EarningsQ2 2026 Earnings Report
MX:VALEN Q2 2026 EPS Results
Actual EPS$5.81
Consensus EPS$8.39
Beat/MissMissed by -$2.58
One Year Ago EPS$9.08
MX:VALEN Q2 2026 Revenue Results
Actual Revenue$190.52B
Expected Revenue$190.19B
Beat/MissBeat by +$329.81M
YoY Revenue Growth+19.38%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeAfter Close
Conference CallThursday, July 30, 2026
MX:VALEN Upcoming Earnings
Vale SA's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:VALEN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlights robust operational execution, strong cash generation and material progress on growth projects (notably accelerated Bacaba and Serra Sul expansions), alongside meaningful improvements in base metals profitability and active shareholder returns. However, near-term headwinds remain: rising iron ore unit costs driven by currency appreciation and higher oil/freight, planned maintenance at Sossego affecting H2 copper output, and market/ regulatory uncertainties (freight volatility, Caves Decree). On balance, the company presented more substantive positive developments than negatives, with management taking actions (hedging, efficiency programs, buybacks/dividends) to mitigate risks while accelerating high-return growth projects.Company Guidance
Strong Pro Forma EBITDA Growth
Pro forma EBITDA of $4.1 billion in Q2 2026, up 19% year-on-year, demonstrating resilient earnings despite external cost pressures.
Base Metals EBITDA Surge
Vale Base Metals EBITDA of $1.3 billion in Q2, nearly an 80% year-on-year increase driven by stronger realized prices and operational execution.
Iron Ore EBITDA and Production Strength
Iron ore EBITDA exceeded $3 billion in Q2; iron ore production reached the highest second-quarter level since 2018 and sales volumes rose 3% year-on-year.
Copper Production and Sales Growth
Copper delivered its strongest Q2 in nine years with production up 6% year-on-year and sales volumes up 10% year-on-year, driven by record output at Salobo and strong Sossego performance.
Nickel Production and Sales Improvement
Nickel production rose 4% year-on-year and sales volumes increased 7% year-on-year, aided by additional volumes from Onça Puma and Voisey's Bay.
Accelerated Copper Growth Project (Bacaba)
Bacaba commissioning now expected in Q3 2027 (versus H1 2028 previously), 50,000 t capacity and first of six projects supporting ambition to double copper to ~700,000 t/yr by 2035.
Serra Sul Capacity Expansion
Serra Sul plus 20 project commissioning began with a second long-distance conveyor in July and Compact Crushing commissioning expected in Q4; combined projects will add ~20 million tons of incremental capacity.
Improved Cost Performance in Base Metals
Copper all-in cost reached negative $300/t (an improvement of ~$1,700/t year-on-year); nickel all-in cost fell 17% year-on-year to $10,300/t; VBM cost guidance for 2026 lowered (copper all-in now $0–$500/t; nickel $10,000–$11,500/t).
Solid Cash Generation and Shareholder Returns
Free cash flow of $1.5 billion in Q2; $337 million positive cash impact from hedging settlements; Board approved $1.7 billion dividends/interest on capital for September and extended share buyback program up to ~2.3% of shares (100 million shares).
Balance Sheet and Net Debt Reduction
Expanded net debt declined to $16.7 billion, down by over $1.1 billion sequentially, with a target reference level of $15 billion to be approached in coming quarters.
Operational and Innovation Advances
Published first R&D & Innovation report; autonomous mining initiatives and module plant progress (Itabira, Brucutu, Capanema, Serra Norte); Conceição upgrade delivered ~25% productivity improvement and shifted product mix toward 75% direct reduction feed.
Freight and Fuel Risk Management
Freight spot exposure reduced from ~25% to below 10% using mini-COAs and freight forward agreements; Brent hedging program provided approximately $100 million benefit (equivalent to ~$1.6/t) and 2027 hedging coverage near 70% at ~$77/bbl equivalent.
MX:VALEN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed