Vale (VALE) Company Report

Analyst Coverage

Research analysts who have asked questions during Vale earnings calls.

Caio Ribeiro

Bank of America

6 questions for VALE

Also covers: CSNA3.SA, GGB, PBR +3 more

Carlos de Alba

Morgan Stanley

6 questions for VALE

Also covers: AA, AR, BVN +13 more

Daniel Sasson

Itaú BBA

6 questions for VALE

Also covers: CSNA3.SA, CX, GGB +2 more

Leonardo Correa

BTG Pactual

5 questions for VALE

Also covers: GGB, SUZ

Rafael Barcellos

Bradesco BBI

5 questions for VALE

Also covers: CSNA3.SA, GGB, SCCO +2 more

Christopher LaFemina

Jefferies

3 questions for VALE

Also covers: AA, ARCH, BTU +6 more

Marcio Farid Filho

Goldman Sachs

3 questions for VALE

Also covers: CSNA3.SA, ERO, GGB +5 more

Rodolfo De Angele

JPMorgan Chase & Co.

3 questions for VALE

Also covers: GGB, PBR, SUZ +2 more

Yuri Pereira

Santander Bank

3 questions for VALE

Also covers: CSNA3.SA, GGB, SID +1 more

Alex Hacking

Citigroup

2 questions for VALE

Also covers: AA, ARCH, CLF +9 more

Amos Fletcher

Barclays

2 questions for VALE

Also covers: RIO

Caio Greiner

BTG Pactual

2 questions for VALE

Also covers: GGB, SID, SUZ +1 more

Márcio Farid

Goldman Sachs

2 questions for VALE

Also covers: SUZ

Marina Calero Ródenas

RBC Capital Markets

2 questions for VALE

Myles Allsop

UBS Group AG

2 questions for VALE

Also covers: BHP, GLNCY, RIO +2 more

Rodolfo Angele

JPMorgan Chase and Co

2 questions for VALE

Liam Fitzpatrick

Deutsche Bank

1 question for VALE

Also covers: FCX, GLNCY, TECK

Ricardo Monegaglia Neto

Safra

1 question for VALE

Also covers: GGB, SID, SUZ

Timna Tanners

Wolfe Research

1 question for VALE

Also covers: AA, AMRZ, ATI +20 more

Latest news

Recent press releases and 8-K filings for VALE.

Vale Reports Strong Q4 and Full-Year 2025 Results, Exceeding Production Guidance and Announcing Significant Dividends

VALE

Earnings

Guidance Update

Dividends

Vale reported a strong Q4 2025 pro forma EBITDA of $4.8 billion, marking a 17% year-on-year increase, and generated $1.7 billion in recurring free cash flow for the quarter.
For the full year 2025, the company exceeded production guidances across all businesses, with iron ore production reaching 336 million tons (3% higher year-on-year), copper production at 382,000 tons (10% higher), and nickel production at 177,000 tons (11% higher).
Significant cost reductions were achieved in 2025, including iron ore all-in costs of $54 per ton, copper all-in costs decreasing to -$900 per ton, and nickel all-in costs declining 35% year-on-year to $9,000 per ton.
Vale announced $2.8 billion in dividends and interest on capital for 2025, reflecting a 16% dividend yield, and maintained a disciplined capital allocation with expanded net debt at $15.6 billion.
Looking to 2026, the company expects iron ore C1 cash costs between $20 and $21.5 per ton and CapEx in the range of $5.4 billion-$5.7 billion, while advancing growth projects like Novo Carajás and targeting nickel cash break-even by year-end.

1 day ago

Transcript

Vale Reports Strong Q4 and Full-Year 2025 Performance with Positive Outlook

VALE

Earnings

Guidance Update

New Projects/Investments

Vale delivered strong Q4 2025 financial results, with pro forma EBITDA reaching $4.8 billion, a 17% increase year-on-year, and recurring free cash flow generation of approximately $1.7 billion, more than double compared to the previous year.
The company exceeded all production guidances in 2025, achieving 336 million tons of iron ore production, a 3% year-on-year increase. Significant cost reductions were noted, with copper all-in costs at -$900 per ton and nickel all-in costs declining 35% year-on-year to $9,000 per ton.
For 2026, Vale expects C1 cash costs for iron ore to range between $20 and $21.5 per ton and anticipates CapEx between $5.4 billion and $5.7 billion. The company also projects a $1.5 billion reduction in cash disbursements related to reparation commitments compared to 2025.
Vale announced $2.8 billion in dividends and interest on capital for 2025, including $1 billion in extraordinary dividends, and closed the year with expanded net debt at $15.6 billion, within its target range.

1 day ago

Transcript

Vale Reports Strong Q4 and Full-Year 2025 Results

VALE

Earnings

Guidance Update

Dividends

Vale reported a Q4 2025 pro forma EBITDA of $4.8 billion, marking a 17% increase year-on-year, with recurring free cash flow generation reaching approximately $1.7 billion, more than double compared to the previous year.
The company exceeded all production guidances in 2025, with iron ore production reaching 336 million tons (up 3% year-on-year), copper production at 382,000 tons (up 10% year-on-year), and nickel production growing 11% to 177,000 tons.
Vale achieved significant cost reductions in 2025, with iron ore all-in costs at $54 per ton, copper all-in costs declining 77% to -$0.9000 per ton, and nickel all-in costs decreasing 35% to $9,000 per ton.
For 2026, Vale expects C1 cash costs to range between $20 and $21.5 per ton and anticipates a $1.5 billion reduction in cash disbursements for reparation commitments compared to 2025.

1 day ago

Transcript

Vale S.A. Reports Strong Full-Year 2025 Results, Exceeding Guidance

VALE

Earnings

Guidance Update

New Projects/Investments

Vale S.A. achieved $38,403 million in net operating revenues and $15,458 million in Adjusted EBITDA for the full year 2025, meeting or exceeding all guidances.
Despite a $3.5 billion impairment on nickel assets and a $2.8 billion write-off of deferred tax assets leading to a net loss in Q4 2025, the proforma net income attributable to shareholders for 2025 was $7,796 million, up 28% year-over-year.
Sales volumes for iron ore, copper, and nickel increased year-over-year in Q4 2025, with realized copper prices rising 20% year-over-year to US$ 11,003/t, while iron ore C1 cash cost decreased for the second consecutive year to US$ 21.3/t in 2025.
Capital expenditures for 2025 totaled $5,507 million, in line with guidance, and the company announced US$1.8 billion in dividends and interest on capital to be paid in March 2026.

2 days ago

6-K

VALE Reports Strong 2025 Financial and Operational Results and Provides 2026 Guidance

VALE

Earnings

Guidance Update

New Projects/Investments

For fiscal year 2025, VALE reported net sales revenue of BRL 213.6 billion and adjusted EBITDA of BRL 85.9 billion, with net income attributable to shareholders at BRL 13.8 billion.
The company achieved 336 Mt of iron ore production, 382 kt of copper production, and 177 kt of nickel production in 2025, marking the highest levels since 2018 for iron ore and copper, and since 2022 for nickel.
VALE approved BRL 23.4 billion in dividends and interest on capital for 2025 and announced a new share buyback program for up to 120 million shares. Total investments for 2025 were BRL 30.6 billion, with $5.4 to $5.7 billion planned for 2026.
For 2026, the company provided production guidance of 335-345 Mt for iron ore and 175-200 kt for nickel, with copper production expected to reach 420-500 kt by 2030.

2 days ago

6-K

Vale S.A. Reports Q4 and Full Year 2025 Financial Results

VALE

Earnings

Dividends

M&A

Vale S.A.'s net income attributable to shareholders significantly decreased to $2,352 million in 2025, down from $6,166 million in 2024.
The company reported an Adjusted EBITDA of $15,458 million in 2025, a slight increase from $14,840 million in 2024, but operating income decreased to $5,897 million from $10,788 million over the same period.
Net cash generated by operating activities was $8,801 million in 2025, a decrease from $9,366 million in 2024, while cash and cash equivalents at year-end rose to $7,372 million.
In 2025, the company paid $5,923 million in dividends and interest on capital to its shareholders.
Vale recognized $3,578 million in impairment losses in 2025, contributing to ($5,384 million) in impairment and result on disposals of non-current assets, net.

2 days ago

6-K

Vale S.A. Reports 2025 Financial Results with Significant Impairment Losses

VALE

Earnings

Debt Issuance

New Projects/Investments

Vale S.A. reported net operating revenue of R$213,595 million and net income attributable to shareholders of R$13,814 million for the year ended December 31, 2025.
The company recognized significant impairment losses totaling R$25,147 million in 2025, which included R$19,517 million related to nickel cash-generating units.
Net cash generated by operating activities was R$48,765 million in 2025, while net cash used in investing activities amounted to R$38,463 million.
Vale S.A. paid R$19,971 million in dividends and interest on capital to its shareholders in 2025, with total remuneration to shareholders reaching R$23,381 million.
Financing activities in 2025 included R$9,299 million in additions from loans and borrowings.

2 days ago

6-K

Vale Updates on Asset Freeze Requests

VALE

Legal Proceedings

Vale S.A. announced that three preliminary asset freeze requests, totaling R$ 2.846 billion, have been denied by competent courts, with one decision for R$ 200 million still pending.
The company is fulfilling other granted preliminary measures, including the suspension of operations at the Fábriga and Viga units (which were halted by Vale on January 25, 2026) and the preparation of the Degraded Areas Recovery Plan.
Vale clarified that the overflows at the Fábriga and Viga units in January 2026 were not related to its dams, which remain safe, and the causes of the events are under investigation as the company cooperates with authorities on sediment removal and cleaning.

5 days ago

6-K

Vale S.A. reports strong 2025 operational results and provides 2026 guidance

VALE

Earnings

Guidance Update

Vale S.A. delivered strong operational results in 2025 across all business segments, exceeding its production guidances set at the beginning of the year.
In 2025, iron ore output reached 336 Mt and copper output reached 382 kt, both the highest levels since 2018, while nickel production was the strongest since 2022, at 177 kt.
For Q4 2025, iron ore production was 90.4 Mt (up 6% year-over-year), copper production was 108.1 kt (up 6% year-over-year), and nickel production was 46.2 kt (up 2% year-over-year).
The company provided 2026 production guidance of 335-345 Mt for iron ore, 30-34 Mt for pellets, 350-380 kt for copper, and 175-200 kt for nickel.

Jan 27, 2026, 10:25 PM

6-K

Vale S.A. Reports 2024 Performance and Provides 2026 Guidance

VALE

Guidance Update

New Projects/Investments

Dividends

Vale reported US$ 38.1 billion in net operating revenue and US$ 15.4 billion in Proforma EBITDA for 2024, with iron ore production at 328 Mt, copper at 348 kt, and nickel at 160 kt.
The company's expanded net debt was US$ 16.6 billion as of October 31, 2025, and it plans to pay US$ 1 billion in extra dividends in January 2026.
Vale provided iron ore production guidance of ~335 Mt for 2025, 335-345 Mt for 2026, and ~360 Mt for 2030.
For 2026, the company expects iron ore fines C1 cash cost to be US$ 20.0-21.5/t, copper all-in costs US$ 1,000-1,500/t, and nickel all-in costs US$ 12,000-13,500/t.
Total CAPEX is guided to be ~US$ 5.5 billion for 2025 and US$ 5.4-5.7 billion for 2026, with significant base metals growth projects like Bacaba (revised CAPEX ~US$ 290 M, start-up 1H28) and Alemão (CAPEX US$ 1.6-1.8 B, start-up 2030).