Vallourec Sa · EURONEXT:VK
Vallourec Sa — Shareholder Meeting (May 2026)
91 slides from Vallourec Sa's shareholder meeting presentation, May 21, 2026
Slide 1: Shareholders' Annual General Meeting
SHAREHOLDERS’ ANNUAL GENERAL MEETING May 21, 2026
Slide 2: Agenda
1 Strategic 2 FY 2025 3 Capital Overview 3 Results 14 Allocation 21 Philippe Guillemot Nathalie Delbreuve Philippe Guillemot Chairman of the Board Chief Financial Officer Chairman of the Board & Chief Executive Officer & Chief Executive Officer 4 Governance 5 Statutory 6 Questions & Remuneration 26
Slide 3: Strategic Overview
1. Strategic Overview Philippe Guillemot Chairman of the Board & Chief Executive Officer
Slide 4: Health and Safety Remains Our Top Priority
Health and Safety Remains Our Top Priority OUR AMBITION FROM GOOD TO GREAT Achieving the highest safety standards in the Oil & Gas Our 2030 vision for Health and Safety industry -21% -18% 2.35 ZERO Life changing events -35% 1.93 -24% 1.25 -79% 0.95 0.20 0.20 ≤0.2 Total recordable incident rate 2022
Slide 5: Scaling Up and Accelerating Decarbonization
Scaling Up and Accelerating Decarbonization Supply Chain aligned with our Industry-Leading CO2 Key Decarbonization Levers strategy Footprint Achieved In progress % of steel produced from recycled scrap Tons CO2e / ton of finished tubes Industrial footprint 69% 68% 56% 2.8 New industrial routes 30% O
Slide 6: A Long-Term Commitment to Decarbonization
A Long-Term Commitment to Decarbonization UNDERPINNING A TRANSITION PLAN GSCC COMMITMENTS International industry standard to guarantee steel production in line with the Paris Agreement Rolled steel: 1.5°C Group carbon footprint: well below 2°C ACHIEVED SBTi COMMITMENTS 3 YEARS AHEAD Scope 1, 2 and 3
Slide 7: Accelerating Forward: Transition Plan Aligned with Paris Agreement
Accelerating Forward AN AMBITIOUS TRANSITION PLAN ALIGNED WITH THE PARIS AGREEMENT Decarbonization major levers to achieve 2030 targets -30% in tCO2e/ton vs. 2021 baseline -30% in tCO2e/ton (& -35% by 2035) -25% in tCO2e/ton GSCC targets (Boundary 1): • Industrial footprint • Process improvement • P
Slide 8: Vallourec's Strategic Journey
Vallourec’s Strategic Journey MORE PROFITABLE, MORE RESILIENT New Vallourec Plan From Good to Great Plan 2022 New Vallourec Plan Brazil performance program Global operational excellence program European asset closures Two-phase mine extension plan China premiumization Brazil capability enhancement I
Slide 9: A Production Footprint Close to Our Clients
A Production Footprint Close to Our Clients A LOW AND FLEXIBLE COST STRUCTURE WITH INDUSTRIAL ASSETS IN THE GROUP’S KEY MARKETS ROLLING CAPACITY (kt) North America 850 NORTH AMERICA EUROPE South America 800 Domestic capacity Finishing and East Asia 280 for domestic demand niche products1 Europe 50 S
Slide 10: Well Positioned to Benefit from a Potential Oil & Gas Investment Upcycle
Well Positioned to Benefit from a Potential Oil & Gas Investment Upcycle TECHNICAL EXPERTISE AND INDUSTRIAL FOOTPRINT READY TO SUPPORT INCREASING CLIENT ACTIVITY UNITED STATES • High-torque OCTG connections supporting the needs of increasingly longer lateral wells • Fully domestic production footpri
Slide 11: New Energies: Proven Solutions Ready to Scale
New Energies: Proven Solutions Ready to Scale STRENGTHENING GLOBAL ENERGY SECURITY OF SUPPLY Geothermal: domestic, reliable baseload clean power generation • Recent advances in enhanced and advanced geothermal systems unlock significantly greater future power generation potential • Comprehensive sol
Slide 12: Margin and Return on Invested Capital Gap
Margin and Return on Invested Capital Gap Narrowed Margin Gap Strong ROIC from Asset Streamlining Tubes EBITDA per ton (peer vs. Vallourec, $) Trailing 12 months return on invested capital1 Quarterly Trimestriel Trailing 12 mois 12 months glissants ROIC Vallourec Pair Peer 100 30% – 25% (100) (200)
Slide 13: Priorities for 2026 and Beyond
Priorities for 2026 and Beyond 1 Continue our journey to be best-in-class in health and safety and progress our ambitious decarbonization roadmap 2 Drive further improvements in return on capital through a relentless push towards operational excellence and asset streamlining 3 Deliver on our commitm
Slide 14: FY 2025 Results
2. FY 2025 Results Nathalie Delbreuve Chief Financial Officer
Slide 15: Annual Results Analysis
Annual Results Analysis Group Revenues Group EBITDA (€m) and EBITDA Margin (% of Revenue) In €m 4,883 5,114 1,196 4,034 3,809 832 819 715 23.4% 14.6% 20.6% 21.5% 2022 2023 2024 2025 2022 2023 2024 2025 Net Income, Group Share Net Cash (Debt) In €m In €m 496 452 355 21 39 (570) (366) 2022 2023 2024 2
Slide 16: Annual Tubes Results
Annual Tubes Results Tubes Volumes Sold Average Selling Price EBITDA per Ton In kt In €/t In €/t 1,804 3,093 677 1,552 599 2,919 548 1,297 1,244 2,834 354 2,585 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 Revenue Mix by Geography Revenue Mix by Market (% of revenue) (% of revenue) 6%
Slide 17: Annual Mine & Forest Results
Annual Mine & Forest Results Production Sold Average Iron Ore Market Price1 In million tons In $/t annual average 6.9 6.2 121 120 5.4 4.0 109 102 2022 2023 2024 2025 2022 2023 2024 2025 Revenues EBITDA In €m In €m 375 180 171 340 290 245 113 108 2022 2023 2024 2025 2022 2023 2024 2025 Please see “De
Slide 18: Debt and Liquidity
Debt and Liquidity Debt and Net Cash Liquidity Net cash (debt) and gross (debt) (in €m)1 In €m Ligne de crédit Available ABL confirmée adossée à des actifs (ABL) disponible Ligne de crédit Available RCF confirmée (RCF) disponible Net Cash (Debt) Gross (Debt) Cash and cash equivalents Trésorerie 1,87
Slide 19: Upward Trajectory in Credit Ratings
Upward Trajectory in Credit Ratings VALLOUREC'S RATING UPGRADED TO INVESTMENT GRADE BY ALL THREE RATING AGENCIES DURING 2025 S&P Moody's Fitch SD SPECULATIVE GRADE IG BB+ BBB- BBB- BB+ BB BB- Baa3 B+ Ba1 Ba2 OUTLOOK: B STABLE Feb.-21 May-21 Aug.-21 Nov.-21 Feb.-22 May-22 Aug.-22 Nov.-22 Feb.-23 May-
Slide 20: Investment Grade Rated by All Three Agencies
Investment Grade Rated by All Three Agencies BBB- / A-3 (Investment Grade) Baa3 (Investment Grade) BBB- (Investment Grade) Outlook: Stable Outlook: Stable Outlook: Stable Review date Review date Review date November 26, 2025 November 25, 2025 April 10, 2025 The improvement in Vallourec's margins The
Slide 21: Capital Allocation
3. Capital Allocation Philippe Guillemot Chairman of the Board & Chief Executive Officer
Slide 22: Significant Value Creation Since the 2021 Restructuring
Significant Value Creation Since the 2021 Restructuring INDEXED PRICE (JULY 1, 2021 = 100) VK TEN Oilfield Services CAC Mid 60 370 340 310 280 250 220 190 160 130 100 70 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Jul-21 Oct-21 Apr-22 Jul-22 Oct-22 Apr-23 Jul-23 Oct-23 Apr-24 Jul-24 Oct-24 Apr-25 Jul-25 Oct-
Slide 23: Vallourec's Capital Allocation Framework
Vallourec’s Capital Allocation Framework Maintain Sustain and Expand Establish Our Shares a Crisis-Proof Our Premium Market as a High-Yielding Balance Sheet Position Investment Vehicle • Retain substantial financial and strategic • Ensure asset integrity with • Distribute 80-100% of total cash flexi
Slide 24: 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 In €m c.€700m SIGNIFICANT SHAREHOLDER DISTRIBUTIONS 800 cash c.€670m • Intention confirmed to r
Slide 25: Conclusion
Conclusion 1 Vallourec delivered another successful year in 2025, marked by the payment of the first dividend to shareholders in a decade 2 Vallourec is an industry leader in ESG, with ambitious plans to work safer, healthier, and with a lower environmental footprint 3 We are positioning for future
Slide 26: Governance & Remuneration
4. Governance & Remuneration Hera Siu Chair of the Nomination and Governance Committee Chair of the Remuneration Committee
Slide 27: The Board of Directors
= = Y vallourec 4.1 ‘ , The Board Y | of Directors
Slide 28: Board of Directors
Board of Directors Lead Independent Director Chair of the NG* Committee Chair of the Audit Committee Chair of the Remuneration Remuneration Committee Chair of the CSR Committee and Committee Chaiman and Chief Executive CSR Committee Lead Director for CSR Audit Committee Officer NG* Committee Audit C
Slide 29: Renewal of Term of Office and Cooptation of Mr. David Clarke
Renewal of Term of Office Ratification and Cooptation of Mr. David Clarke Renewal of term of office • Renewal of Mr. Philippe Guillemot's term of office as Director for a period of four (4) years (4th resolution) • Renewal of Mrs. Angela Minas' term of office as Director for a period of four (4) yea
Slide 30: Combining the Role of Chairman and CEO
Combining the Role of Chaiman and CEO Track record-driven leadership Since March 2022, the combined Chairman and CEO held by Philippe Guillemot has delivered a successful turnaround through the “New Vallourec” plan, restoring profitability, balance sheet strength and long-term growth visibility. Cle
Slide 31: 2025 Compensation of the Chairman and CEO
4.2 2025 Compensation of the Chairman and CEO
Slide 32: 2025 Compensation of the Chairman and CEO
2025 Compensation of the Chairman and CEO PHILIPPE GUILLEMOT (CHAIRMAN AND CHIEF EXECUTIVE OFFICER) Annual fixed portion • € 1,000,000 (unchanged since the remuneration policy was defined in 2022). Annual variable portion • General principle: annual variable portion • Varies from 0 to 100% of the ta
Slide 33: 2025 Variable Compensation Outcome
2025 Variable Compensation Outcome CEO’S VARIABLE PAY (VP) 2025 CALCULATIONS Achievement Weighted Indicator Weighting Achieved Targets Rate (%) Achievement Rate (%) Financial performance 60% 30.53% EBITDA per metric ton 18% 548.022 30.663 5.52% EBITDA Group 24% 818.826 79.217 19.01% Inventories Volu
Slide 34: 2026 Compensation Policy for the Chairman and CEO
4.3 2026 Compensation Policy for the Chairman and CEO
Slide 35: 2026 Compensation Policy of the CEO
2026 Compensation Policy of the CEO Annual fixed portion • € 1,000,000 (amount unchanged since 2022). Annual variable portion • General principle (unchanged compared with 2025): the variable portion may From 2026 onwards, the CO2 and diversity criteria will be transferred from the annual bonus to th
Slide 36: 2026 Long Term Incentive Plan
2026 Compensation Policy of the CEO 2026 LONG TERM INCENTIVE PLAN • A structure aligned with best market practices • Performance indicators • The 2026 LTI Plan was defined following in-depth market analyses and benchmarking, incorporating feedback from investors and proxy INDICATORS CALCULATION ACHI
Slide 37: Other Components of the CEO's Compensation Policy for 2026
Other Components of the CEO's Compensation Policy for 2026 Supplementary pension plan (unchanged) • Participation in the Group’s defined contribution supplementary pension plans (Articles 82 and 82 of the French Tax Code) Non-compete clause (unchanged) • Duration: 18 months (with a waiver option by
Slide 38: 2025 Non-Executive Directors' Compensation
4.4 2025 Non-Executive Directors’ Compensation
Slide 39: 2025 Compensation Policy of the Board Members
2025 Compensation Policy of the Board Members NON-EXECUTIVE BOARD DIRECTORS AMOUNTS PAID OUT Pierre Vareille (a) 66,250 Corine de Bilbao 97,500 Luciano Siani Pires 111,000 Angela Minas (b) 192,250 Hera Siu 141,500 Frida Norrbom Sams (c) 83,500 Genuino Magalhães Christino (d) N/A Keith James Howell (
Slide 40: 2026 Non-Executive Directors' Compensation Policy
4.5 2026 Non-Executive Directors’ Compensation Policy
Slide 41: Non-Executive Director's Compensation Policies in 2026
Non-Executive Director’s Compensation Policies in 2026 Annual envelope (amount unchanged compared with 2025) • €1,250,000 Allocation of the annual envelope (terms unchanged compared with 2025, except for the replacement of the Vice-Chair by the Lead Independent Director following the end of the Vice
Slide 42: Non-Executive Director's Compensation Policies in 2026
Non-Executive Director’s Compensation Policies in 2026 Travel allowance • From 2026 onwards, the travel allowance will be determined bases on the director's place of residence. • The amount varies depending on the location of the meeting (France, Europe excluding France, outside Europe). • An allowa
Slide 43: Statutory Auditors' Reports
5. Statutory Auditors’ Reports For the year ended December 31, 2025
Slide 44: Statutory Auditors' Reports
Statutory Auditors' Reports Reports on Resolutions Submitted for Your Approval • Ordinary General Assembly • Report on the annual accounts (1st resolution) • Report on the consolidated financial statements (2nd resolution) • Extraordinary General Meeting • Report on Capital Operations (14th, 15th, 1
Slide 45: Reports on the Annual and Consolidated Financial Statements
Reports on the Annual and Consolidated Financial Statements Ordinary General Meeting We conducted an audit of the annual and consolidated financial statements in accordance with the professional standards applicable in France. We believe that the evidence collected is sufficient and appropriate to b
Slide 46: Special Report on Regulated Agreements
Special Report on Regulated Agreements TITLE OF CONVENTIONS OBSERVATIONS THE REPORT Agreements authorized and entered into during the past financial year Absence of agreements submitted • We inform you that we have not been given notice of any agreement authorized to the General Assembly and conclud
Slide 47: Reports on the Sustainability Statement
Reports on the Sustainability Statement Our engagement was to carry out the procedures necessary to issue a conclusion, expressing limited assurance on the information included in the Sustainability Statement. Based on the procedures we have carried out, we have not identified material errors, omiss
Slide 48: Reports on Capital Operations
Reports on Capital Operations Extraordinary General Meeting DURATION OF THE RESOLUTION OBJECT AUTHORIZATION GRANTED TO TERMS THE BOARD OF DIRECTORS The nominal amount of the capital increases that may be carried out pursuant to these authorizations shall not exceed €1,831,427, it being specified tha
Slide 49: Reports on Capital Operations
Reports on Capital Operations Extraordinary General Meeting DURATION OF THE RESOLUTION OBJECT AUTHORIZATION GRANTED TO TERMS THE BOARD OF DIRECTORS Authorization to grant free ordinary shares, existing or to be issued, subject The existing or to-be-issued shares may not represent more than 0.6% of t
Slide 50: Reports on Capital Operations
Reports on Capital Operations Extraordinary General Meeting DURATION OF THE AUTHORIZATION GRANTED RESOLUTION OBJECT TERMS TO THE BOARD OF DIRECTORS Subscriptions may be made either directly or through an employee shareholding fund Delegation of authority to decide (fonds commun de placement d’entrep
Slide 51: Reports on Capital Operations
Reports on Capital Operations Extraordinary General Meeting DURATION OF THE AUTHORIZATION RESOLUTION OBJECT GRANTED TO THE TERMS BOARD OF DIRECTORS The maximum nominal amount of the capital increases that may be carried out shall not exceed 0.75% of the share capital as at the date of the Delegation
Slide 52: Reports on Capital Operations
Reports on Capital Operations Extraordinary General Meeting RESOLUTION OBJECT TERMS Delegation of powers to the representative of the Company, Amendment of the terms of exercise of the warrants (BSA) to allow the Company, with the ability to sub-delegate, at its option, to deliver existing or newly
Slide 53: Questions & Answers
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Slide 54: Resolutions
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Slide 55: Operation of the voting device
Operation of the voting device SMART CARD: 1 The device will only operate if your smart card is properly inserted. Resolution 1 TO VOTE: When the voting is open, simply press the button 1 For 2 corresponding to your choice: 2 Against 3 Abstain 1 = For 2 = Against 3 = Abstain MESSAGE DISPLAYED ON THE
Slide 56: Ordinary Meeting
Y vallourec 7.1 Ordinary Meeting
Slide 57: 1st Resolution
1st Resolution ORDINARY Meeting Approval of the parent company financial statements for the 2025 57 - Shareholders’ Annual General Meeting May 21, 2026
Slide 58: 2nd Resolution
2nd Resolution ORDINARY Meeting Approval of the consolidated financial statements for the 2025 fiscal year 58 - Shareholders’ Annual General Meeting May 21, 2026
Slide 59: 3rd Resolution
3rd Resolution ORDINARY Meeting Allocation of net income for the 2025 fiscal year 59 - Shareholders’ Annual General Meeting May 21, 2026
Slide 60: 4th Resolution
4th Resolution ORDINARY Meeting Renewal of Mr. Philippe Guillemot's term as Director 60 - Shareholders’ Annual General Meeting May 21, 2026
Slide 61: 5th Resolution
5th Resolution ORDINARY Meeting Renewal of Mrs. Madame Angela Minas' term as Director 61 - Shareholders’ Annual General Meeting May 21, 2026
Slide 62: 6th Resolution
6th Resolution ORDINARY Meeting Renewal of Mrs. Madame Hera Siu's term as Director 62 - Shareholders’ Annual General Meeting May 21, 2026
Slide 63: 7th Resolution
7th Resolution ORDINARY Meeting Ratification of the cooptation of Mr. David Clarke as Director 63 - Shareholders’ Annual General Meeting May 21, 2026
Slide 64: 8th Resolution
8th Resolution ORDINARY Meeting Approval of the disclosure relating to each corporate officer's remuneration for the 2025 fiscal year required by Article L.22-10-9-I of the French Commercial Code, as presented in the Corporate Governance Report 64 - Shareholders’ Annual General Meeting May 21, 2026
Slide 65: 9th Resolution
9th Resolution ORDINARY Meeting Approval of the fixed, variable and extraordinary component of the total remuneration and benefits paid during or awarded for the 2025 fiscal year to Philippe Guillemot in his capacity as Chairman and Chief Executive Officer 65 - Shareholders’ Annual General Meeting M
Slide 66: 10th Resolution
10th Resolution ORDINARY Meeting Approval of the remuneration policy for the Chairman and Chief Executive Officer for the 2026 fiscal year 66 - Shareholders’ Annual General Meeting May 21, 2026
Slide 67: 11th Resolution
11th Resolution ORDINARY Meeting Approval of the remuneration policy for Directors (other than the Chairman) for the 2026 fiscal year 67 - Shareholders’ Annual General Meeting May 21, 2026
Slide 68: 12th Resolution
12th Resolution ORDINARY Meeting Authorization to be given to the Board of Directors to trade in the Company's shares 68 - Shareholders’ Annual General Meeting May 21, 2026
Slide 69: 13th Resolution
13th Resolution ORDINARY Meeting Approval of the climate strategy 69 - Shareholders’ Annual General Meeting May 21, 2026
Slide 70: Extraordinary Meeting
Y vallourec 7.2 Extraordinary Meeting
Slide 71: 14th Resolution
14th Resolution EXTRAORDINARY Meeting Delegation of authority to the Board of Directors to decide to increase the capital of the Company or other companies by issuing shares and/or securities with immediate or deferred rights to shares, with pre-emptive subscription rights 71 - Shareholders’ Annual
Slide 72: 15th Resolution
15th Resolution EXTRAORDINARY Meeting Delegation of authority to the Board of Directors to decide to increase the capital of the Company or other companies by issuing shares and/or securities with immediate or deferred rights to shares, without pre-emptive subscription rights, placed through a publi
Slide 73: 16th Resolution
16th Resolution EXTRAORDINARY Meeting Delegation of authority to the Board of Directors to decide to issue shares and/or securities with immediate or deferred rights to shares of the Company or other companies, without pre-emptive subscription rights, placed through an offer to the public governed b
Slide 74: 17th Resolution
17th Resolution EXTRAORDINARY Meeting Delegation of authority to the Board of Directors, in the case of a share issue with or without pre-emptive subscription rights, to increase the number of shares to be issued 74 - Shareholders’ Annual General Meeting May 21, 2026
Slide 75: 18th Resolution
18th Resolution EXTRAORDINARY Meeting Delegation of authority to the Board of Directors to issue shares and/or securities with immediate or deferred rights to shares, without pre-emptive subscription rights, in payment for contributions of equity securities or securities with rights to shares, excep
Slide 76: 19th Resolution
19th Resolution EXTRAORDINARY Meeting Delegation of authority to the Board of Directors to issue shares and/or securities with immediate or deferred rights to shares, without pre-emptive subscription rights, in exchange for shares tendered to a public exchange offer initiated by the Company 76 - Sha
Slide 77: 20th Resolution
20th Resolution EXTRAORDINARY Meeting Delegation of authority to the Board of Directors to issue shares of the Company, without pre-emptive subscription rights, as a result of the issue by the Company’s subsidiaries of securities with rights to the Company’s shares 77 - Shareholders’ Annual General
Slide 78: 21st Resolution
21st Resolution EXTRAORDINARY Meeting Delegation of authority to the Board of Directors to increase the share capital by capitalizing additional paid-in capital, reserves, profits, or any other amounts 78 - Shareholders’ Annual General Meeting May 21, 2026
Slide 79: 22nd Resolution
22nd Resolution EXTRAORDINARY Meeting Authorization to be given to the Board of Directors to grant free shares 79 - Shareholders’ Annual General Meeting May 21, 2026
Slide 80: 23rd Resolution
23rd Resolution EXTRAORDINARY Meeting Delegation of authority to the Board of Directors to issue shares and/or securities with immediate or deferred rights to shares, without pre-emptive subscription rights, for subscription by members of employee share ownership plans 80 - Shareholders’ Annual Gene
Slide 81: 24th Resolution
24th Resolution EXTRAORDINARY Meeting Delegation of authority to the Board of Directors to issue shares and/or securities with immediate or deferred rights to shares, without pre-emptive subscription rights, to employees and corporate officers of the Company and Vallourec Group companies related to
Slide 82: 25th Resolution
25th Resolution EXTRAORDINARY Meeting Authorization and approval of the amendment of the terms and conditions of the BSAs, to allow the delivery of new or existing shares upon exercise at the option of the Company 82 - Shareholders’ Annual General Meeting May 21, 2026
Slide 83: 26th Resolution
26th Resolution EXTRAORDINARY Meeting Amendment of Article 10 (Organization and operation of the Board of Directors) of the Articles of Association concerning the amendment of the age limit of the Chairman of the Board of Directors 83 - Shareholders’ Annual General Meeting May 21, 2026
Slide 84: 27th Resolution
27th Resolution EXTRAORDINARY Meeting Harmonization of the articles of association with applicable legal and regulatory provisions 84 - Shareholders’ Annual General Meeting May 21, 2026
Slide 85: Ordinary Meeting
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Slide 86: 28th Resolution
28th Resolution ORDINARY Meeting Powers for formalities 86 - Shareholders’ Annual General Meeting May 21, 2026
Slide 87: Thank You!
THANK YOU!
Slide 88: Appendices
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Slide 89: 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 90: 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 91: 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