Vallourec Sa · EURONEXT:VK
Vallourec Sa — Investor Presentation (November 2025)
37 slides from Vallourec Sa's investor presentation, November 2025
Slide 1: Investor Presentation
Investor Presentation November 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 Margin Gap Closed in Third Quarter Strong ROIC From Asset Streamlining Tubes EBITDA per Tonne (Peer vs. Vallourec, $) Trailing 12 Month Return on Invested Capital1 Quarterly Trailing 12 Months V
Slide 7: 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 1,560 1,539 1,536 177 177 175 1,203 550 550 – (140) 189 462 550 550 (500) 462 1,103 1,098 (1,000) (911) 900 809 835 552 (1,500) Y/E Y/E Y/E Q1 Q2
Slide 8: 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 9: 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 10: 2025 Operational Outlook
2025 Operational Outlook Fourth Quarter 2025 Full Year 2025 Volumes to increase slightly sequentially Volumes to increase slightly in H2 vs. H1 Tubes EBITDA per tonne to remain broadly EBITDA per tonne to improve in H2 vs. H1 due similar to Q3 to improvements in price and mix Mine & Forest Productio
Slide 11: 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 12: 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 13: Operations & Market Dynamics
2 Operations & Market Dynamics
Slide 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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 22: 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 22
Slide 23: US OCTG Market: Stable Demand, OCTG Intensity Increasing
US OCTG Market: Stable Demand, OCTG Intensity Increasing Q4 Oil Drilling Steady, Gas Momentum Continues OCTG Consumption per Rig Continuing to Increase Rig Count Annualized US OCTG Consumption (ktonnes) per Horizontal Rig Oil (L Axis) Gas (R Axis) 10 600 150 9 500 125 8 400 100 7 300 75 200 50 6 100
Slide 24: US OCTG Market: Slowing Imports, Pricing Stable at Healthy Level
US OCTG Market: Slowing Imports, Pricing Stable at Healthy Level Imports To Decrease Due to Higher Tariffs Seamless Market Prices Stable in Q3 Monthly OCTG Imports (Thousand Tonnes) Seamless OCTG Prices ($ / Tonne) All Others Major Welded Importers 2,514 2,509 2,553 2,551 250 2,395 2,263 2,233 2,122
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: Varying Trends Across Key Markets
International OCTG Market: Varying Trends Across Key Markets Selective Moderations in Drilling Activity Diverging Regional Pricing Trends Indexed Rig Count (2024 Average = 100) Seamless OCTG Price ($ / Tonne) Middle EastOffshore OnshoreRig Count Middle East Offshore Middle East North Sea Other Inter
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 3Q25 Revenues 4,173 3,242 3,442 4,883 5,114 990 1,085 894 1,065 4,034 991 863 911 Cost of sales (3,435) (2,634) (2,605) (3,807) (3,520) (669) (774) (633) (769) (2,845) (699) (577) (644) Indus
Slide 31: Summary Balance Sheet
Summary Balance Sheet € million, unless noted 2019 2020 2021 2022 2023 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 Goodwill & intangible assets 427 74 83 76 82 80 73 69 67 67 65 68 73 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 1,785 Other non-curre
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 3Q25 EBITDA 347 258 492 715 1,196 235 215 168 214 832 207 187 210 Non-cash items in EBITDA (22) 1 (37) (68) 2 10 – (14) (5) (9) (6) (20) (7) Financial cash out (234) (232) (228) (110) (88)
Slide 33: Segment Key Performance Indicators
Segment Key Performance Indicators € million, unless noted 2021 2022 2023 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 Volume sold* 1,640 1,804 1,552 292 351 292 362 1,297 314 293 303 Revenue (€m) 3,030 4,663 4,802 932 1,030 842 981 3,786 912 764 850 Tubes Average Selling Price (€) 1,848 2,584 3,093 3,18
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 • February 26, 2026: Publication of Fourth ISIN code: FR0013506730 Quarter and Full-Year 2025 Results Ticker: VK Upcoming Investor Events USA: American Depositary Receipt (ADR) • December 9, 2025: CIC Forum