Forvia Se (FURCF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen. Welcome to our H1 2026 results call, which I'm as usual presenting together with our CFO, Olivier Durand. Good morning. Before we start, let me remind you that our 2026 and also the 2025 H1 results are presented excluding exteriors, excluding interiors, since we plan to divest from it by year-end. So here's a brief look on today's agenda. I will start with our key highlights for the first half before handing over to Olivier, who will present our financial results. I will then come back to discuss our outlook for 2026, and we will conclude the program with a Q&A session. So let's start with key takeaways from the first half. Our activities have been fully focused on the execution of the Ignite plan that we presented at our Capital Markets Day in February. Over the first half, we delivered tangible progress across all three strategic priorities. So let me start with performance. We improved our operating margin through disciplined fixed cost reduction, greater cost flexibility, and effective management of inflationary pressures. We also delivered an 18% increase in net cash flow with improved quality again. So this enabled us to reduce net debt by half a billion euro, which marks the largest semester of organic debt reduction since the Heller acquisition in 2022. Order intake was equally strong, increasing by 15% year over year. Transformation Several important milestones have already been achieved, including US, European, French antitrust clearances and the completion of the consultation process with the European Works Council. So we remain on track to complete the transaction in the fourth quarter of 2026 on metrics that are fully consistent with those presented at signing. Under transformation, innovation also remained a key focus...