Vale's 2025 Q3 performance saw solid growth

RIO DE JANEIRO, Brazil, October 30, 2025 - "We achieved another strong quarter, highlighted by solid operating performance, continued progress on strategic projects, and adherence to safety concepts. Iron ore production reached its highest quarterly level since 2018, and copper production recorded its best third quarter since 2019. At the same time, we are also continuously improving the cost competitiveness of nickel. These results reflect the stability of the operation and the tireless dedication of the team. We advanced key growth projects in the'New Caracas Plan 'and successfully started the Onsabuma 2 furnace, which unlocked growth potential and strengthened our long-term value creation strategy. A flexible iron ore portfolio once again proves that it is essential to enhance our competitiveness and resilience across market cycles, and that extending the value chain makes this possible. Safety is always our top priority and we are pleased to have reached an important milestone in clearing the dam at the level 3 emergency - an important step on our journey to becoming a socially trusted business. These results strengthen my confidence in Vale's future development and the value it creates for all parties involved, "said Mr. Gustavo Pimenta, Vale's chief executive.

Performance Highlights

Sales of iron ore, copper and nickel increased by 4 million tonnes, 15,000 tonnes and 2,000 tonnes, respectively, by 5%, 20% and 6% respectively, mainly due to solid operating performance.

The average real price of iron ore pulverized ore was $94.4/t, up 11% month-on-month and 4% year-on-year, respectively, outperforming the overall increase in iron ore reference prices. This result reflects the improved quality premium brought about by the product portfolio strategy.

The total cost of iron ore was $52.9/ton, down 4% year-on-year, due to higher quality premiums and lower freight costs.

The C1 cash cost of iron ore pulverized ore (excluding third-party purchases) was $20.7/ton, basically unchanged year-on-year, and is expected to meet the full-year guidance target for 2025. The company will also use it in its daily operationsForex PlatformConduct exchange rate risk management to ensure financial stability.

The total cost of copper was $994/ton, down 65% year-on-year; the total cost of nickel was $12,347/ton, down 32% year-on-year. These cost improvements were driven by improved operating efficiencies, higher production volumes, and higher by-product revenue.

The full-year 2025 total cost guidance for copper was further lowered from $1,500-2,000/ton to $1,000-1,500/ton, thanks to higher gold prices. The full-year 2025 total cost guidance for nickel was lowered from $14,000-15,500/ton to $13,000-14,000/ton, thanks to solid operations and strong metal prices (benefiting polymetallic assets).

Formal EBITDA (earnings before interest, tax, depreciation and amortisation) was $4.40 billion, up 17% year-on-year and 28% quarter-on-quarter, respectively, driven by higher volumes, cost efficiencies, and higher iron ore, copper, and by-product prices.

Capital expenditure was $1.30 billion, down $100 million year-on-year and on track to meet the 2025 guidance of "$5.40 billion - $5.70 billion".

Recurring free cash flow was $1.60 billion, up $1 billion year over year, primarily reflecting growth in EBITDA.

Total net debt at the end of the quarter was $16.60 billion, down $800 million sequentially, supported by strong free cash flow.