Vale posts 36% rise in Q1 profit on more sales, higher prices
SAO PAULO - Vale, one of the world's largest iron-ore producers, on April 28 posted a 36% increase in its first-quarter net profit as it boosted sales volumes and benefited from higher prices for its products, nevertheless missing market estimates.
Rio de Janeiro-based Vale reported that its net profit in the January to March period came in at $1.89-billion, below the $2.05-billion predicted by analysts polled by LSEG.
The firm posted quarterly adjusted earnings before interest, taxes, depreciation and amortization of $3.83-billion, which was up 23% from the same period last year. Analysts had predicted this would land higher at $3.96-billion.
"We delivered a solid start to 2026," Vale CE Gustavo Pimenta said in the earnings report, which pointed to bigger sales volumes across its segments, including iron-ore, copper and nickel.
The firm reported earlier this month its highest iron-ore sales for a first quarter since 2018, totaling 68.7-million tons and up 3.9% from a year earlier.
Sales also rose by 11.4% year-on-year for copper and by 15.2% year-on-year for nickel, Vale said, as output for both metals reached the highest first-quarter levels since 2017 and 2020, respectively.
Vale noted that it benefited from higher reference prices for its products as well. The average realized price for iron-ore fines, which represents the bulk of its production, hit $95.80/t, up 5.5% year-on-year.
First-quarter net revenues rose by 14% to $9.26-billion, Vale said, compared to analysts' $9.37-billion forecast.
On the negative end, the firm said its results were partially offset by a stronger Brazilian real, which gained some 5.5% against the US dollar in the quarter, and higher operational expenses.
Vale's capital expenditure for the quarter was 7% lower than the same period in 2025, it added, standing at $1.09-billion, but was in line with the 2026 guidance of between $5.4-billion and $5.7-billion.
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