Volvo Group – the first quarter 2014

During the first quarter of 2014, demand for the Volvo Group’s products
continued its gradual improvement in the mature economies in North America,
Western Europe and Japan, while the emerging economies in South America and Asia
saw weaker demand. Net sales rose by 13% to SEK 65.6 billion and operating
income amounted to SEK 2.6 billion excluding restructuring costs, corresponding
to a margin of 3.9%.

  · In the first quarter net sales increased by 13% to SEK 65.6 billion (58.3).
Adjusted for currency movements and acquired and divested units sales increased
by 15%.

  · The first quarter operating income amounted to SEK 2,588 M (496) excluding
restructuring charges of SEK 318 M (14). Currency exchange rates had a negative
impact of SEK 1,104 M.

  · Operating margin in the first quarter was 3.9% (0.9) excluding restructuring
charges.

  · In the first quarter diluted earnings per share were SEK 0.53 (negative SEK
0.15).

  · In the first quarter operating cash flow in the Industrial Operations was
negative in an amount of SEK 9.0 billion (negative SEK 7.6 billion).

“The measures we are implementing to increase the Group’s profitability are
running according to plan and starts to have a positive impact on our gross
margin and costs, but there is still more work to do in terms of cost reductions
and this is the Group’s main focus for 2014,” says Olof Persson, President and
CEO.

For an English PDF version of the report, please click here: Volvo Group Q1 2014
PDF (http://www3.volvo.com/investors/finrep/interim/2014/q1/q1_2014_eng.pdf)

For a mobile version of the report please click here: Volvo Group Q1 2014
Mobile (http://www3.volvo.com/investors/finrep/interim/2014/q1/eng/mobile/index.
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Press and Analysts Conference 09.00 AM CET
A press conference will be held at Tändstickspalatset, Västra Trädgårdsgatan 15
in Stockholm at 09.00 AM CET. The Volvo Group will be represented by CEO Olof
Persson. The conference will also be webcast.
Conference call for investors and analysts 2.30 PM CET
The Volvo Group will be represented by CEO Olof Persson. The conference will
also be webcast.

Aktiebolaget Volvo (publ) 556012
-5790
Investor Relations, VHQ
SE-405 08 Göteborg, Sweden
Tel +46 31 66 00 00
www.volvogroup.com
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                   +1 201 252
8844



AB Volvo (publ) may be required to disclose the information provided herein
pursuant to the Securities Markets Act and/or the Financial Instruments Trading
Act. The information was submitted for publication at 07.20 a.m. April 25, 2014.