Vale Straight from the Call

Research evidence excerpt

Vale Straight from the Call

J P M O R G A N Latin America Equity Research

31 July 2026

Vale

Straight from the Call

Vale just hosted its 2Q26 results conference call. Overall, management struck a LatAm Basic Materials

ACconstructive tone, highlighting strong quarterly execution, reaffirming that the Rodolfo Angele, CFA

company remains on track to deliver its 2026 volume guidance, and underscoring (55-11) 4950-3888

improving operational momentum alongside a more confident, and increasingly rodolfo.r.angele@jpmorgan.com

value-accretive, copper growth pipeline. The call also emphasized disciplined Tathiane Martins Candini

capital allocation, and the tangible benefits of Vale’s freight and energy hedging (55-11) 4950-4116

strategy in reducing earnings volatility. For more details on the reported figures, tathiane.m.candini@jpmorgan.com

Banco J.P. Morgan S.A.

please refer to: report. Here is a summary of the company’s conference call:

• Opening remarks by Vale’s CEO: on track to deliver guidance and

growth. Mr. Pimenta opened the call highlighting the strong performance in VALE3.SA, VALE3 BZ

the quarter and flagging that, as a consequence, the company announced $1.7B Overweight

in shareholder returns and renewed its buy-back program. On the operating Price (30 Jul 26): R$76.09

side, Mr. Pimenta reinforced that Vale is on track to deliver all its volumes

guidance in 2026. He then discussed the additional capacity being delivered in VALE, VALE US

iron ore: Vale is now commissioning the Serra Sul +20 project and will start up

Overweight the new compact crusher by 4Q26 which will remove existing jaspilite waste

Price (30 Jul 26): $14.99

constraints. He then moved on to discuss Vale’s copper ambitions. In Brazil,