Press release

Volvo Group – Three months ended March 31, 2008

2008-04-25

Volvo Group

During the first quarter of 2008, Volvo’s rate of growth was very high and operating income was the Group’s highest to date for a single quarter. With net sales of SEK 77 billion, the underlying growth was 16%, excluding currency effects and acquired companies.

Strong sales increase in the first quarter, up 26% to SEK 76.7 billion (61.0)
In the first quarter, operating income rose 22% to SEK 6,487 M (5,328)
Income for the period rose 12% to SEK 4,215 M (3,756) in the first quarter
In the first quarter, basic and diluted earnings per share rose to SEK 2.07 (1.85)
Operating cash flow in Industrial operations was negative in an amount of SEK 3.3 billion (neg. 2.9)

Volvo Group
	First quarter
	2008	2007	Change
Net sales Volvo Group, SEK M	76,683	61,036	26%
Operating income Volvo Group, SEK M	6,487	5,328	22%
Operating income Industrial operations, SEK M	6,106	4,933	24%
Operating income Customer Finance, SEK M	381	395	(4%)
Operating margin Volvo Group, %	8.5	8.7
Income after financial items, SEK M	6,141	5,407	14%
Income for the period, SEK M	4,215	3,756	12%
Diluted earnings per share, SEK	2.07	1.85
Return on shareholders' equity, %	19.2	18.6

Find the full report under Interim reports

April 25, 2008

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