Q3 & 9M 2021 RESULTS INVESTOR PRESENTATION

November 17, 2021

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.

Q3 & 9M 2021 Results Presentation

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1 KEY HIGHLIGHTS OF THE QUARTER

KEY HIGHLIGHTS

Q3 2021: solid YoY revenue and EBITDA growth driven by the

dynamism of the Oil & Gas market in North America and the higher

mine contribution

  • €834m revenue, up 16.4%
  • €128m EBITDA, up 80%, EBITDA margin increasing to 15.3%
  • Free cash flow at (€103)m versus €35m in Q3 2020, driven by a working capital rebuilt for (€93)m along with stronger activity
  • Acquisition of the minority shares of VAM USA and Vallourec Star for an amount of €118m, leading to full ownership of all North American entities
  • As of September 30th, 2021, strong liquidity position at €1 014m

2021 Outlook

  • As a result of the recent decline in iron ore prices, and based on their current level, Vallourec targets full year EBITDA close to the lower end of the €475 to €525 million target communicated on July 21st, 2021. Stronger than anticipated order momentum leading into 2022 combined with the evolution of raw material and energy prices will result in a larger increase in inventories through year end. As a result, Vallourec now targets free cash flow consumption for 2021 to be between €(380) and (300) million, representing mainly the rebuilding of working capital along with the activity recovery, and inclusive of one-timecosts associated with the financial restructuring

Q3 & 9M 2021 Results Presentation

A decisive move to strengthen Vallourec competitiveness and

profitability

  • A two-legged transformation
    • Launch of the disposal process of German assets
    • Progressive transfer of their rolling activity for Oil & Gas to Brazil
  • Game changer for Vallourec's performance in international Oil & Gas markets
    • Brazilian hub to deliver the full range of premium tubular products to international markets
    • Allowing better competitiveness and enhanced margin and cash flow generation
    • And positive CO2 impact, driven by the excellent carbon footprint of Brazilian operations
  • Clear benefits for Vallourec and its stakeholders
    • €130m run rate EBITDA increase
    • €20m Capex reduction
    • -30%reduction of CO2 content of tubes produced in Brazil vs. Germany

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2 Q3 2021 RESULTS

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Vallourec SA published this content on 17 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 November 2021 17:59:14 UTC.