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Cash flows reconciliation | 6 Months Ended
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Jun. 30, 2025
Cash Flows Reconciliation |
Cash flows reconciliation | 9. Cash flows reconciliation a) Cash flow from operating activities
Schedule of cash flow from operating activities |  |  |
|  | Six-month period ended June 30,
| Notes | 2025 | 2024
Cash flow from operating activities: |  |  |
Income before income taxes |  | 4,146 | 4,870
Adjusted for: |  |  |
Equity results and other results in associates and joint ventures | 14 | 9 | (236)
Impairment and gains (losses) on disposal of non-current assets, net | 15(a), 15(b), 16 and 17 | 385 | (1,004)
Review of estimates related to the provision of Brumadinho | 23 | 49 | (20)
Review of estimates related to the provision of de-characterization of dams | 25 | (65) | (131)
Depreciation, depletion and amortization |  | 1,484 | 1,507
Financial results, net | 6 | (352) | 1,689
Changes in assets and liabilities: |  |  |
Accounts receivable | 10 | 157 | 1,768
Inventories | 11 | (383) | (461)
Suppliers and contractors | 12 | 722 | (150)
Other assets and liabilities, net |  | (756) | (1,000)
Cash flow from operations |  | 5,396 | 6,832
b) Cash flow from investing activities
Schedule of cash flow from investing activities |  |  |
|  | Six-month period ended June 30,
| Notes | 2025 | 2024
Proceeds from the partial disposal of VBML shares | 15(c) | — | 2,455
Proceeds from the partial disposal of PTVI shares | 15(b) | — | 155
Cash received from disposal of investments, net |  | – | 2,610
c) Reconciliation of debt to cash flows arising from financing activities
Schedule of reconciliation of debt to cash flows |  |  |  |
| Quoted in the secondary market | Other debt contracts in Brazil | Other debt contracts on the international market | Total
December 31, 2024 | 8,539 | 337 | 5,916 | 14,792
Additions | 1,830 | – | 1,457 | 3,287
Payments | (361) | (22) | (587) | (970)
Interest paid (i) | (309) | (9) | (191) | (509)
Cash flow from financing activities | 1,160 | (31) | 679 | 1,808
Transfer to held for sale (Energy Assets) | (210) | (30) | – | (240)
Effect of exchange rate | 168 | 24 | 24 | 216
Interest accretion | 393 | 9 | 168 | 570
Non-cash changes | 351 | 3 | 192 | 546
June 30, 2025 | 10,050 | 309 | 6,787 | 17,146
December 31, 2023 | 7,474 | 250 | 4,747 | 12,471
Additions | 1,000 | – | 960 | 1,960
Payments | (51) | (24) | (517) | (592)
Interest paid (i) | (227) | (11) | (159) | (397)
Cash flow from financing activities | 722 | (35) | 284 | 971
Effect of exchange rate | (53) | (30) | 29 | (54)
Interest accretion | 227 | 11 | 144 | 382
Non-cash changes | 174 | (19) | 173 | 328
June 30, 2024 | 8,370 | 196 | 5,204 | 13,770
(i) Classified as operating activities in the statement of cash flows. Funding
| • | In June 2025, the Company issued debentures of US$1,080 (R$6 billion) indexed to IPCA plus 6.76% to 6.89% per year, paid semi-annually. The issuance was structured in three series of R$2 billion each, maturing in 2032, 2035, and 2037. The proceeds will be used in infrastructure projects related with the railway concessions.
| • | In June 2025, the Company contracted loan of US$150 with Bank of China indexed to SOFR plus spread adjustments and maturing in 2030.
| • | In June 2025, the Company contracted a loan of US$100 with HSBC Bank indexed to SOFR plus spread adjustments and maturing in 2028.
| • | In June 2025, the Company contracted a loan of US$247 with Industrial and Commercial Bank of China indexed to SOFR plus spread adjustments and maturing in 2030.
| • | In May 2025, the Company contracted a loan of US$100 with Oversea-Chinese Banking Corporation indexed to SOFR plus spread adjustments and maturing in 2026.
| • | In March 2025, the Company contracted a loan of US$50 with DBS Bank indexed to SOFR plus spread adjustments and maturing in 2026.
| • | In March 2025, the Company contracted a loan of US$270 with Credit Agricole Bank indexed to SOFR plus spread adjustments and maturing in 2029.
| • | In February 2025, the Company issued bonds of US$750 with a coupon of 6.40% per year, payable semi-annually, and maturing in 2054.
| • | In February 2025, the Company contracted a loan of US$270 with Credit Agricole Bank indexed to SOFR plus spread adjustments and maturing in 2029.
| • | In January 2025, the Company contracted a loan of US$271 with Credit Agricole Bank indexed to SOFR plus spread adjustments and maturing in 2029.
| • | In March 2024, the Company contracted a loan of US$360 with the Japan Bank of International Cooperation (“JBIC”) indexed to SOFR plus spread adjustments and maturing in 2035.
| • | In March 2024, the Company contracted a loan of US$60 with the CIBC indexed to SOFR plus spread adjustments and maturing in 2024.
| • | In February 2024, the Company contracted a loan of US$166 with Banco Santander indexed to SOFR plus spread adjustments and maturing in 2025.
| • | In February 2024, the Company contracted a loan of US$34 with Credit Agricole Bank indexed to SOFR plus spread adjustments and maturing in 2025.
| • | From January to February 2024, the Company contracted a loan of US$250 with Banco Bradesco with a fixed rate maturing in 2025.
Payments
| • | In April 2025, the Company paid principal and interest of debentures, in the amount of US$28.
| • | In March 2025, Vale redeemed notes maturing in 2034, 2036 and 2039, in the total amount of US$329 and paid a premium of US$44, recorded as “Bond premium repurchase” in the financial results for the six-month period ended June 30, 2025.
| • | In March 2025, the Company partially settled the loan contracted with The New Development Bank ("NDB"), in the amount of US$150.
| • | In January 2024, the Company paid principal and interest of debentures, in the amount of US$46.
d) Non-cash transactions
Schedule of non-cash transactions |  |
| Six-month period ended June 30,
| 2025 | 2024
Non-cash transactions: |  |
Additions to PP&E with capitalized loans and borrowing costs | 12 | 13

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