Vale posts 36% rise in Q1 profit on more sales, higher prices

Vale, one of the world’s largest iron ore producers, on Tuesday posted a 36% increase in its first-quarter net profit as it boosted sales volumes and benefited from higher prices for its products, nevertheless missing market estimates.

Rio de Janeiro-based Vale reported that its net profit in the January-March period came in at $1.89 billion, below the $2.05 billion predicted by analysts polled by LSEG.

The firm also posted quarterly adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $3.83 billion, up 23% rise from the same period last year. Analysts had predicted this would land higher at $3.96 billion.

“We delivered a solid start to 2026,” Vale chief executive Gustavo Pimenta said in the earnings report, which pointed to bigger sales volumes across its segments, including iron ore, copper and nickel.

It also reported higher reference prices for its products.

First-quarter net revenues rose 14% to $9.26 billion, Vale said, compared to analysts’ $9.37 billion forecast.

(By Fernando Cardoso; Editing by Brendan O’Boyle and Sarah Morland)