Vallourec : Fourth Quarter and Full Year 2021 Results Presentation

Q4 & FY 2021 RESULTS INVESTOR PRESENTATION

February 24, 2022

LEGAL DISCLAIMER

Forward-Looking Statements

This presentation may include forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms as "believe", "expect", "anticipate", "may", "assume", "plan", "intend", "will", "should", "estimate", "risk" and or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, Vallourec's results of operations, financial condition, liquidity, prospects, growth, strategies and the industries in which they operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These risks include those developed or identified in the public documents filed by Vallourec with the French Financial Markets Authority (Autorité des marches financiers, or "AMF"), including those listed in the "Risk Factors" section of the Registration Document filed with the AMF on March 29th 2021 under filing number n° D.21-0226 and the amendment to the Universal Registration Document filed with the AMF on June 2nd 2021 under filing number n° D.21- 0226-A01. Readers are cautioned that forward-looking statements are not guarantees of future performance and that Vallourec's or any of its affiliates' actual results of operations, financial condition and liquidity, and the development of the industries in which they operate may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if Vallourec's or any of its affiliates' results of operations, financial condition and liquidity, and the development of the industries in which they operate are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in subsequent periods.

Q4 & FY 2021 Results Presentation

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1 KEY HIGHLIGHTS OF THE YEAR

KEY HIGHLIGHTS

2021: Strong EBITDA growth with margin up over 600 bps

• €492 million EBITDA, up 91% YoY (+79% in Q4 YoY)
• Positive net income at €40 million
• Free cash flow at (€284) million reflecting working capital rebuild of €172million and one-time charges, which include financial restructuring costs
• Strong liquidity position at €1,081 million as of December 31st, 2021

Operational Efficiency

• Focus on value vs. volume to be implemented across the business enterprise
• Transformational footprint actions announced in Q3 2021 are well on track, both for the disposal process of German assets and for the preparation of the transfer of their Oil & Gas activity to low-costoperations in Brazil
• Good momentum on savings in 2022, and evaluating potential additional cost savings initiatives
• Reinforcing Group priority of cash discipline, with focus on inventory management

1 Capital IQ: $110/MT

Q4 & FY 2021 Results Presentation

2022 Outlook

• In North America, favorable market conditions leading to strong improvement in financial performance
• In other markets, overall increase in volumes and prices somewhat offset by inflation headwinds
• Iron ore prices as per consensus1
• Gradual restart of iron ore mine is targeted for Q2 subject to finalization of conditions precedent with the Brazilian mining authorities
• Based on these assumptions, the Group is expecting a further improvement of its full-year 2022 EBITDA relative to 2021

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2 Q4 & FY 2021 RESULTS