PARIS
February 26, 2026
Commitments met in 2025
Further improvement in profitability
Record cash flow from operations
Solid order intake
- Sales of 20.9 billion euros, up 0.5% on a like-for-like basis
- Solid commercial momentum, with order intake up 38% over the year to 24.6 billion euros (up 47% in the second half). Secured its first Battery Energy Storage System (BESS) contract worth 225 million dollars
- Further improvement in operating margin to 977 million euros, representing 4.7% of sales, in line with the target range, i.e. an increase of 0.4 points compared with 2024
- Expected decisive turnaround in cash generation confirmed
- Free cash flow before one-off restructuring costs at a record high of 756 million euros whereas the working capital requirement was up 301 million euros
- Free cash flow after one-off restructuring costs of 589 million euros and free cash flow after net financial interest of 371 million euros, in line with targets
- Net income up 23% to 200 million euros
- Net debt of 4,022 million euros, giving a leverage ratio of 1.3x, including an unfavorable currency effect of 263 million euros
- Dividend of 0.44 euros per share to be proposed at the Shareholders' Meeting on May 21, 2026
- In 2026, in line with the trajectory set out in Elevate 2028, Valeo aims to further improve profitability and cash generation in an environment that remains demanding. The Group has set the following objectives:
- Sales of between 20 billion euros and 21 billion euros, reflecting flat organic growth in original equipment sales
- Operating margin at between 4.7% and 5.3% of sales
- Free Cash Flow (after net financial interest) above 400 million euros
"The 2025 annual results show that Valeo has strengthened its position and that the trajectory of the Elevate 2028 Plan is already well underway: we have continued to improve our profitability and have achieved the expected turnaround in cash generation, with a record level of cash flow from operations.
The solid level of our order intake underscores the strength of our business strategy and provides a solid foundation for our growth trajectory. Valeo is expanding in geographies that will drive future growth. Its world-renowned technological leadership was further enhanced in 2025, and its latest innovations, notably in software-defined vehicles and driving assistance systems, will gradually be introduced in vehicles launched on the market in 2026.
This performance reflects the commitment and resilience of our teams across the globe, whose agility, determination and strong sense of solidarity have been key to achieving these objectives.
On the strength of this performance, and in an environment that remains demanding, we approach 2026 aiming to continue improving profitability and cash generation. By embedding this dynamic in Elevate 2028, we are reaffirming our belief that Valeo is ideally placed to seize all the opportunities of transformation in our sector and become a stronger, more agile and industry-leading Group in 2028, thanks to robust fundamentals and solid growth prospects."
Christophe Périllat, Valeo's Chief Executive Officer
