Slide 1: Q1 2024 Sales
Q1 2024 Sales April 25, 2024 Christophe Périllat Edouard de Pirey Chief Executive Ofûcer Chief Financial Ofûcer FULL YEAR 2023 RESULTS | FEBRUARY 29, 2024 1
Slide 2: Summary
2024 Q1 Sales Summary 01 02 03 03 Highlights Sales Conclusion Backup slides Q&A VALEO Q1 2024 SALES | APRIL 25, 2024 2
Slide 3: Highlights
01 Highlights 2024 Sales of Q1 €5.4bn VALEO Q1 2024 SALES | APRIL 25, 2024 3
Slide 4: Outperformance in all businesses except High-Voltage Powertrain
01 Outperformance in all businesses except High-Voltage Powertrain Q1 outperformance: +2pts FX & Scope impact Strong in all segments but high voltage • FX -2.4pts: appreciation of euro vs Yuan, Yen & Won → +9pts in Traditional PTS (ICE and hybrid cars) • Scope -0.6pts: mainly Ichikoh Mirror business
Slide 5: Cost reduction measures on track
01 Cost reduction measures on track Update at the end of April 2024 Project to merge PTS and THS on track Group’s cost base adjustments Social and Legal Procedures completed in most €300m in one-off self-help measures** jurisdictions → Over the 2-year period (2024 & 2025) New entity created April 22
Slide 6: New Names for our Divisions
01 New Names for our 3 Divisions Segment reporting modiûed accordingly as from publication of 2024 half-year results ADAS acceleration Comfort & Driving Interior experience Assistance Systems Brain SDV & software Powertrain Systems Electrification acceleration Power Thermal Systems Lighting everywher
Slide 7: 2024 & 2025 Move Up roadmap reaffirmed
01 2024 & 2025 Move Up roadmap reaffirmed FY 2023 FY 2024 FY 2025 reported guidance (a) (b) objectives (b) Sales €22bn €22.5bn to €23.5bn €24.5bn to €25.5bn EBITDA 12.0% 12.1% to 13.1% 13.5% to 14.5% (as % of sales) Operating margin 3.8% 4.0% to 5.0% 5.5% to 6.5% (as % of sales) Free cash flow before
Slide 8: Sales
02 Sales 2024 Q1 Sales by type Sales by region Sales by Business Group VALEO Q1 2024 SALES | APRIL 25, 2024 8
Slide 9: Q1 Sales by type
• 02 Q1 Sales by type 0 2 Total sales OEM Aftermarket Miscellaneous €5,427m €4,554m €597m €276m +2% lü growth +1% lü growth +1% lü growth +24% lü growth Reported growth: -1% Reported growth: -2% Reported growth: -3% Reported growth: +20% Exchange rate: -2.4% Exchange rate: -2.2% Exchange rate: -3.9%
Slide 10: Q1 OEM sales performance by region
02 Q1 OEM sales 2 pts global outperformance Performance* by region Lower EV car production for speciûc programs in Europe Ongoing customer repositioning in China World Europe (including Africa) North America Asia (excluding China) China South America +1% OEM sales lfl -3% OEM sales lü +9% OEM sales l
Slide 11: Comfort & Driving Assistance Systems
02 Comfort & Driving Assistance Systems Growth in ADAS driven by production ramp-up in Europe & Asia outside China Sales ADAS Sales €1,229m Sales €795m +6% OEM sales lü growth CDA +4% lü growth OEM sales +6% Interior experience +5pts outperformance 0% OEM sales lü growth €1,159m €1,229m Business hig
Slide 12: Powertrain Systems
02 Powertrain Systems Growth in traditional businesses mitigating the impact of lower activity in high-voltage Better level of activity in high-voltage expected in Q2 Sales Sales €1,635m Traditional PTS businesses +8% OEM sales lü growth -6% lü growth OEM sales PTS High-voltage Sales €199m -5pts per
Slide 13: Thermal Systems
02 Thermal Systems Growth in thermal systems driven by the production ramp-up in Europe, North America & China Project of reorganization and merger with PTS on track Sales +3% lü growth THS Sales €1,150m OEM sales +4pts outperformance 0% Business highlights €1,145m €1,150m Production ramp-up for Ger
Slide 14: Visibility Systems
02 Visibility Systems Growth in lighting driven by the ramp-up of several newly launched electriûcation projects Sales +5% lü growth VIS Sales €1,415m OEM sales +6pts outperformance +3% Business highlights €1,376m €1,415m Growth in EV by Chinese OEMs and a North American automaker Production ramp-up
Slide 15: Conclusion
03 Conclusion VALEO Q1 2024 SALES | APRIL 25, 2024 15
Slide 16: To conclude
03 To conclude We are accelerating our transformation We are delivering on our roadmap towards a more agile & competitive organization We are reaffirming our 2024 & 2025 guidances VALEO Q1 2024 SALES | APRIL 25, 2024 16
Slide 17: Thank you - Q&A
Thank you Q&A VALEO Q1 2024 SALES | APRIL 25, 2024 17
Slide 18: Backup slides
04 Backup slides VALEOYEAR FULL Q1 2024 2023SALES | APRIL RESULTS 25, 202429, 2024 | FEBRUARY 1818
Slide 19: Q1 Sales by Business Group
04 Q1 Sales by Business Group Sales by Business Group Change Change Q1 2023 Q1 2024 Perf.** (in millions of euros) in sales in OEM sales* Comfort & Driving Assistance Systems 1,159 1,229 +6% +4% +5pts Powertrain Systems 1,741 1,635 -6% -6% -5pts Thermal Systems 1,145 1,150 - +3% +4pts Visibility Sys
Slide 20: Debt profile
04 Debt profile Average maturity: 4.1 years Undrawn €1.7BN credit facilities As of Dec. 31, 2023 Cash & cash €3.0BN equivalents As of Dec. 31, 2023 Senior bond (EMTN) Schuldschein Maturity Amount Coupon Maturity Amount Coupon Valeo EMTN Green bonds June 2025 €600M 1.500% April 2025 €90M 1.291% April
Slide 21: Share information
04 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 March 31, 2024 244,633,504 Depositary Bank J.P. Morgan Contact at J.P. Morgan
Slide 22: Glossary
04 Glossary Operating margin corresponds to operating income before other income and expenses and before net earnings of equity-accounted companies. EBITDA corresponds to (i) operating margin before depreciation, amortization and impairment losses (included in the operating margin) and the impact of
Slide 23: Safe harbour statement
04 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, intentions and expectatio
Slide 24: FULL YEAR 2023 RESULTS | FEBRUARY 29, 2024
FULL YEAR 2023 RESULTS | FEBRUARY 29, 2024 24