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20260729_INCO_Laporan Informasi dan Fakta Material_32115916_lamp3.pdf
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Page 1
PT Vale Achieves Solid 1Q26 Financial Performance
While Building Foundations for Future Growth
PT Vale Continues to Grow and Progress Toward
a Stronger Baseline
Jakarta, July 29, 2026 – PT Vale Indonesia Tbk ("PT Vale" or the "Company", IDX Ticker: INCO)
today announced its production and financial results for the second quarter 2026 (2Q26). The
Company delivered a solid operational and financial performance during the quarter, demonstrating
progress toward establishing a stronger production baseline. Supported by disciplined operational
execution and the continued ramp-up of its mining operations, PT Vale remains well positioned to
create sustainable value despite ongoing market dynamics.
Nickel in Matte Production Volume
2Q26 1Q26 1H26 1H25
Nickel in matte production (t) 16,153 13,620 29,773 35,584
In 2Q26, PT Vale produced 16,153 metric tons (tons) of nickel in matte, representing an increase of
approximately 19% from 13,620 tons in 1Q26. As a result, total nickel matte production in the first half
of 2026 reached 29,773 tons. The improvement reflects stronger operational performance upon the
completion of Furnace 3 Rebuild project in June 2026, while maintaining a strong focus on safety and
operational reliability. The Company remains on track to achieve its full-year production target and is
well positioned to benefit from favorable nickel market fundamentals.
Beyond nickel in matte production, PT Vale continued to strengthen its growth platform through the
operation of its three mining hubs in Sorowako, Bahodopi, and Pomalaa, marking a significant
milestone in the Company's transformation. This strategic expansion translated into substantial
growth in ore production and sales volumes. During 2Q26, the Bahodopi Block recorded nickel
saprolite ore sales of 1.07 million wet metric tons (wmt), up from 886 thousand wmt in the previous
quarter, bringing first-half sales volumes to 1.96 million wmt. Meanwhile, the Pomalaa Block delivered
a significant increase in nickel ore sales to 1.26 million wmt in 2Q26, compared to 89 thousand wmt
in 1Q26, resulting in cumulative first-half sales volumes of 1.35 million wmt. The strong performance
from both growth projects highlights the successful ramp-up of operations and reinforces PT Vale's
strategy to diversify its revenue streams and build a stronger operational foundation for long-term
growth.
[ 1 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T (62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 2
Nickel Saprolite & Limonite Ore Sales Volume
2Q26 1Q26 1H26 1H25
Bahodopi Block (in wmt) 1,074,665 886,094 1,960,758 -
Pomalaa Block (in wmt) 1,258,405 88,983 1,347,387 147,491
PT Vale delivered a strong financial performance in 2Q26, through higher production volume, to
capitalize the momentum of stronger nickel prices. Nickel in matte production increased 19% quarter-
on-quarter (QoQ) to 16,153 tons, while deliveries remained stable at 13,932 tons. The Company
benefited from a higher average realized nickel matte price of US$14,765 per ton, up 4% QoQ, which
helped drive revenue to US$290 million, an increase of 15% compared with 1Q26.
On the cost side, nickel matte unit cash cost of sales remained competitive at US$10,005 per ton in
2Q26, improving from US$10,382 per ton in 1Q26, reflecting the Company’s continued discipline and
resilience in cost management. In the nickel ore business, unit cash costs remained stable at US$21
per ton in Bahodopi and US$7 per ton in Pomalaa, inclusive of royalties and logistics costs. Notably,
the Pomalaa operation benefited from further cash cost optimization, driven by higher sales volumes
as the operation continues to scale up.
The table below outlines PT Vale's consumption and average prices for High Sulphur Fuel Oil (HSFO),
diesel, and coal:
2Q26 1Q26 1H26 1H25
HSFO volume (barrels) 252,956 267,927 520,883 700,287
HSFO average price per barrel US$95.78 US$76.65 US$86.37 US$83.98
Diesel volume (kilolitres) 16,480 14,142 30,622 35,533
Diesel average price per litre US$1.15 US$0.82 US$0.98 US$0.82
Coal volume (t) 117,902 90,378 208,280 245,309
Coal average price per t (*) US$143.12 US$127.97 US$135.73 US$145.96
(*) Price in WMT (Wet Metric Ton) and CFR (Cost & Freight) basis
In 2Q26, energy consumption increased primarily in line with higher nickel in matte production
compared with the previous quarter. Lower HSFO consumption during the period was largely offset
by increased coal volume to support operational requirements. Diesel consumption also rose,
reflecting higher mining activities at the Sorowako operation. Meanwhile, energy prices trended
higher, with HSFO, diesel and coal prices increasing by approximately 25%, 40%, and 12%,
respectively, influenced by prevailing geopolitical situation and their impact on global energy markets.
[ 2 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 3
EBITDA rose significantly by 45% QoQ to US$116 million, reflecting improved operating leverage
and profitability. Net profit reached US$61 million, up 39% from US$44 million in the previous quarter,
underscoring the Company's strong earnings growth amid a more favorable pricing environment.
During the quarter, the Company disbursed approximately US$116 million in capital expenditure,
supporting both sustaining operations and the advancement of its strategic growth projects. As of
June 30, 2026, cash and cash equivalents stood at US$111 million, compared with US$220 million
as of March 31, 2026, primarily reflecting ongoing investment activities during the period. PT Vale
remains focused on maintaining a balanced approach to capital allocation and liquidity management,
supporting financial strength while advancing its long-term growth agenda.
Indonesia's nickel downstream industry continues to make significant progress, marked by the arrival
of the autoclaves for the Sambalagi HPAL Project, a key component of PT Vale's Indonesia Growth
Project (IGP) Morowali. In collaboration with GEM Co., Ltd. and EcoPro, PT Vale commemorated this
important milestone through the BNSI Autoclave Delivery Ceremony held on July 22, 2026. The event
was attended by the Minister of Investment and Downstreaming/Head of BKPM and CEO of
Danantara Indonesia, Mr. Rosan P. Roeslani, who underscored the project's strategic importance.
“The arrival of the autoclaves represents a major step forward in the development of Indonesia's
integrated battery materials value chain and reinforces PT Vale's commitment to supporting the
nation's downstreaming agenda,” said Bernardus Irmanto, President Director and Chief Executive
Officer of the Company. Looking ahead, the Company will continue advancing its HPAL projects to
process limonite ore into Mixed Hydroxide Precipitate (MHP), a critical intermediate product for the
global electric vehicle battery supply chain.
Readers are encouraged to review the Company’s results. Operational achievements and interim
financial results are summarized on the following pages – all figures are in US$ except for nickel in
matte production and deliveries which are in metric tons.
For further information, please contact:
Rizky Putra, Director & Chief Financial Officer
📧 ptvi.investorrelation@vale.com
Andaru Adi, Head of Corporate Finance, Treasury and
Investor Relations
📧 andaru.adi@vale.com
🌐 visit our website at: www.vale.com/indonesia
📞 call us at: (+62 21) 524 9000
[ 3 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 4
PT Vale Indonesia Tbk
Production and Financial Highlights
2Q26 1Q26 1H26 1H25
Nickel in matte production1 16,153 13,620 29,773 35,584
Nickel matte deliveries1 13,932 13,727 27,659 35,119
Nickel matte average realized price2 14,765 14,213 14,491 12,014
EBITDA3 116 80 196 92
Revenue3 290 253 543 423
Profit3 61 44 104 25
Earnings per share4 0.0058 0.0041 0.0099 0.0024
1
metric ton (t)
2
US$ per t
3
US$ million
4
US$
[ 4 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 5
PT Vale Indonesia Tbk
Interim Statements of Profit or Loss and Other Comprehensive Income
(In thousands of US$ except basic earnings per share)
2Q26 1Q26 1H26 1H25
Revenue 290,405 252,663 543,068 426,739
Cost of revenue (194,857) (195,925) (390,782) (396,580)
Gross profit 95,548 56,738 152,286 30,159
Operating expenses (7,872) (8,907) (16,779) (15,538)
Other income 9,093 3,677 12,770 202
Other expenses (1,429) (1,110) (2,539) (5,798)
Net profit sharing (6,751) (4,846) (11,597) (2,805)
Operating profit 88,589 45,552 134,141 6,220
Gain from loss of control of subsidiary - - - 2,432
Share in net profit from associate 205 (68) 137 118
Gain on recognition of fair value of derivative
asset - - - 16,570
Finance income 2,755 3,463 6,218 15,207
Finance costs (4,258) (2,382) (6,640) (4,084)
Profit before income tax 87,291 46,565 133,856 36,463
Income tax expense (26,526) (2,953) (29,479) (11,215)
Profit for the period 60,765 43,612 104,377 25,248
Other comprehensive income
Items that will be reclassified to profit or loss:
- Currency differences from translation of
associate entity’s financial statements (2,799) (1,151) (3,950) 1,322
Total other comprehensive loss (2,799) (1,151) (3,950) 1,322
Total comprehensive income for the period 57,966 42,461 100,427 26,570
Earnings per share
- Basic and diluted (in full amount of US Dollars)
0.0058 0.0041 0.0099 0.0024
[ 5 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T (62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 6
PT Vale Indonesia Tbk
Interim Statements of Financial Position
(In thousands of US$)
June 30, March 31, December 31,
2026 2026 2025
Assets (Unaudited) (Unaudited) (Audited)
Cash and cash equivalents 110,662 220,117 376,359
Trade receivables - Related parties 66,037 88,584 73,184
- Third parties 7,542 5,805 563
Inventories 301,810 218,379 192,070
Prepaid taxes – Corporate Income Tax 59,043 59,048 -
– Other taxes 31,300 94,654 97,333
Prepayments and advances 6,163 4,056 4,159
Other current financial assets 4,266 2,230 5,829
Total current assets 586,823 692,873 749,497
Restricted cash 150,538 127,405 96,987
Prepaid taxes - Corporate income tax - 3,292 59,346
- Other taxes 98,360 30,885 17,795
Investments in shares 19,950 19,950 19,950
Investments in associate 54,222 57,031 58,249
Derivative asset 21,320 21,320 21,320
Fixed assets 2,447,695 2,380,561 2,313,449
Prepayments and advances 1,293 2,905 2,251
Deferred tax assets - 329 3,040
Other non-current financial assets 3,147 3,581 3,963
Total non-current assets 2,796,525 2,647,259 2,596,350
Total assets 3,383,348 3,340,132 3,345,847
Liabilities and Equity
Trade payables - Related parties - - 400
- Third parties 168,306 174,102 203,409
Accruals 132,707 116,504 115,397
Contract liabilities 21,556 - -
Short-term employee benefit liabilities 13,995 12,285 21,966
Taxes payable – Corp. Income Tax 16,297 3,355 5,439
– Other Taxes 6,156 6,555 1,859
Lease liabilities 1,564 2,897 3,451
Provision for asset retirement 8,799 8,799 9,465
Other current financial liabilities 1,079 1,125 1,004
Total current liabilities 370,459 325,622 362,390
Long-term post-employment benefit
liabilities 47,475 49,440 49,042
Deferred tax liabilities 422 - -
Lease liabilities 18 18 31
Provision for asset retirement 128,155 140,843 153,426
Other non-current financial liabilities 5,471 5,880 5,882
Total non-current liabilities 181,541 196,181 208,381
Total liabilities 552,000 521,803 570,771
Equity 2,831,348 2,818,329 2,775,076
Total liabilities and equity 3,383,348 3,340,132 3,345,847
[ 6 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
Page 7
PT Vale Indonesia Tbk
Interim Statements of Cash Flows
(In thousands of US$)
2Q26 1Q26 1H26 1H25
Cash flows from operating activities
Receipts from customers 309,696 247,298 556,994 417,689
Payments to suppliers (149,907) (128,196) (278,103) (237,147)
Payments of corporate income tax (13,227) (4,831) (18,058) (8,500)
Payments of other taxes (24,672) (21,871) (46,543) (45,409)
Receipts of refunds of other taxes 17,011 41 17,052 43,890
Payments to employees (26,272) (39,950) (66,222) (63,202)
Placement of financial guarantee (23,082) (40,806) (63,888) -
Receipts of finance income 2,756 3,462 6,218 15,207
Payments of royalties and levies (36,328) (32,722) (69,050) (29,359)
Net cash flows (used in)/provided by operating
activities 55,975 (17,575) 38,400 93,169
Cash flows from investing activities
Payments for acquisition of fixed assets (115,929) (139,042) (254,971) (224,735)
Proceeds from disposal of fixed assets 124 325 449 23
Net cash flow decrease from loss of control of a
subsidiary - - - (880)
Net cash flows used in investing activities (115,805) (138,717) (254,522) (225,592)
Cash flows from financing activities
Payment of dividends (45,638) - (45,638) (32,321)
Payments of lease liabilities (1,482) (1,289) (2,771) (2,243)
Payments of finance costs (31) (47) (78) (149)
Net cash flows used in financing activities (47,151) (1,336) (48,487) (34,713)
Net decrease in cash and cash equivalents (106,981) (157,628) (264,609) (167,136)
Cash and cash equivalents at the beginning 220,117 376,359 376,359 674,690
of the period
Effect of exchange rate changes on cash (2,474) 1,386 (1,088) (843)
and cash equivalents
Cash and cash equivalents at the end of the 110,662 220,117 110,662 506,711
period
[ 7 ]
PT Vale Indonesia Tbk
Jakarta: Sequis Tower, 20th Floor, Unit 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia. T.(62) 21 524 9000 F.(62) 21 524 9020
Makassar: Jl. Somba Opu No. 281, Makassar 90113, Indonesia. T.(62) 411 366 9000 F.(62) 411 366 9020
Sorowako: Main Office Plant Site Sorowako, Luwu Timur 92984, Indonesia. T.(62) 475 332 9100 F.(62) 475 332 9575
www.vale.com/indonesia
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