Bradespar (BRAP3) Q3 2024 earnings summary

Executive summary

• Bradespar's investments are exclusively focused on VALE, with a 3.83% stake in voting and total capital as of September 2024.

• Market value of Bradespar's assets totaled R$10.4 billion at the end of September 2024.

• Net income for 3Q24 was R$400.6 million; for the first nine months of 2024, net income reached R$1.28 billion, reflecting VALE's performance.

Financial highlights

• Operating revenue for 3Q24 was R$502.0 million, down 3.4% year-over-year; 9M24 operating revenue was R$1.37 billion, down 5.3%.

• Equity income from VALE in 3Q24 was R$502.0 million; 9M24 equity income was R$1.35 billion.

• Financial result for 3Q24 was positive at R$11.5 million, mainly from financial investments and recoverable taxes.

• Personnel, general, and administrative expenses totaled R$6.0 million in 3Q24 and R$16.8 million in 9M24.

Outlook and guidance

• VALE increased its 2024 iron ore production guidance from 310-320 Mt to 323-330 Mt due to improved operational stability.