Vale (VALE3) approved on Thursday, July 30, 2026, a new program to repurchase up to 100 million common shares, including American Depositary Receipts (ADRs), over a period of 18 months from the date of approval. The amount represents about 2.3% of the shares outstanding on the reference date considered by the company, which totals 4,255,762,795 shares, excluding treasury shares.
The new share buyback program will take effect as of August 19, 2026, after the conclusion of the current program that began on February 19, 2025, through which Vale has already repurchased approximately 14 million shares to date. The transactions will be carried out on stock exchanges at market prices, in compliance with Brazilian capital markets regulations.
As of June 30, 2026, Vale had 4,255,762,795 shares outstanding and 183,396,969 shares in treasury. Under the new program, up to 21,782,821 repurchased common shares may be held in treasury for use in executive retention programs linked to the Global Long-Term Equity Incentive Plan, approved at the shareholders’ meetings in April 2025.
To support the execution of the program, the company may use financial instruments such as Total Return Equity Swap (Equity Swap), Enhanced Share Repurchase (ESR) and Accelerated Share Repurchase (ASR), contracted with top-tier financial institutions. These instruments allow Vale, among other aspects, to increase its economic exposure to its own shares, optimize the average repurchase price and adjust payments based on share price fluctuations and benchmark interest rates such as CDI or SOFR.
According to the annex to CVM Resolution No. 80/2022, the board of directors considers that the buyback is compatible with cash generation and with the expected leverage and liquidity levels for the period, and does not affect Vale’s ability to meet its obligations to creditors or to pay mandatory, fixed or minimum dividends. Funds for the program will come from profit or capital reserves recorded in the financial statements as of December 31, 2025.
