Vale S A performance in 1Q26 - Conference Call Presentation

Performance

April 29th, 2026

1.

Opening remarks

3

Vale's strategy

Cultural Evolution

Safety Innovation People

Trusted

Superior Portfolio

Our levers

Partner

Sustainability Communication Institutional

Our ambition

Leading value creation in the mining industry through ethical and sustainable practices

Operational Excellence Capital allocation Licensing

Projects

Engagement

4

Our business

Iron Ore

Leading global iron ore production and driving steel decarbonization with the most competitive costs and customer-centric flexibility

Copper

Accelerating growth to double production

Nickel

Focus on operational efficiency

Dams at emergency level

24

7

4

35

-80%

7 5

4

4

+2 dams removed from emergency level in 1Q26

No dams at the

highest emergency

Cultural evolution

Strengthening a culture of safety

Improving safety indicators

22% reduction of N1+N2 events in 2025 year-on-year

3

2020 Current

1 2026

level 3 since Aug/25

Trusted partner

Doing the right thing, being a good neighbor

Level 3 Level 2 Level 1

5

Iron ore production

(Mt)

Iron ore sales

(Mt)

Production

Highest level for a Q1 in multiple assets

+3% +4%

68 70

66 69

Serra Sul +20 project

On track to start-up in 2H26

Sales

Highest level for Q1 since 2018

1Q25 1Q26

1Q25 1Q26

Capturing higher value

Flexible product portfolio improving price realization

6

Copper production

(kt)

Nickel production

(kt)

Production

Highest level for Q1 since 2017 (Copper) and 2020 (Nickel)

+13%

91

102

+12%

44 49

Strategic review

Agreement to form a consortium for the Thompson operations

1Q25 1Q26

1Q25 1Q26

Greater transparency

Vale Base Metals Day and standalone reports providing better disclosure

7

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

2.

Financial Performance

9

EBITDA: doubling y/y in VBM and solid performance in iron ore

EBITDA Proforma 1Q26 vs. 1Q25

US$ million

643

3,212

21%

265 118

-173 -170

3,895

• Price2: +540

• Volume: +73

• FX effect: -62

Iron ore fines and pellets

10

1 Excluding Brumadinho expenses and non-recurring items. 2 Including the negative impact of US$ -142 million related to provisional price adjustments. 3 Including Iron Solutions and non-allocated to segments items. 4 Including EBITDA from Associates and JVs, expenses not allocated to segments and other effects.

Iron ore costs: focusing on controllables, working to mitigate exogenous factors

C1 cash cost1

US$/t

12%

2026 guidance3:

20-21.5

All-in costs2

US$/t

8%

2026 guidance3:

52-56

Sensitivities

Change Impact (US$/t)

21.0 23.6

1Q25 1Q26

Main effects in 1Q26 (y/y)

• FX (US$ +1.5/t)

• Inventory turnover (US$ +0.8/t)

• Aliança Energia deconsolidation (US$ +0.5/t)

• Fixed cost dilution (US$ -0.4/t)

51.3 55.4

1Q25 1Q26

Main effects in 1Q26 (y/y)

• Higher C11 cash cost (US$ +2.6/t)

• Stoppage costs4 (US$ +1.1/t)

• Higher distribution costs (US$ +0.9/t)

• Better all-in premiums (US$ -1.4/t)

C1 cash cost

10% in diesel in Brazil ~0.15

0.10 in BRL/ USD ~0.25

Freight

US$ 100/t in HSFO5 ~1.6

US$ 10/bbl in Brent ~1.0

All-in

0.10 in BRL/ USD ~0.4

11

¹ C1 cash cost, excluding third-party purchase. 2 Iron ore fines and pellets all-in costs (cash cost break-even landed in China) at 61%Fe price index. 3 Top-end of guidance assuming BRL FX of 5.25, Brent prices and oil-related products of US$

90/bbl for 2026, and all-in cash cost as referenced to the 61% Fe price index. 4 Costs mainly related to Fábrica and Viga, Included in Royalties, expenses and others in All-in cash cost table. 5 High-sulphur fuel oil.

Base metals costs: consistent reductions and favorable market environment

Copper all-in costs

'000 US$/t

2026 guidance1:

1.0-1.5

Nickel all-in costs

'000 US$/t

2026 guidance1:

12.0-13.5

Sensitivities

Change Impact (US$/t)

1.2

-1.8

-0.6

15.7

-48%

8.2

Copper

US$ 100/oz in gold ~145

0.10 in BRL/ USD ~85

Nickel

1Q25 1Q26

Main effects in 1Q26 (y/y)

• Higher by-product revenues (US$ -2.3 k/t)

• FX effect (US$ +0.4 k/t)

• Higher TFRM (US$ +0.2 k/t)

  1Q25 1Q26

  Main effects in 1Q26 (y/y)

• Higher by-products revenues (US$ -4.3k/t)

• Lower COGS, mainly due to VBME higher volume (US$ -3.0 k/t)

US$ 1,000/t in copper ~515

US$ 100/oz in palladium ~60

US$ 100/oz in platinum ~55

US$ 100/oz in gold ~25

12

¹ Mid-point of guidance assuming gold prices of US$ 3,500/oz, BRL FX of 5.60, copper prices of US$ 9,500/t, palladium prices of US$ 963/oz and platinum prices of US$ 1,102/oz for 2026.

FCF: strong shareholder returns through dividends and buybacks

Free cash flow - 1Q26

US$ million

3,895

-863

Dividends:

US$ 2.7 bn

Buyback:

US$ 0.1 bn

-1,089

-205 -137 -393

813

• Cash effect of FX & Oil hedges: +116

-395

-236

Proforma EBITDA

Working capital variation

CAPEX Net financial expenses & income taxes1

Associates & JVs2

Brumadinho incurred expenses & dam

decharacterization3

Others4

Free Cash Flow (recurring)

Brumadinho & Samarco5

-2,974

Cash management and others6

-2,397

Decrease in cash & equivalents

Cash flow Debt & commitments

amortization and cash/liability management

¹ Includes income taxes and REFIS (US$ -321 million), interests on loans and borrowings (US$ -214 million), leasing (US$ -34 million), net cash received on settlement of derivatives (US$ 116 million), and other financial revenues (US$ 58 million).

13

² Related to Associates and Joint Ventures EBITDA that was included in the Proforma EBITDA, net of dividends received. ³ Includes incurred expenses on Brumadinho (US$ -74 million) and payments on dam decharacterization (US$ -63 million). ⁴ Includes streaming (US$ -257 million), disbursements related to railway concession contracts (US$ -96 million), and others. ⁵ Payments related to Brumadinho and Samarco. Excludes incurred expenses. ⁶ Includes US$ -1.117 billion in debt repayment, US$ 962 million in new loans, US$ -2.745 billion in dividends and interest on capital, and US$ -74 million in share buyback program.

Expanded net debt: increase mostly explained by dividends paid

368

80

-241

Expanded net debt

2,819

-813

US$ million

15,579

Cash effects Accounting effects

US$ 20 bn

17,792

Moving towards the mid-range of the target

US$ 10 bn

14

¹ US$ -2.745 billion in dividends and interest on capital, and US$ -74 million in share buyback program.

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 decarbonization goals

Disciplined capital allocation

Balancing CAPEX, growth and strong shareholder returns

15