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v3.25.2

Information by business segment and geographic area | 6 Months Ended
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Jun. 30, 2025
Notes and other explanatory information [abstract] |
Information by business segment and geographic area | 4. Information by business segment and geographic area The Company’s adjusted EBITDA is defined as operating income or loss, including the EBITDA from interests in associates and joint ventures; and excluding (i) depreciation, depletion, and amortization; and (ii) impairment and gains (losses) on disposal of non-current assets, net and other.
Segment | Main activities
Iron Solutions | Comprises the extraction and production of iron ore, iron ore pellets, other ferrous products, and its logistic related services.
Energy Transition Metals | Includes the extraction and production of nickel and its by-products (gold, silver, cobalt, and other metals), and copper, as well as its by-products (gold and silver).
In addition, unallocated items to the operating segment includes corporate expenses, research and development of greenfield exploration projects, as well as expenses related to the Brumadinho event and de-characterization of dams and asset retirement obligations. a) Adjusted EBITDA
Schedule of adjusted EBITDA |  |  |  |  |
|  | Three-month period ended June 30, | Six-month period ended June 30,
| Notes | 2025 | 2024 | 2025 | 2024
Iron ore |  | 2,396 | 3,071 | 4,729 | 5,578
Iron ore pellets |  | 477 | 724 | 1,013 | 1,606
Other ferrous products and logistics services |  | 104 | 92 | 122 | 162
Iron Solutions |  | 2,977 | 3,887 | 5,864 | 7,346
Nickel |  | 201 | 108 | 242 | 125
Copper |  | 538 | 351 | 1,084 | 635
Other energy transition metals |  | (18) | (52) | (51) | (96)
Energy Transition Metals |  | 721 | 407 | 1,275 | 664
Unallocated items (i) |  | (312) | (301) | (638) | (579)
Adjusted EBITDA |  | 3,386 | 3,993 | 6,501 | 7,431
Depreciation, depletion and amortization |  | (780) | (793) | (1,484) | (1,507)
Impairment and gains (losses) on disposal of non-current assets, net and other (ii) |  | (300) | 928 | (720) | 855
EBITDA from associates and joint ventures |  | (302) | (253) | (494) | (456)
Operating income |  | 2,004 | 3,875 | 3,803 | 6,323
Equity results and other results in associates and joint ventures | 14 | (68) | 112 | (9) | 236
Financial results | 6 | 167 | (1,252) | 352 | (1,689)
Income before income taxes |  | 2,103 | 2,735 | 4,146 | 4,870
(i) Includes income (expenses) from Vale Base Metals Limited that were not allocated to the operating segment in the amount of US$(49) and US$(74) for the three and six-month period ended June 30, 2025, respectively. (2024: US$2 and US$ (45), respectively). (ii) Includes adjustments of US$168 and US$335 for the three and six-month period ended June 30, 2025, respectively, (2024: US$ 82 and US$ 149, respectively), to reflect the performance of the streaming transactions at market prices. b) Net operating revenue by business segment and geographic area
Schedule of net operating revenue by shipment destination |  |  |  |  |  |  |  |  |
| Three-month period ended June 30, 2025
| Iron Solutions | Energy Transition Metals |
| Iron ore | Iron ore pellets | Other ferrous products and logistics services | Total Iron Solutions | Nickel and other products | Copper | Other energy transition metals | Total Energy Transition Metals | Net operating revenue
China (i) | 4,186 | — | — | 4,186 | 106 | 26 | 11 | 143 | 4,329
Japan | 555 | 40 | 1 | 596 | 52 | — | — | 52 | 648
Asia, except Japan and China | 533 | 84 | 2 | 619 | 97 | 186 | 3 | 286 | 905
Brazil | 233 | 326 | 193 | 752 | 16 | — | 6 | 22 | 774
United States of America | — | 67 | 1 | 68 | 198 | — | 7 | 205 | 273
Americas, except United States and Brazil | — | 45 | — | 45 | 154 | — | — | 154 | 199
Germany | 77 | 30 | — | 107 | 126 | 218 | 2 | 346 | 453
Europe, except Germany | 178 | 13 | — | 191 | 246 | 349 | 9 | 604 | 795
Middle East, Africa, and Oceania | — | 399 | — | 399 | 29 | — | — | 29 | 428
Net operating revenue | 5,762 | 1,004 | 197 | 6,963 | 1,024 | 779 | 38 | 1,841 | 8,804
| Three-month period ended June 30, 2024
| Iron Solutions | Energy Transition Metals |
| Iron ore | Iron ore pellets | Other ferrous products and logistics services | Total Iron Solutions | Nickel and other products | Copper | Other energy transition metals | Total Energy Transition Metals | Net operating revenue
China (i) | 4,883 | – | – | 4,883 | 103 | 189 | 29 | 321 | 5,204
Japan | 710 | 87 | 1 | 798 | 129 | – | – | 129 | 927
Asia, except Japan and China | 509 | 112 | 2 | 623 | 63 | 41 | – | 104 | 727
Brazil | 273 | 410 | 172 | 855 | 12 | – | 1 | 13 | 868
United States of America | – | 51 | – | 51 | 196 | – | 7 | 203 | 254
Americas, except United States and Brazil | – | 107 | – | 107 | 141 | 39 | – | 180 | 287
Germany | 89 | 49 | – | 138 | 81 | 67 | – | 148 | 286
Europe, except Germany | 265 | 11 | – | 276 | 141 | 366 | 10 | 517 | 793
Middle East, Africa, and Oceania | – | 567 | – | 567 | 7 | – | – | 7 | 574
Net operating revenue | 6,729 | 1,394 | 175 | 8,298 | 873 | 702 | 47 | 1,622 | 9,920
(i) Includes operating revenue of China Mainland in the amount of US$4,230 (2024: US$4,994) and Taiwan in the amount of US$99 (2024: US$210).
| Six-month period ended June 30, 2025
| Iron Solutions | Energy Transition Metals |
| Iron ore | Iron ore pellets | Other ferrous products and logistics services | Total Iron Solutions | Nickel and other products | Copper | Other energy transition metals | Total Energy Transition Metals | Net operating revenue
China (i) | 7,811 | – | – | 7,811 | 198 | 188 | 18 | 404 | 8,215
Japan | 999 | 59 | 1 | 1,059 | 106 | – | – | 106 | 1,165
Asia, except Japan and China | 1,068 | 122 | 8 | 1,198 | 195 | 215 | 7 | 417 | 1,615
Brazil | 482 | 703 | 353 | 1,538 | 39 | – | 11 | 50 | 1,588
United States of America | – | 121 | 1 | 122 | 421 | – | 27 | 448 | 570
Americas, except United States and Brazil | – | 94 | – | 94 | 274 | – | – | 274 | 368
Germany | 159 | 71 | – | 230 | 268 | 412 | 6 | 686 | 916
Europe, except Germany | 397 | 46 | – | 443 | 447 | 705 | 11 | 1,163 | 1,606
Middle East, Africa, and Oceania | – | 843 | – | 843 | 37 | – | – | 37 | 880
Net operating revenue | 10,916 | 2,059 | 363 | 13,338 | 1,985 | 1,520 | 80 | 3,585 | 16,923
| Six-month period ended June 30, 2024
| Iron Solutions | Energy Transition Metals |
| Iron ore | Iron ore pellets | Other ferrous products and logistics services | Total Iron Solutions | Nickel and other products | Copper | Other energy transition metals | Total Energy Transition Metals | Net operating revenue
China (i) | 8,545 | – | – | 8,545 | 174 | 349 | 29 | 552 | 9,097
Japan | 1,230 | 152 | 1 | 1,383 | 226 | – | – | 226 | 1,609
Asia, except Japan and China | 974 | 151 | 5 | 1,130 | 154 | 37 | – | 191 | 1,321
Brazil | 602 | 931 | 317 | 1,850 | 20 | – | 4 | 24 | 1,874
United States of America | – | 103 | – | 103 | 374 | – | 20 | 394 | 497
Americas, except United States and Brazil | – | 228 | – | 228 | 264 | 101 | – | 365 | 593
Germany | 157 | 84 | – | 241 | 177 | 194 | – | 371 | 612
Europe, except Germany | 506 | 52 | – | 558 | 299 | 598 | 21 | 918 | 1,476
Middle East, Africa, and Oceania | 7 | 1,278 | – | 1,285 | 15 | – | – | 15 | 1,300
Net operating revenue | 12,021 | 2,979 | 323 | 15,323 | 1,703 | 1,279 | 74 | 3,056 | 18,379
(i) Includes operating revenue of China Mainland in the amount of US$8,031 (2024: US$8,668) and Taiwan in the amount of US$184 (2024: US$429). No customer individually represented 10% or more of the Company’s revenues in the periods presented above. c) Costs of goods and services rendered by business segment
Schedule of cost of goods sold and services rendered |  |  |  |
|  | Consolidated
| Three-month period ended June 30, | Six-month period ended June 30,
| 2025 | 2024 | 2025 | 2024
Iron Ore | 3,387 | 3,556 | 6,197 | 6,259
Iron Ore Pellets | 577 | 705 | 1,136 | 1,444
Other ferrous products and logistics services | 140 | 154 | 277 | 264
Iron Solutions | 4,104 | 4,415 | 7,610 | 7,967
Nickel | 781 | 731 | 1,688 | 1,504
Copper | 402 | 391 | 741 | 720
Other Energy Transition Metals | 37 | 49 | 75 | 84
Energy Transition Metals | 1,220 | 1,171 | 2,504 | 2,308
Depreciation, depletion and amortization | 761 | 763 | 1,422 | 1,441
Cost of goods sold and services rendered | 6,085 | 6,349 | 11,536 | 11,716
d) Assets by geographic area
Schedule of assets by geographic area |  |  |  |  |  |  |  |
| June 30, 2025 | December 31, 2024
| Investments in associates and joint ventures | Intangible | Property, plant and equipment | Total | Investments in associates and joint ventures | Intangible | Property, plant and equipment | Total
Brazil | 2,309 | 8,966 | 32,589 | 43,864 | 2,046 | 8,847 | 28,706 | 39,599
Canada | — | 1,753 | 9,886 | 11,639 | — | 1,666 | 9,452 | 11,118
Americas, except Brazil and Canada | — | — | 4 | 4 | — | — | 3 | 3
Indonesia | 1,866 | — | 64 | 1,930 | 1,885 | — | 61 | 1,946
China | — | 1 | 3 | 4 | — | 1 | 4 | 5
Asia, except Indonesia and China | — | — | 652 | 652 | — | — | 654 | 654
Europe | — | — | 595 | 595 | — | — | 589 | 589
Oman | 609 | — | 500 | 1,109 | 616 | — | 515 | 1,131
Total | 4,784 | 10,720 | 44,293 | 59,797 | 4,547 | 10,514 | 39,984 | 55,045

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