Vale recorded a net attributable loss of US$ 3.844 billion in the 4th quarter of 2025. The result released on Thursday (Feb 12, 2026) reverses the US$ 2.685 billion from the 3rd quarter of last year and worsens in relation to the attributable net loss of US$ 694 million. The company related the quarter’s performance mainly to the impairment of US$3.5 billion in Vale Base Metals’ nickel assets in Canada and effects linked to Samarco.
In the case of Samarco, Vale recorded an additional provision of US$449 million in affiliates and joint ventureslinked to UK updates. There was also a reduction of US$2.8 billion resulting from the write-off of deferred taxes from subsidiaries, recorded in “Taxes on profit”. Here are the results (PDF – 2.23 MB).
Net sales revenue totaled US$11.060 billion in the 4th quarter of 2025, an increase of 9% in 1 year. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was US$4.588 billion (+21% in 1 year). Proforma Ebitda totaled US$4.834 billion, an increase of 17% in 1 year and 10% compared to the 3rd quarter of last year.
Free cash flow was US$1.688 billion in the quarter. Net debt ended December 31, 2025 at US$ 11.236 billion (down 10% in 1 quarter), while expanded net debt was US$ 15.579 billion (down 6% in the quarterly comparison).
Vale’s president, , stated that, in 2025, the company “delivered exceptional performance, meeting or exceeding all guidance while advancing strategic priorities” that reinforce “long-term ambition” of the company.
According to him, Vale reinforced its commitment to safety, with relevant reductions in high-potential incidents, and reached an important milestone by ending the year without any dams at emergency level 3.
“In our operations, we achieved the highest levels of iron ore and copper production since 2018 and delivered double-digit growth in nickel production,” these.
According to Pimenta, operational performance was supported by greater asset reliability and the advancement of growth projects such as Capanema, Vargem Grande, VBME and Onça Puma, in addition to efficiency gains that improved the company’s competitiveness in the industry’s global cost curve.
“Our disciplined capital allocation, combined with strong execution and a more favorable cycle, allows us to deliver superior returns to shareholders”he declared. When projecting 2026, he stated that the company will continue to focus on operational excellence, sustainable growth – with initiatives such as the Novo Carajás Program – and the creation of long-term value for its customers. stakeholders.
In operational terms, iron ore sales totaled 84.874 million tons in the 4th quarter of 2025. The realized price of iron ore fines was US$95.4 per ton. In base metals, the average realized price for copper was US$11,003 per ton and the realized price for nickel was US$15,015 per ton. The pro forma Ebitda of Base Metals totaled US$ 1.4 billion, an increase of 157% in 1 year.
Vale reported US$2.030 billion in investments in fixed assets and intangible assets in the 4th quarter of 2025 and announced the payment of US$1.8 billion in dividends and interest on equity in March, in addition to US$1.0 billion in extraordinary remuneration paid in January.
