Bradespar (BRAP3) Q2 2025 earnings summary

Executive summary

• Investments are concentrated in VALE, with a market value of assets at R$8.6 billion as of June 30, 2025.

• Net income for 2Q25 was R$450.0 million, and R$768.4 million for 1H25, reflecting VALE's performance.

• Operating revenue in 2Q25 was R$434.8 million, down 17.2% year-over-year, mainly from VALE equity income.

Financial highlights

• Equity income in 2Q25 was R$434.8 million, a 17.2% decrease compared to 2Q24.

• Financial result for 2Q25 was positive at R$30.1 million, driven by investments and recoverable taxes.

• Personnel, general, and administrative expenses totaled R$8.7 million in 2Q25.

• Shareholders' equity reached R$8.77 billion at the end of 2Q25.

Outlook and guidance

• VALE's strong copper and nickel segment performance and lower iron ore cash costs support future results, though commodity prices remain a risk.

• VALE's Bacaba copper project is expected to contribute 50,000 tonnes annually over 8 years.