Investor Presentaiton

PROFITABILITY TRAJECTORY EBIT SEKbn 6.6 4,0% 2.1 2014 1,5% 2015 11.0 14.2 14.1 EBITDA SEKbn 16.0 28.6 26.2 21.5 6,7% 6,1% 5,6% 11,9% 12,5% 9.5 11,3% 9,8% 6,9% 2016 2017 2018 % margin EBIT 2014 2015 2016 2017 2018 % margin EBITDA Benefiting from increased pricing and stronger sales mix ✓ Expects considerable benefits from operational leverage in the future | VOLVO CARS - DEBT INVESTOR PRESENTATION | 21

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