Slide 1: Full-Year 2024 Results
Full-Year 2024 Results February 27, 2025 Christophe Périllat Edouard de Pirey Chief Executive Officer Chief Financial Officer FULL YEAR 2023 RESULTS | FEBRUARY 29, 2024 1
Slide 2: Contents
Contents 01 02 03 04 2024 highlights 2024 results 2025 financial Backup Margin & cash roadmap slides guidance achieved & Conclusion FULL YEAR 2024 RESULTS | FEBRUARY 27, 2025 2
Slide 3: 2024 highlights: Margin & cash guidance achieved
01 2024 highlights Margin & cash guidance achieved Christophe Périllat Chief Executive Officer FULL YEAR 2024 RESULTS | FEBRUARY 27, 2025 3
Slide 4: Delivering on our margin and cash guidance
01 | 2024 highlights Delivering on our margin and cash guidance Overcoming Reducing Benefiting from the Achieving 2024 a challenging our breakeven attractive positioning margin and cash environment point of our products guidance Low activity Cost reduction Strong position in FCF of €481m * in all reg
Slide 5: Cost reductions leading to a reduction in the breakeven point
01 | 2024 highlights Cost reductions leading to a reduction in the breakeven point Gross margin ➔ Gross margin, up 1.1pts YOY improvement ➔ First effects of self-help measures to 19.0% of sales ➔ Good control of operations & pricing Gross R&D ➔ A more efficient R&D Standardization, synergies, competi
Slide 6: 2024 operating margin guidance achieved
01 | 2024 highlights 2024 operating margin guidance achieved GROUP SALES EBITDA * OPERATING MARGIN * FY 2024 €21.5bn €2,863m €919m RESULTS 13.3% 4.3% FY 2024 GUIDANCE ~€21.3bn 12.1% - 13.1% 4.0% - 5.0% Guidance adjusted on October 27, 2024 FULL YEAR 2024 RESULTS | FEBRUARY 27, 2025 * See glossary, p
Slide 7: 2024 cash guidance overachieved & deleveraging by €215m
01 | 2024 highlights 2024 cash guidance overachieved & deleveraging by €215m Free cash flow * Free cash flow Net debt * reduction before after Focus on deleveraging one-off restructuring costs one-off restructuring costs Net debt FY 2024 €551m €481m €3,813m RESULTS incl. one-off cost of €4,028m end of
Slide 8: €17.8bn new orders in 2024
01 | 2024 highlights €17.8bn new orders in 2024 Technological & competitive positioning in key megatrends 2024 new orders Selective approach 2025 orders of €17.8bn maintained with a focus expected to pick up … on order intake profitability Significant sourcing postponed Order intake profitability … refl
Slide 9: 2024 ESG main achievements
01 | 2024 highlights 2024 ESG main achievements Valeo invited to join TOP 50 sustainability leaders Carbon footprint Social Ethics & Compliance CO 2 emissions* (scopes 1, 2, 3) New corporate social responsibility Business Partners Code of Conduct 38.8 MtCO2 eq (2024 objective achieved) agreement cov
Slide 10: Progressive increase in the dividend proposed
01 | 2024 highlights Progressive increase in the dividend proposed €0.42 €0.40 €0.38 €0.35 €0.30 2020 2021 2022 2023 2024 Dividend of €0.42 per share to be proposed at the next Shareholders’ Meeting on May, 22 2025 FULL YEAR 2024 RESULTS | FEBRUARY 27, 2025 10
Slide 11: 2024 results
02 2024 results Edouard de Pirey Chief Financial Officer FULL YEAR 2024 RESULTS | FEBRUARY 27, 2025 11
Slide 12: Total sales at €21.5bn
02 | 2024 results Total sales at €21.5bn Low activity on EV platforms in Europe - Robust activity in aftermarket Total sales OEM Aftermarket Miscellaneous* €21,492m €17,950m €2,262m €1,280m -0.5% lfl growth -2% lfl growth +4% lfl growth +19% lfl growth Reported growth: -2.5% Reported growth: -4.0% Repor
Slide 13: OEM sales performance by region
02 | 2024 results OEM sales Low activity in EV Performance* by region Customer mix more challenging than expected in China Europe North Asia China South World (including Africa) America (excluding China) America 48% of sales 19% of sales 16% of sales 15% of sales 2% of sales -2% OEM sales lfl -3% OEM
Slide 14: Outperformance in all businesses except high-voltage
02 | 2024 results Outperformance in all businesses except high-voltage -5pts +4pts +1pt in POWER in BRAIN in LIGHT Outperf.* in all businesses Group Perf. lfl growth in OEM sales -1pt ↗ High-voltage impact of -3pts Except high-voltage with low activity in EV FULL YEAR 2024 RESULTS | FEBRUARY 27, 2025
Slide 15: Solid like-for-like sales growth in aftermarket
02 | 2024 results Solid like-for-like sales growth in aftermarket Given high comparison basis Sales SALES AFTERMARKET +4% €2,262m lfl growth 0%* BUSINESS HIGHLIGHTS ➔ Ageing & growing car fleet €2,267m €2,262m ➔ Extension of the product range for value-added products (electric, remanufacturing, etc.)
Slide 16: Operating margin at 4.3% of sales
02 | 2024 results Operating margin at 4.3% of sales Gross margin improvement Guidance achieved thanks to rigorous cost management First effects of cost reduction plan Gross Compensation & repricing margin +1.1pts As a % of sales Efficiency of operations Net reversal on onerous & unfavorable contracts
Slide 17: Net income of €162m or 0.8% of sales
02 | 2024 results Net income of €162m or 0.8% of sales Other income & expenses After restructuring costs of €305m, or 1.4% of sales Restructuring costs totaling €305m incl. €260m one-off restructuring costs related to 2024/2025 cost €m 2024 2023 reduction plan Operating margin excl. JV & associates
Slide 18: Reinforced cost reduction program
02 | 2024 results Reinforced cost reduction program Annual savings from €200m to €300m per year Savings Restructuring costs >€300m annual run rate €400m allocated to one-off self-help measures Increased from €200m to €300m Increased from €300m to €400m Savings (in €m) One-off restructuring costs in
Slide 19: POWER
02 | 2024 results POWER Recovery in profitability thanks to cost reduction measures Sales SALES Business excl. high-voltage €9,949m POWER €10,845m +1pt OEM sales outperformance -6%* High-voltage business €896m -5pt OEM sales performance High-voltage impact -6pts -41pt OEM sales performance €11,571m €
Slide 20: BRAIN
02 | 2024 results BRAIN Strong improvement in profitability both in ADAS & Interior Experience Sales SALES ADAS €3,225m BRAIN €5,053m +3pt OEM sales outperformance +4%* Interior Experience €1,828m +4pt OEM sales performance +7pt OEM sales outperformance €4,878m €5,053m 16.4% 14.1% BUSINESS HIGHLIGHTS
Slide 21: LIGHT
02 | 2024 results LIGHT Stable performance in terms of growth and profitability Sales SALES 0% lfl growth OEM sales LIGHT €5,554m +1pt 0%* outperformance €5,541m €5,554m BUSINESS HIGHLIGHTS 13.3% 13.2% Production ramp-up for European OEMs Growth in EV for Chinese and North American OEMs in China EBITD
Slide 22: Free cash flow guidance overachieved
02 | 2024 results EBITDA Free cash flow guidance overachieved Increased contribution by €216m EBITDA at 13.3% of sales €m 2024 2023 €2.9bn EBITDA 2,863 2,647 As a % of sales 13.3% 12.0% Capex (PP&E) Tangible CAPEX (property, plant & equipment) (1,138) (964) Strict control at 5.3% of sales in a Intang
Slide 23: Net debt reduced by €215m
02 | 2024 results Net debt reduced by €215m Leverage ratio down to 1.3x, vs 1.5x a year ago Undrawn Cash & Cash credit lines equivalents Net debt in €bn €3.2bn €4.0bn €3.8bn €1.6bn Dec. 31, 2024 Dec. 31, 2024 Dec. 31, 2023 Dec. 31, 2024 Credit ratings Gearing ratio Leverage ratio LT Outlook ST Net d
Slide 24: 2025 financial roadmap & Conclusion
03 2025 financial roadmap & Conclusion Christophe Périllat Chief Executive Officer FULL YEAR 2024 RESULTS | FEBRUARY 27, 2025 24
Slide 25: Valeo at CES 2025
03 | 2025 financial roadmap & conclusion Valeo at CES 2025 Confirmed customer interest in our ADAS, SDV, Electrification & Smart Lighting offer FULL YEAR 2024 RESULTS | FEBRUARY 27, 2025 25
Slide 26: 2025, a new step in improving financial performance
03 | 2025 financial roadmap & conclusion 2025, a new step in improving financial performance FY 2024 FY 2025 Actual Guidance(a) (b) Sales €21.5bn [€21.5bn-€22.5bn] (in €bn) OE sales outperformance EBITDA(c) 13.3% [13.5%-14.5%] (as % of sales) Operating margin(c) 4.3% [4.5%-5.5%] (as % of sales) before
Slide 27: 2025, a new step towards a structural increase in cash generation
03 | 2025 financial roadmap & conclusion 2025, a new step towards a structural increase in cash generation Increasing Reducing Reducing gross Positive change profitability investments R&D in working EBITDA margin in PP&E to around €2.5bn, capital between 13.5% to less than 5% of down €100m YOY driven
Slide 28: Overcoming a challenging environment
03 | 2025 financial roadmap & conclusion Overcoming Reducing Benefiting from Capital Markets a challenging our breakeven the attractive Day to be held on environment point positioning of our November 20, products 2025 FULL YEAR 2024 RESULTS | FEBRUARY 27, 2025 28
Slide 29: Thank you
Thank you Q&A FULL YEAR 2024 RESULTS | FEBRUARY 27, 2025 29
Slide 30: Backup slides
04 Backup slides FULL YEAR 2024 2023 RESULTS | FEBRUARY 27, 29, 2025 2024 30
Slide 31: 2024 taxonomy reflecting lower activity in EV
04 | Backup slides 2024 taxonomy reflecting lower activity in EV Preparing for the future by transiting to net zero and circular economy Electric Business Thermal Business Visibility Business 2024 Turnover Capex Opex Taxonomy-eligible portion* 17.5% 15,0% 20,6% Taxonomy-aligned portion* 17.5% 14,1% 2
Slide 32: Key ESG KPIs
04 | Backup slides Key ESG KPIs 2019 2024 base year 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 7.9 E Emissions from the use of Valeo products – Downstream Scope 3 Emissions reduction (Scopes 1,
Slide 33: 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 #1 #3 #1 CAC40 SBT 1.5° 74/100 8.8* B- Prime negligible risk Global ESG Leaders #1 #31 Top 3 ESG Leaders A Climate Change AAA 61/100 A- Climate Water FULL YEAR 2024 RESU
Slide 34: Q4 Backup Slides
Q4 Backup Slides 3434
Slide 35: Q4 sales by type
• 04 | Backup slides 0 Q4 sales by type 2 Total sales OEM Aftermarket Miscellaneous* €5,408m €4,458m €534m €416m -3% lfl growth -5% lfl growth +5% lfl growth +15% lfl growth Reported growth: -3.6% Reported growth: -5.6% Reported growth: +0.6% Reported growth: +17.8% Exchange rate: +0.4% Exchange rate: +
Slide 36: Q4 OEM sales performance by region
04 | Backup slides Q4 OEM sales Performance* in OEM sales by region World Europe (including Africa) North America Asia (excluding China) China South America 47% of sales 17% of sales 17% of sales 17% of sales 2% of sales -5% OEM sales lfl -5% OEM sales lfl -11% OEM sales lfl +2% OEM sales lfl -7% OEM sa
Slide 37: Q4 sales by Division
04 | Backup slides Q4 sales by Division Sales by Division Change Change (in millions of euros) Q4 24 Q4 23 in sales in OEM sales* Perf.** POWER 2,683 2,926 -8% -9% -10pts High-voltage 194 410 -53% -53% -54pts Other 2,489 2,516 -1% -1% -2pts BRAIN 1,270 1,220 +4% +1% 0pts ADAS 790 791 - -4% -5pts Int
Slide 38: H2 Backup Slides
H2 Backup Slides 38
Slide 39: H2 OEM sales performance by region
04 | Backup slides H2 OEM sales Performance* in OEM sales by region World Europe (including Africa) North America Asia (excluding China) China South America 46% of sales 19% of sales 17% of sales 16% of sales 2% of sales -4% OEM sales lfl -3% OEM sales lfl -8% OEM sales lfl +3% OEM sales lfl -9% OEM sal
Slide 40: H2 sales by Division
04 | Backup slides H2 sales by Division Sales by Division Change Change (in millions of euros) H2 24 H2 23 in sales in OEM sales* Perf.** POWER 5,153 5,620 -8% -7% -5pts High-voltage 383 630 -39% -40% -38pts Other 4,770 4,990 -4% -2% - BRAIN 2,484 2,430 +2% +1% +3pts ADAS 1,566 1,584 -1% -3% -1pt In
Slide 41: H2 income statement
04 | Backup slides H2 income statement (€m) H2 24 H2 23 ▲ Sales 10,375 10,832 -4% Gross margin 2,026 2,039 -1% As a % of sales 19.5% 18.8% +0.7 pts R&D expenses (1,048) (1,029) +2% As a % of sales (10.1%) (9.5%) -0.6pts SG&A (504) (535) -6% As a % of sales (4,9%) (4.9%) - Operating margin 474 475 -
Slide 42: H2 EBITDA by Division
04 | Backup slides H2 EBITDA by Division EBITDA by Division (in millions of euros and in % of sales) H2 24 H2 23 Change 671 600 +12% POWER 13.0% 10.7% +2.3pts 423 353 +20% BRAIN 17.0% 14.5% +2.5pts 370 360 +3% LIGHT 13.7% 13.2% +0.5pts OTHER 16 32 -50% 1,480 1,345 +10% GROUP TOTAL 14.3% 12.4% +1.9pt
Slide 43: H2 Segment information
04 | Backup slides H2 Segment information BRAIN POWER LIGHT Other Total H2 2024 (€m) Sales: 2,484 5,153 2,701 37 10,375 10,43 Segment (Excluding Group) 2,472 5,087 2,695 185 9 Intersegment (Group) 12 66 6 (148) (64) EBITDA 423 671 370 16 1,480 Research & Development expenditure, net (444) (403) (193
Slide 44: H2 R&D expenditure
04 | Backup slides H2 R&D expenditure H2 24 H2 23 Change Sales (in €m) 10,375 10,832 -4% (in €m) 480 534 -10% Capitalized development expenditure (as a % of sales) 4.6% 4.9% -0.3pts (in €m) (389) (259) +50% Amortization and impairment of capitalized development expenditure* (as a % of sales) (3.7)%
Slide 45: H2 Free Cash Flow
04 | Backup slides H2 Free Cash Flow €m H2 24 H2 23 EBITDA 1,480 1,345 As a % of sales 14.3% 12.4% Tangible CAPEX (property, plant & equipment) (538) (508) Intangible CAPEX (494) (557) of which capitalized R&D (480) (534) Change in working capital 259 515 of which decrease in inventories 25 - Taxes
Slide 46: FY Backup Slides
FY Backup Slides 4646
Slide 47: FY sales by Division
04 | Backup slides FY sales by Division Sales by Division Change Change (in millions of euros) 2024 2023 in sales in OEM sales* Perf.** POWER 10,845 11,571 -6% -6% -5pts High-voltage 896 1,477 -39% -42% -41pts Other 9,949 10,094 -1% -% +1pt BRAIN 5,053 4,878 +4% +3% +4pts ADAS 3,225 3,147 +2% +2% +3
Slide 48: FY sales by quarter
04 | Backup slides FY sales by quarter Sales by Division (in millions of euros) Q1 24 Q2 24 Q3 24 Q4 24 FY 24 POWER 2,783 2,909 2,470 2,683 10,845 High-voltage 199 314 189 194 896 Other 2,584 2,595 2,281 2,489 9,949 BRAIN 1,229 1,340 1,214 1,270 5,053 ADAS 794 865 776 790 3,225 Interior Experience 4
Slide 49: FY Segment information
04 | Backup slides FY Segment information BRAIN POWER LIGHT Other Total Full-Year 2024 (€m) Sales: 5,053 10,845 5,554 40 21,492 Segment (Excluding Group) 5,021 10,702 5,546 223 21,492 Intersegment (Group) 32 143 8 (183) - EBITDA 831 1256 732 44 2,863 Research & Development expenditure, net (867) (86
Slide 50: FY R&D expenditure
04 | Backup slides FY R&D expenditure 2024 2023 Change Sales (in €m) 21,492 22,044 -3% (in €m) 1,045 995 +5% Capitalized development expenditure (as a % of sales) 4.9% 4.5% +0.4pts (in €m) (691) (531) +30% Amortization and impairment of capitalized development expenditure* (as a % of sales) (3.2)% (
Slide 51: Long term debt profile
04 | Backup slides Long Term debt profile Average maturity: 2.8 years Undrawn credit €1.6BN As of Dec. 31, 2024 facilities Average maturity: 2.8 years Cash & cash €3.2BN equivalents As of Dec. 31, 2024 Sustainability-linked senior bond (EMTN) EIB loan Maturity Amount Coupon Maturity Amount Coupon May
Slide 52: 2025, a new step in improving financial performance
04 | Backup slides 2025, a new step in improving financial performance FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 incl. VSeA incl. VSeA Actual Actual Guidance(a) (b) Sales €18.0bn €20.4bn €22.0bn €21.5bn [€21.5bn-€22.5bn] (in €bn) OEM sales outperformance EBITDA(c) 11.3% 11.4% 12.0% 13.3% [13.5%-14.5%]
Slide 53: 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, 2024 244,633,504 Depositary Bank J.P. Morgan Contact
Slide 54: Glossary
04 | Backup slides Glossary Order intake corresponds to business awarded by automakers during the period to Free cash flow corresponds to net cash from operating activities (excluding changes in Valeo, and to joint ventures and associates based on Valeo’s share in net equity (except non-recurring sal
Slide 55: 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 56: FULL YEAR 2023 RESULTS | FEBRUARY 29, 2024
FULL YEAR 2023 RESULTS | FEBRUARY 29, 2024 56