Valeo announces its financial results for 2023 and sets objectives to increase operating margin and cash generation by more than 60 percent between 2023 and 2025.
The company reported sales of around 22 billion euros, up 11 percent like for like on an adjusted basis. EBITDA and operating margins in 2023 were at 12 percent and 3.8 percent of sales, respectively.
“Thanks to the remarkable dedication of our teams, we have once again, this year, achieved the financial objectives we had set ourselves. Since the start of 2022, we have continuously improved our financial performance. At the mid-point of our Move Up strategic plan, growth and profitability of our order intake demonstrate the validity of our choices in terms of product and price positioning.
Development in our market is driven by the megatrends of electrification, ADAS and the software-defined vehicle. Today, our positioning reflects our strategic choices, and enables us to offer innovative technology and wide range of software that precisely meet these needs. We are contributing to safer mobility, offering affordable solutions that are more sustainable. For 2024 and 2025, we are keeping to our strategic path: to offer the right technologies, at the right time, at the right price. These technologies are highly regarded by our customers, who are continuing to place their trust in us. They create value, for them as well as us.
With the automotive industry undergoing transformation, we have decided to set new objectives for 2025 consistent with conservative automotive production assumptions. In a volatile environment, we are accelerating our transformation and continuing to work on reducing costs and on improving both profitability and free cash flow generation,” said Christophe Périllat, Valeo’s Chief Executive Officer.
