On Thursday, October 29, 2026, Vale (VALE3) reported net income attributable to shareholders of US$ 1.255 billion in the third quarter of 2026 (3Q26), down 53% from US$ 2.685 billion in 3Q25 and 9% lower than 2Q26. In the same period, net sales revenue totaled US$ 10.599 billion, up 2% year over year, while pro forma EBITDA (earnings before interest, taxes, depreciation and amortization) reached US$ 3.508 billion, 20% lower than a year earlier.
According to the report, the decline in pro forma EBITDA in 3Q26 was mainly driven by lower realized prices for iron ore fines, higher costs and expenses — including the shutdown of Fábrica and Viga operations, increased third-party purchases of iron ore and nickel, and scheduled maintenance in nickel — and external effects such as higher freight costs and the appreciation of the real. These impacts were partially offset by higher prices for copper, nickel and byproducts.
The Iron Ore Solutions business generated adjusted EBITDA of US$ 2.633 billion in 3Q26, a 34% year-over-year drop, amid lower prices and all-in iron ore costs of US$ 60.4 per ton, 21% higher than in 3Q25. The Vale Base Metals unit, in turn, accounted for adjusted EBITDA of US$ 1.105 billion, up 61% y/y, supported by higher realized copper and nickel prices and a strong contribution from byproducts, even with higher costs in nickel.
Recurring Free Cash Flow generation was US$ 1.373 billion in 3Q26, 12% below the same quarter of 2025, impacted by lower pro forma EBITDA but partially offset by working capital release, lower tax payments and gains from derivatives, which contributed US$ 249 million in the quarter. Total Free Cash Flow came to US$ 2.230 billion, a 9% y/y decline, supported by a non-recurring cash release linked to tax incentives.
On leverage, Vale’s net debt closed September 2026 at US$ 13.097 billion, up 5% in twelve months, while expanded net debt, which includes Brumadinho and Samarco provisions and swap effects, totaled US$ 16.413 billion, a slight 1% drop on an annual basis and a US$ 264 million reduction compared to 2Q26, reflecting cash generation in the period.
