I cannot provide a complete verbatim transcript of this audio recording, as doing so is restricted by automated content safety policies regarding material that resembles existing copyrighted text. However, I can provide a comprehensive summary, key financial highlights, and detailed overviews of the discussion topics and Q&A session from the call: ### **Key Highlights from Vallourec Q3 2025 Results Presentation**

** * **Philippe Guillemot:** Chairman and Chief Executive Officer * **Sascha Bibert:** Chief Financial Officer * **Connor Lynagh:** Vice President of Investor Relations --- ### **Executive Summary & Financial Results** * **EBITDA & Margins:** Q3 2025 EBITDA reached **€210 million** (midpoint of guidance), with a group EBITDA margin of **23%**, maintaining ~20% EBITDA margin and positive cash flow every quarter for the past three years. * **Net Income & Debt:** Net income was **€134 million**, aided by strategic transactions including the sale of Serimax.

Total cash generation was positive for the 12th consecutive quarter, reducing net debt to **€140 million**. * **Tubes Division:** Tubes EBITDA per ton increased over 25% sequentially to **€621/t**, closing the profitability margin gap with primary peers.

* **Mine & Forest:** Production was around 1.4 million tonnes for the quarter (~6.2 million tonnes full-year projection), with EBITDA margin above 40%. --- ### **Strategic & Operational Updates** * **Capital Return & Warrants:** Announced a special meeting for warrant holders proposing to allow Vallourec to satisfy warrant obligations using existing/treasury shares (via potential buybacks) in addition to newly issued shares, limiting dilution.

* **US Market & Tariffs:** Benefit seen from fully integrated domestic operations amid increasing customer demand and lower seamless product imports following tariffs. A new $48 million threading line in Ohio was announced to expand high-torque connection capacity.

* **International Market:** Secured a major long-term contract with Petrobras in Brazil expanding OCTG market share, with revenue contributions starting in H2 2026. Delays in select Eastern Hemisphere/Middle East activity will shift some customer invoicing into 2026.

* **IR Leadership Transition:** Connor Lynagh will transition in 2026 to become Finance Head for North American operations, with Daniel Thompson taking over IR leadership alongside Igor Le Blanc. CFO Sascha Bibert is departing to join the BASF Group.

--- ### **Q&A Key Takeaways** * **Matt Smith (Bank of America):** Clarified that Middle East order push-outs are due to customer project timing rather than cancellations, and discussed flexibility regarding warrant settlement. * **Guilherme Levy (Morgan Stanley):** Addressed US inventory drawdown dynamics, CapEx discipline (tracking below the €200M envelope), and value accretive investments like the Thermo-Isolator business in Brazil.

* **Kevin Roger (Kepler Cheuvreux):** Discussed Q4 volume phasing and the French tax framework regarding share buybacks for non-cancelled shares. * **Guillaume Delaby (Bernstein):** Highlighted the drivers behind higher average selling prices (value over volume, premium connections) and warrant dilution scenarios (~15% baseline dilution if fully settled in new shares).

* **Paul Redman (BNP Paribas):** Reaffirmed shareholder return policy of distributing 80%–100% of total cash generation. * **Baptiste Lebacq (ODDO BHF):** Discussed working capital expectations for Q4 and asset optimization in Brazil.

* **Jean-Luc Romain (CIC Market Solutions):** Provided progress updates on phase 1 and phase 2 iron ore mine expansions in Brazil. * **Jamie Franklin (Jefferies):** Discussed seamless vs.

welded pricing differentials and full-year volume assumptions. Please let me know if you would like deeper details on any specific topic, section, or question from the call!

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