Slide 1: Earnings Call Presentation 4th Quarter 2025
Earnings Call Presentation 4th Quarter 2025 January 30, 2026 January 30, 2026 ALV – Q4 2025 Earnings Call and Webcast Copyright Autoliv Inc., All Rights Reserved Public
Slide 2: Safe Harbor Statement
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 A
Slide 3: Q4'25 Key Highlights – Record Sales, Operating Cash Flow and Earnings Per Share
Q4’25 Key Highlights – Record Sales, Operating Cash Flow and Earnings Per Share Record Quarterly Sales – Driven by Strong Growth in India and China − Sales outperformed LVP** in all regions − Sales in India exceeded expectations, emerging as the largest contributor to the increase − Sales to Chine
Slide 4: Q4'25 Financial Overview
Q4’25 Financial Overview Record sales and operating cash flow* for a fourth quarter Consolidated Sales Adjusted Operating Income* Operating Cash Flow US$ -Millions US$ -Millions US$ -Millions 8% -4% 30% $2,817 $2,616 $349 $337 $544 13.4% Adj. 12.0% Adj. Op. Margin* Op. Margin* $420 Q4’24 Q4’25 Q4’24
Slide 5: Cost Efficiency
Cost Efficiency Partly offset by lower engineering income due to timing Direct Labor Productivity Index Gross Margin SG&A and RD&E, net Operating Cash flow LTM Sales in relations to Average Headcount % US$ -Millions and in relations to sales US$ -Millions 300 11.0% 1,250 160 22% 140 250 10.0% 1,050
Slide 6: Q4'25 Light Vehicle Market Development
Q4’25 Light Vehicle Market Development Q4´25 LVP* Customer Call-off Accuracy** 7% China COEMs* 6% 100% Normal 5% 4% Rest 3% of Asia S. Americas Japan Global 2% Total 1% E.Europe +1.3% 80% 0% -1% N. Americas -2% -3% W.Europe China 60% -4% GOEMs* Higher safety content markets Lower call-off accuracy b
Slide 7: Q4'25 Sales Growth and Regional Sales Split
Q4’25 Sales Growth and Regional Sales Split Sales Bridge Sales by Region Q4´25 US$ millions % $92 $2,817 $105 $29 $2,616 -$24 China 23% Americas 30% Asia 43% Japan 8% Rest of Europe Asia 27% 12% 4.2% Organic growth* * Non-US GAAP measure January 30, 2026 ALV – Q4 2025 Earnings Call and Webcast Copyr
Slide 8: Q4'25 Organic Sales Outperforming Global LVP by 3pp
Q4’25 ― Organic Sales1 Outperforming Global LVP by 3pp Outperformance - Organic growth1 vs. LVP2 (Percentage points) CHINA EUROPE +5pp Main Net Sales +2pp JAPAN CHINA3 GOEMs -3pp Growth Drivers CHINA3 COEMs -8pp Stellantis AMERICAS +34pp +4pp Suzuki Geely Chinese EV Rest of ASIA BMW +11pp Chery Grea
Slide 9: Q4'25 Key Model Launches
Q4’25 Key Model Launches January 30, 2026 ALV – Q4 2025 Earnings Call and Webcast Copyright Autoliv Inc., All Rights Reserved Public
Slide 10: 2025 in Summary
2025 in Summary January 30, 2026 ALV – Q4 2025 Earnings Call and Webcast Copyright Autoliv Inc., All Rights Reserved Public
Slide 11: 2025: A Record Year Driven by Strong Sales, Improved Margins, and High Shareholder Returns
2025: A Record Year Driven by Strong Sales, Improved Margins, and High Shareholder Returns Record Sales – Driven by Strong Growth in India and China − Sales outperformed LVP in all markets excluding China, despite strong ending of the year − LVP exceeded 90 million for the first time since 2018. T
Slide 12: OEMs Continued to Reconsider their Future Product Offerings
OEMs Continued to Reconsider their Future Product Offerings – Resulted in Low Sourcing Activities in 2025 FY2025 Order Intake Order Intake Lifetime Sales* Industry sourcing of new businesses continued at a low level • What to build: OEMs are reconsidering their future product offerings • Where to
Slide 13: FY2025 Order Intake Highlights
FY2025 Order Intake Highlights Order Intake with new OEMs* % of total order intake Multiple awards supporting industry trends and new markets 50% 40% Rear window Inflatable curtain Pyro safety Switch for 1,000 V EVs Expanding safety in India trough airbag for protection of rear seat for reliable ope
Slide 14: FY2025 Organic Sales Growing inline with Global LVP
FY2025 ― Organic Sales1 Growing inline with Global LVP Outperformance - Organic growth1 vs. LVP2 (Percentage points) 2025 Global Market Share4 CHINA EUROPE -6pp +2pp JAPAN CHINA3 GOEMs 0pp CHINA3 -6pp COEMs AMERICAS +7pp +3pp Autoliv ~44% Others Rest of ASIA +6pp (1) Non-US GAAP measure (2) Light Ve
Slide 15: Financials
Financials January 30, 2026 ALV – Q4 2025 Earnings Call and Webcast Copyright Autoliv Inc., All Rights Reserved Public
Slide 16: Q4'25 Financial Overview
Q4’25 Financial Overview US$ Millions unless specified Q4’25 Q4’24 Sales $2,817 $2,616 Gross Profit $572 20.3% $551 21.0% Adj. Operating Income1 $337 12.0% $349 13.4% Adj. EPS -assuming dilution1 $3.19 $3.05 Adj. RoCE1,2 32% 35% Adj. RoE1,2 37% 41% Operating cash flow $544 $420 Dividend paid per sha
Slide 17: Q4'25 Margin Bridge
Q4’25 Margin Bridge Adjusted Operating Income* Bridge -$12 450 Operations 400 $41 -$1 $349 Primarily driven by 350 -$24 -$2 $7 $337 -$33 Higher operational efficiency 300 US$ Millions Organic sales growth 250 200 150 100 50 0 * Non-US GAAP excluding effects from capacity alignment and antitrust
Slide 18: 2025 Financial Overview
2025 Financial Overview Earnings per share (EPS) US$ US$ Millions unless specified 2025 2024 Sales $10,815 $10,390 10.0 Gross Profit $2,074 19.2% $1,927 18,5% 9.0 Adj. Operating Income1 $1,114 10.3% $1,007 9.7% 8.0 Adj. EPS -assuming dilution1 $9.85 $8.32 7.0 Adj. RoCE1,2 27% 26% 6.0 5.0 Adj. RoE1,2
Slide 19: Cash Flow
Cash Flow Continued solid performance from higher net income Free operating cash flow US$ million -US$ Millions unless Q4´25 Q4´24 2025 2024 2023 specified Net Income $226 $243 $736 $648 $489 $800 Depreciation & Amortization 108 98 407 387 378 $700 Other, net 5 -29 26 -29 -119 $600 Change in operati
Slide 20: Trade Working Capital in Relation to Sales
Trade Working Capital in Relation to Sales * Strong Trade Working Capital performance despite headwinds from tariffs 35% 30% 25% Since Q1´19 Trade WC has 20% improved by ~$740M 15% 10% 5% 0% * Non-US GAAP, see reconsolidation table at the end of this presentation. Values for 2019, 2020, 2021, 2022 a
Slide 21: Strong Balance Sheet & Cash flow Supporting Shareholder Returns
Strong Balance Sheet & Cash flow Supporting Shareholder Returns Shareholder Returns $ millions ~$2.44 billion in direct shareholder returns over the last 5 years 552 352 351 Repurchased over 13 million shares since beginning of 2022, corresponding 115 to ~15% of outstanding shares Stock Repurchases
Slide 22: Debt Leverage Ratio
Debt Leverage Ratio* remains below our target limit of 1.5x Net Debt * / EBITDA ** Net Debt* and EBITDA** per the Policy Times US$ Millions 2.0 Net Debt EBITDA LTM 2,000 1.5 1,500 1.1x 1.0 Long-Term Target: ≤1.5x 1,000 0.5 0.0 500 Q1´23 Q2´23 Q3´23 Q4´23 Q1´24 Q2´24 Q3´24 Q4´24 Q1´25 Q2´25 Q3´25 Q4´
Slide 23: Outlook 2026
Outlook 2026 January 30, 2026 ALV – Q4 2025 Earnings Call and Webcast Copyright Autoliv Inc., All Rights Reserved Public
Slide 24: Light Vehicle Production Outlook
Light Vehicle Production Outlook Global Light Vehicle Production* according to S&P Global in January 2026 LVP* per Quarter 25 -0.2% 24 23 1.4% 0.7% 22 -4.0% 21 Million units Autoliv guidance is based on global 20 LVP decreasing around -1% in 2026 19 18 17 16 15 Q1 Q2 Q3 Q4 2024 2025 2026 . * Light V
Slide 25: 2026 Business Outlook – Driving Margin Expansion Despite Market Challenges
2026 Business Outlook – Driving Margin Expansion Despite Market Challenges 2026 Outlook Adjusted Operating Margin * on Track Towards Target We expect flat sales vs. LVP -1% Around Continued outperformance in China, India and South America +20 – 70 bps Sales are expected to decline in North Ame
Slide 26: Q1'26 Business Outlook
Q1´26 Business Outlook Q1´26 Outlook Q1´26 Detailed LVP* Outlook Consistent with typical seasonal patterns, the first 5% Japan quarter is expected to be the weakest of the year E.Europe S. Americas Rest We expect adjusted operating margin in the first quarter 0% of Asia to decline significantly
Slide 27: Full Year 2026 Guidance & Assumptions
Full Year 2026 Guidance1 & Assumptions Full Year 2026 Guidance Organic sales increase2 Around 0% Adjusted Operating margin2 Around 10.5 to 11.0% Operating Cash flow3 Around $1.2 billion Capex, net % of sales Less than 5% Assumptions Exchange Rates US$/EUR 0.8630 LVP Growth Around 1% negative US$/JPY
Slide 28: Q&A
Q&A January 30, 2026 ALV – Q4 2025 Earnings Call and Webcast Copyright Autoliv Inc., All Rights Reserved Public
Slide 29: Q4'25 Product Volumes
Q4´25 Product Volumes Autoliv Quantities Delivered Q4’25 vs. PY** (%) (Millions unless specified) Seatbelts 36.2 1% Pretensioners (of which) 25.8 2% Active Seatbelts (of which) 1.5 0% Frontal Airbags 15.5 5% Knee Airbags (of which) 1.7 16% Side Airbags 38.7 11% Chest (Thorax) 20.4 13% Head
Slide 30: FY 2025 Product Volumes
FY 2025 Product Volumes Autoliv Quantities Delivered 2025 vs. PY** (%) (Millions unless specified) Seatbelts 143.2 1% Pretensioners (of which) 100.5 2% Active Seatbelts (of which) 6.0 6% Frontal Airbags 60.7 1% Knee Airbags (of which) 6.9 3% Side Airbags 143.4 9% Chest (Thorax) 76.4 10% He
Slide 31: Reconciliation of GAAP "Operating margin" to Non-GAAP "Adjusted Operating margin"
Reconciliation of GAAP measure "Operating margin" to Non-GAAP measure "Adjusted Operating margin" 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 co
Slide 32: Reconciliation of Non-US GAAP measure "Leverage ratio & Adjusted EBITDA"
Reconciliation of Non-US GAAP measure “Leverage ratio & Adjusted EBITDA" 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 t
Slide 33: Reconciliation of Non-US GAAP measure "Net Debt"
Reconciliation of Non-US GAAP measure “Net Debt" (Dollars in millions) 2025 2024 2023 Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Short-term debt $419 $654 $679 $540 $387 $624 $455 $310 $538 $590 $481 $577 Long-term debt 1,734 1,374 1,372 1,565 1,522 1,586 1,5
Slide 34: Reconciliation of Non-US GAAP measure "Trade Working Capital"
Reconciliation of Non-US 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
Slide 35: Reconciliation of GAAP "Earnings per share - diluted" to Non-GAAP "Adjusted Earnings per share"
Reconciliation of GAAP measure "Earnings per share - diluted" to Non-GAAP measure "Adjusted Earnings per share - diluted" (Dollars in millions) Fourth quarter Full year 2025 2024 2025 2024 Earnings per share - diluted (GAAP) $2.98 $3.10 $9.55 $8.04 Non-GAAP adjustments: Less: Capacity alignments 0.2
Slide 36: Saving More Lives
Saving More Lives January 30, 2026 ALV – Q4 2025 Earnings Call and Webcast Copyright Autoliv Inc., All Rights Reserved Public