224,259 
Operating income First six 
months
First six 
months
SEK M 2/2023 1/2023 4/2022 3/2022 2/2022 2023 2022
Trucks  8,950  12,854  7,644  7,539  9,551  21,804  16,793 
Construction Equipment  5,353  4,587  3,093  3,541  3,568  9,940  6,272 
Buses  219  -1,261  228  99  7  -1,042  27 
Volvo Penta  804  1,271  468  593  699  2,075  1,465 
Group Functions & Other  -1,783  -1,225  -754  -778  -890  -3,008  -1,380 
Eliminations  3  12  -1  -4  19  15  16 
Industrial Operations  13,545  16,238  10,678  10,990  12,953  29,783  23,197 
Financial Services  916  871  863  879  792  1,787  -894 
Eliminations  -  -  1  1  -  -  1 
Volvo Group operating income  14,462  17,109  11,541  11,869  13,745  31,571  22,301 
Adjusted operating income ¹ First six 
months
First six 
months
SEK M 2/2023 1/2023 4/2022 3/2022 2/2022 2023 2022
Trucks  14,950  12,715  8,274  7,307  9,551  27,665  18,240 
Construction Equipment  5,353  4,587  3,093  3,773  3,568  9,940  6,378 
Buses  219  178  228  99  7  397  27 
Volvo Penta  804  1,271  468  593  699  2,075  1,468 
Group Functions & Other  -513  -1,225  -754  -778  -890  -1,738  -1,379 
Eliminations  3  12  -1  -4  19  15  16 
Industrial Operations  20,815  17,538  11,308  10,990  12,953  38,353  24,751 
Financial Services  916  871  863  879  792  1,787  1,674 
Eliminations  -  -  1  1  -  -  1 
Volvo Group adjusted operating income  21,732  18,409  12,171  11,869  13,745  40,141  26,426 
1 For more information on adjusted operating income, please see note 6.
Operating margin First six 
months
First six 
months
% 2/2023 1/2023 4/2022 3/2022 2/2022 2023 2022
Trucks  9.5  14.4  8.8  10.0  12.2  11.9  11.3 
Construction Equipment  18.5  18.3  11.2  14.6  13.8  18.4  13.0 
Buses  4.0  -29.6  3.4  2.0  0.2  -10.7  0.4 
Volvo Penta  14.8  22.7  9.7  13.3  15.2  18.8  16.6 
Industrial Operations  10.0  12.8  8.2  9.9  11.2  11.3  10.6 
Volvo Group operating margin  10.3  13.0  8.6  10.3  11.6  11.6  9.9 
Adjusted operating margin First six 
months
First six 
months
% 2/2023 1/2023 4/2022 3/2022 2/2022 2023 2022
Trucks  15.9  14.2  9.5  9.7  12.2  15.1  12.3 
Construction Equipment  18.5  18.3  11.2  15.6  13.8  18.4  13.2 
Buses  4.0  4.2  3.4  2.0  0.2  4.1  0.4 
Volvo Penta  14.8  22.7  9.7  13.3  15.2  18.8  16.7 
Industrial Operations  15.3  13.8  8.7  9.9  11.2  14.6  11.4 
Volvo Group adjusted operating margin  15.4  14.0  9.1  10.3  11.6  14.7  11.8 
                        VOLVO GROUP   — 24 —   THE SECOND QUARTER 2023

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

QUARTERLY FIGURES
Share data First six 
months
First six 
months
2/2023 1/2023 4/2022 3/2022 2/2022 2023 2022
Earnings per share, SEK ¹  5.30  6.35  3.26  4.24  5.14  11.65  8.59 
Earnings per share, SEK ¹, 12 months rolling  19.15  18.98  16.09  16.77  15.99  20.24  8.59 
Diluted earnings per share, SEK  5.30  6.35  3.26  4.24  5.14  11.65  8.59 
Number of outstanding shares in millions  2,033  2,033  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  2,033  2,033 
Average number of shares after dilution in millions  2,033  2,033  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.
_________________________________________________________________
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 2022 (available at www.volvogroup.com). As 
from January 1, 2023, a new long-term incentive plan has been 
adopted by the Annual General Meeting. The plan is accounted for in 
accordance with IFRS 2 Share-based payments. There are no other 
new accounting policies applicable from 2023 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 the cyclical nature of the 
commercial vehicles industry, intense competition, extensive 
government regulations, political instability and security;
Operational risks – such as transformation and technology risk, new 
business models, risks related to industrial operations, reliance on 
suppliers and scarce materials, cost inflation and price increases, 
cybersecurity and IT infrastructure, strategic transactions such as 
mergers and acquisitions, partnerships and divestments as well as 
residual value commitments; 
Climate and people risks  – such as pandemics, climate and risk 
related to people and culture as well as human rights;
Compliance risks  – such as non-compliance with data protection 
laws, protection and maintenance of intangible assets, legal 
proceedings and corruption and non-compliance with competition 
law; and
Financial risks  – such as insurance coverage, credit risk, pension 
commitments, interest level and currency fluctuations, liquidity risks, 
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 68-73 in the Volvo Group 
Annual Report 2022.
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. 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.
                        VOLVO GROUP   — 25 —   THE SECOND QUARTER 2023

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

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. The 
Volvo Group will continuously assess the size of the provision as the 
matter develops.
Financial impact from the war in Ukraine
In Q1 2022, the Volvo Group reported that out of the Group's total 
assets related to Russia of approximately SEK 9 billion, SEK 4.1 
billion had been provisioned for and impacting operating income 
negatively in Q1 2022. As of the end of this quarter, the Groupʼs total 
exposure for additional impairment needs related to Russia largely 
remains unchanged. In 2021, approximately 3% of the Groupʼs net 
sales were attributable to Russia.
  The Group follows developments closely, but the situation with 
rapid and sometimes unpredictable changes may persist. No 
predictions can hence be made on the full impact from the war and 
ensuing sanctions on Groupʼs assets in the region or on the general 
economic development. Further write-downs of the Groupʼs assets 
related to Russia may be necessary in the coming periods, which 
could have a materially adverse effect on the Groupʼs financial result, 
cash flow and financial position.
Contingent liabilities and contingent assets
The reported amounts for contingent liabilities reflect a part of Volvo 
Groupʼs risk exposure. Total contingent liabilities as of June 30, 
2023, amounted to SEK 17.8 billion, a decrease of SEK 0.4 billion 
compared to December 31, 2022 . The gross exposure of SEK 17.8 
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, 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.
                        VOLVO GROUP   — 26 —   THE SECOND QUARTER 2023

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

NOTE 3 | ACQUISITIONS AND DIVESTMENTS
The Volvo Group has not made any acquisitions or divestments of 
operations during Q2 that have had a material impact on the financial 
statements. 
Assets and liabilities held for sale amounted to net SEK 716 M (-) as 
of June 30 2023 , mainly related to planned property divestments 
and divestment of shares in associated companies.
_________________________________________________________________
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 2022 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 
7.0 billion (6.3) and derivatives with negative fair values amounted to 
SEK 10.6 billion (9.0) as of June 30, 2023.
The derivatives are accounted for on gross basis. Financial liabilities 
valued at amortized cost, reported as current and non-current bond 
loans and other loans, amounted to SEK 229.4 billion ( 205.0) in 
reported carrying value with a fair value of SEK 225.4 billion (201.3). 
In the Volvo Group consolidated financial position, financial liabilities 
include loan-related derivatives with negative fair values amounting 
to SEK 6.8 billion (5.9).
Currency effect on operating income, Volvo Group Compared to second quarter 2022
SEK M
Second quarter 
2023
Second quarter 
2022 Change
Net flow in foreign currency  540 
Realized and unrealized gains and losses on derivatives  -3  -1  -3 
Unrealized gains and losses on receivables and liabilities in foreign currency  -64  570  -633 
Translation effect on operating income in foreign subsidiaries  913 
Total currency effect on operating income, Volvo Group 817
Applicable currency rates Quarterly exchange rates Close rates
Second quarter 
2023
Second quarter 
2022
Jun 30 Jun 30
2023 2022
BRL  2.13  2.00  2.23  1.92 
CNY  1.50  1.49  1.50  1.53 
EUR  11.46  10.47  11.79  10.68 
GBP  13.18  12.35  13.72  12.41 
KRW  0.0080  0.0078  0.0082  0.0078 
USD  10.52  9.84  10.85  10.22 
__________________________________________________________________________________________________
NOTE 5 | TRANSACTIONS WITH RELATED PARTIES
Sales of goods, services 
and other income
Purchases of goods, services 
and other expenses
SEK M 
Second quarter 
2023
Second quarter 
2022
Second quarter 
2023
Second quarter 
2022
Associated companies  899  329  57  32 
Joint ventures  1,264  20  400  350 
 
Receivables Payables 
Jun 30 Dec 31 Jun 30 Dec 31
SEK M 2023 2022 2023 2022
Associated companies  239  113  67  63 
Joint ventures  432  472  93  122 
                        VOLVO GROUP   — 27 —   THE SECOND QUARTER 2023

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

NOTE 6 | RECONCILIATION OF ADJUSTED OPERATING INCOME
Adjusted operating income First six 
months
First six 
months
SEK M 2/2023 1/2023 4/2022 3/2022 2/2022 2023 2022
Trucks 14,950 12,715 8,274 7,307 9,551 27,665 18,240
Construction Equipment 5,353 4,587 3,093 3,773 3,568 9,940 6,378
Buses 219 178 228 99 7 397 27
Volvo Penta 804 1,271 468 593 699 2,075 1,468
Group Functions & Other -513 -1,225 -754 -778 -890 -1,738 -1,379
Eliminations 3 12 -1 -4 19 15 16
Industrial Operations 20,815 17,538 11,308 10,990 12,953 38,353 24,751
Financial Services 916 871 863 879 792 1,787 1,674
Eliminations - - 1 1 - - 1
Volvo Group adjusted operating income 21,732 18,409 12,171 11,869 13,745 40,141 26,426
Adjustments First six 
months
First six 
months
SEK M 2/2023 1/2023 4/2022 3/2022 2/2022 2023 2022
Adjustment items (segment)
Restructuring charges relating to the US bus production for Nova Bus 
(Group Functions & Other)
 -1,270  -  -  -  -  -1,270  - 
Restructuring charges relating to the European bus operation (Buses)  -  -1,300  -  -  -  -1,300  - 
Previously announced provision for premature degradation of an 
emission control component
Trucks  -  139  -  -  -  139  - 
Buses  -  -139  -  -  -  -139  - 
Costs relating to claims arising from the European Commissionʼs 2016 
antitrust settlement decision (Trucks)
 -6,000  -  -630  -  -  -6,000  - 
Financial impact related to Russia:
Trucks  -  -  -  232  -  -  -1,447 
Construction Equipment  -  -  -  -232  -  -  -106 
Volvo Penta  -  -  -  -  -  -  -3 
Group Functions & Other  -  -  -  -  -  -  -1 
Financial Services  -  -  -  -  -  -  -2,568 
Total adjustments
Trucks  -6,000  139  -630  232  -  -5,861  -1,447 
Construction Equipment  -  -  -  -232  -  -  -106 
Buses  -  -1,439  -  -  -  -1,439  - 
Volvo Penta  -  -  -  -  -  -  -3 
Group Functions & Other  -1,270  -  -  -  -  -1,270  -1 
Industrial Operations  -7,270  -1,300  -630  -  -  -8,570  -1,557 
Financial Services  -  -  -  -  -  -  -2,568 
Eliminations  -  -  -  -  -  -  - 
Volvo Group adjustments  -7,270  -1,300  -630  -  -  -8,570  -4,125 
Operating income First six 
months
First six 
months
SEK M 2/2023 1/2023 4/2022 3/2022 2/2022 2023 2022
Trucks  8,950  12,854  7,644  7,539  9,551  21,804  16,793 
Construction Equipment  5,353  4,587  3,093  3,541  3,568  9,940  6,272 
Buses  219  -1,261  228  99  7  -1,042  27 
Volvo Penta  804  1,271  468  593  699  2,075  1,465 
Group Functions & Other  -1,783  -1,225  -754  -778  -890  -3,008  -1,380 
Eliminations  3  12  -1  -4  19  15  16 
Industrial Operations  13,545  16,238  10,678  10,990  12,953  29,783  23,194 
Financial Services  916  871  863  879  792  1,787  -894 
Eliminations  -  -  1  1  -  -  1 
Volvo Group operating income  14,462  17,109  11,541  11,869  13,745  31,571  22,301 
For reconciliation of other key ratios, see www.volvogroup.com
                        VOLVO GROUP   — 28 —   THE SECOND QUARTER 2023

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

PARENT COMPANY
Income from investments in group companies for the second quarter  
includes dividends amounting to SEK 5,319 M (64). Impairment of 
shares and participations in group companies was made by SEK 
1,380 M (-). Income from investments in joint ventures and 
associated companies includes dividends amounting to SEK 76 M 
(34).
Financial net debt amounted to SEK 30,423 M (22,213) at the end 
of the second quarter .
Income statement Second quarter First six months
SEK M 2023 2022 2023 2022
Net sales¹  84  66  154  131 
Cost of sales¹  -84  -66  -154  -131 
Gross income  -  -  -  - 
Operating expenses¹  -467  -303  -835  -606 
Operating income (loss)  -467  -303  -835  -606 
Income from investments in group companies  3,940  64  3,989  3,878 
Income from investments in joint ventures and associated companies  76  34  76  34 
Income from investments, other shares and participations  -  -  -  - 
Interest income and expenses  -307  -93  -467  -164 
Other financial income and expenses  -75  177  -129  199 
Income after financial items  3,167  -121  2,634  3,341 
Appropriations  -  -  -  - 
Income taxes  2,532  37  2,623  97 
Income for the period  5,699  -84  5,257  3,438 
1 Of net sales in the second quarter  SEK 81 M (62) pertained to group companies, while purchases from group companies amounted to SEK 106 M (91).
Other comprehensive income
Income for the period  5,699  -84  5,257  3,438 
Other comprehensive income, net of income taxes  -  -  -  - 
Total comprehensive income for the period  5,699  -84  5,257  3,438 
                        VOLVO GROUP   — 29 —   THE SECOND QUARTER 2023

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

Balance sheet
SEK M
Jun 30 
2023
Dec 31 
2022
Assets
Non-current assets
Tangible assets  7  7 
Financial assets
   Shares and participations in group companies  69,608  70,987 
   Investments in joint ventures and associated companies  8,946  8,946 
   Other shares and participations  2  2 
   Other long-term receivables  478  593 
   Deferred tax assets  568  217 
Total non-current assets  79,609  80,752 
Current assets
Current receivables from group companies  3,572  29,316 
Other current receivables  330  251 
Tax assets  2,009  - 
Total current assets  5,911  29,567 
Total assets  85,520  110,319 
Equity and liabilities
Equity
   Restricted equity  9,899  9,899 
   Unrestricted equity  36,293  59,504 
Total Equity  46,192  69,403 
Untaxed reserves  7,500  7,500 
Provisions  257  259 
Non-current liabilities¹  610  405 
Current liabilities²  30,961  32,752 
Total equity and liabilities  85,520  110,319 
1 Of which SEK 605 M (400) pertains to group companies.
2 Of which SEK 30,246, M (28,819) pertains to group companies.
Events after the balance sheet date
For important events, please see page 6. No other significant events have occurred after the end of the second quarter 2023  that are 
expected to have a material effect on the Volvo Group.
                        VOLVO GROUP   — 30 —   THE SECOND QUARTER 2023

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

The Board of Directors and the President certify that the half-yearly financial report gives a fair view of the performance of the business, 
position and profit or loss of the Company and the Group, and describes the principal risks and uncertainties that the Company and the 
companies in the Group face.
Gothenburg, July 19, 2023
AB Volvo (publ)
Carl-Henric Svanberg
Chairman of the Board
Matti Alahuhta Bo Annvik Jan Carlson Eric Elzvik
Board member Board member Board member Board member
Martha Finn Brooks Kurt Jofs Martin Lundstedt Kathryn V. Marinello
Board member Board member President, CEO Board member
and Board member
Martina Merz Helena Stjernholm
Board member Board member
Lars Ask Mari Larsson Urban Spännar 
Board member Board member Board member
                        VOLVO GROUP   — 31 —   THE SECOND QUARTER 2023

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

AUDITORʼS REVIEW REPORT
AB Volvo (publ) org. nr 556012-5790
Introduction
We have reviewed the condensed interim financial information 
(interim report) of AB Volvo (publ) as of June 30, 2023 and the 
six-month period then ended. The Board of Directors and the 
President are responsible for the preparation and presentation of 
the interim report in accordance with IAS 34 and the Swedish 
Annual Accounts Act. Our responsibility is to express a conclusion 
on this interim report based on our review.
Scope of Review
We conducted our review in accordance with the International 
Standard on Review Engagements ISRE 2410, Review of Interim 
Financial Information Performed by the Independent Auditor of 
the Entity. A review consists of making inquiries, primarily of 
persons responsible for financial and accounting matters, and 
applying analytical and other review procedures. A review
has a different focus and is substantially less in scope than an 
audit conducted in accordance with ISA and other generally 
accepted auditing practices. The procedures performed in a 
review do not enable us to obtain a level of assurance that would 
make us aware of all significant matters that might be identified in 
an audit. Therefore, the conclusion expressed based on a review 
does not give the same level of assurance as a conclusion 
expressed based on an audit.
Conclusion
Based on our review, nothing has come to our attention that 
causes us to believe that the interim report is not, in all material 
respects, prepared for the Group in accordance with IAS 34 and 
the Annual Accounts Act, and for the Parent Company in 
accordance with the Annual Accounts Act. 
Gothenburg, July 19, 2023
Deloitte AB
Signature on Swedish original
Jan Nilsson
Authorized Public Accountant
This is a translation of the Swedish language original. In the event of any differences
between this translation and the Swedish language original, the latter shall prevail.
                        VOLVO GROUP   — 32 —   THE SECOND QUARTER 2023

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

NET ORDER INTAKE
Net order intake of trucks Second quarter Change 
%
First six months Change 
%Number of trucks 2023 2022 2023 2022
Net order intake 
Europe  24,840  26,595  -7  56,130  51,579  9 
Heavy- and medium-duty  18,476  22,335  -17  44,531  41,966  6 
Light-duty  6,364  4,260  49  11,599  9,613  21 
North America  8,708  9,731  -11  23,867  15,748  52 
South America  6,302  9,336  -32  11,514  16,690  -31 
Asia  5,236  4,883  7  10,572  9,649  10 
Africa and Oceania  3,222  2,843  13  6,265  5,316  18 
Total order intake  48,308  53,388  -10  108,348  98,982  9 
Heavy-duty (>16 tons)  38,397  45,993  -17  88,298  82,854  7 
Medium-duty (7-16 tons)  3,497  3,054  15  8,328  6,326  32 
Light-duty (<7 tons)  6,414  4,341  48  11,722  9,802  20 
Total order intake  48,308  53,388  -10  108,348  98,982  9 
Net order intake of trucks by brand
Volvo
Europe  12,862  12,621  2  30,229  23,558  28 
North America  3,858  5,723  -33  11,412  9,943  15 
South America  6,228  9,066  -31  11,152  16,086  -31 
Asia  4,278  3,707  15  8,510  7,064  20 
Africa and Oceania  2,371  2,217  7  4,250  3,840  11 
Total Volvo  29,597  33,334  -11  65,553  60,491  8 
Heavy-duty (>16 tons)  28,775  32,505  -11  63,517  58,321  9 
Medium-duty (7-16 tons)  822  829  -1  2,036  2,170  -6 
Total Volvo  29,597  33,334  -11  65,553  60,491  8 
Renault Trucks
Europe  11,978  13,974  -14  25,901  28,021  -8 
Heavy- and medium-duty  5,614  9,714  -42  14,302  18,408  -22 
Light-duty  6,364  4,260  49  11,599  9,613  21 
North America  13  32  -59  63  97  -35 
South America  25  176  -86  152  292  -48 
Asia  958  1,176  -19  2,062  2,585  -20 
Africa and Oceania  352  218  61  889  722  23 
Total Renault Trucks  13,326  15,576  -14  29,067  31,717  -8 
Heavy-duty (>16 tons)  5,615  9,443  -41  14,143  18,508  -24 
Medium-duty (7-16 tons)  1,297  1,792  -28  3,202  3,407  -6 
Light-duty (<7 tons)  6,414  4,341  48  11,722  9,802  20 
Total Renault Trucks  13,326  15,576  -14  29,067  31,717  -8 
Mack
North America  4,837  3,976  22  12,392  5,708  117 
South America  49  64  -23  198  236  -16 
Africa and Oceania  218  53  311  447  180  148 
Total Mack  5,104  4,093  25  13,037  6,124  113 
Heavy-duty (>16 tons)  3,775  3,727  1  10,043  5,543  81 
Medium-duty (7-16 tons)  1,329  366  263  2,994  581  415 
Total Mack  5,104  4,093  25  13,037  6,124  113 
                        VOLVO GROUP   — 33 —   THE SECOND QUARTER 2023

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

DELIVERIES
Deliveries of trucks Second quarter Change 
%
First six months Change 
%Number of trucks 2023 2022 2023 2022
Deliveries
Europe  33,169  29,809  11  66,019  58,898  12 
Heavy- and medium-duty  24,862  24,944  -  51,564  49,220  5 
Light-duty  8,307  4,865  71  14,455  9,678  49 
North America  15,960  15,073  6  31,971  28,981  10 
South America  5,385  8,380  -36  9,860  14,625  -33 
Asia  5,902  4,718  25  11,644  8,415  38 
Africa and Oceania  3,426  2,853  20  5,879  5,502  7 
Total deliveries  63,842  60,833  5  125,373  116,421  8 
Heavy-duty (>16 tons)  50,355  52,066  -3  101,039  98,955  2 
Medium-duty (7-16 tons)  5,070  3,847  32  9,674  7,665  26 
Light-duty (<7 tons)  8,417  4,920  71  14,660  9,801  50 
Total deliveries  63,842  60,833  5  125,373  116,421  8 
Deliveries of trucks by brand
Volvo
Europe  16,191  16,451  -2  33,380  32,089  4 
North America  8,337  8,226  1  16,643  15,866  5 
South America  5,163  7,993  -35  9,460  14,023  -33 
Asia  4,643  3,713  25  9,092  6,626  37 
Africa and Oceania  2,121  1,873  13  3,669  3,513  4 
Total Volvo  36,455  38,256  -5  72,244  72,117  - 
Heavy-duty (>16 tons)  35,190  37,311  -6  69,895  70,361  -1 
Medium-duty (7-16 tons)  1,265  945  34  2,349  1,756  34 
Total Volvo  36,455  38,256  -5  72,244  72,117  - 
Renault Trucks
Europe  16,978  13,358  27  32,639  26,809  22 
Heavy- and medium-duty  8,671  8,493  2  18,184  17,131  6 
Light-duty  8,307  4,865  71  14,455  9,678  49 
North America  68  24  183  118  47  151 
South America  146  208  -30  227  336  -32 
Asia  1,259  1,005  25  2,552  1,789  43 
Africa and Oceania  713  435  64  1,124  789  42 
Total Renault Trucks  19,164  15,030  28  36,660  29,770  23 
Heavy-duty (>16 tons)  8,836  8,582  3  18,181  16,834  8 
Medium-duty (7-16 tons)  1,911  1,528  25  3,819  3,135  22 
Light-duty (<7 tons)  8,417  4,920  71  14,660  9,801  50 
Total Renault Trucks  19,164  15,030  28  36,660  29,770  23 
Mack
North America  7,555  6,823  11  15,210  13,068  16 
South America  66  155  -57  149  233  -36 
Africa and Oceania  339  174  95  559  369  51 
Total Mack  7,960  7,152  11  15,918  13,670  16 
Heavy-duty (>16 tons)  6,122  5,902  4  12,510  11,113  13 
Medium-duty (7-16 tons)  1,838  1,250  47  3,408  2,557  33 
Total Mack  7,960  7,152  11  15,918  13,670  16 
                        VOLVO GROUP   — 34 —   THE SECOND QUARTER 2023

===== SIDA 35 =====

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 CEST on July 19, 2023.
This report contains forward-looking statements that reflect the Board of Directorsʼ and managementʼs 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.
                        VOLVO GROUP   — 35 —   THE SECOND QUARTER 2023

===== SIDA 36 =====

Financial calendar
Report on the third quarter 2023 October 18, 2023
Report on the fourth quarter and full year 2023 January 26, 2024
Report on the first quarter 2024 April 17, 2024
Report on the second quarter 2024 July 18, 2024
Report on the third quarter 2024 October 18, 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
Aktiebolaget Volvo (publ)
556012–5790
Investor Relations, VGHQ
SE-405 08 Göteborg, Sweden
Tel +46 31 66 00 00
www.volvogroup.com
                        VOLVO GROUP   — 36 —   THE SECOND QUARTER 2023