淡水河谷发布2025年第四季度和2025年财务报告——交付强劲业绩，达到或超出所有指导目标

Core Viewpoint - In 2025, Vale delivered strong performance, meeting or exceeding all guidance targets while continuing to advance strategic priorities aimed at reinforcing long-term vision [1][6] Operational Performance - All business segments achieved strong operational and cost performance, with all guidance targets met in 2025 [7] - In Q4 2025, sales performance was robust, with iron ore, copper, and nickel sales increasing by 5% (4 million tons), 8% (8,000 tons), and 5% (3,000 tons) year-over-year, respectively [2][7] - Iron ore and copper production reached the highest levels since 2018, with nickel production achieving double-digit growth [1][6] Pricing and Cost Metrics - The average realized price for iron ore fines was $95.4 per ton, up 1% quarter-over-quarter and 3% year-over-year [2][7] - The realized price for copper was $11,003 per ton, reflecting a 12% quarter-over-quarter increase and a 20% year-over-year increase [2][7] - The realized price for nickel was $15,015 per ton, down 3% quarter-over-quarter and down 7% year-over-year [2][7] Cost Efficiency - In 2025, the C1 cash cost for iron ore was $21.3 per ton, a 2% decrease year-over-year, marking the second consecutive year of cost reduction [2][7] - Total iron ore costs in 2025 were $54.2 per ton, down 3% year-over-year [2][7] - In Q4 2025, total copper costs were negative $881 per ton, and nickel costs were $9,001 per ton, down 35% year-over-year [3][8] Financial Performance - Adjusted EBITDA was $4.8 billion, a 17% year-over-year increase and a 10% quarter-over-quarter increase, reflecting increased contributions from base metals operations [3][8] - Free cash flow was $1.7 billion, an increase of $900 million year-over-year, driven by EBITDA growth and lower net financial expenses [5][10] Capital Expenditure and Shareholder Returns - Capital expenditures for Q4 2025 were $2 billion, aligning with the annual guidance of $5.5 billion [4][9] - The total net debt at the end of the quarter was $15.6 billion, a decrease of $1 billion quarter-over-quarter [5][10] - According to the company's dividend policy, $1.8 billion in dividends and capital interest will be paid in March, with an additional $1 billion in special returns paid in January [5][10]