Results
July 22, 2026
Christophe Périllat
Chief Executive Officer
Edouard de Pirey
Chief Financial Officer
Contgnts
01
H1 2026
highlights
02
H1 2026
results
03
Conclusion
0"
Backup slides
H1 2026 RESULTS | JULY 22, 2026 2
01
H1 2026Highlights
Christophe Périllat
Chief Executive Officer
3
01 | H1 2026 highlights
Continugd improvgmgnt in proffitnbility nnd cnsh ggngrntion in H1
2026 guidance reaffirmed
Snlgs | H1 2025 C10.7bn | H1 2026 €10.4bn | 2026 Guidance* €20 - 21bn 2025: C20.9bn |
Opgrnting mnrgin | 4.5% | 5.0% | 4.7% - 5.3% 2025: 4.7% |
Frgg cnsh fiow after net financial interest | C100m | €242m | >€400m 2025: C371m |
Targeting H2 operating margin and free cash flow at least equivalent to H1 Assuming stable market conditions, macroeconomic projections and supply chain*
H1 2026 RESULTS | JULY 22, 2026
* Based on S&P Global Mobility estimates at July 16, 2026. The forecasts assume that there will be no additional material changes to tariffs or trade restrictions in 4
force on July 22, 2026, nor any significant changes in market conditions, macroeconomic projections or major supply chain disruptions.
POWERED BY THREE ENGINES
PROFIT | CASH | GROWTH | |
1 FROM 2022 | 2 FROM 2025 | 3 FROM 2027 | |
5 |
PROFIT 01
01 | H1 2026 highlights
Sustained proffitability improvement
Holding the line in a volatile environment
RIGHT PRICING OUR TECHNOLOGY
REDUCING
OUR BREAKEVEN POINT
Gross margin
+1.1 pts vs H1 2025
At 20.7% of sales
SGCA
- 3% vs H1 2025
Gross RCD
- 3% vs H1 2025
Opgrnting mnrgin as % of sales
5.0%
4.5%
4.0%
3.2%
2.3%
1.2%
H1 2021*
H1 2022*
H1 2023
H1 2024
H1 2025
H1 2026
H1 2026 RESULTS | JULY 22, 2026 *adjusted with VSeA included @100% 6
CASH 02
01 | H1 2026 highlights
Strong free cash flow generation
Allowing net debt reduction as soon as H1
Frgg Cnsh Flow after net financial interest (in Cm) Ngt dgbt (in Cm)
2026
guidance
>400
4.2
4.0
3.8
371
247
170
102
242
-146
2022*
2023
2024
2025
H1 2026
2021*
H1 2025
2025
H1 2026
H1 2026 RESULTS | JULY 22, 2026 *adjusted with VSeA included @100% 7
BRAIN
GROWTH 03
01 | H1 2026 highlights
H1 order intake consistent with the Elevate 2028 trajectory
LIGHT
25%
Cumulative 2022-H1 2026
Order Intake ratio
1."x
OEM Sales
Average
~C26bn/year
POWER
38%
37%
Ordgr intnfig (in Cbn)
12.1
11.8
H1 2025 H1 2026
H1 2026 RESULTS | JULY 22, 2026 8
01 | H1 2026 highlights
Ready for the return to growth in 2027
Key milestones in North America, China, India
NORTH AMERICA
Solid Order Intakes New SOPs
CHINA
Highly volatile market
Back to growth with Chinese OEMs in H2 2026
INDIA
Continued strong momentum 2028 sales target: €700m
(x3 from 2024)
McAllen (Texas) Investment
$225M for a high-tech plant
General Motors Central Compute Unit One of largest orders in Valeo's history Liquid-cooled system
ADCU Order Intakes (SDV) Contracts secured with Chinese OEMs for Autonomous Driving Control Units
Lighting SOP ramp-ups
Interior and exterior lighting systems with Chinese OEMs
Pune Electriffication
3-in-1 e-Axle line for Mahindra
Sanand Vision Plant ramping up High Definition Surround-View camera lines for Indian OEMs
Corner Radar Nomination
L2+ / L3 corner radar set with a North American electric vehicle manufacturer
New EV Powertrain Business
2 large new contracts on Dual Inverters with 2 leading Chinese OEMs
VSS360 ADAS Nomination
Major contract secured with a leading Indian commercial vehicle OEM
H1 2026 VALEO IN CHINA
Book-to-bill with Chinese OEMs Chinese OEMs in China order intake Chinese OEMs in China OEM sales
5.0x
>80%
53%
H1 2026 RESULTS | JULY 22, 2026 9
01 | H1 2026 highlights
Multiple growth opportunities beyond automotive
Additional to Elevate 2028 financial targets
1st production starting 1st contract secured POCs ongoing
Early stage
CHARGING SOLUTIONS
WHEELERS
WHEELERS & URBAN CARS
AGRICULTURE
BESS*
DEFENSE
DATACENTER COOLING
HUMANOIDS
Newly added
Newly added
*Battery Energy Storage Systems
H1 2026 RESULTS | JULY 22, 2026 10
02
H1 2026Results
Edouard de Pirey
Chief Financial Officer
11
02 | H1 2026 results
Total sales at €10.4bn
Total sales
€10,378m
+0.7% lfl growth
OEM
€8,544m
-0.6% lfl growth
Aftermarket
€1,102m
+2.1% lfl growth
Miscellaneous*
€731m
+15.9% lfl growth
Reported growth: -4.0%
Exchange rate: -2.7%
Scope: -0.7%
Reported growth: -1.0%
Exchange rate: -3.1%
Scope: -0.1%
Reported growth: +13.9%
Exchange rate: -2.0%
Scope: 0.0%
Reported growth: -2.6%
Exchange rate: -2.7%
Scope: -0.6%
H1 2026 RESULTS | JULY 22, 2026 * Notably tooling & customer contributions to R&D 12
OEM sales
16%
Asia
Performance by region vs automotive production
51%
19%
12%
2%
Europg
(including Africa)
North Amgrica
(excluding China)
China South Amgrica
OEM Sales lfl -3%
Production 0%
OEM Sales lfl +6%
Production -1%
OEM Sales lfl +6%
Production +3%
OEM Sales lfl -9%
Production -5%
OEM Sales lfl +8%
Production +6%
Chingsg OEMs
>80% 53%
of order of OEM
intake sales
Book to bill with Chinese
5.0x OEM sales
* S&P Global Mobility estimates as of July 16, 2026 13
02 | H1 2026 results
World
Pgrf. in ling
incl. positive geo. mix impact of 0.6 pts
0%
-1%
-1%
S&P Global Mobility
Valeo
OEM sales lfl.
S&P Global Mobility estimates as of July 16, 2026.
S&P Global Mobility estimates
as of July 16, 2026, weighted based on Valeo's OEM Sales.
H1 2026 RESULTS | JULY 22, 2026
02 | H1 2026 results
POWER
Executing the profitability turnaround
0pt OEM sales SALES performance €5,119m -1% lfl growth OEM sales | SALES POWER -5%* |
BUSINESS HIGHLIGHTS Strong start in North America confirmed in Q2 with robust sales growth throughout the period Good performance in e-technologies, notably in Asia with the start of production (SOP) of a complete e-Axle system for a major Indian customer Strong order intake ratio in China with Chinese OEMs Strong improvement in operating margin confirming the successful in-depth transformation to restore competitiveness | €5,403m €5,119m ".8% 3.5% Operating Operating margin margin H1 2025 H1 2026 |
H1 2026 RESULTS | JULY 22, 2026 * As reported 14
02 | H1 2026 results
BRAIN
SALES
€2,527m
+1pt
OEM sales performance
0%
lfl growth OEM sales
Strengthening performance through strategic wins
BUSINESS HIGHLIGHTS
Continued good momentum in displays and telematics
Start of production in Q2 of a vision camera system for a major European OEM expected to ramp-up in H2 2026
Momentum in Software Defined Vehicle (SDV) continuing to build with a new US footprint in McAllen (Texas) to deliver a major Central Compute Unit (CCU) order from General Motors and sizeable order intakes in China for Autonomous Driving Control Units (ADCU)
Operating margin above Group average. Sequential improvement. Solid and profitable order book drives increase in R&D investments to prepare for upcoming growth
SALES
ÐRAIN
0%*
€2,526m
6.1%
€2,527m
5.6%
Operating margin
Operating margin
H1 2025
H1 2026
H1 2026 RESULTS | JULY 22, 2026 * As reported 15
02 | H1 2026 results
LIGHT
Delivering market outperformance and enhanced profitability
SALES €2,721m | +2pts +1% | OEM sales performance lfl growth OEM sales | SALES | LIGHT 0%* | €2,721m ".7% Operating margin H1 2026 |
BUSINESS HIGHLIGHTS | €2,728m ".5% Operating margin H1 2025 | ||||
Good performance in Europe driven by major OEM product | |||||
launches | |||||
Outperformance in China fueled by new EV SOPs with Chinese | |||||
OEMs | |||||
Key Tactotek partnership milestone: first award from a premium | |||||
global OEM | |||||
Profitability improvement driven by more profitable new | |||||
product launches | |||||
H1 2026 RESULTS | JULY 22, 2026 * As reported 16
02 | H1 2026 results
Continued improvement in proffitability Elevate 2028: Proffit engine is ON
Cm | H1 2026 | H1 2025 |
Total sales | 10,378 | 10,660 |
Gross margin | 2,146 | 2,094 |
As a % of sales | 20.7% | 19.6% |
R&D expenditure | (1,142) | (1,115) |
As a % of sales | -11.0% | -10.5% |
Gross R&D | (1,218) | (1,256) |
As a % of sales | -11.7% | -11.8% |
IFRS impact as a % of sales | 0.3% | 0.8% |
SG&A | (490) | (503) |
As a % of sales | (4.7)% | (4.7)% |
Operating margin | 514 | 476 |
As a % of sales | 5.0% | 4.5% |
H1 2026 RESULTS | JULY 22, 2026
Gross margin
Highest level since 2017
Consistent with target level sustainably above 19% of Group sales
R&D discipline
Gross R&D down 3%
IFRS impact in 2025 of 0.3 pts after impairment losses for contract cancellations of ~C85m
IFRS impact expected <1.5 pts in H2 2026 (<1.0 pt in FY 2026)
Cost discipline
SG&A down 3% vs H1 2025
17
02 | H1 2026 results
Net income of €105m or 1.0% of sales
Cm | H1 2026 | H1 2025 |
Operating margin excl. JV & associates | 514 | 476 |
As a % of sales | 5.0% | 4.5% |
JV & associates | (8) | (21) |
Operating margin incl. JV & associates | 506 | 455 |
As a % of sales | 4.9% | 4.3% |
Other income & expenses | (78) | (86) |
Operating income | 428 | 369 |
As a % of sales | 4.1% | 3.5% |
Cost of net debt | (126) | (117) |
Other financial income & expenses | (15) | (34) |
Income taxes | (140) | (83) |
Non-controlling interests | (41) | (31) |
Net attributable income | 105 | 104 |
As a % of sales | 1.0% | 1.0% |
Other income & expenses
Restructuring costs totaling C78m incl. C28m of one-off restructuring costs related to the C400m cost reduction plan
Cost of net debt
Active refinancing activity in 2026, notably with new bonds issuance of C600m
Effective tax rate
48%, reflecting temporary impacts, including the last part of the C400m exceptional restructuring program focused on Europe as well as continued dividends repatriation policy
H1 2026 RESULTS | JULY 22, 2026 18
02 | H1 2026 results
Free cash flow after ffinancial interest at €242m Elevate 2028: Cash engine is ON
Tight spending control as planned
Capitalized R&D down 5%
Capex (PP&E) down 12% to 3.6% of sales
Working capital
Starting inventory building to secure memory supply
Restructuring cash charges
C89m as per plan
Other Financial items
Including share buy back for C37m
Net debt
Net debt down C194m vs 31 Dec. 2025 taking into account
Net cash of C60m
Favorable forex effect of C87m
€m
H1 2026
H1 2025
Adj. EBITDA
1,492
1,472
As a % of sales
14.4%
13.8%
Intangible CAPEX
(474)
(486)
of which capitalized R&D
(443)
(468)
Tangible CAPEX (property, plant & equipment)
(378)
(429)
Change in working capital
(26)
(77)
of which change in inventories
(4)
162
Taxes
(152)
(145)
Net financial interest
(178)
(152)
Leases
(77)
(75)
Other
124
97
Restructuring costs
(89)
(105)
Free Cash Flow
242
100
Dividends
(137)
(122)
Other financial items
(45)
(58)
Net Cash Flow(a)
60
(80)
€m
H1 2026
2025
Net debt
3,828
4,022
Leverage ratio (net debt to adj. EBITDA)
1.2
1.3
Other elements of C50m (mainly decrease in accrued interests)
19
| H1 2026 results
Net debt down €0.2bn in H1 2026
Favorable FX impact of C87m - Leverage ratio at 1.2x
Net debt in Cbn
€4.0bn
€3.8bn
€4.2bn
June 30, 2025 Dec. 31, 2025 June 30, 2026
Ggnring rntio
Net debt/Shareholders' equity
112%
June 30, 2026
Lgvgrngg rntio
Net debt/Adjusted EBITDA
(Covenant: < 3.5)
1.2x
June 30, 2026
H1 2026 RESULTS | JULY 22, 2026
Undrawn credit lines
€1.6bn
Cash & Cash equivalents
€3.0bn
June 30, 2026
June 30, 2026
New bond issue for 600 million euros maturity February 3, 2033, with a coupon of 4.875%).
Net proceeds for general corporate purposes, including the potential early redemption (make-whole redemption) during the second half of 2026 of all or part of the outstanding May 2027 bond (5.375% coupon, nominal outstanding amount of 750 million euros).
Crgdit ratings
LT
Outlook
Ba1
Negative
BB
Stable
20
03
ConclusionChristophe Périllat
Chief Executive Officer
21
| Conclusion
Proffit and cash generation up in H1 2026, net debt down
Ready for the return to growth in 2027
Reafffirming full-year 2026 guidance
Executing Elevate 2028 as planned
H1 2026 RESULTS | JULY 22, 2026 22
Thanfi QouQ&A
23
Ðacfiup slidgs
24
| Backup slides
On trncfi for Elgvntg 2028
2028 SALES
€[22 - 24]bn
2028 FREE CASH FLOW
>€500m
AFTER NET FINANCIAL INTEREST
(NEW DEFINITION)
2028 OPERATING MARGIN
[6% - 7%]
2028 LEVERAGE RATIO
<1.0x adj. EÐITDA
FINANCIAL KPIs ALIGNED WITH INVESTMENT GRADE RATING
BASED ON FOLLOWING ASSUMPTIONS FOR 2028
GLOBAL PRODUCTION
90.6M (-3% versus S&P*)
CHINESE OEMs
28%* of total
NEW ENERGY VEHICLES
37%* BEV, PHEV, EREV**
CURRENCY
EUR 1= 1.17 USD
EUR 1 = 8.42 CNY
H1 2026 RESULTS | JULY 22, 2026
* Source: S&P Global Mobility October 2025
** BEV=Battery Electric Vehicle, PHEV=Plug-In Hybrid Vehicle, EREV=Extended Range Electric Vehicle 25
04 | Backup slides
Cost reduction program
Savings confirmed: €300m annual run rate as of 2026
Restructuring costs
P&L
Restructuring costs
Cash outflows
One-off self-help measures Restructuring costs
One-off self-help measures Restructuring costs
€(260)m
€(110)m ~€(20)m
~€(100)m
~€(100)m
€(70)m
€(167)m ~€(150)m
~€(50)m
~€(100)m
€(45)m €(46)m €(50)m €(50)m
2024 2025 2026
2027
2024 2025 2026
2027
H1 2026 RESULTS | JULY 22, 2026 26
ESG Highlights
27
04 | Backup slides
Kgy ESG KPIs
2019
base year
2025
Dec. 31, 2025
39.4
49.6
Emissions reduction (Scopes 1, 2 & 3) - Validated by SBTi
31.0
39.0
COMP
in MtCO2eq.
in MtCO2eq.
Emissions from the use of Valeo products - Downstream Scope 3
8.0
9.5
0.4
1.1
in MtCO2eq.
in MtCO2eq.
Emissions from purchased goods and services - Upstream Scope 3
E
Emissions from operating activities - Scopes 1 & 2
S | Accident rate frequency (FR1) | No. of accidents with lost time per million hours worked | COMP 1.9 | 0.69 |
Gender equity index | 100 | COMP 82.0 | 90 | |
Share of purchases for which the suppliers' sustainable development practices were assessed during the year | % of purchases (value) | 80 | 92 | |
Percentage of women on the Group's management committees | % of women among the most important Group management positions | COMP 16% | 27% | |
G | Best practices in governance | Separation of Chairman & CEO roles(3) | ~(2) | |
CSR criteria included in top management's and 1,700 key managers' compensation | included in variable and/or long-term compensation | ~(4) | ||
Board independence(1) | % of independent members | 92 | 91 | |
Board diversity(1) | % of women | 42 | 45 | |
H1 2026 RESULTS | JULY 22, 2026
Directors representing employees and employee shareholders do not count for the purpose of determining the proportion of (i) independent directors in accordance with the recommendation in Article
10.3 of the AFEP-MEDEF Code, and (ii) gender diversity in accordance with Articles L. 225-23 and L. 225-27-1 of the French Commercial Code.
Lead Director position at Board level effective until January 2022.
Separation of Chairman of the Board and CEO roles, announced in October 2020 28
and effective in January 2022.
Not included in 1,700 key managers' compensation.
04 | Backup slides
Sustninnbility is in our DNA
An ESG leader recognized by rating agencies
72/100
Ð- Primg
17.5
low risk
Vnlgo is includgd in mnjor ESG indicgs
CAC Transition Climat
A
A
Climate Change
Water
AAA
Global ESG Leaders
H1 2026 RESULTS | JULY 22, 2026 29
Q2 Ðacfiup slidgs
30
04 | Backup slides
Q2 sales by type
Total sales
€5,258m
+0.1% lfl growth
OEM
€4,300m
-0.5% lfl growth
Aftermarket
€544m
+2.3% lfl growth
Miscellaneous*
€414m
+3.6% lfl growth
Reported growth: -2.4%
Exchange rate: -1.2%
Scope: -0.7%
Reported growth: +0.8%
Exchange rate: -1.4%
Scope: -0.1%
Reported growth: +2.7%
Exchange rate: -1.0%
Scope: +0.1%
Reported growth: -1.7%
Exchange rate: -1.2%
Scope: -0.6%
H1 2026 RESULTS | JULY 22, 2026 * Notably tooling & customer contributions to R&D. 31
16%
Asia
Performance by region
50%
20%
12%
2%
Europg
(including Africa)
North Amgrica
(excluding China)
China South Amgrica
OEM Sales lfl -4%
Production -1%
OEM Sales lfl +5%
Production 0%
OEM Sales lfl +9%
Production +3%
OEM Sales lfl -9%
Production -3%
OEM Sales lfl +10%
Production +8%
* S&P Global Mobility estimates as of July 16, 2026 32
Q2 OEM sales
World
Pgrf. -1pt
incl. negative geo. mix impact of 0.2pts
0%
0%
-1%
S&P Global Mobility
Valeo
OEM sales lfl.
S&P Global Mobility estimates as of July 16, 2026.
S&P Global Mobility estimates
as of July 16, 2026, weighted based on Valeo's OEM Sales.
H1 2026 RESULTS | JULY 22, 2026
04 | Backup slides
Q2 sales by Division
Sales by Division (in millions of euros) | Q2 26 | Q2 25 | Change in sales | Change in OEM sales* | Perf.** |
POWER | 2,533 | 2,680 | -6% | -1% | -1pt |
BRAIN | 1,330 | 1,288 | +3% | 0% | 0pts |
LIGHT | 1,386 | 1,374 | +1% | 0% | 0pts |
OTHER | 9 | 5 | N/A | N/A | N/A |
GROUP TOTAL | 5,258 | 5,347 | -2% | -1% | 0pts |
H1 2026 RESULTS | JULY 22, 2026
* like for like.
** S&P Global Mobility estimates as of July 16, 2026. 33
H1 Ðacfiup slidgs
34
04 | Backup slides
H1 2026 Segment information
(Cm) | ÐRAIN | POWER | LIGHT (2) | Othgr | Total |
Sales: | 2,527 | 5,119 | 2,721 | 11 | 10,378 |
Segment (Excluding Group) | 2,515 | 5,075 | 2,718 | 70 | 10,378 |
Intersegment (Group) | 12 | 44 | 3 | (59) | - |
Raw materials consumed | (1,305) | (2,875) | (1,452) | (9) | (5,641) |
Research & Development expenditure, net | (551) | (367) | (213) | (11) | (1,142) |
Operating margin | 142 | 246 | 127 | (1) | 514 |
Depreciation, amortization and impairment of property, plant and equipment and intangible assets, net of government grants(1) | 383 | 340 | 228 | 26 | 978 |
Dividends paid by equity-accounted companies | - | 1 | - | - | 1 |
Adj. EBITDA | 525 | 587 | 355 | 25 | 1,492 |
Investments in property, plant & equipment & intangible assets | 405 | 229 | 197 | 28 | 859 |
Segment assets(2) | 3,916 | 5,749 | 2,772 | 335 | 12,771 |
H1 2026 RESULTS | JULY 22, 2026
Impairment losses recorded in operating margin only. 35
The segment assets shown for the LIGHT Division do not include the amount relating to the assets of the lighting business in India reclassified as held for sale at June 30, 2026
04 | Backup slides
H1 2025 Segment information
H1 2026 RESULTS | JULY 22, 2026
(Cm) | ÐRAIN | POWER | LIGHT | Othgr | Total |
Sales: | 2,526 | 5,403 | 2,728 | 3 | 10,660 |
Segment (Excluding Group) | 2,511 | 5,338 | 2,724 | 87 | 10,660 |
Intersegment (Group) | 15 | 65 | 4 | (84) | - |
Raw materials consumed | (1,352) | (3,166) | (1,445) | 14 | (5,949) |
Research & Development expenditure, net | (503) | (392) | (214) | (6) | (1,115) |
Operating margin | 154 | 190 | 123 | 9 | 476 |
Depreciation, amortization and impairment of property, plant and equipment and intangible assets, net of government grants(1) | 326 | 401 | 238 | 27 | 992 |
Dividends paid by equity-accounted companies | - | 4 | - | - | 4 |
Adj. EBITDA | 480 | 595 | 361 | 36 | 1,472 |
Investments in property, plant & equipment & intangible assets | 440 | 302 | 225 | 12 | 979 |
Segment assets(2)(3) | 3,742 | 6,174 | 2,877 | 142 | 12,935 |
Impairment losses recorded in operating margin only.
The segment assets shown for the POWER Division do not include the amount relating to the automotive sensor business' assets, which are used to measure temperature, pressure and position for all types of powertrain systems. These assets were reclassified as held for sale at June 30, 2025
The segment assets shown for the LIGHT Division do not include the amount relating to the assets of the lighting business in India reclassified as held for 36
sale at June 30, 2025
04 | Backup slides
H1 R&D expenditure
(in Cm) | (1,218) | (1,256) | -3% |
(as a % of sales) | -11.7% | -11.8% | -0.1pts |
(in Cm) | 443 | 468 | -5% |
(as a % of sales) | 4.3% | 4.4% | -0.1pts |
(in Cm) | (408) | (385) | +7% |
(as a % of sales) | -3.9% | -3.6% | +0.3pts |
Sales (in Cm)
Gross Research and Development expenditure
Capitalized development expenditure
Amortization and impairment of capitalized development expenditure*
H1 2026
10,378
H1 2025 Change
10,660 -3%
IFRS Impact
(in Cm) (as a % of sales)
35
0.3%
83
0.8%
-58%
-0.5pts
Subsidies and grants, and other income (in Cm)
Movements in provisions (in Cm)
(as a % of sales)
Research and Development expenditure (in Cm)
38 58 -33%
(1,142) | (1,115) | +2% |
-11.0% | -10.5% | +0.5pts |
2 - n/a
H1 2026 RESULTS | JULY 22, 2026 * Solely impairment losses recorded in operating margin. 37
04 | Backup slides
Average maturity: 3." ygnrs
Long term debt proffile
Senior Bond (EMTN)
EIB loanMaturity Amount Coupon
Maturity Amount Coupon
May 2027
C750m
5.375%
Repayment from June-25 until June-29 Repayment from Feb-25 until Feb.-30
C150m C200m
1.265%
Issuance date | Sep 23, 2025 | May 20, 2025 | Apr. 11, 2024 | Oct. 12, 2023 |
Amount | €500m | €650m | €850m | €600m |
Coupon | 4.625% | 5.125% | 4.50% | 5.875% |
Maturity | March | May 20, | April 11, | April 12, |
23, 2032 | 2031 | 2030 | 2029 | |
38 |
1.463%
August 2028 | C700m | 1.000% | |
April 2029 | C600m | 5.875% | Schuldschein |
April 2030
C850m
4.500%
Maturity Amount Coupon
May 2031
March 2032
February 2033
C650m C500m C600m
5.125%
4.625%
4.875%
October 2027
October 2027
October 2029
October 2029
Bilateral bank loanC30m C82m
C5m C45m
5.251% E6M+2.1%
5.503% E6M+2.3%
Sustainability-linked senior bondMaturity Amount Coupon
Green BondAugust 2026
July 2027
Conventional bond October 2028 | C30m C100m | 3.17% E6M-1.95% |
January 2029 | C100m | E3M-1.60% |
August 2029 | C25m | E3M-1.90% |
January 2030 | C25m | E3M-1.90% |
December 2028
C100m C50m
E3M-1.25% E3M-2.00%
H1 2026 RESULTS | JULY 22, 2026
Undrawn crgdit facilitigs
€1.6ÐN
As of June 30, 2026
Average maturity: 2.4 years
Cash S cash gquivalgnts
€3.0ÐN
As of June 30, 2026
Valgo EMTN Grggn bonds
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A new step in improving ffinancial performance
FY 2021 incl. VSeA | FY 2022 incl. VSeA | FY 2023 Actual | FY 2024 Actual | FY 2025 FY 2026 Actual Guidance** | |
Sales (in Cbn) | €18.0bn | €20."bn | €22.0bn | €21.5bn | €20.9bn €20bn - €21bn |
Operating margin* (as % of sales) | 1.7% | 2."% | 3.8% | ".3% | ".7% ".7%-5.3% |
Free cash flow* (in Cm) | €(1"6)m | €102m | €170m | €2"7m | €371m >€"00m |
after net financial interest
H1 2026 RESULTS | JULY 22, 2026
* See glossary
** Based on S&P Global Mobility estimates at July 16, 2026. The forecasts assume that there will be no additional material changes to tariffs or trade restrictions
in force on July 22, 2026, nor any significant changes in market conditions, macroeconomic projections or major supply chain disruptions. 39
04 | Backup slides
Share information
Sharg 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, 2025 | 245,607,624 | Depositary Bank | J.P. Morgan |
Contact at J.P. Morgan - ADR | Jim Reeves | ||
Broker relationship desk | +1 212-622-2710 |