Kvartalsrapport Q1 2026

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

Kvartalsrapport 
     januari - mars 2026 
 
        Stockholm, Sverige, april 17, 2026  
        (NYSE: ALV och SSE: ALIV.sdb)

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

Kvartalsrapport januari – mars 2026 
 
1 
Kv1 2026: God försäljning och operativ utveckling 
 
Finansiell sammanfattning Kv1 2026 
$2 753 miljoner försäljning, en ökning med 6,8%  
0,8% organisk försäljningsökning* 
8,6% rörelsemarginal, 8,9% just. rörelsemarginal* 
$1,88 vinst/aktie efter utspädning, 12% minskning 
 Utsikter för helåret 2026 
Cirka 0% organisk försäljningsökning 
Cirka 3% positiv valutaeffekt på försäljningen 
Cirka 10,5-11% justerad rörelsemarginal 
Cirka $1,2 miljarder 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 2026 
• Försäljningen ökade organiskt* med 0,8% vilket var 4,2 %-enheter bättre än den globala fordonsproduktionens minskning om 3,4% 
(S&P Global Apr 2026), främst till följd av en stark utveckling i Asien. Regions- och kundfordonsmixen beräknas ha påverkat 
försäljningen positivt med cirka 1,5 %-enhet, medan tariff-kompensationer adderade cirka 0,5 %-enhet. Vi växte organiskt betydligt 
snabbare än fordonsproduktionen i Kina (15 %-enheter) och i Asien exkl. Kina (6,8 %-enheter) och växte i linje med marknaden i 
EMEA men långsammare i Amerika (4,5 %-enheter). Vår starka utveckling i Asien exkl. Kina berodde främst på Indien, där vi växte 28 
%-enheter mer än fordonsproduktionen, främst pga fortsatt ökat säkerhetsinnehåll per fordon, medan den goda utvecklingen i Kina 
främst drevs av fortsatt utökad närvaro hos kinesiska fordonstillverkare. 
• Lönsamheten var stark. Tack vare väl genomförda kostnadsminskningar och positiva valutaeffekter ökade bruttoresultatet med 10%. 
Rörelseresultatet minskade med 6,7% och justerat rörelseresultat* minskade med 3,9%, påverkat av negativa valutakurseffekter och 
tillfälligt lägre utvecklingsintäkter, samt positiva engångseffekter i kv1 2025. Rörelsemarginalen uppgick till 8,6% medan justerad 
rörelsemarginal* var 8,9%. Avkastning på sysselsatt kapital var 22,2% och justerad avkastning på sysselsatt kapital* var 22,9%. 
• Operativt kassaflöde var -76 MUSD, främst pga högre rörelsekapital som en följd av stark försäljning i mars, tillfälliga effekter som 
förväntas reverseras senare under året samt en hög nivå av leverantörsskulder i slutet av 2025. Fritt operativt kassaflöde* minskade 
därmed till -159 MUSD. Skuldsättningsgraden* var oförändrad jämfört med ett år tidigare på 1,3x, under vårt målsättningstak på 1,5x.   
I kvartalet betalades en utdelning på 0,87 USD per aktie. 
*För ej U.S. GAAP, see jämförelsetabell. 
 Nyckeltal 
MUSD, förutom aktiedata Kv1 2026 Kv1 2025 Förändring 
Försäljning $2 753 $2 578 6,8% 
Rörelseresultat 237 254 -6,7% 
Justerat rörelseresultat1) 245 255 -3,9% 
Rörelsemarginal 8,6% 9,9% -1,2 
Justerad rörelsemarginal1) 8,9% 9,9% -1,0 
Vinst/aktie efter utspädning 1,88 2,14 -12% 
Justerad vinst/aktie efter utspädning1) 2,05 2,15 -4,7% 
Operativt kassaflöde -76 77 E/T 
Avkastning på sysselsatt kapital2) 22,2% 25,6% -3,3 
Justerad avkastning sysselsatt kapital1,2) 22,9% 25,6% -2,7 
Utdelning  -65 -54 20% 
Aktieåterköp -    -50 -100% 
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.  
 
 
Kommentarer från Mikael Bratt, VD & koncernchef   
 
Det första kvartalet blev bättre än vi väntat 
oss, med stark försäljning i mars. Vår 
operativa utveckling överträffade 
förväntningarna, med en solid produktivitets-
förbättring, delvis tack vare minskad avrops-
volatilitet. Underliggande lönsamheten 
förbättrades där bruttoresultatet ökade med 
10%, även om justerat rörelseresultat blev 
något lägre pga tillfälligt lägre utvecklings- 
Det gläder mig att vi under kvartalet introducerade vår första 
krockkudde för motorcyklar och vår första bärbara lösning för 
motorcykelförare, vilket är i linje med vår långsiktiga strategi att 
växa affären även utanför den traditionella kärnverksamheten.  
Kvartalet karaktäriserades av pågående och nya geopolitiska 
utmaningar. Det är för närvarande svårt att fullt ut utvärdera möjliga 
effekter, eftersom situationen är fortsatt oklar. Vi följer noggrant 
utvecklingen och förbereder oss för olika scenarier, inklusive olika 
anpassningsstrategier. 
Affärsklimatet är osäkert, men vår nuvarande bästa bedömning för 
återstoden av året är en upprepning av vår helårsprognos för 2026, 
med i stort sett oförändrad organisk försäljning och en justerad 
rörelsemarginal på omkring 10,5–11 %. Detta bygger på antagandet 
att fordonsproduktionen kommer att minska med cirka 1 %. 
Vår balansräkning är hälsosam, med en skuldsättningsgrad på 1,3x, 
under vårt målsättningstak på 1,5x. Utifrån vår indikation om 
försäljning och justerad rörelsemarginal fortsätter vi att förvänta oss 
ett starkt kassaflöde i år, vilket stärker vår ambition att leverera 
attraktiv aktieägaravkastning, inklusive aktieåterköp om 300-500 
MUSD i 2026. 
intäkter och en engångsintäkt i första kvartalet förra året. 
Vår positiva trend i Asien fortsatte, med stark tillväxt i Indien, 
Sydkorea och Kina. I Kina fortsatte vi att växa snabbare än 
fordonsproduktionen, särskilt med kinesiska fordonstillverkare, där 
vi växte 40 %-enheter mer än de. I Indien växte vi organiskt med 
38%, vilket främst reflekterar trenden med högre 
säkerhetsinnehåll i fordonen i Indien, men även den fortsatt höga 
tillväxten i fordonsproduktionen. Vi fortsätter att utöka vår 
produktionskapacitet i Indien för framtida tillväxt, genom 
investeringar i ytterligare kapacitet för produktion av 
gasgeneratorer.

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

Kvartalsrapport januari – mars 2026 
 
2 
Full year 2026 guidance  
In addition to the assumptions below and in our business and market update below, our full year 2026 guidance is based on 
our customer call-offs and the achievement of our targeted cost compensation adjustments with our customers, including no 
material changes to tariffs or trade restrictions, as compared to what is in effect as of April 10, 2026, as well as no significant 
changes in the macro-economic environment, changes to customer call-off volatility or significant supply chain disruptions. 
Full year 2026 Guidance  
Organic sales growth Around 0% 
Adjusted operating margin1) Around 10.5-11% 
Operating cash flow2) Around $1.2 billion 
Capex, net, % of sales Less than 5% 
1) Excluding effects from capacity alignments, antitrust related matters and other discrete items. 2) Excluding unusual items. 
 
Full year 2026 Assumptions  
LVP growth Around 1% negative 
FX impact on net sales Around 3% positive 
Tax rate3) Around 28% 
3) Excluding unusual tax items.  
 
The forward-looking Non-GAAP financial measures above are provided on a Non-GAAP basis. Autoliv has not provided a 
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 17, 2026. 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 2026 
 
3 
Business and market condition update 
Supply Chain 
Call-off volatility improved somewhat compared to both Q4 2025 and Q1 2025, although it still remains higher than pre -
pandemic levels. Low customer demand visibility and changes to customer call-offs with short notice continued to have 
some negative impact on our production efficiency and profitability. We expect call-off volatility for the full year 2026 on 
average to be slightly improved compared to 2025 but still remain higher than pre-pandemic levels. However, the 
continued significant uncertainty in the geopolitical environment and future changes in tariffs and trade restrictions may 
lead to more negative call-off volatility. 
Raw material inflation, geopolitical risks and tariffs 
Raw material price changes had only a small negative impact on our profitability in the first quarter, with a gross impact of  
around $5 million. For the full year 2026, our current assessment is for around $90 million gross impact from higher raw 
material prices. We expect to be able to mitigate a majority of this headwind, mainly through internal cost reductions, 
material mix improvements and commercial negotiations with customers and suppliers. Given the continued uncertainty 
in the geopolitical environment, the effects of tariffs and trade restrictions may lead to a more adverse inflation 
environment. We continue to execute on productivity and cost reduction initiatives to offset these cost pressures.  
The effects of the new tariffs imposed in 2025 impacted our profitability in negatively in the first quarter of 2026. Althoug h 
we achieved customer compensations for more than 70% of tariff costs, the net effect on operating margin was around 
40bps negative, including the dilution effect. While it is our ambition and expectation to continue passing tariff costs on to 
our customers, there is significant uncertainty as future recovery levels may vary. For the full year 2026, we estimate the 
tariff-related dilution on operating margin to be similar to the around 20 bps that it was for full year 2025.  
We currently do not expect any material impact from the U.S. Supreme Court's ruling that the International Emergency 
Economic Powers Act did not authorize the imposition of the tariffs in 2025, as our gross exposure is limited to around $25 
million and the net exposure is well below $10 million.  
 
Ongoing geopolitical developments, including the hostilities in and around the Persian Gulf, introduce additional uncertainty  
into the global economic environment. These conditions may affect supply chains, commodity prices, customer demand, and 
broader market stability. As a result, our current financial guidance reflects the best information available today but may be 
subject to change should these geopolitical dynamics materially impact our operations or the markets in which we operate.  
We continue to closely monitor both geopolitical developments and the tariff policy environment in order to be agile to 
adjust our commercial and operational responses to any such developments.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
This report includes content supplied by S&P Global; Copyright © Light Vehicle Production Forecast, January and April 2026. A ll rights reserved.

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

Kvartalsrapport januari – mars 2026 
 
4 
Key Performance Trends 
 
Sales Development by region Operating and adjusted* operating income and margins 
  
 
 
 
 
Operating cash flow and capex, net  Shareholder returns 
  
  
 
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. 
 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 2026 
 
5 
Consolidated sales development 
First quarter 2026 
Consolidated sales  First quarter Reported change Currency Organic 
(Dollars in millions)  2026 2025 (U.S. GAAP) effects1) change* 
Airbags, Steering Wheels and Other2)  $1,863 $1,752 6.3% 5.6% 0.7% 
Seatbelt Products and Other2)  890 826 7.8% 6.7% 1.1% 
Total  $2,753 $2,578 6.8% 6.0% 0.8% 
       
Americas  $863 $851 1.3% 6.5% (5.2)% 
EMEA  835 764 9.3% 11.1% (1.8)% 
Asia excl. China  563 515 9.3% (1.8)% 11% 
China  492 447 10% 5.1% 4.9% 
Total  $2,753 $2,578 6.8% 6.0% 0.8% 
1) Effects from currency translations. 2) Including Corporate sales. 
 
Sales by product – Airbags, Steering Wheels and 
Other 
Sales for Airbags, Steering Wheels and Other grew 
organically* by 0.7% in the quarter. The largest contributors 
to the increase were center airbags, driver airbags and side 
airbags, partly offset by declines for passenger airbags and 
inflatable curtains.  
 Sales by product – Seatbelt Products and Other 
 
Sales for Seatbelt Products and Other grew organically* by 
1.1% in the quarter. Sales increased organically in Asia 
excluding China, EMEA and China while sales declined in 
Americas. 
 
 
 
Sales by region 
Our global organic sales* increased by 0.8% compared to 
the global LVP decrease of 3.4% (according to S&P Global, 
April 2026). The relative performance was positively 
impacted by product launches but also by positive effects 
from the regional and model LVP mix development, which 
we estimate contributed to about 1.5pp outperformance and 
by tariff compensations of around 0.5pp. Our organic sales 
growth* outperformed LVP growth by 15pp in China and by 
6.8pp in Asia excluding China. We performed in line with 
LVP in EMEA and underperformed by 4.5pp in Americas, 
impacted mainly by negative mix due to a high LVP growth 
in low content South America and a lower content on some 
replacement models. 
  
 
LVP in China declined substantially with Global OEMs 
declining by 8.5% and Chinese OEMs declining by 11%. 
Autoliv's sales to domestic OEMs increased by around 30% 
while our sales to global OEMs decreased by around 10%. 
We expect continued strong sales growth in China in 2026, 
driven mainly by our performance with domestic OEMs. Our 
strong sales growth in Asia excluding China was mainly due 
to 38% organic sales growth in India, reflecting LVP growth 
but mainly the trend of increased safety content in vehicles 
in India. 
 
Q1 2026 organic growth* Americas EMEA Asia excl. China China Global 
Autoliv (5.2)% (1.8)% 11.1% 4.9% 0.8% 
Main growth drivers Subaru, Stellantis Renault, Volvo Suzuki, Tata Chery, EV COEM Suzuki, Chery 
Main decline drivers Ford, GM VW, Hyundai Toyota, Subaru VW, Honda Ford, VW 
 
Light vehicle production development 
Change compared to the same period last year according to S&P Global 
Q1 2026 Americas EMEA Asia excl. China China Global 
LVP (Apr 2026) (0.6)% (0.8)% 4.3 % (10.1)% (3.4)% 
LVP (Jan 2026) (0.7)% (1.1)% 1.6% (10.4)% (4.0)%

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

Kvartalsrapport januari – mars 2026 
 
6 
Financial development 
Condensed Income Statement First quarter 
(Dollars in millions, except per share data) 2026 2025 Change 
Net sales $2,753 $2,578 6.8% 
Cost of sales (2,227) (2,100) 6.0% 
Gross profit 526 478 10% 
S,G&A (161) (145) 11% 
R,D&E, net (120) (95) 26% 
Other income (expense), net (9) 15 n/a 
Operating income 237 254 (6.7)% 
Adjusted operating income1) 245 255 (3.9)% 
Financial and non-operating items, net (35) (22) 61% 
Income before taxes 202 233 (13)% 
Income taxes (60) (65) (7.2)% 
Net income $142 $167 (15)% 
    
Earnings per share - diluted2) $1.88 $2.14 (12)% 
Adjusted earnings per share - diluted1,2) $2.05 $2.15 (4.7)% 
    
Gross margin 19.1% 18.6% 0.6pp 
S,G&A, in relation to sales (5.8)% (5.6)% (0.2)pp 
R,D&E, net in relation to sales (4.3)% (3.7)% (0.7)pp 
Operating margin 8.6% 9.9% (1.2)pp 
Adjusted operating margin1) 8.9% 9.9% (1.0)pp 
Tax Rate 29.9% 28.0% 1.9pp 
    
Other data    
No. of shares at period-end in millions2) 74.9 77.3 (3.2)% 
Weighted average no. of shares in millions, basic2) 74.8 77.6 (3.7)% 
Weighted average no. of shares in millions, diluted2) 75.1 77.9 (3.6)% 
1) Non-GAAP measure, excluding effects from capacity alignments and antitrust related matters. See reconciliation table. 2) Net of treasury shares. 
 
First quarter 2026 development 
Gross profit increased by $48 million and gross margin 
increased by 0.6pp compared to the prior year. The drivers 
behind the gross profit improvement were mainly positive FX 
effects, improved operational efficiency with lower costs for 
labor as well as positive effects from higher sales. This was 
partly offset by increased tariff costs, net. 
S,G&A costs increased by $16 million compared to the prior 
year, mainly due to $10 million in negative FX translation 
effects and $5 million in higher costs for personnel driven by 
wage inflation and a non-recurring cost of $4 million. S,G&A 
costs in relation to sales increased from 5.6% to 5.8%. 
R,D&E, net, costs increased by $25 million compared to the 
prior year, mainly due to $11 million in lower engineering 
income related to timing effects, $5 million in higher personnel 
costs due to wage inflation and $4 million in negative FX 
translation effects. R,D&E, net, in relation to sales increased 
from 3.7% to 4.3%. 
Other income (expense), net, was negative $9 million, 
compared to positive $15 million in the same period last year. 
The positive $15 million in 2025 related mainly to recycled 
accumulated currency translation differences related to the 
divestment of our idled operations in Russia while the 
negative $9 million in 2026 related mainly to restructuring 
costs in EMEA. 
 
  
Operating income decreased by $17 million compared to 
the prior year, due to the higher costs for R,D&E, net, Other 
income (expense) and S,G&A, partly offset by higher gross 
profit as outlined above. 
Adjusted operating income* decreased by $10 million 
compared to the prior year, due to the higher costs for 
R,D&E, net, S,G&A and Other income (expense), partly 
offset by higher gross profit as outlined above. 
Financial and non-operating items, net, was negative $35 
million compared to negative $22 million a year earlier. The 
cost increase comes from $12 million in higher costs for non-
operating items mainly related to restructuring costs in 
Americas. 
Income before taxes decreased by $30 million compared to 
the prior year, mainly due to the lower operating income and 
higher costs for financial and non-operating items, net.  
Tax rate was 29.9% compared to 28.0% the prior year. 
Discrete tax items, net, had an unfavorable impact of 2.3pp 
in the first quarter of 2026, while discrete tax items, net were 
not material in the corresponding quarter last year. 
Earnings per share, diluted decreased by $0.26 compared 
to the prior year. The main drivers were $0.16 from lower 
operating income, $0.12 from financial and non-operating 
items, $0.05 from taxes partly offset by $0.07 from lower 
number of outstanding shares, diluted.

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

Kvartalsrapport januari – mars 2026 
 
7 
Selected Cash Flow and Balance Sheet Items 
 
Selected Cash Flow items First quarter 
(Dollars in millions) 2026 2025 Change 
Net income $142 $167 (15)% 
Depreciation and amortization 107 95 12% 
Other non-cash adjustments, net 25 (6) n/a 
Changes in operating working capital (349) (179) 95% 
Operating cash flow (76) 77 n/a 
Capital expenditure, net1) (84) (93) (10)% 
Free operating cash flow2) $(159) $(16) 901% 
Cash conversion3) n/a n/a n/a 
Shareholder returns    
- Dividends paid (65) (54) 20% 
- Share repurchases - (50) (100)% 
Cash dividend paid per share $(0.87) $(0.70) 24% 
Capital expenditures, net in relation to sales 3.0% 3.6% (0.6)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-GAAP measure. See enclosed reconciliation table. 3) Free operating cash flow relative to Net income. Non-GAAP measure. See reconciliation table. 
 
Selected Balance Sheet items First quarter 
(Dollars in millions) 2026 2025 Change 
Trade working capital1) $1,506 $1,279 18% 
Trade working capital in relation to sales2) 13.7% 12.4% 1.3pp 
- Receivables outstanding in relation to sales3) 22.0% 21.4% 0.6pp 
- Inventory outstanding in relation to sales4) 8.6% 8.9% (0.3)pp 
- Payables outstanding in relation to sales5) 16.9% 17.8% (0.9)pp 
Cash & cash equivalents 342 322 6.0% 
Gross Debt6) 2,091 2,105 (0.7)% 
Net Debt7) 1,773 1,787 (0.8)% 
Capital employed8) 4,417 4,149 6.5% 
Return on capital employed9) 22.2% 25.6% (3.3)pp 
Total equity 2,644 2,361 12% 
Return on total equity10) 21.7% 28.8% (7.1)pp 
Leverage ratio11) 1.3 1.3 (0.1) 
1) Outstanding receivables and outstanding inventory less outstanding payables. Non -GAAP measure, see reconciliation table. 2) Outstanding receivables and outstanding 
inventory less outstanding payables relative to annualized quarterly sales. Non -GAAP measure, see reconciliation table. Annualized quarterly 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-GAAP measure. See reconciliation table. 8) Total equity and net debt. 9) Annualized operating income and income from equity method investments, relative to 
average capital employed. See definitions of "Annualized operating income" in footnote to the reconciliation tables 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 -GAAP 
measure. See reconciliation table. 
 
First quarter 2026 development 
Changes in operating working capital impacted operating 
cash flow by $349 million negative compared to an impact of 
$179 million negative in the prior year. The $349 million 
increase in operating working capital mainly comes from 
$175 million increase in receivables and $134 million 
decrease in accounts payables. The increase in operating 
working capital is mainly related to high level of sales in 
March 2026, other temporary effects that are expected to 
reverse later in the year and the high level of accounts 
payable at the end of December 2025. 
Operating cash flow decreased by $153 million to $(76) 
million compared to the prior year, mainly because of the 
increase in operating working capital outlined above and a 
lower net income, partly offset by higher depreciation and 
other non-cash adjustments. 
  
Capital expenditure, net, decreased by $10 million 
compared to the prior year. The level of capital expenditure, 
net, in relation to sales declined to 3.0% versus 3.6% a year 
earlier. The lower level of capital expenditure, net is mainly 
related to the lower activity level of footprint optimization and 
less capacity expansion. 
Free operating cash flow* was negative $159 million 
compared to negative $16 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 compared to 
n/a a year earlier as free operating cash flow was negative 
both quarters.

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

Kvartalsrapport januari – mars 2026 
 
8 
Trade working capital* in relation to sales increased from 
12.4% to 13.7%. This was mainly due to that accounts 
receivables in relation to sales increased from 21.4% to 
22.0% due to high sales in March 2026 and other temporary 
effects that are expected to reverse later in the year. The 
increase of trade working capital in relation to sales was also 
due to that accounts payables decreased from 17.8% of 
sales to 16.9% due to geographic sales mix changes and 
timing effects. 
Net debt* was $1,773 million as of March 31, 2026, which 
was $14 million lower than a year earlier. 
 
 
 Total equity as of March 31, 2026, increased by $283 
million compared to March 31, 2025. This was mainly due to 
net income of $710 million and $103 million in positive 
currency translation effects, partly offset by $304 million in 
share repurchases, including taxes, and $249 million in 
dividend payments. 
Leverage ratio*: On March 31, 2026, the Company had a 
leverage ratio of 1.3x compared to 1.3x on March 31, 2025, 
as the 12 months trailing adjusted EBITDA* increased by 
$74 million while net debt* per the policy was unchanged. 
Our target is to have a leverage ratio not higher than 1.5x. 
Headcount 
 
 Mar 31 Dec 31 Mar 31 
 2026 2025 2025 
Total headcount 64,100 64,300 65,900 
Whereof:  Direct headcount in manufacturing 46,700 47,300 48,800 
                 Indirect headcount 17,400 17,000 17,100 
Temporary personnel 10% 10% 10% 
 
As of March 31, 2026, total headcount (Full Time Equivalent) 
decreased by around 1,900, or 2.9%, compared to a year 
earlier. The indirect workforce increased by around 300, or 
1.5%, mainly reflecting a change in headcount reporting 
classification, moving around 300 people from direct to 
indirect. The direct workforce decreased by approximately 
2,100, or 4.4%. The decrease was supported by an 
improvement in customer call-off accuracy which enabled us 
to accelerate operating efficiency improvements and also 
reflecting the reclassification mentioned above. 
 Compared to December 31, 2025, total headcount (Full 
Time Equivalent) decreased by around 200, or 0.4%. 
Indirect headcount increased by around 300, while direct 
headcount decreased by approximately 600 impacted by 
the reclassification mentioned above.

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

Kvartalsrapport januari – mars 2026 
 
9 
Other Items 
 
• On February 19, 2026, Autoliv announced that Mr. 
Martin Lundstedt, a current member of the Board of 
Directors, has elected not to stand for re-election. Mr. 
Lundstedt's service as a director will end at the 2026 
Annual Stockholders Meeting.  
• On March 6, 2026, Autoliv announced that its Board of 
Directors appointed Monika Grama as the new Chief 
Financial Officer and Executive Vice President, Finance, 
of the Company. Ms. Grama succeeded Fredrik Westin 
as of April 1, 2026. Ms. Grama has served as the Vice 
President, Finance of the Autoliv Europe Middle East 
and Africa (EMEA) division since 2020. Monika Grama 
joined Autoliv in 2009 and, prior to her current role, she 
served as Finance Manager and Managing Director of 
Autoliv Romania, one of Autoliv's largest production 
hubs globally. Ms. Grama has played a vital role in 
contributing to the development of the Autoliv EMEA 
division during a challenging period for the automotive 
industry. 
• On March 6, 2026, Autoliv announced the renewal for 
one year of its €3 billion guaranteed euro medium term 
note program, originally established on April 11, 2019. 
 • On March 12, 2026, Autoliv announced it has together 
with Yamaha Motor Co. co-developed an innovative 
airbag system for the new Tricity commuter scooter. This 
is a significant step toward making advanced safety 
solutions accessible to a wider range of riders, moving 
beyond their previous availability solely on high-end 
motorcycles. The collaboration reflects Autoliv's 
continued expansion beyond its core business and 
supports the company's long-term strategic direction. 
• On March 24, 2026, Autoliv announced it has developed 
its first complete wearable protection for motorcycle 
riders: a vest with an integrated airbag system designed 
to reduce critical injury risks in the event of a crash. This 
system is being launched in collaboration with RS 
Taichi, a leading manufacturer of motorcycle riding gear, 
who will bring it to market. This initiative complements 
Autoliv's motorcycle and bike offer and supports its long-
term strategy to explore opportunities beyond its core 
business of airbags, seatbelts and steering wheels for 
light vehicles. 
• The Board has set Thursday, May 7, 2026 as the date 
for the 2026 Annual Stockholders Meeting. The Board 
has decided that the meeting will be in-person only. 
 
 
Next Report 
Autoliv intends to publish the quarterly earnings report 
for the second quarter of 2026 on Friday, July 17, 2026. 
 Footnotes 
*Non-GAAP measures, see enclosed reconciliation tables. 
Inquiries: Investors and Analysts 
Anders Trapp 
Vice President Investor Relations 
Tel +46 (0)709 578 171 
Henrik Kaar 
Director Investor Relations 
Tel +46 (0)709 578 114 
 
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 17 april 2026 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 April 2026. 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 11 =====

Kvartalsrapport januari – mars 2026 
 
10 
“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 global and regional economic conditions, including the 
impact of 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; potential changes to 
beneficial free trade agreements and regulations, such as the 
United States-Mexico-Canada Agreement; changes in geopolitical 
and other economic and political conditions or developments, 
including inflation, changes trade policies, tariff regimes, and other 
developments in and by countries in which we do business that 
could materially impact supply chains, margins, access to capital, 
or overall business performance; political stability or geopolitical 
conflicts; changes in general industry or market conditions, 
including regional economic 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; volatility or 
increases in raw material, fuel, and energy costs; changes in 
consumer and customer preferences for end products; loss of 
customers or sales; legislative or regulatory changes; 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, including inflation and tariff compensations; 
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 or 
results of tax audits by governmental authorities and changes 
in our effective tax rate; dependence on key personnel; our 
ability to meet our sustainability targets, goals and 
commitments; dependence on and relationships with 
customers and suppliers; the conditions necessary to hit our 
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 12 =====

Kvartalsrapport januari – mars 2026 
 
11 
Consolidated Statements of Income 
 First quarter Latest 12 Full Year 
(Dollars in millions, except per share data, unaudited) 2026 2025 months 2025 
Airbags, Steering Wheels and Other1) $1,863 $1,752 $7,413 $7,302 
Seatbelt products and Other1) 890 826 3,577 3,513 
Total net sales 2,753 2,578 10,990 10,815 
     
Cost of sales (2,227) (2,100) (8,868) (8,741) 
Gross profit 526 478 2,122 2,074 
     
Selling, general & administrative expenses (161) (145) (587) (571) 
Research, development & engineering expenses, net (120) (95) (438) (413) 
Other income (expense), net (9) 15 (26) (2) 
Operating income 237 254 1,071 1,088 
     
Income from equity method investments 1 1 6 6 
Interest income 3 2 10 10 
Interest expense (26) (25) (104) (103) 
Other non-operating items, net (12) 0 (27) (15) 
Income before income taxes 202 233 956 986 
     
Income taxes (60) (65) (246) (250) 
Net income 142 167 710 736 
     
Less: Net income attributable to non-controlling interest 0 0 1 1 
Net income attributable to controlling interest $141 $167 $709 $735 
     
Earnings per share - diluted $1.88 $2.14 $9.31 $9.55 
1) Including Corporate sales.

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

Kvartalsrapport januari – mars 2026 
 
12 
Consolidated Balance Sheets 
  Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 
(Dollars in millions, unaudited)  2026 2025 2025 2025 2025 
Assets       
Cash & cash equivalents  $342 $604 $225 $237 $322 
Receivables, net  2,422 2,236 2,357 2,341 2,205 
Inventories, net  947 992 1,036 957 913 
Prepaid expenses  206 212 226 249 184 
Other current assets  71 57 102 146 75 
Total current assets  3,987 4,101 3,946 3,929 3,699 
       
Property, plant & equipment, net  2,356 2,417 2,402 2,399 2,286 
Operating leases right-of-use assets  166 171 167 171 168 
Goodwill and intangible assets, net  1,392 1,386 1,387 1,389 1,380 
Investments and other non-current assets  567 568 561 588 581 
Total assets  8,468 8,644 8,463 8,476 8,114 
       
Liabilities and equity       
Short-term debt  393 419 654 679 540 
Accounts payable  1,862 2,007 1,889 1,945 1,839 
Accrued liabilities  1,024 1,050 1,172 1,138 1,053 
Operating lease liabilities - current  43 43 44 44 42 
Other current liabilities  386 404 383 430 327 
Total current liabilities  3,708 3,923 4,141 4,235 3,800 
       
Long-term debt  1,699 1,734 1,374 1,372 1,565 
Pension liability  176 169 167 167 163 
Operating lease liabilities - non-current  117 122 118 121 120 
Other non-current liabilities  125 113 105 102 103 
Total non-current liabilities  2,115 2,138 1,763 1,762 1,952 
       
Total parent shareholders’ equity  2,634 2,572 2,549 2,469 2,351 
Non-controlling interest  10 10 10 11 10 
Total equity  2,644 2,582 2,559 2,480 2,361 
       
Total liabilities and equity  $8,468 $8,644 $8,463 $8,476 $8,114

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

Kvartalsrapport januari – mars 2026 
 
13 
Consolidated Statements of Cash Flow 
 First quarter Latest 12 Full Year 
(Dollars in millions, unaudited) 2026 2025 months 2025 
Net income $142 $167 $710 $736 
Depreciation and amortization 107 95 419 407 
Gain on divestiture of property - (6) (0) (6) 
Other non-cash adjustments, net 25 (1) 57 32 
Net change in operating working capital:     
   Receivables (175) (166) (107) (98) 
   Other current assets (36) (24) (38) (26) 
   Inventories 35 22 5 (8) 
   Accounts payable (134) 25 (40) 119 
   Accrued expenses (30) (46) (14) (30) 
   Income taxes (7) 11 12 30 
Net cash (used in) provided by operating activities (76) 77 1,004 1,157 
     
Expenditures for property, plant and equipment (85) (102) (425) (441) 
Proceeds from sale of property, plant and equipment 1 8 11 18 
Net cash used in investing activities (84) (93) (413) (423) 
     
Net (decrease) increase in short term debt (26) 123 (138) 11 
Decrease in long-term debt (2) - (311) (311) 
Increase in long-term debt - 39 481 521 
Dividends paid (65) (54) (249) (238) 
Share repurchases - (50) (301) (351) 
Common stock options exercised - 0 - 0 
Dividend paid to non-controlling interests - - (1) (1) 
Net cash (used in) provided by financing activities (93) 57 (519) (369) 
     
Effect of exchange rate changes on cash (10) (49) (51) (90) 
(Decrease) increase in cash and cash equivalents (263) (8) 19 274 
Cash and cash equivalents at period-start 604 330 322 330 
Cash and cash equivalents at period-end $342 $322 $342 $604

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

Kvartalsrapport januari – mars 2026 
 
14 
RECONCILIATION OF GAAP TO NON-GAAP MEASURES 
In this report we sometimes refer to Non-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-GAAP measures as substitutes, but rather as 
additions, to financial reporting measures prepared in accordance with 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 page 5 present 
changes in organic sales growth as reconciled to the change in the total 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) 2026 2025 2025 2025 2025 
Total current assets $3,987 $4,101 $3,946 $3,929 $3,699 
Total current liabilities (3,708) (3,923) (4,141) (4,235) (3,800) 
Working capital (GAAP) 278 178 (195) (305) (101) 
Less: Cash and cash equivalents (342) (604) (225) (237) (322) 
          Prepaid expenses (206) (212) (226) (249) (184) 
          Other current assets (71) (57) (102) (146) (75) 
Less: Short-term debt 393 419 654 679 540 
          Accrued expenses 1,024 1,050 1,172 1,138 1,053 
          Operating lease liabilities - current 43 43 44 44 42 
          Other current liabilities 386 404 383 430 327 
Trade working capital (Non-GAAP) $1,506 $1,221 $1,504 $1,354 $1,279 
      
 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 
(Dollars in millions) 2026 2025 2025 2025 2025 
Receivables, net $2,422 $2,236 $2,357 $2,341 $2,205 
Inventories, net 947 992 1,036 957 913 
Accounts payable (1,862) (2,007) (1,889) (1,945) (1,839) 
Trade working capital (Non-GAAP) $1,506 $1,221 $1,504 $1,354 $1,279 
Quarterly sales $2,753 $2,817 $2,706 $2,714 $2,578 
Annualized quarterly sales1) 11,012 11,269 10,822 10,857 10,312 
Trade working capital in relation to annualized quarterly 
sales 13.7% 10.8% 13.9% 12.5% 12.4% 
1) Calculated as the current quarterly sales multiplied by four.

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

Kvartalsrapport januari – mars 2026 
 
15 
 Dec 31 Dec 31 Dec 31 Dec 31 
(Dollars in millions) 2024 2023 2022 2021 
Total current assets $3,483 $3,974 $3,714 $3,675 
Total current liabilities (3,633) (4,035) (3,642) (2,821) 
Working capital (GAAP) (150) (61) 72 853 
Less: Cash and cash equivalents (330) (498) (594) (969) 
          Prepaid expenses (167) (173) (160) (164) 
          Other current assets (72) (93) (84) (65) 
Less: Short-term debt 387 538 711 346 
          Accrued expenses 1,056 1,135 915 996 
          Operating lease liabilities - current 41 39 39 38 
          Other current liabilities 351 345 283 297 
Trade working capital (Non-GAAP) $1,115 $1,232 $1,183 $1,332 
     
 Dec 31 Dec 31 Dec 31 Dec 31 
(Dollars in millions) 2024 2023 2022 2021 
Receivables, net $1,993 $2,198 $1,907 $1,699 
Inventories, net 921 1,012 969 777 
Accounts payable (1,799) (1,978) (1,693) (1,144) 
Trade working capital (Non-GAAP) $1,115 $1,232 $1,183 $1,332 
Quarterly sales $2,616 $2,751 $2,335 $2,119 
Annualized quarterly sales1) 10,463 11,006 9,340 8,476 
Trade working capital in relation to annualized quarterly sales 10.7% 11.2% 12.7% 15.7% 
1) Calculated as the fourth quarterly sales multiplied by four.     
 
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-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) 2026 2025 2025 2025 2025 
Short-term debt $393 $419 $654 $679 $540 
Long-term debt 1,699 1,734 1,374 1,372 1,565 
Total debt (GAAP) 2,091 2,153 2,027 2,051 2,105 
Cash & cash equivalents (342) (604) (225) (237) (322) 
Debt issuance cost/Debt-related derivatives, net 23 17 (30) (62) 4 
Net debt (Non-GAAP) $1,773 $1,566 $1,772 $1,752 $1,787 
 
  Dec 31 Dec 31 Dec 31 Dec 31 
(Dollars in millions)  2024 2023 2022 2021 
Short-term debt  $387 $538 $711 $346 
Long-term debt  1,522 1,324 1,054 1,662 
Total debt (GAAP)  1,909 1,862 1,766 2,008 
Cash & cash equivalents  (330) (498) (594) (969) 
Debt issuance cost/Debt-related derivatives, net  (24) 3 12 13 
Net debt (Non-GAAP)  $1,554 $1,367 $1,184 $1,052 
 
Leverage ratio 
The Non-GAAP measure “net debt” is also used in the Non-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 equal to or below 1.5x.

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

Kvartalsrapport januari – mars 2026 
 
16 
 Mar 31 Dec 31 Mar 31 
(Dollars in millions) 2026 2025 2025 
Net debt1) (Non-GAAP) $1,773 $1,566 $1,787 
Pension liabilities 176 169 163 
Net debt per the Policy (Non-GAAP) $1,949 $1,736 $1,950 
    
Net income2) $710 $736 $688 
Income taxes2) 246 250 246 
Interest expense, net2, 3) 93 93 97 
Other non-operating items, net2) 28 15 16 
Income from equity method investments2) (6) (6) (6) 
Depreciation and amortization of intangibles2) 419 407 386 
Capacity alignments2) 28 23 19 
Antitrust related items2) 4 3 4 
Other items2) - - (0) 
EBITDA per the Policy (Adjusted EBITDA) (Non-GAAP) $1,523 $1,521 $1,449 
    
Leverage ratio (Non-GAAP) 1.3 1.1 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. 
 
 
Reconciliation of GAAP measure "Operating cash flow" to Non-GAAP measures 
"Free operating cash flow" and "Cash conversion" 
Management uses the Non-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 operating cash flow, 
see the reconciliation table below. Management uses the Non-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 efficiently the Company 
utilizes its resources. For details on cash conversion, see the reconciliation table below.  
 First quarter Latest 12 Full Year 
(Dollars in millions) 2026 2025 months 2025 
Net income $142 $167 $710 $736 
Depreciation and amortization 107 95 419 407 
Gain on divestiture of property - (6) (0) (6) 
Other, net 25 (1) 57 32 
Changes in operating working capital, net (349) (179) (182) (12) 
Operating cash flow (GAAP) (76) 77 1,004 1,157 
Expenditures for property, plant and equipment (85) (102) (425) (441) 
Proceeds from sale of property, plant and equipment 1 8 11 18 
Capital expenditure, net1) (84) (93) (413) (423) 
Free operating cash flow2) (Non-GAAP) $(159) $(16) $590 $734 
Cash conversion3) (Non-GAAP) n/a n/a 83% 100% 
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) 2024 2023 2022 2021 
Net income $648 $489 $425 $437 
Depreciation and amortization 387 378 363 394 
Gain on divestiture of property - - (80) - 
Other, net (29) (119) (54) (15) 
Changes in operating working capital, net 53 235 58 (63) 
Operating cash flow (GAAP) 1,059 982 713 754 
Expenditures for property, plant and equipment (579) (572) (585) (458) 
Proceeds from sale of property, plant and equipment 17 4 101 4 
Capital expenditure, net1) (563) (569) (485) (454) 
Free operating cash flow2) (Non-GAAP) $497 $414 $228 $300 
Cash conversion3) (Non-GAAP) 77% 85% 54% 69% 
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 18 =====

Kvartalsrapport januari – mars 2026 
 
17 
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 GAAP measures exclusive of 
these items.  
 
The following tables reconcile 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. Adjusted ROE is annualized income (loss) 
relative to average total equity for the periods presented as adjusted to exclude certain non -recurring items. The Company’s 
management believes that ROE and Adjusted ROE are useful indicators 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 GAAP to the equivalent Non-GAAP measures. 
 
Reconciliation of GAAP measure "Operating income" to Non-GAAP measure 
"Adjusted Operating income" 
 First quarter Latest 12 Full year 
(Dollars in millions) 2026 2025 months 2025 
Operating income (GAAP) $237 $254 $1,071 $1,088 
Non-GAAP adjustments:     
   Less: Capacity alignments 8 2 28 23 
   Less: Antitrust related items 0 (1) 4 3 
Total non-GAAP adjustments to operating income 8 1 33 26 
Adjusted Operating income (Non-GAAP) $245 $255 $1,104 $1,114 
 
(Dollars in millions) 2024 2023 2022 2021 
Operating income (GAAP) $979 $690 $659 $675 
Non-GAAP adjustments:     
   Less: Capacity alignments1) 19 218 (61) 8 
   Less: The Andrews litigation settlement - 8 - - 
   Less: Antitrust related items 8 4 - - 
Total non-GAAP adjustments to operating income 27 230 (61) 8 
Adjusted Operating income (Non-GAAP) $1,007 $920 $598 $683 
1) For 2022, including a gain on divestiture of property of $80 million.

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

Kvartalsrapport januari – mars 2026 
 
18 
Reconciliation of GAAP measure "Operating margin" to Non-GAAP measure 
"Adjusted Operating margin" 
 First quarter Latest 12 Full year 
 2026 2025 months 2025 
Operating margin (GAAP) 8.6% 9.9% 9.7% 10.1% 
Non-GAAP adjustments:     
   Less: Capacity alignments 0.3% 0.1% 0.3% 0.2% 
   Less: Antitrust related items 0.0% (0.0)% 0.0% 0.0% 
Total non-GAAP adjustments to operating margin 0.3% 0.0% 0.3% 0.2% 
Adjusted Operating margin (Non-GAAP) 8.9% 9.9% 10.0% 10.3% 
 
 2024 2023 2022 2021 
Operating margin (GAAP) 9.4% 6.6% 7.5% 8.2% 
Non-GAAP adjustments:     
   Less: Capacity alignments 0.2% 2.1% (0.7)% 0.1% 
   Less: The Andrews litigation settlement - 0.1% - - 
   Less: Antitrust related items 0.1% 0.0% - - 
Total non-GAAP adjustments to operating margin 0.3% 2.2% (0.7)% 0.1% 
Adjusted Operating margin (Non-GAAP) 9.7% 8.8% 6.8% 8.3% 
 
Reconciliation of GAAP measure "Other non-operating items, net" to Non-GAAP 
measure "Adjusted Other non-operating items, net" 
 First quarter 
 2026 2025 
Other non-operating items, net (GAAP) $(12) $0 
Non-GAAP adjustments:   
   Less: Capacity alignments - non-operating1) 9 - 
Total non-GAAP adjustments to other non-operating items, net 9 - 
Adjusted Other non-operating items, net  (Non-GAAP) $(3) $0 
1) Relates to curtailment loss in connection with restructuring and capacity alignment activities.  
 
Reconciliation of GAAP measure "Income before income taxes" to Non-GAAP 
measure "Adjusted Income before income taxes" 
 First quarter 
(Dollars in millions) 2026 2025 
Income before income taxes (GAAP) $202 $233 
Non-GAAP adjustments:   
   Less: Capacity alignments - operating 8 2 
   Less: Capacity alignments - non-operating1) 9 - 
   Less: Antitrust related items 0 (1) 
Total non-GAAP adjustments to Income before income taxes 17 1 
Adjusted Income before income taxes (Non-GAAP) $219 $233 
1) Relates to curtailment loss in connection with restructuring and capacity alignment activities.  
 
Reconciliation of GAAP measure "Net income" to Non-GAAP measure "Adjusted 
Net income" 
 First quarter 
(Dollars in millions) 2026 2025 
Net income (GAAP) $142 $167 
Non-GAAP adjustments:   
   Less: Capacity alignments - operating 8 2 
   Less: Capacity alignments - non-operating1) 9 - 
   Less: Antitrust related items 0 (1) 
   Less: Tax on non-GAAP adjustments (4) (0) 
Total non-GAAP adjustments to Net income 12 1 
Adjusted Net income (Non-GAAP) $154 $168 
1) Relates to curtailment loss in connection with restructuring and capacity alignment activities.

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

Kvartalsrapport januari – mars 2026 
 
19 
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) 2026 2025 
Net income attributable to controlling interest (GAAP) $141 $167 
Non-GAAP adjustments:   
   Less: Capacity alignments - operating 8 2 
   Less: Capacity alignments - non-operating1) 9 - 
   Less: Antitrust related items 0 (1) 
   Less: Tax on non-GAAP adjustments (4) (0) 
Total non-GAAP adjustments to Net income attributable to controlling interest 12 1 
Adjusted Net income attributable to controlling interest (Non-GAAP) $154 $167 
1) Relates to curtailment loss in connection with restructuring and capacity alignment activities.  
 
Reconciliation of GAAP measure "Earnings per share - diluted" to Non-GAAP 
measure "Adjusted Earnings per share - diluted" 
 First quarter 
 2026 2025 
Earnings per share - diluted (GAAP) $1.88 $2.14 
Non-GAAP adjustments:   
   Less: Capacity alignments - operating 0.10 0.02 
   Less: Capacity alignments - non-operating1) 0.12 - 
   Less: Antitrust related items 0.00 (0.02) 
   Less: Tax on non-GAAP adjustments (0.05) (0.00) 
Total non-GAAP adjustments to Earnings per share - diluted 0.17 0.01 
Adjusted Earnings per share - diluted (Non-GAAP) $2.05 $2.15 
   
Weighted average number of shares outstanding - diluted 75.1 77.9 
1) Relates to curtailment loss in connection with restructuring and capacity alignment activities.  
 
Reconciliation of GAAP measure "Return on Capital Employed" to Non-GAAP 
measure "Adjusted Return on Capital Employed" 
 First quarter 
 2026 2025 
Return on capital employed1) (GAAP) 22.2% 25.6% 
Non-GAAP adjustments:   
   Less: Capacity alignments - operating 0.7% 0.2% 
   Less: Antitrust related items 0.0% (0.1)% 
Total non-GAAP adjustments to Return on capital employed1) 0.7% 0.1% 
Adjusted Return on capital employed1) (Non-GAAP) 22.9% 25.6% 
   
Annualized adjustment2) on Return on capital employed1) $31 $3 
1) Annualized operating income and income from equity method investments, relative to average capital employed. The average capi tal employed amount is calculated as an 
average of the opening balance amount and the closing balance amounts for each quarter inc luded 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 me thod investments amount is calculated as the year-to-date amount divided by the quarterly 
period number (two, three or four) multiplied by four.

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

Kvartalsrapport januari – mars 2026 
 
20 
Reconciliation of GAAP measure "Return on Total Equity" to Non-GAAP measure 
"Adjusted Return on Total Equity" 
 First quarter 
 2026 2025 
Return on total equity1) (GAAP) 21.7% 28.8% 
Non-GAAP adjustments:   
   Less: Capacity alignments - operating 1.1% 0.3% 
   Less: Capacity alignments - non-operating2) 1.3% - 
   Less: Antitrust related items 0.0% (0.2)% 
   Less: Tax on non-GAAP adjustments (0.6)% (0.0)% 
Total non-GAAP adjustments to Return on total equity1) 1.9% 0.1% 
Adjusted Return on total equity1) (Non-GAAP) 23.5% 28.9% 
   
Annualized adjustment3) on Return on total equity1) $50 $2 
1) Annualized net income relative to average total equity. The average total equity amount is calculated as an average of the op ening balance amount and the closing balance 
amounts for each quarter included in the period. 
2) Relates to curtailment loss in connection with restructuring and capacity alignment activities.  
3) 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 22 =====

Kvartalsrapport januari – mars 2026 
 
21 
 
(Dollars in millions, except per share data, unaudited) 2025 2024 2023 2022 2021 
Sales and Income      
Net sales $10,815 $10,390 $10,475 $8,842 $8,230 
Airbags, Steering Wheels and Other1) 7,302 7,023 7,055 5,807 5,380 
Seatbelt Products and Other1) 3,513 3,367 3,420 3,035 2,850 
Operating income 1,088 979 690 659 675 
Net income attributable to controlling interest 735 646 488 423 435 
Earnings per share – basic2) 9.59 8.06 5.74 4.86 4.97 
Earnings per share – diluted2) 9.55 8.04 5.72 4.85 4.96 
Gross margin3) 19.2% 18.5% 17.4% 15.8% 18.4% 
S,G&A in relation to sales (5.3)% (5.1)% (4.8)% (4.9)% (5.3)% 
R,D&E net in relation to sales (3.8)% (3.8)% (4.1)% (4.4)% (4.7)% 
Operating margin4) 10.1% 9.4% 6.6% 7.5% 8.2% 
Adjusted operating margin5,6) 10.3% 9.7% 8.8% 6.8% 8.3% 
Balance Sheet 
Trade working capital6,7) 1,221 1,115 1,232 1,183 1,332 
Trade working capital in relation to sales8) 10.8% 10.7% 11.2% 12.7% 15.7% 
Receivables outstanding in relation to sales9) 19.8% 19.0% 20.0% 20.4% 20.0% 
Inventory outstanding in relation to sales10) 8.8% 8.8% 9.2% 10.4% 9.2% 
Payables outstanding in relation to sales11) 17.8% 17.2% 18.0% 18.1% 13.5% 
Total equity 2,582 2,285 2,570 2,626 2,648 
Total parent shareholders’ equity per share 34.43 29.26 30.93 30.30 30.10 
Current assets excluding cash 3,497 3,153 3,475 3,119 2,705 
Property, plant and equipment, net 2,419 2,239 2,192 1,960 1,855 
Goodwill and Intangible assets 1,386 1,375 1,385 1,382 1,395 
Capital employed 4,148 3,840 3,937 3,810 3,700 
Net debt6) 1,566 1,554 1,367 1,184 1,052 
Total assets 8,644 7,804 8,332 7,717 7,537 
Long-term debt 1,734 1,522 1,324 1,054 1,662 
Return on capital employed12) 26.4% 25.0% 17.7% 17.5% 18.3% 
Return on total equity13) 30.0% 27.2% 19.0% 16.3% 17.1% 
Total equity ratio 30% 29% 31% 34% 35% 
Cash flow and other data 
Operating cash flow 1,157 1,059 982 713 754 
Depreciation and amortization 407 387 378 363 394 
Capital expenditures, net 423 563 569 485 454 
Capital expenditures, net in relation to sales 3.9% 5.4% 5.4% 5.5% 5.5% 
Free operating cash flow6,14) 734 497 414 228 300 
Cash conversion6,15) 100% 77% 85% 54% 69% 
Direct shareholder return16) 590 771 577 339 165 
Cash dividends paid per share 3.12 2.74 2.66 2.58 1.88 
Number of shares outstanding (millions)17) 74.7 77.7 82.6 86.2 87.5 
Number of employees, December 31 58,000 59,500 62,900 61,700 55,900 
1) Including Corporate sales 2) Net of treasury shares. 3) Gross profit relative to sales. 4) Operating income relative to sales. 5) Excluding effects from capacity alignments, antitrust 
related matters and for FY 2023 the Andrews litigation settlement. 6) Non-GAAP measure, for reconciliation see tables above. 7) Outstanding receivables and outstanding inventory 
less outstanding payables. 8) Outstanding receivables and outstanding inventory less outstanding payables 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 total equity. 14) Operating cash flow less Capital 
expenditures, net. 15) Free operating cash flow relative to Net income. 16) Dividends paid and Shares repurchased. 
17) At year end, excluding dilution and net of treasury shares.