“We delivered a solid start to 2026, reflecting our disciplined execution, operational excellence, and the continued development of strategic projects across our portfolio. During the quarter, we achieved production records across multiple assets, demonstrating the strength of our operations. Our flexible portfolio allowed us to capture opportunities in a robust market environment, while our persistent pursuit of cost efficiencies continues to preserve competitiveness and build resilience amid ongoing external pressures. At VBM, we continue to reap benefits of our asset optimization initiatives, yielding higher output and lower costs, while our copper and nickel assets also enjoy benefits from their polymetallic nature. Safety is a core value at Vale and remains embedded in everything we do. In Q1, we safely removed two additional structures from any emergency level, reaching an 80% reduction since 2020. We continue to innovate, highlighted by the announcement of our first ethanol powered Guaibamax vessels, advancing decarbonization while strengthening energy security across our supply chain. These achievements reinforce our confidence in the year ahead and our commitment to generating long term, sustainable returns for our shareholders.“, commented Gustavo Pimenta, CEO

Results highlights

• Sales performance improved across all business segments. Iron ore, copper, and nickel sales increased by 4% (+3 Mt), 11% (+9 kt), and 15% (+6 kt) y/y, respectively. 
• Average realized iron ore fines price was 0.4% higher q/q and up 5.5% y/y at 95.8 US$ /t. Realized copper prices rose 19% q/q and 48% y/y to US$ 13,143/t. Realized nickel prices increased by 13% q/q and 6% y/y to US$ 17,015/t.
• Iron ore C1 cash cost totaled US$ 23.6/t, 12% higher y/y, mainly impacted by the BRL appreciation. Iron ore all-in costs reached US$ 55.4/t, 8% higher y/y.
• Copper all-in costs improved to US$ -642/t in the quarter, and nickel all-in costs declined 48% y/y to US$ 8,184/t, mainly driven by strong by-product revenues and significant continued cost improvements in the nickel segment.
• Proforma EBITDA totaled US$ 3.9 billion, up 21% y/y and 19% lower q/q, largely reflecting the impact of sales volumes and prices. 
• Capital expenditures amounted to US$ 1.1 billion, in line with the 2026 annual guidance of US$ 5.4-5.7 billion. 
• Recurring Free Cash Flow totaled US$ 813 million, US$ 309 million higher y/y, driven by stronger Proforma EBITDA.
• Expanded net debt reached US$ 17.8 billion at quarter-end, US$ 2.2 billion higher q/q, driven by US$ 2.7 billion paid in dividends and interest on capital in the quarter and partially offset by free cash flow generation.
• US$ 74 million in shares repurchased in the quarter, representing approximately 4.98 million shares, as part of the ongoing share buyback program announced in February 2025.

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