Q3 2025 Vale SA Earnings Call (English, Portuguese) Transcript

Oct 31, 2025 / 02:00PM GMT

Transcript

Key Points

Positve

Vale SA (VALE) delivered solid operational and cost performance across all commodities, positioning the company to reach the upper limit of its annual production guidances.
Iron ore production reached 94 million tons, marking the highest quarterly output since 2018, driven by strong performances at SL1D and the ramp-up of several projects.
Copper production grew by 6% year-on-year, supported by Salobo's solid performance, marking the best third-quarter result for the copper business since 2019.
The company successfully implemented the global industry standard on tailings management, meeting internationally recognized benchmarks and advancing its dam safety agenda.
Vale SA (VALE) achieved a significant milestone by removing the last dam from emergency level 3, fulfilling its public commitment to dam safety by 2025.

Negative

Despite strong operational performance, Vale SA (VALE) faces ongoing risks and uncertainties related to forward-looking statements and market conditions.
The company's pellet production was cut due to less favorable market conditions, with no specific target for pellet premiums to reopen plants.
Vale SA (VALE) is still dealing with legal challenges, including ongoing cases in the United Kingdom related to the Samarco incident.
The expanded net debt remains a concern, with no immediate plans to revise the current range of $10 to $20 billion.
The potential changes in Brazilian tax regulations on dividends could impact the company's dividend strategy, although the immediate effect is considered limited.

Operator

About future events or results in compensation.

We caution you that forward-looking statements are not guarantees of future performance and involve risks and uncertainties.

To obtain information on factors that may lead to results different from those forecast by Valley, please consult the report's Valley files with the US Securities and Exchange Commission, the Brazilian commissiona de Valoiss Moviliarios, and in particular the factors discussed under forward-looking statements and risk factors in Valle's annual report on Form 20 F.

With us today are Mr. Gustavo Pimenta, CEO.

Mr. Marcello Bachi, executive Vice President of Finance and Investor Relations.

Mr. Joge Noaa, executive Vice President, commercial and Development.

Mr. Carlos Medeius, executive Vice President of operations, and Sean Uzmar, CEO of Valley Based Metals.

Now I will turn the conference over to Mr. Gustavo Pimenta. Sir, you may now begin.

Gustavo Pimenta

Vale SA - Executive Vice President - Finance, Investor Relations

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