Global iron ore giant Vale SA (VALE.US) reported better-than-expected financial results for the third quarter of 2025.

The company's Q3 revenue rose 9% year-over-year to $10.42 billion, surpassing analysts' consensus estimate of $10.33 billion. Net income attributable to shareholders surged 78% to $2.744 billion, exceeding the $2.1 billion market expectation.

Pro forma EBITDA reached $4.399 billion, up 17% YoY, while adjusted EBITDA climbed 21% to $4.369 billion, driven by higher sales volumes and improved cost efficiency.

By segment, the iron ore division generated $8.423 billion in revenue with $3.972 billion in adjusted EBITDA, while the energy transition metals business posted $1.997 billion in revenue and $687 million in adjusted EBITDA.

CEO Gustavo Pimenta stated, "Iron ore production reached its highest quarterly level since 2018, while copper delivered its best Q3 performance since 2019. We've also continued improving nickel cost competitiveness."

Vale revised its 2025 cost guidance downward, now expecting integrated copper costs between $1,000–$1,500 per ton (vs. prior $1,500–$2,000) and nickel costs at $13,000–$14,000 per ton (vs. earlier $14,000–$15,500 estimate).