Valeo maintains annual targets despite weaker third-quarter sales
Valeo ($FR-EURONEXT) reported third-quarter 2026 revenue of €4.9 billion, down 2.6% at constant exchange rates and scope. Original-equipment sales declined 3.8% to €4.1 billion against a 1.6% contraction in global vehicle production. The group continued to outperform its markets in North America and Asia excluding China, but the overall sales comparison showed pressure across its automotive customer base.
The BRAIN division returned to growth, increasing sales 8.2% on the same constant-currency and scope basis. Management views that improvement as an initial step toward a group return to growth in 2027. Valeo retained its full-year 2026 targets of €20–21 billion in sales, a 4.7–5.3% operating margin and free cash flow after net financial interest above €400 million. It is targeting second-half operating margin and free cash flow broadly equivalent to the first half.
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