Slide 1: Vale's performance in 1Q26
DP Rio de Janeiro, April 28t» 2026 _ a VALE Vale’s performance suse ee in1026 “We delivered a solid start to 2026, reflecting our disciplined execution, operational excellence, and the continued development of strategic projects across our portfolio. During the quarter, we achieved production record
Slide 2: Iron Ore Solutions, Vale Base Metals, risk and tailings highlights
Iron Ore Solutions * Serra Sul +20 project construction continues to advance, having 86% physical progress. Load testing of the x conveyor belt started in March. The Compact Crushing project construction is 91% complete, and civil works <P have been completed. Both projects are on track to start-up
Slide 3: Financials
Financials USS million 1025 Ayly 4025 Ada Proforma EBITDA Net operating revenues ang 4% 11,060 16% cocs 645) 3% (6.779) 9% SG&A (145) 5% (207) 1% Research and development (23) 1% (260) 50% Pre-operating and stoppage expenses (20) 46% a 46% Brumadinho & decharacterization of dams" ©) 33% (246) -Th% (
Slide 4: Financial: EBITDA and Net Income
Financial Proforma EBITDA was US$ 3.9 billion in 1926, 21% higher y/y, mainly driven by (i) stronger reference prices as well as improved price realization across all business segments, and (ii) higher sales volumes of iron ore, copper and nickel. These effects were partially offset by (i) the negat
Slide 5: Financial Results: Capital Expenditures
Financial Results Capital Expenditures Total CAPEX US$ million 1025 Ayly 4025 Aaia Iron Ore Solutions 907 8% 4,291 =35% Vale Base Metals 256 =12% 73 68% Copper 57 56% 232 62% Nickel 199 31% 481 -12% Energy and others 1 127% 26 4% Total 1174 1% 2,030 46% Growth Projects US$ million 1025 Ayly 4025 Aal
Slide 6: Financial Results: Free cash flow
Financial Re: Free cash flow US$ million 402: Ayly 4025 Aaa Proforma EBITDA’ 3.212 21% 4,834 19% Working capital? (252) 242% 179 na. Capex (1174) -7% (2,030) 46% Net financial expenses? (0) 8% (38) ~46% income taxes and REFIS 696) 46% (60) 1% Associates & V's, net of dividends received* (73) 18% fc)
Slide 7: Financial Results: Debt
Financial Results Debt US$ million 1025 Ayly 4025 Aaia Gross debt" 15415 18% 18,134 0% Lease (IFRS 16) 781 18% 668 4% Gross debt and leases 16.196 16% 18,802 0% Cash, cash equivalents and short-term investments 998) 32% (7,566) =30% Net debt 12,198 1% 11,236 21% Currency swaps* 75 na (81) 133% Bruma
Slide 8: Business Segments' Performance
Business Segments’ Performance Segments’ Performance Adjusted EBITDA by business area: US$ million Iron Ore Solutions Fines Pellets Other ferrous products and logistics services Vale Base Metals" Copper Nickel Al 576% 358 -23% Other (33) 12% (24) 21% Unallocated items? (229) 9% (626) 60% Proforma EB
Slide 9: Iron Ore Solutions Highlights
Highlights ‘Average Prices (US$/t) Iron ore - 61% Fe price iron ore fines realized price, CFR/FOB iron ore pellets realized price, CFR/FOB Volume sold (‘000 metric tons) Fines Pellets ROM Total - iron ore Financials indicators (USS million) 100.6 3% 103.0 1% Net Revenues 6,375 8% 8.370 18% Costs" (3
Slide 10: Business Segments: Iron Ore Fines
Business Segments Iron Ore Fines Product mix 000 metric tons 1025 Ayly 4025 Aaia Volume sold Fines" 56,762 5% 73,566 19% 0c 4596 7% 5,042 =24% BREF 35.81% =16% 36,337 1% Mid-Grade Carajas 3,188 140% 10,512 27% Pellet feed - China (PFC)? 3,928 13% 8,155 11% Lump 1.679 26% 2,085 % High-silica products
Slide 11: Costs and expenses: iron ore all-in costs
Busi gments’ Performa Costs and expenses Iron ore fines and pellets all-in costs (cash cost break-even landed in China) uss/t 1025 Ayly 4025 Aala Ci cash cost, ex-third-party purchase costs 21.0 12% 213 11% Third-party purchases cost adjustments 37 24% 40 5% Freight cost? 78.6 3% 78.0 % Distribution
Slide 12: Pellets
Pellets USS million 1025 Ayly 4025 Aala Net revenues 7,055 -2% 1190 713% Cash costs" 59) 5% (703) 1% Pre-operational & stoppage expenses @ 50% @ 0% Expenses? 2 na. 1 naa. Leased pelletizing plants EBITDA 40 0% 42 5% EBITDA 536 1% 527 9% Iron ore pellets realized price (CFR/FOB, SS/t) 140.8 5% B14 2%
Slide 13: Vale Base Metals Highlights
Vale Base Metals Highlights US$ million 1026 Ayly 4025 Net Revenues 2383 37% 2,691 (1376) 7% (1506) 9% (74) 14% i) 45% R&D expenses @ 16% @ 56% Pre-operating and stoppage expenses" na @ EBITDA from associates and JV 31% Streaming? 54% ‘Adjusted EBITDA 116% 1393 Depreciation and amortization 4% Gor)
Slide 14: Business Segments' Performance: Copper
Business Segments’ Performan Copper USS million (unless otherwise stated) 1025 Ayly 4025 Aala LME copper price (USS/t) 9,340 38% 11,092 16% Average realized copper price (USS/t) 8891 48% 11,003 19% Volume sold — copper (kt) al 18% 81 1% Net Revenues 900 57% 4,565 10% Costs" (339) 26% (468) 9% Sellin
Slide 15: Copper Costs & Expenses
formance Costs & Expenses All-in costs (EBITDA break-even) uss/t 1025 Ayly 4025 Aaiq cogs 5.574 6% 5,749 3% 8y-product revenues (4,760) 48% (7,022) 0% COGS after by-product revenues a4 na. (1,273) “1% Other expenses? 13 155% 183 57% Total costs 926 na. (1,090) 2% TC/RCs, penalties, premiums and disc
Slide 16: Business: Nickel
Business Nickel USS million (unless otherwise stated) 1025 ayly 4025 Aala LIME nickel price 15,571 11% 14,892 1% Average realized nickel price 16,106 6% 15,015 13% Volume sold - nickel (kt) 39 18% 50 -10% Volume sold - copper (kt) a 10% 26 27% Net Revenues 969 22% 1,328 1% Costs? (907) 0% (954) 5% S
Slide 17: Nickel Costs & Expenses
Costs & Expenses All-in costs (EBITDA break-even) uss/t 1026 1025 Ayly 4025 Aaa COGS ex-external feed 22,325 27,957 20% 21,204 5% cos" 20,284 23,277 13% 19,225 6% By-product revenues’ (i707) (7,383) 59% (10,356) 13% COGS after by-product revenues 8577 | 15,894 -46% 8,869 3% Other expenses* 270 962 -
Slide 18: Webcast information
Webcast information Vale will host a webcast on 10:00 a.m, tnewvoria |2oe cue 11:00 a.m. ersit 2:00 p.m. —_tondon) a= Internet access to the webcast and presentation materials will be available on Vale website at haivalecatn A webcast replay will be accessible shortly after the completion of the cal
Slide 19: Annex 1: Detailed Financial Information - Income Statement
Annexes M Annex 1: Detailed Financial Information Income Statement ‘US$ million 1025 Ayly 4Q25, Adqdq Net operating revenue ano u% =~ 11,060 16% Cost of goods sold and services rendered (5,451) B% (6,779) 9% Gross profit 2,668 16% 4,281 -28% Gross margin (%) 33% Ope. 39% -6pp. Selling and administra
Slide 20: Balance sheet
Annexes 12/31/2025 Balance sheet uss Assets (03/31/2025 Current assets 14,687 4% 18,291 -8% Cash and cash equivalents 3,955 29% 7.372 31% Short term investments a na 794 0% ‘Accounts receivable 2144 12% 2.297 5% Other financial assets a7 24% 457 103% Inventories 4,919 25% 5,937 3% Recoverable taxes
Slide 21: Cash flow
Cash flow US$ million 1025 ayly 4025 Aq Cash flow from operations 2,534 3% -4362-43% Payment of interest on loans, financing and other financial liabilities (240) 1% (B06) -30% Receipts from the settlement of derivatives, net Be 3% 203 -43% Payments related to Brumadinho (84) 27% (280) 62% Payments
Slide 22: Reconciliation of IFRS and non-GAAP
Annexes Reconciliation of IFRS and “non-GAAP” (a) Adjusted EBIT US$ million 1025 Ayiy 4025 Aq Net operating revenues ang 16% 11,060 16% cogs 6.457) B% (6.779) 9% Sales and administrative expenses (145) 5% (207) “27% Research and development expenses (123) 7% (260) 50% Pre-operating and stoppage expe
Slide 23: Reconciliation between adjusted EBITDA and net income
Annexes Reconciliation between adjusted EBITDA and net income US$ million 1026) 1025 Ayly 4Q25 Aala ‘Adjusted EBITDA 3,115 23% 4588 ~17% Depreciation, depletion and amortization (704) 20% (860) 2% EBITDA from associates and joint ventures (192) 21% (286) =19% Impairment and gains (losses) on disposa
Slide 24: Revenues and volumes
Revenues and volumes Net operating revenue by business area US$ million 1025 % Ayly 4Q25 % Ada Iron Ore Solutions 6,375 79% B% 8,370 76% 18% Fines 5154 63% «10% ~—=—«7.016—=—=—«63%~—=—C—1986 ROM 29 0% —_—-31% 25 0% —_-20% Pellets 1,055 B% -2% 1,190 1% -B% eee pyednctsand ee ee ee ee vale Base Metals
Slide 25: Operating Expenses
Operating Expenses US$ million 1025 Ayly 4025 Aga SG&A 45 5% 207 27% Administrative 123 4% 73 -26% Personnel 52 8% 56 0% Services 23 52% 54 ~25% Depreciation 2% 58% 25 ~60% Others 24 13% 38 -29% Selling 22 9% 34 -29% R&D 123 Th 260 50% Pre-operating and stoppage expenses 90 -46% 57 -4% decharscieria
Slide 26: Financial results
Financial results US$ million 1025 Ayly 4025 Aaa Financial expenses, of which: (382) 2% (465) 10% Gross interest (224) 18% (258) 2% Capitalization of interest 4 25% 5 0% Others (144) -3% (190) 27% Financial expenses (REFIS) (18) 11% (22) 9% Financial income 16 10% 125 2% ative shareholders’ debentur
Slide 27: Annex 2: Segment results 1Q26
Annexes M Annex 2: Segment information Segment results 1026 Net Pre Associates operating sGeAand operating and JVs Adjusted revenues Cost’ others" R&D’ stoppage’ EBITDA Streaming] EBITDA (3,997) (72) (66) G1) 197 = Us$ million Iron Ore Solutions res 5,692 (3,245) (46) (67) (22) 119 = Pellets 1,030 (
Slide 28: Segment results 1Q25
Segment results 1025 Net operating USS milion revenues Iron Ore Solutions Pre Associates operating and JVs stoppage’ EBITDA SG&Aand Cost! others" Rep" (3,506) Adjusted Streaming) Fines (2,810) Pellets (559) (Other ferrous products and logistics services (137) Vale Base Metals (1,284) Copper* (339) S
Slide 29: Segment information 4Q25
Segment information 4Q25 Net operating US$ million revenues Iron Ore Solutions (4,469) Rep" (127) Annexes Pre Associates operating and JVs stoppage’ EBITDA Adjusted Streaming} Fines (3,618) (104) Pellets (703) a (Other ferrous products and logistics services (48) (22) Vale Base Metals (1,506) (61) C
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 1025 Ayly 4025 Aqiq ‘Volume sold ('000 metric tons) Fines* 56,762 5% 73,566 19% 10C 4,596 “7% 5,042 ~26% BREE 35,816 16% 36,337 “1% Mid-Grade Carajas 3,1
Slide 31: Volume sold by destination - Fines, pellets and ROM
Volume sold by destination — Fines, pellets and ROM ‘000 metric tons 1025 Ayly 4Q25 Aqiq Americas 8.887 “2% 9,230 “5% Brazil 8,160 5% 8,571 10% Others 727 40% 659 55% Asia 50,438 7% 68457 -21% China 39,635 3% 53,775, -24% Japan 4,834 2% 6,274 “5% Others 5,969 19% 8,408 15% Europe 3,962 “6% 3.370 1%
Slide 32: Iron ore fines costs & expenses
Annexes Iron ore fines costs & expenses COGS - 1026 vs. 1925 Exchange USS million 1025 Volume rate Others Ci cash costs 1,401 72 88 12 Freight 946 36 = (28) Distribution costs 224 10 = 57 Royalties & others? 239 n = 7 Total costs before depreciation and amortization 2,810 129 88 218 Depreciation 315
Slide 33: Iron Ore Solutions: Project Details
Iron Ore Solutions: Project Details Growth projects Serra Sul +20 Capacity: 20 Mtpy Start-up: 2H26 Capex: US$ 2,844 million Sustaining projects Compact Crushing s11D Capacity: 50 Mtpy Financial Capex 1026 progress! Financial Capext026 progress’ Physical Progress Annexes Physical Progress ig of the l
Slide 34: Vale Base Metals: Copper
Annexes Vale Base Metals: Copper Revenues & price realization 1025 Ayly 4025 Aaia Volume sold Copper ((000 metric tons) 61 18% 81 11% Gold as by-product (‘000 02) 95 3% 128 =23% Silver as by-product (‘000 02) 278 12% 389 -37% Average prices ‘Average LME copper price (USS/t) 9,340 38% 17,092 16% Aver
Slide 35: Vale Base Metals: Nickel
Annexes } Vale Base Metals: Nickel Revenues & price realization 1025 Ayly 4025 Aala ‘Volume sold (000 metric tons) Nickel 39 15% 50 =10% Copper a 10% 26 2% Gold as by-product (000 02) 9 0% B 31% Silver as by-product (000 02) 294 =7% 252 3% PGMs (000 02) 56 =21% 53 “1% Cobait (metric ton) 681 2% 781
Slide 36: Vale Base Metals: Projects Details
Annexes Vale Base Metals: Projects Details Sustaining projects Bacaba Capacity: 50 ktpy Start-up: 1H28 Capex: US$ 290 million Pre-stripping activities have Ei 11% 2% commenced, along with the execution of bridge civil works. * capex disbursement unt end of 1026 vs. Capen expecta Projects under evalu
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: April 28, 2026 Director of Investor Relations