Valeo posted Q1 revenue €5.12bn, down 3.6% YoY but 1.3% LFL, beating consensus by 2%.
All three divisions outperformed production, with LIGHT leading (+5pp) and North America OE sales up 7.2% LFL, beating global decline.
Aftermarket sales rose 1.9% to €558m and miscellaneous sales jumped 36.5% to €318m, aided by a weak 2025 base.
Valeo reaffirmed FY2026 guidance of €20‑21bn sales, 4.7‑5.3% margin and >€400m free cash flow; shares fell ~4%.