Core Viewpoint - Vallourec has announced a €200 million share buyback program aimed at enhancing shareholder returns, targeting a total of at least €500 million by August 2026 [1][4]. Share Buyback Program - The share buyback will be executed through a mandate with an investment services provider and is set to conclude by June 30, 2026 [1]. - The repurchased shares will be used to cover part of the warrants issued by Vallourec, thereby mitigating dilution from their exercise [2]. Financial Strategy and Shareholder Returns - Vallourec plans to return approximately €300 million from the exercise of the warrants, along with 80-100% of 2025 cash generation not allocated for share buybacks, through an extraordinary interim dividend in Q3 2026 [4]. - The company does not intend to propose an annual dividend for 2025 at the annual shareholders' meeting in 2026 due to the expected extraordinary interim dividend [5]. - The shareholder returns are consistent with Vallourec's capital allocation policy, which maintains a leverage ratio of +/- 0.5x net debt to EBITDA and liquidity above €1 billion [5]. Management Commentary - Philippe Guillemot, Chairman and CEO, emphasized that this announcement aligns with Vallourec's goal to be a shareholder-friendly company and reflects the value potential of its stock [6].