VALLOUREC : EBITDA beat, North America positive, but 2Q to be light

研报英文原文证据摘录

VALLOUREC : EBITDA beat, North America positive, but 2Q to be light

EQUITIES

OIL & GAS

VALLOUREC OUTPERFORMPRICE* EUR24.0  TARGET PRICE EUR21 (DOWNSIDE 13%)

VALLOUREC ADR OUTPERFORMPRICE* USD5.9  TARGET PRICE USD4.88 (DOWNSIDE 17%)

FLASH NOTE

EBITDA beat, North America positive, but 2Q to be light

13 MAY 2026 Securities Research Report Production time: 07:33* (London time)

Research Analyst & Publishing Entities

Paul Redman BNP Paribas London Branch (+44) 203 430 8617 paul.j.redman@uk.bnpparibas.com

What happened?

Vallourec has reported a 7% beat on 1Q26 Adjusted EBITDA

– EBITDA beat largely driven by a better-than-expected performance in both Mine & Forest and lower other costs.

– Revenues and net income missed by 12% and 13% respectively

o Despite a beat on tube margins, the margin per tonne was higher than Tenaris for the quarter at $724/ton

(Tenaris $667/ton), tube sales volumes were 13% below consensus and ~19% lower YoY.

Guidance updates for 2Q26:

– 2Q26 Group EBITDA expected to range between $175-205m

o 2Q26 consensus currently at $211m

– Tubes volumes and EBITDA per tonne are expected to decline sequentially, cost-overruns due to the war to be

mostly compensated after the second quarter

o Consensus was expecting growth QoQ in both volumes and margins

Guidance updates for FY26:

– More positive outlook for the North America Tubes Business

o “Increasing US market prices on improving industry supply-demand conditions, more than offsetting

increases in energy and raw material costs”

o “US, bookings remain highly robust, and we are seeing early signs of activity growth”

o OCTG imports continue to decline, especially for seamless products, while new trade investigations will

further enforce fair competition in the market”

– Middle East updates for International Tubes