Published by Global Banking & Finance Review®
Posted on February 27, 2026
2 min readLast updated: April 2, 2026
Add as preferred source on GoogleVallourec forecasts a dip in Q1 2026 EBITDA to €165–195 million from Q4’s €214 million, citing lower steel tube volumes; EBITDA per tonne should hold steady, with North America strong and Middle East recovery expected later.
By Mathias de Rozario and Coralie Lamarque
Feb 27 (Reuters) - Vallourec said on Friday it expected a smaller core profit in the first quarter of 2026 than in the previous three months, impacted by lower volumes in its main steel tubes business, sending its shares falling 3%.
The French group, which provides tubing for oil and gas, low-carbon energy and industrial markets, expects its operating earnings before interest, taxes, depreciation and amortisation to come between 165 million and 195 million euros ($195 million and $230 million) in the first quarter of the year.
"Our operating profit per tonne is expected to be similar to the fourth quarter level, with lower volumes due to the pace of our order intake in the second half of 2025," CEO Philippe Guillemot said.
It reported EBITDA of 214 million euros for the fourth quarter of 2025, unchanged from a year ago and in line with its guidance.
The quarterly results were affected by a 10-million-euro currency exchange hit and lower tubes volumes, it said in the statement.
Guillemot reiterated that U.S. import tariffs should have no direct impact on Vallourec, as its production is highly localised.
"Customs tariffs have helped reduce imports of seamless tubes, creating a favourable environment for our local operations," he added.
The metallurgical group expects sustained strength in tubes sales volumes in North America, its biggest region, helped by market share gains made in 2025, though with a slight near-term decrease in market prices.
It also sees activity recovering in its key Middle Eastern markets, setting the stage for higher volumes in the second half of the year.
It expects to sell around 1.4 million metric tons of its product in the first quarter, with iron ore product sales slightly lower than last year, at around 5.5 million tons, as it focuses on value over volume.
($1 = 0.8471 euros)
(Reporting by Mathias de Rozario and Coralie Lamarque in Gdansk, editing by Milla Nissi-Prussak.)
Because of lower volumes in its steel tubes business, despite stable profitability per tonne.
Vallourec reported Q4 2025 EBITDA of €214 million, in line with guidance.
North America volumes remain robust; Middle Eastern markets are expected to recover in H2, boosting volumes later.
Yes—a €10 million negative currency exchange effect affected Q4 results.
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