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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
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Vallourec
Vallourec (VK) investor relations material
Vallourec Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary30 Jul, 2026
Executive summary
Q2 2026 EBITDA reached $190 million at a 21.4% margin, with strong Tubes profitability at $722/ton despite a 17% drop in volumes and ongoing Middle East disruptions.
Net cash position improved to $183 million, the highest since 2009, reflecting strong cash generation of $118 million in Q2.
Shareholder returns for 2026 confirmed at approximately €650 million, including a €2.05/share extraordinary interim dividend and €110 million in share buybacks.
Major offshore contract wins, including the largest line pipe contract in company history for ExxonMobil Guyana, and commercial launch of advanced insulation technology.
Offshore tendering momentum and robust U.S. market activity support future volume growth, while Middle East disruptions delay some deliveries.
Financial highlights
Q2 2026 revenues were $886 million, down 10% year-over-year and 9% sequentially, mainly due to lower Middle East shipments and Mine & Forest contribution.
EBITDA margin remained strong at 21.4%, with EBITDA per ton at $722, up 31% year-over-year.
Net income group share was $45 million, stable versus $44 million in Q2 2025; diluted EPS at $0.18.
Adjusted free cash flow totaled $125 million, up from $103 million in Q2 2025.
Total liquidity exceeded $2 billion at quarter end, with gross debt at $998 million and $1.2 billion in cash and equivalents.
Outlook and guidance
Q3 2026 EBITDA expected between $170 million and $210 million, reflecting uncertainty from Middle East hostilities.
Tubes volumes projected to increase in Q3, but EBITDA per ton to decrease due to less favorable mix and additional Middle East costs.
Full-year Mine & Forest production sold forecasted at 5–5.5 million tons, slightly softer due to higher freight costs and weaker China demand.
H2 2026 Tubes volumes and prices in North America and international markets expected to rise, despite Strait of Hormuz closure.
Capital allocation policy targets a leverage ratio of +/- 0.5x net debt to EBITDA and liquidity above €1 billion.
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Latest events from Vallourec
- Transformation delivers higher margins, strong cash returns, and growth in premium and new energy markets.VK
Investor presentation - Geothermal growth and innovation position Vallourec for high-margin, scalable market leadership.VKInvestor update
- Strong financials, ambitious dividends, and strategic growth in new energies marked the AGM.VKAGM 2026
- Q1 2026 saw strong EBITDA, cash flow, and resilient markets, with robust shareholder returns.VKQ1 2026
- Strong 2025 EBITDA and cash flow drive €650 million shareholder returns and 2026 growth.VKQ4 2025
- Q2 2025 EBITDA margin hit 22% with €370m returned and improved H2 outlook expected.VKQ2 2025
- Q2 EBITDA €215–€250m, net debt €364m, strong international demand, and 2025 shareholder returns.VKQ2 2024
- Q1 2025 EBITDA margin hit 21% with strong cash flow, outlook, and a proposed €1.50 dividend.VKQ1 2025
- Zero net debt, strong cash flow, and first dividend in a decade highlight robust 2024 results.VKQ4 2024
Next Vallourec earnings date
Q3 202620 Nov, 2026
Vallourec
Next Vallourec earnings date
Q3 202620 Nov, 2026
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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.