Vale S.a. · BMFBOVESPA:VALE3
Vale — Q3 2026 Earnings Presentation
42 slides from Vale's earnings presentation, Oct 30, 2026
Slide 1: Vale 3Q26 Quarterly Results
VALE yY Rio de Janeiro, October 29", 2026 uate ak VALE 3026 Quarterly Results VALE “Our third-quarter results reflect disciplined execution of our strategy and a continued focus on operational excellence. Ina dynamic market environment, our portfolio flexibility, affreightment strategy, and hedging
Slide 2: Business Highlights
Business Iron Ore Solutions Highlights * Iron ore production totaled 88.4 Mt (-6% y/y), mainly reflecting lower run-of-mine availability at Serra x Norte. A new quarterly record at Serra Sul and incremental volumes from the Capanema and VGR1 projects fe) partly offset the decline, demonstrating the
Slide 3: Production and Sales Summary
Production Summar Sales Summar 000’ metric tons 9M25 Ay/y 2026 guidance Iron ore" 245,671 -1% 335-345 Mt Pellets 23,031 4% 30-34 Mt? Copper 274.3 4% 360-380 kt Nickel B10 8% 185-200 kt 000’ metric tons 9M26 9M25 Ayly Iron ore 234,745 229,485 2% Fines" 199,461 3% Pellets 23,745 2% ROM 6,279 -9% Coppe
Slide 4: Operational Results: Copper operations
Operational R Copper operations * Salobo: copper production increased by 4.6 kt y/y, Copper production, kt (3026 vs. 3025) reaching 57.6 kt in the quarter, driven by strong mine and a mill performance, resulting in its highest production for Q3. — = (4.6) (0.7) * Sossego: copper production decreased
Slide 5: Financial Results
Financial Results US§ million il 9M25_— Ay/y Proforma EBITDA Net operating revenues 27,343 1% COGS (18,168) 18% SG&A (434) 12% Research and development (433) 7% (21) 1% (165) n10% Pre-operating and stoppage expenses Brumadinho & decharacterization of dams" Non-recurring expenses = na. ie apace expen
Slide 6: Financial Results: EBITDA and Net Income
Financial ults Proforma EBITDA was USS 3.5 billion in 3026, 20% lower y/y, mainly driven by (i) lower iron ore realized prices, (ii) higher costs and expenses, primarily reflecting the suspension of operations a Fabrica and Viga, higher third-party acquisition costs in Iron Ore and Nickel, and incre
Slide 7: Financial Results: Capital Expenditures
Financial Results Capital Expenditures Total CAPEX US§ million 3025 A yly 2026 9M25 Ayly Iron Ore Solutions 891 1% 819 2,561 0% Vale Base Metals 322 -2% 284 858 4% Copper 86 60% ns 208 66% Nickel 236 -25% 166 650 -26% Energy and others 37 0% aS 58 50% Total 1,250 0% 1,128 3,477 0% Capital expenditur
Slide 8: Financial Results: Free cash flow
Financial Result: Free cash flow US$ million 3025 Ayly 2026 Ayly Proforma EBITDA’ 4,399 -20% 4,066 4% Working capital® (231) na (162) 58% Capex (1,250) 0% (1,128) 0% Net financial expenses? (95) na 26 -99% Income taxes and REFIS (558) 57% (271) -49% Associates & JV's, net of dividends received* (234
Slide 9: Financial Results: Debt
Financial Results Debt US$ million 3025 Ayly 2Q26 Aq/q Gross debt" 17,843 -2% 18,304 -4% Lease (IFRS 16) 700 -14% 634 -5% Gross debt and leases 18,543, -2% 18,938 ~4% Cash, cash equivalents and short-term investments (6,091) -17% (5,765) -13% Net debt 12,452 5% 13,173 -1% Currency swaps? (173) 201%
Slide 10: Business Segments' Performance
Business Segments’ Performance Segments’ Performance Adjusted EBITDA by business area: US$ million Iron Ore Solutions Fines Pellets Other ferrous products and logistics services Vale Base Metals Copper 66% 1,026 76% Nickel 14% 294 88% Other -66% (31) -20% Unallocated Items* (260) -12% (279) -6% Prof
Slide 11: Iron Ore Solutions Highlights
Highlights Average Prices (US$/t) Iron ore - 61% Fe price Iron ore fines realized price, CFR/FOB Iron ore pellets realized price, CFR/FOB Volume sold (‘000 metric tons) Fines 199,461 3% Pellets 23,745 2% ROM 6,279 Total - Iron ore e 229,485 Financials indicators (US$ million) Net Revenues 21,761 4%
Slide 12: Iron Ore Fines
Business Segments’ Performance Iron Ore Fines Product mix 000 metric tons Volume sold Fines’ %} 204,894) 199,461 1oc) 11,395 16,665 -32% BRBF 92,693} 104,095 -1% Mid-Grade Carajas 39,005 24,064 62% Pellet feed - China (PFC)? 31,063 18,021 72% Lump 6,842 5,556 23% High-silica products 4,498 10,171 56
Slide 13: Costs and expenses
Business Segments’ Performance Costs and expenses Iron ore fines and pellets all-in costs (cash cost break-even landed in China) Us$/t 3025 Ay/y 2026 Ayly C1 cash cost, ex-third-party purchase costs 20.7 12% 24.1 1% Third-party purchases cost adjustments 3.6 3% 3.6 3% Freight cost’ 18.8 21% 22.0 14%
Slide 14: Pellets
Business Segments’ Performance Pellets 3Q25 2026 Ayly Volume sold (‘000 metric tons) Pellets 8,720 8,769 -1% 7,748 13%) 24,167 US$ million Net revenues 2% 3,206 2% Cash costs? 5% (1,813) 9% Pre-operational & stoppage expenses -20% (12) 183% Expenses” -50% 4 -50% Leased pelletizing plants EBITDA 42%
Slide 15: Vale Base Metals Highlights
Vale'Base Metals Highlights US$ million 3025 Ay/y 2026 9M25 Ayly Net Revenues 1,997 42% 2,610 5,582 40% Costs" (1,368) 38% (1,533) (3,872) 24% SG&A and other expenses"? (92) -22% (86) (196) 18% R&D expenses (39) 15% (41) (107) 5% Pre-operating and stoppage expenses’ 2 na. — (10) na EBITDA from assoc
Slide 16: Copper
Copper US$ million (unless otherwise stated) 3025 Ayly LME copper price (US$/t) 9,797 44% Average realized copper price (US$/t) 9,818 56% Volume sold - copper (kt) 70 0% Net Revenues 1,086 40% Costs" (437) 1% Selling and other expenses’? (22) -36% R&D expenses? (13) 54% Pre-operating and stoppage ex
Slide 17: Copper Costs & Expenses
Business Segm erformance Costs & Expenses All-in costs (EBITDA break-even) uss/t 3025 Ay/y 2026 9M25_— Ay/y COGS 6,221 8% 6,169 5,966 5% By-product revenues (5,706) 19% (6,845) (5,164) 33% COGS after by-product revenues 515 na. (676) 802 na. Other expenses’ 343 na. 319 203 -9% Total costs 858 na. (3
Slide 18: Nickel
Business Segments’ Performance Nickel US$ million (unless otherwise stated) 3025 Ayly 2026 9M25 Ayly LME nickel price 15,015 10% 18,131 15,251 14% Average realized nickel price 15,445 9% 18,061 15,773 10% Volume sold - nickel (kt) 43 16% 44 123 13% Volume sold - copper (kt) 20 -15% 20 64 -13% Net Re
Slide 19: Nickel Costs & Expenses
Business Segments’ Performance Costs & Expenses All-in costs (EBITDA break-even) uss/t 3025 Ay/y 2026 Aa/q Ayly COGS ex-external feed 22,835 13% — 23,652 9% —% cos" 20,310 21% = 21,345 15% 4% By-product revenues’ (8,166) 15% — (10,311) -9% 30% COGS after by-product revenues 12,144 25% 11,034 38% -12
Slide 20: Webcast information
Webcast information vale.RI¢ Vale will host a webcast on Friday 10:00 a.m. (New York) Thiago Lofiego BRA ‘sot oa 11:00 a.m. @rasitiay [email protected] 2:00 p.m. —_ (tendon) Luciana Olive’ Internet access to the webcast and presentation materials will be available on Vale website at www.vale.c
Slide 21: Annex 1: Production and sales summary
Annexes 0 Annex 1: Production and sales summary Iron ore 000’ metric tons Northern System 3025 Ay/y 2026 49,737 -14% 39,560 8% 9M25 Ay/ly 125,379 8% 115,535 Serra Norte and Serra Leste 26,172 27% 16,134 18%] 48,450] 61504 21% Serra Sul (S11D) 23,564 1% 23,426 67,085| 63,875 5% Southeastern System i
Slide 22: Copper and Nickel finished production by source
Copper - Finished production by source 2026 Brazi fi . 78.3 Salobo é i 52.4 Sossego : : 25.9 55.8 16% Canada : 20.1 62.6 -7% Sudbury é f 12.5 43.6 -12% Thompson 5 . 0.2 14 -11% Voisey's Bay 5 : 6.0 Feed from third parties! ; : 1.4 Copper Production -3% 286.2 Copper Sales -12% 275.1 Copper Sales Braz
Slide 23: Vale Base Metals: Maintenance scheduled in 2026
Vale Base Metals: Maintenance scheduled in 2026 Copper operations Salobo Salobo | & Il Salobo Ill Sossego Sossego 2 weeks Sossego SAG rebuild Nickel operations Sudbury Coleman Creighton Copper Cliff Garson Totten Stobie Clarabelle mill sudbury Smelter Sudbury Refinery Port Colborne (Ni, Co & PGMs) T
Slide 24: Annex 2: Detailed Financial Information
Annexes Annex 2: Detailed Financial Information Simplified financial statements Income Statement USS million Ayly Net operating revenue 2% 27,343 1% Cost of goods sold and services rendered (6,632) 20% = (7,294) 9% (18,168) 18% Gross profit -30% 9,175 -2% Gross margin (%) -Np.p. 34% = -5p.p. Selling
Slide 25: Balance sheet
Annexes Balance sheet US$ million ‘|09/320/2026] 09/30/2025 Ay/y 06/30/2026 —Aq/q Assets Current assets 16,486 3% 17,659 -4% Cash and cash equivalents 5,902 -18% one -13% Short term investments 189 3% 188 4% Accounts receivable 2,506 18% 2,614 13% Other financial assets 626 27% 576 39% Inventories 5
Slide 26: Cash flow
3026) 3025 Ay/y 2026 Aq/q | 9M26| 9M25 3,045} 3,643 -16% 3,129 -3%) 8,642] 9,039 4% Cash flow US$ million Cash flow generated from operations Payment of interest on loans, financing and other financial liabilities a) Receipts from the settlement of derivatives, net 376 87% Payments related to Brumad
Slide 27: Reconciliation of IFRS and non-GAAP information
Annexes Reconciliation of IFRS and “non-GAAP” information (a) Adjusted EBIT US$ million Ayly 2026 9M25 Ay/y Net operating revenues 2% 10,498 27,343 1% cocs 20% — (7,294) (18,168) 18% Sales and administrative expenses 1% (176) (434) 12% Research and development expenses 25% (185) (433) 7% Pre-operati
Slide 28: Reconciliation between adjusted EBITDA and net income
Annexes Reconciliation between adjusted EBITDA and net income US$ million 3026) 3025 Ay/y 2026 Ayly Adjusted EBITDA 4,369 -24% 3,676 —% Depreciation, depletion and amortization (761) 22% (911) 19% EBITDA from associates and joint ventures (292) 12% (335) 14% bonalnnet ne sins (losses) on disposal of
Slide 29: Revenues and volumes
Revenues and volumes Net operating revenue by business area USS million %| 3025 % Ayly 2026 Ayly Iron Ore Solutions 8,423 81% -8% 7,888 4% Fines 7,078 68% -9% 6,641 4% ROM 30 0% -10% 34 -6% Pellets 1,147 1% 2% 1,062 2% Seam 168m am “0% Vale Base Metals 1,997 19% 42% 2,610 40% Copper 869 8% 52% 1,376
Slide 30: Operating Expenses
Operating Expenses Annexes us$ 3025 Ayly 2026 9M25 Ayly SG&A 158 1% 176 434 12% Administrative 133 4% 154 369 14% Personnel 55 -4% 51 156 3% Services 33 42% 33 85 59% Depreciation 16 -31% 7 47 -19% Others 29 -7% 33 81 7% Selling 25 -16% 22 65 3% R&D 151 25% 185 433 17% Pre-operating and stoppage exp
Slide 31: Financial results
Financial results US$ million 3025 Ay/y 2026 9M25— Ay/y Financial expenses, of which: (396) 10% (409) (1,182) T% Gross interest (263) 5% (254) (725) 6% Capitalization of interest S 260% S 7 65% Others (115) 62% (142) (409) 14% Financial expenses (REFIS) (23) -30% (1g) (65) -17% 148 -26% 122 376 -4%
Slide 32: Annex 3: Segment information 3Q26
Annex 3: Segment information Segment information 3Q26 Net Pre Associates operating operating & and JVs Adjusted US$ million revenues R&D' _ stoppage! EBITDA _ Streaming’ EBITDA Iron Ore Solutions 7,767 (5,187) (90) (92) (50) 285 _ 2,633 Fines 6,428 (4,295) (68) (84) (40) 137 = 2,078 Pellets 1,169 (7
Slide 33: Segment information 2Q26
Segment information 2026 Net operating US$ million revenues Iron Ore Solutions 7,888 Fines 6,641 Pellets 1,062 Other ferrous products and _ logistics services Vale Base Metals 2,610 Copper? 1,555 Salobo 1,202 Sossego 423 Other (70) Nickel? 1,241 Sudbury 610 Voisey's Bay & Long Harbour 309 Standalone
Slide 34: Segment information 9M25
Segment information 9M25 US$ million Iron Ore Solutions Fines Pellets Other ferrous products and logistics services Vale Base Metals Copper? Salobo Sossego Other Nickel? Sudbury Voisey's Bay & Long Harbour Standalone Refineries Onga Puma Other Others* Brumadinho and decharacterization of dams Non-re
Slide 35: Annex 4: Additional information by business segment
Annexes Annex 4: Additional information by business segment Iron Ore Solutions: Financial results detailed Prices and revenues breakdown 3025 Ay/y 2026 9M25 Ay/y_ Average prices (US$/t) Iron ore - 61% Fe price index 99.4 -3% 105.0 98.1 4% Iron ore - 62% Fe low alumina index 104.2 -2% 110.3 101.6 5%
Slide 36: Iron ore fines pricing
lron ore fines pricing Pricing system breakdown (%) 3026 3025 Ayly 2026 Aqiq Lagged R 1 9% 2 0% |Current sil 58 =12% 58 12% Provisional 37 31 19% 30 23% Total 100 100 0% 100 0% Price realization us$/t 3025 Ayly 2026 Aqiq ‘Average reference 61% Fe price (dmt) 99.4 -3% 105.0 -8% Quality and premiums’
Slide 37: Cash cost and freight
Cash cost and freight 3025 Ay/y 2026 9m25 Ay/y C1 cash cost (US$ million) —_ _ - BSS C1 cash cost, including third-party purchase costs (A) 1,821 1% 1,938 5,003 3% Third-party purchase cost adjustment" (B) 438 13% 430 1,236 10% C1 cash cost, ex-third-party purchase costs (C = A- B) 1,384 10% 1,508 3
Slide 38: Iron Ore Solutions: Project Details
Iron Ore Solutions: Project Details Growth projects Serra Sul +20 Capacity: 20 Mtpy Start-up: 2H26 Capex: US$ 2,844 million Sustaining Projects Compact Crushing S11D Capacity: 50 Mtpy Start-up: 4026 Capex: US$ 755 million Financial Progress’ Physical Capex 3026 progress 83 74% 90% Financial Progress
Slide 39: Vale Base Metals: Copper
Vale Base Metals: Copper Revenues & price realization 3025 Ayly 2026 9M25 Ayly Volume sold Copper (‘000 metric tons) 70 ie. 78 197 1% Gold as by-product ('000 oz) 104 -2% 101 297 1% Silver as by-product (‘000 oz) 342 -7% 330 907 -2% Average prices Average LME copper price (USS/t) 9,797 44% 13,329 9,
Slide 40: Vale Base Metals: Nickel
Vale Base Metals: Nickel Revenues & price realization 3025 Ay/y 2026 Volume sold (‘000 metric tons) Nickel 43 16% 44 Copper 20 -15% 20 Gold as by-product ('000 oz) 9 0% 8 Silver as by-product (‘000 oz) 245 -33% 191 PGMs ('000 0z) 43 44% 39 Cobalt (metric ton) 908 -14% 920 Average realized prices (US
Slide 41: Vale Base Metals: Project Details
Vale Base Metals: Project Details Growth projects Salobo CPF - Copper Capacity: 30 ktpy Start-up: 1H28 Capex: US$ 215 million Clarabelle Mill Expansion Phase 1 & 2 (Sudbury Fill the Mill) - Nickel Capacity: 7.2 Mtpy (+2 Mtpy) Start-up: 1027 Capex: US$ 110 million g projects Bacaba - Copper Capacity:
Slide 42: Signatures
Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Vale S.A. (Registrant) By: /s/ Thiago Lofiego Date: October 29, 2026 Director of Investor Relations