Nasdaq Nordic · year-end-report

Kvartalsrapport Q4 2024

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Omsättning

Full year 2025 Guidance | Organic sales growth Around 2% | Adjusted operating margin1) Around 10-10.5%
Operating cash flow2) Around $1.2 billion | Capex, net % of sales Around 5% | 1) Excluding effects from capacity alignments, antitrust related matters and other discrete items. 2) Excluding unusual items.
negative | FX impact on net sales Around 2% negative | Tax rate3) Around 28%
Net Sales Development by region Operating and adjusted* operating income and margins
5 | Consolidated sales development | Fourth quarter 2024
Fourth quarter 2024 | Consolidated sales Fourth quarter Reported change Currency Organic | (Dollars in millions) 2024 2023 (U.S. GAAP) effects1) change*
Total $2,616 $2,751 (4.9)% (1.6)% (3.3)% | 1) Effects from currency translations. 2) Including Corporate sales.
Sales by product – Airbags, Steering Wheels and | Other

EBITDA

relative to average capital employed. See definitions of "Annualized operating income" in footnote to the reconciliation tabl es below. 10) Annualized net income relative to average | total equity. See definitions of "Annualized net income" in footnote to the reconciliation tables below. 11) Net debt adjusted for pension liabilities in relation to EBITDA. Non-U.S. | GAAP measure. See reconciliation table.
a leverage ratio of 1.2x compared to 1.2x on December 31, | 2023, as the 12 months trailing adjusted EBITDA* increased | by around $97 million while net debt* per the policy
leverage its operations. Autoliv’s policy is to maintain a leverage ratio commensurate with a strong investment grade credit | rating. The Company measures its leverage ratio as net debt* adjusted for pension liabilities in relation to adjusted EBITDA* . | The long-term target is to maintain a leverage ratio of around 1.0x within a range of 0.5x to 1.5x.
Adjustments2), 4) 27 128 230 | EBITDA per the Policy (Adjusted EBITDA) $1,394 $1,376 $1,297

Rörelseresultat

1 | Kv4 2024: Rekord för rörelseresultat, marginal och vinst/aktie
kostnadskompensation. Personalstyrkan minskade med cirka 7%. Rörelseresultatet nådde nytt rekord på 353 MUSD och | rörelsemarginalen nådde nytt rekord på 13,5%. Justerat rörelseresultat* var även det nytt rekord på 349 MUSD. Även justerad rörelse- | marginal på 13,4% är nytt rekord. Avkastning på sysselsatt kapital var 35,8% och justerad avkastning på sysselsatt kapital* var 35,2%.
Försäljning $2 616 $2 751 -4,9% $10 390 $10 475 -0,8% | Rörelseresultat 353 237 49% 979 690 42% | Justerat rörelseresultat1) 349 334 4,7% 1 007 920 9,5%
1) Exklusive effekter från kapacitetsanpassningar, kartellrelaterade ärenden och för helår 2023 Andrewsförlikningen. Ej U.S. GAAP, se jämförelsetabell. 2) Annualiserat | rörelseresultat och vinstandelar i minoritetsbolag i förhållande till genomsnittligt sysselsatt kapital.
Net Sales Development by region Operating and adjusted* operating income and margins
Adj. operating income and margin*: Operating income adjusted for | capacity alignments, antitrust related matters and for FY 2023 the
Other income (expense), net 8 (92) n/a (19) (207) (91)% | Operating income 353 237 49% 979 690 42% | Adjusted operating income1) 349 334 4.7% 1,007 920 9.5%
accruals compared to the prior year. | Operating income increased by $117 million compared to | the prior year, due to improvement in Other income

Periodens resultat

Income taxes (78) 8 n/a (227) (123) 84% | Net income $243 $227 7.0% $648 $489 32%
(Dollars in millions) 2024 2023 Change 2024 2023 Change | Net income $243 $227 7.0% $648 $489 32% | Depreciation and amortization 98 97 1.7% 387 378 2.5%
1) Defined as Expenditures for Property, Plant and Equipment less Proceeds from sale of Property, Plant and Equipment. 2) Operating cash flow less Capital expenditure, net. | Non-U.S. GAAP measure. See enclosed reconciliation table. 3) Free operating cash flow relative to Net income. Non-U.S. GAAP measure. See reconciliation table.
related derivatives. Non-U.S. GAAP measure. See reconciliation table. 8) Total equity and net debt. 9) Annualized operating i ncome and income from equity method investments, | relative to average capital employed. See definitions of "Annualized operating income" in footnote to the reconciliation tabl es below. 10) Annualized net income relative to average | total equity. See definitions of "Annualized net income" in footnote to the reconciliation tables below. 11) Net debt adjusted for pension liabilities in relation to EBITDA. Non-U.S.
relative to average capital employed. See definitions of "Annualized operating income" in footnote to the reconciliation tabl es below. 10) Annualized net income relative to average | total equity. See definitions of "Annualized net income" in footnote to the reconciliation tables below. 11) Net debt adjusted for pension liabilities in relation to EBITDA. Non-U.S. | GAAP measure. See reconciliation table.
year, partly offset by less negative impact from other net and | higher net income, as outline above.
Cash conversion* defined as free operating cash flow* in | relation to net income, was 118% in the quarter.
negative currency translation effects, partly offset by positive | net income of $648 million. | Leverage ratio*: On December 31, 2024, the Company had

Resultat per aktie

Earnings per share - diluted2) $3.10 $2.71 14% $8.04 $5.72 40% | Adjusted earnings per share - diluted1,2) $3.05 $3.74 (19)% $8.32 $8.19 1.6%
decreased the tax rate in the fourth quarter of 2024 by 8.4pp. | Earnings per share, diluted increased by $0.38 compared | to the prior year. The main drivers were $1.18 from higher
tax rate favorably by 6.1pp compared to the prior year. | Earnings per share, diluted increased by $2.32 compared | to a year earlier. The main drivers were $2.83 from higher
Earnings per share - diluted $3.10 $2.71 $8.04 $5.72 | 1) Including Corporate sales.
Reconciliation of GAAP measure "Earnings per share - diluted" to Non-GAAP | measure "Adjusted Earnings per share - diluted"
Reconciliation of GAAP measure "Earnings per share - diluted" to Non-GAAP | measure "Adjusted Earnings per share - diluted" | Fourth quarter Full year
2024 2023 2024 2023 | Earnings per share - diluted (GAAP) $3.10 $2.71 $8.04 $5.72 | Non-GAAP adjustments:
Less: Tax on non-GAAP adjustments 0.00 (0.13) (0.06) (0.24) | Total non-GAAP adjustments to Earnings per share - diluted (0.05) 1.03 0.28 2.46 | Adjusted Earnings per share - diluted (Non-GAAP) $3.05 $3.74 $8.32 $8.19

Kassaflöde

Cirka 10-10,5% justerad rörelsemarginal | Cirka $1,2 miljard operativt kassaflöde
marginal på 13,4% är nytt rekord. Avkastning på sysselsatt kapital var 35,8% och justerad avkastning på sysselsatt kapital* var 35,2%. | Operativt kassaflöde var 420 MUSD, vilket för helåret blev ett nytt rekord på 1 059 MUSD. Fritt operativt kassaflöde* i kvartalet var | 288 MUSD jämfört med 297 MUSD föregående år. Skuldsättningskvoten* var 1.2x, fortsatt väl inom målintervallet. I kvartalet betalades
Justerad vinst/aktie efter utspädning1) 3,05 3,74 -19% 8,32 8,19 1,6% | Operativt kassaflöde 420 447 -6,0% 1 059 982 7,8% | Avkastning på sysselsatt kapital2) 35,8% 24,4% 11 25,0% 17,7% 7,2
Det glädjer mig att vi levererade stark | lönsamhet och kassaflöde i fjärde kvartalet. | Vi nådde nya rekord i kvartalet för rörelse-
lönsamhet mot våra finansiella mål på medellång sikt. Fortsatt starkt | kassaflöde och balansräkning bör ge en solid bas för vårt fokus på | en hög avkastning till våra aktieägare.
Capex, net and D&A Operating cash flow
D&A: Depreciation and Amortization. | Cash conversion*: Free operating cash flow* in relation to net | income. Free operating cash flow defined as operating cash flow
Cash conversion*: Free operating cash flow* in relation to net | income. Free operating cash flow defined as operating cash flow | less capital expenditure, net.

Likvida medel

quarterly sales amount multiplied by four. 3) Outstanding receivables relative to annualized quarterly sales. 4) Outstanding inventory relative to annualized quarterly sales. 5) | Outstanding payables relative to annualized quarterly sales. 6) Short- and long-term interest-bearing debt. 7) Short- and long-term debt less cash and cash equivalents and debt- | related derivatives. Non-U.S. GAAP measure. See reconciliation table. 8) Total equity and net debt. 9) Annualized operating i ncome and income from equity method investments,
enabling a more efficient inventory management. | Cash and cash equivalents as of December 31, 2024 was | around $0.3 billion, while committed, unused loan facilities,
Effect of exchange rate changes on cash 49 (16) 16 (20) | Increase (decrease) in cash and cash equivalents (84) 23 (168) (96) | Cash and cash equivalents at period-start 415 475 498 594
Increase (decrease) in cash and cash equivalents (84) 23 (168) (96) | Cash and cash equivalents at period-start 415 475 498 594 | Cash and cash equivalents at period-end $330 $498 $330 $498
Cash and cash equivalents at period-start 415 475 498 594 | Cash and cash equivalents at period-end $330 $498 $330 $498
Working capital (U.S. GAAP) (150) (169) (83) 353 (61) | Less: Cash and cash equivalents (330) (415) (408) (569) (498) | Prepaid expenses (167) (172) (193) (180) (173)
Working capital (U.S. GAAP) 72 853 1,122 | Less: Cash and cash equivalents (594) (969) (1,178) | Prepaid expenses (160) (174) (401)
Leverage ratio 1.2 1.4 1.2 | 1) Short- and long-term debt less cash and cash equivalents and debt-related derivatives. 2) Latest 12 months. 3) Interest expense | including cost for extinguishment of debt, if any, less interest income. 4) Capacity alignments, antitrust related matters and for FY2023

Nettoskuld

Outstanding payables relative to annualized quarterly sales. 6) Short- and long-term interest-bearing debt. 7) Short- and long-term debt less cash and cash equivalents and debt- | related derivatives. Non-U.S. GAAP measure. See reconciliation table. 8) Total equity and net debt. 9) Annualized operating i ncome and income from equity method investments, | relative to average capital employed. See definitions of "Annualized operating income" in footnote to the reconciliation tabl es below. 10) Annualized net income relative to average
relative to average capital employed. See definitions of "Annualized operating income" in footnote to the reconciliation tabl es below. 10) Annualized net income relative to average | total equity. See definitions of "Annualized net income" in footnote to the reconciliation tables below. 11) Net debt adjusted for pension liabilities in relation to EBITDA. Non-U.S. | GAAP measure. See reconciliation table.
was around $1.2 billion. | Net debt* was $1,554 million as of December 31, 2024, | which was $187 million higher than a year earlier, mainly
2023, as the 12 months trailing adjusted EBITDA* increased | by around $97 million while net debt* per the policy | increased by around $181 million.
Income taxes 45 69 6 43 | Net cash provided by operating activities 420 447 1,059 982
Proceeds from sale of property, plant and equipment 7 3 17 4 | Net cash used in investing activities (132) (150) (563) (569)
Dividend paid to non-controlling interests - (0) (5) (1) | Net cash used in financing activities (422) (258) (680) (490)
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

Eget kapital

Total parent shareholders’ equity 2,276 2,288 2,298 2,428 2,557 | Non-controlling interest 10 10 13 13 13
Total equity 2,285 2,570 2,626 2,648 2,423 | Total parent shareholders’ equity per share 29.26 30.93 30.30 30.10 27.56 | Current assets excluding cash 3,153 3,475 3,119 2,705 3,091

Antal aktier

Weighted average number of shares outstanding - diluted 78.5 83.7 80.4 85.2
Cash dividends paid per share 2.74 2.66 2.58 1.88 0.62 | Number of shares outstanding (millions)17) 77.7 82.6 86.2 87.5 87.4 | Number of employees, December 31 59,500 62,900 61,700 55,900 61,000

Antal anställda

Number of shares outstanding (millions)17) 77.7 82.6 86.2 87.5 87.4 | Number of employees, December 31 59,500 62,900 61,700 55,900 61,000 | 1) Including Corporate sales 2) Net of treasury shares. 3) Gross profit relative to sales. 4) Operating income relative to sa les. 5) Excluding effects from capacity alignments,

Organisk tillväxt

Q4 2024 organic growth* Americas Europe China Asia excl. China Global | Autoliv (4.4)% (5.2)% (5.2)% 3.5% (3.3)%
FY 2024 organic growth* Americas Europe China Asia excl. China Global | Autoliv (1.7)% 1.4% (3.2)% 6.6% 0.4%

Bruttomarginal

Gross margin 21.0% 19.3% 1.8pp 18.5% 17.4% 1.2pp | S,G&A, in relation to sales (5.0)% (4.4)% (0.7)pp (5.1)% (4.8)% (0.3)pp
Fourth quarter 2024 development | Gross profit increased by $20 million, and the gross margin | increased by 1.8pp compared to the prior year. The
Full year 2024 development | Gross profit increased by $106 million, and the gross margin | increased by 1.2pp compared to the prior year. The

Fulltext

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

Kvartalsrapport 
     oktober - december 2024 
 
        Stockholm, Sverige, 31 januari, 2025  
        (NYSE: ALV och SSE: ALIV.sdb)

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

Financial Report October - December 2024 
 
1 
Kv4 2024: Rekord för rörelseresultat, marginal och vinst/aktie 
 
Finansiell sammanfattning Kv4 
$2 616 miljoner försäljning 
4,9% försäljningsminskning 
3,3% organisk försäljningsminskning* 
13,5% rörelsemarginal 
13,4% justerad rörelsemarginal* 
$3,10 vinst/aktie efter utspädning, 14% ökning 
$3,05 justerad vinst/aktie*, 19% minskning 
 Utsikter för helåret 2025 
Cirka 2% organisk försäljningsökning 
Cirka 2% negativ valutaeffekt på försäljningen 
Cirka 10-10,5% justerad rörelsemarginal 
Cirka $1,2 miljard operativt kassaflöde 
 
 
Alla förändringstal i denna rapport jämför med motsvarande period året innan, om inte annat anges.  
 
Viktiga händelser i verksamheten under det fjärde kvartalet 2024 
 Fjärde kvartalets försäljning minskade organiskt* med 3,3%, vilket var 3,7 procentenheter lägre än den globala 
fordonsproduktionens ökning med 0,4% (S&P Global jan 2025). 4 procentenheter av den avvikelsen beräknas komma från stora 
skillnader i fordonsproduktionstillväxt mellan olika regioner och mellan olika kunder. Vi växte snabbare än fordonsproduktionen i Asien 
exkl. Kina och i Europa, främst pga produktlanseringar och positiv prissättning. Vår försäljning till inhemska kinesiska fordonstillverkare 
växte med 20%, nästan lika mycket som deras fordonsproduktion växte. Den negativa fordonsproduktionsmixen i Kina, där modeller 
med lägre säkerhetsinnehåll växte starkt medan modeller med högre säkerhetsinnehåll minskade, ledde till att vi underpresterade 
försäljningsmässigt i Kina. Vi förväntar oss att vår starka orderingång med inhemska kinesiska fordonstillverkare kommer leda till en 
rekordnivå av nya lanseringar i Kina, och därmed markant förbättra vår prestation i Kina 2025. Viktiga kunders minskning av 
återförsäljarnas lager resulterade i att vi underpresterade i Amerika. 
 Lönsamheten förbättrades, med ett flertal nya rekord främst pga framgånsrikt genomförande av kostnadsminskningar och 
kostnadskompensation. Personalstyrkan minskade med cirka 7%. Rörelseresultatet nådde nytt rekord på 353 MUSD och 
rörelsemarginalen nådde nytt rekord på 13,5%. Justerat rörelseresultat* var även det nytt rekord på 349 MUSD. Även justerad rörelse-
marginal på 13,4% är nytt rekord. Avkastning på sysselsatt kapital var 35,8% och justerad avkastning på sysselsatt kapital* var 35,2%. 
 Operativt kassaflöde var 420 MUSD, vilket för helåret blev ett nytt rekord på 1 059 MUSD. Fritt operativt kassaflöde* i kvartalet var 
288 MUSD jämfört med 297 MUSD föregående år. Skuldsättningskvoten* var 1.2x, fortsatt väl inom målintervallet. I kvartalet betalades 
en utdelning på 0,70 USD per aktie, och 1,04 milljoner aktier återköptes och makulerades. 
*För ej U.S. GAAP, se jämförelsetabell. 
 Nyckeltal 
MUSD, förutom aktiedata Kv4 2024 Kv4 2023 Förändring År 2024 År 2023 Förändring 
Försäljning $2 616 $2 751 -4,9% $10 390 $10 475 -0,8% 
Rörelseresultat 353 237 49% 979 690 42% 
Justerat rörelseresultat1) 349 334 4,7% 1 007 920 9,5% 
Rörelsemarginal 13,5% 8,6% 4,9 9,4% 6,6% 2,8 
Justerat rörelseresultat1) 13,4% 12,1% 1,2 9,7% 8,8% 0,9 
Vinst/aktie efter utspädning 3,10 2,71 14% 8,04 5,72 40% 
Justerad vinst/aktie efter utspädning1) 3,05 3,74 -19% 8,32 8,19 1,6% 
Operativt kassaflöde 420 447 -6,0% 1 059 982 7,8% 
Avkastning på sysselsatt kapital2) 35,8% 24,4% 11 25,0% 17,7% 7,2 
Justerad avkastning på sysselsatt kapital1,2) 35,2% 32,9% 2,3 25,6% 23,1% 2,5 
1) Exklusive effekter från kapacitetsanpassningar, kartellrelaterade ärenden och för helår 2023 Andrewsförlikningen. Ej U.S. GAAP, se jämförelsetabell. 2) Annualiserat 
rörelseresultat och vinstandelar i minoritetsbolag i förhållande till genomsnittligt sysselsatt kapital.  
 
 
Kommentar från Mikael Bratt, VD & koncernchef   
 
Det glädjer mig att vi levererade stark 
lönsamhet och kassaflöde i fjärde kvartalet.   
Vi nådde nya rekord i kvartalet för rörelse-
resultat, rörelsemarginal och vinst/aktie. För 
helåret hade vi rekordhögt operativt kassa-
flöde. Jag är även nöjd med att vi genererade 
en hög avkastning på sysselsatt kapital för 
kvartalet och året och att vi presterade så 
säkerhetsinnehåll, vilket ledde till att försäljningen utvecklades sämre 
än fordonsproduktionen. Vi förväntar oss ett rekordstort antal 
lanseringar i Kina 2025 och därmed en markant förbättring av vår 
utveckling på den kinesiska marknaden 2025. 
Vi vann flera strategiskt viktiga ordrar med nya fordonstillverkare 
2024, även om totalmarknaden för nya ordrar var på en låg nivå. 
Detta pga teknologisk och geopolitisk osäkerhet med följden att 
beställningarna av flera stora plattformar flyttades in i 2025.  
Vi förväntar oss att 2025 blir ett utmanande år för bilindustrin med 
lägre fordonsproduktion och geopolitiska risker. Den osäkerheten gör 
det svårt att förutspå hur förutsättningarna för affärsmiljö och 
fordonsindustri kommer utvecklas 2025. Vårt fortsatta fokus på 
effektivitet förväntas trots detta bidra till ytterligare förbättring av vår 
lönsamhet mot våra finansiella mål på medellång sikt. Fortsatt starkt 
kassaflöde och balansräkning bör ge en solid bas för vårt fokus på 
en hög avkastning till våra aktieägare.  
Jag ser fram mot vår kapitalmarknadsdag, planerad till 3e juni, 2025, 
då vi avser presentera vår syn på vår väg framåt. Mer detaljer 
kommer kommuniceras inom kort.  
starkt trots lägre försäljning pga sämre fordonsproduktionsmix. 
Vår starka utveckling i både kvartalet och året var främst ett 
resultat av vår strikta kostnadskontroll. Vårt strukturella kostnads- 
reduktionsprogram möjliggjorde en minskning av indirekt arbets-
styrka med 1 400 sedan Kv1 2023. Vi accelererade våra operativa 
effektivitetsförbättringar, delvis tack vare att kundavropen blev 
mer pålitliga, vilket bidrog till en minskning av direkt arbetsstyrka 
med 9% på ett år. Vi nådde uppgörelser med alla stora kunder 
angående kompensation för den höga inflationen, vilket bidrog till 
det starka resultatet för kvartalet och året. 
I Kina drevs fordonsproduktionen av modeller med lågt

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

Financial Report October - December 2024 
 
2 
Full year 2025 guidance 
In addition to the assumptions noted below, our full year 2025 guidance is mainly based on our customer call-offs, the 
achievement of our targeted cost compensation effects and no material changes to tariffs or trade restrictions. 
Full year 2025 Guidance  
Organic sales growth Around 2% 
Adjusted operating margin1) Around 10-10.5% 
Operating cash flow2) Around $1.2 billion 
Capex, net % of sales Around 5% 
1) Excluding effects from capacity alignments, antitrust related matters and other discrete items. 2) Excluding unusual items. 
 
Full year 2025 Assumptions  
LVP Growth Around 0.5% 
negative 
FX impact on net sales Around 2% negative 
Tax rate3) Around 28% 
3) Excluding unusual tax items.  
 
The forward-looking non-U.S. GAAP financial measures above are provided on a non-U.S. GAAP basis. Autoliv has not 
provided a U.S. GAAP reconciliation of these measures because items that impact these measures, such as costs and gains 
related to capacity alignments and antitrust matters, cannot be reasonably predicted or determined. As a result, such 
reconciliation is not available without unreasonable efforts and Autoliv is unable to determine the probable significance of the 
unavailable information. 
Conference call and webcast 
The earnings conference call will be held at 2:00 p.m. CET today, January 31, 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 =====

Financial Report October - December 2024 
 
3 
Business and market condition update 
Supply Chain 
In the fourth quarter, global LVP increased by 0.4% year-over-year (according to S&P Global Jan 2025). Call-off volatility 
improved slightly compared to a year earlier and compared to the third quarter of 2024, although it remains higher than 
pre-pandemic levels. Low customer demand visibility and changes to customer call-offs with short notice, although 
improved, continued to have a negative impact on our production efficiency and profitability in the quarter. We expect call -
off volatility in 2025 on average to be slightly lower than it was in 2024 but still remain higher than pre-pandemic levels.  
Inflation 
In the fourth quarter, cost pressure from labor and other items had a negative impact on our profitability, although most of 
the inflationary cost pressure was offset by price increases and other customer compensations in the quarter. In 2024 we 
successfully received inflation compensation from all of our major customers. Raw material price changes had a slight 
negative impact on our profitability during the fourth quarter. We expect raw material prices in 2025 to increase slightly fo r 
the full year. We expect cost pressure from inflation to moderate in 2025, but we still expect some pressure coming 
mainly from labor, especially in Europe and the Americas. We continue to execute on productivity and cost reduction 
initiatives to offset these cost pressures. 
Geopolitical risks, tariffs and other matters 
Geopolitical uncertainties will continue to create a challenging operating environment. We also see a likelihood that there 
will be new or increased tariffs or other related trade restrictions imposed in 2025 that may impact our operations. We 
continue to closely monitor the situation and are prepared to remain agile in responding to any such developments.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
This report includes content supplied by S&P Global; Copyright © Light Vehicle Production Forecast, January, 2024, October 20 24 and January 2025. All rights reserved.

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

Financial Report October - December 2024 
 
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 =====

Financial Report October - December 2024 
 
5 
Consolidated sales development 
Fourth quarter 2024 
Consolidated sales  Fourth quarter Reported change Currency Organic 
(Dollars in millions)  2024 2023 (U.S. GAAP) effects1) change* 
Airbags, Steering Wheels and Other2)  $1,760 $1,864 (5.6)% (1.5)% (4.1)% 
Seatbelt Products and Other2)  856 887 (3.5)% (1.9)% (1.6)% 
Total  $2,616 $2,751 (4.9)% (1.6)% (3.3)% 
       
Americas  $786 $861 (8.7)% (4.3)% (4.4)% 
Europe  715 755 (5.3)% (0.1)% (5.2)% 
China  587 617 (4.8)% 0.4% (5.2)% 
Asia excl. China  527 519 1.7% (1.8)% 3.5% 
Total  $2,616 $2,751 (4.9)% (1.6)% (3.3)% 
1) Effects from currency translations. 2) Including Corporate sales.  
 
Sales by product – Airbags, Steering Wheels and 
Other 
Sales declined organically* by 4.1% in the quarter. The 
largest contributor to the decrease was steering wheels, 
passenger airbags, driver airbags and knee airbags, partly 
offset by growth in center airbags.  
 Sales by product - Seatbelt Products and Other 
 
Sales for Seatbelt Products and Other declined organically* 
by 1.6% in the quarter. Sales declined organically in China 
and Europe while sales increased in Asia excluding China 
with the Americas being virtually unchanged. 
 
 
 
Sales by region 
Our global organic sales* decreased by 3.3% compared to 
the global LVP increase of 0.4% (according to S&P Global, 
Jan 2025). The underperformance was mainly driven by a 
negative regional and model LVP mix that we estimate 
contributed to about 4pp underperformance. This was 
particularly accentuated in China while dealer inventory 
reductions by major customers explain most of our 
underperformance in Americas. Our organic sales growth 
underperformed LVP growth by 13pp in China and by 2.6pp 
in Americas while we outperformed by 7.0pp in Asia 
excluding China and by 3.0pp in Europe.  
  
 
LVP growth in China was heavily tilted to domestic OEMs 
with typically lower safety content. LVP for global OEMs 
declined by 8.3% while it increased by 24% for domestic 
OEMs. Autoliv's sales to domestic OEMs increased by 20% 
in the quarter. We expect that our strong order intake with 
domestic OEMs will lead to a record high number of new 
launches and significantly improve Autoliv's sales 
performance in China in 2025. 
 
Q4 2024 organic growth* Americas Europe China Asia excl. China Global 
Autoliv (4.4)% (5.2)% (5.2)% 3.5% (3.3)% 
Main growth drivers Ford, Honda, Toyota Renault, VW, Ford Geely, Chery, Changan Suzuki, Toyota, Subaru Renault, Geely, Toyota 
Main decline drivers Stellantis, EV OEM, 
Rivian, 
Stellantis, Mercedes, 
Volvo 
Honda, GM, Lixiang 
auto Honda, Mazda, Ford Stellantis, Honda, Volvo 
 
Light vehicle production development 
Change compared to the same period last year according to S&P Global 
Q4 2024 Americas Europe China Asia excl. China Global 
LVP (Jan 2025) (1.8)% (8.2)% 8.3 % (3.5)% 0.4% 
LVP (Oct 2024) (3.1)% (8.9)% (1.6)% (4.7)% (4.0)%

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

Financial Report October - December 2024 
 
6 
Consolidated sales development 
Full year 2024 
Consolidated sales  Full year Reported change Currency Organic 
(Dollars in millions)  2024 2023 (U.S. GAAP) effects1) change* 
Airbags, Steering Wheels and Other2)  $7,023 $7,055 (0.5)% (1.2)% 0.7% 
Seatbelt Products and Other2)  3,367 3,420 (1.6)% (1.3)% (0.2)% 
Total  $10,390 $10,475 (0.8)% (1.2)% 0.4% 
       
Americas  $3,424 $3,526 (2.9)% (1.2)% (1.7)% 
Europe  2,946 2,877 2.4% 1.0% 1.4% 
China  2,010 2,105 (4.5)% (1.3)% (3.2)% 
Asia excl. China  2,010 1,968 2.2% (4.4)% 6.6% 
Total  $10,390 $10,475 (0.8)% (1.2)% 0.4% 
1) Effects from currency translations. 2) Including Corporate sales.  
 
Sales by product – Airbags, Steering Wheels and 
Other 
Sales grew organically* by 0.7% in the period. The largest 
contributor to the increase was steering wheels, followed by 
center airbags, side airbags, inflatable curtains and inflators, 
partly offset by decreases for passenger airbags, knee 
airbags and driver airbags. 
 Sales by product - Seatbelt Products and Other 
 
Sales for Seatbelt Products and Other declined organically* 
by 0.2% in the period. Sales decreased organically in China 
and Europe, while it increased in Asia excluding China and 
the Americas. 
 
 
 
 
Sales by region 
Our global organic sales* increased by 0.4% compared to 
the global LVP decrease of 1.2% (according to S&P Global, 
Jan 2025). The 1.6pp outperformance was mainly driven by 
new product launches and higher prices, partly offset by 
negative customer and model mix. 
  
 
Our organic sales growth outperformed LVP growth by 11pp 
in Asia excluding China and by 6.1pp in Europe while it was 
in line with LVP growth in Americas. Our sales growth 
underperformed LVP growth by 7.4pp in China. LVP growth 
in China was tilted to domestic OEMs with typically lower 
safety content. Domestic OEM LVP in China grew by 18% 
while LVP declined by 9.5% for global OEMs in China in 
2024. Autoliv's sales to domestic OEMs increased by 24% in 
2024. 
 
FY 2024 organic growth* Americas Europe China Asia excl. China Global 
Autoliv (1.7)% 1.4% (3.2)% 6.6% 0.4% 
Main growth drivers Toyota, Honda, VW Renault, Mercedes, 
Ford Geely, Chery, Changan Hyundai, Suzuki, Tata Geely, Mercedes, 
Renault 
Main decline drivers Stellantis, EV OEM, 
Nissan Stellantis, Volvo, Fisker GM, Honda, EV OEM Nissan, Mazda, Renault Stellantis, EV OEM, GM 
 
Light vehicle production development 
Full year 2024 Americas Europe China Asia excl. China Global 
LVP (Jan 2025) (1.7)% (4.7)% 4.2 % (4.6)% (1.2)% 
LVP (Jan 2024) 1.0% (2.0)% (0.5)% (1.6)% (0.8)%

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

Financial Report October - December 2024 
 
7 
Key launches in the fourth quarter 2024 
 
  Toyota 4Runner                         Nissan Murano                             Suzuki DZIRE                                      
 
 
 
 
 
 
 
         
 
            
 
          
 
      
   Honda Ye S7                     
 
   Citroen C3 Aircross            
     Honda Amaze                 
 
 
 
  
 
  
 
 
                                     
 
          
 
          
 
      
  Acura ADX                        
   Skoda Kylaq                       
 
   Hyundai Ioniq 9                          
 
 
 
 
 
 
  
 
 
 
 
 
                             
      
   Lynk&Co Z20                             Zeekr Mix                               Nio ET9                               
  
 
 
 
   
                                       
      
 
  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 =====

Financial Report October - December 2024 
 
8 
Financial development  
Selected Income Statement items 
Condensed income statement Fourth quarter  Full year 
(Dollars in millions, except per share data) 2024 2023 Change  2024 2023 Change 
Net sales $2,616 $2,751 (4.9)%  $10,390 $10,475 (0.8)% 
Cost of sales (2,065) (2,221) (7.0)%  (8,463) (8,654) (2.2)% 
Gross profit 551 530 3.8%  1,927 1,822 5.8% 
S,G&A (132) (120) 9.6%  (530) (500) 6.0% 
R,D&E, net (74) (81) (9.5)%  (398) (425) (6.3)% 
Other income (expense), net 8 (92) n/a  (19) (207) (91)% 
Operating income 353 237 49%  979 690 42% 
Adjusted operating income1) 349 334 4.7%  1,007 920 9.5% 
Financial and non-operating items, net (32) (18) 82%  (105) (77) 35% 
Income before taxes 321 219 47%  875 612 43% 
Income taxes (78) 8 n/a  (227) (123) 84% 
Net income $243 $227 7.0%  $648 $489 32% 
        
Earnings per share - diluted2) $3.10 $2.71 14%  $8.04 $5.72 40% 
Adjusted earnings per share - diluted1,2) $3.05 $3.74 (19)%  $8.32 $8.19 1.6% 
        
Gross margin 21.0% 19.3% 1.8pp  18.5% 17.4% 1.2pp 
S,G&A, in relation to sales (5.0)% (4.4)% (0.7)pp  (5.1)% (4.8)% (0.3)pp 
R,D&E, net in relation to sales (2.8)% (3.0)% 0.1pp  (3.8)% (4.1)% 0.2pp 
Operating margin 13.5% 8.6% 4.9pp  9.4% 6.6% 2.8pp 
Adjusted operating margin1) 13.4% 12.1% 1.2pp  9.7% 8.8% 0.9pp 
Tax Rate 24.3% (3.7)% 28pp  26.0% 20.1% 5.9pp 
        
Other data        
No. of shares at period-end in millions2) 77.7 82.6 (6.0)%  77.7 82.6 (6.0)% 
Weighted average no. of shares in millions, basic2) 78.3 83.5 (6.3)%  80.2 85.0 (5.7)% 
Weighted average no. of shares in millions, diluted2) 78.5 83.7 (6.2)%  80.4 85.2 (5.6)% 
1) Non-U.S. GAAP measure, excluding effects from capacity alignments, antitrust related matters and for FY 2023 the Andrews litigati on settlement. See reconciliation table. 2) 
Net of treasury shares. 
 
Fourth quarter 2024 development 
Gross profit increased by $20 million, and the gross margin 
increased by 1.8pp compared to the prior year. The 
improvement was mostly due to that improved customer call-
off accuracy supported an improved operational efficiency 
with around $33 million in lower costs for labor, premium 
freight and waste and scrap. The gross profit increase was 
also, to a lesser extent, supported by lower costs related to 
recalls, insurance and materials. The main offsetting factor to 
the improvement were negative effects of lower sales. 
S,G&A costs increased by $12 million compared to the prior 
year, mainly due to minor cost increases for several items, 
including personnel, insurance and IT expenses. S,G&A costs 
in relation to sales increased from 4.4% to 5.0%. 
R,D&E, net costs decreased by $8 million compared to the 
prior year, with the majority of the improvement coming from 
higher engineering income. The decrease was also supported 
to a smaller extent from several items, mainly lower personnel 
costs and lower costs for samples, prototypes and tools. 
R,D&E, net, in relation to sales decreased from 3.0% to 2.8%. 
Other income (expense), net was positive $8 million, 
compared to negative $92 million in the same period last year. 
Almost all of the change was due to lower capacity alignment 
accruals compared to the prior year. 
Operating income increased by $117 million compared to 
the prior year, due to improvement in Other income 
(expense), higher gross profit, lower costs for R,D&E, net, 
partly offset by higher costs for S,G&A, as outlined above. 
  
Adjusted operating income* increased by $16 million 
compared to the prior year, due to the higher gross profit, 
and lower costs for R,D&E, net, partly offset by higher costs 
for S,G&A, as outlined above. 
Financial and non-operating items, net, was negative $32 
million compared to negative $18 million a year earlier. The 
increase in costs was mainly due to increased expenses for 
non-operating items.  
Income before taxes increased by $102 million compared 
to the prior year, mainly due to the higher operating income, 
partly offset by higher costs for financial and non-operating 
items. 
Tax rate was 24.3% compared to negative 3.7% in the prior 
year. The higher tax rate was mainly due to discrete tax 
items, net, in the fourth quarter of 2023 that decreased the 
tax rate by 47.2pp. That decrease was mainly related to a 
net deferred tax asset recognized in the fourth quarter of 
2023 due to the transfer of certain assets and operations as 
part of restructuring activities. Discrete tax items, net, 
decreased the tax rate in the fourth quarter of 2024 by 8.4pp. 
Earnings per share, diluted increased by $0.38 compared 
to the prior year. The main drivers were $1.18 from higher 
operating income and $0.19 from lower number of 
outstanding shares, diluted, partly offset by $0.90 from 
higher taxes and $0.10 from higher financial and non-
operating items, net.

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

Financial Report October - December 2024 
 
9 
Full year 2024 development 
Gross profit increased by $106 million, and the gross margin 
increased by 1.2pp compared to the prior year. The 
improvement was mostly due to that better customer call-off 
accuracy supported an improved operational efficiency with 
around $82 million in lower costs for labor, premium freight 
and waste and scrap. The gross profit increase was also, to a 
lesser extent, supported by positive effects from lower 
material costs. The main offsetting factor to the improvement 
were negative effects of lower sales. 
S,G&A costs increased by $30 million compared to the prior 
year. The main reason for the cost increase was higher costs 
for personnel, due to the high wage inflation. S,G&A costs in 
relation to sales increased from 4.8% to 5.1%. 
R,D&E, net costs decreased by $27 million compared to the 
prior year. Higher engineering income explained almost the 
entire improvement. R,D&E, net, in relation to sales 
decreased from 4.1% to 3.8%. 
Other income (expense), net was negative $19 million 
compared to negative $207 million last year. Almost all of the 
change was due to lower capacity alignment accruals 
compared to the prior year. 
Operating income increased by $290 million compared to 
the prior year, mainly due to lower capacity alignment 
accruals, and the increase in gross profit, as outlined above. 
 
 
 
  
Adjusted operating income* increased by $87 million 
compared to the prior year, mainly due to higher gross profit 
and lower R,D&E, net partly offset by higher costs for 
S,G&A, as outlined above. 
Financial and non-operating items, net, was negative 
$105 million compared to negative $77 million a year earlier. 
The change was mainly due to increased interest expense 
as the result of higher debt and higher interest rates, and 
increased expenses for non-operating items. 
Income before taxes increased by $263 million compared 
to the prior year, mainly due to the increase in operating 
income and financial and non-operating items, net, as 
outlined above. 
Tax rate was 26.0% compared to 20.1% in the same period 
last year. The higher tax rate was mainly due to discrete tax 
items, net, in the prior year decreased the tax rate by 
17.3pp. Discrete tax items, net, decreased the tax rate in 
2024 by 4.8pp. In addition, country mix impacted the 2024 
tax rate favorably by 6.1pp compared to the prior year. 
Earnings per share, diluted increased by $2.32 compared 
to a year earlier. The main drivers were $2.83 from higher 
operating income and $0.45 from lower number of 
outstanding shares, diluted, partly offset by $0.76 from 
higher taxes and $0.21 from higher financial and non-
operating items, net.

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

Financial Report October - December 2024 
 
10 
Selected Cash Flow and Balance Sheet items 
 
Selected Cash Flow items Fourth quarter Full year 
(Dollars in millions) 2024 2023 Change 2024 2023 Change 
Net income $243 $227 7.0% $648 $489 32% 
Depreciation and amortization 98 97 1.7% 387 378 2.5% 
Other, net (29) (120) (76)% (29) (119) (76)% 
Changes in operating working capital 107 243 (56)% 53 235 (77)% 
Operating cash flow 420 447 (6.0)% 1,059 982 7.8% 
Capital expenditure, net1) (132) (150) (12)% (563) (569) (1.0)% 
Free operating cash flow2) $288 $297 (3.0)% $497 $414 20% 
Cash conversion3) 118% 131% (12)pp 77% 85% (7.9)pp 
Shareholder returns       
- Dividends paid (55) (57) (3.5)% (219) (225) (3.0)% 
- Share repurchases (102) (150) (32)% (552) (352) 57% 
Cash dividend paid per share $(0.70) $(0.68) 2.6% $(2.74) $(2.66) 2.9% 
Capital expenditures, net in relation to sales 5.0% 5.4% (0.4)pp 5.4% 5.4% (0.0)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 Fourth quarter 
(Dollars in millions) 2024 2023 Change 
Trade working capital1) $1,115 $1,232 (9.5)% 
Trade working capital in relation to sales2) 10.7% 11.2% (0.5)pp 
- Receivables outstanding in relation to sales3) 19.0% 20.0% (0.9)pp 
- Inventory outstanding in relation to sales4) 8.8% 9.2% (0.4)pp 
- Payables outstanding in relation to sales5) 17.2% 18.0% (0.8)pp 
Cash & cash equivalents 330 498 (34)% 
Gross Debt6) 1,909 1,862 2.5% 
Net Debt7) 1,554 1,367 14% 
Capital employed8) 3,840 3,937 (2.5)% 
Return on capital employed9) 35.8% 24.4% 11pp 
Total equity 2,285 2,570 (11)% 
Return on total equity10) 42.5% 36.0% 6.5pp 
Leverage ratio11) 1.2 1.2 0.0pp 
1) Outstanding receivables and outstanding inventory less outstanding payables. Non-U.S. GAAP measure, see reconciliation table. 2) Outstanding receivables and outstanding 
inventory less outstanding payables relative to annualized quarterly sales. Non -U.S. GAAP measure, see reconciliation table. Annualized quart erly sales is calculated as the 
quarterly sales amount multiplied by four. 3) Outstanding receivables relative to annualized quarterly sales. 4) Outstanding inventory relative to annualized quarterly sales. 5) 
Outstanding payables relative to annualized quarterly sales. 6) Short- and long-term interest-bearing debt. 7) Short- and long-term debt less cash and cash equivalents and debt-
related derivatives. Non-U.S. GAAP measure. See reconciliation table. 8) Total equity and net debt. 9) Annualized operating i ncome and income from equity method investments, 
relative to average capital employed. See definitions of "Annualized operating income" in footnote to the reconciliation tabl es below. 10) Annualized net income relative to average 
total equity. See definitions of "Annualized net income" in footnote to the reconciliation tables below. 11) Net debt adjusted for pension liabilities in relation to EBITDA. Non-U.S. 
GAAP measure. See reconciliation table. 
 
Fourth quarter 2024 development 
Changes in operating working capital impacted operating 
cash flow by $107 million positive compared to an impact of 
$243 million positive in the prior year. The $107 million 
positive impact for the quarter was mainly a result of $108 
million in lower receivables and other assets, $26 million in 
lower inventories, and $45 million from changes in income 
tax liability partly offset by $72 million in lower accounts 
payables. These changes are within normal variations 
related to timings, except for the lower inventories which is 
related to improved customer call of accuracy.  
Other, net was $29 million negative compared to $120 
million negative in the prior year. The $29 million negative 
impact in the quarter was mainly related to a lower amount 
of deferred taxes.  
Operating cash flow decreased by $27 million to $420 
million compared to the prior year, mainly due to changes in 
operating working capital were less positive than in the prior 
year, partly offset by less negative impact from other net and 
higher net income, as outline above. 
 
  
Capital expenditure, net decreased by $18 million 
compared to the prior year. The level of Capital expenditure, 
net, in relation to sales declined to 5.0% versus 5.4% a year 
earlier. The lower level of capital expenditure, net is mainly 
related to lower activity level of footprint optimization in 
Europe and Americas and less capacity expansion, 
especially in Asia. 
Free operating cash flow* was positive $288 million 
compared to positive $297 million in the prior year. The 
decrease was due to the lower operating cash flow partly 
offset by the lower capital expenditure, net, as outlined 
above.  
Cash conversion* defined as free operating cash flow* in 
relation to net income, was 118% in the quarter.

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

Financial Report October - December 2024 
 
11 
Trade working capital* decreased by $117 million 
compared to the prior year, where the main drivers were 
$204 million in lower accounts receivables, $179 million in 
lower accounts payable and $91 million in lower inventories. 
In relation to sales, trade working capital decreased from 
11.2% to 10.7%. The improvement in trade working capital is 
a result of our multi-year working capital improvement 
program and an improvement in customer call-off accuracy 
enabling a more efficient inventory management. 
Cash and cash equivalents as of December 31, 2024 was 
around $0.3 billion, while committed, unused loan facilities, 
was around $1.2 billion. 
Net debt* was $1,554 million as of December 31, 2024, 
which was $187 million higher than a year earlier, mainly 
because dividends paid and share repurchases were higher 
than free operating cash flow in 2024. 
 Total equity as of December 31, 2024, decreased by $284 
million compared to December 31, 2023. This was mainly 
due to $219 million in dividend payments and share 
repurchases including taxes of $558 million and $161 million 
negative currency translation effects, partly offset by positive 
net income of $648 million. 
Leverage ratio*: On December 31, 2024, the Company had 
a leverage ratio of 1.2x compared to 1.2x on December 31, 
2023, as the 12 months trailing adjusted EBITDA* increased 
by around $97 million while net debt* per the policy 
increased by around $181 million. 
 
Full year 2024 development 
Operating cash flow increased by $77 million compared to 
the same period last year, to $1,059 million, mainly due to 
higher net income and less positive effects from income tax 
liability, partly offset by less positive effects from decreased 
operating working capital. The changes between the years 
are within normal variations related to timing, except for the 
lower inventories which is related to improved customer call 
of accuracy. 
Capital expenditure, net decreased by $6 million. Capital 
expenditure, net in relation to sales was stable at 5.4% 
versus 5.4% the prior year period. The 2024 level is slightly 
above what we expect for the longer term, due to 
investments in capacity, mainly in Asia, and in footprint 
optimization, mainly in Europe and Japan. 
  
Free operating cash flow* was positive $497 million, 
compared to positive $414 million in the prior year. The 
improvement was due to the higher operating cash flow. 
Cash conversion* defined as free operating cash flow* in 
relation to net income, was 77% in the period. 
Headcount 
 
 Dec 31 Sep 30 Dec 31 
 2024 2024 2023 
Headcount 65,200 67,200 70,300 
Whereof:  Direct headcount in manufacturing 48,000 49,800 52,400 
                 Indirect headcount 17,200 17,400 17,800 
Temporary personnel 9% 9% 11% 
 
As of December 31, 2024, total headcount (Full Time 
Equivalent) decreased by around 5,100, or 7.3%, compared 
to a year earlier, more than twice the 3.3% organic sales* 
decline. The indirect workforce decreased by around 600, or 
3.4%, mainly reflecting our structural reduction initiatives. 
The direct workforce decreased by approximately 4,500, or 
8.6%. The decrease was supported by an improvement in 
customer call-off accuracy in the second half year which 
enabled us to accelerate operating efficiency improvements. 
 Compared to September 30, 2024, total headcount (Full 
Time Equivalent) decreased by around 2,000, or 3.0%. 
Indirect headcount decreased by around 100, or 0.6%, 
while direct headcount decreased by approximately 1,900, 
or 3.8%.

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

Financial Report October - December 2024 
 
12 
2024 Sustainability Development 
 
Sustainability is an integral part of our business 
strategy and an important driver for market differentiation 
and stakeholder value creation. Our sustainability approach 
is based on four focus areas, with broad ambitions and more 
specific short-term targets defined for each area. We are a 
signatory of the UN Global Compact and our work and 
policies, such as our Code of Conduct, are aligned with 
international frameworks such as the ILO core conventions 
and the OECD Guidelines. 
Highlighting our core business of Saving More Lives, we 
continued pioneering the emerging area of equity in vehicle 
safety by broadening test models to include more body 
shapes and parameters such as age and gender. We also 
engage with researchers and policy makers on how to better 
protect vulnerable road users. 
Within Health & Safety we significantly improved our 
Recordable Incident Rate. We continued the work of 
integrating health and safety into our operations, with a focus 
on proactive measures and high-risk activities. 
Renewable electricity and GHG emissions: in own 
operations, focus remained on reducing GHG emissions 
from own operations (scope 1+2) through energy efficiency 
and increasing the use of renewable electricity. Scope 1+2 
emissions decreased 15% compared to 2023, and 
operational GHG emissions intensity improved. The share of 
renewable electricity increased to 30%, and we took the first 
steps in the implementation of large-scale solar power 
generation in Utah. 
Within Supply chain sustainability, we carried out the 
annual supplier climate survey covering all direct material 
suppliers, to help us understand their readiness to meet our 
requirements and contribute to meeting our net-zero supply 
chain ambition.  We also began integrating climate 
performance into the supplier selection process and 
launched a climate accelerator program to support our 
suppliers. 
We continued assessing how we best meet current and 
future sustainability-related requirements and expectations. 
To guide future CSRD reporting, we carried out a double 
materiality assessment as well as impact assessments of 
topics related to CSDDD compliance.

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

Financial Report October - December 2024 
 
13 
Other Items 
 
• On November 11, 2024, Autoliv announced an increase 
of its quarterly dividend by 3% to $ 0.70 per share and 
an extension of its share repurchase program until the 
end of 2025, with no other changes to the authorization. 
• On December 12, 2024 Autoliv announced that Jiangling 
Motors Co., Ltd (JMC), a renowned Chinese automotive 
manufacturer, and Autoliv (Shanghai) Management Co., 
Ltd, will start a new strategic cooperation to advance 
innovation and support global expansion. JMC is a 
leading company in China's commercial vehicle industry 
and a new force in passenger vehicles.  
• On December 16, 2024, Fitch Ratings assigned Autoliv, 
Inc. a Long-Term Issuer Default Rating (IDR) of 'BBB+ 
with a Stable Outlook. Fitch has also assigned the 
Company's senior unsecured debt a 'BBB+ rating.  
 • Autoliv plans to host a Capital Markets Day on June 3, 
2025. More details will be announced at a later date. 
• In Q4 2024, Autoliv repurchased and retired 1.04 million 
shares of common stock at an average price of $97.71 
per share under the Autoliv 2022-2025 stock purchase 
program. Autoliv also retired 2 million shares of common 
stock that had been held in treasury unrelated to the 
repurchases in the quarter. 
• The Company set May 8, 2025 as the date for its 2025 
annual meeting of stockholders. The meeting will be a 
hybrid meeting, conducted virtually and in-person in the 
Detroit metropolitan area. The stockholders of record at 
the close of business on March 12, 2025 will be entitled 
to be present and vote at the meeting. 
 
 
Next Report 
Autoliv intends to publish the quarterly earnings report 
for the first quarter of 2025 on Wednesday, April 16, 
2025. 
 Footnotes 
*Non-U.S. GAAP measure, see enclosed reconciliation 
tables. 
Inquiries: Investors and Analysts 
Anders Trapp 
Vice President Investor Relations 
Tel +46 (0)8 5872 0671 
Henrik Kaar 
Director Investor Relations 
Tel +46 (0)8 5872 0614 
 
Inquiries: Media 
Gabriella Etemad 
Senior Vice President Communications 
Tel +46 (0)70 612 6424 
Denna information är sådan information som Autoliv, Inc. 
är skyldigt att offentliggöra enligt EUs 
marknadsmissbruksförordning. Informationen lämnades, 
genom ovanstående kontaktpersons försorg, för 
offentliggörande den 31 januari 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 
2024, October 2024 and January 2025. All rights reserved. 
S&P Global is a global supplier of independent industry 
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reports, data and information does not constitute an 
endorsement or approval by S&P Global of the manner, 
format, context, content, conclusion, opinion or viewpoint in 
which S&P Global reports, data and information or its 
derivations are used or referenced herein.

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

Financial Report October - December 2024 
 
14 
“Safe Harbor Statement” 
 
This report contains statements that are not historical facts but 
rather forward-looking statements within the meaning of the 
Private Securities Litigation Reform Act of 1995. Such forward-
looking statements include those that address activities, events or 
developments that Autoliv, Inc. or its management believes or 
anticipates may occur in the future. All forward-looking statements 
are based upon our current expectations, various assumptions 
and/or data available from third parties. Our expectations and 
assumptions are expressed in good faith and we believe there is a 
reasonable basis for them. However, there can be no assurance 
that such forward-looking statements will materialize or prove to be 
correct as forward-looking statements are inherently subject to 
known and unknown risks, uncertainties and other factors which 
may cause actual future results, performance or achievements to 
differ materially from the future results, performance or 
achievements expressed in or implied by such forward-looking 
statements. In some cases, you can identify these statements by 
forward-looking words such as “estimates”, “expects”, 
“anticipates”, “projects”, “plans”, “intends”, “believes”, “may”, 
“likely”, “might”, “would”, “should”, “could”, or the negative of these 
terms and other comparable terminology, although not all forward-
looking statements contain such words. Because these forward-
looking statements involve risks and uncertainties, the outcome 
could differ materially from those set out in the forward-looking 
statements for a variety of reasons, including without limitation, 
general economic conditions, including inflation; changes in light 
vehicle production; fluctuation in vehicle production schedules for 
which the Company is a supplier; global supply chain disruptions, 
including port, transportation and distribution delays or 
interruptions; supply chain disruptions and component shortages 
specific to the automotive industry or the Company; geopolitical 
instability, including the ongoing war between Russia and Ukraine 
and the hostilities in the Middle East; changes in general industry 
and market conditions or regional growth or decline; changes in 
and the successful execution of our capacity alignment, 
restructuring, cost reduction and efficiency initiatives and the 
market reaction thereto; loss of business from increased 
competition; higher raw material, fuel and energy costs; changes in 
consumer and customer preferences for end products;   
 customer losses; changes in regulatory conditions; customer 
bankruptcies, consolidations, or restructuring or divestiture of 
customer brands; unfavorable fluctuations in currencies or 
interest rates among the various jurisdictions in which we 
operate; market acceptance of our new products; costs or 
difficulties related to the integration of any new or acquired 
businesses and technologies; continued uncertainty in pricing 
and other negotiations with customers; successful integration 
of acquisitions and operations of joint ventures; successful 
implementation of strategic partnerships and collaborations; 
our ability to be awarded new business; product liability, 
warranty and recall claims and investigations and other 
litigation, civil judgments or financial penalties and customer 
reactions thereto; higher expenses for our pension and other 
postretirement benefits, including higher funding needs for our 
pension plans; work stoppages or other labor issues; possible 
adverse results of pending or future litigation or infringement 
claims and the availability of insurance with respect to such 
matters; our ability to protect our intellectual property rights; 
negative impacts of antitrust investigations or other 
governmental investigations and associated litigation relating 
to the conduct of our business; tax assessments by 
governmental authorities and changes in our effective tax rate; 
dependence on key personnel; legislative or regulatory 
changes impacting or limiting our business; including changes 
in trade policy and tariffs, our ability to meet our sustainability 
targets, goals and commitments; political conditions; 
dependence on and relationships with customers and 
suppliers; the conditions necessary to hit our medium term 
financial targets; and other risks and uncertainties identified 
under the headings “Risk Factors” and “Management’s 
Discussion and Analysis of Financial Condition and Results of 
Operations” in our Annual Reports and Quarterly Reports on 
Forms 10-K and 10-Q and any amendments thereto. For any 
forward-looking statements contained in this or any other 
document, we claim the protection of the safe harbor for 
forward-looking statements contained in the Private Securities 
Litigation Reform Act of 1995, and we assume no obligation to 
update publicly or revise any forward-looking statements in 
light of new information or future events, except as required by 
law.

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

Financial Report October - December 2024 
 
15 
Consolidated Statements of Income 
 Fourth quarter  Full year 
(Dollars in millions, except per share data, unaudited) 2024 2023  2024 2023 
Airbags, Steering Wheels and Other1) $1,760 $1,864  $7,023 $7,055 
Seatbelt products and Other1) 856 887  3,367 3,420 
Total net sales 2,616 2,751  10,390 10,475 
      
Cost of sales (2,065) (2,221)  (8,463) (8,654) 
Gross profit 551 530  1,927 1,822 
      
Selling, general & administrative expenses (132) (120)  (530) (500) 
Research, development & engineering expenses, net (74) (81)  (398) (425) 
Other income (expense), net 8 (92)  (19) (207) 
Operating income 353 237  979 690 
      
Income from equity method investments 2 1  7 5 
Interest income 3 3  13 13 
Interest expense (27) (25)  (107) (93) 
Other non-operating items, net (10) 3  (16) (3) 
Income before income taxes 321 219  875 612 
      
Income taxes (78) 8  (227) (123) 
Net income 243 227  648 489 
      
Less: Net income attributable to non-controlling interest 0 0  1 1 
Net income attributable to controlling interest $243 $227  $646 $488 
      
Earnings per share - diluted $3.10 $2.71  $8.04 $5.72 
1) Including Corporate sales.

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

Financial Report October - December 2024 
 
16 
Consolidated Balance Sheets 
  Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 
(Dollars in millions, unaudited)  2024 2024 2024 2024 2023 
Assets       
Cash & cash equivalents  $330 $415 $408 $569 $498 
Receivables, net  1,993 2,192 2,090 2,194 2,198 
Inventories, net  921 997 936 997 1,012 
Prepaid expenses  167 172 193 180 173 
Other current assets  72 90 76 71 93 
Total current assets  3,483 3,865 3,703 4,011 3,974 
       
Property, plant & equipment, net  2,239 2,317 2,197 2,192 2,192 
Operating leases right-of-use assets  158 173 167 177 176 
Goodwill and intangible assets, net  1,375 1,386 1,379 1,381 1,385 
Investments and other non-current assets  548 565 564 564 606 
Total assets  7,804 8,306 8,010 8,324 8,332 
       
Liabilities and equity       
Short-term debt  387 624 455 310 538 
Accounts payable  1,799 1,881 1,858 1,855 1,978 
Accrued expenses  1,056 1,189 1,120 1,129 1,135 
Operating lease liabilities - current  41 44 41 41 39 
Other current liabilities  351 297 312 323 345 
Total current liabilities  3,633 4,034 3,785 3,658 4,035 
       
Long-term debt  1,522 1,586 1,540 1,830 1,324 
Pension liability  153 147 140 149 159 
Operating lease liabilities - non-current  118 130 127 134 135 
Other non-current liabilities  92 110 106 111 109 
Total non-current liabilities  1,885 1,974 1,913 2,224 1,728 
       
Total parent shareholders’ equity  2,276 2,288 2,298 2,428 2,557 
Non-controlling interest  10 10 13 13 13 
Total equity  2,285 2,298 2,311 2,442 2,570 
       
Total liabilities and equity  $7,804 $8,306 $8,010 $8,324 $8,332

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

Financial Report October - December 2024 
 
17 
 
Consolidated Statements of Cash Flow 
 Fourth quarter  Full year 
(Dollars in millions, unaudited) 2024 2023  2024 2023 
Net income $243 $227  $648 $489 
Depreciation and amortization 98 97  387 378 
Other, net (29) (120)  (29) (119) 
Net change in operating working capital:      
   Receivables and other assets 108 82  114 (213) 
   Inventories 26 5  28 (22) 
   Accounts payable and accrued expenses (72) 88  (95) 426 
   Income taxes 45 69  6 43 
Net cash provided by operating activities 420 447  1,059 982 
      
Expenditures for property, plant and equipment (139) (152)  (579) (572) 
Proceeds from sale of property, plant and equipment 7 3  17 4 
Net cash used in investing activities (132) (150)  (563) (569) 
      
Net decrease (increase) in short term debt (211) (54)  (126) 61 
Decrease in long-term debt (54) -  (306) (533) 
Increase in long-term debt - 2  526 559 
Dividends paid (55) (57)  (219) (225) 
Share repurchases (102) (150)  (552) (352) 
Common stock options exercised 0 0  1 1 
Dividend paid to non-controlling interests - (0)  (5) (1) 
Net cash used in financing activities (422) (258)  (680) (490) 
      
Effect of exchange rate changes on cash 49 (16)  16 (20) 
Increase (decrease) in cash and cash equivalents (84) 23  (168) (96) 
Cash and cash equivalents at period-start 415 475  498 594 
Cash and cash equivalents at period-end $330 $498  $330 $498

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

Financial Report October - December 2024 
 
18 
RECONCILIATION OF U.S. GAAP TO NON-U.S. GAAP MEASURES 
In this report we sometimes refer to non-U.S. GAAP measures that we and securities analysts use in measuring Autoliv's 
performance. We believe that these measures assist investors and management in analyzing trends in the Company's 
business for the reasons given below. Investors should not consider these non-U.S. GAAP measures as substitutes, but 
rather as additions, to financial reporting measures prepared in accordance with U.S. GAAP. It should be noted that these 
measures, as defined, may not be comparable to similarly titled measures used by other companies. 
Components in Sales Increase/Decrease 
Since the Company historically generates approximately 75% of sales in currencies other than in the reporting currency (i.e.,  
U.S. dollars) and currency rates have been volatile, we analyze the Company's sales trends and performance as changes in 
organic sales growth. This presents the increase or decrease in the overall U.S. dollar net sales on a comparable basis, 
allowing separate discussions of the impact of acquisitions/divestitures and exchange rates. The tables on pages 5 and 6 
present changes in organic sales growth as reconciled to the change in the total U.S. GAAP net sales.  
Reconciliation of GAAP measure "Working Capital" to Non-GAAP Measure 
"Trade Working Capital" 
Due to the need to optimize cash generation to create value for shareholders, management focuses on operationally derived 
trade working capital as defined in the table below. Trade working capital is an indicator of operational efficiency, which 
impacts the Company’s ability to return value to shareholders either through dividends or share repurchases. We believe this 
is useful for readers to understand the efficiency of the Company’ operational capital management. The reconciling items 
used to derive this measure are, by contrast, managed as part of our overall management of cash and debt, but they are not 
part of the responsibilities of day-to-day operations management.  
 Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 
(Dollars in millions) 2024 2024 2024 2024 2023 
Total current assets $3,483 $3,865 $3,703 $4,011 $3,974 
Total current liabilities (3,633) (4,034) (3,785) (3,658) (4,035) 
Working capital (U.S. GAAP) (150) (169) (83) 353 (61) 
Less: Cash and cash equivalents (330) (415) (408) (569) (498) 
          Prepaid expenses (167) (172) (193) (180) (173) 
          Other current assets (72) (90) (76) (71) (93) 
Less: Short-term debt 387 624 455 310 538 
          Accrued expenses 1,056 1,189 1,120 1,129 1,135 
          Operating lease liabilities - current 41 44 41 41 39 
          Other current liabilities 351 297 312 323 345 
Trade working capital (non-U.S. GAAP) $1,115 $1,307 $1,169 $1,336 $1,232 
      
 Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 
(Dollars in millions) 2024 2024 2024 2024 2023 
Receivables, net $1,993 $2,192 $2,090 $2,194 $2,198 
Inventories, net 921 997 936 997 1,012 
Accounts payable (1,799) (1,881) (1,858) (1,855) (1,978) 
Trade working capital (non-U.S. GAAP) $1,115 $1,307 $1,169 $1,336 $1,232 
 
 Dec 31 Dec 31 Dec 31 
(Dollars in millions) 2022 2021 2020 
Total current assets $3,714 $3,675 $4,269 
Total current liabilities (3,642) (2,821) (3,147) 
Working capital (U.S. GAAP) 72 853 1,122 
Less: Cash and cash equivalents (594) (969) (1,178) 
          Prepaid expenses (160) (174) (401) 
          Other current assets (84) (55) (70) 
Less: Short-term debt 711 346 302 
          Accrued expenses 915 996 1,270 
          Operating lease liabilities - current 39 38 37 
          Other current liabilities 283 297 284 
Trade working capital (non-U.S. GAAP) $1,183 $1,332 $1,366 
    
 Dec 31 Dec 31 Dec 31 
(Dollars in millions) 2022 2021 2020 
Receivables, net $1,907 $1,699 $1,822 
Inventories, net 969 777 798 
Accounts payable (1,693) (1,144) (1,254) 
Trade working capital (non-U.S. GAAP) $1,183 $1,332 $1,366

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

Financial Report October - December 2024 
 
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.  
 Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 
(Dollars in millions) 2024 2024 2024 2024 2023 
Short-term debt $387 $624 $455 $310 $538 
Long-term debt 1,522 1,586 1,540 1,830 1,324 
Total debt 1,909 2,210 1,996 2,140 1,862 
Cash & cash equivalents (330) (415) (408) (569) (498) 
Debt issuance cost/Debt-related derivatives, net (24) (9) (8) (9) 3 
Net debt $1,554 $1,787 $1,579 $1,562 $1,367 
 
   Dec 31 Dec 31 Dec 31 
(Dollars in millions)   2022 2021 2020 
Short-term debt   $711 $346 $302 
Long-term debt   1,054 1,662 2,110 
Total debt   1,766 2,008 2,411 
Cash & cash equivalents   (594) (969) (1,178) 
Debt issuance cost/Debt-related derivatives, net   12 13 (19) 
Net debt   $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 t o 
leverage its operations. Autoliv’s policy is to maintain a leverage ratio commensurate with a strong investment grade credit 
rating. The Company measures its leverage ratio as net debt* adjusted for pension liabilities in relation to adjusted EBITDA* . 
The long-term target is to maintain a leverage ratio of around 1.0x within a range of 0.5x to 1.5x.  
 
 Dec 31 Sep 30 Dec 31 
(Dollars in millions) 2024 2024 2023 
Net debt1) $1,554 $1,787 $1,367 
Pension liabilities 153 147 159 
Debt per the Policy $1,708 $1,934 $1,527 
    
Net income2) $648 $632 $489 
Income taxes2) 227 141 123 
Interest expense, net2, 3) 95 93 80 
Other non-operating items, net2) 16 4 3 
Income from equity method investments2) (7) (6) (5) 
Depreciation and amortization of intangibles2) 387 385 378 
Adjustments2), 4) 27 128 230 
EBITDA per the Policy (Adjusted EBITDA) $1,394 $1,376 $1,297 
    
Leverage ratio 1.2 1.4 1.2 
1) Short- and long-term debt less cash and cash equivalents and debt-related derivatives. 2) Latest 12 months. 3) Interest expense 
including cost for extinguishment of debt, if any, less interest income. 4) Capacity alignments, antitrust related matters and for FY2023 
the Andrews litigation settlement. See Items Affecting Comparability below.

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

Financial Report October - December 2024 
 
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 operati ng 
cash flow, see the reconciliation table below. Management uses the non-U.S. GAAP measure “cash conversion” to analyze 
the proportion of net income that is converted into free operating cash flow. The measure is a tool to evaluate how efficient ly 
the Company utilizes its resources. For details on cash conversion, see the reconciliation table below. 
 Fourth quarter  Full year 
(Dollars in millions) 2024 2023  2024 2023 
Net income $243 $227  $648 $489 
Depreciation and amortization 98 97  387 378 
Other, net (29) (120)  (29) (119) 
Changes in operating working capital, net 107 243  53 235 
Operating cash flow 420 447  $1,059 $982 
Expenditures for property, plant and equipment (139) (152)  (579) (572) 
Proceeds from sale of property, plant and equipment 7 3  17 4 
Capital expenditure, net1) (132) (150)  (563) (569) 
Free operating cash flow2) $288 $297  $497 $414 
Cash conversion3) 118% 131%  77% 85% 
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 
(Dollars in millions)  2022 2021 2020 
Net income  $425 $437 $188 
Depreciation and amortization  363 394 371 
Gain on divestiture of property  (80) - - 
Other, net  (54) (15) 13 
Changes in operating working capital, net  58 (63) 277 
Operating cash flow  713 754 849 
Expenditures for property, plant and equipment  (585) (458) (344) 
Proceeds from sale of property, plant and equipment  101 4 4 
Capital expenditure, net1)  (485) (454) (340) 
Free operating cash flow2)  $228 $300 $509 
Cash conversion3)  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 =====

Financial Report October - December 2024 
 
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 table reconciles Income before income taxes, Net income attributable to controlling interest, Capital employed,  
which are inputs utilized to calculate Return On Capital Employed (“ROCE”), adjusted ROCE and Return On Total Equity 
(“ROE”). The Company believes this presentation may be useful to investors and industry analysts who utilize these adjusted 
non-U.S. GAAP measures in their ROCE and ROE calculations to exclude certain items for comparison purposes across 
periods. Autoliv’s management uses the ROCE, adjusted ROCE and ROE measures for purposes of comparing its financial 
performance with the financial performance of other companies in the industry and providing useful information regarding the 
factors and trends affecting the Company’s business. 
 
As used by the Company, ROCE is annualized operating income and income from equity method investments, relative to 
average capital employed. Adjusted ROCE is annualized operating income and income from equity method investments, 
relative to average capital employed as adjusted to exclude certain non-recurring items. See definitions of "annualized 
operating income" and "average capital employed" in footnote to the tables below. The Company believes ROCE and 
adjusted ROCE are useful indicators of long-term performance both absolute and relative to the Company's peers as it 
allows for a comparison of the profitability of the Company’s capital employed in its business relative to that of its peers.  
 
ROE is the ratio of annualized income (loss) relative to average total equity for the periods presented. See definitions of 
"annualized income" "and "average total equity" in footnote to the tables below. The Company’s management believes that 
ROE is a useful indicator of how well management creates value for its shareholders through its operating activities and its 
capital management. 
 
With respect to the Andrews litigation settlement, the Company has treated this specific settlement as a non -recurring charge 
because of the unique nature of the lawsuit, including the facts and legal issues involved.  
 
Accordingly, the tables below reconcile from U.S. GAAP to the equivalent non -U.S. GAAP measure. 
 
Reconciliation of GAAP measure "Operating income" to Non-GAAP measure 
"Adjusted Operating income" 
 Fourth quarter  Full year 
(Dollars in millions) 2024 2023  2024 2023 
Operating income (GAAP) $353 $237  $979 $690 
Non-GAAP adjustments:      
   Less: Capacity alignments (6) 96  19 218 
   Less: The Andrews litigation settlement - 0  0 8 
   Less: Antitrust related items 2 1  8 4 
Total non-GAAP adjustments to operating income (4) 97  27 230 
Adjusted Operating income (Non-GAAP) $349 $334  $1,007 $920 
 
(Dollars in millions) 2022 2021 2020 
Operating income (GAAP) $659 $675 $382 
Non-GAAP adjustments:    
   Less: Capacity alignments1) (61) 8 99 
   Less: The Andrews litigation settlement - - - 
   Less: Antitrust related items - - 1 
Total non-GAAP adjustments to operating income (61) 8 99 
Adjusted Operating income (Non-GAAP) $598 $683 $482 
1) For 2022, including a gain on divestiture of property of $80 million.

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

Financial Report October - December 2024 
 
22 
Reconciliation of GAAP measure "Operating margin" to Non-GAAP measure 
"Adjusted Operating margin" 
 Fourth quarter  Full year 
 2024 2023  2024 2023 
Operating margin (GAAP) 13.5% 8.6%  9.4% 6.6% 
Non-GAAP adjustments:      
   Less: Capacity alignments (0.2)% 3.5%  0.2% 2.1% 
   Less: The Andrews litigation settlement - -  - 0.1% 
   Less: Antitrust related items 0.1% 0.0%  0.1% 0.0% 
Total non-GAAP adjustments to operating margin (0.2)% 3.5%  0.3% 2.2% 
Adjusted Operating margin (Non-GAAP) 13.4% 12.1%  9.7% 8.8% 
 
 2022 2021 2020 
Operating margin (GAAP) 7.5% 8.2% 5.1% 
Non-GAAP adjustments:    
   Less: Capacity alignments (0.7)% 0.1% 1.4% 
   Less: The Andrews litigation settlement - - - 
   Less: Antitrust related items - - 0.0% 
Total non-GAAP adjustments to operating margin (0.7)% 0.1% 1.4% 
Adjusted Operating margin (Non-GAAP) 6.8% 8.3% 6.5% 
 
Reconciliation of GAAP measure "Income before income taxes" to Non-GAAP 
measure "Adjusted Income before income taxes" 
 Fourth quarter  Full year 
(Dollars in millions) 2024 2023  2024 2023 
Income before income taxes (GAAP) $321 $219  $875 $612 
Non-GAAP adjustments:      
   Less: Capacity alignments (6) 96  19 218 
   Less: The Andrews litigation settlement - -  - 8 
   Less: Antitrust related items 2 1  8 4 
Total non-GAAP adjustments to Income before income taxes (4) 97  27 230 
Adjusted Income before income taxes (Non-GAAP) $317 $316  $902 $842 
 
Reconciliation of GAAP measure "Net income" to Non-GAAP measure "Adjusted 
Net income" 
 Fourth quarter  Full year 
(Dollars in millions) 2024 2023  2024 2023 
Net income (GAAP) $243 $227  $648 $489 
Non-GAAP adjustments:      
   Less: Capacity alignments (6) 96  19 218 
   Less: The Andrews litigation settlement - -  - 8 
   Less: Antitrust related items 2 1  8 4 
   Less: Tax on non-GAAP adjustments 0 (10)  (5) (20) 
Total non-GAAP adjustments to Net income (4) 86  22 210 
Adjusted Net income (Non-GAAP) $240 $314  $670 $699

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

Financial Report October - December 2024 
 
23 
Reconciliation of GAAP measure "Net income attributable to controlling interest" to 
Non-GAAP measure "Adjusted Net income attributable to controlling interest" 
 Fourth quarter  Full year 
(Dollars in millions) 2024 2023  2024 2023 
Net income attributable to controlling interest (GAAP) $243 $227  $646 $488 
Non-GAAP adjustments:      
   Less: Capacity alignments (6) 96  19 218 
   Less: The Andrews litigation settlement - -  - 8 
   Less: Antitrust related items 2 1  8 4 
   Less: Tax on non-GAAP adjustments 0 (10)  (5) (20) 
Total non-GAAP adjustments to Net income attributable to controlling 
interest (4) 86  22 210 
Adjusted Net income attributable to controlling interest (Non-GAAP) $239 $313  $668 $697 
 
Reconciliation of GAAP measure "Earnings per share - diluted" to Non-GAAP 
measure "Adjusted Earnings per share - diluted" 
 Fourth quarter  Full year 
 2024 2023  2024 2023 
Earnings per share - diluted (GAAP) $3.10 $2.71  $8.04 $5.72 
Non-GAAP adjustments:      
   Less: Capacity alignments (0.08) 1.15  0.24 2.56 
   Less: The Andrews litigation settlement - -  - 0.09 
   Less: Antitrust related items 0.03 0.01  0.10 0.05 
   Less: Tax on non-GAAP adjustments 0.00 (0.13)  (0.06) (0.24) 
Total non-GAAP adjustments to Earnings per share - diluted (0.05) 1.03  0.28 2.46 
Adjusted Earnings per share - diluted (Non-GAAP) $3.05 $3.74  $8.32 $8.19 
      
Weighted average number of shares outstanding - diluted 78.5 83.7  80.4 85.2 
 
Reconciliation of GAAP measure "Return on Capital Employed" to Non-GAAP 
measure "Adjusted Return on Capital Employed" 
 Fourth quarter  Full year 
 2024 2023  2024 2023 
Return on capital employed1) (GAAP) 35.8% 24.4%  25.0% 17.7% 
Non-GAAP adjustments:      
   Less: Capacity alignments (1.0)% 8.5%  0.4% 5.1% 
   Less: The Andrews litigation settlement - -  - 0.2% 
   Less: Antitrust related items 0.4% 0.1%  0.2% 0.1% 
Total non-GAAP adjustments to Return on capital employed1) (0.6)% 8.5%  0.6% 5.3% 
Adjusted Return on capital employed1) (Non-GAAP) 35.2% 32.9%  25.6% 23.1% 
      
Annualized adjustment2) on Return on capital employed1) $(16) $388  $27 $230 
1) Annualized operating income and income from equity method investments, relative to average capital employed. The average capital employed amount is 
calculated as an average of the opening balance amount and the closing balance amounts for each quarter included in the period. 
2) The quarterly annualized adjustment to the operating income and income from equity method investments amount is calculated as the quarterly amount 
multiplied by four. The year-to-date annualized adjustment to the operating income and income from equity method investments amount is calculated as the 
year-to-date amount divided by the quarterly period number (two, three or four) multiplied by four.

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

Financial Report October - December 2024 
 
24 
Reconciliation of GAAP measure "Return on Total Equity" to Non-GAAP measure 
"Adjusted Return on Total Equity" 
 Fourth quarter  Full year 
 2024 2023  2024 2023 
Return on total equity1) (GAAP) 42.5% 36.0%  27.2% 19.0% 
Non-GAAP adjustments:      
   Less: Capacity alignments (1.9)% 11.8%  0.7% 7.5% 
   Less: The Andrews litigation settlement - -  - 0.3% 
   Less: Antitrust related items 0.7% 0.1%  0.3% 0.1% 
   Less: Tax on non-GAAP adjustments 0.1% (1.3)%  (0.2)% (0.7)% 
Total non-GAAP adjustments to Return on total equity1) (1.1)% 10.6%  0.8% 7.2% 
Adjusted Return on total equity1) (Non-GAAP) 41.4% 46.6%  28.0% 26.2% 
      
Annualized adjustment2) on Return on total equity1) $(15) $346  $22 $210 
1) Annualized net income relative to average total equity. The average total equity amount is calculated as an average of the opening balance amount and 
the closing balance amounts for each quarter included in the period. 
2) The quarterly annualized adjustment to net income amount is calculated as the quarterly amount multiplied by four. The year-to-date annualized 
adjustment to the net income amount is calculated as the year-to-date amount divided by the quarterly period number (two, three or four) multiplied by four.

===== SIDA 26 =====

Financial Report October - December 2024 
 
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 capital7) 1,115 1,232 1,183 1,332 1,366 
Trade working capital in relation to sales8) 10.7% 11.2% 12.7% 15.7% 13.6% 
Receivables outstanding in relation to sales9) 19.0% 20.0% 20.4% 20.0% 18.1% 
Inventory outstanding in relation to sales10) 8.8% 9.2% 10.4% 9.2% 7.9% 
Payables outstanding in relation to sales11) 17.2% 18.0% 18.1% 13.5% 12.5% 
Total equity 2,285 2,570 2,626 2,648 2,423 
Total parent shareholders’ equity per share 29.26 30.93 30.30 30.10 27.56 
Current assets excluding cash 3,153 3,475 3,119 2,705 3,091 
Property, plant and equipment, net 2,239 2,192 1,960 1,855 1,869 
Goodwill and Intangible assets 1,375 1,385 1,382 1,395 1,412 
Capital employed 3,840 3,937 3,810 3,700 3,637 
Net debt6) 1,554 1,367 1,184 1,052 1,214 
Total assets 7,804 8,332 7,717 7,537 8,157 
Long-term debt 1,522 1,324 1,054 1,662 2,110 
Return on capital employed12) 25.0% 17.7% 17.5% 18.3% 10.0% 
Return on total equity13) 27.2% 19.0% 16.3% 17.1% 9.0% 
Total equity ratio 29% 31% 34% 35% 30% 
Cash flow and other data 
Operating cash flow 1,059 982 713 754 849 
Depreciation and amortization 387 378 363 394 371 
Capital expenditures, net 563 569 485 454 340 
Capital expenditures, net in relation to sales 5.4% 5.4% 5.5% 5.5% 4.6% 
Free operating cash flow6,14) 497 414 228 300 509 
Cash conversion6,15) 77% 85% 54% 69% 270% 
Direct shareholder return16) 771 577 339 165 54 
Cash dividends paid per share 2.74 2.66 2.58 1.88 0.62 
Number of shares outstanding (millions)17) 77.7 82.6 86.2 87.5 87.4 
Number of employees, December 31 59,500 62,900 61,700 55,900 61,000 
1) Including Corporate sales 2) Net of treasury shares. 3) Gross profit relative to sales. 4) Operating income relative to sa les. 5) Excluding effects from capacity alignments, 
antitrust related matters and for FY 2023 the Andrews litigation settlement. 6)  Non-US GAAP measure, for reconciliation see tables above. 7) Outstanding receivables and 
outstanding inventory less outstanding payables. 8) Outstanding receivables and outstanding inventory less outstanding payabl es relative to annualized fourth quarter sales. 9) 
Outstanding receivables relative to annualized fourth quarter sales. 10) Outstanding inventory relative to annualized fourth quarter sales. 11) Outstanding payables relative to 
annualized fourth quarter sales. 12) Operating income and income from  equity method investments, relative to average capital employed. 13) Income relative to average total 
equity. 14) Operating cash flow less Capital expenditures, net. 15) Free operating cash flow relative to Net income. 16) Divi dends paid and Shares repurchased. 17) At year end, 
excluding dilution and net of treasury shares.