Vale S.A. Cash Flow Statement

Financials in millions BRL. Fiscal year is January - December.

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	13,814	31,592	39,940	95,924	121,228
Depreciation & Amortization	17,063	16,238	15,300	16,386	16,379
Other Amortization	243	287	-	-	-
Loss (Gain) From Sale of Assets	-	-	-	-	1,171
Asset Writedown & Restructuring Costs	25,147	-510	1,317	-3,833	1,181
Loss (Gain) on Equity Investments	1,170	1,570	5,434	-1,616	6,947
Other Operating Activities	-6,746	-405	8,022	-40,950	-9,323
Change in Accounts Receivable	907	8,185	1,591	-1,812	4,604
Change in Inventory	-6,068	-2,462	-1,116	211	-2,572
Change in Accounts Payable	4,593	-2,015	3,098	2,283	1,286
Change in Other Net Operating Assets	-1,358	-2,281	-7,681	-8,605	-2,403
Operating Cash Flow	48,765	50,199	65,905	58,201	136,766
Operating Cash Flow Growth	-2.86%	-23.83%	13.24%	-57.45%	81.85%
Capital Expenditures	-33,390	-35,098	-29,446	-28,184	-27,301
Investment in Securities	6,539	13,433	-84	4,323	6,219
Other Investing Activities	-11,612	-9,116	-1,895	-315	-14,206
Investing Cash Flow	-38,463	-30,781	-31,425	-24,176	-35,288
Long-Term Debt Issued	30,480	26,701	9,585	6,764	5,165
Long-Term Debt Repaid	-9,270	-15,452	-4,374	-12,918	-11,911
Net Debt Issued (Repaid)	21,210	11,249	5,211	-6,154	-6,746
Repurchase of Common Stock	-	-2,054	-13,593	-30,640	-29,121
Common Dividends Paid	-19,971	-20,663	-27,967	-34,092	-73,112
Other Financing Activities	-	-	-653	-119	-247
Financing Cash Flow	1,239	-11,468	-37,002	-71,005	-109,226
Foreign Exchange Rate Adjustments	-1,649	5,247	-4,715	-3,657	3,071
Miscellaneous Cash Flow Adjustments	-	-	-	-61	-
Net Cash Flow	9,892	13,197	-7,237	-40,698	-4,677
Free Cash Flow	15,375	15,101	36,459	30,017	109,465
Free Cash Flow Growth	1.81%	-58.58%	21.46%	-72.58%	104.65%
Free Cash Flow Margin	7.20%	7.33%	17.52%	13.25%	37.29%
Free Cash Flow Per Share	3.60	3.53	8.34	6.47	21.82
Cash Interest Paid	5,590	4,710	3,695	5,902	6,137
Cash Income Tax Paid	11,113	9,976	9,374	24,068	23,607
Levered Free Cash Flow	15,446	36,699	4,231	33,358	84,777
Unlevered Free Cash Flow	25,039	45,920	13,534	36,043	89,698
Change in Working Capital	-1,926	1,427	-4,108	-7,923	915

Source: S&P Global Market Intelligence. Standard template. Financial Sources.