Versigent (VGNT) Registration filing summary

Company overview and business model

• Global leader in low and high voltage electrical architectures, supplying optimized vehicle architecture solutions to OEMs and adjacent markets such as agriculture, construction, and infrastructure.

• Operates 59 manufacturing facilities and six technical centers worldwide, with a regional service model focused on best cost countries and supply chain resiliency.

• Diverse customer base includes nine of the top ten global OEMs, with 43% of revenue from the Americas, 33% from Asia Pacific, and 24% from EMEA in 2025.

• Business strategy centers on expanding leadership in core markets, leveraging technical innovation, entering adjacent markets, and optimizing manufacturing footprint.

Financial performance and metrics

• Net sales for 2025 were $8.8 billion, with net income attributable to Versigent of $528 million (6.0% margin) and Adjusted Operating Income of $670 million (7.6% margin).

• Operating cash flow was $641 million in 2025, with capital expenditures of $160 million and net cash used in investing activities of $159 million.

• Cost of sales represented approximately 55% of net sales; SG&A expense was $419 million (4.8% of net sales) in 2025.

• The company expects to incur $2.1 billion in debt at spin-off, with $400 million in cash and access to an $850 million revolving credit facility.

Use of proceeds and capital allocation

• Proceeds from new debt will fund a $1.94 billion dividend to Aptiv, with remaining cash used for general corporate purposes.

• Capital allocation priorities include funding organic and inorganic growth, paying regular dividends, and considering share repurchases with excess free cash flow.