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Vallourec (VK) investor relations material
Vallourec Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved FY 2025 EBITDA of €819 million and Q4 EBITDA of €214 million, in line with guidance, with consistent cash generation and narrowing profitability gap with peers.
Returned to shareholders with €370 million in 2025 and targeting €650 million by August 2026, including a €200 million buyback and extraordinary interim dividend of €1.75/share.
Advanced strategic initiatives: cost reduction in Brazil, sale of non-core assets, and acquisition of Thermotite do Brasil, enhancing line pipe coating capabilities.
Maintained investment grade ratings across all agencies and improved net cash position to €39 million at year-end 2025.
Positioned for profitable growth with investments in premium threading, coating, and geothermal markets, and partnerships in New Energies.
Financial highlights
FY 2025 revenues were €3,809 million, down 6% year-over-year; EBITDA margin at 21.5%, and net income at €355 million.
Q4 2025 revenues were €1,043 million, EBITDA €214 million (20.5% margin), and net income €96 million.
Net cash position at year-end 2025 was €39 million, after significant shareholder returns.
FY 2025 diluted EPS was €1.42, compared to €1.86 in FY 2024.
Adjusted free cash flow in Q4 2025 was €204 million.
Outlook and guidance
Q1 2026 EBITDA expected between €165 million and €195 million.
Tubes volumes to decrease sequentially in Q1 2026, with stable EBITDA per tonne; North America volumes to remain strong, international volumes softer in H1, with Middle East recovery in H2.
Mine & Forest production sold expected at 1.4 million tonnes in Q1 2026; full year guided at 5.5 million tonnes.
Full-year 2026 influenced by stable North America volumes, slight US price decrease, and Middle East activity rebound.
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