Kvartalsrapport Q2 2026

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

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

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

Kvartalsrapport april - juni 2026 
 
1 
Kv2 2026: Fortsatt positivt momentum i andra kvartalet 
 
Finansiell sammanfattning Kv2 2026 
$2 803 miljoner försäljning, en ökning med 3,3%  
1,0% organisk försäljningsökning* 
6,8% rörelsemarginal, 9,6% just. rörelsemarginal* 
$1,35 vinst/aktie efter utspädning, 38% minskning 
 Utsikter för helåret 2026 
Cirka 0% organisk försäljningsökning 
Cirka 2,5% 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 andra kvartalet 2026 
• Försäljningen ökade organiskt* med 1,0%, vilket var 1,3%-enheter bättre än den globala fordonsproduktionens minskning om 0,3% 
(S&P Global juli 2026) främst till följd av en stark utveckling i Asien. Regions- och kundfordonsmixen beräknas ha påverkat 
försäljningen negativt med cirka 0,6%-enheter. Vi växte organiskt betydligt snabbare än fordonsproduktionen i Kina och i Asien exkl. 
Kina, något långsammare än fordonsproduktionen i EMEA men mer markant i Amerika. Vår starka utveckling i Asien exkl. Kina 
berodde främst på Indien, där vi växte 20%-enheter mer än fordonsproduktionen, främst pga fortsatt stark marknadstillväxt för 
säkerhetsinnehåll per fordon. Vår starka kinesiska utveckling drevs främst av att vår försäljningstillväxt med de kinesiska 
fordonstillverkarna var över 40%-enheter högre än deras fordonsproduktionsökning. 
• Underliggande lönsamhet var fortsatt stark. Rörelseresultatet minskade kraftigt pga den tidigare kommunicerade omstruktureringen 
i Turkiet. Justerat rörelseresultat* ökade med 7,3%, trots negativa effekter från valuta och råmaterialpriser, främst pga väl genomförda 
kostnadsbesparingar på direkt material. Rörelsemarginalen uppgick till 6,8% och justerad rörelsemarginal* var 9,6%. Avkastning på 
sysselsatt kapital uppgick till 17,9% och justerad avkastning på sysselsatt kapital var 24,9%. 
• Kassaflödet var det bästa vi uppnått hittills för ett andra kvartal där det operativa kassaflödet ökade från 277 MUSD till 434 
MUSD, främst pga en stark underliggande lönsamhet och en normalisering av rörelsekapitalet. Fritt operativt kassaflöde * mer än 
fördubblades till 340 MUSD. Skuldsättningsgraden* förbättrades till 1,2x. I kvartalet betalades en utdelning på 0,87 USD per aktie och 
1,65 miljoner aktier återköptes och makulerades. 
**För ej U.S. GAAP, se jämförelsetabell. 
 Nyckeltal 
MUSD, förutom aktiedata Kv2 2026 Kv2 2025 Förändring 6M 2026 6M 2025 Förändring 
Försäljning $2 803 $2 714 3,3% $5 556 $5 292 5,0% 
Rörelseresultat 192 247 -22% 429 502 -14% 
Justerat rörelseresultat1) 270 251 7,3% 515 506 1,7% 
Rörelsemarginal 6,8% 9,1% -2,3 7,7% 9,5% -1,8 
Justerad rörelsemarginal1) 9,6% 9,3% 0,4 9,3% 9,6% -0,3 
Vinst/aktie efter utspädning 1,35 2,16 -38% 3,24 4,31 -25% 
Justerad vinst/aktie efter utspädning1) 2,43 2,21 10% 4,49 4,36 2,9% 
Operativt kassaflöde 434 277 57% 359 355 1,1% 
Avkastning på sysselsatt kapital2) 17,9% 23,8% -5,8 20,3% 24,8% -4,5 
Justerad avkastning på sysselsatt kapital1,2) 24,9% 24,1% 0,8 24,1% 25,0% -0,9 
Utdelning -64 -54 19% -130 -108 20% 
Aktieåterköp -200 -51 293% -200 -101 97% 
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   
 
Vi behöll det första kvartalets positiva 
momentum tack vare en fokuserad exekvering. 
Vår globala organiska försäljningstillväxt 
överträffade fordonsproduktionens tillväxt med 
mer än 1%-enhet, framför allt pga att vi växte 
betydligt snabbare än fordonsproduktionen i 
Asien. Vår försäljning till kinesiska 
fordonstillverkare växte med över 40% och dom 
stod för 55% av vår försäljning i Kina, jämfört  
I linje med vår ambition att säkra långsiktig konkurrenskraft samt att 
anpassa produktionskapaciteten med marknadsefterfrågan, fortsätter vi 
att optimera vår produktionsstruktur. I kvartalet meddelade vi att vår 
tillverkning i Turkiet kommer att upphöra.  
Vi fortsatte att framgångsrikt hantera de geopolitiska utmaningarna i 
kvartalet, då vi lyckades begränsa effekterna av tariffer, utmanande 
försörjningskedjor och prisökningar på råmaterial.  
Affärsklimatet är fortsatt osäkert, men vår nuvarande bästa bedömning 
för återstoden av året är en upprepning av helårsprognosen för 2026, 
med en oförändrad organisk försäljning och en justerad rörelsemarginal 
på omkring 10,5-11% samt ett operativt kassaflöde på cirka 1,2 
miljarder USD. Detta bygger på antagandet att fordonsproduktionen 
kommer att minska med cirka 2,5%.  
Kundkompensationer och andra motåtgärder förväntas ha begränsad 
effekt i Kv3, men betydligt större effekt i Kv4. Därför förväntar vi oss att 
justerad rörelsemarginal i Kv3 blir på ungefär samma nivå som det 
första halvåret, med en kraftig förbättring i Kv4.  
Våra utsikter för helåret ger stöd för fortsatt starkt kassaflöde för året, 
vilket bidrar till vår ambition att leverera attraktiv aktieägaravkastning, 
inklusive aktieåterköp för 300-500 MUSD under 2026. 
med 40% för ett år sedan. Våra möjligheter med kinesiska 
fordonstillverkare stärktes ytterligare genom undertecknandet av nya 
strategiska samarbetsavtal med både Great Wall Motor och XPENG. 
Försäljningen i Indien fortsatte att växa med mer än 35%. 
Väl genomförda kostnadsbesparingar bidrog till fortsatt förbättring av 
underliggande lönsamhet, där justerad rörelsemarginal ökade till 
9.6%. 
Det gläder mig att kassaflödet förbättrades i linje med våra 
förväntningar, då vi uppnådde vårt bästa operativa kassaflöde för ett 
andra kvartal. Detat ger stöd till vår ambitiösa strategi för 
aktieägaravkastning. Skuldsättningsgraden förbättrades till 1,2x, trots 
återköp av 1,65 miljoner aktier för 200 MUSD i kvartalet.

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

Kvartalsrapport april - juni 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 July 9, 2026, as well as no significant 
changes in the macro-economic environment, changes in 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 2.5% negative 
FX impact on net sales Around 2.5% positive 
Tax rate3) Around 30% 
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, July 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 april - juni 2026 
 
3 
Business and market condition update 
Supply Chain 
Call-off accuracy improved somewhat compared to Q2 2025, but declined slightly vs. Q1 2026, mainly driven by light 
vehicle market developments in China. Call-off volatility remains higher than pre-pandemic levels. Low customer demand 
visibility and changes in 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 a negative impact on our profitability in the second quarter, with a gross impact of 
around $21 million. For the full year 2026, our current assessment is for around $110 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 new tariffs imposed in 2025 negatively impacted our profitability in the second quarter of 2026. We achieved 
customer compensation for more than 80% of the tariff costs, resulting in a net negative impact after compensation of 
around $7 million, which was in line with the net amount in Q2 2025. Including the dilution effect, the impact on operating 
margin was around 35bps negative. The recovery of tariffs related to the U.S. Supreme Court's ruling regarding the 
International Emergency Economic Powers Act had a net positive effect of around $3 million. W hile 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 will be similar to the around 20 
bps for full year 2025. 
 
Ongoing geopolitical developments, including the hostilities in and around the Persian Gulf, have added 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 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 remain agile 
and to adjust our commercial and operational responses to any such developments.  
Autoliv to discontinue manufacturing operations in Türkiye 
On May 8, 2026, Autoliv announced an update to its strategy to align production capacity with future EMEA market 
requirements. As part of this strategy, Autoliv will gradually discontinue its manufacturing operations in Türkiye, which 
include the production of steering wheels, airbags, and seatbelts, to continue optimizing its manufacturing footprint and 
ensure long-term competitiveness and operational sustainability. This discontinuation is expected to affect approximately 
2,200 employees. Production in Türkiye will be moved to Autoliv's other existing facilities in the EMEA region. The complete 
closure is anticipated in the first half of 2028. The Company expects to record restructuring charges of approximately $142 
million in total, of which $90 million was recognized in Q2 2026. Cash outflow is expected to be approximately $129 million, 
with a limited impact on the 2026 cash flow. The Company expects to achieve estimated annual pre -tax savings of $40 
million, beginning in 2027, reaching the full run-rate benefit in 2028. 
 
 
 
 
 
 
 
 
 
This report includes content supplied by S&P Global; Copyright © Light Vehicle Production Forecast, January, April and July 2 026. All rights reserved.

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

Kvartalsrapport april - juni 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 april - juni 2026 
 
5 
Consolidated sales development 
Second quarter 2026 
Consolidated sales  Second quarter Reported change Currency Organic 
(Dollars in millions)  2026 2025 (U.S. GAAP) effects1) change* 
Airbags, Steering Wheels and Other2)  $1,906 $1,812 5.2% 2.2% 3.0% 
Seatbelt Products and Other2)  897 902 (0.5)% 2.4% (3.0)% 
Total  $2,803 $2,714 3.3% 2.3% 1.0% 
       
Americas  $910 $891 2.1% 5.4% (3.3)% 
EMEA  832 828 0.4% 2.7% (2.2)% 
Asia excl. China  539 519 4.0% (7.3)% 11% 
China  522 477 9.6% 6.2% 3.4% 
Total  $2,803 $2,714 3.3% 2.3% 1.0% 
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 3.0% in the quarter. The largest contributors 
to the increase were side airbags and center airbags, 
followed by driver airbags, inflatable curtains and knee 
airbags, partly offset by declines for steering wheels and 
passenger airbags.  
 Sales by product – Seatbelt Products and Other 
 
Sales for Seatbelt Products and Other declined organically* 
by 3.0% in the quarter. Sales decreased organically in 
Americas, China and EMEA while it increased in Asia 
excluding China. 
 
 
 
Sales by region 
Our global organic sales* increased by 1.0% compared to 
the global LVP decrease of 0.3% (according to S&P Global, 
July 2026). The relative outperformance was positively 
impacted by product launches but negatively impacted by 
regional and model LVP mix development (around 60bps). 
Our organic sales growth* outperformed LVP growth by 
7.3pp in China and by 5.9pp in Asia excluding China. We 
underperformed LVP in EMEA by 1.0pp and by 4.9pp in 
Americas, impacted mainly by lower top line effect from 
tariffs, negative mix due to high LVP growth in lower content 
South America and a lower content on some replacement 
models. 
  
 
LVP in China declined by 4.0%, with Global OEMs LVP 
declining by 19% and Chinese OEMs LVP growing by 3.1%. 
Autoliv's sales to domestic OEMs increased organically by 
around 44% while our sales to global OEMs decreased by 
around 24%. Chinese OEMs accounted for 55% of our sales 
in China in the quarter, compared to 40% a year ago. 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 36% organic sales growth in India, reflecting LVP growth 
but mainly the trend of increased safety content in vehicles 
in India. 
 
Q2 2026 organic growth* Americas EMEA Asia excl. China China Global 
Autoliv (3.3)% (2.2)% 11.3% 3.4% 1.0% 
Main growth drivers Stellantis, Subaru, 
Honda 
Mercedes, Renault, 
JLR 
Suzuki, Mazda, Indian 
OEM Chery, Nio, Geely Chery, Suzuki, Nio 
Main decline drivers Ford, Hyundai, Nissan VW, BMW, Stellantis Subaru, Ford, Isuzu VW, Honda, Mercedes VW, Ford, Hyundai 
 
Light vehicle production development 
Change compared to the same period last year according to S&P Global 
Q2 2026 Americas EMEA Asia excl. China China Global 
LVP (Jul 2026) 1.6% (1.2)% 5.4 % (4.0)% (0.3)% 
LVP (Apr 2026) (2.5)% (3.7)% (0.1)% (0.6)% (1.9)%

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

Kvartalsrapport april - juni 2026 
 
6 
Consolidated sales development 
First six months 2026 
Consolidated sales  First six months  Reported change  Currency  Organic  
(Dollars in millions)   2026   2025  (U.S. GAAP)  effects1)  change*  
Airbags, Steering Wheels and Other2)  $ 3,769  $ 3,565   5.7 %  3.9 %  1.8 % 
Seatbelt Products and Other2)   1,787   1,727   3.5 %  4.5 %  (1.0 )% 
Total  $ 5,556  $ 5,292   5.0 %  4.1 %  0.9 % 
            
Americas  $ 1,773  $ 1,742   1.7 %  6.0 %  (4.2 )% 
EMEA   1,667   1,592   4.7 %  6.7 %  (2.0 )% 
Asia excl. China   1,102   1,034   6.6 %  (4.6 )%  11 % 
China   1,014   924   9.8 %  5.7 %  4.1 % 
Total  $ 5,556  $ 5,292   5.0 %  4.1 %  0.9 % 
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 1.8% in the period. The largest contributors 
to the increase were side airbags and center airbags, 
followed by driver airbags, partly offset by declines for 
passenger airbags and steering wheels. 
 Sales by product – Seatbelt Products and Other 
 
Sales for Seatbelt Products and Other declined organically* 
by 1.0% in the period. Sales decreased organically in 
Americas, China and EMEA while it increased in Asia 
excluding China. 
 
Sales by region 
Our global organic sales* increased by 0.9% compared to 
the global LVP decrease of 1.0% (according to S&P Global, 
July 2026). The relative outperformance was mainly driven 
by new product launches. Our organic sales growth 
outperformed LVP growth by 10pp in China and by 5.8pp in 
Asia excluding China. We underperformed LVP in EMEA by 
1.8pp and by 5.1pp in Americas, impacted mainly by lower 
top line effect from tariffs, negative mix due to high LVP 
growth in lower content South America and a lower content 
on some replacement models. 
  
LVP in China declined by 6.0%, with Global OEMs LVP 
declining by 12% and Chinese OEMs LVP decreased by 
3.1%. Autoliv's sales to domestic OEMs increased 
organically by around 37% while our sales to global OEMs 
decreased by around 17%. Chinese OEMs accounted for 
51% of our sales in China in the first half year, compared to 
39% a year ago. Our strong sales growth in Asia excluding 
China was mainly due to 37% organic sales growth in India, 
reflecting LVP growth but mainly the trend of increased 
safety content in vehicles in India. 
 
6M 2026 organic 
growth* Americas EMEA Asia excl. China China Global 
Autoliv (4.2)% (2.0)% 11.2% 4.1% 0.9% 
Main growth drivers Stellantis, Subaru, 
Honda 
Mercedes, Renault, 
Volvo 
Suzuki, Indian OEM, 
Mazda Chery, Nio, Geely Suzuki, Chery, Nio 
Main decline drivers Ford, Hyundai, GM VW, Hyundai, Ford Subaru, Ford, Isuzu VW, Honda, Mercedes VW, Ford, Toyota 
 
First six months 2026 Americas EMEA Asia excl. China China Global 
LVP (Jul 2026) 0.9% (0.3)% 5.5 % (6.0)% (1.0)% 
LVP (Jan 2026) (1.0)% (1.4)% 0.9% (2.3)% (1.2)%

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

Kvartalsrapport april - juni 2026 
 
7 
Financial development 
Condensed Income Statement Second quarter  First six months 
(Dollars in millions, except per share data) 2026 2025 Change  2026 2025 Change 
Net sales $2,803 $2,714 3.3%  $5,556 $5,292 5.0% 
Cost of sales (2,294) (2,213) 3.7%  (4,521) (4,312) 4.8% 
Gross profit 509 501 1.5%  1,035 980 5.7% 
S,G&A (138) (145) (4.9)%  (299) (290) 3.1% 
R,D&E, net (122) (107) 14%  (242) (202) 20% 
Other income (expense), net (56) (1) n/a  (65) 14 n/a 
Operating income 192 247 (22)%  429 502 (14)% 
Adjusted operating income1) 270 251 7.3%  515 506 1.7% 
Financial and non-operating items, net (38) (27) 44%  (73) (48) 52% 
Income before taxes 154 221 (30)%  356 453 (22)% 
Income taxes (53) (53) (0.2)%  (113) (118) (4.1)% 
Net income $101 $168 (40)%  $242 $335 (28)% 
        
Earnings per share - diluted2) $1.35 $2.16 (38)%  $3.24 $4.31 (25)% 
Adjusted earnings per share - diluted1,2) $2.43 $2.21 10%  $4.49 $4.36 2.9% 
        
Gross margin 18.2% 18.5% (0.3)pp  18.6% 18.5% 0.1pp 
S,G&A, in relation to sales (4.9)% (5.4)% 0.4pp  (5.4)% (5.5)% 0.1pp 
R,D&E, net in relation to sales (4.4)% (3.9)% (0.4)pp  (4.4)% (3.8)% (0.5)pp 
Operating margin 6.8% 9.1% (2.3)pp  7.7% 9.5% (1.8)pp 
Adjusted operating margin1) 9.6% 9.3% 0.4pp  9.3% 9.6% (0.3)pp 
Tax Rate 34.5% 24.1% 10.4pp  31.9% 26.1% 5.8pp 
        
Other data        
No. of shares at period-end in millions2) 73.2 76.8 (4.6)%  73.2 76.8 (4.6)% 
Weighted average no. of shares in millions, 
basic2) 74.1 77.1 (3.9)%  74.3 77.3 (3.8)% 
Weighted average no. of shares in millions, 
diluted2) 
74.2 77.3 (3.9)%  74.5 77.5 (3.8)% 
1) Non-GAAP measure, excluding effects from capacity alignments and antitrust related matters. See reconciliation table. 2) Net of treasury shares. 
 
Second quarter 2026 development 
Gross profit increased by $8 million and gross margin 
decreased by 0.3pp compared to the prior year. The drivers 
behind the gross profit improvement were mainly positive FX 
effects and lower costs for materials. This was partly offset by 
$13 million in costs for a supplier compensation reversal and 
$9 million in asset impairment related to the restructuring 
activities in Türkiye. 
S,G&A costs decreased by $7 million compared to the prior 
year, mainly due to $8 million from revised estimated credit 
loss reserve and $1 million in lower personnel costs, partly 
offset by $3 million in negative FX translation effects and 
higher legal costs. S,G&A costs in relation to sales decreased 
from 5.4% to 4.9%. 
R,D&E, net, costs increased by $15 million compared to the 
prior year, mainly due to $5 million in lower engineering 
income related to timing effects, $4 million in higher personnel 
costs due to wage inflation and $3 million in negative FX 
translation effects. R,D&E, net, in relation to sales increased 
from 3.9% to 4.4%. 
Other income (expense), net, was negative $56 million, 
compared to negative $1 million in the same period last year. 
The $56 million in Q2 2026 consists mainly of around $66 
million in capacity alignments related to our restructuring 
activities in Türkiye partly offset by around $10 million in 
government income in India. 
 
  
Operating income decreased by $55 million compared to 
the prior year, mainly due to higher capacity alignment costs 
related to restructuring activities in Türkiye and higher 
R,D&E, net, costs, partly offset by higher gross profit and 
lower S,G&A costs as outlined above. 
Adjusted operating income* increased by $18 million 
compared to the prior year, due to the higher gross profit and 
lower S,G&A costs as outlined above. 
Financial and non-operating items, net, was a negative 
$38 million compared to a negative $27 million a year earlier. 
The cost increase was driven by $12 million in higher costs 
for non-operating items mainly related to costs associated 
with restructuring activities in Türkiye. 
Income before taxes decreased by $67 million compared to 
the prior year, mainly due to the lower operating income and 
higher costs for financial and non-operating items, net, as 
outlined above.  
Tax rate was 34.5% compared to 24.1% the prior year. 
Discrete tax items, net, had an unfavorable impact of 5.4pp 
in Q2 2026, while discrete tax items, net, in Q2 2025 had a 
favorable impact of 4.3pp. Discrete tax items recorded in Q2 
2026 primarily related to negative tax impacts from costs 
recorded for the capacity alignment for Autoliv’s 
manufacturing operations in Türkiye.  
Earnings per share, diluted decreased by $0.81 compared 
to the prior year. The main drivers were $0.55 from lower 
operating income, $0.21 from higher taxes and $0.11 from 
financial and non-operating items, partly offset by $0.05 from 
lower number of outstanding shares, diluted.

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

Kvartalsrapport april - juni 2026 
 
8 
 
First six months 2026 development 
Gross profit increased by $56 million and gross margin 
increased by 0.1pp compared to the prior year. The drivers 
behind the gross profit improvement were mainly positive FX 
translation effects and lower costs for materials. This was 
partly offset by costs for a supplier compensation reversal and 
asset impairment related to the restructuring activities in 
Türkiye. 
S,G&A costs increased by $9 million compared to the prior 
year, mainly due to negative FX translation effects and higher 
personnel costs, partly offset by reversal of estimated credit 
loss reserve. S,G&A costs in relation to sales decreased from 
5.5% to 5.4%. 
R,D&E, net, costs increased by $40 million compared to the 
prior year, mainly due to lower engineering income, higher 
personnel costs and negative FX translation effects. R,D&E, 
net, in relation to sales increased from 3.8% to 4.4%. 
Other income (expense), net, was negative $65 million, 
compared to positive $14 million in the same period last year. 
The increase in costs were mainly due to higher capacity 
alignment costs related to restructuring activities in Türkiye. 
 
  
Operating income decreased by $73 million compared to 
the prior year, mainly due to higher capacity alignment costs 
related to restructuring activities in Türkiye, higher R,D&E, 
net, costs and higher S,G&A costs, partly offset by higher 
gross profit as outlined above. 
Adjusted operating income* increased by $8 million 
compared to the prior year, due to the higher gross profit, 
partly offset by the higher costs for R,D&E, net and S,G&A. 
Financial and non-operating items, net, was negative $73 
million compared to negative $48 million a year earlier. The 
cost increase comes from higher costs for non-operating 
items mainly related to costs associated with restructuring 
activities in Türkiye and Mexico. 
Income before taxes decreased by $98 million compared to 
the prior year, mainly due to the lower operating income and 
higher costs for financial and non-operating items, net, as 
outlined above.  
Tax rate was 31.9% compared to 26.1% the prior year. 
Discrete tax items, net, for the period had an unfavorable 
impact of 3.7pp. Discrete tax items, net, for the prior year 
period had a favorable impact of 2.1pp. Discrete tax items 
recorded in the first six months of 2026 primarily related to 
negative tax impacts from costs recorded for the capacity 
alignment for Autoliv’s manufacturing operations in Türkiye. 
Earnings per share, diluted decreased by $1.07 compared 
to the prior year. The main drivers were $0.69 from lower 
operating income, $0.26 from higher tax and $0.23 from 
financial and non-operating items, partly offset by $0.12 from 
lower number of outstanding shares, diluted.

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

Kvartalsrapport april - juni 2026 
 
9 
Selected Cash Flow and Balance Sheet Items 
 
Selected Cash Flow items Second quarter First six months 
(Dollars in millions) 2026 2025 Change 2026 2025 Change 
Net income $101 $168 (40)% $242 $335 (28)% 
Depreciation and amortization 115 100 15% 222 195 13% 
Other non-cash adjustments, net (21) (5) 294% 3 (12) n/a 
Changes in operating working capital 240 15 n/a (108) (164) (34)% 
Operating cash flow 434 277 57% 359 355 1.1% 
Capital expenditure, net1) (95) (114) (17)% (178) (208) (14)% 
Free operating cash flow2) $340 $163 108% $180 $147 23% 
Cash conversion3) 338% 97% 241pp 74% 44% 31pp 
Shareholder returns       
- Dividends paid (64) (54) 19% (130) (108) 20% 
- Share repurchases (200) (51) 293% (200) (101) 97% 
Cash dividend paid per share $(0.87) $(0.70) 24% $(1.74) $(1.40) 24% 
Capital expenditures, net in relation to sales 3.4% 4.2% (0.8)pp 3.2% 3.9% (0.7)pp 
1) Defined as Expenditures for property, plant and equipment less Proceeds from sale of property, plant and equipment. 2) Operating cash flow less Capital expenditure, net. 
Non-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 Second quarter 
(Dollars in millions) 2026 2025 Change 
Trade working capital1) $1,350 $1,354 (0.3)% 
Trade working capital in relation to sales2) 12.0% 12.5% (0.4)pp 
- Receivables outstanding in relation to sales3) 21.3% 21.6% (0.3)pp 
- Inventory outstanding in relation to sales4) 8.4% 8.8% (0.4)pp 
- Payables outstanding in relation to sales5) 17.7% 17.9% (0.2)pp 
Cash & cash equivalents 377 237 60% 
Gross Debt6) 2,037 2,051 (0.6)% 
Net Debt7) 1,695 1,752 (3.3)% 
Capital employed8) 4,195 4,231 (0.8)% 
Return on capital employed9) 17.9% 23.8% (5.8)pp 
Total equity 2,501 2,480 0.9% 
Return on total equity10) 15.6% 27.7% (12.0)pp 
Leverage ratio11) 1.2 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. 
 
Second quarter 2026 development 
Changes in operating working capital impacted operating 
cash flow by $240 million positive compared to $15 million 
positive in the prior year. The $240 million decrease in 
operating working capital comes mainly from $120 million 
from accounts payable, $35 million from receivables, net, 
and $48 million from accrued severance and restructuring 
costs. The decrease in operating working capital is mainly 
due to an expected normalization of working capital following 
the increase seen in the first quarter, which was related to 
high level of sales in March 2026 and other temporary 
effects. 
Operating cash flow increased by $157 million to $434 
million compared to the prior year, mainly because of the 
decrease in operating working capital outlined above, partly 
offset by a lower net income. 
  
Capital expenditure, net, decreased by $20 million 
compared to the prior year. The level of capital expenditure, 
net, in relation to sales declined to 3.4% versus 4.2% 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 positive $340 million 
compared to positive $163 million in the prior year. The 
increase was due to the higher operating cash flow and 
lower capital expenditure, net, as outlined above. 
Cash conversion* defined as free operating cash flow* in 
relation to net income, was 338% compared to 97% a year 
earlier as free operating cash flow was increased while net 
income decreased.

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

Kvartalsrapport april - juni 2026 
 
10 
Trade working capital* in relation to sales decreased from 
12.5% to 12.0%. Compared to the high level of 13.7% in the 
first quarter of 2026, which was related to high level of sales 
in March 2026 and other temporary effects, was an expected 
normalization.  
Net debt* was $1,695 million as of June 30, 2026, which 
was $57 million lower than a year earlier. 
 
 
 Total equity as of June 30, 2026, increased by $21 million 
compared to June 30, 2025. This was mainly due to net 
income of $643 million and $27 million in other positive 
effects, partly offset by $454 million in share repurchases, 
including taxes, and $194 million in dividend payments. 
Leverage ratio*: On June 30, 2026, the Company had a 
leverage ratio of 1.2x compared to 1.3x on June 30, 2025, as 
the 12 months trailing adjusted EBITDA* increased by $73 
million while net debt* per the policy decreased by $44 
million. Our target is to have a leverage ratio not higher than 
1.5x. 
 
First six months 2026 development 
Operating cash flow increased by $4 million to $359 million 
compared to the prior year, mainly because the positive 
effects from working capital and depreciations were almost 
offset by the lower net income. 
Capital expenditure, net, decreased by $29 million 
compared to the prior year. The level of capital expenditure, 
net, in relation to sales was 3.2% versus 3.9% a year earlier. 
The lower level of capital expenditure, net was mainly 
related to the lower activity level of footprint optimization and 
less capacity expansion. 
 
 
  
Free operating cash flow* was positive $180 million 
compared to positive $147 million in the prior year. The 
increase was mainly due to the lower level of capital 
expenditure, net. 
Cash conversion* defined as free operating cash flow* in 
relation to net income, was 74% compared to 44% a year 
earlier as free operating cash flow increased while net 
income decreased. 
 
Headcount 
 
 Jun 30 Mar 31 Jun 30 
 2026 2026 2025 
Total headcount 63,500 64,100 65,100 
Whereof:  Direct headcount in manufacturing 46,200 46,700 48,000 
                 Indirect headcount 17,300 17,400 17,100 
Temporary personnel 11% 10% 9% 
 
As of June 30, 2026, total headcount (Full Time Equivalent) 
decreased by around 1,600, or 2.5%, compared to a year 
earlier. The indirect workforce increased by around 200, or 
1.1%, mainly reflecting a change in headcount reporting 
classification, moving around 300 people from direct to 
indirect. The direct workforce decreased by approximately 
1,800, or 3.7%. The decrease was supported by improved 
customer call-off accuracy, which enabled us to accelerate 
operating efficiency improvements, and also reflected the 
reclassification mentioned above. 
 Compared to March 31, 2026, total headcount (Full Time 
Equivalent) decreased by around 600, or 0.9%. Indirect 
headcount decreased by around 100, while direct 
headcount decreased by approximately 500.

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

Kvartalsrapport april - juni 2026 
 
11 
Other Items 
 
• On May 8, 2026, Autoliv announced that it will 
discontinue its manufacturing operations in Türkiye. See 
further comments on page 3 in this report.  
• On June 3, 2026, Autoliv inaugurated the Autoliv 
Innovation Center in Vårgårda, Sweden. It is a 
significant step to accelerate the development of life-
saving mobility solutions through the Autoliv Innovation 
Center - a new global platform designed to speed up 
innovation, collaboration, and development of advanced 
safety technologies.  
• On June 26, 2026, Autoliv announced that Kevin Fox 
notified the Company that he is resigning as the 
President, Autoliv Americas for personal reasons. He 
will remain in his current position through August 31, 
2026, and thereafter will serve as executive senior 
advisor to the CEO through February 28, 2027, to 
support the transition to his successor, unless otherwise 
agreed by the parties. 
• On July 6, 2026, Autoliv announced that Great Wall 
Motor (GWM), a leading Chinese automotive 
manufacturer, and Autoliv (Shanghai) Management Co., 
Ltd signed a Global Strategic Cooperation Framework 
Agreement. The agreement marks a new phase in the 
companies' long-term global partnership. 
 • On July 7, 2026, Autoliv announced that XPENG Inc, a 
leading Chinese physical AI technology company with a 
growing international presence and innovations in smart 
electric vehicles, autonomous driving and humanoid 
robots, and Autoliv (Shanghai) Management Co., Ltd. 
signed a strategic cooperation framework agreement to 
support the development of safer mobility solutions for 
global markets. Under the agreement, Autoliv and 
XPENG will expand collaboration across several key 
areas, including technology development, digitalization, 
supply chain coordination, sustainability, and global 
business expansion, combining Autoliv's worldwide 
safety expertise with XPENG's innovation in smart 
electric mobility. 
• In Q2 2026, Autoliv repurchased and retired 1.65 million 
shares of common stock at an average price of $121.43 
per share, for a total of approximately $200 million under 
the Autoliv 2029 stock repurchase program. Under this 
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. 
 
 
Next Report 
Autoliv intends to publish the quarterly earnings report 
for the third quarter of 2026 on Friday, October 23, 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 juli 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, 
April and July 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 13 =====

Kvartalsrapport april - juni 2026 
 
12 
“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 14 =====

Kvartalsrapport april - juni 2026 
 
13 
Consolidated Statements of Income 
 Second quarter First six months Latest 12 Full Year 
(Dollars in millions, except per share data, 
unaudited) 2026 2025 2026 2025 months 2025 
Airbags, Steering Wheels and Other1) $1,906 $1,812 $3,769 $3,565 $7,507 $7,302 
Seatbelt products and Other1) 897 902 1,787 1,727 3,572 3,513 
Total net sales 2,803 2,714 5,556 5,292 11,079 10,815 
       
Cost of sales (2,294) (2,213) (4,521) (4,312) (8,949) (8,741) 
Gross profit 509 501 1,035 980 2,130 2,074 
       
Selling, general & administrative expenses (138) (145) (299) (290) (580) (571) 
Research, development & engineering expenses, net (122) (107) (242) (202) (454) (413) 
Other income (expense), net (56) (1) (65) 14 (81) (2) 
Operating income 192 247 429 502 1,016 1,088 
       
Income from equity method investments 1 1 2 3 5 6 
Interest income 2 2 5 4 11 10 
Interest expense (26) (27) (53) (52) (103) (103) 
Other non-operating items, net (15) (3) (27) (3) (39) (15) 
Income before income taxes 154 221 356 453 889 986 
       
Income taxes (53) (53) (113) (118) (246) (250) 
Net income 101 168 242 335 643 736 
       
Less: Net income attributable to non-controlling interest 0 0 1 1 1 1 
Net income attributable to controlling interest $100 $167 $242 $334 $642 $735 
       
Earnings per share - diluted $1.35 $2.16 $3.24 $4.31 $8.52 $9.55 
1) Including Corporate sales.

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

Kvartalsrapport april - juni 2026 
 
14 
Consolidated Balance Sheets 
  Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 
(Dollars in millions, unaudited)  2026 2026 2025 2025 2025 
Assets       
Cash & cash equivalents  $377 $342 $604 $225 $237 
Receivables, net  2,387 2,422 2,236 2,357 2,341 
Inventories, net  945 947 992 1,036 957 
Prepaid expenses  224 206 212 226 249 
Other current assets  76 71 57 102 146 
Total current assets  4,009 3,987 4,101 3,946 3,929 
       
Property, plant & equipment, net  2,340 2,356 2,417 2,402 2,399 
Operating leases right-of-use assets  157 166 171 167 171 
Goodwill and intangible assets, net  1,394 1,392 1,386 1,387 1,389 
Investments and other non-current assets  597 567 568 561 588 
Total assets  8,497 8,468 8,644 8,463 8,476 
       
Liabilities and equity       
Short-term debt  350 393 419 654 679 
Accounts payable  1,982 1,862 2,007 1,889 1,945 
Accrued liabilities  1,130 1,024 1,050 1,172 1,138 
Operating lease liabilities - current  41 43 43 44 44 
Other current liabilities  394 386 404 383 430 
Total current liabilities  3,897 3,708 3,923 4,141 4,235 
       
Long-term debt  1,688 1,699 1,734 1,374 1,372 
Pension liability  180 176 169 167 167 
Operating lease liabilities - non-current  110 117 122 118 121 
Other non-current liabilities  122 125 113 105 102 
Total non-current liabilities  2,099 2,115 2,138 1,763 1,762 
       
Total parent shareholders’ equity  2,490 2,634 2,572 2,549 2,469 
Non-controlling interest  11 10 10 10 11 
Total equity  2,501 2,644 2,582 2,559 2,480 
       
Total liabilities and equity  $8,497 $8,468 $8,644 $8,463 $8,476

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

Kvartalsrapport april - juni 2026 
 
15 
Consolidated Statements of Cash Flow 
 Second quarter First six months Latest 12 Full Year 
(Dollars in millions, unaudited) 2026 2025 2026 2025 months 2025 
Net income $101 $168 $242 $335 $643 $736 
Depreciation and amortization 115 100 222 195 434 407 
Gain on divestiture of property - - - (6) (0) (6) 
Other non-cash adjustments, net (21) (5) 3 (6) 41 32 
Net change in operating working capital:       
   Receivables 71 (0) (105) (166) (36) (98) 
   Other current assets (39) (110) (75) (134) 33 (26) 
   Inventories (3) 4 32 26 (2) (8) 
   Accounts payable 112 42 (23) 67 29 119 
   Accrued expenses 106 71 76 25 22 (30) 
   Income taxes (7) 9 (14) 19 (3) 30 
Net cash provided by operating activities 434 277 359 355 1,161 1,157 
       
Expenditures for property, plant and equipment (95) (115) (180) (217) (404) (441) 
Proceeds from sale of property, plant and equipment 0 1 1 9 11 18 
Acquisition of interest in Affiliates (2) - (2) - (2) - 
Net cash used in investing activities (97) (114) (180) (208) (396) (423) 
       
Net increase (decrease) in short term debt 241 151 215 273 (47) 11 
Decrease in long-term debt (291) (273) (293) (311) (293) (311) 
Increase in long-term debt - - - 77 445 521 
Dividends paid (64) (54) (130) (108) (260) (238) 
Share repurchases (200) (51) (200) (101) (450) (351) 
Common stock options exercised - - - 0 - 0 
Dividend paid to non-controlling interests - - - - (1) (1) 
Net cash used in financing activities (314) (227) (407) (170) (606) (369) 
       
Effect of exchange rate changes on cash 12 (22) 2 (71) (18) (90) 
Increase (decrease) in cash and cash equivalents 36 (86) (227) (94) 141 274 
Cash and cash equivalents at period-start 342 322 604 330 237 330 
Cash and cash equivalents at period-end $377 $237 $377 $237 $377 $604

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

Kvartalsrapport april - juni 2026 
 
16 
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 pages 5 and 6 
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.  
 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 
(Dollars in millions) 2026 2026 2025 2025 2025 
Total current assets $4,009 $3,987 $4,101 $3,946 $3,929 
Total current liabilities (3,897) (3,708) (3,923) (4,141) (4,235) 
Working capital (GAAP) 113 278 178 (195) (305) 
Less: Cash and cash equivalents (377) (342) (604) (225) (237) 
          Prepaid expenses (224) (206) (212) (226) (249) 
          Other current assets (76) (71) (57) (102) (146) 
Less: Short-term debt 350 393 419 654 679 
          Accrued expenses 1,130 1,024 1,050 1,172 1,138 
          Operating lease liabilities - current 41 43 43 44 44 
          Other current liabilities 394 386 404 383 430 
Trade working capital (Non-GAAP) $1,350 $1,506 $1,221 $1,504 $1,354 
      
 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 
(Dollars in millions) 2026 2026 2025 2025 2025 
Receivables, net $2,387 $2,422 $2,236 $2,357 $2,341 
Inventories, net 945 947 992 1,036 957 
Accounts payable (1,982) (1,862) (2,007) (1,889) (1,945) 
Trade working capital (Non-GAAP) $1,350 $1,506 $1,221 $1,504 $1,354 
Quarterly sales $2,803 $2,753 $2,817 $2,706 $2,714 
Annualized quarterly sales1) 11,213 11,012 11,269 10,822 10,857 
Trade working capital in relation to annualized quarterly 
sales 12.0% 13.7% 10.8% 13.9% 12.5% 
1) Calculated as the current quarterly sales multiplied by four.

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

Kvartalsrapport april - juni 2026 
 
17 
 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.  
 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 
(Dollars in millions) 2026 2026 2025 2025 2025 
Short-term debt $350 $393 $419 $654 $679 
Long-term debt 1,688 1,699 1,734 1,374 1,372 
Total debt (GAAP) 2,037 2,091 2,153 2,027 2,051 
Cash & cash equivalents (377) (342) (604) (225) (237) 
Debt issuance cost/Debt-related derivatives, net 34 23 17 (30) (62) 
Net debt (Non-GAAP) $1,695 $1,773 $1,566 $1,772 $1,752 
 
  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

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

Kvartalsrapport april - juni 2026 
 
18 
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 relat ion 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) 2026 2026 2025 
Net debt1) (Non-GAAP) $1,695 $1,773 $1,752 
Pension liabilities 180 176 167 
Net debt per the Policy (Non-GAAP) $1,874 $1,949 $1,919 
    
Net income2) $643 $710 $717 
Income taxes2) 246 246 255 
Interest expense, net2, 3) 93 93 96 
Other non-operating items, net2) 40 28 19 
Income from equity method investments2) (5) (6) (6) 
Depreciation and amortization of intangibles2) 434 419 390 
Capacity alignments2) 104 28 6 
Antitrust related items2) 2 4 6 
Other items2) - - - 
EBITDA per the Policy (Adjusted EBITDA) (Non-GAAP) $1,556 $1,523 $1,483 
    
Leverage ratio (Non-GAAP) 1.2 1.3 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.

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

Kvartalsrapport april - juni 2026 
 
19 
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. 
 Second quarter  First six months Latest 12 Full Year 
(Dollars in millions) 2026 2025  2026 2025 months 2025 
Net income $101 $168  $242 $335 $643 $736 
Depreciation and amortization 115 100  222 195 434 407 
Gain on divestiture of property - -  - (6) (0) (6) 
Other, net (21) (5)  3 (6) 41 32 
Changes in operating working capital, net 240 15  (108) (164) 43 (12) 
Operating cash flow (GAAP) 434 277  359 355 1,161 1,157 
Expenditures for property, plant and equipment (95) (115)  (180) (217) (404) (441) 
Proceeds from sale of property, plant and equipment 0 1  1 9 11 18 
Capital expenditure, net1) (95) (114)  (178) (208) (394) (423) 
Free operating cash flow2) (Non-GAAP) $340 $163  $180 $147 $767 $734 
Cash conversion3) (Non-GAAP) 338% 97%  74% 44% 119% 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 (4) - (80) - 
Other, net (24) (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 21 =====

Kvartalsrapport april - juni 2026 
 
20 
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" 
 Second quarter First six months Latest 12 Full year 
(Dollars in millions) 2026 2025 2026 2025 months 2025 
Operating income (GAAP) $192 $247 $429 $502 $1,016 $1,088 
Non-GAAP adjustments:       
   Less: Capacity alignments 77 1 85 3 104 23 
   Less: Antitrust related items 0 3 0 1 2 3 
Total non-GAAP adjustments to operating income 78 4 86 5 107 26 
Adjusted Operating income (Non-GAAP) $270 $251 $515 $506 $1,122 $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 22 =====

Kvartalsrapport april - juni 2026 
 
21 
Reconciliation of GAAP measure "Operating margin" to Non-GAAP measure 
"Adjusted Operating margin" 
 Second quarter First six months Latest 12 Full year 
 2026 2025 2026 2025 months 2025 
Operating margin (GAAP) 6.8% 9.1% 7.7% 9.5% 9.2% 10.1% 
Non-GAAP adjustments:       
   Less: Capacity alignments 2.8% 0.0% 1.5% 0.1% 0.9% 0.2% 
   Less: Antitrust related items 0.0% 0.1% 0.0% 0.0% 0.0% 0.0% 
Total non-GAAP adjustments to operating margin 2.8% 0.1% 1.5% 0.1% 1.0% 0.2% 
Adjusted Operating margin (Non-GAAP) 9.6% 9.3% 9.3% 9.6% 10.1% 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" 
 Second quarter First six months 
 2026 2025 2026 2025 
Other non-operating items, net (GAAP) $(15) $(3) $(27) $(3) 
Non-GAAP adjustments:     
   Less: Capacity alignments - non-operating1) 14 - 22 - 
Total non-GAAP adjustments to other non-operating items, net 14 - 22 - 
Adjusted Other non-operating items, net  (Non-GAAP) $(2) $(3) $(5) $(3) 
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" 
 Second quarter First six months 
(Dollars in millions) 2026 2025 2026 2025 
Income before income taxes (GAAP) $154 $221 $356 $453 
Non-GAAP adjustments:     
   Less: Capacity alignments - operating 77 1 85 3 
   Less: Capacity alignments - non-operating1) 14 - 22 - 
   Less: Antitrust related items 0 3 0 1 
Total non-GAAP adjustments to Income before income taxes 91 4 108 5 
Adjusted Income before income taxes (Non-GAAP) $245 $225 $464 $458 
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" 
 Second quarter First six months 
(Dollars in millions) 2026 2025 2026 2025 
Net income (GAAP) $101 $168 $242 $335 
Non-GAAP adjustments:     
   Less: Capacity alignments - operating 77 1 85 3 
   Less: Capacity alignments - non-operating1) 14 - 22 - 
   Less: Antitrust related items 0 3 0 1 
   Less: Tax on non-GAAP adjustments (11) (1) (15) (1) 
Total non-GAAP adjustments to Net income 80 3 93 4 
Adjusted Net income (Non-GAAP) $181 $171 $335 $339 
1) Relates to curtailment loss in connection with restructuring and capacity alignment activities.

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

Kvartalsrapport april - juni 2026 
 
22 
Reconciliation of GAAP measure "Net income attributable to controlling interest" to 
Non-GAAP measure "Adjusted Net income attributable to controlling interest" 
 Second quarter First six months 
(Dollars in millions) 2026 2025 2026 2025 
Net income attributable to controlling interest (GAAP) $100 $167 $242 $334 
Non-GAAP adjustments:     
   Less: Capacity alignments - operating 77 1 85 3 
   Less: Capacity alignments - non-operating1) 14 - 22 - 
   Less: Antitrust related items 0 3 0 1 
   Less: Tax on non-GAAP adjustments (11) (1) (15) (1) 
Total non-GAAP adjustments to Net income attributable to controlling 
interest 80 3 93 4 
Adjusted Net income attributable to controlling interest (Non-GAAP) $181 $170 $334 $338 
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" 
 Second quarter First six months 
 2026 2025 2026 2025 
Earnings per share - diluted (GAAP) $1.35 $2.16 $3.24 $4.31 
Non-GAAP adjustments:     
   Less: Capacity alignments - operating 1.04 0.02 1.14 0.04 
   Less: Capacity alignments - non-operating1) 0.18 - 0.30 - 
   Less: Antitrust related items 0.00 0.03 0.00 0.02 
   Less: Tax on non-GAAP adjustments (0.15) (0.01) (0.20) (0.01) 
Total non-GAAP adjustments to Earnings per share - diluted 1.08 0.04 1.25 0.05 
Adjusted Earnings per share - diluted (Non-GAAP) $2.43 $2.21 $4.49 $4.36 
     
Weighted average number of shares outstanding - diluted 74.2 77.3 74.5 77.5 
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" 
 Second quarter First six months 
 2026 2025 2026 2025 
Return on capital employed1) (GAAP) 17.9% 23.8% 20.3% 24.8% 
Non-GAAP adjustments:     
   Less: Capacity alignments - operating 6.9% 0.1% 3.8% 0.2% 
   Less: Antitrust related items 0.0% 0.2% 0.0% 0.1% 
Total non-GAAP adjustments to Return on capital employed1) 7.0% 0.4% 3.9% 0.2% 
Adjusted Return on capital employed1) (Non-GAAP) 24.9% 24.1% 24.1% 25.0% 
     
Annualized adjustment2) on Return on capital employed1) $311 $16 $216 $9 
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 24 =====

Kvartalsrapport april - juni 2026 
 
23 
Reconciliation of GAAP measure "Return on Total Equity" to Non-GAAP measure 
"Adjusted Return on Total Equity" 
 Second quarter First six months 
 2026 2025 2026 2025 
Return on total equity1) (GAAP) 15.6% 27.7% 18.8% 28.2% 
Non-GAAP adjustments:     
   Less: Capacity alignments - operating 11.6% 0.2% 6.3% 0.3% 
   Less: Capacity alignments - non-operating2) 2.0% - 1.7% - 
   Less: Antitrust related items 0.0% 0.4% 0.0% 0.1% 
   Less: Tax on non-GAAP adjustments (1.6)% (0.1)% (1.1)% (0.1)% 
Total non-GAAP adjustments to Return on total equity1) 12.0% 0.5% 6.9% 0.3% 
Adjusted Return on total equity1) (Non-GAAP) 27.6% 28.2% 25.7% 28.5% 
     
Annualized adjustment3) on Return on total equity1) $321 $13 $186 $8 
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 25 =====

Kvartalsrapport april - juni 2026 
 
24 
 
(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 expenditure, net 423 563 569 485 454 
Capital expenditure, 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 
expenditure, 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.