Core Insights - Vallourec reported robust financial results for Q4 2025, with Group EBITDA of €214 million and a strong EBITDA margin of 21% [5][12] - The company generated total cash of €177 million and adjusted free cash flow of €204 million, reflecting effective working capital management [5][12] - Vallourec aims to distribute approximately €650 million to shareholders by August 2026, marking a significant increase from 2025 [5][7] Financial Performance - Group revenues for Q4 2025 were €1,043 million, a sequential increase of €132 million but a year-over-year decrease of €22 million [12] - Tubes volume sold was 335,000 tonnes, up 32,000 tonnes from Q3 2025 but down 27,000 tonnes from Q4 2024 [12] - Net income attributable to the Group was €96 million, down from €134 million in Q3 2025 and €163 million in Q4 2024 [12] Market Dynamics - Resilient demand from US customers was noted, while imports continued to decline [5] - Early signs of activity recovery were observed in key Middle Eastern markets, setting the stage for higher volumes in the second half of 2026 [5][10] - A slight near-term decrease in US market prices is expected, but improving supply-demand conditions may lead to potential price recovery later in the year [5][10] Strategic Focus - The company is committed to profitable growth through targeted R&D and capital investments, particularly in new energy solutions [9] - Vallourec is investing in value-added capacity enhancements, including a new high-torque threading line in the US and advanced coating capabilities [9] - Partnerships in the geothermal and hydrogen sectors are being pursued to address energy challenges [9] Operational Efficiency - The company ended the period with a net cash position of €39 million, improving by €179 million sequentially [5][12] - A balanced distribution framework is being adopted to limit warrant dilution through buybacks while growing shareholder returns [7][8] - The focus on operational excellence and value over volume has led to significant improvements in profitability and financial resilience [8]

Appointment of David Clarke As New Director of Vallourec Meudon (France), 26 February 2026 –The Board of Directors of Vallourec, meeting today, decided to co-opt, at the request of ArcelorMittal, Mr. David Clarke as a member of Vallourec Board of Directors, replacing Mr Keith James Howell. Mr. David Clarke was also appointed as a member of the Nominations and Governance Committee. The ratification of Mr. Clarke’s appointment will be proposed at the Group’s next Shareholder’s meeting on 21 May 2026. Biograph ...

Appointment of David Clarke As New Director of Vallourec Meudon (France), 26 February 2026 –The Board of Directors of Vallourec, meeting today, decided to co-opt, at the request of ArcelorMittal, Mr. David Clarke as a member of Vallourec Board of Directors, replacing Mr Keith James Howell. Mr. David Clarke was also appointed as a member of the Nominations and Governance Committee. The ratification of Mr. Clarke’s appointment will be proposed at the Group’s next Shareholder’s meeting on 21 May 2026. Biograph ...

Core Insights - Vallourec and Baker Hughes have signed a Memorandum of Understanding (MOU) to advance hydrogen storage solutions for the green hydrogen market [1][2] - The collaboration aims to enhance long-term cooperation across the industrial green hydrogen value chain, including applications in green ammonia, sustainable fuels, and green steel manufacturing [2][4] Company Overview - Vallourec is a leader in premium seamless tubular solutions, with a focus on energy markets and demanding industrial applications [5] - The company employs nearly 13,000 people across more than 20 countries, emphasizing innovation and safety in its tubular solutions [5] Technology and Solutions - Vallourec's Delphy solution is a market-ready underground hydrogen storage system capable of storing up to 100 tons of green hydrogen gas [3] - The Delphy solution is designed for high-pressure performance with minimal surface footprint and has received certifications from Bureau Veritas and DNV [3] Strategic Importance - The partnership with Baker Hughes, known for its expertise in compression technology, is a strategic move for Vallourec to strengthen its position in the green hydrogen value chain [4] - This collaboration is expected to optimize compression-storage configurations and improve operational efficiencies, ultimately reducing costs for customers [2][4]

Invitation Q4 2025 Results Release and Conference Call Friday, February 27th, 2026 Vallourec will publish Fourth Quarter and Full Year 2025 Results on February 27th, 2026 at 07:30 AM CET. Philippe Guillemot, Chairman of the Board and Chief Executive Officer, and Nathalie Delbreuve, Chief Financial Officer are pleased to invite you to a presentation of the results via conference call and webcast at 09:30 AM CET. To connect to the webcast (live and replay), please visit: https://vallourec.engagestream.comp ...

DISCLOSURE OF TRADING IN OWN SHARES FROM 01/26/2026 TO 01/30/2026 Meudon (France), on February 2nd, 2026 Share buyback program (ISIN Code : FR0013506730) implemented in accordance with the authorization given by the Shareholders' General Meeting of Vallourec SA (LEI : 969500P2Q1B47H4MCJ34) on May 22, 2025 (ninth resolution).  Day of the transaction Total daily volume (number of shares)Daily weighted average purchase price of the shares (€)Market Code 01/26/202670 00017,7304XPAR01/26/202635 00017,6853CEUX0 ...

Core Insights - Vallourec and XGS Energy have formed a strategic partnership to accelerate a multi-gigawatt geothermal project pipeline in the western United States, focusing on a three-gigawatt initiative [1][2] Group 1: Partnership Details - The partnership will secure the supply of tubulars, essential for XGS's water-independent geothermal systems, as XGS begins construction on a 150 MW project with Meta in New Mexico [2] - Vallourec will leverage its engineering expertise and manufacturing capabilities to support XGS's solid-state, closed-loop geothermal system [2][3] Group 2: Strategic Importance - For Vallourec, this partnership is a strategic move to expand its New Energies portfolio and aims to position the company as a leading supplier of tubular solutions for advanced geothermal applications [3] - Vallourec's THERMOCASE Vacuum Insulated Tubing (VIT) is highlighted as a critical component for enhancing the efficiency and reliability of geothermal wells [3] Group 3: Leadership Perspectives - Philippe Guillemot, CEO of Vallourec, emphasized the collaboration's role in energy transformation and the significance of geothermal energy within their New Energies portfolio [4] - Josh Prueher, CEO of XGS Energy, noted that their projects in New Mexico and California will make XGS one of the largest consumers of tubular goods globally by 2027 and 2028 [4] Group 4: Company Backgrounds - Vallourec is recognized as a leader in premium tubular solutions for energy markets and demanding industrial applications, with a workforce of nearly 13,000 across more than 20 countries [5] - XGS Energy focuses on providing clean, round-the-clock energy through its proprietary solid-state geothermal system, which offers geographic flexibility and faster deployment [6]

Summary of Global Oil Services Conference Call Industry Overview - The focus is on the **Global Oil Services** industry, with a specific outlook for **2026** highlighted in the report [1][2]. Core Insights and Arguments - The report suggests that the oil services sector may be at an **inflection point**, primarily driven by changing investor perceptions rather than fundamental economic shifts [2][3]. - Investor interest has been historically low, but there are signs of a shift as the sector's valuation improved from **1.3x EV/Revenue** in October 2025 to **1.44x** in December 2025, following positive earnings calls from major companies [3][19]. - **Thirteen relevant themes** have been identified for the oil services sector, with five expected to gain momentum in 2026: 1. Investor interest 2. The Middle East 3. OCTG (Oil Country Tubular Goods) 4. Exploration 5. Digital advancements [4][23]. Key Themes and Trends - The **Middle East** is expected to see a significant increase in capital expenditures, particularly with **Adnoc** launching a **$150 billion** capex plan for 2026-2030 [4][24]. - **OCTG** volumes are anticipated to rise in the second half of 2026, with potential price increases due to steel tariffs and improved pricing power [4][24]. - **Exploration** spending is set to increase, with companies like **Chevron** planning to boost exploration capex by approximately **50%** [4][24]. - The **Digital** sector is highlighted as a growth area, with companies like **SLB** and **Adnoc** investing in AI tools to enhance operational efficiency [4][25]. Financial Strength and Valuation - The oil services industry is reported to be in a stronger financial position compared to previous cycles, with a **CFO-to-revenue ratio** of **15%**, a **net-debt-to-assets ratio** of **14%**, and a **ROIC** of **9%** [26][27]. - Despite a supportive macro environment, investor engagement in the sector has not met expectations, indicating potential for future growth [7][26]. Investment Recommendations - The report lists preferred stocks for 2026: - **Tenaris** (Target Price: €21) - **SLB** (Target Price: $52.3) - **Vallourec** (Target Price: €22.6) - **Saipem** (Target Price: €3.54) - **Subsea 7** (Target Price: NOK240) [5][41]. - Short-term trading opportunities are identified in **Technip Energies**, **GTT**, **Viridien**, **SBM Offshore**, and **Rubis** [5][41]. - Long-term value is seen in **Adnoc Drilling** and **Adnoc L&S** [5][41]. Additional Insights - The oil services sector has largely **decorrelated from oil prices** since 2022, indicating a shift in how the sector's performance is influenced by oil market fluctuations [32][36]. - The **free cash flow** for the industry reached **$26 billion** in 3Q25, surpassing the previous peak of **$15.5 billion** in 2015, reflecting strong cash generation capabilities [37][39]. Conclusion - The Global Oil Services industry is poised for potential growth in 2026, driven by improved investor sentiment, strategic capital investments in the Middle East, and advancements in digital technology. The financial health of the sector supports a positive outlook, with several companies identified as key investment opportunities.

Core Insights - Vallourec will showcase its innovative hydrogen storage solution, Delphy, at Hyvolution 2026, where it has been awarded the Innovation Award [1][4] Group 1: Company Overview - Vallourec is a global leader in premium seamless tubular solutions, focusing on energy markets and demanding industrial applications [5] - The company employs nearly 13,000 people across more than 20 countries, emphasizing innovation and R&D to provide advanced tubular solutions [5] Group 2: Product Details - Delphy is an underground hydrogen storage solution capable of storing up to 100 tons of hydrogen gas vertically, designed for high-pressure performance and safety [3] - The solution has been certified by Bureau Veritas and DNV, indicating its reliability and industry standards [3] Group 3: Strategic Partnerships - Vallourec has established partnerships with H2V, NextChem Tech, and Geostock to enhance its green hydrogen production and storage capabilities [3] Group 4: Event Participation - At Hyvolution 2026, Vallourec will engage with visitors at booth J50 and present technical talks on the hydrogen market and Delphy [5] - Keynote presentations and panel discussions featuring Vallourec experts are scheduled during the event [7]

Core Viewpoint - Vallourec SA has initiated a share buyback program as authorized by its shareholders, aimed at enhancing shareholder value through the repurchase of its own shares [2][4]. Group 1: Share Buyback Program - The share buyback program was authorized during the Shareholders' General Meeting on May 22, 2025 [2]. - The total volume of shares repurchased from January 12 to January 16, 2026, amounted to 540,000 shares, with a daily weighted average purchase price of €17.1320 [3]. Group 2: Transaction Details - On January 12, 2026, Vallourec repurchased a total of 100,000 shares across multiple transactions, with prices ranging from €16.9982 to €17.0231 [3]. - On January 13, 2026, the company bought back 96,000 shares, with prices between €17.1592 and €17.1867 [3]. - On January 14, 2026, 100,000 shares were repurchased at prices from €17.0794 to €17.0952 [3]. - On January 15, 2026, Vallourec acquired 115,000 shares, with prices ranging from €17.2071 to €17.2339 [3]. - On January 16, 2026, the company repurchased 120,000 shares, with prices between €17.1395 and €17.1533 [3]. Group 3: Company Overview - Vallourec is a global leader in premium tubular solutions, serving energy markets and industrial applications, including oil and gas wells and high-performance mechanical equipment [4]. - The company employs nearly 13,000 people across more than 20 countries, focusing on innovative and competitive tubular solutions [4].