Volvo Group Fourth Quarter 2021 Electrification and Financial Report

Buses Net sales and adjusted operating income. H NET SALES SEK bn 12 months SEK 13.7 bn ADJUSTED OPERATING INCOME SEK M -19% (excl. FX -20%) 5.8 5.1 4.2 ADJUSTED OPERATING INCOME SEK M (margin)* 12 months 0.4% Currency SEK-18 M 248 (4.3%) + Customer mix + Service earnings - 25 - Volume Materials costs Q4 Q4 2019 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2020 2021 -25 (-0.5%) -42 (-1.0%) -42 Q4 2021 Q4 2019 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 Volvo Group Fourth Quarter 2021 All numbers restated to exclude Nova Bus which is now included in segment 'Group Functions and other' *For information on adjustments, see note 7 in the quarterly report 2022-01-28 24

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