Valeo Group | 29 Feb, 2024 | 3 min

2023 Results

Valeo achieves its 2023 objectives and sets objectives to increase operating margin and cash generation by more than 60% between 2023 and 2025

Valeo achieves its 2023 objectives

  • Order intake at 34.9 billion euros, confirming Valeo’s outlook for growth
  • Sales of 22,044 million euros, up 11% like for like on an adjusted basis, representing a 3 percentage point outperformance in original equipment sales
  • EBITDA and operating margins at 12.0% and 3.8% of sales, respectively
  • Free cash flow of 379 million euros
  • Leverage ratio at 1.5x EBITDA
  • Dividend of €0.40 per share to be proposed to shareholders at the next Shareholders’ Meeting

Valeo continues on the path set out in its Move Up strategic plan and accelerates its transformation

  • Objectives to increase operating margin* and cash generation by more than 60% between 2023 and 2025
  • Organic growth expected to accelerate – based on conservative assumptions – driven by the start of production on profitable new orders booked since 2022
  • New cost reduction measures
  • Strict cash-oriented management of our businesses and capital allocation with a focus on deleveraging, targeting an expected leverage ratio of 1.0x EBITDA in 2025

* Operating margin in millions of euros.


Thanks to the remarkable dedication of our teams, we have once again, this year, achieved the financial objectives we had set ourselves. Since the start of 2022, we have continuously improved our financial performance. At the mid-point of our Move Up strategic plan, growth and profitability of our order intake demonstrate the validity of our choices in terms of product and price positioning.

Development in our market is driven by the megatrends of electrification, ADAS and the software-defined vehicle. Today, our positioning reflects our strategic choices, and enables us to offer innovative technology and wide range of software that precisely meet these needs. We are contributing to safer mobility, offering affordable solutions that are more sustainable. For 2024 and 2025, we are keeping to our strategic path: to offer the right technologies, at the right time, at the right price. These technologies are highly regarded by our customers, who are continuing to place their trust in us. They create value, for them as well as us.

With the automotive industry undergoing transformation, we have decided to set new objectives for 2025 consistent with conservative automotive production assumptions. In a volatile environment, we are accelerating our transformation and continuing to work on reducing costs and on improving both profitability and free cash flow generation.

Christophe Périllat, Valeo’s Chief Executive Officer