Bradespar (BRAP3) investor relations material

Executive summary

• 3Q26 net income was R$173.1 million, down 61.4% YoY; 9M26 net income was R$978.9 million, down 19.5%, reflecting VALE’s performance.

• Operating revenue from VALE equity income and interest on equity was R$250.5 million in 3Q26 and R$1,055.5 million in 9M26.

• Investments remained concentrated in VALE; its stake had a R$11.42 billion market value at September 30, 2026.

Financial highlights

• 3Q26 operating revenue fell 54.0% YoY; 9M26 revenue fell 18.4% YoY.

• Net income was R$173.1 million in 3Q26 versus R$448.0 million in 3Q25, and R$978.9 million in 9M26 versus R$1,216.3 million in 9M25.

• 9M26 financial revenue was R$35.9 million and expenses R$0.4 million, for net financial income of R$35.5 million, down 39.2% YoY; 3Q26 financial result was positive R$13.5 million.

• Cash and cash equivalents were R$515.2 million at September 30, 2026, versus R$18.4 million at December 31, 2025; net cash was R$511.7 million.

• Personnel, general and administrative expenses totaled R$13.0 million in 3Q26 and R$32.9 million in 9M26; 9M26 operating result before income tax was R$1.03 billion.

Outlook and guidance

• VALE was on track for the upper half of 2026 copper production guidance of 360–380 thousand tonnes and nickel guidance of 185–200 thousand tonnes.

• VALE targets copper production of ~700 thousand tonnes per year by 2035, supported by projects and resources in Carajás.

• Salobo’s coarse particle flotation project is expected to start in H1 2028, ~one year ahead of schedule, adding 6 million tonnes of annual ore-processing capacity.

• Salobo is expected to raise annual copper production by up to 30 thousand tonnes contained in concentrate, with ~15 thousand ounces of gold as a by-product.