Vale's Q4 2025 EBITDA is $4.8 billion, up 17% year-over-year

On February 12, Vale released its Q4 2025 and full-year 2025 financial reports.

The financials show that the company met all guidance targets for 2025, with strong sales performance in Q4 2025 and for the full year. Specifically, iron ore, copper, and nickel sales in Q4 2025 increased by 5% (4 million tons), 8% (8,000 tons), and 5% (3,000 tons) year-over-year, respectively. For the full year, these figures grew by 3% (8 million tons), 12% (41,000 tons), and 11% (18,000 tons), respectively.

The average realized price for iron ore fines was $95.4 per ton, up 1% quarter-over-quarter and 3% year-over-year. The realized price for copper was $11,003 per ton, up 12% quarter-over-quarter and 20% year-over-year. The realized price for nickel was $15,015 per ton, down 3% quarter-over-quarter and 7% year-over-year.

In 2025, Vale’s C1 cash cost for iron ore was $21.3 per ton, down 2% year-over-year, marking the second consecutive year of cost reduction. In Q4 2025, the C1 cash cost remained at $21.3 per ton, up 13% year-over-year, in line with guidance. The total cost for iron ore was $54.2 per ton, down 3% year-over-year; in Q4 2025, it was $54.3 per ton, up 10% year-over-year.

In Q4 2025, the company’s total copper cost was -$881 per ton; nickel total cost was $9,001 per ton, down 35% year-over-year. This was mainly due to strong by-product revenues and improved performance across key business segments. For 2025, total copper cost was $603 per ton, and total nickel cost was $12,158 per ton, marking the second consecutive year of total cost decline.

In Q4 2025, the company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $4.8 billion, up 17% year-over-year and 10% quarter-over-quarter, reflecting increased contributions from Vale’s base metals operations. Capital expenditures during the same period were $2 billion, in line with the full-year guidance of $5.5 billion. Recurring free cash flow was $1.7 billion, up $900 million year-over-year, driven by EBITDA growth and lower net financial expenses.

Net debt at the end of the quarter was $15.6 billion, a decrease of $1 billion quarter-over-quarter, benefiting from stronger free cash flow and adjustments to provisions related to Samarco.

Regarding operational performance, CEO Gustavo Pimenta stated: “In 2025, Vale delivered strong results, meeting or exceeding all guidance targets, while continuing to advance strategic initiatives aimed at strengthening our long-term vision. We reinforced our commitment to safety, significantly reducing high-risk incidents, and achieved an important milestone—eliminating tailings dams in a state of emergency. Operationally, iron ore and copper production reached their highest levels since 2018, with nickel output achieving double-digit growth. This strong operational performance was driven by improved asset reliability and the successful ramp-up of key growth projects such as Capnema, Vargem Grande, VBME expansion, and Onça Puma. At the same time, we continued to enhance cost competitiveness through structural efficiency improvements, positioning us better within the global industry cost curve.”

Looking ahead to 2026, Pimenta said the company will continue focusing on operational excellence, sustainable growth through initiatives like the new Carajás project, and creating long-term value for all stakeholders.

On January 27, Vale also released its Q4 2025 and full-year 2025 production and sales report. The report showed that in 2025, Vale’s iron ore and copper production reached their highest levels since 2018, at 336 million tons and 382,000 tons, respectively. Nickel production also hit its highest since 2022, at 177,000 tons, thanks to the ramp-up of key projects and stable operations.