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Vale
Vale (VALE3) investor relations material
Vale Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary13 Feb, 2026
Executive summary
Achieved or exceeded all 2025 guidance targets, with strong operational and cost performance across iron ore and base metals, and significant safety improvements including no dams at emergency Level 3.
Advanced key growth projects such as Novo Carajás, Vargem Grande, Capanema, and Bacaba, supporting future output and cost competitiveness.
Delivered robust shareholder returns, including $2.8 billion in dividends and interest on capital, and additional extraordinary remuneration.
Achieved major progress in dam risk reduction, with a 77% reduction in high-risk dams since 2020 and 81% execution of Brumadinho reparation commitments.
Launched initiatives to double copper output and drive iron ore growth, while maintaining disciplined capital allocation.
Financial highlights
Q4 2025 pro forma EBITDA reached $4.83 billion, up 17% year-on-year, with annual EBITDA growth driven by higher volumes and prices.
Iron ore production reached 336 million tons in 2025, up 3% year-on-year, the highest since 2018; copper output was 382,000 tons (+10%), and nickel output rose to 177,000 tons (+11%).
Recurring free cash flow in Q4 was $1.7 billion, more than double year-on-year; annual free cash flow reached $4.8 billion (+26%).
Annual CapEx totaled $5.5 billion, in line with guidance and reflecting disciplined spending.
Net operating revenues for 2025 were $38.4 billion (+1% y/y); proforma net income was $7.8 billion (+28% y/y), though impacted by a $3.5 billion nickel impairment and $2.8 billion tax write-off.
Outlook and guidance
Confident in delivering 2026 guidance, with iron ore and pellets all-in cost expected at $52–56/t and C1 cash cost at $20.0–21.5/t.
Copper and nickel all-in cost guidance for 2026 at $1.0–1.5k/t and $12.0–13.5k/t, respectively.
Annual CapEx guidance below $6 billion long-term, with 2026 expected at $5.4–$5.7 billion.
Anticipate $1.5 billion reduction in cash outflows related to reparation and dam commitments in 2026.
Focus on operational excellence, sustainable growth, and stakeholder value.
Sudbury JV copper production and investment decision
Drivers of 4Q25 iron ore C1 cash cost increase
Samarco 2026 cash outflow and UK Claim impact
Base Metals growth strategy and valuation?
Iron ore commercial strategy effectiveness?
Progress on unlocking restricted AUM?
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Next Vale earnings date
Q1 202629 Apr, 2026
Vale
Next Vale earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Iron and Nickel Behemoth
Vale S.A. is a Brazilian mining company with multinational operations. The company is one of the world's leading mining companies, primarily known for being the largest producer of iron ore and nickel globally. Apart from mining, the Vale is involved in logistics operations, owning railways and ports, which are integral in transporting its mined materials. Its business activities span several continents, with major operations in Brazil, North America, Asia, and Africa. The company is headquartered in Rio de Janeiro, Brazil, and is listed in New York, Sao Paolo, Madrid, Jakarta, and Paris.
From Private to Public
Vale S.A. was established in 1942 by the Brazilian government and has since evolved into a privately owned global leader in iron ore and nickel production. Initially focused on iron ore extraction in Brazil, Vale expanded its operations over the decades to include minerals like nickel, copper, and coal. The company underwent significant changes in the 1990s when the Brazilian government privatized it, leading to a phase of international expansion. Today, the company owns and operates mines in several other countries besides Brazil, and is one of the leading mining companies globally.
Down in the Mines
The Vale of today operates as a diversified mining conglomerate with a focus on the extraction and production of iron ore and nickel, which are its primary focus. However, Vale also produces copper, potash, bauxite, and several other commodities. The company operates large-scale iron ore mines in Brazil, with additional mining operations spanning across Canada, Indonesia, and Mozambique. Vale is also a significant player in the coal industry. Beyond extraction, Vale's activities include processing these raw materials into higher-grade forms suitable for industrial use. As previously mentioned, the company is one of the largest mining companies globally together with companies such as Glencore, BHP, and Rio Tinto.
The Logistics
Vale S.A. operates a robust logistics network crucial to its mining operations, including railways, ports, and ships. The company's railway systems, notably in Brazil, are integral for transporting iron ore from mines to coastal ports. These ports, managed by Vale, facilitate the global distribution of their products. Vale also owns and operates a fleet of ore carriers, known as Valemax ships, which are among the largest in the world, to transport commodities to European and Asian ports.
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