Samsung Drops New Galaxy S25 Voucher Before Galaxy Z Fold 7 Release
Deal hunters should rejoice because June has bought about the best smartphone deals I have seen all year. First Apple raised its trade-in prices, Samsung then went even further and Google ultimately beat them both with eye-wateringly high trade-in valuations. Now, Samsung is back with a brand new double discount for the Galaxy S25 Ultra.
In an effort to push people to buy hardware through its Samsung Shop app, the company will knock 10% off the Galaxy S25 series if the code 'JUNE25' is used. This only applies to shoppers in the U.K., but let me know if it works elsewhere.
This isn't the first time Samsung has randomly dropped a new limited-time code. Back in February, the Korean company launched a promotional 'S25APP' code that knocked 5% off the Galaxy S25 lineup when bought through the app. This new voucher doubles the company's last offer and is consistent with the sheer deluge of deals Samsung is rolling out right now.
It's worth noting that Samsung runs a permanent voucher code ('APP5') when you buy anything in its shopping app. The company will also throw in discounts if several devices are bought together, which aren't always promoted. There doesn't appear to be any rhyme or reason to the bundle discounts because I often just add things to my basket to see what promotions they trigger.
For this S25 deal, the voucher isn't the only promotion Samsung is currently running for its flagship phone. It will pay at least £200 ($272.15) when you trade in any Android phone. The Korean company is also giving away a free Galaxy Tab A9 Plus (until June 26th) with all S25 purchases (base and Ultra models).
Samsung's New Galaxy Phone Discount Strategy
the new Galaxy S25 Edge has seen some of Samsung's best offers yet.
The star of the show, however, is Samsung's new trade-in pricing for British shoppers. Historically, U.S. Samsung smartphone customers get access to free subscriptions and huge trade-in deals that pay hundreds of dollars for years-old phones. In the U.K., the trade-in prices are poor, but British shoppers get free devices bundled with their Galaxy phones.
The Korean company has changed that with new pricing, which not only raises trade-in valuations for U.K. customers but also beats U.S. pricing in some places.
So British shoppers get a free tablet and trade-in prices that beat the historically high American valuations. Not only is this a solid deal, it's a good omen for people in the U.K. who want to buy Samsung phones in the future.
It's not clear why Samsung upped its trade-in prices, or why it is repeatedly combining several generous deals. Perhaps it wants to clear stock before the imminent Galaxy Z Fold 7 release, or reports about slow Galaxy S25 Edge sales are accurate.
What is clear, however, is that Google's latest Samsung-busting trade-in deal, and Apple's brief trade-in promotion, shows that major smartphone manufacturers are in a discount dogfight. Which is, of course, very food news for budget-conscious deal hunters. Make sure you don't miss a deal by hitting the follow button below.
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H1 2025 Results: Increase in Operating Margin & Net Cash Flow, Transformation Underway, Guidance Confirmed
NANTERRE (FRANCE)JULY 28, 2025 H1 2025 RESULTS INCREASE IN OPERATING MARGIN & NET CASH FLOWTRANSFORMATION UNDERWAYGUIDANCE CONFIRMED STRICT COST AND CASH DISCIPLINE DRIVING IMPROVEMENT Organic growth of 1.1%, driven by Electronics and Seating. Operating margin up 20bps, supported by strict cost control, well-contained impact of US tariffs and the first benefits of the EU-FORWARD program. Net Cash Flow more than doubled vs H1 2024, driven by recurring elements: EBITDA increased by €127m and Capex and Capitalized R&D reduced by €232m. Net result penalized by non-cash financial assets depreciation related to SYMBIO. In €m H1 2025 H1 2024 Change Sales 13,477 13,534 -0.4% Organic growth (constant scope & currencies)Adj. EBITDAAs % of sales 1,76213.1% 1,63512.1% +7.8% Operating income 722 700 +3.1% As % of sales 5.4% 5.2%Net result, Group share (269) 5 - Net cash flow 418 201 +€217m Net debt/Adj. EBITDA ratio 1.8x 2.0x -20bps ORGANIZATIONAL TRANSFORMATION TO PROMOTE FURTHER ACCOUNTABILITY AND OPERATIONAL EXCELLENCE Design of a new division centric organization with clear lines of P&L responsibility to drive business performance. Launch of Simplify project to streamline organization and reduce indirect and structural costs; €110m cost base reduction target by 2028, backed by c.€150m restructuring costs over 2025–2028. CONFIRMED FULL-YEAR 2025 GUIDANCE Sales, operating margin, net cash flow, and leverage targets reiterated. Martin FISCHER, Chief Executive Officer of FORVIA, declared: "Our three key priorities — delivering performance, driving business transformation and invigorating our culture— shape our decisions and actions. The quality of our first-half results demonstrates the remarkable commitment of our teams and our strong focus on these priorities. This performance, together with the rising outcomes of self-help measures and the continued strict cost and cash control, enables us to confirm our full-year guidance in a challenging and volatile environment. It also further supports our primary objective of debt reduction. In the first half, we launched major initiatives that underpin our strategic shift. We are streamlining our operating model into a division-centric structure that enhances agility, accelerates decision-making and fosters accountability. Meanwhile, the SIMPLIFY project is building a leaner organization, generating additional cost savings. At the same time, we are transforming our business portfolio through a thorough strategic review of each business group and all product lines, while actively pursuing asset disposals. We will present our strategy and mid-term financial goals at our Capital Market Day on February 24, 2026.' H1 2025 FINANCIAL RESULTS (detailed analysis in Appendices) H1 2025 Group consolidated sales and operating income GROUP (in €m) H1 2024 Currency effect Organic growth H1 2025 Reported change Sales13,534 -205 +148 13,477 -57 -1.5% -0.4% Operating income 700 722 +3.1% As a % of sales 5.2% 5.4% +20bps In H1 2025, worldwide auto production rose by 3.1%, to 44.9 million LVs (S&P Mobility July estimate). Strong growth in Asia (+7.8%) more than offset volume decline in EMEA (-3.1%) and Americas (-2.4%). These regional variations represented an unfavorable geographic mix of close to 4 points for FORVIA. H1 2025 organic growth stood at +1.1% of last year's sales: Product sales organic growth at +2.9% were in line with market volume growth, driven by Electronics, Seating and Interiors. Tooling sales were exceptionally high in the first half of 2024. Excluding the unfavorable geographic mix, organic growth represented an outperformance of 2 points, driven by Europe and Asia excluding China. The currency effect represented a negative impact of €205 million on sales (-1.5%), that started to materialize in Q2. H1 2025 consolidated operating income of €722 million, up 20bps at 5.4% of sales. Margin development was supported by improvement in Seating, Electronics and Interiors. Tariffs had no material impact thanks to effective counter measures. The year-on-year increase in operating income to €722 million in H1 2025, mainly reflected: Increased flexibility in production costs and reduction in operating costs (hiring freeze, travel restrictions, marketing expenses cut…), The first benefits of the EU-FORWARD program which contributed to the 100bps margin expansion of EMEA to 4.1% of sales, and synergies with FORVIA HELLA, for a combined amount of €65 million, and despite: Volume effect and operational challenges in the North American Interiors and Lighting businesses, A negative currency impact of €20 million. H1 2025 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME in €m H1 2025 H1 2024 Change Sales 13,477 13,534 Operating income before PPA 722 700 Purchase Price Allocation -92 -93Restructuring -248 -222 -26 Other non-recurring operating income and expense -16 -43 +27 Net financial interest -236 -250 +14 Other financial income and expense -72 79 -151 Income before tax of fully consolidated companies 59 171 -112 Income taxes -124 -59 -65 Share of net income of associates -154 -12 -142 Consolidated net income before minority interest -219 100 -319 Minority interest -50 -95 +45 Consolidated net income, Group share -269 5 -274 The consolidated net income, Group share, was a net loss of €269 million in H1 2025, penalized by €136 million non-cash financial asset depreciation related to SYMBIO joint venture, while the €5 million profit generated in H1 2024 included a capital gain on disposal of €134 million. It also reflected: Restructuring expenses The rapid pace of deployment of the EU-FORWARD program explains the high level of restructuring costs. The new operations in H1 2025 accounted for around 2,100 announced job cuts. With a total of 2,900 reductions in 2024, EU-FORWARD has already achieved half of its original target of 10,000 cuts, ahead of schedule. Net financial interest Net financial interest represented a charge of €236 million, an improvement of €14 million vs. H1 2024, notably reflecting impact of lower interest rates on floating-rate debt. Other financial income and expenses H1 2024 financial income included €134 million in capital gains realized by FORVIA HELLA from the sale of its stake in BHTC to AUO Corporation in China. Share of net income of associates: SYMBIO SYMBIO is a French company specializing in hydrogen systems for vehicles, jointly held by FORVIA, Michelin and Stellantis. Mid July 2025, Stellantis announced the termination of its hydrogen fuel cell technology development program, a decision with major implications for SYMBIO, which relies on the carmaker for over 80% of its business serious operational and financial risks for SYMBIO's future, FORVIA booked a non-cash depreciation of the financial assets related to the joint venture, consolidated under equity method, for €136 million. H1 2025 CONSOLIDATED CASH FLOW STATEMENT in €m H1 2025 H1 2024 Change Operating income 722 700 +22 Depreciation and amortization 1,040 935 +105 Adj. EBITDA 1,762 1,635 +127 Capex -274 -419 +145 Capitalized R&D -420 -507 +87 Change in WCR including factoring -24 97 -121 Restructuring -109 -90 -19 Other (operational) -27 -52 +25 Financial expenses -269 -289 +20 Taxes -221 -175 -46 Net cash flow 418 201 +217 Net cash flow increased by 108% to €418 million, with a quality improvement reflecting three recurring elements: The increase of the EBITDA that stood at 13.1% of sales, up 100bps vs. H1 2024, The 35% reduction of Capital expenditure, primarily in Europe, The 17% decrease of Capitalized R&D, essentially driven by the 11% reduction of Gross R&D (-€130 million). Change in working capital and factoring represented an outflow of €24 million, resulting from: a limited cash-out (€92 million) from working capital, with controlled inventories and net outflows from account receivables and payables, a €68 inflow from factoring to anticipate collection of tariffs recovery in the US. Amount of receivables factoring was kept below €1.3 billion at June 30, 2025. The year-on-year increase in tax cash-out mainly reflects the €68 million withholding tax refund received in H1 2024, linked to the extraordinary dividend from FORVIA HELLA received in 2023. After dividends paid to minorities (€56 million), new leases contracted (€72 million, reduced by 42%) and €90 million of other flows (mainly on change in currencies), net financial debt at June 30, 2025 was reduced by 193 million vs December 31, 2024 and stood at €6,430 million. Net debt/Adj. EBITDA ratio stood at 1.8x at June 30, 2025, vs. 2.0x at December 31, 2024. GROUP DEBT MATURITY Improved debt profile through active refinancing since the start of 2025 Since the start of the year and to date, the Group has successfully issued cumulated amount of c. €1.7 billion of new debt instruments, essentially maturing in 2030. New issuances reflected enhanced diversification of sources (Euro bond market, inaugural bond on the USD and c.€220 million of Schuldschein notes issued in July 2025). These proceeds were used to buy back 2026 maturities, now mostly cleared like the 2025 ones, as well as a portion of 2027 maturities. In parallel, the Group extended from June 2027 to June 2028 the maturity of a €650m bank loan. In all, these transactions allowed FORVIA to extend its average debt maturity1, now of 3.3 years compared to 3.1 at end of 2024. Gross debt was reduced by €321 million to €10,802 million at June 30, 2025 and gross cash by €128 million to 4,372 million. OTHER H1 2025 HIGHLIGHTS Business transformation and deleveraging We have been conducting a comprehensive review of the portfolio to prioritize leadership positions per product line over overall size. It includes an analysis across the 6 business groups and 24 product lines of the Group, to identify higher synergies, simplify scopes, and discontinue certain activities. In particular, it was decided to reduce the cash burn of the hydrogen activities while maintaining their long-term strategic importance. Concurrently, disposal processes have progressed, with the number of eligible assets revised upward and sizeable disposal processes on going. Major initiatives to boost agility and performance through a highly efficient organization The automotive industry is navigating a complex and fast-evolving environment, demanding greater agility and responsiveness. To support its profound transformation, the Group initiated two strategic projects to lead change effectively. The organization model is being transformed, with a clear P&L reporting structure defined. The new setup is division-centric, promoting higher levels of accountability and empowerment across teams. Through the SIMPLIFY Project, the Group aims to reinvent its ways of working across SG&A and indirect operations. It conducted a thorough benchmarking exercise to identify areas for improvement, leading to the definition of key structural levers, such as eliminating non-essential tasks, automating transactional activities with GenAI, and optimizing organizational design. The project ambition is to reduce the cost baseline by 110 million euros by 2028, supported by restructuring costs of c.150 million euros over 2025–2028. Order intake In H1 2025, FORVIA recorded order intake of €14 billion, compared to €15 billion in H1 2024, reflecting delayed tenders, notably in North America in the context of new tariffs imposed by the US administration. This order intake continued to demonstrate solid momentum in Electronics and in China: Electronics accounted for 34% of the total order intake Asia represented 36%, including 30% from China H2 2025 OUTLOOK AND 2025 FULL-YEAR GUIDANCE CONFIRMED The Group anticipates the production environment to remain volatile and uncertain. Based on S&P Mobility July estimates, the automotive market production is expected to reach 45 million LVs in H2 2025, slightly above H1 would represent a drop by 2.2% vs. H2 2024, with all main regions being impacted, including China. The geographic mix that was strongly unfavorable in H1 (-4 pts) is expected to level off. To preserve its performance, the Group will maintain rigorous cost control and disciplined cash management. It will also benefit from higher savings related to the EU-FORWARD program. Therefore, taking into account the tariffs enacted to date, the Group confirms its 2025 full-year guidance*: Sales between €26.3bn and €27.5bn, at constant exchange rates** Operating margin between 5.2% and 6.0% of sales Net Cash-flow ≥2024 level (i.e. 655M€) Net debt/Adjusted EBITDA ratio ≤1.8x at December 31, 2025 on a organic basis*** Beyond this organic deleveraging target, the Group is committed to restore a solid balance sheet with the objective of reducing Net debt/Adjusted EBITDA ratio below 1.5x in 2026, supported by disposals. *The guidance assumes no other major disruption materially impacting production or retail sales in any major automotive region during the year** 2024 average exchange rates: EUR/USD = 1.08, EUR/CNY = 7.79***With no net contribution from asset disposals FINANCIAL CALENDAR October 20, 2025 Q3 2024 sales announcement (before market hours) February 24, 2026 FY 2025 results announcement (before market hours) Capital Market Day A webcasted conference call will be held today at 09:00am (CET). If you wish to follow the presentation using the webcast, please access the following link: A replay will be available as soon as possible. You may also follow the presentation via conference call: France +33 1 70 91 87 06 United Kingdom +44 (0) 207 107 06 13 United States 1 (1) 631 570 56 13 PRESS ANALYSTS/INVESTORS Christophe MALBRANQUEGroup Media Relations Director+33 (0) 6 21 96 23 Adeline MICKELERGroup Head of Investor Relations+33 (0) 6 61 30 90 Sébastien LEROYDeputy Head of Investor Relations +33 (0) 6 26 89 33 About FORVIA, whose mission is: 'We pioneer technology for mobility experiences that matter to people'. FORVIA, a global automotive technology supplier, comprises the complementary technology and industrial strengths of Faurecia and HELLA. With around 250 industrial sites and 78 R&D centers, over 150,000 people, including more than 15,000 R&D engineers across 40+ countries, FORVIA provides a unique and comprehensive approach to the automotive challenges of today and tomorrow. Composed of 6 business groups and a strong IP portfolio of over 13,000 patents, FORVIA is focused on becoming the preferred innovation and integration partner for OEMs worldwide. In 2024, the Group achieved a consolidated revenue of 27 billion euros. FORVIA SE is listed on the Euronext Paris market under the FRVIA mnemonic code and is a component of the CAC SBT 1.5° index. FORVIA aims to be a change maker committed to foreseeing and making the mobility transformation happen. APPENDICES H1 SALES AND OPERATING MARGIN BY BUSINESS GROUPS Sales In €m H1 2025 H1 2024 Change Organic Change SEATING 4,305 4,197 +2.6% +3.7% ELECTRONICS 2,286 2,091 +9.3% +10.0% INTERIORS 2,497 2,557 -2.3% +0.1% LIGHTING 1,849 1,968 -6.1% -5.5% CLEAN MOBILITY 2,043 2,191 -6.8% -4.2% LIFECYCLE SOLUTIONS 497 530 -6.2% -3.2% GROUP 13,477 13,534 -0.4% +1.1% Organic growth was mostly driven by Electronics and Seating: Sales in Seating benefited from robust dynamic in China, especially with BYD and Chery. Europe recorded mid-single digit growth supported by BMW (frames and complete seats) and Renault (Master and 5 E-Tech), Sales in Electronics rose double-digit with solid growth in all regions. Sales were mostly driven by Japanese OEMs in Asia, by VW and Stellantis in Europe and GM in North America, Interiors: Organic sales were flat, penalized by strong comparable on tooling sales in North America and Europe. Sales in China rose at double-digit, supported by ramp up of programs with BYD, Lighting business was penalized by discontinuation of programs, Clean Mobility were down mid-single digit, notably penalized by the disposal of Hug Engineering. Sales were almost flat in Q2, supported by solid performance in North America (high single digit growth) where activity was lifted by Ford, Lifecycle Solutions activity was penalized by overall low level of its customer investments. Operating income In €m H1 2025 H1 2024 Change SEATING 239 194 +23.0% % of sales 5.5% 4.6% +0.9 pt ELECTRONICS 142 122 +17.0% % of sales 6.2% 5.8% +0.4 pt INTERIORS 48 37 +29.5% % of sales 1.9% 1.4% +0.5 pt LIGHTING 81 99 -17.8% % of sales 4.4% 5.0% -0.6 pt CLEAN MOBILITY 167 187 -10.5% % of sales 8.2% 8.5% -0.3 pts LIFECYCLE SOLUTIONS 45 62 -27.6% % of sales 9.1% 11.7% -2.6 pts GROUP 722 700 +3.1% % of sales 5.4% 5.2% +0.2 pt Group operating margin expansion in H1 2025 was supported by noticeable margin improvement at Seating, Interiors and Electronics: Operating margin expanded by 90 bps at Seating, benefiting from operating leverage in Europe and China, Operating margin improved by 40 bps in Electronics, driven by further catch-up of Clarion activities and on-going improvement of HELLA's activities, Profitability was up 50 bps at Interiors, with more than 100 bps expansion in Europe but with some underperforming plants in North America, Lighting profitability was penalized by missing volumes and operational difficulties in North America but improved in Europe, Clean Mobility maintained a high-quality margin of 8.2% despite sales decline. Operating margin was around 10% excluding hydrogen activities. Lifecycle Solutions profitability suffered from an unfavorable product mix H1 SALES AND OPERATING MARGIN BY REGIONS Sales In €m H1 2025 H1 2024 Change Organic Change Currency change Perf vs. auto prod EMEA 6,570 6,518 +0.8% +1.6% -0.8% +5 pts o/w Europe 6,421 6,353 +1.1% +1.9% -0.8% +6 pts AMERICAS 3,499 3,686 -5.1% -2.4% -2.7% - o/w North America 3,116 3,283 -5.1% -4.0% -1.1% - ASIA 3,408 3,331 +2.3% +4.0% -1.7% -4 pts o/w China 2,563 2,566 -0.1% +1.5% -1.6% -10 pts o/w Rest of Asia 845 764 +10.6% +12.5% -2.0% +10 pts GROUP 13,477 13,534 -0.4% +1.1% -1.5% -2 pts FORVIA recorded outperformance in all regions but China in H1: EMEA: In a market declining by 4% (S&P Mobility July estimate), sales in Europe ex. Russia recorded positive organic growth of 1.9%, showing 6 points of outperformance, driven by Seating, Electronics and Lighting, Americas: in North America, in a market down by 4.1%, product sales (excluding tooling sales that stood at a high level in H1 2024) dropped by only 2%, slightly outperforming the market, notably supported by Electronics and Clean Mobility, Asia: China recorded organic growth of 1.5%, supported by double-digit growth with Chinese OEMs, but underperformed the market. In the Rest of Asia, growth of 12.5% represented an outperformance of 10 points. Operating income In €m H1 2025 H1 2024 Change EMEA 268 202 +32.9% % of sales 4.1% 3.1% +1 pt AMERICAS 122 166 -26.4% % of sales 3.5% 4.5% -1 pt ASIA 331 332 -0.3% of sales 9.7% 10.0% -0.3 pt GROUP 722 700 +3.1% % of sales 5.4% 5.2% +0.2 pt Operating margin evolution were contrasted by region: EMEA: Operating margin was up 100 bps where the execution of EU-FORWARD yielded first significant results, Americas: profitability was penalized by underperformance in North America on missing volumes and operational challenges at Interiors and Lighting, Asia maintained an operating margin close to double digit reflecting strong progress in Rest of Asia and light decline in China. Q2 SALES BY BUSINESS GROUPS AND REGIONS By Business Groups In €m Q2 2025 Q2 2024 Change Organic Change SEATING 2,152 2,221 -3.1% -0.3% ELECTRONICS 1,142 1,081 +5.6% +7.9% INTERIORS 1,280 1,361 -5.9% -1.4% LIGHTING 914 975 -6.2% -4.1% CLEAN MOBILITY 1,041 1,109 -6.1% -1.0% LIFECYCLE SOLUTIONS 246 256 -4.0% +0.6% GROUP 6,775 7,003 -3.3% +0.1% By RegionsQ2 2025 Q2 2024 Change Organic Change Currency change Perf vs. auto prod (bps) EMEA 3,330 3,383 -1.6% -0.3% -1.3% +2 pts o/w Europe 3,252 3,294 -1.3% -0.1% -1.2% +2 pts AMERICAS 1,766 1,904 -7.2% -1.1% -6.2% +1 pt o/w North America 1,561 1,692 -7.8% -2.9% -4.9% - ASIA 1,679 1,716 -2.1% +2.4% -4.5% -4 pts o/w China 1,259 1,320 -4.6% +0.4% -5.0% -9 pts o/w Rest of Asia 420 396 +5.9% +8.9% -3.0% +7 pts GROUP 6,775 7,003 -3.3% +0.1% -3.4% -2 pts DISCLAIMER This presentation contains certain forward-looking statements concerning FORVIA. Such forward-looking statements represent trends or objectives and cannot be construed as constituting forecasts regarding the future FORVIA's results or any other performance indicator. In some cases, you can identify these forward-looking statements by forward-looking words, such as "estimate," "expect," "anticipate," "project," "plan," "intend," "objective", "believe," "forecast," "foresee," "likely," "may," "should," "goal," "target," "might," "would,", 'will', "could,", "predict," "continue," "convinced," and "confident," the negative or plural of these words and other comparable terminology. Forward looking statements in this document include, but are not limited to, financial projections and estimates and their underlying assumptions including, without limitation, assumptions regarding present and future business strategies (including the successful integration of HELLA within the FORVIA Group), expectations and statements regarding FORVIA's operation of its business, and the future operation, direction and success of FORVIA's business. Although FORVIA believes its expectations are based on reasonable assumptions, investors are cautioned that these forward-looking statements are subject to numerous various risks, whether known or unknown, and uncertainties and other factors, all of which may be beyond the control of FORVIA and could cause actual results to differ materially from those anticipated in these forward-looking statements. For a detailed description of these risks and uncertainties and other factors, please refer to public filings made with the Autorité des Marchés Financiers ('AMF'), press releases, presentations and, in particular, to those described in the chapter 2."Risk factors & Risk management' of FORVIA's 2024 Universal Registration Document filed by FORVIA with the AMF on March 7, 2025 under number D. 24-0080 (a version of which is available on Subject to regulatory requirements, FORVIA does not undertake to publicly update or revise any of these forward-looking statements whether as a result of new information, future events, or otherwise. Any information relating to past performance contained herein is not a guarantee of future performance. Nothing herein should be construed as an investment recommendation or as legal, tax, investment or accounting advice. The historical figures related to HELLA included in this presentation have been provided to FORVIA by HELLA within the context of the acquisition process. These historical figures have not been audited or subject to a limited review by the auditors of FORVIA. FORVIA HELLA remains a listed company. For more information on FORVIA HELLA, more information is available on This presentation does not constitute and should not be construed as an offer to sell or a solicitation of an offer to buy FORVIA securities. DEFINITIONS OF TERMS USED IN THIS DOCUMENT Sales growth FORVIA's year-on-year sales evolution is made of three components: A 'Currency effect', calculated by applying average currency rates for the period to the sales of the prior year, A 'Scope effect' (acquisition/divestment), And 'Growth at constant currencies'. As 'Scope effect', FORVIA presents all acquisitions/divestments, whose sales on an annual basis amount to more than €250 million. Other acquisitions below this threshold are considered as 'bolt-on acquisitions' and are included in 'Growth at constant currencies'. In 2021, there was no effect from 'bolt-on acquisitions'; as a result, 'Growth at constant currencies' is equivalent to sales growth at constant scope and currencies also presented as organic growth. Operating income Operating income is the FORVIA group's principal performance indicator. It corresponds to net income of fully consolidated companies before: Amortization of intangible assets acquired in business combinations. Other non-recurring operating income and expense, corresponding to material, unusual and non-recurring items including reorganization expenses and early retirement costs, the impact of exceptional events such as the discontinuation of a business, the closure or sale of an industrial site, disposals of non-operating buildings, impairment losses recorded for property, plant and equipment or intangible assets, as well as other material and unusual losses. Income on loans, cash investments and marketable securities; Finance costs. Other financial income and expense, which include the impact of discounting the pension benefit obligation and the return on related plan assets, the ineffective portion of interest rate and currency hedges, changes in value of interest rate and currency instruments for which the hedging relationship does not satisfy the criteria set forth in relationship cannot be demonstrated under IFRS 9, and gains and losses on sales of shares in subsidiaries. Taxes. Adjusted EBITDA In compliance with the ESMA (European Securities and Markets Authority) regulation, the term 'Adjusted EBITDA' has been used since January 1, 2022. Net cash flow Net cash flow is defined as follow: Net cash from (used in) operating and investing activities less (acquisitions)/disposal of equity interests and businesses (net of cash and cash equivalents), other changes and proceeds from disposal of financial assets, and new or extended leases. Repayment of IFRS 16 debt is not included. Net financial debt Net financial debt is defined as follow: Gross financial debt less cash and cash equivalents and derivatives classified under non-current and current assets. It includes the lease liabilities (IFRS 16 debt). 1 Excluding commercial paper, leases and overdraft Attachment 2025 07 28 FORVIA H1 2025 RESULTS PR_ENError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Plans to force taxpayers to submit digital information about their earnings to the government every 12 weeks will hit lower earners the hardest, even pushing the poorest people out of work and onto benefits, experts have warned. From April next year, almost 1 million people who are sole traders or landlords earning over £50,000 will have to make five tax returns to HMRC each year, including tracking their income every quarter. By April 2028, that rule will apply to anyone with a turnover exceeding £20,000 — meaning workers who don't pay any income tax at all could still be forced to keep detailed digital documents and submit them every three months. Accountants preparing for the change say the shift will have a damaging impact on the working lives and finances of freelancers and sole traders. They warn the move to quarterly updates will be hardest for people who are already vulnerable in the British economy including single parents, people working informal hours, those claiming benefits and those with English as a second language. According to experts, many low earners are now planning to retire early or give up work to avoid the extra hassle and cost of completing a quarterly tax return. Those who can afford to pay an accountant will face higher costs for the extra hours of support, while those who cannot stretch to hiring help will face many more hours of their working lives being lost to administration. Those juggling low paid self-employment with caring for children or elderly relatives could be hit hardest by the extra burden. Read more: Do you trust your partner enough to give them money for tax purposes? Robyn Milstead, director of tax at LKA Chartered Accountants, told Yahoo News UK: 'These things are not just a source of anxiety, they are impossible for some. I really worry about tradespeople where English isn't their first language. For single parents who are self-employed, the first deadline for the quarterly submission is 7 August — straight in the school holidays.' There will be some exemptions from the scheme, including for those who are highly digitally excluded or cannot keep electronic records for religious reasons, but Milstead is sceptical that these will be sufficient to protect vulnerable workers. 'We're not expecting these exemptions to extend to someone who isn't good with computers, or to clients who can't read,' she says. Free software will be made available to help people keep careful records that can be uploaded to HMRC, but Milstead says this alone will not overcome the barriers that are likely to push many towards quitting work altogether. 'Giving people software doesn't make them into book keepers, and I think a lot of people will feel that it's very intrusive,' she says. The Making Tax Digital programme (MTD) is designed to help small businesses and sole traders understand their turnover and reveal forgotten income earned during the earlier parts of the financial year, bringing in a more consistent tax take to the Exchequer. But accounting this way makes little sense for those whose income fluctuates dramatically over the year, such as working parents who may not earn anything during the 13 weeks of school holidays yet have larger incomes during term time. Confusingly, though digital turnover reports will have to be submitted every three months, the payment dates for income tax and national insurance — at the end of the months of January and July each year — are not changing. There is also little information available about how these submissions will work alongside universal credit and other benefit payments. 'As someone raised by a single parent, I saw firsthand how hard it is just to make ends meet. It's hard to imagine how so many single parents are going to find the time to continue running a business, juggling childcare but then also learn how to bookkeep and file quarterly updates without it putting a huge amount of pressure on top,' says Tom Bickle, director and principal accountant at JP Blackmoor Limited. 'Saying everyone can use accounting software is like giving an accountant a pair of scissors and expecting them to be a hairdresser overnight. As a country we are seeing more increases in food bills, light and heat, taxes and general costs of living, with household incomes struggling to keep pace. The introduction of MTD is likely going to force many lower earning, self-employed individuals and families into seeking more stability, less hassle and much less financial risk by ceasing their business.' Read more: How to build passive income Despite the money it could make them, accountants are not happy. Concern over implementation of the policy is now so widespread that more than 400 professionals have joined a WhatsApp group to discuss how to support their clients and even push back against the change. Just months before the switchover, HMRC has still not provided guidelines on the crossover between monthly universal credit claims and quarterly digital tax returns. 'There's a huge amount of us that don't want this at all,' says Milstead. 'They're bringing this in without any guidance on it. The amount of stress in the industry just takes away from useful work we could be doing elsewhere.' Confusion and anxiety over the switchover has led older members of the group to consider early retirement to avoid having to work through it. Others are encouraging their clients to repress their income this year rather than pass over the threshold which would require a switch to quarterly reports. Milstead believes that the disruptive programme is highly unlikely to improve the UK's tax take. 'The Revenue have this thought that people forget their income. Actually people are really diligent about reporting their income, but really bad at their expenses,' she says. A spokesperson for HMRC says: 'Making Tax Digital will modernise tax processes to make it easier for customers to stay on top of their affairs, reducing errors and further closing the tax gap. We've worked extensively with customers, representative bodies and software developers to ensure MTD works well for small businesses and landlords and that they are prepared for the change — with free and low-cost software available.' Read more: UK set to lose 16,500 millionaires this year as non-dom status ends UK's rising debt cost puts Reeves and tax rises in spotlight Buy-to-let rents bringing in 7% returns to landlordsError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
