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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 6 Net sales: SEK 119.5 billion (110.7) — — — — — — — — — — — — — — — — Adjusted operating income: SEK 14.7 billion (11.7) — — — — — — — — — — — — — — — —

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• In Q3 2026, net sales increased by 8% and amounted to SEK 119.5 billion (110.7). The organic sales growth1 was 7%. • Adjusted operating income2 amounted to SEK 14,693 M (11,707), corresponding to an adjusted operating margin of 12.3% (10.6). In Q3 2026, costs of SEK 339 M were excluded from adjusted operating income. In Q3 2025, a positive effect of SEK 811 M was excluded. • Reported operating income amounted to SEK 14,354 M (12,517), corresponding to an operating margin of 12.0% (11.3). • Compared with Q3 2025, currency movements had a positive impact on operating income amounting to SEK 970 M. • Earnings per share amounted to SEK 5.29 (3.71). • Operating cash flow in the Industrial Operations amounted to SEK 7,195 M (-1,739). • Return on capital employed in the Industrial Operations amounted to 27.5% (25.2). 110.7 119.5 Q3 2025 Q4 Q1 Q2 Q3 2026 11.7 14.7 10.6% 12.3% Q3 2025 Q4 Q1 Q2 Q3 2026 25.2% 27.5% Q3 2025 Q4 Q1 Q2 Q3 2026 Third quarter First nine months SEK M unless otherwise stated 2026 2025 2026 2025 Net sales 119,525 110,692 356,563 355,379 Adjusted operating income² 14,693 11,707 41,643 38,449 Adjusted operating margin, % 12.3 10.6 11.7 10.8 Operating income 14,354 12,517 38,510 35,737 Operating margin, % 12.0 11.3 10.8 10.1 Income after financial items 14,098 12,136 38,335 34,697 Income for the period 10,768 7,583 29,459 25,092 Earnings per share, SEK 5.29 3.71 14.48 12.22 Operating cash flow in Industrial Operations 7,195 -1,739 13,464 2,518 Net financial position in Industrial Operations³, SEK bn 43.8 45.4 Return on capital employed in Industrial Operations⁴, % 27.5 25.2 Return on equity in Financial Services⁴, % 9.9 11.3 Net order intake, number of trucks 46,918 37,134 173,085 140,122 Deliveries, number of trucks 49,611 44,631 152,802 146,228 Net order intake, number of construction equipment 7,250 10,546 23,953 44,442 Of which SDLG⁵ – 3,987 – 22,052 Deliveries, number of construction equipment 7,435 11,198 24,094 43,693 Of which SDLG⁵ – 3,987 – 22,052 1 Organic sales growth is adjusted for exchange rate changes, the acquisition of Swecon and the divestment of SDLG. For information, please see Key ratios. 2 For information on adjusted operating income, please see Note 6. 3 Excluding post-employment benefits and lease liabilities. 4 12 months rolling. 5 Unless otherwise stated, SDLG is included up until August 2025 throughout the report. O n t h e c o v e r : T h e I n t e r n a t i o n a l T r u c k o f t h e Y e a r 2 0 2 7 t i t l e w a s a w a r d e d t o V o l v o T r u c k s f o r i t s c o m p l e t e h e a v y ‑ d u t y e l e c t r i c l i n e u p . Q3 VOLVO GROUP THE THIRD QUARTER 2026 2 IN BRIEF Net sales, SEK bn Adjusted operating income, SEK bn 2 Adjusted operating margin, % Return on capital employed Industrial Operations, % 4

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The positive development in the Volvo Group's performance continued in Q3. We delivered net sales of SEK 119.5 billion, with an organic sales growth of 7%. Vehicle sales increased by 8% and service sales grew by 5% organically. We maintained good profitability, with adjusted operating income of SEK 14.7 billion (11.7) and an adjusted operating margin of 12.3% (10.6), supported by dedicated work across the Group. Operating cash flow in the Industrial Operations improved to SEK 7.2 billion. The gradual cyclical recovery in the truck and construction equipment markets continued in both Europe and North America, supported by the need to replace aging trucks and machines. Customer activity is on good levels, with high utilization of vehicles and machines supporting demand for services. Our service business continued to benefit from both higher volumes and positive price realization. Inflationary pressure remains, and we are working to gradually offset higher costs through pricing and operational efficiency. In our truck business, we continued to build on the positive momentum in North America. Both Volvo Trucks and Mack Trucks continued to strengthen their market positions, supported by our renewed and highly competitive product ranges. In Europe, demand remained at a good level, with Volvo Trucks maintaining its position as market leader in heavy-duty trucks. Capacity utilization in our European production system was high, and we are gradually increasing production capacity in North America on the back of the good order intake during the year. Total truck order intake increased by 26% and deliveries increased by 11%. Net sales in our truck business amounted to SEK 81.6 billion (74.2), with both vehicle and service sales growing by 8% organically. The adjusted operating margin improved to 11.1% (9.1). The strength and width of our product offer were clearly demonstrated during the quarter. At IAA Transportation in Hanover, Germany, in September, both Volvo Trucks and Renault Trucks presented highly competitive lineups, spanning electric and increasingly efficient conventional solutions. We are particularly proud that Volvo Trucks’ new heavy-duty electric range was awarded International Truck of the Year 2027 and that the new Renault Trucks Trafic Van E-Tech electric was named International Van of the Year 2027. In North America, both Volvo and Mack Trucks continue their major product renewals. Across our brands, we have new product and service offers on the market that improve our customers’ productivity, uptime and energy efficiency while reducing emissions. We also reached another important milestone in autonomous transport. Volvo Autonomous Solutions and Waabi started their first customer operation together, with the Volvo VNL Autonomous now transporting goods on the Dallas–Houston corridor in Texas. This is an important step in our journey toward commercializing autonomous freight solutions at scale. Volvo Construction Equipment continued to perform well. Demand for machines was supported by infrastructure invest- ments and data center construction in North America. Activity across the major European markets was generally good, although Germany has yet to show a material improvement. Machine sales grew by 13% organically. Customer activity and machine utilization remained at good levels, supporting the service business, with service sales growing by 5% organically. Net sales amounted to SEK 19.9 billion (18.9), with an adjusted operating margin of 16.1% (14.4). Volvo Buses continued to show resilience in underlying earnings despite lower volumes. Net sales amounted to SEK 5.8 billion (6.0) and the adjusted operating margin amounted to 7.7% (12.6). Volvo Penta continued to show strength, supported by good demand in marine commercial and power generation. Data centers are an increasingly important part of the business, representing 32% of the value of the order book at the end of the quarter. Net sales amounted to SEK 5.3 billion (5.0), and the adjusted operating margin was 21.1% (18.6). In Volvo Financial Services, portfolio performance remained stable, reflecting the current business environment and the financial health of our customers. Adjusted operating income amounted to SEK 1,102 M (1,029). While market conditions differ between regions and segments, our focus remains on what we can impact: staying close to our customers and delivering on our order backlog, maintaining cost and commercial discipline, while investing in the products and technologies that strengthen our long-term competitiveness. Together with our flexible business model and growing service business, this gives us a solid foundation for navigating changes in market demand and continuing to deliver good performance through the business cycle. Martin Lundstedt President and CEO Q3 VOLVO GROUP THE THIRD QUARTER 2026 3 CEO'S COMMENTS “While market conditions differ between regions and segments, our focus remains on what we can impact.” Good performance and gradually strengthening markets

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Volvo Group, Daimler Truck and Toyota Motor Corporation signed binding agreement for Toyota to join cellcentric On July 27, it was announced that Volvo Group, Daimler Truck AG, cellcentric and Toyota Motor Corporation had signed a binding agreement for Toyota to join as an equal partner and shareholder in cellcentric, with each owner to hold a third each. Completion of the transaction is conditional upon obtaining regulatory approvals. Through the collaboration, the parties intend to strengthen cellcentric’s position as a leading developer and manufacturer of fuel cell systems for heavy-duty commercial applications. Volvo Group announced energy park initiative as next step in Mariestad On September 10, Volvo Group announced the next step in the Mariestad expansion process with plans for an energy park near the intended battery cell production site. The energy park will be developed along two parallel tracks: a large-scale battery storage facility and a future test bed for innovative energy solutions. Initially, the park is expected to provide approximately 70 MW/260 MWh of battery storage capacity, making it one of the largest energy parks in Sweden. Industry leaders scale full value chain for hydrogen mobility across Europe On September 15, at IAA Transportation, Volvo Group, Daimler Truck, Toyota Motor Corporation, Bosch, Air Liquide, TotalEnergies, TEAL Mobility, and MB Energy unveiled their plans to accelerate the rollout of hydrogen-powered vehicles across Europe. For the first time in Europe, the German ecosystem has put in place all the conditions for a scalable deployment of hydrogen trucks by 2030, driven by the German authorities and European industrial leaders along the value chain. Building on the German deployment model as a practical baseline, scaling these solutions across the continent calls for aligned support from national governments and the European Commission to ensure long-term energy resilience and competitiveness. Events after the balance sheet date No significant events have occurred after the end of the third quarter 2026 that are expected to have a material effect on the Volvo Group's financial statements. Previously reported important events in 2026 • Volvo CE’s acquisition of Swecon completed • Volvo Group, Renault Group and CMA-CGM in agreement on strategic change for Flexis • Volvo Construction Equipment announced closure of Rokbak business • Toyota Motor Corporation aims to join Volvo Group and Daimler Truck as equal shareholder in the fuel cell joint venture cellcentric • Annual General Meeting of AB Volvo • Dividend paid to shareholders on April 15 • Changes to the Volvo Group Executive Board and Mack Trucks management team • Volvo Group North America has made a settlement with CARB • Volvo Financial Services and Eicher Motors Limited announce joint venture for financial services in India • Volvo Group Capital Markets Day – Built for Resilience and Growth • Volvo Group, Renault Group and CMA-CGM has completed agreement on strategic change for Flexis Detailed information is available at www.volvogroup.com Q3 VOLVO GROUP THE THIRD QUARTER 2026 4 IMPORTANT EVENTS

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Net sales In Q3 2026, the Volvo Group’s net sales increased by 8% to SEK 119,525 M compared with SEK 110,692 M in the same quarter the preceding year. Net sales increased in all regions except Asia. The decrease in Asia is explained by the divestment of SDLG in 2025. The organic sales growth was 7%, with vehicle sales increasing by 8% and service sales increasing by 5%. Operating income In Q3 2026, adjusted operating income amounted to SEK 14,693 M (11,707), corresponding to an adjusted operating margin of 12.3% (10.6). Compared with Q3 2025, adjusted operating income was positively impacted by a stronger service business, IEEPA tariff refunds, price realization and increased volumes, which were partially offset by a negative market and customer mix as well as higher material and freight costs. During Q3 2026, the net U.S. tariff impact was SEK 0.2 billion positive, as IEEPA tariff refunds of SEK 1.2 billion more than offset U.S. tariff costs. During the same period in the prior year, net tariff costs were SEK 0.5 billion. Compared with Q3 2025, currency movements had a positive impact of SEK 970 M. In Q3 2026, costs totaling SEK 339 M relating to claims arising from the European Commission’s 2016 antitrust settle- ment decision were excluded from adjusted operating income. The provision previously recognized for these claims has been fully utilized in Q3. At this stage it is not possible to make a reliable estimate of the total liability that could arise from such proceed- ings given the complexity of the claims and the different (and in some cases relatively early) stages to which national proceedings have progressed. Going forward, costs relating to these claims will be recognized in the Income Statement as incurred, and the costs will be excluded from adjusted operating income. In Q3 2025, a positive effect of SEK 811 M from the divestment of SDLG was excluded from adjusted operating income. For more information on adjusted operating income, please see Note 6. Reported operating income amounted to SEK 14,354 M (12,517). Financial items In Q3 2026, interest income was SEK 369 M (380), whereas interest expenses amounted to SEK -454 M (-451). Other financial income and expenses amounted to SEK -171 M (-310). The change is primarily due to revaluation effects of financial assets and liabilities. Income taxes In Q3 2026, income taxes amounted to SEK -3,330 M (-4,554). The effective tax rate was 23.6% (37.5). The high tax rate in Q3 2025 was mainly related to the taxable gain from the sale of the SDLG shares in China. Excluding the SDLG divestment, the effective tax rate in Q3 2025 was 23.5%. Income for the period and earnings per share In Q3 2026, income for the period amounted to SEK 10,768 M (7,583). Earnings per share amounted to SEK 5.29 (3.71). Consolidated Income Statement Third quarter First nine months SEK M 2026 2025 2026 2025 Net sales 119,525 110,692 356,563 355,379 Cost of sales -87,952 -83,214 -263,812 -269,342 Gross income 31,573 27,478 92,751 86,037 Research and development expenses -5,688 -5,511 -17,732 -19,549 Selling expenses -8,581 -7,791 -25,591 -24,236 Administrative expenses -1,741 -1,529 -5,305 -5,335 Other operating income and expenses -652 514 -4,923 52 Share of profit/loss on investments in joint ventures and associated companies -589 -622 -736 -1,214 Profit/loss on other investments 32 -22 45 -19 Operating income 14,354 12,517 38,510 35,737 Interest income and similar credits 369 380 1,150 1,491 Interest expenses and similar charges -454 -451 -1,292 -1,343 Other financial income and expenses -171 -310 -32 -1,189 Income after financial items 14,098 12,136 38,335 34,697 Income taxes -3,330 -4,554 -8,876 -9,604 Income for the period * 10,768 7,583 29,459 25,092 * Attributable to: Owners of AB Volvo 10,767 7,540 29,453 24,841 Non-controlling interest 1 43 6 251 Basic earnings per share, SEK 5.29 3.71 14.48 12.22 Diluted earnings per share, SEK 5.29 3.71 14.48 12.22 Q3 VOLVO GROUP THE THIRD QUARTER 2026 5 FINANCIAL SUMMARY

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Net sales Third quarter First nine months SEK M 2026 2025 Change % 2026 2025 Change % Net sales per geographical region Europe 48,668 47,261 3 161,307 148,996 8 North America 38,440 31,052 24 104,078 107,353 -3 South America 14,499 12,407 17 37,355 34,477 8 Asia 9,968 12,568 -21 30,474 42,821 -29 Africa and Oceania 7,949 7,403 7 23,349 21,732 7 Total net sales 119,525 110,692 8 356,563 355,379 – Net sales per product group Vehicles 85,705 79,543 8 259,144 262,201 -1 Services 33,820 31,149 9 97,419 93,178 5 Total net sales 119,525 110,692 8 356,563 355,379 – Timing of revenue recognition Revenue of vehicles and services recognized at the point of delivery 105,471 97,765 8 315,540 316,830 – Revenue of vehicles and services recognized over contract period 14,054 12,927 9 41,023 38,549 6 Total net sales 119,525 110,692 8 356,563 355,379 – Operating cash flow in the Industrial Operations During Q3 2026, operating cash flow in the Industrial Operations was positive in an amount of SEK 7,195 M (-1,739). Compared with Q3 2025, the increased operating cash flow is primarily an effect of higher operating income and lower build-up of working capital. -1.7 7.2 Q3 2025 Q4 Q1 Q2 Q3 2026 Q3 VOLVO GROUP THE THIRD QUARTER 2026 6 FINANCIAL SUMMARY Operating cash flow Industrial Operations, SEK bn

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Volvo Group financial position During Q3 2026, net financial assets in the Industrial Operations, excluding provisions for post-employment benefits and lease liabilities, increased by SEK 9.0 billion resulting in a net financial asset position of SEK 43.8 billion on September 30, 2026, compared with SEK 34.7 billion on June 30, 2026. The change is mainly explained by the positive operating cash flow. Currency movements increased net financial assets by SEK 0.4 billion. Including provisions for post-employment benefits and lease liabilities, the Industrial Operations net financial assets amounted to SEK 28.8 billion on September 30, 2026, compared with SEK 19.9 billion on June 30, 2026. Remeasurements of defined benefit pension plans had a positive impact of SEK 0.8 billion during Q3 2026. The Volvo Group’s cash and cash equivalents amounted to SEK 54.6 billion (73.4) on September 30, 2026. In addition, granted but unutilized credit facilities amounted to SEK 72.6 billion (61.2) on September 30, 2026. Cash and cash equivalents include SEK 1.7 billion (1.1) that are not available for use by the Volvo Group and SEK 7.0 billion (7.5) where other limitations exist, mainly liquid funds in countries where exchange controls or other legal restrictions apply. Total assets in the Volvo Group increased by SEK 57.8 billion compared with year end 2025, whereof SEK 40.4 billion is related to currency movements. On September 30, 2026, total equity for the Volvo Group amounted to SEK 191.4 billion compared with SEK 178.5 billion at year end 2025. The equity ratio was 27.1% (27.5). On the same date the equity ratio in the Industrial Operations amounted to 37.2% (37.6). 45.4 43.8 Q3 2025 Q4 Q1 Q2 Q3 2026 Number of employees On September 30, 2026, the Volvo Group had 102,402 employees, including temporary employees and consultants, compared with 101,993 employees on June 30, 2026. The number of blue-collar employees increased by 681 people while the number of white-collar employees decreased by 272 people. Sep 30 2026 Jun 30 2026 Mar 31 2026 Dec 31 2025 Sep 30 2025 Blue-collar 50,052 49,371 48,478 46,477 48,138 Whereof temporary employees and consultants 6,032 5,604 4,957 3,717 5,149 White-collar 52,350 52,622 52,724 52,367 52,039 Whereof temporary employees and consultants 6,835 6,972 6,946 7,129 6,837 Total number of employees 102,402 101,993 101,202 98,844 100,177 Whereof temporary employees and consultants 12,867 12,576 11,903 10,846 11,986 Number of employees Forward-looking guidance Based on exchange rates as of September 30, 2026, the currency effect on operating income from net flows in foreign currencies and the translation of operating income in foreign subsidiaries is expected to have a positive impact of approximately SEK 1.3 billion in Q4 2026 compared with Q4 2025. In Q4 2026, the forecasted net impact on operating income from U.S. tariffs of a negative SEK 0.7 billion is expected to be fully offset by a positive impact from refunds related to Section 232 MHDVP. In Q4 2025, the net impact from U.S. tariffs was a negative SEK 0.8 billion. The net of capitalization and amortization of research and development expenses is expected to have a positive impact on operating income of approximately SEK 4.0 billion for the full year 2026. The effect for the full year 2026 compared with the full year 2025 is expected to be approximately zero. The effective tax rate for the full year 2026 is estimated to be approximately 23%. Q3 VOLVO GROUP THE THIRD QUARTER 2026 7 FINANCIAL SUMMARY Net financial position excl. post-employment benefits and lease liabilities Industrial Operations, SEK bn

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zz Net sales Third quarter Change First nine months Change 12 mths. Jan-Dec SEK M 2026 2025 % %¹ 2026 2025 % %¹ rolling 2025 Trucks 81,583 74,196 10 8 243,806 238,134 2 5 329,136 323,463 Construction Equipment 19,904 18,926 5 4 59,813 62,949 -5 -2 78,506 81,641 Buses 5,836 6,009 -3 -6 17,495 17,481 – 1 25,086 25,072 Volvo Penta 5,306 5,030 5 4 16,007 15,494 3 6 21,110 20,597 Group Functions & Other 2,540 2,235 14 13 7,147 8,582 -17 -14 10,047 11,481 Eliminations -1,155 -1,153 – – -3,582 -3,549 – – -4,778 -4,746 Industrial Operations 114,014 105,244 8 7 340,687 339,090 – 3 459,106 457,509 Financial Services 6,747 6,570 3 – 19,518 19,848 -2 – 26,138 26,469 Reclassifications and eliminations -1,236 -1,122 – – -3,642 -3,560 – – -4,878 -4,795 Volvo Group net sales 119,525 110,692 8 6 356,563 355,379 – 3 480,366 479,183 1 Adjusted for exchange rate changes. Adjusted operating income ¹ Third quarter Change First nine months Change 12 mths. Jan-Dec SEK M 2026 2025 % 2026 2025 % rolling 2025 Trucks 9,050 6,761 34 26,367 23,624 12 34,473 31,730 Construction Equipment 3,214 2,722 18 8,818 8,257 7 11,417 10,856 Buses 451 755 -40 1,442 1,590 -9 2,124 2,272 Volvo Penta 1,119 934 20 3,071 2,982 3 3,679 3,590 Group Functions & Other -275 -543 49 -1,096 -1,231 11 -1,310 -1,446 Eliminations – -3 – -134 10 – -103 41 Industrial Operations 13,559 10,627 28 38,469 35,231 9 50,281 47,043 Financial Services 1,102 1,029 7 3,051 3,028 1 3,940 3,916 Reclassifications and eliminations 32 51 – 123 191 – 191 258 Volvo Group adjusted operating income 14,693 11,707 26 41,643 38,449 8 54,412 51,218 Adjustments ¹ -339 811 – -3,133 -2,712 – -3,133 -2,712 Volvo Group operating income 14,354 12,517 15 38,510 35,737 8 51,279 48,506 1 For more information on adjusted operating income, please see Note 6. Adjusted operating margin Third quarter First nine months 12 mths. Jan-Dec % 2026 2025 2026 2025 rolling 2025 Trucks 11.1 9.1 10.8 9.9 10.5 9.8 Construction Equipment 16.1 14.4 14.7 13.1 14.5 13.3 Buses 7.7 12.6 8.2 9.1 8.5 9.1 Volvo Penta 21.1 18.6 19.2 19.2 17.4 17.4 Industrial Operations 11.9 10.1 11.3 10.4 11.0 10.3 Volvo Group adjusted operating margin 12.3 10.6 11.7 10.8 11.3 10.7 Volvo Group operating margin 12.0 11.3 10.8 10.1 10.7 10.1 Q3 VOLVO GROUP THE THIRD QUARTER 2026 8 BUSINESS SEGMENT OVERVIEW

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Market development In Q3, both the European and North American truck market had a good development on the back of solid replacement demand, supported by an elevated age of the installed truck population, good fleet utilization and improved profitability among many customers. European demand is broad-based across markets, and heavy-duty truck registrations through September increased by 8% compared with the same period in 2025. In North America, retail sales declined by 6% through September because of a slow start to the year. The Brazilian truck market declined by 4% compared with the prior year due to high interest rates, U.S. tariffs and increased energy costs. Governmental interest-rate subsidies in the Move Brazil program have supported demand in 2026, but funds have been consumed and no more funding has been presented ahead of the election in October. Demand in India continued to grow supported by steady freight and mining activity, investments in infrastructure and healthy replacement demand. As of September, the Indian truck market grew by 28% compared with the prior year. The Chinese market has been supported by a governmental subsidy program to stimulate transition into battery electric vehicles and lower level emission engines. Year to date the Chinese market grew 2% compared with the prior year. Orders and deliveries In Q3, total net order intake increased by 26% year over year and reached 46,918 trucks and deliveries increased by 11% to 49,611 units. Heavy-duty trucks net orders increased by 29% and deliveries increased by 11%. In Europe, order intake increased by 22% to 25,989 units, with orders for heavy- and medium-duty trucks increasing by 25% and orders for light-duty trucks increasing by 13%. Total deliveries in Europe increased by 4% to 23,158 trucks, with heavy- and medium-duty trucks increasing by 3% and light-duty trucks increasing by 10%. Volvo's European heavy-duty market share through September reached 19.5% (19.3) and Renault Trucks' market share reached 9.1% (9.3). Both Volvo and Renault Trucks experienced more competition in the battery-electric heavy-duty truck market and Volvo's market share declined to 14.1% (27.6) and Renault Trucks' to 8.7% (17.0). Order intake in North America increased by 18% to 11,150 trucks. In the beginning of the quarter, production slots for 2026 were almost sold out. Order books for 2027 were opened at the beginning of September. Deliveries in North America increased by 42% to 13,683 trucks. Through September, Volvo's heavy-duty truck market share grew to 9.1% (8.3) and Mack's market share grew to 8.3% (7.3). In South America, order intake increased by 92% to 4,286 trucks supported by the Move Brazil subsidy program and deliveries increased by 9% to 7,408 vehicles. In Brazil, Volvo retained its strong market position in heavy-duty trucks with a market share of 23.1% (23.1). Order intake in Asia increased by 99% to 3,556 vehicles while deliveries declined by 9% to 3,388 vehicles. The strong increase in order intake is mainly explained by Turkey, where there were cancellations last year and good demand in Q3 this year. Order intake for fully-electric trucks increased by 163% to 1,928 trucks with increases for all brands while deliveries decreased by 17% to 878 trucks. Order intake in the Indian joint venture, VE Commercial Vehicles, increased by 33% to 24,159 vehicles while deliveries increased by 33% to 24,105 vehicles. Deliveries from the Chinese joint venture, Dongfeng Commercial Vehicles, decreased by 50% to 16,046 trucks. Net sales and operating income In Q3 2026, net sales increased by 10% to SEK 81,583 M (74,196). The organic sales growth was 8%, with sales of vehicles at 8% and sales of services at 8%. In Q3, adjusted operating income amounted to SEK 9,050 M (6,761), corresponding to an adjusted operating margin of 11.1% (9.1). Compared with Q3 2025, the higher operating income is an Total market development First nine months Change Full year Forecast Change vs. Forecast Registrations, number of trucks 2026 2025 % 2025 2026 previous 2026 forecast 2027 Europe 29 ¹, heavy-duty 209,577 194,619 8 262,485 – – – Europe 30 ¹, heavy-duty 233,332 218,881 7 296,430 315,000 Unchanged 320,000 North America heavy-duty, retail sales 186,739 199,706 -6 257,968 265,000 Unchanged 300,000 Brazil heavy-duty 61,202 63,883 -4 86,654 80,000 Unchanged 75,000 China medium- and heavy-duty 665,503 652,501 2 903,263 900,000 +20,000 850,000 India medium- and heavy-duty 344,127 268,259 28 378,082 450,000 +50,000 470,000 1 EU29 includes Norway and Switzerland but excludes UK. EU30 includes UK. Q3 VOLVO GROUP THE THIRD QUARTER 2026 9 TRUCKS Increased earnings and strong order intake • In Q3, net order intake increased by 26% and deliveries increased by 11% • Adjusted operating income of SEK 9,050 M (6,761), with a margin of 11.1% (9.1) • Service sales increased by 8% organically

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Net order intake Third quarter Change First nine months Change Number of trucks 2026 2025 % 2026 2025 % Europe 25,989 21,290 22 87,279 78,181 12 Heavy- and medium-duty 21,091 16,937 25 71,186 64,648 10 Light-duty 4,898 4,353 13 16,093 13,533 19 North America 11,150 9,434 18 47,673 27,894 71 South America 4,286 2,227 92 19,536 15,054 30 Asia 3,556 1,783 99 11,846 11,967 -1 Africa and Oceania 1,937 2,400 -19 6,751 7,026 -4 Total order intake 46,918 37,134 26 173,085 140,122 24 Heavy-duty (>16 tons) 39,425 30,483 29 147,424 118,591 24 Medium-duty (7-16 tons) 2,564 2,296 12 9,413 7,969 18 Light-duty (<7 tons) 4,929 4,355 13 16,248 13,562 20 Total order intake 46,918 37,134 26 173,085 140,122 24 Volvo 29,843 20,520 45 104,747 83,020 26 Renault Trucks 12,067 11,078 9 43,846 41,080 7 Heavy- and medium-duty 7,138 6,723 6 27,598 27,518 – Light-duty 4,929 4,355 13 16,248 13,562 20 Mack 4,883 5,370 -9 24,060 15,501 55 Other brands 125 166 -25 432 521 -17 Total order intake 46,918 37,134 26 173,085 140,122 24 Non-consolidated operations VE Commercial Vehicles (Eicher) 24,159 18,214 33 69,747 53,611 30 Deliveries Third quarter Change First nine months Change Number of trucks 2026 2025 % 2026 2025 % Europe 23,158 22,200 4 82,024 72,930 12 Heavy- and medium-duty 19,170 18,570 3 66,786 60,380 11 Light-duty 3,988 3,630 10 15,238 12,550 21 North America 13,683 9,622 42 35,392 36,918 -4 South America 7,408 6,784 9 18,769 18,430 2 Asia 3,388 3,735 -9 10,111 11,538 -12 Africa and Oceania 1,974 2,290 -14 6,506 6,412 1 Total deliveries 49,611 44,631 11 152,802 146,228 4 Heavy-duty (>16 tons) 43,063 38,627 11 129,026 125,174 3 Medium-duty (7-16 tons) 2,521 2,373 6 8,387 8,481 -1 Light-duty (<7 tons) 4,027 3,631 11 15,389 12,573 22 Total deliveries 49,611 44,631 11 152,802 146,228 4 Volvo 31,266 27,994 12 91,035 86,381 5 Renault Trucks 11,209 10,901 3 41,443 37,830 10 Heavy- and medium-duty 7,182 7,270 -1 26,054 25,257 3 Light-duty 4,027 3,631 11 15,389 12,573 22 Mack 6,976 5,619 24 19,764 21,684 -9 Other brands 160 117 37 560 333 68 Total deliveries 49,611 44,631 11 152,802 146,228 4 Non-consolidated operations VE Commercial Vehicles (Eicher) 24,105 18,083 33 69,390 53,680 29 Dongfeng Commercial Vehicle Company (Dongfeng Trucks) 16,046 32,141 -50 78,834 94,784 -17 effect of an improved service business, increased volumes and price realization, which were partially offset by a negative market and customer mix, increased material costs, increased selling expenses and higher freight costs. Compared with Q3 2025, currency movements had a positive impact of SEK 703 M. In Q3 2026, costs totaling SEK 339 M relating to claims arising from the European Commission’s 2016 antitrust settlement decision were excluded from adjusted operating income. There were no adjustments in Q3 2025. For more information on adjusted operating income, please see Note 6. Reported operating income amounted to SEK 8,711 M (6,761). Q3 VOLVO GROUP THE THIRD QUARTER 2026 10 TRUCKS

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Net order intake and deliveries of fully electric trucks Third quarter Change First nine months Change Number of trucks 2026 2025 % 2026 2025 % Volvo 789 287 175 1,551 1,118 39 Renault Trucks 1,126 444 154 2,608 1,572 66 Heavy- and medium-duty 378 131 189 630 471 34 Light-duty 748 313 139 1,978 1,101 80 Mack 13 2 550 19 10 90 Total order intake of fully electric trucks 1,928 733 163 4,178 2,700 55 Volvo 196 358 -45 873 938 -7 Renault Trucks 677 697 -3 1,947 1,927 1 Heavy- and medium-duty 147 181 -19 487 593 -18 Light-duty 530 516 3 1,460 1,334 9 Mack 5 6 -17 12 53 -77 Total deliveries of fully electric trucks 878 1,061 -17 2,832 2,918 -3 Net sales and operating income Third quarter Change First nine months Change SEK M 2026 2025 % 2026 2025 % Net sales per geographical region Europe 35,714 35,588 – 120,974 112,726 7 North America 24,217 18,716 29 63,931 68,567 -7 South America 11,268 9,299 21 28,344 25,819 10 Asia 5,490 5,742 -4 16,076 18,095 -11 Africa and Oceania 4,893 4,852 1 14,481 12,926 12 Total net sales 81,583 74,196 10 243,806 238,134 2 Net sales per product group Vehicles 62,052 56,473 10 187,473 184,864 1 Services 19,531 17,723 10 56,333 53,270 6 Total net sales 81,583 74,196 10 243,806 238,134 2 Timing of revenue recognition Revenue of vehicles and services recognized at the point of delivery 75,173 68,382 10 224,709 220,604 2 Revenue of vehicles and services recognized over contract period 6,410 5,814 10 19,097 17,530 9 Total net sales 81,583 74,196 10 243,806 238,134 2 Adjusted operating income ¹ 9,050 6,761 34 26,367 23,624 12 Adjustments -339 – – -2,450 -2,947 – Operating income 8,711 6,761 29 23,918 20,677 16 Adjusted operating margin, % 11.1 9.1 10.8 9.9 Operating margin, % 10.7 9.1 9.8 8.7 1 For more information on adjusted operating income, please see Note 6. Important events In September, Volvo Trucks' full electric range was awarded the prestigious industry award International Truck of the Year 2027. This is the company's eighth win, and the second time Volvo FH Electric has won the International Truck of the Year. At the IAA Transportation show in Hanover, Germany in September, Renault Trucks presented for the first time its new light commercial vehicle developed on a 100% electric platform: the Renault Trucks E-Tech Trafic. The new Renault Trucks Trafic Van E-Tech electric was named International Van of the Year 2027. In October, Volvo Autonomous Solutions and Waabi announced the start of autonomous operations for Warp in Texas, the first customer operation in the partnership between Volvo and Waabi. The Volvo VNL Autonomous is now transporting freight directly to third-party facilities along the Dallas–Houston corridor. In October, Volvo Trucks launched the all-new Volvo VNX, a heavy-duty truck engineered from the ground up for North America's most demanding work. The all-new Volvo VNX is the third truck that Volvo has introduced in North America in less than three years. Q3 VOLVO GROUP THE THIRD QUARTER 2026 11 TRUCKS

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Market development In Q3, the global machine market continued to expand year over year, with growth across all regions. The market in Europe continued to increase, with growth in almost all countries supported by continued infrastructure investments and a more positive business sentiment. However, demand in Germany has yet to show a meaningful improvement. The North American market continued to show good resilience supported by investments in data centers, energy infrastructure, and the onshoring of manufacturing. Growth was mainly in the heavy machine segment. South America saw expansion in all markets, although at a somewhat slower pace than earlier in the year due to a wait-and-see approach among some customers in Brazil ahead of the election. Demand was driven by heavy infrastructure and mining. The Asian market increased, with growth in Southeast Asia and India supported by infrastructure spending and strategic industrial investments such as semiconductors. On the other hand, there was a decline in demand in the Middle East. The markets in Australia and Africa had strong growth, driven by infrastructure and mining projects. The Chinese market grew, driven by replacement demand, farmland transformation and urban improvement construction. Orders and deliveries In Q3, net order intake for the Volvo brand increased by 16%, with increases in North America and Europe as well as in Africa and Oceania, while it decreased in South America and Asia. Total net order intake was 31% lower than in the prior year as a consequence of the divestment of SDLG on September 1, 2025. Deliveries in Q3 for the Volvo brand increased by 8%, with higher deliveries in North and South America, Africa and Oceania, as well as Europe, which were partly offset by lower deliveries in Asia. Total volumes decreased by 34% due to the divestment of SDLG. Net sales and operating income In Q3, net sales increased by 5% to SEK 19,904 M (18,926). The organic sales growth was 12%, of which net sales of machines increased by 13% and service sales increased by 5%. Total market development Year-to-date August Forecast Previous forecast Forecast Change in % measured in units 2026 2026 2026 2027 Europe 10 +5% to +15% 0% to +10% 0% to +10% North America 7 0% to +10% 0% to +10% 0% to +10% South America 28 0% to +10% -5% to +5% -10% to 0% Asia excl. China 5 -5% to +5% -10% to 0% -5% to +5% China 16 +5% to +15% +5% to +15% -5% to +5% Net order intake Third quarter Change First nine months Change Number of construction equipment 2026 2025 % 2026 2025 % Europe 2,660 2,522 5 9,268 9,284 – North America 1,960 1,086 80 5,513 4,255 30 South America 263 680 -61 1,351 1,721 -21 Asia 1,837 5,454 -66 6,385 26,208 -76 Africa and Oceania 530 804 -34 1,436 2,974 -52 Total orders 7,250 10,546 -31 23,953 44,442 -46 Large and medium construction equipment 5,685 8,099 -30 18,627 32,503 -43 Compact construction equipment 1,565 2,447 -36 5,326 11,939 -55 Total orders 7,250 10,546 -31 23,953 44,442 -46 Volvo 7,114 6,127 16 23,392 21,864 7 SDLG – 3,987 – – 22,052 – Other brands 136 432 -69 561 526 7 Total orders 7,250 10,546 -31 23,953 44,442 -46 Fully electric 116 553 -79 353 2,623 -87 Of which SDLG – 510 – – 2,418 – Q3 VOLVO GROUP THE THIRD QUARTER 2026 12 CONSTRUCTION EQUIPMENT • In Q3, deliveries of Volvo branded machines increased by 8% while order intake increased by 16% • Adjusted operating income of SEK 3,214 M (2,722), with a margin of 16.1% (14.4) • Organic service sales growth of 5% Improved earnings supported by good service business

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Deliveries Third quarter Change First nine months Change Number of construction equipment 2026 2025 % 2026 2025 % Europe 2,868 2,797 3 9,571 8,746 9 North America 1,911 1,352 41 5,245 4,405 19 South America 455 619 -26 1,401 1,689 -17 Asia 1,725 5,699 -70 6,450 25,898 -75 Africa and Oceania 476 731 -35 1,427 2,955 -52 Total deliveries 7,435 11,198 -34 24,094 43,693 -45 Large and medium construction equipment 5,684 8,357 -32 18,441 31,736 -42 Compact construction equipment 1,751 2,841 -38 5,653 11,957 -53 Total deliveries 7,435 11,198 -34 24,094 43,693 -45 Volvo 7,309 6,779 8 23,533 21,117 11 SDLG – 3,987 – – 22,052 – Other brands 126 432 -71 561 524 7 Total deliveries 7,435 11,198 -34 24,094 43,693 -45 Fully electric 99 586 -83 244 2,631 -91 Of which SDLG – 510 – – 2,418 – Net sales and operating income Third quarter Change First nine months Change SEK M 2026 2025 % 2026 2025 % Net sales per geographical region Europe 7,899 6,449 22 24,856 20,205 23 North America 6,316 4,766 33 17,445 15,288 14 South America 1,045 1,057 -1 2,782 2,845 -2 Asia 2,906 5,246 -45 9,639 19,507 -51 Africa and Oceania 1,738 1,407 24 5,090 5,104 – Total net sales 19,904 18,926 5 59,813 62,949 -5 Net sales per product group Construction equipment 15,437 15,101 2 47,135 51,471 -8 Services 4,467 3,825 17 12,678 11,477 10 Total net sales 19,904 18,926 5 59,813 62,949 -5 Timing of revenue recognition Revenue of vehicles and services recognized at the point of delivery 18,578 18,041 3 56,031 60,341 -7 Revenue of vehicles and services recognized over contract period 1,326 884 50 3,782 2,608 45 Total net sales 19,904 18,926 5 59,813 62,949 -5 Of which SDLG – 1,962 – – 10,099 – Adjusted operating income ¹ 3,214 2,722 18 8,818 8,257 7 Adjustments – 811 – -684 581 – Operating income 3,214 3,532 -9 8,134 8,837 -8 Adjusted operating margin, % 16.1 14.4 14.7 13.1 Operating margin, % 16.1 18.7 13.6 14.0 1 For more information on adjusted operating income, please see Note 6. Adjusted operating income amounted to SEK 3,214 M (2,722), corresponding to an adjusted operating margin of 16.1% (14.4). Compared with Q3 2025, lower net U.S. tariff costs after an IEEPA tariff refund, a positive market and brand mix, and an improved service business contributed to the improved earnings. Currency movements had a positive impact of SEK 88 M. For more information on adjusted operating income, please see Note 6. Reported operating income amounted to SEK 3,214 M (3,532). Important events Volvo Construction Equipment has significantly expanded production at its Shippensburg, Pennsylvania facility. The site has begun production of its first excavators and large wheel loaders, reducing customer lead times by more than six weeks. Q3 VOLVO GROUP THE THIRD QUARTER 2026 13 CONSTRUCTION EQUIPMENT

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In Q3, demand in some key markets, including Brazil and Mexico, continued to be lower compared with the same period in the prior year. Total deliveries decreased by 9% to 1,273 units. The transition towards electric vehicles in city traffic continued and 101 electric buses were delivered in the quarter. Net order intake increased by 8% compared with Q3 2025. Net sales in Q3 amounted to SEK 5,836 M (6,009). Organic sales decreased by 6%, with vehicle sales decreasing by 8% and service sales decreasing by 1%. Both adjusted and reported operating income amounted to SEK 451 M (755), with an operating margin of 7.7% (12.6). Income was positively impacted by price realization, while net U.S. tariff costs and an unfavorable brand and product mix had a negative effect. In Q3 2025, both adjusted and reported operating income included a gain on a property sale of SEK 170 M. Currency movements had a positive impact of SEK 98 M in Q3 2026 compared with Q3 2025. During Q3, Volvo Buses relaunched the Volvo 9700 coach for Europe. Together with the introduction of the Volvo B13R with Marcopolo Paradiso G8 body and the continued rollout of the Volvo BZR Electric coach, the expanded product range supports Volvo Buses’ ambition to grow in the European coach segment. To support the transition to sustainable public transport in Hong Kong, Volvo Buses launched the Volvo BZL DD Electric in the quarter. With a 6x2 tri-axle configuration, it meets the city’s need for high passenger capacity in one of the world’s most demanding public transport environments. Net order intake and deliveries Third quarter Change First nine months Change Number of buses 2026 2025 % 2026 2025 % Total orders 1,412 1,311 8 3,720 4,228 -12 Of which fully electric 40 86 -53 194 298 -35 Total deliveries 1,273 1,393 -9 3,757 4,154 -10 Of which fully electric 101 77 31 331 315 5 Net sales and operating income ¹ Third quarter Change First nine months Change SEK M 2026 2025 % 2026 2025 % Net sales per geographical region Europe 1,536 1,492 3 4,672 4,928 -5 North America 2,481 3,062 -19 7,887 7,799 1 South America 514 448 15 1,354 1,248 8 Asia 454 354 28 1,254 1,310 -4 Africa and Oceania 850 652 30 2,328 2,196 6 Total net sales 5,836 6,009 -3 17,495 17,481 – Net sales per product group Vehicles 4,278 4,487 -5 12,990 13,059 -1 Services 1,558 1,522 2 4,506 4,422 2 Total net sales 5,836 6,009 -3 17,495 17,481 – Timing of revenue recognition Revenue of vehicles and services recognized at the point of delivery 5,451 5,661 -4 16,395 16,552 -1 Revenue of vehicles and services recognized over contract period 385 348 10 1,100 929 18 Total net sales 5,836 6,009 -3 17,495 17,481 – Adjusted operating income ¹ 451 755 -40 1,442 1,590 -9 Adjustments – – – 116 -80 – Operating income 451 755 -40 1,558 1,509 3 Adjusted operating margin, % 7.7 12.6 8.2 9.1 Operating margin, % 7.7 12.6 8.9 8.6 1 For more information on adjusted operating income, please see Note 6. Q3 VOLVO GROUP THE THIRD QUARTER 2026 14 BUSES • In Q3, deliveries decreased by 9% while net order intake increased by 8% • Both adjusted and reported operating income of SEK 451 M (755), with a margin of 7.7% (12.6) • Organic service sales decreased by 1% Resilience in underlying earnings on lower volumes

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In the Marine business, leisure volumes remained stable on lower levels, reflecting continued consumer caution. Marine commercial volumes increased, supported by government demand, while the superyacht segment remained stable. In the Industrial business, mobile power solutions continued to perform strongly, supported by mining, construction and growth in China. Power generation also grew, as strong deliveries to data centers in North America more than offset subdued demand in the Middle East and Europe. In Q3, net order intake increased by 46% to 11,971 units mainly driven by the data center business in North America, while deliveries decreased by 2% to 9,092 units. Net sales increased by 5% to SEK 5,306 M (5,030). Organic sales increased by 4%, driven by a 7% increase in engine sales and a 1% decrease in service sales. Both adjusted and reported operating income amounted to SEK 1,119 M (934), corresponding to an adjusted operating margin of 21.1% (18.6). Operating income was positively affected by a favorable product and market mix, which was partly offset by increased material cost. Compared with Q3 2025, the currency impact on operating income was positive in the amount of SEK 25 M. Volvo Penta has continued to expand its data center business, with data center applications representing 32% of the total order book value at the end of Q3. Net order intake and deliveries Third quarter Change First nine months Change Number of engines 2026 2025 % 2026 2025 % Total orders 11,971 8,190 46 31,320 28,762 9 Of which fully electric 5 1 400 23 31 -26 Total deliveries 9,092 9,302 -2 29,341 28,819 2 Of which fully electric 3 7 -57 23 45 -49 Net sales and operating income Third quarter Change First nine months Change SEK M 2026 2025 % 2026 2025 % Net sales per geographical region Europe 2,310 2,362 -2 7,596 7,398 3 North America 1,558 1,164 34 3,985 3,442 16 South America 235 203 16 651 606 7 Asia 927 1,005 -8 2,918 3,204 -9 Africa and Oceania 276 297 -7 857 844 2 Total net sales 5,306 5,030 5 16,007 15,494 3 Net sales per product group Engines 3,725 3,453 8 11,458 11,125 3 Services 1,580 1,578 – 4,549 4,369 4 Total net sales 5,306 5,030 5 16,007 15,494 3 Timing of revenue recognition Revenue of vehicles and services recognized at the point of delivery 5,296 5,018 6 15,970 15,458 3 Revenue of vehicles and services recognized over contract period 10 13 -23 37 36 3 Total net sales 5,306 5,030 5 16,007 15,494 3 Adjusted operating income ¹ 1,119 934 20 3,071 2,982 3 Adjustments – – – -6 -218 – Operating income 1,119 934 20 3,065 2,764 11 Adjusted operating margin, % 21.1 18.6 19.2 19.2 Operating margin, % 21.1 18.6 19.1 17.8 1 For more information on adjusted operating income, please see Note 6. Q3 VOLVO GROUP THE THIRD QUARTER 2026 15 VOLVO PENTA Strong demand for power generation driven by data centers in North America • In Q3, order intake increased by 46% while deliveries decreased by 2% • Both adjusted and reported operating income of SEK 1,119 M (934), with a margin of 21.1% (18.6) • Data center applications have grown to represent 32% of order book value

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In Q3 2026, the net credit portfolio for Financial Services continued to grow. Adjusted for currency, the portfolio increased by 4% compared with Q3 2025. The portfolio performance continued to be stable, although delinquencies and write-offs remained at elevated levels. Compared with Q3 2025, new business volume increased by 10%, adjusted for currency. In Q3, both adjusted and reported operating income amounted to SEK 1,102 M (1,029). Profitable portfolio growth was the main driver, while higher selling expenses and increased credit provision expenses had a negative impact. Currency movements had a positive impact of SEK 36 M compared to Q3 2025. Return on equity amounted to 9.9% (11.3) on a rolling 12- month basis. Financial Services Third quarter First nine months SEK M unless otherwise stated 2026 2025 2026 2025 Number of financed units, 12 months rolling 67,037 67,569 Total penetration rate, 12 months rolling, % ¹ 30 31 New retail financing volume, SEK billion 28.5 25.4 79.3 78.1 Credit portfolio net, SEK billion 284 259 Net sales 6,747 6,570 19,518 19,848 Credit provision expenses 392 379 1,138 1,011 Adjusted operating income² 1,102 1,029 3,051 3,028 Adjustments – – -81 -47 Operating income 1,102 1,029 2,970 2,980 Credit reserves, % of credit portfolio 1.40 1.36 Return on equity³, 12 months rolling, % 9.9 11.3 1 Share of unit sales financed by Volvo Financial Services in relation to the total number of units sold by the Volvo Group in markets where financial services are offered. 2 For more information on adjustments, please see Note 6. 3 As of Q1 2025, the equity ratio has been increased from 8.0% to 10.0%. Q3 VOLVO GROUP THE THIRD QUARTER 2026 16 FINANCIAL SERVICES Maintained earnings resilience and continued portfolio growth • In Q3, new business volume increased by 10%, adjusted for currency • Both adjusted and reported operating income of SEK 1,102 M (1,029) • Stable portfolio performance

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CONSOLIDATED INCOME STATEMENT - THIRD QUARTER Industrial Operations Financial Services Eliminations Volvo Group SEK M 2026 2025 2026 2025 2026 2025 2026 2025 Net sales 114,014 105,244 6,747 6,570 -1,236 -1,122 119,525 110,692 Cost of sales -84,799 -79,912 -4,421 -4,476 1,268 1,173 -87,952 -83,214 Gross income 29,215 25,332 2,326 2,095 32 51 31,573 27,478 Research and development expenses -5,688 -5,511 – – – – -5,688 -5,511 Selling expenses -7,764 -7,039 -817 -752 – – -8,581 -7,791 Administrative expenses -1,737 -1,525 -4 -4 – – -1,741 -1,529 Other operating income and expenses -248 825 -404 -311 – – -652 514 Share of profit/loss on investments in joint ventures and associated companies -589 -622 – – – – -589 -622 Profit/loss on other investments 32 -23 1 – – – 32 -22 Operating income 13,220 11,438 1,102 1,029 32 51 14,354 12,517 Interest income and similar credits 401 431 – – -32 -51 369 380 Interest expenses and similar charges -454 -451 – – – – -454 -451 Other financial income and expenses -171 -310 – – – – -171 -310 Income after financial items 12,996 11,108 1,102 1,029 – – 14,098 12,136 Income taxes -3,044 -4,304 -286 -250 – – -3,330 -4,554 Income for the period * 9,952 6,804 816 779 – – 10,768 7,583 * Attributable to: Owners of AB Volvo 10,767 7,540 Non-controlling interest 1 43 Basic earnings per share, SEK 5.29 3.71 Diluted earnings per share, SEK 5.29 3.71 Key ratios, % Gross margin 25.6 24.1 26.4 24.8 Research and development expenses as % of net sales 5.0 5.2 4.8 5.0 Selling expenses as % of net sales 6.8 6.7 7.2 7.0 Administrative expenses as % of net sales 1.5 1.4 1.5 1.4 Operating margin 11.6 10.9 12.0 11.3 CONSOLIDATED OTHER COMPREHENSIVE INCOME - THIRD QUARTER SEK M 2026 2025 Income for the period 10,768 7,583 Items that will not be reclassified to income statement: Remeasurements of defined benefit pension plans 606 1,709 Remeasurements of holding of shares at fair value -5 1 Share of OCI related to joint ventures and associated companies -8 – Items that may be reclassified subsequently to income statement: Exchange rate changes on translation of foreign operations 3,381 -484 Share of OCI related to joint ventures and associated companies -1 -12 Accumulated exchange rate changes reversed to income – -863 Other comprehensive income, net of income taxes 3,973 350 Total comprehensive income for the period * 14,741 7,933 * Attributable to: Owners of AB Volvo 14,738 7,886 Non-controlling interest 3 47 Q3 VOLVO GROUP THE THIRD QUARTER 2026 17 FINANCIAL STATEMENTS

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CONSOLIDATED INCOME STATEMENT - FIRST NINE MONTHS Industrial Operations Financial Services Eliminations Volvo Group SEK M 2026 2025 2026 2025 2026 2025 2026 2025 Net sales 340,687 339,090 19,518 19,848 -3,642 -3,560 356,563 355,379 Cost of sales -254,565 -259,454 -13,012 -13,638 3,765 3,750 -263,812 -269,342 Gross income 86,122 79,637 6,506 6,210 123 191 92,751 86,037 Research and development expenses -17,732 -19,549 – – – – -17,732 -19,549 Selling expenses -23,207 -21,860 -2,384 -2,377 – – -25,591 -24,236 Administrative expenses -5,292 -5,323 -13 -12 – – -5,305 -5,335 Other operating income and expenses -3,792 904 -1,131 -852 – – -4,923 52 Share of profit/loss on investments in joint ventures and associated companies -736 -1,214 – – – – -736 -1,214 Profit/loss on other investments 53 -30 -8 11 – – 45 -19 Operating income 35,417 32,566 2,970 2,980 123 191 38,510 35,737 Interest income and similar credits 1,273 1,682 – – -123 -191 1,150 1,491 Interest expenses and similar charges -1,292 -1,343 – – – – -1,292 -1,343 Other financial income and expenses -32 -1,189 – – – – -32 -1,189 Income after financial items 35,365 31,716 2,970 2,980 – – 38,335 34,697 Income taxes -8,075 -8,830 -801 -775 – – -8,876 -9,604 Income for the period * 27,289 22,886 2,169 2,206 – – 29,459 25,092 * Attributable to: Owners of AB Volvo 29,453 24,841 Non-controlling interest 6 251 Basic earnings per share, SEK 14.48 12.22 Diluted earnings per share, SEK 14.48 12.22 Key ratios, % Gross margin 25.3 23.5 26.0 24.2 Research and development expenses as % of net sales 5.2 5.8 5.0 5.5 Selling expenses as % of net sales 6.8 6.4 7.2 6.8 Administrative expenses as % of net sales 1.6 1.6 1.5 1.5 Operating margin 10.4 9.6 10.8 10.1 CONSOLIDATED OTHER COMPREHENSIVE INCOME - FIRST NINE MONTHS SEK M 2026 2025 Income for the period 29,459 25,092 Items that will not be reclassified to income statement: Remeasurements of defined benefit pension plans 1,462 2,486 Remeasurements of holding of shares at fair value 10 -9 Share of OCI related to joint ventures and associated companies -2 – Items that may be reclassified subsequently to income statement: Exchange rate changes on translation of foreign operations 8,936 -11,409 Share of OCI related to joint ventures and associated companies -5 -25 Accumulated exchange rate changes reversed to income 106 -916 Other comprehensive income, net of income taxes 10,508 -9,874 Total comprehensive income for the period * 39,966 15,219 * Attributable to: Owners of AB Volvo 39,955 15,376 Non-controlling interest 12 -158 Q3 VOLVO GROUP THE THIRD QUARTER 2026 18 FINANCIAL STATEMENTS

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CONSOLIDATED BALANCE SHEET - ASSETS Industrial Operations Financial Services Eliminations Volvo Group SEK M Sep 30 2026 Dec 31 2025 Sep 30 2026 Dec 31 2025 Sep 30 2026 Dec 31 2025 Sep 30 2026 Dec 31 2025 Non-current assets Intangible assets Goodwill 28,222 23,659 – – – – 28,222 23,659 Other intangible assets 30,215 22,769 137 132 – – 30,352 22,901 Tangible assets Property, plant and equipment 94,743 83,758 75 70 – – 94,818 83,829 Assets under operating leases 42,133 36,072 21,914 20,563 -18,239 -16,150 45,809 40,485 Financial assets Investments in joint ventures and associated companies 19,873 21,111 – – – – 19,873 21,111 Other shares and participations 1,202 1,080 22 27 – – 1,224 1,106 Non-current customer-financing receivables – 936 139,870 126,597 -417 -1,397 139,453 126,136 Net pension assets 1,793 1,828 – – – – 1,793 1,828 Non-current interest-bearing receivables 3,582 5,619 – 1,605 -505 -1,605 3,077 5,619 Other non-current receivables 4,225 3,412 468 373 -206 -187 4,487 3,597 Deferred tax assets 13,124 11,502 1,254 1,247 – – 14,379 12,749 Total non-current assets 239,113 211,745 163,741 150,614 -19,367 -19,340 383,487 343,019 Current assets Inventories 81,790 65,104 480 858 – – 82,270 65,963 Current receivables Customer-financing receivables – 569 119,974 108,519 -1,076 -1,126 118,898 107,962 Tax assets 5,913 3,113 784 1,008 – – 6,698 4,121 Interest-bearing receivables 1,766 2,843 – – – -13 1,766 2,829 Internal funding 2,883 372 – – -2,883 -372 – – Accounts receivables 32,543 29,333 1,908 1,900 – – 34,451 31,232 Other receivables 21,955 20,366 4,025 4,134 -4,362 -4,539 21,618 19,960 Marketable securities 98 142 – – – – 98 142 Cash and cash equivalents 47,800 67,875 7,881 7,666 -1,131 -2,180 54,551 73,361 Assets held for sale – – 2,508 – – – 2,508 – Total current assets 194,749 189,716 137,561 124,085 -9,451 -8,231 322,858 305,570 Total assets 433,862 401,461 301,302 274,699 -28,818 -27,571 706,345 648,590 Q3 VOLVO GROUP THE THIRD QUARTER 2026 19 FINANCIAL STATEMENTS

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CONSOLIDATED BALANCE SHEET - EQUITY AND LIABILITIES Industrial Operations Financial Services Eliminations Volvo Group SEK M Sep 30 2026 Dec 31 2025 Sep 30 2026 Dec 31 2025 Sep 30 2026 Dec 31 2025 Sep 30 2026 Dec 31 2025 Equity Equity attributable to owners of AB Volvo 161,180 150,931 30,131 27,464 – – 191,311 178,395 Non-controlling interest 112 83 – – – – 112 83 Total equity 161,292 151,013 30,131 27,464 – – 191,423 178,477 Non-current provisions Provisions for post-employment benefits 7,037 8,604 71 65 – – 7,108 8,669 Other provisions 11,108 10,161 91 61 – – 11,199 10,222 Total non-current provisions 18,145 18,765 162 125 – – 18,307 18,891 Non-current liabilities Bond loans 91,037 82,620 – – – – 91,037 82,620 Other loans 27,620 29,240 33,689 26,380 – -1,005 61,309 54,614 Internal funding -105,022 -102,075 110,772 99,783 -5,750 2,292 – – Deferred tax liabilities 4,699 3,573 1,471 1,635 – – 6,171 5,208 Other liabilities 58,983 52,584 1,934 1,867 -13,391 -11,584 47,527 42,867 Total non-current liabilities 77,318 65,941 147,866 129,665 -19,140 -10,297 206,043 185,309 Current provisions 15,209 14,939 116 100 – – 15,325 15,039 Current liabilities Bond loans 52,897 64,960 – – – – 52,897 64,960 Other loans 45,330 31,088 19,082 15,413 – -635 64,412 45,866 Internal funding -89,740 -84,161 90,002 91,507 -262 -7,345 – – Trade payables 72,864 67,265 1,021 701 – – 73,885 67,966 Tax liabilities 5,147 2,721 1,056 974 – – 6,204 3,695 Other liabilities 75,400 68,930 9,892 8,751 -9,416 -9,293 75,876 68,388 Liabilities held for sale – – 1,973 – – – 1,973 – Total current liabilities 161,898 150,802 123,026 117,346 -9,678 -17,273 275,247 250,874 Total equity and liabilities 433,862 401,461 301,302 274,699 -28,818 -27,571 706,345 648,590 Key ratios, % Equity ratio 37.2 37.6 10.0 10.0 27.1 27.5 Equity attributable to owners of AB Volvo, per share in SEK 94.1 87.7 Return on operating capital ¹ 43.1 44.5 Return on capital employed ¹ 27.5 25.3 Return on equity ¹ 9.9 10.4 21.5 19.1 1 12 months rolling. Q3 VOLVO GROUP THE THIRD QUARTER 2026 20 FINANCIAL STATEMENTS

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Net financial position excl. post-employment benefits and lease liabilities Industrial Operations Volvo Group SEK bn Sep 30 2026 Dec 31 2025 Sep 30 2026 Dec 31 2025 Non-current interest-bearing assets Non-current customer-financing receivables – – 139.5 126.1 Non-current interest-bearing receivables 3.6 5.6 3.1 5.6 Current interest-bearing assets Customer-financing receivables – – 118.9 108.0 Interest-bearing receivables 1.8 2.8 1.8 2.8 Internal funding 2.9 0.4 – – Marketable securities 0.1 0.1 0.1 0.1 Cash and cash equivalents 47.8 67.9 54.6 73.4 Assets held for sale – – 2.0 – Total interest-bearing financial assets 56.1 76.9 319.8 316.0 Non-current interest-bearing liabilities Bond loans -91.0 -82.6 -91.0 -82.6 Other loans -20.3 -23.4 -53.9 -48.8 Internal funding 105.0 102.1 – – Current interest-bearing liabilities Bond loans -52.9 -65.0 -52.9 -65.0 Other loans -43.0 -29.0 -62.0 -43.8 Internal funding 89.7 84.2 – – Liabilities held for sale – – -1.5 – Total interest-bearing financial liabilities excl. post-employment benefits and lease liabilities -12.4 -13.8 -261.3 -240.1 Net financial position excl. post-employment benefits and lease liabilities 43.8 63.0 58.6 76.0 Provisions for post-employment benefits and lease liabilities, net Industrial Operations Volvo Group SEK bn Sep 30 2026 Dec 31 2025 Sep 30 2026 Dec 31 2025 Non-current lease liabilities -7.4 -5.8 -7.4 -5.9 Current lease liabilities -2.4 -2.1 -2.4 -2.1 Provisions for post-employment benefits, net -5.2 -6.8 -5.3 -6.8 Liabilities held for sale – – – – Provisions for post-employment benefits and lease liabilities, net -15.0 -14.6 -15.2 -14.8 Net financial position incl. post-employment benefits and lease liabilities Industrial Operations Volvo Group SEK bn Sep 30 2026 Dec 31 2025 Sep 30 2026 Dec 31 2025 Net financial position excl. post-employment benefits and lease liabilities 43.8 63.0 58.6 76.0 Provisions for post-employment benefits and lease liabilities, net -15.0 -14.6 -15.2 -14.8 Net financial position incl. post-employment benefits and lease liabilities 28.8 48.4 43.4 61.1 Q3 VOLVO GROUP THE THIRD QUARTER 2026 21 FINANCIAL STATEMENTS

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Third quarter First nine months SEK bn 2026 2026 Net financial position excl. post-employment benefits and lease liabilities at the end of previous period 34.7 63.0 Operating cash flow 7.2 13.5 Investments and divestments of shares, net -0.1 -2.1 Acquired and divested operations, net 0.4 -6.8 Capital injections to/from Financial Services 1.9 3.4 Currency effect 0.4 1.2 Dividend to owners of AB Volvo – -26.4 Dividend to non-controlling interest – – Other changes -0.6 -2.0 Net financial position excl. post-employment benefits and lease liabilities at the end of period 43.8 43.8 Provisions for post-employment benefits and lease liabilities at the end of previous period -14.8 -14.6 Pension payments, included in operating cash flow 0.3 1.1 Remeasurements of defined post-employment benefits 0.8 1.9 Service costs and other pension costs -0.3 -0.8 Investments, remeasurements and amortizations of lease contracts -0.5 -0.7 Acquired and divested pensions and lease liabilities – -0.6 Currency effect -0.4 -0.9 Other changes -0.1 -0.3 Provisions for post-employment benefits and lease liabilities at the end of period -15.0 -15.0 Net financial position incl. post-employment benefits and lease liabilities at the end of period 28.8 28.8 Changes in net financial position, Industrial Operations CHANGES IN CONSOLIDATED EQUITY SEK M Equity attributable to owners of AB Volvo Non-controlling interest Total equity Balance as of December 31, 2024 194,049 3,312 197,361 Income for the period 34,456 251 34,707 Other comprehensive income for the period -12,450 -411 -12,861 Total comprehensive income for the period 22,006 -160 21,846 Dividend -37,619 -10 -37,629 Changes in non-controlling interests 12 -3,075 -3,063 Other changes -53 15 -38 Transactions with shareholders -37,660 -3,070 -40,729 Balance as of December 31, 2025 178,395 83 178,477 Income for the period 29,453 6 29,459 Other comprehensive income for the period 10,502 6 10,508 Total comprehensive income for the period 39,955 12 39,966 Dividend -26,435 -14 -26,449 Changes in non-controlling interests -29 31 2 Other changes¹ -574 1 -572 Transactions with shareholders -27,038 19 -27,019 Balance as of September 30, 2026 191,311 112 191,423 1 O t h e r c h a n g e s i n c l u d e a r e v e r s a l o f d i s c o u n t i n g e f f e c t s o n l o n g ‑ t e r m l i a b i l i t i e s f r o m a n e a r l i e r r e t r o s p e c t i v e a p p l i c a t i o n . Q3 VOLVO GROUP THE THIRD QUARTER 2026 22 FINANCIAL STATEMENTS

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CONSOLIDATED CASH FLOW STATEMENT - THIRD QUARTER Industrial Operations Financial Services Eliminations Volvo Group SEK M 2026 2025 2026 2025 2026 2025 2026 2025 Operating activities Operating income 13,220 11,438 1,102 1,029 32 51 14,354 12,517 Amortization and impairment intangible assets 1,124 998 9 10 – – 1,133 1,008 Depreciation and impairment property, plant and equipment 2,632 2,451 8 8 – – 2,639 2,459 Depreciation and impairment leasing vehicles 1,245 1,039 1,214 1,155 – – 2,459 2,194 Other non-cash items 1,074 -134 464 373 – – 1,538 239 Total change in working capital whereof -3,876 -9,545 -4,961 2,703 337 187 -8,499 -6,655 Change in accounts receivables 2,165 -455 -42 -101 – – 2,122 -556 Change in customer-financing receivables -3 79 -2,650 3,596 287 198 -2,366 3,873 Change in inventories -360 239 -21 -149 – – -382 90 Change in trade payables -3,191 -6,134 -37 -73 – – -3,227 -6,207 Change in vehicles on operating lease and assets for service solutions -721 -445 -1,570 -733 – – -2,291 -1,178 Other changes in working capital -1,766 -2,828 -640 163 50 -11 -2,356 -2,676 Dividends received from joint ventures and associated companies – – – – – – – – Interest and similar items received 380 427 – – -18 -51 362 376 Interest and similar items paid -502 -429 – – -12 11 -514 -418 Other financial items -31 -119 – – – – -31 -119 Income taxes paid -2,799 -2,558 -201 -230 – – -2,999 -2,787 Cash flow from operating activities 12,466 3,568 -2,365 5,048 340 198 10,440 8,814 Investing activities Investments in intangible assets -1,953 -2,095 -7 -10 – – -1,960 -2,105 Investments in property, plant and equipment -3,436 -3,769 -5 -1 – – -3,441 -3,769 Disposals of intangible assets, property, plant and equipment 119 557 5 – – – 124 557 Operating cash flow 7,195 -1,739 -2,371 5,037 340 198 5,164 3,496 Investments of shares -147 -704 Divestment of shares – – Acquired operations 4 -691 Divested operations 351 1,055 Interest-bearing receivables incl. marketable securities, net 30 20 Cash flow after net investments 5,401 3,176 Financing activities New borrowings 181,304 128,964 Repayments of borrowings -179,876 -145,386 Dividend to owners of AB Volvo – – Dividend to non-controlling interest -13 -10 Other -1 2 Change in cash and cash equivalents excl. exchange rate changes 6,817 -13,254 Effect of exchange rate changes on cash and cash equivalents 773 -234 Reclassification of cash and cash equivalents to/from assets held for sale -10 8,983 Change in cash and cash equivalents 7,580 -4,505 Cash and cash equivalents, beginning of period 46,971 61,459 Cash and cash equivalents, end of period 54,551 56,953 Q3 VOLVO GROUP THE THIRD QUARTER 2026 23 FINANCIAL STATEMENTS

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CONSOLIDATED CASH FLOW STATEMENT - FIRST NINE MONTHS Industrial Operations Financial Services Eliminations Volvo Group SEK M 2026 2025 2026 2025 2026 2025 2026 2025 Operating activities Operating income 35,417 32,566 2,970 2,980 123 191 38,510 35,737 Amortization and impairment intangible assets 3,218 2,984 27 28 – – 3,245 3,011 Depreciation and impairment property, plant and equipment 7,576 7,814 22 21 – – 7,598 7,834 Depreciation and impairment leasing vehicles 3,554 3,037 3,619 3,624 – – 7,172 6,661 Other non-cash items 1,658 473 1,203 1,146 – – 2,861 1,619 Total change in working capital whereof -12,111 -19,950 -11,065 -5,075 397 -1 -22,779 -25,025 Change in accounts receivables -1,410 -3,306 -18 -222 – – -1,428 -3,528 Change in customer-financing receivables 97 147 -8,593 -3,109 323 5 -8,172 -2,957 Change in inventories -10,023 -5,175 381 379 – – -9,642 -4,796 Change in trade payables 2,856 -2,917 311 127 – – 3,167 -2,790 Change in vehicles on operating lease and assets for service solutions -1,518 -1,081 -3,579 -2,990 – 3 -5,097 -4,068 Other changes in working capital -2,114 -7,617 432 739 74 -9 -1,608 -6,887 Dividends received from joint ventures and associated companies 228 203 – – – – 228 203 Interest and similar items received 1,202 1,706 – – -108 -195 1,094 1,511 Interest and similar items paid -1,138 -1,153 – – -40 -20 -1,179 -1,173 Other financial items -187 -288 – – – – -187 -288 Income taxes paid -8,548 -7,887 -727 -787 – – -9,275 -8,674 Cash flow from operating activities 30,868 19,505 -3,951 1,937 371 -26 27,288 21,416 Investing activities Investments in intangible assets -6,517 -5,191 -29 -23 – – -6,545 -5,213 Investments in property, plant and equipment -11,057 -12,445 -7 -3 – – -11,063 -12,448 Disposals of intangible assets, property, plant and equipment 170 648 9 2 – – 179 650 Operating cash flow 13,464 2,518 -3,977 1,913 371 -26 9,858 4,405 Investments of shares -1,177 -1,622 Divestments of shares 390 – Acquired operations -6,854 -756 Divested operations 466 1,488 Interest-bearing receivables incl. marketable securities, net -225 -339 Cash flow after net investments 2,459 3,176 Financing activities New borrowings 408,861 380,056 Repayments of borrowings -405,836 -370,113 Dividend to owners of AB Volvo -26,435 -37,619 Dividend to non-controlling interest -14 -10 Other -17 -24 Change in cash and cash equivalents excl. exchange rate changes -20,982 -24,535 Effect of exchange rate changes on cash and cash equivalents 2,247 -3,683 Reclassification of cash and cash equivalents to/from assets held for sale -76 – Change in cash and cash equivalents -18,811 -28,218 Cash and cash equivalents, beginning of period 73,361 85,171 Cash and cash equivalents, end of period 54,551 56,953 Q3 VOLVO GROUP THE THIRD QUARTER 2026 24 FINANCIAL STATEMENTS

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Income Statements, Volvo Group First nine months First nine months SEK M unless otherwise stated 3/2026 2/2026 1/2026 4/2025 3/2025 2026 2025 Net sales 119,525 126,273 110,765 123,803 110,692 356,563 355,379 Cost of sales -87,952 -93,819 -82,041 -92,972 -83,214 -263,812 -269,342 Gross income 31,573 32,454 28,724 30,832 27,478 92,751 86,037 Research and development expenses -5,688 -6,183 -5,861 -6,693 -5,511 -17,732 -19,549 Selling expenses -8,581 -8,741 -8,269 -8,584 -7,791 -25,591 -24,236 Administrative expenses -1,741 -1,852 -1,712 -1,895 -1,529 -5,305 -5,335 Other operating income and expenses -652 -2,340 -1,931 -482 514 -4,923 52 Share of profit/loss on investments in joint ventures and associated companies -589 128 -274 -415 -622 -736 -1,214 Profit/loss from other investments 32 13 1 6 -22 45 -19 Operating income 14,354 13,478 10,678 12,769 12,517 38,510 35,737 Interest income and similar credits 369 363 418 418 380 1,150 1,491 Interest expenses and similar charges -454 -413 -424 -476 -451 -1,292 -1,343 Other financial income and expenses -171 47 91 -16 -310 -32 -1,189 Income after financial items 14,098 13,474 10,762 12,695 12,136 38,335 34,697 Income taxes -3,330 -3,101 -2,445 -3,080 -4,554 -8,876 -9,604 Income for the period * 10,768 10,373 8,317 9,614 7,583 29,459 25,092 * Attributable to: Owners of AB Volvo 10,767 10,371 8,315 9,614 7,540 29,453 24,841 Non-controlling interest 1 3 2 – 43 6 251 Key ratios, Volvo Group Gross margin, % 26.4 25.7 25.9 24.9 24.8 26.0 24.2 Research and development expenses as % of net sales 4.8 4.9 5.3 5.4 5.0 5.0 5.5 Selling expenses as % of net sales 7.2 6.9 7.5 6.9 7.0 7.2 6.8 Administrative expenses as % of net sales 1.5 1.5 1.5 1.5 1.4 1.5 1.5 Operating margin, % 12.0 10.7 9.6 10.3 11.3 10.8 10.1 Net capitalization of research and development expenses Capitalization 1,910 2,132 2,316 2,418 2,081 6,358 5,136 Amortization -917 -826 -890 -879 -882 -2,633 -2,648 Net capitalization of research and development expenses 992 1,306 1,426 1,538 1,199 3,724 2,488 Key ratios, Industrial Operations Gross margin, % 25.6 25.0 25.3 24.2 24.1 25.3 23.5 Research and development expenses as % of net sales 5.0 5.1 5.6 5.7 5.2 5.2 5.8 Selling expenses as % of net sales 6.8 6.5 7.1 6.6 6.7 6.8 6.4 Administrative expenses as % of net sales 1.5 1.5 1.6 1.6 1.4 1.6 1.6 Operating margin, % 11.6 10.3 9.2 10.0 10.9 10.4 9.6 Operating income before depreciation and amortization (EBITDA) 18,220 17,152 14,391 16,551 15,925 49,764 46,400 EBITDA margin, % 16.0 14.2 13.6 14.0 15.1 14.6 13.7 Return on operating capital, Industrial Operations, %¹ 43.1 43.2 41.4 44.5 45.6 Return on capital employed, Industrial Operations, %¹ 27.5 26.8 24.5 25.3 25.2 1 12 months rolling. Q3 VOLVO GROUP THE THIRD QUARTER 2026 25 QUARTERLY FIGURES

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Net sales First nine months First nine months SEK M 3/2026 2/2026 1/2026 4/2025 3/2025 2026 2025 Trucks 81,583 86,852 75,372 85,329 74,196 243,806 238,134 Construction Equipment 19,904 21,603 18,305 18,692 18,926 59,813 62,949 Buses 5,836 6,067 5,593 7,590 6,009 17,495 17,481 Volvo Penta 5,306 5,429 5,272 5,103 5,030 16,007 15,494 Group Functions & Other 2,540 2,379 2,228 2,900 2,235 7,147 8,582 Eliminations -1,155 -1,237 -1,190 -1,196 -1,153 -3,582 -3,549 Industrial Operations 114,014 121,093 105,581 118,419 105,244 340,687 339,090 Financial Services 6,747 6,534 6,237 6,620 6,570 19,518 19,848 Eliminations -1,236 -1,354 -1,052 -1,236 -1,122 -3,642 -3,560 Volvo Group net sales 119,525 126,273 110,765 123,803 110,692 356,563 355,379 Operating income First nine months First nine months SEK M 3/2026 2/2026 1/2026 4/2025 3/2025 2026 2025 Trucks 8,711 8,308 6,899 8,106 6,761 23,918 20,677 Construction Equipment 3,214 3,114 1,807 2,599 3,532 8,134 8,837 Buses 451 617 490 683 755 1,558 1,509 Volvo Penta 1,119 908 1,038 608 934 3,065 2,764 Group Functions & Other -275 -384 -466 -215 -543 -1,124 -1,231 Eliminations – -124 -9 31 -3 -134 10 Industrial Operations 13,220 12,438 9,758 11,813 11,438 35,417 32,566 Financial Services 1,102 1,011 857 889 1,029 2,970 2,980 Eliminations 32 29 62 68 51 123 191 Volvo Group operating income 14,354 13,478 10,678 12,769 12,517 38,510 35,737 Adjusted operating income ¹ First nine months First nine months SEK M 3/2026 2/2026 1/2026 4/2025 3/2025 2026 2025 Trucks 9,050 9,731 7,586 8,106 6,761 26,367 23,624 Construction Equipment 3,214 3,114 2,491 2,599 2,722 8,818 8,257 Buses 451 498 492 683 755 1,442 1,590 Volvo Penta 1,119 908 1,044 608 934 3,071 2,982 Group Functions & Other -275 -384 -438 -215 -543 -1,096 -1,231 Eliminations – -124 -9 31 -3 -134 10 Industrial Operations 13,559 13,743 11,167 11,813 10,627 38,469 35,231 Financial Services 1,102 1,011 938 889 1,029 3,051 3,028 Eliminations 32 29 62 68 51 123 191 Volvo Group adjusted operating income 14,693 14,783 12,167 12,769 11,707 41,643 38,449 1 For more information on adjusted operating income, please see Note 6. Q3 VOLVO GROUP THE THIRD QUARTER 2026 26 QUARTERLY FIGURES

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Operating margin First nine months First nine months % 3/2026 2/2026 1/2026 4/2025 3/2025 2026 2025 Trucks 10.7 9.6 9.2 9.5 9.1 9.8 8.7 Construction Equipment 16.1 14.4 9.9 13.9 18.7 13.6 14.0 Buses 7.7 10.2 8.8 9.0 12.6 8.9 8.6 Volvo Penta 21.1 16.7 19.7 11.9 18.6 19.1 17.8 Industrial Operations 11.6 10.3 9.2 10.0 10.9 10.4 9.6 Volvo Group operating margin 12.0 10.7 9.6 10.3 11.3 10.8 10.1 Adjusted operating margin First nine months First nine months % 3/2026 2/2026 1/2026 4/2025 3/2025 2026 2025 Trucks 11.1 11.2 10.1 9.5 9.1 10.8 9.9 Construction Equipment 16.1 14.4 13.6 13.9 14.4 14.7 13.1 Buses 7.7 8.2 8.8 9.0 12.6 8.2 9.1 Volvo Penta 21.1 16.7 19.8 11.9 18.6 19.2 19.2 Industrial Operations 11.9 11.3 10.6 10.0 10.1 11.3 10.4 Volvo Group adjusted operating margin 12.3 11.7 11.0 10.3 10.6 11.7 10.8 Share data First nine months First nine months 3/2026 2/2026 1/2026 4/2025 3/2025 2026 2025 Earnings per share, SEK ¹ 5.29 5.10 4.09 4.73 3.71 14.48 12.22 Earnings per share, SEK ¹, 12 months rolling 19.21 17.63 16.17 16.94 17.50 – – Diluted earnings per share, SEK 5.29 5.10 4.09 4.73 3.71 14.48 12.22 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 2026 27 QUARTERLY FIGURES

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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 2025 (available at www.volvogroup.com). There are no new accounting policies applicable from 2026 that materially affect 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. New accounting policies 2027 IFRS 18 Presentation and Disclosure in Financial Statements becomes effective January 1, 2027. For the Volvo Group, the principal changes relate to a revised structure of the income statement and cash flow statement, along with enhanced disclosure requirements. IFRS 18 introduces defined categories and subtotals in the income statement, whereby income and expenses classified within the operating category are aggregated under the subtotal Operating profit. This subtotal is not directly comparable to the Volvo Group's historically reported Operating income, primarily because Share of profit/loss on investments in joint ventures and associates, as well as Profit/loss on other investments, will be classified within the investing category under IFRS 18. As the Volvo Group considers these items to be an integral part of its operations, the additional subtotal Earnings before interest and taxes (EBIT) will be presented in the income statement and used as a performance measure going forward. Operating cash flow for Industrial Operations will be presented separately from the formal cash flow statement, providing a reconciliation between Net cash from operating activities under IAS 7 and Operating cash flow before and after M&A. IFRS 18 will be applied retrospectively. Accordingly, comparative figures for the financial year 2026 will be restated and disclosed in a note in the Annual Report 2026. NOTE 2 | RISKS AND KEY SOURCES OF ESTIMATION UNCERTAINTY Each one of the Volvo Group's Business Areas, Divisions and Group Functions 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 assess- ments and mitigations as well as for follow-up on identified risks. The ERM process classifies Volvo Group risks into four categories: Macro and market related risks – such as cyclical nature of the commercial vehicles industry, intense competition, political and social uncertainty, the introduction of tariffs as well as uncertain developments in global trade policies; Operational risks – such as transformation and technology risk, new business models, risks related to supply chain and industrial operations, tariffs, cost inflation and price increases, information security and digital infrastructure, strategic transactions such as mergers and acquisitions, partnerships and divestments, residual value commitments as well as people and culture; Compliance risks – such as product and operational-related regulations, digital and data-related regulations, protection and maintenance of intangible assets, legal proceedings, corruption and competition law and human rights; and Financial risks – such as insurance coverage, credit risk, tax 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 section Risks and uncertainties on pages 60-67 in the Volvo Group Annual Report 2025. Risk updates Short-term risks, when applicable, are also described in the respective segment section of this report. Tariffs and trade policy shifts Recent tariffs and other trade restrictions imposed or considered to be imposed by the U.S. and other countries have significantly increased uncertainty about trade conditions in markets where the Group is present, as well as in relation to global and regional supply chains. The situation is fast-changing and complex to assess, and future developments remain uncertain, including whether trade restrictions may impact the Group more severely than its main competitors. However, the introduction of tariffs, retaliatory tariffs or other trade restrictions on our vehicles, parts, and other products and materials could disrupt existing supply chains, impose additional costs on our business or that of our suppliers, create sudden disadvantages for Group operations compared to competitors having different supply chains, and could generally make our products more expensive for customers and/or less competitive. Macro and market developments Heightened international tension and conflicts, including the ongoing conflicts in the Middle East, as well as recent developments in global trade policies have also increased the risk of a broader economic slowdown. Such developments could negatively impact global demand and lead to increased costs for e.g. raw materials, components, transport and energy. A prolonged period of uncertainty in the market may also negatively affect investment levels and customer purchasing behavior, particularly in Group key markets. The Group will endeavor to adapt to changes in market conditions as they may evolve, but these developments could, individually or in combination, have a material adverse effect on the Group's business and financial performance. Q3 VOLVO GROUP THE THIRD QUARTER 2026 28 NOTES

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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 Group's different production and services facilities. At present, our supply chain and industrial system are strained in some areas due to e.g. shortages of labor, materials and components, and transport services. Further strains on the supply chain may also evolve from other events, including financial distress of suppliers, introduction of new or amended export controls, tariffs or other restrictions on international trade, ongoing conflicts 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 Group's 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 Group’s financial performance. 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 2025, approximately three- quarters of the initial provision had been utilized. The Volvo Group will continuously assess the size of the provision as the matter develops. Contingent liabilities and contingent assets The reported amounts for contingent liabilities reflect a part of Volvo Group's risk exposure. Total contingent liabilities as of September 30, 2026, amounted to SEK 16.8 billion, an increase of SEK 2.4 billion compared with December 31, 2025. The gross exposure of SEK 16.8 billion is partially reduced by counter guarantees and collaterals. US manufacturers assembling medium- and heavy-duty vehicles (MHDVs) domestically may apply to receive an import adjustment refund related to Section 232 MHDVP tariffs, retroactively from November 1, 2025. The Volvo Group is yet to file a request for such a Section 232 MHDVP refund. The financial impact from the refund is expected to be recognized in Q4 2026, which will offset the forecasted negative impact of SEK 0.7 billion on operating income from U.S. tariffs. 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 Commission's 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 Group's financial results, cash flows and financial position. In Q2 2023, the Volvo Group 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 estimable aspects of the litigation. The related provision has been utilized and further costs relating to the litigation are recognized in the Income Statement as incurred. Please see note 6 for further information. Q3 VOLVO GROUP THE THIRD QUARTER 2026 29 NOTES

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NOTE 3 | ACQUISITIONS AND DIVESTMENTS Acquisitions and divestments The Volvo Group has not completed any 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 535 M (–) as of September 30, 2026, which related to the announced intent by Volvo Financial Services (VFS) and Eicher Motors Limited to form a 50/50 joint venture for financial services to Volvo and Eicher-branded commercial vehicles in the Indian market. 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 2025 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, classified as level 2 in the fair value hierarchy. Derivatives with positive fair values amounted to SEK 4.6 billion (7.6) and derivatives with negative fair values amounted to SEK 3.9 billion (1.8) as of September 30, 2026. 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 266.9 billion (247.0) in reported carrying value with a fair value of SEK 265.2 billion (247.4). In the Volvo Group consolidated financial position, financial liabilities include loan-related derivatives with negative fair values amounting to SEK 2.8 billion (1.1). Currency effect on operating income, Volvo Group Compared to third quarter 2025 SEK M Third quarter 2026 Third quarter 2025 Change Net flows in foreign currency 491 Realized and unrealized gains and losses on derivatives – -16 16 Unrealized gains and losses on receivables and liabilities in foreign currency -66 -113 47 Translation effect on operating income in foreign subsidiaries 416 Total currency effect on operating income, Volvo Group 970 Applicable currency rates Quarterly exchange rates Close rates Third quarter 2026 Third quarter 2025 Sep 30 Sep 30 2026 2025 BRL 1.88 1.75 1.92 1.77 CNY 1.43 1.33 1.49 1.32 EUR 11.10 11.12 11.33 11.04 GBP 12.97 12.84 13.23 12.64 KRW 0.0068 0.0069 0.0074 0.0067 USD 9.65 9.52 9.98 9.40 NOTE 5 | TRANSACTIONS WITH RELATED PARTIES Sales of goods, services and other income Purchases of goods, services and other expenses SEK M Third quarter 2026 Third quarter 2025 Third quarter 2026 Third quarter 2025 Associated companies 182 323 49 52 Joint ventures 869 590 335 441 Receivables Payables Sep 30 Dec 31 Sep 30 Dec 31 SEK M 2026 2025 2026 2025 Associated companies 183 138 64 52 Joint ventures 496 299 164 223 Q3 VOLVO GROUP THE THIRD QUARTER 2026 30 NOTES

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NOTE 6 | RECONCILIATION OF ADJUSTED OPERATING INCOME Adjusted operating income First nine months First nine months SEK M 3/2026 2/2026 1/2026 4/2025 3/2025 2026 2025 Trucks 9,050 9,731 7,586 8,106 6,761 26,367 23,624 Construction Equipment 3,214 3,114 2,491 2,599 2,722 8,818 8,257 Buses 451 498 492 683 755 1,442 1,590 Volvo Penta 1,119 908 1,044 608 934 3,071 2,982 Group Functions & Other -275 -384 -438 -215 -543 -1,096 -1,231 Eliminations – -124 -9 31 -3 -134 10 Industrial Operations 13,559 13,743 11,167 11,813 10,627 38,469 35,231 Financial Services 1,102 1,011 938 889 1,029 3,051 3,028 Eliminations 32 29 62 68 51 123 191 Volvo Group adjusted operating income 14,693 14,783 12,167 12,769 11,707 41,643 38,449 Adjustments First nine months First nine months SEK M 3/2026 2/2026 1/2026 4/2025 3/2025 2026 2025 Adjustment items (segment) Costs relating to claims arising from the European Commission’s 2016 antitrust settlement decision (Trucks) -339 – – – – -339 – Settlement with the California Air Resources Board (Trucks) – -1,829 – – – -1,829 – Divestment of the joint venture Flexis (Trucks) – 405 – – – 405 – Reversal of previous restructuring charges relating to the European bus operation (Buses) – 119 – – – 119 – Group wide cost savings mainly related to headcount reductions (All segments) – – -812 – – -812 – Closure of Rokbak business (Construction Equipment) – – -678 – – -678 – Divestment of SDLG (Construction Equipment) – – – – 811 – 811 Transformation to zero-emission vehicles (Trucks, Construction Equipment, Buses, Volvo Penta, Financial Services) – – – – – – -4,512 Establishment of the joint venture Coretura (Trucks) – – – – – – 989 Total adjustments Trucks -339 -1,424 -687 – – -2,450 -2,947 Construction Equipment – – -684 – 811 -684 581 Buses – 119 -3 – – 116 -80 Volvo Penta – – -6 – – -6 -218 Group Functions & Other – – -29 – – -29 – Industrial Operations -339 -1,305 -1,408 – 811 -3,052 -2,665 Financial Services – – -81 – – -81 -47 Volvo Group -339 -1,305 -1,490 – 811 -3,133 -2,712 Operating income First nine months First nine months SEK M 3/2026 2/2026 1/2026 4/2025 3/2025 2026 2025 Trucks 8,711 8,308 6,899 8,106 6,761 23,918 20,677 Construction Equipment 3,214 3,114 1,807 2,599 3,532 8,134 8,837 Buses 451 617 490 683 755 1,558 1,509 Volvo Penta 1,119 908 1,038 608 934 3,065 2,764 Group Functions & Other -275 -384 -466 -215 -543 -1,124 -1,231 Eliminations – -124 -9 31 -3 -134 10 Industrial Operations 13,220 12,438 9,758 11,813 11,438 35,417 32,566 Financial Services 1,102 1,011 857 889 1,029 2,970 2,980 Eliminations 32 29 62 68 51 123 191 Volvo Group operating income 14,354 13,478 10,678 12,769 12,517 38,510 35,737 Q3 VOLVO GROUP THE THIRD QUARTER 2026 31 NOTES

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Income from investments in Group companies for Q3 includes dividends amounting to SEK 0 M (5,428). Financial net debt amounted to SEK 37,828 M on September 30, 2026, compared with net debt SEK 30,561 M at year end 2025. INCOME STATEMENT Third quarter First nine months SEK M 2026 2025 2026 2025 Net sales¹ 295 263 951 877 Cost of sales¹ -295 -263 -951 -877 Gross income – – – – Administrative expenses¹ -246 -197 -694 -753 Other operating income and expenses 8 -28 24 -22 Operating income (loss) -238 -225 -670 -775 Income from investments in Group companies – 5,428 3,238 9,457 Income from investments in joint ventures and associated companies – – 172 154 Income from other investments – – – – Interest income and similar credits 9 17 53 77 Interest expenses and similar charges -254 -252 -610 -662 Income after financial items -484 4,968 2,184 8,251 Appropriations – – – 4,000 Income taxes 23 309 152 -372 Income for the period² -461 5,277 2,336 11,879 1 Of net sales in Q3, SEK 295 M (263) pertained to Group companies, while purchases from Group companies amounted to SEK 160 M (147). 2 Income for the period is the same as total comprehensive income for the period. Q3 VOLVO GROUP THE THIRD QUARTER 2026 32 PARENT COMPANY

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BALANCE SHEET SEK M Sep 30 2026 Dec 31 2025 Assets Non-current assets Tangible assets 22 21 Financial assets Shares and participations in Group companies 73,196 73,196 Investments in joint ventures and associated companies 8,971 8,971 Other shares and participations 3 2 Other non-current receivables 640 540 Deferred tax assets 446 190 Total non-current assets 83,278 82,921 Current assets Current receivables Tax assets 3,090 1,035 Receivables Group companies 823 38,259 Other receivables 141 370 Total current assets 4,054 39,664 Total assets 87,333 122,585 Equity and liabilities Equity Restricted equity Share capital 2,562 2,562 Statutory reserve 7,337 7,337 Unrestricted equity Non-restricted reserves 390 390 Retained earnings 35,193 34,400 Income for the period 2,336 27,227 Total equity 47,819 71,917 Untaxed reserves – – Provisions Provision for post-employment benefits 197 199 Other provisions 12 – Total provisions 208 199 Non-current liabilities Liabilities to Group companies 640 540 Other liabilities 64 60 Total non-current liabilities 704 600 Current liabilities Trade payables 198 410 Other liabilities to Group companies 37,802 48,788 Tax liabilities – – Other liabilities 600 670 Total current liabilities 38,601 49,869 Total equity and liabilities 87,333 122,585 Q3 VOLVO GROUP THE THIRD QUARTER 2026 33 PARENT COMPANY

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Net order intake of trucks Third quarter Change First nine months Change Number of trucks 2026 2025 % 2026 2025 % Net order intake Europe 25,989 21,290 22 87,279 78,181 12 Heavy- and medium-duty 21,091 16,937 25 71,186 64,648 10 Light-duty 4,898 4,353 13 16,093 13,533 19 North America 11,150 9,434 18 47,673 27,894 71 South America 4,286 2,227 92 19,536 15,054 30 Asia 3,556 1,783 99 11,846 11,967 -1 Africa and Oceania 1,937 2,400 -19 6,751 7,026 -4 Total order intake 46,918 37,134 26 173,085 140,122 24 Heavy-duty (>16 tons) 39,425 30,483 29 147,424 118,591 24 Medium-duty (7-16 tons) 2,564 2,296 12 9,413 7,969 18 Light-duty (<7 tons) 4,929 4,355 13 16,248 13,562 20 Total order intake 46,918 37,134 26 173,085 140,122 24 Net order intake of trucks by brand Volvo Europe 15,329 10,509 46 47,608 41,898 14 North America 6,729 4,176 61 24,598 12,928 90 South America 3,946 2,145 84 18,445 14,442 28 Asia 2,668 1,824 46 9,475 9,185 3 Africa and Oceania 1,171 1,866 -37 4,621 4,567 1 Total Volvo 29,843 20,520 45 104,747 83,020 26 Heavy-duty (>16 tons) 29,267 19,874 47 102,505 80,918 27 Medium-duty (7-16 tons) 576 646 -11 2,242 2,102 7 Total Volvo 29,843 20,520 45 104,747 83,020 26 Renault Trucks Europe 10,660 10,781 -1 39,671 36,283 9 Heavy- and medium-duty 5,762 6,428 -10 23,578 22,750 4 Light-duty 4,898 4,353 13 16,093 13,533 19 North America 20 18 11 88 65 35 South America 76 33 130 459 426 8 Asia 888 -41 – 2,371 2,782 -15 Africa and Oceania 423 287 47 1,257 1,524 -18 Total Renault Trucks 12,067 11,078 9 43,846 41,080 7 Heavy-duty (>16 tons) 5,968 5,538 8 23,315 23,075 1 Medium-duty (7-16 tons) 1,170 1,185 -1 4,283 4,443 -4 Light-duty (<7 tons) 4,929 4,355 13 16,248 13,562 20 Total Renault Trucks 12,067 11,078 9 43,846 41,080 7 Mack North America 4,401 5,240 -16 22,987 14,901 54 South America 264 49 439 632 186 240 Africa and Oceania 218 81 169 441 414 7 Total Mack 4,883 5,370 -9 24,060 15,501 55 Heavy-duty (>16 tons) 4,114 4,907 -16 21,222 14,081 51 Medium-duty (7-16 tons) 769 463 66 2,838 1,420 100 Total Mack 4,883 5,370 -9 24,060 15,501 55 Q3 VOLVO GROUP THE THIRD QUARTER 2026 34 NET ORDER INTAKE

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Deliveries of trucks Third quarter Change First nine months Change Number of trucks 2026 2025 % 2026 2025 % Deliveries Europe 23,158 22,200 4 82,024 72,930 12 Heavy- and medium-duty 19,170 18,570 3 66,786 60,380 11 Light-duty 3,988 3,630 10 15,238 12,550 21 North America 13,683 9,622 42 35,392 36,918 -4 South America 7,408 6,784 9 18,769 18,430 2 Asia 3,388 3,735 -9 10,111 11,538 -12 Africa and Oceania 1,974 2,290 -14 6,506 6,412 1 Total deliveries 49,611 44,631 11 152,802 146,228 4 Heavy-duty (>16 tons) 43,063 38,627 11 129,026 125,174 3 Medium-duty (7-16 tons) 2,521 2,373 6 8,387 8,481 -1 Light-duty (<7 tons) 4,027 3,631 11 15,389 12,573 22 Total deliveries 49,611 44,631 11 152,802 146,228 4 Deliveries of trucks by brand Volvo Europe 12,973 12,511 4 44,053 39,740 11 North America 6,948 4,395 58 16,405 15,903 3 South America 7,138 6,473 10 18,010 17,649 2 Asia 2,787 3,203 -13 8,266 9,149 -10 Africa and Oceania 1,420 1,412 1 4,301 3,940 9 Total Volvo 31,266 27,994 12 91,035 86,381 5 Heavy-duty (>16 tons) 30,724 27,366 12 88,978 84,569 5 Medium-duty (7-16 tons) 542 628 -14 2,057 1,812 14 Total Volvo 31,266 27,994 12 91,035 86,381 5 Renault Trucks Europe 10,185 9,689 5 37,971 33,190 14 Heavy- and medium-duty 6,197 6,059 2 22,733 20,640 10 Light-duty 3,988 3,630 10 15,238 12,550 21 North America 60 8 650 110 172 -36 South America 138 179 -23 361 524 -31 Asia 601 532 13 1,845 2,389 -23 Africa and Oceania 225 493 -54 1,156 1,555 -26 Total Renault Trucks 11,209 10,901 3 41,443 37,830 10 Heavy-duty (>16 tons) 5,868 5,929 -1 21,439 20,825 3 Medium-duty (7-16 tons) 1,314 1,341 -2 4,615 4,432 4 Light-duty (<7 tons) 4,027 3,631 11 15,389 12,573 22 Total Renault Trucks 11,209 10,901 3 41,443 37,830 10 Mack North America 6,675 5,219 28 18,877 20,843 -9 South America 132 132 – 398 257 55 Africa and Oceania 169 268 -37 489 584 -16 Total Mack 6,976 5,619 24 19,764 21,684 -9 Heavy-duty (>16 tons) 6,319 5,217 21 18,099 19,454 -7 Medium-duty (7-16 tons) 657 402 63 1,665 2,230 -25 Total Mack 6,976 5,619 24 19,764 21,684 -9 Q3 VOLVO GROUP THE THIRD QUARTER 2026 35 DELIVERIES

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The Volvo Group uses key ratios with the aim to provide valuable information to management, investors and analysts when analyzing trends and financial performance of the Group. The key ratios are not defined by IFRS, unless otherwise stated, and may differ from similar measures used by other companies and are therefore not always comparable. The measures should be considered as a complement to, and not a substitute for, the financial information presented in compliance with IFRS. If the reconciliation of significant key ratios is not directly reflected in the financial report, a separate reconciliation is presented below. Definitions and reason for use are presented in the Key Ratios section on pages 216-220 in the Volvo Group Annual Report 2025. Organic sales growth Industrial operations Volvo Group Third quarter First nine months Third quarter First nine months SEK M 2026 2025 2026 2025 2026 2025 2026 2025 Net sales 114,014 105,244 340,687 339,090 119,525 110,692 356,563 355,379 Net sales last year 105,244 111,577 339,090 372,456 110,692 116,978 355,379 388,404 Adjusted for material acquired/ divested operations last year -1,962 -1,073 -10,099 -1,073 -1,962 -1,073 -10,099 -1,073 Adjusted net sales last year 103,282 110,504 328,991 371,383 108,730 115,905 345,280 387,331 Change of net sales compared with adjusted net sales last year 10,732 -5,260 11,696 -32,293 10,795 -5,213 11,283 -31,951 Adjusted for material acquired/ divested operations current year -742 – -2,024 – -742 – -2,024 – Adjusted for exchange rate changes -1,890 6,745 7,961 17,005 -2,063 7,179 8,243 18,294 Organic sales growth 8,099 1,485 17,633 -15,287 7,991 1,966 17,502 -13,657 Organic sales growth, % 8 1 5 -4 7 2 5 -4 Of which vehicles, % 8 – 5 -5 8 1 5 -5 Of which services, % 7 5 8 – 5 4 6 1 Trucks Construction Equipment Third quarter First nine months Third quarter First nine months SEK M 2026 2025 2026 2025 2026 2025 2026 2025 Net sales 81,583 74,196 243,806 238,134 19,904 18,926 59,813 62,949 Net sales last year 74,196 80,054 238,134 265,131 18,926 18,809 62,949 66,108 Adjusted for material acquired/ divested operations last year – – – – -1,962 -1,073 -10,099 -1,073 Adjusted net sales last year 74,196 80,054 238,134 265,131 16,964 17,736 52,850 65,035 Change of net sales compared with adjusted net sales last year 7,387 -5,858 5,673 -26,997 2,941 1,190 6,963 -2,086 Adjusted for material acquired/ divested operations current year – – – – -742 – -2,024 – Adjusted for exchange rate changes -1,404 4,568 5,315 11,798 -233 1,340 1,841 3,173 Organic sales growth 5,983 -1,289 10,987 -15,199 1,966 2,530 6,780 1,087 Organic sales growth, % 8 -2 5 -6 12 14 13 2 Of which vehicles, % 8 -3 4 -8 13 17 14 1 Of which services, % 8 4 8 2 5 6 7 2 Buses Volvo Penta Third quarter First nine months Third quarter First nine months SEK M 2026 2025 2026 2025 2026 2025 2026 2025 Net sales 5,836 6,009 17,495 17,481 5,306 5,030 16,007 15,494 Net sales last year 6,009 6,195 17,481 17,919 5,030 4,707 15,494 15,090 Adjusted for material acquired/ divested operations last year – – – – – – – – Adjusted net sales last year 6,009 6,195 17,481 17,919 5,030 4,707 15,494 15,090 Change of net sales compared with adjusted net sales last year -173 -186 14 -437 275 323 513 404 Adjusted for material acquired/ divested operations current year – – – – – – – – Adjusted for exchange rate changes -193 415 214 1,087 -56 272 375 664 Organic sales growth -366 229 228 650 219 595 888 1,067 Organic sales growth, % -6 4 1 4 4 13 6 7 Of which vehicles, % -8 4 1 3 7 11 5 7 Of which services, % -1 4 3 5 -1 17 7 6 Q3 VOLVO GROUP THE THIRD QUARTER 2026 36 KEY RATIOS

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Gross income and gross margin Industrial operations Volvo Group Third quarter First nine months Third quarter First nine months SEK M 2026 2025 2026 2025 2026 2025 2026 2025 Net sales 114,014 105,244 340,687 339,090 119,525 110,692 356,563 355,379 Cost of sales -84,799 -79,912 -254,565 -259,454 -87,952 -83,214 -263,812 -269,342 Gross income 29,215 25,332 86,122 79,637 31,573 27,478 92,751 86,037 Gross margin, % 25.6 24.1 25.3 23.5 26.4 24.8 26.0 24.2 Trucks Construction Equipment Third quarter First nine months Third quarter First nine months SEK M 2026 2025 2026 2025 2026 2025 2026 2025 Net sales 81,583 74,196 243,806 238,134 19,904 18,926 59,813 62,949 Cost of sales -62,004 -57,339 -185,291 -184,512 -14,072 -14,089 -43,302 -47,439 Gross income 19,579 16,857 58,515 53,623 5,833 4,836 16,511 15,510 Gross margin, % 24.0 22.7 24.0 22.5 29.3 25.6 27.6 24.6 Buses Volvo Penta Third quarter First nine months Third quarter First nine months SEK M 2026 2025 2026 2025 2026 2025 2026 2025 Net sales 5,836 6,009 17,495 17,481 5,306 5,030 16,007 15,494 Cost of sales -4,591 -4,675 -13,626 -13,771 -3,219 -3,220 -9,858 -9,882 Gross income 1,245 1,334 3,869 3,711 2,087 1,810 6,149 5,612 Gross margin, % 21.3 22.2 22.1 21.2 39.3 36.0 38.4 36.2 EBITDA and EBITDA margin Industrial operations Third quarter First nine months SEK M 2026 2025 2026 2025 Net sales 114,014 105,244 340,687 339,090 Operating income 13,220 11,438 35,417 32,566 Amortization and impairment product and software development 925 900 2,661 2,698 Amortization and impairment other intangible assets 199 98 557 286 Depreciation and impairment tangible assets 3,876 3,490 11,129 10,851 Total depreciation, amortization and impairment 5,000 4,487 14,347 13,834 Operating income before depreciation and amortization (EBITDA) 18,220 15,925 49,764 46,400 EBITDA margin, % 16.0 15.1 14.6 13.7 Q3 VOLVO GROUP THE THIRD QUARTER 2026 37 KEY RATIOS

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Return on capital employed Industrial Operations SEK M Sep 30 2026 Sep 30 2025 Operating income, 12 months rolling 47,229 45,512 Interest income and similar credits, 12 months rolling 1,758 2,419 Operating income and interest income and similar credits, 12 months rolling 48,987 47,931 Capital employed Total assets 433,862 394,529 Less: Net pension assets -1,793 -1,855 Less: Unrealized gains financial instruments (mainly other receivables) -4,144 -7,131 Less: Assets held for sale – – Capital employed assets 427,925 385,543 Total liabilities -272,570 -250,268 Less: Provisions for post-employment benefits 7,037 8,565 Less: Bond loans, other loans and internal funding liabilities 22,122 22,401 Less: Unrealized losses financial instruments (other liabilities) 1,125 978 Less: Liabilities held for sale – – Capital employed liabilities -242,287 -218,324 Capital employed, end of period 185,638 167,219 Quarterly weighted average capital employed 178,159 190,396 Return on capital employed, 12 months rolling, % 27.5 25.2 Return on operating capital Industrial Operations SEK M Sep 30 2026 Sep 30 2025 Operating income, 12 months rolling 47,229 45,512 Operating capital Intangible assets 58,437 45,079 Tangible assets 136,877 115,687 Investments in joint ventures and associated companies 19,873 21,478 Other shares and participations 1,202 1,060 Inventories 81,790 73,065 Customer-financing receivables – 1,629 Accounts receivables 32,543 30,844 Other receivables 23,640 22,932 Assets held for sale – 104 Operating capital assets 354,361 311,878 Other provisions -26,317 -27,508 Trade payables -72,864 -62,658 Other liabilities -132,190 -117,515 Liabilities held for sale – -12 Operating capital liabilities -231,371 -207,693 Operating capital, end of period 122,990 104,185 Quarterly weighted average operating capital 109,576 99,843 Return on operating capital, 12 months rolling, % 43.1 45.6 Q3 VOLVO GROUP THE THIRD QUARTER 2026 38 KEY RATIOS

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Return on equity Financial Services Volvo Group SEK M Sep 30 2026 Sep 30 2025 Sep 30 2026 Sep 30 2025 Income for the period, 12 months rolling 2,817 2,973 39,073 35,909 Equity Equity attributed to owners of AB Volvo, end of period 30,131 27,606 191,311 171,797 Quarterly weighted average equity 28,341 26,283 181,901 185,160 Return on equity, 12 months rolling, % 9.9 11.3 21.5 19.4 Equity ratio Industrial Operations Financial Services Volvo Group SEK M Sep 30 2026 Dec 31 2025 Sep 30 2026 Dec 31 2025 Sep 30 2026 Dec 31 2025 Total equity 161,292 151,013 30,131 27,464 191,423 178,477 Total assets 433,862 401,461 301,302 274,699 706,345 648,590 Equity ratio, % 37.2 37.6 10.0 10.0 27.1 27.5 Net capitalization of research and development expenses Volvo Group Third quarter First nine months SEK M 2026 2025 2026 2025 Capitalization 1,910 2,081 6,358 5,136 Amortization -917 -882 -2,633 -2,648 Net capitalization of research and development expenses 992 1,199 3,724 2,488 Penetration rate Financial Services Number of units Sep 30 2026 Sep 30 2025 Number of financed units, 12 months rolling 67,037 67,569 Number of units sold where financial services are offered, 12 months rolling 225,547 221,193 Penetration rate, 12 months rolling, % 30 31 Q3 VOLVO GROUP THE THIRD QUARTER 2026 39 KEY RATIOS

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Göteborg, October 23, 2026 AB Volvo (publ) Martin Lundstedt President and CEO This report has not been reviewed by AB Volvo's auditors. Financial calendar Report on the fourth quarter and full year 2026 January 27, 2027 Annual Report 2026 February 25, 2027 Annual General Meeting 2027 April 7, 2027 Report on the first quarter 2027 April 23, 2027 Report on the second quarter 2027 July 16, 2027 Report on the third quarter 2027 October 22, 2027 Contacts Media relations: Claes Eliasson +46 739 02 39 35 Investor Relations: Johan Bartler +46 739 02 21 93 Anders Christensson +46 765 53 59 66 This is information that AB Volvo (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act. The information was submitted for publication, through the agency of the contact person set out in the press release concerning this report, at 07.20 CET on October 23, 2026. 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. Q3 VOLVO GROUP THE THIRD QUARTER 2026 40 CONTACTS AB Volvo (publ) 556012–5790 Investor Relations, VGHQ SE-405 08 Göteborg, Sweden Tel +46 31 66 00 00 www.volvogroup.com

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