Slide 1: Q3 2025 Results
Q3 2025 Results November 14, 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: Agenda
Agenda Topic Speaker Slide 1 Executive Summary Philippe Guillemot, Chairman of the Board & Chief Executive Officer 4 2 Market Environment Philippe Guillemot, Chairman of the Board & Chief Executive Officer 7 3 Q3 2025 Results Review Sascha Bibert, Chief Financial Officer 11 4 Outlook & Key Takeaways
Slide 4: Executive Summary
1 Executive Summary Philippe Guillemot Chairman of the Board & Chief Executive Officer
Slide 5: Executive Summary
Executive Summary Results & Outlook Strong EBITDA and bottom-line, continued cash generation • Q3 EBITDA in-line with guidance; strong net income of €134m aided by execution of strategic projects • Group EBITDA of €210m at midpoint of guidance; Group EBITDA margin 23%, the highest since Q1 2024 • Tu
Slide 6: Margin and Return Gap: Major Milestone Achieved
Margin and Return Gap: Major Milestone Achieved 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, $) Trailing 12 Month Return on Invested Capital1 Quarterly Trailing 12 Months
Slide 7: Market Environment
2 Market Environment Philippe Guillemot Chairman of the Board & Chief Executive Officer
Slide 8: US OCTG Market: Stable Demand, OCTG Intensity Increasing
US OCTG Market: Stable Demand, OCTG Intensity Increasing Q4 Oil Drilling Steady, Gas Momentum Continues OCTG Consumption per Rig Continuing to Increase Rig Count Annualized US OCTG Consumption (ktonnes) per Horizontal Rig Oil (L Axis) Gas (R Axis) 10 600 150 9 500 125 8 400 100 7 300 75 200 50 6 100
Slide 9: US OCTG Market: Slowing Imports, Pricing Stable at Healthy Level
US OCTG Market: Slowing Imports, Pricing Stable at Healthy Level Imports To Decrease Due to Higher Tariffs Seamless Market Prices Stable in Q3 Monthly OCTG Imports (Thousand Tonnes) Seamless OCTG Prices ($ / Tonne) All Others Major Welded Importers 2,514 2,509 2,553 2,551 250 2,395 2,263 2,233 2,122
Slide 10: 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 East Onshore Middle East Offshore Middle East North Sea Other International Onshore
Slide 11: Q3 2025 Results Review
3 Q3 2025 Results Review Sascha Bibert Chief Financial Officer
Slide 12: Execution Track Record
Execution Track Record Group EBITDA Margin (%) Net Working Capital Days 30% 125 108 95 99 20% 100 86 10% 75 – 50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 2022 2023 2024 2025 Total Cash Generation (€m) Net Cash (Debt) (€b) 323 253 0
Slide 13: Key Group Figures
Key Group Figures Revenues EBITDA € Million € Million 894 863 911 210 187 Guidance 168 Q3 2024 Q2 2025 Q3 2025 Q3 2024 Q2 2025 Q3 2025 Adjusted Free Cash Flow Net Cash (Debt)* € Million € Million 189 88 69 (140) (201) (240) Q3 2024 Q2 2025 Q3 2025 Q3 2024 Q2 2025 Q3 2025 * Including Serimax accounte
Slide 14: Tubes Production and Revenue Details
Tubes Production and Revenue Details Volume Sold Average Selling Price Revenues Thousand Tonnes € / Tonne € Million 362 2,888 2,910 981 314 303 2,710 2,807 912 292 293 2,610 842 850 764 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Revenue Mix by Geography
Slide 15: Tubes Profitability
Tubes Profitability EBITDA and EBITDA Margin EBITDA per Tonne € Million and % of Revenues € / Tonne 621 185 188 556 511 528 166 494 162 145 19% 22% 19% 19% 18% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 15 Please see “Definitions of Non-GAAP Financial Data” in th
Slide 16: Mine & Forest Performance
Mine & Forest Performance Production Sold Average Iron Ore Market Price1 Million Tonnes $ / Tonne (Quarterly Average) 1.6 99 98 102 1.6 1.3 Q3 2024 Q2 2025 Q3 2025 Q3 2024 Q2 2025 Q3 2025 Revenues EBITDA € Million € Million and % of Revenues 45 87 83 35 66 22 52% 42% 33% Q3 2024 Q2 2025 Q3 2025 Q3 2
Slide 17: Group Net Income Analysis
Group Net Income Analysis Net Income, Group Share (Q3 2025) Net Income Evolution € Million and % of Revenues Net Income, Group Share (€ Million) 157 159 163 23% 134 105 105 111 78 76 73 86 40 46 6 19 22 15% 34 (35) 210 134 (415) EBITDA D&A Financial Other Income tax Net income income, (loss) Group Q
Slide 18: Cash Flow Analysis
Cash Flow Analysis Q3 2025 Cash Flow Metrics Cash Conversion € Million Adjusted Operating Cash Flow Less Capex / EBITDA 210 77% 76% 66% 170 63% 58% 54% 48% 49% 43% 44% 39% 38% 30% 31% 69 67 61 15% EBITDA Adj. op. Adj. FCF Total cash (Increase) cash flow generation decrease Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 19: Debt and Liquidity
Debt and Liquidity 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 Q3 (2,000) 2022 2
Slide 20: Outlook & Key Takeaways
4 Outlook & Key Takeaways Philippe Guillemot Chairman of the Board & Chief Executive Officer
Slide 21: 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 22: Key Takeaways
Key Takeaways We remain focused on improving profitability and return on invested 1 capital as we drive Vallourec towards operational excellence. Vallourec’s vertically-integrated US footprint is paying dividends with 2 customer demand remaining very strong in the US. Shareholder return will conside
Slide 23: Appendices
Appendices ¥ vallourec
Slide 24: Key Performance Indicators
Key Performance Indicators Quarterly Figures Year-to-Date Figures Q3 2025 Q2 2025 Q3 2024 QoQ chg. YoY chg. YTD 2025 YTD 2024 YoY chg. Volume sold 303 293 292 3% 4% 909 935 (3%) Revenues (€m) 850 764 842 11% 1% 2,527 2,805 (10%) Tubes Average Selling Price (€) 2,807 2,610 2,888 8% (3%) 2,779 3,001 (
Slide 25: Tubes Revenue Breakdown
Tubes Revenue Breakdown Revenue by Region Quarterly Figures Year-to-Date Figures QoQ YoY YoY in € million Q3 2025 Q2 2025 Q3 2024 % chg. % chg. YTD 2025 YTD 2024 % chg. North America 336 359 331 (6%) 2% 1,080 1,164 (7%) Middle East 183 137 143 34% 28% 514 551 (7%) South America 131 112 136 17% (4%)
Slide 26: Income Statement
Income Statement Quarterly Figures Year-to-Date Figures € million, unless noted Q3 2025 Q2 2025 Q3 2024 QoQ chg. YoY chg. YTD 2025 YTD 2024 YoY chg. Revenues 911 863 894 48 17 2,766 2,969 (204) Cost of sales (644) (577) (633) (66) (11) (1,919) (2,076) 157 Industrial margin 268 286 262 (19) 6 846 893
Slide 27: Balance Sheet
Balance Sheet Assets 30-Sep-25 31-Dec-24 Liabilities 30-Sep-25 31-Dec-24 Equity - Group share 2,249 2,512 Net intangible assets 27 33 Non-controlling interests 85 89 Goodwill 46 34 Total equity 2,334 2,601 Net property, plant and equipment 1,715 1,842 Bank loans and other borrowings 810 962 Biologic
Slide 28: Cash Flow Summary
Cash Flow Summary Quarterly Figures Year-to-Date Figures In € million Q3 2025 Q2 2025 Q3 2024 QoQ chg. YoY chg. YTD 2025 YTD 2024 YoY chg. EBITDA 210 187 168 23 42 604 618 (13) Non-cash items in EBITDA (7) (20) (14) 13 7 (33) (5) (28) Financial cash out 3 (27) (17) 29 19 (21) (77) 56 Tax payments (3
Slide 29: Financial Indebtedness and Liquidity
Financial Indebtedness and Liquidity Financial Indebtedness In € million 30-Sep-25 31-Dec-24 7.500% 8-year USD Senior Notes due 2032 614 771 1.837% PGE due 2027 180 176 ACC ACE (a) 72 39 Other (b) 44 117 Total gross financial indebtedness 911 1,103 Less: cash and cash equivalents 835 1,103 Plus: fai
Slide 30: 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 31: 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 32: 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 33: 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) • November 17, 2025: Exane BNP