# EDGAR Filing Document

**Accession Number:** 0000917851
**File Stem:** 0001292814-25-002829
**Filing Date:** 2025-8
**Character Count:** 188893
**Document Hash:** 0e082fc4701f406c01aac6bff1c4804a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001292814-25-002829.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0001292814-25-002829

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vale S.A.
- **CENTRAL INDEX KEY:** 0000917851
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15030
- **FILM NUMBER:** 251173098

**BUSINESS ADDRESS:**
- **STREET 1:** PRAIA DE BOTAFOGO, 186
- **CITY:** RIO DE JANEIRO
- **STATE:** D5
- **ZIP:** 22250-145
- **BUSINESS PHONE:** 55 21 3485-3900

**MAIL ADDRESS:**
- **STREET 1:** PRAIA DE BOTAFOGO, 186
- **CITY:** RIO DE JANEIRO
- **STATE:** D5
- **ZIP:** 22250-145

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Companhia Vale do Rio Doce
- **DATE OF NAME CHANGE:** 20051108

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VALLEY OF THE RIO DOCE CO
- **DATE OF NAME CHANGE:** 20020129

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VALLEY OF THE DOCE RIVER CO
- **DATE OF NAME CHANGE:** 19950602

United States

Securities and Exchange Commission

Washington, D.C. 20549

**FORM 6-K**

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the

Securities Exchange Act of 1934

For the month of

July 2025

**Vale S.A.**

Praia de Botafogo nº 186, 18º andar, Botafogo<br> 22250-145 Rio de Janeiro, RJ, Brazil

(Address of principal executive office)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

(Check One) Form 20-F ⌧ Form 40-F ◻

![](valedfbrgaap2q256k_001.jpg)

**Contents**

---

| | |
|:---|:---|
| **[Report on review of parent company and consolidated interim financial statements](#a_001)** | **3** |
| **[Interim Consolidated Income Statement](#a_002)** | **5** |
| **[Interim Income Statement of the Parent Company](#a_003)** | **6** |
| **[Interim Statement of Comprehensive Income](#a_037)** | **7** |
| **[Interim Statement of Cash Flows](#a_004)** | **8** |
| **[Interim Consolidated and Parent Statement of Financial Position](#a_005)** | **9** |
| **[Interim Statement of Changes in Equity](#a_006)** | **10** |
| **[Interim Value Added Statement](#a_007)** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1. Corporate information](#a_008) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2. Basis of preparation of consolidated interim financial statements](#a_009) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3. Significant events and transaction related to the three-month period ended June 30, 2025](#a_010) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4. Information by business segment and geographic area](#a_011) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5. Costs and expenses by nature](#a_012) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6. Financial results](#a_013) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[7. Taxes](#a_014) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[8. Basic and diluted earnings per share](#a_015) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[9. Cash flows reconciliation](#a_016) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[10. Accounts receivable](#a_017) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[11. Inventories](#a_018) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[12. Suppliers and contractors](#a_019) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[13. Other financial assets and liabilities](#a_020) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[14. Investments in associates and joint ventures](#a_021) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[15. Acquisitions and divestitures](#a_022) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[16. Intangibles](#a_023) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[17. Property, plant, and equipment](#a_024) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[18. Financial and capital risk management](#a_025) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[19. Financial assets and liabilities](#a_026) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[20. Participative shareholders' debentures](#a_027) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[21. Loans, borrowings, cash and cash equivalents and short-term investments](#a_028) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[22. Leases](#a_029) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[23. Brumadinho dam failure](#a_030) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[24. Liabilities related to associates and joint ventures](#a_031) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[25. Provision for de-characterization of dam structures and asset retirement obligations](#a_032) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[26. Legal proceedings](#a_033) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[27. Employee benefits](#a_034) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[28. Equity](#a_035) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[29. Related parties](#a_036) | 53 |

---

2.0 ![](valedfbrgaap2q256k_002.jpg)

**Report on review of parent company and consolidated condensed interim financial statements**

To the Board of Directors and Shareholders

Vale S.A.

**Introduction**

We have reviewed the accompanying condensed interim statement of financial position of Vale S.A. ("Company") as at June 30, 2025 and the related condensed interim statements of income statement and comprehensive income for the quarter and six-month period then ended, and the condensed interim statements of changes in equity and cash flows for the six-month period then ended, as well as the accompanying consolidated condensed interim statement of financial position of the Company and its subsidiaries ("Consolidated") as at June 30, 2025 and the related consolidated condensed interim statements of income statement and comprehensive income for the quarter and six-month period then ended, and the consolidated condensed interim statements of changes in equity and cash flows for the six-month period then ended, and explanatory notes.

Management is responsible for the preparation and presentation of these parent company and consolidated condensed interim financial statements in accordance with the accounting standard CPC 21, Interim Financial Reporting, of the Brazilian Accounting Pronouncements Committee (CPC), and International Accounting Standard (IAS) 34 - Interim Financial Reporting, of the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on these condensed interim financial statements based on our review.

**Scope of review**

We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently did not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

**Conclusion** 

Based on our review, nothing has come to our attention that causes us to believe that the accompanying parent company and consolidated condensed interim financial statements referred to above are not prepared, in all material respects, in accordance with CPC 21 and IAS 34.

**Other matters**

**Condensed statements of value added**

The interim condensed financial statements referred to above include the parent company and consolidated condensed interim value added statements for the six-month period ended June 30, 2025. These statements are the responsibility of the Company's management and are presented as supplementary information under IAS 34. These statements have been subjected to review procedures performed together with the review of the condensed interim financial statements for the purpose of concluding whether they are reconciled with the condensed interim financial statements and accounting records, as applicable, and if their form and content are in accordance with the criteria defined in the accounting standard CPC 09 - "Statement of Value Added". Based on our review, nothing has come to our attention that causes us to believe that these condensed interim value added statements have not been properly prepared, in all material respects, in accordance with the criteria established in this accounting standard, and consistent with the parent company and consolidated condensed interim financial statements taken as a whole.

Rio de Janeiro, July 31, 2025

/s/ PricewaterhouseCoopers

Auditores Independentes Ltda.

CRC 2SP000160/F-5

/s/ Leandro Mauro Ardito

Contador CRC 1SP188307/O-0

3.0 **Interim Consolidated Income Statement** 

**In millions of Brazilian reais, except earnings per share**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | <br>**Notes** | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
|  | | **2025** | **2024** | **2025** | **2024** |
| Net operating revenue | 4(b) | 49807 | 51735 | 97218 | 93626 |
| Cost of goods sold and services rendered | 5(a) | (34421) | (33134) | (66232) | (59728) |
| **Gross profit** |  | **15386** | **18601** | **30986** | **33898** |
| **Operating expenses** |  |  |  |  |  |
| Selling and administrative | 5(b) | (742) | (717) | (1587) | (1413) |
| Research and development |  | (898) | (988) | (1617) | (1760) |
| Pre-operating and operational stoppage | 25 | (402) | (476) | (925) | (932) |
| Other operating expenses, net | 5(c) | (1252) | (1481) | (2765) | (2719) |
| Impairment and gains (losses) on disposal of non-current<br> assets, net | 15(a), 16 and 17 | (743) | 5444 | (2199) | 5415 |
| **Operating income** |  | **11349** | **20383** | **21893** | **32489** |
| Financial income | 6 | 637 | 406 | 1315 | 944 |
| Financial expenses | 6 | (2282) | (1901) | (4512) | (3582) |
| Other financial items, net | 6 | 2649 | (5119) | 5383 | (6155) |
| Equity results and other results in associates and joint ventures | 14 and 24 | (366) | 580 | (24) | 1200 |
| **Income before income taxes** |  | **11987** | **14349** | **24055** | **24896** |
| Income taxes | 7 | 200 | 237 | (3695) | (1978) |
| **Net income** |  | **12187** | **14586** | **20360** | **22918** |
| **Net income attributable to noncontrolling interests** |  | **106** | **(6)** | **115** | **35** |
| **Net income attributable to Vale S.A.'s shareholders** |  | **12081** | **14592** | **20245** | **22883** |
| Basic and diluted earnings per share attributable to Vale S.A.'s shareholders | 8 | 2.83 | 3.41 | 4.74 | 5.34 |

---

The accompanying notes are an integral part of these interim financial statements.

4.0 **Interim Income Statement of the Parent Company** 

**In millions of Brazilian reais, except earnings per share**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Parent Company** | **Parent Company** | **Parent Company** | **Parent Company** |
|  | | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
| | <br>**Notes** | **2025** | **2024** | **2025** | **2024** |
| Net operating revenue | 4(b) | 32259 | 32870 | 60416 | 68068 |
| Cost of goods sold and services rendered | 5(a) | (18154) | (17269) | (33600) | (32773) |
| **Gross profit** |  | **14105** | **15601** | **26816** | **35295** |
| **Operating expenses** |  |  |  |  |  |
| Selling and administrative | 5(b) | (362) | (369) | (775) | (710) |
| Research and development |  | (574) | (547) | (1001) | (951) |
| Pre-operating and operational stoppage | 25 | (327) | (443) | (823) | (884) |
| Equity results and others results from subsidiaries | 14 | 484 | 5794 | 2573 | 4520 |
| Other operating expenses, net | 5(c) | (768) | (1030) | (2039) | (1981) |
| Impairment and gains (losses) on disposal of non-current assets, net | 15(a), 16 and 17 | (288) | (202) | (1577) | (163) |
| **Operating income** |  | **12270** | **18804** | **23174** | **35126** |
| Financial income | 6 | 372 | 264 | 745 | 494 |
| Financial expenses | 6 | (2278) | (1959) | (4316) | (3919) |
| Other financial items, net | 6 | 1604 | (4206) | 4578 | (4546) |
| Equity results and other results in associates and joint ventures | 14 | (366) | 580 | (24) | 1200 |
| **Income before income taxes** |  | **11602** | **13483** | **24157** | **28355** |
| Income taxes | 7 | 479 | 1109 | (3912) | (5472) |
| **Net income** |  | **12081** | **14592** | **20245** | **22883** |
| **Basic and diluted earnings per share attributable to Vale's shareholders** | 8 | 2.83 | 3.41 | 4.74 | 5.34 |

---

The accompanying notes are an integral part of these interim financial statements.

5.0 **Interim Statement of Comprehensive Income** 

**In millions of Brazilian reais**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
|  | <br>**Notes** | **2025** | **2024** | **2025** | **2024** |
| **Net income** |  | **12187** | **14586** | **20360** | **22918** |
| **Other comprehensive income (loss):** |  |  |  |  |  |
| **Items that will not be reclassified to income statement** |  |  |  |  |  |
| Retirement benefit obligations |  | 314 | 21 | 289 | 219 |
|  |  | **314** | **21** | **289** | **219** |
| **Items that may be reclassified to income statement** |  |  |  |  |  |
| Translation adjustments of foreign operations (i) |  | (926) | 7814 | (5996) | 8911 |
| *Net investment hedge* | 18(a.iv) | 643 | (1062) | 1663 | (1339) |
| Reclassification of cumulative translation adjustments to income statement (ii) |  | – | (5648) | 55 | (5394) |
|  |  | **(283)** | **1104** | **(4278)** | **2178** |
| **Comprehensive income** |  | **12218** | **15711** | **16371** | **25315** |
| Comprehensive income attributable to noncontrolling interests |  | 175 | 1452 | (137) | 1718 |
| **Comprehensive income attributable to Vale S.A.'s shareholders** |  | **12043** | **14259** | **16508** | **23597** |
|  |  | **Parent Company** | **Parent Company** | **Parent Company** | **Parent Company** |
|  |  | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
|  | **Notes** | **2025** | **2024** | **2025** | **2024** |
| **Net income** |  | **12081** | **14592** | **20245** | **22883** |
| **Other comprehensive income (loss):** |  |  |  |  |  |
| **Items that will not be reclassified to income statement** |  |  |  |  |  |
| Retirement benefit obligations |  | 170 | (7) | 154 | (17) |
| Equity interests in other comprehensive income of subsidiaries |  | 144 | 28 | 135 | 236 |
|  |  | **314** | **21** | **289** | **219** |
| **Items that may be reclassified to income statement** |  |  |  |  |  |
| Translation adjustments of foreign operations (i) |  | (995) | 6356 | (5744) | 7228 |
| Net investment hedge | 18(a.iv) | 643 | (1062) | 1663 | (1339) |
| Reclassification of cumulative translation adjustment to income statement (ii) |  | – | (5648) | 55 | (5394) |
|  |  | **(352)** | **(354)** | **(4026)** | **495** |
| **Comprehensive income** |  | **12043** | **14259** | **16508** | **23597** |

---

(i) Includes the effect of variation in the exchange rates used by the Company to convert the financial information of subsidiaries operating in an international economic environment, with a currency different from the functional currency of Vale S.A. (note 2b).

(ii) In the three-month and six-month periods ended June 30, 2024, the main effect is the reclassification of cumulative translation adjustments of PTVI in the amount of R$5,728 (US$1,063 million) (note 15b).

Items above are stated net of tax, when applicable, and the related taxes effects are disclosed in note 7.

The accompanying notes are an integral part of these interim financial statements.

6.0 **Interim Statement of Cash Flows**

**In millions of Brazilian reais**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Consolidated** | **Consolidated** | **Parent Company** | **Parent Company** |
|  | | **Six-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
| | <br>**Notes** | **2025** | **2024** | **2025** | **2024** |
| **Cash flow from operations** | **9(a)** | **31057** | **34356** | **32162** | **35004** |
| Interest on loans and borrowings paid | 9(c) | (2920) | (2019) | (3108) | (3073) |
| Cash received on settlement of derivatives, net | 18 | 1613 | 626 | 1611 | 599 |
| Payments related to the Brumadinho event | 23 | (1644) | (2039) | (1644) | (2039) |
| Payments related to de-characterization of dams | 25 | (933) | (1275) | (933) | (1275) |
| Interest on participative shareholders' debentures paid | 20 | (760) | (766) | (760) | (766) |
| Income taxes (including settlement program) paid |  | (6121) | (4936) | (5152) | (4307) |
| **Net cash generated by operating activities** |  | **20292** | **23947** | **22176** | **24143** |
| **Cash flow from investing activities:** |  |  |  |  |  |
| Acquisition of property, plant and equipment and intangible assets |  | (14074) | (13862) | (10551) | (9795) |
| Payments related to the Samarco dam failure | 24 | (6476) | (976) | (6476) | (976) |
| Cash received from disposal of investments, net | 9(b) | – | 13559 | – |  |
| Dividends received from associates and joint ventures |  | 448 | 218 | 397 | 2844 |
| Short-term investment, net |  | 741 | (67) | 494 | (255) |
| Other investing activities, net |  | (49) | 8 | (558) | (148) |
| **Net cash used in investing activities** |  | **(19410)** | **(1120)** | **(16694)** | **(8330)** |
| **Cash flow from financing activities:** |  |  |  |  |  |
| Loans and borrowings from third parties | 9(c) | 18674 | 10166 | 8759 | 1802 |
| Payments of loans and borrowings to third parties | 9(c) | (5641) | (3092) | (1168) | (376) |
| Payments of leasing | 22 | (361) | (430) | (76) | (56) |
| Dividends and interest on capital paid to Vale S.A.'s shareholders | 28(d) | (11365) | (11722) | (11365) | (11722) |
| Shares buyback program | 28(c) | – | (1942) | – | (1154) |
| **Net cash generated by (used in) financing activities** |  | **1307** | **(7020)** | **(3850)** | **(11506)** |
| **Net increase in cash and cash equivalents** |  | **2189** | **15807** | **1632** | **4307** |
| Cash and cash equivalents in the beginning of the period |  | 30671 | 17474 | 9084 | 4193 |
| Effect of exchange rate changes on cash and cash equivalents |  | (2109) | 2737 | – |  |
| Effect of transfer the Energy Assets to non-current assets held for sale | 15(a) | (658) |  | – |  |
| Cash and cash equivalents from merged subsidiaries |  | – |  | – | 15 |
| **Cash and cash equivalents at end of the period** |  | **30093** | **36018** | **10716** | **8515** |

---

The accompanying notes are an integral part of these interim financial statements.

7.0 **Interim Consolidated and Parent Statement of Financial Position**

**In millions of Brazilian reais**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Consolidated** | **Consolidated** | **Parent Company** | **Parent Company** |
| | <br>**Notes** | **June 30,**<br> **2025** | | **June 30,**<br> **2025** | **December 31,**<br> **2024** |
| **Assets** | | | **December 31,**<br> **2024**<br>| | |
| **Current assets** | | | | | |
| Cash and cash equivalents | 21 | 30093 | 30671 | 10716 | 9084 |
| Short-term investments | 21 | 994 | 331 | 827 | 12 |
| Accounts receivable | 10 | 12691 | 14600 | 21352 | 28663 |
| Other financial assets | 13 | 2701 | 331 | 1904 | 194 |
| Inventories | 11 | 28606 | 28513 | 8031 | 7975 |
| Recoverable taxes | 7(e) | 7285 | 6811 | 5107 | 4933 |
| Other |  | 2678 | 2219 | 2221 | 2005 |
|  |  | **85048** | **83476** | **50158** | **52866** |
| Non-current assets held for sale | 15(a) | 10916 | – | 7127 | – |
|  |  | **95964** | **83476** | **57285** | **52866** |
| Non-current assets |  |  |  |  |  |
| Judicial deposits | 26(c) | 3259 | 3326 | 3133 | 3208 |
| Other financial assets | 13 | 2307 | 1429 | 1246 | 179 |
| Recoverable taxes | 7(e) | 8340 | 8030 | 5872 | 5580 |
| Deferred income taxes | 7(b) | 48977 | 51050 | 41010 | 43241 |
| Other |  | 8054 | 8157 | 5382 | 4997 |
|  |  | **70937** | **71992** | **56643** | **57205** |
| Investments | 14 | 26108 | 28158 | 139978 | 152740 |
| Intangibles | 16 | 58503 | 65105 | 41770 | 41693 |
| Property, plant, and equipment | 17 | 241714 | 247594 | 153084 | 150812 |
|  |  | **397262** | **412849** | **391475** | **402450** |
| **Total assets** |  | **493226** | **496325** | **448760** | **455316** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Liabilities** | | | | | |
| **Current liabilities** | | | | | |
| Suppliers and contractors | 12 | 29762 | 26217 | 17978 | 15286 |
| Loans and borrowings | 21 | 3735 | 6316 | 909 | 819 |
| Leases | 22 | 955 | 907 | 349 | 367 |
| Other financial liabilities | 13 | 5701 | 7879 | 20232 | 22130 |
| Taxes payable | 7(e) | 5561 | 3559 | 3586 | 1948 |
| Settlement program ("REFIS") | 7(c) | 2250 | 2184 | 2250 | 2184 |
| Liabilities related to Brumadinho | 23 | 4912 | 4420 | 4912 | 4420 |
| Liabilities related to associates and joint ventures | 24 | 7907 | 11421 | 7907 | 11421 |
| De-characterization of dams and asset retirement obligations | 25 | 5160 | 5160 | 4552 | 4451 |
| Provisions for litigation | 26(a) | 842 | 736 | 842 | 736 |
| Employee benefits | 27 | 4307 | 6266 | 2846 | 3925 |
| Dividends payable |  | – | 2046 | – | 2046 |
| Other |  | 3829 | 3944 | 3140 | 2732 |
|  |  | **74921** | **81055** | **69503** | **72465** |
| Liabilities associated with non-current assets held for sale | 15(a) | 4041 | – | 189 | – |
|  |  | **78962** | **81055** | **69692** | **72465** |
| **Non-current liabilities** |  |  |  |  |  |
| Loans and borrowings | 21 | 89830 | 85282 | 35290 | 30164 |
| Leases | 22 | 2863 | 3507 | 819 | 956 |
| Participative shareholders' debentures | 20 | 13394 | 13727 | 13394 | 13727 |
| Other financial liabilities | 13 | 12028 | 14533 | 62570 | 73152 |
| Settlement program ("REFIS") | 7(c) | 5297 | 6234 | 5297 | 6234 |
| Deferred income taxes | 7(b) | 692 | 2757 | – | – |
| Liabilities related to Brumadinho | 23 | 6710 | 7778 | 6710 | 7778 |
| Liabilities related to associates and joint ventures | 24 | 9988 | 11261 | 9988 | 11261 |
| De-characterization of dams and asset retirement obligations | 25 | 28683 | 30529 | 18029 | 18870 |
| Provisions for litigation | 26(a) | 4884 | 5536 | 4569 | 5088 |
| Employee benefits | 27 | 6385 | 6925 | 2242 | 2205 |
| Streaming transactions |  | 10915 | 11651 | – | – |
| Other |  | 1630 | 1830 | 5985 | 6644 |
|  |  | **193299** | **201550** | **164893** | **176079** |
| **Total liabilities** |  | **272261** | **282605** | **234585** | **248544** |
| **Equity** | 28 |  |  |  |  |
| Equity attributable to Vale S.A.'s shareholders |  | 214175 | 206772 | 214175 | 206772 |
| Equity attributable to noncontrolling interests |  | 6790 | 6948 | – | – |
| Total equity |  | **220965** | **213720** | **214175** | **206772** |
| Total liabilities and equity |  | **493226** | **496325** | **448760** | **455316** |

---

The accompanying notes are an integral part of these interim financial statements.

8.0 **Interim Statement of Changes in Equity**

**In millions of Brazilian reais**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Notes** | **Share capital** | **Capital reserve** | **Profit reserves** | **Treasury shares** | **Other reserves** | **Cumulative translation adjustments** | **Retained earnings** | **Equity attributable to Vale S.A.'s shareholders** | **Equity attributable to noncontrolling interests** | **Total equity** |
| **Balance as of December 31, 2024** |  | **77300** | **3634** | **114889** | **(19785)** | **(432)** | **31166** | **–** | **206772** | **6948** | **213720** |
| Net income |  | – | – | – | – | – | – | 20245 | 20245 | 115 | 20360 |
| Other comprehensive income |  | – | – | – | – | 157 | (3894) | – | (3737) | (252) | (3989) |
| Dividends and interest on capital of Vale S.A.'s shareholders | 28(c) | – | – | (9143) | – | – | – | – | (9143) | – | (9143) |
| Dividends of noncontrolling interest |  | – | – | – | – | – | – | – | – | (24) | (24) |
| Transaction with noncontrolling interests |  | – | – | – | – | (36) | – | – | (36) | 3 | (33) |
| Share-based payment program | 27(a) | – | – | – | 4 | 70 | – | – | 74 | – | 74 |
| **Balance as of June 30, 2025** |  | **77300** | **3634** | **105746** | **(19781)** | **(241)** | **27272** | **20245** | **214175** | **6790** | **220965** |
| **Balance as of December 31, 2023** |  | **77300** | **3634** | **106181** | **(17739)** | **(5831)** | **27420** | **–** | **190965** | **7360** | **198325** |
| Net income |  | – | – | – | – | – | – | 22883 | 22883 | 35 | 22918 |
| Other comprehensive income |  | – | – | – | – | 308 | 406 | – | 714 | 1683 | 2397 |
| Dividends and interest on capital of Vale S.A.'s shareholders | 28(c) | – | – | (11722) | – | – | – | – | (11722) | – | (11722) |
| Dividends of noncontrolling interests |  | – | – | – | – | – | – | – | – | (1) | (1) |
| Transaction with noncontrolling interests (i) |  | – | – | – | – | 4593 | – | – | 4593 | (1222) | 3371 |
| Shares buyback program | 28(b) | – | – | – | (1942) | – | – | – | (1942) | – | (1942) |
| Share-based payment program | 27(a) | – | – | – | 8 | (48) | – | – | (40) | – | (40) |
| **Balance as of June 30, 2024** |  | **77300** | **3634** | **94459** | **(19673)** | **(978)** | **27826** | **22883** | **205451** | **7855** | **213306** |

---

(i) The effect on equity attributable to noncontrolling interests includes the derecognition of noncontrolling shareholders of PT Vale Indonesia Tbk in the amount of R$9,050 (US$1,628) (note 15b) and the recognition of noncontrolling shareholders of Vale Base Metals Limited in the amount of R$7,828 (US$1,514) (note 15c).

The accompanying notes are an integral part of these interim financial statements.

9.0 **Interim Value Added Statement**

**In millions of Brazilian reais**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Parent company** | **Parent company** |
|  | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Three-month period ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Generation of value added** |  |  |  |  |
| **Gross revenue** |  |  |  |  |
| Revenue from products and services | 98216 | 94777 | 61339 | 69211 |
| Revenue from the construction of own assets | 3042 | 3758 | 2973 | 3222 |
| Other revenues | 676 | 622 | 484 | 534 |
| Less: |  |  |  |  |
| Cost of products, goods and services sold | (21799) | (18431) | (12504) | (12395) |
| Material, energy, third-party services and other | (25761) | (24277) | (9482) | (9527) |
| Impairment and gains (losses) on disposal of non-current assets, net | (2199) | 5415 | (1577) | (163) |
| Expenses related to Brumadinho event | (1144) | (861) | (1144) | (861) |
| De-characterization of dams | 362 | 682 | 362 | 682 |
| Other costs and expenses | (7089) | (8491) | (4080) | (4559) |
| Gross value added | 44304 | 53194 | 36371 | 46144 |
| Depreciation, amortization and depletion | (8521) | (7677) | (5313) | (4802) |
| **Net value added** | **35783** | **45517** | **31058** | **41342** |
| Received from third parties |  |  |  |  |
| Equity results | (24) | 1200 | 2549 | 5720 |
| Financial result | 934 | 4273 | (424) | 4260 |
| **Total value added to be distributed** | **36693** | **50990** | **33183** | **51322** |
| Personnel and charges |  |  |  |  |
| Direct compensation | 5733 | 4745 | 2916 | 2740 |
| Benefits | 2344 | 2049 | 1823 | 1744 |
| FGTS | 260 | 271 | 232 | 244 |
| Taxes and contributions |  |  |  |  |
| Federal taxes | 6925 | 4917 | 6853 | 8295 |
| State taxes | 2186 | 2371 | 2104 | 2293 |
| Municipal taxes | 86 | 124 | 65 | 94 |
| Remuneration of third-party capital |  |  |  |  |
| Interest (net derivatives and monetary and exchange rate variation) | (1720) | 12738 | (1550) | 12223 |
| Leasing | 519 | 857 | 495 | 806 |
| Remuneration of own capital |  |  |  |  |
| **Reinvested net income from continuing operations** | **20245** | **22883** | **20245** | **22883** |
| Net income attributable to noncontrolling interest | 115 | 35 | – | – |
| **Distributed value added** | **36693** | **50990** | **33183** | **51322** |

---

The accompanying notes are an integral part of these interim financial statements.

9.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**1. Corporate information**

Vale S.A. (the "Parent Company") is a public company headquartered in the city of Rio de Janeiro, Brazil. Vale's share capital consists of common shares, traded on the stock exchange.

In Brazil, Vale's common shares are listed on B3 under the code VALE3. The Company also has American Depositary Receipts (ADRs), with each representing one common share, traded on the New York Stock Exchange (NYSE) under the code VALE. Additionally, the shares are traded on LATIBEX under the code XVALO, which is an unregulated electronic market established by the Madrid Stock Exchange for the trading of Latin American securities. The Company's shareholding structure is disclosed in note 28.

Vale, together with its subsidiaries ("Vale" or the "Company"), is one of the world's largest producers of iron ore and nickel. The Company also produces iron ore pellets and copper. Nickel and copper concentrates contain by-products such as platinum group metals (PGM), gold, silver, and cobalt. Most of the Company's products are sold to international markets, through the Company's main trading Company, Vale International S.A. ("VISA"), a wholly owned subsidiary located in Switzerland.

The Company is engaged in greenfield mineral exploration in six countries, including Brazil, USA, Canada, Chile, Peru and Indonesia. It also operates extensive logistics systems in Brazil, Oman and other regions worldwide, including railways, maritime terminals, and ports integrated with mining operations. Additionally, the Company has distribution centers to support its iron ore shipments globally.

Vale also holds investments in energy businesses to meet part of its energy consumption needs through renewable sources.

The Company's operations are organized into two operational segments: "Iron Solutions" and "Energy Transition Metals" (note 4).

**Iron Solutions –** Comprise iron ore extraction and iron ore pellets and briquettes production.

&nbsp;&nbsp;&nbsp;&nbsp;• **Iron ore.** Currently,
Vale operates three systems in Brazil for the production and distribution of iron ore. The Northern System (Carajás, State of Pará,
Brazil) is fully integrated and comprises three mining complexes, a railway and a maritime terminal. The Southeast System (Quadrilátero
Ferrífero, Minas Gerais, Brazil) is fully integrated, consisting of three mining complexes, a railway, a maritime terminal, and
a port. The Southern System (Quadrilátero Ferrífero, Minas Gerais, Brazil) consists of two mining complexes and two maritime
terminals.

&nbsp;&nbsp;&nbsp;&nbsp;• **Iron ore pellets and other ferrous product**.
Currently, Vale has a diversified portfolio of agglomerates, which includes iron ore pellets and briquettes. Vale operates eight pelletizing
plants in Brazil and two in Oman.

**Energy Transition Metals –** Includes the production of nickel, copper and its by-products.

&nbsp;&nbsp;&nbsp;&nbsp;• **Nickel.** The Company's primary nickel operations
are conducted by Vale Canada Limited ("Vale Canada"), which owns mines and processing plants in Canada and Brazil and nickel
refining facilities in the United Kingdom and Japan. Vale also holds investments in nickel operations in Indonesia.

&nbsp;&nbsp;&nbsp;&nbsp;• **Copper.** In Brazil, Vale produces copper concentrates at Sossego
and Salobo operations, in Carajás, State of Pará. In Canada, Vale produces copper concentrates and copper cathodes associated
with its nickel mining operations in Sudbury (located in Ontario) and Voisey's Bay (located in Newfoundland and Labrador).

&nbsp;&nbsp;&nbsp;&nbsp;• **Other energy transition metals.** The
ore extracted by Vale Canada in Sudbury yields cobalt, PGMs (Platinum Group Metals), silver, and gold as by-products, which are processed
at refining facilities in Port Colborne, Ontario. In Canada, Vale also produces refined cobalt at its Long Harbour facilities in Newfoundland
and Labrador. The copper operations in Sossego and Salobo in Brazil also yield silver and gold as by-products.

10.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**2. Basis of preparation of consolidated interim financial statements**

The consolidated and individual interim financial statements (equivalent to condensed interim financial statements) of the Company ("interim financial statements") were prepared and are statements in accordance with CPC 21 – Statement issued by the Accounting Pronouncements Committee ("CPC"), in accordance with IAS 34 - Interim Financial Reporting, as issued by the International Accounting Standards Board ("IASB"). All material information for the interim financial statements, and only this information, are presented and consistent to those used by the Company's Management.

The interim financial statements have been prepared to update users on the relevant events and transactions that occurred in the period and must be read together with the financial statements for the year ended December 31, 2024. All accounting policies, accounting estimates and judgments, risk management and measurement methods are the same as those adopted in the preparation of the latest annual financial statements.

These interim financial statements were authorized for issue by the Board of Directors on July 31, 2025.

**a) Statement of Value Added** 

The presentation of the parent company and consolidated statements of value added is required by the Brazilian corporate legislation and the accounting practices adopted in Brazil for listed companies, while it is not required by IFRS. Therefore, under the IFRS, the presentation of such statements is considered supplementary information, and not part of the set of financial statements. The Statement of Value Added was prepared in accordance with the criteria defined in Technical Pronouncement CPC 09 - "Statement of Value Added".

**b) Functional currency and presentation currency**

The interim financial statements of the Company and its associates and joint ventures are measured using the currency of the primary economic environment in which each entity operates ("functional currency"), in the case of the Parent Company it is the Brazilian real ("R$"). For presentation purposes, these interim financial statements are presented in the United States dollars ("US$") as the Company believes that this is how international investors analyze the financial statements.

The main exchange rates used by the Company to translate its foreign operations are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Average rate** | **Average rate** | **Average rate** | **Average rate** |
|  | **Closing rate** | **Closing rate** | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
|  | **June 30, 2025** | **December 31, 2024** | **2025** | **2024** | **2025** | **2024** |
| US Dollar ("US$") | 5.4571 | 6.1923 | 5.6661 | 5.2129 | 5.7591 | 5.0843 |
| Canadian dollar ("CAD") | 4.0067 | 4.3047 | 4.0932 | 3.8107 | 4.0867 | 3.7426 |
| Euro ("EUR") | 6.4230 | 6.4363 | 6.4236 | 5.6132 | 6.2922 | 5.4969 |

---

**c)** **Tariffs applied by the United States of America**

The Company is subject to external risk factors related to its operations and its customer portfolio and supply chain profile.

In February 2025, the President of the United States of America ("USA") signed an executive order imposing tariffs on products from several countries. The program establishes individualized import tariffs per country, based on a minimum tariff of 10%. The effective date and tariff amounts vary from country to country.

In July 2025 (subsequent event), the President of the USA announced the application of 50% tariffs on imports from Brazil, effective August 1, 2025. The Company's sales to USA are not relevant. The Company is monitoring developments and, until this date, Vale does not expect any significant effects on its operations or cash flows.

**d) Israel-Iran conflict**

The Company monitors international geopolitical developments and is subject to external risk factors related to its operations and the profile of its client portfolio and supply chains.

At this date, no significant direct effects of the conflict on the Company's operations or on the fair value of its assets and liabilities have been identified. However, the Company is constantly monitoring the situation and assessing potential impacts.

11.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**3. Significant events and transaction related to the three-month period ended June 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;• **Shareholder remuneration –** In July 2025 (subsequent event), the
Board of Directors approved shareholder remuneration in the amount of R$8,091 (US$1,448 million), which will be paid in September 2025.
Further details are presented in note 28(c) of these interim financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;• **Debentures public offering –** In June 2025, the
Company issued Debentures of R$6 billion (US$1,080 million), maturing in 2032, 2035 and 2037. Further details
are presented in note 9(c) of these interim financial statements.

**4. Information by business segment and geographic area**

The Company's adjusted EBITDA is defined as operating income or loss, including the EBITDA from interests in associates and joint ventures; and excluding (i) depreciation, depletion, and amortization; and (ii) impairment and gains (losses) on disposal of non-current assets, net and other.

---

| | |
|:---|:---|
| **Segment** | **Main activities** |
| **Iron Solutions** | Comprises the extraction and production of iron ore, iron ore pellets, other ferrous products, and its logistic related services. |
| **Energy Transition Metals** | Includes the extraction and production of nickel and its by-products (gold, silver, cobalt, and other metals), and copper, as well as its by-products (gold and silver). |

---

In addition, unallocated items to the operating segment includes corporate expenses, research and development of greenfield exploration projects, as well as expenses related to the Brumadinho event and de-characterization of dams and asset retirement obligations.

**a) Adjusted EBITDA**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | | **Consolidated** |
|  | | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
| | <br>**Notes** | **2025** | **2024** | **2025** | **2024** |
| Iron ore |  | 13551 | 16013 | 27210 | 28418 |
| Iron ore pellets |  | 2702 | 3770 | 5825 | 8139 |
| Other ferrous products and logistics services |  | 594 | 487 | 699 | 826 |
| **Iron Solutions** |  | **16847** | **20270** | **33734** | **37383** |
| Nickel |  | 1109 | 560 | 1334 | 646 |
| Copper |  | 3046 | 1826 | 6226 | 3232 |
| Other energy transition metals |  | (112) | (293) | (308) | (512) |
| **Energy Transition Metals** |  | **4043** | **2093** | **7252** | **3366** |
| **Unallocated items (i)** |  | **(1743)** | **(1524)** | **(3650)** | **(2897)** |
| **Adjusted EBITDA** |  | **19147** | **20839** | **37336** | **37852** |
| Depreciation, depletion and amortization |  | (4416) | (4137) | (8521) | (7677) |
| Impairment and gains (losses) on disposal of non-current assets, net and other (ii) |  | (1670) | 4997 | (4088) | 4637 |
| EBITDA from associates and joint ventures |  | (1712) | (1316) | (2834) | (2323) |
| **Operating income** |  | **11349** | **20383** | **21893** | **32489** |
| Equity results and other results in associates and joint ventures | 14 | (366) | 580 | (24) | 1200 |
| Financial results | 6 | 1004 | (6614) | 2186 | (8793) |
| **Income before income taxes** |  | **11987** | **14349** | **24055** | **24896** |

---

(i) Includes income (expenses) from Vale Base Metals Limited that were not allocated to the operating segment in the amount of R$(279) (US$(49) million) and R$(419) (US$(74) million) for the three and six-month period ended June 30, 2025, respectively. (2024: R$(3) (US$2 million) and R$(242) (US$(45) million), respectively).

(ii) Includes adjustments of R$927 (US$168 million) and R$1,899 (US$335 million) for the three and six-month period ended June 30, 2025, respectively, (2024: R$447 (US$82 million) and R$778 (US$149 million), respectively), to reflect the performance of the streaming transactions at market prices.

12.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**b) Net operating revenue by business segment and geographic area**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** | **Three-month period ended June 30, 2025** |
|  | **Iron Solutions** | **Iron Solutions** | **Iron Solutions** | **Iron Solutions** | **Energy Transition Metals** | **Energy Transition Metals** | **Energy Transition Metals** | **Energy Transition Metals** | |
| | **Iron ore** | **Iron ore pellets** | **Other ferrous products and logistics services** | **Total Iron Solutions** | **Nickel and other products** | **Copper** | **Other energy transition metals** | **Total Energy Transition Metals** | **Net operating revenue** |
| China (i) | 23623 |  |  | **23623** | 599 | 149 | 65 | **813** | **24436** |
| Japan | 3170 | 223 | 3 | **3396** | 294 |  |  | **294** | **3690** |
| Asia, except Japan and China | 3009 | 472 | 14 | **3495** | 551 | 1068 | 15 | **1634** | **5129** |
| Brazil | 1323 | 1843 | 1093 | **4259** | 89 |  | 34 | **123** | **4382** |
| United States of America |  | 381 | 4 | **385** | 1114 |  | 42 | **1156** | **1541** |
| Americas, except United States and Brazil |  | 260 | 1 | **261** | 867 |  |  | **867** | **1128** |
| Germany | 435 | 173 |  | **608** | 707 | 1239 | 11 | **1957** | **2565** |
| Europe, except Germany | 1018 | 71 |  | **1089** | 1391 | 1977 | 49 | **3417** | **4506** |
| Middle East, Africa, and Oceania |  | 2266 |  | **2266** | 164 |  |  | **164** | **2430** |
| **Net operating revenue** | **32578** | **5689** | **1115** | **39382** | **5776** | **4433** | **216** | **10425** | **49807** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** | **Three-month period ended June 30, 2024** |
|  | **Iron Solutions** | **Iron Solutions** | **Iron Solutions** | **Iron Solutions** | **Energy Transition Metals** | **Energy Transition Metals** | **Energy Transition Metals** | **Energy Transition Metals** | |
| | **Iron ore** | **Iron ore pellets** | **Other ferrous products and logistics services** | **Total Iron Solutions** | **Nickel and other products** | **Copper** | **Other energy transition metals** | **Total Energy Transition Metals** | **Net operating revenue** |
| China (i) | 25505 |  |  | **25505** | 536 | 985 | 155 | **1676** | **27181** |
| Japan | 3707 | 457 | 2 | **4166** | 672 |  |  | **672** | **4838** |
| Asia, except Japan and China | 2640 | 581 | 13 | **3234** | 322 | 223 |  | **545** | **3779** |
| Brazil | 1425 | 2143 | 902 | **4470** | 63 |  | 6 | **69** | **4539** |
| United States of America |  | 263 |  | **263** | 1017 |  | 42 | **1059** | **1322** |
| Americas, except United States and Brazil |  | 558 |  | **558** | 720 | 202 |  | **922** | **1480** |
| Germany | 465 | 253 |  | **718** | 418 | 357 |  | **775** | **1493** |
| Europe, except Germany | 1377 | 55 |  | **1432** | 742 | 1886 | 51 | **2679** | **4111** |
| Middle East, Africa, and Oceania |  | 2958 |  | **2958** | 34 |  |  | **34** | **2992** |
| **Net operating revenue** | **35119** | **7268** | **917** | **43304** | **4524** | **3653** | **254** | **8431** | **51735** |

---

(i) Includes operating revenue of China Mainland in the amount of R$23,877 (US$4,230 million) (2024: R$26,082 (US$4,994 million)) and Taiwan in the amount of R$559 (US$99 million) (2024: R$1,099 (US$210 million)).

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** | **Six-month period ended June 30, 2025** |
|  | **Iron Solutions** | **Iron Solutions** | **Iron Solutions** | **Iron Solutions** | **Energy Transition Metals** | **Energy Transition Metals** | **Energy Transition Metals** | **Energy Transition Metals** | |
| | **Iron ore** | **Iron ore pellets** | **Other ferrous products and logistics services** | **Total Iron Solutions** | **Nickel and other products** | **Copper** | **Other energy transition metals** | **Total Energy Transition Metals** | **Net operating revenue** |
| China (i) | 44792 |  |  | **44792** | 1137 | 1115 | 104 | **2356** | **47148** |
| Japan | 5769 | 335 | 4 | **6108** | 611 |  |  | **611** | **6719** |
| Asia, except Japan and China | 6134 | 702 | 51 | **6887** | 1115 | 1234 | 41 | **2390** | **9277** |
| Brazil | 2775 | 4047 | 2025 | **8847** | 224 |  | 65 | **289** | **9136** |
| United States of America |  | 697 | 4 | **701** | 2422 |  | 154 | **2576** | **3277** |
| Americas, except United States and Brazil |  | 542 | 1 | **543** | 1567 |  |  | **1567** | **2110** |
| Germany | 916 | 412 |  | **1328** | 1534 | 2371 | 33 | **3938** | **5266** |
| Europe, except Germany | 2303 | 265 |  | **2568** | 2562 | 4039 | 64 | **6665** | **9233** |
| Middle East, Africa, and Oceania |  | 4842 |  | **4842** | 210 |  |  | **210** | **5052** |
| **Net operating revenue** | **62689** | **11842** | **2085** | **76616** | **11382** | **8759** | **461** | **20602** | **97218** |

---

13.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** | **Six-month period ended June 30, 2024** |
|  | **Iron Solutions** | **Iron Solutions** | **Iron Solutions** | **Iron Solutions** | **Energy Transition Metals** | **Energy Transition Metals** | **Energy Transition Metals** | **Energy Transition Metals** | |
| | **Iron ore** | **Iron ore pellets** | **Other ferrous products and logistics services** | **Total Iron Solutions** | **Nickel and other products** | **Copper** | **Other energy transition metals** | **Total Energy Transition Metals** | **Net operating revenue** |
| China (i) | 43637 |  |  | **43637** | 889 | 1772 | 155 | **2816** | **46453** |
| Japan | 6285 | 779 | 4 | **7068** | 1155 |  |  | **1155** | **8223** |
| Asia, except Japan and China | 4941 | 774 | 26 | **5741** | 779 | 208 |  | **987** | **6728** |
| Brazil | 3055 | 4721 | 1619 | **9395** | 101 |  | 20 | **121** | **9516** |
| United States of America |  | 522 |  | **522** | 1899 |  | 105 | **2004** | **2526** |
| Americas, except United States and Brazil |  | 1158 |  | **1158** | 1330 | 503 |  | **1833** | **2991** |
| Germany | 802 | 427 |  | **1229** | 897 | 984 |  | **1881** | **3110** |
| Europe, except Germany | 2572 | 258 |  | **2830** | 1520 | 3040 | 106 | **4666** | **7496** |
| Middle East, Africa, and Oceania | 33 | 6476 |  | **6509** | 74 |  |  | **74** | **6583** |
| **Net operating revenue** | **61325** | **15115** | **1649** | **78089** | **8644** | **6507** | **386** | **15537** | **93626** |

---

(i) Includes operating revenue of China Mainland in the amount of R$46,092 (US$8,031 million) (2024: R$44,273 (US$8,668 million)) and Taiwan in the amount of R$1,056 (US$184 million) (2024: R$2,180 (US$429 million)).

No customer individually represented 10% or more of the Company's revenues in the periods presented above.

**c) Costs of goods and services rendered by business segment**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Consolidated** | **Consolidated** |
|  | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Iron Ore | 19142 | 18576 | 35535 | 31968 |
| Iron Ore Pellets | 3267 | 3676 | 6531 | 7334 |
| Other ferrous products and logistics services | 797 | 800 | 1593 | 1350 |
| **Iron Solutions** | **23206** | **23052** | **43659** | **40652** |
| Nickel | 4428 | 3804 | 9731 | 7637 |
| Copper | 2279 | 2043 | 4253 | 3673 |
| Other Energy Transition Metals | 206 | 258 | 431 | 429 |
| **Energy Transition Metals** | **6913** | **6105** | **14415** | **11739** |
| **Depreciation, depletion and amortization** | **4302** | **3977** | **8158** | **7337** |
| **Cost of goods sold and services rendered** | **34421** | **33134** | **66232** | **59728** |

---

**d) Assets by geographic area**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Investments in associates and joint ventures** | **Intangible** | **Property, plant and equipment** | **Total** | **Investments in associates and joint ventures** | **Intangible** | **Property, plant and equipment** | **Total** |
| Brazil | 12600 | 48928 | 177842 | **239370** | 12670 | 54781 | 177757 | **245208** |
| Canada |  | 9565 | 53946 | **63511** |  | 10315 | 58533 | **68848** |
| Americas, except Brazil and Canada |  |  | 22 | **22** |  |  | 21 | **21** |
| Indonesia | 10187 |  | 352 | **10539** | 11676 |  | 376 | **12052** |
| China |  | 6 | 16 | **22** |  | 3 | 25 | **28** |
| Asia, except Indonesia and China |  | 2 | 3560 | **3562** |  | 2 | 4046 | **4048** |
| Europe |  |  | 3247 | **3247** |  | 1 | 3647 | **3648** |
| Oman | 3321 | 2 | 2729 | **6052** | 3812 | 3 | 3189 | **7004** |
| **Total** | **26108** | **58503** | **241714** | **326325** | **28158** | **65105** | **247594** | **340857** |

---

14.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**5. Costs and expenses by nature**

**a) Cost of goods sold, and services rendered**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Services | 6764 | 6259 | 12727 | 11365 |
| Freight | 6482 | 6188 | 12403 | 10836 |
| Depreciation, depletion and amortization | 4302 | 3977 | 8158 | 7337 |
| Personnel | 4016 | 3565 | 7946 | 6307 |
| Materials | 4179 | 3756 | 7703 | 6933 |
| Acquisition of products | 3541 | 2586 | 6790 | 4440 |
| Royalties | 1730 | 1814 | 3241 | 3244 |
| Fuel oil and gas | 1633 | 1893 | 3181 | 3722 |
| Energy | 778 | 816 | 1490 | 1654 |
| Others | 996 | 2280 | 2593 | 3890 |
| **Total** | **34421** | **33134** | **66232** | **59728** |

---

**b) Selling and administrative expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Personnel | 332 | 274 | 691 | 605 |
| Services | 188 | 230 | 343 | 401 |
| Depreciation and amortization | 41 | 52 | 182 | 101 |
| Other | 181 | 161 | 371 | 306 |
| **Total** | **742** | **717** | **1587** | **1413** |

---

**c) Other operating expenses, net**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
| | <br>**Notes** | **2025** | **2024** | **2025** | **2024** |
| Expenses related to Brumadinho event | 23 | (532) | (358) | (1144) | (861) |
| Reversal in provisions related to de-characterization of dam and asset decommissioning obligation, net | 25 | 292 | 486 | 294 | 743 |
| Provision for litigations | 26(a) | (190) | (266) | (521) | (515) |
| Profit sharing program |  | (130) | (207) | (361) | (630) |
| Expenses related with socio-environmental commitments |  | (193) | (185) | (273) | (242) |
| Others |  | (499) | (951) | (760) | (1214) |
| **Total** |  | **(1252)** | **(1481)** | **(2765)** | **(2719)** |

---

15.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**6. Financial results**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
| | <br>**Notes** | **2025** | **2024** | **2025** | **2024** |
| **Financial income** |  |  |  |  |  |
| Short-term investments |  | 537 | 390 | 1111 | 791 |
| Other |  | 100 | 16 | 204 | 153 |
|  |  | **637** | **406** | **1315** | **944** |
| **Financial expenses** |  |  |  |  |  |
| Loans and borrowings interest | 9(c) | (1301) | (1056) | (2595) | (1880) |
| Bond premium repurchase | 9(c) | – | – | (254) | – |
| Interest on supplier finance arrangements |  | (244) | (227) | (473) | (456) |
| Interest on REFIS |  | (133) | (124) | (240) | (261) |
| Interest on lease liabilities | 22 | (45) | (70) | (89) | (141) |
| Other |  | (559) | (424) | (861) | (844) |
|  |  | **(2282)** | **(1901)** | **(4512)** | **(3582)** |
| **Other financial items, net** |  |  |  |  |  |
| Foreign exchange and indexation gains (losses), net |  | 210 | (1360) | (1838) | (3227) |
| Participative shareholders' debentures | 20 | (643) | (1254) | (418) | (437) |
| Derivative financial instruments, net | 18 | 3082 | (2505) | 7639 | (2491) |
|  |  | **2649** | **(5119)** | **5383** | **(6155)** |
| **Total** |  | **1004** | **(6614)** | **2186** | **(8793)** |

---

**7. Taxes**

In December 2021, the Organization for Economic Co-operation and Development ("OECD") released the Pillar Two model rules to reform international corporate taxation. Multinational economic groups within the scope of these rules are required to calculate their effective tax rate in each country where they operate, the "GloBE effective tax rate".

When the effective GloBE rate of any entity in the economic group, aggregated by jurisdiction where the group operates, is lower than the minimum rate defined at 15%, the multinational group must pay a supplementary amount of tax on profit, referring to the difference between its rate effective GloBE and the minimum tax rate.

The Company is subject to OECD Pillar Two model rules in Australia, Brazil, Canada, Indonesia, Japan, Luxembourg, Malaysia, Netherlands, Singapore, Switzerland and United Kingdom. Therefore, the impacts from Pilar Two are already being considered on the calculation of income tax for these jurisdictions.

However, the Company does not expect material impacts on the calculation of income tax or on the financial statements for the current and future periods, from the application of the Pillar Two rules currently in effect.

The Company applied the relief from the requirement to recognize and disclose deferred taxes arising from enacted or substantively enacted tax law that implements the Pillar Two model rule, according to IAS 12 – Income taxes.

**a) Income tax reconciliation**

Income tax expense is recognized based on the estimate of the weighted average effective tax rate expected for the full year, adjusted for the tax effect of certain items that are recognized in full on the interim tax calculation. Therefore, the effective tax rate in the interim financial statements may differ from management's estimate of the effective tax rate for the year. The reconciliation of the taxes calculated according to the nominal tax rates and the amount of taxes recorded is shown below:

16.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Consolidated** | **Consolidated** | **Parent company** | **Parent company** |
|  | | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Three-month period ended June 30,** |
|  | <br>**Notes** | **2025** | **2024** | **2025** | **2024** |
| **Income before income taxes** |  | **11987** | **14349** | **11602** | **13483** |
| **Income taxes at statutory rate (34%)** |  | **(4076)** | **(4879)** | **(3945)** | **(4584)** |
| **Adjustments that affect the taxes basis:** |  |  |  |  |  |
| Tax incentives |  | 3275 | 1564 | 2687 | 1498 |
| Addition of tax loss carryforward |  | 1070 | 2079 | 1585 | 2331 |
| Equity results |  | (81) | 15 | 83 | 1978 |
| Effects on tax computation of foreign operations |  | 194 | (57) | (22) | 9 |
| Reclassification of cumulative adjustments to the income statement |  | – | (25) | – |  |
| Gain on divestment in PTVI | 15(b) | – | 1931 | – |  |
| Other |  | (182) | (391) | 91 | (123) |
| **Income taxes** |  | **200** | **237** | **479** | **1109** |
| Current tax |  | (1627) | (3361) | (857) | (2597) |
| Deferred tax |  | 1827 | 3598 | 1336 | 3706 |
| **Income taxes** |  | **200** | **237** | **479** | **1109** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Consolidated** | **Consolidated** | **Parent company** | **Parent company** |
|  | | **Six-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
|  | <br>**Notes** | **2025** | **2024** | **2025** | **2024** |
| **Income before income taxes** |  | **24055** | **24896** | **24157** | **28355** |
| **Income taxes at statutory rate (34%)** |  | **(8179)** | **(8465)** | **(8213)** | **(9641)** |
| **Adjustments that affect the taxes basis:** |  |  |  |  |  |
| Tax incentives |  | 5672 | 3889 | 4583 | 3761 |
| Addition of tax loss carryforward |  | 655 | 1224 | (186) | (1200) |
| Equity results |  | (27) | (19) | 848 | 1513 |
| Tax effects on temporary differences – Energy Assets | 15(a) | (771) |  | (771) |  |
| Effects on tax computation of foreign operations |  | (448) | (109) | (42) |  |
| Reclassification of cumulative adjustments to the income statement |  | (19) | (114) | – |  |
| Gain on divestment in PTVI | 15(b) | – | 1931 | – |  |
| Other |  | (578) | (315) | (131) | 95 |
| **Income taxes** |  | **(3695)** | **(1978)** | **(3912)** | **(5472)** |
| Current tax |  | (2725) | (6990) | (1666) | (5870) |
| Deferred tax |  | (970) | 5012 | (2246) | 398 |
| **Income taxes** |  | **(3695)** | **(1978)** | **(3912)** | **(5472)** |

---

17.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**b) Deferred income tax assets and liabilities**

---

| | | | |
|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** |
| | **Assets** | | |
| **Balance as of December 31, 2024** | **51050** | **Liabilities**<br> **2757** | **Deferred taxes, net**<br> **48293** |
| Effect in income statement | (790) | 181 | (971) |
| Other comprehensive income | 10 | 38 | (28) |
| Transfer between assets and liabilities | (507) | (507) | – |
| Translation adjustment | (730) | (83) | (647) |
| Transfer to held for sale (Energy Assets) | (56) | (1694) | 1638 |
| **Balance as of June 30, 2025** | **48977** | **692** | **48285** |
| **Balance as of December 31, 2023** | **46307** | **4210** | **42097** |
| Effect in income statement | 4576 | (501) | 5077 |
| Other comprehensive income | 3145 | 75 | 3070 |
| Transfer between assets and liabilities | 257 | 257 | – |
| Translation adjustment | 919 | 439 | 480 |
| **Balance as of June 30, 2024** | **55204** | **4480** | **50724** |

---

**c) Income taxes - Settlement program ("REFIS")**

---

| | | |
|:---|:---|:---|
|  | **Consolidated** | **Consolidated** |
| | **June 30, 2025** | **December 31, 2024** |
| Current liabilities | 2250 | 2184 |
| Non-current liabilities | 5297 | 6234 |
| **REFIS liabilities** | **7547** | **8418** |
| **SELIC rate** | **15.00%** | **12.25%** |

---

The balance mainly relates to the settlement program of claims regarding the collection of income tax and social contribution on equity gains of foreign subsidiaries and associates from 2003 to 2012. This amount bears SELIC interest rate (Special System for Settlement and Custody) and will be paid in monthly installments until October 2028 and the impact of the SELIC over the liability is recorded under the Company's financial results (note 6).

**d) Uncertain tax positions ("UTP")**

The amount under discussion with the tax authorities is R$38,389 (US$7,034 million) as of June 30, 2025 (December 31, 2024: R$36,773 (US$5,939 million) which may reduce tax losses by R$3,693 (US$677 million) as of June 30, 2025 (December 31, 2024: R$3,693 (US$596 million)), if the tax authority does not accept the tax treatment adopted by the Company in relation to these matters.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **UTPs not recorded on statement of financial position (iii)** | **Assessed (i)** | **Potential (ii)** | **Total** | **Assessed (i)** | **Potential (ii)** | **Total** |
| Transfer pricing over the exportation of ores to a foreign subsidiary | 21801 | 9958 | **31759** | 20974 | 9958 | **30932** |
| Expenses of interest on capital | 8180 | – | **8180** | 7814 | – | **7814** |
| Proceeding related to income tax paid abroad | 2737 | – | **2737** | 2642 | – | **2642** |
| Goodwill amortization | 4832 | 417 | **5249** | 4603 | 386 | **4989** |
| Payments to Renova Foundation | 1940 | 2171 | **4111** | 1865 | 2171 | **4036** |
| Other | 2592 | – | **2592** | 2568 | – | **2568** |
|  | **42082** | **12546** | **54628** | **40466** | **12515** | **52981** |
| **UTPs recorded on statement of financial position** |  |  |  |  |  |  |
| Deduction of CSLL in Brazil | 985 | – | **985** | 952 | – | **952** |
|  | **985** | **–** | **985** | **952** | **–** | **952** |

---

(i) Includes the tax effects arising from the reduction of the tax losses and negative basis of the CSLL without fines and interest.

(ii) Includes the principal, without fines and interest.

(iii) Based on the assessment of its internal and external legal advisors, the Company believes that the tax treatment adopted for these matters will be accepted in decisions of the higher courts on last instance.

18.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**e) Recoverable and taxes payables**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | **Consolidated** |
|  | **Current assets** | **Current assets** | **Non-current assets** | **Non-current assets** | **Current liabilities** | **Current liabilities** |
| | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** |
| Value-added tax ("ICMS") | 1660 | 1609 | 89 | 18 | 624 | 211 |
| Brazilian federal contributions ("PIS" and "COFINS") | 910 | 1646 | 6366 | 6036 | 14 | 90 |
| Income taxes | 4640 | 3490 | 1885 | 1975 | 3872 | 1961 |
| Financial compensation for the exploration of mineral resources ("CFEM") |  |  |  |  | 350 | 387 |
| Other | 75 | 66 |  | 1 | 701 | 910 |
| **Total** | **7285** | **6811** | **8340** | **8030** | **5561** | **3559** |

---

**8. Basic and diluted earnings per share**

The basic and diluted earnings per share are presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income attributable to Vale S.A.'s shareholders** | **12081** | **14592** | **20245** | **22883** |
| **Thousands of shares** |  |  |  |  |
| Weighted average number of common shares outstanding | 4268779 | 4274769 | 4268769 | 4283095 |
| Weighted average number of common shares outstanding and potential ordinary shares | 4274808 | 4279782 | 4274798 | 4288108 |
| **Basic and diluted earnings per share** | 2.83 | 3.41 | 4.74 | 5.34 |

---

**9. Cash flows reconciliation**

**a) Cash flow from operating activities**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Consolidated** | **Consolidated** | **Parent company** | **Parent company** |
|  | | **Six-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
|  | <br>**Notes** | **2025** | **2024** | **2025** | **2024** |
| **Cash flow from operating activities:** |  |  |  |  |  |
| **Income before income taxes** |  | **24055** | **24896** | **24157** | **28355** |
| **Adjusted for:** |  |  |  |  |  |
| Equity results from subsidiaries | 14 |  |  | (2573) | (4520) |
| Equity results and other results in associates and joint ventures | 14 | 24 | (1200) | 24 | (1200) |
| Impairment and gains (losses) on disposal of non-current assets, net | 15(a), 15(b), 16 and 17 | 2199 | (5415) | 1577 | 163 |
| Review of estimates related to the provision of Brumadinho | 23 | 280 | (113) | 280 | (113) |
| Review of estimates related to the provision of de-characterization of dams | 25 | (363) | (683) | (363) | (683) |
| Depreciation, depletion and amortization |  | 8521 | 7677 | 5313 | 4802 |
| Financial results, net | 6 | (2186) | 8793 | (1007) | 7971 |
| **Changes in assets and liabilities:** |  |  |  |  |  |
| Accounts receivable | 10 | 1074 | 8785 | 5156 | 2038 |
| Inventories | 11 | (2264) | (2154) | (32) | 477 |
| Suppliers and contractors | 12 | 3842 | (640) | 2820 | (853) |
| Other assets and liabilities, net |  | (4125) | (5590) | (3190) | (1433) |
| **Cash flow from operations** |  | **31057** | **34356** | **32162** | **35004** |

---

19.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**b) Cash flow from investing activities**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Consolidated** | **Consolidated** | **Parent company** | **Parent company** |
|  | **Six-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
| | **Notes** | **2025** | **2024** | **2025** | **2024** |
| Proceeds from the partial disposal of VBML shares | 15(c) |  | 12697 |  |  |
| Proceeds from the partial disposal of PTVI shares | 15(b) |  | 862 |  |  |
| **Cash received from disposal of investments, net** |  |  | **13559** |  | **—** |

---

**c) Reconciliation of debt to cash flows arising from financing activities**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | **Quoted in the secondary market** | **Other debt contracts in Brazil** | **Other debt contracts on the international market** | **Total** |
| **December 31, 2024** | **52879** | **2088** | **36631** | **91598** |
| Additions | 10324 | – | 8350 | 18674 |
| Payments | (2073) | (123) | (3445) | (5641) |
| Interest paid (i) | (1760) | (53) | (1107) | (2920) |
| **Cash flow from financing activities** | **6491** | **(176)** | **3798** | **10113** |
| Transfer to held for sale (Energy Assets) | (1206) | (170) | – | (1376) |
| Effect of exchange rate | (5530) | (109) | (4348) | (9987) |
| Interest accretion | 2209 | 50 | 958 | 3217 |
| **Non-cash changes** | **(4527)** | **(229)** | **(3390)** | **(8146)** |
| **June 30, 2025** | **54843** | **1683** | **37039** | **93565** |
| **December 31, 2023** | **36182** | **1211** | **22982** | **60375** |
| Additions | 5389 | 0 | 4777 | 10166 |
| Payments | (256) | (119) | (2717) | (3092) |
| Interest paid (i) | (1160) | (55) | (804) | (2019) |
| **Cash flow from financing activities** | **3973** | **(174)** | **1256** | **5055** |
| Effect of exchange rate | 5216 | 0 | 3952 | 9168 |
| Interest accretion | 1157 | 55 | 739 | 1951 |
| **Non-cash changes** | **6373** | **55** | **4691** | **11119** |
| **June 30, 2024** | **46528** | **1092** | **28929** | **76549** |

---

(i) Classified as operating activities in the statement of cash flows.

**Funding**

&nbsp;&nbsp;&nbsp;&nbsp;• In June 2025, the
Company issued debentures of R$6.000 (US$1,080 million) indexed to IPCA plus 6.76% to 6.89% per year, paid semi-annually. The issuance
was structured in three series of R$2.000 (US$360 million) each, maturing in 2032, 2035, and 2037. The proceeds will be used in infrastructure
projects related with the railway concessions.

&nbsp;&nbsp;&nbsp;&nbsp;• In June 2025, the
Company contracted loan of R$823 (US$150 million) with Bank of China indexed to SOFR plus spread adjustments and maturing in 2030.

&nbsp;&nbsp;&nbsp;&nbsp;• In June 2025, the
Company contracted a loan of R$556,5 (US$100 million) with HSBC Bank indexed to SOFR plus spread adjustments and maturing in 2028.

&nbsp;&nbsp;&nbsp;&nbsp;• In June 2025, the
Company contracted a loan of R$1.379 (US$247 million) with Industrial and Commercial Bank of China indexed to SOFR plus spread adjustments
and maturing in 2030.

&nbsp;&nbsp;&nbsp;&nbsp;• In May 2025, the Company
contracted a loan of R$565 (US$100 million) with Oversea-Chinese Banking Corporation indexed to SOFR plus spread adjustments and maturing
in 2026.

&nbsp;&nbsp;&nbsp;&nbsp;• In March 2025, the
Company contracted a loan of R$287 (US$50 million) with DBS Bank indexed to SOFR plus spread adjustments and maturing in 2026.

&nbsp;&nbsp;&nbsp;&nbsp;• In March 2025, the
Company contracted a loan of R$1,552 (US$270 million) with Credit Agricole Bank indexed to SOFR plus spread adjustments and maturing in
2029. &nbsp;&nbsp;&nbsp;&nbsp;• In February 2025,
the Company issued bonds of R$4,324 (US$750 million) with a coupon of 6.40% per year, payable semi-annually, and maturing in 2054.

&nbsp;&nbsp;&nbsp;&nbsp;• In February 2025,
the Company contracted a loan of R$1,557 (US$270 million) with Credit Agricole Bank indexed to SOFR plus spread adjustments and maturing
in 2029.

&nbsp;&nbsp;&nbsp;&nbsp;• In January 2025, the
Company contracted a loan of R$1,629 (US$271 million) with Credit Agricole Bank indexed to SOFR plus spread adjustments and maturing in
2029. 20.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

&nbsp;&nbsp;&nbsp;&nbsp;• In March 2024, the
Company contracted a loan of R$1,791 (US$360 million) with the Japan Bank of International Cooperation ("JBIC") indexed to
SOFR plus spread adjustments and maturing in 2035.

&nbsp;&nbsp;&nbsp;&nbsp;• In March 2024, the
Company contracted a loan of R$300 (US$60 million) with the CIBC indexed to SOFR plus spread adjustments and maturing in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• In February 2024,
the Company contracted a loan of R$827 (US$166 million) with Banco Santander indexed to SOFR plus spread adjustments and maturing in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• In February 2024,
the Company contracted a loan of R$170 (US$34 million) with Credit Agricole Bank indexed to SOFR plus spread adjustments and maturing
in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• From January to February
2024, the Company contracted a loan of R$1,238 (US$250 million) with Banco Bradesco with a fixed rate maturing in 2025.

**Payments**

&nbsp;&nbsp;&nbsp;&nbsp;• In April 2025, the
Company paid principal and interest of debentures, in the amount of R$164 (US$28 million).

&nbsp;&nbsp;&nbsp;&nbsp;• In March 2025, Vale
redeemed notes maturing in 2034, 2036 and 2039, in the total amount of R$1.890 (US$329 million) and paid a premium of R$254 (US$44 million),
recorded as "Bond premium repurchase" in the financial results for the six-month period ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• In March 2025, the
Company partially settled the loan contracted with The New Development Bank ("NDB"), in the amount of R$862 (US$150 million).

&nbsp;&nbsp;&nbsp;&nbsp;• In January 2024, the
Company paid principal and interest of debentures, in the amount of R$226 (US$46 million).

**d) Non-cash transactions**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Parent company** | **Parent company** |
|  | **Six-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Non-cash transactions:** |  |  |  |  |
| Additions to PP&E with capitalized loans and borrowing costs | 71 | 69 | 71 | 69 |

---

**10. Accounts receivable**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Consolidated** | **Consolidated** | **Parent company** | **Parent company** |
| | <br>**Notes** | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** |
| <br>**Receivables from contracts with customers** | | | | | |
| Third parties |  |  |  |  |  |
| Iron Solutions |  | 7580 | 9536 | 1797 | 2339 |
| Energy Transition Metals |  | 4529 | 4880 | – | – |
| Other |  | 73 | 121 | 38 | 75 |
| Related parties | 29(b) | 804 | 385 | 19601 | 26329 |
| **Accounts receivable** |  | **12986** | **14922** | **21436** | **28743** |
| Expected credit loss |  | (295) | (322) | (84) | (80) |
| **Accounts receivable, net** |  | **12691** | **14600** | **21352** | **28663** |

---

21.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**Provisionally priced commodities sales -** The Company is mainly exposed to iron ore and copper price risk. The determination of the final sales price for these commodities is based on the pricing period outlined in the sales contracts, typically occurring after the revenue recognition date. Consequently, the Company initially recognizes revenue using a provisional invoice. Subsequently, the receivables associated with provisionally priced products are measured at fair value through profit or loss (note 19). Any fluctuations in the value of these receivables are reflected in the Company's net operating revenue.

The sensitivity of the Company's risk related to the final settlement of provisionally priced accounts receivables is detailed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Thousand metric tons** | **Provisional price (US$/ton)** | **Variation** | **Effect on revenue (R$ million)** |
| Iron ore | 20353 | 94 | +/- 10% | +/- 1,086 |
| Copper | 63 | 9483 | +/- 10% | +/- 336 |

---

**11. Inventories**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Consolidated** | **Consolidated** | **Parent company** | **Parent company** |
| | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** |
| <br>**Finished products** | | | | |
| Iron Solutions | 15307 | 15435 | 5481 | 5355 |
| Energy Transition Metals | 3570 | 3535 | – | – |
|  | **18877** | **18970** | **5481** | **5355** |
| Work in progress | 3946 | 4282 | – | 3 |
| Consumable inventory | 5804 | 6119 | 2566 | 2733 |
| Net realizable value provision (i) | (21) | (858) | (16) | (116) |
| **Total of inventories** | **28606** | **28513** | **8031** | **7975** |

---

(i) In the six-month period ended June 30, 2025, the effect of provision for net realizable value was R$444 (US$78 million) (2024: R$265 (US$53 million)).

**12. Suppliers and contractors**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Consolidated** | **Consolidated** | **Parent company** | **Parent company** |
|  | <br>**Notes** | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** |
| Third parties |  | 28205 | 24797 | 16861 | 14398 |
| Related parties | 29(b) | 1557 | 1420 | 1117 | 888 |
| **Total** |  | **29762** | **26217** | **17978** | **15286** |

---

The financial liabilities presented as Suppliers and contractors in the Company's statement of financial position represent the outstanding balance of invoices with suppliers for purchases of goods and services, being the average due date usually approximately 60 days.

The Company enters into supplier finance arrangements ("Arrangements") as part of the working capital strategy used in the Company's usual operating cycle, being the payment term extension limited to a short-term period. The Company is also party in agreements structured so that certain suppliers can advance their receivables with Vale due to purchases of materials and services, without any type of change in value or payment terms for the Company. These supplier finance arrangements continue to be presented as suppliers in the Company's statement of financial position, as the terms and conditions of the original liabilities were not substantially modified. The carrying amount related to these transactions is shown below:

22.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Parent company** | **Parent company** |
|  | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** |
| Carrying amount of accounts payable included in the Arrangements of which suppliers have already received payment | 7481 | 8313 | 6225 | 6816 |
| Carrying amount of accounts payable included in the Arrangements of which suppliers have not yet received payment | – | 36 | – | – |
| **Total carrying amount relating to Arrangements with suppliers and contractors** | **7481** | **8349** | **6225** | **6816** |

---

Financial charges related to the increase in payment terms are recognized in the financial results as interest on supplier finance arrangements (note 6). The financial charges recognized in the income statement for the six-month period ended June 30, 2025 and 2024 due to the Arrangements totaled, respectively, R$473 (US$82 million) and R$456 (US$90 million).

**13. Other financial assets and liabilities**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | | **Current** | **Current** | **Non-Current** | **Non-Current** |
| | **Notes** | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** |
| <br>**Other financial assets** | | | | | |
| Restricted cash |  | – | – | 46 | 78 |
| Derivative financial instruments | 18 | 2285 | 331 | 1552 | 91 |
| Investments in equity securities |  | – | – | 310 | 337 |
| Loans - Related parties | 29(a) | 416 | – | 399 | 923 |
|  |  | **2701** | **331** | **2307** | **1429** |
| **Other financial liabilities** |  |  |  |  |  |
| Derivative financial instruments | 18 | 633 | 1220 | 610 | 2650 |
| Other financial liabilities - Related parties | 29(b) | 1053 | 1803 | – | – |
| Liabilities related to the concession grants | 13(a) | 2940 | 2895 | 11417 | 11684 |
| Other |  | 1075 | 1961 | 1 | 199 |
|  |  | **5701** | **7879** | **12028** | **14533** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Parent company** | **Parent company** | **Parent company** | **Parent company** |
| | | **Current** | **Current** | **Non-Current** | **Non-Current** |
| | <br>**Notes** | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** |
| <br>**Other financial assets** | | | | | |
| Restricted cash |  | – | – | 26 | 24 |
| Derivative financial instruments | 18 | 1904 | 194 | 1106 | 35 |
| Investments in equity securities |  | – | – | 114 | 120 |
|  |  | **1904** | **194** | **1246** | **179** |
| **Other financial liabilities** |  |  |  |  |  |
| Derivative financial instruments | 18 | 405 | 1124 | 378 | 2491 |
| Pre-export payments - Related parties | 29(b) | 14172 | 14731 | 50774 | 58976 |
| Other financial liabilities - Related parties | 29(b) | 2715 | 3380 | – | – |
| Liabilities related to the concession grants | 13(a) | 2940 | 2895 | 11417 | 11684 |
| Other |  | – | – | 1 | 1 |
|  |  | **20232** | **22130** | **62570** | **73152** |

---

23.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**a) Liabilities related to the concession grants**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Discount rate** | **Discount rate** | **Discount rate** |
| | **December 31, 2024** | **Revision to estimates** | **Monetary and present value adjustments** | **Disbursements** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **Remaining term of obligations** |
| Payment obligation | 6924 | 90 | 293 | (157) | 7150 | 6.94% - 11.04% | 7.32% - 11.04% | 32 years |
| Infrastructure investment | 7655 | 166 | 296 | (910) | 7207 | 6.82% - 8.13% | 7.43% - 8.12% | 8 years |
|  | **14579** | **256** | **589** | **(1067)** | **14357** |  |  |  |
| Current liabilities | 2895 |  |  |  | 2940 |  |  |  |
| Non-current liabilities | 11684 |  |  |  | 11417 |  |  |  |
| **Liabilities** | **14579** |  |  |  | **14357** |  |  |  |

---

In December 2020, the Company entered into an agreement with the Federal Government to continue operating its concessions of the Estrada de Ferro Carajás ("EFC") and Estrada de Ferro Vitória a Minas ("EFVM") for thirty years more, extending the maturity date from 2027 to 2057.

Vale, the Brazilian National Land Transportation Agency ("ANTT") and the Brazilian Federal Government, through the Ministry of Transportation (together: "Parties"), had been discussing the general conditions for concession contracts and on December 30, 2024, the general basis for the renegotiation were agreed among the Parties and will comply with usual formalities and will be submitted for the authorities' evaluation and approval. The renegotiation will be performed under the terms of the concession contracts, which remain in force, aiming to promote their modernization and updating.

24.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**14. Investments in associates and joint ventures**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Business** | **% ownership** | **December 31, 2024** | **Additions and capitalizations** | **Equity results in income statement** | **Dividends declared** | **Translation adjustment** | **Transfer to assets held for sale (note 15a)** | **Other** | **June 30, 2025** |
| <br>**Direct subsidiaries** | | | | | | | | | | |
| **In Brazil** | | | | | | | | | | |
| Aliança Geração de Energia S.A. (i) | Iron ore | 100.00 | 5995 | – | 168 | – | – | (5489) | (674) | – |
| Companhia Portuária da Baía de Sepetiba | Iron ore | 100.00 | 557 | – | 68 | – | – | – | 26 | 651 |
| Minerações Brasileiras Reunidas S.A. | Iron ore | 100.00 | 1401 | – | 63 | (20) | – | – | – | 1444 |
| Minerações Brasileiras Reunidas S.A. – Goodwill | – |  | 4060 | – | – | – | – | – | – | 4060 |
| Tecnored Desenvolvimento Tecnológico S.A. | Iron ore | 100.00 | 133 | 133 | (58) | – | – | – | – | 208 |
| Valepar – Goodwill | – |  | 3073 | – | – | – | – | – | – | 3073 |
| Other | – |  | 865 | 183 | 19 | – | – | – | 153 | 1220 |
| **Abroad** |  |  |  |  |  |  |  |  |  | – |
| Vale Holdings B.V. | Holding | 100.00 | 108208 | – | 2528 | – | (8079) | – | 330 | 102987 |
| Other | – |  | 290 | 185 | (215) | – | (34) | – | 1 | 227 |
|  |  |  | **124582** | **501** | **2573** | **(20)** | **(8113)** | **(5489)** | **(164)** | **113870** |
| **Associates and joint ventures** |  |  |  |  |  |  |  |  |  |  |
| **In Brazil** |  |  |  |  |  |  |  |  |  |  |
| Aliança Norte Energia Participações S.A. | Energy | 51.00 | 459 | – | (61) | – | – | – | – | 398 |
| Anglo American Minério de Ferro do Brasil | Iron ore | 15.00 | 4104 | 7 | 180 | (205) | (478) | – | 1 | 3609 |
| Companhia Coreano-Brasileira de Pelotização | Pellets | 50.00 | 468 | – | 40 | (36) | – | – | – | 472 |
| Companhia Hispano-Brasileira de Pelotização | Pellets | 50.89 | 257 | – | 20 | (21) | – | – | – | 256 |
| Companhia Ítalo-Brasileira de Pelotização | Pellets | 50.90 | 377 | – | 24 | – | – | – | 30 | 431 |
| Companhia Nipo-Brasileira de Pelotização | Pellets | 51.00 | 800 | – | 59 | – | – | – | 2 | 861 |
| Samarco Mineração S.A. (note 24) | Pellets | 50.00 | – | – | – | – | – | – | – | – |
| MRS Logística S.A. | Logistics | 49.01 | 3659 | – | 376 | – | – | – | (1) | 4034 |
| VLI S.A. | Logistics | 29.60 | 2111 | – | 203 | (92) | – | – | – | 2222 |
| Other | – |  | 435 | 8 | 4 | (4) | – | – | (126) | 317 |
| **Abroad** |  |  |  |  |  |  |  |  |  |  |
| PT Vale Indonesia Tbk | Energy transition metals | 33.88 | 11676 | – | (40) | (67) | (1382) | – | – | 10187 |
| Vale Oman Distribution Center | Logistics | 50.00 | 3812 | – | 74 | (114) | (451) | – | – | 3321 |
| **Consolidated total investment** |  |  | **28158** | **15** | **879** | **(539)** | **(2311)** | **–** | **(94)** | **26108** |
| **Parent Company's total investment** |  |  | **152740** | **516** | **3452** | **(559)** | **(10424)** | **(5489)** | **(258)** | **139978** |
| Other results in investments (ii) |  |  |  |  | (903) |  |  |  |  |  |
| **Equity results and other results** |  |  |  |  | **2549** |  |  |  |  |  |

---

(i) The value presented in the column "Other" refers to the impairment loss in the amount of R$674 (US$117 million), allocated to goodwill on the investment in Aliança Geração de Energia S.A. (note 15a).

(ii) It refers substantially to the addition in the provision related to Samarco dam failure (note 24b).

25.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**15. Acquisitions and divestitures**

**Effects on the income statement**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
|  | **Reference** | **2025** | **2024** | **2025** | **2024** |
| Energy Assets | 15(a) and 16 | – | – | (674) | – |
| PT Vale Indonesia Tbk | 15(b) | – | 5710 | – | 5710 |
|  |  | **–** | **5710** | **(674)** | **5710** |

---

**a) Divestment on Energy Assets –** In March 2025, the Company signed an agreement with Global Infrastructure Partners ("GIP") for the sale of 70% of its stake in Aliança Geração de Energia S.A. ("Aliança Energia"), including the operations of Sol do Cerrado solar plant and Risoleta Neves hydroelectric plant, which are assets of the Company and will be transferred to Aliança Energia upon closing of the transaction, for the amount of R$4.8 billion (US$837 million).

The transaction amount for Vale comprises an estimated cash inflow of R$5.6 billion (US$1 billion), net of an estimated reduction of R$0.8 billion (US$0.2 billion) in the remaining investment in Aliança Energia due to a loan that will be assumed by the investee in the context of the transaction.

Aliança Energia operates power generation assets in Brazil, with a portfolio of six hydroelectric plants in the state of Minas Gerais and three operational wind farms in the states of Rio Grande do Norte and Ceará that, together with Sol do Cerrado solar plant and Risoleta Neves hydroelectric plant, both located in Minas Gerais, will henceforth be referred to as the "Energy Assets".

Upon closing, Vale will have energy supply contracts for own use and will lose control over Aliança Energia, being the remaining interest treated as an associate and accounted at the equity method. Completion of the transaction is expected for 2025 and is subject to customary precedent conditions.

As a result of the agreement with GIP, in March 2025, the assets and liabilities associated with the Energy Assets were classified as held for sale and the Company recognized an impairment loss in the amount of R$674 (US$117 million) in the income statement as "Impairment and gains (losses) on disposal of non-current assets, net", which was allocated to goodwill (note 16).

**Energy Assets classified as held for sale**

---

| | | | |
|:---|:---|:---|:---|
| | **Notes** | **June 30, 2025** | **March 31, 2025 (date of the classification)** |
| <br>**Assets** | | | |
| Cash and cash equivalents |  | 663 | 658 |
| Deferred income taxes | 7(b) | 59 | 56 |
| Intangible assets | 16 | 5193 | 5192 |
| Property, plant, and equipment | 17 and 22 | 4786 | 4769 |
| Others |  | 215 | 205 |
| **Total assets** |  | **10916** | **10880** |
| **Liabilities** |  |  |  |
| Loans and borrowings | 9(b) | 1362 | 1376 |
| Deferred income taxes | 7(b) | 1697 | 1694 |
| Others |  | 982 | 941 |
| **Total liabilities** |  | **4041** | **4011** |

---

26.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**b) Divestment on PT Vale Indonesia Tbk ("PTVI") –** In June 2024, the Company reduced its interests in PTVI in approximately 10.5%. This divestment was carried out through (i) the issuance of PTVI's new shares, thereby diluting Vale in 2.1%, and (ii) by the direct sale of 8.4% of Vale's shares to MIND ID. As a result of the transaction, MIND ID became PTVI's largest shareholder, holding approximately 34.0% of the issued shares, with the Company and SMM holding approximately 33.9% and 11.5%, respectively. The completion of the transaction satisfied a key condition for PTVI to extend its mining license until 2035, with potential extension beyond this period subject to certain requirements.

With the transaction, Vale received R$862 (US$155 million) for its shares and lost control over PTVI, which was accounted for as an associate under the equity method due to the significant influence retained by Vale over PTVI.

As result, in June 2024, the Company recognized a gain of R$5,710 (US$1,059 million) in the income statement as "Other operating expenses, net". This gain was due to the reclassification of cumulative translation adjustments of R$5,728 (US$1,063 million) and the gain on remeasurement of the interest retained at fair value of the R$3,654 (US$657 million), net of the loss on the reduction in PTVI stake in the amount of R$3,672 (US$661 million). The effects of this transaction are summarized below:

---

| | |
|:---|:---|
|  | **June 28, 2024** |
| Cash consideration received | 862 |
| Fair value of 33.9% interest retained (i) | 10621 |
| Effects of the deconsolidation: |  |
| Derecognition of net assets of PTVI | (20551) |
| Gain on derecognition of noncontrolling shareholders | 9050 |
| Gain on the reclassification of cumulative translation adjustments | 5728 |
| **Gain on the transaction recorded in the income statement** | **5710** |

---

(i) The fair value of the 33.9% retained interest was estimated based on a third-party valuation report. The valuation considered the discounted cash flow method. The key assumptions considered were (i) discount rate of 7.75% with incremental risk premium of around 1.00% on certain assets, (ii) asset life through to 2065, and (iii) range of expected nickel prices from US$/t 17,501 to US$/t 21,000.

**c) Strategic partnership in the Energy Transition Metals business –** In April 2024, the Company concluded the transaction with Manara Minerals to sell 10% of the business for R$12,697 (US$2,455 million), which was fully contributed to VBM thereby diluting Vale to a 90% equity interest, retaining control over VBM. As a result, Vale recognized a gain from the sale in the amount of R$4,593 (US$895 million), of which R$7,828 (US$1,514 million) was attributable to noncontrolling interests recorded in the equity as "Transactions with noncontrolling interests".

27.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**16. Intangibles**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | **Notes** | **Goodwill** | **Concessions** | **Software** | **Research and development project** | **Total** |
| **Balance as of December 31, 2024** |  | **18811** | **42991** | **519** | **2784** | **65105** |
| Additions |  | – | 847 | 90 | 1 | 938 |
| Disposals |  | – | (20) | – | – | (20) |
| Amortization |  | – | (789) | (127) | – | (916) |
| Impairment | 15(a) | (674) | – | – | – | (674) |
| Transfer to held for sale (Energy Assets) | 15(a) | (752) | (4419) |  | (21) | (5192) |
| Translation adjustment |  | (732) | – | (6) | – | (738) |
| **Balance as of June 30, 2025** |  | **16653** | **38610** | **476** | **2764** | **58503** |
| Cost |  | 16653 | 48800 | 3563 | 2764 | 71780 |
| Accumulated amortization |  | – | (10190) | (3087) | – | (13277) |
| **Balance as of June 30, 2025** |  | **16653** | **38610** | **476** | **2764** | **58503** |
| **Balance as of December 31, 2023** |  | **15799** | **37226** | **502** | **2782** | **56309** |
| Additions |  | – | 94 | 154 | – | 248 |
| Disposals |  | – | (22) | – | (23) | (45) |
| Amortization |  | – | (640) | (148) | – | (788) |
| Translation adjustment |  | 938 | – | 11 | – | 949 |
| **Balance as of June 30, 2024** |  | **16737** | **36658** | **519** | **2759** | **56673** |
| Cost |  | 16737 | 45584 | 3371 | 2759 | 68451 |
| Accumulated amortization |  | – | (8926) | (2852) | – | (11778) |
| **Balance as of June 30, 2024** |  | **16737** | **36658** | **519** | **2759** | **56673** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Parent company** | **Parent company** | **Parent company** | **Parent company** |
| | **Concessions** | **Software** | **Research and development project** | **Total** |
| **Balance as of December 31, 2024** | **38509** | **430** | **2754** | **41693** |
| Additions | 834 | 67 | – | 901 |
| Disposals | (21) | – | – | (21) |
| Amortization | (713) | (90) | – | (803) |
| **Balance as of June 30, 2025** | **38609** | **407** | **2754** | **41770** |
| Cost | 48799 | 2059 | 2754 | 53612 |
| Accumulated amortization | (10190) | (1652) | – | (11842) |
| **Balance as of June 30, 2025** | **38609** | **407** | **2754** | **41770** |
| **Balance at December 31, 2023** | **37226** | **386** | **2754** | **40366** |
| Additions | 94 | 103 | – | 197 |
| Disposals | (22) | – | – | (22) |
| Amortization | (640) | (83) | – | (723) |
| **Balance as of June 30, 2024** | **36658** | **406** | **2754** | **39818** |
| Cost | 45584 | 1881 | 2754 | 50219 |
| Accumulated amortization | (8926) | (1475) | – | (10401) |
| **Balance as of June 30, 2024** | **36658** | **406** | **2754** | **39818** |

---

28.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**17. Property, plant, and equipment**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | <br>**Notes** | **Building and land** | **Facilities** | **Equipment** | **Mineral properties** | **Railway equipment** | **Right of use assets** | **Other** | **Constructions in progress** | **Total** |
| **Balance as of December 31, 2024** |  | **53597** | **50061** | **25002** | **28153** | **12932** | **4089** | **13575** | **60185** | **247594** |
| Additions (i) |  | – | – | – | – | – | 195 | – | 12577 | 12772 |
| Disposals and impairments |  | (80) | (74) | (16) | (38) | (41) | – | (8) | (1040) | (1297) |
| Assets retirement obligation | 25(b) | – | – | – | 193 | – | – | – | – | 193 |
| Depreciation, depletion and amortization |  | (1283) | (1696) | (1741) | (1252) | (433) | (437) | (1075) | – | (7917) |
| Transfer to held for sale (Energy Assets) | 15(a) | (135) | (1753) | (2058) | (6) | – | (212) | (279) | (326) | (4769) |
| Translation adjustment |  | (762) | (626) | (762) | (418) | (6) | (292) | (410) | (1586) | (4862) |
| Transfers |  | 2711 | 4355 | 4309 | (5058) | 684 | – | 1309 | (8310) | – |
| **Balance as of June 30, 2025** |  | **54048** | **50267** | **24734** | **21574** | **13136** | **3343** | **13112** | **61500** | **241714** |
| Cost |  | 94477 | 82777 | 58925 | 67236 | 23135 | 8185 | 29937 | 61500 | 426172 |
| Accumulated depreciation |  | (40429) | (32510) | (34191) | (45662) | (9999) | (4842) | (16825) | – | (184458) |
| **Balance as of June 30, 2025** |  | **54048** | **50267** | **24734** | **21574** | **13136** | **3343** | **13112** | **61500** | **241714** |
| **Balance as of December 31, 2023** |  | **48989** | **44730** | **21543** | **33524** | **12645** | **6579** | **12028** | **54264** | **234302** |
| Additions (i) |  | – | – | – | – | – | (27) | – | 13970 | 13943 |
| Disposals |  | (24) | (85) | (33) | (2) | (16) | – | (3) | (322) | (485) |
| Assets retirement obligation | 25(b) | – | – | – | (771) | – | – | – | – | (771) |
| Depreciation, depletion and amortization |  | (1137) | (1402) | (1786) | (1150) | (409) | (454) | (830) | – | (7168) |
| Translation adjustment |  | 965 | 621 | 951 | 2037 | 11 | 714 | 539 | 2167 | 8005 |
| Transfers |  | 1594 | 2568 | 1443 | 785 | 251 | – | 644 | (7285) | – |
| **Balance as of June 30, 2024** |  | **50387** | **46432** | **22118** | **34423** | **12482** | **6812** | **12378** | **62794** | **247826** |
| Cost |  | 88696 | 76290 | 53953 | 81904 | 21773 | 11615 | 27403 | 62794 | 424428 |
| Accumulated depreciation |  | (38309) | (29858) | (31835) | (47481) | (9291) | (4803) | (15025) | – | (176602) |
| **Balance as of June 30, 2024** |  | **50387** | **46432** | **22118** | **34423** | **12482** | **6812** | **12378** | **62794** | **247826** |

---

29.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Parent company** | **Parent company** | **Parent company** | **Parent company** | **Parent company** | **Parent company** | **Parent company** | **Parent company** | **Parent company** |
| | <br>**Notes** | **Building and land** | **Facilities** | **Equipment** | **Mineral properties** | **Railway equipment** | **Right of use assets** | **Other** | **Constructions in progress** | **Total** |
| **Balance as of December 31, 2024** |  | **34819** | **38762** | **13119** | **8652** | **12829** | **1142** | **7349** | **34140** | **150812** |
| Additions (i) |  | – | – | – | – | – | 72 | – | 8971 | 9043 |
| Disposals |  | (80) | (6) | (10) | (38) | (41) | – | (1) | (539) | (715) |
| Assets retirement obligation | 25(b) | – | – | – | 211 | – | – | – | – | 211 |
| Depreciation, depletion and amortization |  | (788) | (1145) | (1010) | (381) | (428) | (134) | (746) | – | (4632) |
| Transfer to held for sale (Energy Assets) | 15(a) | – | (1290) | (1) | – | – | (178) | (1) | (165) | (1635) |
| Transfers |  | 1349 | 2133 | 1436 | 12 | 698 | – | 1101 | (6729) | – |
| **Balance as of June 30, 2025** |  | **35300** | **38454** | **13534** | **8456** | **13058** | **902** | **7702** | **35678** | **153084** |
| Cost |  | 51579 | 57129 | 29566 | 14229 | 22957 | 2811 | 18827 | 35678 | 232776 |
| Accumulated depreciation |  | (16279) | (18675) | (16032) | (5773) | (9899) | (1909) | (11125) | – | (79692) |
| **Balance as of June 30, 2025** |  | **35300** | **38454** | **13534** | **8456** | **13058** | **902** | **7702** | **35678** | **153084** |
| **Balance as of December 31, 2023** |  | **31675** | **34918** | **12093** | **9452** | **12538** | **1284** | **6635** | **32814** | **141409** |
| Additions (i) |  | – | – | – | – | – | 5 | – | 9816 | 9821 |
| Disposals |  | (24) | (84) | (14) | – | (16) | – | (3) | (248) | (389) |
| Assets retirement obligation | 25(b) | – | – | – | (529) | – | – | – | – | (529) |
| Depreciation, depletion and amortization |  | (700) | (916) | (974) | (380) | (403) | (186) | (663) | – | (4222) |
| Transfers |  | 1556 | 2379 | 1154 | (19) | 249 | – | 778 | (6097) | – |
| **Balance as of June 30, 2024** |  | **32507** | **36297** | **12259** | **8524** | **12368** | **1103** | **6747** | **36285** | **146090** |
| Cost |  | 47337 | 52935 | 26660 | 13510 | 21515 | 2701 | 16568 | 36285 | 217511 |
| Accumulated depreciation |  | (14830) | (16638) | (14401) | (4986) | (9147) | (1598) | (9821) | – | (71421) |
| **Balance as of June 30, 2024** |  | **32507** | **36297** | **12259** | **8524** | **12368** | **1103** | **6747** | **36285** | **146090** |

---

(i) Includes capitalized interest, when applicable.

For more details regarding right of use and lease liability see note 22.

30.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**18. Financial and capital risk management**

**Effects of derivatives on the statement of financial position**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Assets** | **Liabilities** | **Assets** | **Liabilities** |
| Foreign exchange and interest rate risk | 3526 | 920 | 321 | 3723 |
| Commodities price risk | 311 | 323 | 101 | 145 |
| Embedded derivatives | – | – | – | 2 |
| **Total** | **3837** | **1243** | **422** | **3870** |

---

**Net exposure** 

---

| | | |
|:---|:---|:---|
|  | | **Consolidated** |
|  | **June 30, 2025** | **December 31, 2024** |
| Foreign exchange and interest rate risk | 2606 | (3402) |
| Commodities price risk | (12) | (44) |
| Embedded derivatives | – | (2) |
| **Total** | **2594** | **(3448)** |

---

**Effects of derivatives on the income statement**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **Gain (loss) recognized in the income statement** | **Gain (loss) recognized in the income statement** | **Gain (loss) recognized in the income statement** | **Gain (loss) recognized in the income statement** |
|  | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Foreign exchange and interest rate risk | 3142 | (2420) | 7698 | (2484) |
| Commodities price risk | (61) | (92) | (61) | (10) |
| Embedded derivatives | 1 | 7 | 2 | 3 |
| **Total** | **3082** | **(2505)** | **7639** | **(2491)** |

---

**Effects of derivatives on the cash flows**

---

| | | |
|:---|:---|:---|
|  | **Consolidated** | **Consolidated** |
| | **Financial settlement inflows (outflows)** | **Financial settlement inflows (outflows)** |
| | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
|  | **2025** | **2024** |
| Foreign exchange and interest rate risk | 1697 | 584 |
| Commodities price risk | (84) | 42 |
| **Total** | **1613** | **626** |

---

31.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**a) Market risk**

**a.i) Foreign exchange and interest rates**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Notional** | **Notional** | **Fair value** | **Fair value** | **Fair value by year** | **Fair value by year** | **Fair value by year** |
| **Flow** | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** | **2025** | **2026** | **2027+** |
| Foreign Exchange and Interest Rate Derivatives | US$9,719 | US$11,490 | 2606 | (3402) | 1212 | 901 | 493 |

---

The sensitivity analysis of these derivative financial instruments is presented as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Instrument's main risk events** | **Fair value** | **Scenario I** <br> **(∆ of 25%)** | **Scenario II**<br> **(∆ of 50%)** |
| R$ depreciation | 2606 | (6142) | (14889) |
| US$ interest rate inside Brazil decrease | 2606 | 1727 | 711 |
| Brazilian interest rate increase | 2606 | 485 | (1239) |
| TJLP interest rate decrease | 2606 | 2592 | 2578 |
| IPCA index decrease | 2606 | 1287 | 141 |
| SOFR interest rate decrease | 2606 | 2411 | 2212 |
| US Treasury rate increase | 2606 | 2606 | 2606 |

---

**a.ii) Protection program for product prices and input costs**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Notional** | **Notional** | **Fair value** | **Fair value** | **Fair value by year** | **Fair value by year** | **Fair value by year** |
| **Flow** | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** | **2025** | **2026** | **2027+** |
| **Brent crude oil (bbl)** |  |  |  |  |  |  |  |
| Options | 18954750 | 24050625 | 33 | 67 | (53) | 86 | – |
| **Forward Freight Agreement (days)** |  |  |  |  |  |  |  |
| Freight forwards | 4380 | 3240 | (29) | (65) | (25) | (4) | – |
| **Fixed price nickel sales protection (ton)** |  |  |  |  |  |  |  |
| Nickel forwards | 3478 | 4978 | (16) | (46) | (15) | (1) |  |

---

The sensitivity analysis of these derivative financial instruments is presented as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Instrument** | **Instrument's main risk events** | **Fair value** | **Scenario I** <br> **(∆ of 25%)** | **Scenario II** <br> **(∆ of 50%)** |
| Brent crude oil (bbl) | Decrease in fuel oil price | 33 | (761) | (2125) |
| Forward Freight Agreement (days) | Decrease in freight price | (29) | (136) | (243) |
| Hedge for fixed-price nickel sales (tons) | Decrease in nickel price | (16) | (87) | (159) |

---

32.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**a.iii) Embedded derivatives in contracts**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Notional** | **Notional** | **Fair value** | **Fair value** | **Fair value by year** | **Fair value by year** | **Fair value by year** |
| **Flow** | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** | **2025** | **2026** | **2027+** |
| **Embedded derivative (pellet price) in natural gas purchase (volume/month)** |  |  |  |  |  |  |  |
| Call Options | 746667 | 746667 |  | (2) |  |  |  |

---

The sensitivity analysis of these derivative financial instruments is presented as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Instrument** | **Instrument's main risk events** | **Fair value** | **Scenario I** <br> **(∆ of 25%)** | **Scenario II**<br> **(∆ of 50%)** |
| **Embedded derivative (pellet price) in natural gas purchase agreement (volume/month)** | | | | |
| Embedded derivatives - Gas purchase | Pellet price increase |  | (1) | (6) |

---

**h) Hedge accounting**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **Gain (loss) recognized in the other comprehensive income** | **Gain (loss) recognized in the other comprehensive income** | **Gain (loss) recognized in the other comprehensive income** | **Gain (loss) recognized in the other comprehensive income** |
|  | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net investments hedge | 643 | (277) | 1663 | (1339) |

---

**b)** **Credit risk management**

**b.i) Financial counterparties' ratings** 

The transactions of derivative instruments, cash and cash equivalents, as well as short-term investments are held with financial institutions whose exposure limits are periodically reviewed and approved by the delegated authority. The financial institutions credit risk is performed through a methodology that considers, among other information, ratings provided by international rating agencies.

The table below presents the ratings in foreign currency as published by Moody's regarding the main financial institutions used by the Company to contract derivative instruments, cash and cash equivalents transaction.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Cash and cash equivalents and investment** | **Derivatives** | **Cash and cash equivalents and investment** | **Derivatives** |
| Aa2 | 3231 | 31 | 2421 | 3 |
| A1 | 10608 | 847 | 11605 | 172 |
| A2 | 2682 | 475 | 3220 | 83 |
| A3 | 5425 | 274 | 4391 | 12 |
| Baa1 | – | – | 6 | – |
| Baa2 | 32 | – | 25 | – |
| Ba1 (i) | 4174 | 1208 | 4453 | 111 |
| Ba2 (i) | 4935 | 1002 | 4881 | 41 |
|  | **31087** | **3837** | **31002** | **422** |

---

(i) A substantial part of the balances is held with financial institutions in Brazil which are deemed investment grade in local currency..

33.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**19. Financial assets and liabilities**

**a) Classification**

The Company classifies its financial instruments in accordance with the purpose for which they were acquired, and determines the classification and initial recognition according to the following categories:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Financial assets** | <br>**Notes** | **Amortized cost** | | | | <br>**Amortized cost** | **At fair value through OCI** | **At fair value through profit or loss** | **Total** |
| **Current** | | | **At fair value through OCI** | **At fair value through profit or loss** | **Total** | | | | |
| Cash and cash equivalents | 21 | 30093 | – | – | 30093 | 30671 | – | – | 30671 |
| Short-term investments | 21 | – | – | 994 | 994 | – | – | 331 | 331 |
| Derivative financial instruments | 18 | – | – | 2285 | 2285 | – | – | 331 | 331 |
| Accounts receivable | 10 | 1557 | – | 11134 | 12691 | 2313 | – | 12287 | 14600 |
|  |  | **31650** | **–** | **14413** | **46063** | **32984** | **–** | **12949** | **45933** |
| **Non-current** |  |  |  |  |  |  |  |  |  |
| Judicial deposits | 26(c) | 3259 | – | – | 3259 | 3326 | – | – | 3326 |
| Restricted cash | 13 | 46 | – | – | 46 | 78 | – | – | 78 |
| Derivative financial instruments | 18 | – | – | 1552 | 1552 | – | – | 91 | 91 |
| Investments in equity securities | 13 | – | 310 | – | 310 | – | 337 | – | 337 |
|  |  | **3305** | **310** | **1552** | **5167** | **3404** | **337** | **91** | **3832** |
| **Total of financial assets** |  | **34955** | **310** | **15965** | **51230** | **36388** | **337** | **13040** | **49765** |
| **Financial liabilities** |  |  |  |  |  |  |  |  |  |
| **Current** |  |  |  |  |  |  |  |  |  |
| Suppliers and contractors | 12 | 29762 | – | – | 29762 | 26217 | – | – | 26217 |
| Derivative financial instruments | 18 | – | – | 633 | 633 | – | – | 1220 | 1220 |
| Loans and borrowings | 21 | 3735 | – | – | 3735 | 6316 | – | – | 6316 |
| Leases | 22 | 955 | – | – | 955 | 907 |  |  | 907 |
| Liabilities related to the concession grants | 13(a) | 2940 | – | – | 2940 | 2895 | – | – | 2895 |
| Other financial liabilities - Related parties | 29 | 1053 | – | – | 1053 | 1803 | – | – | 1803 |
| Other financial obligations | 13 | 1075 | – | – | 1075 | 1961 | – | – | 1961 |
|  |  | **39520** | **–** | **633** | **40153** | **40099** | **–** | **1220** | **41319** |
| **Non-current** |  |  |  |  |  |  |  |  |  |
| Derivative financial instruments | 18 | – | – | 610 | 610 | – | – | 2650 | 2650 |
| Loans and borrowings | 21 | 89830 | – | – | 89830 | 85282 | – | – | 85282 |
| Leases | 22 | 2863 | – | – | 2863 | 3507 | – | – | 3507 |
| Participative shareholders' debentures | 20 | – | – | 13394 | 13394 | – | – | 13727 | 13727 |
| Liabilities related to the concession grants | 13(a) | 11417 | – | – | 11417 | 11684 | – | – | 11684 |
| Other financial obligations | 13 | 1 | – | – | 1 | 198 | – | 1 | 199 |
|  |  | **104111** | **–** | **14004** | **118115** | **100671** | **–** | **16378** | **117049** |
| **Total of financial liabilities** |  | **143631** | **–** | **14637** | **158268** | **140770** | **–** | **17598** | **158368** |

---

34.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**b) Hierarchy of fair value**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | <br>**Notes** | **Level 1** | | | | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Financial assets** | | | **Level 2** | **Level 3** | **Total** | | | | |
| Short-term investments | 21 | 178 | 816 | – | 994 | 331 | – | – | 331 |
| Derivative financial instruments | 18 | – | 3837 | – | 3837 | – | 422 | – | 422 |
| Accounts receivable | 10 | – | 11134 | – | 11134 | – | 12287 | – | 12287 |
| Investments in equity securities | 13 | – | 310 | – | 310 | – | 337 | – | 337 |
|  |  | **178** | **16097** | **–** | **16275** | **331** | **13046** | **–** | **13377** |
| **Financial liabilities** |  |  |  |  |  |  |  |  |  |
| Derivative financial instruments | 18 | – | 1243 | – | 1243 | – | 3870 | – | 3870 |
| Participative shareholders' debentures | 20 | – | 13394 | – | 13394 | – | 13727 | – | 13727 |
| Other financial obligations | 13 | – | 1 | – | 1 | – | 1 | – | 1 |
|  |  | **–** | **14638** | **–** | **14638** | **–** | **17598** | **–** | **17598** |

---

There were no transfers between levels 1, 2 and 3 of the fair value hierarchy during the period presented.

**c) Fair value of loans and borrowings**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Carrying amount** | | **Carrying amount** | **Fair value** |
| <br>**Quoted in the secondary market:** | | **Fair value** | | |
|  Bonds | 41925 | 42156 | 45003 | 44866 |
| Debentures | 12918 | 12808 | 7876 | 7897 |
| **Debt contracts in Brazil in:** |  |  |  |  |
| R$, indexed to TJLP, TR, IPCA, IGP-M and CDI | 852 | 852 | 1144 | 1144 |
| Basket of currencies and bonds in US$ indexed to SOFR | 831 | 871 | 944 | 960 |
| **Debt contracts in the international market in:** |  |  |  |  |
| US$, with variable and fixed interest | 36684 | 38276 | 36186 | 36673 |
| Other currencies, with fixed interest | 306 | 317 | 55 | 47 |
| Other currencies, with variable interest | 49 | 44 | 390 | 396 |
| **Total** | **93565** | **95324** | **91598** | **91983** |

---

**20. Participative shareholders' debentures**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial result** | **Financial result** | **Financial result** | **Financial result** | **Financial result** | **Financial result** |  | |
|  | **Average price (R$)** | **Average price (R$)** | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** | | <br>**Liabilities** |
| | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **June 30, 2025** | **December 31, 2024** |
| Participative shareholders' debentures | 34.47 | 35.06 | (643) | (1254) | (418) | (437) | 13394 | 13727 |

---

On April 1<sup>st</sup>, 2025, the Company made available for withdrawal as remuneration the amount of R$760 (US$132 million) for the second semester of 2024 (2024: R$766 (US$153 million) for the second semester of 2023).

35.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**21. Loans, borrowings, cash and cash equivalents and short-term investments**

**a) Net debt**

The Company monitors the net debt with the objective of ensuring the continuity of its business in the long term.

---

| | | | |
|:---|:---|:---|:---|
|  | | **Consolidated** | **Consolidated** |
|  | <br>**Notes** | **June 30, 2025** | **December 31, 2024** |
| Loans and borrowings |  | 93565 | 91598 |
| Leases | 22(b) | 3818 | 4414 |
| **Gross debt** |  | **97383** | **96012** |
| (-) Cash and cash equivalents |  | 30093 | 30671 |
| (-) Short-term investments (i) |  | 994 | 331 |
| **Net debt** |  | **66296** | **65010** |

---

((i) Substantially comprises investments in senior notes and exclusive investment fund, which portfolio is made by committed transactions and certificate of deposits ("CDB").

**b) Cash and cash equivalents**

---

| | | |
|:---|:---|:---|
|  | **Consolidated** | **Consolidated** |
| | **June 30, 2025** | **December 31, 2024** |
| R$ | 11008 | 10580 |
| US$ | 18157 | 18877 |
| Other currencies | 928 | 1214 |
| **Total** | **30093** | **30671** |

---

**c) Loans and borrowings**

&nbsp;&nbsp;&nbsp;&nbsp;**i)** **Outstanding balance of loans and borrowings by type and currency** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | | **Current liabilities** | **Current liabilities** | **Non-current liabilities** | **Non-current liabilities** |
| | <br>**Average interest rate (i)** | **June 30, 2025** | | **June 30, 2025** | **December 31, 2024** |
| **Quoted in the secondary market:** | | | **December 31, 2024** | | |
| US$ Bonds | 6.05% | – | – | 41513 | 44502 |
| R$ Debentures | 7.06% | 308 | 419 | 12504 | 7375 |
| **Debt contracts in Brazil in (ii):** |  |  |  |  |  |
| R$, indexed to TJLP, TR, IPCA, IGP-M and CDI | 9.96% | 239 | 253 | 610 | 887 |
| Basket of currencies and bonds in US$ indexed to SOFR | 6.03% | – | – | 819 | 929 |
| **Debt contracts in the international market in:** |  |  |  |  |  |
| US$, with variable and fixed interest | 5.48% | 2183 | 4433 | 34098 | 31222 |
| Other currencies, with fixed interest | 4.83% | 67 | 71 | 237 | 312 |
| Other currencies, with variable interest | 3.80% | – | – | 49 | 55 |
| **Accrued charges** |  | 938 | 1140 |  | – |
| **Total** |  | **3735** | **6316** | **89830** | **85282** |

---

36.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Parent company** | **Parent company** | **Parent company** | **Parent company** | **Parent company** |
|  |  | **Current liabilities** | **Current liabilities** | **Non-current liabilities** | **Non-current liabilities** |
| | **Average interest rate (i)** | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** |
| **Quoted in the secondary market:** | | | | | |
| US$,Bonds | 5.66% | – | – | 2681 | 3042 |
| R$, Debentures | 7.02% | 308 | 195 | 12504 | 6417 |
| **Debt contracts in Brazil in (ii):** |  |  |  |  |  |
| R$, indexed to TJLP, TR, IPCA, IGP-M and CDI | 10.18% | 240 | 239 | 610 | 729 |
| Basket of currencies and bonds in US$ indexed to SOFR | 6.09% | – | – | 819 | 929 |
| **Debt contracts in the international market in:** |  |  |  |  |  |
| US$, with variable interest | 5.57% | – | – | 18628 | 18992 |
| Other currencies, with variable interest | 3.94% | – | – | 48 | 55 |
| **Accrued charges** |  | 361 | 385 | – | – |
| **Total** |  | **909** | **819** | **35290** | **30164** |

---

(i) In order to determine the average interest rate for debt contracts with floating rates, the Company used the rate applicable as of June 30, 2025.

(ii) The Company entered into derivatives to mitigate the exposure to cash flow variations of all floating rate debt contracted in Brazil, resulting in an average cost of 3.21% per year in US$.

The reconciliation of loans and financing with cash flows arising from financing activities is presented in note 9(C).

**ii) Future flows of principal and interest of loans and borrowings payments**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Parent Company** | **Parent Company** |
|  | **Principal** | **Estimated future interest payments (i)**  | **Principal** | **Estimated future interest payments (i)**<br>|
| 2025 | 2798 | 2694 | 548 | 1176 |
| 2026 | 735 | 5333 | 184 | 1608 |
| 2027 | 9222 | 4979 | 4105 | 1451 |
| 2028 | 5138 | 4692 | 5067 | 1237 |
| From 2029 to 2031 | 26604 | 11215 | 8459 | 2462 |
| 2032 onwards | 48130 | 24545 | 17475 | 3839 |
| **Total** | **92627** | **53458** | **35838** | **11773** |

---

(i) Based on interest rate curves and foreign exchange rates applicable as of June 30, 2025 and considering that the payments of principal will be made on their contracted payments dates. The amount includes the estimated interest not yet accrued and the interest already recognized in the annual financial statements.

**Covenants**

The Company's main financial covenants require it to maintain certain ratios, such as the leverage ratio and interest coverage ratio. Vale is also subject to non-financial covenants normally practiced in the market, such as compliance with certain governance and environmental standards, among others.

The Company is required to comply with these covenants at the end of each annual reporting period and there are no indications that Vale would have difficulties complying with them on the next measurement date, which will be as of December 31, 2025.

37.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**22. Leases**

**a) Right of use**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | **Consolidated** |
|  | **December 31, 2024** | **Additions and contract modifications** | **Depreciation and impairments** | **Transfer to held for sale (note 15a)** | **Translation adjustment** | **June 30, 2025** |
| Ports | 316 | – | (74) | – | (13) | 229 |
| Vessels | 2188 | 114 | (137) | – | (254) | 1911 |
| Pelletizing plants | 677 | (72) | (89) | – | – | 516 |
| Properties | 584 | 135 | (46) | (212) | (2) | 459 |
| Energy plants | 172 | – | (17) | – | (12) | 143 |
| Others | 152 | 18 | (74) | – | (11) | 85 |
| **Total** | **4089** | **195** | **(437)** | **(212)** | **(292)** | **3343** |

---

**b) Leases liabilities**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | **Consolidated** |
|  | **December 31, 2024** | **Additions and contract modifications** | **Payments (i)** | **Interest** | **Transfer to held for sale (note 15a)** | **Translation adjustment** | **June 30, 2025** |
| Ports | 333 | – | (60) | 6 | – | (13) | 266 |
| Vessels | 2202 | 114 | (172) | 38 | – | (260) | 1922 |
| Pelletizing plants | 778 | (72) | (15) | 16 | – | – | 707 |
| Properties | 664 | 135 | (62) | 15 | (217) | – | 535 |
| Energy plants | 268 | – | (15) | 7 | – | (18) | 242 |
| Others | 169 | 18 | (37) | 7 | – | (11) | 146 |
| **Total** | **4414** | **195** | **(361)** | **89** | **(217)** | **(302)** | **3818** |
| Current liabilities | 907 |  |  |  |  |  | 955 |
| Non-current liabilities | 3507 |  |  |  |  |  | 2863 |
| **Total** | **4414** |  |  |  |  |  | **3818** |

---

(i) The total amount of the variable lease payments not included in the measurement of lease liabilities was R$304 (US$53 million) recorded in the income statement in the six-month period ended June 30, 2025 (2024: R$598 (US$117 million)).

**Annual minimum payments and remaining lease term**

The following table presents the undiscounted lease obligation by maturity date. The lease liability recognized in the statement of financial position is measured at the present value of such obligations.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | **Consolidated** |
| | **2025** | **2026** | **2027** | **2028** | **2029 onwards** | **Total** | **Remaining term (years)** | **Discount rate** |
| Ports | 76 | 76 | 5 | 5 | 98 | **260** | 1 to 18 | 4% to 5% |
| Vessels | 186 | 338 | 333 | 278 | 1026 | **2161** | 1 to 8 | 3% to 4% |
| Pelletizing plants | 186 | 147 | 131 | 131 | 147 | **742** | 1 to 8 | 2% to 6% |
| Properties | 60 | 120 | 115 | 109 | 622 | **1026** | 1 to 14 | 2% to 6% |
| Energy plants | 27 | 33 | 27 | 27 | 186 | **300** | 1 to 5 | 5% |
| Others | 33 | 55 | 27 | 16 | 5 | **136** | 1 to 4 | 3% to 6% |
| **Total** | **568** | **769** | **638** | **566** | **2084** | **4625** |  |  |

---

38.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**23. Brumadinho dam failure**

In January 2019, a tailings dam ("Dam I") experienced a failure at the Córrego do Feijão mine, in the city of Brumadinho, state of Minas Gerais, Brazil. The failure released a flow of tailings debris, destroying some of Vale's facilities, affecting local communities and disturbing the environment. The tailings released have caused an impact of around 315 km in extension, reaching the nearby Paraopeba River. The dam failure in Brumadinho ("event") resulted in 270 fatalities or presumed fatalities and caused extensive property and environmental damage in the region.

As a result of the dam failure, the Company recognized provisions to meet its assumed obligations, including indemnification to those affected by the event, remediation of the impacted areas and compensation to the society. In addition, the Company has incurred expenses, which have been recognized straight to the income statement, in relation to tailings management, communication services, humanitarian assistance, payroll, legal services, water supply, among others.

**Effects in income statements**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Integral Reparation Agreement | 25 | 98 | 170 | 260 |
| &nbsp;&nbsp;Other obligations | (81) | (15) | (450) | (147) |
| &nbsp;&nbsp;Incurred expenses | (476) | (470) | (895) | (1013) |
| &nbsp;&nbsp;Insurance | – | 29 | 31 | 39 |
| &nbsp;&nbsp;**Expenses related to Brumadinho event** | **(532)** | **(358)** | **(1144)** | **(861)** |

---

**Changes in the provision in the period**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | **December 31, 2024** | **Revision to estimates** | **Monetary and present value adjustments** | **Disbursements** | **June 30, 2025** |
| **Integral Reparation Agreement** | | | | | |
| &nbsp;&nbsp;Payment obligations | 1885 | (26) | 156 | (540) | 1475 |
| &nbsp;&nbsp;Provision for socio-economic reparation and others | 2025 | (92) | 131 | (166) | 1898 |
| &nbsp;&nbsp;Provision for social and environmental reparation | 3300 | (52) | 219 | (350) | 3117 |
|  | **7210** | **(170)** | **506** | **(1056)** | **6490** |
| **Other obligations** |  |  |  |  |  |
| &nbsp;&nbsp;Tailings containment, geotechnical safety and environmental reparation | 3121 | 84 | 192 | (326) | 3071 |
| &nbsp;&nbsp;Individual indemnification | 301 | 42 | 26 | (99) | 270 |
| &nbsp;&nbsp;Other | 1566 | 324 | 64 | (163) | 1791 |
|  | **4988** | **450** | **282** | **(588)** | **5132** |
| **Liability** | **12198** | **280** | **788** | **(1644)** | **11622** |

---

The cash flow for obligations are estimated for an average period ranging from 5 to 7 years and were discounted to the present value at a rate in real terms, which increased from 7.88% on December 31, 2024, to 8.51% on June 30, 2025.

**Judicial Settlement for Integral Reparation**

On February 4, 2021, the Company entered into a Judicial Settlement for Integral Reparation ("Global Settlement"), which was under negotiations since 2019, with the State of Minas Gerais, the Public Defender of the State of Minas Gerais and the Federal and the State of Minas Gerais Public Prosecutors Offices, to repair the environmental and social damage resulting from the Dam I rupture. As a result of the Global Settlement, the requests for the reparation of socioenvironmental and socioeconomic damages caused by the dam failure were substantially resolved.

The Global Settlement includes: (i) payment obligations, of which the funds will be used directly by the State of Minas Gerais and Institutions of Justice for socioeconomic and socioenvironmental compensation projects; (ii) socioeconomic projects in Brumadinho and other municipalities; and (iii) compensation of the environmental damage caused by the dam failure. These obligations are projected for an average period of 5 years.

In addition, the Global Settlement addresses the diffuse and collective socioeconomic damages resulting from the disaster, with the exception of supervening damages, individual damages and homogeneous individual damages of a divisible nature, in accordance with the claims of the lawsuits not extinguished by the Global Settlement.

39.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

For the measures described in items (i) and (ii), the amounts are specified in the Global Settlement. For the execution of the environmental recovery, actions has no cap limit, despite having been estimated in the Global Settlement due to the Company's legal obligation to fully repair the environmental damage caused by the dam failure. Therefore, although Vale is monitoring this provision, the amount recorded could materially change depending on several factors that are not under the Company's control.

**Other obligations**

The Company is also working to ensure geotechnical safety of the remaining structures at the Córrego do Feijão mine, in Brumadinho, and the removal and proper disposal of the tailings of Dam I, including dredging part of the released material and de-sanding from the channel of the river Paraopeba.

For the individual indemnification, Vale and the Public Defendants of the State of Minas Gerais formalized an agreement on April 5, 2019, under which those affected by the Brumadinho's dam failure may join an individual or family group out-of-court settlement agreements for the indemnification of material, economic and moral damages. This agreement establishes the basis for a wide range of indemnification payments, which were defined according to the best practices and case law of Brazilian Courts, following rules and principles of the United Nations.

**a) Legal Proceedings**

**Class action in the United States**

Vale is defending itself against a class action brought before a Federal Court in New York and filed by holders of securities - American Depositary Receipts ("ADRs") - issued by Vale.

In 2024, there was a hearing with the Judge to consider Motion for Class Decertification filed by Vale and oral arguments on the relevance of expert opinions presented by the Plaintiffs' experts. A decision from the Court on Vale's requests is currently pending.

In November 2021, a new complaint was filed by eight investment funds that chose to seek redress for alleged damages independently and separately from the class members of the main action, with the same allegations presented in the main class action. A decision from the Court on Vale's preliminary defense ("motion to dismiss") is pending since December 2023.

The likelihood of loss of these proceedings is considered possible. However, considering the current phase of these lawsuits, it is not yet possible to reliably estimate the amount of a potential loss. The amount of damages sought in these claims is unspecified.

**Arbitration proceedings in Brazil filed by shareholders, a class association and foreign investment funds**

In Brazil, Vale is a defendant in one arbitration filed by 385 minority shareholders and three arbitrations filed by foreign investment funds. Vale was also a defendant in two arbitrations filed by a class association allegedly representing all Vale's noncontrolling shareholders, which were dismissed in August 2024.

In the four ongoing proceedings, the claimants argue that Vale was aware of the risks associated with the dam and failed to disclose it to its shareholders. Based on such argument, they claim compensation for losses caused by the decrease in share price.

The expectation of loss is classified as possible for the four procedures and, considering the initial phase, it is not possible at this time to reliably estimate the amount of a possible loss.

In one of the proceedings filed by foreign legal entities, the Claimants initially estimated the amount of the alleged losses would be approximately R$1,800 (US$330 million), subject to interest and monetary adjustments. In another proceeding filed by foreign legal entities, the Claimants initially estimated the amount of the alleged losses would be approximately R$3,900 (US$715 million), subject to interest and monetary adjustments. In the procedure presented by minority shareholders, the applicants estimated the alleged losses at approximately R$3,000 (US$550 million), subject to interest and monetary adjustments, which could be increased later, as alleged by the applicants.

The Company disagrees with the ongoing proceedings and understands that, in this case and at the current stage of the proceedings, the probability of loss in the amount claimed by the claimants is remote.

40.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**24. Liabilities related to associates and joint ventures**

In November 2015, the Fundão tailings dam owned by Samarco Mineração S.A. ("Samarco") experienced a failure, flooding certain communities and impacting communities and the environment along the Doce River. The dam failure resulted in 19 fatalities and caused property and environmental damage to the affected areas. Samarco is a joint venture equally owned by Vale S.A. and BHP Billiton Brasil Ltda. (''BHPB'').

Thus, Vale, Samarco, and BHPB entered into agreements with the Federal Union, the States of Minas Gerais and Espírito Santo, and some other federal and state agencies, establishing the creation of socioenvironmental and socioeconomic programs aimed at adopting measures for mitigation, remediation, and compensation of damages. However, the requirements established reparation measures in the agreements could not be fully implemented within the established period, and the involved parties began initiated further negotiations to seek a definitive agreement for the resolution of all obligations related to the dam collapse.

**a) Definitive Settlement for the full reparation** 

In October 2024, Vale, Samarco and BHPB, together with the Brazilian Federal Government, the State Governments of Minas Gerais and Espírito Santo, the Federal and State Public Prosecutors' and Public Defenders' Offices and other Brazilian public entities (jointly, "the Parties") entered into a new agreement ("Definitive Settlement") on integral and definitive reparation of the impacts of Fundão dam collapse, in Mariana, Minas Gerais. The agreement was ratified in November 2024.

The Definitive Settlement replaced all of the previously signed agreements, and addressed Brazilian public authorities the claims related to the Fundão dam collapse, from the perspective of socioenvironmental and socioeconomical damages.

The total amount of the Definitive Settlement is R$170 billion (US$31.7 billion), comprising past and future obligations, to serve the people, communities and environment impacted by the dam failure. It includes:

&nbsp;&nbsp;&nbsp;&nbsp;• R$38 billion (US$7.9
billion) already incurred, from the date of the dam collapse until the Definitive Settlement, by Vale, Samarco
and BHPB with remediation and compensation measures and, therefore, do not constitute the Company's provision balance;

&nbsp;&nbsp;&nbsp;&nbsp;• R$100 billion (US$18 billion) paid
over 20 years to the Federal Government, the States of Minas Gerais and Espírito Santo, the municipalities and which will also
be used by Justice Institutions, to fund compensatory actions tied to public policies; and

&nbsp;&nbsp;&nbsp;&nbsp;• R$32 billion (US$5.8
billion) in performance obligations executed by Samarco, including initiatives for individual indemnification,
resettlement, and environmental recovery. The expectation is that the cash disbursement related to these obligations will occur substantially
over the next 3 years.

Samarco has primary responsibility for funding the obligations related to the Definitive Settlement. Vale and BHPB have secondary funding obligations in the proportion to their 50 per cent shareholding in Samarco, in extent to which Samarco may not be able to fund the future cash outflows.

The judicial ratification of the Definitive Settlement ended a series of relevant lawsuits, moved in Brazil. Vale, jointly with BHPB and Samarco, is requiring the archive of these proceedings.

41.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**b) Provision related to the Samarco dam failure**

The Company recognized an addition to the provision in the amount of R$1,068 (US$193 millions) in the six-month period ended June 30, 2025, substantially related to a revision on the costs to complete individual indemnification programs. The changes on the provision are presented below:

---

| | |
|:---|:---|
| | **Total** |
| **Balance as of December 31, 2024** | **22682** |
| Revision to estimates | 1068 |
| Monetary and present value adjustments | 621 |
| Disbursements | (6476) |
| **Balance as of June 30, 2025** | **17895** |

---

The cash outflows to meet the obligations are discounted to present value at an annual rate in real terms, which decreased from 7.30% on December 31, 2024, to 6.90% on June 30, 2025.

**c) Remaining legal proceedings**

With the Definitive Agreement, the public civil actions brought by the Brazilian Justice Institutions and Brazilian public authorities were substantially resolved and the parameters for compliance with the reparation and compensation for damages were defined. Thus, the remaining most relevant legal proceedings are shown below:

**Claims in the United Kingdom and the Netherlands**

In July 2024, Vale and BHP have entered into a confidential agreement without any admission of liability pursuant to Vale and BHP will share equally any potential payment obligations arising from the UK and Dutch Claims, described below.

**London claim -** As a result of the rupture of Samarco's Fundão dam failure, BHP Group Ltd ("BHP") was named as defendant in group action claims for damages filed in the courts of England and Wales for various plaintiffs, between individuals, companies and municipalities from Brazil that were supposedly affected by the Samarco dam failure (the "UK Claim").

The proceedings against BHP are still progressing in London and the oral testimony phase of the first stage of the trial, in which the liability issues of the BHP group companies are dealt with, took place between October 2024 and March 2025. If BHP's liability is confirmed, a second stage trial will be held to discuss and determine the amount of damages, scheduled to begin in October 2026 and is expected to last 22 weeks.

The likelihood of loss of these proceedings is considered possible. However, considering the current phase, it is not yet possible to reliably estimate the amount of a potential loss, and an estimate may become quantifiable as the case progresses.

**Netherlands proceeding -** In March 2024, a court in Amsterdam granted a preliminary injunction freezing the shares in Vale Holdings B.V., a wholly owned subsidiary incorporated in the Netherlands, and the economic rights attached to those shares, in guarantee of an amount of approximately R$6,134 (EUR955 million). The freezing orders were issued in anticipation of a legal action to be brought against Vale by certain Brazilian municipalities and an organization that represents individuals and small businesses that claim to have been affected by the collapse of Samarco's Fundão dam in 2015. With the adherence of three municipalities (Iapu, Ponte Nova and Rio Casca) to the Definitive Settlement, their lawsuit was discontinued, with the attachment being reduced to R$4,788 (EUR745.4 million).

The likelihood of loss of these proceedings is considered possible. However, considering the initial phase, it is not yet possible to reliably estimate the amount of a potential loss, and an estimate may become quantifiable as the case progresses.

**d) Judicial reorganization of Samarco**

In April 2021, Samarco filed for Judicial Reorganization ("JR") with the Courts of Minas Gerais to renegotiate its debt, which was held by bondholders abroad. The purpose of JR is to restructure Samarco's debts and establish an independent and sustainable financial position, allowing Samarco to keep working to resume its operations safely and to fulfill its obligations related to the Renova Foundation.

In May 2023, Vale S.A. entered into a binding agreement jointly with BHPB, Samarco and certain creditors which hold together more than 50% of Samarco's debt, setting the parameters of Samarco's debt restructuring to be implemented through a consensual restructuring plan, which was approved by the creditors, submitted to the JR Court in July 2023, and confirmed by the judge in September 2023.

42.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

In December 2023, Samarco's existing R$24 billion (US$4.8 billion) of financial debt held by creditors was exchanged for approximately R$19 billion (US$3.9 billion) of long-term unsecured debt, bearing interest from 2023 to 2031.

After the execution of the plan, Samarco has a lean capital structure, in line with its operational ramp-up and cash flow generation. The plan considers the fund of the reparation and compensation programs capped at R$5 billion (US$1 billion) from 2024 to 2030, of which R$1,770 (US$326 million) has already been incurred, and additional contributions after that period due to the Samarco's projected cash flows generation.

**25. Provision for de-characterization of dam structures and asset retirement obligations**

The Company is subject to local laws and regulations, that requires the decommissioning of the assets that Vale operates at the end of their useful lives, therefore, expenses related to the demobilization occur after the end of operational activities and throughout the life of operations through progressive closures. These obligations are regulated in Brazil at the Federal and State levels by ANM (National Mining Agency) and Environmental Agencies, respectively. Among the requirements, the closure plans must consider the physical, chemical and biological stability of the areas and post-closure actions for the period necessary to verify the effectiveness of the decommissioning. These obligations are accrued and are subject to critical estimates and assumptions applied to the measurement of costs by the Company. Depending on the geotechnical characteristics of the structures, the Company is required to de-characterize the structures, as shown in item a) below.

**Effects in the income statement**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Parent Company** | **Parent Company** | **Parent Company** | **Parent Company** |
|  | | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
|  | **Notes** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| De-characterization of upstream geotechnical structures | 25(a) | 313 | 381 | 363 | 683 | 313 | 381 | 363 | 683 |
| Obligation for asset decommissioning | 25(b) | (20) | 102 | (68) | 168 | (58) | 138 | (73) | 242 |
| Environmental obligations | 25(b) | (1) | 3 | (1) | (108) | (3) | 5 | (3) | (116) |
| **Total** |  | **292** | **486** | **294** | **743** | **252** | **524** | **287** | **809** |

---

**Provision changes during the period**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | <br>**Notes** | **De-characterization of upstream geotechnical structures (i)** | **Asset retirement obligations** | **Environmental obligations** | **Total** |
| **Balance as of December 31, 2024** |  | **13706** | **19234** | **2749** | **35689** |
| Revision to estimates - amounts for closed plants charged to the income statement |  | (363) | 68 | 1 | (294) |
| Revision to estimates – capitalized value for operational plants |  | – | 196 | 21 | 217 |
| Disbursements |  | (933) | (486) | (438) | (1857) |
| Monetary and present value adjustments |  | 505 | 401 | 88 | 994 |
| Transfer to assets held for sale | 15(a) | – | (13) | (128) | (141) |
| Translation adjustments |  | – | (736) | (29) | (765) |
| **Balance as of June 30, 2025** |  | **12915** | **18664** | **2264** | **33843** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Parent Company** | **Parent Company** | **Parent Company** | **Parent Company** |
| | **De-characterization of upstream geotechnical structures (i)** | **Asset retirement obligations** | **Environmental obligations** | **Total** |
| **Balance as of December 31, 2024** | **13706** | **7810** | **1805** | **23321** |
| Revision to estimates - amounts for closed plants charged to the income statement | (363) | 73 | 3 | (287) |
| Revision to estimates – capitalized value for operational plants | – | 211 | 12 | 223 |
| Disbursements | (933) | (389) | (224) | (1546) |
| Monetary and present value adjustments | 505 | 293 | 72 | 870 |
| **Balance as of June 30, 2025** | **12915** | **7998** | **1668** | **22581** |

---

(i) The cash flow for de-characterization projects are estimated for a period up to 13 years and were discounted to present value at an annual rate in real terms, which decreased from 7.36% to 6.97%.

43.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**a) De-characterization of upstream geotechnical structures** 

As a result of the Brumadinho dam failure (note 23) and, in compliance with laws and regulations, the Company has decided to accelerate the plan to "de-characterize" of all its dams and dikes built under the upstream method, located in Brazil. The Company also operates tailings dams in Canada, including upstream compacted dams. However, the Company decided that these dams will be decommissioned using other methods, thus, the provision to carry out the decommissioning of dams in Canada is recognized as "Obligations for decommissioning assets and environmental obligations", as presented in item (b) below.

These structures are in different stages of maturity, some of them still in the conceptual engineering phase, for which the estimate of expenditures includes in its methodology a high degree of uncertainty in the definition of the total cost of the project in accordance with best market practices.

**Operational stoppage and idle capacity**

The Company has suspended some operations due to judicial decisions or technical analysis performed by Vale regarding the safety of its geotechnical structures located in Brazil. The Company has been recording losses in relation to the operational stoppage and idle capacity of the Iron Solutions segment in the amounts of R$59 (US$10 millions) and R$118 (US$20 million) for the three and six-month period ended June 30, 2025, respectively (2024: R$184 (US$36 millions) and R$399 (US$79 million), respectively).

**b) Asset retirement obligations and environmental obligations**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Consolidated** | **Consolidated** | **Parent Company** | **Parent Company** | **Discount rate** | **Discount rate** | **Cash flow maturity** | **Cash flow maturity** |
| | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** |
| <br>**Liability by geographical area** | | | | | | | | |
| Brazil | 10971 | 11052 | 9666 | 9616 | 6.95% | 7.38% | 2132 | 2132 |
| Canada | 8451 | 9412 | – | – | 1.59% | 1.44% | 2152 | 2152 |
| Oman | 775 | 879 | – | – | 3.70% | 3.66% | 2035 | 2035 |
| Other regions | 731 | 640 | – | – | 2.55% | 2.77% | – | – |
|  | **20928** | **21983** | **9666** | **9616** |  |  |  |  |
| Operating plants | 15366 | 15526 | 6184 | 5516 |  |  |  |  |
| Closed plants | 5562 | 6457 | 3482 | 4100 |  |  |  |  |
|  | **20928** | **21983** | **9666** | **9616** |  |  |  |  |

---

**Financial guarantees**

The Company has guarantees issued by financial institutions in the amount of R$6,219 (US$1,140 million) as of June 30, 2025 (December 31, 2024: R$6,756 (US$1,091 million), in connection with the asset retirement obligations for its Energy Transition Metals operations. The financial cost of these guarantees is immaterial.

44.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**26. Legal proceedings**

The Company is a defendant in numerous legal and administrative actions in the ordinary course of business, including civil, tax, environmental and labor proceedings.

The Company makes use of estimates to recognize the amounts and the probability of outflow of resources, based on reports and technical assessments and on management's assessment. Provisions are recognized for probable losses of which a reliable estimate can be made.

Arbitral, legal and administrative decisions against the Company, new jurisprudence and changes of existing evidence can result in changes regarding the probability of outflow of resources and on the estimated amounts, according to the assessment of the legal basis.

The lawsuits related to Brumadinho event (note 23) and the Samarco dam failure (note 24) are presented in its specific notes to these financial statements and, therefore, are not disclosed below.

**a) Provision for legal and administrative proceedings**

**Effects in income statements**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Tax litigations | 1 | (8) | (13) | (27) |
| &nbsp;&nbsp;Civil litigations | 321 | (15) | 226 | (77) |
| &nbsp;&nbsp;Labor litigations | (327) | (237) | (548) | (398) |
| &nbsp;&nbsp;Environmental litigations | (182) | (6) | (183) | (13) |
| &nbsp;&nbsp;**Total** | **(187)** | **(266)** | **(518)** | **(515)** |

---

**Changes in the provisions in the period**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Tax litigation** | **Civil litigation** | **Labor litigation** | **Environmental litigation** | **Total of litigation provision** |
| **Balance as of December 31, 2024** | **1245** | **1790** | **2989** | **248** | **6272** |
| Additions and reversals, net | 13 | (226) | 548 | 183 | 518 |
| Payments | (98) | (172) | (271) | (168) | (709) |
| Indexation and interest | 5 | 58 | 100 | 5 | 168 |
| Transfer to held for sale and payables taxes | (340) | (28) | (1) | (154) | (523) |
| **Balance as of June 30, 2025** | **825** | **1422** | **3365** | **114** | **5726** |
| **Balance as of December 31, 2023** | **441** | **1834** | **2490** | **72** | **4837** |
| Additions and reversals, net | 27 | 77 | 398 | 13 | 515 |
| Payments | (9) | (303) | (271) | (1) | (584) |
| Indexation and interest | 38 | 72 | 6 | 6 | 122 |
| **Balance as of June 30, 2024** | **497** | **1680** | **2623** | **90** | **4890** |

---

The Company has considered all information available to assess the likelihood of an outflow of resources and in the preparation on the estimate of the costs that may be required to settle the obligations.

**Tax litigations –** The Company is party to several administrative and legal proceedings related mainly to the incidence of Brazilian federal contributions ("PIS" and "COFINS"), Value-added tax ("ICMS") and other taxes.

**Civil litigations –** Refers to lawsuits for: (i) indemnities for losses, payments and contractual fines due to contractual imbalance or non-compliance that are alleged by suppliers, and (ii) land claims referring to real estate Vale's operational activities.

**Labor litigations –** Refers to lawsuits for claims by in-house employees and service providers, primarily involving demands for additional compensation for overtime work, moral damages or health and safety conditions.

**Environmental litigations –** Refers mainly to proceedings for environmental damages and issues related to environmental licensing.

**b) Contingent liabilities**

45.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

---

| | | |
|:---|:---|:---|
|  | **Consolidated** | **Consolidated** |
|  | **June 30, 2025** | **December 31, 2024** |
| Tax litigations | 37812 | 37122 |
| Civil litigations | 7880 | 7891 |
| Labor litigations | 1904 | 1809 |
| Environmental litigations | 6398 | 6499 |
| **Total** | **53994** | **53321** |

---

**c) Judicial deposits**

---

| | | |
|:---|:---|:---|
|  | **Consolidated** | **Consolidated** |
| | **June 30, 2025** | **December 31, 2024** |
| Tax litigations | 1979 | 2096 |
| Civil litigations | 569 | 481 |
| Labor litigations | 647 | 681 |
| Environmental litigations | 64 | 68 |
| **Total** | **3259** | **3326** |

---

**d) Guarantees contracted for legal proceedings**

In addition to the above-mentioned tax, civil, labor and environmental judicial deposits, the Company contracted R$18.3 (US$3.4 billion) (December 31, 2024: R$17.8 (US$2.9 billion)) in guarantees for its lawsuits, as an alternative to judicial deposits.

**27. Employee benefits**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | **Consolidated** | **Consolidated** |
|  | | **Current liabilities** | **Current liabilities** | **Non-current liabilities** | **Non-current liabilities** |
| | <br>**Notes** | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** |
| Payroll, related charges and other remunerations |  | 3812 | 5783 | – | – |
| Charges related to share-based payments | 27(a) | 162 | 98 | – | – |
| Employee post-retirement obligation | 27(b) | 333 | 385 | 6385 | 6925 |
|  |  | **4307** | **6266** | **6385** | **6925** |

---

**a) Share-based payments**

For the long-term incentive programs, the Company compensation plans includes Matching Program and Performance Share Unit program ("PSU"), with three-year-vesting cycles, respectively, with the aim of encouraging employee's retention and encouraging their performance. The fair value of the programs is recognized on a straight-line basis on equity, with a corresponding entry in the income statement, over the three-year required service period, net of estimated losses. The charges related to these programs are recorded in liabilities as "Employee benefits".

**Matching Program**

The fair value of the Matching program was estimated using the Company's share price and ADR and the number of shares granted on the grant date. The information by valid programs during the six-month period ended June 30, 2025 is shown below:

---

| | | | |
|:---|:---|:---|:---|
| | **2025 Program** | **2024 Program** | **2023 Program** |
| Granted shares | 2,453,783 | 2,244,659 | 1,330,503 |
| Share price | 57.69 | 60.05 | 81.82 |

---

46.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**Performance Shares Units ("PSU")**

The fair value of the PSU program was measured by estimating the performance factor using Monte Carlo simulations for the Return to Shareholders Indicator and health and safety and sustainability indicators. The assumptions used for the Monte Carlo simulations are shown in the table below by valid program during the six-month period ended June 30, 2025, as well as the result used to calculate the expected value of the total performance factor.

---

| | | | |
|:---|:---|:---|:---|
| | **2025 Program** | **2024 Program** | **2023 Program** |
| Granted shares | 1973979 | 1873175 | 1177755 |
| Date shares were granted | May 06, 2025 | April 29, 2024 | January 2, 2023 |
| Share price | 53.00 | 63.90 | 88.88 |
| Expected volatility | 33.82% | 35.60% | 48.33% |
| Expected term (in years) | 3 | 3 | 3 |
| Expected shareholder return indicator | 87.67% | 66.95% | 72.42% |
| Expected performance factor | 93.83% | 87.71% | 69.17% |

---

**b) Employee post-retirement obligation**

**Reconciliation of assets and liabilities recognized in the statement of financial position**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Overfunded pension plans** | **Underfunded pension plans and other benefits** | **Overfunded pension plans** | **Underfunded pension plans and other benefits** |
| <br>**Movements of assets ceiling** | | | | |
| **Balance at beginning of the period** | **5329** | **–** | **5194** | **–** |
| Interest income | 175 | – | 403 | – |
| Changes on asset ceiling | 241 | – | (442) | – |
| Translation adjustment | (83) | – | 174 | – |
| **Balance at end of the period** | **5662** | **–** | **5329** | **–** |
| **Amount recognized in the statement of financial position** |  |  |  |  |
| Present value of actuarial liabilities | (19394) | (11112) | (20718) | (11911) |
| Fair value of assets | 25688 | 4394 | 26727 | 4601 |
| Effect of the asset ceiling | (5662) | – | (5329) | – |
| **Assets (liabilities)** | **632** | **(6718)** | **680** | **(7310)** |
| Current liabilities | 55 | (333) | – | (385) |
| Non-current assets (liabilities) (i) | 577 | (6385) | 680 | (6925) |
| **Assets (liabilities)** | **632** | **(6718)** | **680** | **(7310)** |

---

(i) Overfunded pension plans assets are recorded as "Other non-current assets" in the balance sheet.

47.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**28. Equity**

**a) Share capital**

As of June 30, 2025, the share capital was R$77,300 (US$61,614 million) corresponding to 4,539,007,580 shares issued and fully paid without par value. The Board of Directors may, regardless of changes to by-laws, approve the issue and cancelation of common shares, including the capitalization of profits and reserves to the extent authorized.

---

| | | | |
|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| <br>**Shareholders** | **Common shares** | **Golden shares** | **Total** |
| Previ (i) | 394305082 | – | 394305082 |
| Mitsui&co (i) | 286347055 | – | 286347055 |
| Blackrock, Inc (ii) | 289063618 | – | 289063618 |
| **Total shareholders with more than 5% of capital** | **969715755** | **–** | **969715755** |
| Free floating | 3299063020 | – | 3299063020 |
| Golden shares | – | 12 | 12 |
| **Total outstanding (without shares in treasury)** | **4268778775** | **12** | **4268778787** |
| Shares in treasury | 270228793 | – | 270228793 |
| **Total capital** | **4539007568** | **12** | **4539007580** |

---

(i) Number of shares owned by shareholders, as per statement provided by the custodian, based on shares listed at B3.

(ii) Number of shares as reported in BlackRock, Inc.'s Schedule 13G/A, filed with the SEC.

**b)** **Share buyback program**

On February 19, 2025, the Board of Directors approved the common shares buyback program, limited to a maximum of 120,000,000 common shares or their respective ADRs, with a term of 18 months started from the end of the ongoing program, detailed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total of shares repurchased** | **Total of shares repurchased** | **Effect on cash flows** | **Effect on cash flows** |
| | **Six-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Shares buyback program up to 150,000,000 shares (i)** |  |  |  |  |
| Acquired by Parent | – | 17413659 | – | 1154 |
| Acquired by wholly owned subsidiaries | – | 11645514 | – | 788 |
| **Total** | **–** | **29059173** | **–** | **1942** |

---

(i) On October 26, 2023 a new share buyback program limited to a maximum of 150,000,000 common shares and their respective ADRs, over the next 18 months started from the end of the program previously on going.

**c) Remuneration approved** 

The Company's By-laws determines as its minimum mandatory remuneration to Vale shareholders an amount equal to 25% of the net income, after appropriations to legal and tax incentive reserves. The remuneration approved as interest on capital ("JCP") is gross up with the income tax applicable to Vale's shareholders. The remuneration to Vale's shareholders was based on the following resolutions:

&nbsp;&nbsp;&nbsp;&nbsp;• On July 31, 2025 (subsequent event),
the Board of Directors approved JCP to its shareholders in the total amount of R$8,091 (US$1,448 million), which will be paid in September
2025 as an anticipation of the remuneration for the year ending on December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• On
February 19, 2025, the Board of Directors approved dividends to shareholders in the total amount of R$9,143 (US$1,596 million), approved
as additional remuneration for the year ended December 31, 2024. This remuneration was fully paid in March 2025 .

&nbsp;&nbsp;&nbsp;&nbsp;• On
February 22, 2024, the Board of Directors approved dividends to shareholders in the total amount of R$11,722 (US$2,364 million), for the
year ended December 31, 2023. This remuneration was fully paid in March 2024.

48.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**29. Related parties**

The Company's related parties are subsidiaries, joint ventures, associates, shareholders and its related entities and key management personnel of the Company.

Related party transactions were made by the Company on terms equivalent to those that prevail in arm´s-length transactions, with respect to price and market conditions that are no less favorable to the Company than those arranged with third parties.

Net operating revenue relates to sale of iron ore to the steelmakers and right to use capacity on railroads. Cost and operating expenses mostly relates to the variable lease payments of the pelletizing plants.

Purchases, accounts receivable and other assets, and accounts payable and other liabilities relate largely to amounts charged by joint ventures and associates related to the pelletizing plants operational lease and railway transportation services.

**a) Transactions with related parties**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Three-month period ended June 30,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Net operating revenue** | **Cost and operating expenses** | **Financial result** | **Net operating revenue** | **Cost and operating expenses** | **Financial result** |
| ***Joint Ventures*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aliança Geração de Energia S.A. | – | – | – | – | (127) | – |
| &nbsp;&nbsp;&nbsp; Pelletizing companies (i) | – | (21) | (56) | – | (390) | (39) |
| &nbsp;&nbsp;&nbsp; MRS Logística S.A. | – | (631) | – | – | (658) | – |
| &nbsp;&nbsp;&nbsp; Norte Energia S.A. | – | (85) | – | – | (80) | – |
| &nbsp;&nbsp;&nbsp; Other | 51 | (349) | – | 40 | 79 | – |
|  | **51** | **(1086)** | **(56)** | **40** | **(1176)** | **(39)** |
| **Associates** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; VLI | 550 | (56) | (6) | 567 | (24) | (3) |
| &nbsp;&nbsp;&nbsp; PTVI | – | (779) | – | – | – | – |
| &nbsp;&nbsp;&nbsp;Anglo American | – | (270) | 38 | – | – | – |
| &nbsp;&nbsp;&nbsp; Other | – | – | (32) | – | (2) | – |
|  | **550** | **(1105)** | **–** | **567** | **(26)** | **(3)** |
| **Shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bradesco | – | – | 596 | – | – | (994) |
| &nbsp;&nbsp;&nbsp;Mitsui | 156 | – | – | 291 | – | – |
| &nbsp;&nbsp;&nbsp;Cosan | 8 | (47) | – | – | (8) | – |
| &nbsp;&nbsp;&nbsp; Banco do Brasil | – | – | 1 | – | – | 4 |
|  | **164** | **(47)** | **597** | **291** | **(8)** | **(990)** |
| **Total** | **765** | **(2238)** | **541** | **898** | **(1210)** | **(1032)** |

---

(i) Aggregated entities: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização and Companhia Nipo-Brasileira de Pelotização.

49.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **Six-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Net operating revenue** | **Cost and operating expenses** | **Financial result** | **Net operating revenue** | **Cost and operating expenses** | **Financial result** |
| ***Joint Ventures*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aliança Geração de Energia S.A. | – | – | – | – | (261) | – |
| &nbsp;&nbsp;&nbsp; Pelletizing companies (i) | – | (173) | (113) | – | (770) | (83) |
| &nbsp;&nbsp;&nbsp; MRS Logística S.A. | – | (1226) | – | – | (1104) | – |
| &nbsp;&nbsp;&nbsp; Norte Energia S.A. | – | (162) | – | – | (156) | – |
| &nbsp;&nbsp;&nbsp; Other | 91 | (725) | – | 85 | (26) | (15) |
|  | **91** | **(2286)** | **(113)** | **85** | **(2317)** | **(98)** |
| **Associates** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; VLI | 945 | (125) | (13) | 976 | (52) | (6) |
| &nbsp;&nbsp;&nbsp; PTVI | – | (1707) | – | – | – | – |
| &nbsp;&nbsp;&nbsp;Anglo American | – | (270) | 38 | – | – | – |
| &nbsp;&nbsp;&nbsp; Other | – | – | (15) | – | (5) | 15 |
|  | **945** | **(2102)** | **10** | **976** | **(57)** | **9** |
| **Shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bradesco | – | – | 1350 | – | – | (1189) |
| &nbsp;&nbsp;&nbsp; Mitsui | 352 | – | – | 595 | – | – |
| &nbsp;&nbsp;&nbsp; Cosan | 46 | (93) | – | 1 | (14) | – |
| &nbsp;&nbsp;&nbsp; Banco do Brasil | – | – | 1 | – | – | 4 |
|  | **398** | **(93)** | **1351** | **596** | **(14)** | **(1185)** |
| **Total** | **1434** | **(4481)** | **1248** | **1657** | **(2388)** | **(1274)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Parent Company** | **Parent Company** | **Parent Company** | **Parent Company** | **Parent Company** | **Parent Company** |
|  | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Three-month period ended June 30,** | **Three-month period ended June 30,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | **Net operating revenue** | **Cost and operating expenses** | **Financial result** | **Net operating revenue** | **Cost and operating expenses** | **Financial result** |
| **Subsidiaries** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vale International | 28111 | – | (607) | 28144 | – | (440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 72 | (400) | (71) | 58 | (245) | (82) |
|  | **28183** | **(400)** | **(678)** | **28202** | **(245)** | **(522)** |
| ***Joint Ventures*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aliança Geração de Energia S.A. | – | – | – | – | (127) | – |
| &nbsp;&nbsp;&nbsp; Pelletizing companies (i) | – | (21) | (9) | – | (390) | (10) |
| &nbsp;&nbsp;&nbsp; MRS Logística S.A. | – | (631) | – | – | (658) | – |
| &nbsp;&nbsp;&nbsp; Norte Energia S.A. | – | (85) | – | – | (80) | – |
| &nbsp;&nbsp;&nbsp; Other | 51 | – | – | 40 | 79 | – |
|  | **51** | **(737)** | **(9)** | **40** | **(1176)** | **(10)** |
| **Associates** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; VLI | 550 | (41) | (6) | 567 | (16) | (3) |
| &nbsp;&nbsp;&nbsp;Anglo American | – | (270) | 2 | – | – | – |
| &nbsp;&nbsp;&nbsp; Other | – | – | (15) | – | – | – |
|  | **550** | **(311)** | **(19)** | **567** | **(16)** | **(3)** |
| **Shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bradesco | – | – | 595 | – | – | (1001) |
| &nbsp;&nbsp;&nbsp; Cosan | 5 | (39) | – | – | (8) | – |
| &nbsp;&nbsp;&nbsp;Banco do Brasil | – | – | – | – | – | 1 |
|  | **5** | **(39)** | **595** | **–** | **(8)** | **(1000)** |
| **Total** | **28789** | **(1487)** | **(111)** | **28809** | **(1445)** | **(1535)** |

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(i) Aggregated entities: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização and Companhia Nipo-Brasileira de Pelotização.

50.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Parent Company** | **Parent Company** | **Parent Company** | **Parent Company** | **Parent Company** | **Parent Company** |
|  | **Six-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | **Net operating revenue** | **Cost and operating expenses** | **Financial result** | **Net operating revenue** | **Cost and operating expenses** | **Financial result** |
| **Subsidiaries** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vale International | 51750 | – | (1727) | 58186 | – | (1185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 133 | (730) | (159) | 110 | (388) | (176) |
|  | **51883** | **(730)** | **(1886)** | **58296** | **(388)** | **(1361)** |
| ***Joint Ventures*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aliança Geração de Energia S.A. | – | – | – | – | (261) | – |
| &nbsp;&nbsp;&nbsp; Pelletizing companies (i) | – | (173) | (17) | – | (770) | (20) |
| &nbsp;&nbsp;&nbsp; MRS Logística S.A. | – | (1226) | – | – | (1104) | – |
| &nbsp;&nbsp;&nbsp; Norte Energia S.A. | – | (162) | – | – | (156) | – |
| &nbsp;&nbsp;&nbsp; Other | 91 | – | – | 85 | (26) | (15) |
|  | **91** | **(1561)** | **(17)** | **85** | **(2317)** | **(35)** |
| **Associates** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; VLI | 945 | (95) | (13) | 976 | (40) | (6) |
| &nbsp;&nbsp;&nbsp;Anglo American | – | (270) | 2 | – | – | – |
| &nbsp;&nbsp;&nbsp; Other | – | – | (15) | – | (1) | 15 |
|  | **945** | **(365)** | **(26)** | **976** | **(41)** | **9** |
| **Shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bradesco | – | – | 1349 | – | – | (1197) |
| &nbsp;&nbsp;&nbsp; Cosan | 20 | (67) | – | 1 | (14) | – |
| &nbsp;&nbsp;&nbsp; Banco do Brasil | – | – | – | – | – | 1 |
|  | **20** | **(67)** | **1349** | **1** | **(14)** | **(1196)** |
| **Total** | **52939** | **(2723)** | **(580)** | **59358** | **(2760)** | **(2583)** |

---

(i) Aggregated entities: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização and Companhia Nipo-Brasileira de Pelotização.

51.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

**b) Outstanding balances with related parties**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Cash and cash equivalents** | **Accounts receivable** | **Dividends receivable and other assets** | **Cash and cash equivalents** | **Accounts receivable** | **Dividends receivable and other assets** |
| **Joint Ventures** | | | | | | |
| &nbsp;&nbsp;&nbsp;Pelletizing companies (i) | – | – | 71 | – | – | 210 |
| &nbsp;&nbsp;&nbsp;MRS Logística S.A. | – | – | 197 | – | 79 | 201 |
| &nbsp;&nbsp;&nbsp;Other | – | 26 | – | – | 28 | 2 |
|  | **–** | **26** | **268** | **–** | **107** | **413** |
| **Associates** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; VLI | – | 595 | – | – | 119 | – |
| &nbsp;&nbsp;&nbsp; PTVI | – | 2 | – | – | 3 | – |
| &nbsp;&nbsp;&nbsp;Anglo American | – | – | 981 | – | – | 923 |
| &nbsp;&nbsp;&nbsp; Other | – | 5 | 16 | – | 2 | 8 |
|  | **–** | **602** | **997** | **–** | **124** | **931** |
| **Shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bradesco | 2271 | – | 598 | 1616 | – | 100 |
| &nbsp;&nbsp;&nbsp; Banco do Brasil | 171 | – | – | 134 | – | – |
| &nbsp;&nbsp;&nbsp; Mitsui | – | 78 | – | – | 41 | – |
| &nbsp;&nbsp;&nbsp; Cosan | – | – | – | – | 16 | – |
|  | **2442** | **78** | **598** | **1750** | **57** | **100** |
| Pension plan | – | 98 | – | – | 97 | – |
| **Total** | **2442** | **804** | **1863** | **1750** | **385** | **1444** |

---

(i) Aggregated entities: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização and Companhia Nipo-Brasileira de Pelotização.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Supplier and contractors** | **Financial instruments and other liabilities** | **Supplier and contractors** | **Financial instruments and other liabilities** |
| <br>**Joint Ventures** | | | | |
| &nbsp;&nbsp;&nbsp; Pelletizing companies (i) | 340 | 1053 | 304 | 1803 |
| &nbsp;&nbsp;&nbsp; MRS Logística S.A. | 106 | – | 198 | – |
| &nbsp;&nbsp;&nbsp; Other | 328 | – | 412 | – |
|  | **774** | **1053** | **914** | **1803** |
| **Associates** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; VLI | 24 | 763 | 11 | 292 |
| &nbsp;&nbsp;&nbsp; PTVI | 394 | – | 414 | – |
| &nbsp;&nbsp;&nbsp;Anglo American | 363 | – | – | – |
| &nbsp;&nbsp;&nbsp; Other | 2 | – | 10 | 1 |
|  | **783** | **763** | **435** | **293** |
| **Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bradesco | – | 168 | – | 1008 |
| &nbsp;&nbsp;&nbsp;Cosan | – | – | 5 | – |
|  | **–** | **168** | **5** | **1008** |
| &nbsp;&nbsp;&nbsp;Pension plan | **–** | **–** | **66** | **–** |
| **Total** | **1557** | **1984** | **1420** | **3104** |

---

i) Aggregated entities: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização and Companhia Nipo-Brasileira de Pelotização.

52.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Parent company** | **Parent company** | **Parent company** | **Parent company** | **Parent company** | **Parent company** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Cash and cash equivalents** | **Accounts receivable** | **Dividends receivable and other assets** | **Cash and cash equivalents** | **Accounts receivable** | **Dividends receivable and other assets** |
| **Subsidiaries** | | | | | | |
| &nbsp;&nbsp;&nbsp; Vale International S.A. | – | 17641 | – | – | 24768 | – |
| &nbsp;&nbsp;&nbsp; Minerações Brasileiras Reunidas S.A. | – | – | 305 | – | – | 285 |
| &nbsp;&nbsp;&nbsp; Salobo Metais | – | 1163 | – | – | 1165 | – |
| &nbsp;&nbsp;&nbsp; Other | – | 74 | 40 | – | 58 | 185 |
|  | **–** | **18878** | **345** | **–** | **25991** | **470** |
| **Joint Ventures** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Pelletizing companies (i) | – | – | 71 | – | – | 210 |
| &nbsp;&nbsp;&nbsp; MRS Logistica S.A. | – | – | 38 | – | 79 | 38 |
| &nbsp;&nbsp;&nbsp; Other | – | 26 | – | – | 28 | 2 |
|  | **–** | **26** | **109** | **–** | **107** | **250** |
| **Associates** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; VLI | – | 595 | – | – | 119 | – |
| &nbsp;&nbsp;&nbsp;Anglo American | – | – | 166 | – | – | – |
| &nbsp;&nbsp;&nbsp; Other | – | 4 | 17 | – | 2 | 8 |
|  | **–** | **599** | **183** | **–** | **121** | **8** |
| **Shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bradesco | 692 | – | 598 | 945 | – | 100 |
| &nbsp;&nbsp;&nbsp; Cosan | – | – | – | – | 13 | – |
| &nbsp;&nbsp;&nbsp; Banco do Brasil | 18 | – | – | 38 | – | – |
|  | **710** | **–** | **598** | **983** | **13** | **100** |
| Pension Plan | **–** | **98** | **–** | **–** | **97** | **–** |
| **Total** | **710** | **19601** | **1235** | **983** | **26329** | **828** |

---

(i) Aggregated entities: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização and Companhia Nipo-Brasileira de Pelotização.

53.0 ---

| |
|:---|
| **Notes to the Interim Financial Statements** |
| **Expressed in millions of Brazilian reais, unless otherwise stated** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Parent company** | **Parent company** | **Parent company** | **Parent company** | **Parent company** | **Parent company** |
|  | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Supplier and contractors** | **Export Pre-Payments** | **Financial instruments and other liabilities** | **Supplier and contractors** | **Export Pre-Payments** | **Financial instruments and other liabilities** |
| **Subsidiaries** | | | | | | |
| &nbsp;&nbsp;&nbsp; Vale International S.A. | – | 64946 | 5255 | – | 73707 | 5923 |
| &nbsp;&nbsp;&nbsp; Salobo | 11 | – | 135 | 9 |  | 135 |
| &nbsp;&nbsp;&nbsp; Other | 236 | – | 2853 | 205 | – | 3518 |
|  | **247** | **64946** | **8243** | **214** | **73707** | **9576** |
| **Joint Ventures** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Pelletizing companies (i) | 340 | – | – | 304 | – | – |
| &nbsp;&nbsp;&nbsp; MRS Logística S.A. | 106 | – | – | 198 | – | – |
| &nbsp;&nbsp;&nbsp; Other | 36 | – | – | 90 | – | – |
|  | **482** | **–** | **–** | **592** | **–** | **–** |
| **Associates** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; VLI | 23 | – | 763 | 10 | – | 292 |
| &nbsp;&nbsp;&nbsp;Anglo American | 363 | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp; Other | 2 | – | – | 9 | – | 1 |
|  | **388** | **–** | **763** | **19** | **–** | **293** |
| **Shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bradesco | – | – | 168 | – | – | 1008 |
| &nbsp;&nbsp;&nbsp; Cosan | – | – | – | 2 | – | – |
|  | **–** | **–** | **168** | **2** | **–** | **1008** |
| **Pension plan** |  |  |  | 61 | – | – |
| **Total** | **1117** | **64946** | **9174** | **888** | **73707** | **10877** |

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(i) Aggregated entities: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização and Companhia Nipo-Brasileira de Pelotização.

**c) Key management personnel compensation**

During the six-month period ended June 30, 2025, the compensation of the Company's key management personnel was R$88 (US$15 million) (2024: R$77 (US$15 million)).

54.0 **Signatures**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | Vale S.A.<br> (Registrant) | Vale S.A.<br> (Registrant) |
|  | By: | /s/ Thiago Lofiego |
| Date: July 31, 2025 |  | Director of Investor Relations |

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