Vale S.A. filed a Form 6-K with the U.S. Securities and Exchange Commission on October 29, 2026, reporting third-quarter 2026 financial and operational results for the period ended September 30, 2026.

Key Highlights

  • Net operating revenues: US$ 10,599 million in 3Q26, up 2% year-over-year from US$ 10,420 million in 3Q25, according to the filing.
  • Proforma EBITDA: US$ 3,508 million in 3Q26, down 20% year-over-year and down 14% quarter-over-quarter, driven by lower iron ore fines realized prices and external cost pressures.
  • Iron ore fines realized price: US$ 85.1 per tonne, down 10% both quarter-over-quarter and year-over-year, reflecting lower reference prices and temporary CFR sales adjustments.
  • Recurring Free Cash Flow: US$ 1.4 billion in 3Q26, US$ 0.2 billion lower year-over-year; Total Free Cash Flow reached US$ 2.2 billion.
  • Capital expenditures: US$ 1.3 billion in 3Q26, flat year-over-year, with full-year investments expected at the lower end of the US$ 5.4-5.7 billion guidance range.
  • Expanded net debt: US$ 16.4 billion, US$ 0.2 billion lower quarter-over-quarter, the company disclosed.
  • Salobo CPF project: Advanced to execution in August, with physical progress at 17% and start-up expected in 1H28, described as approximately one year ahead of schedule.

Vale's 3Q26 Results: Iron Ore Pressure, Copper Progress, and Reparation Updates

According to the filing, Vale's third-quarter 2026 net operating revenues reached US$ 10,599 million, a 2% increase year-over-year, while Proforma EBITDA (excluding Brumadinho-related expenses and non-recurring items) came in at US$ 3,508 million, down 20% year-over-year. The company attributed the EBITDA decline primarily to lower iron ore fines realized prices and external cost pressures, including Brazilian real appreciation and higher bunker prices. Iron ore C1 cash cost was US$ 23.1 per tonne, up 12% year-over-year, and all-in costs reached US$ 60.4 per tonne, up 21% year-over-year.

On the operational side, the filing reported iron ore production of 88,354 thousand metric tons in 3Q26, down 6% year-over-year, primarily due to lower run-of-mine availability at Serra Norte. The company stated it remains confident in delivering the lower end of its 2026 iron ore production guidance of 335-345 Mt. Vale Base Metals reported copper production of 85.5 kt, down 6% year-over-year, reflecting the planned SAG mill rebuild at Sossego, while nickel output totaled 49.7 kt, up 6% year-over-year. The company disclosed that both copper and nickel are on track to reach the upper half of their respective 2026 production guidance ranges of 360-380 kt and 185-200 kt. Realized copper prices increased to US$ 15,314 per tonne, up 9% quarter-over-quarter and 56% year-over-year, the filing stated.

Regarding reparation programs, the filing disclosed that approximately 84% of Brumadinho Integral Reparation Agreement commitments were completed by 3Q26, with "To Pay" obligations completed in October 2026. For the Mariana reparation program, the filing reported R$ 83.8 billion disbursed as of September 30, 2026, with more than 649 thousand individuals compensated as of October 20, 2026. The Thompson Mine Complex transaction was also noted as completed in October, with Vale Base Metals retaining an 18.9% interest and a multi-year nickel concentrate offtake agreement.

What Was Disclosed

Vale S.A. (NYSE:VALE) disclosed its third-quarter 2026 financial results via Form 6-K, covering revenues, EBITDA, cash flow, capital expenditure, debt levels, production volumes, project progress, and updates on its Brumadinho and Mariana reparation obligations.