Ride the wind，Return with a full load

Volvo Group officially announced

Fourth Quarter and Full Year Results 2023

“2023，Volvo Group has strong growth momentum，Profitability and cash flow have performed well.。All year round，Our net sales increased by approximately SEK 80 billion.，Up to 5,53 billion Swedish kronor，Adjusted operating profit amounted to SEK 77.6 billion.（50.5 billion in the same period last year），Adjusted operating margin was 14 percent.0%（10% in the same period last year.7%）。

Return on capital employed in the Group's industrial operations rose to 36 percent.7%（27 in the same period last year.4%）；We also created SEK 45.8 billion.（35.3 billion in the same period last year）Strong cash flow；Deduct pension and lease liabilities，Industrial net cash position at year end was SEK 83.4 billion。Benefiting from a solid financial position，We have the ability to continue to provide strong returns to our shareholders.，At the same time, actively invest in industry transformation.，And seize the opportunity to deliver more sustainable solutions。The board of directors proposed a dividend of 7..Common stock dividends of SEK 50 and SEK 10 per share.Additional dividend of SEK 50。”

——Long Shide, President and CEO of Volvo Group（Martin Lundstedt）

1

Fourth quarter of 2023-Steady growth in net sales

Fourth quarter of 2023（Same as below），Volvo GroupNet sales up 10%，Reaches 1,48.1 billion Swedish kronor（The same period last year was 1.,34.3 billion）。Excluding the impact of exchange rate fluctuations，Net sales revenue increased by 8%。

Adjusted operating profit was 183..8.4 billion Swedish kronor（121 in the same period last year.7.1 billion），Adjusted operating margin was 12 percent.4%（In the same period last year, it was 9.1%）。Adjusted operating profit excluding 14.Negative impact of SEK 900 million。

Reported operating profit of 168.9.4 billion Swedish kronor（115 in the same period last year.4.1 billion）。

Impact of exchange rate fluctuations on operating profitPositive impact up to 11.SEK 0.6 billion。

Earnings per share were 5..93 Swedish kronor（The same period last year was 3..26）。

Produced by the business activities of the industrial operation departmentCash flow is 226.5.5 billion Swedish kronor（189 in the same period last year.1.8 billion）。

2

All year 2023-Steady increase in operating profit

All year 2023（Same as below），Volvo GroupNet sales of 5,52.8 billion Swedish kronor（The same period last year was 4.,73.5 billion）。

Adjusted operating profit was 776..3.8 billion Swedish kronor（504 in the same period last year.6.7 billion），Adjusted operating margin was 14 percent.0%（10% in the same period last year.7%）。

Reported operating profit of 667.8.4 billion Swedish kronor（457 in the same period last year.1.2 billion）。

Earnings per share were 24..SEK 50（The same period last year was 16..09）。

Produced by the business activities of the industrial operation departmentCash flow is 458.2.1 billion Swedish kronor（353 in the same period last year.2.7 billion）。

The Industrial Operations DepartmentReturn on capital employed was 36 percent.7%（27 in the same period last year.4%）。

The board of directors proposed a dividend of 7..Common stock dividends of SEK 50 and SEK 10 per share.Additional dividend of SEK 50。

2023，It is full of challenges for Dawo.

Facing the rapidly changing market environment

Volvo Group

Stick to it“Quality、Safe、Environmental protection”Core values

Insist on promoting development through innovation

Work closely with partners

It has achieved fruitful results.

Industry and society continue to inject forward energy.

 

Go without stopping，Practice leads to farsightedness

A New Year

Volvo Group

Will continueCohesion，Wo is ready to go

With a more solid and steady pace

Thick accumulation and thin hair，Draw a prosperous vision