Meudon (France), November 14^th, 2025

Vallourec, a world leader in premium tubular solutions, announces today its results for the third quarter 2025. The Board of Directors of Vallourec SA, meeting on November 12^th 2025, approved the Group's third quarter 2025 Consolidated Financial Statements.

Third Quarter 2025 Results

• Q3 Group EBITDA of €210 million; EBITDA margin strong at 23%
• Tubes EBITDA per tonne increased by more than 25% sequentially to €621
• Robust US customer demand demonstrated in recent bookings
• Expanding market share in Brazil via new Long-Term Agreement with Petrobras
• Q4 2025 Group EBITDA expected to range between €195 million and €225 million
• Confirm expected improvement in EBITDA in H2 2025 vs. H1 2025

HIGHLIGHTS & OUTLOOK

Third Quarter 2025 Results

• Group EBITDA of €210 million, up 12% sequentially, in line with midpoint of guidance
• Group EBITDA margin was strong at 23%, the highest level since Q1 2024
  • Tubes EBITDA margin improved more than 320 bps sequentially to 22%, with Tubes EBITDA increasing 30% sequentially to €188 million due to higher selling prices and slightly higher volumes.
  • Mine & Forest EBITDA decreased by (22%) sequentially to €35 million due to lower volumes and higher costs, though EBITDA margin remained solid at 42%.
• Adjusted free cash flow of €69 million; total cash generation of €67 million; net debt reduced to €140 million
• Finalized sale of Serimax to further streamline invested capital and focus on core business activities
• Redeemed 10% of outstanding 2032 senior notes
  
  

Fourth Quarter 2025 Group EBITDA is expected to range between €195 million and €225 million:

• In Tubes, EBITDA per tonne is expected to be similar to the Q3 2025 level, while volumes are expected to be slightly above the Q3 2025 level.
• In Mine & Forest, production sold is expected to be around 1.4 million tonnes.

Full Year 2025 Outlook

• Confirm Group EBITDA improvement in H2 2025 vs. H1 2025
• Full Year Group EBITDA is expected to range between €799 and €829 million

Philippe Guillemot, Chairman of the Board of Directors and Chief Executive Officer, declared:

“Vallourec delivered solid results once again in the third quarter, with Group EBITDA margin rising to its highest level since the first quarter of 2024. This quarter marks three straight years in which Vallourec has delivered a Group EBITDA margin around 20% and positive total cash generation – a clear testament to the major structural changes we have made within our business since May 2022.

“Our advantaged manufacturing footprint and reputation for high-quality tubular solutions is paying dividends in the United States. Our order intake in this market in recent months has been robust and reflects stable customer drilling activity and an improvement in our market share. We continue to expect a slowdown in imports, which currently represent about 40% of supply in the US OCTG market, as the market responds to higher steel tariffs.

“Also in the quarter, we secured a major contract in Brazil. Our new Long-Term Agreement with Petrobras will expand our market share and further demonstrate Vallourec’s ability to deliver high value-added solutions from our domestic manufacturing base. This contract carries potential revenue of up to $1 billion over four years.

“Meanwhile, in select markets in the Eastern Hemisphere, we have seen delays in customer activity that will result in some orders being invoiced in 2026 – later than initially planned. That said, our key international customers continue to advance ambitious plans to grow their oil and gas production capacity over the coming years, which will drive solid demand for our solutions.

“Since we announced the New Vallourec plan in May 2022, we have made significant progress towards our two primary strategic goals. We achieved our objective of crisis-proofing our business ahead of plan, and today we can point to significant progress in achieving best-in-class profitability. In the third quarter, we fully closed the gap in Tubes EBITDA per tonne versus our primary peer. This is thanks to our core principle of Value over Volume and the relentless focus of our teams on operational excellence.

“Our journey does not end here. We remain focused on improving return on invested capital and returning capital to our shareholders. To this end, today we convened a special meeting for holders of Vallourec warrants, in which we will propose a modification in our warrant terms and conditions in order to allow the delivery not only of newly-issued shares but also of existing shares upon their exercise, at the Company’s option. This will allow maximum flexibility in our shareholder return framework in the coming year.”

The consolidated financial statements are included in the pdf version of the press release.

INFORMATION AND FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms as “believe”, “expect”, “anticipate”, “may”, “assume”, “plan”, “intend”, “will”, “should”, “estimate”, “risk” and or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, Vallourec’s results of operations, financial condition, liquidity, prospects, growth, strategies and the industries in which they operate. Readers are cautioned that forward-looking statements are not guarantees of future performance and that Vallourec’s or any of its affiliates’ actual results of operations, financial condition and liquidity, and the development of the industries in which they operate may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if Vallourec’s or any of its affiliates’ results of operations, financial condition and liquidity, and the development of the industries in which they operate are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in subsequent periods. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These risks include those developed or identified in the public documents filed by Vallourec with the French Financial Markets Authority (Autorité des marches financiers, or “AMF”), including those listed in the “Risk Factors” section of the Universal Registration Document filed with the AMF on March 27, 2025, under filing number n° D. 25-0192.

Accordingly, readers of this document are cautioned against relying on these forward-looking statements. These forward-looking statements are made as of the date of this document. Vallourec disclaims any intention or obligation to complete, update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws and regulations. This press release does not constitute any offer to purchase or exchange, nor any solicitation of an offer to sell or exchange securities of Vallourec. or further information, please refer to the website https://www.vallourec.com/en.

Future dividends and share buyback authorizations will be assessed on a yearly basis by the Board of Directors taking into account any relevant factor in the future, and will be subject to Shareholders’ approval. The Board of Directors will have discretion to employ share buybacks throughout the year, up to the limits authorized by the relevant resolution approved by the Annual General Meeting.

Presentation of Q3 2025 Results

Conference call / audio webcast on November 14^th at 9:30 am CET

• To view the webcast: https://vallourec.engagestream.companywebcast.com/2025-11-14-q3resultscallanalysts
• To participate in the conference call, please register beforehand to receive dial-in details: https://engagestream.companywebcast.com/vallourec/2025-11-14-q3resultscallanalysts/dial-in
• Audio webcast replay and slides will be available at: https://www.vallourec.com/en/investors
  
  

About Vallourec

Vallourec is a world leader in premium tubular solutions for the energy markets and for demanding industrial applications such as oil & gas wells in harsh environments, new generation power plants, challenging architectural projects, and high-performance mechanical equipment. Vallourec’s pioneering spirit and cutting edge R&D open new technological frontiers. With close to 13,000 dedicated and passionate employees in more than 20 countries, Vallourec works hand-in-hand with its customers to offer more than just tubes: Vallourec delivers innovative, safe, competitive and smart tubular solutions, to make every project possible.

Listed on Euronext in Paris (ISIN code: FR0013506730, Ticker VK), Vallourec is part of the CAC Mid 60, SBF 120 and Next 150 indices and is eligible for Deferred Settlement Service.

In the United States, Vallourec has established a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN code: US92023R4074, Ticker: VLOWY). Parity between ADR and a Vallourec ordinary share has been set at 5:1.

Financial Calendar

For further information, please contact:

Attachment

• Vallourec Q3 2025 Results Press Release