Commentary & Deal Flow

Final Books: Above €1.5bn. Peak book in excess of €2.7bn (Pre Rec)

Launched: 3yr: €500m @ MS+37bp - Orderbook in excess of €2.7bn (Pre Rec)
IPTs: 3yr: MS+70a

• Issuer: Volvo Treasury AB (publ)
• Guarantor: AB Volvo (publ)
• Issuer LEI: 549300PD69T87IGZG395
• Guarantor LEI: 549300HGV012CNC8JD22
• Guarantor Ratings: A2 (Stable) by Moody’s / A (stable) by S&P
• Exp. Issue Ratings: A2 by Moody’s / A by S&P
• Tenor: 3-Year
• Size: €500m
• Settlement Date: 26-Aug-26 (T+7)
• Maturity Date: 26-Aug-29 (3-year)
• ISIN: XS3479662234
• Coupon: Fixed (Annual, Act/Act ICMA)
• Denominations: €100,000 x €1,000
• Format: Senior, Unsecured, Bearer, New Global Notes
• Documentation: Euro Medium Term Note Programme Base Prospectus dated 7-May-26 as supplemented 22-May-26 (“Base Prospectus”), English Law, Luxembourg Stock Exchange (regulated market), Negative Pledge
• Optional Redemption: 1-month Par Call, Make-Whole Call, Clean-Up Call (80%)
• Use of Proceeds: General corporate purposes
• Hedge Deadline: 14:15 UKT / 15:15 CET
• Reference Benchmark: DBR 0% 15-Aug-29 (HR 105%)
• Active Bookrunners: BofA Securities, NatWest, Nordea, Societe Generale(B&D)
• Target Market: The manufacturer target market (MIFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK DISC disclosure document has been prepared as the notes will not be made available to retail investors in the EEA or the UK
• Selling Restrictions: Reg. S, Cat 2, TEFRA D and as per the Issuer’s Base Prospectus
• Sales Into Canada: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• Advertisement: The Base Prospectus is, and the final terms, when published, will be available at www.luxse.com and on the website of the Issuer at https://www.volvogroup.com/en/investors/debt-information/debt-programmes.html
• Timing: Books open, today's business. Books subject at 12:25 UKT / 13:25 CET.