Bradespar (BRAP3) Q3 2025 earnings summary

Executive summary

• Investments are exclusively focused on VALE, with a 3.83% stake in both voting and total capital as of September 2025.

• Market value of assets reached R$9.4 billion at the end of September 2025.

• Net income for 3Q25 was R$448.0 million, and R$1.22 billion for the first nine months, driven by VALE's performance.

Financial highlights

• Operating revenue for 3Q25 was R$544.5 million, up 8.5% year-over-year; nine-month revenue was R$1.3 billion, down 5.3% year-over-year.

• Equity income from VALE in 3Q25 was R$544.5 million, up 8.5% from 3Q24.

• Financial result for 3Q25 was positive at R$15.4 million, mainly from financial investments and recoverable taxes.

• Personnel, general, and administrative expenses totaled R$8.3 million in 3Q25.

• Net cash position at September 2025 was R$528 million.

Outlook and guidance

• VALE expects to begin decommissioning the Forquilha III dam in 2026, with 17 of 30 structures already completed since 2019.

• Serra Sul +20Mtpa Project will expand S11D mine capacity by 20 million tons, with total investments of US$2.8 billion.