Vale has a profit of US$1.37 billion in the 2nd quarter, a drop of 35%

Pro forma net profit, which excludes non-recurring items, totaled US$1.6 billion in the second quarter, down 26% compared to the same period last year. The result mainly reflected a negative variation of US$798 million in the mark-to-market of derivatives, against a strong basis for comparison with a year before. There was also an impact from the increase in taxes on profits, mainly influenced by a negative variation of US$326 million related to exchange rate effects on tax losses in subsidiaries. According to Vale, these effects were partially offset by an increase of US$642 million in pro forma Ebitda and the impact of the Samarco provision recorded in the second quarter of 2025, reflected in the equity income results of associates and joint ventures. "We delivered solid results in the annual comparison across all businesses, with iron ore reaching its highest production for a second quarter since 2018 and copper its best second quarter in nine years," said Vale's president, Gustavo Pimenta, in the company's financial report. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) totaled US$3.676 billion between April and June, an increase of 9% compared to the same period in 2025. According to the company, the result was driven by the increase in realized prices and the increase in sales volume. Net sales revenue totaled US$10.498 billion in the quarter, an increase of 19% compared to the same period last year. Vale reiterated that sales grew across all businesses. Compared to the same period last year, sales of iron ore, copper and nickel increased by 3%, 10% and 7%, respectively. The realized price of iron ore fines was US$95 per ton, an increase of 12% compared to the second quarter of 2025. Copper had a realized price of US$14,062 per ton, a jump of 57%. In the base metals division, adjusted Ebitda rose 79%, to US$ 1.289 billion, driven mainly by copper, whose Ebitda increased 91%, to US$ 1.026 billion. In the Iron Ore Solutions unit, adjusted EBITDA grew 3%, to US$3.056 billion. New estimates Vale revised its copper and nickel production projections for 2026. The estimate for copper went from 350 thousand to 380 thousand tons to 360 thousand to 380 thousand tons. Nickel was raised from 175 thousand to 200 thousand tons to 185 thousand to 200 thousand tons. According to the company, the review reflects the strong operational performance of the two segments in the first half of the year. The company also reduced its total production cost estimates. For copper, it began to predict a cost of up to US$500 per ton, compared to a range of US$1,000 to US$1,500. In nickel, the estimate fell to US$10,000 to US$11,500 per ton, compared to the US$12,000 to US$13,500 previously projected. According to Vale, the review reflects more favorable prospects for the prices of products sold together with ore and operational gains. Recurring free cash flow reached US$1.505 billion in the quarter, 49% above that recorded a year before, driven by higher pro forma EBITDA and lower tax payments. Expanded net debt ended June at US$16.677 billion, a drop of US$1.1 billion compared to the previous quarter.