Slide 1: Vale's performance
Rio.de Janeiro, October 30") 2025 C4 U yY VALE Vale's performance "We delivered another strong quarter, marked by solid operational performance, continued progress on our strategic ‘agenda and commitment to safety. ron ore production reached its highest quarterly level since 2018 and copper had its
Slide 2: Business highlights and recent developments
Business —_iron Ore Solutions Highlights. successful execution of the portfolio strategy, with a USS 2/t improvement in iron ore fines x premiums q/q, supported by the increase in blended and concentrated products. In the quarter, Vale fe) also officially launched its mid-grade Carajés product, whic
Slide 3: Net operating revenues and EBITDA reconciliation
‘Net operating revenues E [coes 5 w%, % SGeA 1% 3H we Research and development 9% re-operating and stoppage expenses 2% Brumadinho & decharacterization of damns* E z = Non-recurring expenses, E na. ‘Other operational expenses (excluding non-recurring EBITOA om ascents and VS aed EBT epreitio,amortat
Slide 4: Proforma EBITDA
Proforma EBITDA was US$ 4.4 billion in 3025, 17% higher yly, supported by (i) stronger iron ore fines price realization and higher by-product prices, (i) increased sales volumes of iron ore fines and copper, anc (i) lower costs anc expenses, primarily criven by reduced iron ore freight costs and imp
Slide 5: Capital Expenditures
Capital Expenditures Total CAPEX Us$ million (3035) ome iron Ore Solutions [891 2907 Energy Transition Metals 322 18 _ Copper i Ee Nickel 236 38 Energy and others 37 i Total 1,250 BATT Az “8% Growth Projects Us$million [SCR] 30% ayy 2025 Aqlq9M25_—9M24 Aly iron Ore Solutions Des] 323 -24% ——2208~~—~
Slide 6: Free cash flow
Financial Re Free cash flow US$ million 302% Ayly 2025 Aqiq 9M25_9M24 Proforma EBITDAY 4399) 3773 17% «3.424 28% «74035. 1.273. Working capital G3] G28) tem =) 100 Capex 250)) (1.398 11% (1053) 19% (3477) 2 Net financial expenses® t Gy -e7% —73)_— ~~) income taxes and REFIS Esa] G7) 1% 68) 18% ena)
Slide 7: Debt
Debt US$million 3026 205 bala Gross debt! i ~8420° WA66 ~ 4% Lease (FRS 76) 765 “8% 698 0% ‘Gross debt and leases 16785 3% 8s am Cash, cash equivalents and short-term investments e609) 3% 686) 7% Net debt 9536 3% RAS 7% cuneneyaeDe (25) 35% (os) 53% Brumadinho provisions 2390 8% 209 “3% Samarco prov
Slide 8: Segments' Performance
erformance J) Segments’ Performance Adjusted EBITDA by business area: US$ million 3026 Ay/y 2025 Aig 9M25_9M24_—_Ayly Iron Ore Solutions Fines Pellets Other ferrous products and logistics services Energy Transition Metals Brumadinho & decharacterization of dams” Non-recurring expenses eave agian rat
Slide 9: Iron Ore Solutions Highlights
ae se Iron Ore Solutions Highlights ‘Average Prices (USS/2) ironore= 62% Fe price O20, 987 iran ore fines realzed price, CFRIFOB iron ore pellets realized price, CFR/FOB Volume sold (000 metric tons) Fines, 75020] 69.344 3% 71% Pellets 3769] 10143 14% 7% ROM 2208| 2351 -6% 1% ‘Total - Iron ore 35,99
Slide 10: Iron Ore Fines
Iron Ore Fines Product mix 000 metric tons 3026 Ay/y 2025 A 9M25_9M24Ayly Fines? 75020) 69344 8% 67678 190402 5% Tecl Sen] 7709 52h 6397 34,300 -5i% BREF 5997 | 34,757 6% 32842 106,230 91,240 eK Mid-Grade Caras joa] 468 Tek —Toa0a ara 8356 Tar Pellet feed - China (PFC)? 8575 3328 158% 5518 96% ump 7
Slide 11: Costs and expenses
Costs and expenses Iron ore fines and pellets all-in costs (cash cost break-even landed in China) uss/t 2025 9M24 — Ayiy C1 cash cost, ex-third-party purchase costs 22.2 29 1% ary purchases cost adjustments ai 36% Freight cost zy 37% Distbution cot 35 cS Expenses & royalties 56 75 -B EBITDA fom asso
Slide 12: Pellets
Business Segm Pellets ss million [3035] 3024 Ay/y 2025 Agia 925 9M24 Aly Net revenues 5 7502 -24% 1004 wa) 3206 4aeh 24% Cash costs" om) 7) 3% «M_o_R BD -17% Pre-operational & stoppage expenses 6] @ e% @ 25% (2) (io) 20% Expenses? 2 @ na Gna. 4 Ona lietizng plants EBITDA 4s] 3 sw ~=O=SS 20% EBITDA 7
Slide 13: Energy Transition Metals Highlights
Highlights US$ million ‘Net Revenues nd Other expenses* D expense and stoppage expenses’ ociates and IV's Streaming adjustment’ ‘Adjusted EBITDA Depreciation and amortization Adjusted EBIT Adjusted EBITDA US$ million [3075] 302 ayly 925 9M24__Ayly Copper eis 56016 995 71% Nickel ena. 356 33 na. 5% 1
Slide 14: Copper
Copper USS million (unless otherwise stated) Aqlq 9M25_9M24_—Ayly ME copper price USS/8) 3% oa Se Taverage realized copper price USS) 3% 928) Bes 7% Volume sold copper bt) 6% eH Net Revenues EL iit 5% costs 3% (cL Selling and other expenses T% Cay 743% RED expenses 30% @__-0% Pre-operating and stopp
Slide 15: Costs & Expenses
Costs & Expenses Allin costs (EBITDA breakeven) ussit TOES 3y-preduct revenues Ayly 2025 Aq/q 9M25__9M2%__Ayly 4% 6057 3% 5966 —~& 172 —-3% 5a% (4962) 155% Ges) GSE) abe |COGS after by-product revenues “77% 1095 802 2,622 -69% xpenses" Bm BT 23 % Total costs 63% 1232 —--30% «005 —-2,759 64% TEIRCS,
Slide 16: Nickel
Nickel ss milton unless otherwise stated) FaRs] 202 Ayly 2025 Aglg) 9Mas9m20 _ayly LME nickel price “3% Siri T7072 % Average realized nickel price 5% 500 ATs 70% Volume sold = nickel (kt) % a 3% ea Volume sold = copper (kt) we BK “52 25% Wet Revenues 020% desi aes tase Costs! i)_—-7%_—«a_—CH SHO) GA
Slide 17: Costs & Expenses
Costs & Expenses All-in costs (EBITDA breakeven) uss/t 3024 Ayly 2025 g/g 9M25_9M24__Ayly COGS ex-exterral eed, PIV adjusted W066 19% 22184 _-3%6_-24 053 -30.241 jcoast Boe “ia 20S =H _D1gB4_22.I5T_—_—-A By-product revenues™ Gray 59% GSI) 4% — BOSH) coas after by-product reveniies other expenses? 32
Slide 18: Webcast information
Webcast information Vale.Ri@vale.com Vale wilhasta webcast on Thiago Lofiego thiago.lofiego@vale.com a October 40:00 a.m. (New York) Frida ‘ : 'Y 31,2025 | 11:00 a.m. (Brasilia) ‘Mariana Rocha 2:00 p.m. London) marianasrocha@vale.com Internet access to the webcast and presentation ‘materials will be
Slide 19: Annex 1: Detailed Financial Information
Annex 1: Detailed Financial Information simplified financial statements Income Statement USS million 25] 3024 Ayly 2025 Aqiq 9M25 9M2%4 Ayly Net operating revenue 9553 9% 8804 18% «27343 ~—«27932_—-2% Cost of goods sold and services rendered G28) G% —G0BS) 9% (8168) (17997) ‘Gross profit Bm 1% 279 3
Slide 20: Balance sheet
Balance sheet. US$million 9/30/2024 _Aqiq 6/30/2025 Ayly Assets ‘Current assets %6495| 13,800 19% 17,585 “6% Cash and cash equivalents 5302 4596 8% __~ SSI 7% Short term investments Bh 82 a ‘Recounts receivable ~16% 2325, 8% ‘Other Financial assets Ga 71% 495 26% inventories 73% —~5242 5% Recoverabl
Slide 21: Cash flow
USS million 3024 Ayly 2025 Aq/q 925 9M24 Ayly ‘Cash flow from operations interest on loans and borrowings 2757 32% 2,862 27% 9,039 Gan) -25% (268) 6% % (694) (644) 8% ‘Cash received on settlement of dewvatives, nat 0) na, uo 38% 37694 —-300% Payments related to Brumadinho Tiss) 63% (20a) 50% (69a) G
Slide 22: Reconciliation of IFRS and non-GAAP information
Reconciliation of IFRS and “non-GAAP” information (a) Adjusted EBIT US$ million P7Ba25] 3026 Ayly 2025 Agiq 9M25 9M2%4 Ayly Net operating revenues Toa20] 9553 9% Sa04 18% a3 270322 Coss (632) 628) 6% (608s) —9% (iBTes) (i799) — 1% Sales and administrative expenses =) ES Research and development expe
Slide 23: Reconciliation between adjusted EBITDA and net income
Reconciliation between adjusted EBITDA and net income US$ million [3025] 3024 Ay/y 2025 Aqiq 9M25 9M24 Ayly ‘Adjusted EBITDA 3615 21% 3386 29% 10870 11046 -2% Depreciation, depletion and amortization (48) 2% (780) 2% @.248) 2255) 0% EBITDA from associates and joint ventures ai] (242) 7% ~—(B02)—-3%~
Slide 24: Revenues and volumes
Revenues and volumes US$ million Pas Mi] 3024 _% Ayly 2025 _% Agia 9M25__% 9M2%4 _% Ayly Tron Ore Soltitions “BI%) 7970 83% 6% 6963 79% 21% 2,761 80% 23293 83% -7% “Fines ae G8] 6287 66% 13% 5762 65% 23% 178K 66% 78302 G6 -2% ROM Om 330% -9% 270% Tie 880% 87 0% —-1% Pelets fa 1502 Tee 24% W004 Th av
Slide 25: Operating Expenses
Operating Expenses US$ million 2025 9M24Ayly SGRA Bt a6 Administrative 78 “38 Personnel 8 Services es] Depreciation 728% AT ‘Others B % 8173 Seling 8 3% «68S RaD Bo 5% 33ST Pre-operating and stoppage expenses 7 -30% «2a? 38-21% «165166, ‘Other operating expenses 1h 25% —«583—«OH ‘Total operating exp
Slide 26: Financial results
Financial results Us$ million ‘Aq/q_ 9M25_9M2% Ayly_ Financial expenses, of w (1077) 10% Gross nterest (90) __23% Capitalization oF interest 24-29% Others Financial expenses REFS) 23%, Goo) 39) -7% ~4% (65) (72) -10% Finandial income 32% 376316 Shareholder Debentures Derivatives" 27% (228) 1S 54% 15
Slide 27: Annex 2: Segment information
Annex 2: Segment information Net SCRA Pre ABR steaming | Adjusted Ustmition ey eo SL fe otra Ee revenues. others" stoppage’ EBITDA Iron Ore Solutions (453) (54) (84) (G2) 260 Fines Ge7)_—(20) (70) (ei "Ba Pellets mar (677), 2 } a co the Faro posed ‘1 eat ry 1 a Energy Transition Metals 1907 (368) 69
Slide 28: Segment information 9M25
Net operating 6.963 5762 71004 ss milion Iron Ore Solutions Fines Pellets ‘Other ferrous products and SG&A and others' G3) @ 0) Cost! Rap’ (4104) G38) 7 (84) 66) a} ‘Associates and JVs EBITDA Pre operating & stoppage’ Streaming | Adjusted adjustment | EBITDA 197 (140) en 6) a) 101 - 04 logistics ser
Slide 29: Segment information 9M24
information 9M24 ss milion Iron Ore Solutions Net operating Cos! 23,293, (12,222) Pre R&D‘ operating & stoppage’ (194), SG&A and others? (190) (264) ‘Associates and JVs EBITDA Annexes Streaming | Adjusted adjustment] EBITDA ener chr: -29- Fines 78302 (9630) (20) (228) (62) 260 zs Pellets - 5 i ae} (
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 ‘Ayly 2025 A gig TISMA5|_9M24 A yiy- 69° 19% 70461 11% 199,46 3% a 76665 34200 -5i% F520 16% 3256 187% § 30279207 96% TT? 26% 5556 5562 0% e386 j 26585 -
Slide 31: Volume sold by destination - Fines, pellets and ROM
Volume sold by destination - Fines, pellets and ROM ayy be 3 ie 173,408 3% “im 8% 6286 738 BS we 7906 3458 7,060 =S% 37,3356 France tna —1287 ‘Others: zat 5% 6901-6400 Middle East 1387 _—-29% —«4A80—_«4,459 Rest of the World “6% 13B% «TN —«A79 Total “EN Figue —— HESS ESSE Iron ore fines pricing Pric
Slide 32: Iron ore fines costs & expenses
Iron ore fines costs & expenses COGS - 3025 vs. 3024 US$ million [Cr eash costs Royalties & others ‘Total costs before depreciation and amortization Depreciation Total Cash cost and freight [3025] 3026 Ayly 2025 Aqiq 9M25 9M2%4 Ayly ‘Cteash cost (US§ million) II [ci cash cost, cluding third-party pu
Slide 33: Iron Ore Solutions: Project Details
Annexes Iron Ore Solutions: Project Details Financial Physical Comments Progress' Progress Growth projects Capex 3025 The mine work has been concluded and its assets Serra Sul +20 incorporated in the Sera Su Operating license eapacty:20 toy om 0% Assembly of the long-distance conveyor belts 91% 1H:
Slide 34: Energy Transition Metals: Copper
Energy Transition Metals: Copper Revenues & price realization [ses] 3006 ayy 2059 ‘Volume sold Copper (000 metric tons) 70 1% ca 6% 17 76 2% Gold as by-product (000 o2) 05] as Silvers by-product (000 o2) 3a] 202 69% a7 79% Sore? ——am ‘Average prices average LME copper price (US8/0) 920 6% 95% oa sm
Slide 35: Energy Transition Metals: Nickel
Energy Transition Metals: Nickel Revenues & price realization [3025] 302 Ayly 2025 g/g 9M25_—9M24 Aly. ‘Volume sold (000 metric tons) Nickel a = LY Copper 20 ak 33h 22% Gold as By-product (060 02) 3 415% 7 8% 8 6% Silver 38 by-product (000 02) 2is| 309 7% R62 PGMs (000.02) 3 a SS > cobalt (metric to
Slide 36: Energy Transition Metals: Projects Details
Energy Transition Metals: Projects Details Sustaining projects Capex 3025 Financial progress! Physical progress Bacaba Capacity: So ktpy Start-up: 1H28 [Capex: USS 290 MM Projects under evaluation ° 0% 0% ‘Completion of inital bridge beams and major vegetation suppression. Capacity: 60 -70lkepy Stag
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: October 31, 2025 Director of Investor Relations