Volvo Group – Six months ended June 30, 2008

In the second quarter:

• Net sales increased 13% to SEK 80.4 billion (71.4) in the second quarter
• Operating income rose 17% to SEK 7,186 M (6,119)
• Basic and diluted earnings per share rose by 28% to SEK 2.53 (1.98)
• Operating cash flow in Industrial operations amounted to SEK 4.9 billion (6.1)


Volvo Group
Second quarter First six months
2008 2007 2008 2007 Change, %
Net sales
Volvo Group,
SEK M 80,426 71,446 157,109 132,482 19

Operating
income Volvo
Group, SEK M 7,186 6,119 13,673 11,447 19

Operating
income
Industrial
operations,
SEK M 6,799 5,698 12,905 10,631 21

Operating
income
Customer
Finance, SEK M
387 421 768 816 (6)

Operating
margin Volvo
Group, % 8.9 8.6 8.7 8.6 1

Income after
financial
items, SEK M 7,481 5,970 13,622 11,377 20

Income for
the period,
SEK M 5,149 4,030 9,364 7,786 20

Diluted
earnings per
share, SEK 2.53 1.98 4.60 3.83

Return on
shareholders'
equity, % 20.5 17.9


Contacts Investor Relations:
Christer Johansson +46 31 66 13 34
Patrik Stenberg +46 31 66 13 36
Anders Christensson +46 31 66 11 91
John Hartwell +1 212 418 7432

www.volvogroup.com