Core Points - Vallourec's General Shareholders' Meeting on May 22, 2025, approved all resolutions, marking the first dividend payment in a decade [1] - The approved dividend for the fiscal year 2024 is €1.50 per share, with an ex-dividend date of May 26, 2025, and payment scheduled for May 28, 2025 [2] - The meeting ratified the co-optation of Mr. Keith James Howell as Director for a four-year term [3] - Compensation and benefits for the Company's directors and officers for the year ended December 31, 2024, were approved, along with the compensation policy for 2025 [4] - Amendments to the Articles of Association were approved to align with Law n° 2024-537, enhancing business financing and specifying the powers of the Lead Independent Director [5] Company Overview - Vallourec is a global leader in premium seamless tubular solutions, serving energy markets and demanding industrial applications [6] - The company employs nearly 13,000 people across more than 20 countries, focusing on innovative and competitive tubular solutions [6] - Vallourec is listed on Euronext Paris and is part of several indices, including CAC Mid 60 and SBF 120 [7]

Core Insights - Vallourec's employee share offering "Vallourec Invest 2025" has been successful, with participation from employees in multiple countries, reflecting the company's commitment to employee involvement in value creation [2][3][4] Group 1: Employee Share Offering - The program attracted 5,142 participants, nearly half of the eligible employees, indicating strong interest [3] - Participants received a 20% discount and a matching contribution as part of the offering [3] - The initiative resulted in the creation of 218,601 new shares, representing 0.09% of Vallourec's capital, increasing the total number of shares to 238,358,136 as of April 10, 2025 [4] Group 2: Company Overview - Vallourec is a leader in premium seamless tubular solutions, serving energy markets and demanding industrial applications [5] - The company employs close to 13,000 people across more than 20 countries, focusing on innovative and competitive tubular solutions [5] - Vallourec is listed on Euronext in Paris and is part of several indices, including CAC Mid 60 and SBF 120 [6]

Core Insights - Vallourec reported strong first quarter 2025 results, achieving a Group EBITDA of €207 million with a 21% EBITDA margin, despite a 3% sequential decline [5][8] - The company anticipates a second quarter 2025 Group EBITDA between €170 million and €200 million, with expected improvement in the second half of 2025 compared to the first half [4][5] Financial Performance - Group revenues for Q1 2025 were €991 million, a decrease of €74 million from Q4 2024, but an increase of €1 million year-over-year [8] - Tubes volume sold was 314,000 tonnes, down from 362,000 tonnes in Q4 2024, but up 21% year-over-year [8] - Iron ore volume sold reached 1.6 million tonnes, an increase of 0.26 million tonnes sequentially and 0.2 million tonnes year-over-year [8] - Adjusted free cash flow was €168 million, with total cash generation of €104 million, improving the net cash position to €112 million, up €91 million sequentially [5][8] Market Position and Strategy - The company has focused on premium products and has established strong positions with global national oil companies and resilient independent US producers [7] - International bookings continued to show strong momentum, supporting expectations for improved profitability in the second half of 2025 [6][7] - US market prices have been on an upward trend, although they have not yet fully reflected the impact of recently announced tariffs [6] Future Outlook - The company expects Tubes EBITDA per tonne to remain flat to slightly higher sequentially, with volumes anticipated to be flat to slightly down [5] - In the Mine & Forest segment, production sold is expected to be around 1.5 million tonnes, with profitability dependent on prevailing iron ore market prices [5] - The company is well-positioned to navigate market changes due to substantial operational changes made over the past three years [7][8]