Slide 1: H1 2026 Results
H1 2026 Results July 22, 2026 Christophe Périllat Edouard de Pirey Chief Executive Officer Chief Financial Officer
Slide 2: Contents
Contents 01 02 03 04 H1 2026 H1 2026 Conclusion Backup highlights results slides H1 2026 RESULTS | JULY 22, 2026 2
Slide 3: H1 2026 Highlights
01 H1 2026 Highlights Christophe Périllat Chief Executive Officer 3
Slide 4: Continued improvement in profitability and cash generation in H1
01 | H1 2026 highlights Continued improvement in profitability and cash generation in H1 2026 guidance reaffirmed H1 2025 H1 2026 2026 Guidance* Sales €10.7bn €10.4bn €20 - 21bn 2025: €20.9bn Operating margin 4.5% 5.0% 4.7% - 5.3% 2025: 4.7% Free cash flow after net financial interest €100m €242m >€400m
Slide 5: Powered by three engines
POWERED BY THREE ENGINES PROFIT CASH GROWTH 1 2 3 FROM 2022 FROM 2025 FROM 2027 5
Slide 6: Sustained profitability improvement
01 | H1 2026 highlights PROFIT 01 Sustained profitability improvement Holding the line in a volatile environment Operating margin as % of sales RIGHT PRICING OUR TECHNOLOGY REDUCING OUR BREAKEVEN POINT 5.0% 4.5% 4.0% Gross +1.1 pts vs H1 2025 3.2% margin At 20.7% of sales 2.3% SG&A - 3% vs H1 2025 1.
Slide 7: Strong free cash flow generation
01 | H1 2026 highlights CASH 02 Strong free cash flow generation Allowing net debt reduction as soon as H1 Free Cash Flow after net financial interest (in €m) Net debt (in €m) 2026 guidance >400 4.2 4.0 3.8 371 247 170 102 242 -146 2022* 2023 2024 2025 H1 2026 H1 2025 2025 H1 2026 2021* H1 2026 RESULT
Slide 8: H1 order intake consistent with the Elevate 2028 trajectory
01 | H1 2026 highlights GROWTH 03 H1 order intake consistent with the Elevate 2028 trajectory Order intake (in €bn) LIGHT 25% Cumulative POWER 2022-H1 2026 Order Intake ratio 38% 12.1 1.4x OEM Sales 11.8 Average ~€26bn/year BRAIN 37% H1 2025 H1 2026 H1 2026 RESULTS | JULY 22, 2026 8
Slide 9: Ready for the return to growth in 2027
01 | H1 2026 highlights Ready for the return to growth in 2027 Key milestones in North America, China, India NORTH AMERICA CHINA INDIA Solid Order Intakes Highly volatile market Continued strong momentum New SOPs Back to growth with Chinese OEMs 2028 sales target: €700m in H2 2026 (x3 from 2024) McA
Slide 10: Multiple growth opportunities beyond automotive
1st production starting 01 | H1 2026 highlights 1st contract secured Multiple growth opportunities beyond automotive POCs ongoing Early stage Additional to Elevate 2028 financial targets CHARGING SOLUTIONS 2 WHEELERS 3 WHEELERS & URBAN CARS AGRICULTURE BESS* DEFENSE DATACENTER COOLING HUMANOIDS Newly
Slide 11: H1 2026 Results
02 H1 2026 Results Edouard de Pirey Chief Financial Officer 11
Slide 12: Total sales at €10.4bn
02 | H1 2026 results Total sales at €10.4bn Total sales OEM Aftermarket Miscellaneous* €10,378m €8,544m €1,102m €731m +0.7% lfl growth -0.6% lfl growth +2.1% lfl growth +15.9% lfl growth Reported growth: -2.6% Reported growth: -4.0% Reported growth: -1.0% Reported growth: +13.9% Exchange rate: -2.7% Exc
Slide 13: OEM sales performance by region vs automotive production
02 | H1 2026 results OEM sales World Performance by region vs automotive production 51% 19% 16% 12% 2% Perf. in line incl. positive geo. mix impact of 0.6 pts Europe North Asia China South (including Africa) America (excluding China) America 0% -1% -1% OEM Sales lfl -3% OEM Sales lfl +6% OEM Sales lfl
Slide 14: POWER
02 | H1 2026 results POWER Executing the profitability turnaround OEM sales SALES 0pt performance SALES POWER €5,119m lfl growth -5%* -1% OEM sales BUSINESS HIGHLIGHTS €5,403m €5,119m Strong start in North America confirmed in Q2 with robust sales growth 4.8% throughout the period 3.5% Good performance
Slide 15: BRAIN
02 | H1 2026 results BRAIN Strengthening performance through strategic wins OEM sales SALES +1pt performance SALES BRAIN €2,527m lfl growth 0%* 0% OEM sales BUSINESS HIGHLIGHTS €2,526m €2,527m Continued good momentum in displays and telematics 6.1% Start of production in Q2 of a vision camera system
Slide 16: LIGHT
02 | H1 2026 results LIGHT Delivering market outperformance and enhanced profitability OEM sales SALES +2pts performance SALES LIGHT €2,721m lfl growth 0%* +1% OEM sales BUSINESS HIGHLIGHTS €2,728m €2,721m Good performance in Europe driven by major OEM product 4.7% launches 4.5% Outperformance in Chin
Slide 17: Continued improvement in profitability
02 | H1 2026 results Continued improvement in profitability Elevate 2028: Profit engine is ON Gross margin €m H1 2026 H1 2025 Highest level since 2017 Consistent with target level sustainably Total sales 10,378 10,660 above 19% of Group sales Gross margin 2,146 2,094 As a % of sales 20.7% 19.6% R&D di
Slide 18: Net income of €105m or 1.0% of sales
02 | H1 2026 results Net income of €105m or 1.0% of sales Other income & expenses €m H1 2026 H1 2025 Restructuring costs totaling €78m incl. €28m of one-off restructuring Operating margin excl. JV & associates 514 476 costs related to the €400m cost As a % of sales 5.0% 4.5% reduction plan JV & asso
Slide 19: Free cash flow after financial interest at €242m
02 | H1 2026 results Free cash flow after financial interest at €242m Elevate 2028: Cash engine is ON Tight spending control as planned €m H1 2026 H1 2025 Capitalized R&D down 5% Adj. EBITDA 1,492 1,472 Capex (PP&E) down 12% to 3.6% of sales As a % of sales 14.4% 13.8% Intangible CAPEX (474) (486) Wor
Slide 20: Net debt down €0.2bn in H1 2026
02 | H1 2026 results Net debt down €0.2bn in H1 2026 Favorable FX impact of €87m - Leverage ratio at 1.2x Cash & Cash equivalents Net debt in €bn Undrawn €3.0bn credit lines €4.2bn €1.6bn €4.0bn €3.8bn June 30, 2026 June 30, 2026 New bond issue for 600 million euros maturity February 3, 2033, with a
Slide 21: Conclusion
03 Conclusion Christophe Périllat Chief Executive Officer 21
Slide 22: Profit and cash generation up in H1 2026, net debt down
03 | Conclusion Profit and cash Ready for the Reaffirming Executing generation up return to full-year 2026 Elevate 2028 in H1 2026, net growth in 2027 guidance as planned debt down H1 2026 RESULTS | JULY 22, 2026 22
Slide 23: Thank you / Q&A
Thank you Q&A 23
Slide 24: Backup slides
Backup slides 24
Slide 25: On track for Elevate 2028
04 | Backup slides On track for Elevate 2028 2028 FREE CASH FLOW 2028 SALES >€500m €[22 - 24]bn AFTER NET FINANCIAL INTEREST (NEW DEFINITION) 2028 LEVERAGE RATIO 2028 OPERATING MARGIN <1.0x adj. EBITDA [6% - 7%] FINANCIAL KPIs ALIGNED WITH INVESTMENT GRADE RATING BASED ON FOLLOWING ASSUMPTIONS FOR 2
Slide 26: Cost reduction program
04 | Backup slides Cost reduction program Savings confirmed: €300m annual run rate as of 2026 Restructuring costs Restructuring costs P&L Cash outflows One-off self-help measures One-off self-help measures Restructuring costs Restructuring costs €(260)m €(167)m ~€(150)m €(110)m ~€(20)m €(70)m ~€(100)m
Slide 27: ESG Highlights
ESG Highlights 27
Slide 28: Key ESG KPIs
04 | Backup slides Key ESG KPIs 2019 2025 base year Dec. 31, 2025 Emissions from operating activities – Scopes 1 & 2 in MtCO2eq. 1.1 0.4 Emissions from purchased goods and services – Upstream Scope 3 in MtCO2eq. 9.5 8.0 E Emissions from the use of Valeo products – Downstream Scope 3 Emissions reduct
Slide 29: Sustainability is in our DNA
04 | Backup slides Sustainability is in our DNA An ESG leader recognized by rating agencies Valeo is included in major ESG indices 72 /100 17.5 B- Prime CAC Transition Climat low risk Global ESG Leaders Climate A AAA Change A Water H1 2026 RESULTS | JULY 22, 2026 29
Slide 30: Backup slides Q2
Q2 Backup slides 30
Slide 31: Q2 sales by type
04 | Backup slides Q2 sales by type Total sales OEM Aftermarket Miscellaneous* €5,258m €4,300m €544m €414m +0.1% lfl growth -0.5% lfl growth +2.3% lfl growth +3.6% lfl growth Reported growth: -1.7% Reported growth: -2.4% Reported growth: +0.8% Reported growth: +2.7% Exchange rate: -1.2% Exchange rate: -
Slide 32: Q2 OEM sales performance by region
Q2 OEM sales Performance by region World 50% 20% 16% 12% 2% Perf. -1pt incl. negative geo. mix impact of 0.2pts Europe North Asia China South (including Africa) America (excluding China) America 0% 0% -1% S&P Global Mobility Valeo OEM Sales lfl -4% OEM Sales lfl +5% OEM Sales lfl +9% OEM Sales lfl -9% O
Slide 33: Q2 sales by Division
04 | Backup slides Q2 sales by Division Sales by Division Change Change in (in millions of euros) Q2 26 Q2 25 in sales OEM sales* Perf.** POWER 2,533 2,680 -6% -1% -1pt BRAIN 1,330 1,288 +3% 0% 0pts LIGHT 1,386 1,374 +1% 0% 0pts OTHER 9 5 N/A N/A N/A GROUP TOTAL 5,258 5,347 -2% -1% 0pts * like for l
Slide 34: Backup slides H1
H1 Backup slides 34
Slide 35: H1 2026 Segment information
04 | Backup slides H1 2026 Segment information BRAIN POWER LIGHT (2) Other Total (€m) Sales: 2,527 5,119 2,721 11 10,378 Segment (Excluding Group) 2,515 5,075 2,718 70 10,378 Intersegment (Group) 12 44 3 (59) - Raw materials consumed (1,305) (2,875) (1,452) (9) (5,641) Research & Development expendi
Slide 36: H1 2025 Segment information
04 | Backup slides H1 2025 Segment information BRAIN POWER LIGHT Other Total (€m) Sales: 2,526 5,403 2,728 3 10,660 Segment (Excluding Group) 2,511 5,338 2,724 87 10,660 Intersegment (Group) 15 65 4 (84) - Raw materials consumed (1,352) (3,166) (1,445) 14 (5,949) Research & Development expenditure,
Slide 37: H1 R&D expenditure
04 | Backup slides H1 R&D expenditure H1 2026 H1 2025 Change Sales (in €m) 10,378 10,660 -3% (in €m) (1,218) (1,256) -3% Gross Research and Development expenditure -0.1pts (as a % of sales) -11.7% -11.8% (in €m) 443 468 -5% Capitalized development expenditure -0.1pts (as a % of sales) 4.3% 4.4% (in
Slide 38: Long term debt profile
04 | Backup slides Long term debt profile Average maturity: 3.4 years Undrawn €1.6BN credit As of June 30, 2026 facilities Average maturity: 2.4 years Cash & €3.0BN cash As of June 30, 2026 equivalents Senior Bond (EMTN) EIB loan Maturity Amount Coupon Maturity Amount Coupon May 2027 €750m 5.375% Rep
Slide 39: A new step in improving financial performance
04 | Backup slides A new step in improving financial performance FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 incl. VSeA incl. VSeA Actual Actual Actual Guidance** Sales €20bn - €18.0bn €20.4bn €22.0bn €21.5bn €20.9bn (in €bn) €21bn Operating margin* 1.7% 2.4% 3.8% 4.3% 4.7% 4.7%-5.3% (as % of sal
Slide 40: Share information
04 | Backup slides Share information Share Data ADR Data Ticker/trading symbol VLEEY Bloomberg Ticker FR FP CUSIP Number 919134304 Reuters Ticker VLOF.PA Exchange OTC ISIN Number FR0013176526 Ratio (ADR: ord) 1:2 Shares outstanding as of Dec. 31, 245,607,624 Depositary Bank J.P. Morgan 2025 Contact
Slide 41: Glossary
04 | Backup slides Glossary Order intake corresponds to business awarded by automakers during the Free Cash Flow (new definition) corresponds to net cash from operating period to Valeo, and to joint ventures and associates based on Valeo’s share in activities (excluding changes in non-recurring sales
Slide 42: Safe harbour statement
04 | Backup slides Safe harbour statement Statements contained in this document which, when they are not historical fact, constitute “forward-looking statements”. These statements include projections and estimates and their underlying assumptions, statements regarding projects, objectives, intention
Slide 43: Full Year 2023 Results | February 29, 2024
FULL YEAR 2023 RESULTS | FEBRUARY 29, 2024 43