Regulatory press release

The Nomination Committee's proposal for election of members to the Board of Directors of Volvo Car AB (publ)

The Nomination Committee of Volvo Car AB (publ) has decided to submit the following proposals for resolution at the Annual General Meeting of shareholders on 31 March 2026:

The Board of Directors shall comprise ten members without any deputy members.
Re-election as members of the Board of Directors: Eric Li (Li Shufu), Daniel Li (Li Donghui), Håkan Samuelsson, Jonas Samuelson, Diarmuid O'Connell, Lila Tretikov , Ruby Lu and Pieter Nota.
Re-election of Eric Li (Li Shufu) as Chairperson of the Board of Directors.
Anna Mossberg and Caroline Grégoire Sainte Marie have declined re-election.
The Nomination Committee proposes Natalie Knight and Markus Schäfer to be elected as new members of the Board of Directors. Markus Schäfer with effect as of 1 July 2026.

Natalie Knight is a member of the Supervisory Board of Deutsche Telekom AG and brings extensive international experience in finance and strategic leadership from global listed companies. She has served as CFO and Executive Vice President at Stellantis, CFO at Ahold Delhaize and Arla Foods, and previously held senior finance and investor relations roles at adidas. Her background includes significant sector experience across automotive, telecommunications, retail and branded consumer goods, with responsibility for finance, capital markets, transformation and governance in complex, multinational organisations. She also has prior non-executive board experience from Grundfos A/S and BioMar Group A/S. The Nomination Committee considers that Natalie Knight will strengthen the Board's expertise in finance, capital markets and global strategic execution. Natalie holds a Master Degree in Economics from Freie Universität Berlin, and Bachelor of Economics and German from University of Arizona. She is independent in relation to the company, its Executive Management and its major shareholders.

Markus Schäfer has extensive executive experience from Mercedes-Benz Group, including as member of the Board of Management (Vorstand) and Chief Technology Officer. He has also held senior leadership roles within production, manufacturing engineering and global supply chain. His background combines deep expertise in automotive technology, product development and large-scale industrial execution. As co-founder of Russel AI Labs, he also brings insight into emerging technologies and AI-driven innovation. The Nomination Committee considers that Markus Schäfer will strengthen the Board's competence in technology strategy and industrial transformation, which are central to Volvo Cars' continued development. Markus Schäfer holds a Master's degree in Mechanical Engineering from Technische Universität Darmstadt. He is independent in relation to the Company, its Executive Management and its major shareholders.

If the Nomination Committee's proposal is approved by the Annual General Meeting, 30 per cent of the board members will be women, 33 per cent if excluding the CEO.

The Nomination Committee consists of:

Lone Fønss Schrøder, appointed by Geely Sweden Holdings AB
Per Ansgar, appointed by Geely Sweden Holdings AB
Eric Li, Chairperson of the Board of Directors of Volvo Car AB
Anders Oscarsson, appointed by AMF
Emilie Westholm, appointed by Folksam

Lone Fønss Schrøder is the Chairperson of the Nomination Committee.

Information about the Nomination Committee's statement and the complete proposal will be made available on the Volvo Car investor relations website when the notice to the Annual General meeting is published, https://investors.volvocars.com.