===== 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.