By Reuters

(Reuters) - Vale (VALE3.SA), one of the world's largest iron ore ​producers, on Tuesday posted a 36% increase in its first-quarter net ‌profit as it boosted sales volumes and benefited from higher prices for its products, nevertheless missing market estimates.

Rio de Janeiro-based Vale reported that its net profit in the January-March ​period came in at $1.89 billion, below the $2.05 billion predicted by analysts polled ​by LSEG.

The firm posted quarterly adjusted earnings before interest, taxes, ⁠depreciation and amortization (EBITDA) of $3.83 billion, up 23% from the same period last year. ​Analysts had predicted this would land higher at $3.96 billion.

"We delivered a solid start ​to 2026," Vale Chief Executive Gustavo Pimenta said in the earnings report, which pointed to bigger sales volumes across its segments, including iron ore, copper and nickel.

The firm reported earlier ​this month its highest iron ore sales for a first quarter since 2018, ​totaling 68.7 million metric tons, up 3.9% from a year earlier.

Sales also rose year-on-year ‌for copper (+11.4%) ⁠and nickel (+15.2%), Vale had said, as output for both metals reached the highest first-quarter levels since 2017 and 2020, respectively.

Vale noted on Tuesday that it benefited from higher reference prices for its products as well. The average realized price for iron ​ore fines, which represents ​the bulk of ⁠its production, hit $95.80 per ton, up 5.5% year-on-year.

First-quarter net revenues rose 14% to $9.26 billion, Vale said, compared to analysts' $9.37 ​billion forecast.

On the negative end, the firm said its results ​were partially ⁠offset by a stronger Brazilian real, which gained some 5.5% against the U.S. dollar in the quarter, and higher operational expenses.

Vale's capital expenditure for the quarter ⁠was ​7% lower than the same period in 2025, ​it added, standing at $1.09 billion, but was in line with the 2026 guidance of between $5.4 billion and $5.7 ​billion.

Reporting by Fernando Cardoso; Editing by Brendan O'Boyle, Sarah Morland and Stephen Coates

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