Dear colleagues,
Over the past three years, our Group has undergone a significant transformation, positioning us
for a new era of sustainable growth. Thanks to the implementation of the New Vallourec Plan and
your dedication, we are successfully repositioning ourselves as a leading industrial company and
a key player in our industry, ensuring long-term stability and success.
Our achievements are evident: after completing the deleveraging of our balance sheet a year
ahead of schedule, we closed the profitability gap with our main competitor in the third quarter
of 2025. This indicates that the two objectives established in 2022 have been successfully
accomplished.
This performance is not an accident. We have demonstrated our ability to capture market share in
our key regions, maintain first-rate profitability levels over the long term, and generate
recurring cash flow quarter after quarter.
Our success is a testament to the efficacy of our strategic choices. By investing in our
industrial facilities and prioritizing value over volume, we have positioned ourselves as the
preferred partner for our customers in an increasingly demanding environment.
It is also noteworthy that the three major rating agencies have now classified Vallourec as
"Investment Grade," the highest attainable rating. This is a significant milestone that
underscores the strength of our financial position and our capacity for cash generation.
In light of this renewed confidence and confirmed performance, I am pleased to announce the
launch of Vallourec Invest 2026, the new edition of our employee share ownership plan. This
initiative aims to strengthen your involvement in the success we are building together.
This new edition, which is voluntary and open to more than 9,700 employees across four countries,
will retain the main features of the 2023 and 2025 employee share ownership programs,
particularly in terms of discounts and employer contributions.
If you decide to participate, this plan will allow you to acquire Vallourec shares directly on
preferential terms. It is also important to note that your assets are not guaranteed and are
locked up for a period of two years.
Your commitment is integral to our collective success. Through our collaborative efforts, we
have successfully repositioned Vallourec as a leading contender in the industry. Building on
this momentum, we are committed to maintaining our position as industry leaders. Thank you.
Sincerely.
