Vale Posts $3.8B Q4 Net Loss Despite 9% Revenue Gain to $11.06B
Vale reported a Q4 net loss of $3.8 billion, driven by a $3.5 billion nickel asset write-down and a $2.8 billion tax charge, despite net revenue rising 9% to $11.06 billion. Pro forma EBITDA climbed 17% to $4.8 billion and capex rose 15% to $2.0 billion.
1. Fourth-Quarter Financial Results
Vale reported a Q4 net loss of $3.8 billion, or $0.90 per share, versus a consensus profit forecast of $0.60 per share. Net operating revenue rose 9% to $11.06 billion, pro forma EBITDA increased 17% to $4.8 billion, and underlying profit climbed 68% to $1.5 billion, while capex grew 15% to $2.0 billion and year-end cash stood at $7.37 billion.
2. Operational Performance and Costs
Iron ore production reached 90.4 million tonnes, up 6% year-on-year, copper output rose 6% to 108.1 kt and nickel output increased 2% to 46.2 kt thanks to ramp-ups at key projects. Average realized iron ore fines price climbed 3% to $95.4/t with all-in costs at $55.5/t, and nickel all-in costs fell 35% to $9,001/t due to efficient operations and strong by-product credits.
3. 2026 Outlook and Guidance
Vale forecasts iron ore production of 335–345 Mt in fiscal 2026, aiming for approximately 360 Mt by 2030, and targets C1 cash costs of $52–56/t by year-end, supported by efficiency gains and a flexible product portfolio under the New Carajás Program.