Valeo SA: Q2/H1-26 preview: persisting outperformance in Q2?

研报英文原文证据摘录

Valeo SA: Q2/H1-26 preview: persisting outperformance in Q2?

Deutsche Bank

Research

Rating Company Date

Hold Valeo SA 22 June 2026

Results

Europe

France

Reuters Bloomberg Exchange Ticker Price at 18 Jun 2026 (EUR) 13.41

VLOF.PA FR FP PAR VLOF

Price Target (EUR) 13.00

Autos

ADR ISIN 52-week range (EUR) 16.64 - 8.56

Auto Parts

VLEEY US9191343048

Q2/H1-26 preview: persisting

Valuation & Risks outperformance in Q2?

Christoph Laskawi

Q2/H1-26 results due on July 22, 2026 Research Analyst

Valeo is set to report H1-26 numbers on July 22 post close and will host a conference +49-69-910-31924

call the same evening. We expect the company to show a Q2 topline decline but

Tim Rokossa

sequential improvement from Q1. For H1-26 overall, thanks to cost saving efforts Head of European Equity Research

we expect a y/y margin improvement to be shown and cash generation should +49-69-910-31998

follow the same trend. With that, we see no need to introduce changes to the FY26

Nicolai Kempf

outlook with H1-26 reporting.

Research Analyst

+49-162-5168792

Q2/H1-26 preview in more detail: same level of outperformance as OE improves

in Q2 Nikita Papaccio

For Q2-26, we model an OE outperformance over production largely driven by Research Analyst

+49-69-910-48637

Europe and North America and actually expect all divisions to outperform as well.

With that, organic growth turns positive again in Q2-26 and moreover the FX Mira Wiegratz

headwind is fading. On a group basis, we expect the topline for H1-26 to be down Research Associate

in low single digits but despite the decline, we model earnings up y/y in absolute +49-69-9103-1733

terms and also showing a margin improvement. This is driven by cost measures, in

particular. Thanks to the earnings uplift and capex discipline, we model a FCF of