Valeo Se · EURONEXT:FR
Valeo — Debt Investor Presentation (May 2025)
76 slides from Valeo's debt investor presentation, May 12, 2025
Slide 1: Investor Presentation Green Bond
Investor Presentation Green Bond May 12, 2025 Edouard de Pirey Thibaud Louvet Chief Financial Officer Group Treasurer FULL YEAR 2023 RESULTS | FEBRUARY 29, 2024 1
Slide 2: Contents
Contents 01 02 03 04 Business 2024 Results & Green and Appendices considerations Performance Sustainability- and Roadmap to linked Financing Sustainability 2025 Framework strategy DEBT MARKET PRESENTATION | May 2025 2 2
Slide 3: Business considerations and Sustainability strategy
01 Business considerations and Sustainability strategy DEBT MARKET PRESENTATION | May 2025 3
Slide 4: Valeo in 2024
01 Valeo in 2024 84% OEM Sales €21.5bn 3 Industrial Divisions 11% Aftermarket Total Sales 2024 Total Sales 5% Miscellaneous VALEO POWER €10.8bn (former Powertrain and Thermal) 106,100 155 64 VALEO BRAIN €5.1bn employees plants R&D Centers (former Control and Driving Assistance) 134 28 #1 French nati
Slide 5: A balanced worldwide presence
01 A balanced worldwide presence Europe 48% 31% Asia 51,384 employees 36,191 employees 66 production sites 65 production sites 32 R&D centers 24 R&D centers 15% China 18,025 employees 25 production sites 9 R&D centers America 19% 16,532 employees 22 production sites 6 Development centers South Ameri
Slide 6: 2024 ESG main achievements
01 2024 ESG main achievements Valeo invited to join TOP 50 sustainability leaders Carbon footprint Social Ethics & Compliance CO2 emissions* (scopes 1, 2, 3) New corporate social responsibility agreement Business Partners Code of Conduct 38.8 MtCO2 eq (2024 objective achieved) covering all pillars o
Slide 7: Sustainability is in our DNA
01 Sustainability is in our DNA An ESG leader recognized by rating agencies Valeo is included in major ESG indices CAC40 SBT 1.5° 74/100 17.6 B- Prime low risk Global ESG Leaders A Climate Change AAA 61/100 ESG Leaders A- Water DEBT MARKET PRESENTATION | May 2025 7
Slide 8: 2024 Results & Performance Roadmap to 2025
02 2024 Results & Performance Roadmap to 2025 DEBT MARKET PRESENTATION | May 2025 8 8
Slide 9: Delivering on our margin and cash guidance
02 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 FCFof €481m* in all regions and businesses
Slide 10: Cost reductions leading to a reduction in the breakeven point
02 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, competitive countries &
Slide 11: 2024 operating margin guidance achieved
02 2024 operating margin guidance achieved GROUP SALES EBITDA* OPERATING MARGIN* FY 2024 €21.5bn RESULTS €2,863m €919m 13.3% 4.3% FY 2024 GUIDANCE ~€21.3bn 12.1% - 13.1% 4.0% - 5.0% Guidance adjusted on October 27, 2024 DEBT MARKET PRESENTATION | May 2025 * See glossary, page 74 11
Slide 12: 2024 cash guidance overachieved & deleveraging by €215m
02 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 €481m RESULTS €551m incl. one-off cost of €3,813m €4,028m end of 2024 end of 2023
Slide 13: €17.8bn new orders in 2024
02 €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 on expected to pick up order intake profitability Significant sourcing postponed Order intake profitability in line Reflecting the
Slide 14: Total sales, down 0.5%
02 Total sales, down 0.5% 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% Reported growth: -
Slide 15: OEM sales performance by region
02 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 sales lfl -3%
Slide 16: Outperformance in all businesses except high-voltage
02 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 -3pts Except high-voltage impact of with low activity in EV DEBT MARKET PRESENTATION | May 2025 * In OEM sales lfl v
Slide 17: Operating margin at 4.3% of sales
02 Operating margin at 4.3% of sales Gross margin improvement Guidance achieved thanks to rigorous cost management First effects of cost reduction plan Gross margin Compensation & repricing +1.1pts As a % of sales Efficiency of operations Net reversal on onerous & unfavorable contracts, down €53m to
Slide 18: Net income of €162m or 0.8% of sales
02 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 €m 2024 2023 restructuring costs related to 2024/2025 cost reduction plan Operating margin excl. JV & associates 919 838 €94m ga
Slide 19: Reinforced cost reduction program from €200m to €300m savings per year
02 Reinforced cost reduction program from €200m to €300m savings per year >€300m annual run rate savings €400m allocated to one-off self-help measures Increased from €200m to €300m from 2026 Increased from €300m to €400m over the period 2024 & 2025 Savings (in€m) One-off restructuring costs in the P
Slide 20: POWER
02 POWER Recovery in profitability thanks to cost reduction measures Sales SALES Business excl. high-voltage €9,937m POWER €10,845m +1pt OEM sales outperformance -6%* High-voltage business €908m -5pt OEM sales performance High-voltage impact -6pts -41pt OEM sales performance €11,571m €10,845m BUSINE
Slide 21: BRAIN
02 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 EBITDA EBITDA
Slide 22: LIGHT
02 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 EBITDA EBITDA Growth in EV for Chinese and North American OEMs in China marg
Slide 23: Solid growth in aftermarket
02 Solid 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.) 2023 2024 ➔ Scope impact of -2.7%
Slide 24: Free cash flow guidance overachieved
02 EBITDA Free cash flow guidance overachieved Increased contribution by €220m 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 Intangible CAPEX (1,
Slide 25: Net debt reduced by €215m
02 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 debt/Shareholder
Slide 26: Long term debt profile
02 Long Term debt profile Average maturity: 2.8 years Fixed rate ~75% Undrawn Variable rate ~25% credit €1.6BN facilities As of Dec. 31, 2024 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 Maturi
Slide 27: Delivering a new step in financial improvement in 2025
In a challenging environment, Valeo highly focused on Overcoming a challenging environment delivering a new step in ↗ Lower volumes than forecasted financial improvement in 2025 ↗ Unfavorable geographic & customer mix ↗ Tariffs Mitigating through costs adjustments ↗ Reinforced* and accelerated restr
Slide 28: 2025, a new step in improving financial performance
02 | 2025 financial roadmap & conclusion 2025, a new step in improving financial performance FY 2024 Guidance FY 2025(a) (b) Actual Confirmed on April 29th 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.
Slide 29: 2025, a new step towards a structural increase in cash generation
02 | 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 drive
Slide 30: Capital Markets Day to be held on November 20, 2025
02 | 2025 financial roadmap & conclusion Overcoming Reducing Benefiting from the Capital Markets a challenging our breakeven attractive positioning Day to be held environment point of our products on November 20, 2025 DEBT MARKET PRESENTATION | May 2025 30
Slide 31: Green Bond and Sustainability-linked financing framework
03 Green Bond and Sustainability- linked financing framework DEBT MARKET PRESENTATION | May 2025 31
Slide 32: Green Categories
03 | GREEN CATEGORIES Valeo’s electric vehicle solutions from powertrains to battery thermal management Clean Transportation Development of zero emission Electric vehicles Sub-categories technologies Smart mobility infrastructure Investments and assets dedicated Investments or assets aiming at to em
Slide 33: Valeo's contribution plan to carbon neutrality by 2050
03 | Valeo’s contribution plan to carbon neutrality by 2050 Contribute to carbon neutrality by 2050. Baseline SBTi Adjusted SBTi Adjusted In 2021, Valeo unveiled its Cap 50 plan, under which the Group pledges to contribute to carbon neutrality by 2050. ▼ ▼ ▼ ▼ ▼ 49.6 An objective of reducing emissio
Slide 34: Green Bond and Sustainability-linked Financing Framework Overview
03 | GREEN BOND AND SUSTAINABILITY-LINKED FINANCING FRAMEWORK OVERVIEW Green Financing Framework 6 EU Taxonomy Environmental objectives pursued by Valeo Valeo activities aligned with Environmental EU taxonomy objectives 1. Climate change mitigation Climate change mitigation 2. Climate change adaptat
Slide 35: Use of proceeds - In accordance with the portfolio approach
03 | Use of proceeds - In accordance with the portfolio approach Eligible Green Project Portfolio (in k€) 2021 2022 2023 2024 2025 2026 Q1 - 2027 TOTAL Eligible Clean Transportation Portfolio Expenses 275,898 335,768 536,934 571,538 ~ 600,000 ~ 600,000 ~ 150,000 3,070,138 European Union 237,068 280,
Slide 36: Conclusion
03 CONCLUSION Sustainability is Valeo at the heart of our Green financing is fully is business model consistent with our goal ESG virtuous of taking our strategy further DEBT MARKET PRESENTATION | May 2025 36
Slide 37: Thank you
Thank you Q&A DEBT MARKET PRESENTATION | May 2025 37
Slide 38: Appendices Backup slides
04 Appendices Backup slides FULL YEAR DEBT 2023 MARKET RESULTS | FEBRUARY PRESENTATION 29, 2024 | May 2025 38
Slide 39: Green Financing Backup Slides
Green Financin Backup Slides g DEBT MARKET PRESENTATION | May 2025 3939
Slide 40: A commitment to carbon neutrality spanning the entire value chain
04 | Backup slides A COMMITMENT TO CARBON NEUTRALITY SPANNING THE ENTIRE VALUE CHAIN Valeo has seven major initiatives to significantly reduce its carbon emissions across its entire value chain 1 2 3 4 5 6 7 REDUCING THE REDUCING TECHNOLOGIES TRANSFORMING PRIORITIZING CARBON INVOLVING EMISSIONS ECO-
Slide 41: Valeo's approach to circular economy
04 | Backup slides VALEO’S APPROACH TO CIRCULAR ECONOMY ROBUST DESIGN MAXIMIZE PRODUCT LIFESPAN | OPTIMIZE THE USE OF MATERIALS | REDUCE WATER RECYCLE(D) CIRCULAR ECONOMY REPAIR CONSUMPTION AS LAST RESORT, GO BACK TO RAW VALEO 4Rs GIVE SECOND CHANCE TO DYSFUNCTIONAL | REDUCE WASTE MATERIALS TO REUSE
Slide 42: 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 in MtCO2eq. 39.0 30.5 Emission
Slide 43: Description of eligible projects
04 | Backup slides Description of eligible projects - only products fully dedicated to 100% EV PRODUCT eDrive (eAxle) HighVoltage eDrive is the combination of the eMotor, the Inverter and the Reducer, it is necessary for a battery Electric Vehicle to work eMotors HighVoltage Electric Motor of a batt
Slide 44: Green Categories
04 | Backup slides GREEN CATEGORIES RENEWABLE ENERGY ENERGY EFFICIENCY Energy efficient improvement Energy efficiency improvement of Sub-category Renewable energy capacities Sub-categories Smart production of industrial processes factories Investments and assets to develop Investments and assets Inv
Slide 45: 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%
Slide 46: Methodology for Calculating Avoided Emissions at Third Parties
04 | Backup slides Methodology for Calculating Avoided Emissions at Third Parties Objective This impact report focuses on our clean transportation eligible portfolio. We aim to accurately quantify and communicate the CO2 emissions avoided through the use of our products and solutions by third partie
Slide 47: Second Party Opinion by ISS ESG
04 | Backup slides SECOND PARTY OPINION BY ISS ESG ASSESSMENT SUMMARY Green Financing Framework SPO SECTION EVALUATION Alignment with Green Bond Principles and Green Loan Aligned Principles Sustainability quality of the Positive Selection Criteria Eligibility of the selection criteria against the EU
Slide 48: Q1-25 Backup Slides
Q1-25 Backup Slides DEBT MARKET PRESENTATION | May 2025 4848
Slide 49: Total sales at €5.3bn
04 | Backup slides Total sales at €5.3bn OEM activity in line with the market - Strong activity in aftermarket Total sales OEM Aftermarket Miscellaneous* €5,313m €4,500m €574m €239m -1% lfl growth 0% lfl growth +3% lfl growth -15% lfl growth Reported growth: -2.1% Reported growth: -1.2% Reported gro
Slide 50: Strong like-for-like sales growth in aftermarket
04 | Backup slides Strong like-for-like sales growth in aftermarket Despite high comparison basis Sales Sales +3% €574m lfl growth AFTERMARKET -4%* Business Highlights Ageing & growing car fleet €597m €574m Extension of the product range for value-added products (electric, remanufacturing, etc.) Sco
Slide 51: OEM sales performance by region
OEM sales Strong outperformance in Europe in all businesses Performance by region North American performance strongly affected by one global customer Continued challenging customer mix in China despite ongoing repositioning North World Europe (including Africa) America Asia (excluding China) China O
Slide 52: POWER
POWER Activity stabilising with rebalancing from Europe to Asia Sales HV powertrain sales €242m (+22% reported) Sales +27pts OEM sales outperformance €2,721m Excl. high-voltage €2,479m (-4% reported) POWER 0pts OEM sales outperformance –2pts OEM sales performance -2%* Business Highlights Low compari
Slide 53: BRAIN
BRAIN Strong momentum in Interior Experience Sales ADAS sales €770m (-3% reported) Sales -7pts €1,239m OEM sales outperformance Interior Exp. sales €469m (+8% reported) BRAIN -2pts OEM sales performance +7pts OEM sales performance +1%* Business Highlights High comparison basis (+21pt outperf. over t
Slide 54: LIGHT
LIGHT Strong performance in Europe & new SOPs to come in China Sales -3% lfl growth Sales OEM sales LIGHT €1,354m -4pts performance -4%* Business Highlights Production ramp-up for European OEMs €1,415m €1,354m Numerous delays in SOPs in North America Unfavorable customer mix effect in China & Japan
Slide 55: Q4-24 Backup Slides
Q4-24 Backup Slides 5555 DEBT MARKET PRESENTATION | May 2025
Slide 56: Q4-2024 sales by type
• 04 | Backup slides 0 2 Q4-2024 sales by type 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% Exchang
Slide 57: Q4-2024 OEM sales by region
04 | Backup slides Q4-2024 OEM Performance* in OEM sales by region sales 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 -
Slide 58: Q4-2024 sales by Division
04 | Backup slides Q4-2024 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% -9pts High-voltage 206 410 -50% -53% -53pts Other 2,477 2,516 -2% -1% -1pt BRAIN 1,270 1,220 +4% +1% +1pt ADAS 790 791 - -4% -4pts
Slide 59: H2 Backup Slides
H2- Backup Slides 24 59 DEBT MARKET PRESENTATION | May 2025
Slide 60: H2-2024 OEM sales by region
04 | Backup slides H2-2024 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
Slide 61: H2-2024 sales by Division
04 | Backup slides H2-2024 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 395 630 -37% -40% -38pts Other 4,758 4,990 -5% -2% - BRAIN 2,484 2,430 +2% +1% +3pts ADAS 1,566 1,584 -1% -3% -1
Slide 62: H2-2024 income statement
04 | Backup slides H2-2024 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 4
Slide 63: H2-2024 EBITDA by Division
04 | Backup slides H2-2024 EBITDA by Division EBITDA by Division (in millions of euros and in % of sales) H2 24 H2 23 Change 671 600 +11% POWER 13.0% 10.7% +2.3pts 423 354 +19% BRAIN 17.0% 14.6% +2.4pts 370 360 +2% LIGHT 13.7% 13.2% +0.4pts OTHER 16 31 -16% 1,480 1,345 +10% GROUP TOTAL 14.3% 12.4% +
Slide 64: H2-2024 Segment information
04 | Backup slides H2-2024 Segment information BRAIN* POWER LIGHT Other Total H2 2024 (€m) Sales: 2,484 5,153 2,701 37 10,375 Segment (Excluding Group) 2,472 5,087 2,695 65 10,319 Intersegment (Group) 12 66 6 (28) 56 EBITDA 423 671 370 16 1,480 Research & Development expenditure, net (444) (403) (19
Slide 65: H2-2024 R&D expenditure
04 | Backup slides H2-2024 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
Slide 66: H2-2024 Free Cash Flow
04 | Backup slides H2-2024 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 - T
Slide 67: FY-24 Backup Slides
FY-24 Backup Slides 6767 DEBT MARKET PRESENTATION | May 2025
Slide 68: 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 908 1,477 -39% -42% -41pts Other 9,937 10,094 -2% -% +1pt BRAIN 5,053 4,878 +4% +3% +4pts ADAS 3,225 3,147 +2% +2% +3
Slide 69: 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 199 314 189 206 908 Other 2,584 2,595 2,281 2,477 9,937 BRAIN 1,229 1,340 1,214 1,270 5,053 ADAS 794 865 776 790 3,225 Interior Experience 4
Slide 70: 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 5,546 103 21,372 Intersegment (Group) 32 143 8 (183) - EBITDA 831 1256 732 44 2,863 Research & Development expenditure, net (867) (8
Slide 71: 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 72: 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 Operating margin 1.7% 2.4% 3.8% 4.3% [4.5%-5.5
Slide 73: 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 74: 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 sa
Slide 75: 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 76: Full Year 2023 Results | February 29, 2024
FULL YEAR 2023 RESULTS | FEBRUARY 29, 2024 76