Vallourec (VK) AGM 2026 summary

Opening remarks and agenda

• The meeting was opened with introductions of key board members, statutory auditors, and confirmation of legal formalities and quorum, with 77.23% attendance enabling valid deliberation on all agenda items.

Financial performance review

• 2025 revenue was €3.8 billion, down 6% year-on-year, with EBITDA at €819 million (21.5% margin), and net profit at €355 million, reflecting resilience despite adverse currency impacts.

• Net cash position improved to €39 million, with €370 million paid out to shareholders and gross debt reduced to €862 million.

• Liquidity stood at €1.7 billion, and all three major rating agencies upgraded the company to investment grade.

• Mining and forestry EBITDA rose to €171 million, driven by mine expansion.

Board and executive committee updates

• Board comprises nine members (55% women, 45% men, eight nationalities, 63% independence), with recent changes reflecting shareholding adjustments and leadership continuity.

• Philippe Guillemot’s term as Chairman and CEO was renewed, maintaining unified leadership for strategic continuity.