Slide 1: 1Q26 Performance
1Q26 Performance April 29th, 2026
Slide 2: Disclaimer
This presentation includes statements that may constitute forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 ("PSLRA"). Many of those forward-looking statements can be identified by the use of forward-looking words
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: Safety is our core value
1. Opening remarks Safety is our core value Dams at emergency level Cultural evolution Strengthening a culture of safety 35 +2 dams removed 4 from emergency level -80% 7 in 1Q26 Improving safety indicators 22% reduction of N1+N2 events in 2025 year-on-year 24 7 No dams at the 5 highest emergency 4 3
Slide 6: Iron Ore: operational excellence and value capture with flexible product portfolio
1. Opening remarks Iron Ore: operational excellence and value capture with flexible product portfolio Iron ore production Iron ore sales Production (Mt) (Mt) Highest level for a Q1 in multiple assets +3% +4% 70 69 Serra Sul +20 project 68 66 On track to start-up in 2H26 Sales Highest level for Q1 si
Slide 7: Vale Base Metals: double-digit growth performance
1. Opening remarks Vale Base Metals: double-digit growth performance Copper production Nickel production Production (kt) (kt) Highest level for Q1 since 2017 (Copper) and 2020 (Nickel) +13% +12% 102 Strategic review 91 49 Agreement to form a 44 consortium for the Thompson operations Greater transpar
Slide 8: Innovation driving decarbonization and energy security
1. Opening remarks Innovation driving decarbonization and energy security World’s first ethanol- powered, ocean-going vessels Operations starting in 2029 Potential to reduce emissions by ~90% Partnership with Shandong Shipping 8 1 Compared to traditional bunker
Slide 9: Financial Performance
2. Financial Performance er Cas m8 eS
Slide 10: EBITDA: doubling y/y in VBM and solid performance in iron ore
2. Financial Performance EBITDA: doubling y/y in VBM and solid performance in iron ore EBITDA Proforma 1Q26 vs. 1Q25 US$ million 21% 265 118 643 3,895 3,212 -173 -170 • Price2: +540 • Volume: +73 • FX effect: -62 Proforma VBM EBITDA Price Volume FX effect3 Others4 Proforma EBITDA 1Q251 contribution
Slide 11: Iron ore costs: focusing on controllables, working to mitigate exogenous factors
2. Financial Performance Iron ore costs: focusing on controllables, working to mitigate exogenous factors C1 cash cost1 2026 guidance3: All-in costs2 2026 guidance3: Sensitivities US$/t US$/t 20-21.5 52-56 Change Impact (US$/t) 12% 8% 23.6 55.4 C1 cash cost 21.0 51.3 10% in diesel in Brazil ~0.15 0.
Slide 12: Base metals costs: consistent reductions and favorable market environment
2. Financial Performance Base metals costs: consistent reductions and favorable market environment Copper all-in costs 2026 guidance1: Nickel all-in costs 2026 guidance1: Sensitivities ‘000 US$/t ‘000 US$/t 1.0-1.5 12.0-13.5 Change Impact (US$/t) 1.2 -1.8 Copper 15.7 -48% US$ 100/oz in gold ~145 8.2
Slide 13: FCF: strong shareholder returns through dividends and buybacks
2. Financial Performance FCF: strong shareholder returns through dividends and buybacks Free cash flow – 1Q26 Dividends: US$ million US$ 2.7 bn 3,895 • Cash effect Buyback: of FX & Oil hedges: +116 US$ 0.1 bn -863 -1,089 -395 813 -205 -137 -393 -236 -2,974 -2,397 Proforma Working CAPEX Net financial
Slide 14: Expanded net debt: increase mostly explained by dividends paid
2. Financial Performance Expanded net debt: increase mostly explained by dividends paid Expanded net debt US$ million 2,819 368 80 17,792 US$ 20 bn -241 Moving towards 15,579 the mid-range of the target -813 US$ 10 bn Cash effects Accounting effects Expanded Recurring Shareholder Swaps Provisions De
Slide 15: Key takeaways
Key takeaways Safety is our core value 80% reduction of dams at emergency level Continued focus on operational excellence Record production in multiple assets Driving cost competitiveness Resilience in every market scenario Sustainability as part of our strategy Continue steadfast in reaching our de