ALV 8-K

Autoliv Inc (ALV)

8-K 2026-07-17 For: 2026-07-17

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Added on July 17, 2026

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Delaware	001-12933	Not applicable
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Klarabergsviadukten 70, Section D 5th Floor, Box 70381,
Stockholm, Sweden		SE-107 24
(Address of Principal Executive Offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock (par value $1.00 per share)	ALV	New York Stock Exchange


99.1		Press Release of Autoliv, Inc. dated April 17, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).


Exhibit No.		Description

99.1		Press Release of Autoliv, Inc. dated April 17, 2026.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).


	AUTOLIV, INC

	By:		/s/ Anthony J. Nellis
	Name:		Anthony J. Nellis
	Title:		Executive Vice President, Legal Affairs and General Counsel

ALV 8-K

FORM 8-K

Item 2.02 Results of Operations and Financial Condition.

Item 7.01 Regulation FD Disclosure.

Item 9.01 Financial Statements and Exhibits.

Key business developments in the second quarter of 2026

Comments from Mikael Bratt, President & CEO

Key definitions ------------------------------------------------------------------------------------------------------------

Adj. operating income and margin*: Operating income adjusted for capacity alignments, antitrust related matters and for FY 2023 the Andrews litigation settlement. Capacity alignments include non-recurring costs related to our structural efficiency and business cycle management programs.

Capex, net: Capital Expenditure, net, defined as Expenditures for Property, Plant and Equipment less Proceeds from sale of Property, Plant and Equipment.

Cash conversion: Free operating cash flow in relation to net income. Free operating cash flow defined as operating cash flow less capital expenditure, net.

Consolidated sales development

Second quarter 2026

Consolidated sales development

First six months 2026


(Dollars in millions, except per share data)	Q2 2026	Q2 2025	Change	6M 2026	6M 2025	Change
Net sales	$2,803	$2,714	3.3%	$5,556	$5,292	5.0%
Operating income	192	247	(22)%	429	502	(14)%
Adjusted operating income1)	270	251	7.3%	515	506	1.7%
Operating margin	6.8%	9.1%	(2.3)pp	7.7%	9.5%	(1.8)pp
Adjusted operating margin1)	9.6%	9.3%	0.4pp	9.3%	9.6%	(0.3)pp
Earnings per share - diluted	1.35	2.16	(38)%	3.24	4.31	(25)%
Adjusted earnings per share - diluted1)	2.43	2.21	10%	4.49	4.36	2.9%
Operating cash flow	434	277	57%	359	355	1.1%
Return on capital employed2)	17.9%	23.8%	(5.8)pp	20.3%	24.8%	(4.5)pp
Adjusted return on capital employed1,2)	24.9%	24.1%	0.8pp	24.1%	25.0%	(0.9)pp
Dividends paid	(64)	(54)	19%	(130)	(108)	20%
Share repurchases	(200)	(51)	293%	(200)	(101)	97%
1) Excluding effects from capacity alignments and antitrust related matters. Non-GAAP measure, see reconciliation table. 2) Annualized operating income and income from equity method investments, relative to average capital employed.


Comments from Mikael Bratt, President & CEO
	Through focused execution, we maintained the positive momentum from the first quarter. Globally, our sales grew organically more than 1pp faster than global LVP, outgrowing LVP significantly in Asia. Our sales to Chinese OEMs grew by more than 40%, and Chinese OEMs accounted for 55% of our sales in China, compared to 40% a year ago. Our opportunities with Chinese OEMs were	to optimize our footprint. In the quarter, we announced that we will discontinue manufacturing operations in Türkiye. We continued to manage geopolitical developments successfully in the quarter, limiting the effects of tariffs, supply chain challenges and raw material price increases. The business environment remains uncertain but our current best estimate for the remainder of the year is to reiterate our full year 2026 guidance of about unchanged organic sales growth, adjusted operating margin of around 10.5-11% and operating cash flow of around 1.2 billion. This is based on the assumption that LVP will decline by around 2.5%. Customer compensations and other mitigation initiatives are expected to have limited impact in Q3, but significantly greater contribution in Q4. Therefore, we expect third quarter adjusted operating margin to be around the first half 2026 level, with a significant improvement in Q4. Based on our full year guidance, we continue to expect strong cash flow for the year, which supports our ambition to provide attractive shareholder returns, including share repurchases of $300-500 million in 2026.
further solidified by signing new strategic cooperation agreements with both Great Wall Motor and XPENG. Sales in India continued to grow by more than 35%. Well executed cost reduction activities supported a continued improvement of underlying profitability, with adjusted operating margin increasing to 9.6%. I am pleased that our cash flow improved in line with our expectations, resulting in record operating cash flow for a second quarter, and supporting our ambitious shareholder return strategy. Our leverage ratio improved to 1.2x, despite repurchasing around 1.65 million shares, equal to $200 million, in the quarter. In line with our ambition to ensure long-term competitiveness and align production capacity with market demand, we continue


Full year 2026 Guidance
Organic sales growth	Around 0%
Adjusted operating margin1)	Around 10.5-11%
Operating cash flow2)	Around $1.2 billion
Capex, net, % of sales	Less than 5%
1) Excluding effects from capacity alignments, antitrust related matters and other discrete items. 2) Excluding unusual items.


Full year 2026 Assumptions
LVP growth	Around 2.5% negative
FX impact on net sales	Around 2.5% positive
Tax rate3)	Around 30%
3) Excluding unusual tax items.


Sales Development by region	Operating and adjusted* operating income and margins


Consolidated sales	Second quarter		Reported change	Currency	Organic
(Dollars in millions)	2026	2025	(U.S. GAAP)	effects1)	change*
Airbags, Steering Wheels and Other2)	$1,906	$1,812	5.2%	2.2%	3.0%
Seatbelt Products and Other2)	897	902	(0.5)%	2.4%	(3.0)%
Total	$2,803	$2,714	3.3%	2.3%	1.0%

Americas	$910	$891	2.1%	5.4%	(3.3)%
EMEA	832	828	0.4%	2.7%	(2.2)%
Asia excl. China	539	519	4.0%	(7.3)%	11%
China	522	477	9.6%	6.2%	3.4%
Total	$2,803	$2,714	3.3%	2.3%	1.0%
1) Effects from currency translations. 2) Including Corporate sales.


Q2 2026 organic growth*	Americas	EMEA	Asia excl. China	China	Global
Autoliv	(3.3)%	(2.2)%	11.3%	3.4%	1.0%
Main growth drivers	Stellantis, Subaru, Honda	Mercedes, Renault, JLR	Suzuki, Mazda, Indian OEM	Chery, Nio, Geely	Chery, Suzuki, Nio
Main decline drivers	Ford, Hyundai, Nissan	VW, BMW, Stellantis	Subaru, Ford, Isuzu	VW, Honda, Mercedes	VW, Ford, Hyundai


Consolidated sales	First six months				Reported change			Currency			Organic
(Dollars in millions)		2026		2025	(U.S. GAAP)			effects1)			change*
Airbags, Steering Wheels and Other2)	$	3,769	$	3,565		5.7	%		3.9	%		1.8	%
Seatbelt Products and Other2)		1,787		1,727		3.5	%		4.5	%		(1.0	)%
Total	$	5,556	$	5,292		5.0	%		4.1	%		0.9	%

Americas	$	1,773	$	1,742		1.7	%		6.0	%		(4.2	)%
EMEA		1,667		1,592		4.7	%		6.7	%		(2.0	)%
Asia excl. China		1,102		1,034		6.6	%		(4.6	)%		11	%
China		1,014		924		9.8	%		5.7	%		4.1	%
Total	$	5,556	$	5,292		5.0	%		4.1	%		0.9	%
1) Effects from currency translations. 2) Including Corporate sales.


6M 2026 organic growth*	Americas	EMEA	Asia excl. China	China	Global
Autoliv	(4.2)%	(2.0)%	11.2%	4.1%	0.9%
Main growth drivers	Stellantis, Subaru, Honda	Mercedes, Renault, Volvo	Suzuki, Indian OEM, Mazda	Chery, Nio, Geely	Suzuki, Chery, Nio
Main decline drivers	Ford, Hyundai, GM	VW, Hyundai, Ford	Subaru, Ford, Isuzu	VW, Honda, Mercedes	VW, Ford, Toyota


Condensed Income Statement	Second quarter			First six months
(Dollars in millions, except per share data)	2026	2025	Change	2026	2025	Change
Net sales	$2,803	$2,714	3.3%	$5,556	$5,292	5.0%
Cost of sales	(2,294)	(2,213)	3.7%	(4,521)	(4,312)	4.8%
Gross profit	509	501	1.5%	1,035	980	5.7%
S,G&A	(138)	(145)	(4.9)%	(299)	(290)	3.1%
R,D&E, net	(122)	(107)	14%	(242)	(202)	20%
Other income (expense), net	(56)	(1)	n/a	(65)	14	n/a
Operating income	192	247	(22)%	429	502	(14)%
Adjusted operating income1)	270	251	7.3%	515	506	1.7%
Financial and non-operating items, net	(38)	(27)	44%	(73)	(48)	52%
Income before taxes	154	221	(30)%	356	453	(22)%
Income taxes	(53)	(53)	(0.2)%	(113)	(118)	(4.1)%
Net income	$101	$168	(40)%	$242	$335	(28)%

Earnings per share - diluted2)	$1.35	$2.16	(38)%	$3.24	$4.31	(25)%
Adjusted earnings per share - diluted1,2)	$2.43	$2.21	10%	$4.49	$4.36	2.9%

Gross margin	18.2%	18.5%	(0.3)pp	18.6%	18.5%	0.1pp
S,G&A, in relation to sales	(4.9)%	(5.4)%	0.4pp	(5.4)%	(5.5)%	0.1pp
R,D&E, net in relation to sales	(4.4)%	(3.9)%	(0.4)pp	(4.4)%	(3.8)%	(0.5)pp
Operating margin	6.8%	9.1%	(2.3)pp	7.7%	9.5%	(1.8)pp
Adjusted operating margin1)	9.6%	9.3%	0.4pp	9.3%	9.6%	(0.3)pp
Tax Rate	34.5%	24.1%	10.4pp	31.9%	26.1%	5.8pp

Other data
No. of shares at period-end in millions2)	73.2	76.8	(4.6)%	73.2	76.8	(4.6)%
Weighted average no. of shares in millions, basic2)	74.1	77.1	(3.9)%	74.3	77.3	(3.8)%
Weighted average no. of shares in millions, diluted2)	74.2	77.3	(3.9)%	74.5	77.5	(3.8)%
1) Non-GAAP measure, excluding effects from capacity alignments and antitrust related matters. See reconciliation table. 2) Net of treasury shares.


Q2 2026	Americas	EMEA	Asia excl. China	China	Global
LVP (Jul 2026)	1.6%	(1.2)%	5.4 %	(4.0)%	(0.3)%
LVP (Apr 2026)	(2.5)%	(3.7)%	(0.1)%	(0.6)%	(1.9)%


Selected Cash Flow items	Second quarter			First six months
(Dollars in millions)	2026	2025	Change	2026	2025	Change
Net income	$101	$168	(40)%	$242	$335	(28)%
Depreciation and amortization	115	100	15%	222	195	13%
Other non-cash adjustments, net	(21)	(5)	294%	3	(12)	n/a
Changes in operating working capital	240	15	n/a	(108)	(164)	(34)%
Operating cash flow	434	277	57%	359	355	1.1%
Capital expenditure, net1)	(95)	(114)	(17)%	(178)	(208)	(14)%
Free operating cash flow2)	$340	$163	108%	$180	$147	23%
Cash conversion3)	338%	97%	241pp	74%	44%	31pp
Shareholder returns
- Dividends paid	(64)	(54)	19%	(130)	(108)	20%
- Share repurchases	(200)	(51)	293%	(200)	(101)	97%
Cash dividend paid per share	$(0.87)	$(0.70)	24%	$(1.74)	$(1.40)	24%
Capital expenditures, net in relation to sales	3.4%	4.2%	(0.8)pp	3.2%	3.9%	(0.7)pp
1) Defined as Expenditures for property, plant and equipment less Proceeds from sale of property, plant and equipment. 2) Operating cash flow less Capital expenditure, net. Non-GAAP measure. See enclosed reconciliation table. 3) Free operating cash flow relative to Net income. Non-GAAP measure. See reconciliation table.


Selected Balance Sheet items	Second quarter
(Dollars in millions)	2026	2025	Change
Trade working capital1)	$1,350	$1,354	(0.3)%
Trade working capital in relation to sales2)	12.0%	12.5%	(0.4)pp
- Receivables outstanding in relation to sales3)	21.3%	21.6%	(0.3)pp
- Inventory outstanding in relation to sales4)	8.4%	8.8%	(0.4)pp
- Payables outstanding in relation to sales5)	17.7%	17.9%	(0.2)pp
Cash & cash equivalents	377	237	60%
Gross Debt6)	2,037	2,051	(0.6)%
Net Debt7)	1,695	1,752	(3.3)%
Capital employed8)	4,195	4,231	(0.8)%
Return on capital employed9)	17.9%	23.8%	(5.8)pp
Total equity	2,501	2,480	0.9%
Return on total equity10)	15.6%	27.7%	(12.0)pp
Leverage ratio11)	1.2	1.3	(0.1)
1) Outstanding receivables and outstanding inventory less outstanding payables. Non-GAAP measure, see reconciliation table. 2) Outstanding receivables and outstanding inventory less outstanding payables relative to annualized quarterly sales. Non-GAAP measure, see reconciliation table. Annualized quarterly sales is calculated as the quarterly sales amount multiplied by four. 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-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. See definitions of "Annualized operating income" in footnote to the reconciliation tables below. 10) Annualized net income relative to average total equity. See definitions of "Annualized net income" in footnote to the reconciliation tables below. 11) Net debt adjusted for pension liabilities in relation to EBITDA. Non-GAAP measure. See reconciliation table.


	Jun 30	Mar 31	Jun 30
	2026	2026	2025
Total headcount	63,500	64,100	65,100
Whereof: Direct headcount in manufacturing	46,200	46,700	48,000
Indirect headcount	17,300	17,400	17,100
Temporary personnel	11%	10%	9%


• On May 8, 2026, Autoliv announced that it will discontinue its manufacturing operations in Türkiye. See further comments on page 3 in this report. • On June 3, 2026, Autoliv inaugurated the Autoliv Innovation Center in Vårgårda, Sweden. It is a significant step to accelerate the development of life-saving mobility solutions through the Autoliv Innovation Center - a new global platform designed to speed up innovation, collaboration, and development of advanced safety technologies. • On June 26, 2026, Autoliv announced that Kevin Fox notified the Company that he is resigning as the President, Autoliv Americas for personal reasons. He will remain in his current position through August 31, 2026, and thereafter will serve as executive senior advisor to the CEO through February 28, 2027, to support the transition to his successor, unless otherwise agreed by the parties. • On July 6, 2026, Autoliv announced that Great Wall Motor (GWM), a leading Chinese automotive manufacturer, and Autoliv (Shanghai) Management Co., Ltd signed a Global Strategic Cooperation Framework Agreement. The agreement marks a new phase in the companies' long-term global partnership.		• On July 7, 2026, Autoliv announced that XPENG Inc, a leading Chinese physical AI technology company with a growing international presence and innovations in smart electric vehicles, autonomous driving and humanoid robots, and Autoliv (Shanghai) Management Co., Ltd. signed a strategic cooperation framework agreement to support the development of safer mobility solutions for global markets. Under the agreement, Autoliv and XPENG will expand collaboration across several key areas, including technology development, digitalization, supply chain coordination, sustainability, and global business expansion, combining Autoliv's worldwide safety expertise with XPENG's innovation in smart electric mobility. • In Q2 2026, Autoliv repurchased and retired 1.65 million shares of common stock at an average price of $121.43 per share, for a total of approximately $200 million under the Autoliv 2029 stock repurchase program. Under this program, repurchases may be made from July 1, 2025 through December 31, 2029. The maximum value of aggregate repurchases under this program is $2.5 billion. Repurchases of stock may be made directly on the NYSE.


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 global and regional economic conditions, including the impact of 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; potential changes to beneficial free trade agreements and regulations, such as the United States-Mexico-Canada Agreement; changes in geopolitical and other economic and political conditions or developments, including inflation, changes trade policies, tariff regimes, and other developments in and by countries in which we do business that could materially impact supply chains, margins, access to capital, or overall business performance; political stability or geopolitical conflicts; changes in general industry or market conditions, including regional economic 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; volatility or increases in raw material, fuel, and energy costs; changes in consumer and customer preferences for end products; loss of customers or sales; legislative or regulatory changes; 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, including inflation and tariff compensations; 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 or results of tax audits by governmental authorities and changes in our effective tax rate; dependence on key personnel; our ability to meet our sustainability targets, goals and commitments; dependence on and relationships with customers and suppliers; the conditions necessary to hit our 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.


	Second quarter		First six months		Latest 12	Full Year
(Dollars in millions, except per share data, unaudited)	2026	2025	2026	2025	months	2025
Airbags, Steering Wheels and Other1)	$1,906	$1,812	$3,769	$3,565	$7,507	$7,302
Seatbelt products and Other1)	897	902	1,787	1,727	3,572	3,513
Total net sales	2,803	2,714	5,556	5,292	11,079	10,815

Cost of sales	(2,294)	(2,213)	(4,521)	(4,312)	(8,949)	(8,741)
Gross profit	509	501	1,035	980	2,130	2,074

Selling, general & administrative expenses	(138)	(145)	(299)	(290)	(580)	(571)
Research, development & engineering expenses, net	(122)	(107)	(242)	(202)	(454)	(413)
Other income (expense), net	(56)	(1)	(65)	14	(81)	(2)
Operating income	192	247	429	502	1,016	1,088

Income from equity method investments	1	1	2	3	5	6
Interest income	2	2	5	4	11	10
Interest expense	(26)	(27)	(53)	(52)	(103)	(103)
Other non-operating items, net	(15)	(3)	(27)	(3)	(39)	(15)
Income before income taxes	154	221	356	453	889	986

Income taxes	(53)	(53)	(113)	(118)	(246)	(250)
Net income	101	168	242	335	643	736

Less: Net income attributable to non-controlling interest	0	0	1	1	1	1
Net income attributable to controlling interest	$100	$167	$242	$334	$642	$735

Earnings per share - diluted	$1.35	$2.16	$3.24	$4.31	$8.52	$9.55
1) Including Corporate sales.


	Jun 30	Mar 31	Dec 31	Sep 30	Jun 30
(Dollars in millions, unaudited)	2026	2026	2025	2025	2025
Assets
Cash & cash equivalents	$377	$342	$604	$225	$237
Receivables, net	2,387	2,422	2,236	2,357	2,341
Inventories, net	945	947	992	1,036	957
Prepaid expenses	224	206	212	226	249
Other current assets	76	71	57	102	146
Total current assets	4,009	3,987	4,101	3,946	3,929

Property, plant & equipment, net	2,340	2,356	2,417	2,402	2,399
Operating leases right-of-use assets	157	166	171	167	171
Goodwill and intangible assets, net	1,394	1,392	1,386	1,387	1,389
Investments and other non-current assets	597	567	568	561	588
Total assets	8,497	8,468	8,644	8,463	8,476

Liabilities and equity
Short-term debt	350	393	419	654	679
Accounts payable	1,982	1,862	2,007	1,889	1,945
Accrued liabilities	1,130	1,024	1,050	1,172	1,138
Operating lease liabilities - current	41	43	43	44	44
Other current liabilities	394	386	404	383	430
Total current liabilities	3,897	3,708	3,923	4,141	4,235

Long-term debt	1,688	1,699	1,734	1,374	1,372
Pension liability	180	176	169	167	167
Operating lease liabilities - non-current	110	117	122	118	121
Other non-current liabilities	122	125	113	105	102
Total non-current liabilities	2,099	2,115	2,138	1,763	1,762

Total parent shareholders’ equity	2,490	2,634	2,572	2,549	2,469
Non-controlling interest	11	10	10	10	11
Total equity	2,501	2,644	2,582	2,559	2,480

Total liabilities and equity	$8,497	$8,468	$8,644	$8,463	$8,476


(Dollars in millions)	2024	2023	2022	2021
Operating income (GAAP)	$979	$690	$659	$675
Non-GAAP adjustments:
Less: Capacity alignments1)	19	218	(61)	8
Less: The Andrews litigation settlement	-	8	-	-
Less: Antitrust related items	8	4	-	-
Total non-GAAP adjustments to operating income	27	230	(61)	8
Adjusted Operating income (Non-GAAP)	$1,007	$920	$598	$683
1) For 2022, including a gain on divestiture of property of $80 million.

ALV 8-K

FORM 8-K

Item 2.02 Results of Operations and Financial Condition.

Item 7.01 Regulation FD Disclosure.

Item 9.01 Financial Statements and Exhibits.

Key business developments in the second quarter of 2026

Comments from Mikael Bratt, President & CEO

Key definitions ------------------------------------------------------------------------------------------------------------

Adj. operating income and margin*: Operating income adjusted for capacity alignments, antitrust related matters and for FY 2023 the Andrews litigation settlement. Capacity alignments include non-recurring costs related to our structural efficiency and business cycle management programs.

Capex, net: Capital Expenditure, net, defined as Expenditures for Property, Plant and Equipment less Proceeds from sale of Property, Plant and Equipment.

Cash conversion*: Free operating cash flow* in relation to net income. Free operating cash flow defined as operating cash flow less capital expenditure, net.

Consolidated sales development

Second quarter 2026

Consolidated sales development

First six months 2026

Cash conversion: Free operating cash flow in relation to net income. Free operating cash flow defined as operating cash flow less capital expenditure, net.