Volvo – nine months ended September 30, 2005

- Net sales in the third quarter 2005 increased by 14% to SEK 52,532 M (46,024) - In the third quarter, income for the period increased by 151% to SEK 2,935 M (1,167*) - Income per share for the third quarter increased by 163% to SEK 7.24 (2.75*) - The Group’s operating margin rose to 7.6% (6.3) in the third quarter, with all business areas improving profitability - Third quarter operating cash flow was a negative SEK 0.7 billion (neg: 2.9), after a transfer of SEK 1.5 billion to pension funds - Important product launches within truck operations - Write-downs of SEK 1,310 M relating to Henlys Group were included in the income for the third quarter 2004. Third quarter First nine months 2005 2004 2005 2004 Net sales,SEK M 52,532 46,024 165,904 145,196 Operating income, SEK M 1) 4,004 2,900 13,890 9,163 Revaluation of shares - - - 820 Operating income, SEK M 4,004 2,900 13,890 9,983 Income after financial items, SEK M 4,015 1,516 13,871 8,432 Income for the period, SEK M 2,935 1,167 10,112 6,402 Income per share, SEK 1) 7.24 2.75 24.84 13.20 Income per share, SEK 7.24 2.75 24.84 15.15 Return on shareholders' equity during most recent 12 month period, % 19.0 4.9 1) Excluding revaluation of shares in Scania AB and Henlys Group. As of January 1, 2005 AB Volvo complies with International Financial Reporting Standards (IFRS), previously known as IAS, in accordance with the European Union regulation. Figures for the corresponding periods in the preceding year have been restated according to IFRS. In the comments on earnings on pages 1-20, Volvo Financial Services is reported in accordance with the equity method. Reporting in accordance with IAS 1 is provided beginning on page 22 Contacts Investor Relations: Fredrik Brunell +46 31 66 11 91 Christer Johansson +46 31 66 13 34 John Hartwell +1 212 418 7432 Aktiebolaget Volvo (publ) 556012-5790 Investor Relations, VHQ SE-405 08 Göteborg Sweden Tel +46 31 66 00 00 Fax +46 31 53 72 96 www.volvo.com