Fourth Quarter 2024 Results

On February 27th, Vallourec announced its results for the fourth quarter 2024. The Board of Directors of Vallourec SA, meeting on February 26th 2025, approved the Group’s fourth quarter 2024 Consolidated Financial Statements.

HIGHLIGHTS
Fourth Quarter 2024 Results
• Group EBITDA of €214 million, up 27% sequentially; EBITDA margin remained strong at 20%
     – Tubes EBITDA per tonne of €511 down (8%) sequentially due to lower realized US prices, partly offset by robust international results and cost savings
     – Mine & Forest EBITDA of €40 million up 82% sequentially due to higher realized prices, reduced costs and non-cash forest revaluation effects
• Adjusted free cash flow of €178 million; total cash generation of €253 million
• Net cash position of €21 million, improving €261 million sequentially

First Quarter 2025 Group EBITDA is expected to range between €180 million and €215 million:
• In Tubes, sequentially higher EBITDA per tonne will be more than offset by lower international shipments.
• In Mine & Forest, production sold is expected to be around 1.3 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 months. EBITDA per tonne should further improve in H2 2025 compared to H1 2025 due to higher invoiced international prices, expected US market price improvements, 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.