Nasdaq Nordic · interim-report

Kvartalsrapport Q2 2025

72678 tecken · 1 HTML-del(ar)

Fulltext som ren TXT · Öppna originalkällan

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Omsättning

Full year 2025 Guidance | Organic sales growth Around 3% | 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.
LVP growth Around 0.5% negative | FX impact on net sales Around 0% | Tax rate3) Around 28%
Net Sales Development by region Operating and adjusted* operating income and margins
5 | Consolidated sales development | Second quarter 2025
Second quarter 2025 | Consolidated sales Second quarter Reported change Currency Organic | (Dollars in millions) 2025 2024 (U.S. GAAP) effects1) change*
Total $2,714 $2,605 4.2% 0.8% 3.4% | 1) Effects from currency translations. 2) Including Corporate sales.
Sales by product – Airbags, Steering Wheels and | Other

EBITDA

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 adjuste d for pension liabilities in relation to EBITDA. Non -U.S. | GAAP measure. See reconciliation table.
leverage ratio of 1.3x compared to 1.2x on June 30, 2024, | following that the 12 months trailing adjusted EBITDA* | increased by around $103 million while net debt* per the
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 liabili ties in relation to adjusted EBITDA*. | The long-term target is to maintain a leverage ratio equal to or below 1.5x.
Adjustments2), 4) 12 23 128 | EBITDA per the Policy (Adjusted EBITDA) $1,483 $1,449 $1,380

Rörelseresultat

1 | Kv2 2025: Kv2-rekord för försäljning, rörelseresultat och | marginal samt vinst per aktie
lyckades föra vidare merparten av tariffkostnaderna till våra kunder. Rörelseresultatet ökade med 20% till 247 MUSD och justerat | rörelseresultat* ökade med 14% till 251 MUSD. Rörelsemarginalen var 9,1% och justerad rörelsemarginal* var 9,3%. Avkastning på | sysselsatt kapital var 23,8% och justerad avkastning på sysselsatt kapital* var 24,1%.
Försäljning $2 714 $2 605 4,2% $5 292 $5 220 1,4% | Rörelseresultat 247 206 20% 502 400 25% | Justerat rörelseresultat1) 251 221 14% 506 420 21%
Justerad avkastning på sysselsatt kapital1,2) 24,1% 22,5% 1,6 25,0% 21,4% 3,6 | 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.
rapportera kvartal 2 rekord för försäljning, | rörelseresultat och marginal samt vinst per | aktie. Detta drevs av en god försäljnings-
80% of the tariffs in the second quarter, and we expect to recover most of what remains later in the year. The impact of | the tariffs not yet recovered on our operating income was around $7 million negative in the quarter. Including the dilutive | effect of tariffs recovered, operating margin was negatively impacted by around 35 bps. For the full year 2025, we expect
Net Sales Development by region Operating and adjusted* operating income and margins
Adj. operating income and margin*: Operating income adjusted for | capacity alignments, antitrust related matters and for FY 2023 the

Periodens resultat

Income taxes (53) (44) 21% (118) (91) 30% | Net income $168 $139 21% $335 $266 26%
(Dollars in millions) 2025 2024 Change 2025 2024 Change | Net income $168 $139 21% $335 $266 26% | Depreciation and amortization 100 96 4.1% 195 192 1.7%
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.
related derivatives. Non-U.S. 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 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 adjuste d for pension liabilities in relation to EBITDA. Non -U.S.
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 adjuste d for pension liabilities in relation to EBITDA. Non -U.S. | GAAP measure. See reconciliation table.
Cash conversion* defined as free operating cash flow* in | relation to net income, was 97% in the quarter compared to | 140% a year earlier. The decline was a result of the lower
140% a year earlier. The decline was a result of the lower | free operating cash flow and higher net income.
increase in operating working capital was larger than the | increase in net income. | Capital expenditure, net decreased by $78 million

Resultat per aktie

Earnings per share - diluted2) $2.16 $1.71 27% $4.31 $3.23 34% | Adjusted earnings per share - diluted1,2) $2.21 $1.87 18% $4.36 $3.45 27%
4.9pp in the corresponding quarter last year. | Earnings per share, diluted increased by $0.46 compared | to the prior year. The main drivers were $0.39 from higher
impact in the same period last year. | Earnings per share, diluted increased by $1.09 compared | to the prior year. The main drivers were $0.92 from higher
Earnings per share - diluted $2.16 $1.71 $4.31 $3.23 $9.15 $8.04 | 1) Including Corporate sales.
Reconciliation of GAAP measure "Earnings per share - diluted" to Non-GAAP | measure "Adjusted Earnings per share - diluted"
Reconciliation of GAAP measure "Earnings per share - diluted" to Non-GAAP | measure "Adjusted Earnings per share - diluted" | Second quarter First 6 months
2025 2024 2025 2024 | Earnings per share - diluted (GAAP) $2.16 $1.71 $4.31 $3.23 | Non-GAAP adjustments:
Less: Tax on non-GAAP adjustments (0.01) (0.02) (0.01) (0.02) | Total non-GAAP adjustments to Earnings per share - diluted 0.04 0.17 0.05 0.22 | Adjusted Earnings per share - diluted (Non-GAAP) $2.21 $1.87 $4.36 $3.45

Kassaflöde

Cirka 10-10,5% justerad rörelsemarginal | Cirka $1,2 miljarder operativt kassaflöde
sysselsatt kapital var 23,8% och justerad avkastning på sysselsatt kapital* var 24,1%. | • Operativt kassaflöde var lägre än förra året, då Kv2 2024 påverkades av positiva, tidsrelaterade rörelsekapitaleffekter, medan | rörelsekapitalförändringarna för 2025 var av normal karaktär. Detta motverkades delvis av lägre nettoinvesteringar.
Justerad vinst/aktie efter utspädning1) 2,21 1,87 18% 4,36 3,45 27% | Operativt kassaflöde 277 340 -18% 355 462 -23% | Avkastning på sysselsatt kapital2) 23,8% 21,0% 2,7 24,8% 20,4% 4,3
Capex, net and D&A Operating cash flow
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
Cash conversion*: Free operating cash flow* in relation to net | income. Free operating cash flow defined as operating cash flow | less capital expenditure, net.
10 | Selected Cash Flow and Balance Sheet Items
Selected Cash Flow items Second quarter First 6 months | (Dollars in millions) 2025 2024 Change 2025 2024 Change

Likvida medel

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 income and income from equity method investments,
Effect of exchange rate changes on cash (22) 6 (71) 3 (58) 16 | Decrease in cash and cash equivalents (86) (161) (94) (90) (171) (168) | Cash and cash equivalents at period-start 322 570 330 498 408 498
Decrease in cash and cash equivalents (86) (161) (94) (90) (171) (168) | Cash and cash equivalents at period-start 322 570 330 498 408 498 | Cash and cash equivalents at period-end $237 $408 $237 $408 $237 $330
Cash and cash equivalents at period-start 322 570 330 498 408 498 | Cash and cash equivalents at period-end $237 $408 $237 $408 $237 $330
Working capital (U.S. GAAP) (305) (101) (150) (169) (83) | Less: Cash and cash equivalents (237) (322) (330) (415) (408) | Prepaid expenses (249) (184) (167) (172) (193)
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)
Leverage ratio 1.3 1.3 1.2 | 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

Nettoskuld

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 income 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
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 adjuste d for pension liabilities in relation to EBITDA. Non -U.S. | GAAP measure. See reconciliation table.
and increased sales and timing effects last year. | Net debt* was $1,752 million as of June 30, 2025, which | was $172 million higher than a year earlier, mainly due to
following that the 12 months trailing adjusted EBITDA* | increased by around $103 million while net debt* per the | policy increased by around $324 million.
Income taxes 9 (5) 19 (22) 47 6 | Net cash provided by operating activities 277 340 355 462 952 1,059
Proceeds from sale of property, plant and equipment 1 8 9 8 18 17 | Net cash used in investing activities (114) (146) (208) (286) (484) (563)
Dividend paid to non-controlling interests - (1) - (1) (4) (5) | Net cash used in financing activities (227) (362) (170) (269) (581) (680)
20 | Net Debt | Autoliv from time to time enters into “debt-related derivatives” (DRDs) as a part of its debt management and as part of

Eget kapital

Total parent shareholders’ equity 2,469 2,351 2,276 2,288 2,298 | Non-controlling interest 11 10 10 10 13
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

Antal aktier

Weighted average number of shares outstanding - diluted 77.3 81.1 77.5 82.1
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

Antal anställda

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 sales. 5) Excluding effects from capacity alignments,

Organisk tillväxt

Q2 2025 organic growth* Americas Europe China Asia excl. China Global | Autoliv 4.1% 3.3% 1.7% 3.8% 3.4%

Bruttomarginal

Gross margin 18.5% 18.2% 0.3pp 18.5% 17.6% 0.9pp | S,G&A, in relation to sales (5.4)% (5.3)% (0.1)pp (5.5)% (5.2)% (0.3)pp
Second quarter 2025 development | Gross profit increased by $27 million, and the gross margin | increased by 0.3pp compared to the prior year. The drivers
First six months 2025 development | Gross profit increased by $63 million, and the gross margin | increased by 0.9pp compared to the prior year. The drivers

Fulltext

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

Kvartalsrapport 
     april - juni 2025 
 
        Stockholm, Sverige, 18 juli, 2025  
        (NYSE: ALV och SSE: ALIV.sdb)

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

Kvartalsrapport april - juni 2025 
 
1 
Kv2 2025: Kv2-rekord för försäljning, rörelseresultat och 
marginal samt vinst per aktie 
 
Finansiell sammanfattning Kv2 
$2 714 miljoner försäljning 
4,2% försäljningsökning 
3,4% organisk försäljningsökning* 
9,1% rörelsemarginal 
9,3% justerad rörelsemarginal* 
$2,16 vinst/aktie efter utspädning*, 27% ökning 
$2,21 just. vinst/aktie efter utspädning, 18% ökning 
 Utsikter för helåret 2025 
Cirka 3% organisk försäljningsökning 
Cirka 0% valutaeffekt på försäljningen 
Cirka 10-10,5% 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 andra kvartalet 2025 
• Försäljningen ökade organiskt* med 3,4%, 0,7 procentenheter högre än den globala fordonsproduktionens ökning med 2,7% (S&P 
Global juli 2025). Fordonsproduktionens mixutveckling, regionalt och per OEM, beräknas ha haft cirka 2,5 procentenheters negativ 
effekt på försäljningen, medan kompensation för tariffer adderade cirka 1 procentenhet. Vi växte snabbare än fordonsproduktionen i 
Amerika, Europa och Asien exkl. Kina, främst pga produktlanseringar och tariff-kompensationer. I Kina minskade tillväxtgapet mot 
fordonsproduktionen jämfört med tidigare kvartal, pga bättre försäljning till kinesiska fordonstillverkare. Vi förväntar oss att vårt 
rekordstora antal nya lanseringar kommer att markant förbättra vår relativa försäljningsutveckling i Kina under andra halvåret 2025. 
• Lönsamheten förbättrades markant, främst pga organisk försäljningsökning och väl genomförda kostnadsminskningar. 
Personalstyrkan minskade med 5%. Vi beräknar att effekten av USAs tariffer var cirka 35bps negativt på rörelsemarginalen, då vi 
lyckades föra vidare merparten av tariffkostnaderna till våra kunder. Rörelseresultatet ökade med 20% till 247 MUSD och justerat 
rörelseresultat* ökade med 14% till 251 MUSD. Rörelsemarginalen var 9,1% och justerad rörelsemarginal* var 9,3%. Avkastning på 
sysselsatt kapital var 23,8% och justerad avkastning på sysselsatt kapital* var 24,1%. 
• Operativt kassaflöde var lägre än förra året, då Kv2 2024 påverkades av positiva, tidsrelaterade rörelsekapitaleffekter, medan 
rörelsekapitalförändringarna för 2025 var av normal karaktär. Detta motverkades delvis av lägre nettoinvesteringar. 
Skuldsättningsgraden* på 1,3x är lägre än vårt målsättningstak på1,5x. 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 Kv2 2025 Kv2 2024 Förändring 6M 2025 6M 2024 Förändring 
Försäljning $2 714 $2 605 4,2% $5 292 $5 220 1,4% 
Rörelseresultat 247 206 20% 502 400 25% 
Justerat rörelseresultat1) 251 221 14% 506 420 21% 
Rörelsemarginal 9,1% 7,9% 1,2 9,5% 7,7% 1,8 
Justerad rörelsemarginal1) 9,3% 8,5% 0,8 9,6% 8,0% 1,5 
Vinst/aktie efter utspädning 2,16 1,71 27% 4,31 3,23 34% 
Justerad vinst/aktie efter utspädning1) 2,21 1,87 18% 4,36 3,45 27% 
Operativt kassaflöde 277 340 -18% 355 462 -23% 
Avkastning på sysselsatt kapital2) 23,8% 21,0% 2,7 24,8% 20,4% 4,3 
Justerad avkastning på sysselsatt kapital1,2) 24,1% 22,5% 1,6 25,0% 21,4% 3,6 
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 gläder mig att i en turbulent omvärld 
rapportera kvartal 2 rekord för försäljning, 
rörelseresultat och marginal samt vinst per 
aktie. Detta drevs av en god försäljnings-
utveckling och framgångsrika aktiviteter för 
att minska kostnaderna och erhålla tariff-
kompensation. Vi växte snabbare än 
fordonsproduktionen i Amerika, Europa och  
om att vi även fortsättningsvis kan erhålla kompensation från 
kunderna för tariffer, även om utsikterna för industrins tariffsituation 
är osäker. Vi fick kompensation för cirka 80% av tariffkostnaderna i 
det andra kvartalet, och vi förväntar oss att majoriteten av 
återstoden kompenseras senare under året. Vi fortsätter att noga 
bevaka och utvärdera situationen, med fokus på att vara adaptiv 
och agil. 
På vår kapitalmarknadsdag i juni upprepade vi våra finansiella mål 
och kommunicerade ett nytt aktieåterköpsprogram på upp till 2,5 
miljarder USD fram till slutet på 2029. Vi meddelade även en 
höjning av utdelningen med 21% för det tredje kvartalet, till 0,85 
USD per aktie. Vår höjda ambition för aktieägaravkastning 
underbyggs av vår starka balansräkning och kassakonvertering. 
Utsikterna för 2025 för organisk försäljningsökning har höjts till cirka 
3% pga tariff-kompensationer, och vi upprepar utsikterna för 
justerad rörelsemarginal på cirka 10-10,5%. 
Asien exkl. Kina och även globalt, trots stark motvind från 
fordonsmixen, särskilt i Kina. Baserat på vår positiva trend i andra 
kvartalet och rekordmånga nya lanseringar förväntar vi oss en 
tydlig förbättring av vår försäljning jämfört med fordons-
produktionen i Kina det andra halvåret. 
Vi fortsätter hålla fokus på operationell effektivitet, kommersiell 
excellens och våra program för att minska kostnaderna. Den 
direkta personalstyrkan minskade med 6% medan försäljningen 
växte med 3% organiskt, vilket tillsammans med fortsatta aktie-
återköp bidrog till 27% högre vinst/aktie. Vi är fortsatt övertygade

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

Kvartalsrapport april - juni 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 Jul y 10, 
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 3% 
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 0% 
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, July 18, 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 april - juni 2025 
 
3 
Business and market condition update 
Supply Chain 
In the second quarter of 2025, global LVP increased by 2.7% year-over-year (according to S&P Global July 2025). Call-
off volatility improved slightly compared to a year earlier and was comparable to the first quarter of 2025, 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 some negative impact on our production efficiency and profitability. 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 continued uncertainty regarding future changes in tariffs and trade restrictions may lead to 
a more negative call-off volatility environment. 
Inflation 
In the second quarter, cost pressure from labor and other items impacted our profitability negatively, although to a lesser 
degree than in the second 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 quarter. We expect raw material costs in 2025 to be slightly higher than in 2024. 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 continued uncertainty regarding 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. 
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 
second quarter, as we achieved customer compensations for almost all tariff costs. It is our ambition and expectation that 
we will continue to pass on tariff costs to our customers, although there is significant uncertainty. We recovered around 
80% of the tariffs in the second quarter, and we expect to recover most of what remains later in the year. The impact of 
the tariffs not yet recovered on our operating income was around $7 million negative in the quarter. Including the dilutive 
effect of tariffs recovered, operating margin was negatively impacted by around 35 bps. For the full year 2025, we expect 
the tariff dilution on our operating margin to be around 20 bps. Geopolitical uncertainties will continue to create a 
challenging operating environment. We also believe there will be new or increased or changed tariffs or other related 
trade restrictions imposed in 2025 that may impact our operations and which contributes to the uncertainty of industry 
expectations. 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, March and July 2 025. All rights reserved.

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

Kvartalsrapport april - juni 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 april - juni 2025 
 
5 
Consolidated sales development 
Second quarter 2025 
Consolidated sales  Second quarter Reported change Currency Organic 
(Dollars in millions)  2025 2024 (U.S. GAAP) effects1) change* 
Airbags, Steering Wheels and Other2)  $1,812 $1,747 3.8% 0.7% 3.1% 
Seatbelt Products and Other2)  902 858 5.1% 1.1% 4.0% 
Total  $2,714 $2,605 4.2% 0.8% 3.4% 
       
Americas  $891 $893 (0.2)% (4.3)% 4.1% 
Europe  828 761 8.7% 5.4% 3.3% 
China  477 468 1.9% 0.2% 1.7% 
Asia excl. China  519 483 7.4% 3.6% 3.8% 
Total  $2,714 $2,605 4.2% 0.8% 3.4% 
1) Effects from currency translations. 2) Including Corporate sales.  
 
Sales by product – Airbags, Steering Wheels and 
Other 
Sales grew organically* by 3.1% in the quarter. The largest 
contributor to the increase was inflatable curtains, side 
airbags and steering wheels, followed by center airbags. 
This was partly offset by a decline for knee airbags, while 
sales of driver airbags and passenger airbags were close to 
unchanged. 
 Sales by product - Seatbelt Products and Other 
 
Sales for Seatbelt Products and Other grew organically* by 
4.0% in the quarter. Sales increased organically in all 
regions, led by strong growth in Americas followed by Asia 
excluding China, Europe and China. 
 
 
 
Sales by region 
Our global organic sales* increased by 3.4% compared to 
the global LVP increase of 2.7% (according to S&P Global, 
July 2025). The 0.7pp .outperformance was mainly driven by 
product launches and tariff compensations. We estimate that 
the regional and model LVP mix contributed to about 2.5pp 
underperformance. This was particularly accentuated in 
China. Our organic sales growth* outperformed LVP growth 
by 5.0pp in Americas, by 4.9pp in Europe and by 1.4pp in 
Asia excluding China, while we underperformed by 7.0pp in 
China. 
  
 
LVP growth in China was driven by domestic OEMs with 
typically lower safety content. LVP for global OEMs declined 
by 4% while it increased by 16% for domestic OEMs. 
Autoliv's sales growth with domestic OEMs also grew by 
16%. Our sales performance relative to LVP in China in Q2 
is a significant improvement over recent quarters, and in 
June, we outperformed LVP in China.  
We expect that our strong order intake with domestic OEMs 
and a record high number of new launches will improve our 
relative sales performance in China in 2025 in the second 
half of 2025. 
 
Q2 2025 organic growth* Americas Europe China Asia excl. China Global 
Autoliv 4.1% 3.3% 1.7% 3.8% 3.4% 
Main growth drivers Toyota, Nissan, 
Honda 
Stellantis, BMW, 
Renault GM, Changan, Chery Suzuki, Toyota, Hyundai Toyota, Ford, Stellantis 
Main decline drivers EV OEM, Hyundai, 
GM Toyota, Volvo, Nissan Nissan, Mercedes, EV 
OEM Mazda, Mitsubishi, GM EV OEM, Hyundai, 
Volvo 
 
Light vehicle production development 
Change compared to the same period last year according to S&P Global 
Q2 2025 Americas Europe China Asia excl. China Global 
LVP (Jul  2025) (0.9)% (1.6)% 8.8 % 2.5% 2.7% 
LVP (Mar 2025) (3.0)% (3.4)% 7.0% (0.5)% 0.6%

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

Kvartalsrapport april - juni 2025 
 
6 
Consolidated sales development 
First six months 2025 
Consolidated sales  First 6 months  
Reported 
change  Currency  Organic  
(Dollars in millions)   2025   2024  (U.S. GAAP)  effects1)  change*  
Airbags, Steering Wheels and Other2)  $ 3,565  $ 3,528   1.0 %  (1.3 )%  2.4 % 
Seatbelt Products and Other2)   1,727   1,692   2.1 %  (1.5 )%  3.6 % 
Total  $ 5,292  $ 5,220   1.4 %  (1.4 )%  2.8 % 
            
Americas  $ 1,742  $ 1,786   (2.5 )%  (5.2 )%  2.7 % 
Europe   1,592   1,531   4.0 %  1.4 %  2.6 % 
China   924   928   (0.5 )%  (0.5 )%  0.1 % 
Asia excl. China   1,034   975   6.1 %  0.3 %  5.8 % 
Total  $ 5,292  $ 5,220   1.4 %  (1.4 )%  2.8 % 
1) Effects from currency translations. 2) Including Corporate sales.  
 
Sales by product – Airbags, Steering Wheels and 
Other 
Sales grew organically* by 2.4% in the quarter. The largest 
contributor to the increase was side airbags and inflatable 
curtains, followed by steering wheels and center airbags. 
This was partly offset by declines for knee airbags and 
modest declines for driver airbags and passenger airbags. 
 Sales by product - Seatbelt Products and Other 
 
Sales for Seatbelt Products and Other grew organically* by 
3.6% in the quarter. Sales growth was mainly driven by 
Americas and Asia excluding China while Europe and China 
was close to unchanged. 
 
 
 
Sales by region 
Our global organic sales* increased by 2.8% compared to 
the global LVP increase of 3.1% (according to S&P Global, 
July 2025). The relative performance was positively 
impacted by product launches and pricing. This was more 
than offset by negative effects from the regional and model 
LVP mix development, which we estimate contributed to 
about 3pp underperformance. This was particularly 
accentuated in China. Our organic sales growth 
outperformed LVP growth by 5.7pp in Europe, by 4.7pp in 
Americas and by 2.6pp in Asia excluding China, while we 
underperformed by 11pp in China.  
  
 
LVP growth in China in the first six months was driven by 
domestic OEMs with typically lower safety content. LVP for 
global OEMs declined by 4% while it increased by 21% for 
domestic OEMs. Autoliv's sales to domestic OEMs increased 
by 17% in the first half of 2025. We expect that our strong 
order intake with domestic OEMs and a record number of 
new launches will significantly improve Autoliv's sales 
performance in China in the second half of 2025. 
 
6M 2025 organic 
growth* Americas Europe China Asia excl. China Global 
Autoliv 2.7% 2.6% 0.1% 5.8% 2.8% 
Main growth drivers Toyota, Honda, Ford Renault, BMW, Ford Changan, Chery, Nio Toyota, Suzuki, Subaru Toyota, Ford, Suzuki 
Main decline drivers EV OEM, Hyundai, 
BMW Volvo, EV OEM, Toyota EV OEM, Nissan, Volvo Mitsubishi, Honda, Mazda EV OEM, Volvo, 
Hyundai 
 
Light vehicle production development 
First 6 months 2025 Americas Europe China Asia excl. China Global 
LVP (Jul 2025) (2.0)% (3.1)% 11.4 % 3.2% 3.1% 
LVP (Jan 2025) (2.3)% (6.6)% 6.2% 0.7% 0.0%

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

Kvartalsrapport april - juni 2025 
 
7 
Key launches in the second quarter of 2025 
 
  Deepal S09                        
 
  Honda Ye P7                           
 
  Nio Firefly                                       
 
 
 
 
 
 
 
            
 
              
 
        
 
      
  Nissan Roox                       
 
 Changan Avatr 06                    
 
  Chery Fengyun A9              
 
 
  
 
 
  
 
 
                             
 
          
 
           
 
      
  Nissan Leaf                            
 
  Renault 4                                
 
  Suzuki eVitara                            
 
 
 
 
 
 
 
 
 
 
                                
      
  Daihatsu Move     Lynk & Co 900                           Mitsubishi XFORCE  
 
  
 
    
                          
      
In addition, we have 2 key EV launches with Chinese OEMs we cannot publish due to confidentiality.  
 
 
  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 9 =====

Kvartalsrapport april - juni 2025 
 
8 
Financial development  
Condensed Income Statement Second quarter  First 6 months 
(Dollars in millions, except per share data) 2025 2024 Change  2025 2024 Change 
Net sales $2,714 $2,605 4.2%  $5,292 $5,220 1.4% 
Cost of sales (2,213) (2,130) 3.9%  (4,312) (4,303) 0.2% 
Gross profit 501 475 5.7%  980 917 6.8% 
S,G&A (145) (138) 5.3%  (290) (270) 7.4% 
R,D&E, net (107) (116) (7.8)%  (202) (229) (12)% 
Other income (expense), net (1) (14) (90)%  14 (18) n/a 
Operating income 247 206 20%  502 400 25% 
Adjusted operating income1) 251 221 14%  506 420 21% 
Financial and non-operating items, net (27) (23) 15%  (48) (43) 12% 
Income before taxes 221 183 21%  453 356 27% 
Income taxes (53) (44) 21%  (118) (91) 30% 
Net income $168 $139 21%  $335 $266 26% 
        
Earnings per share - diluted2) $2.16 $1.71 27%  $4.31 $3.23 34% 
Adjusted earnings per share - diluted1,2) $2.21 $1.87 18%  $4.36 $3.45 27% 
        
Gross margin 18.5% 18.2% 0.3pp  18.5% 17.6% 0.9pp 
S,G&A, in relation to sales (5.4)% (5.3)% (0.1)pp  (5.5)% (5.2)% (0.3)pp 
R,D&E, net in relation to sales (3.9)% (4.5)% 0.5pp  (3.8)% (4.4)% 0.6pp 
Operating margin 9.1% 7.9% 1.2pp  9.5% 7.7% 1.8pp 
Adjusted operating margin1) 9.3% 8.5% 0.8pp  9.6% 8.0% 1.5pp 
Tax Rate 24.1% 24.1% (0.0)pp  26.1% 25.5% 0.6pp 
        
Other data        
No. of shares at period-end in millions2) 76.8 80.1 (4.1)%  76.8 80.1 (4.1)% 
Weighted average no. of shares in millions, 
basic2) 77.1 80.9 (4.7)%  77.3 81.6 (5.3)% 
Weighted average no. of shares in millions, 
diluted2) 
77.3 81.1 (4.8)%  77.5 82.1 (5.6)% 
1) Non-U.S. GAAP measure, excluding effects from capacity alignments and antitrust related matters. See reconciliation table. 2) Net of treasury shares.  
 
Second quarter 2025 development 
Gross profit increased by $27 million, and the gross margin 
increased by 0.3pp compared to the prior year. The drivers 
behind the gross profit improvement were mainly improved 
operational efficiency with lower costs for labor, premium 
freight, waste and scrap and logistics. We also had positive 
effects from the organic sales growth partly offset by negative 
effects from un-recovered tariff costs. 
S,G&A costs increased by $7 million compared to the prior 
year, mainly due to higher costs for personnel and increased 
credit loss reserves following generally increased default risk 
rate for the automotive industry. S,G&A costs in relation to 
sales increased from 5.3% to 5.4%. 
R,D&E, net costs decreased by $9 million compared to the 
prior year, mainly due to higher engineering income and 
positive FX translation effects. R,D&E, net, in relation to sales 
decreased from 4.5% to 3.9%. 
Other income (expense), net was negative $1 million, 
compared to negative $14 million in the same period last year. 
The difference compared to last year is almost entirely due to 
lower restructuring costs. 
 
  
Operating income increased by $41 million compared to 
the prior year, due to the higher gross profit, lower costs for 
R,D&E, net, and the improvement in Other income 
(expense), partly offset by higher costs for S,G&A, as 
outlined above. 
Adjusted operating income* increased by $30 million 
compared to the prior year, due to the higher gross profit, 
lower costs for R,D&E, net, and the improvement in Other 
income (expense), partly offset by higher costs for S,G&A, 
as outlined above. 
Financial and non-operating items, net, was negative $27 
million compared to negative $23 million a year earlier. The 
increase comes mainly from other non-operating items, net, 
which was negative $3 million for Q2 2025 compared to 
positive $1 million in Q2 2024. 
Income before taxes increased by $38 million compared to 
the prior year, mainly due to the higher operating income.  
Tax rate was unchanged at 24.1%. Discrete tax items, net, 
had a favorable impact of 4.3pp in the second quarter of 
2025, while discrete tax items, net had a favorable impact of 
4.9pp in the corresponding quarter last year. 
Earnings per share, diluted increased by $0.46 compared 
to the prior year. The main drivers were $0.39 from higher 
operating income and $0.10 from lower number of 
outstanding shares, diluted, partly offset by $0.03 from 
financial items and $0.01 from taxes.

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

Kvartalsrapport april - juni 2025 
 
9 
First six months 2025 development 
Gross profit increased by $63 million, and the gross margin 
increased by 0.9pp compared to the prior year. The drivers 
behind the gross profit improvement were mainly improved 
operational efficiency with lower costs for labor, premium 
freight, logistics and waste and scrap. We also had positive 
effects from the organic sales growth partly offset by negative 
effects from material costs and un-recovered tariffs. 
S,G&A costs increased by $20 million compared to the prior 
year, mainly due to increased credit loss reserves following 
generally higher default risk rate for the automotive industry 
and higher IT costs, as well as minor cost increases for other 
items, including personnel costs, partly offset by positive FX 
translation effects. S,G&A costs in relation to sales increased 
from 5.2% to 5.5%. 
R,D&E, net costs decreased by $27 million compared to the 
prior year, with $10 million of the improvement coming from 
higher engineering income. The decrease was also driven by 
$7 million from positive FX translation effects and $4 million in 
lower personnel costs and $4 million in lower costs for 
professional services. R,D&E, net, in relation to sales 
decreased from 4.4% to 3.8%. 
Other income (expense), net was positive $14 million, 
compared to negative $18 million in the same period last year. 
The improvement compared to last year is due to lower 
restructuring costs and the recycled accumulated currency 
translation differences related to the divestment of our idled 
operations in Russia in Q1 2025. 
  
Operating income increased by $102 million compared to 
the prior year, due to the higher gross profit, lower costs for 
R,D&E, net, and the improvement in Other income 
(expense), partly offset by higher costs for S,G&A, as 
outlined above. 
Adjusted operating income* increased by $86 million 
compared to the prior year, due to the higher gross profit, 
lower costs for R,D&E, net, and the improvement in Other 
income (expense), partly offset by higher costs for S,G&A, 
as outlined above. 
Financial and non-operating items, net, was negative $48 
million compared to negative $43 million a year earlier. The 
increase was mainly due to higher interest income in 2024 
due to higher cash holdings, and lower other non-operating 
items, net, in 2025.  
Income before taxes increased by $97 million compared to 
the prior year, mainly due to the higher operating income.  
Tax rate was 26.1% compared to 25.5% in the prior year. 
Discrete tax items, net, had a favorable impact of 2.1pp in 
the first six months of 2025 compared to 3.7pp favorable 
impact in the same period last year. 
Earnings per share, diluted increased by $1.09 compared 
to the prior year. The main drivers were $0.92 from higher 
operating income and $0.24 from lower number of 
outstanding shares, diluted, partly offset by $0.04 from 
financial items and $0.03 from taxes.

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

Kvartalsrapport april - juni 2025 
 
10 
Selected Cash Flow and Balance Sheet Items 
 
Selected Cash Flow items Second quarter First 6 months 
(Dollars in millions) 2025 2024 Change 2025 2024 Change 
Net income $168 $139 21% $335 $266 26% 
Depreciation and amortization 100 96 4.1% 195 192 1.7% 
Other non-cash adjustments, net (5) (23) (76)% (12) (9) 26% 
Changes in operating working capital 15 128 (88)% (164) 14 n/a 
Operating cash flow 277 340 (18)% 355 462 (23)% 
Capital expenditure, net1) (114) (146) (22)% (208) (286) (27)% 
Free operating cash flow2) $163 $194 (16)% $147 $176 (16)% 
Cash conversion3) 97% 140% (43)pp 44% 66% (22)pp 
Shareholder returns       
- Dividends paid (54) (55) (2.0)% (108) (111) (2.1)% 
- Share repurchases (51) (160) (68)% (101) (320) (68)% 
Cash dividend paid per share $(0.70) $(0.68) 3.7% $(1.40) $(1.36) 2.6% 
Capital expenditures, net in relation to sales 4.2% 5.6% (1.4)pp 3.9% 5.5% (1.6)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-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 Second quarter 
(Dollars in millions) 2025 2024 Change 
Trade working capital1) $1,354 $1,169 16% 
Trade working capital in relation to sales2) 12.5% 11.2% 1.3pp 
- Receivables outstanding in relation to sales3) 21.6% 20.1% 1.5pp 
- Inventory outstanding in relation to sales4) 8.8% 9.0% (0.2)pp 
- Payables outstanding in relation to sales5) 17.9% 17.8% 0.1pp 
Cash & cash equivalents 237 408 (42)% 
Gross Debt6) 2,051 1,996 2.8% 
Net Debt7) 1,752 1,579 11% 
Capital employed8) 4,231 3,890 9% 
Return on capital employed9) 23.8% 21.0% 2.7pp 
Total equity 2,480 2,311 7.3% 
Return on total equity10) 27.7% 23.4% 4.3pp 
Leverage ratio11) 1.3 1.2 0.0 
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 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-U.S. 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 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 adjuste d for pension liabilities in relation to EBITDA. Non -U.S. 
GAAP measure. See reconciliation table. 
 
Second quarter 2025 development 
Changes in operating working capital impacted operating 
cash flow by $15 million positive compared to an impact of 
$128 million positive in the prior year. The relatively large 
positive effects from working capital in Q2 last year was 
related to timing effects while the impact from working capital 
in Q2 2025 can be considered to be more within normal 
variations and impacted by higher sales towards the end of 
the quarter. The working capital decrease in the quarter of 
$15 million was mainly a result of $113 million in positive 
effects from accounts payables and accrued expenses, $9 
million from deferred income taxes and $4 million from lower 
inventories. This was partly offset by $110 million in 
increased receivables partly due to tariff recoveries not yet 
paid.  
Operating cash flow decreased by $63 million to $277 
million compared to the prior year, mainly because of less 
favorable effects from changes in operating working capital, 
as outlined above.  
  
Capital expenditure, net decreased by $32 million 
compared to the prior year. The level of capital expenditure, 
net, in relation to sales declined to 4.2% versus 5.6% 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 positive $163 million 
compared to positive $194 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 97% in the quarter compared to 
140% a year earlier. The decline was a result of the lower 
free operating cash flow and higher net income.

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

Kvartalsrapport april - juni 2025 
 
11 
 
Trade working capital* increased by $185 million compared 
to the prior year, where the main drivers were $251 million in 
higher accounts receivables, $87 million in higher accounts 
payable and $21 million in higher inventories. In relation to 
sales, trade working capital increased from 11.2% to 12.5%. 
The increase in trade working capital is mainly due to tariffs 
and increased sales and timing effects last year. 
Net debt* was $1,752 million as of June 30, 2025, which 
was $172 million higher than a year earlier, mainly due to 
that in the last twelve months, dividends paid and share 
repurchases were higher than free operating cash flow as 
well as due to FX effects.  
 Total equity as of June 30, 2025, increased by $169 million 
compared to June 30, 2024. This was mainly due to net 
income of $717 million and $69 million in positive currency 
translation effects, partly offset by $337 million in share 
repurchases, including taxes and $282 million in dividend 
payments. 
Leverage ratio*: On June 30, 2025, the Company had a 
leverage ratio of 1.3x compared to 1.2x on June 30, 2024, 
following that the 12 months trailing adjusted EBITDA* 
increased by around $103 million while net debt* per the 
policy increased by around $324 million. 
 
First six months 2025 development 
Operating cash flow decreased by $107 million to $355 
million compared to the prior year, mainly because the 
increase in operating working capital was larger than the 
increase in net income.  
Capital expenditure, net decreased by $78 million 
compared to the prior year. The level of capital expenditure, 
net, in relation to sales declined to 3.9% versus 5.5% 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 positive $147 million 
compared to positive $176 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 44% for the period, compared to 
66% in the prior year. The decline was a result of the lower 
free operating cash flow and higher net income. 
 
 
Headcount 
 
 Jun 30 Mar 31 Jun 30 
 2025 2025 2024 
Headcount 65,100 65,900 68,700 
Whereof:  Direct headcount in manufacturing 48,000 48,800 51,100 
                 Indirect headcount 17,100 17,100 17,500 
Temporary personnel 9% 10% 9% 
 
As of June 30, 2025, total headcount (Full Time Equivalent) 
decreased by around 3,600, or 5.2%, compared to a year 
earlier, despite that organic sales* increased by 3.4%. The 
indirect workforce decreased by around 400, or 2.3%, mainly 
reflecting our structural reduction initiatives. The direct 
workforce decreased by approximately 3,200, or 6.2%. The 
decrease was supported by an improvement in customer 
call-off accuracy which enabled us to accelerate operating 
efficiency improvements. 
 Compared to March 31, 2025, total headcount (Full Time 
Equivalent) decreased by around 800, or 1.3%. Indirect 
headcount was unchanged while direct headcount 
decreased by approximately 900, or 1.8%.

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

Kvartalsrapport april - juni 2025 
 
12 
Other Items 
 
• On April 16, 2025, Autoliv announced it was named a 
2025 Automotive News PACE Pilot Innovation to Watch. 
The recognition acknowledges post-pilot, pre-
commercial innovations in the automotive and future 
mobility space. Autoliv was recognized for The 
Bernoulli™ Airbag Module. The Bernoulli Airbag Module 
addresses the challenge of inflating large airbags quickly 
and safely, and reducing heat generation and 
development costs by over 30%. 
• On April 24, 2025, Autoliv announced it is entering a 
partnership with the ABB FIA Formula E World 
Championship, as the new Official Mobility Safety 
Partner. The partnership provides Autoliv with a platform 
to showcase its expertise and improve awareness of 
automotive safety in an electric racing setting. 
• On April 25, 2025, Autoliv announced that it presented 
Omni Safety™, at the Shanghai International 
Automobile Industry Exhibition 2025. Omni Safety™ is a 
safety system designed to address critical risks to 
occupants in reclined seating positions in the event of a 
collision. This system integrates advanced seatbelt and 
airbag systems and related functionalities to redefine 
occupant safety. 
• On June 4, 2025, Autoliv hosted its Capital Markets Day, 
where it reiterated its 2025 guidance and financial 
targets, and announced a sustainable increase in 
shareholder returns, including launching a new share 
repurchase program and a 21% dividend increase for 
the third quarter to $0.85 per share. 
• On May 28, 2025, the Company repaid a SEK 3,000 
million loan to Swedish Export Credit Corporation. On 
the same day, the Company took out a new 1-year SEK 
2,000 million loan with Swedish Export Credit 
Corporation.  
 • On June 30, 2025, Autoliv announced that Fredrik 
Westin decided to resign as the Chief Financial Officer 
and Executive Vice President, Finance of the Company 
for personal reasons and to pursue a position in 
continental Europe. He remains in his current position 
until December 31, 2025, unless otherwise agreed by 
the parties. Mikael Bratt, President and CEO of the 
Company, said, "We sincerely thank Fredrik for his 
valuable contributions to Autoliv and the executive 
management team over the past five years. We wish 
him and his family all the best as they relocate." The 
recruitment process for the successor Chief Financial 
Officer has been launched. 
• In Q2 2025, Autoliv repurchased and retired 0.5 million 
shares of common stock at an average price of $99.81 
per share under the Autoliv 2022-2025 stock purchase 
program. These were the last purchases under this 
program. It is replaced by the 2029 stock repurchase 
program. Under this new program, repurchases may be 
made from July 1, 2025 through December 31, 2029. 
The maximum value of aggregate repurchases under 
this program is $2.5 billion. Repurchases of stock may 
be made directly on the NYSE or indirectly through the 
repurchase of SDRs traded on the Stockholm Nasdaq.

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

Kvartalsrapport april - juni 2025 
 
13 
Next Report 
Autoliv intends to publish the quarterly earnings report 
for the third quarter of 2025 on Friday, October 17, 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 18 juli 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, 
March and July 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 15 =====

Kvartalsrapport april - juni 2025 
 
14 
“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 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 16 =====

Kvartalsrapport april - juni 2025 
 
15 
Consolidated Statements of Income 
 Second quarter First 6 months Latest 12 Full Year 
(Dollars in millions, except per share data, 
unaudited) 2025 2024 2025 2024 months 2024 
Airbags, Steering Wheels and Other1) $1,812 $1,747 $3,565 $3,528 $7,060 $7,023 
Seatbelt products and Other1) 902 858 1,727 1,692 3,402 3,367 
Total net sales 2,714 2,605 5,292 5,220 10,463 10,390 
       
Cost of sales (2,213) (2,130) (4,312) (4,303) (8,473) (8,463) 
Gross profit 501 475 980 917 1,990 1,927 
       
Selling, general & administrative expenses (145) (138) (290) (270) (550) (530) 
Research, development & engineering expenses, net (107) (116) (202) (229) (371) (398) 
Other income (expense), net (1) (14) 14 (18) 13 (19) 
Operating income 247 206 502 400 1,081 979 
       
Income from equity method investments 1 2 3 3 6 7 
Interest income 2 3 4 7 10 13 
Interest expense (27) (28) (52) (54) (106) (107) 
Other non-operating items, net (3) 1 (3) (0) (19) (16) 
Income before income taxes 221 183 453 356 972 875 
       
Income taxes (53) (44) (118) (91) (255) (227) 
Net income 168 139 335 266 717 648 
       
Less: Net income attributable to non-controlling interest 0 0 1 1 1 1 
Net income attributable to controlling interest $167 $138 $334 $265 $716 $646 
       
Earnings per share - diluted $2.16 $1.71 $4.31 $3.23 $9.15 $8.04 
1) Including Corporate sales.

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

Kvartalsrapport april - juni 2025 
 
16 
Consolidated Balance Sheets 
  Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 
(Dollars in millions, unaudited)  2025 2025 2024 2024 2024 
Assets       
Cash & cash equivalents  $237 $322 $330 $415 $408 
Receivables, net  2,341 2,205 1,993 2,192 2,090 
Inventories, net  957 913 921 997 936 
Prepaid expenses  249 184 167 172 193 
Other current assets  146 75 72 90 76 
Total current assets  3,929 3,699 3,483 3,865 3,703 
       
Property, plant & equipment, net  2,399 2,286 2,239 2,317 2,197 
Operating leases right-of-use assets  171 168 158 173 167 
Goodwill and intangible assets, net  1,389 1,380 1,375 1,386 1,379 
Investments and other non-current assets  588 581 548 565 564 
Total assets  8,476 8,114 7,804 8,306 8,010 
       
Liabilities and equity       
Short-term debt  679 540 387 624 455 
Accounts payable  1,945 1,839 1,799 1,881 1,858 
Accrued expenses  1,138 1,053 1,056 1,189 1,120 
Operating lease liabilities - current  44 42 41 44 41 
Other current liabilities  430 327 351 297 312 
Total current liabilities  4,235 3,800 3,633 4,034 3,785 
       
Long-term debt  1,372 1,565 1,522 1,586 1,540 
Pension liability  167 163 153 147 140 
Operating lease liabilities - non-current  121 120 118 130 127 
Other non-current liabilities  102 103 92 110 106 
Total non-current liabilities  1,762 1,952 1,885 1,974 1,913 
       
Total parent shareholders’ equity  2,469 2,351 2,276 2,288 2,298 
Non-controlling interest  11 10 10 10 13 
Total equity  2,480 2,361 2,285 2,298 2,311 
       
Total liabilities and equity  $8,476 $8,114 $7,804 $8,306 $8,010

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

Kvartalsrapport april - juni 2025 
 
17 
Consolidated Statements of Cash Flow 
 Second quarter First 6 months Latest 12 Full Year 
(Dollars in millions, unaudited) 2025 2024 2025 2024 months 2024 
Net income $168 $139 $335 $266 $717 $648 
Depreciation and amortization 100 96 195 192 390 387 
Gain on divestiture of property - - (6) - (10) (4) 
Other non-cash adjustments, net (5) (23) (6) (9) (21) (24) 
Net change in operating working capital:       
   Receivables (0) 74 (166) 33 (153) 47 
   Other current assets (110) (27) (134) (7) (59) 67 
   Inventories 4 39 26 31 22 28 
   Accounts payable 42 39 67 (55) 40 (83) 
   Accrued expenses 71 7 25 34 (22) (12) 
   Income taxes 9 (5) 19 (22) 47 6 
Net cash provided by operating activities 277 340 355 462 952 1,059 
       
Expenditures for property, plant and equipment (115) (154) (217) (294) (502) (579) 
Proceeds from sale of property, plant and equipment 1 8 9 8 18 17 
Net cash used in investing activities (114) (146) (208) (286) (484) (563) 
       
Net increase (decrease) in short term debt 151 160 273 (67) 214 (126) 
Decrease in long-term debt (273) (306) (311) (306) (311) (306) 
Increase in long-term debt - - 77 534 69 526 
Dividends paid (54) (55) (108) (111) (216) (219) 
Share repurchases (51) (160) (101) (320) (333) (552) 
Common stock options exercised - 0 0 0 1 1 
Dividend paid to non-controlling interests - (1) - (1) (4) (5) 
Net cash used in financing activities (227) (362) (170) (269) (581) (680) 
       
Effect of exchange rate changes on cash (22) 6 (71) 3 (58) 16 
Decrease in cash and cash equivalents (86) (161) (94) (90) (171) (168) 
Cash and cash equivalents at period-start 322 570 330 498 408 498 
Cash and cash equivalents at period-end $237 $408 $237 $408 $237 $330

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

Kvartalsrapport april - juni 2025 
 
18 
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 pages 5 and 6 
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.  
 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 
(Dollars in millions) 2025 2025 2024 2024 2024 
Total current assets $3,929 $3,699 $3,483 $3,865 $3,703 
Total current liabilities (4,235) (3,800) (3,633) (4,034) (3,785) 
Working capital (U.S. GAAP) (305) (101) (150) (169) (83) 
Less: Cash and cash equivalents (237) (322) (330) (415) (408) 
          Prepaid expenses (249) (184) (167) (172) (193) 
          Other current assets (146) (75) (72) (90) (76) 
Less: Short-term debt 679 540 387 624 455 
          Accrued expenses 1,138 1,053 1,056 1,189 1,120 
          Operating lease liabilities - current 44 42 41 44 41 
          Other current liabilities 430 327 351 297 312 
Trade working capital (non-U.S. GAAP) $1,354 $1,279 $1,115 $1,307 $1,169 
      
 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 
(Dollars in millions) 2025 2025 2024 2024 2024 
Receivables, net $2,341 $2,205 $1,993 $2,192 $2,090 
Inventories, net 957 913 921 997 936 
Accounts payable (1,945) (1,839) (1,799) (1,881) (1,858) 
Trade working capital (non-U.S. GAAP) $1,354 $1,279 $1,115 $1,307 $1,169 
 
 Dec 31 Dec 31 Dec 31 Dec 31 
(Dollars in millions) 2023 2022 2021 2020 
Total current assets $3,974 $3,714 $3,675 $4,269 
Total current liabilities (4,035) (3,642) (2,821) (3,147) 
Working capital (U.S. GAAP) (61) 72 853 1,122 
Less: Cash and cash equivalents (498) (594) (969) (1,178) 
          Prepaid expenses (173) (160) (164) (164) 
          Other current assets (93) (84) (65) (307) 
Less: Short-term debt 538 711 346 302 
          Accrued expenses 1,135 915 996 1,270 
          Operating lease liabilities - current 39 39 38 37 
          Other current liabilities 345 283 297 284 
Trade working capital (non-U.S. GAAP) $1,232 $1,183 $1,332 $1,366 
     
 Dec 31 Dec 31 Dec 31 Dec 31 
(Dollars in millions) 2023 2022 2021 2020 
Receivables, net $2,198 $1,907 $1,699 $1,822 
Inventories, net 1,012 969 777 798 
Accounts payable (1,978) (1,693) (1,144) (1,254) 
Trade working capital (non-U.S. GAAP) $1,232 $1,183 $1,332 $1,366

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

Kvartalsrapport april - juni 2025 
 
19

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

Kvartalsrapport april - juni 2025 
 
20 
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.  
 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 
(Dollars in millions) 2025 2025 2024 2024 2024 
Short-term debt $679 $540 $387 $624 $455 
Long-term debt 1,372 1,565 1,522 1,586 1,540 
Total debt 2,051 2,105 1,909 2,210 1,996 
Cash & cash equivalents (237) (322) (330) (415) (408) 
Debt issuance cost/Debt-related derivatives, net (62) 4 (24) (9) (8) 
Net debt $1,752 $1,787 $1,554 $1,787 $1,579 
 
  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 liabili ties in relation to adjusted EBITDA*. 
The long-term target is to maintain a leverage ratio equal to or below 1.5x. 
 
 Jun 30 Mar 31 Jun 30 
(Dollars in millions) 2025 2025 2024 
Net debt1) $1,752 $1,787 $1,579 
Pension liabilities 167 163 140 
Net debt per the Policy $1,919 $1,950 $1,720 
    
Net income2) $717 $688 $627 
Income taxes2) 255 246 150 
Interest expense, net2, 3) 96 97 89 
Other non-operating items, net2) 19 16 8 
Income from equity method investments2) (6) (6) (6) 
Depreciation and amortization of intangibles2) 390 386 384 
Adjustments2), 4) 12 23 128 
EBITDA per the Policy (Adjusted EBITDA) $1,483 $1,449 $1,380 
    
Leverage ratio 1.3 1.3 1.2 
1) Short- and long-term debt less cash and cash equivalents and debt-related derivatives. 2) Latest 12 months. 3) Interest expense 
including cost for extinguishment of debt, if any, less interest income. 4) Capacity alignments and antitrust related matters. See Items 
Affecting Comparability below.

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

Kvartalsrapport april - juni 2025 
 
21 
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 t he reconciliation table below. 
 Second quarter  First 6 months Latest 12 Full Year 
(Dollars in millions) 2025 2024  2025 2024 months 2024 
Net income $168 $139  $335 $266 $717 $648 
Depreciation and amortization 100 96  195 192 390 387 
Gain on divestiture of property - -  (6) - (10) (4) 
Other, net (5) (23)  (6) (9) (21) (24) 
Changes in operating working capital, net 15 128  (164) 14 (124) 53 
Operating cash flow 277 340  $355 $462 952 1,059 
Expenditures for property, plant and equipment (115) (154)  (217) (294) (502) (579) 
Proceeds from sale of property, plant and equipment 1 8  9 8 18 17 
Capital expenditure, net1) (114) (146)  (208) (286) (484) (563) 
Free operating cash flow2) $163 $194  $147 $176 $468 $497 
Cash conversion3) 97% 140%  44% 66% 65% 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 23 =====

Kvartalsrapport april - juni 2025 
 
22 
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 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. 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" 
 Second quarter  First 6 months 
(Dollars in millions) 2025 2024  2025 2024 
Operating income (GAAP) $247 $206  $502 $400 
Non-GAAP adjustments:      
   Less: Capacity alignments 1 14  3 16 
   Less: Antitrust related items 3 1  1 4 
Total non-GAAP adjustments to operating income 4 15  5 20 
Adjusted Operating income (Non-GAAP) $251 $221  $506 $420 
 
(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 24 =====

Kvartalsrapport april - juni 2025 
 
23 
Reconciliation of GAAP measure "Operating margin" to Non-GAAP measure 
"Adjusted Operating margin" 
 Second quarter  First 6 months 
 2025 2024  2025 2024 
Operating margin (GAAP) 9.1% 7.9%  9.5% 7.7% 
Non-GAAP adjustments:      
   Less: Capacity alignments 0.0% 0.5%  0.1% 0.3% 
   Less: Antitrust related items 0.1% 0.0%  0.0% 0.1% 
Total non-GAAP adjustments to operating margin 0.1% 0.6%  0.1% 0.4% 
Adjusted Operating margin (Non-GAAP) 9.3% 8.5%  9.6% 8.0% 
 
 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" 
 Second quarter  First 6 months 
(Dollars in millions) 2025 2024  2025 2024 
Income before income taxes (GAAP) $221 $183  $453 $356 
Non-GAAP adjustments:      
   Less: Capacity alignments 1 14  3 16 
   Less: Antitrust related items 3 1  1 4 
Total non-GAAP adjustments to Income before income taxes 4 15  5 20 
Adjusted Income before income taxes (Non-GAAP) $225 $198  $458 $377 
 
Reconciliation of GAAP measure "Net income" to Non-GAAP measure "Adjusted 
Net income" 
 Second quarter  First 6 months 
(Dollars in millions) 2025 2024  2025 2024 
Net income (GAAP) $168 $139  $335 $266 
Non-GAAP adjustments:      
   Less: Capacity alignments 1 14  3 16 
   Less: Antitrust related items 3 1  1 4 
   Less: Tax on non-GAAP adjustments (1) (1)  (1) (2) 
Total non-GAAP adjustments to Net income 3 14  4 18 
Adjusted Net income (Non-GAAP) $171 $152  $339 $284

===== SIDA 25 =====

Kvartalsrapport april - juni 2025 
 
24 
Reconciliation of GAAP measure "Net income attributable to controlling interest" to 
Non-GAAP measure "Adjusted Net income attributable to controlling interest" 
 Second quarter  First 6 months 
(Dollars in millions) 2025 2024  2025 2024 
Net income attributable to controlling interest (GAAP) $167 $138  $334 $265 
Non-GAAP adjustments:      
   Less: Capacity alignments 1 14  3 16 
   Less: Antitrust related items 3 1  1 4 
   Less: Tax on non-GAAP adjustments (1) (1)  (1) (2) 
Total non-GAAP adjustments to Net income attributable to controlling 
interest 3 14  4 18 
Adjusted Net income attributable to controlling interest (Non-GAAP) $170 $152  $338 $283 
 
Reconciliation of GAAP measure "Earnings per share - diluted" to Non-GAAP 
measure "Adjusted Earnings per share - diluted" 
 Second quarter  First 6 months 
 2025 2024  2025 2024 
Earnings per share - diluted (GAAP) $2.16 $1.71  $4.31 $3.23 
Non-GAAP adjustments:      
   Less: Capacity alignments 0.02 0.17  0.04 0.20 
   Less: Antitrust related items 0.03 0.01  0.02 0.05 
   Less: Tax on non-GAAP adjustments (0.01) (0.02)  (0.01) (0.02) 
Total non-GAAP adjustments to Earnings per share - diluted 0.04 0.17  0.05 0.22 
Adjusted Earnings per share - diluted (Non-GAAP) $2.21 $1.87  $4.36 $3.45 
      
Weighted average number of shares outstanding - diluted 77.3 81.1  77.5 82.1 
 
Reconciliation of GAAP measure "Return on Capital Employed" to Non-GAAP 
measure "Adjusted Return on Capital Employed" 
 Second quarter  First 6 months 
 2025 2024  2025 2024 
Return on capital employed1) (GAAP) 23.8% 21.0%  24.8% 20.4% 
Non-GAAP adjustments:      
   Less: Capacity alignments 0.1% 1.3%  0.2% 0.8% 
   Less: Antitrust related items 0.2% 0.1%  0.1% 0.2% 
Total non-GAAP adjustments to Return on capital employed1) 0.4% 1.5%  0.2% 1.0% 
Adjusted Return on capital employed1) (Non-GAAP) 24.1% 22.5%  25.0% 21.4% 
      
Annualized adjustment2) on Return on capital employed1) $16 $60  $9 $40 
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 26 =====

Kvartalsrapport april - juni 2025 
 
25 
Reconciliation of GAAP measure "Return on Total Equity" to Non-GAAP measure 
"Adjusted Return on Total Equity" 
 Second quarter  First 6 months 
 2025 2024  2025 2024 
Return on total equity1) (GAAP) 27.7% 23.4%  28.2% 21.8% 
Non-GAAP adjustments:      
   Less: Capacity alignments 0.2% 2.2%  0.3% 1.3% 
   Less: Antitrust related items 0.4% 0.2%  0.1% 0.3% 
   Less: Tax on non-GAAP adjustments (0.1)% (0.2)%  (0.1)% (0.2)% 
Total non-GAAP adjustments to Return on total equity1) 0.5% 2.2%  0.3% 1.4% 
Adjusted Return on total equity1) (Non-GAAP) 28.2% 25.6%  28.5% 23.2% 
      
Annualized adjustment2) on Return on total equity1) $13 $54  $8 $36 
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) 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 27 =====

Kvartalsrapport april - juni 2025 
 
26 
 
(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 sales. 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.