# EDGAR Filing Document

**Accession Number:** 0000917851
**File Stem:** 0001292814-26-002634
**Filing Date:** 2026-4
**Character Count:** 165493
**Document Hash:** 64a813ab6a25038c244d6430e71e2293
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001292814-26-002634.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001292814-26-002634

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260428

**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:** 26909839

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** PRAIA DE BOTAFOGO, 186
- **CITY:** RIO DE JANEIRO
- **PROVINCE COUNTRY:** D5
- **BUSINESS PHONE:** 55 21 3485-3900

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** PRAIA DE BOTAFOGO, 186
- **CITY:** RIO DE JANEIRO
- **PROVINCE COUNTRY:** D5

**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

April 2026

**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 ◻

![](image_018.jpg)

![](image_003.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Consolidated** | **Consolidated** | **Parent company** | **Parent company** |
| **Three-month period ended March 31,** | **Notes** | **2026** | **2025** | **2026** | **2025** |
| Net operating revenue | 3(b) | 48680 | 47411 | 26978 | 28157 |
| Cost of goods sold and services rendered | 4(a) | (32423) | (31811) | (16143) | (15446) |
| **Gross profit** |  | **16257** | **15600** | **10835** | **12711** |
| **Operating expenses** |  |  |  |  |  |
| Selling and administrative | 4(b) | (800) | (845) | (405) | (413) |
| Research and development |  | (685) | (719) | (481) | (427) |
| Pre-operating and operational stoppage | 12 | (258) | (523) | (233) | (496) |
| Equity results and others results from subsidiaries | 26 | – | – | 5091 | 2089 |
| Other operating expenses, net | 4(c) | (1405) | (1513) | (1140) | (1271) |
| Impairment and other results related to non-current assets, net | 11, 13 and 27 | (628) | (1456) | (809) | (1289) |
| **Operating income** |  | **12481** | **10544** | **12858** | **10904** |
| Financial income | 15 | 674 | 678 | 416 | 373 |
| Financial expenses | 15 | (2199) | (2230) | (2019) | (2038) |
| Other financial items, net | 15 | 1736 | 2734 | (493) | 2974 |
| Equity results and other results in associates and joint ventures | 23 and 26 | 187 | 342 | 187 | 342 |
| **Income before income taxes** |  | **12879** | **12068** | **10949** | **12555** |
| Income taxes | 5 | (2680) | (3895) | (996) | (4391) |
| **Net income** |  | **10199** | **8173** | **9953** | **8164** |
| **Net income attributable to noncontrolling interests** |  | **246** | **9** | **–** | **–** |
| **Net income attributable to Vale S.A.'s shareholders** |  | **9953** | **8164** | **9953** | **8164** |
| **Earnings per share attributable to Vale S.A.'s shareholders** | 6 |  |  |  |  |
| Basic and diluted earnings per common share (R$) |  | 2.33 | 1.91 | 2.33 | 1.91 |

---

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

![](image_004.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Consolidated** | **Consolidated** | **Parent Company** | **Parent Company** |
| **Three-month period ended March 31,** | **Notes** | **2026** | **2025** | **2026** | **2025** |
| **Net income** |  | **10199** | **8173** | **9953** | **8164** |
| **Other comprehensive income (loss):** |  |  |  |  |  |
| **Items that will not be reclassified to income statement** |  |  |  |  |  |
| Retirement benefit obligations |  | (21) | (25) | (16) | (16) |
| Equity interests in other comprehensive income of subsidiaries |  | - | - | (5) | (9) |
|  |  | **(21)** | **(25)** | **(21)** | **(25)** |
| **Items that may be reclassified to income statement** |  |  |  |  |  |
| Translation adjustments of foreign operations (i) |  | (3582) | (5070) | (3410) | (4749) |
| Hedge of net investment in foreign operation | 17(a.iv) | 722 | 1020 | 722 | 1020 |
| Reclassification of cumulative translation adjustment to income statement |  | - | 55 | - | 55 |
|  |  | **(2860)** | **(3995)** | **(2688)** | **(3674)** |
| **Comprehensive income** |  | **7318** | **4153** | **7244** | **4465** |
| Comprehensive income (loss) attributable to noncontrolling interests |  | 74 | (312) | - | - |
| **Comprehensive income attributable to Vale S.A.'s shareholders** |  | **7244** | **4465** | **-** | **-** |

---

(i) Includes the effect of changes in the exchange rates used by the Company to translate the financial information of investees operating in an international economic environment, with a currency different from the functional currency of Vale S.A. (note 30b).

Items above are stated net of tax, when applicable, and the related taxes effects are disclosed in note 5.

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

![](image_005.jpg)

Interim Statement of Cash Flows<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Consolidated** | **Consolidated** | **Parent Company** | **Parent Company** |
| **Three-month period ended March 31,** | **Notes** | **2026** | **2025** | **2026** | **2025** |
| **Cash generated from operations** | **10(a)** | **12881** | **14775** | **17917** | **21930** |
| Payment of interest on loans, financing and other financial liabilities | 21 | (1135) | (1413) | (1787) | (2065) |
| Receipts from the settlement of derivatives, net | 17 | 613 | 771 | 362 | 791 |
| Payments related to the Brumadinho event | 22 | (563) | (490) | (563) | (490) |
| Payments related to de-characterization of dams | 12 | (330) | (461) | (330) | (461) |
| Payments of income taxes (including refinancing programs) |  | (1689) | (3456) | (762) | (2873) |
| **Net cash generated by operating activities** |  | **9777** | **9726** | **14837** | **16832** |
| **Cash flow from investing activities:** |  |  |  |  |  |
| Acquisition of property, plant and equipment and intangible assets |  | (6244) | (7360) | (4878) | (5708) |
| Payments related to the Samarco dam failure | 23(a) | (675) | (950) | (675) | (950) |
| Dividends received from associates and joint ventures |  | 146 | 113 | 25 | – |
| Short-term investment, net |  | 306 | 154 | 259 | 35 |
| Other investing activities, net |  | (220) | 7 | (67) | (373) |
| **Net cash used in investing activities** |  | **(6687)** | **(8036)** | **(5336)** | **(6996)** |
| **Cash flow from financing activities:** |  |  |  |  |  |
| Loans and borrowings from third parties | 21 | 5016 | 9349 | 2683 | – |
| Payments of loans and borrowings to third parties | 21 | (5864) | (5482) | (982) | (1043) |
| Payments of leasing | 19(b) | (186) | (174) | (46) | (32) |
| Dividends and interest on capital paid to Vale S.A.'s shareholders | 25(d.i) | (14465) | (11365) | (14465) | (11365) |
| Shares buyback program | 25(c) | (386) | – | (386) | – |
| **Net cash used in financing activities** |  | **(15885)** | **(7672)** | **(13196)** | **(12440)** |
| **Net decrease in cash and cash equivalents** |  | **(12795)** | **(5982)** | **(3695)** | **(2604)** |
| Cash and cash equivalents at the beginning of the period |  | 40563 | 30671 | 11460 | 9084 |
| Effect of exchange rate changes on cash and cash equivalents |  | (1228) | (1388) | – | – |
| Cash from subsidiaries classified as non-current assets held for sale and others |  | – | (591) | – | – |
| **Cash and cash equivalents at end of the period** |  | **26540** | **22710** | **7765** | **6480** |

---

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

![](image_006.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Consolidated** | **Consolidated** | **Parent Company** | **Parent Company** |
| | | **March 31,**<br> **2026** | **December 31, 2025** | **March 31,**<br> **2026** | **December 31, 2025** |
| <br>**Assets** | <br>**Notes** | | | | |
| **Current assets** | | | | | |
| Cash and cash equivalents | 16 | 26540 | 40563 | 7765 | 11460 |
| Short-term investments | 16 | 1012 | 1066 | 851 | 899 |
| Accounts receivable | 7 | 12533 | 12639 | 4617 | 15081 |
| Other financial assets | 20 | 4834 | 2517 | 1653 | 1425 |
| Inventories | 8 | 32020 | 32666 | 8680 | 7944 |
| Recoverable taxes | 5(e) | 6849 | 8280 | 5415 | 5856 |
| Other |  | 3501 | 2914 | 2311 | 2271 |
|  |  | **87289** | **100645** | **31292** | **44936** |
| Non-current assets held for sale | 27(a) | 138 | – | – | – |
|  |  | **87427** | **100645** | **31292** | **44936** |
| **Non-current assets** |  |  |  |  |  |
| Judicial deposits | 24(c) | 3114 | 3580 | 2995 | 3453 |
| Other financial assets | 20 | 3638 | 2637 | 2033 | 1230 |
| Recoverable taxes | 5(e) | 10162 | 9768 | 8957 | 8608 |
| Deferred income taxes | 5(b) | 31415 | 34761 | 23013 | 24899 |
| Other |  | 7313 | 7728 | 5038 | 5321 |
|  |  | **55642** | **58474** | **42036** | **43511** |
| Investments in associates and joint ventures | 26 | 26884 | 27674 | 134837 | 133861 |
| Intangible assets | 13 | 48869 | 49261 | 41651 | 42045 |
| Property, plant, and equipment | 11 | 238351 | 240040 | 160834 | 159608 |
|  |  | **369746** | **375449** | **379358** | **379025** |
| **Total assets** |  | **457173** | **476094** | **410650** | **423961** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Liabilities and shareholders equity** | | | | | |
| **Current liabilities** | | | | | |
| Suppliers and other payables | 9 | 28657 | 30621 | 15732 | 17289 |
| Loans and borrowings | 18 | 3117 | 2847 | 1190 | 960 |
| Leases | 19 | 837 | 884 | 323 | 329 |
| Railway concession | 14 | 3215 | 3138 | 3215 | 3138 |
| Other financial liabilities | 20 | 3343 | 3603 | 21333 | 26970 |
| Taxes payable | 5(e) | 3369 | 3781 | 1584 | 1255 |
| Settlement programs ("REFIS") | 5(e) | 2365 | 2328 | 2365 | 2328 |
| Liabilities related to Brumadinho | 22 | 4530 | 4168 | 4530 | 4168 |
| Liabilities related to associates and joint ventures | 23 | 6164 | 5955 | 6164 | 5955 |
| De-characterization of dams and asset retirement obligations | 12 | 5233 | 4774 | 4801 | 4208 |
| Provisions for litigation | 24(a) | 799 | 794 | 799 | 794 |
| Employee benefits | 28 | 3574 | 6234 | 2499 | 4025 |
| Dividends payable | 25(d.i) | 111 | 14588 | 111 | 14588 |
| Other |  | 4468 | 3605 | 3002 | 2672 |
|  |  | **69782** | **87320** | **67648** | **88679** |
| Liabilities associated with non-current assets held for sale | 27(a) | 730 | – | – | – |
|  |  | **70512** | **87320** | **67648** | **88679** |
| **Non-current liabilities** |  |  |  |  |  |
| Loans and borrowings | 18 | 91856 | 96932 | 35737 | 35134 |
| Leases | 19 | 2510 | 2794 | 766 | 831 |
| Railway concession | 14 | 9794 | 10034 | 9794 | 10034 |
| Other financial liabilities | 20 | 17744 | 16770 | 56734 | 53825 |
| Settlement programs ("REFIS") | 5(e) | 3790 | 4314 | 3790 | 4314 |
| Deferred income taxes | 5(b) | 426 | 588 | – | – |
| Liabilities related to Brumadinho | 22 | 5693 | 6345 | 5693 | 6345 |
| Liabilities related to associates and joint ventures | 23 | 7912 | 8424 | 7912 | 8424 |
| De-characterization of dams and asset retirement obligations | 12 | 27279 | 29128 | 17886 | 18667 |
| Provisions for litigation | 24(a) | 4926 | 4944 | 4538 | 4607 |
| Employee benefits | 28 | 6264 | 6680 | 2504 | 2489 |
| Streaming transactions |  | 10240 | 10831 | – | – |
| Other |  | 2312 | 2064 | 6432 | 6313 |
|  |  | **190746** | **199848** | **151786** | **150983** |
| **Total liabilities** |  | **261258** | **287168** | **219434** | **239662** |
| Equity | 25 |  |  |  |  |
| Equity attributable to Vale S.A.'s shareholders |  | 191216 | 184299 | 191216 | 184299 |
| Equity attributable to noncontrolling interests |  | 4699 | 4627 | – | – |
| **Total equity** |  | **195915** | **188926** | **191216** | **184299** |
| **Total liabilities and equity** |  | **457173** | **476094** | **410650** | **423961** |

---

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

![](image_007.jpg)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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, 2025** |  | **77300** | **3634** | **96179** | **(19781)** | **(177)** | **27144** | **-** | **184299** | **4627** | **188926** |
| Net income |  | - | - | - | - | - | - | 9953 | 9953 | 246 | 10199 |
| Other comprehensive income |  | - | - | - | - | (65) | (2644) | - | (2709) | (172) | (2881) |
| Dividends of noncontrolling interests |  | - | - | - | - | - | - | - | - | (1) | (1) |
| Shares buyback program | 25(c) | - | - | - | (386) | - | - | - | (386) | - | (386) |
| Capital transactions |  | - | - | - | - | (18) | - | - | (18) | (1) | (19) |
| Share-based payment programs | 28(a) | - | - | - | 51 | 26 | - | - | 77 | - | 77 |
| Treasury shares cancelled | 25(b) | - | - | (6967) | 6967 | - | - | - | - | - | - |
| **Balance as of March 31, 2026** |  | **77300** | **3634** | **89212** | **(13149)** | **(234)** | **24500** | **9953** | **191216** | **4699** | **195915** |
| **Balance as of December 31, 2024** |  | **77300** | **3634** | **114889** | **(19785)** | **(432)** | **31166** | **-** | **206772** | **6948** | **213720** |
| Net income |  | - | - | - | - | - | - | 8164 | 8164 | 9 | 8173 |
| Other comprehensive income |  | - | - | - | - | (105) | (3594) | - | (3699) | (321) | (4020) |
| Dividends and interest on capital of Vale S.A.'s shareholders | 25(d) | - | - | (9143) | - | - | - | - | (9143) | - | (9143) |
| Dividends of noncontrolling interest |  | - | - | - | - | - | - | - | - | (2) | (2) |
| Capital transactions |  | - | - | - | - | (36) | - | - | (36) | 1 | (35) |
| Share-based payment programs | 28(a) | - | - | - | 4 | 20 | - | - | 24 | - | 24 |
| **Balance as of March 31, 2025** |  | **77300** | **3634** | **105746** | **(19781)** | **(553)** | **27572** | **8164** | **202082** | **6635** | **208717** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br> **Consolidated** | <br> **Consolidated** | **Parent company** | **Parent company** |
| **Three-month period ended March 31,** | **2026** | **2025** | **2026** | **2025** |
| **Generation of value added** |  |  |  |  |
| **Gross revenue** |  |  |  |  |
| Revenue from products and services | 49126 | 47940 | 27363 | 28644 |
| Revenue from the construction of own assets | 787 | 2099 | 755 | 1735 |
| Other revenues | 511 | 286 | 432 | 197 |
| **Less:** |  |  |  |  |
| Cost of products, goods and services sold | (10712) | (10563) | (5776) | (5624) |
| Material, energy, third-party services and other | (11442) | (12507) | (3999) | (4737) |
|  Impairment and other results related to non-current assets, net  | (628) | (1456) | (809) | (1289) |
| Expenses related to Brumadinho event | (356) | (612) | (356) | (612) |
| De-characterization of dams | 17 | 49 | 17 | 49 |
| Other costs and expenses | (3538) | (3801) | (2074) | (2054) |
| **Gross value added** | **23765** | **21435** | **15553** | **16309** |
| Depreciation, amortization and depletion | (4435) | (4105) | (2696) | (2548) |
| **Net value added** | **19330** | **17330** | **12857** | **13761** |
| **Received from third parties:** |  |  |  |  |
| Equity results | 187 | 342 | 5278 | 2431 |
| Financial results | 462 | (849) | (148) | (1017) |
| **Total value added to be distributed** | **19979** | **16823** | **17987** | **15175** |
| **Personnel and charges** |  |  |  |  |
| Direct compensation | 2844 | 2937 | 1558 | 1422 |
| Benefits | 1194 | 1119 | 921 | 848 |
| FGTS | 147 | 131 | 128 | 117 |
| **Taxes and contributions** |  |  |  |  |
| Federal taxes | 4303 | 5528 | 2378 | 5815 |
| State taxes | 1003 | 966 | 915 | 984 |
| Municipal taxes | 54 | 53 | 44 | 41 |
| **Remuneration of third-party capital** |  |  |  |  |
| Interest (net derivatives and monetary and exchange rate variation) | 43 | (2284) | 1919 | (2391) |
| Leasing | 192 | 200 | 171 | 175 |
| **Remuneration of own capital** |  |  |  |  |
| Reinvested net income from continuing operations | 9953 | 8164 | 9953 | 8164 |
| Net income attributable to noncontrolling interest | 246 | 9 | – | – |
| **Distributed value added** | **19979** | **16823** | **17987** | **15175** |

---

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

![](image_009.jpg)

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

1. Corporate information

Vale S.A. ("Parent Company") is a public company headquartered in the city of Rio de Janeiro, Brazil. Vale S.A.'s share capital consists of common shares traded on B3 under the code VALE3. The Company also has American Depositary Receipts ("ADRs") 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 shareholding structure is presented in note 25(a) to these interim financial statements.

Vale S.A., together with its subsidiaries ("Vale" or the "Company"), is one of the world's largest producers of iron ore and nickel, and also produces iron ore pellets and briquettes, copper, and by-products such as platinum-group metals (PGM), gold, silver, and cobalt.

The Company's business is organized into two operating segments: "Iron Ore Solutions" and "Vale Base Metals" (note 3).

**Iron Ore Solutions**

It comprises the extraction of iron ore, the production of pellets and other ferrous products, as well as large-scale logistics systems and distribution centers integrated with its mining operations, including railways, maritime terminals, and ports.

&nbsp;&nbsp;&nbsp;&nbsp;• **Iron ore.** The
Company operates three systems in Brazil for the production and distribution of iron ore:

**North System.** Composed of three mining complexes, the Carajás Railroad (Estrada de Ferro Carajás – EFC), and a maritime terminal.

**Southeast System.** Composed of three mining complexes, the Vitória–Minas Railway (Estrada de Ferro Vitória a Minas – EFVM), and maritime terminals.

**South System.** Composed of two mining complexes and maritime terminals.

&nbsp;&nbsp;&nbsp;&nbsp;• **Iron ore pellets and other ferrous products.** Vale has a diversified portfolio of agglomerated
products, including pellets and briquettes. The Company operates eight pelletizing plants in Brazil, two in Oman dedicated to pellet production,
and two briquette plants in Brazil for briquette production.

Most of these products are sold to the international market through the group's main trading company, Vale International S.A. ("VISA"), a wholly owned subsidiary of Vale headquartered in Switzerland.

**Vale Base Metals**

The Vale Base Metals segment is operated by Vale Base Metals (VBM) and comprises the production of nickel, copper, and their respective by-products.

&nbsp;&nbsp;&nbsp;&nbsp;• **Nickel.** The
main operations are conducted by Vale Canada Limited ("Vale Canada"), which operates mines and processing plants in Canada
and Brazil, as well as nickel refining facilities in the United Kingdom and Japan. The Company also holds interests in nickel operations
in Indonesia.

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

&nbsp;&nbsp;&nbsp;&nbsp;• **Other base metals.** In
Sudbury, the ore extracted generates cobalt, PGMs, silver, and gold as by-products, which are processed at the refining facilities in
Port Colborne (Ontario). In Canada, the Company also produces refined cobalt at Long Harbour (Newfoundland and Labrador). The copper operations
at Sossego and Salobo also produce silver and gold as by-products. The Company also has streaming transactions related to nickel and copper
by-products.

The Company also engages in greenfield mineral exploration in five countries: Brazil, Canada, Chile, Peru, and Indonesia. In addition, Vale holds interests in associates and joint ventures, primarily involved in the production of ferrous products and base metals, in the operation of logistics infrastructure, and in energy businesses that aim to meet part of Vale's consumption needs through renewable sources. The list of the Company's investments in subsidiaries, associates, and joint ventures is presented in note 26.

2. Significant events and transactions related to the three-month period ended March 31, 2026

**Operating assets**

&nbsp;&nbsp;&nbsp;&nbsp;• Thompson Operations, Canada – In
February 2026, as part of a strategic review of its nickel assets, the Company entered into an agreement with Exiro Minerals Corporation,
Orion Resources Partners LP, and Canada Growth Fund Inc. to form a new entity, in which Vale will hold a minority interest through the
contribution of the Thompson assets. As a result, Vale classified the assets and liabilities related to the Thompson operations as held
for sale. The Company does not expect material effects arising from the completion of this transaction, which is planned to occur by the end of 2026 and is subject to customary
closing conditions. Further details are presented in Note 27(b) to these interim financial statements.

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

**Capital structure**

&nbsp;&nbsp;&nbsp;&nbsp;• Cancellation and buyback shares – In
the three-month period ended March 31, 2026, the Company repurchased 4,980,600 common shares and their respective ADRs, totaling R$386
(US$74 million), and approved the cancellation of 99,847,816 treasury common shares. Further details are presented in Note 25 to these
interim financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;• Remuneration to shareholders – In
January and March 2026, the Company paid dividends and interest on equity to its shareholders totaling R$14,465 (US$2,745 million), net
of withholding taxes, related to the remuneration for the 2025 fiscal year. Further details are presented in Note 25(d) to these interim
financial statements.

**Basis of preparation and other requirements**

&nbsp;&nbsp;&nbsp;&nbsp;• Conflict in the Middle East - The escalation of geopolitical tensions in the Middle East in 2026 and the associated logistical constraints have increased the complexity
of the international operating environment. Vale is monitoring developments and, until this date the Company does not expect any significant
effects on its operations.

3. Information by business segment and geographic area

The reportable operating segments are aligned with the products and reflect the structure used by Management to assess the Company's performance. The boards responsible for making operational decisions, allocating resources, and evaluating performance, which include the Executive Committee and the Board of Directors, use adjusted EBITDA as the performance measure by business segment.

---

| | |
|:---|:---|
| **Segment** | **Main activities** |
| **Iron Ore Solutions** | Comprises the extraction and production of iron ore, iron ore pellets, other ferrous products, and its logistic related services. |
| **Vale Base 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). |

---

The Company's adjusted EBITDA is calculated based on operating income (loss), including the EBITDA of associates and joint ventures, which corresponds to a measure of 'equity results' (note 26), and excluding (i) depreciation, depletion and amortization; and (ii) impairment and other results related to non-current assets, net, and other items.

In addition, unallocated items to the operating segment include 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.

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

a) Adjusted EBITDA

---

| | | | |
|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** |
| **Three-month period ended March 31,** | **Notes** | **2026** | **2025** |
| Iron ore |  | 12838 | 13659 |
| Iron ore pellets |  | 2517 | 3123 |
| Other ferrous products and logistics services |  | (80) | 105 |
| **Iron Ore Solutions** |  | **15275** | **16887** |
| Nickel |  | 1464 | 225 |
| Copper |  | 4996 | 3180 |
| Other base metals |  | (153) | (196) |
| **Vale Base Metals** |  | **6307** | **3209** |
| **Unallocated items** |  | **(1477)** | **(1907)** |
| **Adjusted EBITDA** |  | **20105** | **18189** |
| Depreciation, depletion and amortization | 10(a) | (4435) | (4105) |
| Impairment and other results related to non-current assets, net and other (i) |  | (1969) | (2418) |
| EBITDA from associates and joint ventures |  | (1220) | (1122) |
| **Operating income** |  | **12481** | **10544** |
| Equity results and other results in associates and joint ventures | 26 | 187 | 342 |
| Financial results | 15 | 211 | 1182 |
| **Income before income taxes** |  | **12879** | **12068** |

---

(i) Includes R$628 (US$120 million) of results related to non-current assets net (2025: R$1,456 (US$253 million)) and R$1,341 (US$257 million) of expenses to reflect the performance of streaming transactions at market prices (2025: R$962 (US$167 million)). b) Net operating revenue by business segment and geographic area

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **Three-month period ended March 31, 2026** | **Three-month period ended March 31, 2026** | **Three-month period ended March 31, 2026** | **Three-month period ended March 31, 2026** | **Three-month period ended March 31, 2026** | **Three-month period ended March 31, 2026** | **Three-month period ended March 31, 2026** | **Three-month period ended March 31, 2026** | **Three-month period ended March 31, 2026** |
|  | **Iron Ore Solutions** | **Iron Ore Solutions** | **Iron Ore Solutions** | **Iron Ore Solutions** | **Vale Base Metals** | **Vale Base Metals** | **Vale Base Metals** | **Vale Base Metals** | |
| | **Iron ore** | **Iron ore pellets** | **Other ferrous products and logistics services** | **Total Iron Ore Solutions** | **Nickel** | **Copper** | **Other base metals** | **Total Vale Base Metals** | **Net operating revenue** |
| China (i) | 21029 | 107 | – | **21136** | 851 | 821 | 149 | **1821** | **22957** |
| Japan | 2695 | 311 | 2 | **3008** | 245 | – | – | **245** | **3253** |
| Asia, except Japan and China | 3486 | 242 | 19 | **3747** | 463 | 817 | 54 | **1334** | **5081** |
| Brazil | 1299 | 1817 | 784 | **3900** | 202 | – | 16 | **218** | **4118** |
| United States of America | – | 281 | – | **281** | 1319 | – | – | **1319** | **1600** |
| Americas, except United States and Brazil | – | 452 | – | **452** | 886 | – | – | **886** | **1338** |
| Germany | 425 | 175 | – | **600** | 535 | 1379 | – | **1914** | **2514** |
| Europe, except Germany | 979 | 246 | – | **1225** | 1547 | 3198 | 1 | **4746** | **5971** |
| Middle East, Africa, and Oceania | – | 1785 | – | **1785** | 63 | – | – | **63** | **1848** |
| **Net operating revenue** | **29913** | **5416** | **805** | **36134** | **6111** | **6215** | **220** | **12546** | **48680** |

---

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **Three-month period ended March 31, 2025** | **Three-month period ended March 31, 2025** | **Three-month period ended March 31, 2025** | **Three-month period ended March 31, 2025** | **Three-month period ended March 31, 2025** | **Three-month period ended March 31, 2025** | **Three-month period ended March 31, 2025** | **Three-month period ended March 31, 2025** | **Three-month period ended March 31, 2025** |
|  | **Iron Ore Solutions** | **Iron Ore Solutions** | **Iron Ore Solutions** | **Iron Ore Solutions** | **Vale Base Metals** | **Vale Base Metals** | **Vale Base Metals** | **Vale Base Metals** | |
| | **Iron ore** | **Iron ore pellets** | **Other ferrous products and logistics services** | **Total Iron Ore Solutions** | **Nickel** | **Copper** | **Other base metals** | **Total Vale Base Metals** | <br>**Net operating revenue** |
| China (i) | 21169 | – | – | **21169** | 538 | 966 | 39 | **1543** | **22712** |
| Japan | 2599 | 112 | 1 | **2712** | 317 | – | – | **317** | **3029** |
| Asia, except Japan and China | 3125 | 230 | 37 | **3392** | 564 | 166 | 26 | **756** | **4148** |
| Brazil | 1452 | 2204 | 932 | **4588** | 135 | – | 31 | **166** | **4754** |
| United States of America | – | 316 | – | **316** | 1308 | – | 112 | **1420** | **1736** |
| Americas, except United States and Brazil | – | 282 | – | **282** | 700 | – | – | **700** | **982** |
| Germany | 481 | 239 | – | **720** | 827 | 1132 | 22 | **1981** | **2701** |
| Europe, except Germany | 1285 | 194 | – | **1479** | 1171 | 2062 | 15 | **3248** | **4727** |
| Middle East, Africa, and Oceania | – | 2576 | – | **2576** | 46 | – | – | **46** | **2622** |
| **Net operating revenue** | **30111** | **6153** | **970** | **37234** | **5606** | **4326** | **245** | **10177** | **47411** |

---

(i) Includes operating revenue of China Mainland in the amount of R$22,373 (US$4,258 million) (2025: R$22,214 (US$3,801 million)) and Taiwan in the amount of R$584 (US$111 million) (2025: R$498 (US$85 million)).

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

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

---

| | | |
|:---|:---|:---|
|  | **Consolidated** | **Consolidated** |
| **Three-month period ended March 31,** | **2026** | **2025** |
| Iron Ore | 17044 | 16393 |
| Iron Ore Pellets | 3085 | 3264 |
| Other ferrous products and logistics services | 870 | 796 |
| **Iron Ore Solutions** | **20999** | **20453** |
| Nickel | 4779 | 5303 |
| Copper | 2235 | 1974 |
| Other base metals | 213 | 225 |
| **Vale Base Metals** | **7227** | **7502** |
| Depreciation, depletion and amortization | 4197 | 3856 |
| **Cost of goods sold and services rendered** | **32423** | **31811** |

---

d) Assets by geographic area

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Investments in associates and joint ventures** | **Intangible assets** | **Property, plant and equipment** | **Total** | **Investments in associates and joint ventures** | **Intangible assets** | **Property, plant and equipment** | **Total** |
| Brazil | 14143 | 48819 | 187965 | **250927** | 14268 | 49210 | 185732 | **249210** |
| Canada | – | 37 | 41035 | **41072** | – | 42 | 44318 | **44360** |
| Americas, except Brazil and Canada | – | – | 18 | **18** | – | – | 20 | **20** |
| Indonesia | 9757 | – | 323 | **10080** | 10138 | – | 348 | **10486** |
| China | – | 6 | 12 | **18** | – | 6 | 15 | **21** |
| Asia, except Indonesia and China | – | 1 | 3178 | **3179** | – | 1 | 3429 | **3430** |
| Europe | – | 4 | 3119 | **3123** | – | – | 3393 | **3393** |
| Oman | 2984 | 2 | 2701 | **5687** | 3268 | 2 | 2785 | **6055** |
| **Total** | **26884** | **48869** | **238351** | **314104** | **27674** | **49261** | **240040** | **316975** |

---

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

4. Costs and expenses by nature

a) Cost of goods sold, and services rendered

---

| | | |
|:---|:---|:---|
|  | **Consolidated** | **Consolidated** |
| **Three-month period ended March 31,** | **2026** | **2025** |
| Services | 6425 | 5963 |
| Shipping and other freight costs | 5649 | 6206 |
| Depreciation, depletion and amortization | 4197 | 3856 |
| Personnel | 4095 | 3930 |
| Materials | 3579 | 3524 |
| Acquisition of products | 3368 | 3249 |
| Royalties | 1653 | 1511 |
| Fuel, oil and gas | 1466 | 1548 |
| Energy | 995 | 712 |
| Others | 996 | 1312 |
| **Total** | **32423** | **31811** |

---

b) Selling and administrative expenses

---

| | | |
|:---|:---|:---|
|  | **Consolidated** | **Consolidated** |
| **Three-month period ended March 31,** | **2026** | **2025** |
| Personnel | 360 | 359 |
| Services | 210 | 155 |
| Depreciation and amortization | 55 | 141 |
| Other | 175 | 190 |
| **Total** | **800** | **845** |

---

c) Other operating expenses, net

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Consolidated** | **Consolidated** |
| **Three-month period ended March 31,** | **Notes** | **2026** | **2025** |
| Expenses related to Brumadinho event | 22 | 356 | 612 |
| Increase (reversal) in provisions related to de-characterization of dam and asset decommissioning obligation, net | 12 | 15 | (2) |
| Provision for litigations | 24(a) | 226 | 331 |
| Profit sharing program |  | 119 | 231 |
| Expenses related to socio-environmental commitments |  | 390 | 80 |
| Others |  | 299 | 261 |
| **Total** |  | **1405** | **1513** |

---

5. Taxes

a) Income tax reconciliation

The reconciliation of the taxes calculated according to the nominal tax rates and the amount of taxes recorded is shown below:

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Consolidated** | **Consolidated** | **Parent company** | **Parent company** |
| <br>**Three-month period ended March 31,** | **2026** | **2025** | **2026** | **2025** |
| **Income before income taxes** | **12879** | **12068** | **10949** | **12555** |
| **Income taxes at statutory rate (34%)** | **(4379)** | **(4103)** | **(3723)** | **(4269)** |
| **Adjustments that affect the taxes basis:** |  |  |  |  |
| Interest on capital | 1304 | 1222 | 1172 | 1100 |
| Tax incentives | 1200 | 1175 | 425 | 796 |
| Foreign exchange effects on tax losses and others | (526) | (527) | (412) | (1771) |
| Effects on tax computation of foreign operations | (105) | (642) | (17) | (20) |
| Equity results | 98 | 54 | 1830 | 765 |
| Tax effects arising from divestments and acquisitions, net | – | (771) | – | (771) |
| Others | (272) | (303) | (271) | (221) |
| **Income taxes** | **(2680)** | **(3895)** | **(996)** | **(4391)** |
| Current tax | (1274) | (1098) | (437) | (809) |
| Deferred tax | (1406) | (2797) | (559) | (3582) |
| **Income taxes** | **(2680)** | **(3895)** | **(996)** | **(4391)** |

---

b) Deferred income tax assets and liabilities

---

| | | | |
|:---|:---|:---|:---|
| | **Consolidated** | **Consolidated** | **Consolidated** |
| | **Assets** | **Liabilities** | **Deferred taxes, net** |
| <br>**Balance as of December 31, 2025** | **34761** | **588** | **34173** |
| Effect in income statement | (1441) | (33) | (1408) |
| Other comprehensive income | (1329) | (7) | (1322) |
| Transfer between assets and liabilities | (101) | (101) | – |
| Translation adjustment | (475) | (21) | (454) |
| **Balance as of March 31, 2026** | **31415** | **426** | **30989** |
| **Balance as of December 31, 2024** | **51050** | **2757** | **48293** |
| Effect in income statement | (2578) | 219 | (2797) |
| Other comprehensive income | 10 | 16 | (6) |
| Transfer between assets and liabilities | (215) | (215) | – |
| Translation adjustment | (496) | (75) | (421) |
| Incorporations, acquisitions and divestments | (56) | (1694) | 1638 |
| **Balance as of March 31, 2025** | **47715** | **1008** | **46707** |

---

c) Tax incentives

In Brazil, the Company has tax incentives to partially reduce the income tax generated by the operations conducted in the north region that includes iron ore, nickel and copper ("Income Tax Reduction Incentives"). The incentive is calculated based on the taxable income of the incentivized activity and considers the allocation of operating profit according to the levels of incentivized production during the periods defined as eligible for each product, usually 10 years. These tax incentives substantially expire between December, 2027 and December, 2035, according to the tax incentive concession for each operation.

In addition to these incentives, part of the income tax payable can be reinvested in the acquisition of new machinery and equipment ("Reinvestment Incentive"), subject to subsequent approval by the *Superintendência de Desenvolvimento da Amazônia* ("SUDAM").

As determined by the Brazilian law and Resolution of the SUDAM Deliberative Council No. 136 of 2025, which requires the reinvestment to be capitalized, the tax savings obtained due to these incentives must be recorded in the retained earnings reserve in equity and cannot be distributed as dividends to shareholders. In February 2026, Vale's Board of Directors approved the use of a portion of the tax incentive reserve to increase the Company's share capital, in the amount of R$500 (US$96 million) (Note 25a).

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

The impact of these tax incentives on the effective tax rate on income is presented as "tax incentives" in item (a) of this note.

**Changes in laws and regulations - The *Lei Complementar No.* 224 ("LC No. 224"), enacted in December 2025 and effective from 2026, provides for a linear 10% reduction in federal tax incentives and benefits. In this context, any utilization of the Reinvestment Incentive from 2026 onward will be subject to the requirements and potential reductions set forth in LC No. 224.** 

The Income Tax Reduction Incentives currently granted to the Company will not be materially affected by LC No. 224 during their current concession periods. As their expiration dates approach, Vale will assess its new eligibility and the possibility of applying for new concessions.

d) Uncertain tax positions ("UTP")

The amount under discussion with the tax authorities is R$49,408 (US$9,466 million) as of March 31, 2026 (December 31, 2025: R$48,742 (US$8,858 million)), which includes the tax effects arising from the reduction of the tax losses and negative basis of the CSLL by R$9,343 (US$1,790 million) as of March 31, 2026 (December 31, 2025: R$9,125 (US$1,658 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** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Assessed (i)** | **Potential (ii)** | **Total** | **Assessed (i)** | **Potential (ii)** | **Total** |
| **UTPs not recorded on statement of financial position** | | | | | | |
| Transfer pricing over the exportation of ores to a foreign subsidiary | 27143 | 9950 | **37093** | 26517 | 9950 | **36467** |
| Expenses of interest on capital | 6923 | – | **6923** | 7215 | – | **7215** |
| Proceeding related to income tax paid abroad | 2900 | – | **2900** | 2847 | – | **2847** |
| Goodwill amortization | 5669 | 416 | **6085** | 5547 | 422 | **5969** |
| Payments to Renova Foundation | 4139 | 1525 | **5664** | 4034 | 1525 | **5559** |
| Others | 2634 | – | **2634** | 2582 | – | **2582** |
|  | 49408 | 11891 | **61299** | 48742 | 11897 | **60639** |

---

(i) Includes the tax effects arising from the reduction of the tax losses and negative basis of the CSLL, with fines and interest.

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

e) Recoverable and payable taxes and settlement programs (REFIS)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **Current assets** | **Current assets** | **Non-current assets** | **Non-current assets** | **Current liabilities** | **Current liabilities** | **Non-current liabilities** | **Non-current liabilities** |
|  | **March 31, 2026** | **December 31, 2025** | **March 31, 2026** | **December 31, 2025** | **March 31, 2026** | **December 31, 2025** | **March 31, 2026** | **December 31, 2025** |
| Value-added tax ("ICMS") | 1776 | 1711 | 101 | 107 | 280 | 284 | – | – |
| Brazilian federal contributions ("PIS" and "COFINS") | 823 | 1144 | 7466 | 7117 | 6 | 11 | – | – |
| Income taxes | 4181 | 5354 | 2595 | 2544 | 1777 | 1933 | – | – |
| Financial compensation for the exploration of mineral resources ("CFEM") | – | – | – | – | 295 | 422 | – | – |
| Other | 69 | 71 | – | – | 1011 | 1131 | – | – |
| **Total taxes payable and recoverable** | **6849** | **8280** | **10162** | **9768** | **3369** | **3781** | **–** | **–** |
| REFIS liabilities (i) | – | – | – | – | 2365 | 2328 | 3790 | 4314 |
| **Total REFIS liabilities** | **–** | **–** | **–** | **–** | **2365** | **2328** | **3790** | **4314** |

---

(i) The balance mainly relates to the settlement programs 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 15).

f) Global minimum tax (Pilar II)

In December 2021, the Organization for Economic Co-operation and Development ("OECD") issued the Pillar II 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 in which they operate, the GloBE effective tax rate.

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

When the GloBE effective tax rate of any jurisdiction in which the group operates, based on the aggregated view of the entities located in that jurisdiction, is lower than the minimum rate defined at 15%, the multinational group must pay a top-up tax corresponding to the difference between its GloBE effective tax rate and the minimum rate.

The Company is subject to the OECD Pillar II model rules in several jurisdictions, including Brazil, Canada and Switzerland, among others. The Company applied the exception to the recognition and disclosure of information on deferred tax assets and liabilities arising from tax law for the implementation of the OECD Pillar II model rules, according to IAS 12 – Income Taxes.

g) Value added taxes reform

In 2025, a value added taxes reform was enacted through the *Lei Complementar Nº* 214 ("Reform"), providing the replacement of taxes such as PIS, COFINS, ICMS, ISS and IPI by the Contribution on Goods and Services ("CBS") and the Tax on Goods and Services ("IBS"), as well as the creation of the Selective Tax ("IS"), which applies to certain economic sectors, including the mining sector.

The transition period to the new taxation methodology takes place from 2026 to 2032, with no incidence of the new taxes implemented by the Reform in the first year of transition. The impacts of the Reform on the Company's operations are being assessed throughout fiscal year 2026, and the necessary adjustments to its processes and systems are being implemented progressively, in accordance with the timeline established by the legislation. Based on the information currently available, no material impacts have been identified on the interim financial statements.

6. Basic and diluted earnings per share

The basic and diluted earnings per share are presented below:

---

| | | |
|:---|:---|:---|
| **Three-month period ended March 31,** | **2026** | **2025** |
| **Net income attributable to Vale S.A.'s shareholders** | **9953** | **8164** |
| **Thousands of shares** |  |  |
| Weighted average number of common shares outstanding | 4268602 | 4268759 |
| Weighted average number of common shares outstanding and potential ordinary shares | 4274631 | 4273772 |
| **Basic and diluted earnings per share attributable to Vale S.A.'s shareholders** |  |  |
| Common share (R$) | 2.33 | 1.91 |

---

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

![](image_010.jpg)

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

7. Accounts receivable

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Consolidated** | **Consolidated** | **Parent company** | **Parent company** |
| | | **March 31, 2026** | **December 31, 2025** | **March 31, 2026** | **December 31, 2025** |
| <br>**Receivables from contracts with customers** | <br>**Notes** | | | | |
| Third parties |  |  |  |  |  |
| &nbsp;&nbsp;Iron Ore Solutions |  | 6529 | 7021 | 1724 | 1205 |
| &nbsp;&nbsp;Vale Base Metals |  | 5512 | 5194 | – | – |
| &nbsp;&nbsp;Other |  | 77 | 90 | 57 | 93 |
| Related parties | 29(b) | 702 | 631 | 2924 | 13871 |
| **Accounts receivable** |  | **12820** | **12936** | **4705** | **15169** |
| Expected credit loss |  | (287) | (297) | (88) | (88) |
| **Accounts receivable, net** |  | **12533** | **12639** | **4617** | **15081** |

---

**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 16) and any fluctuations in the value of these receivables are presented as net operating revenue in the income statement. In the period ended March 31, 2026, the net operating revenue arising from fair value adjustments to provisionally priced contracts totaled R$546 (US$104 million).**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Thousand metric tons** | **Provisional price (US$/ton)** | **Variation** | **Effect on revenue (R$ million)** |
| Iron ore | 13145 | 106 | +-10% | +- 733 |
| Copper | 88 | 12600 | +-10% | +- 564 |

---

8. Inventories

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Consolidated** | **Consolidated** | **Parent company** | **Parent company** |
| | **March 31, 2026** | **December 31, 2025** | **March 31, 2026** | **December 31, 2025** |
| <br>**Finished products** | | | | |
| Iron Ore Solutions | 17168 | 17520 | 5761 | 4989 |
| Vale Base Metals | 3836 | 3772 | – | – |
|  | **21004** | **21292** | **5761** | **4989** |
| Work in progress | 4967 | 4956 | – | – |
| Consumable inventory | 6055 | 6428 | 2919 | 2959 |
| Net realizable value provision | (6) | (10) | – | (4) |
| **Total of inventories** | **32020** | **32666** | **8680** | **7944** |

---

The cost of goods sold is presented in note 4(a).

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

9. Suppliers and other payables

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Consolidated** | **Consolidated** | **Parent company** | **Parent company** |
|  | **Notes** | **March 31, 2026** | **December 31, 2025** | **March 31, 2026** | **December 31, 2025** |
| Third parties |  | 27606 | 29335 | 15043 | 16489 |
| Related parties | 29(b) | 1051 | 1286 | 689 | 800 |
| **Total** |  | **28657** | **30621** | **15732** | **17289** |

---

The financial liabilities presented as suppliers and other payables in the Company's statement of financial position represent the outstanding balance of invoices for purchases of goods and services, with an average payment term of approximately 60 days.

The Company enters into supplier finance arrangements ("Arrangements") as part of its 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 was R$7,082 (US$1,357 million) as of March 31, 2026 (R$7,627 (US$1,386 million) as of December 31, 2025), on a consolidated and to R$6,276 (R$6,711 as of December 31, 2025) in the parent company, for which the suppliers had already received payment from the finance providers.

Financial charges related to the increase in payment terms are recognized in the financial results as "Interest on working capital transactions" (note 15). The financial charges and foreign exchange gains/losses recognized in the income statement for the year ended March 31, 2026 due to the Arrangements totaled, R$338 (US$64 million) (2025: R$229 (US$39 million)) and R$7 (US$1 million) (2025: R$0), respectively.

10. Cash flows from operating activities

a) Reconciliation of cash flows from operating activities

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Consolidated** | **Consolidated** | **Parent company** | **Parent company** |
| **Three-month period ended March 31,** | **Notes** | **2026** | **2025** | **2026** | **2025** |
| **Cash flow from operating activities:** |  |  |  |  |  |
| **Income before income taxes** |  | **12879** | **12068** | **10949** | **12555** |
| **Adjusted for:** |  |  |  |  |  |
| Equity results from subsidiaries | 26 | – | – | (5091) | (2089) |
| Equity results and other results in associates and joint ventures | 26 | (187) | (342) | (187) | (342) |
| Impairment and other results related to non-current assets, net | 11, 13 and 27 | 628 | 1456 | 809 | 1289 |
| Changes in estimates related to the provision of Brumadinho | 22 | (28) | 224 | (28) | 224 |
| Changes in estimates related to the provision of de-characterization of dams | 12 | (17) | (50) | (17) | (50) |
| Depreciation, depletion and amortization |  | 4435 | 4105 | 2696 | 2548 |
| Financial results, net | 15 | (211) | (1182) | 2096 | (1309) |
| **Changes in assets and liabilities:** |  |  |  |  |  |
| Accounts receivable | 7 | (661) | 1914 | 5503 | 5866 |
| Inventories | 8 | (1135) | (1421) | (717) | (321) |
| Suppliers and contractors | 9 | (1534) | (228) | (1550) | 473 |
| Other assets and liabilities, net |  | (1288) | (1769) | 3454 | 3086 |
| **Cash generated from operations** |  | **12881** | **14775** | **17917** | **21930** |

---

b) Non-cash transactions

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Consolidated** | **Parent company** | **Parent company** |
| **Three-month period ended March 31,** | **2026** | **2025** | **2026** | **2025** |
| **Non-cash transactions:** | | | | |
| Additions to PP&E with capitalized borrowing costs | 26 | 23 | 26 | 23 |

---

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

![](image_011.jpg)

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

11. Property, plant, and equipment

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **Notes** | **Land** | **Building and facilities** | **Equipment** | **Mineral properties** | **Railway equipment** | **Right of use assets** | **Other** | **Constructions in progress** | **Total** |
| **Balance as of December 31, 2025** |  | **3623** | **100805** | **24995** | **23479** | **13143** | **3340** | **13116** | **57539** | **240040** |
| Additions |  | – | – | – | – | – | (3) | – | 5738 | 5735 |
| Interest capitalization |  | – | – | – | – | – | – | – | 26 | 26 |
| Disposals |  | – | (42) | (13) | (2) | (2) | – | (2) | (186) | (247) |
| Assets retirement obligation | 12 | – | – | – | 251 | – | – | – | – | 251 |
| Depreciation, depletion and amortization |  | – | (1443) | (902) | (540) | (233) | (255) | (607) | – | (3980) |
| Translation adjustment |  | (57) | (766) | (476) | (795) | (6) | (110) | (264) | (1000) | (3474) |
| Transfers |  | – | 2225 | 1706 | 6444 | 63 | – | 310 | (10748) | – |
| **Balance as of March 31, 2026** |  | **3566** | **100779** | **25310** | **28837** | **12965** | **2972** | **12553** | **51369** | **238351** |
| Cost |  | 3566 | 181853 | 62640 | 86269 | 23418 | 8310 | 30646 | 51369 | 448071 |
| Accumulated depreciation |  | – | (81074) | (37330) | (57432) | (10453) | (5338) | (18093) | – | (209720) |
| **Balance as of March 31, 2026** |  | **3566** | **100779** | **25310** | **28837** | **12965** | **2972** | **12553** | **51369** | **238351** |
| **Balance as of December 31, 2024** |  | **3655** | **100003** | **25002** | **28153** | **12932** | **4089** | **13575** | **60185** | **247594** |
| Additions |  | – | – | – | – | – | 620 | – | 6210 | 6830 |
| Interest capitalization |  | – | – | – | – | – | – | – | 23 | 23 |
| Disposals |  | (7) | (39) | (13) | (38) | (2) | – | (68) | (592) | (759) |
| Impairments |  | – | – | – | – | – | – | – | (103) | (103) |
| Assets retirement obligation | 12 | – | – | – | 495 | – | – | – | – | 495 |
| Depreciation, depletion and amortization |  | – | (1420) | (904) | (548) | (217) | (198) | (446) | – | (3733) |
| Transfer to held for sale (Energy Assets) | 27(a) | – | (1888) | (2058) | (6) | – | (212) | (279) | (326) | (4769) |
| Translation adjustment |  | (48) | (1116) | (556) | (591) | (6) | (192) | (375) | (1904) | (4788) |
| Transfers |  | 125 | 3626 | 1234 | (6540) | 532 | – | 627 | 396 | – |
| **Balance as of March 31, 2025** |  | **3725** | **99166** | **22705** | **20925** | **13239** | **4107** | **13034** | **63889** | **240790** |
| Cost |  | 3725 | 174277 | 56398 | 65702 | 23070 | 8792 | 29277 | 63889 | 425130 |
| Accumulated depreciation |  | – | (75111) | (33693) | (44777) | (9831) | (4685) | (16243) | – | (184340) |
| **Balance as of March 31, 2025** |  | **3725** | **99166** | **22705** | **20925** | **13239** | **4107** | **13034** | **63889** | **240790** |

---

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Parent company** | **Parent company** | **Parent company** | **Parent company** | **Parent company** | **Parent company** | **Parent company** | **Parent company** | **Parent company** |
|  | **Notes** | **Land** | **Building and facilities** | **Equipment** | **Mineral properties** | **Railway equipment** | **Right of use assets** | **Other** | **Constructions in progress** | **Total** |
| **Balance as of December 31, 2025** |  | **2841** | **74273** | **14506** | **9186** | **13030** | **1036** | **7973** | **36763** | **159608** |
| Additions |  | – | – | – | – | – | (36) | – | 3901 | 3865 |
| Interest capitalization |  | – | – | – | – | – | – | – | 26 | 26 |
| Disposals |  | – | (38) | (10) | (3) | (2) | – | (2) | (211) | (266) |
| Assets retirement obligation | 12 | – | – | – | (12) | – | – | – | – | (12) |
| Depreciation, depletion and amortization |  | – | (978) | (512) | (201) | (230) | (77) | (389) | – | (2387) |
| Transfers |  | – | 1118 | 722 | – | 48 | – | 341 | (2229) | – |
| **Balance as of March 31, 2026** |  | **2841** | **74375** | **14706** | **8970** | **12846** | **923** | **7923** | **38250** | **160834** |
| Cost |  | 2841 | 111908 | 32009 | 15441 | 23196 | 3056 | 20001 | 38250 | 246702 |
| Accumulated depreciation |  | – | (37533) | (17303) | (6471) | (10350) | (2133) | (12078) | – | (85868) |
| **Balance as of March 31, 2026** |  | **2841** | **74375** | **14706** | **8970** | **12846** | **923** | **7923** | **38250** | **160834** |
| **Balance as of December 31, 2024** |  | **2802** | **70779** | **13119** | **8652** | **12829** | **1142** | **7349** | **34140** | **150812** |
| Additions |  | – | – | – | – | – | 620 | – | 4500 | 5120 |
| Interest capitalization |  | – | – | – | – | – | – | – | 23 | 23 |
| Disposals |  | (7) | (31) | (10) | (37) | (2) | – | (63) | (487) | (637) |
| Assets retirement obligation | 12 | – | – | – | 5 | – | – | – | – | 5 |
| Depreciation, depletion and amortization |  | – | (927) | (511) | (195) | (215) | (89) | (368) | – | (2305) |
| Transfer to held for sale (Energy Assets) | 27(a) | – | (1290) | (1) | – | – | (178) | (1) | (165) | (1635) |
| Transfers |  | 97 | 1731 | 687 | (95) | 546 | – | 575 | (3541) | – |
| **Balance as of March 31, 2025** |  | **2892** | **70262** | **13284** | **8330** | **13158** | **1495** | **7492** | **34470** | **151383** |
| Cost |  | 2892 | 104163 | 28889 | 13858 | 22891 | 3358 | 18267 | 34470 | 228788 |
| Accumulated depreciation |  | – | (33901) | (15605) | (5528) | (9733) | (1863) | (10775) | – | (77405) |
| **Balance as of March 31, 2025** |  | **2892** | **70262** | **13284** | **8330** | **13158** | **1495** | **7492** | **34470** | **151383** |

---

For more details regarding right of use and lease liability see note 19.

**Suspension of production at the São Luís Pelletizing Plant**

In March 2026, the Company decided to temporarily suspend production at the São Luís pelletizing plant ("Plant"), located in the state of Maranhão, Brazil, due to the current demand conditions for iron ore pellets. Vale will evaluate the timing of a potential full resumption based on market conditions.

The temporary suspension of production was considered an indicator of impairment for the Plant. Accordingly, the Company performed an impairment test, which indicated that the recoverable amount exceeds the corresponding carrying amount. Therefore, no impairment loss was recognized as of March 31, 2026.

However, Vale recognized a provision in the amount of R$715 (US$136 million) related to a take-or-pay natural gas supply contract linked to the Plant's operations, which became onerous. This effect was recognized in profit or loss and presented as "Impairment and other results related to non-current assets, net".

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

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

The Company is subject to local laws and regulations, that require 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** | **Parent Company** | **Parent Company** |
| **Three month period ended March 31,** | **Reference** | **2026** | **2025** | **2026** | **2025** |
| De-characterization of upstream geotechnical structures | 12(a) | (17) | (50) | (17) | (50) |
| Obligation for asset decommissioning | 12(b) | 32 | 48 | (9) | 15 |
| **Total** |  | **15** | **(2)** | **(26)** | **(35)** |

---

**Provision changes during the period**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **Notes** | **De-characterization of upstream geotechnical structures (i)** | **Asset retirement obligations** | **Environmental obligations** | **Total** |
| **Balance as of December 31, 2025** |  | **11536** | **19921** | **2445** | **33902** |
| Changes in estimates - amounts for closed plants charged to the income statement |  | (17) | 32 | – | 15 |
| Changes in estimates – capitalized value for operational plants |  | – | 251 | (140) | 111 |
| Disbursements |  | (330) | (249) | (199) | (778) |
| Monetary and present value adjustments |  | 210 | 230 | 38 | 478 |
| Transfer to assets held for sale | 27(b) | – | (559) | – | (559) |
| Translation adjustments |  | – | (630) | (27) | (657) |
| **Balance as of March 31, 2026** |  | **11399** | **18996** | **2117** | **32512** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Parent Company** | **Parent Company** | **Parent Company** | **Parent Company** |
| | **De-characterization of upstream geotechnical structures (i)** | **Asset retirement obligations** | **Environmental obligations** | **Total** |
| <br>**Balance as of December 31, 2025** | **11536** | **9651** | **1688** | **22875** |
| Changes in estimates - amounts for closed plants charged to the income statement | (17) | (9) | – | (26) |
| Changes in estimates – capitalized value for operational plants | – | (12) | (1) | (13) |
| Disbursements | (330) | (158) | (76) | (564) |
| Monetary and present value adjustments | 210 | 173 | 32 | 415 |
| **Balance as of March 31, 2026** | **11399** | **9645** | **1643** | **22687** |

---

(i) The cash outflows 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 increased from 7.77% on December 31, 2025 to 7.81% on March 31, 2026.

a) De-characterization of upstream geotechnical structures

As a result of the Brumadinho dam failure (note 22) 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. These structures are in different stages of maturity, 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.

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.

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

**Operational stoppage**

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 Ore Solutions segment in the amount of R$46 (US$9 million) for the three-month period ended March 31, 2026 (2025: R$59 (US$10 million)). Vale is working on legal and security to resume operations.

b) Asset retirement obligations and environmental obligations

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Consolidated** | **Consolidated** | **Parent Company** | **Parent Company** | **Discount rate** | **Discount rate** | **Cash flow maturity** | **Cash flow maturity** |
| | **March 31, 2026** | **December 31, 2025** | **March 31, 2026** | **December 31, 2025** | **March 31, 2026** | **December 31, 2025** | **March 31, 2026** | **December 31, 2025** |
| <br>**Liability by geographical area** | | | | | | | | |
| Brazil | 12586 | 12652 | 11288 | 11339 | 7.20% | 7.17% | 2163 | 2163 |
| Canada | 7098 | 8184 | – | – | 1.78% | 1.81% | 2152 | 2152 |
| Oman | 799 | 843 | – | – | 3.70% | 3.48% | 2035 | 2035 |
| Other regions | 630 | 687 | – | – | 2.90% | 2.75% | – | – |
|  | **21113** | **22366** | **11288** | **11339** |  |  |  |  |
| Operating plants | 15162 | 16297 | 7236 | 7267 |  |  |  |  |
| Closed plants | 5951 | 6069 | 4052 | 4072 |  |  |  |  |
|  | **21113** | **22366** | **11288** | **11339** |  |  |  |  |

---

**Financial guarantees**

The Company has guarantees issued by financial institutions in the amount of R$5,806 (US$1,112 million) as of March 31, 2026 (December 31, 2025: R$6,240 (US$1,134 million), in connection with the asset retirement obligations for its Vale Base Metals operations. The financial cost of these guarantees is immaterial.

13. Intangible assets

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **Notes** | **Goodwill** | **Concessions** | **Software** | **Research and development projects** | **Patents** | **Total** |
| **Balance as of December 31, 2025** |  | **7136** | **39016** | **443** | **7** | **2659** | **49261** |
| Additions |  | – | 90 | 53 | – | – | 143 |
| Disposals |  | – | (1) | – | (1) | – | (2) |
| Amortization |  | – | (383) | (55) | – | (92) | (530) |
| Transfers |  | – | – | – | – | – | – |
| Translation adjustment |  | – | – | (3) | – | – | (3) |
| **Balance as of March 31, 2026** |  | **7136** | **38722** | **438** | **6** | **2567** | **48869** |
| Cost |  | 7136 | 49966 | 3616 | 6 | 2750 | 63474 |
| Accumulated amortization |  | – | (11244) | (3178) | – | (183) | (14605) |
| **Balance as of March 31, 2026** |  | **7136** | **38722** | **438** | **6** | **2567** | **48869** |
| **Balance as of December 31, 2024** |  | **18811** | **42991** | **519** | **2784** | **–** | **65105** |
| Additions |  | – | 430 | 48 | – | – | 478 |
| Disposals |  | – | (8) | – | – | – | (8) |
| Amortization |  | – | (433) | (65) | – | – | (498) |
| Impairment |  | (674) | – | – | – | – | (674) |
| Transfer to held for sale (Energy Assets) | 27(a) | (752) | (4419) | – | (21) | – | (5192) |
| Translation adjustment |  | (739) | – | (6) | – | – | (745) |
| **Balance as of March 31, 2025** |  | **16646** | **38561** | **496** | **2763** | **–** | **58466** |
| Cost |  | 16646 | 48436 | 3519 | 2763 | – | 71364 |
| Accumulated amortization |  | – | (9875) | (3023) | – | – | (12898) |
| **Balance as of March 31, 2025** |  | **16646** | **38561** | **496** | **2763** | **–** | **58466** |

---

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Parent company** | **Parent company** | **Parent company** | **Parent company** | **Parent company** |
| **Balance as of December 31, 2025** | **Concessions**<br> **39016** | **Software**<br> **370** | **Research and development**<br> **–** | **Patents**<br> **2659** | **Total**<br> **42045** |
| Additions | 90 | 38 | – | – | 128 |
| Disposals | (1) | – | – | – | (1) |
| Amortization | (383) | (46) | – | (92) | (521) |
| Transfers | – | – | – | – | – |
| **Balance as of March 31, 2026** | **38722** | **362** | **–** | **2567** | **41651** |
| Cost | 49966 | 2154 | – | 2750 | 54870 |
| Accumulated amortization | (11244) | (1792) | – | (183) | (13219) |
| **Balance as of March 31, 2026** | **38722** | **362** | **–** | **2567** | **41651** |
| **Balance as of December 31, 2024** | **38509** | **430** | **2754** | **–** | **41693** |
| Additions | 418 | 38 | – | – | 456 |
| Disposals | (9) | – | – | – | (9) |
| Amortization | (357) | (45) | – | – | (402) |
| **Balance as of March 31, 2025** | **38561** | **423** | **2754** | **–** | **41738** |
| Cost | 48436 | 2030 | 2754 | – | 53220 |
| Accumulated amortization | (9875) | (1607) | – | – | (11482) |
| **Balance as of March 31, 2025** | **38561** | **423** | **2754** | **–** | **41738** |

---

14. Railway concessions

**Liabilities related to the concession grants**

The Company's integrated operations encompass the railway concessions of the Vitória a Minas Railroad ("EFVM") and the Carajás Railroad ("EFC"). The EFVM railway connects the mines of the Southern System, located in the Quadrilátero Ferrífero region in the Brazilian state of Minas Gerais, to the Port of Tubarão in Vitória, Espírito Santo. The EFC railway links the mines of the Northern System in the Carajás region, in the state of Pará, to the Ponta da Madeira maritime terminal in São Luís, Maranhão. The liabilities related to these railway concessions are presented below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Discount rate** | **Discount rate** |  |
|  | **December 31, 2025** | **Changes in estimates** | **Monetary and present value adjustments** | **Disbursements** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **Remaining term of obligations** |
| Payment obligation | 7379 | (16) | 157 | (83) | 7437 | 7.59% - 11.04% | 7.49% - 11.04% | 32 years |
| Infrastructure investment | 5793 | 97 | 106 | (424) | 5572 | 7.24% - 7.93% | 7.15% - 9.10% | 7 years |
|  | **13172** | **81** | **263** | **(507)** | **13009** |  |  |  |
| Current liabilities | 3138 |  |  |  | 3215 |  |  |  |
| Non-current liabilities | 10034 |  |  |  | 9794 |  |  |  |
| **Liabilities** | **13172** |  |  |  | **13009** |  |  |  |

---

In December 2020, the Company entered into an agreement with the Federal Government to extend its operating concessions for the EFC and EFVM for thirty years, extending the maturity date from 2027 to 2057.

Later, in January 2024, responding to a request from the Ministry of Transportation ("MT"), Vale, the National Land Transport Agency ("ANTT"), and the Brazilian Federal Government, resumed discussions on the general conditions of the concession agreements. On December 30, 2024, they established the general framework for a renegotiation of the concession agreements entered into in December 2020, with the aim of promoting the modernization and updating of the existing contracts. This process was subject to evaluation and approval by the competent authorities and was to be formalized through a consensual solution discussed with the relevant bodies involved at the Brazilian Federal Court of Accounts. However, on August 28, 2025, within the context of the consensual solution conducted by the Brazilian Federal Court of Accounts, it was not possible to reach consensus among the parties within the established deadline.

On April 16, 2026 (subsequent event), Vale's Board of Directors approved the continuation of negotiations related to the optimization of the EFC and EFVM concession agreements with the MT, ANTT, and Infra S.A., within the scope of their respective legal authorities. Any potential accounting impacts, if applicable, will be recognized in the period in which an agreement is signed.

Despite the ongoing discussions, the concession agreements remain in force, the Company remains in compliance with the established obligations, and continues to be committed to the general terms defined in the agreement entered into on December 30, 2024. Vale believes that the provisions recognized remain adequate to meet the obligations related to the existing concession agreements.

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

![](image_012.jpg)

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

15. Financial results

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Consolidated** |
| **Three-month period ended March 31,** | **Notes** | **2026** | **2025** |
| **Financial income** |  |  |  |
| Short-term investments |  | 580 | 574 |
| Others |  | 94 | 104 |
|  |  | **674** | **678** |
| **Financial expenses** |  |  |  |
| Interest on loans and borrowings | 21 | (1361) | (1294) |
| Expenses from bonds and participative shareholders debentures premium repurchase | 21 and 20(b) | – | (254) |
| Interest on working capital transactions | 7 and 9 | (338) | (276) |
| Interest on other financial liabilities | 5(e), 19 and 20(a) | (199) | (151) |
| Taxes on financial income |  | (63) | (92) |
| Others |  | (238) | (163) |
|  |  | **(2199)** | **(2230)** |
| **Other financial items, net** |  |  |  |
| Foreign exchange and indexation losses, net |  | (847) | (2048) |
| Participative shareholders' debentures | 20(b) | (1236) | 225 |
| Derivative financial instruments, net | 17 | 3819 | 4557 |
|  |  | **1736** | **2734** |
| **Total** |  | **211** | **1182** |

---

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

16. 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** |
| | | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| <br>**Financial assets** | <br>**Notes** | **Amortized cost** | **At fair value through OCI** | **At fair value through profit or loss** | **Total** | **Amortized cost** | **At fair value through OCI** | **At fair value through profit or loss** | **Total** |
| **Current** | | | | | | | | | |
| Cash and cash equivalents (i) |  | 26540 | – | – | 26540 | 40563 | – | – | 40563 |
| Short-term investments (ii) |  | – | – | 1012 | 1012 | – | – | 1066 | 1066 |
| Derivative financial instruments | 17 | – | – | 4599 | 4599 | – | – | 2278 | 2278 |
| Accounts receivable | 7 | 1548 | – | 10985 | 12533 | 886 | – | 11753 | 12639 |
|  |  | **28088** | **–** | **16596** | **44684** | **41449** | **–** | **15097** | **56546** |
| **Non-current** |  |  |  |  |  |  |  |  |  |
| Judicial deposits | 24(c) | 3114 | – | – | 3114 | 3580 | – | – | 3580 |
| Restricted cash | 20 | 52 | – | – | 52 | 50 | – | – | 50 |
| Derivative financial instruments | 17 | – | – | 1965 | 1965 | – | – | 1115 | 1115 |
| Investments in equity securities | 20 | – | 359 | – | 359 | – | 347 | – | 347 |
|  |  | **3166** | **359** | **1965** | **5490** | **3630** | **347** | **1115** | **5092** |
| **Total of financial assets** |  | **31254** | **359** | **18561** | **50174** | **45079** | **347** | **16212** | **61638** |
| **Financial liabilities** |  |  |  |  |  |  |  |  |  |
| **Current** |  |  |  |  |  |  |  |  |  |
| Suppliers and other payables | 9 | 28657 | – | – | 28657 | 30621 | – | – | 30621 |
| Derivative financial instruments | 17 | – | – | 618 | 618 | – | – | 514 | 514 |
| Loans and borrowings | 18 | 3117 | – | – | 3117 | 2847 | – | – | 2847 |
| Leases | 19 | 837 | – | – | 837 | 884 | – | – | 884 |
| Subordinate notes | 20(a) | 21 | – | – | 21 | 22 | – | – | 22 |
| Railway concession | 14 | 3215 | – | – | 3215 | 3138 | – | – | 3138 |
| Other financial liabilities - Related parties | 29 | 1190 | – | – | 1190 | 1293 | – | – | 1293 |
| Other financial liabilities | 20 | 1514 | – | – | 1514 | 1774 | – | – | 1774 |
|  |  | **38551** | **–** | **618** | **39169** | **40579** | **–** | **514** | **41093** |
| **Non-current** |  |  |  |  |  |  |  |  |  |
| Derivative financial instruments | 17 | – | – | 156 | 156 | – | – | 287 | 287 |
| Loans and borrowings | 18 | 91856 | – | – | 91856 | 96932 | – | – | 96932 |
| Leases | 19 | 2510 | – | – | 2510 | 2794 | – | – | 2794 |
| Subordinate notes | 20(a) | 3870 | – | – | 3870 | 4079 | – | – | 4079 |
| Participative shareholders' debentures | 20(b) | – | – | 13638 | 13638 | – | – | 12403 | 12403 |
| Railway concession | 14 | 9794 | – | – | 9794 | 10034 | – | – | 10034 |
| Other financial liabilities | 20 | – | – | 80 | 80 | – | – | 1 | 1 |
|  |  | **108030** | **–** | **13874** | **121904** | **113839** | **–** | **12691** | **126530** |
| **Total of financial liabilities** |  | **146581** | **–** | **14492** | **161073** | **154418** | **–** | **13205** | **167623** |

---

<br> (i) Includes R$8,956 (US$1,716 million) (2025: R$13,923 (US$2,531 million)) denominated in R$, R$15,903 (US$3,047 million) (2025: R$25,378 (US$4,612 million)) denominated in US$ and R$1,681 (US$322 million) (2025: R$1,262 (US$229 million)) denominated in other currencies.<br> (ii) It substantially comprises investments in debt securities and investments in exclusive investment funds, whose portfolio is composed of repo operations and bank certificates of deposit ("CDBs").<br>

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

b) Hierarchy of fair value

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | |  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | <br>**Notes** | **Level 1** | **Level 2** | **Total** | **Level 1** | **Level 2** | **Total** |
| **Financial assets** | | | | | | | |
| Short-term investments |  | 172 | 840 | 1012 | 180 | 886 | 1066 |
| Derivative financial instruments | 17 | – | 6564 | 6564 | – | 3393 | 3393 |
| Accounts receivable | 7 | – | 10985 | 10985 | – | 11753 | 11753 |
| Investments in equity securities | 20 | – | 359 | 359 | – | 347 | 347 |
|  |  | **172** | **18748** | **18920** | **180** | **16379** | **16559** |
| **Financial liabilities** |  |  |  |  |  |  |  |
| Derivative financial instruments | 17 | – | 774 | 774 | – | 801 | 801 |
| Participative shareholders' debentures | 20(a) | – | 13638 | 13638 | – | 12403 | 12403 |
| Other financial liabilities | 20 | – | 80 | 80 | – | 1 | 1 |
|  |  | **–** | **14492** | **14492** | **–** | **13205** | **13205** |

---

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

c) Fair value of loans, borrowings and subordinated notes

Loans. borrowings and subordinated notes are measured at amortized cost. To determine the fair value of these financial instruments traded in secondary markets, the closing market quotations on the balance sheet dates were used. The carrying amount of the other financial liabilities measured at amortized cost represents a reasonable approximation of their respective fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Carrying amount** | **Fair value** | **Carrying amount** | **Fair value** |
| Bonds | 40344 | 40973 | 42273 | 44209 |
| Debentures | 13295 | 13241 | 13043 | 12938 |
| **Total loans and borrowings** | **53639** | **54214** | **55316** | **57147** |
| **Subordinated notes** | **3891** | **3823** | **4101** | **4113** |

---

17. Financial and capital risk management

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Assets** | **Liabilities** | **Assets** | **Liabilities** |
| Foreign exchange and interest rate risk | 4552 | 493 | 3234 | 729 |
| Commodities price risk | 2012 | 271 | 159 | 72 |
| Embedded derivatives | – | 10 | – | – |
| **Total** | **6564** | **774** | **3393** | **801** |

---

**Net exposure**

---

| | | |
|:---|:---|:---|
|  |  | **Consolidated** |
|  | **March 31, 2026** | **December 31, 2025** |
| Foreign exchange and interest rate risk (i) | 4059 | 2505 |
| Commodities price risk | 1741 | 87 |
| Embedded derivatives | (10) | – |
| **Total** | **5790** | **2592** |

---

(i) Includes a positive balance of R$2.322 (US$422 million) and R$988 (US$181 million)) as of March 31, 2026, and December 31, 2025, respectively, related to transactions to mitigate foreign exchange and interest rate fluctuations on loans, borrowings and provisions related to Brumadinho and Samarco.

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

**Effects of derivatives on the income statement**

---

| | | |
|:---|:---|:---|
|  | **Consolidated** | **Consolidated** |
|  | **Gain (loss) recognized in the income statement** | **Gain (loss) recognized in the income statement** |
| **Three-month period ended March 31,** | **2026** | **2025** |
| Foreign exchange and interest rate risk | 1923 | 4556 |
| Commodities price risk | 1906 | – |
| Embedded derivatives | (10) | 1 |
| **Total** | **3819** | **4557** |

---

**Effects of derivatives on the cash flows**

---

| | | |
|:---|:---|:---|
|  | **Consolidated** | **Consolidated** |
|  | **Financial settlement inflows (outflows)**  | **Financial settlement inflows (outflows)**  |
| **Three-month period ended March 31,** | **2026** | **2025** |
| Foreign exchange and interest rate risk | 372 | 827 |
| Commodities price risk | 241 | (56) |
| **Total** | **613** | **771** |

---

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** | **March 31, 2026** | **December 31, 2025** | **March 31, 2026** | **December 31, 2025** | **2027** | **2028** | **2029+** |
| Foreign Exchange and Interest Rate Derivatives | US$9.099 | US$9.201 | 4059 | 2505 | 2138 | 718 | 1203 |

---

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 | 4059 | (2948) | (10008) |
| US$ interest rate inside Brazil decrease | 4059 | 3225 | 2251 |
| Brazilian interest rate increase | 4059 | 2014 | 339 |
| TJLP interest rate decrease | 4059 | 4059 | 4059 |
| IPCA index decrease | 4059 | 3018 | 2057 |
| SOFR interest rate decrease | 4059 | 3946 | 3831 |

---

**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** | **March 31, 2026** | **December 31, 2025** | **March 31, 2026** | **December 31, 2025** | **2027** | **2028** | **2029+** |
| **Brent crude oil (bbl)** |  |  |  |  |  |  |  |
| Options | 17798874 | 22224999 | 1655 | (27) | 1655 | – | – |
| **Forward Freight Agreement (days)** |  |  |  |  |  |  |  |
| Freight forwards | 840 | 2070 | 40 | 82 | 40 | – | – |
| **Fixed price Nickel sales protection (ton)** |  |  |  |  |  |  |  |
| Nickel forwards | 24220 | 3557 | 46 | 29 | 44 | 2 | – |
| **Fixed price Cobalt sales protection (tons)** |  |  |  |  |  |  |  |
| Cobalt forwards | 40 | 26 |  | 3 |  |  |  |

---

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

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 | 1655 | 219 | (935) |
| Forward Freight Agreement (days) | Decrease in freight price | 40 | 11 | (19) |
| Hedge for fixed-price nickel sales (tons) | Decrease in nickel price | 46 | (129) | (403) |
| Hedge for fixed-price cobalt sales (tons) | Decrease in cobalt price |  | (3) | (6) |

---

**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** | **March 31, 2026** | **December 31, 2025** | **March 31, 2026** | **December 31, 2025** | **2027** | **2028** | **2029+** |
| **Embedded derivative (pellet price) in natural gas purchase agreement (volume/month)** |  |  |  |  |  |  |  |
| Call options | 746667 | 746667 | (10) |  |  | (1) | (9) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Instrument**<br>**Embedded derivative (pellet price) in natural gas purchase agreement (volume/month)** | **Instrument's main risk events** | **Fair value** | **Scenario I** <br> **(∆ of 25%)**<br>| **Scenario II**<br> **(∆ of 50%)**<br>|
| Embedded derivatives - Gas purchase | Pellet price increase | (10) | (29) | (63) |

---

**a.iv) Hedge accounting**

---

| | | |
|:---|:---|:---|
|  | **Consolidated** | **Consolidated** |
|  | **Gain recognized in the other comprehensive income** | **Gain recognized in the other comprehensive income** |
| **Three-month period ended March 31,** | **2026** | **2025** |
| Net investment hedge | 722 | 1,020 |

---

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** |
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Cash and cash equivalents and investment** | **Derivatives** | **Cash and cash equivalents and investment** | **Derivatives** |
| Aa2 | 3850 | 179 | 3969 | 3 |
| A1 | 9500 | 2266 | 16056 | 933 |
| A2 | 8 | 61 | 4 | 1 |
| A3 | 5997 | 995 | 7370 | 336 |
| Baa1 | 6 | – | 2 | – |
| Baa2 | 41 | – | 13 | – |
| Baa3 | 167 | – | 299 | – |
| Ba1 (i) | 4077 | 1418 | 9120 | 1088 |
| Ba2 (i) | 3906 | 1645 | 4796 | 1032 |
|  | **27552** | **6564** | **41629** | **3393** |

---

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

c) Liquidity risk management

The liquidity risk arises from the possibility that Vale might not perform its obligations on due dates, as well as face difficulties to meet its cash requirements due to market liquidity constraints.

The Company manages its cash on a consolidated basis and has sufficient capacity to meet its short-term obligations.

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

18. Loans and borrowings

a) Outstanding balance of loans and borrowings by type and currency

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | | **Current liabilities** | **Current liabilities** | **Non-current liabilities** | **Non-current liabilities** |
| | | **March 31, 2026** | **December 31, 2025** | **March 31, 2026** | **December 31, 2025** |
| <br>**Quoted in the secondary market:** | <br>**Average interest rate (i)** | | | | |
| US$ Bonds | 6.06% | – | – | 39705 | 41859 |
| R$ Debentures | 7.34% | 228 | 313 | 12726 | 12581 |
| **Debt contracts in Brazil in (ii):** |  |  | – |  | – |
| R$, indexed to TJLP, TR, IPCA, IGP-M and CDI | 10.18% | 239 | 240 | 432 | 490 |
| Basket of currencies and bonds in US$ indexed to SOFR |  | – | – | – | 825 |
| **Debt contracts in the international market in:** |  |  | – |  | – |
| US$, with variable and fixed interest | 5.09% | 1304 | 1128 | 36197 | 38207 |
| Other currencies, with fixed interest | 5.77% | 63 | 66 | 169 | 236 |
| Other currencies, with variable interest | 2.76% | 25 | 27 | 2627 | 2734 |
| **Accrued charges** |  | 1258 | 1073 | – | – |
| **Total** |  | **3117** | **2847** | **91856** | **96932** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Parent company** | **Parent company** | **Parent company** | **Parent company** | **Parent company** |
| |  | **Current liabilities** | **Current liabilities** | **Non-current liabilities** | **Non-current liabilities** |
| | **Average interest rate (i)** | **March 31,**<br> **2026** | **December 31, 2025** | **March 31,**<br> **2026** | **December 31, 2025** |
| <br>**Quoted in the secondary market:** | | | | | |
| US$,Bonds | 5.66% | – | – | 2564 | 2703 |
| R$, Debentures | 7.34% | 230 | 313 | 12726 | 12581 |
| **Debt contracts in Brazil in (ii):** |  |  |  |  | – |
| R$, indexed to TJLP, TR, IPCA, IGP-M and CDI | 10.18% | 240 | 241 | 431 | 490 |
| Basket of currencies and bonds in US$ indexed to SOFR |  | – | – | – | 825 |
| **Debt contracts in the international market in:** |  |  |  |  | – |
| US$, with variable and fixed interest | 5.13% | 261 | 26 | 20016 | 18535 |
| **Accrued charges** |  | 459 | 380 | – | – |
| **Total** |  | **1190** | **960** | **35737** | **35134** |

---

(i) In order to determine the average interest rate for debt contracts with floating rates, the Company used the rate applicable as of March 31, 2026.

(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 2.4% per year in US$.

The reconciliation of loans and borrowings with the cash flows arising from financing activities is presented in note 21.

b) 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)** |
| 2026 | 1447 | 4199 | 364 | 1661 |
| 2027 | 4422 | 5075 | 4070 | 1936 |
| 2028 | 4585 | 4874 | 4493 | 1744 |
| 2029 | 18047 | 4695 | 4562 | 1530 |
| From 2030 to 2032 | 23353 | 9782 | 8983 | 3441 |
| 2033 onwards | 41861 | 20524 | 13996 | 4026 |
| **Total** | **93715** | **49149** | **36468** | **14339** |

---

(i) Based on interest rate curves and foreign exchange rates applicable as of March 31, 2026 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.

c) 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, 2026.

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

19. Leases

a) Right of use

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Consolidated** |
|  | **December 31, 2025** | **Additions and contract modifications** | **Depreciation** | **Translation adjustment** | **March 31, 2026** |
| Ports | 144 | 45 | (75) | (5) | 109 |
| Vessels | 1901 | (3) | (79) | (96) | 1723 |
| Pelletizing plants | 497 | (58) | (41) | – | 398 |
| Properties | 455 | (2) | (22) | (6) | 425 |
| Energy plants | 114 | – | (14) | (7) | 93 |
| Others | 229 | 15 | (24) | 4 | 224 |
| **Total** | **3340** | **(3)** | **(255)** | **(110)** | **2972** |

---

b) Leases liabilities

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Consolidated** |
|  | **December 31, 2025** | **Additions and contract modifications** | **Payments (i)** | **Interest** | **Transfer to held for sale (note 27b)** | **Translation adjustment** | **March 31, 2026** |
| Ports | 170 | 45 | (18) | 1 | – | (50) | 148 |
| Vessels | 1926 | (3) | (93) | 15 | – | (98) | 1747 |
| Pelletizing plants | 531 | (58) | (10) | 6 | – | – | 469 |
| Properties | 535 | (2) | (32) | 5 | – | 46 | 552 |
| Energy plants | 239 | – | (17) | 5 | – | (71) | 156 |
| Others | 277 | 15 | (16) | 5 | (22) | 16 | 275 |
| **Total** | **3678** | **(3)** | **(186)** | **37** | **(22)** | **(157)** | **3347** |
| Current liabilities | 884 |  |  |  |  |  | 837 |
| Non-current liabilities | 2794 |  |  |  |  |  | 2510 |
| **Total** | **3678** |  |  |  |  |  | **3347** |

---

(i) The total amount of the variable lease payments not included in the measurement of lease liabilities was R$186 (US$35 million) recorded in the income statement for the three-month period ended March 31, 2026 (2025: R$47 (US$8 million) in the three-month period ended March 31, 2025).

**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** |
|  | **2026** | **2027** | **2028** | **2029** | **2030 onwards** | **Total** | **Remaining term (years)** | **Discount rate** |
| Ports | 42 | 5 | 5 | 5 | 84 | **141** | 1 to 17 | 4% to 5% |
| Vessels | 277 | 365 | 308 | 261 | 720 | **1931** | 1 to 7 | 3% to 4% |
| Pelletizing plants | 172 | 125 | 110 | 31 | 115 | **553** | 1 to 7 | 2% to 5% |
| Properties | 84 | 110 | 104 | 78 | 167 | **543** | 1 to 13 | 2% to 6% |
| Energy plants | 21 | 26 | 26 | 26 | 146 | **245** | 1 to 4 | 5% |
| Others | 78 | 78 | 63 | 31 | 16 | **266** | 1 to 4 | 3% to 6% |
| **Total** | **674** | **709** | **616** | **432** | **1248** | **3679** |  |  |

---

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

20. Other financial assets and liabilities

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | | **Current** | **Current** | **Non-Current** | **Non-Current** |
| | | **March 31, 2026** | **December 31, 2025** | **March 31, 2026** | **December 31, 2025** |
| <br>**Other financial assets** | <br>**Notes** | | | | |
| Restricted cash |  | – | – | 52 | 50 |
| Derivative financial instruments | 16 | 4599 | 2278 | 1965 | 1115 |
| Investments in equity securities |  | – | – | 359 | 347 |
| Loans - Related parties | 29(b) | 235 | 239 | 1262 | 1125 |
|  |  | **4834** | **2517** | **3638** | **2637** |
| **Other financial liabilities** |  |  |  |  |  |
| Derivative financial instruments | 16 | 618 | 514 | 156 | 287 |
| Subordinated notes | 20(a) | 21 | 22 | 3870 | 4079 |
| Participative shareholders' debentures | 20(b) | – | – | 13638 | 12403 |
| Other financial liabilities - Related parties | 29(b) | 1190 | 1293 | – | – |
| Other |  | 1514 | 1774 | 80 | 1 |
|  |  | **3343** | **3603** | **17744** | **16770** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Parent company** | **Parent company** | **Parent company** | **Parent company** |
| | | **Current** | **Current** | **Non-Current** | **Non-Current** |
| | | **March 31, 2026** | **December 31, 2025** | **March 31, 2026** | **December 31, 2025** |
| <br>**Other financial assets** | <br>**Notes** | | | | |
| Restricted cash |  | – | – | 33 | 30 |
| Derivative financial instruments | 16 | 1653 | 1425 | 1875 | 1073 |
| Investments in equity securities |  | – | – | 125 | 127 |
|  |  | **1653** | **1425** | **2033** | **1230** |
| **Other financial liabilities** |  |  |  |  |  |
| Derivative financial instruments | 16 | 316 | 383 | 139 | 208 |
| Pre-export payments - Related parties | 29(b) | 18816 | 24302 | 42877 | 41213 |
| Participative shareholders' debentures | 20(a) | – | – | 13638 | 12403 |
| Other financial liabilities - Related parties | 29(b) | 2155 | 2285 | – | – |
| Other |  | 46 | – | 80 | 1 |
|  |  | **21333** | **26970** | **56734** | **53825** |

---

a) Subordinated notes

These instruments mature in 2056 and have payment priority only over share capital, being subordinated to all of Vale's financial and non-financial obligations.

Remuneration is paid through semiannual interest at an initial rate of 6% per year. However, the Company holds the right to defer the payment of such interest until the maturity of the principal, subject to events under its control.

In February 2026, the Company paid remuneration on these subordinated instruments the amount of R$59 (US$11 million).

b) Participative shareholders' debentures

The impact of the participative shareholders' debentures on the financial results is presented in note 15, and the weighted-average price of secondary-market trades in the last month of period year is presented below:

---

| | | |
|:---|:---|:---|
|  | **Average price (R$)** | **Average price (R$)** |
| **Three-month period ended March 31,** | **2026** | **2025** |
| Participative shareholders' debentures | 45.59 | 3473 |

---

On April 1st, 2026 (subsequent event), the Company made available for withdrawal as remuneration the amount of R$700 (US$134 million) for the second semester of 2025 (2025: R$760 (US$132 million) for the second semester of 2024).

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

21. Cash flows from financing activities

**Reconciliation of cash flows from liabilities arising from financing activities**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | **Quoted in the secondary market** | **Other debt contracts in Brazil** | **Other debt contracts on the international market** | **Total loans and borrowings** | **Subordinated notes** | **Total** |
| **Balance as of December 31, 2025** | **55316** | **1570** | **42893** | **99779** | **4101** | **103880** |
| Additions | – | – | 5016 | 5016 | – | 5016 |
| Payments | (112) | (844) | (4908) | (5864) |  | (5864) |
| Interest paid (i) | (366) | (34) | (676) | (1076) | (59) | (1135) |
| **Cash flow from financing activities** | **(478)** | **(878)** | **(568)** | **(1924)** | **(59)** | **(1983)** |
| Effect of exchange rate | (2049) | (29) | (2256) | (4334) | (210) | (4544) |
| Interest accretion | 848 | 11 | 593 | 1452 | 59 | 1511 |
| **Non-cash changes** | **(1201)** | **(18)** | **(1663)** | **(2882)** | **(151)** | **(3033)** |
| **Balance as of March 31, 2026** | **53637** | **674** | **40662** | **94973** | **3891** | **98864** |
| **Balance as of December 31, 2024** | **52879** | **2088** | **36631** | **91598** | **–** | **91598** |
| Additions | 4324 | – | 5025 | 9349 | – | 9349 |
| Payments | (2014) | (63) | (3405) | (5482) | – | (5482) |
| Interest paid (i) | (684) | (24) | (705) | (1413) | – | (1413) |
| **Cash flow from financing activities** | **1626** | **(87)** | **915** | **2454** | **–** | **2454** |
| Transfer to held for sale (Energy Assets) | (1206) | (170) | – | (1376) | – | (1376) |
| Effect of exchange rate | (3058) | (71) | (2651) | (5780) | – | (5780) |
| Interest accretion | 1093 | 19 | 505 | 1617 | – | 1617 |
| **Non-cash changes** | **(3171)** | **(222)** | **(2146)** | **(5539)** | **–** | **(5539)** |
| **Balance as of March 31, 2025** | **51334** | **1779** | **35400** | **88513** | **–** | **88513** |

---

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

**Fundings in 2026**

&nbsp;&nbsp;&nbsp;&nbsp;• In the first quarter of 2026, the Company contracted loans
of R$5,016 (US$962 million) indexed to SOFR
plus spread adjustments with maturities between 2027 and 2031.

**Payments in 2026**

&nbsp;&nbsp;&nbsp;&nbsp;• In the first quarter of 2026, the Company settled loans
of R$5,864 (US$1,117 million) .

**Fundings in 2025**

&nbsp;&nbsp;&nbsp;&nbsp;• In the first quarter of 2025, the Company (i) contracted
loans of R$5,025 (US$861 million) indexed to SOFR plus spread adjustments with maturities between 2026 and 2029, and (ii) issued bonds
of R$4,324 (US$750 million) with a coupon of 6.40% per year, payable semi-annually, and maturing in 2054.

**Payments in 2025**

&nbsp;&nbsp;&nbsp;&nbsp;• In the first quarter of 2025, the Company settled loans
of R$862 (US$150 million) and 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 of the period.

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

![](image_013.jpg)

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

22. 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, including two pregnant women, 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** |
| **Three-month period ended March 31,** | **2026** | **2025** |
| Integral Reparation Agreement | (54) | (145) |
| Other obligations | 26 | 369 |
| Incurred expenses | 973 | 419 |
| Insurance | (589) | (31) |
| **Expenses related to Brumadinho event** | **356** | **612** |

---

**Changes in the provision in the period**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | **December 31, 2025** | **Changes in estimates** | **Monetary and present value adjustments** | **Disbursements** | **March 31, 2026** |
| <br>**Integral Reparation Agreement** | | | | | |
| Payment obligations | 1040 | (3) | 17 | – | 1054 |
| Provision for socio-economic reparation and others | 1745 | (14) | 55 | (105) | 1681 |
| Provision for social and environmental reparation | 2836 | (37) | 84 | (137) | 2746 |
|  | **5621** | **(54)** | **156** | **(242)** | **5481** |
| **Other obligations** |  |  |  |  |  |
| Tailings containment, geotechnical safety and environmental reparation | 2981 | 17 | 78 | (164) | 2912 |
| Individual indemnification | 413 | 8 | 14 | (61) | 374 |
| Other | 1498 | 1 | 53 | (96) | 1456 |
|  | **4892** | **26** | **145** | **(321)** | **4742** |
| **Liability** | **10513** | **(28)** | **301** | **(563)** | **10223** |

---

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 decreased from 8.07% on December 31, 2025 to 7.80% on March 31, 2026.

**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 25 municipalities from the Paraopeba River Basin; 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.

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

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 have 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.

**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 August 2024, the Court held a hearing to consider Vale's Motion for Class Decertification, as well as the parties' Cross Motions to Exclude certain expert reports. In March 2026, the Motion for Class Decertification was denied. At present, a decision from the Court regarding the motion to exclude the expert reports is still 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, for the most part, similar allegations to those presented in the main class action. In March 2026, the Court granted Vale's request and dismissed the portion of the claims brought by these investment funds that was not aligned with the claims asserted in the main class action.

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 and the claimants have also not specified the amounts of the alleged damages in their respective claims.

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

In Brazil, Vale is defending itself in four arbitration proceedings in which the claimants seek compensation for alleged damages resulting from the devaluation of the Company's shares. The claims are based on the allegation that the Company was aware of the risks related to the safety of the Brumadinho dam and failed to disclose such risks to its shareholders.

Among these proceedings, only one does not have an estimated value assigned by the claimants. In the others:

&nbsp;&nbsp;&nbsp;&nbsp;• Arbitration filed by foreign legal entities, the claimants
estimated losses of approximately R$1,800 (US$345 million), plus interest and monetary adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;• Arbitration also filed by foreign legal entities, the
estimated amount was approximately R$3,900 (US$747 million), subject to interest and monetary adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;• Proceeding filed by 385 minority shareholders, the amount
in dispute was set at R$3,000 (US$575 million), related to a single event, subject to interest and monetary adjustment, and may be increased
at a later stage as alleged by the claimants.

&nbsp;&nbsp;&nbsp;&nbsp;• Arbitration initiated by foreign legal entities, with
no estimated amount assigned by the claimants.

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

The Company disputes all ongoing proceedings and classifies the likelihood of loss as possible. However, it understands that the probability of loss in the amounts claimed is remote, due to the criteria used by the claimants in their estimates. Given the early stage of the arbitration proceedings and the lack of detailed claims and grounds, it is not possible at this time to reliably estimate the amount of any potential loss.

23. Liabilities related to associates and joint ventures

In November 2015, the Fundão tailings dam owned in Mariana, Minas Gerais, 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) Changes in provision related to the Samarco dam failure

The changes on the provision are presented below:

---

| | |
|:---|:---|
| | **Total** |
| **Balance as of December 31, 2025** | **14379** |
| Changes in estimates | 102 |
| Monetary and present value adjustments | 270 |
| Disbursements | (675) |
| **Balance as of March 31, 2026** | **14076** |

---

The cash outflows to meet the obligations are discounted to present value at an annual rate in real terms of 7.66% on March 31, 2026 (7.66% on December 31, 2025).

b) 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 an agreement for the integral and definitive reparation of the impacts derived from the Fundão dam collapse, in Mariana, Minas Gerais ("Definitive Settlement") which was ratified in November 2024.

The Definitive Settlement, estimated in R$170 billion (US$32.6 billion), replaced all previous agreements and covers both disbursements made prior to its ratification and new financial commitments, which will be paid over 20 years in remediation and compensation actions. In addition, it provides for initiatives to be implemented by Samarco, with disbursements estimated to occur within the three years following ratification.

Samarco has primary responsibility for the obligations, while Vale and BHPB hold subsidiary responsibility, in proportion to their 50% ownership interests, in case Samarco fails to comply such obligations. The judicial ratification of the agreement extinguished several significant lawsuits filed in Brazil, for which the requests for dismissal were jointly submitted by Vale, BHPB, and Samarco.

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 approximately 610,000 claimants, between individuals, companies and municipalities from Brazil that were supposedly affected by the Samarco dam failure (the "UK Claim").** 

The proceeding was structured in phases, with the first phase devoted to assessing BHP's liability for the Fundão dam failure. Following the trial of the first phase, held between October 2024 and March 2025, the English court issued a decision in November 2025 recognizing BHP's liability under Brazilian law. The decision also confirmed the validity of the waivers and release agreements executed by claimants who had already been compensated in Brazil, which will reduce the number of claimants and the amount of the claims.

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

As a result of this decision, the likelihood of loss in relation to this proceeding was reclassified as probable, and the Company recognized an additional provision of R$2,450 (US$449 million) in the income statement as "Equity results and other results in associates and joint ventures", which is presented in the statement of financial position as "Liabilities related to associates and joint ventures", as it is associated with the failure of the Fundão tailings dam, owned by Samarco.

BHP submitted a request for permission to appeal the first phase decision, which is currently pending review. If leave to appeal is granted, the appeal is expected to be heard in 2026. Any potential appeal does not suspend the progress of the proceedings, which will move forward to the second phase of trial, aimed at the discussion and determination of matters relating to the admissibility and extent of damages. The second phase of the trial is currently scheduled to commence in April 2027 and conclude in March 2028. On July 28 and 29, 2026, a further case management conference is scheduled to take place to address remaining procedural and substantive matters related to the second-phase trial. Subsequently, it is also likely that the English court will establish a third phase to determine the amounts of any potential compensation awards.

**Netherlands proceeding - A proceeding was filed against the Company by certain Brazilian municipalities, a company, and a foundation that represents thousands of individuals and some entities, alleging that they were affected by the failure of Samarco's Fundão dam in 2015.**

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, for securing the approximate amount of R$5,531 (EUR920 million). In 2025, with the adherence of three municipalities (Iapu, Ponte Nova and Rio Casca) to the Definitive Agreement, they ceased to be part of the litigation and the securing amount was reduced to approximately R$4,481 (EUR745.4 million). In November 2025, as a result of a settlement reached in a lawsuit before the Federal Regional Court, the company that was part of the group of plaintiffs also ceased to be part to the litigation.

In October 2025, Vale submitted its defense regarding jurisdiction in the lawsuit filed against the Company, and the first hearing of the first stage of the proceedings is expected to take place in the second half of 2026.

The likelihood of loss of this proceeding 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.

24. Legal and administrative 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 22) and the Samarco dam failure (note 23) are presented in its specific notes to these financial statements and, therefore, are not disclosed below.

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

a) Provision for legal and administrative proceedings

**Effects in income statements**

---

| | | |
|:---|:---|:---|
|  | **Consolidated** | **Consolidated** |
| **Three-month period ended March 31,** | **2026** | **2025** |
| &nbsp;&nbsp;Tax litigations | (65) | 14 |
| &nbsp;&nbsp;Civil litigations | 53 | 95 |
| &nbsp;&nbsp;Labor litigations | 238 | 221 |
| &nbsp;&nbsp;Environmental litigations | – | 1 |
| &nbsp;&nbsp;**Total** | **226** | **331** |

---

**Changes in the provisions in the period**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>**Tax litigation** | <br>**Civil litigation** | <br>**Labor litigation** | <br>**Environmental litigation** | **Consolidated**<br>**Total of litigation provision** |
| **Balance as of December 31, 2025** | **1196** | **822** | **3615** | **105** | **5738** |
| Additions and reversals, net | (65) | 53 | 238 | – | 226 |
| Payments | (95) | (9) | (215) | – | (319) |
| Indexation and interest | 39 | 24 | 14 | 3 | 80 |
| **Balance as of March 31, 2026** | **1075** | **890** | **3652** | **108** | **5725** |
| **Balance as of December 31, 2024** | **1245** | **1790** | **2989** | **248** | **6272** |
| Additions and reversals, net | 14 | 95 | 221 | 1 | 331 |
| Payments | (19) | (62) | (87) | – | (168) |
| Indexation and interest | 21 | 22 | 40 | 3 | 86 |
| Transfer to held for sale and payable taxes | – | (28) | (1) | (154) | (183) |
| **Balance as of March 31, 2025** | **1261** | **1817** | **3162** | **98** | **6338** |

---

The Company has considered all information available to assess the likelihood of an outflow of resources and in the preparation of 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. The tax litigation related to income taxes is presented in note 5(d).**

**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

---

| | | |
|:---|:---|:---|
|  | **Consolidated** | **Consolidated** |
|  | **March 31, 2026** | **December 31, 2025** |
| Tax litigations | 38614 | 39715 |
| Civil litigations | 12384 | 11617 |
| Labor litigations | 2077 | 2070 |
| Environmental litigations | 9832 | 6610 |
| **Total** | **62907** | **60012** |

---

The significant contingent liabilities for which the likelihood of loss is considered possible are discussed below.

**Environmental litigations - Overflow from the Viga and Fábrica mines**

In January 2026, there was a leak of water containing sediments (soil) at the operational units of Fábrica and Viga, located in the municipalities of Ouro Preto, Minas Gerais, and Congonhas, Minas Gerais, respectively. The Municipality of Congonhas suspended the operating permits for Vale's activities at the aforementioned units.

As a result of these events, the Company is a party to four judicial proceedings. Preliminary injunctions of a predominantly preventive nature were granted, aimed at the provision of information and technical documents, the implementation of emergency containment and mitigation measures, structural and environmental monitoring, and the imposition of operational restrictions in the affected areas. Requests for the freezing of financial assets were denied, without prejudice to the freezing of mining rights in the federal lawsuits. In one of these proceedings, a Commitment Agreement was entered into by and among the Public Prosecutor's Office of the State of Minas Gerais, the State of Minas Gerais, and the Company, providing for the engagement of an Independent Technical Auditor to monitor compliance with the preliminary obligations, along with a request for the suspension of the proceeding for up to 90 days for the implementation of the agreed measures, without acknowledgment of fault or admission of liability by Vale. The request for suspension of the proceeding was extended to all four actions and is currently pending review. The total amount estimated across the four actions is R$3,065 (US$587 million), and the likelihood of loss has been classified as possible.

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

**Civil litigations - Notices of Infraction issued by the National Mining Agency ("ANM")**

In 2026, Vale received notices of infraction issued by the National Mining Agency (ANM) related to the Pico mine in Itabirito (MG), the Mar Azul mine in Nova Lima (MG), the Gongo Soco mine in Barão dos Cocais (MG), and the overflow that occurred at Fábrica Mine in Congonhas (MG), seeking the imposition of fines in the amounts of R$131 (US$25 million), R$1,170 (US$224 million), R$468 (US$90 million) and R$409 (US$78 million) , respectively, based on alleged violations under ANM resolutions. The Company submitted administrative defenses contesting these notices, and the likelihood of loss was classified as possible.

c) Judicial deposits

---

| | | |
|:---|:---|:---|
|  | **Consolidated** | **Consolidated** |
|  | **March 31, 2026** | **December 31, 2025** |
| Tax litigations | 2115 | 2124 |
| Civil litigations | 464 | 857 |
| Labor litigations | 465 | 531 |
| Environmental litigations | 70 | 68 |
| **Total** | **3114** | **3580** |

---

d) Guarantees contracted for legal and administrative proceedings

In addition to the above-mentioned tax, civil, labor and environmental judicial deposits, the Company contracted R$19.4 billion (US$3.7 billion) (December 31, 2025: R$19.2 billion (US$3.5 billion)) in guarantees for its lawsuits, as an alternative to judicial deposits.

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

![](image_014.jpg)

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

25. Equity

a) Share capital<br>

As of March 31, 2026, the share capital was R$77,300 (US$61,614 million) corresponding to 4,439,159,764 shares issued and fully paid without par value. The Board of Directors may, regardless of changes to by-laws, approve the issue and cancellation of common shares, including the capitalization of profits and reserves to the extent authorized.

---

| | | | |
|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| <br>**Shareholders** | **Common shares** | **Golden shares** | **Total** |
| Previ (i) | 334568802 | – | 334568802 |
| Mitsui&co (i) | 286347055 | – | 286347055 |
| Blackrock, Inc (ii) | 297783803 | – | 297783803 |
| Capital world investors (iii) | 227690911 | – | 227690911 |
| **Total shareholders with more than 5% of capital** | **1146390571** | **–** | **1146390571** |
| Free floating | 3118143182 | – | 3118143182 |
| Golden shares (iv) | – | 12 | 12 |
| **Total outstanding (without shares in treasury)** | **4264533753** | **12** | **4264533765** |
| Shares in treasury | 174625999 | – | 174625999 |
| **Total capital** | **4439159752** | **12** | **4439159764** |

---

(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.

(iii) Number of shares as reported on January 8, 2026 by the shareholder itself through the Declaration of Acquisition of Relevant Shareholding sent to Vale and disclosed to the Market in the Press Release of January 12, 2026.

(iv) Number of special class preferred shares ("golden shares") held by the Brazilian Federal Government, which grants it limited veto power over certain Company resolutions, as well as the right to elect and dismiss one member to the Fiscal Council.

In February 2026, the Board of Directors approved the proposal for a capital increase in the amount of US$96 (R$500 million), through the capitalization of the tax incentive reserve. The capital increase proposal will be submitted for deliberation by the General Shareholders' Meeting, scheduled for April 30, 2026.

b) Cancellation of treasury shares

During the three-month period ended March 31, 2026, the Board of Directors approved cancellations of common shares issued by Vale S.A., acquired and held in treasury, without reducing the amount of its share capital or equity. During the three-month period ended March 31, 2025, there were no share cancellations.

---

| | | |
|:---|:---|:---|
|  | **Number of canceled shares** | **Carrying amount** |
| Cancellation approved on March 12, 2026 | 99,847,816 | 6,967 |
| **Three-month period ended March 31, 2026** | **99,847,816** | **6,967** |

---

c) Share buyback program

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total of shares repurchased** | **Total of shares repurchased** | **Effect on cash flows** | **Effect on cash flows** |
| **Three-month period ended March 31,** | **2026** | **2025** | **2026** | **2025** |
| **Shares buyback program up to 120,000,000 shares (i)** |  |  |  |  |
| Acquired by Parent Company | 4980600 | - | 386 | - |
| **Shares buyback program** | **4980600** | **-** | **386** | **-** |

---

(i) 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.

d) Remuneration approved

The Vale S.A.'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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Approval date** | **Payment date** | **Remuneration per share (US$)** | **Total amount approved** |
| Dividends related to fiscal year 2024 | 2/19/2025 | 3/14/2025 | 2.142 | 9143 |
|  |  |  |  | **9143** |
| Dividends related to fiscal year 2025 | 11/27/2025 | 1/7/2026 | 1.244 | 5311 |
| Dividends and interest on capital (JCP) related to fiscal year 2025 | 11/27/2025 | 3/4/2026 | 2.338 | 9979 |
|  |  |  |  | **15290** |

---

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

**d.i) Dividends reconciliation**

---

| | |
|:---|:---|
| <br>**December 31, 2025** | **Total**<br>**14588** |
| Payment, net of withholding taxes | (14465) |
| Prescribed remuneration | (12) |
| **March 31, 2026** | **111** |

---

**Notes to the Interim Financial Statements** <br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

![](image_015.jpg)

**Notes to the Interim Financial Statements**<br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

26. Investments in associates and joint ventures

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>***Associates and joint ventures*** | **Business** | **% ownership** | **December 31, 2025** | **Additions and capitalizations** | **Equity results in income statement** | **Dividends declared** | **Translation adjustment** | **Fair value remeasurement** | **Capital transactions and others** | **March 31, 2026** |
| **In Brazil** | | | | | | | | | | |
| Aliança Geração de Energia S.A. | Energy | 30.00 | 1326 | – | 25 | – | (69) | – | 26 | **1308** |
| Aliança Norte Energia Participações S.A. | Energy | 51.00 | 366 | – | (12) | – | – | – | – | **354** |
| Anglo American Minério de Ferro do Brasil S.A. | Iron ore | 15.00 | 3572 | – | 36 | – | (184) | – | 1 | **3425** |
| Companhia Coreano-Brasileira de Pelotização | Pellets | 50.00 | 483 | – | 15 | – | – | – | (1) | **497** |
| Companhia Hispano-Brasileira de Pelotização | Pellets | 50.89 | 245 | – | 4 | – | – | – | – | **249** |
| Companhia Ítalo-Brasileira de Pelotização | Pellets | 50.90 | 415 | – | 7 | – | – | – | – | **422** |
| Companhia Nipo-Brasileira de Pelotização | Pellets | 51.00 | 861 | – | 30 | – | – | – | – | **891** |
| MRS Logística S.A. | Logistics | 49.01 | 4421 | – | 38 | (181) | – | – | – | **4278** |
| Samarco Mineração S.A. (note 23) | Pellets | 50.00 | – | – | – | – | – | – | – | **–** |
| VLI S.A. | Logistics | 29.60 | 2255 | – | (5) | – | – | – | 9 | **2259** |
| Others | – | – | 324 | – | (22) | (1) | – | 142 | 17 | **460** |
| **Abroad** |  |  |  |  |  |  |  |  |  |  |
| PT Vale Indonesia Tbk | Vale Base Metals | 33.88 | 10138 | – | 142 | – | (524) | – | 1 | **9757** |
| Vale Oman Distribution Center | Logistics | 50.00 | 3268 | – | 31 | (146) | (169) | – | – | **2984** |
| Other results in associates and joint ventures |  |  |  |  | (102) |  |  |  |  |  |
| **Consolidated total** |  |  | **27674** | **–** | **187** | **(328)** | **(946)** | **142** | **53** | **26884** |
| **Subsidiaries** |  |  |  |  |  |  |  |  |  |  |
| **In Brazil** |  |  |  |  |  |  |  |  |  |  |
| Companhia Portuária da Baía de Sepetiba | Iron ore | 100.00 | 642 | – | (25) | – | – | – | – | **617** |
| Minerações Brasileiras Reunidas S.A. | Iron ore | 100.00 | 886 | – | 24 | – | – | – | 123 | **1033** |
| Minerações Brasileiras Reunidas S.A. – Goodwill | – | – | 4060 | – | – | – | – | – | – | **4060** |
| Tecnored Desenvolvimento Tecnológico S.A. | Iron ore | 100.00 | 181 | 20 | (16) | – | – | – | – | **185** |
| Valepar – Goodwill | – | – | 3073 | – | – | – | – | – | – | **3073** |
| Others | – | – | 1246 | 711 | (3) | (6) | – | – | 9 | **1957** |
| **Abroad** |  |  |  |  |  |  |  |  |  |  |
| Vale Holdings B.V. | Holding | 100.00 | 95809 | – | 5077 | – | (4355) | – | 188 | **96719** |
| Others | – | – | 290 | – | 34 | – | (15) | – | – | **309** |
| **Parent Company's total** |  |  | **133861** | **731** | **5091** | **(334)** | **(5316)** | **142** | **373** | **134837** |

---

**Notes to the Interim Financial Statements**<br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

27. Acquisitions and divestitures

**Effects on the income statement**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Consolidated** | **Consolidated** | **Parent Company** | **Parent Company** |
| **Three-month period ended March 31,** | **Notes** | **2026** | **2025** | **2026** | **2025** |
| Aliança Geração de Energia S.A. | 27(a) | – | (674) | – | (674) |
|  |  | **–** | **(674)** | **–** | **(674)** |

---

a) Divestment of Aliança Geração de Energia S.A. ("Aliança") – In March 2025, the Company signed an agreement with Global Infrastructure Partners for the sale of 70% of its stake in Aliança, including the operations of Sol do Cerrado solar plant and Risoleta Neves hydroelectric plant. As a result, the related assets and liabilities were classified as held for sale, and Vale recognized an impairment loss in the amount of R$674 (US$117 million) in the income statement of the three-month period ended March 31, 2025, as "Impairment and other results related to non-current assets, net".

The transaction was completed in September 2025, when Vale lost control over Aliança, with the remaining 30% interest being accounted for as an investment in an associate using the equity method.

b) Thompson Operations, Canada (held for sale) – In January 2025, Vale announced a strategic review to explore alternatives related to Vale Base Metals' global mining portfolio, including the intention to assess a potential divestment of its mining and exploration assets in Thompson, Manitoba, as part of a process to optimize and enhance the competitiveness of its integrated nickel portfolio.

In February 2026, the Company entered into a binding agreement to establish a new company, together with Exiro Minerals Corporation, Orion Resources Partners LP, and Canada Growth Fund Inc., collectively referred to as "the Investors".

Under the terms of the agreement, Vale will hold an 18.9% equity interest in the new company through the contribution of the Thompson assets, including certain related obligations, and a cash contribution of up to R$78 (US$15 million). The Investors will hold a combined 81.1% equity interest in the new company through a cash contribution of up to R$963 (US$185 million).

The agreement also provides that the Company may receive an earn-out of up to R$1,044 (US$200 million), payable over a period of up to 20 years, subject to the achievement of certain nickel price levels. Based on current estimates, Vale does not expect such milestones to be achieved.

The Company does not expect material effects resulting from the completion of the transaction, which is expected by the end of 2026, subject to customary regulatory and governmental approvals. Upon completion of the transaction, Vale's interest in the new company will be accounted for as an investment in an associate and subsequently measured using the equity method, due to the significant influence that the Company will exercise over the investee.

As a result of the aforementioned agreement, Vale classified the assets to be contributed and the liabilities to be transferred as held for sale, as presented below.

---

| | |
|:---|:---|
| <br>**Assets** | **March 31, 2026** |
| Inventories | 138 |
| **Total assets (i)** | **138** |
| **Liabilities** |  |
| Asset retirement obligations (ii) | 559 |
| Leases | 22 |
| Employee benefits | 149 |
| **Total liabilities** | **730** |

---

(i)The carrying amount of property, plant and equipment has been fully impaired since 2024.

(ii) Although the agreement provides for the transfer of the decommissioning obligations related to the Thompson operating assets, Vale will assume the obligation to reimburse such liability up to a limit of R$1,496 (US$287 million, CAD400 million). Accordingly, upon derecognizing the currently estimated liability of R$559 (US$107 million) at the closing of the transaction, the Company will recognize a new liability in the same amount, related to the reimbursement obligation, which is within the limit established in the agreement.

**Notes to the Interim Financial Statements**<br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

28. Employee benefits

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Current liabilities** | **Current liabilities** | **Non-current liabilities** | **Non-current liabilities** |
|  | **Notes** | **March 31, 2026** | **December 31, 2025** | **March 31, 2026** | **December 31, 2025** |
| Payroll, related charges and other remunerations |  | 3178 | 5580 | – | – |
| Charges related to share-based payments | 28(a) | 23 | 280 | – | – |
| Employee post-retirement obligation | 28(b) | 373 | 374 | 6264 | 6680 |
|  |  | **3574** | **6234** | **6264** | **6680** |

---

a) Share-based payments

For the long-term incentive programs, the Company compensation plans include 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 in the income statement, with a corresponding entry in the equity, over the three-year required service period, net of estimated losses.

**Matching Program**

For the Matching program, the participants can acquire Vale's common shares in the market. If the shares acquired are held for a period of three years, obeying the program rules, the participant is entitled to receive from Vale an award in shares, equivalent to the number of shares originally acquired.

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.

---

| | | | |
|:---|:---|:---|:---|
|  | **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 |

---

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

Under the PSU, eligible executives can earn, after a three-year vesting cycle, an award in common shares conditioned to Vale's performance factor measured based on Total Shareholder Return ("TSR"), ROIC and Environmental, Social and Governance ("ESG") metrics.

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, 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 6, 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 | 107.66% | 115.35% | 83.72% |

---

**Notes to the Interim Financial Statements**<br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

b) Employee post-retirement obligation

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

---

| | | |
|:---|:---|:---|
|  | **Consolidated** | **Consolidated** |
| | **March 31, 2026** | **December 31, 2025** |
| **Movements of assets ceiling** | | |
| **Balance at beginning of the period** | **5487** | **5329** |
| Interest income | 121 | 575 |
| Changes on asset ceiling | 24 | (338) |
| Translation adjustment | (83) | (79) |
| **Balance at end of the period** | **5549** | **5487** |
| **Amount recognized in the statement of financial position** |  |  |
| Present value of actuarial liabilities | (29645) | (31021) |
| Fair value of assets | 29140 | 30107 |
| Effect of the asset ceiling | (5549) | (5487) |
| **Liabilities, net** | **(6054)** | **(6401)** |
| Current assets | 150 | 166 |
| Non-current assets | 433 | 487 |
| **Assets** | **583** | **653** |
| Current liabilities | (373) | (374) |
| Non-current liabilities | (6264) | (6680) |
| **Liabilities** | **(6637)** | **(7054)** |

---

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 mainly to sale of iron ore and right to use capacity on railroads. Cost and operating expenses mostly relate 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.

The effects arising from the failure of the Fundão tailings dam, owned by the joint venture Samarco Mineração S.A., are presented in note 23, and the other effects associated with investments in joint ventures and associates are presented in note 26.

**Notes to the Interim Financial Statements**<br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

a) Transactions with related parties

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| **Three-month period ended March 31,** | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** |
|  | **Net operating revenue** | **Cost and other operating revenues and expenses** | **Financial result** | **Net operating revenue** | **Cost and other operating revenues and expenses** | **Financial result** |
| **Associates and Joint Ventures** |  |  |  |  |  |  |
| &nbsp;&nbsp;Pelletizing companies (i) | – | (165) | (46) | – | (152) | (57) |
| &nbsp;&nbsp;MRS Logística S.A. | – | (469) | – | – | (595) | – |
| &nbsp;&nbsp;Norte Energia S.A. | – | (140) | – | – | (77) | – |
| &nbsp;&nbsp;Vale Oman Distribution Center | – | (216) | – | – | (376) | – |
| &nbsp;&nbsp;VLI | 415 | (44) | – | 395 | (69) | (7) |
| &nbsp;&nbsp;PTVI | – | (835) | – | – | (928) | – |
| &nbsp;&nbsp;Anglo American | – | (375) | 23 | – | – | 18 |
| &nbsp;&nbsp;Aliança Geração de Energia S.A. | – | (304) | – | – | – | – |
| &nbsp;&nbsp;Others | 39 | – | (1) | 40 | – | (1) |
|  | **454** | **(2548)** | **(24)** | **435** | **(2197)** | **(47)** |
| **Shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;Bradesco | – | – | 211 | – | – | 754 |
| &nbsp;&nbsp;Mitsui | 176 | – | – | 196 | – | – |
| &nbsp;&nbsp;Cosan | – | – | – | 38 | (46) | – |
| &nbsp;&nbsp;Banco do Brasil | – | – | 135 | – | – | – |
|  | **176** | **–** | **346** | **234** | **(46)** | **754** |
| **Total** | **630** | **(2548)** | **322** | **669** | **(2243)** | **707** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Parent company** | **Parent company** | **Parent company** | **Parent company** | **Parent company** | **Parent company** |
| **Three-month period ended March 31,** | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** |
|  | **Net operating revenue** | **Cost and other operating revenues and expenses** | **Financial result** | **Net operating revenue** | **Cost and other operating revenues and expenses** | **Financial result** |
| **Subsidiaries** |  |  |  |  |  |  |
| &nbsp;&nbsp;Vale International | 22910 | 32 | (433) | 23639 | – | (1120) |
| &nbsp;&nbsp;Aliança Geração de Energia S.A. | – | – | – | – | (132) | – |
| &nbsp;&nbsp;Companhia Portuária da Baía de Sepetiba | 1 | (74) | – | 1 | (105) | – |
| &nbsp;&nbsp;Investment fund | – | – | (76) | – | – | (93) |
| &nbsp;&nbsp;Others | 45 | (62) | 10 | 60 | (93) | 5 |
|  | **22956** | **(104)** | **(499)** | **23700** | **(330)** | **(1208)** |
| **Associates and Joint Ventures** |  |  |  |  |  |  |
| &nbsp;&nbsp;Pelletizing companies (i) | – | (165) | (5) | – | (152) | (8) |
| &nbsp;&nbsp;MRS Logística S.A. | – | (469) | – | – | (595) | – |
| &nbsp;&nbsp;Norte Energia S.A. | – | (93) | – | – | (77) | – |
| &nbsp;&nbsp;VLI | 415 | (36) | – | 395 | (54) | (7) |
| &nbsp;&nbsp;Anglo American | – | (375) | – | – | – | – |
| &nbsp;&nbsp;Aliança Geração de Energia S.A. | – | (304) | – | – | – | – |
| &nbsp;&nbsp;Others | 39 | – | (1) | 40 | – | – |
|  | **454** | **(1442)** | **(6)** | **435** | **(878)** | **(15)** |
| **Shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;Bradesco | – | – | 210 | – | – | 754 |
| &nbsp;&nbsp;Cosan | – | – | – | 15 | (28) | – |
| &nbsp;&nbsp;Banco do Brasil | – | – | 135 | – | – | – |
|  | **–** | **–** | **345** | **15** | **(28)** | **754** |
| **Total** | **23410** | **(1546)** | **(160)** | **24150** | **(1236)** | **(469)** |

---

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

**Notes to the Interim Financial Statements**<br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

b) Outstanding balances with related parties

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Cash and cash equivalents** | **Accounts receivable** | **Dividends receivable and other assets** | **Cash and cash equivalents** | **Accounts receivable** | **Dividends receivable and other assets** |
| **Associates and Joint Ventures** | | | | | | |
| &nbsp;&nbsp;Pelletizing companies (i) | – | – | 38 | – | – | 38 |
| &nbsp;&nbsp;MRS Logística S.A. | – | – | 223 | – | 1 | 49 |
| &nbsp;&nbsp;VLI | – | 336 | – | – | 224 | – |
| &nbsp;&nbsp;PTVI | – | 2 | – | – | 4 | – |
| &nbsp;&nbsp;Anglo American | – | – | 1530 | – | – | 1397 |
| &nbsp;&nbsp;Others | – | 30 | 41 | – | 34 | 47 |
|  | **–** | **368** | **1832** | **–** | **263** | **1531** |
| **Shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;Bradesco | 2089 | – | 519 | 5522 | – | 449 |
| &nbsp;&nbsp;Banco do Brasil | 852 | – | 184 | 1024 | – | 50 |
| &nbsp;&nbsp;Mitsui | – | 178 | – | – | 271 | – |
|  | **2941** | **178** | **703** | **6546** | **271** | **499** |
| Pension plan | – | 156 | – | – | 97 | – |
| **Total** | **2941** | **702** | **2535** | **6546** | **631** | **2030** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Consolidated** | **Consolidated** | **Consolidated** | **Consolidated** |
| | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Supplier and contractors** | **Financial instruments and other liabilities** | **Supplier and contractors** | **Financial instruments and other liabilities** |
| <br>**Associates and Joint Ventures** | | | | |
| &nbsp;&nbsp;Pelletizing companies (i) | 133 | 1190 | 156 | 1293 |
| &nbsp;&nbsp;MRS Logística S.A. | 74 | – | 136 | – |
| &nbsp;&nbsp;Vale Oman Distribution Center | 178 | – | 271 | – |
| &nbsp;&nbsp;VLI | 6 | 446 | 16 | 446 |
| &nbsp;&nbsp;PTVI | 297 | – | 319 | – |
| &nbsp;&nbsp;Anglo American | 177 | – | 152 | – |
| &nbsp;&nbsp;Others | 186 | – | 236 | 1 |
|  | **1051** | **1636** | **1286** | **1740** |
| **Shareholders** |  |  |  |  |
| &nbsp;&nbsp;Bradesco | – | – | – | 133 |
|  | **–** | **–** | **–** | **133** |
| **Total** | **1051** | **1636** | **1286** | **1873** |

---

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

**Notes to the Interim Financial Statements**<br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Parent company** | **Parent company** | **Parent company** | **Parent company** | **Parent company** | **Parent company** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **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;Vale International S.A. | – | 1196 | – | – | 12332 | – |
| &nbsp;&nbsp;Minerações Brasileiras Reunidas S.A. | – | – | 76 | – | – | 76 |
| &nbsp;&nbsp;Salobo Metais | – | 1166 | – | – | 1156 | – |
| &nbsp;&nbsp;Others | – | 40 | 54 | – | 27 | 74 |
|  | **–** | **2402** | **130** | **–** | **13515** | **150** |
| **Associates and Joint Ventures** |  |  |  |  |  |  |
| &nbsp;&nbsp;Pelletizing companies (i) | – | – | 38 | – | – | 38 |
| &nbsp;&nbsp;MRS Logística S.A. | – | – | 40 | – | 1 | 3 |
| &nbsp;&nbsp;VLI | – | 336 | – | – | 224 | – |
| &nbsp;&nbsp;Anglo American | – | – | 32 | – | – | 34 |
| &nbsp;&nbsp;Others | – | 30 | 41 | – | 34 | 47 |
|  | **–** | **366** | **151** | **–** | **259** | **122** |
| **Shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;Bradesco | 698 | – | 519 | 2540 | – | 449 |
| &nbsp;&nbsp;Banco do Brasil | 787 | – | 184 | 523 | – | 50 |
|  | **1485** | **–** | **703** | **3063** | **–** | **499** |
| Pension Plan | – | 156 | – | – | 97 | – |
| **Total** | **1485** | **2924** | **984** | **3063** | **13871** | **771** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Parent company** | **Parent company** | **Parent company** | **Parent company** | **Parent company** | **Parent company** |
|  | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Supplier and contractors** | **Export Pre-Payments** | **Financial instruments and other liabilities** | **Supplier and contractors** | **Loans** | **Financial instruments and other liabilities** |
| **Subsidiaries** | | | | | | |
| &nbsp;&nbsp;Vale International S.A. | – | 61693 | 5039 | – | 65515 | 5296 |
| &nbsp;&nbsp;Salobo Metais | 9 | – | 135 | 9 | – | 135 |
| &nbsp;&nbsp;Investment fund | – | – | 2155 | – | – | 2285 |
| &nbsp;&nbsp;Others | 149 | – | 126 | 148 | – | 127 |
|  | **158** | **61693** | **7455** | **157** | **65515** | **7843** |
| **Associates and Joint Ventures** |  |  |  |  |  |  |
| &nbsp;&nbsp;Pelletizing companies (i) | 133 | – | – | 156 | – | – |
| &nbsp;&nbsp;MRS Logística S.A. | 74 | – | – | 136 | – | – |
| &nbsp;&nbsp;VLI | 3 | – | 446 | 14 | – | 446 |
| &nbsp;&nbsp;Anglo American | 177 | – | – | 152 | – | – |
| &nbsp;&nbsp;Others | 144 | – | – | 185 | – | 1 |
|  | **531** | **–** | **446** | **643** | **–** | **447** |
| **Shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;Bradesco | – | – | – | – | – | 133 |
|  | **–** | **–** | **–** | **–** | **–** | **133** |
| **Total** | **689** | **61693** | **7901** | **800** | **65515** | **8423** |

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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 three-month period ended March 31, 2026, the compensation of the Company's key management personnel was R$35 (US$7 million) (2025: R$55 (US$10 million)).

![](image_016.jpg)

**Notes to the Interim Financial Statements**<br>**Expressed in millions of Brazilian reais, unless otherwise stated**<br>

30. Basis of preparation of consolidated interim financial statements

The Company's consolidated and individual interim financial statements (equivalent to condensed interim financial statements) ("interim financial statements") have been prepared and are being presented in accordance with CPC 21 - Interim Financial Reporting, issued by the Accounting Pronouncements Committee ("CPC"), and 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, 2025. 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 April 28, 2026.

**a) Statement of Value Added** 

The presentation of the parent company and consolidated statements of value added is required by Brazilian corporate legislation for listed companies. The Statement of Value Added was prepared in accordance with Technical Pronouncement CPC 09 – Statement of Value Added. IFRS do not require the presentation of this statement and, therefore, the Statement of Value Added is presented as supplementary information, without prejudice to the set of interim financial statements.

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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Closing rate** | **Closing rate** | **Average rate** | **Average rate** |
|  | **Closing rate** | **Closing rate** | **Three-month period ended March 31,** | **Three-month period ended March 31,** |
| | **March 31, 2026** | **December 31, 2025** | **2026** | **2025** |
| US Dollar ("US$") | 5.2194 | 5.5024 | 5.2591 | 5.8522 |
| Canadian dollar ("CAD") | 3.7407 | 4.0187 | 3.8337 | 4.0802 |
| Euro ("EUR") | 6.0117 | 6.4692 | 6.1511 | 6.1608 |

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| | |
|:---|:---|
| ![](image_019.jpg) | (A free translation of the original in Portuguese) |

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**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 March 31, 2026 and the related condensed interim statements of income, comprehensive income, changes in equity and cash flows for the three-month period then ended, as well as the accompanying consolidated condensed interim statement of financial position of Vale S.A. and its subsidiaries ("Consolidated") as at March 31, 2026 and the related consolidated condensed interim statements of income, comprehensive income, changes in equity and cash flows for the three-month period then ended, including notes to the interim financial statements.

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 three-month period ended March 31, 2026. 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, April 28, 2026

/s/ PricewaterhouseCoopers

Auditores Independentes Ltda.

CRC 2SP000160/F-5

/s/ Leandro Mauro Ardito

Contador CRC 1SP188307/O-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: April 28, 2026 |  | Director of Investor Relations |

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