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Vallourec (VK) investor relations material
Vallourec Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary25 Jul, 2025
Executive summary
Q2 2025 EBITDA reached €187 million with a 22% margin, slightly above guidance midpoint, despite lower shipments and a 10% sequential decline.
€370 million was returned to shareholders via dividends and share buybacks in Q2, reducing net debt to €201 million.
Strategic initiatives in Brazil, including cost reduction programs, were completed ahead of schedule and exceeded savings targets.
Major contracts secured in the Middle East, Algeria, Brazil, and Kuwait, with the acquisition of Thermotite do Brasil enhancing deepwater line pipe offerings.
Eleven consecutive quarters of positive cash generation achieved, with a return to dividends and share buybacks.
Financial highlights
Q2 2025 revenues were €863 million, down 20% year-over-year, mainly due to lower Tubes volumes and prices.
Q2 2025 EBITDA was €187 million (21.7% margin), down from €215 million a year earlier, but margin improved year-over-year.
Q2 2025 net income, group share, was €40 million, compared to €111 million in Q2 2024.
Adjusted free cash flow in Q2 2025 was €88 million; liquidity at June 30, 2025 was €1.5 billion, including €809 million in cash.
Net debt stood at €201 million at quarter-end, improved from €364 million a year earlier.
Outlook and guidance
Q3 2025 EBITDA expected between €195 million and €225 million; full-year EBITDA to improve in H2 2025 versus H1 2025.
Tubes volumes in Q3 to be similar to Q2, with EBITDA per tonne expected to increase sequentially.
International Tubes volumes and EBITDA per tonne anticipated to rise in H2 2025, supported by earlier bookings and pricing improvements.
Mine & Forest profitability in H2 will depend on prevailing iron ore prices, with production sold expected at 6 million tonnes for the year.
No change in risk outlook for 2025; macro and geopolitical risks persist, especially from US trade policy and global conflicts.
Explain US market pricing support from tariffs.
Assess Brazil Performance Program savings.
How will gas drilling impact Vallourec?
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Q3 202514 Nov, 2025
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Frequently asked questions
Vallourec S.A. is a global provider of tubular solutions primarily serving the energy industry. The company specializes in the design, manufacture, and supply of seamless steel pipes used in oil and gas exploration, power generation, and industrial applications. In addition to energy, Vallourec's products cater to other sectors such as construction, mechanical engineering, and automotive industries. The company's expertise covers high-performance materials and solutions tailored for extreme operating conditions, including deepwater oil extraction and high-pressure environments. Vallourec also offers services related to the maintenance, inspection, and logistics of its products. The company is headquartered in Meudon, France, and its shares are listed on the Euronext Paris.
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