Slide 1: Vale's 4Q25 Performance
Vale’s 4Q25 Performance Feb. 13th, 2026
Slide 2: Disclaimer
“This presentation may include statements that present Vale's expectations about future events or results, including without limitation (i) dams emergency level expectations on slide 5; (ii) C1 cash cost guidance on slide 12; (iii) all-in cost guidances on slides 12 and 13; (iv) sales volumes expect
Slide 3: Opening remarks
1. Opening remarks 3
Slide 4: Vale's strategy: Connecting today to tomorrow
Vale’s strategy Connecting today to tomorrow Cultural Evolution Safety Innovation Our business People Trusted Iron Ore Our Partner Leading global iron ore production and driving steel decarbonization with the most Superior levers Sustainability Communication competitive costs and customer-centric Po
Slide 5: 2025: strong delivery across-the-board
2025: strong delivery across-the-board Becoming a trusted Solid performance and partner capital allocation Dams at emergency level Safety culture evolution All guidances met Level 3 35 Level 2 No dams at emergency 4 Cost reduction in all level 3 Level 1 7 -77% segments Steady reparation New Carajás
Slide 6: Iron ore: solid performance driven by operational excellence and key projects
Iron ore: solid performance driven by operational excellence and key projects Iron ore production1 (Mt) Vale's highest production since 2018 +3% 336 Vargem Grande and Capanema +6% 328 Original 90 guidance: projects ramping-up 85 325-335 Mt Serra Sul +20 on track to start-up in 2H26 4Q24 4Q25 2024 20
Slide 7: Vale Base Metals: double-digit production growth
Vale Base Metals: double-digit production growth Copper production (kt) Nickel production (kt) +10% +11% 382 177 +6% Original Original 348 +2% 160 102 108 guidance: guidance: 340-370 kt 46 160-175 kt 46 4Q24 4Q25 2024 2025 4Q24 4Q25 2024 2025 ▪Highest production level since 2018 ▪Highest production
Slide 8: All-in costs: delivering improvements in all segments
All-in costs: delivering improvements in all segments Iron ore (US$/t) Copper (US$ k/t) Nickel (US$ k/t) -3% -77% -27% 55.9 2.6 16.6 54.2 12.2 0.6 2024 2025 2024 2025 2024 2025 ▪Lower C1 cash cost1 ▪Higher gold prices ▪Higher by-product volumes and ▪Long-term affreightment ▪Record production at Salo
Slide 9: Capital allocation: balancing growth, disciplined CAPEX and shareholder returns
Capital allocation: balancing growth, disciplined CAPEX and shareholder returns Sales volumes (Mt, Cu eq.)1 New Carajás program advancing +3% Bacaba project’s construction license granted +3% 4.3 3.7 3.8 Others2 Nickel Copper Agglomerates CAPEX optimization Consistently below US$ 6 billion level in
Slide 10: Financial Performance
2. Financial Performance 10
Slide 11: EBITDA: strong contribution from VBM, supported by operational excellence and pricing momentum
EBITDA: strong contribution from VBM, supported by operational excellence and pricing momentum EBITDA Proforma 4Q25 vs. 4Q24 US$ million 17% 852 91 66 4,834 4,119 -165 -129 Proforma Vale Base Volume Price FX Effect2 Others3 Proforma EBITDA 4Q241 Metals EBITDA EBITDA 4Q251 contribution Iron ore fines
Slide 12: Iron ore costs: guidances delivered in 2025; continuous improvement in 2026
Iron ore costs: guidances delivered in 2025; continuous improvement in 2026 C1 cash cost, ex-third-party purchases Iron ore & Pellets all-in costs US$/t US$/t Original 2025 Original 2025 guidance: guidance: 20.5-22.0 53.0-57.0 13% 10% 21.3 21.3 20.0-21.5 49.5 54.3 54.2 52.0-56.0 18.8 4Q24 4Q25 2025
Slide 13: Base metals costs: higher volumes, fixed cost dilution and by-product prices tailwind
Base metals costs: higher volumes, fixed cost dilution and by-product prices tailwind Copper all-in costs Nickel all-in costs ‘000 US$/t ‘000 US$/t Original 2025 Original 2025 guidance: guidance: 2.8-3.3 14.0-15.5 -2.0 -4.9 1.1 1.0-1.5 13.9 12.2 12.0-13.5 0.6 9.0 -0.9 4Q24 4Q25 2025 2026 (guidance)
Slide 14: FCF: strong EBITDA translated into robust cash flow generation in the quarter
FCF: strong EBITDA translated into robust cash flow generation in the quarter Free cash flow – 4Q25 US$ million 4,834 179 -2,030 -498 -111 1,688 300 1,532 -181 -505 -456 Proforma Working CAPEX Net financial Associates Brumadinho Others4 Free Cash Flow Brumadinho Cash Increase in EBITDA capital expen
Slide 15: Expanded net debt: trending towards mid-range, supported by solid FCF
Expanded net debt: trending towards mid-range, supported by solid FCF Expanded net debt US$ million US$ 20 bn 16,640 Moving towards 619 15,579 the mid-range of 97 -81 the target -1,688 -8 US$ 10 bn Cash effects Accounting effects Expanded Recurring Interest on Swaps Provisions Debt, leases Expanded
Slide 16: Key takeaways
Key takeaways Safety is our core value Achieving the best indicators in Vale’s history Culture and strategy supporting ambition Leading value creation in the mining industry Focus on operational excellence Continue to deliver consistent performance Building the right portfolio Advancing on New Caraj
Slide 17: Q&A
Q&A