Vale, one of the world’s largest iron ore producers, on Tuesday 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-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 (EBITDA) of $3.83 billion, 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 chief executive 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 metric tons, up 3.9% from a year earlier.
Sales also rose year-on-year for copper (+11.4%) and nickel (+15.2%), Vale had said, as output for both metals reached the highest first-quarter levels since 2017 and 2020, respectively.
Vale noted on Tuesday 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 per ton, up 5.5% year-on-year.
First-quarter net revenues rose 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.
(By Fernando Cardoso; Editing by Brendan O’Boyle, Sarah Morland and Stephen Coates)
