Valeo Unveils Elevate 2028, Steadily Improving Profit, Generating Higher Cash and Returning to Sales Growth

• With Elevate 2028, Valeo sets out its trajectory to 2028: steadily increasing profit from 2022 onwards, generating higher cash from 2025 onwards, and returning to sales growth from 2027 onwards.
   
• In 2028, Valeo expects sales between €22-24 billion, an operating margin¹ of 6-7%, and free cash flow after interest² of at least €500 million. This higher level of cash generation is expected to result in a leverage ratio lower than 1.0x adjusted EBITDA¹, aligning the company’s financial KPIs with its ambition to achieve investment-grade rating in 2028.
   
• 2025 guidance for sales, adjusted EBITDA, and operating margin is confirmed in a demanding environment. The guidance for free cash flow before interest³ is revised upwards and is now expected to come in slightly above guidance (>€550 million).
   
• Valeo is consolidating its position as a global leader in key car technologies. The Group is fully aligned for a future of electrified, safer and software-defined cars, and is growing in all geographies including China, India, and North America.

20 November 2025 — Paris, France — Valeo is hosting its Capital Markets Day, outlining its financial trajectory for the next three years to 2028. Building on its well established and well recognised technology leadership in the automotive world, the Group is committed to continue steadily increasing profit, generate higher levels of cash and return to sales growth.

Christophe Perillat, Valeo’s CEO, commented: “Since 2022, our Move Up plan has ensured that we are well positioned in terms of technology to succeed in the market, and has laid the foundations for significant financial improvements, resulting in a steady improvement in Group profit and cash.

As we embark on the next stage with our Elevate 2028 plan, we intend to capitalize on these achievements and to further improve our financial fundamentals.

To do this, our plan will be powered by three engines. The first engine is a steady increase in profit. It started in 2022, and will carry on delivering. The second engine, generating higher levels of cash, has just been fired. 2025 represents a turning point in the evolution of our business model and confirms our ability to generate more cash. The third engine will be the return to growth. It will kick in in 2027, as our strong order book translates into sales.

Valeo’s engines are powered by the expertise and commitment of our teams worldwide and I would like to thank them for their fantastic contribution to our success. I am confident that their courage and agility will enable us to keep delivering innovation and excellence to our customers every day.

Building on our existing strengths as an industrial champion and a technological powerhouse, we have spent the last few years making Valeo into a global leader fit for success. With Elevate 2028, we will ensure that the Group progresses further with strong financial fundamentals and solid growth prospects.”

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¹See glossary page 10
² new definition, after interest
³ old definition, before interest