Slide 1: Vale's performance in 4Q25 and 2025
Rio dé Janeiré6, February 12°, 2026 Yy. Vale's performance Wnts in 4Q25 and 2025 “in 2025, Vale delivered an outstanding performance, achieving or exceeding all uidances, while advancing strategic priorities that reinforce our long-term ambition. We strengthened our commitment to safety, with meanin
Slide 2: Business highlights and recent developments
Business Iron Ore Solutions Highl ights + Vale has continued to advance the commissioning of the Capanema and Vargem Grande 1 projects, x with full ramp-up expected in 1H26 and 2H26, respectively. The Serra Sul +20 project construction also na continues to progress, having 84% physical progress, wit
Slide 3: Financials
Financials USS million ["¥a2s] 402 ayly 3025 Aajlaf 2025] 2024 ayly Proforma EBITDA Net operating revenues F060} 70124 9% 10420 6% «38,403 38,056 [cogs (679) 6268) 8% (6632) 24 (24,947) (24,265) 568A Cy CEL cd Researchand development (ce eC (730) Pre-operating and stoppage expenses A (3) -56% (50) 1
Slide 4: Financial Results: EBITDA and Net Income
ial Result: EBITDA Proforma EBITDA was US$ 4.8 billion in 4025, 17% higher y/y, mainly driven by () stronger copper and by-products reference prices, and (i) higher sales volumes of iron ore and copper, which were partially offset by the negative impact of the BRL appreciation. Proforma EBITDA 4025
Slide 5: Financial Results: Capital Expenditures
ial Result: Capital Expenditures Total CAPEX US$ million iron Ore Solutions Vale Base Metals Copper Nickel Energy and others ‘Total Growth Projects US$ million 4024 3025, iron Ore Solutions 27 2b Vale Base Metals _ ~ 80 55 7 3 a 3% i 3 a Energy and others 7 = FH =00% Total 324 239 1462 -22% Investme
Slide 6: Free cash flow
Free cash flow US$ million if 4024 Ayly 3025 A Ee | 202% A wy Proforma EBITDA amo 17% 4399 392 Working capita” S 787% «OB ee 268 na capex @o30)) (766) 15% (250) Gs07} 6000) 8% Net financial expense? (ea G45) 60% 5) G5 Ea income taxes and REFIS (360)| Wie) 13% G58) Heal 359) 7% Associates &1Vs, net o
Slide 7: Financial Results: Free Cash Flow 2025
ial Result: Recurring Free Cash Flow generation was US$ 4.8 billion in 2025, US$ 10 billon higher y/y, mainly driven by lower capital expenditures, driven by the efficiency program), and the positive results from the settlement of derivatives under the currency hedge program (US$579 milion). Free Ca
Slide 8: Debt
Debt US$million 3025 ala Gross debt i 17863 2% Lease (FRS6) 700 “5% Gross debt and leases 78543 % Gash, cash equivalents and short-term investments G08 20% Net debt 12.452 =10% Currency swaps? 73, 3% Brumadinho provisions 1360 “3% Samarco provisions 201 om Expanded net debt 16,640 “6% Average debt m
Slide 9: Business Segments' Performance
)) Business Segments’ Performance: Segments’ Performance Adjusted EBITDA by business area: Us$ million a 402% Ay/y 3025 Aqiqf 2025] +2024 Ayly Fines Sas] 376 8% a8 Tse 7598 0% Pellets sx] 770 3K —~—«*RR 205] 3786 38% other ferrous producteandlogiste services | 25 62-60% ~——«a? i copper TC! ET ESS Ni
Slide 10: Iron Ore Solutions Highlights
ae se Iron Ore Solutions Highlights ‘Average Prices (USS/t) Iron ore - 6296 Fe price 05.0 oq O24] 1094 -6% iron ore Fines realized price, CFRIFOR 7 ir ‘Volume sold (000 metric tons) 273027 Pellets 9056 0% 8769 3%] 32801] 38,300 74% ROM 2251 35% 2208 254-8530) Total Iron ore 84,874 5% 95,997 104) 314
Slide 11: Iron Ore Fines
Busin mane Iron Ore Fines Product mix Fines? 65 6992 5% 260314 5% TCI S00 3267 06% =i 2170] — aa576 50% eREF aa 7H aaa] 34260" 5% id-Grade Cars Posi) 6279 67% es Pellet feed - China PFCF eis 3505 27% =5iq__ 2676] 12.786 705% tum 208s] 1535 30% =3% Tea] 7057 8% Figh-silica products 42a] 852 nas 74am]
Slide 12: Costs and expenses
Costs and expenses Iron ore fines and pellets all-in costs (cash cost break-even landed in China) uss/t [FaR5] 4024 ayy 3025 ayly Ct eash cost, ex-third-party purchase costs 213] es B% 207 2% Third-party purchases cost adjustments Zo] 26 54% 36 3% Freight cost” "a8 aK Distribution cost 38 ae Expense
Slide 13: Freight cost and Pellets
Vale's average maritime freight cost was US$ 18.0/t in 4025, USS 5.9/t below the Brazil-China C3 route benchmark curing the period, Underscoring the effectiveness of Vales long-term affreightment strategy, which reduces both costs and volatity Freight costs declined sequentially by USS0.8/t, mainly
Slide 14: Vale Base Metals Highlights
Vale Base Metals Highlights Us6 milion a Ayly 3025 cast 508 oe 368 Su and Other expenses! o_O! abaagenaer ei] 09) 23% 89 aaa PRESSES ayo) 0% —" ing a ‘dusted EBTOR ‘393| sat Sear ee TOEAT oi] ase) ‘djusted EBIT jos2| 285 203% 406 Adjusted EBITDA UsSmillion [F025] saz ayly 3025 oss] 5260 4 1398 1s7%
Slide 15: Copper
Copper US$ million (untess otherwise stated) Ayly 3025 202% Ayly LME copper price (USS/8) 2869797 ‘aur 9% average realized copper price UST) 2% 388 aan i Volume sold — copper (kt) 3% 70 250 Re NetRevenues am 1086 aaa 4a Costs” 2% (437) C473) 2% Selig and other expenses" “38% Gn) 6% PED expenses 2% e
Slide 16: Costs & Expenses (Copper)
Costs & Expenses All-in costs (EBITDA breakeven) ussit 7a25] 4024 2024 Ayly Coes 5205 5585 0% By-product revenues wor] 77) G898) 46% [COGS after by-product revenues (1273) 484 7987 -90% il i a5 2% Gios0} 629 81% TCIRCS, penalties, premnumns and acount 203) 468 “7% EBITDA breakeven’? (an) 1,098 “11%
Slide 17: Nickel
Nickel USS milion (unless otherwise stated) ayly 2024 ILME nickel price = Ph 682 Average realized nickel pice he 078 Volume sold - nickel (et) oe ss Volume sold copper (et) 29% 7 Net Revenues Te 3687 costs “Be [er Seling and other expenses” o% 3% RED expenses? Bic} (ca operating ar =95% Com % aT Adj
Slide 18: Costs & Expenses (Nickel)
Costs & Expenses All-in costs (EBITDA breakeven) uss/t ayly Coes excevteral eed, PIVEagusted 1% coast : Si ‘By-product revenues” 6166) Tee Coss after by-product reveniies Tabs 0% Other expenses! mers ane aK EBITDA from associates BV Gs) 3% 7) 34% Total Costs aior 35% 791 2% Nickel average aggregate
Slide 19: Webcast information
Webcast information Vale.Ri@vale.com Vale wilhasta webcast on Thiago Lofiego thiago.lofiego@vale.com at Friday FEBFATY 10:00 a.m. (New York) 13,2026 11:00 a.m. (Brasilia) Mariana Rocha 2:00 p.m. (London) mariana.rochagvale.com Internet access to the webcast and presentation ‘materials will be availa
Slide 20: Annex 1: Detailed Financial Information
Annex 1: Detailed Financial Information simplified financial statements Income Statement USS million Q25] 4024 Ayly 3025 Aq/ql 2025] 2024 Ayly Net operating revenue F060] T0724 9% 10420 ~—«Gf:«38403) 38056 1% [Cost of goods sold and services rendered G79] 268) ERY HOUT] AI) 3% ‘Gross profit 428) 385
Slide 21: Balance sheet
Balance sheet. US$million 12/31/2024 Aq/q 9/30/2025 Ayly Assets ‘Current assets 201] 3.481 36% 16,486 1% Cash and cash equivalents 7372 4953 49% 5302 25% Short term investments 794 53 266% 183 3% ‘Recounts receivable 2297 | 2358 3% 2506 8% ‘Other Financial assets 3 na 626 “2% inventories 605 20% 556
Slide 22: Cash flow
Us$million ‘Cash flow from operations Interest on loans and borrowings paid Ayly 3025 A/a] 7% 3,643" 20%) 13,401 37% (185) 65% (000)] (868) Cash received on settlement of derivatives, net a a) “Payments related to Brumadinho _ : Boe) “e74)| G08) Payments related to dam de-characterization (o5)] (28)
Slide 23: Reconciliation of IFRS and non-GAAP information
Reconciliation of IFRS and “non-GAAP” information (a) Adjusted EIT Usé milion TROBE] 024 ayly 3025 Aqigl F035] 2026 ayy Net operating revenues Foeo| T0724 9% 70420 638403] 38056 1% Coes C779) 6268) 8% (6532) es 3% Sales and administrative expenses: @o7] 208) ~—% (58) ai Ga] G2) 3% Research and devel
Slide 24: Reconciliation between adjusted EBITDA and net income
Reconciliation between adjusted EBITDA and net income US$ million [4035] 4024 ‘Adjusted EBITDA 4,588| 3,794 Depreciation, depletion and amortization (@0)} 602) EBITDA from associates and joint ventures | (@6)} (243) impairment and gains (esses) on dlsposal of non-current one bpes osu (347) Streaming
Slide 25: Revenues and volumes
Revenues and volumes Net operating revenue by business area Annexes US$ million 4024 % Ayly 3025 % 2024 % Ayly Iron Ore Solutions 8,151 81% 3% 8,423 81% 31,444 83% -4% Fines 6503 64% 8% 7078 68% 24,805 65% 1% ROM 18 0% 39% 30 0% 105 0% 6% Pellets 1440 14% -17% 1,147 1% 5,921 16% -26% Other SenreUsip
Slide 26: Operating Expenses
Operating Expenses ‘Administrative Personnel Services Depreciation ‘Others: Selling ReaD [Other operating expenses Total operating expenses 84) 1219 Depreciation so 2 ‘Operating expenses, ex-depreciation iors) 1167 Other operating expenses - breakdown by segment US$ million [Wars] 402% ayly 3025 Agi
Slide 27: Financial results
Financial results US$ million 2024 Ayly Financial expenses, of which: Gear) (1473) 2% “Gross interest 33] (627) 9% Capitalization of interest, aa] 35-39% ‘Others (=) Ce Financial expenses (REFIS) @_ ey 4% Finandal income S01} 422 19% Shareholder Debentures (694) (175) 297% Derivatives 1616 | (1209)
Slide 28: Annex 2: Segment information
Annex 2: Segment information Segment results 4025 Net SGRA Pre Associates Adjusted USS million operating Cost! and RSD’ operating and JVs Streaming | “Hens revenues others! stoppage’ EBITDA Iron Ore Solutions (4,469) (28) G9) 260 Fines Gea) 3) "55 “Pellets - (703) 7 @ oe ‘Other Ferrous products and
Slide 29: Segment information 2025
Net operating SCRA and cothers* Pre ss milion Cost’ RaDt revenues stoppa: operating & Associates and JVs EBITDA Adjusted Streaming | “Teirpa nt information 2025 Pre Us$ million. operating Cost’ and R&D" operatin: 1% Iron Ore Solutions (4,531) (54) (84) Fines 7978 873) (20) (70) cl “Sa Pellets a a a}
Slide 30: Segment information 2024
information 2024 ss milion Net operating Cost’ SG&A and others! Rap" Pre stoppay operating & Associates and JVs EBITDA Streaming Annexes Adjusted EBITDA ~30- Iron Ore Solutions 31444 (16322) co Fines 24,805 “(46)—38) (237) 358 = Pellets - Sax 3 2 2 = ‘Other Ferrous products and ~ (oR s) 0s) 2 logist
Slide 31: 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 ‘Volume sold (000 metric tons) ‘9287 -46% —-5872_—-TCD TOA 4357 -50% Wes 7% +3633 THY THOMAD| T3420" 5% 87% 70.47% 74s 8% Pellet feed - China (PFC W% ss
Slide 32: Volume sold by destination - Fines, pellets and ROM
Volume sold by destination - Fines, pellets and ROM 1000 metrictons 4024 Ayly 3025 ‘Americas 8,773 5% 9,249 “Brazil 7453 15% «8,588 ‘Others 77320 -50% «667 sia 64,663 6% ~~ 69950 hina 52404 3% 55826 Japan 6270 0% 600 ‘Others 5989 40% —~80 Europe 3362 0% «ST Germany i France = ‘Others Middle East Res
Slide 33: Iron ore fines costs & expenses
Iron ore fines costs & expenses COGS - 4025 vs. 4024 US$ million [Cr eash costs Royalties 8 others ‘Total costs before depreciation and amortization Depreciation Total Cash cost and freight ‘Clash cost (US$ million) [Crash cost, including third-party purchasecosts(a) | 186] 149 25% 1am 2 “a 3% Third
Slide 34: Iron Ore Solutions: Project Details
Iron Ore Solutions: Project Details Growth projects Serra Sul +20 Capex 4025 Financial Progress’ Physical Progress Annexes Comments Assembly ofthe long-distance conveyor belts espeety. 20 stoy ‘ dimes 9% concluded. At he pant. assem of Start-up: 2426 me ay 84% the secondary crusher and other bulding
Slide 35: Vale Base Metals: Copper
Vale Base Metals: Copper Revenues & price realization = [4035] 4024 3025 Agia! Volume sold [Copper (000 metric tons} a % 9% 706 ws] 502% Gold as by-product (000 02) a 26] 380 Silver as by-product (000 2) ES) ea ‘Average prices average LME copper price (USS/8) ™ 97 8 ‘Average copper realized price (U
Slide 36: Vale Base Metals: Nickel
Vale Base Metals: Nickel Revenues & price realization [4025] 402 ayly 3025 Aa/qf 2025] 2028 Ayly ‘Volume sold (000 metric tons) Nickel Ey | Copper % 4% =i 90) TT Gold as By-product (060 02) 3 2 tam oa a Ee Silver 38 by-product (000 02) 5) ne? PGMs (000.02) 3 cL OE ) cobalt (metric ton 78i| 700 13% “
Slide 37: Vale Base Metals: Projects Details
Vale Base Metals: Projects Details Financial Physical ; Comments progress’ progress Sustaining projects Capex 4025 Baca ‘82% of the planned vegetation suppression capacity: soktpy = o% 0% hasbeen executed. The installation License Start-up: 1h28 was granted in January 2026. Capex: US$ 200 MM, TEAR x
Slide 38: 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: February 13, 2026 Director of Investor Relations