Vale S.a. · BMFBOVESPA:VALE3
Vale — PT Vale Indonesia — Investor Presentation (November 2025)
28 slides from Vale's investor presentation, Nov 24, 2025
Slide 1: PT Vale Indonesia Tbk Year-End Analyst Gathering
Public Information IGP Morowali Port PT Vale Indonesia Tbk (INCO IJ) A presentation for Year-End Analyst Gathering November 24th, 2025
Slide 2: Agenda
Agenda: 1. 3Q25 Key Updates 2. Culture Transformation 3. Operational Updates 4. Sustainability Updates 5. Growth Project Updates 6. Financial Updates 7. Business Development Updates and Market Outlook 8. 2026 Strategic Direction
Slide 3: Cautionary Note & Disclaimer
Cautionary Note & Disclaimer Cautionary Note on Forward-looking Statements This presentation may contain statements regarding the business of PT Vale Indonesia Tbk (the “Company” or “PT Vale”) that are of a forward- looking nature and are therefore based on management's assumptions about future deve
Slide 4: Part I: 3Q25 Key Updates
Part I 3Q25 Key Updates Presented by Rizky Andhika Putra
Slide 5: 3Q25 Key Updates
3Q25 Key Updates o Encouraging progress in nickel matte production, reaching 19,391 t in 3Q25—an increase of 4% compared to the previous quarter. For the year-to- date period, production totaled 54,975 t, also reflecting a 4% growth y-o-y. o Meaningful progress in expanding its commercial activities
Slide 6: Board of Commissioners and Board of Directors
Board of Commissioners F.S. Multhazar Emily Olson Christopher Kristina M. Jasman Kathrine Angela Shiro Imai Rudiantara Retno Marita President Vice President McCleave Gauthier Panjaitan Oendoen Commissioner Independent Marsudi Alisjahbana Commissioner Commissioner Commissioner Commissioner Commissio
Slide 7: Part II: Culture Transformation
Part II Culture Transformation Presented by Heriyanto Agung Putra
Slide 8: Our Purpose and Values
Our Purpose We exist to improve life and transform the future. Together. Our Values ©, ae CARES €<4¢ € Compassion We act with compassion to uphold the safety of our people, assets and communities, because life matters most. Accountability We hold ourselves accountable for our actions with integrity
Slide 9: Culture Transformation – High Level Context
Culture Transformation – High Level Context | PT Vale’s culture must evolve to meet the pressures of a more competitive, disruptive, and uncertain world—while still amplifying the internal strengths that make PT Vale unique; the right culture is the bridge connecting our external realities to our in
Slide 10: Part III: Operational Updates
Part III Operational Updates Presented by Muhammad Asril
Slide 11: 3Q25 Strengthening Safety and Our Commitment
3Q25 Strengthening Safety and Our Commitment Ceremony of DOJO Training Emergency Drill with Community TRIFR: 0.43 Showing continuous improvement from Q2 (0.51) Fatalities Zero fatalities year-to- date, showing our strong PTVI strengthens training excellence through hands- on learning at DOJO facilit
Slide 12: Nickel in matte production
Stronger production performance in 3Q25 and our roadmap for the year ahead 71,234 20,000 Nickel in matte production (t) 19,500 19,000 18,500 18,000 Including EF3 17,500 Rebuild 17,000 19,391 16,500 18,557 16,000 17,027 15,500 15,000 14,500 Q1 Q2 Q3 Q4 Production in 3Q25 and 9M25 increased by 4%, bui
Slide 13: Part IV: Sustainability Updates
Part IV Sustainability Updates Presented by Budiawansyah
Slide 14: Environmental impact and sustainable practices: 3Q 2025 achievements
PT Vale continue to be mindful of the environmental impact and thoughtfully weave sustainable practices into everything we do 3Q 2025 achievements GHG Intensity (tCO2e/ton Ni) 2025 Goal ALL: 29.76 2025 Goal SOR: 29.89 YTD 3Q 2025 ENSIA AWARD 2025 Lestari Award 2025 Actual ALL 24.69 In September 2025
Slide 15: The journey to pursue IRMA-50
The journey to pursue IRMA-50 We’re here 3Q 2023 4Q 2023 1Q – 3Q 2024 Q4 2024 1Q - 3Q 2025 4Q 2025 Vale Corporate Sorowako IRMA Ongoing work in Sorowako Self- Critical Stage 2 Audit Readiness Readiness fulfilling gaps Assessment requirement (Site Visit) Assessment Assessment from Readiness submissio
Slide 16: Part V: Growth Project Updates
Part V Growth Project Updates Presented by Muhammad Asril
Slide 17: PT Vale's journey to unlock possibilities and shape the future
PT Vale’s journey to unlock possibilities Morowali and shape the future Sorowako Limonite Mine JV – HPAL Annual Prod (WMT): Capacity Annual: 5,500,000 Saprolite 60 ktpa of MHP 10,400,000 Limonite Capex: USD 1.4 Mine JV – HPAL Capex: USD 0.5 Billion Billion Status: Annual Prod (WMT): Capacity Annual:
Slide 18: Nickel saprolite ore sales from Pomalaa and Bahodopi
PT Vale has broadened its portfolio this year with successful nickel saprolite ore sales from Pomalaa and Bahodopi Morowali Project Pomalaa Project SorLim Project ✔ Continue with Bahodopi Expansion for mine ✔ Ore sales 298KT completed and AMDAL ✔ Collaborative area and construction office is and por
Slide 19: Part VI: Financial Updates
Part VI Financial Updates Presented by Rizky Andhika Putra
Slide 20: 9M25 Key Financial Highlights
9M25 Key Financial Highlights Lower cash cost and stronger profitability, supported by ore sales as an additional revenue stream Revenue EBITDA Net Profit Cash & Equivalent US$ 705 Mn US$ 166 Mn US$ 52 Mn US$ 496 Mn - 36% vs 9M24 -0.4% vs 9M24 -3% vs 9M24 +3% vs 9M24 Unit Cash Cost of Production Sal
Slide 21: Navigating Challenges and Strategic Priorities for 2025
PT Vale Navigating Challenges and Strategic Priorities for 2025 Key Challenges Sorowako ▪ Low nickel prices – Revenue impact. Production continues to show progress towards the target of 71,234 tons, strengthening the foundation of Sorowako's current ▪ Production disruptions in 1H25 – Mining issues o
Slide 22: Part VII: Business Development Updates and Market Outlook
Part VII Business Development Updates and Market Outlook Presented by Slamet Sugiharto
Slide 23: Next-generation exploration approach to expand resources and reserves
PT Vale is pioneering a next-generation exploration approach to unlock untapped mineral potential, aiming to expand resources and reserves up to 2.5 times the current level Exploration plan to unlock mineral resources endowment 2.5x from current mineral resources and mineral reserves across PT Vale
Slide 24: Market Outlook – Producing the Right Nickel
Market Outlook – PT Vale Producing the “Right” Nickel Global Supply and Demand (Ni ton) Supply – Demand and Price Developments 7,000,000 6,000,000 ▪ Demand growth in medium term ▪ Class 1 Supply continues to grow (Some swing Matte capacity 5,000,000 from ID: OESBF rising, More HPAL plants are coming
Slide 25: Part VIII: 2026 Strategic Direction
Part VIII 2026 Strategic Direction Presented by Rizky Andhika Putra
Slide 26: Strategic Direction 2026: new cost baseline
Strategic Direction: In 2026, PT Vale expects to establish a new cost baseline while adapting to evolving operational dynamics Key considerations ahead: Company’s focus and objectives: Sustainable efficiency in Opex and Capex in line with market pressures and nickel prices. $↓ Nickel Price Environme
Slide 27: A brighter future begins with responsible mining
IPIP Port Kolaka “A brighter future begins with responsible mining because progress and care go hand in hand.”
Slide 28: Contact us
Contact us Investor Relations PT Vale Indonesia Tbk Phone: +62 21 524 9000 Web: www.vale.com/indonesia Email: ptvi.investorrelation@vale.com
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