Vale S.A. reported $10.5 billion in net revenue for the second quarter of 2026. This represents a 19% year-over-year increase. The iron ore division achieved its strongest second-quarter output since 2018. The copper business recorded its best quarterly performance in nine years. Revenue from the Vale Base Metals division grew 42% year-over-year. Base metals now account for 25% of the company's total revenue.
Net profit fell 35% year-over-year to $1.38 billion. This result missed analyst expectations due to impacts from derivatives and taxes.
Vale announced a new share buyback program for up to 100 million shares. The company approved $1.7 billion in total shareholder returns. Management raised the lower end of 2026 production guidance for copper and nickel. The company also increased its cost projections for iron ore.