Volvo - nine months ended September 30, 2003

Volvo - nine months ended September 30, 2003 Third quarter First nine months 2003 2002 2003 2002 Net sales, SEK M 40 511 41 524 126 035 131 203 Operating income, SEK M 1 617 817 4 768 2 014 Income after financial 1 298 584 4 098 1 276 items, SEK M Net income, SEK M 956 421 3 184 755 Sales growth, % (2.4) 0.9 (3.9) (0.6) Income per share, SEK 2.30 1.00 7.60 1.80 Return on shareholders' equity during most 5.0 0.3 recent 12 months period, % · The new Volvo NH and Volvo VM trucks have been introduced in South America. In addition, Volvo Penta launched a completely new product offering for leisure boats. · Net sales for the third quarter 2003 amounted to SEK 40,511 M (41,524). · Strong improvement in truck operations due to improved results in North America and a favorable earnings trend in Europe within both Renault Trucks and Volvo Trucks. · Net income increased to SEK 956 M (421) in the third quarter. · Income per share for the third quarter amounted to SEK 2.30 (1.00). Income per share for the most recent 12-month period was SEK 9.10. · Cash flow after net investments excluding Financial Services was negative in an amount of SEK 0.8 billion in the third quarter (negative: 0.9). Aktiebolaget Volvo (publ) Contacts 556012-5790 Investor Relations: Fredrik Brunell Investor Relations, VHQ +46 31 66 11 91 SE-405 08 Göteborg Christer Johansson Sweden +46 31 66 13 34 Tel +46 31 66 00 00 Patrik Stenberg Fax +46 31-53 72 96 +46 31 66 13 36 www.volvo.com Media Relations: Mårten Wikforss +46 31 66 11 27 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/10/23/20031023BIT00030/wkr0001.doc The full report http://www.waymaker.net/bitonline/2003/10/23/20031023BIT00030/wkr0002.pdf The full report

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The Volvo Group is one of the world’s leading manufacturers of trucks, buses, construction equipment and marine and industrial engines. The Group also provides complete solutions for financing and service. The headquarter is located in Gothenburg, Sweden.

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