Vale released, this Thursday, February 12nd, its performance for the fourth quarter of 2025.
Strong operational and cost performance across all business segments, with all 2025 guidances achieved.
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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.
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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.
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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.
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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.
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Proforma EBITDA totaled US$ 4.8 billion, up 17% y/y and 10% q/q, reflecting higher contribution from Vale Base Metals.
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Capital expenditures amounted to US$ 2.0 billion in 4Q25, in line with the US$ 5.5 billion CAPEX guidance for the year.
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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.
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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.
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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.
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.
Gustavo Pimenta
Fotógrafo: Ricardo Teles
Highlights
Iron Ore Solutions
- Vale has continued to advance the commissioning of the Capanema and Vargem Grande 1 projects, with full ramp-up expected in 1H26 and 2H26, respectively. The Serra Sul +20 project construction also continues to progress, having 84% physical progress, with start-up expected in 2H26.
Vale Base Metals
- Construction works at the Bacaba project began following the construction license approval. The project will extend the life of the Sossego Mining Complex, adding approximately 50 ktpy of copper over its 8-year mine life, with a total planned CAPEX of US$ 290 million.
- Vale Base Metals entered into an agreement with Glencore to assess a brownfield copper development in the Sudbury Basin, targeting a future 50/50 joint venture. The project is expected to produce 880 kt of copper over 21 years with US$1.6–2.0 billion in capital, alongside additional nickel, cobalt, gold and PGMs, with a 1H27 investment decision.
Recents developments
- Vale has completed the repurchase of 23% of its outstanding participating debentures, totaling US$ 723 million, following the optional acquisition offer launched in October. Concluded in November, this transaction marks a key milestone in Vale's financial liability management.
Tailing Dams
- Maravilhas II dam, Vargem Grande dam and Dam 6 had their emergency levels removed, following the approval by ANM. The structures received a positive Declaration of Stability Condition (DCE), confirming their structural safety. Since 2020, 27 dams were removed from emergency level status.
- Campo Grande dam, at the Alegria mine in Minas Gerais, was eliminated, marking 63% completion of the Upstream Dam Decharacterization Program, with 19 structures eliminated since 2019.
Climate & Social
- COP30: Vale coled the Essential Mining Coalition, uniting 15 entities to outline a pathway to cut Brazil’s mining-related emissions by up to 90% by 2050.
- Poverty: As part of Vale's ambition to help lift 500,000 people out of extreme poverty, Vale has created the Together Against Poverty program (Juntos contra a Pobreza) which treats poverty as a multidimensional phenomenon and one of the most urgent and complex social challenges of our time. The initiative mobilizes companies, social organizations, academia, civil society, and governments in a collaborative effort to strengthen public policy and create a lasting legacy for local communities.
Brumadinho
- The execution of the Brumadinho Integral Reparation Agreement continues to progress, with approximately 81% of the agreed-upon commitments completed by 4Q25 and in accordance with the deadlines outlined in the settlement.
Mariana
- The Samarco reparation program continues to advance, with R$ 73 billion disbursed as of December 31, 2025. Progress under the definitive compensation program (PID) remains strong, with ~304 thousand agreements signed by the end of 2025, showing steady advancement in resolving the underlying claims.
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