Slide 1: Full Year and Q4 2025 Results
Full Year and Q4 2025 Results February 27th, 2026
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: Agenda
Agenda 1. Executive 2. Strategic 3. Market Summary Updates Environment Philippe Guillemot 4 Philippe Guillemot 9 Philippe Guillemot 15 Chairman of the Board & Chairman of the Board & Chairman of the Board & Chief Executive Officer Chief Executive Officer Chief Executive Officer 4. Q4 and FY 2025 5.
Slide 4: 1. Executive Summary
1. Executive Summary Philippe Guillemot Chairman of the Board & Chief Executive Officer
Slide 5: Key Achievements in 2025
Key Achievements in 2025 Value-Enhancing Initiatives Delivered Across the Organization Driving Delivering Streamlining Operational Excellence Value over Volume Capital Sources & Uses • Executed cost reduction program in • New Long-Term Agreement (LTA) • Executed sale of Serimax welding Brazil ahead
Slide 6: Executive Summary: Q4 and FY 2025
Executive Summary: Q4 and FY 2025 Results and Outlook Commercial and Operational Shareholder Returns • EBITDA in line with guidance: • United States • €200m buyback underway • Q4 2025: €214m • Assets highly utilized as recent • €146m remaining under current • FY 2025: €819m booking activity remained
Slide 7: 2026 Shareholder Returns
2026 Shareholder Returns Delivering on our commitment to be one of the most shareholder-friendly companies in our peer group Applying Our Capital Allocation Framework Balanced Shareholder Return Structure • Significant shareholder distributions Million Euros • Around €650m expected to be distributed
Slide 8: Margin and Return Gap
Margin and Return Gap Narrow Margin Gap in Fourth Quarter Strong ROIC From Asset Streamlining Tubes EBITDA per Tonne (Peer vs. Vallourec, $) Trailing 12 Month Return on Invested Capital1 Vallourec Peer Quarterly Trailing 12 Months 100 30% – 25% (100) 20% (200) 15% (300) ROIC (400) 10% (500) 5% (600)
Slide 9: 2. Strategic Updates
2. Strategic Updates Philippe Guillemot Chairman of the Board & Chief Executive Officer
Slide 10: Strategic Priorities for 2026
Strategic Priorities for 2026 Driving Operational Excellence Optimizing the Asset Base Positioning for Profitable Growth 10
Slide 11: Enhancing Our Value Chain
Optimizing the Asset Base Enhancing Our Value Chain Ongoing Execution of High-Return Projects 2022 2023 2024 2025 2026 Mine & Forest Mine Phase 1 Extension Mine Phase 2 Extension Brazil Steelmaking Steelmaking Reconfiguration Brazil Capability Enhancement Rolling Brazil Plug Mill Closure German Mill
Slide 12: Geothermal Spotlight
Positioning for Profitable Growth Geothermal Spotlight Accelerating demand for geothermal products Next-gen geothermal financing ($B) Rising demand for low-carbon, baseload and dispatchable power 2.2 Growing investments in geothermal industry, including by AI hyperscalers Clear commercial momentum i
Slide 13: Geothermal Development Concepts
Positioning for Profitable Growth Geothermal Development Concepts 13
Slide 14: Sizing the Geothermal Opportunity
Positioning for Profitable Growth Sizing the Geothermal Opportunity Capitalizing on Vallourec’s industry-leading technology Conventional Enhanced Advanced Typical MW / well 10 – 20 5 – 10 3–5 OCTG / well (t) 500 – 700 Heat resistance Heat resistance Product demands Heat resistance Pressure resista
Slide 15: 2. Market Environment
2. Market Environment Philippe Guillemot Chairman of the Board & Chief Executive Officer
Slide 16: US OCTG Market Snapshot
US OCTG Market Snapshot Resilient Demand with Slightly Moderating Pricing Gas Activity Rising; Oil Stable Imports Continue to Fall Prices Moderating Slightly US Horizontal Rig Count Monthly OCTG Imports (Thousand Tonnes) Seamless Market Prices ($/tonne) Seamless Welded Oil (L Axis) Gas (R Axis) SMLS
Slide 17: International OCTG Market Snapshot
International OCTG Market Snapshot Activity still slower than 2024, but showing signs of a potential recovery Drilling Activity Stable in Q4; Up in January Middle East Pricing Recovering Indexed Rig Count (2024 Average = 100) Seamless Market Price ($/tonne) Middle East Onshore Middle East Offshore M
Slide 18: 3. Q4 2025 Results Review
3. Q4 2025 Results Review Nathalie Delbreuve Chief Financial Officer
Slide 19: Key Group Figures – FY 2025
Key Group Figures – FY 2025 Tubes Volumes (Thousand tonnes) EBITDA (€m) 1,804 1,196 1,552 1,297 1,244 832 819 715 23% 21% 21% 15% 2022 2023 2024 2025 2022 2023 2024 2025 Net Income, Group Share (€m) Net Cash (Debt) (€m) 496 452 355 21 39 (570) (366) 2022 2023 2024 2025 (1,130) 2022 2023 2024 2025 Pl
Slide 20: Execution Track Record
Execution Track Record Group EBITDA Margin (%) Net Working Capital Days 30% 125 108 95 99 20% 100 82 10% 75 – 50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024 2025 2022 2023 2024 2025 Total Cash Generation (€m) Net Cash (Debt) (€b) 0.3
Slide 21: Key Group Figures – Q4 2025
Key Group Figures – Q4 2025 Revenues (€m) EBITDA (€m) 1,065 1,043 214 210 214 911 Q4 2024 Q3 2025 Q4 2025 Q4 2024 Q3 2025 Q4 2025 Adjusted Free Cash Flow (€m) Net Cash (Debt) (€m) 204 39 21 178 69 (140) Q4 2024 Q3 2025 Q4 2025 Q4 2024 Q3 2025 Q4 2025 Please see “Definitions of Non-GAAP Financial Dat
Slide 22: Tubes Production and Revenue Details
Tubes Production and Revenue Details Volumes Sold (kt) Average Selling Price (€/t) Revenues (€m) 362 335 2,910 2,984 981 999 314 303 2,710 2,807 912 293 2,610 850 764 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Revenue Mix by Geography Revenue Mix by Mar
Slide 23: Tubes Profitability
Tubes Profitability Tubes EBITDA and EBITDA Margin Tubes EBITDA per Tonne € Million and % of Revenues € / Tonne 185 188 621 183 166 548 528 511 494 145 19% 18% 19% 22% 18% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Please see “Definitions of Non-GAAP Financial Da
Slide 24: Mine & Forest Performance
Mine & Forest Performance Production Sold (million tonnes) Average Iron Ore Market Price ($/tonne) 1.6 106 1.5 103 1.3 102 Q4 2024 Q3 2025 Q4 2025 Q4 2024 Q3 2025 Q4 2025 Mine & Forest Revenues (€m) EBITDA (€m) 83 80 40 38 74 35 54% 48% 42% Q4 2024 Q3 2025 Q4 2025 Q4 2024 Q3 2025 Q4 2025 24 Please s
Slide 25: Group Net Income
Group Net Income Q4 2025 Net Income Drivers Net Income Evolution € Million and % of Revenues Net Income, Group Share (€ Million) 21% 200 157 159 163 134 105 105 111 86 96 100 78 76 73 40 52 6 – 16 (35) 16 (100) 9% 214 35 (200) (300) 96 (400) (415) (500) EBITDA D&A Financial Other Income tax Net Q1 Q
Slide 26: Cash Flow Analysis
Cash Flow Analysis Q4 2025 Cash Flow Bridge FY 2025 Cash Flow Bridge € Million € Million 48 55 44 15 116 140 117 24 27 176 32 124 819 214 177 405 EBITDA Non- Financial Tax Chg. in Capex Restr., Total cash EBITDA Non- Financial Tax Chg. in Capex Restr., Total cash cash cash out paid working Non-rec.
Slide 27: Debt and Liquidity
Debt and Liquidity Debt Evolution Liquidity Evolution Net Cash (Debt) (€ Million)1 € Million 1,877 1,880 Net Cash (Debt) Gross (Debt) 224 232 1,653 1,539 1,536 1,560 500 138 177 177 175 39 1,203 550 550 – 550 189 462 550 550 (500) 462 1,103 1,098 (1,000) 900 965 (862) 809 835 552 (1,500) Y/E Y/E Y/E
Slide 28: 4. Outlook & Key Takeaways
4. Outlook & Key Takeaways Philippe Guillemot Chairman of the Board & Chief Executive Officer
Slide 29: 2026 Operational Outlook
2026 Operational Outlook First Quarter 2026 2026 Perspectives Volumes to decrease sequentially Tubes • North America Tubes volumes to remain strong due to market EBITDA per tonne to remain share gains during 2025. Slight decrease in US market pricing broadly similar to Q4 2025 near-term with improvi
Slide 30: Key Takeaways
Key Takeaways 1 We are driving further improvements in return on capital through a relentless push towards operational excellence and asset streamlining. 2 We are positioning for future growth through targeted R&D and capital investments to solve the energy challenges of today and tomorrow. We are d
Slide 31: Appendices
4 4 5. Appendices
Slide 32: Key Performance Indicators
Key Performance Indicators Quarterly Figures Year-to-Date Figures Q4 2025 Q3 2025 Q4 2024 QoQ chg. YoY chg. FY 2025 FY 2024 YoY chg. Volume sold 335 303 362 11% (8%) 1,244 1,297 (4%) Revenues (€m) 999 850 981 18% 2% 3,526 3,786 (7%) Tubes Average Selling Price (€) 2,984 2,807 2,710 6% 10% 2,834 2,91
Slide 33: Tubes Revenue Breakdown
Tubes Revenue Breakdown Revenue by Region Quarterly Figures Year-to-Date Figures QoQ YoY YoY in € million Q4 2025 Q3 2025 Q4 2024 % chg. % chg. FY 2025 FY 2024 % chg. North America 353 336 403 5% (12%) 1,432 1,567 (9%) Middle East 266 183 183 45% 45% 779 734 6% South America 193 131 132 47% 47% 560
Slide 34: Income Statement
Income Statement Quarterly Figures Year-to-Date Figures € million, unless noted Q4 2025 Q3 2025 Q4 2024 QoQ chg. YoY chg. FY 2025 FY 2024 YoY chg. Revenues 1,043 911 1,065 132 (22) 3,809 4,034 (225) Cost of sales (760) (644) (769) (117) 9 (2,679) (2,845) 166 Industrial margin 283 268 296 15 (13) 1,1
Slide 35: Balance Sheet
Balance Sheet Assets 31-Dec-25 31-Dec-24 Liabilities 31-Dec-25 31-Dec-24 Equity - Group share 2,306 2,512 Net intangible assets 34 33 Non-controlling interests 88 89 Goodwill 34 34 Total equity 2,394 2,601 Net property, plant and equipment 1,765 1,842 Bank loans and other borrowings 809 962 Biologic
Slide 36: Cash Flow Summary
Cash Flow Summary Quarterly Figures Year-to-Date Figures In € million Q4 2025 Q3 2025 Q4 2024 QoQ chg. YoY chg. FY 2025 FY 2024 YoY chg. EBITDA 214 210 214 4 0 819 832 (13) Non-cash items in EBITDA (15) (7) (5) (8) (10) (48) (9) (38) Financial cash out (24) 3 (36) (26) 13 (44) (113) 69 Tax payments
Slide 37: Financial Indebtedness & Liquidity
Financial Indebtedness & Liquidity Financial Indebtedness In € million 31-Dec-25 31-Dec-24 7.500% 8-year USD Senior Notes due 2032 614 771 1.837% PGE due 2027 183 176 ACC ACE (a) 33 39 Other (b) 32 117 Total gross financial indebtedness 862 1,103 Less: cash and cash equivalents 965 1,103 Plus: fair
Slide 38: Pro Forma Interim Dividend Calculation
Pro Forma Interim Dividend Calculation Basic number of net shares outstanding as of December 31, 2025 (m) 234 a Less: Expected number of shares repurchased (m) (11) Plus: Expected shares related to warrant exercise, partially served with repurchased shares (m) 33 Plus: Estimated employee share plans
Slide 39: 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 40: 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 41: 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 42: 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 43: Share Information and Financial Calendar
Share Information and Financial Calendar Share Information Financial Calendar Euronext Paris • May 13, 2026: Publication of First Quarter ISIN code: FR0013506730 2026 Results Ticker: VK Upcoming Investor Events USA: American Depositary Receipt (ADR) • March 17, 2026: Piper Sandler Energy ISIN code: