財務報告

2024年7月至9月

瑞典斯德哥爾摩，2024年10月18日
(紐交所: ALV 和SSE: ALIV.sdb)

2024年第3季財務亮點

$255500萬 凈銷售

1.6% 凈銷售額下降

0.8% 有機銷售下滑*

8.9% 營業利潤率

9.3% 調整後的營業利潤率*

$1.74 稀釋 每股收益，增加了11%

$1.84 調整後每股收益*，增加了11%

2024年全年指引

約1% 有機銷售增長

約1%的負增長 外匯期貨對淨銷售的影響

約9.5-10.0% 調整後營業利潤

約11億美元左右 營運現金流

＊有關非美國通用會計準則措施，請參閱附表協調表。

(金額單位：百萬美元，每股資料均指每股)。

Q3 2024

Q3 2023

變化

9M 2024

9M 2023

變化

淨銷售額

$2,555

$2,596

(1.6)%

$7,774

$7,724

0.7%

營收

226

232

(2.4)%

626

453

38%

調整後營業收入1)

237

243

(2.3)%

657

586

12%

營業利潤率

8.9%

8.9%

(0.1)pp

8.1%

5.9%

2.2個百分點

調整後的營業利潤率1)

9.3%

9.4%

（0.1）個百分點

8.5%

7.6%

0.9個百分點

每股盈餘-稀釋

1.74

1.57

11%

4.98

3.04

64%

每股調整後盈利 - 稀釋1)

1.84

1.66

11%

5.30

4.48

18%

經營現金流

177

202

(12)%

639

535

19%

資本利用率2)

22.9%

24.2%

(1.3)個百分點

21.2%

15.6%

5.6個百分點

調整後資本利用率回報1,2)

23.9%

24.5%

(0.7)個百分點

22.1%

19.8%

2.3個百分點

1) 不包括與產能調整、反壟斷相關事項以及2023財年的Andrews訴訟解決相關影響。非美國通用會計準則（Non-U.S. GAAP）指標，詳見協調表。
2) 年化營業收益和權益法投資收益，相對於平均資本使用率。

來自總裁兼首席執行官Mikael Bratt的評論

輕型車生產在第三季度疲弱，全球下降近5%。這是由存貨減少和特別是在美洲以及中國的高比較基準所驅動的。在這種惡劣環境下，奧托立夫成功地比輕型汽車生產增長了4個百分點，幾乎實現不變。

根據近年來銷售趨勢和訂單接受情況，我們預計在未來幾年將與中國國內OEM公司進一步贏得市場份額。

我們與客戶的過多通脹補償談判符合我們的預期，還有少數談判仍在進行。

隨著年底具有季節性強勁的第四季度，我們重申2024年調整後的營業利潤率約為9.5-10.0%的指引。我們預計將處於此區間的較低端，因為我們現在預計全年2024年有機增長為1%，而不是之前預計的2%，這是由於不利的市場組合發展。

我們的營運現金流往全年指引的11億美元進展順利，我們的資產負債表仍然強勁，負債槓桿為1.4倍，支持我們持續承諾提供高水準的股東回報和我們的財務目標。

銷售和營業收入。這是儘管有一項1400萬美元的與供應商和解相關的成本項目。

我們能夠取得這些成果主要是由於我們的成本控制，包括持續減少間接員工。我們加速了效率改進，有助於比去年同期減少3100名直接員工，降低了6%。

我很高興看到我們全球基礎上實現了比輕型車生產更大的增長，歐洲和亞洲（中國除外）表現明顯優越。由於市場組合嚴重不利，我們在中國的銷售表現不佳，但我們與中國OEM公司的地位持續改善。

全年指引

全年指引

有機銷售增長

約為1%

稅率2)

約佔28%

外匯期貨對淨銷售的影響

約1%的負面影響

經營現金流3)

約11億美元

調整後的營業利潤率1)

約9.5-10.0%

資本支出，淨銷售額

約5.5%

1) 不包括容量調整、反壟斷相關事項和其他離散項影響。2) 不包括飛凡稅收項目。3) 不包括飛凡項目。

各地區的淨銷售額發展

營業收入、調整後營業收入和利潤率

資本支出和折舊及攤銷

營運現金流

資本僱用的回報率

現金轉換*

營運收入及利潤*：考慮容量調整、與反壟斷相關事項以及2023年Andrews訴訟和解案之後的營運收入。容量調整包括與我們結構效率和業務週期管理方案相關的非經常性成本。

Capex, 淨值：　資本支出，淨值。

D&A：　折舊及攤銷。

現金轉換率*： 自由現金流被定義為營運現金流減去資本支出，淨額。

合併銷售額

第三季

報告的變化

貨幣

有机

（以百萬美元計）

2024

2023

（美國通用會計原則）

影響1)

change*

Airbags, Steering Wheels and Other2)

$1,736

$1,761

(1.4)%

(0.7)%

(0.7)%

安全帶產品及其他2)

819

835

(2.0)%

(1.0)%

(1.0)%

總計

$2,555

$2,596

(1.6)%

(0.8)%

(0.8)%

美洲

$851

$918

(7.2)%

(3.5)%

(3.8)%

歐洲

700

646

8.4%

2.2%

6.3%

中國

495

538

(8.1)%

1.3%

(9.3)%

亞洲（中國除外）

508

495

2.7%

(2.1)%

4.8%

總計

$2,555

$2,596

(1.6)%

(0.8)%

(0.8)%

1）貨幣轉換效應。 2）包含企業銷售。

產品銷售 - 安全氣囊，方向盤和其他

當季有機*銷售下降0.7%。銷量減少的最大貢獻者是乘客氣囊，充氣窗簾，膝部氣囊和駕駛員氣囊部分抵銷了方向盤，充氣器和中央氣囊的增長。

產品銷售 - 安全帶產品和其他

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.

根據地域板塊的銷售

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

中國

亞洲地域板塊（不含中國）

全球貨幣

奧托立夫

(3.8)%

6.3%

(9.3)%

4.8%

(0.8)%

主要增長驅動因素

通用汽車、雷諾、大眾

梅賽德斯、雷諾、福特

吉利、奇瑞、寶馬

現代、鈴木、塔塔

吉利、奔驰、雷諾

主要下降驅動因素

Stellantis、電動汽車原始設備製造商、日產

Stellantis、沃爾沃、菲斯克

理想汽車、大眾、本田

日產、馬自達

Stellantis、電動汽車原始設備製造商、通用汽車

Q3 2024

美洲

歐洲

中國

亞洲(不含中國)

全球貨幣

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)%

合併銷售額

首9個月

報告的變動

貨幣

有机

（以百萬美元計）

2024

2023

（美國通用會計原則）

影響1)

change*

Airbags, Steering Wheels and Other2)

$5,264

$5,191

1.4%

(1.0)%

2.4%

安全帶產品及其他2)

2,511

2,533

(0.9)%

(1.2)%

0.3%

總計

$7,774

$7,724

0.7%

(1.1)%

1.7%

美洲

$2,637

$2,665

(1.0)%

(0.2)%

(0.8)%

歐洲

2,231

2,122

5.2%

1.4%

3.7%

中國

1,423

1,488

(4.4)%

(2.0)%

(2.3)%

亞洲（中國除外）

1,483

1,449

2.3%

(5.3)%

7.7%

總計

$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。

按產品銷售 - 安全氣囊、方向盤和其他

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、側安全气囊和气囊，部分抵消的是乘客安全气囊和膝盖安全气囊的下降。

按產品銷售 - 安全帶產品和其他

安全帶產品和其他產品的銷售在該期間內有機增長了0.3％。亞洲（不含中國）、美洲和歐洲的銷售在有機上升，而中國的銷售下降。

根據地域板塊的銷售

我們的全球有機銷售與全球LVP下降1.8％相比增長了1.7％（根據標普全球，2024年10月）。3.5pp的超出表現主要是由新產品推出和價格上漲驅動，部分抵消了負面客戶和機型結構。

我們的有機銷售增長在亞洲（不含中國）超出了12pp，在歐洲超出了7.3pp，在美洲超出了0.8pp，而在中國則低於4.6pp。中國的LVP增長傾向於國內OEM廠商，通常安全內容較低。中國國內OEM的LVP增長了15％，而在前九個月，全球OEM的LVP下降了10％。

900萬2024年有機增長*

美洲

歐洲

中國

亞洲（不包括中國）

全球貨幣

奧托立夫

(0.8)%

3.7%

(2.3)%

7.7%

1.7%

主要增長驅動因素

VW，豐田，現代

奔馳，雷諾，寶馬

吉利，寶馬，奇瑞

現代，塔塔，鈴木

奔馳，現代，吉利

主要下降驅動因素

Stellantis、電動汽車原始設備製造商、日產

Stellantis，大眾，富豪

EV原始設備製造商，本田，通用

日產，雷諾

Stellantis、電動汽車原始設備製造商、通用汽車

2024年前9個月

美洲

歐洲

中國

亞洲（不包括中國）

全球貨幣

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

極氪 7X

Nissan Patrol & Armada

alfa Romeo Junior

Audi A6 e-tron

長安Avatr 15

奧迪A5

塔塔Curvv

福特Capri

奇瑞Luxeed R7

Mahindra Thar（ROXX）

司機/乘客安全氣囊

安全帶

側面安全氣囊

頭部/膨脹式窗簾安全氣囊

方向盤

膝蓋安全氣囊

前置中央安全氣囊

全腹式安全帶

火工安全切換開關

行人安全氣囊

引擎蓋升降器

可作為EV/PHEV使用

簡明損益表

第三季

前9個月

(金額單位：百萬美元，每股資料均指每股)。

2024

2023

變動

2024

2023

變動

淨銷售額

$2,555

$2,596

(1.6)%

$7,774

$7,724

0.7%

銷貨成本

(2,095)

(2,131)

(1.7)%

(6,398)

(6,432)

(0.5)%

毛利潤

459

465

(1.3)%

1,377

1,291

6.6%

銷售、一般及行政支出

(129)

(119)

8.4%

(399)

(380)

4.9%

研發支出、淨額

(96)

(107)

(10)%

(325)

(343)

(5.5)%

其他收入（費用），淨額

(9)

(8)

11%

(27)

(115)

(76)%

營收

226

232

(2.4)%

626

453

38%

調整後營業收入1)

237

243

(2.3)%

657

586

12%

金融和非營運項目，淨額

(29)

(30)

(3.7)%

(73)

(60)

21%

稅前收入

197

201

(2.2)%

554

393

41%

所得稅

(58)

(67)

(13)%

(149)

(131)

14%

凈利潤

$139

$134

3.4%

$404

$262

55%

每股盈餘-稀釋3)

$1.74

$1.57

11%

$4.98

$3.04

64%

每股調整後盈利 - 稀釋1,3)

$1.84

$1.66

11%

$5.30

$4.48

18%

毛利率

18.0%

17.9%

0.1個百分點

17.7%

16.7%

1.0個百分點

S,G&A，相對於銷售額

(5.0)%

(4.6)%

(0.5)個百分點

(5.1)%

(4.9)%

(0.2)個百分點

R,D&E，相對於銷售額

(3.7)%

(4.1)%

0.4個百分點

(4.2)%

(4.4)%

0.3個百分點

營業利潤率

8.9%

8.9%

（0.1）個百分點

8.1%

5.9%

2.2個百分點

調整後的營業利潤率1)

9.3%

9.4%

(0.1)個百分點

8.5%

7.6%

0.9個百分點

稅率

29.6%

33.4%

(3.8)個百分點

27.0%

33.4%

(6.4)個百分點

其他資料

期末股份數（百萬）3)

78.8

84.1

(6.4)%

78.8

84.1

(6.4)%

加權平均股份數（百萬）3)

79.2

84.9

(6.6)%

80.7

85.5

(5.6)%

加權平均股份數（百萬），稀釋後3)

79.3

85.0

(6.7)%

80.9

85.7

(5.6)%

1) 非美國通用會計原則衡量，不包括容量調整、反壟斷相關事項以及2023財年安德魯斯訴訟和解的影響。參見調節表。2) 適用時假設稀釋效果，並排除庫藏股。3) 排除庫藏股。

2024年第三季度發展

毛利潤毛利率 較2023年同季度減少了600萬美元，而毛利率較同比提高了0.1個百分點。毛利潤的減少主要是因為直接原材料成本增加了1400萬美元，主要是與一項和解有關，以及較低的淨銷售額。這在一定程度上被主要運費和勞動力成本的降低部分抵消，部分是由於客戶看漲準確性的提高。

銷售、一般和行政管理費用與去年相比，成本增加了1000萬美元，主要是由於人員成本增加，因為工資通脹，而員工數量保持不變。數位化、IT項目和許可成本也增加，受通脹影響。與銷售額相關的銷售、一般和行政管理費用從4.6%增加至5.0%。

研發支出以及營業淨利潤與去年相比，研發支出以及營業淨利潤減少了1100萬美元，主要是由於高達600萬美元的較高工程收入。這種減少在一定程度上也得到了支持，主要來自幾項因素，主要是正面的外匯匯率轉換影響、較低的人員成本和樣品及原型的成本降低。與銷售額相關的研發支出以及營業淨利潤從4.1%降至3.7%。

其他收入（費用），淨 與去年同期相比，接近持平，從負900萬美元下降到負800萬美元。

營收毛利潤較2023年同期減少600萬美元，主要是因為較低的毛利潤，較高的S、G和A成本以及部分地抵銷較低的研發與工程成本，詳見上文的其他收入（費用）。

調整後的營業收入* 與去年同期相比，調整後的營業收入減少600萬美元，主要是因為較低的毛利潤，較高的S、G和A成本以及部分地抵銷較低的研發與工程成本，詳見上文的其他收入（費用）。

財務和非營運項目淨值相較於一年前的負2900萬美元，財務和非營運項目淨值為負3000萬美元。

稅前收入與去年同期相比，毛利潤較少，減少400萬美元，這主要是由於營業收入減少。

稅率營業利潤率為29.6%，較去年同期的33.4%低。較低的稅率受有利國家組合的影響，較去年同季度影響較大。離散稅項，淨額，使本季稅率降低了1.2pp。離散稅項，淨額，使去年同期稅率增加了0.2pp。

每股收益，稀釋與一年前相比增加了$0.17。主要原因是減少股份$0.12和降低稅款$0.10，部分抵消了營業利潤減少$0.05。

2024年前九個月的發展情況

毛利潤較2023年同期，營收增加了8500萬，毛利率提高了1.0個百分點。毛利潤的改善超過一半來自淨銷售增加，但勞動力成本和高級貨運成本的降低也促成了改善，因為客戶取消訂單較穩定，員工人數也減少。

銷售、總務和行政支出與去年相比，成本增加了1800萬。成本增加的主要原因是人員成本，受高工資膨脹影響。銷售、總務和行政支出與銷售額之比從4.9%增加到5.1%。

研發支出、淨額與去年相比，成本減少了1900萬。更高的工程收入幾乎解釋了整個改善。研發支出與銷售額之比從4.4%降至4.2%。

其他收入（費用），淨 較去年同期的11500萬減少至2700萬，主要由於與前一年度相比較，容量調整價提存減少。

營收增加了17300萬，與2023年同期相比，主要是由於毛利增加，以及上述所述的容量調整提存減少。

調整後營業收入* 較去年增加了7100萬，主要是由於毛利增加及研發支出減少，淨額部分抵銷了銷售和一般管理成本上升，如上所述。

金融和非營運項目，淨額相較於前一年的負$6000萬，本數為負$7300萬。主要變化是由於由於債務增加和利率期貨增加所導致的利息支出增加。

稅前收入與去年相比，主要是由於營業收入增加以及財務和非營業項目淨額增加，故營收增加了16100萬美元。

稅率相較於去年同期的33.4％，稅率為27.0％。稅率降低是由於有利的國家組合，相對於去年。離散性稅項淨額使本期稅率降低了2.8個百分點。去年同期，離散性稅項淨額使稅率降低了0.6個百分點。

每股收益，稀釋與去年相比增加1.94美元。主要驅動因素包括營業收入增加了1.67美元，股份減少了0.29美元，稅收增加了0.09美元，部分抵銷了財務和非營業項目淨額增加了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