France · Delayed Price · Currency is EUR Valeo SE Earnings Call Transcripts
Fiscal Year 2026
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Q3 sales were €4.9bn, down 2.6% like-for-like, while guidance was reaffirmed with H2 margin and free cash flow expected to match H1. BRAIN returned to growth, supporting the planned 2027 recovery.
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H1 2026 saw improved profitability, strong cash generation, and historic debt reduction, with sales of EUR 10.4 billion and a 5% operating margin. Robust order intake and strategic milestones in key regions support a return to growth from 2027, while disciplined CapEx and R&D spending enhance cash flow.
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Solid Q1 2026 results with 1.3% like-for-like sales growth and 3pp market outperformance. Guidance for 2026 is reiterated, with strong execution of growth initiatives in North America, India, and China, and robust cost control supporting profitability.
Fiscal Year 2025
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Solid 2025 results with record free cash flow, improved margins, and strong order intake despite market volatility. 2026 guidance targets stable sales, higher profitability, and cash generation, with growth expected to resume in 2027, led by China.
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Elevate 2028 targets €22–24bn sales, 6–7% margin, and >€500m free cash flow after interest, driven by profit growth, cash discipline, and a return to sales growth from 2027. Each division has clear growth and margin goals, with strong order books and regional strategies supporting the plan.
Fiscal Year 2024
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Margin and cash guidance were achieved in 2024, with improved gross margin, reduced net debt, and strong cash flow despite a challenging market. 2025 targets include higher sales, margins, and free cash flow, supported by cost reductions and a robust order book.
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Sales grew 1% like-for-like to €11.1B in H1 2024, with EBITDA margin up to 12.4% and free cash flow at €121M. Guidance for margins and cash flow is reaffirmed, while sales targets are lowered due to high-voltage powertrain softness. Cost control and segment reorganization drive improved profitability.