Vallourec (VK) Investor presentation summary

Strategic transformation and operational excellence

• Implemented the New Vallourec Plan with asset closures, premiumization, and cost reductions, enhancing profitability and resilience.

• Reshaped global production footprint, closing 700kt of rolling capacity and focusing on premium export products.

• Achieved significant deleveraging, improved liquidity, and executed global operational excellence initiatives.

• Outperformed peers in EBITDA margin and ROIC since 2022, closing the margin and return gap.

• Maintained a crisis-proof balance sheet with conservative leverage and over €1 billion in liquidity.

Financial performance and shareholder returns

• Revenues reached $4.3 billion in 2025, with EBITDA of $919 million and net income of $422 million.

• EBITDA margin consistently above 20% since 2023, with industrial margin at 29-33%.

• Net debt reduced to near zero by 2026, supporting robust shareholder returns.

• Nearly €650 million to be returned to shareholders by August 2026, representing 90% of 2025 cash generation.

• Balanced return structure includes dividends and share buybacks, with flexibility for additional distributions.

Market positioning and growth opportunities

• Focused on high-end seamless tubular solutions for demanding oil & gas, geothermal, and industrial applications.

• Expanded premium product offering, including high-torque connections and advanced coatings.

• Well positioned in major OCTG markets, with 41% of tube revenues from North America and 22% from the Middle East.

• Benefiting from robust US OCTG demand, low seamless imports, and rising market prices.

• Resilient activity in the Middle East, leveraging local footprint and alternative logistics.