Valeo : 2022 Half-year financial report

Contents

1.	GROUP PROFILE AND CORPORATE GOVERNANCE	1
2.	KEY FIGURES	2
3.	INTERIM MANAGEMENT REPORT	4
3.1.	Implementation of the Move Up plan	4
3.2.	Business review	5
3.3.	Segment reporting	7
3.4.	Earnings	8
3.5.	Cash flow and financial position	11
3.6.	2022 outlook confirmed	12
3.7.	Highlights	13
3.8.	Other information relating to sales	16
3.9.	Subsequent events	18
3.10.	Stock market data	18
3.11.	Risk factors and related party transactions	22

1. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2022

1. Consolidated statement of income
2. Consolidated statement of comprehensive income
3. Consolidated statement of financial position
4. Consolidated statement of cash flows
5. Consolidated statement of changes in stockholders' equity
6. Notes to the condensed interim consolidated financial statements

1. STATUTORY AUDITORS' REVIEW REPORT ON THE
   HALF-YEARLY FINANCIAL INFORMATION

1. Conclusion on the financial statements
2. Specific verification

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6. STATEMENT BY THE PERSON RESPONSIBLE FOR THE

	HALF-YEAR FINANCIAL REPORT	63
7.	FINANCIAL GLOSSARY	64
8.	SAFE HARBOR STATEMENT	65

Valeo - 2022 Half-year Financial Report

1. GROUP PROFILE AND CORPORATE GOVERNANCE

As a technology company and partner to all automakers and new mobility players, Valeo is innovating to make mobility cleaner, safer and smarter. Valeo enjoys technological and industrial leadership in electrification, driving assistance systems, reinvention of the interior experience and lighting. These four areas are vital to the transformation of mobility and will drive the Group's growth in the coming years.

In the first half of 2022, the Group generated sales of 9.4 billion euros and invested 959 million euros in Research and Development. At June 30, 2022, Valeo had 185 plants, 21 research centers, 44 development centers and 18 distribution platforms, and employed 104,400 people in 31 countries worldwide.

Valeo is listed on Euronext Paris.

Board of Directors at June 30, 2022

• Jacques Aschenbroich
  Chairman of the Board of Directors
• Christophe Périllat
  Chief Executive Officer
• Bruno Bézard
• Bpifrance Participations, represented by Stéphanie Frachet
• C. Maury Devine*
• Fonds Stratégique de Participations, represented by Julie Avrane

• Mari-NoëlleJégo-Laveissière
• Gilles Michel
• Thierry Moulonguet
• Éric Poton
  Director representing employees
• Patrick Sayer
• Ulrike Steinhorst
• Grzegorz Szelag
  Director representing employees
• Véronique Weill

Committees at June 30, 2022

Audit & Risks Committee	Governance, Appointments &
		Corporate Social Responsibility
■	Thierry Moulonguet	Committee
	Chairman
■	Bruno Bézard	■	Gilles Michel
■ Fonds Stratégique de Participations,		Chairman
	represented by Julie Avrane	■	Bpifrance Participations,
■	Mari-NoëlleJégo-Laveissière		represented by Stéphanie Frachet
■	Éric Poton, director representing employees	■	C. Maury Devine*
■	Véronique Weill	■	Patrick Sayer
		■ Ulrike Steinhorst, in charge of CSR issues
Compensation Committee	■	Véronique Weill
■	Gilles Michel	Strategy Committee*
	Chairman
■	Bpifrance Participations,	■	Patrick Sayer
	represented by Stéphanie Frachet		Chairman
■	C. Maury Devine*	■	Bpifrance Participations,
■	Patrick Sayer		represented by Stéphanie Frachet
■	Ulrike Steinhorst	■	Gilles Michel
■	Grzegorz Szelag, director representing	■	Thierry Moulonguet
	employees	■	Ulrike Steinhorst

• Véronique Weill

• It should be noted that C. Maury Devine stepped down as a director on July 26, 2022 and that the Board of Directors co-opted Alexandre Dayon as an independent director on the same date. He will also be a member of the Strategy Committee as from July 26, 2022..

Valeo - 2022 Half-year Financial Report

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2. KEY FIGURES Financial performance

ORDER INTAKE(1)	SALES
In billions of euros	Breakdown by type
	In millions of euros

• Valeo Siemens eAutomotive.
• Products and technologies in series production for less than three years.

ORIGINAL EQUIPMENT SALES:

GROWTH, OUTPERFORMANCE* AND BREAKDOWN BY DESTINATION REGION

Like for like(1)

* Compared to the automotive market, based on S&P Global Mobility (formerly IHS Markit) automotive production estimates released on July 15, 2022.

1 See financial glossary, page 64.

Valeo - 2022 Half-year Financial Report

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SALES BY BUSINESS GROUP

As a % of total sales*

* Excluding the Top Column Module business.

INVESTMENTS IN PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS*

• Excluding capitalized development expenditure In millions of euros

FREE CASH FLOW(1)

In millions of euros

TOTAL EBITDA(1) AND EBITDA BY BUSINESS GROUP

In millions of euros and as a % of each Business Group's sales

• Excluding the Top Column Module business.
• Includes other items for €22 million in H1 2021 and €34 million in H1 2022.

OPERATING

MARGIN

Excluding share in net earnings of equity-accounted companies In millions of euros and as a % of sales

BASIC EARNINGS PER SHARE

In euros

1 See financial glossary, page 64.

Valeo - 2022 Half-year Financial Report

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