Core Viewpoint - Vallourec has made its Interim Financial Report for the half-year ending June 30, 2025, publicly available and filed it with the French securities regulator [2]. Group 1: Financial Report Details - The report includes consolidated financial statements, an activity report, a statement from the responsible person, and the Statutory Auditors' review report [2]. - The Interim Financial Report can be accessed on Vallourec's official website [3]. Group 2: Company Overview - Vallourec is a global leader in premium tubular solutions for energy markets and industrial applications, employing nearly 13,000 people across more than 20 countries [4]. - The company focuses on innovative and competitive tubular solutions for various demanding sectors, including oil & gas and power generation [4]. Group 3: Stock Information - Vallourec is listed on Euronext Paris and is part of several indices, including CAC Mid 60 and SBF 120 [5]. - The company has a sponsored Level 1 American Depositary Receipt (ADR) program in the United States, with a parity of 5:1 between ADR and ordinary shares [5]. Group 4: Financial Calendar - The next financial results release is scheduled for November 14, 2025, covering the third quarter and nine months of 2025 [6].

Core Viewpoint - Vallourec has successfully completed the acquisition of Thermotite do Brasil, enhancing its premium tubular solutions and technological expertise in thermal insulation coatings for pipelines [2][3][4]. Company Summary - Vallourec is a global leader in premium tubular solutions, focusing on energy markets and demanding industrial applications, including oil and gas wells and new generation power plants [5]. - The company employs nearly 13,000 people across more than 20 countries, emphasizing innovation and R&D to provide competitive and smart tubular solutions [5]. Industry Impact - The acquisition supports Vallourec's premiumization strategy, reinforcing its value proposition in offshore oil and gas projects [3][4]. - The integration of Thermotite's technology is expected to enhance Vallourec's industrial value chain in Brazil, a critical market for the offshore oil and gas sector [4].

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]