Autoliv — Jan 30, 2026 release

We outperformed in all regions; by 5.3pp in China, by 4.8pp in Asia ex. China, by 3.7pp in Americas and by 1.5pp in Europe. Driven mainly by new product launches, our organic sales growth* to Chinese OEMs (COEMs) was close to 40%. We expect continued strong sales performance with COEMs in 2026. • Profitability was strong, with the highest quarterly gross profit and second highest operating income so far. This was mainly due to organic sales growth* and successful execution of cost reductions. Operating income decreased by 9.6% to $319 million and adjusted operating income* decreased by 3.6% to $337 million mainly from lower out-of-period customer compensations and lower engineering income. Operating margin was 11.3% and adjusted operating margin* was 12.0%. ROCE was 30.3% and adjusted ROCE* was 31.8%. • Operating cash flow increased by 30%, to a new quarterly record of $544 million, taking the full year operating cash flow to a new record of $1,157 million. Free operating cash flow* increased substantially and was a record-high for both the quarter and the full year. The leverage ratio* improved to 1.1x, well below our target limit of 1.5x. In the quarter, a dividend of $0.87 per share (2.4% increase from Q3 ‘25) was paid and 1.26 million shares were repurchased and retired. *For Non-GAAP measures see enclosed reconciliation tables. Key Figures (Dollars in millions, except per share data) Q4