Kvartalsrapport Q3 2025

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

Kvartalsrapport 3 
     juli - september 2025 
 
        Stockholm, Sverige, Oktober 17, 2025  
        (NYSE: ALV och SSE: ALIV.sdb)

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

Kvartalsrapport juli - september 2025 
 
1 
Kv3 2025: Kv3-rekord för försäljning, rörelseresultat, vinst/aktie 
 
Finansiell sammanfattning Kv3 
$2 706 miljoner försäljning 
5,9% försäljningsökning 
3,9% organisk försäljningsökning* 
9,9% rörelsemarginal 
10,0% justerad rörelsemarginal* 
$2,28 vinst/aktie efter utspädning, 31% ökning 
$2,32 just. vinst/aktie* efter utspädning, 26% ökning 
 Utsikter för helåret 2025  
Cirka 3% organisk försäljningsökning 
Cirka 1% 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 tredje kvartalet 2025 
• Försäljningen ökade organiskt* med 3,9%, vilket var 0,7 procentenheter mindre än den globala bilproduktionens ökning med 4,6% 
(S&P Global Okt 2025). Fordonsproduktionens mixutveckling, både regionalt och per kund beräknas ha haft cirka 1 procentenhets 
negativ effekt på försäljningen, medan tullkompensationer adderade cirka 0,5 procentenheter. Vi växte snabbare än 
fordonsproduktionen i Asien ex. Kina och i Amerika medan vi växte långsammare än fordonsproduktionen i Kina och Europa. Vår 
organiska försäljningstillväxt* i Kina till kinesiska kunder var cirka 8 procentenheter högre än deras fordonsproduktionstillväxt. Vi 
förväntar oss att vårt rekordstora antal nya lanseringar kommer understödja vår försäljningsutveckling i Kina i det fjärde kvartalet.  
• Lönsamheten förbättrades markant, främst pga organisk försäljningstillväxt*, väl genomförda kostnadsminskningar och positiva 
effekter av en leverantörsuppgörelse och en leverantörskompensation. Vi beräknar att effekten av USAs tullar var cirka 20bps negativt 
på rörelsemarginalen, då vi lyckades föra vidare merparten av tullkostnaderna till våra kunder. Rörelseresultatet ökade med 18% till 
267 MUSD och justerat rörelseresultat* ökade med 14% till 271 MUSD. Rörelsemarginalen var 9,9% och justerad rörelsemarginal* var 
10,0%. Avkastning på sysselsatt kapital var 25,1% och justerad avkastning på sysselsatt kapital* var 25,5%. 
• Operativt kassaflöde ökade med 46%, pga bättre vinst och rörelsekapital. Nettoinvesteringarna minskade markant, och fritt operativt 
kassaflöde* ökade kraftigt. Skuldsättningsgraden* på 1,3x är lägre än vårt målsättningstak på 1,5x. I kvartalet betalades en utdelning 
på 0,85 USD per aktie (21% ökning från Kv2 2025) och 0,84 miljoner aktier återköptes och makulerades. 
* För ej U.S. GAAP, se jämförelsetabell. 
 Nyckeltal 
MUSD, förutom aktiedata Kv3 2025 Kv3 2024 Förändring 9M 2025 9M 2024 Förändring 
Försäljning $2 706 $2 555 5,9% $7 998 $7 774 2,9% 
Rörelseresultat 267 226 18% 769 626 23% 
Justerat rörelseresultat1) 271 237 14% 777 657 18% 
Rörelsemarginal 9,9% 8,9% 1,0 9,6% 8,1% 1,6 
Justerad rörelsemarginal1) 10,0% 9,3% 0,7 9,7% 8,5% 1,3 
Vinst/aktie efter utspädning 2,28 1,74 31% 6,59 4,98 32% 
Justerad vinst/aktie efter utspädning1) 2,32 1,84 26% 6,67 5,30 26% 
Operativt kassaflöde 258 177 46% 613 639 -4,1% 
Avkastning på sysselsatt kapital2) 25,1% 22,9% 2,2 24,9% 21,2% 3,8 
Justerad avkastning på sysselsatt kapital1,2) 25,5% 23,9% 1,6 25,2% 22,1% 3,0 
1) Exklusive effekter från kapacitetsanpassningar och kartellrelaterade ärenden. Ej U.S. GAAP, se jämförelsetabell. 2) Annualiserat rörelseresultat och vinstandelar i 
minoritetsbolag i förhållande till genomsnittligt sysselsatt kapital.  
 
 
Kommentar från Mikael Bratt, VD & koncernchef   
 
Det glädjer mig att, ännu en gång, rapportera 
ett rekordkvartal. Detta kvartalet är det bästa 
tredje kvartalet hittills, för försäljning, rörelse-
resultat och vinst/aktie. Detta drevs av bättre 
än väntad försäljning, särskilt i Amerika och 
Europa, samt väl genomförda aktiviteter för 
kostnadsbesparingar och tullkompensation. 
Jag är nöjd med att vi växte snabbare med 
kinesiska kunder än vad deras fordons- 
säkerhetsstandarder och innovationer inom fordons-säkerhet. I 
tillägg till det så tillkännagjorde vi nyligen våra planer på att skapa 
ett samriskbolag med HSAE, en ledande kinesisk utvecklare av 
fordonselektronik. Avsikten är att utveckla och tillverka avancerad 
säkerhetselektronik, vilket kommer öka den vertikala integrationen 
av vår nuvarande produktportfölj. 
Vi fick kompensation för cirka 75% av tullkostnaderna i det tredje 
kvartalet, och förväntar oss att erhålla majoriteten av det som 
återstår i kvartal 4. Vi fortsätter att noga bevaka situationen, 
inställda på att vara adaptiva och snabbfotade. 
Vårt fokus på operationell effektivitet, kommersiell skicklighet och 
kostnadsbesparingar fortsätter att ge resultat. I kvartalet växte 
försäljningen organiskt med 4%, bruttoresultatet med 14%, rörelse-
resultatet med 18% och vinst/aktie med 31%. Med hjälp av god 
balansräkningskontroll växte det operativa kassaflödet med 46%, 
och med lägre investeringar ökade det fria kassaflödet markant. Vi 
kunde därmed hålla skuldsättningsgraden på 1,3x, trots en höjning 
av utdelningen med 21% och återköp av aktier för 100 MUSD. 
Vi är fortsatt övertygade att vi ska nå vår helårsindikation på en 
justerad rörelsemarginal på 10-10,5%, i nuläget förväntar vi oss att 
landa i mitten av intervallet. 
produktion växte. Upptrappningen av vissa modeller började 
långsammare än väntat, men förbättrades gradvis under kvartalet. 
Vi förväntar oss förbättrad försäljningsutveckling i Kina i kvartal 4. 
Tack vare ökad genomslag för fordonssäkerhet fortsatte vår höga 
tillväxt i Indien, och den utgjorde cirka en tredjedel av vår globala 
organiska tillväxt i det tredje kvartalet. 
Vi investerar för fortsatta framgångar i Kina. Vi påbörjade bygget 
av ett andra FoU-center i Kina för att stödja vår växande affär med 
kinesiska kunder, både för Kina och globalt. Dessutom signerade 
vi i oktober en strategisk överenskommelse med CATARC, den 
ledande forskningsinstitutionen som sätter standarden i Kinas 
fordonssektor. Tillsammans avser vi att utveckla

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

Kvartalsrapport juli - september 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 October 
15, 2025, as well as no significant changes in the macro-economic environment, changes to customer call-off volatility or 
significant supply chain disruptions. 
Full year 2025 Guidance  
Organic sales growth Around 3% 
Adjusted operating margin1) Around 10-10.5% 
Operating cash flow2) Around $1.2 billion 
Capex, net, % of sales Around 4.5% 
1) Excluding effects from capacity alignments, antitrust related matters and other discrete items. 2) Excluding unusual items. 
 
Full year 2025 Assumptions  
LVP growth Around 1.5% 
FX impact on net sales Around 1% 
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, October 17, 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 juli - september 2025 
 
3 
Business and market condition update 
Supply Chain 
In the third quarter of 2025, global LVP increased by 4.6% year-over-year (according to S&P Global Oct 2025). Call-off 
volatility improved slightly compared to a year earlier, although it remains higher than pre-pandemic levels. Low customer 
demand visibility and changes to customer call-offs with short notice, although they improved, continued to have some 
negative impact on our production efficiency and profitability. We expect call-off volatility for the full year 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 third quarter, cost pressure from labor and other items impacted our profitability negatively, although to a lesser 
degree than in the third 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 did not have a meaningful impact on our profitability 
during the quarter. The continued uncertainty regarding 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. 
Geopolitical risks and tariffs 
The effects from the new tariffs imposed in the first nine months of the year did not have a material impact on our 
profitability in the third quarter, as we achieved customer compensations for most 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 75% of the tariffs in the third 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 $5 million negative in the quarter. 
Including the dilutive effect of tariffs recovered, operating margin was negatively impacted by around 20bps. 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. Any new, increased or changed tariffs or other related trade 
restrictions imposed during the remainder of 2025 may impact our operations and contribute to the uncertainty of industry 
expectations. We continue to closely monitor the tariff policy environment 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, July and October  2025. All rights reserved.

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

Kvartalsrapport juli - september 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 juli - september 2025 
 
5 
Consolidated sales development 
Third quarter 2025 
Consolidated sales  Third quarter Reported change Currency Organic 
(Dollars in millions)  2025 2024 (U.S. GAAP) effects1) change* 
Airbags, Steering Wheels and Other2)  $1,830 $1,736 5.4% 1.8% 3.6% 
Seatbelt Products and Other2)  875 819 6.9% 2.4% 4.5% 
Total  $2,706 $2,555 5.9% 2.0% 3.9% 
       
Americas  $897 $851 5.3% 0.6% 4.7% 
Europe  745 700 6.4% 6.3% 0.1% 
China  526 495 6.3% 0.1% 6.2% 
Asia excl. China  538 508 5.8% 0.3% 5.5% 
Total  $2,706 $2,555 5.9% 2.0% 3.9% 
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 3.6% in the quarter. The largest contributors 
to the increase was inflatable curtains, side airbags, driver 
airbags and center airbags, followed by smaller increases for 
passenger airbags and knee airbags. This was partly offset 
by a decline for steering wheels. 
 Sales by product – Seatbelt Products and Other 
 
Sales for Seatbelt Products and Other grew organically* by 
4.5% in the quarter. Sales increased organically in all 
regions, led by strong growth in Europe and Americas 
followed by China and Asia excluding China. 
 
 
 
Sales by region 
Our global organic sales* increased by 3.9% compared to 
the global LVP increase of 4.6% (according to S&P Global, 
October 2025). The relative performance was positively 
impacted by product launches and tariff compensations. This 
was more than offset by negative effects from the regional 
and model LVP mix development, which we estimate 
contributed to about 1pp underperformance. This was 
particularly accentuated in China. Our organic sales growth* 
underperformed LVP growth by 3.5pp in China and by 1.2pp 
in Europe while we outperformed by 4.2pp in Asia excluding 
China and by 0.5pp in Americas. 
  
 
LVP growth in China was driven by domestic OEMs with 
typically lower safety content. LVP for global OEMs was 
unchanged while it increased by 15% for domestic OEMs. 
Autoliv's sales growth with domestic OEMs grew by 23% 
while our sales with global OEMs decreased by 5%. Our 
sales performance relative to LVP in China in the quarter is a 
significant improvement over recent quarters.  
We expect that our strong order intake with domestic OEMs 
and a record high number of new launches will further 
improve our relative sales performance in China in the fourth 
quarter of 2025. 
 
Q3 2025 organic growth* Americas Europe China Asia excl. China Global 
Autoliv 4.7% 0.1% 6.2% 5.5% 3.9% 
Main growth drivers Stellantis, Toyota, 
Ford VW, Stellantis, BMW Chery, Great Wall, GM Suzuki, Hyundai, Toyota Stellantis, Suzuki, 
Toyota 
Main decline drivers GM, VW, Mazda JLR, Hyundai, EV 
OEM 
EV OEM, Mercedes, 
EV COEM Mitsubishi, Nissan, Honda Mercedes, EV OEM, GM 
 
Light vehicle production development 
Change compared to the same period last year according to S&P Global 
Q3 2025 Americas Europe China Asia excl. China Global 
LVP (Oct  2025) 4.2% 1.3% 9.7 % 1.3% 4.6% 
LVP (Jul 2025) 1.9% (0.9)% 0.0% 1.4% 0.2%

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

Kvartalsrapport juli - september 2025 
 
6 
Consolidated sales development 
First nine months 2025 
Consolidated sales  First nine months  Reported change  Currency  Organic  
(Dollars in millions)   2025   2024  (U.S. GAAP)  effects1)  change*  
Airbags, Steering Wheels and Other2)  $ 5,395  $ 5,264   2.5 %  (0.3 )%  2.8 % 
Seatbelt Products and Other2)   2,603   2,511   3.7 %  (0.2 )%  3.9 % 
Total  $ 7,998  $ 7,774   2.9 %  (0.3 )%  3.1 % 
            
Americas  $ 2,639  $ 2,637   0.1 %  (3.3 )%  3.4 % 
Europe   2,337   2,231   4.7 %  2.9 %  1.8 % 
China   1,450   1,423   1.9 %  (0.3 )%  2.2 % 
Asia excl. China   1,572   1,483   6.0 %  0.3 %  5.7 % 
Total  $ 7,998  $ 7,774   2.9 %  (0.3 )%  3.1 % 
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 2.8% in the period. The largest contributor to 
the increase was inflatable curtains and side airbags, 
followed by center airbags, steering wheels and driver 
airbags. This was partly offset by declines for knee airbags 
while sales of passenger airbags were close to unchanged. 
 Sales by product – Seatbelt Products and Other 
 
Sales for Seatbelt Products and Other grew organically* by 
3.9% in the period. Sales growth was mainly driven by 
Americas and Asia excluding China followed by Europe and 
China. 
 
 
 
Sales by region 
Our global organic sales* increased by 3.1% compared to 
the global LVP increase of 3.9% (according to S&P Global, 
October 2025). The relative performance was positively 
impacted by product launches and tariff compensations. 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 3.5pp in Americas, by 3.4pp in 
Europe and by 3.0pp in Asia excluding China, while we 
underperformed by 9.3pp in China.  
  
 
LVP growth in China in the first nine months was driven by 
domestic OEMs with typically lower safety content. LVP for 
global OEMs declined by 2.3% while it increased by 20% for 
domestic OEMs. Autoliv's sales to domestic OEMs increased 
by 16% in the first nine months of 2025 while it decreased by 
5.7% to global OEMs in China. We expect that our strong 
order intake with domestic OEMs and a record number of 
new launches will improve Autoliv's sales performance in 
China in the fourth quarter of 2025. 
 
9M 2025 organic 
growth* Americas Europe China Asia excl. China Global 
Autoliv 3.4% 1.8% 2.2% 5.7% 3.1% 
Main growth drivers Toyota, Stellantis, 
Honda VW, Stellantis, BMW Chery, Great Wall, GM Suzuki, Toyota, Subaru Toyota, Stellantis, 
Suzuki 
Main decline drivers EV OEM, Hyundai, GM EV OEM, Hyundai, JLR EV OEM, Mercedes, 
Lixiang Mitsubishi, Honda, GM EV OEM, Mercedes, 
Hyundai 
 
Light vehicle production development 
First nine months 2025 Americas Europe China Asia excl. China Global 
LVP (Oct 2025) (0.1)% (1.6)% 11.5 % 2.7% 3.9% 
LVP (Jan 2025) (1.5)% (4.3)% 4.0% 1.9% 0.4%

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

Kvartalsrapport juli - september 2025 
 
7 
Key launches in the third quarter of 2025 
 
  Onvo L90                           
 
  Kia PV5                                    
 
  New EV Customer SUV                 
 
 
 
 
  
 
 
             
 
           
 
            
 
      
  Volvo XC70                               
 
 New EV Customer SUV          
 
  Subaru Outback              
 
 
 
  
 
 
  
 
 
                 
 
          
 
  
     
 
      
  Jeep Compass                       
 
  Renault Clio                              
 
  Geely Galaxy M9                       
 
 
 
 
 
 
 
 
 
                                   
      
  Nissan Sentra     New EV                                 Honda N-ONE e                   
  
 
 
   
                            
      
 
 
 
  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 juli - september 2025 
 
8 
Financial development  
Condensed Income Statement Third quarter  First nine months 
(Dollars in millions, except per share data) 2025 2024 Change  2025 2024 Change 
Net sales $2,706 $2,555 5.9%  $7,998 $7,774 2.9% 
Cost of sales (2,184) (2,095) 4.2%  (6,496) (6,398) 1.5% 
Gross profit 522 459 14%  1,502 1,377 9.1% 
S,G&A (137) (129) 6.2%  (427) (399) 7.0% 
R,D&E, net (117) (96) 23%  (319) (325) (1.6)% 
Other income (expense), net (1) (9) (91)%  13 (27) n/a 
Operating income 267 226 18%  769 626 23% 
Adjusted operating income1) 271 237 14%  777 657 18% 
Financial and non-operating items, net (27) (29) (7.5)%  (76) (73) 4.0% 
Income before taxes 240 197 22%  693 554 25% 
Income taxes (65) (58) 11%  (183) (149) 23% 
Net income $175 $139 26%  $510 $404 26% 
        
Earnings per share - diluted2) $2.28 $1.74 31%  $6.59 $4.98 32% 
Adjusted earnings per share - diluted1,2) $2.32 $1.84 26%  $6.67 $5.30 26% 
        
Gross margin 19.3% 18.0% 1.3pp  18.8% 17.7% 1.1pp 
S,G&A, in relation to sales (5.1)% (5.0)% (0.0)pp  (5.3)% (5.1)% (0.2)pp 
R,D&E, net in relation to sales (4.3)% (3.7)% (0.6)pp  (4.0)% (4.2)% 0.2pp 
Operating margin 9.9% 8.9% 1.0pp  9.6% 8.1% 1.6pp 
Adjusted operating margin1) 10.0% 9.3% 0.7pp  9.7% 8.5% 1.3pp 
Tax Rate 26.9% 29.6% (2.6)pp  26.4% 27.0% (0.6)pp 
        
Other data        
No. of shares at period-end in millions2) 76.0 78.8 (3.5)%  76.0 78.8 (3.5)% 
Weighted average no. of shares in millions, basic2) 76.4 79.2 (3.6)%  77.0 80.7 (4.6)% 
Weighted average no. of shares in millions, diluted2) 76.7 79.3 (3.4)%  77.3 80.9 (4.5)% 
1) Non-U.S. GAAP measure, excluding effects from capacity alignments and antitrust related matters. See reconciliation table. 2) Net of treasury shares.  
 
Third quarter 2025 development 
Gross profit increased by $63 million, and gross margin 
increased by 1.3pp compared to the prior year. The drivers 
behind the gross profit improvement were mainly positive 
effects from higher sales and improved operational efficiency 
with lower costs for labor and waste and scrap. The gross 
profit improvement was also due to a Q3 2024 $14 million 
cost related to a supplier settlement and a Q3 2025 $15 
million (unrelated) supplier compensation (of which around 
$13 million impacted gross profit) as well as lower material 
costs. This was partly offset by negative effects from recalls 
and warranty, depreciation and un-recovered tariff costs. 
S,G&A costs increased by $8 million compared to the prior 
year, mainly due to higher costs for personnel. S,G&A costs in 
relation to sales increased from 5.0% to 5.1%. 
R,D&E, net costs increased by $22 million compared to the 
prior year, mainly due to lower engineering income. R,D&E, 
net, in relation to sales increased from 3.7% to 4.3%. 
Other income (expense), net was negative $1 million, 
compared to negative $9 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 and 
improvement in Other income (expense), net, partly offset by 
the higher costs for R,D&E, net, and S,G&A, as outlined 
above. 
Adjusted operating income* increased by $34 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, 
as outlined above. 
Financial and non-operating items, net was negative $27 
million compared to negative $29 million a year earlier. The 
improvement comes from $2 million in lower interest 
expense. 
Income before taxes increased by $43 million compared to 
the prior year, mainly due to the higher operating income.  
Tax rate decreased to 26.9% compared to 29.6% the prior 
year. Discrete tax items, net, had a favorable impact of 1.3pp 
in the third quarter of 2025, while discrete tax items, net had 
a favorable impact of 1.2pp in the corresponding quarter last 
year. 
Earnings per share, diluted increased by $0.54 compared 
to the prior year. The main drivers were $0.36 from higher 
operating income, $0.09 from taxes, $0.08 from lower 
number of outstanding shares, diluted, and $0.02 from 
financial items.

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

Kvartalsrapport juli - september 2025 
 
9 
First nine months 2025 development 
Gross profit increased by $125 million, and gross margin 
increased by 1.1pp compared to the prior year. The drivers 
behind the gross profit improvement were mainly improved 
operational efficiency with lower costs for labor, logistics, 
premium freight and waste and scrap. We also had positive 
effects from the organic sales growth and lower material costs 
partly offset by negative effects from recall and warranty costs 
and un-recovered tariffs. 
S,G&A costs increased by $28 million compared to the prior 
year, mainly due to increased personnel costs and credit loss 
reserves following generally higher default risk rate for the 
automotive industry. This was partly offset by lower costs for 
professional services. S,G&A costs in relation to sales 
increased from 5.1% to 5.3%. 
R,D&E, net costs decreased by $5 million compared to the 
prior year, mainly due to $7 million from positive FX 
translation effects and $6 million from lower professional 
service costs partly offset by $8 million in lower engineering 
income. R,D&E, net, in relation to sales decreased from 4.2% 
to 4.0%. 
Other income (expense), net was positive $13 million, 
compared to negative $27 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 $143 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 $120 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 $76 
million compared to negative $73 million a year earlier. The 
increase was mainly due to lower interest income and higher 
non-operating items partly offset by lower interest expense.  
Income before taxes increased by $140 million compared 
to the prior year, mainly due to the higher operating income.  
Tax rate was 26.4% compared to 27.0% in the prior year. 
Discrete tax items, net, had a favorable impact of 1.8pp in 
the first nine months of 2025 compared to 2.8pp favorable 
impact in the same period last year. 
Earnings per share, diluted increased by $1.61 compared 
to the prior year. The main drivers were $1.28 from higher 
operating income and $0.29 from lower number of 
outstanding shares, diluted, and $0.06 from taxes partly 
offset by $0.02 from financial items.

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

Kvartalsrapport juli - september 2025 
 
10 
Selected Cash Flow and Balance Sheet Items 
 
Selected Cash Flow items Third quarter First nine months 
(Dollars in millions) 2025 2024 Change 2025 2024 Change 
Net income $175 $139 26% $510 $404 26% 
Depreciation and amortization 103 97 7.1% 299 289 3.5% 
Other non-cash adjustments, net 32 10 221% 20 1 n/a 
Changes in operating working capital (53) (68) (22)% (217) (54) 300% 
Operating cash flow 258 177 46% 613 639 (4.1)% 
Capital expenditure, net1) (106) (145) (27)% (313) (431) (27)% 
Free operating cash flow2) $153 $32 378% $300 $208 44% 
Cash conversion3) 87% 23% 64pp 59% 52% 7pp 
Shareholder returns       
- Dividends paid (65) (54) 21% (173) (164) 5.3% 
- Share repurchases (100) (130) (23)% (201) (450) (55)% 
Cash dividend paid per share $(0.85) $(0.68) 25% $(2.25) $(2.04) 10% 
Capital expenditures, net in relation to sales 3.9% 5.7% (1.8)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 Third quarter 
(Dollars in millions) 2025 2024 Change 
Trade working capital1) $1,504 $1,307 15% 
Trade working capital in relation to sales2) 13.9% 12.8% 1.1pp 
- Receivables outstanding in relation to sales3) 21.8% 21.5% 0.3pp 
- Inventory outstanding in relation to sales4) 9.6% 9.8% (0.2)pp 
- Payables outstanding in relation to sales5) 17.5% 18.4% (1.0)pp 
Cash & cash equivalents 225 415 (46)% 
Gross Debt6) 2,027 2,210 (8.3)% 
Net Debt7) 1,772 1,787 (0.8)% 
Capital employed8) 4,331 4,085 6.0% 
Return on capital employed9) 25.1% 22.9% 2.2pp 
Total equity 2,559 2,298 11% 
Return on total equity10) 27.9% 24.1% 3.8pp 
Leverage ratio11) 1.3 1.4 (0.1) 
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 investme nts, 
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. 
 
Third quarter 2025 development 
Changes in operating working capital impacted operating 
cash flow by $53 million negative compared to an impact of 
$68 million negative in the prior year. The working capital 
increase in the quarter of $53 million was mainly a result of 
$78 million in negative effects from higher inventories 
impacted by higher sales and $9 million from income taxes, 
partly offset by $26 million from accounts payables and 
accrued expenses, and $8 million from receivables.  
Operating cash flow increased by $81 million to $258 
million compared to the prior year, mainly because of higher 
net income, more positive non-cash items and less 
unfavorable effects from changes in operating working 
capital, as outlined above.  
  
Capital expenditure, net decreased by $40 million 
compared to the prior year. The level of capital expenditure, 
net, in relation to sales declined to 3.9% versus 5.7% 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 $153 million 
compared to positive $32 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 87% in the quarter compared to 
23% a year earlier. The increase occurred because free 
operating cash flow increased more than net income.

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

Kvartalsrapport juli - september 2025 
 
11 
Trade working capital* increased by $197 million compared 
to the prior year, where the main drivers were $165 million in 
higher accounts receivables, $8 million in higher accounts 
payable and $40 million in higher inventories. The increase 
in trade working capital is mainly due to increased sales. In 
relation to sales, trade working capital increased from 12.8% 
to 13.9%.  
Net debt* was $1,772 million as of September 30, 2025, 
which was $15 million lower than a year earlier, mainly due 
to that in the last twelve months, free operating cash flow 
was higher than dividends paid and share repurchases. 
 Total equity as of September 30, 2025, increased by $261 
million compared to September 30, 2024. This was mainly 
due to net income of $754 million and $33 million in positive 
currency translation effects, partly offset by $306 million in 
share repurchases, including taxes and $228 million in 
dividend payments. 
Leverage ratio*: On September 30, 2025, the Company had 
a leverage ratio of 1.3x compared to 1.4x on September 30, 
2024, as the 12 months trailing adjusted EBITDA* increased 
by $148 million while net debt* per the policy increased by 
$5 million. 
 
First nine months 2025 development 
Operating cash flow decreased by $27 million to $613 
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 $118 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 $300 million 
compared to positive $208 million in the prior year. The 
increase was due to the lower capital expenditure, net, partly 
offset by the lower operating cash flow, as outlined above.  
Cash conversion* defined as free operating cash flow* in 
relation to net income, was 59% for the period, compared to 
52% in the prior year. The increase occurred because free 
operating cash flow growth was higher than net income 
growth. 
 
 
Headcount 
 
 Sep 30 Jun 30 Sep 30 
 2025 2025 2024 
Total headcount 65,200 65,100 67,200 
Whereof:  Direct headcount in manufacturing 47,900 48,000 49,800 
                 Indirect headcount 17,300 17,100 17,400 
Temporary personnel 9% 9% 9% 
 
As of September 30, 2025, total headcount (Full Time 
Equivalent) decreased by around 2,000, or 3.0%, compared 
to a year earlier, despite that organic sales* increased by 
3.9% and that we in-sourced about 250 FTEs (mainly in-
directs). The indirect workforce decreased by around 100, or 
0.5%, mainly reflecting our structural reduction initiatives, 
partly offset by the above mentioned in-sourcing. The direct 
workforce decreased by approximately 1,900, or 3.8%. The 
decrease was supported by an improvement in customer 
call-off accuracy which enabled us to accelerate operating 
efficiency improvements. 
 Compared to June 30, 2025, total headcount (Full Time 
Equivalent) increased by around 100, or 0.2%. Indirect 
headcount increased by around 200 (due to the in-sourced 
personnel mentioned previously), while direct headcount 
decreased by approximately 100.

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

Kvartalsrapport juli - september 2025 
 
12 
Other Items 
 
• On October 14, 2025, Autoliv announced the signing of 
a strategic agreement with China Automotive 
Technology and Research Center Co (CATARC), the 
leading research institution setting standards in China’s 
automotive sector, to jointly advance automotive safety 
standards and innovation in China and beyond. The 
collaboration will span research and development, 
testing, certification, and standards alignment - providing 
technical support for the R&D and global expansion of 
Chinese automakers. 
• On October 9, 2025, Autoliv announced its intent to form 
a new joint venture with Hangsheng Electric Co., Ltd. 
(HSAE), a leading Chinese developer of automotive 
electronics. The joint venture will focus on developing 
and manufacturing advanced safety electronics for the 
rapidly evolving Chinese automotive market. The new 
joint venture will be located strategically near Shanghai 
and close to several existing Autoliv sites in China. The 
focus will be on products that include features such as 
Hands-On Detection (HOD), Pre-Pretensioner 
Mechatronic Integration (PPMI) and electronic 
applications for seatbelt systems and driver units. 
 • On July 27, 2025, Autoliv China officially held the 
groundbreaking ceremony for its new R&D center in 
Wuhan, China. This initiative reflects Autoliv’s long-term 
commitment to the Chinese market and supports the 
global growth of Chinese OEMs. The center is 
scheduled to begin operations in Q3 2026 and will be 
equipped with state-of-the-art testing equipment and a 
digital R&D platform. It will play a critical role in 
advancing automotive safety technologies and 
enhancing Autoliv’s capabilities in delivering secure and 
reliable innovative mobility solutions to customers 
worldwide. 
• In Q3 2025, Autoliv repurchased and retired 0.84 million 
shares of common stock at an average price of $118.75 
per share 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 or indirectly through the 
repurchase of SDRs traded on the Stockholm Nasdaq. 
 
 
Next Report 
Autoliv intends to publish the quarterly earnings report 
for the fourth quarter of 2025 on Friday, January 30, 
2026. 
 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 17 oktober 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, July and October 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 14 =====

Kvartalsrapport juli - september 2025 
 
13 
“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 15 =====

Kvartalsrapport juli - september 2025 
 
14 
Consolidated Statements of Income 
 Third quarter First nine months Latest 12 Full Year 
(Dollars in millions, except per share data, 
unaudited) 2025 2024 2025 2024 months 2024 
Airbags, Steering Wheels and Other1) $1,830 $1,736 $5,395 $5,264 $7,155 $7,023 
Seatbelt products and Other1) 875 819 2,603 2,511 3,459 3,367 
Total net sales 2,706 2,555 7,998 7,774 10,614 10,390 
       
Cost of sales (2,184) (2,095) (6,496) (6,398) (8,561) (8,463) 
Gross profit 522 459 1,502 1,377 2,052 1,927 
       
Selling, general & administrative expenses (137) (129) (427) (399) (558) (530) 
Research, development & engineering expenses, net (117) (96) (319) (325) (393) (398) 
Other income (expense), net (1) (9) 13 (27) 21 (19) 
Operating income 267 226 769 626 1,122 979 
       
Income from equity method investments 2 2 4 5 6 7 
Interest income 3 3 7 10 10 13 
Interest expense (25) (27) (77) (81) (104) (107) 
Other non-operating items, net (7) (7) (10) (7) (20) (16) 
Income before income taxes 240 197 693 554 1,015 875 
       
Income taxes (65) (58) (183) (149) (261) (227) 
Net income 175 139 510 404 754 648 
       
Less: Net income attributable to non-controlling interest 0 0 1 1 1 1 
Net income attributable to controlling interest $175 $138 $509 $403 $752 $646 
       
Earnings per share - diluted $2.28 $1.74 $6.59 $4.98 $9.70 $8.04 
1) Including Corporate sales.

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

Kvartalsrapport juli - september 2025 
 
15 
Consolidated Balance Sheets 
  Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 
(Dollars in millions, unaudited)  2025 2025 2025 2024 2024 
Assets       
Cash & cash equivalents  $225 $237 $322 $330 $415 
Receivables, net  2,357 2,341 2,205 1,993 2,192 
Inventories, net  1,036 957 913 921 997 
Prepaid expenses  226 249 184 167 172 
Other current assets  102 146 75 72 90 
Total current assets  3,946 3,929 3,699 3,483 3,865 
       
Property, plant & equipment, net  2,402 2,399 2,286 2,239 2,317 
Operating leases right-of-use assets  167 171 168 158 173 
Goodwill and intangible assets, net  1,387 1,389 1,380 1,375 1,386 
Investments and other non-current assets  561 588 581 548 565 
Total assets  8,463 8,476 8,114 7,804 8,306 
       
Liabilities and equity       
Short-term debt  654 679 540 387 624 
Accounts payable  1,889 1,945 1,839 1,799 1,881 
Accrued expenses  1,172 1,138 1,053 1,056 1,189 
Operating lease liabilities - current  44 44 42 41 44 
Other current liabilities  383 430 327 351 297 
Total current liabilities  4,141 4,235 3,800 3,633 4,034 
       
Long-term debt  1,374 1,372 1,565 1,522 1,586 
Pension liability  167 167 163 153 147 
Operating lease liabilities - non-current  118 121 120 118 130 
Other non-current liabilities  105 102 103 92 110 
Total non-current liabilities  1,763 1,762 1,952 1,885 1,974 
       
Total parent shareholders’ equity  2,549 2,469 2,351 2,276 2,288 
Non-controlling interest  10 11 10 10 10 
Total equity  2,559 2,480 2,361 2,285 2,298 
       
Total liabilities and equity  $8,463 $8,476 $8,114 $7,804 $8,306

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

Kvartalsrapport juli - september 2025 
 
16 
Consolidated Statements of Cash Flow 
 Third quarter First nine months Latest 12 Full Year 
(Dollars in millions, unaudited) 2025 2024 2025 2024 months 2024 
Net income $175 $139 $510 $404 $754 $648 
Depreciation and amortization 103 97 299 289 397 387 
Gain on divestiture of property - - (6) - (10) (4) 
Other non-cash adjustments, net 32 10 26 1 1 (24) 
Net change in operating working capital:       
   Receivables (4) (36) (170) (3) (121) 47 
   Other current assets 12 7 (122) 9 (64) 67 
   Inventories (78) (30) (52) 1 (26) 28 
   Accounts payable (57) (20) 10 (76) 3 (83) 
   Accrued expenses 82 12 107 53 42 (12) 
   Income taxes (9) (1) 11 (39) 56 6 
Net cash provided by operating activities 258 177 613 639 1,033 1,059 
       
Expenditures for property, plant and equipment (106) (146) (323) (440) (462) (579) 
Proceeds from sale of property, plant and equipment 1 1 10 9 18 17 
Net cash used in investing activities (106) (145) (313) (431) (445) (563) 
       
Net (decrease) increase in short term debt (26) 152 247 85 36 (126) 
Decrease in long-term debt - - (311) (306) (311) (306) 
Increase in long-term debt 46 46 122 581 68 526 
Dividends paid (65) (54) (173) (164) (227) (219) 
Share repurchases (100) (130) (201) (450) (303) (552) 
Common stock options exercised - - 0 0 1 1 
Dividend paid to non-controlling interests (1) (4) (1) (5) (1) (5) 
Net cash (used in) provided by financing activities (146) 11 (316) (259) (738) (680) 
       
Effect of exchange rate changes on cash (18) (36) (89) (33) (40) 16 
(Decrease) increase in cash and cash equivalents (12) 6 (105) (84) (190) (168) 
Cash and cash equivalents at period-start 237 408 330 498 415 498 
Cash and cash equivalents at period-end $225 $415 $225 $415 $225 $330

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

Kvartalsrapport juli - september 2025 
 
17 
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.  
 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 
(Dollars in millions) 2025 2025 2025 2024 2024 
Total current assets $3,946 $3,929 $3,699 $3,483 $3,865 
Total current liabilities (4,141) (4,235) (3,800) (3,633) (4,034) 
Working capital (U.S. GAAP) (195) (305) (101) (150) (169) 
Less: Cash and cash equivalents (225) (237) (322) (330) (415) 
          Prepaid expenses (226) (249) (184) (167) (172) 
          Other current assets (102) (146) (75) (72) (90) 
Less: Short-term debt 654 679 540 387 624 
          Accrued expenses 1,172 1,138 1,053 1,056 1,189 
          Operating lease liabilities - current 44 44 42 41 44 
          Other current liabilities 383 430 327 351 297 
Trade working capital (non-U.S. GAAP) $1,504 $1,354 $1,279 $1,115 $1,307 
      
 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 
(Dollars in millions) 2025 2025 2025 2024 2024 
Receivables, net $2,357 $2,341 $2,205 $1,993 $2,192 
Inventories, net 1,036 957 913 921 997 
Accounts payable (1,889) (1,945) (1,839) (1,799) (1,881) 
Trade working capital (non-U.S. GAAP) $1,504 $1,354 $1,279 $1,115 $1,307 
Annualized quarterly sales 1) $10,822 $10,857 $10,312 $10,463 $10,218 
Trade working capital in relation to annualized quarterly sales 13.9% 12.5% 12.4% 10.7% 12.8% 
1) Calculated as the quarterly amount multiplied by four.

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

Kvartalsrapport juli - september 2025 
 
18 
 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 
Annualized quarterly sales 1) $11,006 $9,340 $8,476 $10,067 
Trade working capital in relation to annualized quarterly sales 11.2% 12.7% 15.7% 13.6% 
1) Calculated as the quarterly amount multiplied by four.

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

Kvartalsrapport juli - september 2025 
 
19 
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.  
 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 
(Dollars in millions) 2025 2025 2025 2024 2024 
Short-term debt $654 $679 $540 $387 $624 
Long-term debt 1,374 1,372 1,565 1,522 1,586 
Total debt 2,027 2,051 2,105 1,909 2,210 
Cash & cash equivalents (225) (237) (322) (330) (415) 
Debt issuance cost/Debt-related derivatives, net (30) (62) 4 (24) (9) 
Net debt $1,772 $1,752 $1,787 $1,554 $1,787 
 
  Dec 31 Dec 31 Dec 31 Dec 31 
(Dollars in millions)  2023 2022 2021 2020 
Short-term debt  $538 $711 $346 $302 
Long-term debt  1,324 1,054 1,662 2,110 
Total debt  1,862 1,766 2,008 2,411 
Cash & cash equivalents  (498) (594) (969) (1,178) 
Debt issuance cost/Debt-related derivatives, net  3 12 13 (19) 
Net debt  $1,367 $1,184 $1,052 $1,214 
 
Leverage ratio 
The non-U.S. GAAP measure “net debt” is also used in the non-U.S. GAAP measure “Leverage ratio”. Management uses 
this measure to analyze the amount of debt the Company can incur under its debt policy. Management believes that this 
policy also provides guidance to credit and equity investors regarding the extent to which the Company would be prepared to 
leverage its operations. Autoliv’s policy is to maintain a leverage ratio commensurate with a strong investment grade credit 
rating. The Company measures its leverage ratio as net debt* adjusted for pension liabilities in relation to adjusted EBITDA* . 
The long-term target is to maintain a leverage ratio equal to or below 1.5x. 
 
 Sep 30 Jun 30 Sep 30 
(Dollars in millions) 2025 2025 2024 
Net debt1) $1,772 $1,752 $1,787 
Pension liabilities 167 167 147 
Net debt per the Policy $1,939 $1,919 $1,934 
    
Net income2) $754 $717 $632 
Income taxes2) 261 255 141 
Interest expense, net2, 3) 94 96 93 
Other non-operating items, net2) 20 19 4 
Income from equity method investments2) (6) (6) (6) 
Depreciation and amortization of intangibles2) 397 390 385 
Capacity alignments2) (1) 6 121 
Antitrust related items2) 5 6 7 
Other items2) - - 0 
EBITDA per the Policy (Adjusted EBITDA) $1,524 $1,483 $1,376 
    
Leverage ratio 1.3 1.3 1.4 
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 21 =====

Kvartalsrapport juli - september 2025 
 
20 
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 operating 
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 measu re is a tool to evaluate how efficiently 
the Company utilizes its resources. For details on cash conversion, see the reconciliation table below.  
 Third quarter  First nine months Latest 12 Full Year 
(Dollars in millions) 2025 2024  2025 2024 months 2024 
Net income $175 $139  $510 $404 $754 $648 
Depreciation and amortization 103 97  299 289 397 387 
Gain on divestiture of property - -  (6) - (10) (4) 
Other, net 32 10  26 1 1 (24) 
Changes in operating working capital, net (53) (68)  (217) (54) (109) 53 
Operating cash flow 258 177  $613 $639 1,033 1,059 
Expenditures for property, plant and equipment (106) (146)  (323) (440) (462) (579) 
Proceeds from sale of property, plant and equipment 1 1  10 9 18 17 
Capital expenditure, net1) (106) (145)  (313) (431) (445) (563) 
Free operating cash flow2) $153 $32  $300 $208 $588 $497 
Cash conversion3) 87% 23%  59% 52% 78% 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 22 =====

Kvartalsrapport juli - september 2025 
 
21 
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" 
 Third quarter  First nine months Latest 12 
(Dollars in millions) 2025 2024  2025 2024 months 
Operating income (GAAP) $267 $226  $769 $626 $1,122 
Non-GAAP adjustments:       
   Less: Capacity alignments 2 9  6 25 (1) 
   Less: Antitrust related items 2 2  3 6 5 
Total non-GAAP adjustments to operating income 4 11  8 31 4 
Adjusted Operating income (Non-GAAP) $271 $237  $777 $657 $1,127 
 
(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 23 =====

Kvartalsrapport juli - september 2025 
 
22 
Reconciliation of GAAP measure "Operating margin" to Non-GAAP measure 
"Adjusted Operating margin" 
 Third quarter  First nine months Latest 12 
 2025 2024  2025 2024 months 
Operating margin (GAAP) 9.9% 8.9%  9.6% 8.1% 10.6% 
Non-GAAP adjustments:       
   Less: Capacity alignments 0.1% 0.4%  0.1% 0.3% (0.0)% 
   Less: Antitrust related items 0.1% 0.1%  0.0% 0.1% 0.1% 
Total non-GAAP adjustments to operating margin 0.1% 0.4%  0.1% 0.4% 0.0% 
Adjusted Operating margin (Non-GAAP) 10.0% 9.3%  9.7% 8.5% 10.6% 
 
 2024 2023 2022 2021 2020 
Operating margin (GAAP) 9.4% 6.6% 7.5% 8.2% 5.1% 
Non-GAAP adjustments:      
   Less: Capacity alignments 0.2% 2.1% (0.7)% 0.1% 1.4% 
   Less: The Andrews litigation settlement - 0.1% - - - 
   Less: Antitrust related items 0.1% 0.0% - - 0.0% 
Total non-GAAP adjustments to operating margin 0.3% 2.2% (0.7)% 0.1% 1.4% 
Adjusted Operating margin (Non-GAAP) 9.7% 8.8% 6.8% 8.3% 6.5% 
 
Reconciliation of GAAP measure "Income before income taxes" to Non-GAAP 
measure "Adjusted Income before income taxes" 
 Third quarter  First nine months 
(Dollars in millions) 2025 2024  2025 2024 
Income before income taxes (GAAP) $240 $197  $693 $554 
Non-GAAP adjustments:      
   Less: Capacity alignments 2 9  6 25 
   Less: Antitrust related items 2 2  3 6 
Total non-GAAP adjustments to Income before income taxes 4 11  8 31 
Adjusted Income before income taxes (Non-GAAP) $244 $208  $702 $585 
 
Reconciliation of GAAP measure "Net income" to Non-GAAP measure "Adjusted 
Net income" 
 Third quarter  First nine months 
(Dollars in millions) 2025 2024  2025 2024 
Net income (GAAP) $175 $139  $510 $404 
Non-GAAP adjustments:      
   Less: Capacity alignments 2 9  6 25 
   Less: Antitrust related items 2 2  3 6 
   Less: Tax on non-GAAP adjustments (1) (3)  (2) (5) 
Total non-GAAP adjustments to Net income 3 8  7 26 
Adjusted Net income (Non-GAAP) $178 $147  $517 $430

===== SIDA 24 =====

Kvartalsrapport juli - september 2025 
 
23 
Reconciliation of GAAP measure "Net income attributable to controlling interest" to 
Non-GAAP measure "Adjusted Net income attributable to controlling interest" 
 Third quarter  First nine months 
(Dollars in millions) 2025 2024  2025 2024 
Net income attributable to controlling interest (GAAP) $175 $138  $509 $403 
Non-GAAP adjustments:      
   Less: Capacity alignments 2 9  6 25 
   Less: Antitrust related items 2 2  3 6 
   Less: Tax on non-GAAP adjustments (1) (3)  (2) (5) 
Total non-GAAP adjustments to Net income attributable to controlling 
interest 3 8  7 26 
Adjusted Net income attributable to controlling interest (Non-GAAP) $178 $146  $516 $429 
 
Reconciliation of GAAP measure "Earnings per share - diluted" to Non-GAAP 
measure "Adjusted Earnings per share - diluted" 
 Third quarter  First nine months 
 2025 2024  2025 2024 
Earnings per share - diluted (GAAP) $2.28 $1.74  $6.59 $4.98 
Non-GAAP adjustments:      
   Less: Capacity alignments 0.03 0.12  0.07 0.31 
   Less: Antitrust related items 0.02 0.02  0.04 0.07 
   Less: Tax on non-GAAP adjustments (0.01) (0.04)  (0.02) (0.06) 
Total non-GAAP adjustments to Earnings per share - diluted 0.04 0.10  0.09 0.32 
Adjusted Earnings per share - diluted (Non-GAAP) $2.32 $1.84  $6.67 $5.30 
      
Weighted average number of shares outstanding - diluted 76.7 79.3  77.3 80.9 
 
Reconciliation of GAAP measure "Return on Capital Employed" to Non-GAAP 
measure "Adjusted Return on Capital Employed" 
 Third quarter  First nine months 
 2025 2024  2025 2024 
Return on capital employed1) (GAAP) 25.1% 22.9%  24.9% 21.2% 
Non-GAAP adjustments:      
   Less: Capacity alignments 0.2% 0.8%  0.2% 0.8% 
   Less: Antitrust related items 0.1% 0.2%  0.1% 0.2% 
Total non-GAAP adjustments to Return on capital employed1) 0.3% 1.0%  0.3% 1.0% 
Adjusted Return on capital employed1) (Non-GAAP) 25.5% 23.9%  25.2% 22.1% 
      
Annualized adjustment2) on Return on capital employed1) $15 $44  $11 $42 
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 25 =====

Kvartalsrapport juli - september 2025 
 
24 
Reconciliation of GAAP measure "Return on Total Equity" to Non-GAAP measure 
"Adjusted Return on Total Equity" 
 Third quarter  First nine months 
 2025 2024  2025 2024 
Return on total equity1) (GAAP) 27.9% 24.1%  28.1% 22.4% 
Non-GAAP adjustments:      
   Less: Capacity alignments 0.3% 1.4%  0.3% 1.3% 
   Less: Antitrust related items 0.2% 0.3%  0.1% 0.3% 
   Less: Tax on non-GAAP adjustments (0.1)% (0.5)%  (0.1)% (0.3)% 
Total non-GAAP adjustments to Return on total equity1) 0.4% 1.1%  0.3% 1.3% 
Adjusted Return on total equity1) (Non-GAAP) 28.3% 25.3%  28.4% 23.7% 
      
Annualized adjustment2) on Return on total equity1) $12 $32  $9 $35 
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 26 =====

Kvartalsrapport juli - september 2025 
 
25 
 
(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.