财务报告

2024年7月至9月

瑞典斯德哥尔摩，2024年10月18日
(纽交所: ALV 和SSE: ALIV.sdb)

2024年第3季财务亮点

$255500万 净销售

1.6% 净销售额下降

0.8% 有机销售下滑*

8.9% 营业利润率

9.3% 调整后的营业利润率*

$1.74 稀释 每股收益，增加了11%

$1.84 调整后每股收益*，增加了11%

2024年全年指引

约1% 有机销售增长

约1%的负增长 外汇期货对净销售的影响

约9.5-10.0% 调整后营业利润

约11亿美元左右 营运现金流

＊有关非美国通用会计准则措施，请参阅附表协调表。

(金额单位：百万美元，每股资料均指每股)。

Q3 2024

Q3 2023

变化

9M 2024

9M 2023

变化

净销售额

$2,555

$2,596

(1.6)%

$7,774

$7,724

0.7%

营收

226

232

(2.4)%

626

453

38%

调整后营业收入1)

237

243

(2.3)%

657

586

12%

营业利润率

8.9%

8.9%

(0.1)pp

8.1%

5.9%

2.2个百分点

调整后的营业利润率1)

9.3%

9.4%

（0.1）个百分点

8.5%

7.6%

0.9个百分点

每股盈余-稀释

1.74

1.57

11%

4.98

3.04

64%

每股调整后盈利 - 稀释1)

1.84

1.66

11%

5.30

4.48

18%

经营现金流

177

202

(12)%

639

535

19%

资本利用率2)

22.9%

24.2%

(1.3)个百分点

21.2%

15.6%

5.6个百分点

调整后资本利用率回报1,2)

23.9%

24.5%

(0.7)个百分点

22.1%

19.8%

2.3个百分点

1) 不包括与产能调整、反垄断相关事项以及2023财年的Andrews诉讼解决相关影响。非美国通用会计准则（Non-U.S. GAAP）指标，详见协调表。
2) 年化营业收益和权益法投资收益，相对于平均资本使用率。

来自总裁兼首席执行官Mikael Bratt的评论

轻型车生产在第三季度疲弱，全球下降近5%。这是由存货减少和特别是在美洲以及中国的高比较基准所驱动的。在这种恶劣环境下，奥托立夫成功地比轻型汽车生产增长了4个百分点，几乎实现不变。

根据近年来销售趋势和订单接受情况，我们预计在未来几年将与中国国内OEM公司进一步赢得市场份额。

我们与客户的过多通胀补偿谈判符合我们的预期，还有少数谈判仍在进行。

随著年底具有季节性强劲的第四季度，我们重申2024年调整后的营业利润率约为9.5-10.0%的指引。我们预计将处于此区间的较低端，因为我们现在预计全年2024年有机增长为1%，而不是之前预计的2%，这是由于不利的市场组合发展。

我们的营运现金流往全年指引的11亿美元进展顺利，我们的资产负债表仍然强劲，负债杠杆为1.4倍，支持我们持续承诺提供高水准的股东回报和我们的财务目标。

销售和营业收入。这是尽管有一项1400万美元的与供应商和解相关的成本项目。

我们能够取得这些成果主要是由于我们的成本控制，包括持续减少间接员工。我们加速了效率改进，有助于比去年同期减少3100名直接员工，降低了6%。

我很高兴看到我们全球基础上实现了比轻型车生产更大的增长，欧洲和亚洲（中国除外）表现明显优越。由于市场组合严重不利，我们在中国的销售表现不佳，但我们与中国OEM公司的地位持续改善。

全年指引

全年指引

有机销售增长

约为1%

税率2)

约占28%

外汇期货对净销售的影响

约1%的负面影响

经营现金流3)

约11亿美元

调整后的营业利润率1)

约9.5-10.0%

资本支出，净销售额

约5.5%

1) 不包括容量调整、反垄断相关事项和其他离散项影响。2) 不包括飞凡税收项目。3) 不包括飞凡项目。

各地区的净销售额发展

营业收入、调整后营业收入和利润率

资本支出和折旧及摊销

营运现金流

资本雇用的回报率

现金转换*

营运收入及利润*：考虑容量调整、与反垄断相关事项以及2023年Andrews诉讼和解案之后的营运收入。容量调整包括与我们结构效率和业务周期管理方案相关的非经常性成本。

Capex, 净值：　资本支出，净值。

D&A：　折旧及摊销。

现金转换率*： 自由现金流被定义为营运现金流减去资本支出，净额。

合并销售额

第三季

报告的变化

货币

有机

（以百万美元计）

2024

2023

（美国通用会计原则）

影响1)

change*

Airbags, Steering Wheels and Other2)

$1,736

$1,761

(1.4)%

(0.7)%

(0.7)%

安全带产品及其他2)

819

835

(2.0)%

(1.0)%

(1.0)%

总计

$2,555

$2,596

(1.6)%

(0.8)%

(0.8)%

美洲

$851

$918

(7.2)%

(3.5)%

(3.8)%

欧洲

700

646

8.4%

2.2%

6.3%

中国

495

538

(8.1)%

1.3%

(9.3)%

亚洲（中国除外）

508

495

2.7%

(2.1)%

4.8%

总计

$2,555

$2,596

(1.6)%

(0.8)%

(0.8)%

1）货币转换效应。 2）包含企业销售。

产品销售 - 安全气囊，方向盘和其他

当季有机*销售下降0.7%。销量减少的最大贡献者是乘客气囊，充气窗帘，膝部气囊和驾驶员气囊部分抵销了方向盘，充气器和中央气囊的增长。

产品销售 - 安全带产品和其他

Sales for Seatbelt Products and Other declined organically* by 1.0% in the quarter. Sales declined organically in China, while it increased in Asia excluding China and the Americas with Europe being virtually unchanged.

根据地域板块的销售

Our global organic sales* decreased by 0.8% compared to the global LVP decrease of 4.8% (according to S&P Global, October 2024). The 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 12pp in Europe and by 10pp in Asia excluding China while we underperformed by 0.6pp

in the Americas and by 6.4pp in China. LVP growth in China was heavily tilted to domestic OEMs with typically lower safety content. LVP for global OEMs declined by 15% while it increased by 8.5% for domestic OEMs. Autoliv's sales to domestic OEMs increased by 18% in the quarter following a strong order intake with domestic OEMs in recent years. In India, we grew organically by around 17%, while LVP was close to unchanged.

Q3 2024 organic growth*

Americas

Europe

中国

亚洲地域板块（不含中国）

全球货币

奥托立夫

(3.8)%

6.3%

(9.3)%

4.8%

(0.8)%

主要增长驱动因素

通用汽车、雷诺、大众

梅赛德斯、雷诺、福特

吉利、奇瑞、宝马

现代、铃木、塔塔

吉利、奔驰、雷诺

主要下降驱动因素

Stellantis、电动汽车原始设备制造商、日产

Stellantis、沃尔沃、菲斯克

理想汽车、大众、本田

日产、马自达

Stellantis、电动汽车原始设备制造商、通用汽车

Q3 2024

美洲

欧洲

中国

亚洲(不含中国)

全球货币

LVP (2024年10月)

(3.2)%

(6.1)%

(2.9)%

(5.3)%

(4.8)%

LVP (2024年7月)

(2.5)%

(5.4)%

(7.0)%

(3.3)%

(5.5)%

合并销售额

首9个月

报告的变动

货币

有机

（以百万美元计）

2024

2023

（美国通用会计原则）

影响1)

change*

Airbags, Steering Wheels and Other2)

$5,264

$5,191

1.4%

(1.0)%

2.4%

安全带产品及其他2)

2,511

2,533

(0.9)%

(1.2)%

0.3%

总计

$7,774

$7,724

0.7%

(1.1)%

1.7%

美洲

$2,637

$2,665

(1.0)%

(0.2)%

(0.8)%

欧洲

2,231

2,122

5.2%

1.4%

3.7%

中国

1,423

1,488

(4.4)%

(2.0)%

(2.3)%

亚洲（中国除外）

1,483

1,449

2.3%

(5.3)%

7.7%

总计

$7,774

$7,724

0.7%

(1.1)%

1.7%

1）来自货币汇率变动的影响。2）包括企业销售。

按产品销售 - 安全气囊、方向盘和其他

销售额有机增长2.4%。增长最大的贡献者是方向盘，其次是中央安全气囊、充气帘、侧安全气囊和气囊，部分抵消的是乘客安全气囊和膝盖安全气囊的下降。

按产品销售 - 安全带产品和其他

安全带产品和其他产品的销售在该期间内有机增长了0.3％。亚洲（不含中国）、美洲和欧洲的销售在有机上升，而中国的销售下降。

根据地域板块的销售

我们的全球有机销售与全球LVP下降1.8％相比增长了1.7％（根据标普全球，2024年10月）。3.5pp的超出表现主要是由新产品推出和价格上涨驱动，部分抵消了负面客户和机型结构。

我们的有机销售增长在亚洲（不含中国）超出了12pp，在欧洲超出了7.3pp，在美洲超出了0.8pp，而在中国则低于4.6pp。中国的LVP增长倾向于国内OEM厂商，通常安全内容较低。中国国内OEM的LVP增长了15％，而在前九个月，全球OEM的LVP下降了10％。

900万2024年有机增长*

美洲

欧洲

中国

亚洲（不包括中国）

全球货币

奥托立夫

(0.8)%

3.7%

(2.3)%

7.7%

1.7%

主要增长驱动因素

VW，丰田，现代

奔驰，雷诺，宝马

吉利，宝马，奇瑞

现代，塔塔，铃木

奔驰，现代，吉利

主要下降驱动因素

Stellantis、电动汽车原始设备制造商、日产

Stellantis，大众，富豪

EV原始设备制造商，本田，通用

日产，雷诺

Stellantis、电动汽车原始设备制造商、通用汽车

2024年前9个月

美洲

欧洲

中国

亚洲（不包括中国）

全球货币

LVP（2024年10月）

(1.6)%

(3.6)%

2.3%

(4.8)%

(1.8)%

LVP（2024年1月）

0.8%

(1.8)%

1.4%

(1.6)%

(0.4)%

Nio Onvo L60

BMX X3

极氪 7X

Nissan Patrol & Armada

alfa Romeo Junior

Audi A6 e-tron

长安Avatr 15

奥迪A5

塔塔Curvv

福特Capri

奇瑞Luxeed R7

Mahindra Thar（ROXX）

司机/乘客安全气囊

安全带

侧面安全气囊

头部/膨胀式窗帘安全气囊

方向盘

膝盖安全气囊

前置中央安全气囊

全腹式安全带

火工安全切换开关

行人安全气囊

引擎盖升降器

可作为EV/PHEV使用

简明损益表

第三季

前9个月

(金额单位：百万美元，每股资料均指每股)。

2024

2023

变动

2024

2023

变动

净销售额

$2,555

$2,596

(1.6)%

$7,774

$7,724

0.7%

销货成本

(2,095)

(2,131)

(1.7)%

(6,398)

(6,432)

(0.5)%

毛利润

459

465

(1.3)%

1,377

1,291

6.6%

销售、一般及行政支出

(129)

(119)

8.4%

(399)

(380)

4.9%

研发支出、净额

(96)

(107)

(10)%

(325)

(343)

(5.5)%

其他收入（费用），净额

(9)

(8)

11%

(27)

(115)

(76)%

营收

226

232

(2.4)%

626

453

38%

调整后营业收入1)

237

243

(2.3)%

657

586

12%

金融和非营运项目，净额

(29)

(30)

(3.7)%

(73)

(60)

21%

税前收入

197

201

(2.2)%

554

393

41%

所得税

(58)

(67)

(13)%

(149)

(131)

14%

净利润

$139

$134

3.4%

$404

$262

55%

每股盈余-稀释3)

$1.74

$1.57

11%

$4.98

$3.04

64%

每股调整后盈利 - 稀释1,3)

$1.84

$1.66

11%

$5.30

$4.48

18%

毛利率

18.0%

17.9%

0.1个百分点

17.7%

16.7%

1.0个百分点

S,G&A，相对于销售额

(5.0)%

(4.6)%

(0.5)个百分点

(5.1)%

(4.9)%

(0.2)个百分点

R,D&E，相对于销售额

(3.7)%

(4.1)%

0.4个百分点

(4.2)%

(4.4)%

0.3个百分点

营业利润率

8.9%

8.9%

（0.1）个百分点

8.1%

5.9%

2.2个百分点

调整后的营业利润率1)

9.3%

9.4%

(0.1)个百分点

8.5%

7.6%

0.9个百分点

税率

29.6%

33.4%

(3.8)个百分点

27.0%

33.4%

(6.4)个百分点

其他资料

期末股份数（百万）3)

78.8

84.1

(6.4)%

78.8

84.1

(6.4)%

加权平均股份数（百万）3)

79.2

84.9

(6.6)%

80.7

85.5

(5.6)%

加权平均股份数（百万），稀释后3)

79.3

85.0

(6.7)%

80.9

85.7

(5.6)%

1) 非美国通用会计原则衡量，不包括容量调整、反垄断相关事项以及2023财年安德鲁斯诉讼和解的影响。参见调节表。2) 适用时假设稀释效果，并排除库藏股。3) 排除库藏股。

2024年第三季度发展

毛利润毛利率 较2023年同季度减少了600万美元，而毛利率较同比提高了0.1个百分点。毛利润的减少主要是因为直接原材料成本增加了1400万美元，主要是与一项和解有关，以及较低的净销售额。这在一定程度上被主要运费和劳动力成本的降低部分抵消，部分是由于客户看涨准确性的提高。

销售、一般和行政管理费用与去年相比，成本增加了1000万美元，主要是由于人员成本增加，因为工资通胀，而员工数量保持不变。数位化、IT项目和许可成本也增加，受通胀影响。与销售额相关的销售、一般和行政管理费用从4.6%增加至5.0%。

研发支出以及营业净利润与去年相比，研发支出以及营业净利润减少了1100万美元，主要是由于高达600万美元的较高工程收入。这种减少在一定程度上也得到了支持，主要来自几项因素，主要是正面的外汇汇率转换影响、较低的人员成本和样品及原型的成本降低。与销售额相关的研发支出以及营业净利润从4.1%降至3.7%。

其他收入（费用），净 与去年同期相比，接近持平，从负900万美元下降到负800万美元。

营收毛利润较2023年同期减少600万美元，主要是因为较低的毛利润，较高的S、G和A成本以及部分地抵销较低的研发与工程成本，详见上文的其他收入（费用）。

调整后的营业收入* 与去年同期相比，调整后的营业收入减少600万美元，主要是因为较低的毛利润，较高的S、G和A成本以及部分地抵销较低的研发与工程成本，详见上文的其他收入（费用）。

财务和非营运项目净值相较于一年前的负2900万美元，财务和非营运项目净值为负3000万美元。

税前收入与去年同期相比，毛利润较少，减少400万美元，这主要是由于营业收入减少。

税率营业利润率为29.6%，较去年同期的33.4%低。较低的税率受有利国家组合的影响，较去年同季度影响较大。离散税项，净额，使本季税率降低了1.2pp。离散税项，净额，使去年同期税率增加了0.2pp。

每股收益，稀释与一年前相比增加了$0.17。主要原因是减少股份$0.12和降低税款$0.10，部分抵消了营业利润减少$0.05。

2024年前九个月的发展情况

毛利润较2023年同期，营收增加了8500万，毛利率提高了1.0个百分点。毛利润的改善超过一半来自净销售增加，但劳动力成本和高级货运成本的降低也促成了改善，因为客户取消订单较稳定，员工人数也减少。

销售、总务和行政支出与去年相比，成本增加了1800万。成本增加的主要原因是人员成本，受高工资膨胀影响。销售、总务和行政支出与销售额之比从4.9%增加到5.1%。

研发支出、净额与去年相比，成本减少了1900万。更高的工程收入几乎解释了整个改善。研发支出与销售额之比从4.4%降至4.2%。

其他收入（费用），净 较去年同期的11500万减少至2700万，主要由于与前一年度相比较，容量调整价提存减少。

营收增加了17300万，与2023年同期相比，主要是由于毛利增加，以及上述所述的容量调整提存减少。

调整后营业收入* 较去年增加了7100万，主要是由于毛利增加及研发支出减少，净额部分抵销了销售和一般管理成本上升，如上所述。

金融和非营运项目，净额相较于前一年的负$6000万，本数为负$7300万。主要变化是由于由于债务增加和利率期货增加所导致的利息支出增加。

税前收入与去年相比，主要是由于营业收入增加以及财务和非营业项目净额增加，故营收增加了16100万美元。

税率相较于去年同期的33.4％，税率为27.0％。税率降低是由于有利的国家组合，相对于去年。离散性税项净额使本期税率降低了2.8个百分点。去年同期，离散性税项净额使税率降低了0.6个百分点。

每股收益，稀释与去年相比增加1.94美元。主要驱动因素包括营业收入增加了1.67美元，股份减少了0.29美元，税收增加了0.09美元，部分抵销了财务和非营业项目净额增加了0.11美元。

Selected Cash Flow items

Third quarter

First 9 months

(Dollars in millions)

2024

2023

Change

2024

2023

Change

Net income

$139

$134

3.4%

$404

$262

55%

Changes in operating working capital

(68)

(36)

88%

(54)

(8)

593%

Depreciation and amortization

97

95

1.8%

289

281

2.7%

Other, net

10

9

14%

1

1

6%

Operating cash flow

177

202

(12)%

639

535

19%

Capital expenditure, net

(145)

(151)

(4.1)%

(431)

(419)

3%

Free cash flow1)

$32

$50

(36)%

$208

$117

79%

Cash conversion2)

23%

37%

(14)pp

52%

45%

7pp

Shareholder returns

- Dividends paid

(54)

(56)

(3.8)%

(164)

(169)

(2.8)%

- Share repurchases

(130)

(120)

8.2%

(450)

(202)

123%

Cash dividend paid per share

$(0.68)

$(0.66)

2.7%

$(2.04)

$(1.98)

2.7%

Capital expenditures, net in relation to sales

5.7%

5.8%

(0.1)pp

5.5%

5.4%

0.1pp

1) Operating cash flow less Capital expenditure, net. Non-U.S. GAAP measure. See enclosed reconciliation table. 2) Free cash flow relative to Net income. Non-U.S. GAAP measure. See reconciliation table.

Selected Balance Sheet items

Third quarter

(Dollars in millions)

2024

2023

Change

Trade working capital1)

$1,307

$1,303

0.3%

Trade working capital in relation to sales2)

12.8%

12.5%

0.2pp

- Receivables outstanding in relation to sales3)

21.5%

21.0%

0.5pp

- Inventory outstanding in relation to sales4)

9.8%

9.5%

0.3pp

- Payables outstanding in relation to sales5)

18.4%

17.9%

0.5pp

Cash & cash equivalents

415

475

(13)%

Gross Debt6)

2,210

1,867

18%

Net Debt7)

1,787

1,375

30%

Capital employed8)

4,085

3,861

5.8%

Return on capital employed9)

22.9%

24.2%

(1.3)pp

Total equity

2,298

2,486

(7.6)%

Return on total equity10)

24.1%

21.3%

2.8pp

Leverage ratio11)

1.4

1.3

0.1pp

1) Outstanding receivables and outstanding inventory less outstanding payables. 2) Outstanding receivables and outstanding inventory less outstanding payables relative to annualized quarterly sales. Non-U.S. GAAP measure, see reconciliation table. 3) Outstanding receivables relative to annualized quarterly sales. 4) Outstanding inventory relative to annualized quarterly sales. 5) Outstanding payables relative to annualized quarterly sales. 6) Short- and long-term interest-bearing debt. 7) Short- and long-term debt less cash and cash equivalents and debt-related derivatives. Non-U.S. GAAP measure. See reconciliation table. 8) Total equity and net debt. 9) Annualized operating income and income from equity method investments, relative to average capital employed. 10) Annualized net income relative to average total equity. 11) Net debt adjusted for pension liabilities in relation to EBITDA. Non-U.S. GAAP measure. See reconciliation table.

Third quarter 2024 development

Changes in operating working capital impacted operating cash flow by $68 million negative compared to an impact of $36 million negative in the same period the prior year. Almost all of the $68 million impact in the quarter came from increases in inventories due to high customer call off volatility at the end of the quarter and higher receivables, mainly as a result of seasonally higher sales in September.

Other, net was $10 million positive compared to $9 million positive in the same period the prior year.

Operating cash flow decreased by $25 million to $177 million compared to the same period last year, mainly due to that operating working capital increased by $34 million more than it increased the same period last year, as outlined above.

Capital expenditure, net decreased by $6 million compared to the same period the previous year. The level of Capital expenditure, net, in relation to sales was relatively stable at 5.7% versus 5.8% a year earlier. The level is currently above what we expect for the longer term, due to investments in capacity, mainly in Asia, and in footprint optimization, mainly in Europe and the Americas.

Free cash flow* was positive $32 million compared to positive $50 million in the same period the prior year. The decrease was due to the lower operating cash flow partly offset by the lower capital expenditure, net.

Cash conversion* defined as free cash flow* in relation to net income, was 23% in the quarter.

Trade working capital* increased by $4 million compared to the same period last year, where the main drivers were $13 million in higher accounts receivables, $24 million in higher accounts payable and $15 million in higher inventories. In relation to sales, trade working capital increased from 12.5% to 12.8%.

Cash and cash equivalents as of September 30, 2024 was around $0.4 billion, while committed, unused loan facilities, was around $1.2 billion.

Net debt* was $1,787 million as of September 30, 2024, which was $412 million higher than a year earlier.

Total equity as of September 30, 2024, decreased by $188 million compared to September 30, 2023. This was mainly due to $221 million in dividend payments and stock repurchases including taxes of $608 million, partly offset by $632 million from net income.

Leverage ratio*: On September 30, 2024, the Company had a leverage ratio of 1.4x compared to 1.3x on September 30, 2023, as the 12 months trailing adjusted EBITDA* increased by around $187 million while the net debt* per the policy increased by around $407 million.

First nine months 2024 development

Operating cash flow increased by $104 million compared to the same period last year, to $639 million, mainly due to higher net income, partly offset by more negative effects from increased operating working capital.

Capital expenditure, net increased by $12 million. Capital expenditure, net in relation to sales was relatively stable at 5.5% versus 5.4% the prior year period. The level is currently 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 the Americas.

Free cash flow* was positive $208 million, compared to positive $117 million in the same period last year. The improvement was due to the higher operating cash flow partly offset by higher capital expenditure, net.

Cash conversion* defined as free cash flow* in relation to net income, was 52% in the period.

Sep 30

Jun 30

Sep 30

2024

2024

2023

Headcount

67,200

68,700

71,200

Whereof: Direct headcount in manufacturing

49,800

51,100

52,900

                 Indirect headcount

17,400

17,500

18,200

Temporary personnel

9%

9%

11%

As of September 30, 2024, total headcount (Full Time Equivalent) decreased by around 4,000, or by 5.6%, compared to a year earlier, despite almost unchanged sales. The indirect workforce decreased by around 800, or by 4.4%, mainly reflecting our structural reduction initiatives. The direct workforce decreased by approximately 3,100, or by 5.9%, partly due to that an improvement in customer call-off accuracy in the third quarter has enabled us to accelerate operating efficiency improvements.

Compared to June 30, 2024, total headcount (FTE) decreased by around 1,500, or by 2.2%. Indirect headcount decreased by around 100, or by 0.6%, while direct headcount decreased by approximately 1,300, or by 2.5%.

Next Report

Autoliv intends to publish the quarterly earnings report for the fourth quarter of 2024 on Friday, January 31, 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

Autoliv, Inc. is obliged to make this information public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the VP of Investor Relations set out above, at 12.00 CET on October 18, 2024.

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 10Q, 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, July and October 2024. 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.

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; disruptions and impacts relating to 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; 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.

Third quarter

First 9 months

Latest 12

Full Year

(Dollars in millions, except per share data, unaudited)

2024

2023

2024

2023

months

2023

Airbags, Steering Wheels and Other1)

$1,736

$1,761

$5,264

$5,191

$7,128

$7,055

Seatbelt products and Other1)

819

835

2,511

2,533

3,398

3,420

Total net sales

2,555

2,596

7,774

7,724

10,526

10,475

Cost of sales

(2,095)

(2,131)

(6,398)

(6,432)

(8,619)

(8,654)

Gross profit

459

465

1,377

1,291

1,907

1,822

Selling, general & administrative expenses

(129)

(119)

(399)

(380)

(519)

(500)

Research, development & engineering expenses, net

(96)

(107)

(325)

(343)

(406)

(425)

Other income (expense), net

(9)

(8)

(27)

(115)

(119)

(207)

Operating income

226

232

626

453

863

690

Income from equity method investments

2

1

5

4

6

5

Interest income

3

3

10

10

13

13

Interest expense

(27)

(24)

(81)

(68)

(105)

(93)

Other non-operating items, net

(7)

(11)

(7)

(6)

(4)

(3)

Income before income taxes

197

201

554

393

773

612

Income taxes

(58)

(67)

(149)

(131)

(141)

(123)

Net income

139

134

404

262

632

489

Less: Net income attributable to non-controlling interest

0

1

1

1

2

1

Net income attributable to controlling interest

$138

$134

$403

$261

$630

$488

Earnings per share - diluted

$1.74

$1.57

$4.98

$3.04

$7.70

$5.72

1) Including Corporate sales.

Sep 30

Jun 30

Mar 31

Dec 31

Sep 30

(Dollars in millions, unaudited)

2024

2024

2024

2023

2023

Assets

Cash & cash equivalents

$415

$408

$569

$498

$475

Receivables, net

2,192

2,090

2,194

2,198

2,179

Inventories, net

997

936

997

1,012

982

Prepaid expenses

172

193

180

173

180

Other current assets

90

76

71

93

63

Total current assets

3,865

3,703

4,011

3,974

3,879

Property, plant & equipment, net

2,317

2,197

2,192

2,192

2,067

Operating leases right-of-use assets

173

167

177

176

162

Goodwill and intangible assets, net

1,386

1,379

1,381

1,385

1,378

Investments and other non-current assets

565

564

564

606

500

Total assets

8,306

8,010

8,324

8,332

7,987

Liabilities and equity

Short-term debt

624

455

310

538

590

Accounts payable

1,881

1,858

1,855

1,978

1,858

Accrued expenses

1,189

1,120

1,129

1,135

1,093

Operating lease liabilities - current

44

41

41

39

37

Other current liabilities

297

312

323

345

274

Total current liabilities

4,034

3,785

3,658

4,035

3,851

Long-term debt

1,586

1,540

1,830

1,324

1,277

Pension liability

147

140

149

159

152

Operating lease liabilities - non-current

130

127

134

135

125

Other non-current liabilities

110

106

111

109

96

Total non-current liabilities

1,974

1,913

2,224

1,728

1,649

Total parent shareholders’ equity

2,288

2,298

2,428

2,557

2,473

Non-controlling interest

10

13

13

13

13

Total equity

2,298

2,311

2,442

2,570

2,486

Total liabilities and equity

$8,306

$8,010

$8,324

$8,332

$7,987

Third quarter

First 9 months

Latest 12

Full Year

(Dollars in millions, unaudited)

2024

2023

2024

2023

months

2023

Net income

$139

$134

$404

$262

$632

$489

Depreciation and amortization

97

95

289

281

385

378

Other, net

10

9

1

1

(119)

(119)

Changes in operating working capital, net

(68)

(36)

(54)

(8)

189

235

Net cash provided by operating activities

177

202

639

535

1,086

982

Expenditures for property, plant and equipment

(146)

(152)

(440)

(420)

(593)

(572)

Proceeds from sale of property, plant and equipment

1

0

9

1

12

4

Net cash used in investing activities

(145)

(151)

(431)

(419)

(581)

(569)

Free cash flow1)

32

50

208

117

505

414

Increase in short term debt

152

110

85

115

32

61

Decrease in long-term debt

-

-

(306)

(533)

(306)

(533)

Increase in long-term debt

46

1

581

557

583

559

Dividends paid

(54)

(56)

(164)

(169)

(221)

(225)

Share repurchases

(130)

(120)

(450)

(202)

(600)

(352)

Common stock options exercised

-

0

0

1

1

1

Dividend paid to non-controlling interests

(4)

-

(5)

(1)

(5)

(1)

Net cash used in financing activities

11

(64)

(259)

(232)

(516)

(490)

Effect of exchange rate changes on cash

(36)

14

(33)

(3)

(50)

(20)

Increase (decrease) in cash and cash equivalents

6

(0)

(84)

(119)

(61)

(96)

Cash and cash equivalents at period-start

408

475

498

594

475

594

Cash and cash equivalents at period-end

$415

$475

$415

$475

$415

$498

1) Non-U.S. GAAP measure comprised of "Net cash provided by operating activities" and "Net cash used in investing activities". See reconciliation table.

Sep 30

Jun 30

Mar 31

Dec 31

Sep 30

(Dollars in millions)

2024

2024

2024

2023

2023

Total current assets

$3,865

$3,703

$4,011

$3,974

$3,879

Total current liabilities

(4,034)

(3,785)

(3,658)

(4,035)

(3,851)

Working capital (U.S. GAAP)

(169)

(83)

353

(61)

28

Less: Cash and cash equivalents

(415)

(408)

(569)

(498)

(475)

          Prepaid expenses

(172)

(193)

(180)

(173)

(180)

          Other current assets

(90)

(76)

(71)

(93)

(63)

Less: Short-term debt

624

455

310

538

590

          Accrued expenses

1,189

1,120

1,129

1,135

1,093

          Operating lease liabilities - current

44

41

41

39

37

          Other current liabilities

297

312

323

345

274

Trade working capital (non-U.S. GAAP)

$1,307

$1,169

$1,336

$1,232

$1,303

Sep 30

Jun 30

Mar 31

Dec 31

Sep 30

(Dollars in millions)

2024

2024

2024

2023

2023

Receivables, net

$2,192

$2,090

$2,194

$2,198

$2,179

Inventories, net

997

936

997

1,012

982

Accounts payable

(1,881)

(1,858)

(1,855)

(1,978)

(1,858)

Trade working capital (non-U.S. GAAP)

$1,307

$1,169

$1,336

$1,232

$1,303

Sep 30

Jun 30

Mar 31

Dec 31

Sep 30

(Dollars in millions)

2024

2024

2024

2023

2023

Short-term debt

$624

$455

$310

$538

$590

Long-term debt

1,586

1,540

1,830

1,324

1,277

Total debt

2,210

1,996

2,140

1,862

1,867

Cash & cash equivalents

(415)

(408)

(569)

(498)

(475)

Debt issuance cost/Debt-related derivatives, net

(9)

(8)

(9)

3

(17)

Net debt

$1,787

$1,579

$1,562

$1,367

$1,375

Dec 31

Dec 31

Dec 31

Dec 31

(Dollars in millions)

2022

2021

2020

2019

Short-term debt

$711

$346

$302

$368

Long-term debt

1,054

1,662

2,110

1,726

Total debt

1,766

2,008

2,411

2,094

Cash & cash equivalents

(594)

(969)

(1,178)

(445)

Debt issuance cost/Debt-related derivatives, net

12

13

(19)

0

Net debt

$1,184

$1,052

$1,214

$1,650

Sep 30

Jun 30

Sep 30

(Dollars in millions)

2024

2024

2023

Net debt1)

$1,787

$1,579

$1,375

Pension liabilities

147

140

152

Debt per the Policy

$1,934

$1,720

$1,527

Net income2)

$632

$627

$418

Income taxes2)

141

150

188

Interest expense, net2, 3)

93

89

75

Other non-operating items, net2)

4

8

5

Income from equity method investments2)

(6)

(6)

(4)

Depreciation and amortization of intangibles2)

385

384

371

Adjustments2), 4)

128

128

136

EBITDA per the Policy (Adjusted EBITDA)

$1,376

$1,380

$1,189

Leverage ratio

1.4

1.2

1.3

1) Short- and long-term debt less cash and cash equivalents and debt-related derivatives. 2) Latest 12 months. 3) Interest expense including cost for extinguishment of debt, if any, less interest income. 4) Capacity alignments, antitrust related matters and for FY2023 the Andrews litigation settlement. See Items Affecting Comparability below.

Third quarter

First 9 months

Latest 12

Full Year

(Dollars in millions)

2024

2023

2024

2023

months

2023

Net income

$139

$134

$404

$262

$632

$489

Changes in operating working capital

(68)

(36)

(54)

(8)

189

235

Depreciation and amortization

97

95

289

281

385

378

Other, net

10

9

1

1

(119)

(119)

Operating cash flow

177

202

$639

$535

1,086

982

Capital expenditure, net

(145)

(151)

(431)

(419)

(581)

(569)

Free cash flow1)

$32

$50

$208

$117

$505

$414

Cash conversion2)

23%

37%

52%

45%

80%

85%

1) Operating cash flow less Capital expenditure, net. 2) Free cash flow relative to Net income.

Full year

Full year

Full year

Full year

(Dollars in millions)

2022

2021

2020

2019

Net income

$425

$437

$188

$463

Changes in operating assets and liabilities

58

(63)

277

47

Depreciation and amortization

363

394

371

351

Gain on divestiture of property

(80)

-

-

-

Other, net1)

(54)

(15)

13

(220)

Operating cash flow

713

754

849

641

EC antitrust payment

-

-

-

(203)

Operating cash flow excl antitrust

713

754

849

844

Capital expenditure, net

(485)

(454)

(340)

(476)

Free cash flow2)

$228

$300

$509

$165

Free cash flow excl antitrust payment3)

$228

$300

$509

$368

Cash conversion4)

54%

69%

270%

36%

Cash conversion excl antitrust5)

54%

69%

270%

79%

1) Including EC antitrust payment 2019. 2) Operating cash flow less capital expenditure, net. 3) For 2019, operating cash flow excluding EC antitrust payment less capital expenditures, net. 4) Free cash flow relative to net income. 5) For 2019, free cash flow excluding EC antitrust payment relative to net income.

Third quarter 2024

Third quarter 2023

(Dollars in millions, except per share data)

Reported
U.S. GAAP

Adjust-ments1)

Non-U.S.
GAAP

Reported
U.S. GAAP

Adjust-ments1)

Non-U.S.
GAAP

Operating income

$226

11