Volvo Group Fourth Quarter 2021 Electrification and Financial Report

Construction Equipment Net sales and adjusted operating income H NET SALES SEK bn 12 months SEK 92.0 bn ADJUSTED OPERATING INCOME SEK bn +5% (excl. FX +2%) 20.8 19.7 2.3 21.8 ↑ + Product & market mix + Price + Service volumes - Material costs - Volume - Capacity utilization - R&D expenses Q4 2019 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2020 Q4 2021 Q4 2020 Volvo Group Fourth Quarter 2021 2.4 Q4 2021 ADJUSTED OPERATING INCOME SEK bn (margin)* - 12 months 13,3% Currency SEK +0.2 bn 1.9 (9.8%) 2.3 (11.2%) 2.4 (11.0%) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2021 *For information on adjustments, see note 7 in the quarterly report 2022-01-28 23

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