Vale S A : performance in 2025 and 4Q25

"In 2025, Vale delivered an outstanding performance, achieving or exceeding all guidances, while advancing strategic priorities that reinforce our long-term ambition. We strengthened our commitment to safety, with meaningful reductions in high potential incidents, while accomplishing an important milestone in our safety journey, by having no dams at emergency Level 3. In our operations, we reached the highest iron ore and copper production levels since 2018 and delivered double digit production growth in nickel. This strong operational performance was supported by improved asset reliability and the successful ramp up of key growth projects, like Capanema, Vargem Grande, VBME and Onça Puma. At the same time, we continued to enhance our cost competitiveness, capturing structural efficiencies that improve our position in the global industry cost curve. Our disciplined capital allocation, coupled with strong execution and a more favorable cycle, enabled us to deliver superior shareholder returns. As we enter 2026, we remain focused on operational excellence, sustainable growth through initiatives such as the New Carajás Program, and on delivering superior long-term value for all our stakeholders.", commented Gustavo Pimenta, CEO

Results highlights

• Strong operational and cost performance across all business segments, with all 2025 guidances achieved.

• Robust sales in 4Q25 and 2025. Iron ore, copper, and nickel sales increased by 5% (+4 Mt), 8% (+8 kt), and 5% (+3 kt) y/y in

4Q25, respectively. In 2025, sales increased 3% (+8 Mt), 12% (+41 kt) and 11% (+18 kt), respectively.

• Average realized iron ore fines price was up 1% q/q and 3% y/y to US$ 95.4/t. Realized copper prices rose 12% q/q and

20% y/y to US$ 11,003/t. Realized nickel prices declined by 3% q/q and 7% y/y to US$ 15,015/t.

• Iron ore C1 cash cost reached US$ 21.3/t in 2025, 2% lower y/y, marking the second consecutive year of cost reduction. In

4Q25, C1 cash cost also totaled US$ 21.3/t, 13% higher y/y, in line with guidance. Iron ore all-in costs reached US$ 54.2/t, 3%

lower y/y in 2025 and US$ 54.3/t, 10% higher y/y in 4Q25.

• Copper all-in costs were US$ -881/t in the quarter, while nickel all-in costs declined 35% y/y to US$ 9,001/t, mainly driven

by strong by-product revenues and operational improvements across both segments. For 2025, all-in costs totaled US$

603/t for copper and US$ 12,158/t for nickel, also marking the second consecutive year of all-in cost reduction.

• Proforma EBITDA totaled US$ 4.8 billion, up 17% y/y and 10% q/q, reflecting higher contribution from Vale Base Metals.

• Capital expenditures amounted to US$ 2.0 billion in 4Q25, in line with the US$ 5.5 billion CAPEX guidance for the year.

• Recurring Free Cash Flow totaled US$ 1.7 billion, US$ 0.9 billion higher y/y, driven by stronger Proforma EBITDA and lower

net financial expenses.

• Expanded net debt reached US$ 15.6 billion at quarter-end, US$ 1.0 billion lower q/q, as a result of stronger FCF generation

and Samarco-related provision adjustments.

• US$1.8 billion in dividends and interest on capital to be paid in March,reflecting the dividend policy, in addition to the

US$ 1.0 billion in extraordinary remuneration paid in January.

Click here for full results