FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2025
===== 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 =====
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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 =====
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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.
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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 =====
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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 =====
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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
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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.
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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 =====
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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 =====
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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 =====
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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.