Vale has released strong Q4/25 numbers, with revenues up 9% y-o-y and pro-forma adjusted EBITDA jumping 17%. The latter was driven by a surge in base metals EBITDA, while iron ore EBITDA inched down 1%. Net leverage slid 0.1x q-o-q to 0.7x. The company met its FY 2025 guidance for production across metals, costs and capex. Going forward, we believe Vale will maintain its solid capital structure and keep net leverage below 1.0x.
Vale held its Investor Day recently, providing updated projections for most of its relevant figures for 2025, 2026 and 2030. The company anticipates that production volumes will reach the top end of the guided range in 2025 except for agglomerates, which should come in at the low end. Costs should be at the mid-point of the anticipated range for iron ore, and at the low end for nickel and copper. FY 2025 we expect EBITDA at c. USD 15 bn, with a y-o-y stable margin of 40.4%. The respective figure...
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