Kvartalsrapport Q3 2023

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

Report on the 
third quarter 2023 
Volvo Group

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

The third quarter in brief
➣ In Q3 2023, net sales increased by 15% to SEK 132.4 
billion ( 114.9). Adjusted for currency movements, the 
increase was 9%.
➣ Adjusted operating income 1 amounted to SEK 19,114 M 
(11,869), corresponding to an adjusted operating margin 
of 14.4% (10.3). Adjusted operating income excludes a 
negative effect of SEK 794 M from a loss on the 
divestment of the Group's Russian entities.
➣ Reported operating income amounted to SEK 18,320 M 
(11,869).
➣ Currency movements had a positive impact on operating 
income of SEK 1,165 M.
➣ Earnings per share amounted to SEK 6.93 (4.24).
➣ Operating cash flow in the Industrial Operations 
amounted to SEK 5,609 M (14,611).
➣ Return on capital employed in the Industrial Operations 
amounted to 33.7% (27.4).
Third quarter First nine months
SEK M unless otherwise stated 2023 2022 2023 2022
Net sales  132,405  114,917  404,646  339,176 
Adjusted operating income ¹  19,114  11,869  59,254  38,295 
Adjusted operating margin, %  14.4  10.3  14.6  11.3 
Operating income  18,320  11,869  49,890  34,171 
Operating margin, %  13.8  10.3  12.3  10.1 
Income after financial items  18,636  11,758  49,843  34,657 
Income for the period  14,093  8,687  37,846  26,279 
Earnings per share, SEK  6.93  4.24  18.58  12.84 
Operating cash flow in Industrial Operations  5,609  14,611  23,166  16,409 
Net financial position in Industrial Operations, SEK bn ²  65.2  59.5 
Return on capital employed in Industrial Operations, % ³  33.7  27.4 
Return on equity in Financial Services, % ³  10.2  3.4 
Return on equity in Financial Services excluding Russian and Belarus operations, % ³  14.1  16.3 
Net order intake, number of trucks  47,202  64,689  155,550  163,671 
Deliveries, number of trucks  55,274  53,303  180,647  169,724 
Net order intake, number of construction equipment  10,288  14,018  36,051  55,790 
Deliveries, number of construction equipment  13,305  16,792  44,713  59,969 
Net sales, SEK bn Adjusted operating income, SEK bn 1 
Adjusted operating margin, %
Return on capital employed
Industrial Operations, % 3
  
114.9
132.4
Q3 
2022
Q4 Q1 Q2 Q3 
2023
11.9
19.110.3%
14.4%
Q3 
2022
Q4 Q1 Q2 Q3 
2023
27.4%
33.7%
Q3 
2022
Q4 Q1 Q2 Q3 
2023
1 For information on adjusted operating income, please see note 6.
2 Excluding post-employment benefits and lease liabilities.
3 12 months rolling.
On the cover: Volvo Autonomous Solutions and Boliden have entered into a long-term collaboration to implement autonomous transport 
solutions as a part of Bolidenʼs operations.
                        VOLVO GROUP   — 2 —   THE THIRD QUARTER 2023

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

CEOʼS COMMENTS
Strong sales and earnings
In Q3 2023, the Volvo Group continued to deliver improved results, 
margins and profitability. Adjusted for currency, our net sales grew 
by 9% to SEK 132.4 billion and we increased the adjusted operating 
income to SEK 19.1 billion (11.9), corresponding to an adjusted 
operating margin of 14.4% (10.3). We have successfully mitigated 
cost inflation with price management and continued to handle 
disturbances in the supply chain. Return on capital employed 
increased to 33.7% (27.4).
Our service sales grew by 10% adjusted for currency on the back of 
both continued good activity levels at our customers and our own 
focus on developing the service business.
   Operating cash flow in our Industrial Operations amounted to SEK 
5.6 billion (14.6), impacted by an increase in working capital. At the 
end of the quarter, we had net financial assets of SEK 65.2 billion, 
excluding pension and lease liabilities.
In Q3, order intake of new trucks declined by 27% to 47,202 
vehicles, reflecting a gradual normalization of demand and our 
continued gradual opening of order books. Deliveries on the other 
hand, increased by 4% compared to the previous year and 
amounted to 55,274 trucks. We expect our major truck markets to 
continue to be strong throughout this year as we continue to deliver 
from our large order books to customers, but forecast lower market 
levels for next year. Also in Q3, supply disturbances affected 
productivity and costs, but had limited effect on deliveries thanks to 
hard work by colleagues in the Group and across the value chain. Net 
sales in our truck business grew by 13% adjusted for currency and 
amounted to SEK 89.9 billion, with strong sales in almost all 
regions. The adjusted operating margin increased to 15.6% (9.7).
Construction Equipmentʼs net sales of SEK 24.3 billion were on the 
same level as last year, with strong deliveries in North America and 
continued weak demand in China. The adjusted operating margin 
amounted to 15.4% (15.6). However, demand is weakening in some 
markets and segments on the back of higher interest rates and an 
overall economic slowdown. Order intake decreased by 27%, 
because of lower demand in Europe and China whereas North 
America had a very strong order intake following the opening of 
order books for 2024.
Net sales in Buses rose by 6% adjusted for currency and amounted 
to SEK 5.4 billion, supported by a continued recovery in demand for 
coaches and a good development in the service business. The 
adjusted operating margin improved to 6.3% (2.0).
Despite somewhat weaker market conditions, Volvo Penta had a 
solid performance with net sales rising by 5%, currency adjusted, to 
SEK 5.0 billion and an adjusted operating margin that improved to 
15.9% (13.3).
For Volvo Financial Services, the credit portfolio continued to grow 
and credit losses remained low, reflecting continued good financial 
health at customers. The adjusted operating income amounted to 
SEK 1.1 billion (0.9).
"We are driving the development in digitalization, 
electromobility and autonomy towards our net zero 
commitments with more efficient transport and 
infrastructure solutions. Our ability to maintain 
strong profitability is essential to keep the 
investment pace needed in the transformation of our 
industries."
In the quarter, we achieved a milestone in autonomous solutions 
with the removal of the safety driver in an active commercial mining 
operation at the Brönnöy limestone quarry in Norway. We also 
announced that we have entered a long-term collaboration with 
Boliden to implement autonomous transport solutions as a part of 
their operations.
We see a growing demand for clean, efficient, and safe urban 
transportation, and partnerships and collaboration are key to achieve 
this. In October, we announced that we will join forces with Renault 
Group and CMA CGM Group to address this demand with an all-new 
generation of fully electric and software-defined vans and associated 
services. Production is planned to start in 2026.
We are driving the development in digitalization, electromobility and 
autonomy towards our net zero commitments with more efficient 
transport and infrastructure solutions. Our ability to maintain strong 
profitability is essential to keep the investment pace needed in the 
transformation of our industries.
Martin Lundstedt
President and CEO
                        VOLVO GROUP   — 3 —   THE THIRD QUARTER 2023

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

FINANCIAL SUMMARY OF THE THIRD QUARTER 2023
Net sales
In Q3 2023, the Volvo Groupʼs net sales amounted to SEK 132,405 
M compared with SEK 114,917 M in the same quarter the preceding 
year. The increase in net sales was mainly driven by Europe and 
North America. All segments increased net sales.
  Adjusted for currency movements, net sales increased by 9%, of 
which vehicle sales increased by 9% and service sales by 10%.
Operating income
In Q3 2023, adjusted operating income amounted to SEK 19,114 M 
(11,869), corresponding to an adjusted operating margin of 14.4% 
(10.3).
  The adjusted operating income in Q3 2023  excludes a negative 
effect of SEK 794 M from a loss on the divestment of the Group's 
Russian entities. There were no adjustments in Q3 2022. For more 
information on adjusted operating income, please see note 6.
  Compared with Q3 2022, the higher adjusted operating income is 
mainly an effect of price realization. This was partly offset by higher 
production costs as well as increased selling and R&D expenses. 
  Currency movements, compared with Q3 2022 , had a positive 
impact of SEK 1,165 M.
   Reported operating income in Q3 2023 amounted to SEK 18,320 
M (11,869).
Net sales Third quarter Change 
%
First nine months Change 
%SEK M 2023 2022 2023 2022
Net sales per geographical region
Europe  53,318  43,275  23  170,392  137,461  24 
North America  41,517  34,808  19  123,857  99,520  24 
South America  13,468  14,190  -5  35,083  36,179  -3 
Asia  14,922  14,878  -  49,175  45,133  9 
Africa and Oceania  9,181  7,767  18  26,140  20,883  25 
Total net sales  132,405  114,917  15  404,646  339,176  19 
Net sales per product group
Vehicles  99,997  87,111  15  310,032  259,379  20 
Services  32,408  27,806  17  94,614  79,797  19 
Total net sales  132,405  114,917  15  404,646  339,176  19 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  119,521  105,118  14  368,057  310,988  18 
Revenue of vehicles and services recognized over contract period  12,884  9,799  31  36,589  28,188  30 
Total net sales  132,405  114,917  15  404,646  339,176  19 
Consolidated Income Statement Third quarter First nine months
SEK M 2023 2022 2023 2022
Net sales  132,405  114,917  404,646  339,176 
Cost of sales  -96,026  -87,594  -294,037  -258,515 
Gross income  36,380  27,324  110,609  80,662 
Research and development expenses  -6,305  -5,595  -19,616  -15,632 
Selling expenses  -8,202  -7,046  -24,426  -20,805 
Administrative expenses  -1,686  -1,383  -5,207  -4,136 
Other operating income and expenses  -1,180  -896  -10,033  -5,082 
Income/loss from investments in joint ventures and associated companies  -665  -536  -1,414  -982 
Income/loss from other investments  -22  1  -23  147 
Operating income  18,320  11,869  49,890  34,171 
Interest income and similar credits  656  247  1,800  555 
Interest expenses and similar charges  -272  -262  -848  -868 
Other financial income and expenses  -67  -96  -999  800 
Income after financial items  18,636  11,758  49,843  34,657 
Income taxes  -4,543  -3,071  -11,997  -8,379 
Income for the period *  14,093  8,687  37,846  26,279 
* Attributable to:
Owners of AB Volvo  14,092  8,627  37,772  26,102 
Non-controlling interest  1  61  74  176 
 14,093  8,687  37,846  26,279 
Basic earnings per share, SEK  6.93  4.24  18.58  12.84 
Diluted earnings per share, SEK  6.93  4.24  18.58  12.84 
                        VOLVO GROUP   — 4 —   THE THIRD QUARTER 2023

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

Financial items
In Q3 2023 , interest income was SEK 656 M ( 247) as a 
consequence of higher interest on financial assets, whereas interest 
expenses amounted to SEK 272 M (262).
  Other financial income and expenses amounted to SEK -67 M 
(-96). The change is primarily due to revaluation effects of financial 
assets and liabilities.
Income taxes
In Q3 2023, income taxes amounted to SEK 4,543 M (3,071). The 
tax rate was 24% (26).
Income for the period and earnings per share
In Q3 2023 , income for the period amounted to SEK 14,093 M 
(8,687). Earnings per share amounted to SEK 6.93 (4.24).
Operating cash flow in the Industrial Operations
During Q3 2023 , operating cash flow in the Industrial Operations 
was positive in an amount of SEK 5,609 M (14,611). Compared with 
Q3 2022  the lower operating cash flow is primarily related to a 
higher buildup of working capital, which was partly counterbalanced 
by the increased operating income. 
Operating cash flow
Industrial Operations, SEK bn
14.6
5.6
Q3 
2022
Q4 Q1 Q2 Q3 
2023
Volvo Group financial position
During Q3 2023 , net financial assets in the Industrial Operations, 
excluding provisions for post-employment benefits and lease 
liabilities, increased by SEK 3.6 billion resulting in a net financial 
asset position of SEK 65.2 billion on September 30, 2023 . The 
change is mainly explained by a positive operating cash flow of SEK 
5.6 billion. Currency movements decreased net financial assets by 
SEK 0.5 billion. 
 Including provisions for post-employment benefits and lease 
liabilities, the Industrial Operations net financial assets amounted to 
SEK 51.6 billion on September 30, 2023 . During Q3 2023 , 
remeasurements of defined benefit pension plans had a positive 
impact of SEK 0.5 billion. The remeasurements were primarily an 
effect of higher discount rates, partly offset by lower return on 
assets.
  On September 30, 2023 , total equity for the Volvo Group 
amounted to SEK 177.2 billion compared with SEK 166.2 billion at 
year-end 2022. The equity ratio was 26.1% ( 26.4). On the same 
date the equity ratio in the Industrial Operations amounted to 35.3% 
(34.1).
Net financial position excl. post-employment benefits 
and lease liabilities
Industrial Operations, SEK bn
59.5 65.2
Q3 
2022
Q4 Q1 Q2 Q3 
2023
Blue-collar  53,331  54,100  53,486  51,779  52,734 
Whereof temporary employees and consultants  8,321  9,021  8,567  7,064  8,507 
White-collar  51,547  51,096  50,765  50,376  49,949 
Whereof temporary employees and consultants  7,285  7,341  7,366  7,405  7,426 
Total number of employees  104,878  105,196  104,251  102,155  102,683 
 Whereof temporary employees and consultants  15,606  16,362  15,933  14,469  15,933 
Number of employees Sep 30 
2023
Jun 30 
2023
Mar 31 
2023
Dec 31 
2022
Sep 30 
2022
Number of employees
On September 30, 2023, the Volvo Group had 104,878 employees, 
including temporary employees and consultants, compared with 
102,683 employees on September 30 2022 . The number of blue-
collar employees increased by 597 and the number of white-collar 
employees increased by 1,598. 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 THIRD QUARTER 2023

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

IMPORTANT EVENTS FOR THE VOLVO GROUP
Anna Müller new President Volvo Penta and member of Volvo 
Group management
Anna Müller has been appointed as President Volvo Penta and 
member of Volvo Group management. On December 1, 2023, she 
will replace Heléne Mellquist who will leave the Volvo Group. 
Currently Anna Müller holds the position as Senior Vice President for 
the Europe North and Central Division at Volvo Trucks.
Pär Boman proposed as new Chairman of AB Volvo
The Election Committee of AB Volvo proposes that Pär Boman be 
appointed new Chairman and Board member at the Annual General 
Meeting in March 2024. AB Volvoʼs current Chairman of the Board, 
Carl-Henric Svanberg, has declined re-election.
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
• Stephen Roy new member of the Volvo Group Executive Board 
and President of Mack Trucks
• Nova Bus ends bus production in the US
• Mats Backman new Chief Financial Officer and member of the 
Volvo Group Executive Board
• Joint venture with Westport
Detailed information about the events is available at 
www.volvogroup.com
                        VOLVO GROUP   — 6 —   THE THIRD QUARTER 2023

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

BUSINESS SEGMENT OVERVIEW
Net sales Third quarter Change 
%
Change 
%¹
First nine months Change 
%
Change 
%¹
12 months Jan-Dec
SEK M 2023 2022 2023 2022 rolling 2022
Trucks  89,848  75,078  20  13  273,152  223,233  22  15  360,455  310,536 
Construction Equipment  24,296  24,238  -  -4  78,404  72,664  8  3  106,000  100,261 
Buses  5,386  4,817  12  6  15,087  11,929  26  19  21,741  18,583 
Volvo Penta  4,956  4,451  11  5  15,975  13,253  21  14  20,824  18,102 
Group Functions & Other  3,954  3,793  4  -1  11,361  11,392  -  -6  16,346  16,376 
Eliminations  -1,219  -950  -  -  -3,650  -2,980  -  -  -4,825  -4,155 
Industrial Operations  127,220  111,427  14  8  390,329  329,491  18  12  520,541  459,703 
Financial Services  6,249  4,430  41  34  17,470  12,231  43  34  22,594  17,355 
Reclassifications and eliminations  -1,064  -940  -  -  -3,153  -2,546  -  -  -4,186  -3,579 
Volvo Group net sales  132,405  114,917  15  9  404,646  339,176  19  12  538,949  473,479 
1  Adjusted for exchange rate fluctuations.
Adjusted operating income ¹ Third quarter Change 
%
First nine months Change 
%
12 months Jan-Dec
SEK M 2023 2022 2023 2022 rolling 2022
Trucks  14,038  7,307  92  41,703  25,547  63  49,977  33,821 
Construction Equipment  3,733  3,773  -1  13,673  10,151  35  16,766  13,244 
Buses  340  99  245  736  126  484  964  353 
Volvo Penta  790  593  33  2,865  2,061  39  3,333  2,530 
Group Functions & Other  -860  -778  -11  -2,598  -2,157  -20  -3,352  -2,911 
Eliminations  11  -4  -  26  13  -  25  12 
Industrial Operations  18,051  10,990  64  56,405  35,741  58  67,713  47,049 
Financial Services  1,062  879  21  2,850  2,553  12  3,713  3,416 
Reclassifications and eliminations  -  1  -  -  2  -  1  2 
Volvo Group adjusted operating 
income  19,114  11,869  61  59,254  38,295  55  71,426  50,467 
Adjustments ¹  -794  -  -  -9,364  -4,125  -  -9,994  -4,755 
Volvo Group operating income  18,320  11,869  54  49,890  34,171  46  61,432  45,712 
1 For more information on adjusted operating income, please see note 6
Adjusted operating margin Third quarter First nine months 12 months Jan-Dec
% 2023 2022 2023 2022 rolling 2022
Trucks  15.6  9.7  15.3  11.4  13.9  10.9 
Construction Equipment  15.4  15.6  17.4  14.0  15.8  13.2 
Buses  6.3  2.0  4.9  1.1  4.4  1.9 
Volvo Penta  15.9  13.3  17.9  15.6  16.0  14.0 
Industrial Operations  14.2  9.9  14.5  10.8  13.0  10.2 
Volvo Group adjusted operating 
margin
 14.4  10.3  14.6  11.3  13.3  10.7 
Volvo Group operating margin  13.8  10.3  12.3  10.1  11.4  9.7 
                        VOLVO GROUP   — 7 —   THE THIRD QUARTER 2023

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

TRUCKS
Strong earnings
• In Q3, net sales increased by 13% adjusted for currency and 
amounted to SEK 89,848 M
• Adjusted operating income increased to SEK 14,038 M (7,307) 
with a margin of 15.6% (9.7)
• Order intake decreased by 27% while deliveries increased 4%
      
Market development
In Q3, truck fleet utilization in Europe and North America continued 
to be on good levels. In both regions, many of the larger fleets 
continue their replacement cycles while smaller companies are more 
cautious on the back of lower freight volumes and freight rates. 
   In South America, the market is down year over year due to the 
prebuy of Euro 5 trucks in 2022. However, after the Euro 6 
introduction on January 1, the market has gradually recovered, 
primarily driven by the agricultural and mining segments. 
   The Indian market continued to grow with the support of increased 
economic activity and good consumer spending.
   In Q3, the truck market in China continued to rebound from low 
levels, but growth is expected to be limited due to the overcapacity 
in the Chinese transport industry. 
Orders and deliveries
In Q3, the Volvo Groupʼs truck brands continued to gradually open 
order books. Total order intake in Q3 decreased by 27% to 47,202 
trucks while total deliveries increased by 4% to 55,274 trucks.
   In Europe, order intake decreased by 35% to 21,154 trucks while 
deliveries increased by 11% to 26,546 trucks. Volvo Trucksʼ total 
heavy-duty market share through August decreased to 17.4% (18.9) 
while the electric heavy-duty market share increased to 48.3% 
(30.5). Renault Trucksʼ heavy-duty total market share decreased to 
8.6% (9.7) and the electric heavy-duty market share decreased to 
19.5% (22.9).
   Order intake in North America decreased by 7% to 17,355 trucks 
while deliveries increased by 13% to 15,041 vehicles. Volvo Trucksʼ 
heavy-duty truck market share through August decreased to 9.0% 
(10.3). Mack Trucksʼ market share was flat at 6.0% (5.9).
   In South America, order intake decreased by 27% to 4,284 trucks 
and deliveries decreased by 35% to 5,635 vehicles. In Brazil, Volvo 
Trucksʼ heavy-duty truck market share through September 
decreased to 23.7% (25.0).
   Order intake in Asia decreased by 43% to 2,796 vehicles while 
deliveries increased by 7% to 4,842 vehicles. The drop in order 
intake is mainly attributed to the Middle East.
   In Q3, order intake for fully electric trucks increased by 27% to 
1,106 (872) vehicles and deliveries increased by 236% to 796 (237) 
vehicles.
   Order intake in the Indian joint venture, VE Commercial Vehicles, 
increased by 7% to 15,893 vehicles and deliveries increased by 12% 
to 16,088 vehicles.
   Deliveries from the Chinese joint venture, Dongfeng Commercial 
Vehicles increased by 35% to 20,495 trucks.
Total market development First nine months Change 
%
Full year Forecast Change vs. previous 
forecast
Forecast
Registrations, number of trucks 2023 2022 2022 2023 2024
Europe 29 ¹ heavy-duty  216,938  170,744  27  264,100  - -  - 
Europe 30 ¹ heavy-duty  241,303  191,234  26  298,066  340,000 +10,000  290,000 
North America heavy-duty (retail)  222,918  192,267  16  309,916  330,000 unchanged  290,000 
Brazil heavy-duty  59,456  71,367  -17  97,856  80,000 unchanged  80,000 
China ² medium- and heavy-duty  560,484  455,753  23  566,130  680,000 +30,000  700,000 
India medium- and heavy-duty  290,453  261,517  11  350,797  400,000 unchanged  440,000 
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 THIRD QUARTER 2023

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

Net order intake Third quarter Change 
%
First nine months Change 
%Number of trucks 2023 2022 2023 2022
Europe  21,154  32,329  -35  77,284  83,908  -8 
   Heavy- and medium-duty  17,592  26,090  -33  62,123  68,056  -9 
   Light-duty  3,562  6,239  -43  15,161  15,852  -4 
North America  17,355  18,641  -7  41,222  34,389  20 
South America  4,284  5,837  -27  15,798  22,527  -30 
Asia  2,796  4,889  -43  13,368  14,538  -8 
Africa and Oceania  1,613  2,993  -46  7,878  8,309  -5 
Total order intake  47,202  64,689  -27  155,550  163,671  -5 
Heavy-duty (>16 tons)  38,687  52,891  -27  126,985  135,745  -6 
Medium-duty (7-16 tons)  4,937  5,513  -10  13,265  11,839  12 
Light-duty (<7 tons)  3,578  6,285  -43  15,300  16,087  -5 
Total order intake  47,202  64,689  -27  155,550  163,671  -5 
Volvo  24,519  38,309  -36  90,072  98,800  -9 
Renault Trucks  10,662  14,608  -27  39,729  46,325  -14 
   Heavy- and medium-duty  7,084  8,323  -15  24,429  30,238  -19 
   Light-duty  3,578  6,285  -43  15,300  16,087  -5 
Mack  11,950  11,416  5  24,987  17,540  42 
Other brands  71  356  -80  762  1,006  -24 
Total order intake  47,202  64,689  -27  155,550  163,671  -5 
Non-consolidated operations
VE Commercial Vehicles (Eicher)  15,893  14,902  7  50,575  46,514  9 
Deliveries Third quarter Change 
%
First nine months Change 
%Number of trucks 2023 2022 2023 2022
Europe  26,546  23,857  11  92,565  82,755  12 
Heavy- and medium-duty  20,236  19,258  5  71,800  68,478  5 
Light-duty  6,310  4,599  37  20,765  14,277  45 
North America  15,041  13,312  13  47,012  42,293  11 
South America  5,635  8,611  -35  15,495  23,236  -33 
Asia  4,842  4,532  7  16,486  12,947  27 
Africa and Oceania  3,210  2,991  7  9,089  8,493  7 
Total deliveries  55,274  53,303  4  180,647  169,724  6 
Heavy-duty (>16 tons)  44,795  45,174  -1  145,834  144,129  1 
Medium-duty (7-16 tons)  4,086  3,509  16  13,760  11,174  23 
Light-duty (<7 tons)  6,393  4,620  38  21,053  14,421  46 
Total deliveries  55,274  53,303  4  180,647  169,724  6 
Volvo  33,187  33,950  -2  105,431  106,067  -1 
Renault Trucks  14,044  12,586  12  50,704  42,356  20 
Heavy- and medium-duty  7,651  7,966  -4  29,651  27,935  6 
Light-duty  6,393  4,620  38  21,053  14,421  46 
Mack  7,749  6,375  22  23,667  20,045  18 
Other brands  294  392  -25  845  1,256  -33 
Total deliveries  55,274  53,303  4  180,647  169,724  6 
Non-consolidated operations
VE Commercial Vehicles (Eicher)  16,088  14,405  12  50,486  45,544  11 
Dongfeng Commercial Vehicle Company (Dongfeng Trucks)  20,495  15,142  35  67,353  58,965  14 
                        VOLVO GROUP   — 9 —   THE THIRD QUARTER 2023

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

Net sales and operating income Third quarter Change 
%
First nine months Change 
%SEK M 2023 2022 2023 2022
Net sales per geographical region
Europe  39,522  30,379  30  125,279  98,369  27 
North America  27,310  23,390  17  82,679  67,920  22 
South America  9,880  10,448  -5  26,205  27,191  -4 
Asia  7,001  5,838  20  22,604  16,428  38 
Africa and Oceania  6,135  5,024  22  16,385  13,325  23 
Total net sales  89,848  75,078  20  273,152  223,233  22 
Net sales per product group
Vehicles  71,388  58,562  22  218,993  176,047  24 
Services  18,460  16,516  12  54,159  47,186  15 
Total net sales  89,848  75,078  20  273,152  223,233  22 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  84,187  70,461  19  256,966  209,495  23 
Revenue of vehicles and services recognized over contract period  5,661  4,617  23  16,186  13,738  18 
Total net sales  89,848  75,078  20  273,152  223,233  22 
Adjusted operating income ¹  14,038  7,307  92  41,703  25,547  63 
Adjustments  -640  232  -  -6,501  -1,215  - 
Operating income  13,397  7,539  78  35,201  24,332  45 
Adjusted operating margin, %  15.6  9.7  15.3  11.4 
Operating margin, %  14.9  10.0  12.9  10.9 
1 For more information on adjusted operating income, please see note 6.
Net sales and operating income
In Q3 2023 , the truck operationʼs net sales amounted to SEK 
89,848 M, which was 20% higher than in Q3 2022 . Excluding 
currency effects, net sales increased by 13% with sales of vehicles 
increasing by 16% and sales of services by 5%.
  In Q3 2023, adjusted operating income increased to SEK 14,038 
(7,307), corresponding to an adjusted operating margin of 15.6% 
(9.7). Adjusted operating income excludes a negative effect of SEK 
640 M from a loss on the divestment of the Russian entities. For 
more information on adjusted operating income, see note 6.
   Compared with Q3 2022, the higher adjusted operating income is 
an effect of price realization whereas higher production costs as well 
as increased R&D and selling expenses had a negative impact. 
Compared with Q3 2022 , currency movements had a positive 
impact of SEK 872 M.
   Reported operating income amounted to SEK 13,397 M (7,539).
Important events
In Q3, Renault Trucks started taking orders for heavy-duty electric 
trucks and serial production will begin in Bourg-en-Bresse, France in 
November.
  Volvo Autonomous Solutions entered a long-term collaboration with 
Boliden to deploy autonomous solutions in Bolidenʼs mining 
operations.
   In October, Volvo Defense entered a 7-year framework agreement 
for delivery and service of logistics trucks to Estonia and Latvia.
   In October, it was announced that Volvo Group, Renault Group and 
CMA CGM Group will join forces to address the growing needs of 
decarbonized and efficient logistics with an all-new generation of 
fully electric vans. For this purpose, a new company is planned to be 
established in the beginning of 2024 with a planned start of 
production in 2026.
  On October 8, the United Auto Workers (UAW) union informed 
Mack Trucks that their members had voted against ratification of a 
new five-year collective bargaining agreement covering about 3,900 
employees at facilities in Pennsylvania, Maryland and Florida, 
including the powertrain plant, which supports the production of 
both Mack Trucks and Volvo, and Mack Trucksʼ assembly plant. 
Beginning on October 9, the UAW strike at all the covered facilities.
Net order intake of fully electric trucks Third quarter Change 
%
First nine months Change 
%Number of trucks 2023 2022 2023 2022
Volvo  631  411  54  1,527  1,225  25 
Renault Trucks  390  438  -11  972  1,206  -19 
Heavy- and medium-duty  285  196  45  572  507  13 
Light-duty  105  242  -57  400  699  -43 
Mack  85  23  270  109  32  241 
Total order intake  1,106  872  27  2,608  2,463  6 
Deliveries of fully electric trucks Third quarter Change 
%
First nine months Change 
%Number of trucks 2023 2022 2023 2022
Volvo  335  88  281  1,022  232  341 
Renault Trucks  450  149  202  1,198  406  195 
Heavy- and medium-duty  158  92  72  454  267  70 
Light-duty  292  57  412  744  139  435 
Mack  11  -  -  18  8  125 
Total deliveries  796  237  236  2,238  646  246 
                        VOLVO GROUP   — 10 —   THE THIRD QUARTER 2023

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

CONSTRUCTION EQUIPMENT
Stable earnings and margin
• In Q3, order intake decreased by 27% and deliveries decreased 
by 21%
• Adjusted operating income amounted to SEK 3,733 M (3,773), 
with a margin of 15.4% (15.6)
• Service sales increased by 4%, adjusted for currency
Market development
Overall, in Q3 the total market development remained good 
compared to last year in all major markets except Asia. North 
America grew while Europe was stable with some signs of softening 
towards the end of the quarter. Asia outside of China was flat while 
China and Latin America declined.
  The North American market grew supported by continued large 
infrastructure projects and a strong commercial construction sector 
that more than offset weaker residential construction amid rising 
interest rates.
   In Q3, the market in Europe softened somewhat compared to last 
year due to a weakening macroeconomic outlook and increasing 
interest rates.
  The market in South America declined on the back of low 
investment levels in Brazil and low business confidence among 
customers.
   Chinese market demand weakened substantially compared to last 
year driven by a drop in real estate investments and overall slower 
economic activity. Development in other Asian markets was flat with 
increased demand in India, Japan, and the Middle East and a 
slowdown in markets such as South Korea and Indonesia.
Orders and deliveries
In Q3, net order intake declined by 27%. The decline was largely 
driven by lower demand in China following the economic slowdown 
as well as by cautiousness among customers and dealers in Europe. 
Order intake in North America was supported by strong underlying 
demand as well as replenishment of dealer rental fleets.
   In Q3, deliveries decreased by 21% driven by lower deliveries to 
China, a slowdown in Brazil and somewhat weakening demand 
coupled with supply challenges in Europe. Deliveries in North 
America grew supported by favorable market and macroeconomic 
conditions.
Total market development Year-to-date 
August Forecast Previous forecast Forecast
Change in % measured in units 2023 2023 2023 2024
Europe  4 -5% to +5% -5% to +5% -15% to -5%
North America  10 0% to +10% 0% to +10% -10% to 0%
South America  -25 -20% to -10% -20% to -10% 0% to +10%
Asia excl. China  3 -5% to +5% -5% to +5% -15% to -5%
China  -40 -40% to -30% -40% to -30% -10% to 0%
Net order intake Third quarter Change 
%
First nine months Change 
%Number of construction equipment 2023 2022 2023 2022
Europe  1,302  2,966  -56  6,810  11,883  -43 
North America  2,146  726  196  5,806  4,025  44 
South America  485  605  -20  1,601  2,115  -24 
Asia  5,721  8,968  -36  19,519  35,293  -45 
Africa and Oceania  634  753  -16  2,315  2,474  -6 
Total orders  10,288  14,018  -27  36,051  55,790  -35 
Large and medium construction equipment  8,203  10,057  -18  28,037  38,488  -27 
Compact construction equipment  2,085  3,961  -47  8,014  17,302  -54 
Of which fully electric  217  166  31  681  478  42 
Total orders  10,288  14,018  -27  36,051  55,790  -35 
Of which:
Volvo  5,641  6,620  -15  20,917  25,233  -17 
SDLG  4,570  7,347  -38  14,917  30,385  -51 
Of which in China  3,525  6,075  -42  10,881  25,097  -57 
                        VOLVO GROUP   — 11 —   THE THIRD QUARTER 2023

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

Deliveries Third quarter Change 
%
First nine months Change 
%Number of construction equipment 2023 2022 2023 2022
Europe  3,590  3,735  -4  12,629  12,950  -2 
North America  2,425  1,825  33  7,409  5,527  34 
South America  585  1,373  -57  1,628  3,840  -58 
Asia  5,933  8,937  -34  20,242  35,106  -42 
Africa and Oceania  772  922  -16  2,805  2,546  10 
Total deliveries  13,305  16,792  -21  44,713  59,969  -25 
Large and medium construction equipment  10,143  12,457  -19  33,711  42,056  -20 
Compact construction equipment  3,162  4,335  -27  11,002  17,913  -39 
Of which fully electric  239  146  64  669  428  56 
Total deliveries  13,305  16,792  -21  44,713  59,969  -25 
Of which:
Volvo  8,658  9,394  -8  29,579  29,412  1 
SDLG  4,570  7,347  -38  14,917  30,385  -51 
Of which in China  3,525  6,075  -42  10,881  25,097  -57 
Net sales and operating income Third quarter Change 
%
First nine months Change 
%SEK M 2023 2022 2023 2022
Net sales per geographical region
Europe  7,638  7,321  4  25,662  22,316  15 
North America  7,706  5,569  38  22,366  16,000  40 
South America  1,132  2,016  -44  2,995  4,996  -40 
Asia  5,944  7,487  -21  21,083  24,332  -13 
Africa and Oceania  1,876  1,845  2  6,297  5,021  25 
Total net sales  24,296  24,238  -  78,404  72,664  8 
Net sales per product group
Construction equipment  20,272  20,497  -1  66,446  61,634  8 
Services  4,024  3,741  8  11,958  11,031  8 
Total net sales  24,296  24,238  -  78,404  72,664  8 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  23,504  23,515  -  76,272  70,720  8 
Revenue of vehicles and services recognized over contract period  792  723  10  2,132  1,945  10 
Total net sales  24,296  24,238  -  78,404  72,664  8 
Adjusted operating income ¹  3,733  3,773  -1  13,673  10,151  35 
Adjustments  -  -232  -  -  -338  - 
Operating income  3,733  3,541  5  13,673  9,813  39 
Adjusted operating margin, %  15.4  15.6  17.4  14.0 
Operating margin, %  15.4  14.6  17.4  13.5 
1 For more information on adjusted operating income, please see note 6.
Net sales and operating income
In Q3 2023 , net sales amounted to SEK 24,296 M ( 24,238). 
Adjusted for currency movements net sales decreased by 4%, of 
which net sales of machines decreased by 5% while service sales 
increased by 4%. 
   Adjusted operating income amounted to SEK 3,733 M (3,773), 
corresponding to an adjusted operating margin of 15.4% (15.6). 
There were no adjustments in Q3 2023. For more information on 
adjusted operating income, see note 6.
  Compared with Q3 2022, negative impacts from lower volumes, 
increased production costs and higher selling expenses were 
almost compensated for by price realization and a favorable brand 
and market mix. Compared with Q3 2022, currency movements 
had a positive impact of SEK 67 M.
   Reported operating income amounted to SEK 3,733 M (3,541).
Important events 
During Q3, Volvo CE delivered its first electric power unit to a 
customer in Sweden. The power unit allows high power charging 
of electric machines in remote locations where access to stable 
power sources is limited.
   Previously launched in Norway, the companyʼs largest fully 
electric excavator, the EC230, was further offered to customers 
in the Netherlands, Sweden, Germany, the UK and France.
   In North America, Volvo CE inaugurated a new innovation center 
to provide training for technicians on diesel and electric heavy 
equipment, machine control technology, connectivity and 
productivity services.
                        VOLVO GROUP   — 12 —   THE THIRD QUARTER 2023

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

BUSES
Improved service sales and 
profitability
• In Q3, order intake increased by 6% and deliveries by 4%
• Both adjusted and reported operating income increased to 
SEK 340 M (99) with a margin of 6.3% (2.0)
• Service sales increased by 13%, adjusted for currency
In Q3, global demand for new buses continued to be good, 
particularly for coaches. In the city bus segment, demand for electric 
buses continued to increase.
   Compared with Q3 2022, net order intake increased by 6% to 
1,587 units, primarily supported by large coach orders in North 
America and electric bus orders to Warrington Borough Council and 
Lothian Buses in the UK. Deliveries increased by 4% to 1,420 units, 
with higher deliveries in North America, Asia, and Africa and 
Oceania, but with lower deliveries in South America and Europe.
   In Q3, net sales increased by 12% to SEK 5,386 M ( 4,817). 
Adjusted for currency, net sales increased by 6%, whereof vehicle 
sales increased by 4% and service sales by 13%.
   
   Both adjusted and reported operating income amounted to SEK 
340 M ( 99), corresponding to an operating margin of 6.3% ( 2.0). 
Compared with Q3 2022, the higher operating income is an effect of 
price realization, increased service sales and improved production 
efficiency, whereas material costs increased. Compared with Q3 
2022, currency movements had a positive impact of SEK 86 M.
   During Q3, Volvo Buses signed an agreement with MCV in Egypt 
for the manufacture of bodies for the Volvo 7900 Electric and Volvo 
7900 Electric Artic, and later for an electric bus for intercity traffic, 
supporting the new business model for Europe announced in Q1.
   In September, the rollout of the 100% electric BZL chassis 
continued with Brazil with a demonstration of the bus in real 
operation in Curitiba. 
Net order intake and deliveries ¹ Third quarter Change 
%
First nine months Change 
%Number of buses 2023 2022 2023 2022
Total orders  1,587  1,492  6  5,169  4,678  10 
Of which fully electric  207  103  101  572  233  145 
Of which hybrids  2  55  -96  9  107  -92 
Total deliveries  1,420  1,359  4  3,881  3,601  8 
Of which fully electric  31  77  -60  196  147  33 
Of which hybrids  30  73  -59  126  122  3 
Net sales and operating income Third quarter Change 
%
First nine months Change 
%SEK M 2023 2022 2023 2022
Net sales per geographical region
Europe  1,387  1,659  -16  4,696  4,111  14 
North America  2,111  1,593  32  5,959  4,370  36 
South America  865  741  17  1,542  1,349  14 
Asia  452  419  8  1,180  981  20 
Africa and Oceania  571  405  41  1,709  1,118  53 
Total net sales  5,386  4,817  12  15,087  11,929  26 
Net sales per product group
Vehicles  3,994  3,646  10  11,061  8,751  26 
Services  1,391  1,171  19  4,026  3,178  27 
Total net sales  5,386  4,817  12  15,087  11,929  26 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  5,123  4,614  11  14,396  11,385  26 
Revenue of vehicles and services recognized over contract period  263  202  30  690  544  27 
Total net sales  5,386  4,817  12  15,087  11,929  26 
Adjusted operating income ¹  340  99  245  736  126  484 
Adjustments  -  -  -  -1,439  -  - 
Operating income  340  99  245  -703  126  -658 
Adjusted operating margin, %  6.3  2.0  4.9  1.1 
Operating margin, %  6.3  2.0  -4.7  1.1 
1 For more information on adjusted operating income, please see note 6.
                        VOLVO GROUP   — 13 —   THE THIRD QUARTER 2023

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

VOLVO PENTA
Increased earnings 
• In Q3, net sales increased by 5% adjusted for currency while 
order intake decreased by 28%
• Both adjusted and reported operating income increased to SEK 
790 M (593), with a margin of 15.9% (13.3)
• A new dealership agreement for Swedish industrial sales was 
signed with Swecon
       
In Q3,  there was a slowdown in demand in both the marine and 
industrial segments. In marine leisure, there was a general decline in 
demand, most accentuated for smaller power boats. Within marine 
commercial, demand continued to be high, especially for supply 
boats and patrol vessels. The market for industrial power generation 
slowed down in Europe and the Middle East while the industrial off-
road market started to show a more general decline. The 
construction segment weakened in Europe and remained on low 
levels in China. Demand within material handling and mining also 
slowed down.
  Supply chain disturbances continued to affect lead times and 
deliveries negatively. Net order intake decreased by 28% to 7,789 
units while deliveries decreased by 9% to 9,811 units.
   
   Net sales increased by 11% to SEK 4,956 M (4,451). Adjusted for 
currency movements, net sales increased by 5%, of which sales of 
engines increased by 5% and sales of services by 6%.
  Both adjusted and reported operating income amounted to SEK 
790 M (593), corresponding to an operating margin of 15.9% (13.3). 
Price realization and a favorable product mix contributed positively, 
but was partly offset by higher material costs, lower production 
efficiency and increased selling expenses. Compared with Q3 2022, 
the currency impact was positive in an amount of SEK 136 M.
  Volvo Pentaʼs development of a specialized dealer network to better 
meet customer demands continued with Volvo Construction 
Equipmentʼs long-standing Swedish distributor Swecon being 
appointed Volvo Penta dealer for industrial sales in Sweden. 
Net order intake and deliveries Third quarter Change 
%
First nine months Change 
%Number of Engines 2023 2022 2023 2022
Total orders  7,789  10,866  -28  29,880  34,822  -14 
Of which fully electric  43  -3  -  73  15  387 
Total deliveries  9,811  10,735  -9  33,799  33,850  - 
Of which fully electric  30  6  400  81  15  440 
Net sales and operating income Third quarter Change 
%
First nine months Change 
%SEK M 2023 2022 2023 2022
Net sales per geographical region
Europe  2,434  2,185  11  8,278  6,945  19 
North America  1,058  1,008  5  3,156  2,756  15 
South America  199  165  20  548  481  14 
Asia  947  836  13  2,950  2,327  27 
Africa and Oceania  318  257  24  1,043  744  40 
Total net sales  4,956  4,451  11  15,975  13,253  21 
Net sales per product group
Engines  3,499  3,133  12  11,649  9,508  23 
Services  1,458  1,318  11  4,326  3,745  16 
Total net sales  4,956  4,451  11  15,975  13,253  21 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  4,947  4,451  11  15,956  13,253  20 
Revenue of vehicles and services recognized over contract period  10  -  -  19  -  - 
Total net sales  4,956  4,451  11  15,975  13,253  21 
Adjusted operating income ¹  790  593  33  2,865  2,061  39 
Adjustments  -  -  -  -  -3  - 
Operating income  790  593  33  2,865  2,059  39 
Adjusted operating margin, %  15.9  13.3  17.9  15.6 
Operating margin, %  15.9  13.3  17.9  15.5 
1 For more information on adjusted operating income, please see note 6.
                        VOLVO GROUP   — 14 —   THE THIRD QUARTER 2023

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

FINANCIAL SERVICES
Good portfolio growth and stable 
performance
• In Q3, new business volume increased by 13%, adjusted for 
currency 
• Adjusted operating income increased to SEK 1,062 M (879)
• Stable portfolio performance
In Q3 2023, new business volume increased by 13%, adjusted for 
currency, with stable penetration levels and continued high sales of 
Group products. The credit portfolio increased by 20% compared 
with Q3 2022, adjusted for currency. Customer activity levels 
continued to be high, resulting in stable portfolio performance in 
most parts of the world.
 Adjusted operating income increased to SEK 1,062 M (879) ex-
cluding a loss on the divestment of the Russian entities of SEK 136 
M. For more information on adjusted operating income, see note 6. 
The increase in adjusted operating income is primarily a result of
continued profitable portfolio growth, which was partly offset by 
spread compression. Currency movements had a positive impact of 
SEK 36 M compared with Q3 2022. Reported operating income 
amounted to SEK 927 (879).
   Return on equity increased to 10.2% (3.4). Excluding Russia and 
Belarus, return on equity amounted to 14.1% (16.3).
Financial Services Third quarter First nine months
SEK M unless otherwise stated 2023 2022 2023 2022
Number of financed units, 12 months rolling  67,734  70,052 
Total penetration rate, 12 months rolling, % ¹  27  29 
New retail financing volume, SEK billion  29.2  24.8  83.5  73.0 
Credit portfolio net, SEK billion  255  211 
Credit portfolio net excluding Russian and Belarus operations, SEK billion  255  208 
Credit provision expenses  150  100  418  3,173 
Credit provision expenses excluding Russian and Belarus operations  172  101  449  206 
Adjusted operating income ²  1,062  879  2,850  2,553 
Adjustments ²  -136  -  -136  -2,568 
Operating income  927  879  2,714  -15 
Credit reserves, % of credit portfolio  1.42  3.12 
Credit reserves, % of credit portfolio excluding Russian and Belarus operations  1.42  1.73 
Return on equity, 12 months rolling, %  10.2  3.4 
Return on equity excluding Russian and Belarus operations, 12 months rolling, %  14.1  16.3 
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 THIRD QUARTER 2023

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

CONSOLIDATED INCOME STATEMENT THIRD QUARTER 
Industrial 
Operations Financial Services Eliminations Volvo Group
SEK M 2023 2022 2023 2022 2023 2022 2023 2022
Net sales  127,220  111,427  6,249  4,430  -1,064  -940  132,405  114,917 
Cost of sales  -92,819  -85,783  -4,271  -2,751  1,064  940  -96,026  -87,594 
Gross income  34,402  25,644  1,978  1,679  -  1  36,380  27,324 
Research and development expenses  -6,305  -5,595  -  -  -  -  -6,305  -5,595 
Selling expenses  -7,399  -6,301  -803  -744  -  -  -8,202  -7,046 
Administrative expenses  -1,682  -1,380  -4  -3  -  -  -1,686  -1,383 
Other operating income and expenses  -936  -843  -245  -53  -  -  -1,180  -896 
Income/loss from investments in joint ventures and 
associated companies
 -665  -536  -  -  -  -  -665  -536 
Income/loss from other investments  -22  1  -  -  -  -  -22  1 
Operating income  17,393  10,990  927  879  -  1  18,320  11,869 
Interest income and similar credits  800  352  -  -  -144  -105  656  247 
Interest expenses and similar charges  -417  -367  -  -  144  105  -272  -262 
Other financial income and expenses  -67  -96  -  -  -  -  -67  -96 
Income after financial items  17,710  10,878  927  879  -  1  18,636  11,758 
Income taxes  -4,262  -2,840  -282  -231  -  -  -4,543  -3,071 
Income for the period *  13,448  8,039  645  648  -  -  14,093  8,687 
* Attributable to:
Owners of AB Volvo  14,092  8,627 
Non-controlling interest  1  61 
 14,093  8,687 
Basic earnings per share, SEK  6.93  4.24 
Diluted earnings per share, SEK  6.93  4.24 
Key ratios, %
Gross margin  27.0  23.0  27.5  23.8 
Research and development expenses as % of net sales  5.0  5.0  4.8  4.9 
Selling expenses as % of net sales  5.8  5.7  6.2  6.1 
Administrative expenses as % of net sales  1.3  1.2  1.3  1.2 
Operating margin  13.7  9.9  13.8  10.3 
CONSOLIDATED OTHER COMPREHENSIVE INCOME THIRD QUARTER 
SEK M 2023 2022
Income for the period  14,093  8,687 
Items that will not be reclassified to income statement:
Remeasurements of defined benefit pension plans  335  -303 
Remeasurements of holding of shares at fair value  -3  3 
Items that may be reclassified subsequently to income statement:
Exchange differences on translation of foreign operations  -2,015  4,073 
Share of OCI related to joint ventures and associated companies  -301  549 
Accumulated translation difference reversed to income  -318  - 
Other comprehensive income, net of income taxes  -2,303  4,322 
Total comprehensive income for the period *  11,791  13,009 
* Attributable to:
Owners of AB Volvo  11,809  12,855 
Non-controlling interest  -18  154 
 11,791  13,009 
                        VOLVO GROUP   — 16 —   THE THIRD QUARTER 2023

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

CONSOLIDATED INCOME STATEMENT FIRST NINE MONTHS
Industrial 
Operations Financial Services Eliminations Volvo Group
SEK M 2023 2022 2023 2022 2023 2022 2023 2022
Net sales  390,329  329,491  17,470  12,231  -3,153  -2,546  404,646  339,176 
Cost of sales  -285,314  -253,762  -11,876  -7,300  3,153  2,548  -294,037  -258,515 
Gross income  105,015  75,729  5,594  4,931  -  2  110,609  80,662 
Research and development expenses  -19,616  -15,632  -  -  -  -  -19,616  -15,632 
Selling expenses  -21,995  -18,680  -2,430  -2,125  -  -  -24,426  -20,805 
Administrative expenses  -5,196  -4,126  -11  -9  -  -  -5,207  -4,136 
Other operating income and expenses  -9,599  -2,271  -434  -2,812  -  -  -10,033  -5,082 
Income/loss from investments in joint ventures and 
associated companies
 -1,414  -982  -  -  -  -  -1,414  -982 
Income/loss from other investments  -18  147  -5  -  -  -  -23  147 
Operating income  47,176  34,184  2,714  -15  -  2  49,890  34,171 
Interest income and similar credits  2,229  728  -  -  -430  -173  1,800  555 
Interest expenses and similar charges  -1,278  -1,041  -  -  430  173  -848  -868 
Other financial income and expenses  -999  800  -  -  -  -  -999  800 
Income after financial items  47,129  34,671  2,714  -15  -  2  49,843  34,657 
Income taxes  -11,236  -8,264  -761  -115  -  -  -11,997  -8,379 
Income for the period *  35,893  26,407  1,953  -130  -  1  37,846  26,279 
* Attributable to:
Owners of AB Volvo  37,772  26,102 
Non-controlling interest  74  176 
 37,846  26,279 
Basic earnings per share, SEK  18.58  12.84 
Diluted earnings per share, SEK  18.58  12.84 
Key ratios, %
Gross margin  26.9  23.0  27.3  23.8 
Research and development expenses as % of net sales  5.0  4.7  4.8  4.6 
Selling expenses as % of net sales  5.6  5.7  6.0  6.1 
Administrative expenses as % of net sales  1.3  1.3  1.3  1.2 
Operating margin  12.1  10.4  12.3  10.1 
CONSOLIDATED OTHER COMPREHENSIVE INCOME FIRST NINE MONTHS 
SEK M 2023 2022
Income for the period  37,846  26,279 
Items that will not be reclassified to income statement:
Remeasurements of defined benefit pension plans  318  8,112 
Remeasurements of holding of shares at fair value  6  -39 
Items that may be reclassified subsequently to income statement:
Exchange differences on translation of foreign operations  1,728  14,784 
Share of OCI related to joint ventures and associated companies  243  1,708 
Accumulated translation difference reversed to income  -318  - 
Other comprehensive income, net of income taxes  1,978  24,566 
Total comprehensive income for the period *  39,824  50,844 
* Attributable to:
Owners of AB Volvo  39,782  50,342 
Non-controlling interest  42  502 
 39,824  50,844 
                        VOLVO GROUP   — 17 —   THE THIRD QUARTER 2023

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

CONSOLIDATED BALANCE SHEET
Industrial 
Operations Financial Services Eliminations Volvo Group
SEK M
Sep 30 
2023
Dec 31 
2022
Sep 30 
2023
Dec 31 
2022
Sep 30 
2023
Dec 31 
2022
Sep 30 
2023
Dec 31 
2022
Assets
Non-current assets
Intangible assets  43,305  41,471  88  73  -  -  43,393  41,544 
Tangible assets
Property, plant and equipment  68,619  63,112  67  50  -  -  68,687  63,162 
Assets under operating leases  34,947  34,109  21,701  21,372  -13,738  -11,963  42,911  43,518 
Financial assets
Investments in Joint Ventures and associated companies  20,614  21,583  -  -  -  -  20,614  21,583 
Other shares and participations  869  587  19  18  -  -  888  605 
Non-current customer-financing receivables  1,809  1,903  120,630  105,536  -2,080  -2,375  120,360  105,064 
Net pension assets  2,809  2,722  2  5  -  -  2,811  2,727 
Non-current interest-bearing receivables  2,798  7,227  -  1,153  -927  -6,578  1,871  1,803 
Other non-current receivables  9,582  10,997  285  227  -213  -202  9,654  11,022 
Deferred tax assets  15,400  12,219  2,118  1,969  -  -  17,518  14,189 
Total non-current assets  200,752  195,931  144,912  130,404  -16,957  -21,118  328,706  305,217 
Current assets
Inventories  92,695  75,382  407  307  -  -  93,101  75,689 
Current receivables
Customer-financing receivables  1,239  1,128  112,521  89,145  -1,503  -1,409  112,257  88,864 
Tax assets  5,959  1,489  632  570  -  -  6,591  2,059 
Interest-bearing receivables  6,556  5,690  -  -  -22  -27  6,534  5,663 
Internal funding  4,687  7,991  -  -  -4,687  -7,991  -  - 
Accounts receivable  45,574  46,672  1,766  1,548  -  -  47,340  48,220 
Other receivables  22,350  21,390  2,341  3,302  -4,577  -5,319  20,115  19,373 
Marketable securities  95  93  -  -  -  -  95  93 
Cash and cash equivalents  61,455  76,005  4,806  9,688  -1,113  -1,806  65,148  83,886 
Assets held for sale  263  -  -  -  -  -  263  - 
Total current assets  240,872  235,840  122,473  104,560  -11,902  -16,553  351,444  323,847 
Total assets  441,624  431,771  267,385  234,964  -28,859  -37,671  680,150  629,064 
Equity and liabilities
Equity attributable to owners of AB Volvo  152,540  143,921  21,387  18,796  -  -  173,927  162,717 
Non-controlling interest  3,297  3,519  -  -  -  -  3,296  3,519 
Total equity  155,837  147,439  21,386  18,796  -  -  177,223  166,236 
Non-current provisions
Provisions for post-employment benefits  8,881  8,690  60  55  -  -  8,940  8,745 
Other provisions  13,954  12,330  76  66  -  -  14,030  12,396 
Non-current liabilities
Bond loans  96,756  102,887  -  -  -  -  96,756  102,887 
Other loans  26,830  25,446  12,858  12,325  -1,800  -2,086  37,887  35,684 
Internal funding  -111,667  -110,254  106,947  98,310  4,720  11,944  -  - 
Deferred tax liabilities  3,330  3,060  2,335  2,412  -  -  5,665  5,472 
Other liabilities  53,839  51,351  1,598  1,467  -8,879  -7,270  46,558  45,549 
Current provisions  19,662  13,095  15  24  -  -  19,678  13,119 
Current liabilities
Bond loans  51,555  37,794  -  -  -  -  51,555  37,794 
Other loans  42,937  24,666  10,720  11,163  -1,187  -1,247  52,470  34,583 
Internal funding   -88,508  -50,804  100,641  79,677  -12,133  -28,873  -  - 
Trade payables  83,947  89,174  1,021  1,003  -  -  84,968  90,177 
Tax liabilities  10,175  6,147  813  760  -  -  10,988  6,907 
Other liabilities  74,094  70,749  8,915  8,906  -9,581  -10,138  73,429  69,517 
Liabilities held for sale  2  -  -  -  -  -  2  - 
Total equity and liabilities  441,624  431,771  267,385  234,964  -28,859  -37,671  680,150  629,064 
Key ratios, %
Equity ratio  35.3  34.1  8.0  8.0  26.1  26.4 
Equity attributable to owners of AB Volvo, per share in SEK  85.5  80.0 
Return on operating capital ¹  66.0  50.8 
Return on capital employed ¹  33.7  27.4 
Return on equity ¹  10.2  -0.3  26.1  20.7 
1 12 months rolling.
                        VOLVO GROUP   — 18 —   THE THIRD QUARTER 2023

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

CONSOLIDATED CASH FLOW STATEMENT THIRD QUARTER 
Industrial 
Operations Financial Services Eliminations Volvo Group
SEK M 2023 2022 2023 2022 2023 2022 2023 2022
Operating activities
Operating income  17,393  10,990  927  879  -  1  18,320  11,869 
Amortization intangible assets  743  738  6  14  -  -  749  752 
Depreciation tangible assets  2,256  2,022  5  7  -  -  2,261  2,028 
Depreciation leasing vehicles  1,058  1,068  1,266  1,193  -  -  2,324  2,261 
Other non-cash items  753  610  341  91  -  -93  1,094  608 
Total change in working capital whereof  -8,370  5,887  -8,215  -4,269  26  45  -16,560  1,663 
Change in accounts receivables  2,130  2,394  31  4  -  -  2,162  2,398 
Change in customer-financing receivables  -6  -176  -7,946  -4,672  45  146  -7,908  -4,702 
Change in inventories  -2,034  1,187  -142  58  -  -  -2,176  1,245 
Change in trade payables  -9,767  2,051  134  -2  -  -  -9,633  2,050 
Other changes in working capital  1,308  431  -292  343  -19  -100  997  673 
Dividends received from joint ventures and associated 
companies
 -  6  -  -  -  -  -  6 
Interest and similar items received  735  264  -  -  -144  28  590  291 
Interest and similar items paid  -372  -176  -  -  159  64  -213  -112 
Other financial items  -19  -150  -  -  -  -  -19  -150 
Income taxes paid  -4,306  -2,480  -218  -188  -  -  -4,525  -2,668 
Cash flow from operating activities  9,871  18,779  -5,889  -2,273  40  45  4,022  16,551 
Investing activities
Investments in intangible assets  -1,051  -1,521  -10  -12  -  -  -1,061  -1,533 
Investments in tangible assets  -3,264  -2,733  -10  -3  -  -  -3,274  -2,737 
Investment in leasing vehicles  -  -  -2,292  -2,092  4  3  -2,288  -2,089 
Disposals of in-/tangible assets and leasing vehicles  54  86  1,068  963  -4  -  1,118  1,049 
Operating cash flow  5,609  14,611  -7,132  -3,417  40  48  -1,483  11,241 
Investments of shares  -15  -426 
Divestment of shares  316  - 
Acquired operations  -16  -203 
Divested operations  -2,499  - 
Interest-bearing receivables incl. marketable securities  -32  -23 
Cash flow after net investments  -3,730  10,589 
Financing activities
New borrowings ¹  75,387  34,257 
Repayments of borrowings ¹  -69,168  -28,538 
Dividend to owners of AB Volvo  -  - 
Dividend to non-controlling interest  -235  -19 
Other  -26  -2 
Change in cash and cash equivalents excl. translation 
differences
 2,228  16,285 
Translation difference on cash and cash equivalents  -898  1,353 
Change in cash and cash equivalents  1,329  17,638 
Cash and cash equivalents, beginning of quarter  63,819  54,268 
Cash and cash equivalents, end of quarter  65,148  71,906 
1 The comparative figures are restated due to a reclassification between new borrowings and repayments of borrowings.
                        VOLVO GROUP   — 19 —   THE THIRD QUARTER 2023

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

CONSOLIDATED CASH FLOW STATEMENT FIRST NINE MONTHS
Industrial 
Operations Financial Services Eliminations Volvo Group
SEK M 2023 2022 2023 2022 2023 2022 2023 2022
Operating activities
Operating income  47,176  34,184  2,714  -15  -  2  49,890  34,171 
Amortization intangible assets  2,229  2,162  22  40  -  -  2,251  2,201 
Depreciation tangible assets  6,444  5,835  16  19  -  -  6,460  5,854 
Depreciation leasing vehicles  3,272  3,391  3,750  3,459  -  -  7,022  6,850 
Other non-cash items  9,453  2,727  826  3,237  -1  -216  10,278  5,747 
Total change in working capital whereof  -21,035  -13,628  -30,651  -13,808  -497  74  -52,184  -27,362 
Change in accounts receivables  2,229  -1,292  -329  -65  -  -  1,900  -1,356 
Change in customer-financing receivables  65  -181  -31,088  -15,445  -325  145  -31,348  -15,482 
Change in inventories  -16,896  -8,770  -145  -22  -  -  -17,041  -8,792 
Change in trade payables  -6,858  -2,712  -6  80  -  -  -6,865  -2,631 
Other changes in working capital  426  -673  916  1,643  -173  -71  1,170  899 
Dividends received from joint ventures and associated 
companies
 108  60  -  -  -  -  108  60 
Interest and similar items received  2,250  507  -  -  -430  131  1,820  637 
Interest and similar items paid  -1,401  -834  -  -  451  84  -950  -750 
Other financial items  -177  -203  -  -  -  -  -177  -203 
Income taxes paid  -13,850  -7,152  -886  -1,329  -  -  -14,736  -8,480 
Cash flow from operating activities  34,470  27,048  -24,209  -8,397  -478  74  9,783  18,725 
Investing activities
Investments in intangible assets  -3,578  -4,185  -38  -24  -  -  -3,617  -4,209 
Investments in tangible assets  -8,347  -6,751  -16  -8  -  -  -8,363  -6,759 
Investment in leasing vehicles  -  -1  -6,764  -6,346  36  8  -6,728  -6,339 
Disposals of in-/tangible assets and leasing vehicles  621  298  3,382  3,836  -8  -6  3,995  4,129 
Operating cash flow  23,166  16,409  -27,646  -10,939  -450  76  -4,930  5,546 
Investments of shares  -959  -1,050 
Divestments of shares  323  157 
Acquired operations ¹  333  -239 
Divested operations  -2,303  153 
Interest-bearing receivables incl. marketable securities  -215  -76 
Cash flow after net investments  -7,749  4,491 
Financing activities
New borrowings ²  184,957  133,376 
Repayments of borrowings ²  -167,668  -105,997 
Dividend to owners of AB Volvo  -28,468  -26,435 
Dividend to non-controlling interest  -235  -19 
Other  -54  -20 
Change in cash and cash equivalents excl. translation 
differences
 -19,217  5,396 
Translation difference on cash and cash equivalents  480  4,385 
Change in cash and cash equivalents  -18,738  9,781 
Cash and cash equivalents, beginning of period  83,886  62,126 
Cash and cash equivalents, end of period  65,148  71,906 
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 THIRD QUARTER 2023

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

CONSOLIDATED NET FINANCIAL POSITION
Net financial position excl. post-employment benefits and lease liabilities Industrial 
Operations Volvo Group
SEK bn Sep 30 
2023
Dec 31 
2022
Sep 30 
2023
Dec 31 
2022
Non-current interest-bearing assets
Non-current customer-financing receivables  -  -  120.4  105.1 
Non-current interest-bearing receivables  2.8  7.2  1.9  1.8 
Current interest-bearing assets
Customer-financing receivables  -  -  112.3  88.9 
Interest-bearing receivables  6.6  5.7  6.5  5.7 
Internal funding  4.7  8.0  -  - 
Marketable securities  0.1  0.1  0.1  0.1 
Cash and cash equivalents  61.5  76.0  65.1  83.9 
Total interest-bearing financial assets  75.6  97.0  306.3  285.4 
Non-current interest-bearing liabilities
Bond loans  -96.8  -102.9  -96.8  -102.9 
Other loans  -21.3  -20.6  -32.4  -30.9 
Internal funding  111.7  110.3  -  - 
Current interest-bearing liabilities
Bond loans  -51.6  -37.8  -51.6  -37.8 
Other loans  -40.9  -22.9  -50.5  -32.8 
Internal funding  88.5  50.8  -  - 
Total interest-bearing financial liabilities excl. lease liabilities  -10.4  -23.1  -231.2  -204.4 
Net financial position excl. post-employment benefits and lease liabilities  65.2  73.9  75.1  81.0 
Provisions for post-employment benefits and lease liabilities, net Industrial 
Operations Volvo Group
SEK bn
Sep 30 
2023
Dec 31 
2022
Sep 30 
2023
Dec 31 
2022
Non-current lease liabilities  -5.5  -4.8  -5.5  -4.8 
Current lease liabilities  -2.0  -1.8  -2.0  -1.8 
Provisions for post-employment benefits, net  -6.1  -6.0  -6.1  -6.0 
Provisions for post-employment benefits and lease liabilities, net  -13.6  -12.6  -13.6  -12.6 
Net financial position incl. post-employment benefits and lease liabilities Industrial 
Operations Volvo Group
SEK bn
Sep 30 
2023
Dec 31 
2022
Sep 30 
2023
Dec 31 
2022
Net financial position excl. post-employment benefits and lease liabilities  65.2  73.9  75.1  81.0 
Provisions for post-employment benefits and lease liabilities, net  -13.6  -12.6  -13.6  -12.6 
Net financial position incl. post-employment benefits and lease liabilities  51.6  61.3  61.5  68.4 
                        VOLVO GROUP   — 21 —   THE THIRD QUARTER 2023

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

CHANGES IN NET FINANCIAL POSITION, INDUSTRIAL OPERATIONS
Third quarter First nine months
SEK bn 2023 2023
Net financial position excl. post-employment benefits and lease liabilities at the end of previous 
period
 61.6  73.9 
Operating cash flow  5.6  23.2 
Investments and divestments of shares, net  0.3  -0.6 
Acquired and divested operations, net  -1.5  -1.0 
Capital injections to/from Financial Services  0.6  -0.4 
Currency effect  -0.5  1.0 
Dividend to owners of AB Volvo  -  -28.5 
Dividend to non-controlling interest  -0.2  -0.2 
Other changes  -0.7  -2.1 
Net financial position excl. post-employment benefits and lease liabilities at the end of period  65.2  65.2 
Provisions for post-employment benefits and lease liabilities at the end of previous period  -13.8  -12.6 
Pension payments, included in operating cash flow  0.3  0.7 
Remeasurements of defined post-employment benefits  0.5  0.4 
Service costs and other pension costs  -0.3  -0.9 
Investments, remeasurements and amortizations of lease contracts  -0.4  -0.8 
Currency effect  0.2  -0.4 
Other changes  -  -0.2 
Provisions for post-employment benefits and lease liabilities at the end of period  -13.6  -13.6 
Net financial position incl. post-employment benefits and lease liabilities at the end of period  51.6  51.6 
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  37,772  74  37,846 
Other comprehensive income for the period  2,010  -32  1,978 
Total comprehensive income for the period  39,782  42  39,824 
Dividend  -28,468  -235  -28,704 
Changes in non-controlling interests  -  -29  -29 
Other changes  -104  -  -104 
Transactions with shareholders  -28,572  -264  -28,836 
Balance as of September 30, 2023  173,927  3,296  177,223 
                        VOLVO GROUP   — 22 —   THE THIRD QUARTER 2023

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

QUARTERLY FIGURES
Income Statements, Volvo Group
First 
nine 
months
First 
nine 
months
SEK M unless otherwise stated 3/2023 2/2023 1/2023 4/2022 3/2022 2023 2022
Net sales  132,405  140,821  131,420  134,302  114,917  404,646  339,176 
Cost of sales  -96,026  -101,900  -96,112  -103,227  -87,594  -294,037  -258,515 
Gross income  36,380  38,920  35,308  31,076  27,324  110,609  80,662 
Research and development expenses  -6,305  -6,819  -6,492  -6,893  -5,595  -19,616  -15,632 
Selling expenses  -8,202  -8,329  -7,894  -8,239  -7,046  -24,426  -20,805 
Administrative expenses  -1,686  -1,858  -1,663  -1,744  -1,383  -5,207  -4,136 
Other operating income and expenses  -1,180  -6,873  -1,980  -2,292  -896  -10,033  -5,082 
Income/loss from investments in Joint Ventures and associated 
companies  -665  -578  -171  -351  -536  -1,414  -982 
Income/loss from other investments  -22  -2  -  -15  1  -23  147 
Operating income  18,320  14,462  17,109  11,541  11,869  49,890  34,171 
Interest income and similar credits  656  572  572  453  247  1,800  555 
Interest expenses and similar charges  -272  -262  -314  -338  -262  -848  -868 
Other financial income and expenses  -67  -362  -570  -1,237  -96  -999  800 
Income after financial items  18,636  14,409  16,797  10,420  11,758  49,843  34,657 
Income taxes  -4,543  -3,591  -3,863  -3,730  -3,071  -11,997  -8,379 
Income for the period *  14,093  10,819  12,934  6,690  8,687  37,846  26,279 
* Attributable to:
Owners of AB Volvo  14,092  10,770  12,910  6,620  8,627  37,772  26,102 
Non-controlling interest  1  49  24  70  61  74  176 
 14,093  10,819  12,934  6,690  8,687  37,846  26,279 
Key ratios, Volvo Group, %
Gross margin  27.5  27.6  26.9  23.1  23.8  27.3  23.8 
Research and development expenses as % of net sales  4.8  4.8  4.9  5.1  4.9  4.8  4.6 
Selling expenses as % of net sales  6.2  5.9  6.0  6.1  6.1  6.0  6.1 
Administrative expenses as % of net sales  1.3  1.3  1.3  1.3  1.2  1.3  1.2 
Operating margin  13.8  10.3  13.0  8.6  10.3  12.3  10.1 
Key ratios, Industrial Operations, %
Gross margin  27.0  27.3  26.4  22.5  23.0  26.9  23.0 
Research and development expenses as % of net sales  5.0  5.0  5.1  5.3  5.0  5.0  4.7 
Selling expenses as % of net sales  5.8  5.5  5.6  5.7  5.7  5.6  5.7 
Administrative expenses as % of net sales  1.3  1.4  1.3  1.3  1.2  1.3  1.3 
Operating margin  13.7  10.0  12.8  8.2  9.9  12.1  10.4 
EBITDA margin, Industrial Operations
Operating income Industrial Operations  17,393  13,545  16,238  10,678  10,990  47,176  34,184 
Product and software development, amortization  704  709  696  723  712  2,109  2,076 
Other intangible assets, amortization  39  38  44  33  27  120  86 
Tangible assets, depreciation  3,314  3,259  3,143  3,784  3,090  9,716  9,226 
Total depreciation and amortization  4,057  4,006  3,883  4,541  3,828  11,945  11,387 
Operating income before depreciation and amortization (EBITDA)  21,450  17,551  20,121  15,219  14,818  59,121  45,571 
EBITDA margin, %  16.9  12.9  15.8  11.7  13.3  15.1  13.8 
Net capitalization of research and development
Capitalization  1,022  1,166  1,208  1,114  972  3,396  3,593 
Amortization  -665  -670  -657  -677  -673  -1,992  -1,959 
Net capitalization and amortization  357  496  551  438  300  1,404  1,634 
Return on operating capital in Industrial Operations, % ¹  66.0  58.4  57.0  50.8  50.1 
Return on capital employed in Industrial Operations, % ¹  33.7  30.2  30.3  27.4  27.4 
1  12 months rolling.
                        VOLVO GROUP   — 23 —   THE THIRD QUARTER 2023

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

QUARTERLY FIGURES
Net sales First nine 
months
First nine 
months
SEK M 3/2023 2/2023 1/2023 4/2022 3/2022 2023 2022
Trucks  89,848  93,748  89,556  87,303  75,078  273,152  223,233 
Construction Equipment  24,296  28,999  25,109  27,596  24,238  78,404  72,664 
Buses  5,386  5,434  4,267  6,654  4,817  15,087  11,929 
Volvo Penta  4,956  5,416  5,603  4,849  4,451  15,975  13,253 
Group Functions & Other  3,954  3,629  3,779  4,985  3,793  11,361  11,392 
Eliminations  -1,219  -1,236  -1,195  -1,175  -950  -3,650  -2,980 
Industrial Operations  127,220  135,991  127,117  130,212  111,427  390,329  329,491 
Financial Services  6,249  5,851  5,370  5,124  4,430  17,470  12,231 
Eliminations  -1,064  -1,021  -1,067  -1,033  -940  -3,153  -2,546 
Volvo Group net sales  132,405  140,821  131,420  134,301  114,917  404,646  339,176 
Operating income First nine 
months
First nine 
months
SEK M 3/2023 2/2023 1/2023 4/2022 3/2022 2023 2022
Trucks  13,397  8,950  12,854  7,644  7,539  35,201  24,332 
Construction Equipment  3,733  5,353  4,587  3,093  3,541  13,673  9,813 
Buses  340  219  -1,261  228  99  -703  126 
Volvo Penta  790  804  1,271  468  593  2,865  2,059 
Group Functions & Other  -878  -1,783  -1,225  -754  -778  -3,886  -2,158 
Eliminations  11  3  12  -1  -4  26  13 
Industrial Operations  17,393  13,545  16,238  10,678  10,990  47,176  34,184 
Financial Services  927  916  871  863  879  2,714  -15 
Eliminations  -  -  -  1  1  -  2 
Volvo Group operating income  18,320  14,462  17,109  11,541  11,869  49,890  34,171 
Adjusted operating income ¹ First nine 
months
First nine 
months
SEK M 3/2023 2/2023 1/2023 4/2022 3/2022 2023 2022
Trucks  14,038  14,950  12,715  8,274  7,307  41,703  25,547 
Construction Equipment  3,733  5,353  4,587  3,093  3,773  13,673  10,151 
Buses  340  219  178  228  99  736  126 
Volvo Penta  790  804  1,271  468  593  2,865  2,061 
Group Functions & Other  -860  -513  -1,225  -754  -778  -2,598  -2,157 
Eliminations  11  3  12  -1  -4  26  13 
Industrial Operations  18,051  20,815  17,538  11,308  10,990  56,405  35,741 
Financial Services  1,062  916  871  863  879  2,850  2,553 
Eliminations  -  -  -  1  1  -  2 
Volvo Group adjusted operating income  19,114  21,732  18,409  12,171  11,869  59,254  38,295 
1 For more information on adjusted operating income, please see note 6.
Operating margin First nine 
months
First nine 
months
% 3/2023 2/2023 1/2023 4/2022 3/2022 2023 2022
Trucks  14.9  9.5  14.4  8.8  10.0  12.9  10.9 
Construction Equipment  15.4  18.5  18.3  11.2  14.6  17.4  13.5 
Buses  6.3  4.0  -29.6  3.4  2.0  -4.7  1.1 
Volvo Penta  15.9  14.8  22.7  9.7  13.3  17.9  15.5 
Industrial Operations  13.7  10.0  12.8  8.2  9.9  12.1  10.4 
Volvo Group operating margin  13.8  10.3  13.0  8.6  10.3  12.3  10.1 
Adjusted operating margin First nine 
months
First nine 
months
% 3/2023 2/2023 1/2023 4/2022 3/2022 2023 2022
Trucks  15.6  15.9  14.2  9.5  9.7  15.3  11.4 
Construction Equipment  15.4  18.5  18.3  11.2  15.6  17.4  14.0 
Buses  6.3  4.0  4.2  3.4  2.0  4.9  1.1 
Volvo Penta  15.9  14.8  22.7  9.7  13.3  17.9  15.6 
Industrial Operations  14.2  15.3  13.8  8.7  9.9  14.5  10.8 
Volvo Group adjusted operating margin  14.4  15.4  14.0  9.1  10.3  14.6  11.3 
                        VOLVO GROUP   — 24 —   THE THIRD QUARTER 2023

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

QUARTERLY FIGURES
Share data First nine 
months
First nine 
months
3/2023 2/2023 1/2023 4/2022 3/2022 2023 2022
Earnings per share, SEK ¹  6.93  5.30  6.35  3.26  4.24  18.58  12.84 
Earnings per share, SEK ¹, 12 months rolling  21.84  19.15  18.98  16.09  16.77  -  - 
Diluted earnings per share, SEK  6.93  5.30  6.35  3.26  4.24  18.58  12.84 
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 THIRD 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.
Contingent liabilities and contingent assets
The reported amounts for contingent liabilities reflect a part of Volvo 
Groupʼs risk exposure. Total contingent liabilities as of September 
30, 2023 , amounted to SEK 17.7 billion, a decrease  of SEK 0.5 
billion compared to December 31, 2022. The gross exposure of SEK 
17.7 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.
Strike in the US
On October 8, the United Auto Workers (UAW) union informed 
Mack Trucks that their members had voted against ratification of a 
new five-year collective bargaining agreement covering about 3,900 
employees at facilities in Pennsylvania, Maryland and Florida, 
including the powertrain plant, which supports the production of 
both Mack Trucks and Volvo, and Mack Trucksʼ assembly plant. 
Beginning on October 9, the UAW strike at all the covered facilities. 
If the strike continues for an extended period of time, it may result in 
negative financial consequences for the Volvo Group.
                        VOLVO GROUP   — 26 —   THE THIRD QUARTER 2023

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

NOTE 3 | ACQUISITIONS AND DIVESTMENTS
Acquisitions and divestments
In Q3, the Volvo Group divested the Russian entities. The divestment 
resulted in a negative impact on the operating income of SEK 794 M 
and a total negative cash flow effect of SEK 2,499 M. The Volvo 
Group also divested its shares in the associated company 
WirelessCar Sweden AB.
  The Volvo Group has not made any other acquisitions or 
divestments of operations during Q3 that have had a material impact 
on the financial statements.
Assets and liabilities held for sale
Assets and liabilities held for sale amounted to net SEK 260 M (-) as 
of September 30, 2023 , mainly related to planned property 
divestments.
_________________________________________________________________
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 
6.0 billion (6.3) and derivatives with negative fair values amounted 
to SEK 8.5 billion (9.0) as of September 30, 2023.
The derivatives are accounted for on gross basis. Financial liabilities 
valued at amortized cost, reported as non-current and current bond 
loans and other loans, amounted to SEK 232.9 billion ( 205.0) in 
reported carrying value with a fair value of SEK 229.6 billion (201.3). 
In the Volvo Group consolidated financial position, financial liabilities 
include loan-related derivatives with negative fair values amounting 
to SEK 5.7 billion (5.9).
Currency effect on operating income, Volvo Group Compared to third quarter 2022
SEK M
Third quarter 
2023
Third quarter 
2022 Change
Net flow in foreign currency  208 
Realized and unrealized gains and losses on derivatives  -11  -18  6 
Unrealized gains and losses on receivables and liabilities in foreign currency  1  -288  289 
Translation effect on operating income in foreign subsidiaries  662 
Total currency effect on operating income, Volvo Group 1,165
Applicable currency rates Quarterly exchange rates Close rates
Third quarter 
2023
Third quarter 
2022
Sep 30 Sep 30
2023 2022
BRL  2.21  2.01  2.15  2.06 
CNY  1.49  1.54  1.48  1.57 
EUR  11.76  10.62  11.49  10.92 
GBP  13.69  12.41  13.27  12.41 
KRW  0.0082  0.0079  0.0081  0.0078 
USD  10.81  10.55  10.84  11.12 
__________________________________________________________________________________________________
NOTE 5 | TRANSACTIONS WITH RELATED PARTIES
Sales of goods, services 
and other income
Purchases of goods, services 
and other expenses
SEK M 
Third quarter 
2023
Third quarter 
2022
Third quarter 
2023
Third quarter 
2022
Associated companies  597  353  50  35 
Joint ventures  885  1,092  348  336 
 
Receivables Payables 
Sep 30 Dec 31 Sep 30 Dec 31
SEK M 2023 2022 2023 2022
Associated companies  207  113  78  63 
Joint ventures  391  472  146  122 
                        VOLVO GROUP   — 27 —   THE THIRD QUARTER 2023

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

NOTE 6 | RECONCILIATION OF ADJUSTED OPERATING INCOME
Adjusted operating income First nine 
months
First nine 
months
SEK M 3/2023 2/2023 1/2023 4/2022 3/2022 2023 2022
Trucks 14,038 14,950 12,715 8,274 7,307 41,703 25,547
Construction Equipment 3,733 5,353 4,587 3,093 3,773 13,673 10,151
Buses 340 219 178 228 99 736 126
Volvo Penta 790 804 1,271 468 593 2,865 2,061
Group Functions & Other -860 -513 -1,225 -754 -778 -2,598 -2,157
Eliminations 11 3 12 -1 -4 26 13
Industrial Operations 18,051 20,815 17,538 11,308 10,990 56,405 35,741
Financial Services 1,062 916 871 863 879 2,850 2,553
Eliminations - - - 1 1 - 2
Volvo Group adjusted operating income 19,114 21,732 18,409 12,171 11,869 59,254 38,295
Adjustments First nine 
months
First nine 
months
SEK M 3/2023 2/2023 1/2023 4/2022 3/2022 2023 2022
Adjustment items (segment)
Financial impact related to Russia:
Trucks  -640  -  -  -  232  -640  -1,215 
Construction Equipment  -  -  -  -  -232  -  -338 
Volvo Penta  -  -  -  -  -  -  -3 
Group Functions & Other  -18  -  -  -  -  -18  -1 
Financial Services  -136  -  -  -  -  -136  -2,568 
Costs relating to claims arising from the European Commissionʼs 
2016 antitrust settlement decision (Trucks)
 -  -6,000  -  -630  -  -6,000  - 
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  - 
Total adjustments
Trucks  -640  -6,000  139  -630  232  -6,501  -1,215 
Construction Equipment  -  -  -  -  -232  -  -338 
Buses  -  -  -1,439  -  -  -1,439  - 
Volvo Penta  -  -  -  -  -  -  -3 
Group Functions & Other  -18  -1,270  -  -  -  -1,288  -1 
Industrial Operations  -658  -7,270  -1,300  -630  -  -9,228  -1,557 
Financial Services  -136  -  -  -  -  -136  -2,568 
Eliminations  -  -  -  -  -  -  - 
Volvo Group adjustments  -794  -7,270  -1,300  -630  -  -9,364  -4,125 
Operating income First nine 
months
First nine 
months
SEK M 3/2023 2/2023 1/2023 4/2022 3/2022 2023 2022
Trucks  13,397  8,950  12,854  7,644  7,539  35,201  24,332 
Construction Equipment  3,733  5,353  4,587  3,093  3,541  13,673  9,813 
Buses  340  219  -1,261  228  99  -703  126 
Volvo Penta  790  804  1,271  468  593  2,865  2,059 
Group Functions & Other  -878  -1,783  -1,225  -754  -778  -3,886  -2,158 
Eliminations  11  3  12  -1  -4  26  13 
Industrial Operations  17,393  13,545  16,238  10,678  10,990  47,176  34,184 
Financial Services  927  916  871  863  879  2,714  -15 
Eliminations  -  -  -  1  1  -  2 
Volvo Group operating income  18,320  14,462  17,109  11,541  11,869  49,890  34,171 
For reconciliation of other key ratios, see www.volvogroup.com
                        VOLVO GROUP   — 28 —   THE THIRD QUARTER 2023

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

PARENT COMPANY
Income from investments in group companies for the third quarter  
includes dividends amounting to SEK 167 M (1,221) and a loss on 
the divestment of the Russian entity amounting to SEK 173 M. 
Financial net debt amounted to SEK 30,748 M (22,213) at the end 
of the third quarter .
Income statement Third quarter First nine months
SEK M 2023 2022 2023 2022
Net sales¹  71  52  225  183 
Cost of sales¹  -71  -52  -225  -183 
Gross income  -  -  -  - 
Operating expenses¹  -503  -334  -1,338  -940 
Operating income (loss)  -503  -334  -1,338  -940 
Income from investments in group companies  -6  1,221  3,983  5,099 
Income from investments in joint ventures and associated companies  -  -  76  34 
Income from investments, other shares and participations  -  -  -  - 
Interest income and expenses  -354  -112  -821  -276 
Other financial income and expenses  9  5  -120  204 
Income after financial items  -854  780  1,780  4,121 
Appropriations  -  -  -  - 
Income taxes  162  46  2,785  143 
Income for the period  -692  826  4,565  4,264 
1 Of net sales in the third quarter, SEK 67 M (48) pertained to group companies, while purchases from group companies amounted to SEK 131 M (91).
Other comprehensive income
Income for the period  -692  826  4,565  4,264 
Other comprehensive income, net of income taxes  -  -  -  - 
Total comprehensive income for the period  -692  826  4,565  4,264 
                        VOLVO GROUP   — 29 —   THE THIRD QUARTER 2023

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

Balance sheet
SEK M
Sep 30 
2023
Dec 31 
2022
Assets
Non-current assets
Tangible assets  7  7 
Financial assets
   Shares and participations in group companies  69,520  70,987 
   Investments in joint ventures and associated companies  8,946  8,946 
   Other shares and participations  2  2 
   Other non-current receivables  603  593 
   Deferred tax assets  641  217 
Total non-current assets  79,719  80,752 
Current assets
Current receivables from group companies  1,025  29,316 
Tax assets  4,106  - 
Other current receivables  317  251 
Total current assets  5,448  29,567 
Total assets  85,167  110,319 
Equity and liabilities
Equity
   Restricted equity  9,899  9,899 
   Unrestricted equity  35,601  59,504 
Total Equity  45,500  69,403 
Untaxed reserves  7,500  7,500 
Provisions  257  259 
Non-current liabilities¹  645  405 
Current liabilities²  31,265  32,752 
Total equity and liabilities  85,167  110,319 
1 Of which SEK 640 M (400) pertains to group companies.
2 Of which SEK 30,572 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 third quarter 2023 that are expected 
to have a material effect on the Volvo Group.
Gothenburg, October 18, 2023
AB Volvo (publ)
Martin Lundstedt
President and CEO
This report has not been reviewed by AB Volvoʼs auditors.
                        VOLVO GROUP   — 30 —   THE THIRD QUARTER 2023

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

NET ORDER INTAKE
Net order intake of trucks Third quarter Change 
%
First nine months Change 
%Number of trucks 2023 2022 2023 2022
Net order intake 
Europe  21,154  32,329  -35  77,284  83,908  -8 
Heavy- and medium-duty  17,592  26,090  -33  62,123  68,056  -9 
Light-duty  3,562  6,239  -43  15,161  15,852  -4 
North America  17,355  18,641  -7  41,222  34,389  20 
South America  4,284  5,837  -27  15,798  22,527  -30 
Asia  2,796  4,889  -43  13,368  14,538  -8 
Africa and Oceania  1,613  2,993  -46  7,878  8,309  -5 
Total order intake  47,202  64,689  -27  155,550  163,671  -5 
Heavy-duty (>16 tons)  38,687  52,891  -27  126,985  135,745  -6 
Medium-duty (7-16 tons)  4,937  5,513  -10  13,265  11,839  12 
Light-duty (<7 tons)  3,578  6,285  -43  15,300  16,087  -5 
Total order intake  47,202  64,689  -27  155,550  163,671  -5 
Net order intake of trucks by brand
Volvo
Europe  11,293  19,097  -41  41,522  42,655  -3 
North America  5,580  7,614  -27  16,992  17,557  -3 
South America  4,157  5,676  -27  15,309  21,762  -30 
Asia  2,389  3,976  -40  10,899  11,040  -1 
Africa and Oceania  1,100  1,946  -43  5,350  5,786  -8 
Total Volvo  24,519  38,309  -36  90,072  98,800  -9 
Heavy-duty (>16 tons)  23,846  36,956  -35  87,363  95,277  -8 
Medium-duty (7-16 tons)  673  1,353  -50  2,709  3,523  -23 
Total Volvo  24,519  38,309  -36  90,072  98,800  -9 
Renault Trucks
Europe  9,861  13,232  -25  35,762  41,253  -13 
Heavy- and medium-duty  6,299  6,993  -10  20,601  25,401  -19 
Light-duty  3,562  6,239  -43  15,161  15,852  -4 
North America  15  41  -63  78  138  -43 
South America  35  87  -60  187  379  -51 
Asia  407  913  -55  2,469  3,498  -29 
Africa and Oceania  344  335  3  1,233  1,057  17 
Total Renault Trucks  10,662  14,608  -27  39,729  46,325  -14 
Heavy-duty (>16 tons)  6,035  6,162  -2  20,178  24,670  -18 
Medium-duty (7-16 tons)  1,049  2,161  -51  4,251  5,568  -24 
Light-duty (<7 tons)  3,578  6,285  -43  15,300  16,087  -5 
Total Renault Trucks  10,662  14,608  -27  39,729  46,325  -14 
Mack
North America  11,760  10,986  7  24,152  16,694  45 
South America  92  74  24  290  310  -6 
Africa and Oceania  98  356  -72  545  536  2 
Total Mack  11,950  11,416  5  24,987  17,540  42 
Heavy-duty (>16 tons)  8,752  9,471  -8  18,795  15,014  25 
Medium-duty (7-16 tons)  3,198  1,945  64  6,192  2,526  145 
Total Mack  11,950  11,416  5  24,987  17,540  42 
                        VOLVO GROUP   — 31 —   THE THIRD QUARTER 2023

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

DELIVERIES
Deliveries of trucks Third quarter Change 
%
First nine months Change 
%Number of trucks 2023 2022 2023 2022
Deliveries
Europe  26,546  23,857  11  92,565  82,755  12 
Heavy- and medium-duty  20,236  19,258  5  71,800  68,478  5 
Light-duty  6,310  4,599  37  20,765  14,277  45 
North America  15,041  13,312  13  47,012  42,293  11 
South America  5,635  8,611  -35  15,495  23,236  -33 
Asia  4,842  4,532  7  16,486  12,947  27 
Africa and Oceania  3,210  2,991  7  9,089  8,493  7 
Total deliveries  55,274  53,303  4  180,647  169,724  6 
Heavy-duty (>16 tons)  44,795  45,174  -1  145,834  144,129  1 
Medium-duty (7-16 tons)  4,086  3,509  16  13,760  11,174  23 
Light-duty (<7 tons)  6,393  4,620  38  21,053  14,421  46 
Total deliveries  55,274  53,303  4  180,647  169,724  6 
Deliveries of trucks by brand
Volvo
Europe  14,024  12,845  9  47,404  44,934  5 
North America  7,640  7,282  5  24,283  23,148  5 
South America  5,494  8,308  -34  14,954  22,331  -33 
Asia  3,803  3,505  9  12,895  10,131  27 
Africa and Oceania  2,226  2,010  11  5,895  5,523  7 
Total Volvo  33,187  33,950  -2  105,431  106,067  -1 
Heavy-duty (>16 tons)  32,147  33,131  -3  102,042  103,492  -1 
Medium-duty (7-16 tons)  1,040  819  27  3,389  2,575  32 
Total Volvo  33,187  33,950  -2  105,431  106,067  -1 
Renault Trucks
Europe  12,522  11,012  14  45,161  37,821  19 
Heavy- and medium-duty  6,212  6,413  -3  24,396  23,544  4 
Light-duty  6,310  4,599  37  20,765  14,277  45 
North America  63  15  320  181  62  192 
South America  44  131  -66  271  467  -42 
Asia  1,039  1,027  1  3,591  2,816  28 
Africa and Oceania  376  401  -6  1,500  1,190  26 
Total Renault Trucks  14,044  12,586  12  50,704  42,356  20 
Heavy-duty (>16 tons)  6,393  6,581  -3  24,574  23,415  5 
Medium-duty (7-16 tons)  1,258  1,385  -9  5,077  4,520  12 
Light-duty (<7 tons)  6,393  4,620  38  21,053  14,421  46 
Total Renault Trucks  14,044  12,586  12  50,704  42,356  20 
Mack
North America  7,338  6,015  22  22,548  19,083  18 
South America  84  127  -34  233  360  -35 
Africa and Oceania  327  233  40  886  602  47 
Total Mack  7,749  6,375  22  23,667  20,045  18 
Heavy-duty (>16 tons)  6,012  5,168  16  18,522  16,281  14 
Medium-duty (7-16 tons)  1,737  1,207  44  5,145  3,764  37 
Total Mack  7,749  6,375  22  23,667  20,045  18 
                        VOLVO GROUP   — 32 —   THE THIRD QUARTER 2023

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

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 October 18, 2023.
  This report contains forward-looking statements that reflect the Board of Directors' and management's current views with respect to 
certain future events and potential financial performance. Forward-looking statements are subject to risks and uncertainties. Results could 
differ materially from forward-looking statements as a result of, among other factors, (i) changes in economic, market and competitive 
conditions, (ii) success of business initiatives, (iii) changes in the regulatory environment and other government actions, (iv) fluctuations in 
exchange rates and (v) business risk management.
   This report is based solely on the circumstances at the date of publication and except to the extent required under applicable law, AB Volvo 
is under no obligation to update the information, opinions or forward-looking statements in this report.
                        VOLVO GROUP   — 33 —   THE THIRD QUARTER 2023

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

Financial calendar
Report on the fourth quarter and full year 2023 January 26, 2024
Annual and Sustainability Report 2023 February 29, 2024
Annual General Meeting 2024 March 27, 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   — 34 —   THE THIRD QUARTER 2023