Kvartalsrapport Q1 2025

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===== SIDA 1 =====

Kvartalsrapport 
     januari - mars 2025 
 
        Stockholm, Sverige, 16 april, 2025  
        (NYSE: ALV och SSE: ALIV.sdb)

===== SIDA 2 =====

Kvartalsrapport januari - mars 2025 
 
1 
Kv1 2025: Bra försäljning och väl genomförda kostnadsprogram 
Finansiell sammanfattning Kv1 
$2 578 miljoner försäljning 
1,4% försäljningsminskning 
2,2% organisk försäljningsökning* 
9,9% rörelsemarginal 
9,9% justerad rörelsemarginal* 
$2,14 vinst/aktie efter utspädning, 41% ökning 
$2,15 just. vinst/aktie efter utspädning*, 37% ökning 
 Utsikter för helåret 2025 
Cirka 2% organisk försäljningsökning 
Cirka 3% negativ valutaeffekt på försäljningen 
Cirka 10-10,5% justerad rörelsemarginal 
Cirka $1,2 miljard operativt kassaflöde 
 
 
Alla förändringstal i denna rapport jämför med motsvarande period året innan, om inte annat anges.  
 
Viktiga händelser i verksamheten under det första kvartalet 2025 
• Första kvartalets försäljning ökade organiskt* med 2,2%, vilket var 2,6 procentenheter högre än den globala fordonsproduktionen, 
som minskade med 0.4% (S&P Global Mars 2025). En stark fordonsproduktion i mars ledde till bättre än väntad global 
fordonsproduktion i kvartalet. Fordonsproduktionens mixutveckling regionalt och per OEM uppskattas ha haft cirka 3 procentenheters 
negativ effekt på vår försäljning. Jämfört med S&P Globals data från mars, växte vi snabbare än fordonsproduktionen i Europa, 
Amerika och Asien exkl. Kina, främst pga produktlanseringar och positiv prisutveckling. Vår försäljning till inhemska kinesiska 
fordonstillverkare växte med 19%, i linje med deras fordonsproduktionstillväxt. Eftersom fordon med lägre säkerhetsinnehåll i Kina 
växte snabbare än fordon med högre säkerhetsinnehåll, underpresterade vi i Kina som helhet. Vi förväntar oss att vårt rekordstora 
antal nya lanseringar kommer att markant förbättra vår relativa försäljningsutveckling i Kina 2025.  
• Lönsamheten förbättrades, främst pga organisk försäljningstillväxt och framgångsrikt genomförda kostnadsminskningar. 
Personalstyrkan minskade med 6%. Effekten av USAs tariffer och mot-tariffer hade i kvartal 1 försumbara effekter på rörelseresultatet 
eftersom vi kunde skicka tariffkostnaderna vidare till våra kunder. Rörelseresultatet blev 254 MUSD och justerat rörelseresultat* blev 
255 MUSD. Rörelsemarginal och justerad rörelsemarginal* var båda 9,9%. Avkastning på sysselsatt kapital och justerad avkastning på 
sysselsatt kapital* var båda 25,6%. 
• Fritt operativt kassaflöde* var i linje med föregående år, trots att operativt kassaflöde var något lägre än förra året. Ökat rörelse-
kapital drivet av högre försäljning mot slutet av kvartalet motverkades av lägre nettoinvesteringar. Skuldsättningskvoten* på 1,3x är 
inom målintervallet. I kvartalet betalades en utdelning på 0,70 USD per aktie, och 0,5 miljoner aktier återköptes och makulerades. 
**För ej U.S. GAAP, se jämförelsetabell. 
 Nyckeltal 
MUSD, förutom aktiedata Kv1 2025 Kv1 2024 Förändring 
Försäljning $2 578 $2 615 -1,4% 
Rörelseresultat 254 194 31% 
Justerat rörelseresultat1) 255 199 28% 
Rörelsemarginal 9,9% 7,4% 2,4 
Justerad rörelsemarginal1) 9,9% 7,6% 2,3 
Vinst/aktie efter utspädning 2,14 1,52 41% 
Justerad vinst/aktie efter utspädning1) 2,15 1,58 37% 
Operativt kassaflöde 77 122 -37% 
Avkastning på sysselsatt kapital2) 25,6% 19,7% 5,9 
Justerad avkastning på sysselsatt kapital1,2) 25,6% 20,2% 5,4 
1) Exklusive effekter från kapacitetsanpassningar och kartellrelaterade ärenden. Ej U.S. GAAP, se jämförelsetabell. 2) Annualiserat rörelseresultat och vinstandelar i 
minoritetsbolag i förhållande till genomsnittligt sysselsatt kapital.  
 
 
Kommentar från Mikael Bratt, VD & koncernchef   
 
Det glädjer mig att vi levererade bra försäljning 
och lönsamhet i kvartalet. Tack vare vår 
anpassningsförmåga och motståndskraft, 
drivet av vår breda produktportfölj och starka 
kundrelationer, kunde vi framgångsrikt 
navigera den första månaden med tariffer i 
Nordamerika. Det är positivt att vi, baserat på 
fordonsdata från mars, kunde växa snabbare 
Efter en svag avslutning på 2024, ökade kundernas beställningar av 
säkerhetsprodukter för framtida bilmodeller i det första kvartalet, trots 
den geopolitiska osäkerheten.  
Vår navigering i den nya tariff-miljön i det första kvartalet ger oss 
anledning att tro att det är möjligt att fortsätta på den kursen när vi 
ställs inför högre eller ändrade tariffer, även om osäkerheten är stor. 
Vi fortsätter att noga bevaka och utvärdera situationen, med fokus på 
att vara adaptiv och agil, och vi ser vår regionbaserade 
produktionsstruktur som en värdefull källa till flexibilitet i en 
utmanande geopolitisk miljö. 
Den nuvarande geopolitiska och affärsmässiga osäkerheten gör det 
svårt att förutspå 2025, men baserat på det starka första kvartalet 
och uppmuntrande nivå på kundavrop i närtid, upprepar vi vår 
indikation för 2025 om en organisk försäljningsökning på cirka 2% 
och en justerad rörelsemarginal på cirka 10-10,5%.  
Vår starka balansräkning och kassakonvertering ger en solid bas för 
vårt fokus på en hög avkastning till våra aktieägare. Jag ser fram mot 
vår kapitalmarknadsdag den 4e juni, 2025. 
än global fordonsproduktion, trots fortsatt kraftig motvind från 
fordonsproduktionens mixförändring, särskilt i Kina. Baserat på ett 
rekordstort antal nya lanseringar ser vi fram mot en markant 
förbättrad försäljningsutveckling i Kina 2025.  
Vår starka lönsamhetsökning kom från framgångsrikt operationellt 
och kommersiellt arbete. Det strukturella kostnadsbesparings-
programmet fortsatte generera en minskning av antalet tjänstemän. 
Den direkta personalstyrkan minskade också markant trots att 
försäljningen ökade organiskt. Resultatet påverkades även positivt 
av överenskommelser för kvartal 1 om kompensation från kunder 
för ökade kostnader relaterade till inflation och tariffer. Aktieåterköp 
bidrog till rekordhög vinst/aktie för ett första kvartal.

===== SIDA 3 =====

Kvartalsrapport januari - mars 2025 
 
2 
Full year 2025 guidance  
In addition to the assumptions and our business and market update noted below, our full year 2025 guidance is based on our 
customer call-offs, as well as the achievement of our targeted cost compensation adjustments with our customers, including 
for the new tariffs, no further material changes to tariffs or trade restrictions, as compared to what is in effect as of April 15, 
2025, as well as no significant changes in the macro-economic environment, changes to customer call-off volatility or 
significant supply chain disruptions. 
Full year 2025 Guidance  
Organic sales growth Around 2% 
Adjusted operating margin1) Around 10-10.5% 
Operating cash flow2) Around $1.2 billion 
Capex, net, % of sales Around 5% 
1) Excluding effects from capacity alignments, antitrust related matters and other discrete items. 2) Excluding unusual items. 
 
Full year 2025 Assumptions  
LVP growth Around 0.5% negative 
FX impact on net sales Around 3% negative 
Tax rate3) Around 28% 
3) Excluding unusual tax items.  
 
The forward-looking non-U.S. GAAP financial measures above are provided on a non-U.S. GAAP basis. Autoliv has not 
provided a U.S. GAAP reconciliation of these measures because items that impact these measures, such as costs and gains 
related to capacity alignments and antitrust matters, cannot be reasonably predicted or determined. As a result, such 
reconciliation is not available without unreasonable efforts and Autoliv is unable to determine the probable significance of the 
unavailable information. 
Conference call and webcast 
The earnings conference call will be held at 2:00 p.m. CET today, April 16, 2025. Information regarding how to participate is  
available on www.autoliv.com. The presentation slides for the conference call will be available on our website shortly after 
the publication of this financial report.

===== SIDA 4 =====

Kvartalsrapport januari - mars 2025 
 
3 
Business and market condition update 
Supply Chain 
In the first quarter of 2025, global LVP decreased by 0.4% year-over-year (according to S&P Global March 2025). Call-off 
volatility improved slightly compared to a year earlier and was about unchanged compared to the fourth quarter of 2024, 
although it remains higher than pre-pandemic levels. Low customer demand visibility and changes to customer call -offs 
with short notice, although it improved, continued to have a negative impact on our production efficiency and profitability 
in the quarter. We expect call-off volatility in 2025 on average to be slightly lower than it was in 2024 but still remain 
higher than pre-pandemic levels. However, the uncertainty regarding future changes in tariffs and trade restrictions may 
lead to a more negative call-off volatility development. 
Inflation 
In the first quarter, cost pressure from labor and other items still impacted our profitability negatively, although to a les ser 
degree than the first quarter of 2024. Most of the inflationary cost pressure was offset by price increases and other 
customer compensations in the quarter. Raw material price changes had a slightly negative impact on our profitability 
during the first quarter. We expect raw material costs in 2025 to increase for the full year. We expect cost pressure from 
general inflation to moderate in 2025, but we still expect some pressure coming mainly from labor, especially in Europe 
and the Americas and potentially from tariffs. The uncertainty regarding effects of tariffs and trade restrictions may lead t o 
a more adverse inflation development. We continue to execute on productivity and cost reduction initiatives to offset 
these cost pressures. 
Geopolitical risks and tariffs 
The effects from the new tariffs imposed in the first quarter did not have a material impact on our profitability in the firs t 
quarter, as we managed to achieve customer compensations. It is our ambition and expectation that we will continue to 
pass on tariff costs to our customers, although there is significant uncertainty. Geopolitical uncertainties will continue to 
create a challenging operating environment. We also see a likelihood that there will be new or increased or changed 
tariffs or other related trade restrictions imposed in 2025 that may impact our operations. We continue to closely monitor 
the situation and are prepared to remain agile in responding to any such developments.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
This report includes content supplied by S&P Global; Copyright © Light Vehicle Production Forecast, January and March 2025. A ll rights reserved.

===== SIDA 5 =====

Kvartalsrapport januari - mars 2025 
 
4 
Key Performance Trends 
 
Net Sales Development by region Operating and adjusted* operating income and margins 
  
 
 
 
Capex, net and D&A Operating cash flow 
  
  
 
Return on Capital Employed Cash Conversion* 
  
  
 
Key definitions   ------------------------------------------------------------------------------------------------------------ 
 
Adj. operating income and margin*: Operating income adjusted for 
capacity alignments, antitrust related matters and for FY 2023 the 
Andrews litigation settlement. Capacity alignments include non-
recurring costs related to our structural efficiency and business 
cycle management programs. 
Capex, net: Capital Expenditure, net, defined as Expenditures for 
Property, Plant and Equipment less Proceeds from sale of Property, 
Plant and Equipment. 
 D&A: Depreciation and Amortization. 
Cash conversion*: Free operating cash flow* in relation to net 
income. Free operating cash flow defined as operating cash flow 
less capital expenditure, net.

===== SIDA 6 =====

Kvartalsrapport januari - mars 2025 
 
5 
Consolidated sales development 
First quarter 2025 
Consolidated sales  First quarter Reported change Currency Organic 
(Dollars in millions)  2025 2024 (U.S. GAAP) effects1) change* 
Airbags, Steering Wheels and Other2)  $1,752 $1,781 (1.6)% (3.3)% 1.7% 
Seatbelt Products and Other2)  826 834 (1.0)% (4.2)% 3.2% 
Total  $2,578 $2,615 (1.4)% (3.6)% 2.2% 
       
Americas  $851 $893 (4.7)% (6.0)% 1.3% 
Europe  764 770 (0.7)% (2.6)% 1.9% 
China  447 460 (2.8)% (1.2)% (1.6)% 
Asia excl. China  515 491 4.8% (2.8)% 7.7% 
Total  $2,578 $2,615 (1.4)% (3.6)% 2.2% 
1) Effects from currency translations. 2) Including Corporate sales.  
 
Sales by product – Airbags, Steering Wheels and 
Other 
Sales grew organically* by 1.7% in the quarter. The largest 
contributor to the increase was side airbags and steering 
wheels, followed by inflatable curtains and center airbags. 
This was partly offset by declines for knee airbags, driver 
airbags and passenger airbags. 
 Sales by product - Seatbelt Products and Other 
 
Sales for Seatbelt Products and Other grew organically* by 
3.2% in the quarter. Sales increased organically in Asia 
excluding China and in the Americas while it declined in 
China and Europe. 
 
 
 
Sales by region 
Our global organic sales* increased by 2.2% compared to 
the global LVP decrease of 0.4% (according to S&P Global, 
March 2025). The outperformance was mainly driven by 
product launches and pricing. We estimate that the regional 
and model LVP mix contributed to about 3pp 
underperformance. This was particularly accentuated in 
China where we estimate that changes in LVP model mix 
contributed around 8pp to our underperformance in China. 
Our organic sales growth outperformed LVP growth by 11pp 
in Europe, by 6.1pp in Americas and by 5.4pp in Asia 
excluding China, while we underperformed by 9.2pp in 
China.  
  
 
LVP growth in China was heavily tilted to domestic OEMs 
with typically lower safety content. LVP for global OEMs 
declined by 9% while it increased by 19% for domestic 
OEMs. Autoliv's sales to domestic OEMs increased by 19% 
in the quarter. We expect that our strong order intake with 
domestic OEMs will lead to a record high number of new 
launches and significantly improve Autoliv's sales 
performance in China in 2025. 
 
Q1 2025 organic growth* Americas Europe China Asia excl. China Global 
Autoliv 1.3% 1.9% (1.6)% 7.7% 2.2% 
Main growth drivers Toyota, Ford, Honda Renault, Mercedes, 
Ford Geely, BYD, Nio Toyota, Subaru, Suzuki Toyota, Ford, VW 
Main decline drivers EV OEM, Mercedes, 
Hyundai 
Volvo, EV OEM, 
Hyundai EV OEM, Volvo, Lixiang Honda, Mitsubishi, Renault EV OEM, Volvo, Lixiang 
 
Light vehicle production development 
Change compared to the same period last year according to S&P Global 
Q1 2025 Americas Europe China Asia excl. China Global 
LVP (Mar 2025) (4.8)% (9.0)% 7.6 % 2.3% (0.4)% 
LVP (Jan 2025) (4.5)% (9.5)% 3.9% 1.3% (1.8)%

===== SIDA 7 =====

Kvartalsrapport januari - mars 2025 
 
6 
Key launches in the first quarter of 2025 
 
  Honda Passport                   Ford Expedition                            Hyundai Palisade                                    
 
  
 
  
 
 
              
 
            
 
           
 
      
  Dacia Bigster                       
 
 Renault 5 E-TECH              
 
  Mercedes CLA                      
 
 
  
 
 
 
 
                                   
 
           
 
         
 
      
  Audi A6 Avant                         
  Kia Tasman                       
 
  Citroen C3                                    
 
 
 
 
 
  
 
  
 
 
                              
 
 
 
 
 
 
  
 
 
 
 
 
  Driver/Passenger Airbags  Seatbelts  Side Airbags 
  Head/Inflatable Curtain Airbags  Steering Wheel  Knee Airbag 
 
 Front Center Airbag  Bag-in-Belt  Pyrotechnical Safety Switch 
 
 Pedestrian Airbag  Hood Lifter  Available as EV/PHEV

===== SIDA 8 =====

Kvartalsrapport januari - mars 2025 
 
7 
Financial development  
Condensed Income Statement First quarter 
(Dollars in millions, except per share data) 2025 2024 Change 
Net sales $2,578 $2,615 (1.4)% 
Cost of sales (2,100) (2,172) (3.3)% 
Gross profit 478 443 8.1% 
S,G&A (145) (132) 9.5% 
R,D&E, net (95) (113) (16)% 
Other income (expense), net 15 (4) n/a 
Operating income 254 194 31% 
Adjusted operating income1) 255 199 28% 
Financial and non-operating items, net (22) (20) 8.2% 
Income before taxes 233 174 34% 
Income taxes (65) (47) 39% 
Net income $167 $127 32% 
    
Earnings per share - diluted2) $2.14 $1.52 41% 
Adjusted earnings per share - diluted1,2) $2.15 $1.58 37% 
    
Gross margin 18.6% 16.9% 1.6pp 
S,G&A, in relation to sales (5.6)% (5.1)% (0.6)pp 
R,D&E, net in relation to sales (3.7)% (4.3)% 0.6pp 
Operating margin 9.9% 7.4% 2.4pp 
Adjusted operating margin1) 9.9% 7.6% 2.3pp 
Tax Rate 28.0% 27.0% 1.0pp 
    
Other data    
No. of shares at period-end in millions2) 77.3 81.4 (5.0)% 
Weighted average no. of shares in millions, basic2) 77.6 82.3 (5.7)% 
Weighted average no. of shares in millions, diluted2) 77.9 83.0 (6.2)% 
1) Non-U.S. GAAP measure, excluding effects from capacity alignments and antitrust related matters. See reconciliation table. 2) Net  of treasury shares. 
 
First quarter 2025 development 
Gross profit increased by $36 million, and the gross margin 
increased by 1.6pp compared to the prior year. The main 
drivers behind the improvement were the structural cost 
reduction program combined with the improved customer call-
off accuracy, which supported an improved operational 
efficiency with lower costs for labor, premium freight and 
waste and scrap, as well as positive effects from the organic 
sales growth. The main offsetting factor to the improvement 
were negative FX translation effects. 
S,G&A costs increased by $13 million compared to the prior 
year, mainly due to $8 million in increased IT costs and minor 
cost increases for other items, including personnel costs and 
legal fees, partly offset by $5 million from positive FX 
translation effects. S,G&A costs in relation to sales increased 
from 5.1% to 5.6%. 
R,D&E, net costs decreased by $18 million compared to the 
prior year, with $8 million of the improvement coming from 
higher engineering income. The decrease was also supported 
to a smaller extent from several items, mainly $5 million from 
positive FX translation effects and $3 million in lower 
personnel costs. R,D&E, net, in relation to sales decreased 
from 4.3% to 3.7%. 
Other income (expense), net was positive $15 million, 
compared to negative $4 million in the same period last year. 
Almost all of the Other income in the quarter was from the 
recycled accumulated currency translation differences related 
to the divestment of our idled operations in Russia. 
  
Operating income increased by $60 million compared to 
the prior year, due to the higher gross profit, lower costs for 
R,D&E, net, and higher Other income (expense), partly 
offset by higher costs for S,G&A, as outlined above. 
Adjusted operating income* increased by $56 million 
compared to the prior year, due to the higher gross profit, 
lower costs for R,D&E, net, and higher Other income 
(expense), partly offset by higher costs for S,G&A, as 
outlined above. 
Financial and non-operating items, net, was negative $22 
million compared to negative $20 million a year earlier. The 
increase was mainly due to lower interest income following 
lower cash holdings.  
Income before taxes increased by $59 million compared to 
the prior year, mainly due to the higher operating income.  
Tax rate was 28.0% compared to 27.0% in the prior year. 
The lower tax rate in 2024 was mainly due to discrete tax 
benefits for the release of tax reserves recorded in the first 
quarter of 2024. Discrete tax items, net, did not have a 
material impact to the tax rate in the first quarter of 2025 vs. 
a decrease of 2.5pp in the corresponding quarter last year. 
Earnings per share, diluted increased by $0.62 compared 
to the prior year. The main drivers were $0.52 from higher 
operating income and $0.13 from lower number of 
outstanding shares, diluted.

===== SIDA 9 =====

Kvartalsrapport januari - mars 2025 
 
8 
Selected Cash Flow items First quarter 
(Dollars in millions) 2025 2024 Change 
Net income $167 $127 32% 
Depreciation and amortization 95 96 (0.7)% 
Other non-cash adjustments, net (6) 14 n/a 
Changes in operating working capital (179) (114) 57% 
Operating cash flow 77 122 (37)% 
Capital expenditure, net1) (93) (140) (33)% 
Free operating cash flow2) $(16) $(18) (11)% 
Cash conversion3) n/a n/a n/a 
Shareholder returns    
- Dividends paid (54) (56) (2.3)% 
- Share repurchases (50) (160) (69)% 
Cash dividend paid per share $(0.70) $(0.68) 2.8% 
Capital expenditures, net in relation to sales 3.6% 5.4% (1.7)pp 
1) Defined as Expenditures for Property, Plant and Equipment less Proceeds from sale of Property, Plant and Equipment. 2) Operating cash flow less Capital expenditure, net. 
Non-U.S. GAAP measure. See enclosed reconciliation table. 3) Free operating cash flow relative to Net income. Non-U.S. GAAP measure. See reconciliation table. 
 
Selected Balance Sheet items First quarter 
(Dollars in millions) 2025 2024 Change 
Trade working capital1) $1,279 $1,336 (4.2)% 
Trade working capital in relation to sales2) 12.4% 12.8% (0.4)pp 
- Receivables outstanding in relation to sales3) 21.4% 21.0% 0.4pp 
- Inventory outstanding in relation to sales4) 8.9% 9.5% (0.7)pp 
- Payables outstanding in relation to sales5) 17.8% 17.7% 0.1pp 
Cash & cash equivalents 322 569 (43)% 
Gross Debt6) 2,105 2,140 (1.6)% 
Net Debt7) 1,787 1,562 14% 
Capital employed8) 4,149 4,003 3.6% 
Return on capital employed9) 25.6% 19.7% 5.9pp 
Total equity 2,361 2,442 (3.3)% 
Return on total equity10) 28.8% 20.2% 8.6pp 
Leverage ratio11) 1.3 1.3 0.1pp 
1) Outstanding receivables and outstanding inventory less outstanding payables. Non-U.S. GAAP measure, see reconciliation table. 2) Outstanding receivables and outstanding 
inventory less outstanding payables relative to annualized quarterly sales. Non -U.S. GAAP measure, see reconciliation table. Annualized quart erly sales is calculated as the 
quarterly sales amount multiplied by four. 3) Outstanding receivables relative to annualized quarterly sales. 4) Outstanding inventory relative to annualized quarterly sales. 5) 
Outstanding payables relative to annualized quarterly sales. 6) Short- and long-term interest-bearing debt. 7) Short- and long-term debt less cash and cash equivalents and debt-
related derivatives. Non-U.S. GAAP measure. See reconciliation table. 8) Total equity and net debt. 9) Annualized operating i ncome and income from equity method investments, 
relative to average capital employed. See definitions of "Annualized operating income" in footnote to the reconciliation tabl es below. 10) Annualized net income relative to average 
total equity. See definitions of "Annualized net income" in footnote to the reconciliation tables below. 11) Net debt adjusted for pension liabilities in relation to EBITDA. Non-U.S. 
GAAP measure. See reconciliation table. 
 
First quarter 2025 development 
Changes in operating working capital impacted operating 
cash flow by $179 million negative compared to an impact of 
$114 million negative in the prior year. The working capital 
increase in the quarter of $179 million was mainly a result of 
$166 million in increased receivables following the strong 
sales towards the end of the quarter, $46 million from lower 
accrued expenses and $24 million increase in other current 
assets. This was to some extent offset by $25 million in 
positive effects from accounts payables and $22 million in 
lower inventories. These changes are within normal 
variations related to timings, especially the high level of 
sales towards the end of the quarter. 
Operating cash flow decreased by $45 million to $77 
million compared to the prior year, mainly because the 
increase in operating working capital was larger than the 
increase in net income, as outlined above.  
  
Capital expenditure, net decreased by $47 million 
compared to the prior year. The level of capital expenditure, 
net, in relation to sales declined to 3.6% versus 5.4% a year 
earlier. The lower level of capital expenditure, net is mainly 
related to the lower activity level of footprint optimization in 
Europe and Americas and less capacity expansion, 
especially in Asia. 
Free operating cash flow* was negative $16 million 
compared to negative $18 million in the prior year. The 
decrease was due to the lower operating cash flow partly 
offset by the lower capital expenditure, net, as outlined 
above.  
Cash conversion* defined as free operating cash flow* in 
relation to net income, was n/a in the quarter as free 
operating cash flow was negative.

===== SIDA 10 =====

Kvartalsrapport januari - mars 2025 
 
9 
Trade working capital* decreased by $56 million compared 
to the prior year, where the main drivers were $11 million in 
higher accounts receivables, $17 million in lower accounts 
payable and $84 million in lower inventories. In relation to 
sales, trade working capital decreased from 12.8% to 12.4%. 
The improvement in trade working capital is a result of our 
multi-year working capital improvement program and an 
improvement in customer call-off accuracy enabling a more 
efficient inventory management. 
Net debt* was $1,787 million as of March 31, 2025, which 
was $225 million higher than a year earlier, mainly because 
in the last twelve months, dividends paid and share 
repurchases were higher than free operating cash flow. 
 Total equity as of March 31, 2025, decreased by $80 million 
compared to March 31, 2024. This was mainly due to $218 
million in dividend payments, $447 million in share 
repurchases, including taxes, and $104 million negative 
currency translation effects, partly offset by positive net 
income of $688 million. 
Leverage ratio*: On March 31, 2025, the Company had a 
leverage ratio of 1.3x compared to 1.3x on March 31, 2024, 
following that the 12 months trailing adjusted EBITDA* 
increased by around $80 million while net debt* per the 
policy increased by around $241 million. 
 
Headcount 
 
 Mar 31 Dec 31 Mar 31 
 2025 2024 2024 
Headcount 65,900 65,200 70,100 
Whereof:  Direct headcount in manufacturing 48,800 48,000 52,500 
                 Indirect headcount 17,100 17,200 17,600 
Temporary personnel 10% 9% 10% 
 
As of March 31, 2025, total headcount (Full Time Equivalent) 
decreased by around 4,200, or 6.0%, compared to a year 
earlier, despite that organic sales* increased by 2.2%. The 
indirect workforce decreased by around 500, or 2.9%, mainly 
reflecting our structural reduction initiatives. The direct 
workforce decreased by approximately 3,700, or 7.0%. The 
decrease was supported by an improvement in customer 
call-off accuracy which enabled us to accelerate operating 
efficiency improvements. 
 Compared to December 31, 2024, total headcount (Full 
Time Equivalent) increased by around 700, or 1.1%. 
Indirect headcount decreased by around 100, or 0.7%, 
while direct headcount increased by approximately 900, or 
1.8%.

===== SIDA 11 =====

Kvartalsrapport januari - mars 2025 
 
10 
Other Items 
 
• On March 14, 2025, Autoliv announced the renewal for 
one year of its €3 billion guaranteed euro medium term 
note program, originally established on April 11, 2019. 
• On April 3, 2025, Autoliv announced advances on its 
climate targets with renewable energy agreements. 
Autoliv is entering two Virtual Power Purchase 
Agreements with two renewable electricity producers, 
Alight and Eurowind Energy. This is to ensure a 
consistent and reasonably priced energy supply for 
Autoliv's activities in Europe, reducing the risks 
associated with potential future energy price fluctuations 
and to ensure its operations will continue to be both 
economical and sustainable even in the face of volatile 
markets. 
 • Autoliv invites financial analysts, institutional investors 
and journalists with a focus on automotive safety 
technology to its Capital Markets Day, on Wednesday, 
June 4, 2025, in Stockholm, Sweden. Focus will be on 
our medium and long-term growth avenues, products 
and solutions, strategic roadmap, and progress in 
automation and operational efficiency. Autoliv 
management will present how Autoliv works strategically 
with OEMs in securing a strong position with future 
winners that will support Autoliv’s long term success. 
• In Q1 2025, Autoliv repurchased and retired 0.5 million 
shares of common stock at an average price of $95.22 
per share under the Autoliv 2022-2025 stock purchase 
program. 
 
 
Next Report 
Autoliv intends to publish the quarterly earnings report 
for the second quarter of 2025 on Friday, July 18, 2025. 
 Footnotes 
*Non-U.S. GAAP measure, see enclosed reconciliation 
tables. 
Inquiries: Investors and Analysts 
Anders Trapp 
Vice President Investor Relations 
Tel +46 (0)8 5872 0671 
Henrik Kaar 
Director Investor Relations 
Tel +46 (0)8 5872 0614 
 
Inquiries: Media 
Gabriella Etemad 
Senior Vice President Communications 
Tel +46 (0)70 612 6424 
Denna information är sådan information som Autoliv, Inc. 
är skyldigt att offentliggöra enligt EUs 
marknadsmissbruksförordning. Informationen lämnades, 
genom ovanstående kontaktpersons försorg, för 
offentliggörande den 16 april 2025 kl 12.00 CET. 
Definitions and SEC Filings 
Please refer to www.autoliv.com or to our Annual Report for 
definitions of terms used in this report. Autoliv’s annual 
report to stockholders, annual report on Form 10-K, 
quarterly reports on Form 10-Q, proxy statements, 
management certifications, press releases, current reports 
on Form 8-K and other documents filed with the SEC can 
be obtained free of charge from Autoliv at the Company’s 
address. These documents are also available at the SEC’s 
website www.sec.gov and at Autoliv’s corporate website 
www.autoliv.com. 
This report includes content supplied by S&P Global; 
Copyright © Light Vehicle Production Forecast, January 
and March 2025. All rights reserved. S&P Global is a global 
supplier of independent industry information. The 
permission to use S&P Global copyrighted reports, data 
and information does not constitute an endorsement or 
approval by S&P Global of the manner, format, context, 
content, conclusion, opinion or viewpoint in which S&P 
Global reports, data and information or its derivations are 
used or referenced herein.

===== SIDA 12 =====

Kvartalsrapport januari - mars 2025 
 
11 
“Safe Harbor Statement” 
 
This report contains statements that are not historical facts but 
rather forward-looking statements within the meaning of the 
Private Securities Litigation Reform Act of 1995. Such forward-
looking statements include those that address activities, events or 
developments that Autoliv, Inc. or its management believes or 
anticipates may occur in the future. All forward-looking statements 
are based upon our current expectations, various assumptions 
and/or data available from third parties. Our expectations and 
assumptions are expressed in good faith and we believe there is a 
reasonable basis for them. However, there can be no assurance 
that such forward-looking statements will materialize or prove to 
be correct as forward-looking statements are inherently subject to 
known and unknown risks, uncertainties and other factors which 
may cause actual future results, performance or achievements to 
differ materially from the future results, performance or 
achievements expressed in or implied by such forward-looking 
statements. In some cases, you can identify these statements by 
forward-looking words such as “estimates”, “expects”, 
“anticipates”, “projects”, “plans”, “intends”, “believes”, “may”, 
“likely”, “might”, “would”, “should”, “could”, or the negative of these 
terms and other comparable terminology, although not all forward-
looking statements contain such words. Because these forward-
looking statements involve risks and uncertainties, the outcome 
could differ materially from those set out in the forward-looking 
statements for a variety of reasons, including without limitation, 
general economic conditions, including inflation; changes in light 
vehicle production; fluctuation in vehicle production schedules for 
which the Company is a supplier; global supply chain disruptions, 
including port, transportation and distribution delays or 
interruptions; supply chain disruptions and component shortages 
specific to the automotive industry or the Company; geopolitical 
instability, including the ongoing war between Russia and Ukraine 
and the hostilities in the Middle East; changes in general industry 
and market conditions or regional growth or decline; changes in 
and the successful execution of our capacity alignment, 
restructuring, cost reduction and efficiency initiatives and the 
market reaction thereto; loss of business from increased 
competition; higher raw material, fuel and energy costs; changes 
in consumer and customer preferences for end products;   
 customer losses; changes in regulatory conditions; customer 
bankruptcies, consolidations, or restructuring or divestiture of 
customer brands; unfavorable fluctuations in currencies or 
interest rates among the various jurisdictions in which we 
operate; market acceptance of our new products; costs or 
difficulties related to the integration of any new or acquired 
businesses and technologies; continued uncertainty in pricing 
and other negotiations with customers; successful integration of 
acquisitions and operations of joint ventures; successful 
implementation of strategic partnerships and collaborations; our 
ability to be awarded new business; product liability, warranty 
and recall claims and investigations and other litigation, civil 
judgments or financial penalties and customer reactions 
thereto; higher expenses for our pension and other 
postretirement benefits, including higher funding needs for our 
pension plans; work stoppages or other labor issues; possible 
adverse results of pending or future litigation or infringement 
claims and the availability of insurance with respect to such 
matters; our ability to protect our intellectual property rights; 
negative impacts of antitrust investigations or other 
governmental investigations and associated litigation relating to 
the conduct of our business; tax assessments by governmental 
authorities and changes in our effective tax rate; dependence 
on key personnel; legislative or regulatory changes impacting 
or limiting our business; including changes in trade policy and 
tariffs, our ability to meet our sustainability targets, goals and 
commitments; political conditions; dependence on and 
relationships with customers and suppliers; the conditions 
necessary to hit our medium term financial targets; and other 
risks and uncertainties identified under the headings “Risk 
Factors” and “Management’s Discussion and Analysis of 
Financial Condition and Results of Operations” in our Annual 
Reports and Quarterly Reports on Forms 10-K and 10-Q and 
any amendments thereto. For any forward-looking statements 
contained in this or any other document, we claim the 
protection of the safe harbor for forward-looking statements 
contained in the Private Securities Litigation Reform Act of 
1995, and we assume no obligation to update publicly or revise 
any forward-looking statements in light of new information or 
future events, except as required by law.

===== SIDA 13 =====

Kvartalsrapport januari - mars 2025 
 
12 
Consolidated Statements of Income 
 First quarter Latest 12 Full Year 
(Dollars in millions, except per share data, unaudited) 2025 2024 months 2024 
Airbags, Steering Wheels and Other1) $1,752 $1,781 $6,994 $7,023 
Seatbelt products and Other1) 826 834 3,359 3,367 
Total net sales 2,578 2,615 10,353 10,390 
     
Cost of sales (2,100) (2,172) (8,391) (8,463) 
Gross profit 478 443 1,963 1,927 
     
Selling, general & administrative expenses (145) (132) (543) (530) 
Research, development & engineering expenses, net (95) (113) (380) (398) 
Other income (expense), net 15 (4) 0 (19) 
Operating income 254 194 1,040 979 
     
Income from equity method investments 1 2 6 7 
Interest income 2 5 10 13 
Interest expense (25) (26) (107) (107) 
Other non-operating items, net 0 (1) (16) (16) 
Income before income taxes 233 174 934 875 
     
Income taxes (65) (47) (246) (227) 
Net income 167 127 688 648 
     
Less: Net income attributable to non-controlling interest 0 0 2 1 
Net income attributable to controlling interest $167 $126 $687 $646 
     
Earnings per share - diluted $2.14 $1.52 $8.67 $8.04 
1) Including Corporate sales.

===== SIDA 14 =====

Kvartalsrapport januari - mars 2025 
 
13 
Consolidated Balance Sheets 
  Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 
(Dollars in millions, unaudited)  2025 2024 2024 2024 2024 
Assets       
Cash & cash equivalents  $322 $330 $415 $408 $569 
Receivables, net  2,205 1,993 2,192 2,090 2,194 
Inventories, net  913 921 997 936 997 
Prepaid expenses  184 167 172 193 180 
Other current assets  75 72 90 76 71 
Total current assets  3,699 3,483 3,865 3,703 4,011 
       
Property, plant & equipment, net  2,286 2,239 2,317 2,197 2,191 
Operating leases right-of-use assets  168 158 173 167 177 
Goodwill and intangible assets, net  1,380 1,375 1,386 1,379 1,381 
Investments and other non-current assets  581 548 565 564 564 
Total assets  8,114 7,804 8,306 8,010 8,324 
       
Liabilities and equity       
Short-term debt  540 387 624 455 310 
Accounts payable  1,839 1,799 1,881 1,858 1,855 
Accrued expenses  1,053 1,056 1,189 1,120 1,129 
Operating lease liabilities - current  42 41 44 41 41 
Other current liabilities  327 351 297 312 323 
Total current liabilities  3,800 3,633 4,034 3,785 3,658 
       
Long-term debt  1,565 1,522 1,586 1,540 1,830 
Pension liability  163 153 147 140 149 
Operating lease liabilities - non-current  120 118 130 127 134 
Other non-current liabilities  103 92 110 106 111 
Total non-current liabilities  1,952 1,885 1,974 1,913 2,224 
       
Total parent shareholders’ equity  2,351 2,276 2,288 2,298 2,428 
Non-controlling interest  10 10 10 13 13 
Total equity  2,361 2,285 2,298 2,311 2,442 
       
Total liabilities and equity  $8,114 $7,804 $8,306 $8,010 $8,324

===== SIDA 15 =====

Kvartalsrapport januari - mars 2025 
 
14 
Consolidated Statements of Cash Flow 
 First quarter Latest 12 Full Year 
(Dollars in millions, unaudited) 2025 2024 months 2024 
Net income $167 $127 $688 $648 
Depreciation and amortization 95 96 386 387 
Gain on divestiture of property (6) - (10) (4) 
Other non-cash adjustments, net (1) 14 (39) (24) 
Net change in operating working capital:     
   Receivables (166) (41) (79) 47 
   Other current assets (24) 34 9 67 
   Inventories 22 (8) 57 28 
   Accounts payable 25 (95) 38 (83) 
   Accrued expenses (46) 22 (80) (12) 
   Income taxes 11 (26) 43 6 
Net cash provided by operating activities 77 122 1,015 1,059 
     
Expenditures for property, plant and equipment (102) (140) (541) (579) 
Proceeds from sale of property, plant and equipment 8 0 25 17 
Net cash used in investing activities (93) (140) (516) (563) 
     
Net increase (decrease) in short term debt 123 (227) 224 (126) 
Decrease in long-term debt - - (306) (306) 
Increase in long-term debt 39 534 31 526 
Dividends paid (54) (56) (217) (219) 
Share repurchases (50) (160) (442) (552) 
Common stock options exercised 0 0 1 1 
Dividend paid to non-controlling interests - - (5) (5) 
Net cash provided by (used in) financing activities 57 92 (715) (680) 
     
Effect of exchange rate changes on cash (49) (3) (30) 16 
(Decrease) increase in cash and cash equivalents (8) 71 (247) (168) 
Cash and cash equivalents at period-start 330 498 569 498 
Cash and cash equivalents at period-end $322 $569 $322 $330

===== SIDA 16 =====

Kvartalsrapport januari - mars 2025 
 
15 
RECONCILIATION OF U.S. GAAP TO NON-U.S. GAAP MEASURES 
In this report we sometimes refer to non-U.S. GAAP measures that we and securities analysts use in measuring Autoliv's 
performance. We believe that these measures assist investors and management in analyzing trends in the Company's 
business for the reasons given below. Investors should not consider these non -U.S. GAAP measures as substitutes, but 
rather as additions, to financial reporting measures prepared in accordance with U.S. GAAP. It should be noted that these 
measures, as defined, may not be comparable to similarly titled measures used by other companies.  
Components in Sales Increase/Decrease 
Since the Company historically generates approximately 75% of sales in currencies other than in the reporting currency (i.e.,  
U.S. dollars) and currency rates have been volatile, we analyze the Company's sales trends and performance as changes in 
organic sales growth. This presents the increase or decrease in the overall U.S. dollar net sales on a comparable basis, 
allowing separate discussions of the impact of acquisitions/divestitures and exchange rates. The tables on pa ge 5 present 
changes in organic sales growth as reconciled to the change in the total U.S. GAAP net sales.  
Reconciliation of GAAP measure "Working Capital" to Non-GAAP Measure 
"Trade Working Capital" 
Due to the need to optimize cash generation to create value for shareholders, management focuses on operationally derived 
trade working capital as defined in the table below. Trade working capital is an indicator of operational efficiency, which 
impacts the Company’s ability to return value to shareholders either through dividends or share repurchases. We believe this 
is useful for readers to understand the efficiency of the Company’ operational capital management. The reconciling items 
used to derive this measure are, by contrast, managed as part of our overall management of cash and debt, but they are not 
part of the responsibilities of day-to-day operations management.  
 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 
(Dollars in millions) 2025 2024 2024 2024 2024 
Total current assets $3,699 $3,483 $3,865 $3,703 $4,011 
Total current liabilities (3,800) (3,633) (4,034) (3,785) (3,658) 
Working capital (U.S. GAAP) (101) (150) (169) (83) 353 
Less: Cash and cash equivalents (322) (330) (415) (408) (569) 
          Prepaid expenses (184) (167) (172) (193) (180) 
          Other current assets (75) (72) (90) (76) (71) 
Less: Short-term debt 540 387 624 455 310 
          Accrued expenses 1,053 1,056 1,189 1,120 1,129 
          Operating lease liabilities - current 42 41 44 41 41 
          Other current liabilities 327 351 297 312 323 
Trade working capital (non-U.S. GAAP) $1,279 $1,115 $1,307 $1,169 $1,336 
      
 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 
(Dollars in millions) 2025 2024 2024 2024 2024 
Receivables, net $2,205 $1,993 $2,192 $2,090 $2,194 
Inventories, net 913 921 997 936 997 
Accounts payable (1,839) (1,799) (1,881) (1,858) (1,855) 
Trade working capital (non-U.S. GAAP) $1,279 $1,115 $1,307 $1,169 $1,336 
 
 Dec 31 Dec 31 Dec 31 Dec 31 
(Dollars in millions) 2023 2022 2021 2020 
Total current assets $3,974 $3,714 $3,675 $4,269 
Total current liabilities (4,035) (3,642) (2,821) (3,147) 
Working capital (U.S. GAAP) (61) 72 853 1,122 
Less: Cash and cash equivalents (498) (594) (969) (1,178) 
          Prepaid expenses (173) (160) (164) (164) 
          Other current assets (93) (84) (65) (307) 
Less: Short-term debt 538 711 346 302 
          Accrued expenses 1,135 915 996 1,270 
          Operating lease liabilities - current 39 39 38 37 
          Other current liabilities 345 283 297 284 
Trade working capital (non-U.S. GAAP) $1,232 $1,183 $1,332 $1,366 
     
 Dec 31 Dec 31 Dec 31 Dec 31 
(Dollars in millions) 2023 2022 2021 2020 
Receivables, net $2,198 $1,907 $1,699 $1,822 
Inventories, net 1,012 969 777 798 
Accounts payable (1,978) (1,693) (1,144) (1,254) 
Trade working capital (non-U.S. GAAP) $1,232 $1,183 $1,332 $1,366

===== SIDA 17 =====

Kvartalsrapport januari - mars 2025 
 
16 
Net Debt 
Autoliv from time to time enters into “debt-related derivatives” (DRDs) as a part of its debt management and as part of 
efficiently managing the Company’s overall cost of funds. Creditors and credit rating agencies use net debt adjusted for 
DRDs in their analyses of the Company’s debt, therefore we provide this non-U.S. GAAP measure. DRDs are fair value 
adjustments to the carrying value of the underlying debt. Also included in the DRDs is the unamortized fair value adjustment 
related to a discontinued fair value hedge that will be amortized over the remaining life of the debt. By adjusting for DRDs, 
the total financial liability of net debt is disclosed without grossing debt up with currency or interest fair values.  
 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 
(Dollars in millions) 2025 2024 2024 2024 2024 
Short-term debt $540 $387 $624 $455 $310 
Long-term debt 1,565 1,522 1,586 1,540 1,830 
Total debt 2,105 1,909 2,210 1,996 2,140 
Cash & cash equivalents (322) (330) (415) (408) (569) 
Debt issuance cost/Debt-related derivatives, net 4 (24) (9) (8) (9) 
Net debt $1,787 $1,554 $1,787 $1,579 $1,562 
 
  Dec 31 Dec 31 Dec 31 Dec 31 
(Dollars in millions)  2023 2022 2021 2020 
Short-term debt  $538 $711 $346 $302 
Long-term debt  1,324 1,054 1,662 2,110 
Total debt  1,862 1,766 2,008 2,411 
Cash & cash equivalents  (498) (594) (969) (1,178) 
Debt issuance cost/Debt-related derivatives, net  3 12 13 (19) 
Net debt  $1,367 $1,184 $1,052 $1,214 
 
Leverage ratio 
The non-U.S. GAAP measure “net debt” is also used in the non-U.S. GAAP measure “Leverage ratio”. Management uses 
this measure to analyze the amount of debt the Company can incur under its debt policy. Management believes that this 
policy also provides guidance to credit and equity investors regarding the extent to which the Company would be prepared to 
leverage its operations. Autoliv’s policy is to maintain a leverage ratio commensurate with a strong investment grade credit 
rating. The Company measures its leverage ratio as net debt* adjusted for pension liabilities in relation to adjusted EBITDA*. 
The long-term target is to maintain a leverage ratio of around 1.0x within a range of 0.5x to 1.5x.  
 
 Mar 31 Dec 31 Mar 31 
(Dollars in millions) 2025 2024 2024 
Net debt1) $1,787 $1,554 $1,562 
Pension liabilities 163 153 149 
Net debt per the Policy $1,950 $1,708 $1,711 
    
Net income2) $688 $648 $541 
Income taxes2) 246 227 136 
Interest expense, net2, 3) 97 95 83 
Other non-operating items, net2) 16 16 1 
Income from equity method investments2) (6) (7) (5) 
Depreciation and amortization of intangibles2) 386 387 381 
Adjustments2), 4) 23 27 231 
EBITDA per the Policy (Adjusted EBITDA) $1,449 $1,394 $1,369 
    
Leverage ratio 1.3 1.2 1.3 
1) Short- and long-term debt less cash and cash equivalents and debt-related derivatives. 2) Latest 12 months. 3) Interest expense 
including cost for extinguishment of debt, if any, less interest income. 4) Capacity alignments and antitrust related matters. See Items 
Affecting Comparability below.

===== SIDA 18 =====

Kvartalsrapport januari - mars 2025 
 
17 
Reconciliation of GAAP measure "Operating cash flow" to "Free operating cash 
flow" and "Cash conversion" 
Management uses the non-U.S. GAAP measure “free operating cash flow” to analyze the amount of cash flow being 
generated by the Company’s operations after capital expenditure, net. This measure indicates the Company’s cash flow 
generation level that enables strategic value creation options such as dividends or acquisitions. For details on free operati ng 
cash flow, see the reconciliation table below. Management uses the non-U.S. GAAP measure “cash conversion” to analyze 
the proportion of net income that is converted into free operating cash flow. The measure is a tool to evaluate how efficient ly 
the Company utilizes its resources. For details on cash conversion, see the reconciliation table below. 
 First quarter Latest 12 Full Year 
(Dollars in millions) 2025 2024 months 2024 
Net income $167 $127 $688 $648 
Depreciation and amortization 95 96 386 387 
Gain on divestiture of property (6) - (10) (4) 
Other, net (1) 14 (39) (24) 
Changes in operating working capital, net (179) (114) (12) 53 
Operating cash flow 77 122 1,015 1,059 
Expenditures for property, plant and equipment (102) (140) (541) (579) 
Proceeds from sale of property, plant and equipment 8 0 25 17 
Capital expenditure, net1) (93) (140) (516) (563) 
Free operating cash flow2) $(16) $(18) $499 $497 
Cash conversion3) n/a n/a 72% 77% 
1) Defined as Expenditures for Property, Plant and Equipment less Proceeds from sale of Property, Plant and Equipment. 2) Operating  
cash flow less Capital expenditure, net. 3) Free operating cash flow relative to Net income. 
 
 Full year Full year Full year Full year 
(Dollars in millions) 2023 2022 2021 2020 
Net income $489 $425 $437 $188 
Depreciation and amortization 378 363 394 371 
Gain on divestiture of property - (80) - - 
Other, net (119) (54) (15) 13 
Changes in operating working capital, net 235 58 (63) 277 
Operating cash flow 982 713 754 849 
Expenditures for property, plant and equipment (572) (585) (458) (344) 
Proceeds from sale of property, plant and equipment 4 101 4 4 
Capital expenditure, net1) (569) (485) (454) (340) 
Free operating cash flow2) $414 $228 $300 $509 
Cash conversion3) 85% 54% 69% 270% 
1) Defined as Expenditures for Property, Plant and Equipment less Proceeds from sale of Property, Plant and Equipment. 2) Operating cash 
flow less Capital expenditure, net. 3) Free operating cash flow relative to net income.

===== SIDA 19 =====

Kvartalsrapport januari - mars 2025 
 
18 
Items Affecting Comparability 
We believe that comparability between periods is improved through the exclusion of certain items. To assist investors in 
understanding the operating performance of Autoliv's business, it is useful to consider certain U.S. GAAP measures 
exclusive of these items.  
 
The following tables reconciles Income before income taxes, Net income attributable to controlling interest, Capital 
employed, which are inputs utilized to calculate Return On Capital Employed (“ROCE”), adjusted ROCE and Return On Total 
Equity (“ROE”). The Company believes this presentation may be useful to investors and industry analysts who utilize these 
adjusted non-U.S. GAAP measures in their ROCE and ROE calculations to exclude certain items for comparison purposes 
across periods. Autoliv’s management uses the ROCE, adjusted ROCE and ROE measures for purposes of comparing its 
financial performance with the financial performance of other companies in the industry and providing useful information 
regarding the factors and trends affecting the Company’s business. 
 
As used by the Company, ROCE is annualized operating income and income from equity method investments, relative to 
average capital employed. Adjusted ROCE is annualized operating income and income from equity method investments, 
relative to average capital employed as adjusted to exclude certain non-recurring items. See definitions of "annualized 
operating income" and "average capital employed" in footnote to the tables below. The Company believes ROCE and 
adjusted ROCE are useful indicators of long-term performance both absolute and relative to the Company's peers as it 
allows for a comparison of the profitability of the Company’s capital employed in its business relative to that of its peers.  
 
ROE is the ratio of annualized income (loss) relative to average total equity for the periods presented. See definitions of 
"annualized income" "and "average total equity" in footnote to the tables below. The Company’s management believes that 
ROE is a useful indicator of how well management creates value for its shareholders through its operating activities and its 
capital management. 
 
With respect to the Andrews litigation settlement, the Company has treated this specific settlement as a non -recurring charge 
because of the unique nature of the lawsuit, including the facts and legal issues involved.  
 
Accordingly, the tables below reconcile from U.S. GAAP to the equivalent non -U.S. GAAP measure. 
 
Reconciliation of GAAP measure "Operating income" to Non-GAAP measure 
"Adjusted Operating income" 
 First quarter 
(Dollars in millions) 2025 2024 
Operating income (GAAP) $254 $194 
Non-GAAP adjustments:   
   Less: Capacity alignments 2 2 
   Less: Antitrust related items (1) 3 
Total non-GAAP adjustments to operating income 1 5 
Adjusted Operating income (Non-GAAP) $255 $199 
 
(Dollars in millions) 2024 2023 2022 2021 2020 
Operating income (GAAP) $979 $690 $659 $675 $382 
Non-GAAP adjustments:      
   Less: Capacity alignments1) 19 218 (61) 8 99 
   Less: The Andrews litigation settlement - 8 - - - 
   Less: Antitrust related items 8 4 - - 1 
Total non-GAAP adjustments to operating income 27 230 (61) 8 99 
Adjusted Operating income (Non-GAAP) $1,007 $920 $598 $683 $482 
1) For 2022, including a gain on divestiture of property of $80 million.

===== SIDA 20 =====

Kvartalsrapport januari - mars 2025 
 
19 
Reconciliation of GAAP measure "Operating margin" to Non-GAAP measure 
"Adjusted Operating margin" 
 First quarter 
 2025 2024 
Operating margin (GAAP) 9.9% 7.4% 
Non-GAAP adjustments:   
   Less: Capacity alignments 0.1% 0.1% 
   Less: Antitrust related items (0.0)% 0.1% 
Total non-GAAP adjustments to operating margin 0.0% 0.2% 
Adjusted Operating margin (Non-GAAP) 9.9% 7.6% 
 
 2024 2023 2022 2021 2020 
Operating margin (GAAP) 9.4% 6.6% 7.5% 8.2% 5.1% 
Non-GAAP adjustments:      
   Less: Capacity alignments 0.2% 2.1% (0.7)% 0.1% 1.4% 
   Less: The Andrews litigation settlement - 0.1% - - - 
   Less: Antitrust related items 0.1% 0.0% - - 0.0% 
Total non-GAAP adjustments to operating margin 0.3% 2.2% (0.7)% 0.1% 1.4% 
Adjusted Operating margin (Non-GAAP) 9.7% 8.8% 6.8% 8.3% 6.5% 
 
Reconciliation of GAAP measure "Income before income taxes" to Non-GAAP 
measure "Adjusted Income before income taxes" 
 First quarter 
(Dollars in millions) 2025 2024 
Income before income taxes (GAAP) $233 $174 
Non-GAAP adjustments:   
   Less: Capacity alignments 2 2 
   Less: Antitrust related items (1) 3 
Total non-GAAP adjustments to Income before income taxes 1 5 
Adjusted Income before income taxes (Non-GAAP) $233 $179 
 
Reconciliation of GAAP measure "Net income" to Non-GAAP measure "Adjusted 
Net income" 
 First quarter 
(Dollars in millions) 2025 2024 
Net income (GAAP) $167 $127 
Non-GAAP adjustments:   
   Less: Capacity alignments 2 2 
   Less: Antitrust related items (1) 3 
   Less: Tax on non-GAAP adjustments (0) (1) 
Total non-GAAP adjustments to Net income 1 4 
Adjusted Net income (Non-GAAP) $168 $131

===== SIDA 21 =====

Kvartalsrapport januari - mars 2025 
 
20 
Reconciliation of GAAP measure "Net income attributable to controlling interest" to 
Non-GAAP measure "Adjusted Net income attributable to controlling interest" 
 First quarter 
(Dollars in millions) 2025 2024 
Net income attributable to controlling interest (GAAP) $167 $126 
Non-GAAP adjustments:   
   Less: Capacity alignments 2 2 
   Less: Antitrust related items (1) 3 
   Less: Tax on non-GAAP adjustments (0) (1) 
Total non-GAAP adjustments to Net income attributable to controlling interest 1 4 
Adjusted Net income attributable to controlling interest (Non-GAAP) $167 $131 
 
Reconciliation of GAAP measure "Earnings per share - diluted" to Non-GAAP 
measure "Adjusted Earnings per share - diluted" 
 First quarter 
 2025 2024 
Earnings per share - diluted (GAAP) $2.14 $1.52 
Non-GAAP adjustments:   
   Less: Capacity alignments 0.02 0.03 
   Less: Antitrust related items (0.02) 0.03 
   Less: Tax on non-GAAP adjustments (0.00) (0.01) 
Total non-GAAP adjustments to Earnings per share - diluted 0.01 0.05 
Adjusted Earnings per share - diluted (Non-GAAP) $2.15 $1.58 
   
Weighted average number of shares outstanding - diluted 77.9 83.0 
 
Reconciliation of GAAP measure "Return on Capital Employed" to Non-GAAP 
measure "Adjusted Return on Capital Employed" 
 First quarter 
 2025 2024 
Return on capital employed1) (GAAP) 25.6% 19.7% 
Non-GAAP adjustments:   
   Less: Capacity alignments 0.2% 0.2% 
   Less: Antitrust related items (0.1)% 0.3% 
Total non-GAAP adjustments to Return on capital employed1) 0.1% 0.5% 
Adjusted Return on capital employed1) (Non-GAAP) 25.6% 20.2% 
   
Annualized adjustment2) on Return on capital employed1) $3 $20 
1) Annualized operating income and income from equity method investments, relative to average capital employed. The average capital employed amount is 
calculated as an average of the opening balance amount and the closing balance amounts for each quarter included in the period. 
2) The quarterly annualized adjustment to the operating income and income from equity method investments amount is calculated as the quarterly amount 
multiplied by four. The year-to-date annualized adjustment to the operating income and income from equity method investments amount is calculated as the 
year-to-date amount divided by the quarterly period number (two, three or four) multiplied by four.

===== SIDA 22 =====

Kvartalsrapport januari - mars 2025 
 
21 
Reconciliation of GAAP measure "Return on Total Equity" to Non-GAAP measure 
"Adjusted Return on Total Equity" 
 First quarter 
 2025 2024 
Return on total equity1) (GAAP) 28.8% 20.2% 
Non-GAAP adjustments:   
   Less: Capacity alignments 0.3% 0.4% 
   Less: Antitrust related items (0.2)% 0.4% 
   Less: Tax on non-GAAP adjustments (0.0)% (0.1)% 
Total non-GAAP adjustments to Return on total equity1) 0.1% 0.7% 
Adjusted Return on total equity1) (Non-GAAP) 28.9% 20.9% 
   
Annualized adjustment2) on Return on total equity1) $2 $18 
1) Annualized net income relative to average total equity. The average total equity amount is calculated as an average of the opening balance amount and 
the closing balance amounts for each quarter included in the period. 
2) The quarterly annualized adjustment to net income amount is calculated as the quarterly amount multiplied by four. The year-to-date annualized 
adjustment to the net income amount is calculated as the year-to-date amount divided by the quarterly period number (two, three or four) multiplied by four.

===== SIDA 23 =====

Kvartalsrapport januari - mars 2025 
 
22 
 
(Dollars in millions, except per share data, unaudited) 2024 2023 2022 2021 2020 
Sales and Income      
Net sales $10,390 $10,475 $8,842 $8,230 $7,447 
Airbags, Steering Wheels and Other1) 7,023 7,055 5,807 5,380 4,824 
Seatbelt Products and Other1) 3,367 3,420 3,035 2,850 2,623 
Operating income 979 690 659 675 382 
Net income attributable to controlling interest 646 488 423 435 187 
Earnings per share – basic2) 8.06 5.74 4.86 4.97 2.14 
Earnings per share – diluted2) 8.04 5.72 4.85 4.96 2.14 
Gross margin3) 18.5% 17.4% 15.8% 18.4% 16.7% 
S,G&A in relation to sales (5.1)% (4.8)% (4.9)% (5.3)% (5.2)% 
R,D&E net in relation to sales (3.8)% (4.1)% (4.4)% (4.7)% (5.0)% 
Operating margin4) 9.4% 6.6% 7.5% 8.2% 5.1% 
Adjusted operating margin5,6) 9.7% 8.8% 6.8% 8.3% 6.5% 
Balance Sheet 
Trade working capital6,7) 1,115 1,232 1,183 1,332 1,366 
Trade working capital in relation to sales8) 10.7% 11.2% 12.7% 15.7% 13.6% 
Receivables outstanding in relation to sales9) 19.0% 20.0% 20.4% 20.0% 18.1% 
Inventory outstanding in relation to sales10) 8.8% 9.2% 10.4% 9.2% 7.9% 
Payables outstanding in relation to sales11) 17.2% 18.0% 18.1% 13.5% 12.5% 
Total equity 2,285 2,570 2,626 2,648 2,423 
Total parent shareholders’ equity per share 29.26 30.93 30.30 30.10 27.56 
Current assets excluding cash 3,153 3,475 3,119 2,705 3,091 
Property, plant and equipment, net 2,239 2,192 1,960 1,855 1,869 
Goodwill and Intangible assets 1,375 1,385 1,382 1,395 1,412 
Capital employed 3,840 3,937 3,810 3,700 3,637 
Net debt6) 1,554 1,367 1,184 1,052 1,214 
Total assets 7,804 8,332 7,717 7,537 8,157 
Long-term debt 1,522 1,324 1,054 1,662 2,110 
Return on capital employed12) 25.0% 17.7% 17.5% 18.3% 10.0% 
Return on total equity13) 27.2% 19.0% 16.3% 17.1% 9.0% 
Total equity ratio 29% 31% 34% 35% 30% 
Cash flow and other data 
Operating cash flow 1,059 982 713 754 849 
Depreciation and amortization 387 378 363 394 371 
Capital expenditures, net 563 569 485 454 340 
Capital expenditures, net in relation to sales 5.4% 5.4% 5.5% 5.5% 4.6% 
Free operating cash flow6,14) 497 414 228 300 509 
Cash conversion6,15) 77% 85% 54% 69% 270% 
Direct shareholder return16) 771 577 339 165 54 
Cash dividends paid per share 2.74 2.66 2.58 1.88 0.62 
Number of shares outstanding (millions)17) 77.7 82.6 86.2 87.5 87.4 
Number of employees, December 31 59,500 62,900 61,700 55,900 61,000 
1) Including Corporate sales 2) Net of treasury shares. 3) Gross profit relative to sales. 4) Operating income relative to sa les. 5) Excluding effects from capacity alignments, 
antitrust related matters and for FY 2023 the Andrews litigation settlement. 6)  Non-US GAAP measure, for reconciliation see tables above. 7) Outstanding receivables and 
outstanding inventory less outstanding payables. 8) Outstanding receivables and outstanding inventory less outstanding payabl es relative to annualized fourth quarter sales. 9) 
Outstanding receivables relative to annualized fourth quarter sales. 10) Outstanding inventory relative to annualized fourth quarter sales. 11) Outstanding payables relative to 
annualized fourth quarter sales. 12) Operating income and income from  equity method investments, relative to average capital employed. 13) Income relative to average total 
equity. 14) Operating cash flow less Capital expenditures, net. 15) Free operating cash flow relative to Net income. 16) Divi dends paid and Shares repurchased. 17) At year end, 
excluding dilution and net of treasury shares.