Slide 1: Investor Presentation
Investor Presentation August 2025
Slide 2: Legal Disclaimer
Legal Disclaimer Forward-Looking Statements This presentation 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”, “shoul
Slide 3: Investment Overview
Investment Overview ay vallourec
Slide 4: Vallourec's Strategic Journey
Vallourec’s Strategic Journey More profitable, more resilient, more cash generative Operational and Strategic Improvements 2022 New Vallourec Plan Brazil Performance Program European asset closures Two-phase Mine Extension plan China premiumization Brazil capability enhancement New Energies franchis
Slide 5: Significantly Reshaped Production Footprint
Significantly Reshaped Production Footprint Changes resulting from the New Vallourec plan and subsequent Brazil optimization Rolling Capacity (kt) North America 850 Closed ~700kt of rolling capacity South America 800 and various finishing sites East Asia 280 Reduced rolling capacity by Europe 50 ~30
Slide 6: Closing the Margin and Return Gap Versus Peers
Closing the Margin and Return Gap Versus Peers Progress since New Vallourec plan announcement in May 2022 Strong progress on margins but more to come Competitive ROIC following asset streamlining Trailing 12 Month Tubes EBITDA per Tonne (Peer vs. Vallourec, $) Trailing 12 Month Return on Invested Ca
Slide 7: Brazil Performance Program: Cost Actions Completed
Brazil Performance Program: Cost Actions Completed Eliminating Complexity • Closure of aging 150kt Plug mill • 30% reduction in distinct products offered • Strict minimum order quantities Reducing Costs Increasing Throughput • Decreasing labor costs by 10-15% • Debottlenecking high-value equipment •
Slide 8: Meaningfully Improved Balance Sheet
Meaningfully Improved Balance Sheet Debt evolution Liquidity evolution Net Cash (Debt) (€ Million)1 € Million 1,877 1,880 Net debt Gross debt 500 224 232 1,539 1,536 177 177 1,203 550 550 – (201) 189 462 550 (500) 462 (941) 1,103 1,098 (1,000) 900 809 552 (1,500) Y/E Y/E Y/E Q1 Q2 (2,000) 2022 2023
Slide 9: Vallourec's Capital Allocation Framework
Vallourec’s Capital Allocation Framework Maintain a Crisis-Proof Sustain and Expand Our Establish Our Shares as a Balance Sheet Premium Market Position High-Yielding Investment Vehicle • Retain substantial financial and • Ensure asset integrity with €100 – 125 • Distribute 80 – 100% of total cash st
Slide 10: Establishing Our Shares as a High-Yielding Investment Vehicle
Establishing Our Shares as a High-Yielding Investment Vehicle We aspire to be one of the most shareholder-friendly companies in our peer group Principles of Vallourec’s shareholder returns Significant cash flow generation Euros per share • Returning 80 to 100% of total cash generation • Previous yea
Slide 11: 2025 Operational Outlook
2025 Operational Outlook Third Quarter 2025 Full Year 2025 Expect international volumes Volumes to be similar to Q2 to increase in H2 vs. H1 Tubes EBITDA per tonne to increase sequentially EBITDA per tonne to improve in H2 vs. H1 due to improvements in pricing Production sold to be around 1.5mt Prod
Slide 12: Vallourec's Foreign Exchange and Cost Exposures
Vallourec’s Foreign Exchange and Cost Exposures Foreign exchange exposure and management Cost structure summary • Revenue is primarily invoiced in USD % of Total 2024 Costs Impacting EBITDA • North America and Tubes export business largely USD SG&A and Other • Second largest: BRL (domestic Industry
Slide 13: Midcycle Cash Flow Simulation: Significant Potential Returns
Midcycle Cash Flow Simulation: Significant Potential Returns Metric Assumption EBITDA (€) Tubes €750m Mine & Forest €125m Holding & Other, Intersegment (€25m) Group EBITDA €850m Cash Flows (€) Capital expenditures €175m Financial cash out €50m Cash tax €175m Group total cash generation €450m Total c
Slide 14: Operations & Market Dynamics
2 Operations & Market Dynamics
Slide 15: Supplier of Mission-Critical Premium Seamless Tubular Solutions
Supplier of Mission-Critical Premium Seamless Tubular Solutions Focused on high-end seamless tubular solutions Highly demanding applications for our products Vallourec Focus Vertical Well Commercial Airline Section Cruising Altitude Up to 10,000 meters ~10,000 meters Welded Tubes Seamless Tubes Moun
Slide 16: The Seamless Tube Production Process
The Seamless Tube Production Process Heat Raw Material Sourcing Steelmaking Rolling Treatment Threading Externally sourced & recycled process scrap OCTG Only Scrap Metal Iron Ore Pelletizing Plant Pellets Cast Iron Lumber Kiln Charcoal Blast Furnace Conversion of scrap Piercing and Heating and cooli
Slide 17: Key Seamless Tubes Markets
Key Seamless Tubes Markets Oil Country Project Line Pipe Industry New Tubular Goods (PLP) and Energies (OCTG) and Process Other 2024 Total Market Size (mt) 12.0 4.1 Not Analyzed High-Growth 2024 Served Market Size (mt) 5.7 1.0 0.4 Emerging Markets % of 2024 Vallourec Volumes ~70% ~15% <15% Automotiv
Slide 18: Limited Set of Premium Seamless Tube Suppliers
Limited Set of Premium Seamless Tube Suppliers Tier 1 Global Suppliers ~6 million tonnes annual production Suppliers Unable to Access Global Premium Market Regional Western Suppliers Asia and CIS Suppliers ~2.5 million tonnes annual production >10 million tonnes annual production Note: reflects prod
Slide 19: Major Seamless OCTG Markets
Major Seamless OCTG Markets 2024 Market Size (Million Tonnes) CIS North America 2.6 Europe 0.4 3.7 China 2.8 1.3 Africa 0.4 Asia Pacific Middle East 0.5 Ex-China 0.4 South America Dominant Connection Technology Proprietary API Sources: Internal market intelligence based on public peer commentary, Ry
Slide 20: Technology Unlocks High-Value Markets
Technology Unlocks High-Value Markets Gaining access to value-added markets Advanced technology drives higher added value • Value over Volume strategy emphasizes participation Market Price ($/tonne) in markets where we are well-positioned due to: 8,000 • Technology 7,000 • Geography or trade 6,000 •
Slide 21: Sustaining and Expanding our Premium Market Position
Sustaining and Expanding our Premium Market Position Expanding our capabilities to produce differentiated products with significant value creation potential Expanding high-torque capabilities Growing CLEANWELL® in OCTG Enhancing PLP coating offering Investing to support customer demands for Investin
Slide 22: Major OCTG Market Characteristics
Major OCTG Market Characteristics Region Primary Customers Commercial Demands • High volumes Large Independent • Just-in-time delivery North America Exploration & Production • Reliable domestic supply chain Companies (E&Ps) • Fit-for-purpose technology • Multi-year program support • Inventory manage
Slide 23: Tubes Revenue Mix
Tubes Revenue Mix Balanced geographic exposure Focused on high-value oil & gas business % of 2024 Tubes Revenues % of 2024 Tubes Revenues Other Rest of 6% World Industry 24% 10% North America 41% South America 16% Oil & Gas¹ Middle East 84% 19% 1 Includes petrochemicals 23
Slide 24: Steady Recovery in US OCTG Market Prices
Steady Recovery in US OCTG Market Prices Diverging oil and gas activity Imports up before tariff increase Market prices have risen US Horizontal Rig Count Monthly OCTG Imports (Thousand Tonnes) Seamless OCTG Price ($ / Tonne) Oil (L Axis) Gas (R Axis) All Others Major Welded Importers 2,514 2,509 2,
Slide 25: US OCTG Trade Dynamics
US OCTG Trade Dynamics Key sources of US supply Welded: more commoditized Seamless: higher value OCTG Shipments (Million Tonnes) % of 2024 Welded OCTG Imports % of 2024 Seamless OCTG Imports 6.0 Other Austria 5.4 19% 17% 5.1 Other 34% 5.0 Korea 1.2 4.3 45% Thailand 1.1 Canada 13% 15% 4.0 Imported 0.
Slide 26: International OCTG Market Healthy and Stable
International OCTG Market Healthy and Stable Global activity levels slightly higher recently International market pricing remains healthy Onshore Rig Count Offshore Rig Count Seamless OCTG Price ($ / Tonne) Onshore (L Axis) Offshore (R Axis) Middle East North Sea 800 550 2,767 2,800 2,833 2,850 2,81
Slide 27: Significant Growth Potential in Our New Energies Business
Significant Growth Potential in Our New Energies Business Carbon Capture, Utilization and Geothermal Hydrogen Storage (“CCUS”) Primary Tubes Casing for Casing and tubing for CO2 injection wells; H2 storage systems; transportation Application geothermal wells transportation line pipes line pipes Heat
Slide 28: Delphy Vertical H2 Storage: Superior Intermediate Scale Solution
Delphy Vertical H2 Storage: Superior Intermediate Scale Solution Competition has higher costs or other drawbacks Delphy is a superior-cost solution in its target range € / kgH2 Delivered Solution Capex Opex Other Factors 3.0 Low-pressure Not scalable 2.5 gaseous High-pressure Higher safety risk 2.0
Slide 29: Financial Data
Financial Data ¥ vallourec
Slide 30: Summary Income Statement
Summary Income Statement € million, unless noted 2019 2020 2021 2022 2023 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 Revenues 4,173 3,242 3,442 4,883 5,114 990 1,085 894 1,065 4,034 991 863 Cost of sales (3,435) (2,634) (2,605) (3,807) (3,520) (669) (774) (633) (769) (2,845) (699) (577) Industrial m argin 7
Slide 31: Summary Balance Sheet
Summary Balance Sheet € million, unless noted 2019 2020 2021 2022 2023 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 Goodw ill & intangible assets 427 74 83 76 82 80 73 69 67 67 65 68 PP&E and biological assets 2,705 1,748 1,790 1,891 2,050 2,040 1,944 1,869 1,903 1,903 1,867 1,754 Other non-current assets 509
Slide 32: Summary Cash Flow Statement
Summary Cash Flow Statement € million, unless noted 2019 2020 2021 2022 2023 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 EBITDA 347 258 492 715 1,196 235 215 168 214 832 207 187 Non-cash items in EBITDA (22) 1 (37) (68) 2 10 – (14) (5) (9) (6) (20) Financial cash out (234) (232) (228) (110) (88) 5 (65) (17)
Slide 33: Segment Key Performance Indicators
Segment Key Performance Indicators € million, unless noted 2021 2022 2023 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 Volume sold* 1,640 1,804 1,552 292 351 292 362 1,297 314 293 Revenue (€m) 3,030 4,663 4,802 932 1,030 842 981 3,786 912 764 Tubes Average Selling Price (€) 1,848 2,584 3,093 3,189 2,937 2,888
Slide 34: Definitions of Non-GAAP Financial Data and Concepts
Definitions of Non-GAAP Financial Data and Concepts Adjusted free cash flow is defined as adjusted operating cash flow +/- change in operating working capital and gross capital expenditures. It corresponds to net cash used in operating activities less restructuring and non-recurring items +/- gross
Slide 35: Definitions of Non-GAAP Financial Data and Concepts
Definitions of Non-GAAP Financial Data and Concepts Gross capital expenditure: gross capital expenditure is defined as the sum of cash outflows for acquisitions of property, plant and equipment and intangible assets and cash outflows for acquisitions of biological assets. (Increase) decrease in net
Slide 36: Definitions of Non-GAAP Financial Data and Concepts
Definitions of Non-GAAP Financial Data and Concepts Non-cash adjustments to net debt includes non-cash foreign exchange impacts on debt balances, IFRS-defined fair value adjustments on debt balances, and other non-cash items. Non-cash items in EBITDA includes provisions and other non-cash items in E
Slide 37: Share Information and Financial Calendar
Share Information and Financial Calendar Share Information Financial Calendar Euronext Paris • November 14, 2025: Publication of Third ISIN code: FR0013506730 Quarter and First-Nine Month 2025 Results Ticker: VK Upcoming Investor Events USA: American Depositary Receipt (ADR) • September 3, 2025: Bar