Slide 1: Combined Shareholders' Meeting May 21, 2026
¥ Valeo ' COMBINED ‘SHAREHOLDERS’ MEETING. 1 MAY 21, 2026 i
Slide 2: Opening, quorum, agenda and presentations
| OPENING - Gilles MICHEL | QUORUM & AGENDA - Eric Antoine FREDETTE | PRESENTATIONS | FROM A TECHNOLOGICAL LEADERSHIP TO FINANCIAL PERFORMANCE - Christophe PERILLAT ○ Automotive industry - Three simultaneous transformations ■ A stable automotive production ■ China is the new epicenter of our industr
Slide 3: Opening
OPENING GILLES MICHEL Chairman of the Board of Directors COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 3
Slide 4: Combined Shareholders' Meeting
¥ Valeo ' COMBINED ‘SHAREHOLDERS’ MEETING. 1 MAY 21, 2026 i
Slide 5: Quorum
QUORUM ERIC ANTOINE FREDETTE General Counsel and General Secretary COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 5
Slide 6: Agenda
AGENDA ERIC ANTOINE FREDETTE General Counsel and General Secretary COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 6
Slide 7: Agenda for the Combined Shareholders' Meeting
AGENDA FOR THE COMBINED SHAREHOLDERS’ MEETING 1. Approval of the parent company financial statements for the financial year ended December 31, 2025; 2. Approval of the consolidated financial statements for the financial year ended December 31, 2025; 3. Allocation of earnings for the financial year e
Slide 8: Presentations
PRESENTATIONS COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 8
Slide 9: Gilles Michel
GILLES MICHEL Chairman of the Board of Directors Chairman of the Governance, Appointments and Corporate Social Responsibility and of the Compensation Committees Independent Director
Slide 10: Véronique Weill
VÉRONIQUE WEILL Chairwoman of the Audit and Risks Committee Independent Director
Slide 11: Combined Shareholders' Meeting
¥ Valeo ' COMBINED ‘SHAREHOLDERS’ MEETING. 1 MAY 21, 2026 i
Slide 12: From Technology Leadership to Financial Performance
FROM TECHNOLOGY LEADERSHIP TO FINANCIAL PERFORMANCE CHRISTOPHE PERILLAT Chief Executive Officer COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 12
Slide 13: Automotive Industry Three Simultaneous Transformations
AUTOMOTIVE INDUSTRY THREE SIMULTANEOUS TRANSFORMATIONS COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 13
Slide 14: Three simultaneous transformations of the automotive industry
THE AUTOMOTIVE INDUSTRY IS EXPERIENCING THREE SIMULTANEOUS TRANSFORMATIONS A STABLE AUTOMOTIVE CHINA TECHNOLOGY PRODUCTION IS THE NEW CENTER IS SHIFTING QUICKLY OF OUR INDUSTRY COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 14
Slide 15: Our growth will come from our own performance
OUR GROWTH WILL COME FROM OUR OWN PERFORMANCE WORLDWIDE AUTOMOBILE PRODUCTION 96.1 (in Mveh) 91.8 93.1 +/- 0 cars 77.6 58.4 40M CARS + 48.6 1990 2000 2010 2019 2026 2029 Source: OICA (International Organization of Motor Vehicle Manufacturers) Source: S&P Global @Sept 2025 Production of passenger car
Slide 16: Valeo growth is based on our positioning
VALEO GROWTH IS BASED ON OUR POSITIONING | Growth Through Technologies (more Valeo content per car) | Growth Through Geographies | Beyond Auto COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 16
Slide 17: Beyond automotive: wider opportunities outside Elevate 2028
BEYOND AUTOMOTIVE, GRASPING WIDER OPPORTUNITIES NOT INCLUDED IN OUR ELEVATE 2028 PLAN 2 WHEELERS 3 WHEELERS AND URBAN CARS CHARGING SOLUTIONS DATA CENTER COOLING AGRICULTURE DEFENSE COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 17
Slide 18: China
CHINA THE AUTOMOTIVE WORLD’S ‘FITNESS CENTER’ COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 18
Slide 19: China: the new epicenter of our industry
CHINA: THE NEW EPICENTER OF OUR INDUSTRY CHINA CHINESE OEMs 35%* 26%** 29% in 2017 14% in 2017 * Share of China in global automotive production in 2025 ** Share of Chinese OEMs in global automotive production in 2025 COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 19
Slide 20: Stronger in China to be stronger in the world
STRONGER IN CHINA TO BE STRONGER IN THE WORLD | Solid Momentum in China ○ 63% of China 2025 order intake with Chinese OEMs. Ratio of 2.8x the revenues ○ Numerous starts of production in H1 2026 | Global use of Chinese solutions beyond China | Advocate to maintain a local-for-local model in Europe CO
Slide 21: Addressing societal challenges
AT THE HEART OF OUR MISSION: ADDRESSING SOCIETAL CHALLENGES ROAD TRANSPORTATION ROAD TRANSPORTATION IS RESPONSIBLE FOR IS RESPONSIBLE FOR 18% 1.2M ~50% OF CO₂ EMISSIONS DEATHS PER YEAR OF FATAL ACCIDENTS WORLDWIDE OCCUR AT NIGHT Sources: Valeo Estimate, 21 COMBINED SHAREHOLDERS’ MEETING | MAY 21 202
Slide 22: The Car of Tomorrow
THE CAR OF TOMORROW ELECTRIFIED SAFER SOFTWARE COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 22
Slide 23: Valeo positioned at the heart of this transformation
VALEO IS POSITIONED AT THE HEART OF THIS TRANSFORMATION THREE DIVISIONS LEADER IN THEIR FIELDS POWER BRAIN LIGHT SUPPORTED BY OUR SERVICE ORGANIZATION SERVICE COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 23
Slide 24: Electrification is moving forward steadily
ELECTRIFICATION IS MOVING FORWARD STEADILY % OF NEW ENERGY VEHICLES* WORLDWIDE 43% 37% 24% 13% 2021 2025 2028 2030 *PHEV = Plug-in hybrid EREV = Electrified vehicle with range extender BEV = 100% electric COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 24
Slide 25: Valeo Power: unique positioning in thermal and powertrain
VALEO POWER: A UNIQUE POSITIONING THANKS TO EXPERTISE IN BOTH THERMAL AND POWERTRAIN SOLUTIONS | A leader in high voltage solutions | A leader in battery thermal management POWER | A leader in cabin comfort | Increase in content per car CONV. / MHEV* PHEV / EREV* BEV* up to €740 up to €2,500 up to €
Slide 26: ADAS becomes universal and software defined vehicles spread fast
ADAS* BECOMES UNIVERSAL AND SOFTWARE DEFINED VEHICLES SPREAD FAST % OF LEVEL 2/ LEVEL 2+/ LEVEL 2++** WORLDWIDE % OF SOFTWARE DEFINED VEHICLES 30% 70% 64% 22% 52% 10% 14% 1% 2021 2025 2028 2030 2021 2025 2028 2030 * ADAS : Advanced Driving Assistance Systems ** Automation Levels : Highly assisted dr
Slide 27: Valeo Brain: strong positioning in ADAS and SDV
VALEO BRAIN: STRONG POSITIONING IN ADAS* AND SDV** | Valeo world leader in ADAS* | Valeo world leader in automated parking solutions | Major player in SDV* * and Central compute units | Trusted technology provider for automated driving up to Level 2+*** BRAIN | Complete portfolio including sensors,
Slide 28: Valeo Light: growing market driven by innovation
VALEO LIGHT: GROWING MARKET DRIVEN BY INNOVATION DRIVEN BY STYLE, PERFORMANCE, SAFETY & SUSTAINABILITY LIGHTING & WIPERS WORLDWIDE MARKET IN €bn € 35bn +20% € 31bn € 29bn in 5 years 2025 2028 2030 COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 28
Slide 29: Valeo Light: leader position
VALEO LIGHT: LEADER POSITION | Valeo world leader in Lighting | Valeo world leader in Wiper systems | Valeo world leader in Sensor cleaning | First to market for LiDAR cleaning solution LIGHT | First to market with Aquablade | Leader on Adaptive driving beam WITH STRONG OPPORTUNITIES AHEAD Front cen
Slide 30: Valeo Service: expansion of our activities
VALEO SERVICE: EXPANSION OF OUR ACTIVITIES LAUNCH OF DRIVING SUSTAINABILITY NEW SERVICES IN AFTERMARKET Valeo Tech Academy Remanufacturing everything TRAINING DEVELOPING MORE SUSTAINABLE PRODUCTS Valeo MyPortal First sustainable wiper DIGITAL ACCESS BLADE REDUCING TO SUPPORT CO₂ EMISSIONS DISTRIBUTO
Slide 31: COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026
COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 31
Slide 32: Elevate 2028
ELEVATE 2028 €[22 - 24]bn 2028 2028 FREE CASH >€500m SALES AFTER INTEREST FLOW (NEW DEFINITION) 2028 2028 <1.0x adj. EBITDA [6% - 7%] OPERATING MARGIN LEVERAGE RATIO FINANCIAL KPIs ALIGNED WITH INVESTMENT GRADE RATING BASED ON FOLLOWING ASSUMPTIONS FOR 2028 GLOBAL PRODUCTION CHINESE OEMs NEW ENERGY
Slide 33: Powered by three engines
POWERED BY THREE ENGINES FROM 2022 FROM 2025 FROM 2027 STEADILY GENERATING RETURNING INCREASING HIGHER TO PROFIT CASH GROWTH 1 2 3 COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 33
Slide 34: Continued profitability improvement since 2022
CONTINUED PROFITABILITY IMPROVEMENT SINCE 2022 Operating margin as % of sales 4.7% 4.3% PROFIT 3.8% 1 1.7% 2.4% 2021* 2022* 2023 2024 2025 *adjusted with VSeA included @100% 34
Slide 35: Continued profitability improvement
CONTINUED PROFITABILITY IMPROVEMENT 2025 RESULTS AND 2026 GUIDANCE IN LINE WITH TRAJECTORY Operating margin as % of sales [ 6% - 7% ] RIGHT PRICING OUR TECHNOLOGY PROFIT 4.7% [ 4.7% - 5.3% ] IMPROVING OUR 1 GROSS MARGIN REDUCING OUR BREAKEVEN POINT 2025 2026 2028 Guidance Elevate 35
Slide 36: Improving gross margin through operational excellence
IMPROVING OUR GROSS MARGIN THROUGH OPERATIONAL EXCELLENCE Continuous improvement AI in manufacturing of industrial performance PROFIT Valeo Production System (5 Axes) Big data already fully deployed in one continuous improvement policy plant out of two Footprint rationalisation: AI for predictive ma
Slide 37: Business model transformed to generate more cash
BUSINESS MODEL TRANSFORMED TO GENERATE MORE CASH FROM 2025 ONWARDS Free Cash Flow after net financial interest (in €m) 371 CASH 247 2 170 102 -146 2022* 2023 2024 2025 2021* *adjusted with VSeA included @100% 37
Slide 38: Business model transformed to generate more cash: guidance
BUSINESS MODEL TRANSFORMED TO GENERATE MORE CASH 2025 RESULTS AND 2026 GUIDANCE IN LINE WITH TRAJECTORY Free Cash Flow after net financial interest (in €m) >500 HIGHER PROFIT CASH >400 371 CAPEX 2 REDUCED GROSS R&D REDUCED 2025 2026 2028 Guidance Elevate 38
Slide 39: Capex and R&D optimized management
CAPEX AND R&D: OPTIMIZED AND STRICT MANAGEMENT TO GENERATE STRUCTURALLY MORE CASH CAPEX R&D MAXIMIZING REUSE OF EQUIPMENT MAXIMIZING REUSE OF STANDARDS CASH Product standardization Reusable workstations by design 2 IMPROVING INTENSITY OF PRODUCTION FACILITIES RATIONALIZING FOOTPRINT From €10.3k/sqm
Slide 40: General deployment of AI
GENERAL DEPLOYMENT OF AI ALL VALEO EMPLOYEES BOOSTING R&D EQUIPPED WITH AI PRODUCTIVITY 104 Valeo AI Agents Valeo Virtualized hardware lab developed in 18 months enable to accelerate development of ECU up to 40% Generative Design of Printed Circuit Board routing Generative Design with 3DS All Valeo
Slide 41: Accelerating development in a competitive market
ACCELERATING DEVELOPMENT IN A COMPETITIVE MARKET LIGHT BRAIN POWER NEW HEADLAMP AFFORDABLE AND 5-IN-1 POWER Development time reduced TURNKEY ADAS* SYSTEM ELECTRONICS MODULE 2/3 FOR L2/L2+ AUTONOMY 7 MONTHS FROM 8 MONTHS FROM 9 MONTHS FROM DEVELOPMENT TO SOP DEVELOPMENT TO SOP DEVELOPMENT TO SOP * AD
Slide 42: Return to growth from 2027
RETURN TO GROWTH FROM 2027 in €bn [ 22 - 24 ] 21.5 20.9 [ 20 - 21 ] GROWTH 3 2024 2025 2026 2028 BASED ON FOLLOWING ASSUMPTIONS FOR 2028 CURRENCY GLOBAL PRODUCTION CHINESE OEMs NEW ENERGY VEHICLES 1 EUR = 1.17 USD 90.6M (-3% versus S&P*) 28%* of total 37%* BEV, PHEV, EREV** 1 EUR = 8.42 CNY * Source
Slide 43: Return to growth driven by strong order intake
RETURN TO GROWTH DRIVEN BY STRONG ORDER INTAKE SINCE 2022… LIGHT 25% GROWTH Cumulative POWER 2022-2025 Order Intake ratio 38% 3 1.5x OEM Sales Average ~€26bn/year 37% 43
Slide 44: Numerous starts of production in 2026
…AND NUMEROUS STARTS OF PRODUCTION IN 2026 LIGHT POWER POWER BRAIN CUSTOMER DISTINCTIONS Chinese OEM CHERY JV OEM XPENG SOP April 2026 Fengyun A9L SOP April 2026 XPENG P7 5-in-1 Deep Integration Dual-Layer Domain Controller Fascia & Logo Light 2025 VW Group supplier Award Power Electronics Air Condi
Slide 45: Strengthening positions in North America, India and China
STRENGTHENING OUR POSITIONS IN NORTH AMERICA, INDIA AND CHINA FASTER GROWTH THAN GROUP AVERAGE BACK TO GROWTH IN 2026 H2 GROWTH BACK TO OUTPERFORMANCE IN 2027 3 VALEO SALES x3 FROM €220M IN 2024 TO ~€700M IN 2028 45
Slide 46: Strengthening positions in North America, India and China
STRENGTHENING OUR POSITIONS IN NORTH AMERICA, INDIA AND CHINA $225 million €200 million New plant investment of in the next five investment in the coming years to opened in August 2025 for R&D and expand industrial footprint in India production of Domain controllers years for a 337,000 square foot a
Slide 47: A constant commitment to sustainability
A CONSTANT COMMITMENT TO SUSTAINABILITY COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 47
Slide 48: Our commitment to transform mobility
OUR COMMITMENT TO TRANSFORM MOBILITY ENVIRONMENT PEOPLE SOCIETY Decarbonization of mobility Sustainability across the value chain • Solutions for decarbonized Commitments towards • Supplier’s practices assessments mobility employees • CAP 50 Plan - towards • Consumers & end users safety - NetZero on
Slide 49: On track to contribute to carbon net zero by 2050
ON TRACK TO CONTRIBUTE TO CARBON NET ZERO BY 2050 (absolute value in MtCO2 eq.) 50 45 42 39 2030 Targets (vs 2019) Validated by SBTi ABSOLUTE VALUE 39 Scopes 1&2 -75% 31 Scope 3 -15% Upstream 10 Scope 3 -15% 8 Downstream <1 2019 2025 2030 Objectives Trajectory Actual BASE YEAR COMBINED SHAREHOLDERS’
Slide 50: Sustainability achievements in 2025 and 2026
SUSTAINABILITY ACHIEVEMENTS IN 2025 AND 2026 Decarbonization 64% 78% 6.1 MtCO2 -41% 92% OF ENERGY USED BY OF OUR VALEO’S TECHNOLOGY M3 WATER OF OUR PRODUCTION SITES COME FROM TRANSPORTATION HELPED PREVENT WITHDRAWALS IN SUPPLIERS SURVEYED LOW- EMISSION COVERED BY CLIMATE 6.1 MT CO2 FROM ABSOLUTE VAL
Slide 51: COP 30 Climate Weeks
AT THE FOREFRONT OF SUSTAINABILITY ENGAGEMENT COP 30 CLIMATE IN BELÉM (BRAZIL) WEEKS NEW YORK, ZURICH, Valeo was invited LONDON by the French Pavilion to speak in a panel on Bringing together finance, business, Ensuring Green Mobility for All cities and NGOs on climate commitments and solutions COMB
Slide 52: Maintaining best in class ESG ratings
MAINTAINING BEST IN CLASS ESG RATINGS VALEO INCLUDED 72/100 17.3 B- Prime IN MAJOR ESG INDICES low risk CAC Transition Climat Global ESG Leaders A Climate Change AAA A Water COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 52
Slide 53: We have the teams to succeed
WE HAVE THE TEAMS TO SUCCEED OUR CULTURE IS OUR STRENGTH We are We act We stand agile with courage as one COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 53
Slide 54: Combined Shareholders' Meeting
¥ Valeo ' COMBINED ‘SHAREHOLDERS’ MEETING. 1 MAY 21, 2026 i
Slide 55: 2025 Results, Q1 2026 Sales & 2026 Guidance
2025 RESULTS Q1 2026 SALES & 2026 GUIDANCE EDOUARD DE PIREY Chief Financial Officer COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 55
Slide 56: Delivering 2025 objectives
DELIVERING 2025 OBJECTIVES ACHIEVING RECORD FREE CASH FLOW FROM OPERATIONS 2024 2025 Guidance 2025 Actual Sales €21.5bn ~€20.5bn €20.9bn Adj. EBITDA 13.3% [ 13.5% - 14.5% ] 14.7% Operating Margin 4.3% [ 4.5% - 5.5% ] 4.7% Free cash flow before one-off restructuring costs €551m [ €700m - €800m ] €756
Slide 57: Solid order intake in 2025 fueling future sales growth
SOLID ORDER INTAKE IN 2025 FUELING FUTURE SALES GROWTH Order intake (in €bn) 24.6 LIGHT 25% Cumulative 2022-2025 POWER 12.8 Order Intake ratio 38% 11.8 1.5x OEM Sales Average ~€26bn/year H1 2025 H2 2025 2025 37% COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 57
Slide 58: 2025 results: total sales at €20.9bn
2025 RESULTS: TOTAL SALES AT €20.9BN Total sales OEM Aftermarket Miscellaneous* €20,903m €17,301m €2,135m €1,467m +0.5% -0.6% +0.9% +15.0% lfl growth lfl growth lfl growth lfl growth Reported growth: -2.7% Reported growth: -3.6% Reported growth: -5.6% Reported growth: +14.6% Exchange rate: -2.4% Exc
Slide 59: OEM sales performance by region
OEM SALES PERFORMANCE BY REGION 50% 19% 15% 14% 2% Perf. -5pts incl. negative geo. mix impact of 3pts Europe North Asia China South America America (including Africa) (excluding China) +4% +1% OEM Sales lfl OEM Sales lfl OEM Sales lfl OEM Sales lfl OEM Sales lfl +1% -1% +1% -7% +7% -1% Production -1
Slide 60: 2025 results by division
2025 RESULTS BY DIVISION OPERATING MARGIN ABOVE THE GROUP AVERAGE FOR BRAIN & LIGHT, STRONG IMPROVEMENT IN POWER SALES 10,845 m€ 10,512 m€ 4.2% POWER 2.9% 2023 5,053 m€ 4,957 m€ 5.8% 5.4% BRAIN 5,554 m€ 5,405 m€ 5.5% 5.0% LIGHT 2024 2025 COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 60 Operating marg
Slide 61: Continued profitability improvement in 2025
CONTINUED PROFITABILITY IMPROVEMENT IN 2025 STEADILY INCREASING SINCE 2022 €m 2025 2024 Total sales 20,903 21,492 RIGHT PRICING OUR TECHNOLOGY Gross margin 4,229 4,081 As a % of sales 20.2% 19.0% R&D expenditure (2,273) (2,127) IMPROVING As a % of sales (10.9)% (9.9)% OUR GROSS MARGIN Gross R&D (2,4
Slide 62: Business model transformed to generate more cash
BUSINESS MODEL TRANSFORMED TO GENERATE MORE CASH DRIVEN BY INCREASED PROFIT & INVESTMENT SPENDING CONTROL €m 2025 2024 Adj. EBITDA 3,082 2,863 As a % of sales 14.7% 13.3% Intangible CAPEX (971) (1,086) HIGHER PROFIT of which capitalized R&D (930) (1,045) Adjusted EBITDA AT 14.7% OF Tangible CAPEX (p
Slide 63: Net debt at €4.0bn
NET DEBT AT €4.0BN LEVERAGE RATIO AT 1.3X Cash & Cash equivalents Net debt in €bn Undrawn €2.5bn credit lines €4.2bn €4.0bn €1.6bn €3.8bn Dec. 31, 2025 Dec. 31, 2025 Action plan aiming at reducing the FX risk through specific cash management and contemplating a gradual repatriation Dec. 31, 2024 Jun
Slide 64: Dividend proposed at €0.44 for 2025
DIVIDEND PROPOSED AT €0.44 FOR 2025 PROGRESSIVE INCREASE IN DIVIDEND PROPOSED €0.44 €0.42 €0.40 €0.38 €0.35 2021 2022 2023 2024 2025 Dividend of €0.44 per share submitted to shareholders’ vote COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 64
Slide 65: Sales Q1 2026 & 2026 Guidance
SALES Q1 2026 & 2026 GUIDANCE COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 65
Slide 66: Q1 2026 holding the line in a volatile environment
Q1 2026 HOLDING THE LINE IN A VOLATILE ENVIRONMENT CHALLENGING ENVIRONMENT DRIVING FORWARD MIDDLE-EAST CONFLICT PROACTIVELY ADDRESSING SUPPLY-CHAIN TENSIONS Limited direct consequences: >90% of memory volumes secured for 2026 → no industrial operations in the conflict zones Constructive pass-through
Slide 67: Q1 2026 total sales €5.1bn
Q1 2026 TOTAL SALES €5.1BN UP 1.3% LFL Total sales OEM Aftermarket Miscellaneous* €5,120m €4,244m €558m €318m +1.3% -0.6% +1.9% +36.5% lfl growth lfl growth lfl growth lfl growth Reported growth: -3.6% Reported growth: -5.7% Reported growth: -2.8% Reported growth: +32.8% Exchange rate: -4.3% Exchang
Slide 68: OEM sales performance by region
OEM SALES PERFORMANCE BY REGION 51% 19% 16% 12% 2% Perf. +3pts incl. positive geo. mix impact of 1.5 pts Europe North Asia China South (including Africa) (excluding China) America America -1% -2% -3% S&P Global Mobility Valeo OEM Sales lfl OEM Sales lfl OEM Sales lfl OEM Sales lfl OEM Sales lfl OEM
Slide 69: Q1 2026 performance by division
Q1 2026 PERFORMANCE BY DIVISION +2pts* +3pts* +5pts* POWER BRAIN LIGHT OEM sales -1% OEM sales -1% OEM sales +2% ➔ Group OEM sales performance* +3pts *Based on S&P Global Mobility automotive production estimates released on April 16, 2026 (Q1 2026 global production growth: -3.4%). COMBINED SHAREHOLD
Slide 70: 2026 guidance: on track with first step of Elevate 2028
2026 GUIDANCE: ON TRACK WITH THE FIRST STEP OF ELEVATE 2028 IMPROVING FURTHER PROFITABILITY AND CASH GENERATION IN AN UNCERTAIN ENVIRONMENT 2025 2026 GUIDANCE* SALES SALES Flat organic growth in OEM sales €20.9bn [€20bn - €21bn] FX and scope impacts vs 2025: -€0.4bn OPERATING MARGIN OPERATING MARGIN
Slide 71: Combined Shareholders' Meeting
¥ Valeo ' COMBINED ‘SHAREHOLDERS’ MEETING. 1 MAY 21, 2026 i
Slide 72: Statutory Auditors' Reports
STATUTORY AUDITORS’ REPORTS ALEXANDRE RESTEN Statutory Auditor representing ERNST & YOUNG et AUTRES COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 72
Slide 73: Reports on consolidated and parent company financial statements
REPORTS ON THE CONSOLIDATED AND THE PARENT COMPANY FINANCIAL STATEMENTS ORDINARY GENERAL MEETING OF SHAREHOLDERS • Statutory Auditors’ report on the consolidated financial statements • Statutory Auditors’ report on the financial statements • Statutory Auditors’ report on related party agreements COM
Slide 74: Report on consolidated and parent company financial statements
REPORT ON THE CONSOLIDATED AND THE PARENT COMPANY FINANCIAL STATEMENTS REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS (Valeo Group) Pages 458 to 462 of the 2025 Universal Registration Document ▪ In our opinion, the consolidated financial statement give a true and fair view of the assets and liabili
Slide 75: Report on related party agreements
REPORT ON RELATED PARTY AGREEMENTS REPORT ON RELATED PARTY AGREEMENTS Page 491 of the 2025 Universal Registration Document ■ We have not been notified of any agreements authorized during the year ended December 31, 2025 to be submitted to the Annual General Meeting for approval in accordance with Ar
Slide 76: Statutory Auditors' report: extraordinary general meeting
STATUTORY AUDITORS’ REPORT EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS Authorisation to be granted to the Board of Directors regarding the free allocation of existing shares or shares to be issued. Authorisation for the Board of Directors to award existing shares or issue new shares free 16th reso
Slide 77: Report on certification of sustainability and taxonomy information
REPORT ON THE CERTIFICATION OF SUSTAINABILITY AND TAXONOMY INFORMATION Emmanuelle BERTUZZI Sustainability Auditor representing Forvis Mazars COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 77
Slide 78: Report on certification of sustainability and taxonomy information
REPORT ON THE CERTIFICATION OF SUSTAINABILITY AND TAXONOMY INFORMATION Pages 358 à 361 of the 2025 Universal Registration Document Our responsibility is to carry out the procedures necessary to issue a conclusion, expressing limited assurance on the sustainability and taxonomy information of Valeo a
Slide 79: Combined Shareholders' Meeting
¥ Valeo ' COMBINED ‘SHAREHOLDERS’ MEETING. 1 MAY 21, 2026 i
Slide 80: Questions
QUESTIONS COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 80
Slide 81: Combined Shareholders' Meeting
¥ Valeo ' COMBINED ‘SHAREHOLDERS’ MEETING. 1 MAY 21, 2026 i
Slide 82: Vote of resolutions
VOTE OF RESOLUTIONS COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 82
Slide 83: Resolution 1
ORDINARY SHAREHOLDERS’ MEETING RESOLUTION 1 ● Approval of the parent company financial statements for the financial year ended December 31, 2025. COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 83
Slide 84: Resolution 2
ORDINARY SHAREHOLDERS’ MEETING RESOLUTION 2 ● Approval of the consolidated financial statements for the financial year ended December 31, 2025. COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 84
Slide 85: Resolution 3
ORDINARY SHAREHOLDERS’ MEETING RESOLUTION 3 ● Allocation of earnings for the financial year ended December 31, 2025 and setting of a dividend of EUR 0.44 per share. COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 85
Slide 86: Resolution 4
ORDINARY SHAREHOLDERS’ MEETING RESOLUTION 4 ● Related party agreements and related Statutory Auditors’ report. COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 86
Slide 87: Resolution 5
ORDINARY SHAREHOLDERS’ MEETING RESOLUTION 5 ● Appointment of Fabienne Lecorvaisier as director, for a period of four years. COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 87
Slide 88: Resolution 6
ORDINARY SHAREHOLDERS’ MEETING RESOLUTION 6 ● Renewal of Gilles Michel’s term of office as director, for a period of four years. COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 88
Slide 89: Resolution 7
ORDINARY SHAREHOLDERS’ MEETING RESOLUTION 7 ● Renewal of Bruno Bézard’s term of office as director, for a period of four years. COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 89
Slide 90: Resolution 8
ORDINARY SHAREHOLDERS’ MEETING RESOLUTION 8 ● Renewal of Bpifrance Participations’ term of office as director, for a period of four years. COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 90
Slide 91: Resolution 9
ORDINARY SHAREHOLDERS’ MEETING RESOLUTION 9 ● Approval of the information relating to the compensation of the corporate officers in 2025. COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 91
Slide 92: Resolution 10
ORDINARY SHAREHOLDERS’ MEETING RESOLUTION 10 ● Approval of the compensation of Gilles Michel as Chairman of the Board of Directors in 2025. COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 92
Slide 93: Resolution 11
ORDINARY SHAREHOLDERS’ MEETING RESOLUTION 11 ● Approval of the compensation of Christophe Périllat as Chief Executive Officer in 2025. COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 93
Slide 94: Resolution 12
ORDINARY SHAREHOLDERS’ MEETING RESOLUTION 12 ● Approval of the compensation policy applicable to the directors in respect of 2026. COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 94
Slide 95: Resolution 13
ORDINARY SHAREHOLDERS’ MEETING RESOLUTION 13 ● Approval of the compensation policy applicable to the Chairman of the Board of Directors in respect of 2026. COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 95
Slide 96: Resolution 14
ORDINARY SHAREHOLDERS’ MEETING RESOLUTION 14 ● Approval of the compensation policy applicable to the Chief Executive Officer in respect of 2026. COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 96
Slide 97: Resolution 15
ORDINARY SHAREHOLDERS’ MEETING RESOLUTION 15 ● Renewal of the authorisation to the Board of Directors concerning share buybacks, for a period of 18 months. COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 97
Slide 98: Resolution 16
EXTRAORDINARY SHAREHOLDERS’ MEETING RESOLUTION 16 ● Renewal of the authorisation for the Board of Directors to award existing shares or issue new shares free of charge to Group employees and corporate officers, for a period of 26 months. COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 98
Slide 99: Resolution 17
ORDINARY SHAREHOLDERS’ MEETING RESOLUTION 17 ● Powers to complete formalities required by law following the Shareholders’ Meeting. COMBINED SHAREHOLDERS’ MEETING | MAY 21 2026 99
Slide 100: Combined Shareholders' Meeting
¥ Valeo ' COMBINED ‘SHAREHOLDERS’ MEETING. 1 MAY 21, 2026 i