===== SIDA 1 ===== V O L V O G R O U P R E P O R T O N T H E T H I R D Q U A R T E R 2 0 2 4 Net sales SEK 117.0 billion (132.3) — — — — — — — — — — — — — — — — — — — — — Adjusted operating income SEK 14.1 billion (19.3) — — — — — — — — — — — — — — — — — — — — — ===== SIDA 2 ===== • In Q3 2024, net sales decreased by 12% and amounted to SEK 117.0 billion (132.3). Adjusted for currency movements, net sales decreased by 7%. • Adjusted operating income1 amounted to SEK 14,074 M (19,258), corresponding to an adjusted operating margin of 12.0% (14.4). There were no adjustments in Q3 2024. In Q3 2023, a negative effect of SEK 794 M was excluded from adjusted operating income. • Reported operating income amounted to SEK 14,074 M (18,464), corresponding to an operating margin of 12.0% (13.8). • Currency movements had a negative impact on operating income amounting to SEK 1,561 M (positive 1,165). • Earnings per share amounted to SEK 4.93 (6.93). • Operating cash flow in the Industrial Operations amounted to SEK 3,069 M (5,609). • Return on capital employed in the Industrial Operations amounted to 38.3% (33.7). 132.3 117.0 Q3 2023 Q4 Q1 Q2 Q3 2024 19.3 14.1 14.4% 12.0% Q3 2023 Q4 Q1 Q2 Q3 2024 33.7% 38.3% Q3 2023 Q4 Q1 Q2 Q3 2024 Third quarter First nine months SEK M unless otherwise stated 2024 2023 2024 2023 Net sales 116,978 132,275 388,404 404,264 Adjusted operating income¹ 14,074 19,258 51,679 59,684 Adjusted operating margin, % 12.0 14.4 13.3 14.6 Operating income² 14,074 18,464 52,572 50,320 Operating margin, % 12.0 13.8 13.5 12.3 Income after financial items 13,573 18,636 52,550 49,843 Income for the period 10,073 14,093 39,759 37,846 Earnings per share, SEK 4.93 6.93 19.50 18.58 Operating cash flow in Industrial Operations 3,069 5,609 21,025 23,166 Net financial position in Industrial Operations³, SEK bn 62.9 65.2 Return on capital employed in Industrial Operations⁴, % 38.3 33.7 Return on equity in Financial Services⁴, % 13.2 10.2 Net order intake, number of trucks 43,234 47,202 139,695 155,550 Deliveries, number of trucks 46,266 55,274 160,671 180,647 Net order intake, number of construction equipment 10,781 10,288 38,155 36,051 Deliveries, number of construction equipment 11,703 13,305 41,414 44,713 1 For information on adjusted operating income, please see note 6. 2 As from 2024, elimination of internal interest income related to internal funding from Volvo Treasury AB to Financial Services is reclassified from finance net to gross income. The comparative figures in the financial statements for 2023 have been restated accordingly, impacting operating income positively with SEK 144 M in Q3 2023. The effect on key ratios is insignificant. 3 Excluding post-employment benefits and lease liabilities. 4 12 months rolling. On the cover: Next year Volvo will launch a new long-range version of its FH Electric that will be able to reach up to 600 km on one charge. Q3 VOLVO GROUP THE THIRD QUARTER 2024 2 IN BRIEF Net sales, SEK bn Adjusted operating income, SEK bn 1 Adjusted operating margin, % Return on capital employed Industrial Operations, % 4 ===== SIDA 3 ===== In Q3 2024, demand continued to normalize on most of the Volvo Groupʼs markets. We are seeing that freight and construction activity has come down in many regions across the world compared with the very high levels of last year. Our net sales decreased by 7% when adjusted for currency and amounted to SEK 117.0 billion (132.3). Sales of vehicles were 11% lower than last year while sales of services remained resilient and increased by 4%. We continued to generate good profits on the lower sales volumes with an adjusted operating income of SEK 14.1 billion (19.3) and a margin of 12.0% (14.4) thanks to hard work by our colleagues and business partners. Return on capital employed in our Industrial Operations improved to 38.3% (33.7). We had a positive operating cash flow of SEK 3.1 billion (5.6) in what is normally a weak quarter. At the end of Q3, we had a positive net financial position in the Industrial Operations of SEK 62.9 billion. In Q3, order intake for heavy-duty trucks declined by 7% compared with a year ago, which reflects cautiousness among some customers amid uncertainty surrounding the macro- economic development going into 2025. Our total truck deliveries declined by 16% compared with the prior year largely driven by the light-duty vehicle model change-over in Europe which started in the spring. Deliveries of heavy-duty trucks were 9% lower compared with the very strong development last year. Volumes continued to increase in South America but decreased in both Europe and North America. With the adjustments we made during the first half of the year, the European production system is in balance with market demand with a positive book-to-bill for heavy-duty trucks in Q3. In North America, we adjusted production for the Volvo brand to reduce inventories while at the same time started series production of the all-new Volvo VNL range. To manage the introduction as planned, we have kept resources despite a lower output. Mack has been hampered by supply disturbances of cabs which resulted in significantly lower volumes than expected. Currency-adjusted net sales in our truck operations declined by 6% to SEK 80.1 billion and the adjusted operating margin amounted to 11.7% (15.6) impacted by the lower volumes and increased R&D expenses. The temporary events in North America had a combined effect on the truck operations' operating margin of approximately -1 percentage point and we expect part of these effects to remain for the rest of the year. We are on a steady improvement journey on our road to net-zero and we continue to invest considerable resources in R&D into our products and solutions, while we have decided to postpone the battery cell plant in Mariestad, Sweden by 12 to 24 months due to to the slower adoption pace of battery-electric vehicles. We already have one of the broadest ranges of electric trucks in the industry designed to handle a wide variety of transport assign- ments, and in September Volvo Trucks announced that next year they will launch a new long-range version of the FH Electric. The new truck will be able to cover up to 600 km on one charge, allowing transport companies to operate electric trucks on interregional and long-distance routes and to drive a full working day without having to recharge. Demand for construction equipment has slowed down, especially in Europe. In Q3, deliveries of machines decreased by 12% compared with a year ago, with deliveries of Volvo-branded machines coming down by 32% and deliveries of SDLG machines increasing by 26%. Total order intake increased by 5%, with a decline for Volvo and increasing order intake for SDLG. We have lowered our production volumes to adapt to current demand and reduce dealer inventories. In Q3, net sales decreased by 20% adjusted for currency and amounted to SEK 18.8 billion. The adjusted operating income was SEK 2.6 billion (3.7), corresponding to a margin of 13.6% (15.4). Demand for buses continued to be strong in many markets, particularly for coaches. Net order intake rose by 6% compared with Q3 last year, and sales of both vehicles and services rose substantially. Buses' currency-adjusted net sales increased by 21% to SEK 6.2 billion and the adjusted operating margin improved to 11.8% (6.3). Volvo Pentaʼs net sales decreased by 2% when adjusted for currency and amounted to SEK 4.7 billion. Despite the slightly lower sales, the adjusted operating margin improved to 17.7% (15.9) with a positive effect coming from an increased share of larger engines in the product mix. The credit portfolio in our customer-financing business, Volvo Financial Services, continued to perform well. Delinquencies are on normal levels for this part of the business cycle. The adjusted operating income amounted to SEK 992 M (1,062). After a few years of high market levels in Europe and North America volumes have come down this year. There is some uncertainty about the macroeconomic development in the near term and this is reflected in our forecasts with relatively flat markets overall for next year. However, transport and infrastructure are exciting industries with long-term growth, and we are in a good position to continue to support our customers with products and solutions that drive their productivity and profitability. Martin Lundstedt President and CEO Q3 VOLVO GROUP THE THIRD QUARTER 2024 3 CEO'S COMMENTS “Transport and infrastructure are exciting industries with long-term growth, and we are in a good position to continue to support our customers with products and solutions that drive their productivity and profitability.” Earnings resilience on lower volumes ===== SIDA 4 ===== Joachim Rosenberg resigns as Volvo Group Executive Board member After many years of service Joachim Rosenberg has decided to resign from his role as member of the Volvo Group Executive Board, EVP Strategic Initiatives and President of Volvo Energy. His managerial assignments within the Group will be distributed to other members of the Volvo Group Executive Board. Previously reported important events in 2024 • Acquisition of battery business from Proterra completed • Agreement with Westport for joint venture • Creation of Flexis completed • Annual General Meeting of AB Volvo • Volvo Group to increase North American heavy-duty truck production capacity • Volvo Group and Daimler Truck intend to form a joint venture for a software-defined vehicle platform • Divestment of Arquus completed Detailed information about the events is available at www.volvogroup.com Q3 VOLVO GROUP THE THIRD QUARTER 2024 4 IMPORTANT EVENTS ===== SIDA 5 ===== Net sales In Q3 2024, the Volvo Groupʼs net sales decreased by 12% to SEK 116,978 M compared with SEK 132,275 M in the same quarter the preceding year. Net sales decreased in all segments except Buses and in all regions except South America. Adjusted for currency movements, net sales decreased by 7%, of which vehicle sales decreased by 11% and service sales increased by 4%. Operating income In Q3 2024, adjusted operating income amounted to SEK 14,074 M (19,258), corresponding to an adjusted operating margin of 12.0% (14.4). There were no adjustments in Q3 2024. In Q3 2023, a negative effect of SEK 794 M was excluded from adjusted operating income. For more information on adjusted operating income, please see Note 6. Compared with Q3 2023, the adjusted operating income was negatively affected by lower volumes, a negative brand and market mix and increased R&D expenses, which were partly offset by price realization and lower raw material costs. Currency movements, compared with Q3 2023, had a negative impact of SEK 1,561 M. Reported operating income in Q3 2024 amounted to SEK 14,074 M (18,464), corresponding to an operating margin of 12.0% (13.8) Financial items In Q3 2024, interest income was SEK 601 M (656), whereas interest expenses amounted to SEK -375 M (-417). Other financial income and expenses amounted to SEK -727 M (-67). The change is primarily due to revaluation effects of financial assets and liabilities. Income taxes In Q3 2024, income taxes amounted to SEK -3,500 M (-4,543). The tax rate was 25.8% (24.4). Income for the period and earnings per share In Q3 2024, income for the period amounted to SEK 10,073 M (14,093). Earnings per share amounted to SEK 4.93 (6.93). Consolidated Income Statement Third quarter First nine months SEK M 2024 2023 2024 2023 Net sales 116,978 132,275 388,404 404,264 Cost of sales -84,973 -95,751 -279,625 -293,225 Gross income 32,005 36,524 108,778 111,038 Research and development expenses -7,213 -6,305 -22,761 -19,616 Selling expenses -7,938 -8,202 -25,396 -24,426 Administrative expenses -1,655 -1,686 -5,607 -5,207 Other operating income and expenses -594 -1,180 -1,178 -10,033 Income/loss from investments in joint ventures and associated companies -530 -665 -1,277 -1,414 Income/loss from other investments -1 -22 12 -23 Operating income 14,074 18,464 52,572 50,320 Interest income and similar credits 601 656 2,032 1,800 Interest expenses and similar charges -375 -417 -1,109 -1,278 Other financial income and expenses -727 -67 -946 -999 Income after financial items 13,573 18,636 52,550 49,843 Income taxes -3,500 -4,543 -12,791 -11,997 Income for the period * 10,073 14,093 39,759 37,846 * Attributable to: Owners of AB Volvo 10,017 14,092 39,648 37,772 Non-controlling interest 56 1 111 74 Basic earnings per share, SEK 4.93 6.93 19.50 18.58 Diluted earnings per share, SEK 4.93 6.93 19.50 18.58 Q3 VOLVO GROUP THE THIRD QUARTER 2024 5 FINANCIAL SUMMARY ===== SIDA 6 ===== Net sales Third quarter Change % First nine months Change %SEK M 2024 2023 2024 2023 Net sales per geographical region Europe 45,498 53,188 -14 159,317 170,010 -6 North America 36,156 41,517 -13 120,979 123,857 -2 South America 14,705 13,468 9 40,695 35,083 16 Asia 12,878 14,922 -14 43,368 49,175 -12 Africa and Oceania 7,741 9,181 -16 24,045 26,140 -8 Total net sales 116,978 132,275 -12 388,404 404,264 -4 Net sales per product group Vehicles 85,062 99,997 -15 291,180 310,032 -6 Services 31,915 32,278 -1 97,223 94,231 3 Total net sales 116,978 132,275 -12 388,404 404,264 -4 Timing of revenue recognition Revenue of vehicles and services recognized at the point of delivery 104,101 119,521 -13 348,478 368,057 -5 Revenue of vehicles and services recognized over contract period 12,877 12,754 1 39,926 36,207 10 Total net sales 116,978 132,275 -12 388,404 404,264 -4 Operating cash flow in the Industrial Operations During Q3 2024 operating cash flow in the Industrial Operations was positive in an amount of SEK 3,069 M (5,609). Compared with Q3 2023, the decreased operating cash flow is an effect of the lower operating income being partly counterbalanced by a lower buildup of working capital and less income taxes paid. 5.6 3.1 Q3 2023 Q4 Q1 Q2 Q3 2024 Q3 VOLVO GROUP THE THIRD QUARTER 2024 6 FINANCIAL SUMMARY Operating cash flow Industrial Operations, SEK bn ===== SIDA 7 ===== Volvo Group financial position During Q3 2024, 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 62.9 billion on September 30, 2024, compared with SEK 59.3 billion on June 30, 2024. The change is mainly explained by the positive operating cash flow of SEK 3.1 billion and the divestment of Arquus by SEK 1.9 billion. Currency movements decreased net financial assets by SEK 0.6 billion. Including provisions for post-employment benefits and lease liabilities, the Industrial Operations net financial assets amounted to SEK 44.4 billion on September 30, 2024, compared with SEK 40.6 billion on June 30, 2024. Remeasurements of defined benefit pension plans had a negative impact of SEK 0.2 billion during Q3 2024. Total assets in the Volvo Group decreased by SEK 1.7 billion compared with year end 2023. Currency movements increased total assets by SEK 1.7 billion. On September 30, 2024, total equity for the Volvo Group amounted to SEK 182.3 billion compared with SEK 180.7 billion at year end 2023. The equity ratio was 27.1% (26.8). On the same date the equity ratio in the Industrial Operations amounted to 37.6% (36.2). 65.2 62.9 Q3 2023 Q4 Q1 Q2 Q3 2024 Number of employees On September 30, 2024, the Volvo Group had 102,989 employees, including temporary employees and consultants, compared with 104,439 employees on June 30, 2024. The number of blue-collar employees decreased by 1,051 and the number of white-collar employees decreased by 399. The decrease of in total 1,450 employees is mainly an effect of the divestment of Arquus, which had 1,600 employees. Blue-collar 49,908 50,959 51,599 53,331 Whereof temporary employees and consultants 5,048 5,642 6,153 8,321 White-collar 53,081 53,480 53,306 51,547 Whereof temporary employees and consultants 7,338 7,532 7,510 7,285 Total number of employees 102,989 104,439 104,905 104,878 Whereof temporary employees and consultants 12,386 13,174 13,663 15,606 Number of employees Sep 30 2024 Jun 30 2024 Mar 31 2024 Sep 30 2023 Q3 VOLVO GROUP THE THIRD QUARTER 2024 7 FINANCIAL SUMMARY Net financial position excl. post-employment benefits and lease liabilities Industrial Operations, SEK bn ===== SIDA 8 ===== Net sales Third quarter Change % Change %¹ First nine months Change % Change %¹ 12 months rolling Jan-Dec SEK M 2024 2023 2024 2023 2023 Trucks 80,054 89,848 -11 -6 265,131 273,152 -3 -1 365,027 373,048 Construction Equipment 18,809 24,296 -23 -20 66,108 78,404 -16 -15 92,686 104,981 Buses 6,195 5,386 15 21 17,919 15,087 19 20 25,255 22,423 Volvo Penta 4,707 4,956 -5 -2 15,090 15,975 -6 -4 20,121 21,006 Group Functions & Other 2,925 3,954 -26 -23 11,863 11,361 4 5 17,311 16,809 Eliminations -1,112 -1,219 – – -3,655 -3,650 – – -5,003 -4,998 Industrial Operations 111,577 127,220 -12 -8 372,456 390,329 -5 -3 515,397 533,269 Financial Services 6,712 6,249 7 14 20,045 17,470 15 17 26,588 24,012 Reclassifications and eliminations -1,311 -1,195 – – -4,098 -3,535 – – -5,593 -5,030 Volvo Group net sales 116,978 132,275 -12 -7 388,404 404,264 -4 -2 536,392 552,252 1 Adjusted for exchange rate fluctuations. Adjusted operating income ¹ Third quarter Change % First nine months Change % 12 months rolling Jan-Dec SEK M 2024 2023 2024 2023 2023 Trucks 9,363 14,038 -33 35,688 41,703 -14 49,379 55,394 Construction Equipment 2,558 3,733 -31 10,129 13,673 -26 13,449 16,993 Buses 731 340 115 1,544 736 110 1,867 1,059 Volvo Penta 831 790 5 2,836 2,865 -1 3,201 3,230 Group Functions & Other -468 -860 -46 -1,852 -2,598 -29 -2,204 -2,950 Eliminations 14 11 – 14 26 – 44 55 Industrial Operations 13,029 18,051 -28 48,359 56,405 -14 65,736 73,782 Financial Services 992 1,062 -7 3,030 2,850 6 4,035 3,855 Reclassifications and eliminations 52 144 -64 290 429 -32 378 519 Volvo Group adjusted operating income 14,074 19,258 -27 51,679 59,684 -13 70,149 78,155 Adjustments ¹ – -794 – 893 -9,364 – -597 -10,854 Volvo Group operating income 14,074 18,464 -24 52,572 50,320 4 69,552 67,301 1 For more information on adjusted operating income, please see note 6. Adjusted operating margin Third quarter First nine months 12 months rolling Jan-Dec % 2024 2023 2024 2023 2023 Trucks 11.7 15.6 13.5 15.3 13.5 14.8 Construction Equipment 13.6 15.4 15.3 17.4 14.5 16.2 Buses 11.8 6.3 8.6 4.9 7.4 4.7 Volvo Penta 17.7 15.9 18.8 17.9 15.9 15.4 Industrial Operations 11.7 14.2 13.0 14.5 12.8 13.8 Volvo Group adjusted operating margin 12.0 14.4 13.3 14.6 13.1 14.0 Volvo Group operating margin 12.0 13.8 13.5 12.3 13.0 12.1 Q3 VOLVO GROUP THE THIRD QUARTER 2024 8 BUSINESS SEGMENT OVERVIEW ===== SIDA 9 ===== Market development In Q3, the European truck market continued to decline compared with the high levels of 2023 as freight volumes and freight rates have come down from previous peaks. The underlying demand is mainly driven by replacements. The increased forecast for 2024 reflects the relatively good registration levels in the first half of the year, due to a pre-buy effect ahead of new safety regulations in the EU, which came into effect in July. Truck utilization remains on good levels with new vehicles being utilized more and older trucks less. The North American market is primarily driven by the vocational segment while demand for on-highway trucks is weaker. Many retail customers are in a wait-and-see mode and want more visibility on the development of the freight market and if interest rates will come down further. The Brazilian truck market continued to pace on a good level in Q3 with domestic consumption holding up relatively well. Demand was somewhat dampened by heavy rains negatively impacting the agricultural segment and by increasing interest rates. In India, the truck market continued to rebound after the general election but was negatively impacted by a longer than usual monsoon period, which affected both infrastructure projects and mining. Competition in the Chinese freight market remains fierce, with overcapacity in the transport industry, high dealer inventories and price pressure on diesel trucks. Sales of LNG trucks, the main contributor to the growth in the heavy-duty segment, slowed down due to rising LNG prices, while battery electric vehicles is increasing in numbers due to lower running cost levels. Orders and deliveries In Q3, net order intake decreased by 8% to 43,234 trucks and deliveries decreased by 16% to 46,266 units. Deliveries of heavy- duty trucks decreased by 9%, of medium-duty trucks by 21% and of light-duty trucks by 61%. In Europe, order intake increased by 11% to 23,546 units, mainly driven by higher intake for light-duty trucks as the model change initiated during the spring came to an end. Order intake for heavy- and medium-duty trucks increased by 8%. Total deliveries in Europe decreased by 24% to 20,262 trucks, mainly driven by 62% lower deliveries of light-duty vehicles as a consequence of the model change. Through September, Volvo Trucksʼ total heavy- duty truck market share increased to 17.5% (17.4) while the electric heavy-duty market share increased to 49.3% (46.5). Renault Trucksʼ total heavy-duty truck market share increased to 8.7% (8.6) and the electric heavy-duty market share increased to 21.1% (19.9). Order intake in North America decreased by 50% to 8,614 trucks, affected by long order lead times for Mack's vocational products and by Volvo Trucks' order book for 2025 not being open until October. Deliveries decreased by 20% to 12,026 vehicles, affected by disturbances in the supply chain. Through August, Volvo Trucksʼ heavy-duty truck market share increased to 9.1% (9.0) while Mack Trucksʼ market share was flat at 6.0%. In South America, order intake increased by 41% to 6,060 trucks and deliveries increased by 45% to 8,153 vehicles. In Brazil, Volvo Trucksʼ heavy-duty truck market share decreased somewhat to 23.2% (23.7). Order intake in Asia decreased by 9% to 3,043 vehicles while deliveries decreased by 26% to 3,560 vehicles. Order intake for fully electric trucks declined by 20% to 887 vehicles while deliveries decreased by 4% to 767 vehicles. The market for electric trucks is still driven by early adopters. A broader adoption is dependent on several factors, among them the expansion of necessary infrastructure such as charging and the total cost of ownership development including incentive schemes. Order intake in the Indian joint venture, VE Commercial Vehicles, increased by 5% to 16,641 vehicles and deliveries increased by 3% to 16,552 vehicles. Deliveries from the Chinese joint venture, Dongfeng Commercial Vehicles, decreased by 42% to 11,803 trucks. Total market development First nine months Change % Full year 2023 Forecast 2024 Change vs. previous forecast Forecast 2025Registrations, number of trucks 2024 2023 Europe 29 ¹ heavy-duty 212,044 234,495 -10 304,360 – – – Europe 30 ¹ heavy-duty 238,241 262,282 -9 341,892 300,000 +10,000 290,000 North America heavy-duty, retail sales YTD Aug. 198,788 222,918 -11 330,792 290,000 Unchanged 300,000 Brazil heavy-duty 75,519 59,456 27 82,070 100,000 Unchanged 90,000 China ² medium- and heavy-duty 532,865 560,502 -5 717,272 750,000 Unchanged 820,000 India medium- and heavy-duty 263,129 290,453 -9 383,654 370,000 -20,000 380,000 1 EU29 includes Norway and Switzerland but excludes UK. EU30 includes UK. 2 Previous year has been adjusted to exclude exports. Q3 VOLVO GROUP THE THIRD QUARTER 2024 9 TRUCKS Healthy profitability on lower volumes • In Q3, net sales decreased by 6% adjusted for currency to SEK 80,054 M • Adjusted operating income decreased to SEK 9,363 M (14,038) with a margin of 11.7% (15.6) • Deliveries decreased by 16% and net order intake decreased by 8% compared with Q3 2023 ===== SIDA 10 ===== Net order intake Third quarter Change % First nine months Change %Number of trucks 2024 2023 2024 2023 Europe 23,546 21,154 11 69,703 77,284 -10 Heavy- and medium-duty 19,016 17,592 8 58,193 62,123 -6 Light-duty 4,530 3,562 27 11,510 15,161 -24 North America 8,614 17,355 -50 27,990 41,222 -32 South America 6,060 4,284 41 24,441 15,798 55 Asia 3,043 2,796 9 11,307 13,368 -15 Africa and Oceania 1,971 1,613 22 6,254 7,878 -21 Total order intake 43,234 47,202 -8 139,695 155,550 -10 Heavy-duty (>16 tons) 35,993 38,687 -7 118,759 126,985 -6 Medium-duty (7-16 tons) 2,716 4,937 -45 9,313 13,265 -30 Light-duty (<7 tons) 4,525 3,578 26 11,623 15,300 -24 Total order intake 43,234 47,202 -8 139,695 155,550 -10 Volvo 24,646 24,519 1 86,424 90,072 -4 Renault Trucks 13,041 10,662 22 37,940 39,729 -5 Heavy- and medium-duty 8,516 7,084 20 26,317 24,429 8 Light-duty 4,525 3,578 26 11,623 15,300 -24 Mack 5,462 11,950 -54 15,039 24,987 -40 Other brands 85 71 20 292 762 -62 Total order intake 43,234 47,202 -8 139,695 155,550 -10 Non-consolidated operations VE Commercial Vehicles (Eicher) 16,641 15,893 5 49,526 50,575 -2 Deliveries Third quarter Change % First nine months Change %Number of trucks 2024 2023 2024 2023 Europe 20,262 26,546 -24 77,637 92,565 -16 Heavy- and medium-duty 17,834 20,236 -12 62,544 71,800 -13 Light-duty 2,428 6,310 -62 15,093 20,765 -27 North America 12,026 15,041 -20 43,316 47,012 -8 South America 8,153 5,635 45 20,675 15,495 33 Asia 3,560 4,842 -26 11,538 16,486 -30 Africa and Oceania 2,265 3,210 -29 7,505 9,089 -17 Total deliveries 46,266 55,274 -16 160,671 180,647 -11 Heavy-duty (>16 tons) 40,583 44,795 -9 134,123 145,834 -8 Medium-duty (7-16 tons) 3,208 4,086 -21 11,315 13,760 -18 Light-duty (<7 tons) 2,475 6,393 -61 15,233 21,053 -28 Total deliveries 46,266 55,274 -16 160,671 180,647 -11 Volvo 30,876 33,187 -7 98,088 105,431 -7 Renault Trucks 9,812 14,044 -30 41,371 50,704 -18 Heavy- and medium-duty 7,337 7,651 -4 26,138 29,651 -12 Light-duty 2,475 6,393 -61 15,233 21,053 -28 Mack 5,463 7,749 -30 20,643 23,667 -13 Other brands 115 294 -61 569 845 -33 Total deliveries 46,266 55,274 -16 160,671 180,647 -11 Non-consolidated operations VE Commercial Vehicles (Eicher) 16,552 16,088 3 49,826 50,486 -1 Dongfeng Commercial Vehicle Company (Dongfeng Trucks) 11,803 20,495 -42 62,889 67,353 -7 Net sales and operating income In Q3 2024, the truck operationʼs net sales decreased by 11% to SEK 80,054 M (89,848). Excluding currency effects, net sales decreased by 6% with sales of vehicles decreasing by 9% and sales of services increasing by 3%. In Q3 2024, adjusted operating income amounted to SEK 9,363 M (14,038), corresponding to an adjusted operating margin of 11.7% (15.6). There were no adjustments in Q3 2024. Adjusted operating income in Q3 2023 excluded costs of SEK 640 M. For more information on adjusted operating income, see note 6. Compared with Q3 2023, the lower adjusted operating income is an effect of lower volumes and higher R&D expenses, which were partly offset by price realization and lower freight and raw material costs. The supply chain disturbances for Mack and the changeover to the all-new Volvo VNL in North America had a Q3 VOLVO GROUP THE THIRD QUARTER 2024 10 TRUCKS ===== SIDA 11 ===== combined effect on the' operating margin of approximately -1 percentage point. Compared with Q3 2023, currency movements had a negative impact of SEK 1,176 M. Reported operating income amounted to SEK 9,363 M (13,397).. Net order intake and deliveries of fully electric trucks Third quarter Change % First nine months Change %Number of trucks 2024 2023 2024 2023 Volvo 289 631 -54 903 1,527 -41 Renault Trucks 571 390 46 1,230 972 27 Heavy- and medium-duty 204 285 -28 543 572 -5 Light-duty 367 105 250 687 400 72 Mack 27 85 -68 47 109 -57 Total order intake of fully electric trucks 887 1,106 -20 2,180 2,608 -16 Volvo 415 335 24 1,483 1,022 45 Renault Trucks 309 450 -31 1,195 1,198 – Heavy- and medium-duty 262 158 66 749 454 65 Light-duty 47 292 -84 446 744 -40 Mack 43 11 291 96 18 433 Total deliveries of fully electric trucks 767 796 -4 2,774 2,238 24 Net sales and operating income Third quarter Change % First nine months Change %SEK M 2024 2023 2024 2023 Net sales per geographical region Europe 34,751 39,522 -12 120,811 125,279 -4 North America 23,088 27,310 -15 78,983 82,679 -4 South America 11,709 9,880 19 31,824 26,205 21 Asia 5,659 7,001 -19 18,263 22,604 -19 Africa and Oceania 4,847 6,135 -21 15,250 16,385 -7 Total net sales 80,054 89,848 -11 265,131 273,152 -3 Net sales per product group Vehicles 61,802 71,388 -13 210,288 218,993 -4 Services 18,251 18,460 -1 54,843 54,159 1 Total net sales 80,054 89,848 -11 265,131 273,152 -3 Timing of revenue recognition Revenue of vehicles and services recognized at the point of delivery 74,162 84,187 -12 247,592 256,966 -4 Revenue of vehicles and services recognized over contract period 5,892 5,661 4 17,540 16,186 8 Total net sales 80,054 89,848 -11 265,131 273,152 -3 Adjusted operating income ¹ 9,363 14,038 -33 35,688 41,703 -14 Adjustments – -640 – 140 -6,501 – Operating income 9,363 13,397 -30 35,828 35,201 2 Adjusted operating margin, % 11.7 15.6 13.5 15.3 Operating margin, % 11.7 14.9 13.5 12.9 1 For more information on adjusted operating income, please see note 6. Important events In August, the Volvo Group announced that it will build its new Mexican heavy-duty truck manufacturing plant in Monterrey. The plant will supplement the Groupʼs U.S. production and provide additional capacity to support the growth plans of both Volvo Trucks and Mack Trucks in the U.S. and Canada as well as Mack truck sales in Mexico and Latin America. The plant is expected to be operational in 2026. Production of the all-new Volvo VNL range for the North American market began towards the end of Q3, see image on page 9. The new trucks provide a significant step up in fuel efficiency and productivity compared to the previous models. Volvo Trucks announced in September that next year they will launch a new long-range version of its FH Electric that will be able to reach up to 600 km on one charge. This will allow for the operation of electric trucks on interregional and long-distance routes and to drive a full working day without having to recharge. The new Volvo FH Electric will be released for sale during the second half of 2025. In Q3, the Volvo Group agreed to acquire the Mack body in white production from a supplier to strengthen the supply chain. The deal was closed in October. Q3 VOLVO GROUP THE THIRD QUARTER 2024 11 TRUCKS ===== SIDA 12 ===== Market development Compared with 2023, the total machine market contracted in Q3, largely due to a slowdown in Europe. North America and Asia excluding China also declined while the market in China grew. In Europe, the market continued to come down from last yearʼs historically high levels. The decline was driven by a combination of low business confidence and a saturated end market. The North American market came down from very high levels, as a consequence of normalizing replenishment of dealer fleets and somewhat lower end customer demand due to repositioning of fleets and higher interest rates. In South America, the market grew driven by good demand in Brazil, Peru and Chile. The Chinese market grew on the back of governmental policies attempting to stimulate the real estate market. Asia excluding China was slightly down overall, with total market growth in India, Indonesia and the Middle East while Southeast Asian markets and Turkey experienced declines, partly driven by revised government infrastructure investments. Orders and deliveries In Q3, net order intake increased by 5%. However, order intake for the Volvo brand decreased by 11% as growth in Europe, South America and Asia including China could not outweigh a decline in North America, which was mainly driven by timing of orders. SDLGʼs order intake improved year over year mainly driven by the Chinese market. Deliveries in Q3 were 12% below last year due the continued lower market demand and destocking of the pipeline in Europe and North America, which were partly offset by increased deliveries for SDLG in China. Production volumes have been lowered to adapt to current demand and reduce pipeline stock. Total market development Year-to-date August Forecast Previous forecast Forecast Change in % measured in units 2024 2024 2024 2025 Europe -25 -25% to -15% -25% to -15% -5% to +5% North America -9 -15% to -5% -10% to 0% -10% to 0% South America 5 -5% to +5% -5% to +5% -5% to +5% Asia excl. China -2 -10% to 0% -15% to -5% -5% to +5% China 5 -5% to +5% -10% to 0% -5% to +5% Net order intake Third quarter Change % First nine months Change %Number of construction equipment 2024 2023 2024 2023 Europe 1,877 1,302 44 6,571 6,810 -4 North America 774 2,146 -64 3,626 5,806 -38 South America 770 485 59 1,887 1,601 18 Asia 6,643 5,721 16 23,955 19,519 23 Africa and Oceania 717 634 13 2,116 2,315 -9 Total orders 10,781 10,288 5 38,155 36,051 6 Large and medium construction equipment 8,531 8,203 4 28,819 28,037 3 Compact construction equipment 2,250 2,085 8 9,335 8,014 16 Of which fully electric 466 217 115 1,202 681 77 Total orders 10,781 10,288 5 38,154 36,051 6 Of which: Volvo 4,995 5,641 -11 17,886 20,917 -14 SDLG 5,743 4,570 26 20,118 14,917 35 Of which in China 4,168 3,525 18 15,692 10,881 44 Q3 VOLVO GROUP THE THIRD QUARTER 2024 12 CONSTRUCTION EQUIPMENT • In Q3, deliveries decreased by 12% while order intake increased by 5% • Adjusted and reported operating income of SEK 2,558 M (3,733), with a margin of 13.6% (15.4) • Service sales increased by 2%, adjusted for currency Good margin despite lower volumes in Europe and North America ===== SIDA 13 ===== Deliveries Third quarter Change % First nine months Change %Number of construction equipment 2024 2023 2024 2023 Europe 2,131 3,590 -41 8,282 12,629 -34 North America 1,712 2,425 -29 5,357 7,409 -28 South America 559 585 -4 1,552 1,628 -5 Asia 6,597 5,933 11 24,131 20,242 19 Africa and Oceania 704 772 -9 2,092 2,805 -25 Total deliveries 11,703 13,305 -12 41,414 44,713 -7 Large and medium construction equipment 9,346 10,143 -8 31,484 33,711 -7 Compact construction equipment 2,357 3,162 -25 9,930 11,002 -10 Of which fully electric 504 239 111 1,305 669 95 Total deliveries 11,703 13,305 -12 41,414 44,713 -7 Of which: Volvo 5,916 8,658 -32 21,145 29,579 -29 SDLG 5,743 4,570 26 20,118 14,917 35 Of which in China 4,168 3,525 18 15,692 10,881 44 Net sales and operating income Third quarter Change % First nine months Change %SEK M 2024 2023 2024 2023 Net sales per geographical region Europe 5,718 7,638 -25 20,439 25,662 -20 North America 5,055 7,706 -34 18,441 22,366 -18 South America 997 1,132 -12 2,780 2,995 -7 Asia 5,533 5,944 -7 19,630 21,083 -7 Africa and Oceania 1,506 1,876 -20 4,818 6,297 -23 Total net sales 18,809 24,296 -23 66,108 78,404 -16 Net sales per product group Construction equipment 14,849 20,272 -27 54,272 66,446 -18 Services 3,960 4,024 -2 11,836 11,958 -1 Total net sales 18,809 24,296 -23 66,108 78,404 -16 Timing of revenue recognition Revenue of vehicles and services recognized at the point of delivery 17,985 23,504 -23 63,608 76,272 -17 Revenue of vehicles and services recognized over contract period 824 792 4 2,500 2,132 17 Total net sales 18,809 24,296 -23 66,108 78,404 -16 Adjusted operating income ¹ 2,558 3,733 -31 10,129 13,673 -26 Adjustments – – – – – – Operating income 2,558 3,733 -31 10,129 13,673 -26 Adjusted operating margin, % 13.6 15.4 15.3 17.4 Operating margin, % 13.6 15.4 15.3 17.4 1 For more information on adjusted operating income, please see note 6. Net sales and operating income In Q3 2024, net sales decreased by 23% to SEK 18,809 M (24,296). Adjusted for currency movements net sales decreased by 20%, of which net sales of machines decreased by 24% and service sales increased by 2%. Both adjusted and reported operating income amounted to SEK 2,558 M (3,733), corresponding to an operating margin of 13.6% (15.4). For more information on adjusted operating income, please see note 6. Compared with Q3 2023, a negative brand and market mix and lower volumes were partly offset by lower raw material costs, price realization and lower R&D expenses. Compared with Q3 2023, currency movements had a negative impact of SEK 65 M. Important events During Q3 Volvo Construction Equipment continued the market launch of new and upgraded models of its most important product and service lines in key markets in Asia and North America. This included an entire range of the excavator portfolio as well as the highly anticipated L120 electric wheel loader. Volvo CE also inaugurated a new investment in its wheel loader facility in Arvika, Sweden to support the production of electric wheel loaders at the plant. Q3 VOLVO GROUP THE THIRD QUARTER 2024 13 CONSTRUCTION EQUIPMENT ===== SIDA 14 ===== In Q3, demand for buses remained strong in many markets, particularly in the coach segment. Net order intake increased by 6% compared with Q3 2023. The transition towards electric vehicles in city traffic continued and orders for 186 electric buses were confirmed in Q3. Deliveries increased by 13% to 1,604 units, driven by a good development in most of the bus markets, particularly in North and South America. In Q3, net sales increased by 15% to SEK 6,195 M (5,386). Adjusted for currency, net sales increased by 21%, whereof vehicle sales by 23% and service sales by 15%. Both adjusted and reported operating income amounted to SEK 731 M (340), corresponding to an operating margin of 11.8% (6.3). For information on adjusted operating income, please see Note 6. Operating income was positively impacted by price realization, a favorable market and product mix and higher volumes, while increased manufacturing costs had a negative impact. Compared with Q3 2023, currency movements had a negative impact of SEK 101 M. In Q3, Volvo Buses launched the first fully electric bi-articulated buses based on the global BZR electric platform. The new buses meet all Bus Rapid Transport (BRT) system requirements and operate in 100% electric mode. The bi-articulated chassis can be up to 28 meters long with a transport capacity for the buses of up to 250 passengers. The buses are now on trial in Brazil, Colombia and Mexico. Net order intake and deliveries ¹ Third quarter Change % First nine months Change %Number of buses 2024 2023 2024 2023 Total orders 1,677 1,587 6 3,928 5,169 -24 Of which fully electric 186 207 -10 384 572 -33 Of which hybrids – 2 – – 9 – Total deliveries 1,604 1,420 13 4,549 3,881 17 Of which fully electric 89 31 187 206 196 5 Of which hybrids 12 30 -60 48 126 -62 Net sales and operating income Third quarter Change % First nine months Change %SEK M 2024 2023 2024 2023 Net sales per geographical region Europe 1,606 1,387 16 4,664 4,696 -1 North America 2,734 2,111 30 8,136 5,959 37 South America 608 865 -30 1,627 1,542 6 Asia 435 452 -4 1,336 1,180 13 Africa and Oceania 813 571 42 2,155 1,709 26 Total net sales 6,195 5,386 15 17,919 15,087 19 Net sales per product group Vehicles 4,649 3,994 16 13,502 11,061 22 Services 1,547 1,391 11 4,417 4,026 10 Total net sales 6,195 5,386 15 17,919 15,087 19 Timing of revenue recognition Revenue of vehicles and services recognized at the point of delivery 5,927 5,123 16 17,085 14,396 19 Revenue of vehicles and services recognized over contract period 268 263 2 834 690 21 Total net sales 6,195 5,386 15 17,919 15,087 19 Adjusted operating income ¹ 731 340 115 1,544 736 110 Adjustments – – – 200 -1,439 – Operating income 731 340 115 1,744 -703 – Adjusted operating margin, % 11.8 6.3 8.6 4.9 Operating margin, % 11.8 6.3 9.7 -4.7 1 For more information on adjusted operating income, please see note 6. Q3 VOLVO GROUP THE THIRD QUARTER 2024 14 BUSES • In Q3, deliveries increased by 13% and net order intake increased by 6% • Adjusted and reported operating income improved to SEK 731 M (340) with a margin of 11.8% (6.3) • Service sales increased by 15% adjusted for currency Continued improvement in profitability ===== SIDA 15 ===== In Q3, demand for smaller powerboats continued to be adversely impacted by the unfavorable business cycle, while the patrol and offshore wind sectors continued to show resilience. For off- highway applications, the market developed favorably with higher activity levels in both mining and agriculture. Demand for power generation applications remained on good levels. In Q3, net order intake decreased by 18% to 6,394 units compared with Q3 2023 and deliveries decreased by 18% to 7,998 units, mainly because of lower demand for smaller engines. Net sales decreased by 5% to SEK 4,707 M (4,956). Adjusted for currency movements, net sales decreased by 2%, of which sales of engines decreased by 3% and sales of services increased by 2%. Both adjusted and reported operating income amounted to SEK 831 M (790), corresponding to an operating margin of 17.7% (15.9). For more information on adjusted operating income, please see note 6. Price realization and a favorable product mix contributed to the profitability, but these were partly offset by lower volumes. Compared with Q3 2023, the currency impact on operating income was negative in an amount of SEK 106 M. In Q3, the first vessel with the Volvo Penta IPS (Inboard Performance System) Professional platform went into operation in a crew transport vessel operated by Northern Offshore Services. The fully integrated IPS continually manages and optimizes engine use based on real-time needs during operation. The worldʼs first yacht to pilot Volvo Pentaʼs helm-to-propeller hybrid-electric package with Volvo Penta IPS was unveiled in collaboration with Azimut Yachts, see image above. Net order intake and deliveries Third quarter Change % First nine months Change %Number of Engines 2024 2023 2024 2023 Total orders 6,394 7,789 -18 22,291 29,880 -25 Of which fully electric 32 43 -26 70 73 -4 Total deliveries 7,998 9,811 -18 27,384 33,799 -19 Of which fully electric 24 30 -20 90 81 11 Net sales and operating income Third quarter Change % First nine months Change %SEK M 2024 2023 2024 2023 Net sales per geographical region Europe 2,173 2,434 -11 7,317 8,278 -12 North America 1,044 1,058 -1 2,981 3,156 -6 South America 196 199 -1 631 548 15 Asia 963 947 2 3,113 2,950 6 Africa and Oceania 330 318 4 1,048 1,043 – Total net sales 4,707 4,956 -5 15,090 15,975 -6 Net sales per product group Engines 3,271 3,499 -7 10,772 11,649 -8 Services 1,436 1,458 -1 4,318 4,326 – Total net sales 4,707 4,956 -5 15,090 15,975 -6 Timing of revenue recognition Revenue of vehicles and services recognized at the point of delivery 4,694 4,947 -5 15,050 15,956 -6 Revenue of vehicles and services recognized over contract period 13 10 30 40 19 111 Total net sales 4,707 4,956 -5 15,090 15,975 -6 Adjusted operating income ¹ 831 790 5 2,836 2,865 -1 Adjustments – – – – – – Operating income 831 790 5 2,836 2,865 -1 Adjusted operating margin, % 17.7 15.9 18.8 17.9 Operating margin, % 17.7 15.9 18.8 17.9 1 For more information on adjusted operating income, please see note 6. Q3 VOLVO GROUP THE THIRD QUARTER 2024 15 VOLVO PENTA Continued strong profitability • In Q3, deliveries decreased by 18% and order intake decreased by 18% • Adjusted and reported operating income of SEK 831 M (790) with a margin of 17.7% (15.9) • Worldʼs first yacht to pilot Volvo Pentaʼs helm- to-propeller electric hybrid package with Volvo Penta IPS unveiled ===== SIDA 16 ===== In Q3 2024, Volvo Financial Services continued to grow the credit portfolio and the penetration remained stable in a competitive environment. Adjusted for currency, the net credit portfolio increased by 9% compared with Q3 2023. The portfolio performance continued to be good, with customer delinquencies trending at average business cycle levels. Compared with Q3 2023, new business volume remained stable, when adjusted for currency. In Q3, the adjusted operating income decreased to SEK 992 M (1,062). For more information on adjusted operating income, please see note 6. The solid portfolio performance was offset by increased credit provision expenses and unfavorable currency movements, which had a negative impact of SEK 55 M compared with Q3 2023. Reported operating income amounted to SEK 992 M (927). Return on equity increased to 13.2% (10.2%). Financial Services Third quarter First nine months SEK M unless otherwise stated 2024 2023 2024 2023 Number of financed units, 12 months rolling 64,639 67,734 Total penetration rate, 12 months rolling, % ¹ 28 27 New retail financing volume, SEK billion 27.8 29.2 79.4 83.5 Credit portfolio net, SEK billion 262 255 Credit provision expenses ² 199 150 733 418 Adjusted operating income ³ 992 1,062 3,030 2,850 Adjustments ³ – -136 – -136 Operating income 992 927 3,030 2,714 Credit reserves ², % of credit portfolio 1.33 1.42 Return on equity ², 12 months rolling, % 13.2 10.2 1 Share of unit sales financed by Volvo Financial Services in relation to the total number of units sold by the Volvo Group in markets where financial services are offered. 2 2023 included Russian and Belarus operations, which were divested in Q3 2023. 3 For more information on adjustments, please see note 6. Q3 VOLVO GROUP THE THIRD QUARTER 2024 16 FINANCIAL SERVICES Solid portfolio performance and stable earnings • In Q3, the net credit portfolio increased by 9%, adjusted for currency • Solid portfolio performance • Adjusted operating income of SEK 992 M (1,062) ===== SIDA 17 ===== CONSOLIDATED INCOME STATEMENT - THIRD QUARTER Industrial Operations Financial Services Eliminations Volvo Group SEK M 2024 2023 2024 2023 2024 2023 2024 2023 Net sales¹ 111,577 127,220 6,712 6,249 -1,311 -1,195 116,978 132,275 Cost of sales¹ -81,587 -92,819 -4,749 -4,271 1,363 1,339 -84,973 -95,751 Gross income 29,990 34,402 1,963 1,978 52 144 32,005 36,524 Research and development expenses -7,213 -6,305 – – – – -7,213 -6,305 Selling expenses -7,118 -7,399 -819 -803 – – -7,938 -8,202 Administrative expenses -1,651 -1,682 -4 -4 – – -1,655 -1,686 Other operating income and expenses -447 -936 -147 -245 – – -594 -1,180 Income/loss from investments in joint ventures and associated companies -530 -665 – – – – -530 -665 Income/loss from other investments -1 -22 – – – – -1 -22 Operating income 13,029 17,393 992 927 52 144 14,074 18,464 Interest income and similar credits 653 800 – – -52 -144 601 656 Interest expenses and similar charges¹ -375 -417 – – – – -375 -417 Other financial income and expenses -727 -67 – – – – -727 -67 Income after financial items 12,580 17,710 992 927 – – 13,573 18,636 Income taxes -3,232 -4,262 -268 -282 – – -3,500 -4,543 Income for the period * 9,348 13,448 725 645 – – 10,073 14,093 * Attributable to: Owners of AB Volvo 10,017 14,092 Non-controlling interest 56 1 Basic earnings per share, SEK 4.93 6.93 Diluted earnings per share, SEK 4.93 6.93 Key ratios, % Gross margin 26.9 27.0 27.4 27.5 Research and development expenses as % of net sales 6.5 5.0 6.2 4.8 Selling expenses as % of net sales 6.4 5.8 6.8 6.2 Administrative expenses as % of net sales 1.5 1.3 1.4 1.3 Operating margin 11.7 13.7 12.0 13.8 1 As from 2024, elimination of internal interest income related to internal funding from Volvo Treasury AB to Financial Services is reclassified from finance net to gross income. The comparative figures in the financial statements for 2023 have been restated accordingly, impacting operating income positively with SEK 144 M in Q3 2023. The effect on key ratios is insignificant. CONSOLIDATED OTHER COMPREHENSIVE INCOME - THIRD QUARTER SEK M 2024 2023 Income for the period 10,073 14,093 Items that will not be reclassified to income statement: Remeasurements of defined benefit pension plans -149 335 Remeasurements of holding of shares at fair value 15 -3 Items that may be reclassified subsequently to income statement: Exchange differences on translation of foreign operations -2,501 -2,015 Share of OCI related to joint ventures and associated companies -382 -301 Accumulated exchange differences reversed to income -422 -318 Other comprehensive income, net of income taxes -3,439 -2,303 Total comprehensive income for the period * 6,634 11,791 * Attributable to: Owners of AB Volvo 6,632 11,809 Non-controlling interest 3 -18 Q3 VOLVO GROUP THE THIRD QUARTER 2024 17 FINANCIAL STATEMENTS ===== SIDA 18 ===== CONSOLIDATED INCOME STATEMENT - FIRST NINE MONTHS Industrial Operations Financial Services Eliminations Volvo Group SEK M 2024 2023 2024 2023 2024 2023 2024 2023 Net sales¹ 372,456 390,329 20,045 17,470 -4,098 -3,535 388,404 404,264 Cost of sales¹ -270,128 -285,314 -13,885 -11,876 4,388 3,965 -279,625 -293,225 Gross income 102,328 105,015 6,160 5,594 290 429 108,778 111,038 Research and development expenses -22,761 -19,616 – – – – -22,761 -19,616 Selling expenses -22,883 -21,995 -2,513 -2,430 – – -25,396 -24,426 Administrative expenses -5,596 -5,196 -11 -11 – – -5,607 -5,207 Other operating income and expenses -572 -9,599 -606 -434 – – -1,178 -10,033 Income/loss from investments in joint ventures and associated companies -1,277 -1,414 – – – – -1,277 -1,414 Income/loss from other investments 12 -18 – -5 – – 12 -23 Operating income 49,252 47,176 3,030 2,714 290 429 52,572 50,320 Interest income and similar credits 2,323 2,229 – – -290 -430 2,032 1,800 Interest expenses and similar charges¹ -1,109 -1,278 – – – – -1,109 -1,278 Other financial income and expenses -946 -999 – – – – -946 -999 Income after financial items 49,520 47,129 3,030 2,714 – – 52,550 49,843 Income taxes -11,943 -11,236 -848 -761 – – -12,791 -11,997 Income for the period * 37,577 35,893 2,182 1,953 – – 39,759 37,846 * Attributable to: Owners of AB Volvo 39,648 37,772 Non-controlling interest 111 74 Basic earnings per share, SEK 19.50 18.58 Diluted earnings per share, SEK 19.50 18.58 Key ratios, % Gross margin 27.5 26.9 28.0 27.3 Research and development expenses as % of net sales 6.1 5.0 5.9 4.8 Selling expenses as % of net sales 6.1 5.6 6.5 6.0 Administrative expenses as % of net sales 1.5 1.3 1.4 1.3 Operating margin 13.2 12.1 13.5 12.3 1 As from 2024, elimination of internal interest income related to internal funding from Volvo Treasury AB to Financial Services is reclassified from finance net to gross income. The comparative figures in the financial statements for 2023 have been restated accordingly, impacting operating income positively with SEK 429 M for the first nine months, 2023. The effect on key ratios is insignificant. CONSOLIDATED OTHER COMPREHENSIVE INCOME - FIRST NINE MONTHS SEK M 2024 2023 Income for the period 39,759 37,846 Items that will not be reclassified to income statement: Remeasurements of defined benefit pension plans -1,332 318 Remeasurements of holding of shares at fair value 8 6 Items that may be reclassified subsequently to income statement: Exchange differences on translation of foreign operations -181 1,728 Share of OCI related to joint ventures and associated companies 276 243 Accumulated translation difference reversed to income -423 -318 Other comprehensive income, net of income taxes -1,652 1,978 Total comprehensive income for the period * 38,107 39,824 * Attributable to: Owners of AB Volvo 37,932 39,782 Non-controlling interest 175 42 Q3 VOLVO GROUP THE THIRD QUARTER 2024 18 FINANCIAL STATEMENTS ===== SIDA 19 ===== CONSOLIDATED BALANCE SHEET Industrial Operations Financial Services Eliminations Volvo Group SEK M Sep 30 2024 Dec 31 2023 Sep 30 2024 Dec 31 2023 Sep 30 2024 Dec 31 2023 Sep 30 2024 Dec 31 2023 Assets Non-current assets Intangible assets 42,756 42,378 140 135 – – 42,897 42,512 Tangible assets Property, plant and equipment 74,006 68,393 56 56 – – 74,062 68,449 Assets under operating leases 35,537 35,154 20,844 21,318 -15,619 -14,562 40,762 41,910 Financial assets Investments in joint ventures and associated companies 22,013 19,158 – – – – 22,013 19,158 Other shares and participations 941 862 17 18 – – 959 881 Non-current customer-financing receivables 1,468 1,605 125,942 121,987 -1,799 -1,954 125,611 121,638 Net pension assets 1,883 2,039 – – – – 1,883 2,039 Non-current interest-bearing receivables 6,390 3,405 – 950 -2,160 -950 4,230 3,405 Other non-current receivables 6,531 6,431 320 283 -201 -197 6,650 6,518 Deferred tax assets 13,576 14,142 2,057 2,044 – – 15,633 16,186 Total non-current assets 205,102 193,566 149,376 146,791 -19,779 -17,662 334,699 322,695 Current assets Inventories 83,508 75,958 1,091 904 – – 84,598 76,863 Current receivables Customer-financing receivables 898 1,027 115,068 110,822 -1,451 -1,284 114,515 110,565 Tax assets 6,302 1,329 945 895 – – 7,248 2,223 Interest-bearing receivables 1,356 2,784 – – -16 -19 1,340 2,765 Internal funding 4,072 10,680 – – -4,072 -10,680 – – Accounts receivables 38,152 41,383 1,794 1,827 – – 39,946 43,210 Other receivables 22,173 22,173 3,333 3,283 -4,623 -5,084 20,882 20,372 Marketable securities 203 89 – – – – 203 89 Cash and cash equivalents 64,153 78,858 5,605 5,785 -1,230 -1,318 68,529 83,326 Assets held for sale 370 11,960 – – – – 370 11,960 Total current assets 221,187 246,241 127,836 123,516 -11,392 -18,384 337,631 351,373 Total assets 426,289 439,807 277,212 270,307 -31,171 -36,046 672,330 674,068 Equity and liabilities Equity attributable to owners of AB Volvo 157,034 156,171 22,175 21,620 – – 179,210 177,791 Non-controlling interest 3,095 2,948 – – – – 3,095 2,948 Total equity 160,129 159,119 22,175 21,620 – – 182,304 180,739 Non-current provisions Provisions for post-employment benefits 12,666 11,138 82 81 – – 12,748 11,219 Other provisions 12,416 12,902 59 76 – – 12,475 12,979 Non-current liabilities Bond loans 115,661 96,970 – – – – 115,661 96,970 Other loans 24,742 23,779 17,873 19,352 -1,507 -1,599 41,108 41,532 Internal funding -129,242 -109,059 113,200 112,231 16,042 -3,173 – – Deferred tax liabilities 2,290 2,486 1,992 2,238 – – 4,282 4,725 Other liabilities 51,815 49,600 1,780 1,701 -10,972 -9,759 42,623 41,542 Current provisions 18,816 19,609 38 14 – – 18,854 19,623 Current liabilities Bond loans 37,012 46,641 – – – – 37,012 46,641 Other loans 44,459 40,804 12,883 11,861 -895 -1,017 56,448 51,648 Internal funding -71,679 -79,494 96,194 89,985 -24,515 -10,491 – – Trade payables 70,135 81,883 586 1,103 – – 70,720 82,987 Tax liabilities 7,553 4,140 1,076 947 – – 8,629 5,087 Other liabilities 69,506 71,130 9,274 9,095 -9,324 -10,007 69,456 70,218 Liabilities held for sale 10 8,157 – – – – 10 8,157 Total equity and liabilities 426,289 439,807 277,212 270,307 -31,171 -36,046 672,330 674,068 Key ratios, % Equity ratio 37.6 36.2 8.0 8.0 27.1 26.8 Equity attributable to owners of AB Volvo, per share in SEK 88.1 87.4 Return on operating capital ¹ 75.9 71.3 Return on capital employed ¹ 38.3 36.7 Return on equity ¹ 13.2 13.0 29.6 28.7 1 12 months rolling. Q3 VOLVO GROUP THE THIRD QUARTER 2024 19 FINANCIAL STATEMENTS ===== SIDA 20 ===== Net financial position excl. post-employment benefits and lease liabilities Industrial Operations Volvo Group SEK bn Sep 30 2024 Dec 31 2023 Sep 30 2024 Dec 31 2023 Non-current interest-bearing assets Non-current customer-financing receivables – – 125.6 121.6 Non-current interest-bearing receivables 6.4 3.4 4.2 3.4 Current interest-bearing assets Customer-financing receivables – – 114.5 110.6 Interest-bearing receivables 1.4 2.8 1.3 2.8 Internal funding 4.1 10.7 – – Marketable securities 0.2 0.1 0.2 0.1 Cash and cash equivalents 64.2 78.9 68.5 83.3 Assets held for sale – – – – Total interest-bearing financial assets 76.2 95.8 314.4 321.8 Non-current interest-bearing liabilities Bond loans -115.7 -97.0 -115.7 -97.0 Other loans -19.1 -18.4 -35.6 -36.2 Internal funding 129.2 109.1 – – Current interest-bearing liabilities Bond loans -37.0 -46.6 -37.0 -46.6 Other loans -42.4 -38.9 -54.4 -49.8 Internal funding 71.7 79.5 – – Liabilities held for sale – – – – Total interest-bearing financial liabilities excl. lease liabilities -13.2 -12.4 -242.6 -229.6 Net financial position excl. post-employment benefits and lease liabilities 62.9 83.4 71.8 92.2 Provisions for post-employment benefits and lease liabilities, net Industrial Operations Volvo Group SEK bn Sep 30 2024 Dec 31 2023 Sep 30 2024 Dec 31 2023 Non-current lease liabilities -5.6 -5.3 -5.6 -5.3 Current lease liabilities -2.1 -1.9 -2.0 -1.9 Provisions for post-employment benefits, net -10.8 -9.1 -10.9 -9.2 Liabilities held for sale – -0.4 – -0.4 Provisions for post-employment benefits and lease liabilities, net -18.5 -16.7 -18.5 -16.8 Net financial position incl. post-employment benefits and lease liabilities Industrial Operations Volvo Group SEK bn Sep 30 2024 Dec 31 2023 Sep 30 2024 Dec 31 2023 Net financial position excl. post-employment benefits and lease liabilities 62.9 83.4 71.8 92.2 Provisions for post-employment benefits and lease liabilities, net -18.5 -16.7 -18.5 -16.8 Net financial position incl. post-employment benefits and lease liabilities 44.4 66.7 53.3 75.4 Q3 VOLVO GROUP THE THIRD QUARTER 2024 20 FINANCIAL STATEMENTS ===== SIDA 21 ===== Changes in net financial position, Industrial Operations Third quarter First nine months SEK bn 2024 2024 Net financial position excl. post-employment benefits and lease liabilities at the end of previous period 59.3 83.4 Operating cash flow 3.1 21.0 Investments and divestments of shares, net -0.6 -4.1 Acquired and divested operations, net 1.6 -0.5 Capital injections to/from Financial Services 0.7 1.1 Currency effect -0.6 0.5 Dividend to owners of AB Volvo – -36.6 Dividend to non-controlling interest – – Other changes -0.7 -1.9 Net financial position excl. post-employment benefits and lease liabilities at the end of period 62.9 62.9 Provisions for post-employment benefits and lease liabilities at the end of previous period -18.7 -16.7 Pension payments, included in operating cash flow 0.3 1.3 Remeasurements of defined post-employment benefits -0.2 -1.7 Service costs and other pension costs -0.3 -1.0 Investments, remeasurements and amortizations of lease contracts -0.1 -0.1 Transfer pensions and lease liabilities to divested entities 0.3 0.2 Currency effect 0.3 -0.2 Other changes -0.1 -0.4 Provisions for post-employment benefits and lease liabilities at the end of period -18.5 -18.5 Net financial position incl. post-employment benefits and lease liabilities at the end of period 44.4 44.4 CHANGES IN CONSOLIDATED EQUITY SEK M Equity attributable to owners of AB Volvo Non-controlling interest Total equity Balance as of December 31, 2022 162,717 3,519 166,236 Income for the period 49,825 107 49,932 Other comprehensive income for the period -6,094 -191 -6,285 Total comprehensive income for the period 43,731 -84 43,647 Dividend -28,468 -457 -28,926 Changes in non-controlling interests – -29 -29 Other changes -189 – -189 Transactions with shareholders -28,658 -486 -29,143 Balance as of December 31, 2023 177,791 2,948 180,739 Income for the period 39,648 111 39,759 Other comprehensive income for the period -1,715 64 -1,652 Total comprehensive income for the period 37,932 175 38,107 Dividend -36,602 -16 -36,618 Changes in non-controlling interests – -21 -21 Other changes 89 8 98 Transactions with shareholders -36,513 -28 -36,542 Balance as of September 30, 2024 179,210 3,095 182,304 Q3 VOLVO GROUP THE THIRD QUARTER 2024 21 FINANCIAL STATEMENTS ===== SIDA 22 ===== CONSOLIDATED CASH FLOW STATEMENT - THIRD QUARTER Industrial Operations Financial Services Eliminations Volvo Group SEK M 2024 2023 2024 2023 2024 2023 2024 2023 Operating activities Operating income 13,029 17,393 992 927 52 144 14,074 18,464 Amortization intangible assets 992 743 10 6 – – 1,002 749 Depreciation tangible assets 2,282 2,256 6 5 – – 2,288 2,261 Depreciation leasing vehicles 886 1,058 1,236 1,266 – – 2,122 2,324 Other non-cash items 146 753 211 341 – – 357 1,094 Total change in working capital whereof -7,531 -8,370 71 -9,441 -124 26 -7,585 -17,785 Change in accounts receivables 4,952 2,130 35 31 – – 4,987 2,162 Change in customer-financing receivables 19 -6 1,102 -7,946 -126 45 995 -7,908 Change in inventories 807 -1,450 -66 -142 – – 740 -1,592 Change in trade payables -11,698 -9,767 51 134 – – -11,647 -9,633 Change in vehicles on operating lease and assets for service solutions¹ -403 -593 -866 -1,226 35 -5 -1,234 -1,824 Other changes in working capital -1,209 1,316 -184 -292 -34 -13 -1,427 1,011 Dividends received from joint ventures and associated companies 11 – – – – – 11 – Interest and similar items received 644 735 – – -52 -144 591 590 Interest and similar items paid -281 -372 – – 34 14 -247 -357 Other financial items -61 -19 – – – – -61 -19 Income taxes paid -2,930 -4,306 -329 -218 – – -3,260 -4,525 Cash flow from operating activities 7,185 9,871 2,197 -7,114 -90 40 9,292 2,797 Investing activities Investments in intangible assets -861 -1,051 -9 -10 – – -870 -1,061 Investments in tangible assets -3,353 -3,264 – -10 – – -3,354 -3,274 Disposals of in-/tangible assets 98 54 1 2 – – 99 56 Operating cash flow 3,069 5,609 2,189 -7,132 -90 40 5,167 -1,483 Investments of shares -609 -15 Divestment of shares – 316 Acquired operations -271 -16 Divested operations 1,918 -2,499 Interest-bearing receivables incl. marketable securities -20 -32 Cash flow after net investments 6,185 -3,730 Financing activities New borrowings 93,702 75,387 Repayments of borrowings -97,620 -69,168 Dividend to owners of AB Volvo – – Dividend to non-controlling interest -16 -235 Other -36 -26 Change in cash and cash equivalents excl. exchange rate changes 2,215 2,228 Effect of exchange rate changes on cash and cash equivalents -588 -898 Change in cash and cash equivalents 1,627 1,329 Cash and cash equivalents, beginning of quarter 66,902 63,819 Cash and cash equivalents, end of quarter 68,529 65,148 1 As from 2024, change in vehicles on operating lease and assets for service solutions is presented separately in the cash flow statement. The comparative figures for 2023 have been restated. Q3 VOLVO GROUP THE THIRD QUARTER 2024 22 FINANCIAL STATEMENTS ===== SIDA 23 ===== CONSOLIDATED CASH FLOW STATEMENT - FIRST NINE MONTHS Industrial Operations Financial Services Eliminations Volvo Group SEK M 2024 2023 2024 2023 2024 2023 2024 2023 Operating activities Operating income 49,252 47,176 3,030 2,714 290 429 52,572 50,320 Amortization intangible assets 2,872 2,229 26 22 – – 2,898 2,251 Depreciation tangible assets 6,647 6,444 19 16 – – 6,666 6,460 Depreciation leasing vehicles 2,898 3,272 3,824 3,750 – – 6,722 7,022 Other non-cash items 118 9,453 736 826 – -1 854 10,278 Total change in working capital whereof -18,526 -21,035 -13,003 -34,037 -104 -469 -31,633 -55,542 Change in accounts receivables 4,533 2,229 41 -329 – – 4,574 1,900 Change in customer-financing receivables 59 65 -9,495 -31,088 31 -325 -9,405 -31,348 Change in inventories -6,384 -15,483 -195 -145 – – -6,580 -15,628 Change in trade payables -12,263 -6,858 -539 -6 – – -12,801 -6,865 Change in vehicles on operating lease and assets for service solutions¹ -747 -915 -3,026 -3,386 71 -9 -3,702 -4,310 Other changes in working capital -3,725 -72 212 916 -206 -136 -3,719 709 Dividends received from joint ventures and associated companies 163 108 – – – – 163 108 Interest and similar items received 2,353 2,250 – – -290 -430 2,063 1,820 Interest and similar items paid -886 -1,401 – – 20 21 -865 -1,380 Other financial items -317 -177 – – – – -317 -177 Income taxes paid -12,490 -13,850 -1,020 -886 – – -13,509 -14,736 Cash flow from operating activities 32,085 34,470 -6,388 -27,595 -84 -450 25,614 6,425 Investing activities Investments in intangible assets -2,690 -3,578 -41 -38 – – -2,730 -3,617 Investments in tangible assets -8,624 -8,347 -2 -16 – – -8,626 -8,363 Disposals of in-/tangible assets 253 621 6 4 – – 259 625 Operating cash flow 21,025 23,166 -6,424 -27,646 -84 -450 14,517 -4,930 Investments of shares -4,064 -959 Divestments of shares 8 323 Acquired operations -2,796 333 Divested operations 2,248 -2,303 Interest-bearing receivables incl. marketable securities -337 -215 Cash flow after net investments 9,577 -7,749 Financing activities New borrowings 244,871 184,957 Repayments of borrowings -233,320 -167,668 Dividend to owners of AB Volvo -36,602 -28,468 Dividend to non-controlling interest -16 -235 Other -10 -54 Change in cash and cash equivalents excl. exchange rate changes -15,501 -19,217 Effect of exchange rate changes on cash and cash equivalents 703 480 Change in cash and cash equivalents -14,797 -18,738 Cash and cash equivalents, beginning of period 83,326 83,886 Cash and cash equivalents, end of period 68,529 65,148 1 As from 2024, change in vehicles on operating lease and assets for service solutions is presented separately in the cash flow statement. The comparative figures for 2023 have been restated. Q3 VOLVO GROUP THE THIRD QUARTER 2024 23 FINANCIAL STATEMENTS ===== SIDA 24 ===== Income Statements, Volvo Group First nine months First nine months SEK M unless otherwise stated 3/2024 2/2024 1/2024 4/2023 3/2023 2024 2023 Net sales 116,978 140,249 131,177 147,988 132,275 388,404 404,264 Cost of sales -84,973 -100,257 -94,395 -109,188 -95,751 -279,625 -293,225 Gross income 32,005 39,992 36,781 38,800 36,524 108,778 111,038 Research and development expenses -7,213 -8,216 -7,332 -7,029 -6,305 -22,761 -19,616 Selling expenses -7,938 -8,841 -8,617 -9,249 -8,202 -25,396 -24,426 Administrative expenses -1,655 -1,988 -1,964 -2,149 -1,686 -5,607 -5,207 Other operating income and expenses -594 -16 -567 -2,247 -1,180 -1,178 -10,033 Income/loss from investments in joint ventures and associated companies -530 -605 -142 -1,154 -665 -1,277 -1,414 Income/loss from other investments -1 13 – 10 -22 12 -23 Operating income 14,074 20,339 18,159 16,982 18,464 52,572 50,320 Interest income and similar credits 601 546 885 890 656 2,032 1,800 Interest expenses and similar charges -375 -370 -364 -406 -417 -1,109 -1,278 Other financial income and expenses -727 19 -238 -582 -67 -946 -999 Income after financial items 13,573 20,534 18,442 16,884 18,636 52,550 49,843 Income taxes -3,500 -4,952 -4,339 -4,798 -4,543 -12,791 -11,997 Income for the period * 10,073 15,583 14,103 12,086 14,093 39,759 37,846 * Attributable to: Owners of AB Volvo 10,017 15,551 14,080 12,053 14,092 39,648 37,772 Non-controlling interest 56 32 23 33 1 111 74 Key ratios, Volvo Group, % Gross margin 27.4 28.5 28.0 26.1 27.5 28.0 27.3 Research and development expenses as % of net sales 6.2 5.9 5.6 4.7 4.8 5.9 4.8 Selling expenses as % of net sales 6.8 6.3 6.6 6.2 6.2 6.5 6.0 Administrative expenses as % of net sales 1.4 1.4 1.5 1.5 1.3 1.4 1.3 Operating margin 12.0 14.5 13.8 11.4 13.8 13.5 12.3 Key ratios, Industrial Operations, % Gross margin 26.9 28.0 27.4 25.7 27.0 27.5 26.9 Research and development expenses as % of net sales 6.5 6.1 5.8 4.9 5.0 6.1 5.0 Selling expenses as % of net sales 6.4 5.9 6.2 5.9 5.8 6.1 5.6 Administrative expenses as % of net sales 1.5 1.5 1.6 1.5 1.3 1.5 1.3 Operating margin 11.7 14.2 13.5 11.1 13.7 13.2 12.1 EBITDA margin, Industrial Operations Operating income 13,029 19,179 17,044 15,887 17,393 49,252 47,176 Amortization product and software development 944 821 736 781 704 2,500 2,109 Amortization other intangible assets 48 290 34 40 39 372 120 Depreciation tangible assets 3,168 3,274 3,103 3,407 3,314 9,545 9,716 Total depreciation and amortization 4,160 4,385 3,873 4,228 4,057 12,417 11,945 Operating income before depreciation and amortization (EBITDA) 17,189 23,563 20,917 20,115 21,450 61,669 59,121 EBITDA margin, % 15.4 17.5 16.6 14.1 16.9 16.6 15.1 Net capitalization of research and development Capitalization 839 648 1,101 1,314 1,022 2,588 3,396 Amortization -924 -786 -701 -696 -665 -2,411 -1,992 Net capitalization and amortization -85 -138 400 617 357 178 1,404 Return on operating capital, Industrial Operations, %¹ 75.9 83.9 75.2 71.3 66.0 Return on capital employed, Industrial Operations, %¹ 38.3 41.3 37.7 36.7 33.7 1 12 months rolling. Q3 VOLVO GROUP THE THIRD QUARTER 2024 24 QUARTERLY FIGURES ===== SIDA 25 ===== Net sales First nine months First nine months SEK M 3/2024 2/2024 1/2024 4/2023 3/2023 2024 2023 Trucks 80,054 95,132 89,946 99,896 89,848 265,131 273,152 Construction Equipment 18,809 24,423 22,877 26,578 24,296 66,108 78,404 Buses 6,195 6,551 5,173 7,336 5,386 17,919 15,087 Volvo Penta 4,707 5,216 5,168 5,031 4,956 15,090 15,975 Group Functions & Other 2,925 4,657 4,281 5,448 3,954 11,863 11,361 Eliminations -1,112 -1,263 -1,280 -1,348 -1,219 -3,655 -3,650 Industrial Operations 111,577 134,715 126,163 142,941 127,220 372,456 390,329 Financial Services 6,712 6,801 6,532 6,542 6,249 20,045 17,470 Eliminations -1,311 -1,268 -1,519 -1,495 -1,195 -4,098 -3,535 Volvo Group net sales 116,978 140,249 131,177 147,988 132,275 388,404 404,264 Operating income First nine months First nine months SEK M 3/2024 2/2024 1/2024 4/2023 3/2023 2024 2023 Trucks 9,363 13,391 13,073 13,691 13,397 35,828 35,201 Construction Equipment 2,558 3,888 3,683 2,710 3,733 10,129 13,673 Buses 731 754 259 323 340 1,744 -703 Volvo Penta 831 1,016 988 365 790 2,836 2,865 Group Functions & Other -468 117 -947 -1,232 -878 -1,299 -3,886 Eliminations 14 13 -13 30 11 14 26 Industrial Operations 13,029 19,179 17,044 15,887 17,393 49,252 47,176 Financial Services 992 1,028 1,009 1,005 927 3,030 2,714 Eliminations 52 132 106 90 144 290 429 Volvo Group operating income 14,074 20,339 18,159 16,982 18,464 52,572 50,320 Adjusted operating income ¹ First nine months First nine months SEK M 3/2024 2/2024 1/2024 4/2023 3/2023 2024 2023 Trucks 9,363 13,251 13,073 13,691 14,038 35,688 41,703 Construction Equipment 2,558 3,888 3,683 3,320 3,733 10,129 13,673 Buses 731 554 259 323 340 1,544 736 Volvo Penta 831 1,016 988 365 790 2,836 2,865 Group Functions & Other -468 -436 -947 -352 -860 -1,852 -2,598 Eliminations 14 13 -13 30 11 14 26 Industrial Operations 13,029 18,286 17,044 17,377 18,051 48,359 56,405 Financial Services 992 1,028 1,009 1,005 1,062 3,030 2,850 Eliminations 52 132 106 90 144 290 429 Volvo Group adjusted operating income 14,074 19,446 18,159 18,472 19,258 51,679 59,684 1 For more information on adjusted operating income, please see note 6. Q3 VOLVO GROUP THE THIRD QUARTER 2024 25 QUARTERLY FIGURES ===== SIDA 26 ===== Operating margin First nine months First nine months % 3/2024 2/2024 1/2024 4/2023 3/2023 2024 2023 Trucks 11.7 14.1 14.5 13.7 14.9 13.5 12.9 Construction Equipment 13.6 15.9 16.1 10.2 15.4 15.3 17.4 Buses 11.8 11.5 5.0 4.4 6.3 9.7 -4.7 Volvo Penta 17.7 19.5 19.1 7.3 15.9 18.8 17.9 Industrial Operations 11.7 14.2 13.5 11.1 13.7 13.2 12.1 Volvo Group 12.0 14.5 13.8 11.4 13.8 13.5 12.3 Adjusted operating margin First nine months First nine months % 3/2024 2/2024 1/2024 4/2023 3/2023 2024 2023 Trucks 11.7 13.9 14.5 13.7 15.6 13.5 15.3 Construction Equipment 13.6 15.9 16.1 12.5 15.4 15.3 17.4 Buses 11.8 8.5 5.0 4.4 6.3 8.6 4.9 Volvo Penta 17.7 19.5 19.1 7.3 15.9 18.8 17.9 Industrial Operations 11.7 13.6 13.5 12.2 14.2 13.0 14.5 Volvo Group adjusted operating margin 12.0 13.9 13.8 12.4 14.4 13.3 14.6 Share data First nine months First nine months 3/2024 2/2024 1/2024 4/2023 3/2023 2024 2023 Earnings per share, SEK ¹ 4.93 7.65 6.92 5.93 6.93 19.50 18.58 Earnings per share, SEK ¹, 12 months rolling 25.43 27.43 25.07 24.50 21.84 38.07 – Diluted earnings per share, SEK 4.93 7.65 6.92 5.93 6.93 19.50 18.58 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. Q3 VOLVO GROUP THE THIRD QUARTER 2024 26 QUARTERLY FIGURES ===== SIDA 27 ===== NOTE 1 | ACCOUNTING POLICIES The Volvo Group applies International Financial Reporting Standards (IFRS) as endorsed by the EU. The accounting policies and definitions are consistently applied with those described in the Volvo Group Annual Report 2023 (available at www.volvogroup.com). There are no new accounting policies applicable from 2024 that materially affects the Volvo Group. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The Parent Company applies the Swedish Annual Accounts Act and RFR 2 Reporting for legal entities. NOTE 2 | RISKS AND KEY SOURCES OF ESTIMATION UNCERTAINTY Each of the Volvo Groupʼs Business Areas and Truck Divisions monitors and manages risks in its operations. In addition, the Volvo Group utilizes a centralized Enterprise Risk Management (ERM) reporting process, which is a systematic and structured framework for reporting and reviewing risk assessments and mitigations as well as for follow-up on identified risks. The ERM process classifies Volvo Group risks into five categories: Macro and market related risks – such as cyclical nature of the commercial vehicles industry, intense competition, extensive government regulations, political and social uncertainty; Operational risks – such as transformation and technology risk, new business models, risks related to industrial operations including supply chain, reliance on suppliers and materials, cost inflation and price increases, information security and digital infrastructure, strategic transactions such as mergers and acquisitions, partnerships and divestments as well as residual value commitments; Climate and people risks – such as climate, people and culture as well as human rights; Compliance risks – such as data protection laws, protection and maintenance of intangible assets, legal proceedings and corruption and competition law; and Financial risks – such as insurance coverage, credit risk, pension commitments, interest-rates and currency fluctuations, liquidity risk, as well as impairment on goodwill and other intangible assets. For a more elaborate description of these risks, please refer to the Risk Management section on pages 82-88 in the Volvo Group Annual Report 2023. Risk updates Short-term risks, when applicable, are also described in the respective segment section of this report. Update on supply situation and inflationary pressure Our ability to deliver according to market demand depends significantly on obtaining a timely and adequate supply of materials, components and other vital services, as well as on our ability to properly utilize the capacity in the Groupʼs different production and services facilities. At present, our supply chain and industrial system are strained in many areas due to e.g. shortages of labor, materials and components, and transport services. Further strains on the supply chain may also evolve from other events, including financial distress of suppliers and extreme weather events as well as consequences of the war in Ukraine, the situation in the Middle East and other geopolitical events. There might be supply chain disturbances and stoppages in production going forward. Such disturbances could lead to higher costs and interruptions in production and delivery of Group products and services, that could have a material negative impact on the Groupʼs financial performance. The Group might experience higher input costs from increased prices on e.g. purchased material, freight and energy as well as higher labor costs. If the Group is unable to compensate for the higher input costs through increased prices on products and services sold, this could have a negative impact on the Groupʼs financial performance. Accounts receivable Due to the prevailing business model in the construction equipment industry in China, with long payment terms to customers, a substantial part of the Volvo Groupʼs accounts receivable is related to customers in this market. The weakened Chinese construction equipment market is currently impacting customersʼ and dealersʼ profitability negatively. This might affect their ability to honor their obligations to the Group and may consequently have a material adverse effect on the Groupʼs financial result and position. Detected premature degradation of emissions control component As previously communicated, the Volvo Group has detected that an emissions control component used in certain markets and models, may degrade more quickly than expected, affecting the vehicles emission performance negatively. The Volvo Group made a provision of SEK 7 billion impacting the operating income in Q4 2018, relating to the estimated costs to address the issue. Negative cash flow effects started in 2019 and will continue in the coming years. As of year-end 2023, approximately half of the initial provision had been utilized. The Volvo Group will continuously assess the size of the provision as the matter develops. Contingent liabilities The reported amounts for contingent liabilities reflect a part of Volvo Groupʼs risk exposure. Total contingent liabilities as of September 30, 2024, amounted to SEK 14.8 billion, a decrease of SEK 1.2 billion compared with December 31 2023. The gross exposure of SEK 14.8 billion is partly reduced by counter guarantees and collaterals. Q3 VOLVO GROUP THE THIRD QUARTER 2024 27 NOTES ===== SIDA 28 ===== Legal proceedings Starting in January 2011, the Volvo Group, together with a number of other truck manufacturers, was investigated by the European Commission in relation to a possible violation of EU antitrust rules. In July 2016 the European Commission adopted a settlement decision against the Volvo Group and other truck manufacturers finding that they were involved in an antitrust infringement which, in the case of the Volvo Group, covered a 14- year period from 1997 to 2011. The Volvo Group paid a monetary fine of EUR 670 million. Following the adoption of the European Commissionʼs settlement decision, the Volvo Group has received and is defending itself against a significant number of private damages claims brought by customers and other third parties alleging that they suffered loss, directly or indirectly, by reason of the conduct covered in the decision. The claims relate primarily to Volvo Group trucks sold during the 14-year period of the infringement and, in some cases, to trucks sold in certain periods after the infringement ended. Some claims have also been made against the Volvo Group that relate to trucks sold by other manufacturers. The truck manufacturers subject to the 2016 settlement decision are, in most countries, jointly and severally liable for any losses arising from the infringement. In the region of 3,000 claims are being brought in over 20 countries (including EU Member States, the United Kingdom, Norway and Israel) by large numbers of claimants either acting individually or as part of a wider group or class of claimants. Further claims may be commenced. The litigation in many countries can be expected to run for several years. Several hundred thousand trucks sold by the Volvo Group are currently subject to claims against it or other truck manufacturers, with claimants alleging that the infringement resulted in an increase in the prices paid for Volvo Group trucks which directly or indirectly caused them loss. The Volvo Group maintains its firm view that no damage was caused to its customers or any third party by the conduct set out in the settlement decision, and in fact, the European Commission did not assess any potential effects of the infringement on the market. The Volvo Group considers that transaction prices our customers paid for their trucks were unaffected by the infringement and were the outcome of individual negotiations across all elements of their purchasing requirements, including not only the prices for new trucks but also (where relevant) associated products and services sold together with new trucks such as service contracts, financing, buy-back guarantees etc. Litigation developments so far have been mixed with some adverse outcomes, although uncertainty regarding ultimate exposure to the litigation remains high and it is inherent in complex litigation that outlooks and risks fluctuate over time. At this stage it is not possible to make a reliable estimate of the total liability that could arise from such proceedings given the complexity of the claims and the different (and in some cases relatively early) stages to which national proceedings have progressed. However, the litigation is substantial in scale and any adverse outcome or outcomes of some or all of the litigation, depending on the nature and extent of such outcomes, may have a material negative impact on the Volvo Groupʼs financial results, cash flows and financial position. In light of progress in litigations and current risks, the Volvo Group has in Q2 2023 recognized a cost of SEK 6 billion (in addition to previously recognized costs of SEK 630 M and besides legal fees to advisors), relating to aspects of the litigation that are currently possible to estimate and where an outflow of resources is probable. This is Volvo Group's current assessment, which may change as the litigation progresses. NOTE 3 | ACQUISITIONS AND DIVESTMENTS Acquisitions and divestments In July, the Volvo Group divested Arquus to John Cockerill Defense. The divestment impacted the Volvo Groupʼs operating income negatively by SEK 880 M in Q4 2023 due to a write- down of assets to fair value. A partial reversal of the impairment impacted the operating income positively in Q2 by SEK 181 M. In total, the divestment of Arquus has impacted the Volvo Groups operating income negatively by SEK 699 M. The Volvo Group has not completed 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 360 M (260) as of September 30, 2024 mainly related to planned property divestments. Q3 VOLVO GROUP THE THIRD QUARTER 2024 28 NOTES ===== SIDA 29 ===== 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 2023 Note 30, have been consistently applied throughout the reporting period. Financial instruments in the Volvo Group reported at fair value through profit and loss consist mainly of interest and currency derivatives. Derivatives with positive fair values amounted to SEK 6.9 billion (6.9) and derivatives with negative fair values amounted to SEK 4.0 billion (5.8) as of September 30, 2024. The derivatives are accounted for on gross basis. Financial liabilities valued at amortized cost, reported as non- current and current bond loans and other loans, amounted to SEK 247.9 billion (233.5) in reported carrying value with a fair value of SEK 248.0 billion (232.8). In the Volvo Group consolidated financial position, financial liabilities include loan-related derivatives with negative fair values amounting to SEK 2.3 billion (3.3). Currency effect on operating income, Volvo Group Compared to third quarter 2023 SEK M Third quarter 2024 Third quarter 2023 Change Net flow in foreign currency -557 Realized and unrealized gains and losses on derivatives -42 -11 -31 Unrealized gains and losses on receivables and liabilities in foreign currency 16 1 15 Translation effect on operating income in foreign subsidiaries -989 Total currency effect on operating income, Volvo Group -1,561 Applicable currency rates Quarterly exchange rates Close rates Third quarter 2024 Third quarter 2023 Sep 30 Sep 30 2024 2023 BRL 1.88 2.21 1.86 2.15 CNY 1.45 1.49 1.44 1.48 EUR 11.45 11.76 11.27 11.49 GBP 13.55 13.69 13.51 13.27 KRW 0.0077 0.0082 0.0077 0.0081 USD 10.43 10.81 10.10 10.84 NOTE 5 | TRANSACTIONS WITH RELATED PARTIES Sales of goods, services and other income Purchases of goods, services and other expenses SEK M Third quarter 2024 Third quarter 2023 Third quarter 2024 Third quarter 2023 Associated companies 376 597 47 50 Joint ventures 1,034 885 358 348 Receivables Payables Sep 30 Dec 31 Sep 30 Dec 31 SEK M 2024 2023 2024 2023 Associated companies 483 259 68 106 Joint ventures 516 535 142 85 Q3 VOLVO GROUP THE THIRD QUARTER 2024 29 NOTES ===== SIDA 30 ===== NOTE 6 | RECONCILIATION OF ADJUSTED OPERATING INCOME Adjusted operating income First nine months First nine months SEK M 3/2024 2/2024 1/2024 4/2023 3/2023 2024 2023 Trucks 9,363 13,251 13,073 13,691 14,038 35,688 41,703 Construction Equipment 2,558 3,888 3,683 3,320 3,733 10,129 13,673 Buses 731 554 259 323 340 1,544 736 Volvo Penta 831 1,016 988 365 790 2,836 2,865 Group Functions & Other -468 -436 -947 -352 -860 -1,852 -2,598 Eliminations 14 13 -13 30 11 14 26 Industrial Operations 13,029 18,286 17,044 17,377 18,051 48,359 56,405 Financial Services 992 1,028 1,009 1,005 1,062 3,030 2,850 Eliminations 52 132 106 90 144 290 429 Volvo Group adjusted operating income¹ 14,074 19,446 18,159 18,472 19,258 51,679 59,684 Adjustments First nine months First nine months SEK M 3/2024 2/2024 1/2024 4/2023 3/2023 2024 2023 Adjustment items (segment) Financial impact related to the divestment of Arquus (Group Functions & Other) – 181 – -880 – 181 – Financial impact related to the divestment of the ABG paver business (Construction Equipment) – – – -610 – – – Financial impact related to Russia: Trucks – – – – -640 – -640 Group Functions & Other – – – – -18 – -18 Financial Services – – – – -136 – -136 Costs relating to claims arising from the European Commissionʼs 2016 antitrust settlement decision (Trucks) – – – – – – -6,000 Restructuring charges relating to the US bus production for Nova Bus (Group Functions & Other) – 372 – – – 372 -1,270 Restructuring charges relating to the European bus operation (Buses) – 200 – – – 200 -1,300 Previously announced provision for premature degradation of an emission control component: Trucks – 140 – – – 140 139 Buses – – – – – – -139 Total adjustments Trucks – 140 – – -640 140 -6,501 Construction Equipment – – – -610 – – – Buses – 200 – – – 200 -1,439 Volvo Penta – – – – – – – Group Functions & Other – 553 – -880 -18 553 -1,288 Industrial Operations – 893 – -1,490 -658 893 -9,228 Financial Services – – – – -136 – -136 Volvo Group – 893 – -1,490 -794 893 -9,364 Operating income First nine months First nine months SEK M 3/2024 2/2024 1/2024 4/2023 3/2023 2024 2023 Trucks 9,363 13,391 13,073 13,691 13,397 35,828 35,201 Construction Equipment 2,558 3,888 3,683 2,710 3,733 10,129 13,673 Buses 731 754 259 323 340 1,744 -703 Volvo Penta 831 1,016 988 365 790 2,836 2,865 Group Functions & Other -468 117 -947 -1,232 -878 -1,299 -3,886 Eliminations 14 13 -13 30 11 14 26 Industrial Operations 13,029 19,179 17,044 15,887 17,393 49,252 47,176 Financial Services 992 1,028 1,009 1,005 927 3,030 2,714 Eliminations 52 132 106 90 144 290 429 Volvo Group operating income¹ 14,074 20,339 18,159 16,982 18,464 52,572 50,320 1 As from 2024, elimination of internal interest income related to internal funding from Volvo Treasury AB to Financial Services is reclassified from finance net to gross income. The comparative figures in the financial statements for 2023 have been restated accordingly, impacting operating income positively with SEK 144 M in Q3, 2023. The effect on key ratios is insignificant. Q3 VOLVO GROUP THE THIRD QUARTER 2024 30 NOTES ===== SIDA 31 ===== Income from investments in group companies for Q3 includes dividends amounting to SEK 698 M (167). During Q3 2023 a loss on the divestment of the Russian entity was included by SEK 173 M. Financial net debt amounted to SEK 32,208 M on September 30, 2024, compared with SEK 34,147 M at year end 2023. Income statement Third quarter First nine months SEK M 2024 2023 2024 2023 Net sales¹ 268 71 828 225 Cost of sales¹ -268 -71 -828 -225 Gross income – – – – Operating expenses¹ -194 -503 -834 -1,338 Operating income (loss) -194 -503 -834 -1,338 Income from investments in group companies 698 -6 3,213 3,983 Income from investments in joint ventures and associated companies – – 108 76 Income from investments, other shares and participations – – – – Interest income and expenses -369 -354 -1,088 -821 Other financial income and expenses -1 9 -34 -120 Income after financial items 134 -854 1,365 1,780 Appropriations – – – – Income taxes 77 162 338 2,785 Income for the period 211 -692 1,703 4,565 1 Of net sales in the third quarter SEK 268 M (67) pertained to group companies, while purchases from group companies amounted to SEK 128 M (131). Other comprehensive income Income for the period 211 -692 1,703 4,565 Other comprehensive income, net of income taxes – – – – Total comprehensive income for the period 211 -692 1,703 4,565 Q3 VOLVO GROUP THE THIRD QUARTER 2024 31 PARENT COMPANY ===== SIDA 32 ===== Balance sheet SEK M Sep 30 2024 Dec 31 2023 Assets Non-current assets Tangible assets 6 7 Financial assets Shares and participations in group companies 72,619 71,885 Investments in joint ventures and associated companies 8,971 8,946 Other shares and participations 2 2 Other non-current receivables 646 690 Deferred tax assets 580 205 Total non-current assets 82,824 81,735 Current assets Current receivables from group companies 1,102 47,762 Tax assets 4,673 – Other current receivables 171 305 Total current assets 5,946 48,067 Total assets 88,770 129,802 Equity and liabilities Equity Restricted equity 9,899 9,899 Unrestricted equity 40,949 75,849 Total Equity 50,848 85,748 Untaxed reserves 4,000 4,000 Provisions 244 251 Non-current liabilities¹ 784 696 Current liabilities² 32,894 39,107 Total equity and liabilities 88,770 129,802 1 Of which SEK 690 M (690) pertains to group companies. 2 Of which SEK 32,109 M (35,889) pertains to group companies. Events after the balance sheet date For important events, please see page 4. No other significant events have occurred after the end of the third quarter 2024 that are expected to have a material effect on the Volvo Group. Gothenburg, October 18, 2024 AB Volvo (publ) Martin Lundstedt President and CEO This report has not been reviewed by AB Volvoʼs auditors. Q3 VOLVO GROUP THE THIRD QUARTER 2024 32 PARENT COMPANY ===== SIDA 33 ===== Net order intake of trucks Third quarter Change % First nine months Change %Number of trucks 2024 2023 2024 2023 Net order intake Europe 23,546 21,154 11 69,703 77,284 -10 Heavy- and medium-duty 19,016 17,592 8 58,193 62,123 -6 Light-duty 4,530 3,562 27 11,510 15,161 -24 North America 8,614 17,355 -50 27,990 41,222 -32 South America 6,060 4,284 41 24,441 15,798 55 Asia 3,043 2,796 9 11,307 13,368 -15 Africa and Oceania 1,971 1,613 22 6,254 7,878 -21 Total order intake 43,234 47,202 -8 139,695 155,550 -10 Heavy-duty (>16 tons) 35,993 38,687 -7 118,759 126,985 -6 Medium-duty (7-16 tons) 2,716 4,937 -45 9,313 13,265 -30 Light-duty (<7 tons) 4,525 3,578 26 11,623 15,300 -24 Total order intake 43,234 47,202 -8 139,695 155,550 -10 Net order intake of trucks by brand Volvo Europe 11,698 11,293 4 36,455 41,522 -12 North America 3,405 5,580 -39 13,507 16,992 -21 South America 5,924 4,157 43 23,886 15,309 56 Asia 2,512 2,389 5 8,558 10,899 -21 Africa and Oceania 1,107 1,100 1 4,018 5,350 -25 Total Volvo 24,646 24,519 1 86,424 90,072 -4 Heavy-duty (>16 tons) 24,041 23,846 1 84,110 87,363 -4 Medium-duty (7-16 tons) 605 673 -10 2,314 2,709 -15 Total Volvo 24,646 24,519 1 86,424 90,072 -4 Renault Trucks Europe 11,848 9,861 20 33,248 35,762 -7 Heavy- and medium-duty 7,318 6,299 16 21,738 20,601 6 Light-duty 4,530 3,562 27 11,510 15,161 -24 North America 12 15 -20 45 78 -42 South America 98 35 180 351 187 88 Asia 531 407 30 2,749 2,469 11 Africa and Oceania 552 344 60 1,547 1,233 25 Total Renault Trucks 13,041 10,662 22 37,940 39,729 -5 Heavy-duty (>16 tons) 6,835 6,035 13 21,354 20,178 6 Medium-duty (7-16 tons) 1,681 1,049 60 4,963 4,251 17 Light-duty (<7 tons) 4,525 3,578 26 11,623 15,300 -24 Total Renault Trucks 13,041 10,662 22 37,940 39,729 -5 Mack North America 5,197 11,760 -56 14,438 24,152 -40 South America 38 92 -59 204 290 -30 Africa and Oceania 227 98 132 397 545 -27 Total Mack 5,462 11,950 -54 15,039 24,987 -40 Heavy-duty (>16 tons) 5,051 8,752 -42 13,063 18,795 -30 Medium-duty (7-16 tons) 411 3,198 -87 1,976 6,192 -68 Total Mack 5,462 11,950 -54 15,039 24,987 -40 Q3 VOLVO GROUP THE THIRD QUARTER 2024 33 NET ORDER INTAKE ===== SIDA 34 ===== Deliveries of trucks Third quarter Change % First nine months Change %Number of trucks 2024 2023 2024 2023 Deliveries Europe 20,262 26,546 -24 77,637 92,565 -16 Heavy- and medium-duty 17,834 20,236 -12 62,544 71,800 -13 Light-duty 2,428 6,310 -62 15,093 20,765 -27 North America 12,026 15,041 -20 43,316 47,012 -8 South America 8,153 5,635 45 20,675 15,495 33 Asia 3,560 4,842 -26 11,538 16,486 -30 Africa and Oceania 2,265 3,210 -29 7,505 9,089 -17 Total deliveries 46,266 55,274 -16 160,671 180,647 -11 Heavy-duty (>16 tons) 40,583 44,795 -9 134,123 145,834 -8 Medium-duty (7-16 tons) 3,208 4,086 -21 11,315 13,760 -18 Light-duty (<7 tons) 2,475 6,393 -61 15,233 21,053 -28 Total deliveries 46,266 55,274 -16 160,671 180,647 -11 Deliveries of trucks by brand Volvo Europe 11,799 14,024 -16 40,390 47,404 -15 North America 6,744 7,640 -12 23,404 24,283 -4 South America 8,042 5,494 46 20,218 14,954 35 Asia 2,752 3,803 -28 9,144 12,895 -29 Africa and Oceania 1,539 2,226 -31 4,932 5,895 -16 Total Volvo 30,876 33,187 -7 98,088 105,431 -7 Heavy-duty (>16 tons) 30,121 32,147 -6 95,468 102,042 -6 Medium-duty (7-16 tons) 755 1,040 -27 2,620 3,389 -23 Total Volvo 30,876 33,187 -7 98,088 105,431 -7 Renault Trucks Europe 8,463 12,522 -32 37,247 45,161 -18 Heavy- and medium-duty 6,035 6,212 -3 22,154 24,396 -9 Light-duty 2,428 6,310 -62 15,093 20,765 -27 North America 21 63 -67 68 181 -62 South America 72 44 64 318 271 17 Asia 808 1,039 -22 2,349 3,591 -35 Africa and Oceania 448 376 19 1,389 1,500 -7 Total Renault Trucks 9,812 14,044 -30 41,371 50,704 -18 Heavy-duty (>16 tons) 5,928 6,393 -7 21,500 24,574 -13 Medium-duty (7-16 tons) 1,409 1,258 12 4,638 5,077 -9 Light-duty (<7 tons) 2,475 6,393 -61 15,233 21,053 -28 Total Renault Trucks 9,812 14,044 -30 41,371 50,704 -18 Mack North America 5,261 7,338 -28 19,889 22,548 -12 South America 39 84 -54 139 233 -40 Africa and Oceania 163 327 -50 615 886 -31 Total Mack 5,463 7,749 -30 20,643 23,667 -13 Heavy-duty (>16 tons) 4,446 6,012 -26 16,644 18,522 -10 Medium-duty (7-16 tons) 1,017 1,737 -41 3,999 5,145 -22 Total Mack 5,463 7,749 -30 20,643 23,667 -13 Q3 VOLVO GROUP THE THIRD QUARTER 2024 34 DELIVERIES ===== SIDA 35 ===== Q3 VOLVO GROUP THE THIRD QUARTER 2024 35 OTHER INFORMATION This is information that AB Volvo (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act. The information was submitted for publication, through the agency of the contact person set out in the press release concerning this report, at 07.20 CEST on October 18, 2024. This report contains forward-looking statements that reflect the Board of Directors' and management's current views with respect to certain future events and potential financial performance. Forward-looking statements are subject to risks and uncertainties. Results could differ materially from forward-looking statements as a result of, among other factors, (i) changes in economic, market and competitive conditions, (ii) success of business initiatives, (iii) changes in the regulatory environment and other government actions, (iv) fluctuations in exchange rates and (v) business risk management. This report is based solely on the circumstances at the date of publication and except to the extent required under applicable law, AB Volvo is under no obligation to update the information, opinions or forward-looking statements in this report. ===== SIDA 36 ===== Financial calendar Capital Markets Day November 14, 2024 Report on the fourth quarter and full year 2024 January 29, 2025 Annual Report 2024 February 27, 2025 Annual General Meeting 2025 April 2, 2025 Report on the first quarter 2025 April 23, 2025 Report on the second quarter 2025 July 18, 2025 Report on the third quarter 2025 October 17, 2025 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 Q3 VOLVO GROUP THE THIRD QUARTER 2024 36 FINANCIAL CALENDAR AND CONTACTS Aktiebolaget Volvo (publ) 556012–5790 Investor Relations, VGHQ SE-405 08 Göteborg, Sweden Tel +46 31 66 00 00 www.volvogroup.com