Vale SA's stock plummeted 5.03% intraday on Wednesday, following the release of its first-quarter 2026 financial results that fell short of market expectations across key metrics.

The mining giant reported net profit of $1.89 billion, representing a 36% year-over-year increase but missing the consensus estimate of $2.05 billion. Adjusted EBITDA came in at approximately $3.9 billion, up 23% from the previous year yet below analyst forecasts. Net revenue grew 14% to $9.26 billion, also slightly trailing expectations.

While sales volumes for iron ore, copper, and nickel showed growth of 4%, 11%, and 15% respectively, operational headwinds offset these gains. The company cited a stronger Brazilian real and rising operating costs as key pressures, noting that iron ore cash production costs are now expected to reach the upper end of its previously guided range due in part to higher oil prices.