Company Overview - Valeo is a technology company that partners with automakers and new mobility players to innovate for cleaner, safer, and smarter mobility [3] - The company has a strong technological and industrial leadership in four key areas: electrification, driving assistance systems, interior experience reinvention, and lighting [3] Financial Performance - Valeo reported sales of €21.5 billion in 2024 [4] - The company employs 106,100 people across 28 countries, operates 155 plants, and has 46 research and development centers as well as 18 distribution platforms as of December 31, 2024 [4] Share Capital Information - As of November 30, 2025, Valeo's issued capital is €245,607,624 with a par value of €1 per share [1] - The total number of shares is 245,607,624, with a total number of theoretical voting rights at 275,987,446 and exercisable voting rights at 273,329,845 [1][2]

Core Insights - The last five years have been challenging for Valeo, a leading French manufacturer of auto components, due to weaker overall auto production and rising costs [1] Company Performance - Valeo has faced difficulties linked to the overall decline in auto production, which has negatively impacted its business [1] - The company specializes in critical electric vehicle (EV) and advanced driver-assistance systems (ADAS), sectors that are increasingly important in the automotive industry [1]

Renault Group supports calls from automotive suppliers for the introduction of European Union (EU)-wide local sourcing rules, the automaker’s CEO François Provost told Reuters. However, Provost said this backing depends on the Local Content Requirements being defined in a more flexible way. Some suppliers have urged to mandate that 80% of components in vehicles sold in the EU be sourced locally, mirroring provisions already applied in the US. These discussions, to counter competition from Chinese manufa ...

Valeo (OTCPK:VLEE.F) 2025 Capital Markets Day November 20, 2025 04:30 AM ET Company ParticipantsStephen Benhamou - VP of Equity Research and European AutomotiveMarc Vrecko - CEO of Valeo Brain Division and Valeo Group EVPEdouard de Pirey - CFOJosé Asumendi - `Head of Global Autos and European Autos Equity ResearchMaurizio Martinelli - CEO of Valeo Light Division and Valeo Group EVPThomas Besson - Head of Automotive ResearchChristophe Périllat - CEOVanessa Jeffriess - VP of UK Industrials and EU Auto Supplie ...

Financial Performance & Targets - Valeo confirms its 2025 guidance with sales of approximately €20.5 billion[206], an operating margin between 4.5% and 5.5%[206], and free cash flow above €550 million after one-off restructuring costs[20, 206] - The company aims for a 2028 sales target between €22 billion and €24 billion[10, 213, 236], with an operating margin between 6% and 7%[10, 28, 213, 236] and free cash flow exceeding €500 million after interest[10, 41, 48, 213, 236] - Valeo targets a leverage ratio of less than 1.0x adjusted EBITDA by 2028, aligning financial KPIs with investment-grade ratings[10, 60, 236] Strategic Initiatives & Market Dynamics - Valeo is adapting to a changing market environment, including lower global production at 90.6 million vehicles (-3% versus S&P forecast)[10], a higher share of Chinese OEMs at 28% of total[10], and new energy vehicles accounting for 37% of the market[10] - The company is focused on three divisions: Power, Brain, and Light, each pursuing excellence in their respective domains[12, 89, 125, 126] - Valeo is implementing self-help measures to reduce its breakeven point, targeting €300 million in savings per year as of 2026, resulting in a +1.1 percentage point impact on operating margin (2028 vs 2024)[38] Growth Drivers & Regional Focus - Valeo anticipates returning to sales growth from 2027, supported by a strong order intake from 2022-2025[61, 62, 63, 65] - The company is focused on seizing opportunities in China, India, and North America[95] - In India, Valeo expects sales to triple from €220 million in 2024 to approximately €700 million in 2028[107]

Core Insights - Valeo has launched its Elevate 2028 plan, aiming for steady profit increases, higher cash generation, and a return to sales growth by 2028 [1][4][11] Financial Trajectory - By 2028, Valeo anticipates sales between €22-24 billion, an operating margin of 6-7%, and free cash flow after interest of at least €500 million [2][39] - The 2025 guidance for sales and adjusted EBITDA remains confirmed, with free cash flow before interest revised upwards to slightly above €550 million [3][30] Profit Improvement - Valeo is committed to a steady increase in profit starting from 2022, with a target operating margin improvement from 4.3% in 2024 to 6-7% by 2028 [14][25] - The company expects gross margin to remain above 19% of sales, aided by improved industrial performance and AI integration [13][12] Cash Generation - The company aims for a record-high free cash flow of at least €700 million before one-off restructuring costs in 2025, translating to over €500 million by 2028 after restructuring and interest [18][21] - Cash generation improvements are driven by reduced CAPEX and lower gross R&D expenses, with a projected €200 million decrease in R&D for 2025 [19][20] Growth Strategy - Valeo expects to return to sales growth in 2027, supported by a strong order book accumulated from 2022 to 2025 [22][23] - The cumulative order intake from 2022 to H1 2025 is 1.4 times its cumulative OEM sales, with significant contracts expected to ramp up sales [23][24] Technological Leadership - Valeo is positioned as a global leader in electrification, safety, and software-defined vehicle technologies, with a focus on expanding in key markets like China, India, and North America [11][30] - The POWER division is projected to see significant growth, with sales expected to rise from €10.5 billion in 2024 to between €10.5-11.5 billion in 2028 [25][28] Market Expansion - In China, Valeo anticipates a 40% growth in POWER sales from 2024 to 2028, leveraging its strong market position [24][32] - The company expects its sales in India to triple from €220 million in 2024 to approximately €700 million by 2028 [32] Sustainability Commitment - Valeo aims to achieve Net Zero by 2050, with significant reductions in greenhouse gas emissions planned by 2030 [42][43] - The company has been recognized by major ESG rating agencies for its sustainability performance, maintaining high ratings across various assessments [40][41]

Core Insights - Viasat, Inc. has appointed Barbara Frenkel to its Board of Directors, expanding the board to eight members, with six being independent [1] - The appointment is seen as timely due to the potential mass market adoption of direct-to-device connectivity, particularly in the transport sector, which aligns with trends in connected and autonomous vehicles [2] - Barbara Frenkel brings over 30 years of experience in the automotive industry, having held leadership roles at Porsche AG and other major automotive companies, which will aid Viasat in driving satellite connectivity adoption [2] Company Overview - Viasat is a global communications company focused on connecting people and systems worldwide, with operations in 24 countries [3] - The company aims to develop a comprehensive global communications network to provide high-quality, reliable, and secure connections for various sectors, including consumers, businesses, and governments [3] - In May 2023, Viasat completed the acquisition of Inmarsat, enhancing its capabilities and resources in the global communications market [3]

Core Viewpoint - Valeo has announced the redemption of €600,000,000 1.625 per cent. Notes due 18 March 2026, exercising its residual maturity call option, with the redemption date set for 18 December 2025 [1][4]. Company Overview - Valeo is a technology company that partners with automakers and new mobility players globally, focusing on making mobility safer, smarter, and more sustainable [2]. - The company has a strong technological and industrial leadership in four key areas: electrification, driving assistance systems, interior experience reinvention, and lighting, which are essential for the transformation of mobility and serve as growth drivers for the Group [2]. Financial Highlights - Valeo reported sales of €21.5 billion in 2024 and employs 106,100 people across 28 countries, with 155 plants, 64 research and development centers, and 19 distribution platforms as of February 28, 2025 [3]. Redemption Details - The total principal amount of the Notes being redeemed is €600,000,000, with accrued interest of €7,345,920 payable on the redemption date [4]. - Payment will be made to the Account Holders, including Euroclear France, Euroclear, and Clearstream, Luxembourg, which will discharge the issuer's liability under the Notes [4]. - Valeo has requested the cancellation of the Notes following the redemption [4].

Company Overview - Valeo is a technology company that partners with automakers and new mobility players, focusing on making mobility cleaner, safer, and smarter [3] - The company has technological and industrial leadership in four key areas: electrification, driving assistance systems, interior experience reinvention, and lighting, which are essential for the transformation of mobility [3] Financial Performance - Valeo reported sales of €21.5 billion in 2024 [4] - As of December 31, 2024, the company employed 106,100 people across 28 countries, operating 155 plants and 46 research and development centers, along with 18 distribution platforms [4] Share Capital Information - As of October 31, 2025, Valeo's issued capital was €244,633,504, with a par value of €1 per share [1] - The total number of shares was 244,633,504, resulting in 275,026,798 theoretical voting rights and 272,321,747 exercisable voting rights [1][2]

Core Insights - Renault has terminated its collaboration with Valeo for the development of a new rare-earth-free electric vehicle motor [1] - The company is now seeking a more cost-effective supplier from China [1] Company Actions - Renault's decision to end the project with Valeo indicates a shift in strategy towards reducing costs in its supply chain [1] - The search for a Chinese supplier suggests a focus on leveraging lower manufacturing costs associated with Chinese production [1] Industry Implications - The move reflects broader trends in the automotive industry, where companies are increasingly looking for ways to cut costs amid rising material prices [1] - The shift away from rare-earth materials in electric vehicle motors may influence future supply chain dynamics and sourcing strategies within the industry [1]