PT Vale Indonesia Tbk : A presentation for 1Q26 Earnings Call

‌Public Information

PT Vale Indonesia Tbk (INCO IJ)

Achieves Solid 1Q26 Financial Performance While Building Foundations for Future Growth

A presentation for 1Q26 Earnings Call - May 8, 2026

1. 1Q26 Key Highlights & Financial Update

2. Operational Update

3. Growth Projects Update

   
   
   

4. Industry Update & Outlook

This presentation may contain statements regarding the business of PT Vale Indonesia Tbk (the "Company" or "PT Vale") that are of a forward-

looking nature and are therefore based on management's assumptions about future developments.

Such forward-looking statements are intended to be identified by words such as 'believe', 'estimate', 'intend', 'may', 'will', 'expect', and 'project' and similar expressions as they relate to the Company. Forward-looking statements involve certain risks and uncertainties because they relate to future events. Actual results may vary materially from those targeted, expected or projected due to several factors.

Potential risks and uncertainties includes such factors as general economic conditions, foreign exchange fluctuations, interest rate changes, commodity price fluctuations and regulatory developments. The reader and/or listener is cautioned to not unduly rely on these forward-looking statements. We do not undertake any duty to publish any update or revision of any forward-looking statements.

Disclaimer

This report has been prepared by PT Vale Indonesia Tbk (the "Company" or "PT Vale") independently and is circulated for the purpose of

We disclaim any responsibility or liability which may be brought against or suffered by any person as a result of acting in reliance upon the whole or any part of the contents of this report and neither the Company and/or its respective employees and/or agents accepts liability for any errors, omissions, negligent or otherwise, in this report and any inaccuracy herein or omission here from which might otherwise arise.

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‌1Q26 Key Highlights & Financial Update

Strong 1Q26 Results underscore PT Vale's Progress

Toward Long-Term Growth

‌Strong Financial Foundation Amid Operational Transition and Growth Expansion

Operational and Production Highlights

• Nickel matte production and deliveries totaled each 13,620 and 13,727 metric tons, reflecting adjustments to the Furnace 3 rebuild schedule.

• PT Vale remains on track to achieve its full-year production target of 67,645 tons.

  Expansion of Ore Sales

  PT Vale expanded its nickel ore sales with saprolite from Bahodopi and first limonite sales from Pomalaa, marking diversification of revenue with total shipment 975kt.

  Financial Performance and Profitability

• Revenue was US$252.7 million in 1Q26, down from US$284.8 million in 4Q25 due to lower sales volumes but better pricing.

  
  
  

• Average realized nickel matte price increased 15% to US$14,213 per ton, boosting revenue.

• EBITDA rose 29% quarter-on-quarter to US$80.1 million, demonstrating strong operating leverage amid improving pricing conditions.

• Net profit increased 85% to US$43.6 million thanks to higher EBITDA and disciplined expenses.

Sustainability-Linked Loan (SLL)

Signing of US$750 million SLL supports multi-year growth and

5 ESG-focused financing strategy.

‌1Q26 Key Financial Highlights

PT Vale delivered strong earnings momentum with EBITDA and net profit rising each by 29% and 85% Q-o-Q

‌Operational Update

Growth momentum was supported by the commencement of the

third mining operation in Pomalaa

‌In 1Q26 PT Vale maintained a solid safety performance, with a TRIFR of 0.12, no

fatalities year-to-date and no major process safety events

Improved from 0.79 in 1Q25, reflecting stronger prevention and learning

Zero fatalities year-to-date, showing our strong safety commitment

Major hazard exposure was managed with zero major process safety event, supported by control verification and closure action plan

Vale Goes to Campus

PT Vale strengthens the future safety workforce by sharing industry best practices and building safety capability through "Vale Goes to Campus".

Gemba Drilling Operation

Leadership presence in the field reinforces disciplined execution, reviewing hazards, safe work procedures and emergency readiness to protect operational continuity.

Working at Height Rescue Drill

PT Vale validates emergency response capability through high angle rescue drills, improving readiness for critical activities and reducing potential severity of incidents.

‌PT Vale continues to strengthen the foundation for long-term growth through nickel in matte production and the initial sale of limonite nickel ore from Pomalaa, expanding its commercial portfolio

Nickel in Matte Production (in metric tons)

67,645

13,620

3,500,000

3,000,000

Nickel Ore Sales & Production (in wmt)

3,040,393

1,933,674

886,094

88,983

2,500,000

2,000,000

1,500,000

1,000,000

500,000

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

-

Pomalaa Shipment Bahodopi Shipment Pomalaa Production Bahodopi Production

Highlights:

• Production remained broadly on track in 1Ǫ2c, despite delays in securing RKAB approval

• The inauguration of Pomalaa mining provides a solid foundation to support future ramp-up activities

• Bahodopi performance remained stable following the previous quarter

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‌Growth Projects Update

The start-up of Pomalaa operation occurred earlier than originally planned

PT Vale strategic investment program in mining and down streaming processing

⬤ Bahodopi Block

⬤

22.699 Ha

Sorowako Block

70.566 Ha

⬤

Pomalaa Block

20.286 Ha

Sulawesi, Indonesia

We invest $7.2 billion to support nickel downstream processing in Indonesia: unlocking potential, uplifting operation, and utilizing clean energy

aFID: Final Investment Decision

bMHP: Mixed Hydroxide Precipitate

cMC: Mechanical Completion

‌Three growth projects in our pipeline are making progress

Morowali Project

Pomalaa Project

Sorowako Project

1st Tanker un-loading Fuel

Mine | Steel pipe pile materials currently being shipped and closely monitored. Piling activities already planned, Barge crane fully inspected.

Ceremony 1st Ore Delivery (with Ore Weighing)

Inauguration of Nursery

Mine | 24 hours limonite Ore Delivery Operation & IPK Port construction prioritization to support Saprolite Ore Sales.

Stockpiles - Capacity 5.9 MT from total 7.5 MT

Multifunction Building

Mine | Alignment with Mine Operation for Trial Piling Low Grade Saprolite.

Post-processing foundation works

Acid Plants and tanks finishing works

Autoclaves Fabrication

HPAL-JV | Autoclaves fabrication progress in China almost reached completion.

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HPAL-JV | All five autoclaves had been installed, with the addition of the BRIDGE Program was successfully started.

HPAL-JV | Physical progress is concentrated in the FPP area, while the mobilization of the HLNI equipment and workforce continue.

‌Industry Update & Outlook

PT Vale producing the "Right" nickel

‌Nickel Market: rebalancing underway, challenges have solutions

Key Highlights

Ni price support reduced ore quotas, sulfur constraints and revised ore price benchmarks to continue support nickel prices

HPAL profit margins are pressured by rising input costs, particularly due to sulfur shortages linked to Middle East disruptions

Trend

• Prices stabilizing at current levels, with further upside as

  market rebalances

• Market less oversupplied and more rebalanced in the long term

• The sulfur challenge is a cost inflection point, not a structural barrier. The technology response is already underway

• Alternative supply & Circularity: Pyrite, gypsum and tailings recovery to bring multiple pathways to self-supply majority of the HPAL sulfuric acid demand.

• Integrating side blown furnaces with HPAL plants to turn matte smelters off-gas into sulfuric acid feedstock for HPALs.

• With more sulfuric acid alternative sources, sulfur mid/long

  term price will return to historical prices

  
  
  

  14 Sources: PTVI market intelligence

  ‌Battery Market: Nickel demand evolving, not declining

  
  
  

  Key Highlights

  Battery chemistry: LFP dominates today

  Battery Energy Storage System (BESS) emerging fast driven by AI growth

  Geopolitical context: Oil supply disruptions from ongoing conflicts may accelerate electrification globally

  Trend

  Not only more volume, but the right nickel: sustainable, integrated and competitive

  • NMC remains the chemistry for highest energy density, always in demand for long-range, premium and heavy applications

  • EU mandating low-carbon, traceable nickel, sustainable supply becomes a market access condition, not a preference

15 Sources: PTVI market intelligence

‌"Shaping a brighter future through responsible mining, where progress and care go hand in hand"

Matano Lake, Sorowako

‌Contact us

Investor Relations

PT Vale Indonesia Tbk

Phone: +62 21 524 9000

Web: https://www.vale.com/indonesia

Email: [email protected]