OPmobility - 2024 Annual results

Paris,

February 20, 2025 at 7:00 am (CET)

Strong results growth in a decreasing market 

Revenue^a) up +2.8%^c), driven by all regions, outperforming the market^j) by +4.0points

Solid growth in operating margin^d), net result  and free cash flow^g)

Successful technological, geographical and  customer diversification strategy 

On track to reach carbon neutrality on scopes 1 and 2 from 2025^[1]

•       2024 economic revenue^a) of €11,647 million, up +2.8%^c), mainly driven by Modules and Exterior. 

•       Market outperformance of +4.0 points across all regions (Europe, North America and Asia) in 2024, reinforcing the Group’s geographical diversification strategy. The United States are the Group’s primary contributor to revenue in 2024.

•       Operating margin^d) of €440 million, up significantly by +€45 million, or +11.4%, driven by more robust activity in 2024 compared to 2023, as well as controlled cost management. The operating margin of Exterior, Modules and C-Power historical activities increased in 2024 compared to 2023, with OPmobility

reporting a significant improvement in its operating margin rate of +0.4 points, to 4.2% of revenue.

•       Net result Group share of €170 million in 2024, up +4.2% on 2023. The improved operating margin more than offset the higher financial costs and tax expense.

•       Strong free cash flow^g) generation of €246 million in 2024, up +€19 million on 2023.

•       Net debt^h) of €1,577 million at December 31, 2024, with leverage of 1.7x EBITDA at the end of 2024, stable on the end of 2023.

•       On track to reach carbon neutrality on scopes 1 and 2 from 2025^[2] in line with the commitment made in 2021, and “A” rating awarded by CDP Climate for the second time in a row.

•       Dividend of €0.60 per share proposed to the Shareholders’ General Meeting of April 24, 2025.

Outlook

•       The automotive production is expected stable in 2025^j) with strong disparities by region, and uncertainties remain regarding the consequences of potential regulatory evolutions (trade tariffs, CAFE^[3] standards notably).

•       OPmobility will pursue its strategy of technological, geographical and customer diversification while continuing optimizing its cost structure and monitoring its investments to strengthen its competitiveness. The Group aims to publish 2025 financial aggregates (operating margin^d), net result Group share and free cash flow^g)) above 2024, while continuing to reduce its net debt^h).

Laurent Favre, Chief Executive Officer of OPmobility, said:

“In 2024, the Group delivered a solid performance despite a particularly complex environment for the mobility industry. The quality of this performance reflects the success of our innovation and technological, geographical and customer diversification strategy implemented in recent years, as well as the unwavering mobilization of our teams to address the new market challenges with agility.

With revenue of €11.6 billion, up +2.8%, OPmobility stands out in a declining and competitive market. This performance, supported by increased sales in all regions, is driven in particular by the momentum of the Exterior and Modules activities. Underpinned by strict cost control, the operating margin increased significantly, by +11.4%, as did net result, up +4.2%. In addition, thanks to strong growth in the free cash flow and to the diversification of our financing sources, we enter 2025 with a solid financial structure.

In 2025, OPmobility will continue its transformation by accelerating the implementation of its innovation and diversification strategy with the ambition to improve, in a context of expected stable automobile production, its operating margin, net result Group share, and free cash flow, while continuing to reduce its net debt. As regards its extrafinancial performance, the Group confirms its decarbonization trajectory and the achievement of scopes 1 and 2 carbon neutrality from 2025.”

Strong financial performance in 2024

The OPmobility SE Board of Directors, chaired by Mr. Laurent Burelle, met on February 19, 2025, and approved the consolidated financial statements for the year ended December 31, 2024.

The consolidated financial statements have been audited. An audit report will be issued after verification of the management report and compliance with the European Single Electronic Format.

Figures communicated are presented using the following segment reporting formatⁱ⁾:

‐ Exterior & Lighting (formerly Exterior Systems), which includes exterior systems and lighting activities;

        ‐    Modules, which comprises module design, development and assembly;

‐ Powertrain, which brings together the C-Power (energy and emission reduction systems, and batteries and electrification systems) and H₂-Power (hydrogen activity) business groups.

OPmobility economic revenue^a) totaled €11,647 million in 2024, up +2.2%, and +2.8%^c) like-for-like, compared to 2023, mainly driven by Modules and Exterior. This growth is mostly due to the transformation into revenue of the high order intake recorded in recent years by the exterior systems activity, as well as the first full-year impact of the modules plant in Austin, Texas.

The joint ventures, which mainly manufacture exterior parts in China of YFPO, reported like-for-like growth of +10.3^c) in 2024.

•       Exterior & Lighting: economic revenue^a) decreased by -1.2% like-for-like^c) compared to 2023. In this segment, exterior systems revenue benefits from the high order book recorded in recent years, while, as announced, lighting revenue decreased in 2024 year-on-year due to a weak order book prior to its acquisition by OPmobility. In a highly competitive environment, the lighting business maintains strong commercial momentum, recording nearly €3 billion in orders in just two years and securing its growth from 2026. 

•       Modules: economic revenue^a) is up significantly by +12.0% (+12.9% LFL^c)) compared to 2023, mainly due to solid growth in module volumes assembled at the Austin, Texas plant for a major American player in electric mobility, as well as increased volumes for European manufacturers in Slovakia and the Czech Republic and for Hyundai and Kia in South Korea through the SHB joint venture.

•       Powertrain: economic revenue^a) totaled €2,667 million, down -1.5% and -0.5% LFL^c) year-on-year. With the gradual transition to electrification and increased demand for hybrid powertrains, the C-Power business group continues to consolidate its leading position in the production of fuel tanks and emission reduction systems and is a major player, through e-Power, in the electrification of heavy mobility. In addition, the H₂-Power business group continues to record heavy and collective mobility orders, securing its future growth. 

OPmobility consolidated revenue^b) totaled €10,484 million in 2024, up +1.6% (+2.0% LFL^c)) year-on-year. It includes a currency effect of -€41 million, mainly on the Brazilian real, Argentine peso and Japanese yen.

OPmobility significantly outperforms automotive production^j) by +4.0 points in a contracting market

In a highly competitive and more regionalized market environment, global automotive production^(j) decreased by -1.2% in 2024 compared to 2023.

In 2024, the European market continued to be affected by the slowdown in electrification, falling sharply by -4.9% year-on-year. In addition, the North American market was impacted by high vehicle inventories, causing several program launches to be delayed. Automotive production in the Asia region was stable at +0.5% compared to 2023, mainly supported by China’s strong performance of +4.6% in 2024.

In this environment, OPmobility significantly outperformed the market by +4.0 points and in the main regions where it operates (Europe, North America and Asia).

•       In Europe, economic revenue^a) totaled €5,832 million, stable on 2023. In this region, where automotive production decreased by -4.9%, mainly due to a -5.9% drop in electric battery vehicles sales compared to 2023, the Group continues to outperform automotive production^j) by +4.9 points. This performance was supported mainly by the exterior systems activity, as well as by Modules, which continues to benefit from the ramp-up of the Slovakia and Czech Republic sites.

•       In North America, economic revenue^a) totaled €3,395 million and represented 29% of 2024 Group revenue, up +1.5 points on 2023, in line with the Group’s growing presence in this region. Revenue^a) increased significantly by +7.8% (+7.8% LFL^c)) year-on-year in North America, outperforming the market by +10.4 points. This strong growth was mainly driven by the Modules plant in Austin and, to a lesser extent, by the Exterior business, with notably the Cadillac Lyric, Volkswagen Atlas and Chevrolet Equinox programs. Finally, in 2024 C-Power recorded fuel tank and depollution system production volumes in this region similar to 2023.

•       In China, where it generates 8% of its sales, the Group recorded economic revenue^a) of €941 million in 2024, a decrease in a market growing +4.6%, driven by strong demand for new energy vehicles. Increased electric vehicle production, mainly by local companies, continues to impact C-Power, which is developing in the hybrid vehicle segment. At the same time, the exterior systems business through YFPO, the joint venture with Yanfeng, recorded revenue growth in 2024.

•       In Asia excluding China, where OPmobility generates 8% of its sales, economic revenue^a) totaled €988 million in 2024, up +8.9% (+12.9% LFL^c)) year-on-year and +17.4 points higher than automotive production^j). The Modules business group continues to grow through the SHB joint venture in South Korea, the main country contributing to revenue in this region. Finally, the C-Power and Exterior businesses continue to grow in India, the Group's growth driver.

Strong growth of +11.4% in the Group operating margin

In 2024, the Group operating margin^d) totaled €440 million compared to €395 million in 2023, an increase of +€45 million, with an operating margin of 4.2% of Group revenue, up +0.4 points. The Modules operating margin increased to above 2%, while the operating margin of the other Group activities increased from 4.6% in 2023 to 5.0% in 2024.

The Group reported activity growth while containing its structure and production costs in a market^(j) which contracted by -1.2% in 2024, with ongoing high inflation.

The Exterior & Lighting operating margin^d) totaled €251 million in 2024, representing 5.3% of revenue^b), up +0.3 points on 2023 mainly due to a significant improvement in the exterior systems business operating margin.

The Modules operating margin^d) was €67 million in 2024, i.e. 2.2% of revenue^b), a marked increase of +0.6 points on 2023. The Modules business group benefits from measures implemented at the end of 2023, with a better geographic and customer mix contributing to the operating margin improvement. This demonstrates the Group’s

ability to improve the profitability of this assembly business, which has a lower margin rate than the Group’s other activities, while being low capital-intensive.

The Powertrain operating margin^d) amounted to €111 million in 2024, i.e. 4.2% of revenue^b). C-Power’s fuel tank and emission reduction systems production activities continue to secure their high margin rate. The hydrogen business, H₂-Power, for its part, continues to grow while adapting its cost structure in line with more progressive customer demand than expected.

Net result Group share of €170 million, up +4.2% 

Net result Group share is €170 million in 2024 (1.6% of consolidated revenue^b)), up +4.2% on 2023, and includes:

-          The strong improvement in the operating margin, which offsets the increase in financial expenses in an environment of high interest rates. Net financial expenses total -€130 million in 2024, compared to -€105 million in 2023. This increase is due to higher financial costs following a rise in interest rates and a €500 million bond issue in March 2024;

-          Other operating income and expenses of -€67 million, up slightly by +€3 million compared to 2023, and mainly including reorganization costs in the Lighting and C-Power activities and currency effects;

-          An income tax expense of -€72 million in 2024, or 0.7% of revenue^b), up on 2023 mainly due to higher profits. The effective tax rate is 36% in 2024 compared to

                33.5% in 2023.                                                 

Strong free cash flow generation to €246 million, up +8%

EBITDA^e) amounted to €929 million in 2024, representing 8.9% of revenue^b) compared to €900 million and 8.7% of revenue^b) in 2023, consistent with the increase in the operating margin during the year.

Investments^f) represented 4.8% of revenue^b), in line with the Group’s maximum annual investment target of 5% of revenue^b).

The change in working capital requirement was +€42 million in 2024, vs. +€61 million in 2023.

Free cash flow^g) totaled €246 million in 2024, or 2.3% of revenue^b), up +0.1 points on 2023. Adjusted for the impact of real estate disposals of €54 million in 2023, following the sale of sites in Belgium and Brazil, free cash flow generated by the Group in 2024 increased +€73 million on 2023. 

Dividend proposal^[6] of €0.60 per share

The Board of Directors will propose a dividend of €0.60 per share at the General Meeting of Shareholders on April 24, 2025 for fiscal year 2024, representing a payout ratio of 50.8%.

An interim dividend of €0.24 per share was already paid in July 2024. The balance of €0.36 per share will be paid on May 2^nd, 2025 after approval by the General Meeting of Shareholders.

Controlled debt

At December 31, 2024, adjusted for the exceptional payment of a €35 million interim dividend in July 2024 and the repurchase of own shares for €10 million at the end of 2024, the Group’s net debt decreased -€9 million on December 31, 2023.

With net debt^h) of €1,577 million at the end of December 2024, OPmobility’s leverage is 1.7x EBITDA, stable on the end of December 2023.

At December 31, 2024, the Group has liquidities of €2.4 billion, comprising €499 million in available cash and €1.9 billion in confirmed, undrawn credit facilities, with an average maturity of 3.4 years and no covenants.

In 2024, the Group diversified its sources of financing and extended the average maturity of its debt with, in March, the successful placement of a €500 million bond issue due March 2029 and paying a coupon of 4.875%. This followed S&P Global Ratings assigning the Group a BB+ rating with a stable outlook on March 1, 2024. In addition, OPmobility successfully completed a €300 million Schuldschein private placement in December 2024, with an average maturity of 4.7 years, an average financing rate of 4.17% and no covenants. The proceeds from this issue will be used for general financing needs, including the partial refinancing of 2025 maturities.

Finally, the Group repaid a €500 million bond loan at maturity in June 2024.

By anticipating its 2025 refinancing needs, the Group therefore ensured a solid financial structure with diversified financing sources with no covenants, and extended the average maturity of its debt.

OPmobility continues to strengthen its technological offer and diversify its geographic and customer mix to address mobility challenges

By becoming OPmobility in 2024, the Group turned a new page in its history and confirmed the acceleration of its strategic transformation as a leading player in sustainable and connected mobility. In a constantly evolving market, this ambition is founded on three pillars: technologies, geographies and customers. The Group has chosen agility and proximity to better seize future opportunities and contribute to building diversified, sustainable and connected mobility.

Technological diversification 

The Group is expanding and strengthening its technological offer to seize opportunities and anticipate developments in the global mobility market and meet the needs of all customers, whatever their powertrain: electric (hydrogen or battery), hybrid or internal combustion. OPmobility can adapt with agility to market changes as its revenue is over 75% powertrain agnostic, as generated by its exterior systems, lighting and modules activities. 

A new Exterior & Lighting business group was established on February 1, 2025, combining the exterior systems and lighting activities to meet the growing demands of manufacturers for value-added integrated exterior systems, while creating synergies with lighting activities.

In addition, at CES 2025 in Las Vegas, the Group unveiled its One4you global offer for exterior vehicle systems. This offer aims to provide custom-made technologies and solutions combining exterior body parts, lighting solutions, modules and software, through OP’nSoft.

OPmobility also showcased its latest lighting innovations. These include safety features such as Adaptive Driving Beam technology designed for the North American market, which produces a beam without dazzling other drivers, as well as the first massproduced RGB (Red Green Blue) lighting automotive system capable of projecting a wide spectrum of colors and dynamic animations.

In addition, OPmobility offers a comprehensive range of solutions for all types of powertrain, allowing it to capitalize on market opportunities, including the significant growth in demand for hybrid vehicles. In 2024, more than 10% of C-Power business group orders concerned plug-in hybrid vehicle programs, and this trend is expected to continue in the coming months.

With declining internal combustion engine vehicle sales, OPmobility is securing the future of the business group through a “Last Man Standing” strategy. This allows for the capture of new market share by adapting to diverse regional dynamics, especially due to the gradual adoption of electrification. This approach targets both historical manufacturers and new tenders in a consolidating market.

Finally, OPmobility has developed a comprehensive offer of high-pressure vessels for hydrogen vehicles, whether equipped with fuel cells or internal combustion engines. The Group continues to grow by seizing commercial opportunities while adjusting its investment in production capacity in a context of more gradual than anticipated growth in demand from manufacturers.

Geographic diversification  

In a rapidly changing global mobility landscape, OPmobility is strengthening its geographic presence in expanding markets, including the United States, China, India and Southeast Asia (Thailand and Indonesia). OPmobility continues to extend its geographic footprint by accelerating its development in North America and Asia.

In 2024, the United States was the largest contributor to Group revenue, generating 17.4%, up +2.4 points compared to 2019. Since 2024, all OPmobility’s business groups are present in the United States, in line with the strategy to rebalance its geographic mix to better meet customer needs. The Group expects to significantly increase its revenue in this country in the coming years.

In addition, with nearly two-thirds of orders in 2024 coming from North America and Asia, OPmobility’s future revenue stream is more balanced across the regions.

Customer diversification 

OPmobility is strengthening its historical customer portfolio while adapting to new trends in the automotive market. In 2024, the Group stepped-up the diversification of its customer mix, particularly targeting electric mobility new entrants, as well as opening up to all forms of mobility. To support its customers in their decarbonized mobility journey, OPmobility ramped up module volumes assembled at its new Austin plant in Texas for a major American player in electric mobility. In addition, OPmobility continues to be well positioned in calls for tenders, as evidenced by its commercial success with new electric mobility players such as BYD, NIO and Geely in China.

OPmobility has also expanded its customer portfolio to address collective and heavy mobility, recording several orders in the rail sector. In particular, the Group has developed a comprehensive offer for hydrogen-powered vehicles, whether equipped with fuel cells or internal combustion engines, thereby covering all forms of mobility. These solutions have enabled the Group to strengthen its existing programs, notably with Alstom. Two new contracts have also been signed since the beginning of the year with CRRC (China Railway Rolling Stock corp.), the world’s leading manufacturer of railway equipment, for the supply of high-pressure hydrogen storage systems, and with Stadler to equip regional hydrogen trains in Italy. The Group has also developed a multiple offer for pure electric, hybrid and hydrogen hybrid rail electrification (trains, trams).

In a transforming mobility market, OPmobility confirms its belief that hydrogen is a particularly relevant solution for decarbonizing heavy mobility and is strengthening its position as a global leader in hydrogen mobility.

Accelerating the Group's transformation to optimize its operational performance

In a rapidly changing market, OPmobility must focus more than ever on efficiencies, synergies and, in a wider sense, performance. The Group is also firmly committed to its transformation, to strengthen its positioning and increase its competitiveness. The Group will therefore optimize synergies between its business groups to achieve excellence in the various functions that drive operational performance, such as Purchasing, Logistics, Industrial Performance and Research & Development.

OPmobility, a major player in mobility energy transition

In 2024, OPmobility keep on reducing its CO₂ emissions on scopes 1 and 2 and implemented all actions to reach carbon neutrality on these scopes in 2025

OPmobility confirms its ambitious target of scope 1 and 2 carbon neutrality by 2025^[7], demonstrating the Group’s commitment to reducing its environmental impact and promoting sustainable mobility in line with the targets communicated in 2021, as recognized by the Science-Based Targets initiative (SBTi) and aligned with the Paris Agreement.

This objective positions OPmobility as a major player in sustainable development and confirmed its long-term commitment to a more environmental-friendly future.

OPmobility also continues to roll out its carbon neutrality plan to achieve its other objectives:

-               30% reduction in upstream and downstream scope 3 emissions by 2030 compared with 2019⁹,

-               Commitment to be net zero in 2050 according to the Business Ambition 1.5°C of SBTi.

Since 2021, the Group’s new energy improvement program has boosted its energy efficiency. In 2024, this efficiency improved by 22% compared to 2019⁹. In addition, over the same period, 12 new solar panel installation projects were launched, bringing the total number of equipped sites to 35.

Improved OPmobility ESG ratings

Reputed rating agencies continue to positively assess OPmobility’s non-financial performance. OPmobility received several awards for its ESG commitments:

-          Recognition of the Group’s commitment to the climate with the award of the highest CDP rating of “A”, for the second time in a row. The Group has been also awarded, for the 1^st year of assessment, a “B” rating by the CDP Water;

-          The award of an “AA” rating (previously “A”) by MSCI ESG Ratings, placing OPmobility in the leader category and among the top 10% of its industry;

-          The renewal by EcoVadis of the Group’s Platinum status with an 82/100 rating, up +2 points on last year, allowing it to maintain its ranking in the top 1% of companies assessed. This progress was achieved through significant efforts in

the field of ethics and by maintaining excellence in other areas such as climate change;

-          The award of a “C+” ESG rating by ISS, making the Group one of the leaders in its industry.

Driven by its environmental commitments, OPmobility demonstrates through the reduction of its CO₂ emissions, and across-the-board improvements in ESG ratings, its ability to implement an ambitious roadmap, thereby confirming its position as a major player in mobility energy transition.

Outlook

The automotive production is expected stable in 2025^j) with strong disparities by region, and uncertainties remain regarding the consequences of potential regulatory evolutions (trade tariffs, CAFE^[8] standards notably).

OPmobility will pursue its strategy of technological, geographical and customer diversification while continuing optimizing its cost structure and monitoring its investments to strengthen its competitiveness. The Group aims to publish 2025 financial aggregates (operating margin^d), net result Group share and free cash flow^g)) above 2024, while continuing to reduce its net debt^h).

This press release is published in English and French. In the event of any discrepancy between these versions, the original version written in French shall prevail.

The press release, the slideshow, and the consolidated financial statements including the notes are available on the website www.opmobility.com.

Calendar

•       April 23, 2025: Q1 2025 revenue

•       July 24, 2025: 2025 half-year results

•       October 23, 2025: Q3 2025 revenue

*****

About OPmobility 

OPmobility is a world leader in sustainable mobility and a technology partner to mobility players worldwide. Driven by innovation since its creation in 1946, the Group is today composed of four complementary business groups that enable it to offer its customers a wide range of solutions: exterior and lighting systems, complex modules, energy storage systems and battery and hydrogen electrification solutions. OPmobility also offers its customers an activity dedicated to the development of software, OP’nSoft.

With economic revenue of 11.6 billion euros in 2024 and a global network of 150 plants and 40 R&D centers, OPmobility relies on its 38,900 employees to meet the challenges of sustainable mobility.

OPmobility is listed on Euronext Paris, compartment A. It is eligible for the Deferred Settlement Service (SRD) and is included in the SBF 120 and CAC Mid 60 indices (ISIN code: FR0000124570). www.opmobility.com

Appendix

Glossary

a)            Economic revenue corresponds to consolidated revenue plus revenue from investments, by controlled subsidiaries, in joint ventures and associates consolidated at their percentage holding: BPO (50%) and YFPO (50%) for Exterior & Lighting, EKPO (40%) for Powertrain and SHB (50%) for Modules.

b)            Consolidated revenue does not include the Group’s share of revenue from joint ventures, consolidated using the equity method, in accordance with IFRS 10-11-12. c) Like-for-Like (LFL): at constant scope and exchange rates

i.         The currency effect is calculated by applying the exchange rate of the current period to the revenue of the previous period. In 2024, it amounted to -€71 million for economic revenue and -€41 million for consolidated revenue.

ii.        There was no significant scope effect in 2024 linked to the consolidation of PORein since April 28, 2023.

d)            Operating margin includes the Group’s share of income from companies consolidated using the equity method and amortization of intangible assets acquired, before other operating income and expense.

e)            EBITDA corresponds to operating margin, which includes the Group’s share of income from associates and joint ventures, before depreciation, amortization, and operating provisions.

f) Investments comprise expenditure on property, plant and equipment and intangible assets, net of disposals.

g)            Free cash flow corresponds to operating cash flow less expenditure on property, plant and equipment and intangible assets net of disposals, taxes and net interest paid, plus or minus the change in the working capital requirement (cash surplus from operating activities).

h)            Net debt includes all long-term borrowings, short-term loans, and bank overdrafts less loans, marketable debt instruments and other non-current financial assets, and cash and cash equivalents.

i) Group segment reporting breaks down as follows:

o    Exterior & Lighting (formerly Exterior Systems), which includes exterior systems and lighting activities;

o    Powertrain, which brings together the C-Power (energy and emission reduction systems and batteries and electrification systems) and H₂-Power (hydrogen activity) business groups;

o    Modules, which comprises module design, development and assembly activities.

j) Global or regional automotive production data refer to the S&P Global Mobility forecasts published in February 2025 (<3.5-ton passenger car segment and commercial light vehicles).

Disclaimer

The information contained in this document (the “Information”) has been prepared by OPmobility SE (the “Company”) solely for informational purposes. The Information is proprietary to the Company. The contents of this document may not be reproduced, published or distributed to any other person, directly or indirectly, in whole or in part, for any purpose without the prior written permission of the Company.

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This document contains forward-looking statements. These forward-looking statements may be identified by the words “expects”, “anticipates”, “believes”, “ intends”, “estimates”, “plans”, “potential”, “outlook”, or “forecast” or similar terms. These forward-looking statements are based on a series of assumptions, both general and specific, in particular the application of accounting principles and methods in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union.  

These forward-looking statements have been developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment. These forward-looking statements are only valid the day they are made and are subject to various risks and uncertainties, including matters not yet known to the Company or its management or not currently considered material, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, the global geopolitical environment (including ongoing armed conflicts), overall trends in general economic activity and in the Company’s markets in particular, regulatory and prudential changes, and the success of the Company’s strategic, operating and financial initiatives. 

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