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U.S. COMPANY FILING

Vale S.A. — Form 20-F filed 2026-03-27

Filed: 2026-03-27Company: Vale S.A.Ticker: VALEExchange: NYSEForm: 20-FReport period: 2025-12-31SEC accession: 0001292814-26-001844Event: earningsMateriality: 85

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Vale's 2025 net income fell 66.8% to $1.983 billion due to impairments and higher taxes. Adjusted EBITDA rose to $15.458 billion. Iron ore, copper, and nickel sales volumes increased 2.5%, 12.4%, and 11.3%, respectively, but lower iron ore prices weighed on revenue. The company guided 2026 capex of $5.4-5.7 billion and approved a share buyback program.

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