Volvo - six months ended June 30, 2003

Volvo - six months ended June 30, 2003 Second quarter First six months 2003 2002 2003 2002 Net sales, SEK M 44 593 49 294 85 524 89 679 Operating income, SEK M 2 242 1 559 3 151 1 197 Income after financial items, SEK M 2 043 1 310 2 800 692 Net income, SEK M 1 722 1 080 2 228 334 Sales growth, % (9.5) 4.7 (4.6) (1.3) Income per share, SEK 4.10 2.60 5.30 0.80 Return on shareholders' equity 4.2 (2.0) during most recent 12 months period, % · During the second quarter the new Volvo FH16 was introduced, equipped with an all-new 16-liter engine of up to 610 horsepower. · Net sales for the second quarter 2003 amounted to SEK 44,593 M (49,294). · Strong improvement in truck earnings, a favorable earnings trend in North America and improved results within Renault Trucks in Europe. · Net income increased to SEK 1,722 M (1,080). · Income per share for the second quarter amounted to SEK 4.10 (2.60). · Cash flow after net investments excluding Financial Services amounted to SEK 2.7 billion in the second quarter (3.2). Göteborg, July 23, 2003. AB Volvo (publ) Leif Johansson President and CEO This report has not been reviewed by AB Volvo's auditors. Volvo's report on the first nine months 2003 is to be published on October 23, 2003 and will be available at www.volvo.com. The report can also be ordered from Celero Support AB, DDC, Dep 64620 ARUN, SE-405 08 Göteborg, Sweden. Telephone: +46 31-66 10 47. Fax: +46 31-66 20 20. E- mail: cs1.volvoinf@memo.volvo.se. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/07/23/20030723BIT00080/wkr0001.doc The full report http://www.waymaker.net/bitonline/2003/07/23/20030723BIT00080/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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