MEUDON, France – Vallourec on Thursday reported second-quarter earnings before interest, taxes, depreciation and amortization of $190 million, meeting expectations despite lower sales volumes and ongoing geopolitical challenges in the Middle East.
The maker of premium seamless tubular products reported second-quarter revenue of $886 million, down 10% from a year earlier. Net income was $45 million, compared with $44 million in the second quarter of 2025.
“Vallourec demonstrated the strength and resilience of its business model once again in the second quarter,” said Philippe Guillemot, Vallourec CEO and chairman. “Despite lower volumes sequentially in our international business, Tubes profitability remained close to the robust level achieved in the first quarter, well above $700 per tonne. Our cash conversion continued to improve [year-over-year], with more than 60% of EBITDA converted into cash during the quarter. We ended the period with a net cash balance of $183 million, the highest level since 2009.”
Guillemot said activity in the United States continues to improve, supported by higher demand, restrained imports and stronger pricing. He also said international markets are seeing increased contract awards for onshore and offshore energy projects.
Vallourec said customer activity in its primary Middle East markets remains resilient, although shipments to some countries have been delayed by the continued disruption of traffic through the Strait of Hormuz.
The full report can be viewed HERE.