$VALE · Vale S.A.
Vale S.A. filed its Q3 2026 6-K, reporting net income attributable to shareholders of $1.255B ($0.29 EPS), down 53% from $2.685B ($0.63 EPS) a year ago. Revenue was $10.599B, up 1.7% YoY. Iron Ore Solutions adjusted EBITDA fell 34% to $2.633B, while Vale Base Metals EBITDA rose 61% to $1.105B, driven by copper. The Board approved a $1.701B shareholder remuneration paid in September 2026 and a new share buyback program starting August 2026.
- Q3 net income attributable to shareholders fell 53% YoY to $1.255B from $2.685B.
- Iron Ore Solutions adjusted EBITDA dropped 34% YoY to $2.633B, driven by a $650M decline in iron ore EBITDA.
- Q3 GAAP EPS was $0.29 vs $0.63 a year ago; 9-month EPS fell to $1.06 from $1.45.
- Revenue rose only 1.7% YoY to $10.599B, with China iron ore revenue down 14% to $4.682B.
- Vale Base Metals EBITDA surged 61% YoY to $1.105B, powered by copper EBITDA jumping to $1.021B from $614M.
Extended-hours trading shows VALE at $11.11, down 0.63% from the $11.18 regular close and 0.45% below the filing-time price — a modest negative reaction consistent with the sharp earnings decline. The $47.58B market cap suggests the iron ore margin compression was partially priced in.
A 53% net income drop at the world's second-largest iron ore producer signals serious margin compression in a core commodity, offset only partially by copper strength.
The iron ore margin squeeze mirrors pressure across the Big 3 miners (RIO, BHP) as Chinese steel demand softens. Vale's copper segment is a bright spot, with EBITDA nearly doubling, aligning with the industry-wide pivot toward electrification metals.
Iron ore EBITDA fell 39% YoY on only a 9% revenue decline, signaling severe margin compression from rising costs (COGS up 20% YoY). China revenue — Vale's largest market — dropped 13% YoY to $4.98B, exposing concentrated demand risk.