Vale Balance Sheet (2009-2025) | VALE

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Balance Sheet	Mar2009	Jun2009	Sep2009	Dec2009	Mar2010	Jun2010	Sep2010	Dec2010	Mar2011	Jun2011	Sep2011	Dec2011	Mar2012	Jun2012	Sep2012	Dec2012	Mar2013	Jun2013	Sep2013	Dec2013	Mar2014	Jun2014	Sep2014	Dec2014	Mar2015	Jun2015	Sep2015	Dec2015	Mar2016	Jun2016	Sep2016	Dec2016	Mar2017	Jun2017	Sep2017	Dec2017	Mar2018	Jun2018	Sep2018	Dec2018	Mar2019	Jun2019	Sep2019	Dec2019	Mar2020	Jun2020	Sep2020	Dec2020	Mar2021	Jun2021	Sep2021	Dec2021	Mar2022	Jun2022	Sep2022	Dec2022	Mar2023	Jun2023	Sep2023	Dec2023	Mar2024	Jun2024	Sep2024	Dec2024	Mar2025	Jun2025	Sep2025
Assets
Current Assets
Cash & Equivalents	10.33B	10.33B	8.46B	0.01B	7.29B	11.12B	1.16B	7,479.66B	7.58B	11.27B	13.23B	3.67B	4.92B	4.08B	7.95B	5.80B	6.04B	5.89B	7.12B	0.01B	7.18B	7.07B	7.88B	4.92B	3.68B	3.16B	4.40B	3.65B	3.78B	4.17B	5.37B	4.22B	6.72B	5.72B	4.72B	4.41B	5.37B	6.37B	6.10B	5.89B	5.01B	6.05B	8.56B	7.20B	11.79B	12.11B	12.11B	12.98B	12.88B	13.49B	10.86B	11.73B	9.06B	7.18B	5.18B	4.70B	4.71B	4.98B	3.97B	3.53B	3.79B	6.48B	4.60B	5.28B	3.96B	5.51B	5.90B
Short-term Investments	-0.91B	0.22B	-1.56B	3,760.33B	0.01B		3.75B	0.00B	0.54B	1,872.27B	0.62B	1.66B	574.63B	924.95B	0.69B	0.25B	-0.32B	-0.17B	0.45B	3.52B	0.00B	0.00B	0.45B	154.57B				0.49B				0.66B	3.38B	3.33B	3.26B	3.30B	3.05B	3.04B	3.22B	3.20B	3.11B	3.12B	2.90B	2.61B	2.25B	2.30B	2.47B	1.72B	2.11B	1.43B	1.37B	0.14B	0.39B	0.23B	0.12B	9.46B		0.70B	0.59B	0.61B	0.42B	-0.02B	0.05B	-0.53B	0.28B	0.49B	0.19B
Cash & Current Investments	9.42B	8.10B	9.07B	3,760.34B	730.48B	11.12B	13.47B	7,479.66B	1,290.83B	1,872.28B	9.66B	5.34B	5,674.83B	5,080.16B	976.33B	6.05B	5.79B	6.54B	6.03B	3.53B	6.89B	7.07B	9.02B	159.49B	4.17B	3.19B	5.00B	4.13B	3.46B	3.82B	5.38B	4.88B	10.10B	9.34B	7.99B	7.71B	8.62B	10.12B	9.47B	9.09B	8.41B	8.97B	12.05B	9.81B	16.55B	11.46B	12.35B	14.70B	15.65B	14.21B	12.75B	11.87B	8.57B	7.68B	5.59B	4.70B	4.60B	4.85B		3.53B		6.88B	4.57B	4.74B		5.45B	5.96B
Receivables - Net	2.98B	3.56B	3.29B	3.25B	3,956.93B		4.23B	3.80B	49.90B	-642.36B	55.93B	-1.08B	0.65B	1.07B	1.77B	1.80B	0.38B	1.40B	0.83B													3.66B				2.60B				2.65B				2.53B				4.99B				3.91B				4.32B				4.20B				2.36B
Receivables - Other								0.56B																	0.41B				-0.38B			0.10B				0.13B				0.15B				0.12B				0.17B				0.11B				0.21B				0.09B				0.06B
Receivables	2.98B	3.56B	3.29B	3.25B	3,956.93B		4.23B	4.36B	49.90B	-642.36B	55.93B	-1.08B	0.84B	932.69B	3.08B	1.80B	0.62B	1.40B	0.68B													3.77B				2.73B				2.80B				2.65B				5.16B				4.02B				4.53B				4.29B				2.42B
Raw Materials	-0.32B	0.31B	-0.96B	990.65B	0.10B	0.12B	0.11B	0.47B	0.17B	0.56B	-0.38B	0.92B	0.05B	-0.60B	-2.36B	0.96B	1.90B	1.66B	0.48B	947.61B	0.09B	0.30B	0.56B	667.57B	1.06B	0.30B	1.11B	0.62B	0.19B	0.23B	-0.40B	2,151.19B	1.72B	1.70B	0.13B	2,656.42B	1.47B	0.59B	2.05B	1.27B	0.18B	1.27B	1.22B	0.75B	1.40B	0.98B	0.70B	0.61B	0.65B	0.70B	0.68B	1.09B	0.21B		0.18B	0.22B		0.22B	0.23B	0.29B	0.28B	0.29B	0.24B	0.28B	0.31B
Work In Process								1.54B				1.28B				1.46B																0.80B				0.65B				0.69B				0.77B				0.65B				0.82B
Finished Goods	0.13B	0.10B			0.13B	0.18B	0.53B	0.07B	0.15B	0.41B	0.69B	0.28B	0.39B	0.67B		0.31B										0.37B	-0.36B			0.53B	-0.21B	1.57B				2.22B				2.80B	0.01B			2.60B	0.01B			2.71B				2.79B
Inventory	0.12B	4.04B	0.66B	3,407.64B	-0.26B	3.81B	-0.83B	0.00B	-0.74B	5.27B	5.06B	5.48B	0.45B	0.29B	5.14B	5.02B	0.35B	0.44B	-0.17B	4,238.91B	4.75B	-0.60B	0.47B	0.58B	0.19B	0.09B	3.81B	-0.19B	3.80B	0.03B	3.90B	0.19B	-0.22B	0.44B	4.08B	-0.32B	0.06B	-0.26B	4.06B	4.52B	4.91B	4.72B	4.63B	4.19B	4.09B	4.06B	-0.65B	3.91B	-0.19B	4.70B	-0.59B	4.38B	4.99B	-0.30B	5.27B	4.48B	-0.36B	5.19B	5.11B	4.68B	-0.63B	4.79B	4.95B	4.61B	4.92B	5.24B	5.57B
Current Deferred Tax Assets	0.00B	-0.00B		0.85B				0.39B				0.20B				0.36B
Prepaid Assets	0.24B	0.19B	0.18B	502.53B	0.23B	0.23B	0.15B	0.19B	0.33B	0.33B	0.21B	0.41B	0.34B	0.36B	0.18B	0.25B				128.64B	0.13B	0.23B	0.15B	100.94B								217.94				0.11B	0.02B
Current Assets	22.96B	19.78B	22.75B	21.19B	22,136.07B		24.46B	25.09B	27.88B	31.67B	26.78B	22.36B	22.73B	20.79B	25.32B	21.95B				25,156.39B	22.33B	21.82B	21.27B	21,192.44B			17.70B	15.72B	13.13B	13.62B	14.72B	13.83B	17.90B	15.43B	19.89B	15.67B	14.78B	15.47B	15.13B	15.56B	15.07B	15.91B	18.49B	16.70B	19.94B	20.31B	17.54B	23.49B	23.17B	25.40B	19.93B	21.39B	14.51B	15.75B	13.92B	15.53B	-3.41B	15.55B	14.67B	18.70B	17.53B	14.83B	13.80B	13.48B	12.79B	17.59B	16.49B
Non-Current Assets
Construction in Progress				0.52B				0.80B
Property, Plant & Equipment (Net)	50.16B	53.55B	60.16B	59.07B	68.09B	72.62B	67.55B	77.00B	86.50B	91.68B	84.27B	85.70B	92.53B	90.10B	92.09B	84.41B				84.28B	83.76B	85.51B	81.37B	78.12B				54.96B	57.92B	60.96B	61.13B	54.82B	56.27B	54.66B	56.28B	55.97B	54.15B	48.71B	47.43B	49.25B	49.90B	50.64B	48.87B	45.63B	46.18B	38.21B	37.99B	39.61B	39.06B	43.88B	41.09B	41.95B			42.20B	44.94B				48.40B				39.98B
Long-Term Investments	-0.14B	0.03B	-1.14B	2,629.06B	-0.03B	0.01B	0.01B	0.00B	-0.12B	-0.14B	0.10B	8.35B	-0.22B	0.07B	-0.30B	6.35B				3,699.25B	5.32B	5.11B	4.66B	4,328.79B				2.99B	3.40B	3.96B	3.98B	32.64B	3.88B	3.60B	3.85B	36.19B	3.72B	3.23B	3.15B	3.28B	3.27B	3.12B	3.00B	2.74B	39.10B	2.07B	2.04B	1.96B	1.87B	2.20B	2.10B	25.75B	1.93B	1.79B	1.79B	1.80B		1.90B		1.87B	1.89B	3.71B	4.10B	4.55B	4.62B	4.78B	5.17B
Goodwill				2.31B				3.32B				3.03B				2.95B																1.83B				2.16B				1.84B				1.86B								3.21B
Intangibles	4.61B	4.92B	5.58B	9,474.31B	1.16B	1.13B	13.96B	0.01B	1.30B	1.34B	1.14B	9.91B	1.14B	1.05B	1.04B	9.16B				7,091.00B	7.09B	7.21B	6.90B	7,142.62B				5.41B	6.02B	6.91B	6.96B	6.80B	7.31B	7.21B	8.65B	8.66B	8.59B	7.99B	7.79B	8.10B	8.54B	8.64B	8.31B	8.33B	8.13B	6.71B	6.61B	8.95B	8.66B	11.00B	8.91B	9.02B	10.27B	9.45B	9.34B	10.24B		11.00B		11.63B	11.26B	10.20B	11.54B	10.51B	10.18B	10.72B	10.94B
Goodwill & Intangibles	4.61B	4.92B	5.58B	9,474.31B	12,670.19B	1.13B	13.96B	0.01B	11.31B		11.55B	9.91B	10,165.35B	9,255.44B	9,210.10B	9.16B				7,091.00B	6.80B	7.21B	7.47B	7,142.62B				5.41B	5.50B	6.33B	6.97B	6.80B	7.31B	7.44B	8.67B	8.66B	8.80B	8.59B	7.92B	8.10B	8.85B	8.46B	8.74B	10.18B	8.13B			8.95B	9.04B	10.36B	9.29B	9.02B	9.31B		9.64B									10.51B
Long-Term Deferred Tax	-173.30B	3.17B	0.30B	0.01B	5,238.48B		0.89B	7.66B	-200.64B	708.75B	425.64B	0.31B	0.28B	0.14B	0.85B	3.37B	3.50B	-0.49B	3.11B									7.90B				7.34B				6.64B				6.91B				9.22B				10.34B				11.44B				10.77B				9.56B				8.24B
Other Non-Current Assets	-0.02B	1.36B	1.49B	21,203.67B	1.52B	6.12B	-0.19B	0.01B	-0.03B	-0.19B	8.97B	1.52B	-0.01B	108.77B	-0.10B	0.46B				3,886.48B	1.55B	1.63B	1.51B	3,812.63B			0.84B	4.11B	4.09B	4.66B	4.79B	8.50B	4.52B	4.43B	2.00B	3.66B	0.46B	1.74B	1.68B	1.75B	5.12B	5.04B	3.04B	3.07B	2.44B	2.07B	2.04B	1.22B	1.15B	1.33B	0.06B	0.98B	1.25B	0.27B	1.29B	1.02B		1.33B	1.30B	1.26B	3.97B	0.58B	0.61B	0.54B	1.89B	2.00B	0.64B
Non-Current Assets	3.27B	2.70B	3.39B	80.32B	5,991.81B		84.36B	4.79B	6.07B	-31.67B	6.78B	5.74B	6,174.62B	5,610.02B	111.14B	7.57B				8.36B	8.47B	8.35B	8.65B	-21192.32B			10.86B	10.82B	10.71B	10.86B	10.52B	13,288.40B	13.12B	12.97B	13.42B	13,826.87B	12.68B	12.69B	11.99B	13.56B	17.36B	17.42B	15.23B	16.46B	16.40B	62.84B	15.80B	14.56B	14.22B	13.41B	14.79B	14.39B	14.79B	13.93B	13.35B	2.15B	3.41B	14.40B	14.06B	75.49B	13.45B	13.29B	13.38B	11.63B	12.00B	72.80B	13.31B
Assets	61.97B	64.42B	73.72B	0.10B	0.10B		120.50B	124,889.44B	131.23B		147.27B	132.08B	0.14B	0.13B	0.13B	129.86B	133.15B	126.53B	131.28B	0.13B	22.99B	22.58B	122.85B	0.12B	104.55B	107.35B	99.03B	89.90B	95.27B	100.97B	102.09B	97.95B	103.01B	98.31B	102.09B	101.16B	94.38B	88.09B	85.49B	89.76B	94.15B	95.73B	93.90B	89.85B	84.58B	83.15B	79.98B	88.56B	86.98B	96.72B	86.88B	89.48B	87.55B	84.36B	80.61B			91.52B	88.99B		91.68B	86.61B	88.89B		83.43B	90.38B	91.19B
Liabilities
Current Liabilities
Accounts Payables	-0.10B	-0.33B	2.21B	-0.03B	3.78B	2.95B	3.79B	0.00B	0.16B	0.40B	4.78B	4.81B	-0.39B	0.09B	0.41B	4.53B	-0.37B	0.25B	0.07B	0.12B												3.63B			0.04B	4.04B				3.51B				4.11B				3.37B				3.48B				4.46B				5.27B				4.23B
Notes Payables	0.07B	0.02B	0.02B	0.37B	0.03B	0.03B	0.03B	0.68B	0.01B	0.10B	0.01B	0.02B	0.08B	0.08B	0.20B	0.21B	0.19B
Dividends payables				1.68B		0.42B	0.42B	4.80B	3.89B		2.03B	1.23B	1,249.24B																			0.81B	0.82B			1.46B								1.53B				1.17B	0.02B	0.03B	0.04B					1.38B								0.33B
Payables	-0.04B	0.33B	0.35B	2.02B	367.69B	3.40B	4.47B	5.48B	4.47B	0.00B	2.49B	1.25B	1,767.54B	511.83B	505.36B																	0.81B	0.82B			1.46B								5.63B				1.17B	0.02B	0.03B	0.04B													4.56B
Accumulated Expenses	0.46B	0.60B	0.76B	0.00B	0.56B	0.71B	0.91B	1.16B	0.78B	1.02B	0.21B	0.26B	0.60B	0.99B	0.24B	2.75B	0.85B	0.45B	0.25B	0.11B	0.59B	0.39B	1.19B	0.12B	0.53B	-0.01B	0.05B	-0.45B	0.00B	0.49B	-0.02B	0.22B	-0.24B	0.20B	0.20B	0.06B	0.90B				0.10B			1.54B	1.22B	1.16B		1.19B		-0.20B	0.06B	0.05B		0.07B	0.16B	0.93B				0.96B				1.01B
Other Accumulated Expenses	-0.32B	1.68B	1.89B	990.65B	-0.54B	1.85B	-0.10B	633.37B			-0.66B	-0.47B				0.64B	-0.29B	-0.23B	-0.70B	0.41B	0.12B	0.33B	0.56B	-0.93B		0.06B	0.23B			0.10B	-0.21B	203.37		-0.14B		0.22B	0.03B				0.66B	-0.28B			0.52B							0.65B	1.20B	0.89B	0.89B	1.02B	0.95B	1.25B	1.23B	3.68B	1.36B	1.29B	1.36B	1.32B	1.47B	1.48B	1.59B
Short term Debt	0.65B	0.61B	1.95B	0.00B	4.09B	3.96B	3.63B	2.88B	1.56B	1.92B	1.57B	1.56B	1.85B	1.50B	1.53B	3.45B	3.25B	3.20B	3.07B													1.66B				1.70B				14.72B				13.13B			14.04B	13.37B	12.82B	12.87B	12.24B	12.58B	11.11B		11.76B	6.62B		11.70B	11.78B	7.97B	11.96B	12.86B	12.58B	13.77B	14.81B
Current Leases	22.03B	-1.97B	-2.67B	-0.00B	22.81B	-0.86B	-3.45B	5.50B	-1.59B	31.67B	26.78B	1,032.48B	-0.81B	-0.03B	-1.92B	12.33B		12.04B	24.75B	24.38B																					1.53B	1.60B	1.57B	1.53B	1.47B	1.43B							1.33B			1.35B		1.32B	1.28B	1.25B	1.23B	1.18B	0.61B	0.71B	0.60B	0.52B	0.70B
Current Taxes	0.30B	-0.14B	-0.19B	0.42B	-0.24B	-0.27B	0.69B	0.78B	0.69B	-0.36B	-0.38B	1.69B	0.47B	-0.64B	0.24B	-0.16B	0.02B	0.09B	0.17B	0.64B	-0.10B	0.31B	0.35B	0.37B	0.17B	0.18B	0.12B	0.25B	0.17B	0.12B	0.15B	0.17B	0.12B	0.26B	0.31B	0.36B	0.23B	0.27B	0.16B	0.44B	0.67B	0.61B	1.07B	0.50B	0.39B	0.40B	0.81B	0.92B	0.83B	1.68B	2.59B	2.18B	0.67B		0.30B	0.47B		0.88B	0.63B	1.31B	1.70B	1.24B	1.26B	0.57B	0.65B	1.02B	0.58B
Current Deferred Revenue																																																								0.08B				0.09B				0.16B
Total Current Liabilities	7.77B	5.79B	8.79B	0.01B	10,829.45B	0.08B	0.08B	15.42B	0.07B	0.06B	0.05B	11.52B	10.89B	0.04B	10.35B	12.33B	11.22B	11.11B	11.50B	9.16B			10.39B	11.13B	9.88B	10.21B	10.23B	10.61B	11.30B	11.47B	10.70B	10.03B	10.79B	9.49B	10.72B	12.17B	9.78B	9.88B	9.17B	9.27B	12.47B	12.83B	13.43B	13.56B	11.58B	11.15B	10.68B	14.05B	11.83B	14.34B	16.06B	14.85B	12.98B		12.99B	0.18B		13.56B	13.64B	14.65B	15.68B	13.74B	15.17B	13.09B	12.54B	14.47B	13.32B
Non-Current Liabilities
Capital Leases																																																								1.35B				1.25B				0.57B
Non-Current Debt	0.18B	0.30B	1.09B	0.02B	19.42B	19.12B	20.74B	22.36B	22.03B	0.27B	21.36B	1.34B	1.01B	23.43B	26.89B	26.65B	26.69B	26.48B	0.17B	27.67B				27.39B				26.77B	28.21B	28.66B	29.27B	27.37B	27.16B	25.79B	2.96B	21.20B	18.31B	17.30B	15.44B	1.63B	14.34B	3.21B	13.45B	1.75B	4.36B	15.91B	5.29B	4.39B	4.42B	3.03B	2.83B	2.57B	2.81B		1.95B	17.79B		2.77B	2.58B	19.15B	3.04B	2.66B	2.65B	14.79B	14.81B	16.46B	17.84B
Convertible Debt												1.34B	1.46B		1.72B
Non-Current Deffered Revenue	5.19B	6.26B		4.38B	7.77B	7.57B	9.00B		10.20B	9.97B	8.97B	8.87B	9.27B	9.44B	9.70B	7.57B			10.38B	1.28B				1.39B	1.84B	0.53B	0.53B	0.43B	1.72B	1.67B	2.16B	0.51B	2.03B	1.98B	1.92B	1.89B	1.79B	1.85B	1.67B	2.33B	1.52B	1.46B	1.39B	2.02B	2.05B	2.03B	2.02B	1.93B	1.99B	1.96B	1.94B	1.78B	1.64B		1.63B	1.61B		1.69B	1.62B	1.96B	1.96B	1.95B	1.95B	1.88B	1.93B	2.00B	1.99B
Pension	1.58B	1.61B	1.78B	1.79B	1,794.24B		1.76B	2.44B				2.45B				3.26B																1.24B				1.35B	0.05B				0.01B												1.30B			1.26B		1.35B	1.23B	1.38B	1.29B	1.22B	1.28B	1.12B	1.16B	1.17B	1.21B
Minority Interest	2.08B	2.48B	0.67B	0.00B	2.78B	0.72B	2.83B	0.70B	2.90B	2.90B	2.64B	0.53B	1.85B	1.61B	0.37B	0.48B	0.49B	0.50B	1.41B	1.61B			0.26B	0.25B	0.20B	0.14B	0.14B	2.15B	2.03B	2.11B	2.11B	1.96B	1.53B	1.43B	1.47B	1.34B	1.10B	1.01B	0.86B	0.86B	0.81B	0.74B	0.67B	-1.05B	-1.35B	-1.20B	-1.29B	-0.89B	-0.98B	0.70B	0.77B	0.83B	0.77B			1.49B		1.48B		1.52B		1.41B		1.12B		1.25B	1.24B
Liabilities from Discontinued Operations						2.53B	2.98B	3.16B	0.07B	0.09B	0.03B			0.03B	0.04B	0.18B	0.18B							0.11B				0.11B	0.09B	0.08B
Non-Current Deferred Tax Liability				5.75B				8.09B				5.65B				3.54B												1.67B				0.36B				0.36B				1.53B				0.46B				1.77B				1.88B				1.41B				0.87B				0.45B
Operating Leases	28.89B	30.91B		32.72B	33.24B	34.89B	38.13B		41.62B	39.69B	37.14B	38.08B	39.25B	38.43B	42.39B	43.18B			43.72B	50.06B																								1.79B				1.67B				1.60B				1.53B				1.45B				0.71B
Other Non-Current Liabilities	0.86B	0.94B	1.06B	0.09B	1,138.14B		1.22B	1.46B	1.45B	2.17B	1.91B	1.91B	1.81B	1,942.45B	2.29B	2.66B	2.62B	2.33B	2.38B	2.55B			2.55B	3.39B	2.89B	3.03B	2.65B	5.43B	2.62B	2.76B	3.17B	5.69B	5.94B	6.05B	6.88B	7.17B	6.98B	7.06B	6.37B	7.22B	0.07B	8.10B	8.04B	4.36B	7.48B	7.81B	7.78B	3.96B	3.59B	8.00B	7.27B	3.42B	2.78B		2.35B	1.19B		2.70B	2.57B	0.89B				0.89B
Total Non-Current Liabilities	28.52B	30.27B	-1.06B	0.03B	32,866.38B	1.08B	1.15B	39.63B	1.30B	1.35B	1.22B	38.84B	38.80B	1.77B	42.02B	42.84B	44.23B	43.72B	43.72B	22.38B			49.07B	51.77B	46.21B	47.12B	44.30B	42.92B	45.10B	47.94B	49.41B	46.25B	47.61B	45.82B	44.89B	42.13B	38.59B	38.73B	34.67B	34.87B	38.49B	39.57B	37.78B	38.09B	39.75B	39.06B	36.09B	40.99B	39.73B	40.02B	36.72B	38.95B	35.69B		32.95B	0.25B		37.67B	35.86B	38.55B	36.99B	34.48B	34.00B	32.53B	33.83B	35.41B	35.59B
Total Liabilities	16.06B	12.06B		41.78B	-60.91B	-63.70B	48.35B	56.79B	51.32B	-87.92B	67.39B	50.36B	-84.15B	0.05B	0.05B	55.35B	55.62B	54.83B	55.68B	59.66B			59.46B	63.02B	56.23B	57.48B	54.52B	53.63B	56.50B	59.49B	60.26B	57.37B	59.44B	56.40B	55.61B	55.49B	48.58B	48.61B	43.84B	44.14B	50.96B	52.41B	51.22B	51.65B	51.33B	50.21B	46.77B	55.04B	51.55B	54.36B	52.79B	54.16B	48.67B		45.94B	0.54B		51.23B	49.50B	53.20B	52.66B	48.23B	49.17B	45.62B	47.07B	49.87B	48.91B
Shareholder's Equity
Total Debt	0.83B	19.14B	20.94B	0.02B	24,208.71B	23.08B	7.30B	25.24B	454.74B	738.41B	27.82B	2.90B	25,245.77B	4,219.89B	28,436.47B	30.10B	30.27B	32.18B	28.85B									26.77B	25.80B	26.25B	29.31B	27.37B	27.16B	26.62B	23.99B	21.20B	18.76B	17.30B	15.69B	16.35B	14.85B	14.19B	14.15B	14.88B	19.02B			17.76B	32.89B	29.04B	31.08B	15.16B	25.44B											28.56B
Common Equity	45.91B	52.35B		28.51B	61.01B	63.70B	72.15B	71.73B	79.91B	87.92B	79.88B	79.61B	84.29B	81.91B	83.72B	74.83B			75.60B	64.92B				56.32B				35.70B				41.02B				44.77B				44.83B				13.56B				14.05B				35.31B				37.36B		40.29B		40.98B		38.39B		34.53B		40.51B	42.28B
Shareholder's Equity	45.91B	52.35B	59.34B	0.06B	61.01B	63.70B	72.15B	68.86B	79.91B	87.92B	79.88B	81.70B	84.29B	81.91B	83.72B	74.51B	77.54B	71.70B	75.60B	64.94B			63.38B	58.99B	48.32B	49.87B	44.50B	36.27B	38.77B	41.48B	41.83B	40.58B	43.57B	41.90B	46.48B	45.66B	45.81B	46.11B	41.64B	45.62B	43.19B	43.32B	42.68B	38.19B	33.26B	32.93B	33.21B	33.52B	35.43B	42.36B	34.09B	35.33B	38.88B		34.67B	37.36B		40.29B	39.49B	40.98B	39.01B	38.39B	39.71B	34.53B	36.36B
Liabilities and Shareholders Equity	61.97B	64.42B	73.72B	0.10B	0.10B		120.50B	124,889.44B	131.23B		147.27B	132.08B	0.14B	0.13B	0.13B	129.86B	134.64B	137.16B	128.32B	0.13B	22.04B	22.58B	23,021,083.24B	0.12B	118.24B	108.41B	112.57B	89.90B	87.13B	92.48B	102.23B	97.95B	103.01B	101.45B	102.27B	101.16B	96.71B	94.73B	86.89B	89.76B	97.53B	93.66B	98.77B	89.85B	99.71B			88.56B	90.79B	91.15B	90.59B	89.48B	84.44B		83.19B									80.15B
Treasury Shares				0.00B				0.04B				0.07B				0.07B																							-0.49B	-1.01B										-2.00B	-4.84B	-5.22B	-1.79B	-2.60B	-0.69B	-6.04B	-0.76B	-1.36B	-0.55B	-0.04B	-0.28B	-0.11B	-0.02B
Retained Earnings	17.73B	23.78B	7.62B	0.00B	31.17B	9.23B	41.34B	42.91B	50.16B	43.86B	38.08B	43.51B	44.68B	42.58B	13.35B	38.25B	42.05B	36.41B	18.09B	29.57B				20.93B	13.57B	14.69B	9.80B
Preferred Shares				0.10B	322.69		0.00B	0.36B	0.00B	0.00B	0.00B	0.00B		0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	-0.00B	0.00B	-0.00B	-0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B	0.00B

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Vale Balance Sheet (2009-2025) | VALE

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