Volvo – three months ended March 31, 2006

• Net sales increased by 15% to SEK 60,172 M (52,253) • Income for the period increased by 23% to SEK 3,998 M (3,248) • Earnings per share rose by 24% to SEK 9.84 (7.93) before dilution • Group operating margin improved to 9.0% (8.7) • Operating cash flow, excluding Financial Services, amounted to a negative SEK 0.4 billion (neg: 1.3 billion) • Acquisition of 13% of the shares in Nissan Diesel, with an option to acquire an additional 6% • Strong demand for the new generation of trucks First three months 2006 2005 Net sales, SEK M 60,172 52,253 Operating income, SEK M 5,430 4,536 Income after financial items, SEK M 5,472 4,603 Income for the period, SEK M 3,998 3,248 Earnings per share, SEK 9.84 7.93 Return on shareholders' equity during most recent 12 month period, % 18.2 15.2 As of January 1, 2005 AB Volvo complies with International Financial Reporting Standards (IFRS), previously known as IAS, as adopted by the European Union. In the comments on earnings on pages 1-20, Volvo Financial Services is reported in accordance with the equity method. Financial information with Volvo Financial Services reported in accordance with the purchase method begins on page 21. Aktiebolaget Volvo (publ) 556012-5790 Contacts Investor Relations, VHQ Investor Relations: SE-405 08 Göteborg, Sweden Christer Johansson +46 31 66 13 34 Tel +46 31 66 00 00 Joakim Wahlström +46 31 66 11 91 Fax +46 31 53 72 96 John Hartwell +1 212 418 7432 www.volvo.com Noah Weiss +1 212 418 7431