Vallourec, a world leader in premium tubular solutions, announces today its results for the third quarter 2025. The Board of Directors of Vallourec SA, meeting on November 12th 2025, approved the Group's third quarter 2025 Consolidated Financial Statements.
Third Quarter 2025 Results
Q3 Group EBITDA of €210 million; EBITDA margin strong at 23%
Tubes EBITDA per tonne increased by more than 25% sequentially to €621
Robust US customer demand demonstrated in recent bookings
Expanding market share in Brazil via new Long-Term Agreement with Petrobras
Q4 2025 Group EBITDA expected to range between €195 million and €225 million
Confirm expected improvement in EBITDA in H2 2025 vs. H1 2025
HIGHLIGHTS & OUTLOOK
Third Quarter 2025 Results
Group EBITDA of €210 million, up 12% sequentially, in line with midpoint of guidance
Group EBITDA margin was strong at 23%, the highest level since Q1 2024
Tubes EBITDA margin improved more than 320 bps sequentially to 22%, with Tubes EBITDA increasing 30% sequentially to €188 million due to higher selling prices and slightly higher volumes.
Mine & Forest EBITDA decreased by (22%) sequentially to €35 million due to lower volumes and higher costs, though EBITDA margin remained solid at 42%.
Adjusted free cash flow of €69 million; total cash generation of €67 million; net debt reduced to €140 million
Finalized sale of Serimax to further streamline invested capital and focus on core business activities
Redeemed 10% of outstanding 2032 senior notes
Fourth Quarter 2025 Group EBITDA is expected to range between €195 million and €225 million:
In Tubes, EBITDA per tonne is expected to be similar to the Q3 2025 level, while volumes are expected to be slightly above the Q3 2025 level.
In Mine & Forest, production sold is expected to be around 1.4 million tonnes.
Full Year 2025 Outlook
Confirm Group EBITDA improvement in H2 2025 vs. H1 2025
Full Year Group EBITDA is expected to range between €799 and €829 million
Philippe Guillemot, Chairman of the Board of Directors and Chief Executive Officer, declared:
"Vallourec delivered solid results once again in the third quarter, with Group EBITDA margin rising to its highest level since the first quarter of 2024. This quarter marks three straight years in which Vallourec has delivered a Group EBITDA margin around 20% and positive total cash generation, a clear testament to the major structural changes we have made within our business since May 2022.
"Our advantaged manufacturing footprint and reputation for high-quality tubular solutions is paying dividends in the United States. Our order intake in this market in recent months has been robust and reflects stable customer drilling activity and an improvement in our market share. We continue to expect a slowdown in imports, which currently represent about 40% of supply in the US OCTG market, as the market responds to higher steel tariffs.
"Also in the quarter, we secured a major contract ...
