Business context and reporting period
Vale S.A.’s Form 6-K, filed for September 2026, contains its Participating Debentures Report for the six months ended June 30, 2026 (1H26). It reports the semiannual premium payable under the 1997 debenture deed; it is not a full report of Vale’s consolidated financial results.
The report gives September 29, 2026 as its date in the main report and signature, but an earlier introductory line says September 29, 2025. Investors may wish to verify this apparent date inconsistency.
Key financial metrics
| Metric | 1H26 | Comparison |
|---|---|---|
| Total premium for the period | R$665.2 million | R$909.8 million in 2H25 |
| Premium per participating debenture | R$1.712064114 | R$2.341507529 in 2H25 |
| Total payment to holders | R$512.2 million | R$700.5 million in 2H25 |
| Iron ore premium | R$613.8 million | R$875.5 million in 2H25; R$573.1 million in 1H25 |
| Copper concentrate premium | R$51.5 million | R$34.3 million in 2H25; R$25.2 million in 1H25 |
The payment is scheduled for September 30, 2026, with financial settlement on October 1, 2026. The payment amount is based on 299,148,666 outstanding debentures. The per-debenture premium uses a deed-defined denominator of 388,559,056 debentures; the report says 89,410,390 debentures were acquired by Vale in an optional acquisition offer in 2025.
For the premium calculation, 1H26 iron ore net sales revenue was R$34.1 billion, versus R$31.8 billion in 1H25; the applicable rate is 1.8%. Sossego copper concentrate net sales revenue was R$4.1 billion, versus R$2.0 billion in 1H25; the applicable rate is 1.25%. Iron ore sales totaled 129.4 million tonnes, compared with 148.6 million tonnes in 2H25; Sossego copper concentrate sales were 155 thousand tonnes, compared with 157 thousand tonnes in 2H25.
The report does not provide consolidated profit, operating cash flow, margins, total debt, or liquidity figures. It also does not provide guidance or a forward outlook.
Material changes, commentary, and risks
- Compared with 2H25, the total period premium declined from R$909.8 million to R$665.2 million, and the payment to holders declined from R$700.5 million to R$512.2 million. Iron ore net sales revenue for the premium calculation fell from R$48.6 billion in 2H25 to R$34.1 billion in 1H26; copper concentrate net sales revenue rose from R$2.7 billion to R$4.1 billion.
- The premium is calculated under the debenture deed from specified net revenues and rates. The report describes deductions including sales taxes, transportation, and insurance, and notes that some rates depend on deed-defined areas and conditions.
- Vale reports one mining-right lease in 1H26 and no sale of listed mining rights. The inventory remained at 259 processes covering 1,484,710.12 hectares, unchanged from December 31, 2025.
- Income tax generally applies to holder payments according to the beneficiary’s tax status, subject to applicable exemptions or different treatment.
- The report states that participating debentures are financial liabilities measured at fair value through profit or loss, using a market approach and weighted average secondary-market trading prices for the final month of the period. It cautions that figures may differ from other Vale reports because of differing reporting frameworks.
Important facts for investors to verify
- Confirm the report’s date: the document contains both a 2025 date in an introductory line and 2026 dates elsewhere.
- Confirm payment and settlement arrangements, applicable holder tax treatment, and the number of debentures eligible for payment.
- Review the debenture deed for the revenue definitions, designated areas, rates, triggers, and deductions that determine the premium.
- Consult Vale’s separate 2Q26 results and other filings for consolidated earnings, cash flow, debt, liquidity, and outlook, which are not covered in this report.