Valeo Se · EURONEXT:FR
Valeo — Investor Day (November 2025)
98 slides from Valeo's investor day presentation, Nov 20, 2025
Slide 1: Capital Markets Day 2025
CAPITAL MARKETS DAY 2025 PARIS, NOVEMBER 20, 2025
Slide 2: Paris, November 20, 2025
mr, “ XS ~ PARIS, NOVEMBER 20, 2025. \
Slide 3: Christophe Perillat, Chief Executive Officer
Christophe PERILLAT Chief Executive Officer 2
Slide 4: 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 3
Slide 5: A global leader fit for success
A GLOBAL LEADER FIT FOR SUCCESS FULLY ALIGNED PREFERRED FOR CARS BECOMING SEIZING TECHNOLOGY ELECTRIFIED, OPPORTUNITIES IN PARTNER SAFER, KEY OF ITS CUSTOMERS SOFTWARE DEFINED GEOGRAPHIES 4
Slide 6: 2028 financial targets
€[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 VEHICLES CURR
Slide 7: Agenda
ELEVATE 2028 Christophe PERILLAT 30 min THREE DIVISIONS IN PURSUIT OF EXCELLENCE POWER: Xavier DUPONT 10 min BRAIN: Marc VRECKO 10 min AGENDA LIGHT: Maurizio MARTINELLI 10 min FINANCIAL November 20, 2025 TRAJECTORY 10.30AM - 1.00PM Edouard de PIREY 20 min CONCLUSION Christophe PERILLAT 5 min Q&A 60
Slide 8: Move Up faced a totally different environment
MOVE UP FACED A TOTALLY DIFFERENT ENVIRONMENT FROM THAT ENVISIONED AT LAUNCH… 2025 2025 2025 VOLUMES CUSTOMER MIX POWERTRAIN MIX MARKET HEADWINDS LOOK BACK 15 million AT EXPECTED 98.5 vehicles from 26% 2022 million BEV in EUROPE Chinese OEMs E-COMPONENT SHORTAGES 91.4 24 million 13% WAR IN UKRAINE I
Slide 9: 2025 sales outturn well below plan
…HENCE 2025 SALES OUTTURN IS WELL BELOW PLAN… -€1.9bn VOLUMES -€2.1bn CUSTOMER MIX -€2.1bn POWERTRAIN MIX -€0.9bn FOREX & OTHERS LOOK BACK AT ~€27.5bn ~€20.5bn EXPECTED MOVE-UP CURRENT GUIDANCE 8 Based on S&P Forecast release October 2025 vs. February 2022
Slide 10: Profits and cash up
…BUT PROFITS AND CASH UP… FY 2025 FCF SLIGHTLY ABOVE GUIDANCE OPERATING MARGIN* FREE CASH FLOW AFTER ONE-OFF RESTRUCTURING COSTS, BEFORE INTEREST AS % OF SALES IN €m NEW >550 LOOK BACK AT Increased Increased [450-550] x3 more than PREVIOUS in value [4.5 - 5.5] x2 in value since 2021 since 2022 481 4
Slide 11: Proactive management and discipline in execution
…PROACTIVE MANAGEMENT AND DISCIPLINE IN EXECUTION, CONTINUED INVESTMENT IN TECHNOLOGY OUR ACTIONS PRICE ADAPTATION TO ADAPTATION TO ADAPTATION TO LOOK BACK DISCIPLINE NEW VOLUMES* NEW CUSTOMER MIX POWERTRAIN MIX AT Profitability of new orders €400m allocated to one-off self- 50% of sales in China to
Slide 12: 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 11
Slide 13: Profit
FROM 2022 STEADILY INCREASING PROFIT 1 12
Slide 14: Steadily increasing profit
STEADILY INCREASING PROFIT Operating margin as % of sales RIGHT PRICING OUR [ 6% - 7% ] TECHNOLOGY 1 PROFIT [ 4.5% - 5.5% ] IMPROVING OUR GROSS MARGIN 4.3% REDUCING OUR BREAKEVEN POINT 2024 2025 2028 guidance 13
Slide 15: Right pricing our technology
RIGHT PRICING OUR TECHNOLOGY MAINTAINING PRICE DISCIPLINE 1 Profitability Compensation Productivity contribution from of new orders for tariffs, volume… PROFIT our supplier base 14
Slide 16: Improving our gross margin
IMPROVING OUR GROSS MARGIN GROSS MARGIN SUSTAINABLY ABOVE 19% OF SALES Continuous improvement AI in manufacturing of industrial performance Valeo Production System (5 Axes) Big data already fully deployed in one 1 continuous improvement policy Footprint rationalisation plant out of two AI for predic
Slide 17: Reducing our breakeven point
REDUCING OUR BREAKEVEN POINT SELF-HELP MEASURES Restructuring Operating Margin Savings Costs Impact 1 €300m / year €400m of one-off +1.1pt PROFIT as of 2026, confirmed* restructuring costs, (2028 vs. 2024) already announced for 2024-2026 Moving to €100m / year Restructuring costs going forward 16 *
Slide 18: Cash
FROM 2025 GENERATING HIGHER CASH 2 17
Slide 19: Business model transformed to generate higher cash
BUSINESS MODEL TRANSFORMED STRUCTURALLY TO GENERATE HIGHER CASH 2025: TURNING POINT 2026-2028: FURTHER IMPROVEMENT CASH GENERATION FROM HIGHER SUSTAINABLE CASH GENERATION OPERATIONS AT RECORD HIGH (FROM OUR OPERATIONS) ABOVE €700m END OF ONE-OFF RESTRUCTURING COSTS 2 Before one-off restructuring & i
Slide 20: Free cash flow, capex and R&D trajectory
BUSINESS MODEL TRANSFORMED STRUCTURALLY TO GENERATE HIGHER CASH FREE CASH FLOW* New definition in €m >500 HIGHER PROFIT 2 CASH CAPEX** STRUCTURALLY New REDUCED TO 4.5%-5.0% definition New >300 definition 247 GROSS R&D SPEND PAST PEAK 2024 2025 2028 guidance *See glossary p.97 ** Tangible CAPEX (PP&E
Slide 21: Capex structurally reduced to 4.5-5.0% of sales
CAPEX STRUCTURALLY REDUCED TO 4.5-5.0% OF SALES MAXIMIZING REUSE OF EQUIPMENT Product standardization 2 Reusable workstations by design CASH IMPROVING INTENSITY OF PRODUCTION FACILITIES From €10.3k/sqm in 2024 up to €12.4k/sqm in 2028 (+20%) COMPETITIVE SUPPLIER BASE 20
Slide 22: Gross R&D spend past 2024 peak
GROSS R&D SPEND PAST 2024 PEAK €200m LOWER IN 2025 MAXIMIZING REUSE OF STANDARDS 2 RATIONALIZING CASH FOOTPRINT FULL SPEED ON AI IN R&D 21
Slide 23: Full speed ahead on AI
FULL SPEED AHEAD ON AI GAME CHANGER FOR R&D PRODUCTIVITY 100% Valeo Software engineers trained and equipped with Gen AI Valeo Virtualized hardware lab 25% of our certified automotive enable to accelerate 2 code is AI generated up from 0% development of ECU up to 40% 16 months ago BOOSTING R&D CASH P
Slide 24: Valeo back to strong financial profile
VALEO BACK TO STRONG FINANCIAL PROFILE AMBITION IN LINE WITH INVESTMENT GRADE RATING IN 2028 2028 Financial KPI aligned Leverage ratio* with investment <1.0x adjusted grade rating 2 EBITDA** in 2028 CASH Trajectory does not assume any Progressive increase acquisitions or disposals in dividend Any op
Slide 25: Growth
FROM 2027 RETURNING TO GROWTH 3 24
Slide 26: Returning to sales growth from 2027
RETURNING TO SALES GROWTH FROM 2027 In €bn [ 22 - 24 ] STRONG 2022-2025 3 21.5 ~20.5 ORDER INTAKE* GROWTH LARGE CONTRACTS CONVERTING INTO SALES AS OF 2027 2024 2025 2028 guidance *See glossary p.97 25
Slide 27: Strong 2022-2025 order intake supporting growth ahead
STRONG 2022-2025 ORDER INTAKE SUPPORTING GROWTH AHEAD 3 Order Intake Ratio POWER 35% GROWTH 40% 1.4x OEM sales cumulative 2022 - H1 2025 LIGHT 25% 26
Slide 28: New type of contracts: Booked business 1
NEW TYPE OF CONTRACTS LARGE, MULTI-MODELS, LONGER LIFETIME, SLOWER RAMP UP Sales forecast (in €m) based on S&P Global -3% BOOKED BUSINESS 1 3 Start of Production Q4 2025 GROWTH #Nb of Models > 30 Cumulative number of cars lifetime > 8 Mveh 2025 2026 2027 2028 2029 2030 2031 2032 2033 Sales forecast
Slide 29: New type of contracts: Booked business 2
NEW TYPE OF CONTRACTS LARGE, MULTI-MODELS, LONGER LIFETIME, SLOWER RAMP UP Sales forecast (in €m) based on S&P Global -3% BOOKED BUSINESS 2 3 Start of Production Q4 2025 GROWTH #Nb of Models > 40 Cumulative number of cars lifetime > 8 Mveh 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Sales
Slide 30: New type of contracts: Booked business 3
NEW TYPE OF CONTRACTS LARGE, MULTI-MODELS, LONGER LIFETIME, SLOWER RAMP UP Sales forecast (in €m) based on S&P Global -3% BOOKED BUSINESS 3 3 Start of Production Q2 2028 GROWTH #Nb of Models > 50 Cumulative number of cars lifetime > 7 Mveh 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Sales
Slide 31: New type of contracts: Booked business 4
NEW TYPE OF CONTRACTS LARGE, MULTI-MODELS, LONGER LIFETIME, SLOWER RAMP UP Sales forecast (in €m) based on S&P Global -3% BOOKED BUSINESS 4 3 Start of Production initial restated Q4 2026 Q4 2027 GROWTH #Nb of Models > 40 Cumulative number of cars lifetime > 6 Mveh 2025 2026 2027 2028 2029 2030 2031
Slide 32: Returning to growth
RETURNING TO GROWTH A GLOBAL LEADER FIT FOR SUCCESS 3 GROWTH 31
Slide 33: The car of tomorrow
THE CAR OF TOMORROW… ELECTRIFIED 3 SAFER GROWTH SOFTWARE 32
Slide 34: Addressing society's challenges
…ADDRESSES SOCIETY’S CHALLENGES Road transportation is responsible for: 18% 1.2M ~50% OF CO₂ EMISSIONS DEATHS PER YEAR OF FATAL ACCIDENTS WORLDWIDE OCCUR AT NIGHT 3 GROWTH Sources: Valeo Estimate, WHO, NHSTSA 33
Slide 35: Three divisions responding to these challenges
THREE DIVISIONS RESPONDING TO THESE CHALLENGES 3 POWER BRAIN LIGHT GROWTH 34
Slide 36: Three divisions supported by our service organization
THREE DIVISIONS SUPPORTED BY OUR SERVICE ORGANIZATION FROM AFTERMARKET ACTIVITY TO AUGMENTED SERVICE COMPANY LAUNCH OF DRIVING SUSTAINABILITY NEW SERVICES IN AFTERMARKET Valeo Tech Academy Remanufacturing everything 3 TRAINING GROWTH DEVELOPING MORE SUSTAINABLE PRODUCTS Valeo MyPortal First sustaina
Slide 37: Beyond automotive
BEYOND AUTOMOTIVE GRASPING WIDER OPPORTUNITIES, MAIN IMPACT AFTER 2028 2 WHEELERS 3 WHEELERS AND URBAN CARS CHARGING SOLUTIONS 3 GROWTH DATACENTER COOLING AGRICULTURE DEFENSE 36
Slide 38: Seizing opportunities in China, India and North America
SEIZING OPPORTUNITIES IN CHINA, INDIA AND NORTH AMERICA 3 GROWTH 37
Slide 39: China: regaining momentum
CHINA REGAINING MOMENTUM Back to growth in H2 2026 3 15% GROWTH Back to of Group OE Sales outperformance in 2027 27 13 R&D SITES CENTERS 18,000 4,500 1,300+ R&D SOFTWARE EMPLOYEES STAFF ENGINEERS 38 Based on S&P Forecast release October 2025 FY 2024 Figures
Slide 40: China: rebalancing our commercial position
CHINA QUICKLY REBALANCING OUR COMMERCIAL POSITION Chinese RECENT TECHNOLOGY KEY RECENT WINS Automakers PARTNERSHIPS in H1 2025 3 Dual Layer HVAC (multiple contracts) BRAIN Navigation on Autopilot GROWTH 68% 5-in-1 Electronics Module MARKET SHARE LIGHT Next Gen Front Dual Inverter Lighting Appotronic
Slide 41: China: the fitness center to succeed globally
CHINA THE FITNESS CENTER TO SUCCEED GLOBALLY LOCAL EMPOWERMENT SPEED GLOBAL USE LOCAL INNOVATION SPEED OF CHINESE CHINESE COSTS SPEED SOLUTIONS 3 GROWTH Development of a Headlamp Redesign of camera 1st ever Smart Heatpump (new design) in 7 months from production lines in Valeo China kick-off to SOP
Slide 42: India: rapid growth ahead
INDIA RAPID GROWTH AHEAD VALEO Sales x3 3 GROWTH From €220m in 2024 to ~€700m in 2028 6 4 PRODUCTION R&D SITES CENTERS 6,900 3,400 1,200 R&D SOFTWARE EMPLOYEES ENGINEERS ENGINEERS 41 Based on S&P Forecast release October 2025 FY 2024 Figures
Slide 43: India: market ripe for Valeo technologies
INDIA MARKET RIPE FOR VALEO TECHNOLOGIES MARKET IN DEEP TRANSFORMATION ALREADY KEY SUCCESSES FOR VALEO 3 POWER FAST GROWING CAR MARKET 5% CAGR through 2028* Strong positioning in traditional business Top 2 player in e-Powertrain CARS BECOME SAFER x2 surface in Pune GROWTH Front camera mandatory star
Slide 44: Local in North America
LOCAL IN NORTH AMERICA >90% USMCA COMPLIANT FASTER GROWTH THAN GROUP AVERAGE 3 19% of Group OE Sales GROWTH NORTH AMERICA 22 6 PRODUCTION R&D SITES CENTERS NORTH AMERICA 16,500 657 100 R&D SOFTWARE EMPLOYEES ENGINEERS ENGINEERS 43 Based on S&P Forecast release October 2025 FY 2024 Figures
Slide 45: A technology leader in a market becoming high-tech
A TECHNOLOGY LEADER IN A MARKET BECOMING HIGH-TECH CAPITALIZING ON A SOLID LEADING THE ADAS & SDV POSITION IN TRADITIONAL TRANSFORMATION TECHNOLOGIES General Motors ADAS supplier of the year Leader in high performance computers #1 in Torque Converters 3 #1 in 48V systems #1 in Lighting Systems Key p
Slide 46: 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 45
Slide 47: Sustainability: our commitment to transform mobility
SUSTAINABILITY 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 safe
Slide 48: 47
47
Slide 49: Three divisions in pursuit of excellence
THREE DIVISIONS IN PURSUIT OF EXCELLENCE POWER BRAIN LIGHT 48
Slide 50: POWER: the future of mobility and beyond
POWER THE FUTURE OF MOBILITY AND BEYOND Xavier DUPONT CEO of Valeo POWER Division & Group Executive Vice President 49
Slide 51: Electrification adoption slower than envisioned
ELECTRIFICATION ADOPTION SLOWER THAN ENVISIONED, BUT IS HAPPENING, AND IS INCREASING OUR VALUE CONTRIBUTION PER CAR CONV. / MHEV PHEV / EREV BEV % OF NEW ENERGY 30% 40% VEHICLES* WORLDWIDE 50% 50% 70% 60% 43% up to €740 up to €2,500 up to €2,400 37% DRIVE 20% 13% THERMAL POWERTRAIN BATTERY THERMAL M
Slide 52: We created POWER
WE CREATED POWER TO ADDRESS THE ELECTRIFICATION MARKET AND MANAGE THE TRANSITION THERMAL SYSTEMS TOTAL SALES 2024 POWERTRAIN SYSTEMS POWER €10.8bn 42 000 YTD (48 700) EMPLOYEES* 95 YTD (118) 39 13 13 5 PRODUCTION SITES* 24 YTD (41) 17 2 R&D CENTERS* 26 4 *Figures Year to Date (vs. 2023 - Valeo Power
Slide 53: New POWER in-depth transformation
NEW POWER IN-DEPTH TRANSFORMATION FOR INCREASED PROFIT AND COMPETITIVENESS BEST COST COUNTRIES GROSS R&D SG&A RATIO (Headcount*) (in value)* (in value)* 48% to -22 -20 From 60 % % % * Restructuring impact 2025 vs. 2023 52
Slide 54: Rationalized POWER product offer
WE HAVE RATIONALIZED OUR POWER PRODUCT OFFER TO BE READY FOR ALL ELECTRIFICATION NEEDS Intelligent GLOBAL Compact & Low HEAT MANAGEMENT Compact & Silent Consumption ELECTRIC AXLE CABIN COMFORT with Efficient Inverter & Low Carbon Electric Motor Silent & Compact Compact & Powerful COOLING CHARGER / M
Slide 55: China regaining momentum in the leading NEV region
CHINA REGAINING MOMENTUM IN THE LEADING NEV* REGION KEY 2025 AWARDS by Chinese OEMs 2025 5-in-1 Power Electronic Module On Board Charger Combo CHINA Order Intake Ratio >3x 2024 - 2025 2024 - 2028 SOPs Dual Layer Electric Driven HVAC** Compressor CHINA Sales 38+ Trend with Chinese OEMs Dual Inverter
Slide 56: POWER more resilient than ever
POWER MORE RESILIENT THAN EVER TRANSITIONING TO E-TECH AT THE MARKET’S PACE % OEM SALES E-TECH 25% 40% 2024 2028 75% 60% ICE TECH 55
Slide 57: Building future growth in electrification through structural profitability
POWER BUILDING FUTURE GROWTH IN ELECTRIFICATION THROUGH STRUCTURAL PROFITABILITY 2024 2025 2026 2027 - 2030 CREATION TRANSFORMATION PIVOTAL GROWTH Benefit from Region focus Growth from electrification Electrification restructuring Order Intake Regional footprint rebalancing New Power Restored Gross
Slide 58: POWER: technology and competitiveness
POWER BUILDING FUTURE GROWTH IN ELECTRIFICATION THROUGH TECHNOLOGY AND COMPETITIVENESS SALES OPERATING MARGIN IN €bn AS % OF SALES [ 10.5 - 11.5 ] 10.5* [5-6] 2.9 2024 2028 2024 2028 *at end of 2025 perimeter, FY24 actual Sales €10,845m 57
Slide 59: BRAIN: reinventing the role of Tier 1
BRAIN REINVENTING THE ROLE OF TIER 1 Marc VRECKO CEO of Valeo BRAIN Division & Group Executive Vice President 58
Slide 60: A leading multi-regional player with strong presence in China
BRAIN A LEADING MULTI-REGIONAL PLAYER WITH A STRONG PRESENCE IN CHINA… DRIVING AUTOMATION TOTAL SALES 2024 INTERIOR EXPERIENCE BRAIN €5.0bn 10 14 5 4 4 1 20 900 EMPLOYEES Shanghai* 23 Wuhan Guanghzou PRODUCTION SITES Shenzhen 27 3 3 1 6 6 3 R&D CENTERS 10 TEST TRACKS Figures at end of 2024 59
Slide 61: Broadest products and solutions portfolio
…WITH THE BROADEST PRODUCTS & SOLUTIONS PORTFOLIO ADDRESSING MARKETS NEEDS... BRAIN ADAS/AD* Software Defined Interior Sensors Vehicle (SDV) Experience Ultrasonics Computing Units Occupant Monitoring Cameras Displays & HUD Radars Software Telematics Lidars *ADAS/AD: Advanced Driver Assistance System
Slide 62: Positioning BRAIN at the heart of consumers' interests
...POSITIONING BRAIN AT THE HEART OF CONSUMERS’ INTERESTS 2022 2023 2024 2025 SDV Architecture 1 & Software Displays Displays & AR HUD* 2 2 2 2 & AR HUD* Automated Driving Artificial & Sensors 3 3 3 3 Intelligence BRAIN SDV Architecture Occupant & Software 4 4 4 4 Monitoring Artificial Automated Dri
Slide 63: Increasing value contribution per car with L2 demand
INCREASING OUR VALUE CONTRIBUTION PER CAR LINKED TO SIGNIFICANT GROWTH IN L2/ L2+/L2++ DEMAND*... % OF LEVEL 2/ LEVEL 2+/ LEVEL 2++ WORLDWIDE LEVEL 1 LEVEL 2 LEVEL 2+ LEVEL 3 up to €150 up to €500 up to €1,500 up to €3,500 70% 62% 46% 14% ULTRASONICS CAMERAS RADARS LiDAR SOFTWARE ARCHITECTURE 2021 2
Slide 64: Key position in the SDV through large contracts
...AND KEY POSITION BUILT IN THE SDV, THROUGH LARGE CONTRACTS REPRESENTING ONE THIRD OF OUR CUSTOMERS ORDERBOOK % ADOPTION OF DOMAIN CONTROLLERS LEGACY DOMAIN CONTROLLERS CENTRAL & ZONAL CONTROLLERS % ADOPTION OF CENTRAL AND ZONAL CONTROLLERS up to €250 up to €650 up to €2,000 33% 26% ZC ZC DC Centr
Slide 65: Reinventing the role of Tier 1
REINVENTING THE ROLE OF TIER 1 TOWARDS MASTER INTEGRATOR AND SYSTEM ARCHITECT... TRADITIONAL SUPPLIER DEVELOPMENT TURNKEY SUPPLIER DEVELOPMENT Vehicle spec. Vehicle spec. Vehicle verification Vehicle verification and validation and validation System spec. System spec. Function design Function design
Slide 66: Strategic partnerships with ecosystem players
...INTEGRATING STRONG ECOSYSTEM PLAYERS WITH WHOM STRATEGIC PARTNERSHIPS ARE DEVELOPED A decade long partnership with 23 joint programs* Valeo: First Mobileye biggest partner A historic partnership in telematics, now expanded to ADAS and Infotainment Valeo-Qualcomm: the reference for pre-integrated
Slide 67: BRAIN growth confirmed supporting profit increase
BRAIN GROWTH CONFIRMED SUPPORTING PROFIT INCREASE SALES OPERATING MARGIN IN €bn AS % OF SALES [7-8] [ 6.0 - 7.0 ] 5.8 5.0 2024 2028 2024 2028 66
Slide 68: LIGHT: a bright future
LIGHT A BRIGHT FUTURE Maurizio MARTINELLI CEO of Valeo LIGHT Division & Group Executive Vice President 67
Slide 69: LIGHT: a bright future
LIGHT A BRIGHT FUTURE LIGHTING SYSTEMS TOTAL SALES 2024 WIPER SYSTEMS & LIGHT €5.6bn SENSOR CLEANING 31 900 EMPLOYEES 42 6 3 PRODUCTION SITES 18 9 20 9 4 R&D CENTERS 9 4 404 FIRST-TO-FILE PATENTS Figures at end of 2024 69
Slide 70: Growing market driven by innovation
LIGHT GROWING MARKET DRIVEN BY INNOVATION CAGR LIGHT WORLDWIDE MARKET 2024-30 IN €bn Sensor Cleaning 97% €35bn Near Field Projection €31bn SUPPORTED 43% 28bn € BY GROWTH ENGINES Interior lighting 13% Logos 2024 2028 2030 28% Front central area 23% Average contribution 320 x1.3 >400 €/car in 6 years
Slide 71: Our drivers are style, performance, safety and sustainability
LIGHT OUR DRIVERS ARE STYLE, PERFORMANCE, SAFETY & SUSTAINABILITY STYLE PERFORMANCE SAFETY SUSTAINABILITY 71
Slide 72: LIGHT: style and performance
LIGHT: STYLE AND PERFORMANCE OUR PRODUCT OFFER IS FULLY ALIGNED WITH MARKET DEMAND STYLE PERFORMANCE Creative & aesthetic lighting and wipers solutions Interior experience, communication and interactive to strengthen car design and signature applications for smart and connected cars. Illuminated cen
Slide 73: LIGHT: safety and sustainability
LIGHT: SAFETY AND SUSTAINABILITY OUR PRODUCT OFFER IS FULLY ALIGNED WITH MARKET DEMAND SAFETY SUSTAINABILITY Full wiper and lighting system providing perfect Low consumption/weight and green material visibility for you and your optical sensor systems to reduce CO2 emissions 3D printed wiper arm Elec
Slide 74: The world leader with growing successes in China
LIGHT THE WORLD LEADER WITH GROWING SUCCESSES IN CHINA ORDER INTAKE RATIO WITH CHINESE OEMS 69 LAUNCHES in 2025 (+35% vs 24) World Leader 2x * 6-9 MONTHS DEVELOPMENT TIME (One third of Europe) New Player China Xpeng P7 (Front lighting, appliqué, illuminated (Front lighting) logo) Aito M8 & M9 Xpeng
Slide 75: A bright business
LIGHT A BRIGHT BUSINESS SALES OPERATING MARGIN IN €bn AS % OF SALES [ 5.5 - 6.5 ] [6-7] 5.5* 5.5 2024 2028 2024 2028 *at end of 2025 perimeter, FY24 actual Sales €5,554. 75
Slide 76: Financial trajectory
FINANCIAL TRAJECTORY Edouard de PIREY Chief Financial Officer 76
Slide 77: Guidance 2025 confirmed
GUIDANCE 2025: SALES, ADJ. EBITDA AND OPERATING MARGIN CONFIRMED FY25 FREE CASH FLOW BEFORE INTEREST SLIGHTLY ABOVE GUIDANCE OPERATING FREE CASH SALES Adjusted EBITDA MARGIN FLOW ~€20.5bn [ 13.5% - 14.5% ] [ 4.5% - 5.5% ] >€550m AFTER ONE-OFF IN €bn AS % OF SALES AS % OF SALES RESTRUCTURING COSTS Gu
Slide 78: Focusing the guidance on main indicators
FOCUSING THE GUIDANCE ON 3 MAIN INDICATORS ALIGNING WITH MARKET PRACTICE SALES IN €bn SALES IN €bn Adjusted EBITDA* AS % OF SALES OPERATING MARGIN* OPERATING MARGIN* AS % OF SALES AS % OF SALES FREE CASH FLOW IN €m BEFORE ONE-OFF AFTER ONE-OFF FREE CASH FLOW* RESTRUCTURING RESTRUCTURING & INTEREST &
Slide 79: Aligning free cash flow definition with market practice
ALIGNING OUR FREE CASH FLOW DEFINITION WITH MARKET PRACTICE €m FY 2024 Adjusted EBITDA 2,863 Tangible CAPEX (Property, plant and Equipment) (1,138) Intangible CAPEX (1,086) Change in working capital 492 Taxes (227) Leases (135) Other (218) FREE CASH FLOW BEFORE ONE-OFF RESTRUCTURING COSTS 551 One-of
Slide 80: Adding operating margin to divisional reporting
ADDING OPERATING MARGIN TO THE DIVISIONAL REPORTING IN LINE WITH MARKET PRACTICE POWER BRAIN LIGHT 2024 2024 2024 Sales 10,845 Sales 5,053 Sales 5,554 Adj. EBITDA 11.6% Adj. EBITDA 16.4% Adj. EBITDA 13.2% Operating margin 2.9% Operating margin 5.8% Operating margin 5.5% R&D (exp., net) (861) R&D (ex
Slide 81: Stronger financially: profit, cash and growth trajectory
STRONGER FINANCIALLY PROFIT, CASH AND GROWTH TRAJECTORY SALES OPERATING MARGIN FREE CASH FLOW IN €bn AS % OF SALES NEW DEFINITION IN €m [ 22 - 24 ] [6-7] > 500 21.5 ~20.5 [ 4.5 - 5.5 ] 4.3 New definition New >300 definition 247 2024 2025 2028 2024 2025 2028 2024 2025 2028 guidance guidance guidance
Slide 82: Sales to rise as large contracts go into production
SALES TO RISE AS SEVERAL LARGE CONTRACTS GO INTO PRODUCTION FROM 2027 ONWARDS in €bn [ 22 - 24 ] 21.5 ~20.5 • Perimeter impact ~€(150)m as of end of 2025 • Flattish organic sales in 2026 • Growth in 2027 and 2028 fueled by large orders entering into production 2024 2025 2028 BASED ON FOLLOWING ASSUM
Slide 83: Booked orders provide solid base for growth
BOOKED ORDERS PROVIDE SOLID BASE FOR GROWTH ACROSS ALL DIVISIONS POWER BRAIN LIGHT Sales in €bn Sales in €bn Sales in €bn [ 10.5 - 11.5 ] 10.5* [ 6.0 - 7.0 ] [ 5.5 - 6.5 ] 5.1 5.5* 2024 2028 2024 2028 2024 2028 Electrification Large Orders for ADAS and SDV Technological leadership as a main driver f
Slide 84: Better priced products, efficiency and growth
BETTER PRICED PRODUCTS, EFFICIENCY AND GROWTH SUPPORTING PROFIT IMPROVEMENT POWER BRAIN LIGHT Operating margin Operating margin Operating margin as % of sales as % of sales as % of sales [7-8] [6-7] [5-6] 5.8 5.5 2.9 2024 2028 2024 2028 2024 2028 In-depth transformation More profitable new orders A
Slide 85: Path to 6%-7% operating margin in 2028
PATH TO 6% - 7% OPERATING MARGIN IN 2028 [ 6% - 7% ] ~+0.2 pts ~+1.1 pts ~+0.9 pts 4.3% ~+0.3 pts ~+0.6 pts sales new growth orders Growth & more Self-help R&D Efficiency 2024 2028 profitable new measures net of orders amortization 85
Slide 86: Valeo back to strong financial profile
VALEO BACK TO STRONG FINANCIAL PROFILE AMBITION IN LINE WITH INVESTMENT GRADE RATING IN 2028 FCF > 500 New definition in €m Free cash flow generation mainly > 300 driven by 3 levers 247 • New orders with better profitability • Contained capex intensity at [4.5-5.0%] of sales • A more efficient R&D,
Slide 87: No major refinancing terms until 2027
STRONGER FINANCIALLY NO MAJOR REFINANCING TERMS UNTIL 2027 UNDRAWN CREDIT FACILITIES Projected view at 18 December, 2025 AVERAGE MATURITY €1.6bn 3.5 years As of June 30, 2025 Average maturity: 2.3 years €1,500m CASH & CASH €1,000m EQUIVALENTS €500m €2.4bn As of June 30, 2025 €0m 2025 2026 2027 2028
Slide 88: Maintaining best in class ESG ratings
MAINTAINING BEST IN CLASS ESG RATINGS VALEO INCLUDED 72/100 16.7 B- Prime IN MAJOR ESG INDICES low risk CAC Transition Climat Global ESG Leaders A Climate Change AA 61/100 A- Water 88
Slide 89: On track to reach carbon net zero by 2050
ON TRACK TO REACH CARBON NET ZERO BY 2050 BASE YEAR -90% 50 46 45 2030 Targets (vs 2019) Validated by SBTi ABSOLUTE DATA 42 Scopes 1&2 -75% 39 39 39 NET ZERO* Scope 3 -15% 31 Upstream 31 Scope 3 -15% Downstream 10 8 8 5 1 <1 Actual & Trajectory forecast 2019 2024 2025 2030 2050 Actual Forecast Objec
Slide 90: 2028 financial targets
€[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 VEHICLES CURR
Slide 91: Conclusion
CONCLUSION Christophe PERILLAT Chief Executive Officer 91
Slide 92: Key takeaways
KEY TAKEAWAYS POWERED BY THREE ENGINES REACHING INVESTMENT GRADE KPIs IN 2028 A GLOBAL LEADER FIT FOR SUCCESS 1 2 3 PROFIT CASH GROWTH FROM 2022 FROM 2025 FROM 2027 92
Slide 93: Paris, November 20, 2025
mr, “ XS ~ PARIS, NOVEMBER 20, 2025. \
Slide 94: Backup slides
BACKUP SLIDES 94
Slide 95: Information by division
INFORMATION BY DIVISION H1 2024 H2 2024 FY 2024 H1 2025 Operating Adj. Operating Adj. Operating Adj. Operating Adj. Sales Sales Sales Sales margin* EBITDA margin* EBITDA margin* EBITDA margin* EBITDA POWER 5,692 2.4% 10.3% 5,153 3.5% 13.0% 10,845 2.9% 11.6% 5,403 3.5% 11.0% BRAIN 2,569 5.9% 15.9% 2,
Slide 96: Financial glossary
FINANCIAL GLOSSARY Order intake corresponds to business awarded by automakers Adjusted EBITDA corresponds to (i) operating margin before during the period to Valeo, and to joint ventures and associates depreciation, amortization and impairment losses (included in the based on Valeo’s share in net eq
Slide 97: Safe harbour statement
SAFE HARBOUR STATEMENT 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, inten
Slide 98: Capital Markets Day 2025
CAPITAL MARKETS DAY 2025 PARIS, NOVEMBER 20, 2025 98