Vallourec, a world leader in premium seamless tubular solutions, announces today its results for the first quarter 2026. The Board of Directors of Vallourec SA, meeting on May 12th 2026, approved the Group's first quarter 2026 Consolidated Financial Statements.
First Quarter 2026 Results
Q1 Group EBITDA of $220m or €187m, above guidance midpoint
Strong 22.6% EBITDA margin, up ~200bps sequentially
Solid cash generation of $135m, net cash position of $67m post $107m buyback
Resilient customer activity in primary Middle East markets with no cancellations; select order postponements and shipping delays impacting invoicing cadence
Higher activity levels emerging in US, leading to increasing market pricing
Q2 2026 Group EBITDA expected to range between $175 million and $205 million
Vallourec confirms intention to return nearly €650m to shareholders by Augusta
Vallourec to host Geothermal Deep-Dive on June 15th 2026
CHANGE IN REPORTING CURRENCY
Vallourec changed the reporting currency of the Group's Consolidated Financial Statements from the Euro to the US Dollar, effective January 1st 2026, to make its financial information more readable by better reflecting the performance of its activities, which are mainly carried out in US Dollars. All functional currencies are unchanged. Comparative 2025 information has been restated (see in Appendix for comparative figures in Euros).
HIGHLIGHTS
First Quarter 2026 Results
Group EBITDA of $220 million, flat year over year, EBITDA margin improved to 22.6%
Tubes EBITDA per tonne of $724 up 31% year over year, reflecting positive price/mix effects and excellent cost adaptation
Mine & Forest EBITDA at $38 million decreasing year over year by (32%), reflecting lower iron ore volumes and negative FX impacts
Adjusted free cash flow of $177 million; total cash generation of $135 million, aided by robust collections and inventory management
Ended the period with a net cash position of $67 million, improving by $21 million sequentially after $107 million of share repurchases
OUTLOOK
Second Quarter 2026 Group EBITDA is expected to range between $175 million and $205 million:
In Tubes, volumes and EBITDA per tonne are expected to decline sequentially, given a longer period of disruption in the Middle East compared to the first quarter, with cost-overruns due to the war to be mostly compensated after the second quarter.
In Mine & Forest, production sold is expected to be around 1.4 million tonnes.
Full Year 2026 results are expected to be influenced by the following dynamics:
North America Tubes:
Sustained strength in sales volumes thanks to Vallourec's market share gains during 2025 and higher activity levels among certain customers
Increasing US market prices on improving industry supply-demand conditions, more than offsetting increases in energy and raw material costs
International Tubes:
Lower sales volumes in H1 2026 due to slower bookings in H2 2025, as well as longer delivery routes in certain Middle East markets and select order postponements
Assuming no significant deterioration in the geopolitical situation, an activity recovery in international markets setting the stage for higher second half volumes
Broadly stable market pricing versus the second half of 2025, with discrete customer contracts driving selective price upside
Iron ore production sold of approximately 5.5 million tonnes
Key Quarterly Data ($m)b
in $ million, unless noted
Q1 2026
Q4 2025*
Q1 2025*
QoQ chg.
YoY chg.
Tubes volume sold (k tonnes)
272
335
314
(63)
(42)
Iron ore volume sold (m tonnes)
1.3
1.5
1.6
(0.1)
(0.2)
Group revenues
975
