€400m Free cash flow (1) (1) After interest. Three engines driving value creation Continuing the transformation initiated in 2022 with the Move Up plan, in 2025 Valeo unveiled its new strategic plan, Elevate 2028. Capitalizing on the progress made and aiming to strengthen the Group’s performance over the long term, this plan sets out a clear path to value creation. Elevate 2028 is built on three complementary engines. The first is the pursuit of a steady improvement in profitability, which has been maintained since 2022. The second is a significant increase in cash generation from 2025 onwards, reflecting the transformation of the business model to generate structurally higher cash flows. The third is the return to sales growth by 2027, driven by the sales resulting from a robust order book, focused on key vehicle technologies. With Elevate 2028, Valeo is asserting its ability to combine financial performance, technological leadership, and readiness for the mobility solutions of tomorrow. Valeo is positioned to meet the needs of tomorrow can rely on a strong foundation: mastery of cutting- edge technologies, human expertise, and industrial excellence. Artificial intelligence plays a key role, serving as a powerful driver of R&D efficiency, product performance, and operational efficiency. It speeds up development cycles, improves quality and boosts competitiveness, while making the most of the teams’ expertise. In practical terms, this progress translates into a robust order book, backed by long-term contracts for technologies central to electrified, safer, and software-defined vehicles. It also enables Valeo to expand the scope of its applications by adapting its expertise to other mobility uses and more: two- and three-wheelers, charging infrastructure, cooling systems for data centers, agriculture, and specific defense applications. Driven by this technological momentum, Valeo will continue to grow in key car-manufacturing regions such as China, India and North America, and is well-positioned to continue on a path to lasting success through Elevate 2028.]]>