Valeo (FR) Q3 2026 TU earnings summary

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.