Slide 1: Vale's performance in 2Q25
Rio de Janeiro, July 31", 2025 Vale’s performance in 2Q25 “We delivered another strong quarter, reflecting our focus on operational excellence and disciplined execution, keeping uusoon track to meet our 2025 guidances. Safety remains a core value, and we're encouraged by the clear progress toward ‘a
Slide 2: Business Highlights
Business Highlights x X Reparation pa tron Ore Solutions + The first shipment of the Capanema project was completed in Q2. The project will add 15 Mtpy of net iron ore capacity, with ramp-up completion expected in the first half of 2026. This expansion will support the company’s production guidance
Slide 3: Selected financial indicators (continued)
ro) )__-%__—(4S)——O%, wn __o% Research and development (39) 16% (123) 20% eas) 18% Pre-operating and stoppage expenses ©) (83) =2% Brumadinho & decharacterization of damns™ Oo) _ 28% ‘Non-recurring expenses. (3) na. ote: spin peo Cog iarieaTihe en am EBITDA from associates and IV's a 456 «8% Adjuste
Slide 4: Proforma EBITDA was US$ 3.4 billion in 2Q25
Proforma EBITDA was US$ 3.4 billion in 2025, 14% lower yly, mainly asa result of 13% lower iron ore reference prices. This effect was partly offset by () continued progress on cost and expenses efficiency Initiatives, which drove improved performance in both Energy Transition Metals and Iron Ore seg
Slide 5: Capital Expenditures
Capital Expenditures Total CAPEX Ussmilion Tron Ore Solutions Energy Transition Metals Copper Nickel Energy and others Total 17% =10% Growth Projects US$ million Tron Ore Solutions Energy Transition Metals Energy and others Total Investments in growth projects totaled US$ 238 million, USS 90 million
Slide 6: Free cash flow
Financial Re Free cash flow USS million 2024 Ayly 1025 Agiq 6M25 6M24 Aly Proforma EBITDAY 3424) 3997 -14% 3,212 7% +6636 7,500 12% Working capital? @] (996) -99% (252) -97% (260) 528 na. ‘Capex 953)] (1328) -21% (1174) ~—10% «2 8% Net financial expenses* 3] (3) 7% 60) 4% = 3% income taxes and REFIS
Slide 7: Debt
Fin: Debt USS milion qi Gross debt! 1% Lease (F856) ~0% Gross debt and leases 10% Cash, cash equivalents and short-term investments % Net debt 0% [currency swaps? na Brumadinho provisions O% Samnarco provisions 5% Expanded net debt 4% Terage debt maturity Gears) =a Coat of debt after hedge (6 pal O%
Slide 8: Segments' Performance
Segments’ Performance Adjusted EBITDA by business area: US$ million Iron Ore Solutions Fines Pellets other ferrous products and logistics services Energy Transition Metals Brumadinho & decharacterization of dams? Ron-recurring expenses tuseacioer matte, bh nbe nase tthe poe Fewer conse pe ib ay ean
Slide 9: Iron Ore Solutions Highlights
vm 1) Iron Ore Solutions Highlights ‘Average Prices (USS/t) Tron ore ~ 62% Fe price ‘78 Iron ore fines realized price, CFR/FOB 853 Tron ore pellets realized price, CFR/FOB a Volume sold ('000 metric tons) Fines Pellets ROM 1886 007107 877993 73751647 Te 5S 14576 18.089. 76% 40714471 ‘Total Iron ore
Slide 10: Iron Ore Fines
Iron Ore Fines Product mix Fines* OCT BREF Pellet feed - China (PFCTP tump - Figh-allea products [Other Fines (60-62% Fe) | 833 % 25528 14,038 3% Se a ae Revenues ‘The average realized iron ore fines price was US$ 85.1/¢, USS 5.7/t lower a/a, mainly driven by lower iron ore reference prices (US$ 5.9
Slide 11: Costs and expenses
Costs and expenses Iron ore fines and pellets all-in costs (cash cost break-even landed in China) ussit [2035] 20% ayly Ct eash cost, ex-third-party purchase costs 22) me -1% Third-party purchases cost adjustments ail 342 Freight cost jaa] 90 4% Distribution cost 35) 268% Expenses? & royalties —s6|
Slide 12: Pellets
Pellets Us$ million Ayly 1025 gig 6M25__6M24__Ayly Net revenues =28% 1055-52059 2.979 3196 [Cash costs? =i8% G5) 3% (iB) (hss) _——-2% Pre-cperational & stoppage expenses 700%. @ 00% a) a 0% Expenses? 086 2 na 2 4 50% Leased pelletizing plants EBITOA 45% 40 38% 95 7% 28% DA =34% +536 11%—*OR 606-370
Slide 13: Energy Transition Metals Highlights
Highlights US$ million Net Revenues ‘SG&A and Other expense 23 2 R&D expenses E 70) re-operating and stoppage expenses" ) a) EBITDA from associates and JV's? 7 ‘Adjusted EBITDA’ m1 Depreciation and amortization Baa) ‘Adjusted EBIT an. Adjusted EBITDA US$ million [3035] Ayly 1025 Aq/q 6M25__ M24 Aly
Slide 14: Copper
Copper Ussmilion unless otherwise stated) [F035] 208 ayly ILME copper price (USS/t) | 9524] 9753 =2% Average real copper price USSF) 3202-3 Volume sold — copper (kt) i 58 4% NetRevenues 78 Costs" i e___3% Selig and other expenses" @ 0% RED expenses Ts) 86% Pre-operating and stoppage expenses’ | — =
Slide 15: Copper Costs & Expenses
Costs & Expenses Allin costs (EBITDA break-even) uss/t Coes By-product revenues [COGS after by-product revenues xpenses Total costs "TCIRGS, penalles, premiums and GRcountS EBITDA break-even®* 2024 Ayly 1025 gig 6M25_6M24__Ayly G16 ~10% 55th 9% sae 8S 7% G7) 34% 760) 4% THOS) GAGS) 40% 30-66% «te 96
Slide 16: Nickel
Nickel | US$ million (untess otherwise stated) Ayly 1025 6M24 _Ayly LME nickel price % 15ST Z 1% Average realized nickel prieE 5% 76706 Tas 0% Volume sold — nickel kt) 2% ES ca Volume sold = copper (kt) % a 38 Wet Revenues ee oe ais 76% Costs? 7% G07) W504) 1% Selling and other expenses" 3%) ee) R&D
Slide 17: Nickel Costs & Expenses
Costs & Expenses All-in costs (EBITDA break-even) Ussit Ayly 1025 Aqiq 6M24 Coes excevteral eed, PIVEagusted =29% W557 -2% S050 coast =3%_nT -h F780 By-product revenues 30% 7385) 5% 80 coas after by-product reveniies =i 15.894 23% 14,010 [Other expenses* =30% 962 ——-7%@—«96 EBITDA from associates BN
Slide 18: Webcast information
Webcast information Vale wilhasta webcast on Thiago Lofiego thiago.lofiego@vale.com at friday AUBUSE | 10:00 a.m. (New York) 18,2025 11:00 a.m. (Brasilia) Mariana Rocha 3:00 p.m. (London) mariana.rochagvale.com Internet access to the webcast and presentation ‘materials will be available on Vale webs
Slide 19: Annex 1: Income Statement
Annexe: Annex 1: Detailed Financial Information simplified financial statements Income Statement USS million 2025] 202% Ayly 1025 Aqiq 6M25 M24 Net operating revenue 8 9920 -71% 878 «8% 1682318379 [Cost of goods sold and services rendered 08s) 6345) -4%e Gas) 1a BE) 716) 3ST 2% 2.668 2% ~—<5387 6.66
Slide 20: Balance sheet
Balance sheet. Annexes Us$million 6/30/2024 g/g 3/31/2025 Aly Assets ‘Current assets 14,829 19% 14,687 20% Cash and cash equivalents 6479 15% —_—-3855 39% Short term investments Si 188% 3 523% ‘Accounts receivable 2332 0% 2144 8% ‘Other Financial assets 768 195% m7 79% inventories 4798 9% «419 7% Re
Slide 21: Cash flow
Annexes US$ million 2025) 2024 Ayly 1025 Aq/q 6M25 6M24 Ayly ‘Cashflow from operations B% 5306 6837 -7% F interest on loans and borrowings paid (G09) G97) 28% ‘ash received on settlement of dervatves, ast Ba 23 24 28% Payments related to Brumadinho Ges) 23% (GA) 43% 8B) OO) _-28% Payments relited to
Slide 22: Reconciliation of IFRS and non-GAAP information
Reconciliation of IFRS and “non-GAAP” information (2) Adjusted err US$ million 2028] 2024 ayy ala 6M25 6M2% Net operating revenues Bs04] 9820 —11% 8% 16923 78.379 cos Teoss)] 6345) 4% 7296 (9.836) (7.776) Sales and administrative expenses: tai} (a7) 4% 10% 78) a7) Research and development expenses (
Slide 23: Reconciliation between adjusted EBITDA and net income
Recontiliation between adjusted EBITDA and net income US$ million, 1025 Aq/q 6M25 6M24 Ayly Adjusted EBITDA 35 Tas 139% Depreciation, depletion and amortization 704) % EBITDA From associates andjont ventures (oa 5r% ou patent and gains sss) on posal of non-curent a es sets, net ‘Operating income 179
Slide 24: Revenues and volumes
Revenues and volumes US$ million 3035 %| 2024 % Ayly 1025 _% Aqlq 6M25 _% 6M24 _% Ayly, Iron Ore Solutions 6963 79%) 8298 G4 -16% 6375 79% 9% 19338 7% 15573. G3% -13% “Fines [5762 653] 6729 68% 4% 5154 —G3% TH TOS 68% DOr SK 9 ROM ian 2 0% 7% 550% ——<Sh_—O% ~~ Pellets 77004 Tiel 1394 TOSS 3% 5% 2059
Slide 25: Operating Expenses
Operating Expenses US$ million 2024 Ayly SCRA Bi] BT 4% Administrative 7a] 6 Personnel 4s] 427% Services F) Depreciation “| mes ‘Others 7a] 347% Seling i; RED 759] 19-16% To -2% 3) ona, ‘Other operating expenses Ba] 290—-37% ‘Total operating expenses $83] 706 ~—-17% ~—«GIE:*=SCSM:«SC«NAD.:«CABMA ATM
Slide 26: Financial results
Financial results US$ million Financial expenses, of w! “Gross interest Capitalization of interest B% af 80% 24) 4 ‘Others 2 Come 1 2% Financial expenses (REFS) (af 23) 4% (a) 5 =8% Financial income 112) 78 44% NG = -3% «=—228 22% Shareholder Debentures (im) Gen 51% 38 na, 8) 3% Derivatives’ na. Cur
Slide 27: Annex 2: Segment information 2Q25
Annexes Annex 2: Segment information Segment results 2025 Net Pre AOR) a diuste USS million operating cost! SS8A27d pap! operating & and V's | ston revenues stoppage’ EBITDA Iron Ore Solutions 6965 (604) G5) (eA) Fines 5782 @367) 0) (66) Pellets 1 (77) oy Q ‘Other ferrous products and logistics serv
Slide 28: Segment information 1Q25
Annexes Segment information 1025 Net Pre Associates Ustmilin operating cost! SS8A3°4 pup’ operating and JVs revenues i stoppage’ EBITDA Iron Ore Solutions (8506) Fines “5/54 @.8'0) Pallets 653) Other ferrous products and legate (37) Energy Transition Metals (284) Copper® (339) Sslobo 057) —Sossego @
Slide 29: Segment information 6M24
Annexes Segment information 6M24 Net Pre Associates Usé milion operating cost! SSEASNM ao cpertings andlVs revenues bhitesle stoppage’ EBITDA Iron Ore Solutions 5323 (7967) Fines 200 (6259), Pelets 2979 6,448) “Other ferrous products and logistics services 32 (60) Energy Transition Metals 3956 (2308
Slide 30: Annex 3: Additional information by business segment
Annex 3: Additional information by business segment Iron Ore Solutions: Financial results detailed Volumes, prices, premium and revenues breakdown ‘Volume sold (000 metric tons) ree “loc iO STK 4586 39% TO993 22580 -5i% BREF 30528 8% 36381 -10% 68233 56443 23% Pellet feed - China PFC 337 65% 39 40%
Slide 31: Volume sold by destination - Fines, pellets and ROM
Volume sold by destination - Fines, pellets and ROM 2024 9965 3a77 Eg 6503 [5545 | 4399 1785 France 350 559 5% ‘Others: 2424 2 6% Middle East 0% Rest of the World 30% 1552 3H% Total "79792 —-3% <6 «R.KBT 1431S (Om Iron ore fines pricing Pricing system breakdown (%) i 1025 alg Lageed %% 7% [Current G
Slide 32: Iron ore fines costs & expenses
Iron ore fines costs & expenses COGS - 2025 vs. 2024 US$ million [CT cash costs Royalties & others (a) Ii Total costs before depreciation and amortization (83) (170) 3,387 | Depreciation i (aip__388) Total (72) (184) 3.775 Cash cost and freight [a3] 2024 Ayly 1025 Aa/q 6M25 6M24 Ayly ‘Ceash cost (US
Slide 33: Iron Ore Solutions: Project Details
Annexes Iron Ore Solutions: Project Details Financial Physical Comments Progress' Progress Growth projects Capex2025 The seminmooie crusher load tests at the mine Sera Sut+20 have been concluded. Assembly of the long- Capacity: 20 Mtpy on yy stance conveyor belt is progressing according Stort-up: 24
Slide 34: Energy Transition Metals: Copper
Energy Transition Metals: Copper Revenues & price realization [2a25] 2026 Ayly 1025 Agiq_6M25._— 624 Ayly Volume sold Copper (000 metric tons) ee 3B aN Gl 8% aT 7 0% Gold as by-product (000 oz) oi 39 70% 5 3% ~—~188 a RK Silver as by-product (000 oz) cy a ac) 3% S65 80S ‘average prices average UME c
Slide 35: Energy Transition Metals: Nickel
Energy Transition Metals: Nickel Revenues & price realization [BaRs] 2026 Ayly 1025 Ag/q 6M25_6M24 Ayly ‘Volume sold (000 metric tons) Nickel q 34 7m 39 smart Copper 5 CY Gold ae By-product (060 ox) {9k 9a Siler as by-product (000.02) Wa 306 39% 254-3 500 asi 39% PGMs (000 oz) 37 38 50% EF 2% GE 70
Slide 36: Energy Transition Metals: Projects Details
Energy Transition Metals: Projects Details Growth projects Capex 2025 Progress’ progress (nga Puma 2nd Furnace Capacity: 2-1 ktpy eS a Financial Physical Comments ‘The project's progressing according to the schedule ‘and within budget. The Tumace assembly is progressing as planned. ‘Capacity: 60-70
Slide 37: Signatures
Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Vale S.A. (Registrant) By: /s/ Thiago Lofiego Date: September 12, 2025 Director of Investor Relations