On Thursday, July 30, 2026, Vale (VALE3) reported net income attributable to shareholders of US$ 1.375 billion in 2Q26, down 35% from 2Q25, when it totaled US$ 2.117 billion. In the period, net operating revenue reached US$ 10.498 billion, an increase of 19% year over year.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was US$ 3.676 billion in 2Q26, up 9% from the same quarter of 2025, while Proforma EBITDA reached US$ 4.066 billion, an increase of 19% on the same basis. The Proforma EBITDA margin was 39%, stable versus 2Q25. Proforma net income attributable to shareholders totaled US$ 1.566 billion, a decline of 26% year over year.
In the first half of 2026, Vale posted net income attributable to shareholders of US$ 3.268 billion, a decrease of 7% compared to the US$ 3.511 billion in 6M25. Net revenue in 1H26 totaled US$ 19.756 billion, up 17%, and adjusted EBITDA reached US$ 7.506 billion, an increase of 15% on the same comparison basis, with Proforma EBITDA of US$ 7.961 billion, 20% above 6M25.
Vale’s net debt at the end of 2Q26 was US$ 13.173 billion, an increase of 8% from a year earlier, while expanded net debt stood at US$ 16.677 billion, down 4% on the same comparison and a reduction of US$ 1.115 billion versus 1Q26. The ratio of net debt to adjusted EBITDA for the last 12 months remained at 0.8x, and gross debt plus leases represented 1.2x adjusted EBITDA for the last 12 months.
Recurring free cash flow totaled US$ 1.505 billion in 2Q26, 49% above 2Q25, driven mainly by higher Proforma EBITDA and lower tax payments, while capex on property, plant and equipment and intangible assets came to US$ 1.128 billion in the quarter, in line with the full-year 2026 guidance of US$ 5.4 billion to US$ 5.7 billion. The company also reported that, based on 1H26 performance, US$ 1.701 billion in dividends and interest on equity (Juros sobre Capital Próprio) will be paid in September, and that it repurchased US$ 140 million in shares in the quarter under the current buyback program, in addition to having a new program approved for up to 100 million common shares.
