Press release

Meudon (France), July 25th, 2025
Vallourec, a world leader in premium tubular solutions, announces today its results for the second quarter 2025. The
Board of Directors of Vallourec SA, meeting on July 24th 2025, approved the Group's second quarter 2025
Consolidated Financial Statements.

Second Quarter 2025 Results

• Q2 Group EBITDA of €187 million with strong 22% margin
• €370 million returned to shareholders via dividends and share repurchases
• Secured significant OCTG orders, particularly in the Middle East
• Expect further support to US market pricing from increased steel tariffs
• Q3 2025 Group EBITDA expected to range between €195 million and €225 million
• Confirm expected improvement in EBITDA in H2 2025 vs. H1 2025

HIGHLIGHTS & OUTLOOK
Second Quarter 2025 Results
• Group EBITDA of €187 million, down (10%) sequentially, slightly above guidance midpoint; EBITDA margin
was strong at 22%
o Tubes EBITDA margin improved 76 bps sequentially to 19%, though Tubes EBITDA declined (13%)
sequentially due to lower volumes.
o Mine & Forest EBITDA decreased by (15%) sequentially due to lower market prices and higher costs
but EBITDA margin remained strong at 52%.
• Adjusted free cash flow of €88 million; total cash generation of €57 million
• Net debt position of €201 million following €370m of shareholder returnsa
Third Quarter 2025 Group EBITDA is expected to range between €195 million and €225 million:

• In Tubes, EBITDA per tonne is expected to increase sequentially, while volumes are expected to be similar
to the Q2 2025 level.
• 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 volumes are expected to increase in H2 2025 versus H1 2025. EBITDA per tonne will
improve in H2 2025 compared to H1 2025 due primarily to higher invoiced international prices and cost
reductions.
• In Mine & Forest, production sold is expected to be around 6 million tonnes. Profitability will be determined
by prevailing iron ore market prices.




a
Includes approximately €7 million in cash held in Serimax, which is now accounted for in assets & liabilities held for sale

Information
Quarterly statements are unaudited and not subject to any review. Half-year financial statements were subject to limited review by statutory auditors.
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.1/17
Philippe Guillemot, Chairman of the Board of Directors and Chief Executive Officer, declared:

“In the second quarter, Vallourec once again demonstrated the strength of its business model. Despite lower
shipments in the Eastern Hemisphere, our Tubes EBITDA margin expanded to 19%, driven by sequential
improvements in profitability in our North and South American production hubs. Our Mine & Forest business
also continued to perform extremely well despite sequentially lower iron ore market prices. Further, we continued
our streak of positive total cash generation, which now marks eleven straight quarters of this performance.
Meanwhile, we made good on our promise to return significant capital to our shareholders, paying both a €1.50
per share dividend and repurchasing 1.2 million shares in the second quarter.
“The Brazil Performance Program we announced in July 2024 is ahead of schedule. We have completed a
significant simplification of our operations, which included the closure of our legacy Plug mill at the end of 2024.
Our primary cost savings initiatives are now completed. We have delivered regional cost savings well in excess
of our €150 per tonne target due to strong delivery across multiple workstreams. We remain focused on fully
capitalizing on the potential of this premier asset base including by increasing its production capability by more
than 100 thousand tonnes.b
“The international OCTG market has been impacted by recent macroeconomic volatility; however, our stream
of recent contract awards highlights the value of Vallourec’s premium product offering. We continue to see
further opportunities ahead as our resilient customer base is progressing on major multi-year drilling programs
which will require the support of sophisticated suppliers like Vallourec. The global shift towards increased gas
and unconventional drilling will also provide significant opportunities for Vallourec to capitalize on its
differentiated premium market positioning.
“In the US, market prices further improved over the second quarter in response to the steel tariffs implemented
earlier this year. US oil drilling activity has fallen in response to weaker and highly volatile oil prices, though this
has been partially offset by a rebound in gas drilling activity. Despite this, our latest bookings indicate a healthy
level of demand that will keep our mills well utilized at current staffing levels. Meanwhile, imports will likely
moderate from their second quarter levels following the change in tariff rates announced in early June. This
should support US-based industrial players such as Vallourec.
“Globally, we are moving into the next phase of organizational improvement as we work to achieve operational
excellence across our manufacturing footprint. Thanks to our internal performance initiatives, differentiated
product offering, and ideally-located manufacturing centers, we are well-positioned to continue to create
significant value over the coming years.”

Key Quarterly Data c


Quarterly Figures
in € million, unless noted Q2 2025 Q1 2025 Q2 2024 QoQ chg. YoY chg.
Tubes volume sold (k tonnes) 293 314 351 (21) (58)
Iron ore volume sold (m tonnes) 1.6 1.6 1.4 0.02 0.2
Group revenues 863 991 1,085 (128) (221)
Group EBITDA 187 207 215 (20) (27)
(as a % of revenue) 21.7% 20.9% 19.8% 0.8 pp 1.9 pp
Operating income (loss) 103 148 100 (45) 3
Net income, Group share 40 86 111 (46) (71)
Adj. free cash flow 88 168 84 (80) 4
Total cash generation 57 104 44 (47) 13
Net debt (cash) 201 (112) 364 313 (164)



b
Measured as annualized production versus the First Half 2024 baseline, consistent with the target announced in July 2024.
c
Includes approximately €7 million in cash held in Serimax, which is now accounted for in assets & liabilities held for sale

Information
Quarterly statements are unaudited and not subject to any review. Half-year financial statements were subject to limited review by statutory auditors.
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.2/17
CONSOLIDATED RESULTS ANALYSIS
Second Quarter Results Analysis
In Q2 2025, Vallourec recorded revenues of €863 million, down (20%) year over year, or down (15%) at
constant exchange rates. Group revenues reflect a (17%) volume decrease, a (1%) price/mix effect, a 3% increase
due to Mine & Forest, and a (6%) currency effect. The year-over-year comparison is particularly affected by a large
volume of high-value products invoiced in Q2 2024 that did not recur in Q2 2025.
EBITDA amounted to €187 million, or 22% of revenues, compared to €215 million (20% of revenues) in Q2 2024.
The decrease was driven by lower volumes and lower average selling prices in Tubes, partially offset by cost savings
initiatives and improvements in Mine & Forest profitability largely related to the Phase 1 mine extension project.
Operating income was €103 million, compared to €100 million in Q2 2024. Operating income was burdened by
€36 million of asset disposals, restructuring costs and non-recurring items, a decrease compared to €65 million of
such expenses incurred in Q2 2024.
Financial income (loss) was (€5) million, compared to a positive €57 million in Q2 2024. In Q2 2024, Vallourec’s
balance sheet refinancing had a net positive impact of approximately €70 million mainly related to the reversal of fair
value accounting on the 2026 senior notes and State-guaranteed loan (PGE), which did not recur in Q2 2025.
Income tax amounted to (€52) million compared to (€40) million in Q2 2024. The effective tax rate was elevated
due to non-deductible losses incurred in Europe as well as a shift in profits towards higher-tax geographies.
Net income, Group share, was €40 million, compared to €111 million in Q2 2024.
Earnings per diluted share was €0.16 versus €0.46 in Q2 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 and an increase
in potentially dilutive shares related to the Company’s outstanding warrants.

First Half Results Analysis
In H1 2025, Vallourec recorded revenues of €1,854 million, down (11%) year over year, or (7%) at constant
exchange rates. The decrease in Group revenues reflects a (6%) volume decrease, a (4%) price/mix effect, a 3%
increase due to Mine & Forest, and a (4%) currency effect. The year-over-year comparison is particularly affected by
a large volume of high-value products in H1 2024 that did not recur in H1 2025.
EBITDA amounted to €394 million, or 21% of revenues, compared to €450 million (22% of revenues) in H1 2024.
The decrease was driven by lower volumes and lower average selling prices in Tubes, partially offset by cost savings
initiatives and improvements in Mine & Forest profitability largely related to the Phase 1 mine extension project.
Operating income was €251 million, compared to €273 million in H1 2024. Operating income was burdened by
€44 million of asset disposals, restructuring costs and non-recurring items, a decrease compared to €77 million of
such expenses incurred in H1 2024.
Financial income (loss) was negative at (€15) million, compared to a positive €37 million in H1 2024. Vallourec’s
H1 2024 financial income benefitted from the refinancing transaction described above.
Income tax amounted to (€96) million compared to (€86) million in H1 2024. The effective tax rate was elevated
due to non-deductible losses incurred in Europe as well as a shift in profits towards higher-tax geographies.
This resulted in positive net income, Group share, of €126 million, compared to €216 million in H1 2024.
Earnings per diluted share was €0.51 versus €0.90 in H1 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 and an increase
in potentially dilutive shares related to the Company’s outstanding warrants.




Information
Quarterly statements are unaudited and not subject to any review. Half-year financial statements were subject to limited review by statutory auditors.
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.3/17
RESULTS ANALYSIS BY SEGMENT
Second Quarter Results Analysis
Tubes: In Q2 2025, Tubes revenues were down (26%) year over year due to an (11%) reduction in average selling
price and a (17%) volume decrease driven primarily by lower shipments in the Eastern Hemisphere. In Q2 2024,
Vallourec invoiced a large volume of high-value products that did not recur in Q2 2025. Tubes EBITDA decreased
from €210 million in Q2 2024 to €145 million Q2 2025. This was driven by lower profitability primarily in the Eastern
Hemisphere, partly offset by cost savings.
Mine & Forest: In Q2 2025, iron ore production sold was 1.6 million tonnes, an increase of 14% year over year,
while EBITDA reached €45 million, versus €15 million in Q2 2024. These improvements resulted largely from the
successful start-up of the Phase 1 mine extension in late 2024.

First Half Results Analysis
Tubes: In H1 2025, Tubes revenues were down (15%) year over year due to a (9%) decrease in average selling
price and a (6%) reduction in volume sold. Tubes EBITDA decreased from €430 million in H1 2024 to €310 million
H1 2025. These reductions were due to a decrease in pricing in North America, as well as a reduction in international
revenue and profitability as Vallourec invoiced a large volume of high-value products in H1 2024 that did not recur in
H1 2025.
Mine & Forest: In H1 2025, iron ore production sold was 3.2 million tonnes, increasing by 14% year over year,
while Mine & Forest EBITDA reached €98 million, versus €46 million in H1 2024. These improvements resulted
largely from the successful start-up of the Phase 1 mine extension in late 2024.

CASH FLOW AND FINANCIAL POSITION
Second Quarter Cash Flow Analysis
Adjusted operating cash flow in Q2 2025 was €103 million versus €96 million in Q2 2024. Despite lower
EBITDA, cash flow increased primarily due to lower financial cash out driven by the 2024 balance sheet refinancing.
Adjusted free cash flow in Q2 2025 was €88 million, slightly up versus €84 million in Q2 2024. A higher level
of working capital release was offset by a larger impact of foreign exchange differences versus the prior year.
Total cash generation in Q2 2025 was €57 million, versus €44 million in Q2 2024.
Total cash generation after shareholder returns in Q2 2025 was (€313) million. This reflected (€370) million in
shareholder returns, including (€352) million in dividend payments and (€19) million in share repurchases.

First Half Cash Flow Analysis
Adjusted operating cash flow in H1 2025 was €274 million versus €330 million in H1 2024. The decrease was
attributable to lower EBITDA versus the prior year period.
Adjusted free cash flow in H1 2025 was €256 million, flat year-over-year (€255 million in H1 2024). Vallourec
generated €121 million of cash from working capital in H1 2025, versus €8 million in H1 2024, which offset lower
EBITDA and a larger impact of foreign exchange differences versus the prior year period.
Total cash generation in H1 2025 was €161 million, versus €146 million in H1 2024.
Total cash generation after shareholder returns in H1 2025 was (€209) million. This reflected (€370) million in
shareholder returns, including (€352) million in dividend payments and (€19) million in share repurchases.




Information
Quarterly statements are unaudited and not subject to any review. Half-year financial statements were subject to limited review by statutory auditors.
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.4/17
Debt and Liquidity
As of June 30, 2025, Vallourec’s net debt positiond was €201 million, a (€222) million deterioration versus
December 31, 2024 resulting from the €370m in shareholder returns in the second quarter e. Gross debt was
€941 million, down from €1,103 million on December 31, 2024. Long-term debt was €876 million and short-term debt
totaled €65 million.
As of June 30, 2025, Vallourec’s liquidity position was very strong at €1.5 billion, with €809 million of cash,
availability on the revolving credit facility (RCF) of €550 million, and availability on its asset-backed lending facility
(ABL) of €177 million.f

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 Q2 2025 Results
Conference call / audio webcast on July 25th at 9:30 am CET
• To listen to the audio webcast: https://channel.royalcast.com/landingpage/vallourec-en/20250725_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


d
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.
e
Includes approximately €7 million in cash held in Serimax, which is now accounted for in assets & liabilities held for sale
f
As of June 30, 2025, the borrowing base for this facility was approximately $217 million, and $9 million in letters of credit and other commitments were issued.

Information
Quarterly statements are unaudited and not subject to any review. Half-year financial statements were subject to limited review by statutory auditors.
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.5/17
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.



Financial Calendar

November 14, 2025 Publication of Third Quarter and First-Nine Month 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. Half-year financial statements were subject to limited review by statutory auditors.
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.6/17
Tubes Sales Volume
in thousands of tonnes 2025 2024 YoY chg.
Q1 314 292 7%
Q2 293 351 (17%)
Year-to-Date Total 606 643 (6%)
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 1.6 1.4 14%
Year-to-Date Total 3.2 2.8 14%
Q3 1.3 –
Q4 1.3 –
Annual Total 5.4 –

Foreign Exchange Rates

Average exchange rate Q2 2025 Q1 2025 Q2 2024
EUR / USD 1.13 1.05 1.08
EUR / BRL 6.42 6.16 5.61
USD / BRL 5.66 5.85 5.21




Information
Quarterly statements are unaudited and not subject to any review. Half-year financial statements were subject to limited review by statutory auditors.
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.7/17
Quarterly Tubes Revenues by Geographic Region
QoQ YoY
in € million Q2 2025 Q1 2025 Q2 2024 % chg. % chg.
North America 359 385 383 (7%) (6%)
Middle East 137 194 247 (29%) (45%)
South America 112 123 169 (9%) (34%)
Asia 80 120 108 (33%) (25%)
Europe 30 36 48 (18%) (39%)
Rest of World 47 55 76 (16%) (38%)
Total Tubes 764 912 1,030 (16%) (26%)

Year-to-Date Tubes Revenues by Geographic Region
YoY
in € million H1 2025 H1 2024 % chg.
North America 743 833 (11%)
Middle East 331 409 (19%)
South America 235 322 (27%)
Europe 66 99 (34%)
Asia 200 176 14%
Rest of World 102 124 (18%)
Total Tubes 1,677 1,963 (15%)

Quarterly Tubes Revenues by Market
YoY % chg.
QoQ YoY at Const.
in € million Q2 2025 Q1 2025 Q2 2024 % chg. % chg. FX
Oil & Gas and Petrochemicals 629 780 879 (19%) (28%) (24%)
Industry 76 75 100 1% (24%) (14%)
Other 59 57 52 3% 12% 23%
Total Tubes 764 912 1,030 (16%) (26%) (21%)

Year-to-Date Tubes Revenues by Market
YoY % chg.
YoY at Const.
in € million H1 2025 H1 2024 % chg. FX
Oil & Gas and Petrochemicals 1,409 1,641 (14%) (12%)
Industry 152 219 (31%) (22%)
Other 116 103 12% 17%
Total Tubes 1,677 1,963 (15%) (12%)




Information
Quarterly statements are unaudited and not subject to any review. Half-year financial statements were subject to limited review by statutory auditors.
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.8/17
Quarterly Segment KPIsg

Q2 2025 Q1 2025 Q2 2024 QoQ chg. YoY chg.
Volume sold 293 314 351 (7%) (17%)
Revenues (€m) 764 912 1,030 (16%) (26%)
Tubes




Average Selling Price (€) 2,610 2,910 2,937 (10%) (11%)
EBITDA (€m) 145 166 210 (13%) (31%)
EBITDA per Tonne (€) 494 528 599 (7%) (18%)
Capex (€m) 19 33 23 (42%) (16%)
Volume sold 1.6 1.6 1.4 1% 14%
Mine &
Forest




Revenues (€m) 87 90 69 (3%) 26%
EBITDA (€m) 45 53 15 (15%) 191%
Capex (€m) 12 16 5 (28%) 115%
Revenues (€m)
H&O




65 46 49 42% 34%
EBITDA (€m) (5) (10) (13) (52%) (63%)
Revenues (€m) (53) (57) (64) (7%) (17%)
Int.




EBITDA (€m) 3 (1) 2 – –
Revenues (€m) 863 991 1,085 (13%) (20%)
Total




EBITDA (€m) 187 207 215 (10%) (13%)
Capex (€m) 32 50 30 (37%) 7%


Year-to-Date Segment KPIs

H1 2025 H1 2024 YoY chg.
Volume sold 606 643 (6%)
Revenues (€m) 1,677 1,963 (15%)
Tubes




Average Selling Price (€) 2,765 3,052 (9%)
EBITDA (€m) 310 430 (28%)
EBITDA per Tonne (€) 512 668 (23%)
Capex (€m) 52 69 (24%)
Volume sold 3.2 2.8 14%
Mine &
Forest




Revenues (€m) 177 149 18%
EBITDA (€m) 98 46 113%
Capex (€m) 28 14 99%
Revenues (€m)
H&O




111 93 19%
EBITDA (€m) (15) (27) (43%)
Revenues (€m) (110) (130) (16%)
Int.




EBITDA (€m) 1 1 –
Revenues (€m) 1,854 2,075 (11%)
Total




EBITDA (€m) 394 450 (12%)
Capex (€m) 82 85 (4%)




g
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. Half-year financial statements were subject to limited review by statutory auditors.
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.9/17
Quarterly Summary Consolidated Income Statement
€ million, unless noted Q2 2025 Q1 2025 Q2 2024 QoQ chg. YoY chg.
Revenues 863 991 1,085 (128) (221)
Cost of sales (577) (699) (774) 122 197
Industrial margin 286 292 311 (6) (24)
(as a % of revenue) 33.2% 29.5% 28.6% 3.7 pp 4.5 pp
Selling, general and administrative expenses (92) (81) (91) (11) (1)
(as a % of revenue) (10.7%) (8.2%) (8.4%) (2.5) pp (2.3) pp
Other (7) (4) (5) (3) (2)
EBITDA 187 207 215 (20) (27)
(as a % of revenue) 21.7% 20.9% 19.8% 0.8 pp 1.9 pp
Depreciation of industrial assets (38) (41) (44) 3 5
Amortization and other depreciation (10) (10) (8) (0) (1)
Impairment of assets 0 (1) 3 1 (3)
Asset disposals, restructuring costs and non-recurring items (36) (8) (65) (29) 29
Operating income (loss) 103 148 100 (45) 3
Financial income (loss) (5) (10) 57 4 (62)
Pre-tax income (loss) 97 138 156 (41) (59)
Income tax (52) (44) (40) (8) (11)
Share in net income (loss) of equity affiliates (0) (0) 0 0 (0)
Net income 45 94 116 (48) (71)
Attributable to non-controlling interests 6 8 5 (2) 0
Net income, Group share 40 86 111 (46) (71)

Basic earnings per share (€) 0.17 0.37 0.48 (0.20) (0.31)
Diluted earnings per share (€) 0.16 0.34 0.46 (0.19) (0.30)

Basic shares outstanding (millions) 234 234 230 (0) 4
Diluted shares outstanding (millions) 249 249 241 0 8




Information
Quarterly statements are unaudited and not subject to any review. Half-year financial statements were subject to limited review by statutory auditors.
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.10/17
Year-to-Date Summary Consolidated Income Statement
€ million, unless noted H1 2025 H1 2024 YoY chg.
Revenues 1,854 2,075 (220)
Cost of sales (1,276) (1,443) 168
Industrial margin 579 631 (53)
(as a % of revenue) 31.2% 30.4% 0.8 pp
Selling, general and administrative expenses (173) (178) 5
(as a % of revenue) (9.4%) (8.6%) (0.8) pp
Other (11) (3) (8)
EBITDA 394 450 (55)
(as a % of revenue) 21.3% 21.7% (0.4) pp
Depreciation of industrial assets (79) (89) 10
Amortization and other depreciation (20) (17) (3)
Impairment of assets (1) 6 (7)
Asset disposals, restructuring costs and non-recurring items (44) (77) 33
Operating income (loss) 251 273 (23)
Financial income (loss) (15) 37 (52)
Pre-tax income (loss) 236 310 (75)
Income tax (96) (86) (10)
Share in net income (loss) of equity affiliates (1) 1 (1)
Net income 139 224 (85)
Attributable to non-controlling interests 13 8 5
Net income, Group share 126 216 (90)

Basic earnings per share (€) 0.54 0.94 (0.40)
Diluted earnings per share (€) 0.51 0.90 (0.39)

Basic shares outstanding (millions) 234 230 4
Diluted shares outstanding (millions) 247 241 6




Information
Quarterly statements are unaudited and not subject to any review. Half-year financial statements were subject to limited review by statutory auditors.
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.11/17
Summary Consolidated Balance Sheet
In € million

Assets 30-Jun-25 31-Dec-24 Liabilities 30-Jun-25 31-Dec-24
Equity - Group share 2,083 2,512
Net intangible assets 27 33 Non-controlling interests 83 89
Goodwill 41 34 Total equity 2,166 2,601
Net property, plant and equipment 1,690 1,842 Bank loans and other borrowings 876 962
Biological assets 64 61 Lease debt 35 41
Equity affiliates 14 17 Employee benefit commitments 61 75
Other non-current assets 100 150 Deferred taxes 80 84
Deferred taxes 157 180 Provisions and other long-term liabilities 305 266
Total non-current assets 2,093 2,317 Total non-current liabilities 1,357 1,428
Inventories 1,102 1,170 Provisions 68 83
Trade and other receivables 440 671 Overdraft & other short-term borrowings 65 141
Derivatives - assets 81 36 Lease debt 21 26
Other current assets 222 234 Trade payables 721 795
Derivatives - liabilities 107 132
Cash and cash equivalents 803 1,103
Other current liabilities 267 325
Total current assets 2,647 3,213 Total current liabilities 1,249 1,502
Assets held for sale and discontinued Liabilities held for sale and discontinued
92 1 61 –
operations operations
Total assets 4,833 5,531 Total equity and liabilities 4,833 5,531




Information
Quarterly statements are unaudited and not subject to any review. Half-year financial statements were subject to limited review by statutory auditors.
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.12/17
Quarterly Key Cash Flow Metrics

In € million Q2 2025 Q1 2025 Q2 2024 QoQ chg. YoY chg.
EBITDA 187 207 215 (20) (27)
Non-cash items in EBITDA (20) (6) (0) (14) (20)
Financial cash out (27) 3 (65) (30) 38
Tax payments (38) (33) (54) (5) 16
Adjusted operating cash flow 103 171 96 (68) 7
Change in working capital 43 79 15 (36) 28
Gross capital expenditure (32) (50) (30) 19 (2)
Foreign exchange differences (26) (31) 3 6 (29)
Adjusted free cash flow 88 168 84 (80) 4
Restructuring charges & non-recurring items (34) (54) (71) 20 37
Asset disposals & other cash items 3 (9) 31 12 (28)
Total cash generation 57 104 44 (47) 13
Shareholder returns (370) – – (370) (370)
Total cash generation after shareholder returns (313) 104 44 (417) (358)
Non-cash adjustments to net debt 0 (13) 76 13 (76)
(Increase) decrease in net debt (313) 91 121 (404) (434)


Year-to-Date Key Cash Flow Metrics

In € million H1 2025 H1 2024 YoY chg.
EBITDA 394 450 (55)
Non-cash items in EBITDA (26) 9 (35)
Financial cash out (23) (60) 37
Tax payments (71) (68) (3)
Adjusted operating cash flow 274 330 (57)
Change in working capital 121 8 114
Gross capital expenditure (82) (85) 3
Foreign exchange differences (57) 3 (60)
Adjusted free cash flow 256 255 1
Restructuring charges & non-recurring items (89) (138) 49
Asset disposals & other cash items (6) 28 (35)
Total cash generation 161 146 15
Shareholder returns (370) – (370)
Total cash generation after shareholder returns (209) 146 (355)
Non-cash adjustments to net debt (13) 60 (73)
(Increase) decrease in net debt (222) 206 (428)




Information
Quarterly statements are unaudited and not subject to any review. Half-year financial statements were subject to limited review by statutory auditors.
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.13/17
Summary Consolidated Statement of Cash Flows (IFRS)


In € million Q2 2025 Q2 2024 YoY chg. H1 2025 H1 2024 YoY chg.
Net income (loss) 45 116 (71) 139 224 (86)
Depreciation, amortization and impairment 48 48 0 100 100 (0)
Unrealized gains and losses on changes in fair value 18 16 2 (10) 7 (17)
Expense arising from share-based payments 4 7 (3) 8 29 (20)
Change in provisions (38) (37) (1) (72) (89) 17
Capital gains and losses on disposals of non-current assets and equity interests (9) 6 (15) (9) (1) (8)
Share in income (loss) of equity-accounted companies 0 (0) 0 1 (1) 1
Others, including net exchange differences (22) (9) (13) (50) (8) (42)
Financial result, net 5 (57) 62 15 (37) 52
Tax expense (including deferred taxes) 52 40 11 96 86 10
Cash flow from operating activities before net financial result and taxes 104 132 (28) 217 310 (93)
Interest paid (30) (63) 32 (33) (70) 37
Income tax paid (38) (54) 16 (71) (68) (3)
Interest received 7 8 (1) 15 18 (4)
Change in operating working capital 43 15 28 121 8 114
Net cash from (used in) operating activities (A) 86 38 47 249 198 51
Acquisitions of property, plant and equipment, and intangible and biological assets (32) (29) (2) (82) (85) 3
Disposals of property, plant and equipment and intangible assets 11 9 2 13 21 (8)
Acquisition of subsidiary, net of cash acquired (18) 0 (18) (18) (0) (18)
Other cash flow from investing activities 19 28 (9) 16 20 (4)
Net cash flow from (used in) investing activities (B) (19) 8 (27) (71) (44) (26)
Increase or decrease in equity 3 – 3 3 – 3
Dividends paid to non-controlling interests (6) (0) (6) (6) (1) (5)
Dividends paid to shareholders of the parent company (352) – (352) (352) – (352)
Share buyback programs (19) – (19) (19) – (19)
Proceeds from new borrowings 15 722 (707) 15 790 (774)
Repayment of borrowings 29 (1,106) 1,135 (2) (1,109) 1,106
Repayment of lease liabilities (6) (5) (1) (14) (11) (3)
Other cash flows from (used in) financing activities (0) (0) 0 (1) (1) (1)
Net cash flow from (used in) financing activities (C) (336) (390) 53 (375) (331) (44)
Change in net cash (A+B+C) (269) (344) 74 (196) (177) (19)
Opening net cash 1,097 1,065 1,026 898
Change in net cash (269) (344) (196) (177)
Impact of changes in exchange rates (19) (3) (22) (2)
Total cash 808 719 808 719
Cash and cash equivalents from assets held for sale (7) – (7) –
Closing net cash 802 719 802 719




Information
Quarterly statements are unaudited and not subject to any review. Half-year financial statements were subject to limited review by statutory auditors.
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.14/17
Indebtedness
In € million 30-Jun-25 31-Dec-24
7.500% 8-year USD Senior Notes due 2032 683 771
1.837% PGE due 2027 180 176
(a)
ACC ACE 47 39
(b)
Other 32 117
Total gross financial indebtedness 941 1,103
Less: cash and cash equivalents (c) 809 1,103
(d)
Plus: fair value of cross currency swap 69 (21)
Total net financial indebtedness 201 (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)
Includes approximately €7 million in cash held in Serimax, which is now accounted for in assets & liabilities held for sale
(d)
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 30-Jun-25 31-Dec-24
(a), (b)
Cash and cash equivalents 809 1,103
Available RCF 550 550
Available ABL (c) 177 224
Total liquidity 1,536 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)
Includes approximately €7 million in cash held in Serimax, which is now accounted for in assets & liabilities held for sale
(c)
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 June 30th 2025 was approximately $217m. 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. Half-year financial statements were subject to limited review by statutory auditors.
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.15/17
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. Half-year financial statements were subject to limited review by statutory auditors.
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.16/17
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. Half-year financial statements were subject to limited review by statutory auditors.
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.17/17