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20260429_INCO_Laporan Informasi dan Fakta Material_32075450_lamp2.pdf
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PT Vale Achieves Solid 1Q26 Financial Performance
While Building Foundations for Future Growth
Jakarta, April 29, 2026 – PT Vale Indonesia Tbk (“PT Vale” or the “Company”, IDX Ticker: INCO)
today announced its production and financial results for the first quarter of 2026 (“1Q26”). Despite
lower nickel matte production and deliveries compared to previous periods, the Company successfully
delivered a strong financial performance, supported by higher realized prices, disciplined cost
management, and improved operational efficiency.
Nickel in Matte Production Highlights
1Q26 4Q25 1Q25
Nickel in matte production (t) 13,620 17,052 17,027
In 1Q26, PT Vale recorded nickel in matte production of 13,620 metric tons (tons), compared to
17,052 metric tons in 4Q25 and 17,027 metric tons in 1Q25. This outcome was fully in line with the
Company’s plan, reflecting conscious optimization of maintenance activities, including the Furnace 3
Rebuild that is on schedule for completion in the first half of 2026, as well as the impact of the
approved RKAB 2026. In line with the planned production adjustment, nickel matte deliveries
declined by 25% quarter-on-quarter. Looking ahead, PT Vale remains firmly on track to achieve its
full-year production target of 67,645 tons which is well positioned to capture the potential of recovery
in LME nickel price environment.
Beyond nickel matte production, 2026 represents a pivotal year in PT Vale’s growth trajectory, as the
Company started to operate three mining blocks Sorowako, Bahodopi, and Pomalaa simultaneously.
This strategic milestone was demonstrated by scalable production volume in each mining block, and
the first sale of nickel limonite ore from the Pomalaa area in early 2026, marking a meaningful
expansion of PT Vale’s commercial portfolio and strengthening earnings diversification going
forward.
Nickel Saprolite & Limonite Ore Sales Volume
1Q26 4Q25 1Q25
Bahodopi Block (in wmt) 886,094 1,400,245 -
Pomalaa Block (in wmt) 88,983 19,514 -
The Company benefited from improving global nickel price dynamics during the quarter, with PT Vale
recording an average nickel matte price of US$14,213 per metric ton, representing a 15% increase
from US$12,308 per metric ton in 4Q25, and generating total revenue of US$252.7 million. Notably,
2026 marks the first full year of nickel matte sales with 82% payability, providing a stronger revenue
base and enhanced margin visibility. Going forward, with the LME nickel price expected to recover
[ 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
from previous year’s level, the Company is well positioned to further capture value from its optimized
commercial structure.
On the cost side, the unit cash cost of sales for nickel matte in 1Q26 remained competitive at
US$10,382 per ton, slightly higher than US$9,573 per ton in 4Q25, primarily reflecting higher
commodity input prices. For the nickel ore business, unit cash costs remained stable, with Bahodopi
at US$21 per ton and Pomalaa at US$13 per ton, inclusive of royalties and logistics. In the near
future, the Company expects cash cost optimization to be driven by higher sales volumes from the
Pomalaa block as operations continue to scale up. Increased volume is anticipated to improve cost
efficiency and economies of scale.
PT Vale delivered strong earnings momentum in 1Q26, with EBITDA rising 29% quarter-on-quarter
to US$80.1 million and net profit surging 85% quarter-on-quarter to US$43.6 million, supported by
positive pricing environment and continued efficiencies. While revenue stood at US$252.7 million,
the fundamentals for growth remain firmly intact. Looking ahead, the Company expects stronger
EBITDA, revenue, and profit performance, driven by movement of LME nickel price and margin
expansion as volumes scale up.
1Q26 4Q25 1Q25
EBITDA1 80.1 61.9 51.7
Revenue1 252.7 284.8 206.5
Profit1 43.6 23.6 21.8
1
US$ million
The table below outlines PT Vale's consumption and average prices for High Sulphur Fuel Oil (HSFO),
diesel, and coal:
1Q26 4Q25 1Q25
HSFO volume (barrels) 267,927 281,885 319,536
HSFO average price per barrel US$76.65 US$78.24 US$84.64
Diesel volume (kilolitres) 14,142 17,791 18,614
Diesel average price per litre US$0.82 US$0.84 US$0.79
Coal volume (t) 90,378 128,263 118,018
Coal average price per t (*) US$127.97 US$128.33 US$161.49
(*) Price in WMT (Wet Metric Ton) and CFR (Cost & Freight) basis
Quarter-on-quarter fuel consumption declined as planned, aligned with the Furnace 3 rebuild, while
sufficient buffer stocks ensured uninterrupted operations. Supported by disciplined procurement and
efficiency initiatives, average HSFO, diesel, and coal prices declined, reinforcing cost optimization
and supporting the Company’s ongoing consumption and emissions-reduction agenda.
[ 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
On April 23, 2026, PT Vale reached a significant milestone with the signing of its Sustainability-Linked
Loan (SLL). The transaction strengthens the Company’s sustainable finance strategy through an
ESG-linked syndicated loan facility totaling US$750 million. Notably, this marks the first
Sustainability-Linked Loan in the mining industry in Southeast Asia, reinforcing PT Vale’s leadership
in embedding sustainability into its financing framework.
During the quarter, the Company disbursed approximately US$139.0 million in capital expenditure,
supporting both sustaining activities and strategic growth projects. As of March 31, 2026, cash and
cash equivalents stood at US$220.1 million, compared with US$376.4 million as of December 31,
2025. PT Vale remains committed to prudent capital allocation and disciplined liquidity management
to preserve financial resilience while continuing to support long-term growth.
“Despite ongoing challenges and an uncertainty, we continue to demonstrate our ability to maintain
healthy margins and financial discipline,” said Bernardus Irmanto, CEO and President Director of PT
Vale. “At the same time, we are broadening our commercial portfolio through the commencement of
limonite sales from the Pomalaa block, which marks an important step in strengthening revenue
diversification and enhancing the sustainability of our business going forward.”
Readers are encouraged to review the Company’s results. Operational achievements and interim
financial results are summarized on the following pages – all figures are in US$ 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
1Q26 4Q25 1Q25
Nickel in matte production1 13,620 17,052 17,027
Nickel matte deliveries1 13,727 18,418 17,096
Nickel matte average realized price2 14,213 12,308 11,932
EBITDA3 80.1 61.9 51.7
Revenue3 252.7 284.8 206.5
Profit3 43.6 23.6 21.8
Earnings per share4 0.0041 0.0022 0.0021
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)
1Q26 4Q25 1Q25
Revenue 252,663 284,806 206,525
Cost of revenue (195,925) (247,439) (187,012)
Gross profit 56,738 37,367 19,513
Operating expenses (8,907) (27,577) (7,901)
Other income 3,677 3,609 101
Other expenses (1,110) (7,356) (2,931)
Net profit sharing (4,846) (2,623) (2,422)
Operating profit 45,552 3,420 6,360
Gain from loss of control of subsidiary - (1,798) 448
Share in net profit from associate (68) 896 23
Gain on recognition of fair value of
investment in shares - 6,680 -
Gain/(loss) on recognition of fair value of derivative
asset - - 16,570
Finance income 3,463 15,754 7,553
Finance costs (2,382) (2,597) (2,046)
Profit before income tax 46,565 22,355 28,908
Income tax expense (2,953) 1,261 (7,113)
Profit for the period 43,612 23,616 21,795
Other comprehensive income
Items that will not be reclassified to profit or loss:
− Changes resulting from actuarial remeasurement
of post-employment benefit liabilities - 57 -
− Related income tax - (12) -
Items that will be reclassified to profit or loss:
- Currency differences from translation of
associate entity’s financial statements (1,151) (487) -
Total other comprehensive loss (1,151) (442) -
Total comprehensive income for the period 42,461 23,174 21,795
Earnings per share
- Basic and diluted (in full amount of US Dollars)
0.0041 0.0022 0.0021
[ 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$)
March 31, December 31, March 31,
2026 2025 2025
Assets (Unaudited) (Audited) (Unaudited)
Cash and cash equivalents 220,117 376,359 601,395
Trade receivables - Related parties 88,584 73,184 87,797
- Third parties 5,805 563 -
Inventories 218,379 192,070 170,827
Prepaid taxes – Corporate Income Tax 59,048 - 3,810
– Other taxes 94,654 97,333 68,154
Prepayments and advances 4,056 4,159 8,125
Other current financial assets 2,230 5,829 6,602
Total current assets 692,873 749,497 946,710
Restricted cash 127,405 96,987 86,650
Prepaid taxes - Corporate income tax 3,292 59,346 61,534
- Other taxes 30,885 17,795 13,286
Investments in shares 19,950 19,950 12,934
Investments in associate 57,031 58,249 58,375
Derivative asset 21,320 21,320 21,320
Fixed assets 2,380,561 2,313,449 1,978,015
Prepayments and advances 2,905 2,251 -
Deferred tax assets 329 3,040 -
Other non-current financial assets 3,581 3,963 3,534
Total non-current assets 2,647,259 2,596,350 2,235,648
Total assets 3,340,132 3,345,847 3,182,358
Liabilities and Equity
Trade payables - Related parties - 400 -
- Third parties 174,102 203,409 153,886
Accruals 116,504 115,397 67,564
Short-term employee benefit liabilities 12,285 21,966 11,914
Taxes payable – Corp. Income Tax 3,355 5,439 5,506
– Other Taxes 6,555 1,859 -
Lease liabilities 2,897 3,451 4,579
Share-based payment liabilities - - 242
Provision for asset retirement 8,799 9,465 4,282
Other current financial liabilities 1,125 1,004 1,172
Total current liabilities 325,622 362,390 249,145
Long-term post-employment benefit
liabilities 49,440 49,042 43,365
Deferred tax liabilities - - 9,492
Lease liabilities 18 31 1,366
Provision for asset retirement 140,843 153,426 116,374
Other non-current financial liabilities 5,880 5,882 6,044
Total non-current liabilities 196,181 208,381 176,641
Total liabilities 521,803 570,771 425,786
Equity 2,818,329 2,775,076 2,756,572
Total liabilities and equity 3,340,132 3,345,847 3,182,358
[ 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$)
1Q26 4Q25 1Q25
Cash flows from operating activities
Receipts from customers 247,298 290,223 203,178
Payments to suppliers (128,196) (193,004) (113,308)
Payments of corporate income tax (4,831) (7,212) (4,753)
Payments of other taxes (21,871) (12,470) (22,336)
Receipt of corporate income tax refund - 4,715
Receipts of refunds of other taxes 41 2,268 35,195
Payments to employees (39,950) (9,104) (36,163)
Placement of financial guarantee (40,806) - -
Receipts of finance income 3,462 5,417 7,553
Payments of royalties and levies (32,722) (34,632) (13,685)
Net cash flows (used in)/provided by operating
(17,575) 46,201 55,681
activities
Cash flows from investing activities
Payments for acquisition of fixed assets (139,042) (154,449) (128,095)
Proceeds from disposal of fixed assets 325 1,226 -
Payment for additional investment in associate (9,838) -
Net cash flow decrease from loss of control of a subsidiary - 77 (880)
Net cash flows used in investing activities (138,717) (162,984) (128,975)
Cash flows from financing activities
Payments of lease liabilities (1,289) (4,517) (1,454)
Payment of dividends (2,286)
Payments of finance costs (47) (66) (87)
Net cash flows provided by financing activities (1,336) (6,869) (1,541)
(157,628) (123,652)
Net decrease in cash and cash equivalents (74,835)
Cash and cash equivalents at the beginning of the 376,359 496,337 674,690
period
Effect of exchange rate changes on cash 1,386 3,657 1,540
and cash equivalents
Cash and cash equivalents at the end of the 220,117 376,359 601,395
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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