# Vale Reports Year-Over-Year Drops of 53% in Net Income and 6% in Iron Ore Output

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/45007
Published: 2026-10-30T18:35:51.000Z
Updated: 2026-10-30T18:35:51.000Z
Section: Business

> Vale maintained its 2026 production ranges. It attributed the 20% year-over-year decline in pro forma EBITDA mainly to weaker iron ore prices, higher costs and expenses, freight costs and a stronger Brazilian real.

Vale reported year-over-year declines of 53% in third-quarter net income and 6% in iron ore output, but kept its 2026 production ranges unchanged amid weaker realized prices.

At 11:42 a.m. ET (15:42 UTC) Friday, Oct. 30, its U.S.-listed shares traded at $11.41, up 2.06% from Thursday's $11.18 close. Vale released the quarterly results after market close on Oct. 29.

For the three months ended Sept. 30, net operating revenue rose 2% from a year earlier to $10.599 billion. Net income attributable to shareholders was $1.255 billion. Adjusted EBITDA came in at $3.327 billion, down 24% year over year, while pro forma EBITDA reached $3.508 billion, a 20% year-over-year decline.

Iron ore production totaled 88.4 million metric tons, 6% below the year-earlier quarter. Vale linked the lower volume to reduced run-of-mine availability at Serra Norte. Sales rose by 0.3 million metric tons to 86.3 million metric tons, partly because Vale sold inventory accumulated in earlier periods.

Iron ore fines realized an average of $85.10 per metric ton, down 10% from both a year earlier and the previous quarter. Vale attributed the lower pro forma EBITDA mainly to weaker iron ore prices, higher costs and expenses, freight costs and a stronger Brazilian real.

Vale's 2026 iron ore production range remained 335 million to 345 million metric tons, and the company expressed confidence in reaching the low end. Its pellet guidance remained 30 million to 34 million metric tons, with production expected near the midpoint. Vale also expects copper and nickel production in the upper halves of their respective 2026 ranges: 360,000 to 380,000 metric tons for copper and 185,000 to 200,000 metric tons for nickel.

Copper production was 85,500 metric tons in the quarter, down 6% year over year, while nickel production rose 6% year over year to 49,700 metric tons. Revenue increased even as net income, EBITDA and iron ore production fell.

Vale CEO Gustavo Pimenta said, “Our third-quarter results reflect disciplined execution of our strategy and a continued focus on operational excellence.”