)
)
Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Vale
Vale (VALE3) investor relations material
Vale Corporate presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Corporate presentation summary6 Nov, 2026
Scale and portfolio
2025 production: 336Mt iron ore, 31Mt pellets, 382kt copper and 177kt nickel; net operating revenue $38.4bn and pro forma EBITDA $15.9bn.
2025 rankings: #1 in iron ore production with ~20% of the seaborne market, largest iron ore pellet producer, #4 in nickel and #16 in copper.
Expanded net debt was $15.6bn at Dec. 31, 2025; 2025 CAPEX was $5.5bn and workforce totaled 66,000 direct employees.
Iron ore solutions
2025 iron ore production was 336Mt, fines sales 273Mt, pellet production 31Mt and pellet sales 33Mt; pro forma EBITDA was $14.0bn.
2025 C1 cash cost ex-third-party purchases was $21.3/t; all-in costs were $54.2/t, with realized prices of $91.6/t for fines and $134.0/t for pellets.
Production guidance is 335–345Mt in 2026, with ~360Mt targeted for 2030.
Mid-grade portfolio focus includes BRBF sales above 100Mtpy and ~50Mt of Mid-grade Carajás sales in 2026.
Capacity projects include Serra Sul +20 at 20Mtpy, Capanema at 15Mtpy and Compact Crusher at 50Mtpy; Serra Sul +20 and Compact Crusher started up in 2026.
Base metals
2025 copper production was 382kt and nickel production 177kt; pro forma EBITDA was $3.4bn and CAPEX $1.6bn.
Copper ambition is ~700ktpy by 2035, supported by brownfield growth, projects including Alemão and a Glencore JV, and exploration upside.
Nickel production targets are 185–200kt in 2026 and 210–250kt in 2030, compared with 177kt in 2025.
Nickel all-in sustaining costs fell from $24.8k/t in 2024 to $17.3k/t in 2025; further reduction is expected as the Voisey’s Bay expansion ramps up through 2027.
Bacaba’s revised project CAPEX is ~$290m, down from $500m, with start-up planned for 3Q27; Salobo CPF targets ~30ktpy copper and start-up in 1H28.
Partial view of Summaries dataset, powered by Quartr API
AI can get things wrong. Verify important information.Research faster. Power your platform.
Latest events from Vale
- Lower iron ore prices cut earnings, while Base Metals growth and hedging supported resilience.VALE3
Q3 2026 - Strong 2025 results, portfolio growth in copper and nickel, and leading ESG and decarbonization initiatives.VALE3Corporate presentation
- Record EBITDA and revenue growth fueled by strong output and cash returns, despite lower net income.VALE3Q2 2026
- Record output and EBITDA, but net income fell 56% on major nickel impairments.VALE3Q4 2025
- Record iron ore and copper output fueled EBITDA, cash flow, and shareholder returns.VALE3Q3 2025
- Record output, lower costs, and strong cash flow support positive outlook and returns.VALE3Q2 2025
- Targets $18-19.5/t iron ore C1 cost and 360 Mt output by 2030, with copper growth to 500 kt.VALE3Investor Day 2024
- Iron ore sales up 4%, costs down, and base metals growth offset lower prices and higher net debt.VALE3Q1 2025
- Record output, lower prices, and major impairments led to reduced EBITDA and net income.VALE3Q4 2024
Next Vale earnings date
Q4 202611 Feb, 2027
Vale
Next Vale earnings date
Q4 202611 Feb, 2027
AI chat
Ask anything. Verify everything.
Ask across every event and document from public companies. Each answer links back to the exact line in the transcript, slide or filing it came from.Learn moreFind what matters
AI across all first-party IR material. Live calls, transcripts, slides, filings.)
Trust every finding
50m+ first-party documents. Every output traceable to its source.Find what matters
AI across all first-party IR material. Live calls, transcripts, slides, filings.Trust every finding
50m+ first-party documents. Every output traceable to its source.Automations
Zero in on what matters
Define the prompt once. It runs the moment a company publishes or on a schedule you set. Outputs map to the exact signals you choose.Learn more)
Event-triggered research
Runs when a company publishes new material. Trigger on the first published document for the earliest possible run, or wait for a specific one.)
Scheduled research
Runs on a recurring cadence you set. Daily, weekly, monthly, or quarterly, for aggregate reads across a period rather than a single event.Event-triggered research
Runs when a company publishes new material. Trigger on the first published document for the earliest possible run, or wait for a specific one.Scheduled research
Runs on a recurring cadence you set. Daily, weekly, monthly, or quarterly, for aggregate reads across a period rather than a single event.Live audio & transcripts
Be first
Join any earnings call live in one click, with no manual registration. Follow the transcript as it happens and jump straight to the moments that matter.Learn more)
Live earnings calls
Join any call in one click. The audio keeps playing while you work elsewhere in Quartr.)
Live transcripts
Speaker-by-speaker, in real time. Searchable across every live and historical call.Live earnings calls
Join any call in one click. The audio keeps playing while you work elsewhere in Quartr.Live transcripts
Speaker-by-speaker, in real time. Searchable across every live and historical call.Quartr MCP connects your AI environment to 17K+ public companies
Pull live transcripts, filings, and slides into Claude or Codex via MCP. Combine Quartr's global IR data with any other dataset. Run agentic research and monitoring.
Included with Quartr Pro at no extra cost.Learn more
Quartr's AI stands out because it only pulls clean, first-party data from public companies. In investing, that's everything.
Jamie Ross
Investment Manager, GAM Investments
GAM
GAM
Research that used to take hours now takes seconds with Quartr Pro. Tracking shifts in tone or extracting tables, it's as simple as typing a query.
Tom O'Hara
Investment Director
Ciena
Ciena
Before Quartr we spent hours manually compiling insights through the peer earnings cycle. Now, these tasks are done faster, with greater precision.
Gregg Lampf
VP of Investor Relations
Protean
Protean
Being able to ask specific questions across years of transcripts and reports and instantly get verified answers is a game-changer.
Pontus Dackmo
CEO & Investment Manager
)
)
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.