Vale released, this Tuesday, April 28th, its performance for the first quarter of 2026.
- 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.
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.
Gustavo Pimenta
Fotógrafo: Ricardo Teles
Highlights
Iron Ore Solutions
- Serra Sul +20 project construction continues to advance, having 86% physical progress. Load testing of the
conveyor belt started in March. The Compact Crushing project construction is 91% complete, and civil works
have been completed. Both projects are on track to start-up in 2H26.
Vale Base Metals
- Vale Base Metals (VBM) has entered into an agreement to form a consortium for Thompson operations, concluding the strategic review of the asset. VBM will retain an 18.9% interest, while consortium partners have committed up to US$ 200 million to support the long-term sustainability of the operations. In addition,VBM has secured an offtake agreement for nickel concentrate, preserving its strategic position in Canadian nickel production. Closing is expected by year-end 2026, subject to regulatory approvals.
- In March, VBM published a suite of disclosures to enhance transparency, including technical reports for its assets, its inaugural Sustainability Report, and its 2025 financial statements. These materials are available on the company’s website at www.valebasemetals.com
Risk Management
- As part of the company’s risk management strategy, approximately 70% of the forecasted bunker oil consumption for 2026 is currently hedged through Brent crude oil contracts. These hedges, hired in 2025, are intended to mitigate exposure to tail risks through the use of zero-cost collar instruments, and provide Brent crude oil price protection above US$ 80 per barrel. Contracts are settled monthly based on average prices.
- The Maravilhas II and North Laranjeiras dams had their emergency level statuses lifted, following the approval by ANM. The structures received a positive Declaration of Stability Condition, confirming their structural safety. Since 2020, 28 dams have been removed from emergency level status, representing an 80% reduction.
- Vale entered into an agreement with Shandong Shipping Corporation for chartering ethanol-powered Guaibamax vessels. The vessels are expected to begin operations in 2029 and can reduce greenhouse gas emissions up to 90% compared to heavy fuel oil. This initiative is consistent with Vale's decarbonization objectives and evolving international maritime regulatory standards.
- Circular mining program continues to advance with the implementation of a tailings reprocessing project at the Gongo Soco site in Minas Gerais. The initiative allows iron ore production from legacy tailings generated by a suspended operation, contributing to waste reduction, improved safety and more efficient use of mineral resources. The project includes the installation of a processing plant with an expected capacity of approximately 2 Mtpy of iron ore.
- Vale has published its first Annual Report for the year of 2025, available here. A document that brings together financial, operational, environmental, social, and governance information. The report reflects the evolution of the Integrated Report, and links financial results to safety, climate, people, and community.
- The execution of the Brumadinho Integral Reparation Agreement continues to progress, with approximately 81% of the agreed-upon commitments completed by 1Q26 and in accordance with the deadlines outlined in the settlement.
- The Samarco reparation program continues to advance, with R$ 74.7 billion disbursed as of March 31, 2026.
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