Lead

Gilles Michel: Valeo was able to strengthen its position in an environment shaped by lower automotive production volumes.

The Group met its financial objectives, reporting an improvement in its financial performance for the third year running.

The Group worked hard to improve its cost base, competitiveness, industrial footprint, productivity and R&D efficiency, consolidating its strengths and addressing its weaknesses.

Christophe Périllat: I'd like to thank the Valeo teams for their outstanding work. They maintained strict control of our operations and overcame every obstacle. This work, combined with the improvements to our cost base, enabled us to meet our operating margin objectives and exceed our cash generation objective.

We also reduced our debt. These results take us a step further along our financial improvement journey.

C.P.: Our 2024 results are better, but they don't yet reflect Valeo's potential. Our 2025 objectives therefore aim to deliver a further improvement in our financial performance. So how are we going to achieve this? We will continue to defend our prices, step up the pace of improvements to our cost base, increase the efficiency of our gross R&D to support our cash generation, and leverage the attractiveness of our technologies to book a large volume of orders without compromising the related margins in 2025.

The Group is ideally positioned for the mobility technologies of the future, particularly in advanced driver assistance systems (ADAS), software-defined vehicles (SDV), electrification solutions and vehicle lighting. Our positioning drives growth and margins.

G.M.: 2025 is a pivotal year from a strategy perspective, in a context of considerable uncertainty: tariffs, production volumes, Chinese market demand and the slowing pace of electrification. The challenge is to continue improving Valeo's financial, competitive and industrial positions.

To meet this challenge, we'll need to maintain the same commitment to managing prices, maintaining operational discipline, reducing costs, closely managing CapEx and improving R&D efficiency, while also ensuring that we are positioned in the right technology segments, with the right customers, in the right geographical areas, in order to generate sustainable growth for Valeo.

C.P.: Our teams have worked incredibly hard to meet the requirements of the new European Corporate Sustainability Reporting Directive (CSRD), which aims to improve the transparency and quality of non-financial reporting. Our first sustainability report is part of a broader process of continuous improvement and transparency. Valeo is regularly recognized by the main ESG rating agencies as one of the best performing groups in terms of sustainability.

G.M.: Sustainability is embedded in Valeo's DNA and making a significant contribution to reducing mobility-related greenhouse gas emissions is a central part of our corporate mission. The Board of Directors takes great care to ensure that this mission is fulfilled in the most responsible manner possible, from an environmental, social and societal point of view, for the benefit of our employees and all the Group's host regions.