Here are 1-3 brief analogies to describe Autoliv (ALV):

• Autoliv is like the **Intel or Nvidia of automotive safety systems.**
• Autoliv is the **'safety inside' brand for the automotive industry, similar to how Gore-Tex is for outdoor apparel or Intel is for computers.**
• Autoliv is the **essential, often unseen supplier of life-saving components (like airbags and seatbelts) for nearly every car, similar to how Corning supplies Gorilla Glass for many smartphones.**

• Airbags: Inflatable safety devices that rapidly deploy upon collision to cushion vehicle occupants.
• Seatbelts: Restraint systems designed to hold occupants securely in their seats during a crash or sudden stop.
• Steering Wheels: Automotive steering components often integrated with driver-side airbags and other controls.

Autoliv (symbol: ALV) primarily sells its products and safety systems to other companies, specifically major global automobile manufacturers (B2B model).

As a Tier-1 automotive supplier, Autoliv's customers are virtually all the world's leading carmakers. While the precise breakdown of its top customers and their respective contributions is proprietary, Autoliv's major customers are understood to be the largest global automotive Original Equipment Manufacturers (OEMs). Its annual reports state that its top ten customers account for a significant portion of its net sales.

Based on industry analysis and Autoliv's reported customer base, the following are examples of major customer companies that Autoliv supplies with its safety products (such as airbags, seatbelts, and steering wheels):

• Toyota Motor Corporation (NYSE: TM)
• Volkswagen Group (OTC: VWAGY)
• General Motors Company (NYSE: GM)
• Ford Motor Company (NYSE: F)
• Stellantis N.V. (NYSE: STLA)
• Hyundai Motor Company (OTC: HYMLY)
• Honda Motor Co., Ltd. (NYSE: HMC)
• Mercedes-Benz Group AG (OTC: MBGAF)
• BMW AG (OTC: BMWYY)
• Nissan Motor Co., Ltd. (OTC: NSANY)
• Tesla, Inc. (NASDAQ: TSLA)

• Daicel Corporation (TYO: 4202)
• Teijin Limited (TYO: 3401)
• BASF SE (BASFY)
• Sumitomo Riko Company Limited (TYO: 5191)

Mikael Bratt, President and CEO

Mikael Bratt has served as the President and CEO of Autoliv Inc. since June 2018 and has been a member of its Board of Directors since September 2018. Before joining Autoliv, Mr. Bratt spent almost 30 years with The Volvo Group, where his roles included Executive Vice President Group Trucks Operations and Chief Financial Officer of The Volvo Group. He is also a member of the Board of Directors of Gränges AB. Mr. Bratt studied business administration at the University of Gothenburg, Sweden.

Fredrik Westin, Executive Vice President, Finance and Chief Financial Officer

Fredrik Westin has held the position of Executive Vice President, Finance and Chief Financial Officer at Autoliv since May 2020. He is set to resign from his role effective December 31, 2025, for personal reasons and to pursue a position in continental Europe. Prior to Autoliv, Mr. Westin served as Chief Financial Officer at Sandvik Mining and Rock Technology from 2015 to 2019. He possesses extensive experience in the automotive industry, having been Chief Financial Officer and Vice President of Finance & Information Technology for Johnson Controls' Global Automotive Interiors business from 2014 to 2015, and holding various roles of increasing responsibility with Johnson Controls in Germany, China, and Japan from 2006 to 2014. He began his career in engineering and operations within the Volkswagen Group. Mr. Westin holds an MBA from Insead, France, and an MSc in Mechanical Engineering from RWTH Aachen, Germany.

Anthony Nellis, Executive Vice President, Legal Affairs; General Counsel & Secretary

Anthony Nellis has been the Executive Vice President, Legal Affairs, General Counsel, and Secretary since June 2018. He joined Autoliv in 2002 and has served in various positions within the Legal Department with increasing responsibilities. His previous roles include Vice President Legal, Autoliv Passive Safety (July 2014 - June 2018), and Vice President, Legal for Autoliv Asia (May 2010 - July 2014). He also served as Interim Vice President, General Counsel, and Secretary from January 2014 to December 2014. Before joining Autoliv, Mr. Nellis worked as a commercial litigator with Kitch Drutchas from 1996 to 2002.

Fabien Dumont, Executive Vice President, Chief Technology Officer

Fabien Dumont has been the Executive Vice President, Chief Technology Officer since September 2024. He joined Autoliv in 1998 and has held numerous leadership positions within the company. Most recently, he was the Vice President of Engineering at Autoliv China from July 2018 to September 2024. Prior to that, he served as Vice President of Operations for Airbag, Textile, Inflator, and Steering Wheels from March 2012 to July 2018. Mr. Dumont holds an Executive MBA from China Europe International Business School (CEIBS), Shanghai.

Jonas Jademyr, Executive Vice President, Quality and Program Management

Jonas Jademyr first joined Autoliv in February 2021 as Vice President and Head of Program Management. Before his tenure at Autoliv, Mr. Jademyr held several roles with AB Volvo, including Vice President, Head of Powertrain Product Management of Volvo Trucks (December 2020 - February 2021), Vice President, Head of Global Commercial Launches of Volvo Trucks (October 2018 - November 2020), and Vice President, Head of Product Line FH (January 2017 - September 2018).

Autoliv (ALV) faces several key risks to its business, primarily stemming from the cyclical nature of the automotive industry, the evolving technological landscape, and global economic and geopolitical factors. The three most significant risks are:

1. Cyclicality of the Global Automotive Industry and Margin Pressure: Autoliv's revenues are directly tied to global light vehicle production (LVP), making the company highly susceptible to fluctuations in the automotive industry. Macroeconomic swings and geopolitical uncertainties can lead to volatility in LVP, directly impacting Autoliv's sales volume. Furthermore, the company experiences persistent margin pressure from volatile raw material costs, such as steel and resins, and ongoing demands for annual price reductions (typically 2-4% per year) from its original equipment manufacturer (OEM) customers. This combination of external market forces and internal cost pressures can significantly affect profitability.
2. Slower Diversification into Active Safety Components: Autoliv is a global leader in passive safety systems (airbags, seatbelts), holding a significant market share. However, the automotive industry is rapidly evolving towards advanced driver-assistance systems (ADAS) and active safety components (e.g., radar, vision systems). Autoliv's slower-than-desired diversification into these high-growth active safety segments, especially after the 2018 spin-off of its electronics business, leaves it vulnerable to a lack of product diversity compared to competitors with broader portfolios. This strategic risk impacts Autoliv's long-term growth potential and competitive positioning in an increasingly technology-driven market.
3. Geopolitical Uncertainties, Trade Tariffs, and Regional Market Challenges: Global geopolitical uncertainties are a significant wildcard for the automotive sector, impacting supply chains, regional production volumes, and overall market stability. Autoliv has noted that such uncertainties and potential trade tariffs could lead to a challenging operating environment. While the company has managed to mitigate some tariff costs, the evolving landscape remains a risk to operating margins. Additionally, Autoliv faces specific strategic and operational challenges in key regional markets, such as China, where underperformance has been noted despite organic sales growth to domestic OEMs, largely due to a shift towards lower-content vehicles.

The clear emerging threat for Autoliv is the fundamental disruption of traditional vehicle interior design and occupant safety requirements driven by the development and eventual widespread adoption of higher levels of autonomous driving (Level 3 and above).

• Diminished demand for traditional steering wheels: As vehicles become increasingly autonomous, particularly at Level 4 and Level 5, the need for a conventional steering wheel may decrease significantly or its design may undergo radical changes. This directly impacts a key product line for Autoliv.
• Reimagined occupant protection systems: Autonomous vehicles are expected to feature flexible interior configurations, such as swiveling seats or lounge-like arrangements, which render current airbag and seatbelt designs sub-optimal or insufficient. This necessitates the development of entirely new safety solutions and sensor technologies (e.g., seat-integrated airbags, dynamic seatbelts, sophisticated occupant detection for varied seating positions). While Autoliv is actively researching these areas, this paradigm shift represents a significant challenge to their established product lines, manufacturing processes, and market leadership, potentially creating opportunities for competitors or new entrants better suited to these evolving safety paradigms.

Autoliv (ALV) operates primarily in the automotive passive safety systems market, with its main products being airbags, seatbelts, and steering wheels. The company also offers mobility safety solutions, including pedestrian protection systems and connected safety services.

Addressable Markets for Autoliv's Main Products:

• Overall Passive Safety Market (Airbags, Seatbelts, and Steering Wheels):
  • Global market expected to grow from approximately $23 billion in 2024 to over $25 billion by 2027.
  • Autoliv's global market share in passive safety components and systems was approximately 44% as of December 2024.
• Airbags:
  • The global automotive airbag market was valued at approximately $52.1 billion in 2024 and is projected to reach $81.6 billion by 2031, with a Compound Annual Growth Rate (CAGR) of 6.6% from 2025 to 2031.
  • Another estimate indicates the global automotive airbag market size was approximately $53.87 billion in 2023 and is anticipated to reach around $107.70 billion by 2032, with a CAGR of 8% from 2023 to 2032.
  • Autoliv's global market share in airbags was around 47% in 2024.
• Seatbelts:
  • The global automatic seatbelt market was valued at approximately $5 billion in 2025 and is projected to reach nearly $8 billion by 2033, exhibiting a CAGR of 6% from 2025 to 2033.
  • The global market value for three-point seatbelts is estimated to be over $15 billion annually.
  • Autoliv's global market share in seatbelts was around 45% in 2024.
• Steering Wheels:
  • The global steering wheel market is projected to exhibit a CAGR of 3.44%.
  • The North American steering wheel market is projected to reach $4 billion by 2025, showcasing a CAGR of 4.5%.
  • Europe's steering wheel market is valued at approximately $3.5 billion, with a CAGR of 5%.
  • Autoliv's global market share in steering wheels was around 40% in 2024.

Autoliv (ALV) is expected to drive future revenue growth over the next 2-3 years through several key factors:

1. Increased Light Vehicle Production (LVP): Global light vehicle production is forecast to increase by 1-3% annually from 2024 to 2026, providing a foundational tailwind for Autoliv's sales.
2. Higher Safety Content Per Vehicle: Autoliv anticipates revenue growth from the increasing integration of safety features, such as front-center airbags, in new vehicle models.
3. Expansion and Product Launches in Asia, particularly China and India: The company has demonstrated strong outperformance in Asia, excluding China, and in Europe. Autoliv is strategically investing in China, with plans for a second R&D center and new product launches with domestic Chinese OEMs expected to significantly improve performance in the region. India has also shown particularly strong organic growth.
4. Operational Efficiencies and Commercial Recoveries: Successful execution of operational improvement plans, including cost reductions, and favorable outcomes from commercial recoveries, such as tariff compensation, are expected to contribute to improved profitability and indirectly support revenue growth by allowing for competitive positioning.

Share Repurchases

• A new $2.5 billion share repurchase program was approved in June 2025, effective July 1, 2025, through December 31, 2029, targeting annual repurchases between $300-500 million.
• Under a previous program (2022-2025), $1.2 billion was spent to repurchase and cancel 11.2 million shares.
• Since 2021, Autoliv has repurchased 9.5 million shares for approximately $950 million.

Share Issuance

• Autoliv retired 2 million treasury shares in December 2024.
• In Q3 2025, 842,129 repurchased shares of common stock were retired, decreasing the total issued shares to 78,562,100, with 75,965,348 shares outstanding.
• In Q2 2025, 0.5 million shares were repurchased and retired.

Inbound Investments

• Autoliv's latest funding round was a Grant (prize money) for $483K on February 18, 2021.

Outbound Investments

• In October 2025, Autoliv announced its intent to form a new joint venture with Hangsheng Electric Co., Ltd. (HSAE), where Autoliv will hold a 40% stake, focusing on developing and manufacturing advanced safety electronics for the Chinese automotive market.
• In October 2025, Autoliv signed a strategic partnership with China Automotive Technology and Research Center Co (CATARC) to jointly advance automotive safety standards, testing, certification, R&D, and international expansion for vehicles produced in China.
• Autoliv is establishing a second R&D Center in China.

Capital Expenditures

• Capital expenditures are expected to normalize at below 5% of sales.
• In Q3 2025, net capital expenditure was significantly reduced, contributing to a substantial increase in free operating cash flow.
• Autoliv projects approximately $1.2 billion in operating cash flow for the full year 2025.