Business
Valeo : Présentation – Résultats du 1er semestre 2026 (en anglais)
Valeo : Présentation – Résultats du 1er semestre 2026 (en

About this update from Valeo Se
H1 2026 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 2026 Highlights 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 1 st production starting 1 st 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 2026 Results 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 Conclusion Christophe 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 Qou Q&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 MtCO 2 eq. in MtCO 2 eq. Emissions from the use of Valeo products - Downstream Scope 3 8.0 9.5 0.4 1.1 in MtCO 2 eq. in MtCO 2 eq. 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) E IB loan Maturity 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 loan C30m C82m C5m C45m 5.251% E6M+2.1% 5.503% E6M+2.3% Sustainability-linked senior bond Maturity Amount Coupon Green Bond August 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 04 | Backup slides 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 H1 2026 RESULTS | JULY 22, 2026 40