Welcome. Good morning. Thank you very much for being here in Paris or remotely. This morning we're going to move up together. This morning I'm going to launch with you a strategic plan which I call Move Up. It covers the next four years, and it will make Valeo stronger, both technologically and financially. You know, I've spent 22 years at Valeo in many different positions, so I know and I love this company. I know the role it will play in tomorrow's mobility, which will be a carbon-free and a safer mobility. I know the potential of our technology. Valeo is not, you know, it's not a company that's doing some kind of build-to-print manufacturing. It's a true tech company with 20,000 engineers involved in many different technologies. They have great skills, great expertise. They're doing power electronics. They're doing innovative material.
They're doing AI, cybersecurity, and many more. This is exactly the technologies that we need to invent tomorrow's mobility. I know as well the passion, I know the commitment of the teams of Valeo, and they truly want to change mobility for the better. I know that the plan I'm going to share with you is achievable. Sharing this plan with you requires transparency. I think this is a mindset. This is my mindset, and today is the first step. Moving forward, in the spirit of transparency and consistency, I will come to you on a regular basis, and I will show you our progress. I will show you how we stand using the same KPIs, using the same level of details that I will use today with you. Let me share with you now our strategy. You see it's going to be very simple.
It's going to be very straightforward. Mobility will become carbon-free and will become safer. The technologies that are behind are going to be electrification and ADAS. I say ADAS, it means driving assistance. The growth and the use of these technologies will literally explode in the coming years. Do you want some evidence? The electrification and the ADAS markets are the beginning of a growth that will be, I think, a kind of hypergrowth that will last one or two decades. Acceleration that we have never seen before, kind of once in a lifetime acceleration. In only 15 years, the electrification market will reach EUR 200 billion, while the ADAS market will reach EUR 120 billion. Just these two markets will triple the current addressable market of Valeo, creating for us a fantastic growth opportunity. My strategy is clear.
By the way, I think it's not just our strategy, I think it's more than that. I think it's our mission. One is accelerate electrification. Two is accelerating ADAS. I believe we'll make it happen at the same time. That's not all, because electrification and ADAS support two additional trends where Valeo will focus. Third one, lighting everywhere. Because in a car where electrification and ADAS are present, there is space for more lighting to reinforce brand, to reinforce styling, to reinforce communication. It means more lighting around the car, it means more lighting inside the car, it means more lighting everywhere. Last, ADAS reinvents your task inside the car. This is what I call the reinvention of the interior experience.
We will focus on these four growth drivers, electrification, ADAS, lighting everywhere, and the reinvention of the interior experience. This will lead us to sales of EUR 27.5 billion in 2025. This amount represents an annual growth of 13% for the period 2021-2025. Growth means strong operational leverage, and strong operational leverage means value creation. I mean a restored profitability, I mean a solid cash generation, and I mean a reduced debt. I'm targeting in 2025 an EBITDA of 14.5%, an EBIT of 6.5%, a free cash flow generation between EUR 800 million and EUR 1 billion in 2025, and a ROCE that will exceed 25%. I have no taboo regarding the evolution of our portfolio.
On the one hand, we are accelerating our efforts in electrification through a major strategic transaction. As you know, we announced it February tenth. After next July first, Valeo Siemens eAutomotive will be fully integrated into Valeo, enabling us to accelerate our innovation, accelerate our competitiveness, and accelerate our profitability as well. On the other hand, we will sell non-strategic assets for a value of EUR 500 million. The debt reduction will translate into a leverage ratio below zero point seven in 2025. At the end of the plan, at the end of the Move Up plan, we will be in a good shape. Although I'm, you know, fully aware that 6.5% EBIT is not the end of the road. We will move up. We will move up Valeo to make it stronger, both technologically and financially.
In 2025, when the acceleration of electrification and ADAS market are there, well, Valeo will be in a very strong place. We'll be ready to profit from a decade of hyper-growth of its market. If you believe, as I do, that the future of the mobility industry is more than automotive. If you believe that the future of automotive is carbon-free and safe. If you believe, as I do, that electrification and ADAS will transform mobility, then you should believe, as I do, in Valeo. During this presentation, we will take a quick look back at our performance in 2021. I will explain how each Valeo business will contribute to the Move Up plan. Finally, I will walk you through our guidance for 2022, our outlook for 2025, and our ambition for 2030.
We'll have time for questions that I will handle with my team here in this room. Let's begin with a quick look back at 2021. Our financial performance in twenty-one shows great resilience in an environment that has been truly extremely challenging, marked by, as you know, very severe shortage of semiconductors. We reported consolidated sales of EUR 7.3 billion in 2021. This is up 6% compared to 2020, and that includes EUR 14.1 billion in OE sales. Our order intake amounted to EUR 22.1 billion for the year. I think it clearly highlights the momentum, the business momentum that we have because it's one point five times the sales. Our EBITDA came at two point three billion euro, which is 13.4%.
That reached the high end of our target range in line with the guidance. This is thanks to the operating performance that we had under very strict control of our cost. Our EBIT reached EUR 699 million, which represents 4% of our sales. Now the cash. You know, in 2021, we decided to voluntarily increase our inventories during the year. It was decided in order to supply all our customers without interruption, despite the semiconductor crisis. This, combined with the extreme volatility of, you know, the customer orders, famous stop and goes, and the disruptions in the sea freight, it had a negative impact on the free cash flow generation, which in total led to EUR 292 million of free cash flow generation, slightly below our expectations.
Well, at the end of the day, we are proud that we were able to supply all our customers without interruption, and we have received from them many thanks, many praise for the efforts that we've been doing in 2021. I think it's to show how Valeo is a trusted partner to our customers in the transition to come. In light of these results, at the next shareholders meeting, the board of directors will propose the payment of a dividend of EUR 0.35 per share, which is up 17% versus last year. In 2021, we also streamlined our fixed cost. I think it's extremely important, especially in the context that we have now. Our break-even point decreased by EUR 1.1 billion.
Our aftermarket business delivered an astonishing dynamic performance with sales of EUR 2.1 billion, which was up 18% versus last year. In parallel, our ESG strategy has allowed us to secure advantageous financing terms. I mean, we have become the first European player in the auto industry to issue sustainability-linked bonds, and all these are good achievements. I think in 2021, we really proved ourselves capable of adapting to the difficult conditions thanks to a good operating model. I want to sincerely thank all the teams of Valeo for their outstanding work in 2021 and for having protected our customers all along this challenging year. Now Move Up. Move Up is built first on our strengths. It's built on our foundations, which I believe are solid, and I will have to come back on it in just a few minutes.
By now, you have understood our growth drivers, and the four business groups of Valeo are involved in this acceleration. All are already positioned to benefit from this ongoing mobility revolution. Electrification. Electrification is about powertrain, and it's about thermal. ADAS and interior experience are the home of comfort and driving assistance. The mission of our visibility business group is to put lighting everywhere, and let's not forget about our wiping activity. There's one question we are often asked. Do we have significant legacy business? The answer is no. We have very little exposure to products that are specifically related to internal combustion engines. Such products represent 11% of our sales in 2021, and it will go down to 4% in 2030. We will be quite agile during this transition period.
As an element of our foundations, I would like to come back for a minute on our aftermarket business. Because during such a dynamic transformation, having a resilient, profitable, cash-generating aftermarket business, it's a true asset. Our aftermarket business is already bigger than what it was pre-pandemic level, and it's very much supported by, you know, a very successful digitalization plan that is really bearing fruit. As you can see, our sales on e-commerce are increasing very quickly, and we know much better than before our end customers. Who are our end customers? They are the mechanics, they are the workshops, and now we talk to them. Valeo in such a challenging environment, for us, it's a major strength to have this aftermarket business.
Another strength, but you know it for a long time, is our customer portfolio, which is very balanced across the world. Asia and notably China are continuing to grow, and this is very positive. We are also working with, you know, many new companies, a lot of logos on this slide. New automakers such as NIO or Li Auto, new players in autonomous shuttles and delivery droids such as Meituan or Navya, new tech players like Waymo, new players as well in the new micro-mobility sector. Simply put, let's make it simple, our customer portfolio has never been so extensive, and we have a footing in the new mobility sector. Of course, the level of sales is still quite low, but we are prepared to grow. We are prepared to grow with these new players as these new players will grow by themselves.
Move Up also requires a lot of execution skills, and it comes back to the performance we had in 2021. Our operational performance is recognized over the year. Thanks to the operating model we have, I think we have a strong know-how to integrate companies, and this is what is so important or will be so important in the integration of Valeo Siemens into Valeo, and this will make it successful. I would like now to come to one of the cements of the group, what brings, you know, the group together and all the business groups together. This is electronics. Critical mass is very important when it comes to electronics. It's important in purchasing, it's important in manufacturing, it's important in engineering. Electronics are cementing the group.
It's a lot of sales, you know, more than EUR 10 billion of our sales have an electronic content, which give us true purchasing power. We have been working very hard for so many years together with important players, important partners, to build the state-of-the-art software expertise that we now have. We have common training, we have common development processes, we have common validation tools. 40% of the engineers of Valeo are software or system engineers. The last foundation that I would like to address now is our approach to sustainability. Okay, I think it's at the very center of our business strategy. It's close to my heart. We have made a clear commitment to carbon neutrality. We have our roadmap. It's a roadmap to reduce almost half our emissions by 2030, and we are on track.
Our sustainability strategy has been recognized as a benchmark in the sector. We have been named, you know, an industry leader in many of the ESG indices. I will mention some. I will mention MSCI, I will mention ISS ESG. Sorry for the acronyms. There's too many. But in a nutshell, we have been given the highest possible score in the new CDP Supplier Engagement Rating, and last year, we had been included in the CAC 40 ESG index. I think that excluding the tire companies, Valeo is the supplier that is the most represented in the ESG market indices. We are very, very proud of that. Our sustainable development approach is, of course, a key part of our governance.
The variable compensation of more than 1,500 executive managers from the company is directly indexed on the achievement of ESG objectives. You see, we are very serious. We will use all these solid foundations to make the ongoing revolution a success and to reap the rewards. Before going too much into the details of each of the business, let me give you the global view. As you can see now, the OE sales of Valeo are set to increase from EUR 14.8 billion to around EUR 24 billion in 2025. There is a very important point to bear. I'm fairly confident about this number since we have already booked 70% of the 2025 business. It's in our order book already.
Not only we will benefit from the recovery of the automotive, this automotive market will recover at some point in time, but we will outperform the market. Based on IHS, the annual market growth will be 6.3% over the period. At the same time, our OE business are set to grow at an annual rate of 13%. It means we are going to grow double, twice the market growth. All our businesses will directly contribute to the group's growth. Look at the bubbles or look at the cycles. Powertrain that 15%, no surprise, electrification. Thermal at 11%. They will benefit from the acceleration in electrification. ADAS at 19% will be our fastest-growing business. The interior experience will grow at 14%. Last, visibility will grow at 10%.
This growth will come hand in hand with an increase of our profitability and our value creation. You know, it shows a continuous improvement of our profitability. What are the reasons? They are listed on the right-hand side of the slide. Point number one, for sure, the operating leverage due to the increased volumes. Growth brings profitability, this is for sure. We know there's going to be a sharp volume recovery increase, and this is going to come soon, as soon as the electronic shortage is done. Point number two, and this is more interesting, it's our internal efforts. I mean that the Move Up efficiency plan and the synergies that we unlock from the integration of Valeo Siemens into Valeo, good results.
Point 3 is our resilience to inflation, and point four is that these new technologies are coming with higher margins. EBITDA will follow the same trends, and it will grow from 11.3% to 14.5% in 2025. This growth, again, will be profitable for each of our business. ADAS, again, being the highest at 21%. Powertrain being the lowest at 11%, as I presented to you on February 10, and this is due to the integration of Valeo Siemens and to the acceleration of our innovation roadmap. We will grow as well our free cash flow from EUR 292 million in 2021 to a level that will be between EUR 800 million and EUR 1 billion in 2025. Cash conversion rate then will surpass 20%.
I think on the right-hand side of the slide, you see the strengths of the Valeo model. Because for three out of five businesses, the cash conversion rate will be way above 20%. It will be slightly lower in our two fastest growing businesses, I mean PTS and I mean ADAS, due to the level of investment that will be required at these two businesses to keep up with their acceleration. Now let me get more into the detail of each activity. Electrification, as I said, I'm going to start with it, will fully transform mobility. Video, please. Electrification acceleration. The car electrification market, sorry, is going to accelerate extremely quickly. It's really an area where we have, I believe, a dual advantage because we are doubly well-positioned in powertrain and in thermal.
I realize that we have probably not talked enough about thermal recently. Today, I will. Let me start with e-powertrain. We are accelerating e-powertrain because the market is accelerating. Between now and 2023, the high voltage market will grow 17.5% on average each year, and the 48 volt market is set to grow an average 22% annually. The value content per car, I mean, that's a key metric for us. The value content per car will increase six times in an electric car, and it will double for the 48 volt systems compared to an ICE car. With the integration of Valeo Siemens into Valeo is now more than ever a global leader. We are a global leader because we have all the technologies in both low and high voltage solutions.
I'm 100% convinced that the combination of Valeo Siemens under the roof of Valeo powertrain will accelerate our growth. It will accelerate our growth with the high voltage business, with the growing and the resilient 48-volt, and we sell the ICE business that will finance this transition. I think it's the right organization to accelerate our innovation, to accelerate our competitiveness, and to accelerate as well our profitability. With numbers, the high voltage automotive powertrain market is set to soar from EUR 22 billion in 2021 to EUR 92 billion in 2030. At the same time, the mild hybrid market, what we call 48-volt, will continue to grow through 2030. The market for technologies that are focused on ICE will begin to contract after 2025.
This is going to come soon. This is why we are investing in high voltage. 40% of the high voltage powertrain business is and will remain outsourced to automotive suppliers. 3 out of 10 motors, 4 out of 10 inverters, 9 out of 10 onboard chargers will be outsourced. By integrating Valeo Siemens under one roof together with our powertrain business, we will accelerate our technology roadmap. We will accelerate our technology development in inverters, and we have a strong partnership with STMicro. We are working together to develop an electronic technology of 800-volt SiC, silicon carbide, that will leapfrog competition, and it will be ready for the 2025 business. We are speeding up our technology development as well on onboard battery chargers. Our new chargers, they include bidirectional functions. It means the possibility of returning electricity to the grid.
We have already signed our first contract with a premium German customer based on this technology. Lastly, we have just signed a strategic partnership with Renault to co-develop and to co-manufacture a totally new type of electric motor, unlike any other in the world, one that is entirely rare earth free, that will generate more power using less energy. What does it tell? I think it clearly shows that even in the parts of the market that will be insourced, there's some room for suppliers like Valeo. Now, we talk about 48-volt. Please do not underrate the 48-volt market. Yes, I agree. For the automotive market, 48-volt is going to be a transitional technology, for sure, but a transition that will last more than a decade.
The market will already be at the level of EUR 4 billion in 2025 and will continue to grow after 2030. Indeed, 48-volt is an essential step on the road to electrification because it will allow car manufacturers to comply with the Euro 7 standard. The third reason is that in parallel, our 48-volt systems are fit for new mobility solutions, which will be booming in the next decade. I'm talking about electric bikes, scooters, three-wheelers in Asian market, light urban cars like the Ami, robotaxis, delivery droids. All of these will use 48-volt technology, and this is huge volume. We have already booked business, more than EUR 200 million in orders for this 48-volt technology.
We're aiming, you know, for EUR 250 million of sales already in 2025, and more than EUR 500 million sales in 2030. As a result, our powertrain business will grow from EUR 4.3 billion to EUR 7.5 billion. Look at the booked ratio. 80% of the orders making up the 2025 sales are already booked. Profitability. Well, the profitability, if I measure it in pro forma EBITDA, the margin of the new powertrain business will improve from 5.8% in 2021 to more than 11% in 2025. All of this will be supported by the high level of synergies that will be generated by the integration of Valeo Siemens into the group of Valeo. Valeo Siemens is improving quickly, and it will further improve when integrated into Valeo.
Needless to say, that I'm not fully satisfied with the profitability of powertrain, but I'm confident in the execution of our action plan. I'm confident in the integration of Valeo Siemens into Valeo. I'm confident in the potential to move beyond. In terms of value creation, the powertrain will have a cash flow breakeven before tax this year already, and will start generating cash as soon as next year. At the end of the plan, it will generate EUR 350 million for this business. I think it's a solid improvement. You know, by 2026, our EBITDA in powertrain will be back at 13%. When the electrification market will accelerate further, I think the powertrain business of Valeo will just be as profitable as our other businesses with the same value creation potential.
As I said earlier, electrification is also a driver for thermal at Valeo. You know, Valeo is number two worldwide in thermal, and this is a highly concentrated market, and it's a growth market as well. To put simply, in 2025, an electric car will have two point five times more thermal content than in an ICE car. In this market, we already have the technologies that are needed to support the acceleration of car electrification. Remember, thermal systems will be absolutely essential for an efficient electric car. You have two examples on this slide. Battery management systems on the left-hand side, heat pump on the right-hand side. They will be necessary to charge quickly and to maintain a stable range. The market of thermal will move. It will move, and it will increase significantly because it will triple over the next five years.
In 2025, it will total EUR 21 billion of sales. We have a lot of experience in thermal. 40 years of experience. We have built over all these years, a very comprehensive portfolio of technologies for electric cars, and we are serving some of the most iconic customers in electric cars. As the market for electrification accelerates and the average content per car of thermal increases, then the OE sales that are generated by our thermal systems will grow. They will grow from EUR 3.3 billion to EUR 5 billion in 2025. We have here as well booked significant portion of the sales, 70%. EBITDA for this business will increase. It will increase from 11%-13%, and this is going to be mainly due to the higher margin that's coming from these electrification technologies. Let me now turn to ADAS.
Remember, ADAS will transform mobility. Well, this market will grow, that's for sure. It will grow by 15% per year. Between now and 2025. In 2030, almost 90% of new cars will be equipped with driving assistance technology. There are really two drivers, you know, to explain the significant increase in content per car. The first one is this accelerated take-up of even more sophisticated technologies, and the second one is emergence of new features. We are creating new features all the time. I think our ADAS activity is very strong, and I will demonstrate it now. First, we have the most comprehensive portfolio of sensors on the market. Ultrasonic sensors, cameras, radars, LiDARs. They are the eyes, they are the ears that allow the car to have a precise view of its environment. We're developing the brain as well.
We're developing the brain that, you know, collects and analyze all the information to make the right decision. We're developing the central, the zonal controllers to compute all of this data. We are developing the software that powers the driving assistance systems, parking functions, active safety. For the parking function, okay, what are the features? It's automated parking, for instance. It's valet parking. For active safety, you know them very well. It's automatic emergency braking. It's adaptive cruise control. It's lane keeping. We don't stop there. As we develop, you know, comprehensive systems that support up to Level four automation, fully integrated in cars. I'm quite often questioned on the real extent of our software activities. Let me give you an overview just using the example of two sensors. I selected the front camera because this is where we do have a software partner.
I selected the LiDAR because this is a sensor where we are developing 100% of the software in-house. Well, without, you know, going too much into the technical detail, just pay attention to the Valeo logos on this slide. It shows all the steps where we are in charge of the software. You see it's everywhere. It's everywhere, even for a front camera where we have a partner. This is not a coincidence because we are constantly reviewing our strategic positioning on software to optimize our value creation. Why is the ADAS market going to accelerate so much? Because ADAS is safety. It's safety driven by regulation, and ADAS is innovation, bringing value to the end customers. By 2025, three out of four new cars will be fitted with technologies that support level one, level two, up to level three automation.
Valeo is a pioneer on this market. We are benefiting from 30 years of experience, and we will be pioneers again now. Look at the last innovations that I wanted to mention. You know, by creating a world-first technology for General Motors that allows drivers to see through the trailer at the back of the car. By equipping a Honda model with the first front camera able to reach level two automation on its own without the use of any additional sensor. The last one, we're very proud of that, by equipping the first cars in the world capable of reaching level three automation. We did it with Honda, we did it with Mercedes, and more importantly, we did it with a Valeo LiDAR.
We have the capacity to produce these technologies anywhere in the world at extremely competitive price. As a result, market share are increasing. As a result, manufacturing capacity is increasing as well. In other words, the barriers to new entrants are increasing in parallel. I think our customers are considering our validation systems to be state-of-the-art. I would say best on the market today. We have a huge simulation capacity, 40 PB of simulation data. 40 PB, it means a lot. It's a lot. You can permanently replay these 40 PB on 250 test benches. This helps to save some time before we go to real-world testing. I would like to say a word about LiDAR now, because LiDAR is so important. LiDAR is going to be necessary for whoever wants to go to level th or more.
LiDAR is set to experience an explosive growth in the years to come. Up to 30% of the premium new cars are set to reach level three automation in 2030. To achieve this, there will be a need to be equipped with LiDAR technology. We have unique technological and industrial leadership. Few months ago, we launched our third generation of LiDAR already, with enhanced capabilities in resolution times 265, to extend the use of our level three in the cars. Yes, you know, there are a few competitors. We are today the only one on the road, but yes, there are a few competitors looking at the same market. Please do not underestimate our 10 years of experience. Do not underestimate the design experience, but I want to insist on the manufacturing experience.
This product, the LiDAR product, is very difficult to produce. At a time where a number of new players are entering the fray, no competitor at this time has, you know, managed to do what we have done. It means produce a LiDAR that meets automotive standards, combining high performance at a cost that's compatible with the auto industry. We are the only global player hitting the road today with automotive grade, and we have already produced more than 160,000 LiDARs that are in cars on the road today. This acceleration in ADAS will enable us to double in ADAS and in LiDAR, but in ADAS as well, will enable us to double our sales in this business by 2025 from EUR 1.9 billion to EUR 4 billion.
This represents an annual growth of 19%. This will be of course due to higher volumes, and it will be increased as well for the content per car that will increase. Our order book is very good at 65%. In 2022, I will put more money on LiDAR. You can see it on the 2022 numbers. It will slightly impact the profitability, but this profitability will improve between 2022 and 2025, and EBITDA will raise from 18% to 21%. Now, interior experience reinvention. You know, the electric and the autonomous mobility will change the task of the driver. You know, consequently, the third area where I expect to see a surge in growth of the next years is the interior experience. Please, video. This is going to be a nice market as well.
It will grow by an average of 10% a year between now and 2025. You know, there will be a generalization of 4G, 5G, that will enable the generalization, sorry, of connectivity for cars. Around 90% of new cars by 2030 will be connected. For Valeo, it means a significant increase in the average content per car. Why is the market expected to increase so much? Because life inside the car will be totally reinvented in the years to come. The interior experience will be a key differentiating factor for the OEMs. Passengers are expecting more and more from their cars. They want to feel in a kind of personal cocoon where they are both at home and safe. They want to relax. They want to stay connected. How do we answer their needs?
We answer their needs with head-up displays that are providing an augmented reality vision. We answer their needs with connectivity systems that allow you to stay connected with your family, with your friends, even bringing them on board virtually. Our interactive surfaces provide a seamless interface between the car and its passengers. Finally, our driver monitoring systems are warning you in case of fatigue or in case of distraction. This is why we intend to make, you know, this one of the acceleration driver of Valeo. We're aiming to grow our sales from EUR 1.2 billion to EUR 2 billion in 2025, which is an average growth of 14%. At the same time, our profitability will increase from 11.5% to 14%.
You know, it's going to be a direct result of more volume, cost saving plan, and higher margin technologies. The final area where I would like to show you that we will reap the rewards of this transformation in mobility and create more value is lighting. I call it lighting everywhere. Let's illustrate. Lighting everywhere. Visibility is lighting, but it's wiper business as well. We are the world leader. We are the world leader in this highly concentrated market and rapidly growing market. Same as our thermal business, which I mentioned previously. I think visibility is a very attractive, it's a very profitable business, which has not been much highlighted in the recent past. Let me correct this impression now. It's a complex business.
It's a complex business with increasingly high barriers to entry in terms of innovation, in terms of expertise, in terms of production capacity. Our expertise, our standardized platforms, our large-scale production capability are highly recognized by our customers. Under the mobility revolution, lighting will play a major role. Let me explain. We are seeing emerging trends from our customers. The front of an EV car especially offer a larger space because there's a reduction of ventilation grids. The ventilation grids at the front of the car disappear, and you can imagine how car designers love it. They love it because it offers to them a new place to affirm a brand, to affirm signature, to affirm, you know, styling through lighting. On top of that, we can have new features such as road projection that will be rolled out. In short, there will be lighting everywhere.
Everywhere around the car, everywhere inside the car. Now, each car has a different style, and this is why our expertise is to be able to standardize the maximum value inside, in platforms, while creating outside the most variety in terms of styling. For instance, we just created this new platform. It's called the thin lens technology platform. To have a very thin lighting at the front of the car. It's a platform with a unique design, but it has already 20 different models where we are rolling out. High level of standardization inside, but different styling for different visual identities outside. Please have in mind the required expertise and barriers to entry to lighting. Styling, simulation, process, electronics, optics, and as well software. Many different fields of expertise that makes the barrier to entry extremely high. Our visibility business will grow.
It will grow itself from EUR 3.9 billion to EUR 6 billion in 2025. It's an annual growth of 10%. Profitability, slightly impacted by inflation in 2022, will continue to increase over the plan, thanks to Move Up. We are aiming an EBITDA around 15% on the back of increased volumes, our cost saving plan, resilience to inflation, and new margins coming from new technologies. You saw it. All the business groups of Valeo will highly contribute to growth and to value creation. It's time now for me to share our outlook for 2025 and our guidance for 2022. These numbers you've already seen at the beginning of my presentation. In 2025, EUR 27.5 billion of sales, including EUR 24 billion in OE sales and other performance of more than 5 points above the market.
EBITDA at 14.5, EBIT at 6.5, and ROCE at 25%. You've already seen these numbers. Move Up, it's about, you know, creating value. In 2025, we are targeting free cash flow between EUR 800 million and EUR 1 billion. We will make choices as well through an active management of our portfolio of activities. We'll focus exclusively on the businesses that are in line with our strategy. That's why I intend to sell off EUR 500 million of non-strategic assets over the period. It will strengthen our balance sheet. It will reduce Valeo's debt. We are aiming at the end of the plan a leverage ratio of less than zero point seven. Of course, we will benefit from the automotive market recovery.
Sorry for this slide to be a little bit complex, but I think it's important to explain. 'Cause many players make their own assessment of the market, and some of them even distort the market for filters that are favorable to them, you know, excluding this or excluding that part of the market. I decided in full transparency, and this was my first world, in full transparency, to take the exact IHS data with no filters. For 2022, in order to be conservative, I've chosen a base scenario that is lower than IHS by one point five points. It takes into account, you know, lack of visibility, especially due to the volatility of the semiconductor shortages. Our best scenario will be IHS. Our worst scenario will be IHS minus 5%.
Please, of course, bear in mind that this scenario does not take into account the current geopolitical situation, of course, which consequences are still unknown, but there might be questions later on the topic. On this basis, we will reach around EUR 19.2 billion-EUR 20 billion sales in 2022, and we are aiming to outperform the global production by more than 5% over the period during the plan. All activities of Valeo will contribute to this strong performance, with an annual average growth in the double digits across all of the business groups of Valeo. The market recovery, for sure, is going to be a big booster of our profitability.
Now I would like to insist on our own internal efforts, because as part of the Move Up plan, we are deploying an action plan to ensure that this growth is going to be profitable. We're aiming to use the integration of Valeo Siemens eAutomotive to unlock EUR 120 million worth of annual synergies, and we'll do it progressively. It will be fully applied in 2025. The efficiency plan that we are rolling out at group level will also generate additional annual savings of EUR 100 million from 2023. It's about making Valeo leaner. It's about making Valeo more efficient. It's about making Valeo more cost effective. I know 2022 will be a challenging year because we are integrating Valeo Siemens into Valeo.
We are aiming, nevertheless, at an improvement of our EBIT margin at ISO perimeter between 21% and 22%, taking into account the VSEA integration in H2 in both years. This improvement will be possible thanks to three levers that will more than offset the effects of inflation. The first lever is our Move Up efficiency plan. The second lever is a solid operating leverage from increased volumes. The third lever is the higher margins that are coming from these new technologies. There are two graphs on this slide. There's the EBIT as reported in green, and there's the EBIT pro forma with 100% Valeo Siemens in white. What does it show? It shows that the pro forma graph shows a continuous improvement of our profitability over the course of a plan up to 6.5%. Through this plan, we will protect our cash.
We will protect our cash with a rigorous resource allocation strategy. We'll maintain industrial CapEx way below 6%. It was a commitment we made some years ago. We are doing it. We're walking the talk. Our net investment in R&D will also decrease steadily as we have done the last years through 2025, when it will represent around 6.5% of our sales. It does not mean that we are stopping innovation. Not at all. On the opposite. It means that our platformization, it's, don't know if the word exists, but we use it at Valeo. It means that our standardization plans, the same that we explained during the last CMD in 2021, 2019, sorry, are gaining full speed. They are extremely efficient, and they are clearly bringing benefit.
I would like to make an additional comment for the right-hand side of the slide, because you have to bear in mind that the gap between CapEx and depreciation is decreasing significantly. You know, this gap was 2.1% in 2018. It was one point nine points in 2019. It's zero point three points in 2021. The gap between depreciation and amortization has been, in 2021, only zero point three points. It means the quality of our results is improving as well. As a consequence of everything I said before, we guide on a marginal improvement of free cash flow in 2022. 2022 will be very challenging for many reasons. We take, of course, the integration of VSeA into account during one semester, and the free cash flow generation will be mainly driven by a few elements.
Point number one, the EBIT improvement. Point number two, a significant positive change in working capital. I said the inventories have increased, the inventory will decrease. Point number three, an increase in the tangible CapEx to support the production recovery that's coming, as well as a slight increase in capitalized R&D in 2022 to support our industry acceleration. The point number four is an increase in other terms, including tax and including restructuring. You will see during the plan a real acceleration in our value creation, up to a free cash flow between EUR 800 million and EUR 1 billion in 2025. Why? Why? Because the recovery of the auto market takes place. Because the integration of Valeo Siemens into Valeo will bear fruit, and because our synergy and our efficiency plans are going to be materializing.
These three elements come together, and we grow the free cash flow generation of the plan. In parallel, and I said it already, I plan to divest EUR 500 million in Valeo. I have my list, and I have no taboo, and I hope we can achieve this before the end of 2023, of course, based on market conditions. The proceeds will allow us to accelerate our debt reduction, and my priority will be to deleverage Valeo so that Valeo is ready, so that Valeo is fit in 2025, at a time where the revolution of electric and the revolution of ADAS will go to hypergrowth. Therefore, I see a progressive dividend policy rather than an aggressive one during the period, priority to the deleveraging of Valeo. This will lead to a leverage ratio below 0.7 in 2025.
If you remember, if you listened to me on February 10, when we announced the acquisition of the Siemens share, I told you that the increase of debt in 2022 will be both manageable and temporary. These are the two words I used, manageable and temporary. You can see that it's the case. I want to close this chapter with a recap. A recap of our guidance in 2022 and a recap of our target for 2025. Once again, I am convinced that this plan that I'm presenting to you this morning is achievable. Getting to the end of the presentation, I think it's time for conclusion. I present to you Move Up. I think Move Up gives purpose.
It gives purpose to all the Valeo teams, because we are proud to be part of this electrification and this ADAS revolution to build a new mobility, carbon-free and safe. I think Move Up gives purpose as well to our customers, because they know they can rely on us for the future, the same way they relied on us in 2021 through the semiconductor crisis. I think Move Up gives purpose as well to our shareholders, because in 2025, our company will be an even stronger group, technologically and financially. We know, we all know, that there's another decade after 2025, even maybe another two decades, of sharper acceleration, which I call the hypergrowth that's coming, that will change mobility and, okay, let's say it, that will change the world. By 2025, at the beginning of this hypergrowth, we'll be stronger than ever.
We'll be ready to benefit from this hypergrowth. With the first ambition on this road in 2030, the first ambition to reach EUR 40 billion of sales in 2030. EUR 40 billion of sales in 2040, this is the ambition of the Valeo team. That concludes my presentation. Thank you for your attention.