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THIRD QUARTER 2026 Martin Lundstedt President and CEO Volvo Group | Third quarter 2026 23/10/2026
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2 Volvo Group | Third quarter 2026 23/10/2026 VOLVO GROUP Third quarter highlights • Net sales amounted to SEK 119.5 bn (110.7) with an organic sales growth of 7 %. • Adjusted operating income reached SEK 14.7 bn (11.7), corresponding to a margin of 12.3% (10.6). • Operating cash flow in Industrial Operations amounted to SEK 7.2 bn ( - 1.7). • Net financial position in Industrial Operations amounted to SEK 43.8 bn (45.4). • Industrial Operations ROCE amounted to 27.5% (25.2). • EPS SEK 5.29 (3.71). NET SALES SEK bn* 12 months SEK 480 bn ADJUSTED OPERATING INCOME SEK bn (margin)* 12 months 11.3% 14.1 (12.0%) 14.7 (12.3%) 11.7 (10.6%) *For information on adjustments, see Note 6 in the quarterly report. 119.5 110.7 117.0 For information on organic sales growth, see Key Ratios in the quarterly report.
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3 Volvo Group | Third quarter 2026 23/10/2026 VOLVO GROUP Group news • Volvo Group, Daimler Truck and Toyota Motor Corporation signed binding agreement for Toyota to join cellcentric. • Industry leaders scale full value chain for hydrogen mobility across Europe. • Volvo Group announced energy park initiative as next step in Mariestad, Sweden.
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4 Volvo Group | Third quarter 2026 23/10/2026 VOLVO GROUP Volume development TRUCK DELIVERIES 12 months 209’ units MACHINE DELIVERIES 12 months 32’ units +11% - 34%* +8% Volvo brand *SDLG was divested on September 1, 2025. 49.6 44.6 46.3
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5 Volvo Group | Third quarter 2026 23/10/2026 VOLVO GROUP Electrification progress ORDER INTAKE, FULLY ELECTRIC VEHICLES 12 months 6,590 units DELIVERIES, FULLY ELECTRIC VEHICLES 12 months 5,218 units -7% Numbers are restated and they exclude SDLG. +107%
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6 Volvo Group | Third quarter 2026 23/10/2026 VOLVO GROUP Vehicle and machine sales development VEHICLE SALES SEK bn 12 months SEK 352 bn +8% 6 23/10/2026 CONSTRUCTION EQUIPMENT TRUCKS BUSES VOLVO PENTA 8% - 8% 7% ORGANIC SALES GROWTH YoY % +8% organic sales growth 13% 85.7 79.5 85.1
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7 Volvo Group | Third quarter 2026 23/10/2026 VOLVO GROUP Service sales development SERVICE SALES (Incl. Financial Services) SEK bn 12 months SEK 128 bn 9% 7 23/10/2026 CONSTRUCTION EQUIPMENT TRUCKS VOLVO PENTA VFS 8% - 1% 0% ORGANIC SALES GROWTH YoY % BUSES - 1% +5% organic sales growth 5%
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8 Volvo Group | Third quarter 2026 23/10/2026 Trucks news • Volvo Trucks was awarded “International Truck of the Year 2027” for the its electric range. • Renault Trucks was awarded “International Van of the Year 2027” for its new Renault Trucks E - Tech Trafic. • Volvo Trucks unveiled the all - new Volvo VNX vocational truck, built for North America. • Volvo Autonomous Solutions adds Waabi as their second virtual driver into customer operations in Texas, USA.
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9 Volvo Group | Third quarter 2026 23/10/2026 TRUCKS Market forecast NORTH AMERICA HD EUROPE HD INDIA HD+MD CHINA HD+MD BRAZIL HD 2025: 296' Forecast 2026: 315' Forecast 2027: 320' 2025: 258' Forecast 2026: 265' Forecast 2027: 300' 2025: 87' Forecast 2026: 80' Forecast 2027: 75' 2025: 378' Forecast 2026: 450' Forecast 2027: 470' 2025: 903' Forecast 2026: 900' Forecast 2027: 850'
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10 Volvo Group | Third quarter 2026 23/10/2026 TRUCKS – MEDIUM - AND HEAVY DUTY Book to bill Medium - and heavy - duty trucks book to bill 92% in the quarter and 109% 12 months rolling NORTH AMERICA EUROPE AFRICA AND OCEANIA ASIA SOUTH AMERICA Book to Bill, % Book to Bill 12M, % Base line, 100% 81 125 110 104 58 99 98 103 105 104
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11 Volvo Group | Third quarter 2026 23/10/2026 TRUCKS Heavy - duty truck market shares EUROPE (EU30) YTD September Total market share NORTH AMERICA YTD September BRAZIL YTD September AUSTRALIA YTD September Battery - electric market share 2026 2025
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12 Volvo Group | Third quarter 2026 23/10/2026 Construction Equipment news • Volvo Construction Equipment rolls out first U.S. - built excavators and large wheel loaders.
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13 Volvo Group | Third quarter 2026 23/10/2026 CONSTRUCTION EQUIPMENT Market forecast NORTH AMERICA* EUROPE ASIA ( excl. CHINA) CHINA SOUTH AMERICA Forecast: 2026: 0% to +10% Forecast 2027: 0% to +10% Forecast: 2026: +5% to +15% Forecast 2027: 0% to +10% Forecast: 2026: 0% to +10% Forecast 2027: - 10% to 0% Forecast: 2026: - 5% to +5% Forecast 2027: - 5% to +5% Forecast: 2026: +5% to +15% Forecast 2027: - 5% to +5%
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14 Volvo Group | Third quarter 2026 23/10/2026 CONSTRUCTION EQUIPMENT Book to bill Construction equipment book to bill 97% in the quarter and 104% 12 months rolling NORTH AMERICA EUROPE AFRICA AND OCEANIA ASIA SOUTH AMERICA Book to Bill, % Book to Bill 12M, % Base line, 100% 103 113 93 104 58 101 111 101 106 99
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15 Volvo Group | Third quarter 2026 23/10/2026 Buses • Volvo Buses expanded the product range in Europe: ◦ Relaunched the Volvo 9700 coach ◦ Introduced Volvo B13R with Marcopolo body ◦ Continued rollout of the Volvo BZR Electric coach. • Buses also launched the Volvo BZL Electric double decker for Hong Kong, one of the world’s most demanding public transport environments. • Book to bill 111% in the quarter and 96% 12 months rolling. Volvo BZR Electric coach and Volvo 9700
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16 Volvo Group | Third quarter 2026 23/10/2026 Volvo Penta • Volvo Penta has expanded its data center business, representing 32% of the total order book value at the end of Q3. • Book to bill 132% in the quarter and 107% 12 months rolling. Volvo Penta D16 GE power generation solution for data centers
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17 Volvo Group | Third quarter 2026 23/10/2026 Financial Services 17 23/10/2026 • Increased new business volume with good penetration rates. • Maintained earnings resilience. • Portfolio growth with stable portfolio performance. NEW RETAIL FINANCING & PENETRATION RATE SEK bn Penetration rate 12 months 30%
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THIRD QUARTER 2026 Mats Backman EVP and CFO Volvo Group | Third quarter 2026 23/10/2026
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19 Volvo Group | Third quarter 2026 23/10/2026 Net sales per market VOLVO GROUP NET SALES SEK bn
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20 Volvo Group | Third quarter 2026 23/10/2026 Adjusted operating income contributors VOLVO GROUP ADJUSTED OPERATING INCOME SEK bn + Service business + Net tariffs after IEEPA refund + Price realization + Volumes - Market and customer mix - Material costs - Freight costs
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21 Volvo Group | Third quarter 2026 23/10/2026 VOLVO GROUP Cash flow, ROCE and net financial position in Industrial Operations ROCE % 12 months NET FINANCIAL POSITION (Excl. pensions and lease liabilities) SEK bn OPERATING CASH FLOW SEK bn 12 months SEK 32.8 bn
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22 Volvo Group | Third quarter 2026 23/10/2026 Trucks Net sales and adjusted operating income ADJUSTED OPERATING INCOME SEK bn ADJUSTED OPERATING INCOME SEK bn (margin) 12 months 10.5% Currency SEK 703 M NET SALES SEK bn 12 months SEK 329 bn 10% 8% organic sales growth + Service business + Volumes + Price realization - Market and customer mix - Material costs - Selling expenses - Freight costs 9.4 (11.7%) 6.8 (9.1%) 9.1 (11.1%)
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23 Volvo Group | Third quarter 2026 23/10/2026 Construction Equipment Net sales and adjusted operating income ADJUSTED OPERATING INCOME SEK bn ADJUSTED OPERATING INCOME SEK bn (margin) 12 months 14.5% Currency SEK 88 M NET SALES SEK bn 12 months SEK 79 bn 5% +12% organic sales growth + Net tariffs after IEEPA refund + Market and brand mix + Service business 2.6 (13.6%) 2.7 (14.4%) 3.2 (16.1%)
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24 Volvo Group | Third quarter 2026 23/10/2026 Buses Net sales and adjusted operating income ADJUSTED OPERATING INCOME SEK M ADJUSTED OPERATING INCOME SEK M (margin) 12 months 8.5% Currency SEK 98 M NET SALES SEK bn 12 months SEK 25 bn - 3% - 6% organic sales growth + Price realization - Property divestment LY - Net US tariff costs - Brand and product mix 451 ( 7.7% ) 755 ( 12.6% ) 731 ( 11.8% )
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25 Volvo Group | Third quarter 2026 23/10/2026 Volvo Penta Net sales and adjusted operating income ADJUSTED OPERATING INCOME SEK M ADJUSTED OPERATING INCOME SEK M (margin) 12 months 17.4% Currency SEK 25 M NET SALES SEK bn 12 months SEK 21 bn +5% +4% organic sales growth + Product and market mix - Material costs 831 (17.7%) 934 (18.6%) 1,119 (21.1%)
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26 Volvo Group | Third quarter 2026 23/10/2026 Financial Services Credit portfolio and profitability ADJUSTED OPERATING INCOME SEK M ADJUSTED OPERATING INCOME SEK M 12 months SEK 3,940 M Currency SEK 36 M CREDIT PORTFOLIO & ROE* SEK bn 12 months 9.9% + Portfolio growth - Credit provisions - Selling expenses *As of Q1 2025, the equity ratio has been increased from 8% to10%.
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27 Volvo Group | Third quarter 2026 23/10/2026 VOLVO GROUP • Given currency rates at the end of September, the effect on operating income from net flows in foreign currency and the translation of operating income in foreign subsidiaries is expected to be positive SEK ~1.3 bn in Q4 2026. • In Q4, the forecasted net impact on operating income from U.S. tariffs of a negative SEK 0.7 bn is expected to be fully offset by a positive impact from refunds related to Section 232 MHDVP. • Net R&D capitalization/amortization effect on operating income SEK 4 bn FY26 and in line with FY25. • The tax rate estimated to be ~23% for FY 2026. Guidance FY 2026
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28 Volvo Group | Third quarter 2026 23/10/2026 VOLVO GROUP Third quarter highlights • Net sales amounted to SEK 119.5 bn (110.7) with an organic sales growth of 7 %. • Adjusted operating income reached SEK 14.7 bn (11.7), corresponding to a margin of 12.3% (10.6). • Operating cash flow in Industrial Operations amounted to SEK 7.2 bn ( - 1.7). • Net financial position in Industrial Operations amounted to SEK 43.8 bn (45.4). • Industrial Operations ROCE amounted to 27.5% (25.2). • EPS SEK 5.29 (3.71). NET SALES SEK bn* 12 months SEK 480 bn ADJUSTED OPERATING INCOME SEK bn (margin)* 12 months 11.3% 14.1 (12.0%) 14.7 (12.3%) 11.7 (10.6%) *For information on adjustments, see Note 6 in the quarterly report. 119.5 110.7 117.0 For information on organic sales growth, see Key Ratios in the quarterly report.
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29 Volvo Group | Third quarter 2026 23/10/2026 Questions and answers