Valeo SE (VLEEY) Q2 2026 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.051 -- 00:00:05.433 Good evening, everyone. Thank you for joining the presentation of our 26 H1 00:00:05.433 -- 00:00:10.555 results, which I will present with Edouard Depiré, Valeo CFO. 00:00:10.555 -- 00:00:16.218 Over the next 20 minutes of our presentation, you will see that we have had a good H1, 00:00:16.218 -- 00:00:21.739 solidly in line with our guidance and with our Elevate 28 trajectory. 00:00:22.291 -- 00:00:27.878 Indeed, the first two engines of our trajectory, profitability and cash, are now confirmed 00:00:27.878 -- 00:00:33.725 on and running on an upward trend. And the third engine is ready, 00:00:33.725 -- 00:00:37.127 the return to growth from 27. 00:00:37.152 -- 00:00:42.835 On top of that, thanks to our cash duration, we have reduced our debt, which is remarkable 00:00:42.835 -- 00:00:46.196 for the first half of a year. 00:00:46.196 -- 00:00:51.338 Naturally, I will first walk you through the highlights, then Edouard will 00:00:51.338 -- 00:00:56.402 share more on our H1 performance. This presentation will be followed by 00:00:56.402 -- 00:01:00.047 a Q&A session that we will handle with Edouard. 00:01:00.047 -- 00:01:05.114 So to start on slide four, you will see that we are perfectly in line with our guidance 00:01:05.114 -- 00:01:09.940 with continued improvement in profitability and cash flow. 00:01:09.940 -- 00:01:14.484 The group sales totaled 10.4 billion euros. 00:01:14.484 -- 00:01:19.990 Our operating margin stands at 5%, which is 0.5 points higher 00:01:19.990 -- 00:01:25.094 than H1 last year. It's also 0.3 points higher than the full year 00:01:25.094 -- 00:01:30.217 25, as well as from the bottom of our guidance. 00:01:30.298 -- 00:01:35.623 Free cash flow after net financial interest amounts to 242 million 00:01:3...