Vallourec (VK) AGM 2025 summary

Opening remarks and agenda

• The meeting was held on May 22, 2025, with a welcome, introduction of board members, statutory auditors, confirmation of legal formalities, and quorum at 74.75% of voting rights.

• The agenda covered strategy, group performance, FY 2024 results, capital allocation, governance, compensation, auditor reports, Q&A, and voting on resolutions.

Financial performance review

• FY 2024 revenues were €4,034 million, with group EBITDA at €715 million (21% margin); net income was €24 million, a recovery from previous losses.

• Achieved zero net debt one year ahead of plan, with strong cash generation and liquidity of €1.9 billion; gross debt reduced to €1.1 billion.

• Tubes segment sold 1,552 thousand tonnes at an average price of €1,848/tonne; EBITDA per tonne was €599.

• Mine & Forest segment sold 4.0 million tonnes, generating €245 million in revenue.

• Stock price more than doubled since July 2021, decoupling from oil prices and outperforming sector indices.

Board and executive committee updates

• Board post-AGM: 62.5% independent, 50% women, 7 nationalities; several director appointments and renewals, including employee representatives.

• Angela Minas appointed Lead Independent Director; Hera Siu to chair Nomination and Governance and Remuneration Committees.

• CEO Philippe Guillemot's 2024 compensation: €1,000,000 fixed, €774,006 variable (77.4% achievement), plus pension and benefits.

• 2025 CEO compensation policy unchanged; variable portion can reach 175.5% of fixed if targets exceeded.

• Non-executive director compensation capped at €1,250,000 for 2025, with detailed attendance and travel policies.