Press release – Q1 2024 Sales

• Sales of 5.4 billion euros, up 2% on a like-for-like basis (LFL)
   
  • Original equipment sales up 1% LFL
  • Outperformance of 2 percentage points versus automotive production, after a slightly unfavorable geographic mix
     
    • 7 percentage point outperformance for ADAS, 6 percentage point outperformance for the Visibility Systems Business Group, 4 percentage point outperformance for the Thermal Systems Business Group
    • 9 percentage point outperformance for the traditional Powertrain activities, partially offsetting the low level of activity in high-voltage electrification. 5 percentage point underperformance for the Powertrain Systems Business Group.
  • Aftermarket sales up 1% LFL
• New organization based on three divisions, leading to a change in reporting from publication of first-half 2024 results
• 2024 and 2025 objectives reaffirmed, with margins and free cash flow generation in the second half of 2024 expected to be higher than in the first half

“Our first-quarter sales of 5.4 billion euros reflect a solid start to 2024, thanks to the growth of all our businesses, excluding high-voltage electrification.

The traditional Powertrain activities benefited from the ramp-up in production in Europe, North America and China, partially offsetting the low level of activity in high-voltage electrification, which was penalized by an unfavorable basis for comparison and a decline on certain platforms. The high-voltage electrification activity should see improved business levels in the second quarter.

Overall, the Group outperformed automotive production by 2 percentage points, despite a slightly unfavorable geographic mix over the quarter.

In addition, the merger of the Thermal Systems and Powertrain Systems activities into a single division called “Valeo Power” has been implemented. The Comfort & Driving Assistance Systems and Visibility Systems Business Groups have been renamed “Valeo Brain” and “Valeo Light”.

Finally, taking into account the prudent production assumptions adopted as part of our Move Up plan, our operating efficiency action plan, and our cost reduction measures which are on track, we are reaffirming our 2024 and 2025 objectives.“

Christophe Périllat, Valeo’s Chief Executive Officer

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