PT Vale Indonesia Tbk : Solid 2025 results reflecting resilience in navigating dynamic market environment reinforcing foundation for sustainable long-term growth

About this update from Pt Vale Indonesia Tbk

Solid 2025 results, reflecting resilience in navigating dynamic market environment, reinforcing foundation for sustainable long-term growth Jakarta, March 16 th , 2026 - PT Vale Indonesia Tbk ("PT Vale" or the "Company", IDX ticker: INCO) today announced the release of its audited financial results for the year ended 2025. Nickel in Matte Production 4Q25 3Q25 4Q24 2025 2024 Nickel in matte production (t) 17,052 19,391 18,528 72,027 71,311 PT Vale delivered a solid operational performance in 2025, with full-year nickel in matte production rising to 72,027 metric tons ("t"). This marks an encouraging increase from the 71,311 t achieved in 2024. On a quarterly basis, 4Q25 production was 17,052 t, or about 12% lower than 19,391 t in 3Q25, mainly due to the planned of Furnace 3 rebuild that began in November and is targeted to complete by May 2026. Compared with 4Q24, when production was 18,528 t, output in 4Q25 was moderately lower, yet overall full-year production remained higher year-on-year. These results reflect the Company's ongoing commitment to maintaining operational reliability and managing production efficiently throughout the year. In addition to our core nickel matte production, PT Vale continued to make steady progress in broadening its commercial portfolio this year, including through the sale of nickel saprolite ore from the Pomalaa and Bahodopi blocks. In 2025, saprolite ore sales reached 2,316,023 wet metric tons ("wmt"), with the highest monthly volume recorded in October at 516,167 wmt. Overall, the Bahodopi Block contributed the largest share of saprolite ore sales during the year. Nickel Saprolite Ore Sales Volume 4Q25 3Q25 4Q24 2025 2024 Bahodopi Block (in wmt) 1,400,245 617,519 - 2,017,764 - Pomalaa Block (in wmt) 19,514 131,254 - 298,259 - Reflecting stable operational performance and continued improvements in output efficiency, PT Vale's nickel matte deliveries recorded a modest increase in 2025, reaching 73,093 t compared to 72,625 t in 2024. This supported the Company in maintaining solid EBITDA of US$228.2 million for the year, slightly higher than the previous year. On a quarterly basis, the Company booked EBITDA of US$61.9 million, down 17% from the prior quarter, mainly due to lower nickel matte production volumes. [ 1 ] The average realized price of nickel matte in 2025 was US$12,157 per ton, a 7% decrease from US$13,086 per ton in the previous year. Despite the softer price environment, the improvement in nickel matte payability that took effect in July last year, combined with higher delivery volumes, supported an increase in the Company's total revenue to US$990.2 million-up 4% from US$950.4 million in 2024. On a quarterly basis, revenue reached US$284.8 million, a 2% rise from the prior quarter, driven by a modest recovery in nickel prices. These underscore the strong commitment of the Company together with its shareholders in navigating challenging market conditions and confidence in the industry's long-term view. On the cost front, despite the undertaking of major maintenance on one of our furnaces, the Company successfully maintained a competitive unit cash cost of sales at US$9,339 per ton in 2025, slightly below the US$9,374 per ton recorded the previous year. This improvement demonstrates strong cost discipline and achieves its lowest annual cash cost in four years from around US$11,201 per ton in 2022. Meanwhile, the unit cash cost of sales for our nickel ore business remained stable in the range of US$17-US$19 per ton, inclusive of royalty and logistics costs for blended saprolite ore. This figure reflects ore sourced exclusively from the Bahodopi block, as sales from the Pomalaa block were still limited to bulk sampling activities. Full mining operations in Pomalaa are expected to commence in 2026. For the full year, PT Vale booked a net profit of US$76.1 million, a 32% increase compared to the previous year. This performance reflects the Company's consistent operational improvements, stronger production levels, and disciplined approach to cost efficiency. Below are a table detailing PT Vale's consumption and average prices for High Sulphur Fuel Oil ("HSFO"), diesel, and coal: 4Q25 3Q25 2025 2024 HSFO volume (barrels) 281,885 406,481 1,388,653 1,509,300 HSFO average price per barrel US$78.24 US$81.37 82.05 US$88.03 Diesel volume (kilolitres) 17,791 18,143 71,468 68,232 Diesel average price per litre US$0.84 US$0.79 US$0.82 US$0.80 Coal volume (t) 128,263 133,664 507,236 448,972 Coal average price per t (*) US$128.33 US$126.75 US$136.44 US$180.68 (*) Price in WMT (Wet Metric Ton) and CFR (Cost & Freight) basis In 4Q25, consumption of HSFO, diesel, and coal decreased in line with lower production volumes, as the Company began Furnace 3 rebuild, as a way to sustain future production capacity and ensure operational safety. During the quarter, HSFO prices decreased by 4%, while diesel and coal prices experienced modest increases of 6% and 1%, respectively. Throughout the year, the Company allocated approximately US$485.9 million in capital expenditure, representing a 46% increase from US$332.1 million in the previous year. The increase mainly reflects spending on growth-related capital projects as well as sustaining capital requirements. As of December 31, 2025, the Company's cash balance stood at US$376.3 million, underscoring a solid financial position to support the timely execution of its growth projects. A Glance in 2025 and Outlook for 2026 The first half of 2025 brought PT Vale several operational challenges, with challenges affecting production stability across our site. Even so, the period also delivered important milestones. In July, the Company began nickel ore sales from Bahodopi, establishing a new revenue stream alongside nickel matte production. At the same time, the Company made meaningful progress in negotiations to enhance nickel matte payability and secured ore sales premiums. These initiatives, driven by close collaboration across the organization have begun to show positive outcomes, reflecting the Company's resilience and its commitment to creating long-term value for all stakeholders. This year also presented one of our most demanding tests: the oil pipeline leak incident in August 2025. More than a technical or operational challenge, it was a moment that tested our integrity, our credibility, and our responsibility to nature and to people. It was here that our principles of excellence and resilience were truly put into practice. Regardless of that, our dedication to responsible mining was further reinforced by the IRMA site audit conducted in the fourth quarter, underscoring our willingness to embrace independent evaluation and pursue continuous improvement. PT Vale also achieved solid ESG progress, reflected in an updated Sustainalytics risk rating of 23.7 as of November 2025-positioning PT Vale as the top-rated mining company in Indonesia and among leading peers globally. In November, the Company began the rebuild of Furnace 3 - a complex undertaking that required close technical coordination and a strong commitment to safety. Throughout the year, external challenges, including continued pressure from softer nickel prices, also weighed on financial performance. In navigating these conditions, PT Vale remained disciplined, managing costs prudently while prioritizing safety and preserving operational excellence. Looking ahead, the Company is sharpening its strategic focus through the development of mining projects and downstream processing facilities in collaboration with joint venture partners. In Pomalaa in particular, our mining project has now reached 60% progress, with several supporting facilities for initial operations successfully completed. These developments are aligned with the advancement of the HPAL project, which has achieved approximately 50% construction progress and celebrated a key milestone with the arrival of four autoclaves and the installation of the first unit. The project remains on track to reach first mechanical completion in 3Q26. All of these strategic initiatives continue to be executed with prudent financial discipline, strong governance, and an unwavering commitment to long-term sustainability. Readers are encouraged to review the Company's results. Operational achievements and audited financial results are summarized on the following pages - all figures are in US$ except for nickel in matte production and deliveries which are in metric tons. For further information, please contact: Rizky Putra, Director & Chief Financial Officer [email protected] Andaru Adi, Head of Corporate Finance, Treasury and Investor Relations [email protected] visit our website at: https://www.vale.com/indonesia call us at: (+62 21) 524 9000 PT Vale Indonesia Tbk Production and Financial Highlights 4Q25 3Q25 2025 2024 Nickel in matte production 1 17,052 19,391 72,027 71,311 Nickel matte deliveries 1 18,418 19,557 73,093 72,625 Average realized price 2 12,308 12,272 12,157 13,086 EBITDA 3 61.9 74.6 228.2 225.9 Revenue 3 284.8 278.7 990.2 950.4 Profit 3 23.6 27.2 76.1 57.8 Earnings per share 4 0.0022 0.0026 0.0072 0.0056 1 metric ton (t) 2 US$ per t 3 US$ million 4 US$

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