Press release

Meudon (France), May 15th, 2025
Vallourec, a world leader in premium tubular solutions, announces today its results for the first quarter 2025. The
Board of Directors of Vallourec SA, meeting on May 14th 2025, approved the Group's first quarter 2025 Consolidated
Financial Statements.




First Quarter 2025 Results

• Q1 Group EBITDA of €207 million, with strong 21% EBITDA margin
• Total cash generation of €104 million, bringing net cash position to €112 million
• Continued strong international booking momentum at healthy prices
• US market prices increased further in Q1 2025
• Q2 2025 Group EBITDA expected to range between €170 million and €200 million
• Confirm expected improvement in EBITDA in H2 2025 vs. H1 2025

HIGHLIGHTS
First Quarter 2025 Results

• Group EBITDA of €207 million, down (3%) sequentially; EBITDA margin improved to 21%
o Tubes EBITDA per tonne of €528 increased 3% sequentially, driven by strong profitability in Eastern
Hemisphere
o Mine & Forest EBITDA of €53 million up 33% sequentially due to higher volume sold and lower cost
per tonne
• Adjusted free cash flow of €168 million; total cash generation of €104 million
• Net cash position of €112 million, improving €91 million sequentially
Second Quarter 2025 Group EBITDA is expected to range between €170 million and €200 million:

• In Tubes, EBITDA per tonne is expected to be flat to slightly higher sequentially, while volumes are
anticipated to be flat to slightly down sequentially.
• In Mine & Forest, production sold is expected to be around 1.5 million tonnes. Profitability will be determined
by prevailing iron ore market prices.
Full Year 2025 Group EBITDA is expected to reflect a second half improvement:

• In Tubes, international shipments are expected to increase in H2 2025 compared to H1 2025 due to strong
bookings over recent quarters. EBITDA per tonne should improve in H2 2025 compared to H1 2025
especially due to higher invoiced international prices and cost savings.
• In Mine & Forest, production sold is expected to be around 6 million tonnes. Profitability will be determined
by prevailing iron ore market prices.




Information
Quarterly statements are unaudited and not subject to any review.
Unless otherwise specified, indicated variations are expressed in comparison with the same period of the previous year.
Please see “Definitions of Non-GAAP Financial Data” for definitions of terms presented in this press release. p.1/15
Philippe Guillemot, Chairman of the Board of Directors and Chief Executive Officer, declared:

“We are pleased with our first quarter 2025 results, which landed at the high end of our expected range. Once
again, our premium positioning has enabled us to generate solid profitability, not only in our Tubes segment, but
also for our mine in Brazil, where the benefits of the Phase 1 extension project are apparent. We also generated
strong cash flow, marking the tenth straight quarter of positive cash generation – clear evidence of the cash flow
potential of the New Vallourec.
“Financial market sentiment on the Oil & Gas sector has soured in recent weeks due to dual concerns about
rising oil output by OPEC+ members and fears of a slowdown in oil demand. Notwithstanding this, our key
international customers are progressing their long-term plans. As a result, our first quarter bookings continued
the strong trend we observed in the fourth quarter, and we see a robust pipeline of opportunities ahead of us.
This sales performance underpins our continued expectations of a second-half improvement in profitability.
Meanwhile, US market prices have shown a continued upward trend, but they do not yet reflect the full impact
of recently-announced tariffs due to ongoing market uncertainty.
“As a result of the substantial changes we have made within Vallourec over the past three years, we are well
positioned for any market environment. We have focused our offering on differentiated, premium products and
we have strong positions with global national oil companies, international oil companies, and resilient
independent US producers. We have centralized production in cost-efficient hubs close to our key customers.
We can serve all of our onshore US customers’ needs from our integrated operations in the US, putting us in an
ideal position to navigate today’s trade environment.
“Our strong balance sheet has recently been endorsed by positive ratings actions across all three ratings
agencies, including an upgrade to an Investment Grade rating by Fitch. This, and our proven ability to generate
significant cash flow, will allow us to manage the business optimally in any market condition.”



Key Quarterly Data

in € million, unless noted Q1 2025 Q4 2024 Q1 2024 QoQ chg. YoY chg.
Tubes volume sold (k tonnes) 314 362 292 (49) 21
Iron ore volume sold (m tonnes) 1.6 1.3 1.4 0.26 0.2
Group revenues 991 1,065 990 (74) 1
Group EBITDA 207 214 235 (7) (28)
(as a % of revenue) 20.9% 20.1% 23.7% 0.8 pp (2.8) pp
Operating income (loss) 148 229 174 (82) (26)
Net income, Group share 86 163 105 (77) (19)
Adj. free cash flow 168 178 171 (10) (3)
Total cash generation 104 253 101 (149) 3
Net debt (cash) (112) (21) 485 (91) (597)




Information
Quarterly statements are unaudited and not subject to any review.
Unless otherwise specified, indicated variations are expressed in comparison with the same period of the previous year.
Please see “Definitions of Non-GAAP Financial Data” for definitions of terms presented in this press release. p.2/15
CONSOLIDATED RESULTS ANALYSIS
First Quarter Results Analysis
In Q1 2025, Vallourec recorded revenues of €991 million, flat year over year, or up 1.3% at constant exchange
rates. Group revenues reflect a 7% volume increase mainly driven by higher shipments to the Middle East and North
America, an (8%) price/mix effect, a 2% increase due to Mine & Forest, and a (1%) currency effect.
EBITDA amounted to €207 million, or 21% of revenues, compared to €235 million (24% of revenues) in Q1 2024.
The decrease was driven by lower average selling prices in Tubes in North America. This was partially offset by
improved Tubes results outside of North America due to higher pricing and the benefits of the New Vallourec plan.
Operating income was €148 million, compared to €174 million in Q1 2024.
Financial income (loss) was (€10) million, compared to (€20) million in Q1 2024.
Income tax amounted to (€44) million compared to (€46) million in Q1 2024.
This resulted in positive net income, Group share, of €86 million, compared to €105 million in Q1 2024.
Earnings per diluted share was €0.34 versus €0.43 in Q1 2024, reflecting the above changes in net income as well
as an increase in ordinary shares due to the vesting of shares under management incentive plans as well as an
increase in potentially dilutive shares largely related to the Company’s outstanding warrants, which are accounted
for using the treasury share method.

RESULTS ANALYSIS BY SEGMENT
First Quarter Results Analysis
Tubes: In Q1 2025, Tubes revenues were down (2%) year over year due to a (9%) reduction in average selling
price. Volumes increased by 7% driven by higher shipments to the Middle East and North America. Tubes EBITDA
decreased from €220 million in Q1 2024 to €166 million Q1 2025. This was driven by lower profitability in North
America, partly offset by improvements in the rest of the world due to higher market pricing and the benefits of the
New Vallourec plan.
Mine & Forest: In Q1 2025, iron ore production sold was 1.6 million tonnes, an increase of 15% year over year.
In Q1 2025, Mine & Forest EBITDA reached €53 million, versus €30 million in Q1 2024, mainly reflecting higher
sales volumes and improved ore quality following the successful start-up of the Phase 1 mine extension.

CASH FLOW AND FINANCIAL POSITION
First Quarter Cash Flow Analysis
In Q1 2025, adjusted operating cash flow was €171 million versus €235 million in Q1 2024. The decrease was
attributable to lower EBITDA and higher tax payments.
Adjusted free cash flow was €168 million, flat versus €171 million in Q1 2024, driven by a working capital release
which offset the lower operating cash flow.
Total cash generation in Q1 2025 was €104 million, versus €101 million in Q1 2024.




Information
Quarterly statements are unaudited and not subject to any review.
Unless otherwise specified, indicated variations are expressed in comparison with the same period of the previous year.
Please see “Definitions of Non-GAAP Financial Data” for definitions of terms presented in this press release. p.3/15
Debt and Liquidity
As of March 31, 2025, Vallourec’s net cash positiona was €112 million, a €91 million improvement versus
December 31, 2024. Gross debt was €975 million, down from €1,103 million on December 31, 2024. Long-term debt
was €933 million and short-term debt totaled €42 million.
As of March 31, 2025, Vallourec’s liquidity position was very strong at €1,880 million, with €1,098 million of
cash, availability on the revolving credit facility (RCF) of €550 million, and availability on its asset-backed lending
facility (ABL) of €232 million.b

SECOND QUARTER AND FULL YEAR 2025 OUTLOOK
Second Quarter 2025 Group EBITDA is expected to range between €170 million and €200 million:

• In Tubes, EBITDA per tonne is expected to be flat to slightly higher sequentially, while volumes are
anticipated to be flat to slightly down sequentially.
• In Mine & Forest, production sold is expected to be around 1.5 million tonnes. Profitability will be determined
by prevailing iron ore market prices.
Full Year 2025 Group EBITDA is expected to reflect a second half improvement:
• In Tubes, international shipments are expected to increase in H2 2025 compared to H1 2025 due to strong
bookings over recent quarters. EBITDA per tonne should improve in H2 2025 compared to H1 2025
especially due to higher invoiced international prices and cost savings.
• In Mine & Forest, production sold is expected to be around 6 million tonnes. Profitability will be determined
by prevailing iron ore market prices.

SHAREHOLDER RETURNS
Vallourec’s Board of Directors has proposed a dividend payment of €1.50 per share in 2025, subject to the approval
of shareholders at the Annual General Meeting of May 22, 2025. Based on the number of shares outstanding as of
April 7th, 2025, this would represent an amount of approximately €350 million. The ex-dividend date will be May 26,
2025 and payment date will be May 28, 2025.




a
Vallourec entered into 4-year cross-currency swaps (CCS) to hedge the EUR/USD currency exposure related to its USD 2032 Senior Notes. The fair value of the
CCS related to the EUR/USD hedging of the principal of the notes is consequently included in the net debt definition.
b
As of March 31, 2025, the borrowing base for this facility was approximately $260 million, and $9 million in letters of credit and other commitments were issued.

Information
Quarterly statements are unaudited and not subject to any review.
Unless otherwise specified, indicated variations are expressed in comparison with the same period of the previous year.
Please see “Definitions of Non-GAAP Financial Data” for definitions of terms presented in this press release. p.4/15
Information and Forward-Looking Statements
This press release 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”, “should”,
“estimate”, “risk” and or, in each case, their negative, or other variations or comparable terminology. These forward-looking
statements include all matters that are not historical facts and include statements regarding the Company’s intentions, beliefs or
current expectations concerning, among other things, Vallourec’s results of operations, financial condition, liquidity, prospects,
growth, strategies and the industries in which they operate. Readers are cautioned that forward-looking statements are not
guarantees of future performance and that Vallourec’s or any of its affiliates’ actual results of operations, financial condition and
liquidity, and the development of the industries in which they operate may differ materially from those made in or suggested by
the forward-looking statements contained in this presentation. In addition, even if Vallourec’s or any of its affiliates’ results of
operations, financial condition and liquidity, and the development of the industries in which they operate are consistent with the
forward-looking statements contained in this presentation, those results or developments may not be indicative of results or
developments in subsequent periods. By their nature, forward-looking statements involve risks and uncertainties because they
relate to events and depend on circumstances that may or may not occur in the future. These risks include those developed or
identified in the public documents filed by Vallourec with the French Financial Markets Authority (Autorité des marches financiers,
or “AMF”), including those listed in the “Risk Factors” section of the Universal Registration Document filed with the AMF on March
27, 2025, under filing number n° D. 25-0192.

Accordingly, readers of this document are cautioned against relying on these forward-looking statements. These forward-looking
statements are made as of the date of this document. Vallourec disclaims any intention or obligation to complete, update or revise
these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by
applicable laws and regulations. This press release does not constitute any offer to purchase or exchange, nor any solicitation of
an offer to sell or exchange securities of Vallourec. or further information, please refer to the website
https://www.vallourec.com/en.

Future dividends and share buyback authorizations will be assessed on a yearly basis by the Board of Directors taking into account
any relevant factor in the future, and will be subject to Shareholders’ approval. The Board of Directors will have discretion to
employ share buybacks throughout the year, up to the limits authorized by the relevant resolution approved by the Annual General
Meeting.



Presentation of Q1 2025 Results
Conference call / audio webcast on May 15th at 9:30 am CET

• To listen to the audio webcast: https://channel.royalcast.com/landingpage/vallourec-en/20250515_1/
• To participate in the conference call, please dial (password: “Vallourec”):
o +44 (0) 33 0551 0200 (UK)
o +33 (0) 1 7037 7166 (France)
o +1 786 697 3501 (USA)
• Audio webcast replay and slides will be available at: https://www.vallourec.com/en/investors


About Vallourec
Vallourec is a world leader in premium tubular solutions for the energy markets and for demanding industrial applications such as
oil & gas wells in harsh environments, new generation power plants, challenging architectural projects, and high-performance
mechanical equipment. Vallourec’s pioneering spirit and cutting edge R&D open new technological frontiers. With close to 13,000
dedicated and passionate employees in more than 20 countries, Vallourec works hand-in-hand with its customers to offer more
than just tubes: Vallourec delivers innovative, safe, competitive and smart tubular solutions, to make every project possible.
Listed on Euronext in Paris (ISIN code: FR0013506730, Ticker VK), Vallourec is part of the CAC Mid 60, SBF 120 and Next 150
indices and is eligible for Deferred Settlement Service.
In the United States, Vallourec has established a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN code:
US92023R4074, Ticker: VLOWY). Parity between ADR and a Vallourec ordinary share has been set at 5:1.




Information
Quarterly statements are unaudited and not subject to any review.
Unless otherwise specified, indicated variations are expressed in comparison with the same period of the previous year.
Please see “Definitions of Non-GAAP Financial Data” for definitions of terms presented in this press release. p.5/15
Financial Calendar

May 22, 2025 Annual General Meeting
May 26, 2025 Ex-Dividend Date
May 28, 2025 Dividend Payment
July 25, 2025 Publication of Second Quarter and First-Half 2025 Results



For further information, please contact:
Investor relations Press relations
Connor Lynagh Taddeo - Romain Grière
Tel: +1 (713) 409-7842 Tel: +33 (0) 7 86 53 17 29
connor.lynagh@vallourec.com romain.griere@taddeo.fr

Individual shareholders Nicolas Escoulan
Toll Free Number (from France): 0 805 65 10 10 Tel: +33 (0)6 42 19 14 74
actionnaires@vallourec.com nicolas.escoulan@taddeo.fr



APPENDICES
The Group’s reporting currency is the euro. All amounts are expressed in millions of euros, unless otherwise
specified. Certain numerical figures contained in this document, including financial information and certain operating
data, have been subject to rounding adjustments.
Documents accompanying this release:
• Tubes Sales Volume
• Mine Sales Volume
• Foreign Exchange Rates
• Tubes Revenues by Geographic Region
• Tubes Revenues by Market
• Segment Key Performance Indicators (KPIs)
• Summary Consolidated Income Statement
• Summary Consolidated Balance Sheet
• Key Cash Flow Metrics
• Summary Consolidated Statement of Cash Flows (IFRS)
• Indebtedness
• Liquidity
• Definitions of Non-GAAP Financial Data




Information
Quarterly statements are unaudited and not subject to any review.
Unless otherwise specified, indicated variations are expressed in comparison with the same period of the previous year.
Please see “Definitions of Non-GAAP Financial Data” for definitions of terms presented in this press release. p.6/15
Tubes Sales Volume
in thousands of tonnes 2025 2024 YoY chg.
Q1 314 292 7%
Q2 351 –
Q3 292 –
Q4 362 –
Annual Total 1,297 –



Mine Sales Volume
in millions of tonnes 2025 2024 YoY chg.
Q1 1.6 1.4 15%
Q2 1.4 –
Q3 1.3 –
Q4 1.3 –
Annual Total 5.4 –



Foreign Exchange Rates
Average exchange rate Q1 2025 Q4 2024 Q1 2024
EUR / USD 1.05 1.07 1.09
EUR / BRL 6.16 6.23 5.38
USD / BRL 5.85 5.83 4.95



Quarterly Tubes Revenues by Geographic Region
QoQ YoY
in € million Q1 2025 Q4 2024 Q1 2024 % chg. % chg.
North America 385 403 450 (4%) (14%)
Middle East 194 183 162 6% 20%
South America 123 132 153 (6%) (19%)
Asia 120 128 68 (7%) 75%
Europe 36 44 51 (18%) (29%)
Rest of World 55 92 48 (40%) 14%
Total Tubes 912 981 932 (7%) (2%)




Information
Quarterly statements are unaudited and not subject to any review.
Unless otherwise specified, indicated variations are expressed in comparison with the same period of the previous year.
Please see “Definitions of Non-GAAP Financial Data” for definitions of terms presented in this press release. p.7/15
Quarterly Tubes Revenues by Market
YoY % chg.
QoQ YoY at Const.
in € million Q1 2025 Q4 2024 Q1 2024 % chg. % chg. FX
Oil & Gas and Petrochemicals 780 849 762 (8%) 2% 1%
Industry 75 76 119 (1%) (37%) (28%)
Other 57 56 51 1% 12% 11%
Total Tubes 912 981 932 (7%) (2%) (2%)



Quarterly Segment KPIsc

Q1 2025 Q4 2024 Q1 2024 QoQ chg. YoY chg.
Volume sold 314 362 292 (13%) 7%
Revenues (€m) 912 981 932 (7%) (2%)
Tubes




Average Selling Price (€) 2,910 2,710 3,189 7% (9%)
EBITDA (€m) 166 185 220 (11%) (25%)
EBITDA per Tonne (€) 528 511 751 3% (30%)
Capex (€m) 33 32 46 4% (28%)
Volume sold 1.6 1.3 1.4 20% 15%
Mine &
Forest




Revenues (€m) 90 74 80 20% 12%
EBITDA (€m) 53 40 30 33% 74%
Capex (€m) 16 12 9 32% 89%
Revenues (€m)
H&O




46 49 45 (7%) 3%
EBITDA (€m) (10) (11) (13) (4%) (24%)
Revenues (€m) (57) (40) (67) 41% (15%)
Int.




EBITDA (€m) (1) (0) (2) – –
Revenues (€m) 991 1,065 990 (7%) 0%
Total




EBITDA (€m) 207 214 235 (3%) (12%)
Capex (€m) 50 46 56 11% (9%)




c
Volume sold in thousand tonnes for Tubes and million tonnes for Mine & Forest. H&O = Holding & Other; Int = Intersegment Transactions. Values for percentage
changes not shown where not meaningful.

Information
Quarterly statements are unaudited and not subject to any review.
Unless otherwise specified, indicated variations are expressed in comparison with the same period of the previous year.
Please see “Definitions of Non-GAAP Financial Data” for definitions of terms presented in this press release. p.8/15
Quarterly Summary Consolidated Income Statement
€ million, unless noted Q1 2025 Q4 2024 Q1 2024 QoQ chg. YoY chg.
Revenues 991 1,065 990 (74) 1
Cost of sales (699) (769) (669) 70 (29)
Industrial margin 292 296 321 (3) (28)
(as a % of revenue) 29.5% 27.8% 32.4% 1.7 pp (2.9) pp
Selling, general and administrative expenses (81) (88) (87) 7 6
(as a % of revenue) (8.2%) (8.3%) (8.8%) 0.1 pp 0.6 pp
Other (4) 7 1 (11) (5)
EBITDA 207 214 235 (7) (28)
(as a % of revenue) 20.9% 20.1% 23.7% 0.8 pp (2.8) pp
Depreciation of industrial assets (41) (48) (45) 7 4
Amortization and other depreciation (10) (19) (8) 9 (2)
Impairment of assets (1) (22) 3 21 (4)
Asset disposals, restructuring costs and non-recurring items (8) 105 (11) (112) 3
Operating income (loss) 148 229 174 (82) (26)
Financial income (loss) (10) (29) (20) 19 10
Pre-tax income (loss) 138 200 154 (62) (16)
Income tax (44) (29) (46) (15) 2
Share in net income (loss) of equity affiliates (0) (0) 1 (0) (1)
Net income 94 171 108 (77) (15)
Attributable to non-controlling interests 8 8 3 (0) 5
Net income, Group share 86 163 105 (77) (19)

Basic earnings per share (€) 0.37 0.71 0.46 (0.34) (0.09)
Diluted earnings per share (€) 0.34 0.67 0.43 (0.32) (0.09)

Basic shares outstanding (millions) 234 231 230 3 4
Diluted shares outstanding (millions) 249 245 244 4 5




Information
Quarterly statements are unaudited and not subject to any review.
Unless otherwise specified, indicated variations are expressed in comparison with the same period of the previous year.
Please see “Definitions of Non-GAAP Financial Data” for definitions of terms presented in this press release. p.9/15
Summary Consolidated Balance Sheet
In € million

Assets 31-Mar-25 31-Dec-24 Liabilities 31-Mar-25 31-Dec-24
Equity - Group share 2,577 2,512
Net intangible assets 30 33 Non-controlling interests 94 89
Goodwill 35 34 Total equity 2,671 2,601
Net property, plant and equipment 1,802 1,842 Bank loans and other borrowings 933 962
Biological assets 65 61 Lease debt 44 41
Equity affiliates 16 17 Employee benefit commitments 72 75
Other non-current assets 125 150 Deferred taxes 82 84
Deferred taxes 172 180 Provisions and other long-term liabilities 220 266
Total non-current assets 2,244 2,317 Total non-current liabilities 1,351 1,428
Inventories 1,161 1,170 Provisions 69 83
Trade and other receivables 549 671 Overdraft & other short-term borrowings 42 141
Derivatives - assets 18 36 Lease debt 19 26
Other current assets 246 234 Trade payables 818 795
Derivatives - liabilities 84 132
Cash and cash equivalents 1,098 1,103
Other current liabilities 261 325
Total current assets 3,071 3,213 Total current liabilities 1,294 1,502
Assets held for sale and discontinued Liabilities held for sale and discontinued
1 1 – –
operations operations
Total assets 5,316 5,531 Total equity and liabilities 5,316 5,531




Information
Quarterly statements are unaudited and not subject to any review.
Unless otherwise specified, indicated variations are expressed in comparison with the same period of the previous year.
Please see “Definitions of Non-GAAP Financial Data” for definitions of terms presented in this press release. p.10/15
Quarterly Key Cash Flow Metrics

In € million Q1 2025 Q4 2024 Q1 2024 QoQ chg. YoY chg.
EBITDA 207 214 235 (7) (28)
Non-cash items in EBITDA (6) (5) 10 (2) (16)
Financial cash out 3 (36) 5 39 (1)
Tax payments (33) (24) (15) (9) (19)
Adjusted operating cash flow 171 149 235 22 (64)
Change in working capital 79 3 (7) 76 86
Gross capital expenditure (50) (46) (56) (5) 5
Foreign exchange differences (31) 71 (1) (102) (31)
Adjusted free cash flow 168 178 171 (10) (3)
Restructuring charges & non-recurring items (54) (90) (67) 36 12
Asset disposals & other cash items (9) 166 (3) (175) (6)
Total cash generation 104 253 101 (149) 3
Shareholder returns – – – – –
Total cash generation after shareholder returns 104 253 101 (149) 3
Non-cash adjustments to net debt (13) 8 (16) (21) 3
(Increase) decrease in net debt 91 261 85 (170) 6




Information
Quarterly statements are unaudited and not subject to any review.
Unless otherwise specified, indicated variations are expressed in comparison with the same period of the previous year.
Please see “Definitions of Non-GAAP Financial Data” for definitions of terms presented in this press release. p.11/15
Summary Consolidated Statement of Cash Flows (IFRS)
In € million Q1 2025 Q1 2024 YoY chg.
Net income (loss) 94 108 (15)
Depreciation, amortization and impairment 52 52 (0)
Unrealized gains and losses on changes in fair value (28) (9) (19)
Expense arising from share-based payments 4 22 (17)
Change in provisions (34) (53) 18
Capital gains and losses on disposals of non-current assets and equity interests 0 (7) 7
Share in income (loss) of equity-accounted companies 0 (1) 1
Others, including net exchange differences (28) 1 (29)
Financial result, net 10 20 (10)
Tax expense (including deferred taxes) 44 46 (2)
Cash flow from operating activities before net financial result and taxes 114 179 (65)
Interest paid (2) (7) 5
Income tax paid (33) (15) (19)
Interest received 7 10 (3)
Change in operating working capital 79 (7) 86
Net cash from (used in) operating activities (A) 164 160 4
Acquisitions of property, plant and equipment, and intangible and biological assets (50) (56) 5
Disposals of property, plant and equipment and intangible assets 2 12 (10)
Acquisition of subsidiary, net of cash acquired (0) (0) 0
Other cash flow from investing activities (3) (8) 5
Net cash flow from (used in) investing activities (B) (52) (52) 1
Increase or decrease in equity – – –
Dividends paid to non-controlling interests (0) (1) 0
Proceeds from new borrowings 1 68 (67)
Repayment of borrowings (31) (3) (28)
Repayment of lease liabilities (7) (6) (1)
Other cash flows from (used in) financing activities (1) (0) (1)
Net cash flow from (used in) financing activities (C) (38) 59 (97)
Impact of reclassification to assets held for sale and discontinued operations (D) – – –
Change in net cash (A+B+C+D) 74 167 (93)
Opening net cash 1,026 898
Change in net cash 74 167
Impact of changes in exchange rates (3) 1
Closing net cash 1,097 1,065




Information
Quarterly statements are unaudited and not subject to any review.
Unless otherwise specified, indicated variations are expressed in comparison with the same period of the previous year.
Please see “Definitions of Non-GAAP Financial Data” for definitions of terms presented in this press release. p.12/15
Indebtedness
In € million 31-Mar-25 31-Dec-24
7.500% 8-year USD Senior Notes due 2032 741 771
1.837% PGE due 2027 178 176
(a)
ACC ACE 5 39
(b)
Other 52 117
Total gross financial indebtedness 975 1,103
Cash and cash equivalents 1,098 1,103
(c)
Fair value of cross currency swap 10 (21)
Total net financial indebtedness (112) (21)
(a)
Refers to ACC (Advances on Foreign Exchange Contract) and ACE (Advances on Export Shipment Documents) program in Brazil
(b)
Gross debt as of December 31, 2024 included a €77 million overdraft that was repaid in early January.
(c)
Vallourec entered into 4-year cross-currency swaps (CCS) to hedge the EUR/USD currency exposure related to its USD 2032 Senior Notes. The fair value of
the CCS related to the EUR/USD hedging of the principal of the notes is consequently included in the net debt definition.




Liquidity
In € million 31-Mar-25 31-Dec-24
(a)
Cash and cash equivalents 1,098 1,103
Available RCF 550 550
(b)
Available ABL 232 224
Total liquidity 1,880 1,877
(a)
As of December 31, 2024, cash, net of overdrafts was €1,024 million. The €77 million overdraft reflected in the year end 2024 figures was repaid in early January.
(b)
This $350m committed ABL is subject to a borrowing base calculation based on eligible accounts receivable and inventories, among other items. The borrowing
base at March 31st 2025 was approximately $260m. Availability is shown net of approximately $9m of letters of credit and other items.




Information
Quarterly statements are unaudited and not subject to any review.
Unless otherwise specified, indicated variations are expressed in comparison with the same period of the previous year.
Please see “Definitions of Non-GAAP Financial Data” for definitions of terms presented in this press release. p.13/15
DEFINITIONS OF NON-GAAP FINANCIAL DATA
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 capital expenditure.
Adjusted operating cash flow is defined as EBITDA adjusted for non-cash benefits and expenses, financial cash
out and tax payments.
Asset disposals and other cash items includes cash inflows from asset sales as well as other investing and
financing cash flows.
Change in working capital refers to the change in the operating working capital requirement.
Data at constant exchange rates: The data presented “at constant exchange rates” is calculated by eliminating the
translation effect into euros for the revenue of the Group’s entities whose functional currency is not the euro. The
translation effect is eliminated by applying Year N-1 exchange rates to Year N revenue of the contemplated entities.
EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization is calculated by taking operating income
(loss) before depreciation and amortization, and excluding certain operating revenues and expenses that are unusual
in nature or occur rarely, such as:
• impairment of goodwill and non-current assets as determined within the scope of impairment tests
carried out in accordance with IAS 36;
• significant restructuring expenses, particularly resulting from headcount reorganization measures, in
respect of major events or decisions;
• capital gains or losses on disposals;
• income and expenses resulting from major litigation, significant roll-outs or capital transactions (e.g.,
costs of integrating a new activity).
Financial cash out includes interest payments on financial and lease debt, interest income and other financial costs.
Foreign exchange differences reconciles select items in the cash flow statement to their effective cash impact. This
effect is related to intra-group financing, including related FX hedging.
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 debt (alternatively, “change in net debt”) is defined as total cash generation +/- non-cash
adjustments to net debt.
Industrial margin: The industrial margin is defined as the difference between revenue and cost of sales (i.e. after
allocation of industrial variable costs and industrial fixed costs), before depreciation.
Lease debt is defined as the present value of unavoidable future lease payments.
Net debt: Consolidated net debt (or “net financial debt”) is defined as bank loans and other borrowings plus overdrafts
and other short-term borrowings minus cash and cash equivalents plus the fair value of the cross-currency swaps
related to the EUR/USD hedging of the principal of the $820 million 7.5% senior notes. Net debt excludes lease debt.
Net working capital requirement is defined as working capital requirement net of provisions for inventories and
trade receivables; net working capital requirement days are computed on an annualized quarterly sales basis.
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 EBITDA.
Operating working capital requirement includes working capital requirement as well as other receivables and
payables.

Information
Quarterly statements are unaudited and not subject to any review.
Unless otherwise specified, indicated variations are expressed in comparison with the same period of the previous year.
Please see “Definitions of Non-GAAP Financial Data” for definitions of terms presented in this press release. p.14/15
Restructuring charges and non-recurring items consists primarily of the cash costs of executing the New
Vallourec plan, including severance costs and other facility closure costs.
Total cash generation is defined as adjusted free cash flow +/- restructuring charges and non-recurring items and
asset disposals & other cash items. It corresponds to net cash used in operating activities +/- gross capital
expenditure and asset disposals & other cash items.
Working capital requirement is defined as trade receivables plus inventories minus trade payables (excluding
provisions).




Information
Quarterly statements are unaudited and not subject to any review.
Unless otherwise specified, indicated variations are expressed in comparison with the same period of the previous year.
Please see “Definitions of Non-GAAP Financial Data” for definitions of terms presented in this press release. p.15/15