Volvo – Three months ended March 31, 2005

• Net sales in the first quarter rose to SEK 52,253 M (45,849) • Income for the period increased to SEK 3,248 M (2,427) • Income per share for the first quarter was SEK 7.93 (5.75) • The Group’s operating margin rose to 8.7% (5.1*) • All business areas reported improved earnings First three months 2005 2004 Net sales, SEK M 52,253 45,849 Operating income, SEK M* 4,536 2,356 Revaluation of shares - 697 Operating income, SEK M 4,536 3,053 Income after financial items, SEK M 4,603 3,007 Income for the period, SEK M 3,248 2,427 Income per share, SEK* 7.93 4.09 Income per share, SEK 7.93 5.75 Return on shareholders' equity during most recent 12 month period, % 15.2 13.9 * Excluding revaluation of shares in Scania AB 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. In the comments on earnings on pages 1-19, Volvo Financial Services is reported in accordance with the equity method. Reporting in accordance with IAS 1 is provided beginning on page 20. Contacts Investor Relations, VHQ Investor Relations: Fredrik +46 31 66 11 91 Brunell SE-405 08 Göteborg Christer Johansson +46 31 66 13 34 Sweden John Hartwell +1 212 418 7432