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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Valeo
Valeo (FR) investor relations material
Valeo Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 TU earnings summary22 Oct, 2026
Executive summary
Q3 sales were €4,881m, down 2.6% like for like; reported sales fell 2.3%, with +1.0% FX and -0.7% scope impact.
BRAIN returned to growth, up 8.2% like for like, supporting the targeted return to growth in 2027.
FY26 guidance was confirmed, with Elevate 2028 execution on plan.
Financial highlights
Q3 OEM sales were €4,080m, down 3.8% LFL; aftermarket sales rose 3.0% LFL and miscellaneous sales rose 6.6% LFL.
Q3 aftermarket sales were €516m, up 6.6%, and miscellaneous sales were €285m, up 7.6%.
9M sales totaled €15,259m, down 0.3% LFL and 2.5% reported YoY.
Outlook and guidance
FY26 guidance: sales €20bn–€21bn, operating margin 4.7%–5.3% of sales, and free cash flow above €400m after net financial interest.
H2 operating margin and free cash flow targets are equivalent to H1; Q4 sales are expected to rise sequentially in line with normal seasonality.
BRAIN OEM growth is expected to continue in Q4 and through FY27, supported by program launches even if the market is flat.
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Latest events from Valeo
- AI-powered vehicle intelligence and scalable cooling solutions drive growth and efficiency.FR
Investor presentation - Operating margin rose to 5.0% and free cash flow more than doubled, reducing net debt.FRH1 2026
- Q1 2026 sales up 1.3% like-for-like, all divisions outperformed a shrinking auto market.FRQ1 2026 TU
- Record free cash flow and margin gains in 2025, with strong China momentum and order intake.FRH2 2025
- Targets €22–24bn sales, 6–7% margin, and >€500m free cash flow by 2028, with renewed growth from 2027.FRCMD 2025
- Q3 sales up 3.5% lfl to €5.0bn; 2025 guidance confirmed with strong divisional performance.FRQ3 2025 TU
- Profitability and cash flow rose sharply in H1 2025, with order intake up 30% and margin targets reaffirmed.FRH1 2025
- Profitability and cash flow improved in H1 2024, with margins up and sales guidance revised.FRH1 2024
- 2024 margin and cash targets met; 2025 aims for higher sales, margins, and free cash flow.FRH2 2024
Next Valeo earnings date
Q4 202625 Feb, 2027
Valeo
Next Valeo earnings date
Q4 202625 Feb, 2027
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Frequently asked questions
Valeo SE designs and manufactures automotive components and systems, including powertrain technologies, advanced driver assistance systems (ADAS), thermal systems, and lighting. The company serves automakers and the aftermarket with solutions supporting electrification and vehicle automation. The company is headquartered in Paris, France, and its shares are listed on the EPA.