Vallourec (VK) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered EBITDA of €210 million with a 23% margin, the highest since Q1 2024, and net income of €134 million, supported by strategic initiatives and project execution.

• Tubes EBITDA per tonne rose over 25% sequentially to €621, driven by higher prices and volumes.

• Robust US demand and a new long-term Petrobras contract in Brazil support market share expansion, though some international shipments were delayed.

• Net debt reduced to €140 million, with positive cash flow for the 12th consecutive quarter and strong liquidity of €1.6 billion.

• The company remains focused on value over volume, operational excellence, and return on invested capital.

Financial highlights

• Q3 2025 revenues were €911 million, up 6% year-over-year; EBITDA was €210 million, at the midpoint of guidance.

• Net income, group share, was €134 million, up from €73 million in Q3 2024; basic EPS rose to €0.57.

• Adjusted free cash flow for Q3 2025 was €69 million; total cash generation was €67 million.

• Net debt reduced from €201 million in Q2 2025 to €140 million; liquidity at €1.6 billion as of September 30, 2025.

• Q3 2025 capex was €39 million; YTD capex: €121 million.

Outlook and guidance

• Q4 2025 EBITDA expected between €195 million and €225 million; full-year 2025 EBITDA guidance confirmed at €799–829 million.

• Tubes volumes and EBITDA per tonne expected to remain stable or improve slightly in Q4; mine and forest production to be around 1.4 million tonnes.

• Some international orders delayed to 2026, but underlying demand remains robust.