Vale (INCO) Profit Rises to US$43.6 Million in Q1 2026
PT Vale Indonesia Tbk (INCO) posted positive performance throughout the first quarter of 2026. INCO successfully recorded a 100% increase in net profit to US43.6million, orapproximatelyRp752billion(assuminganexchangerateofRp17, 255perUS), compared to US$21.8 million in the same period last year (Q1 2025). Meanwhile, compared to the previous quarter, the company’s net profit surged 85% from US$23.6 million in Q4 2025. According to the company’s official statement, this achievement is inseparable from the increase in revenue and EBITDA. The company recorded a 22.3% revenue increase to US$252.7 million in Q1 2026 from US$206.6 million in Q1 2025. Similarly, EBITDA jumped 54.9% to US$80.1 million from US$51.7 million in Q1 2025. Through Vale’s official statement, the positive performance in Q1 2026 was also driven by rising global nickel prices. During Q1 2026, PT Vale recorded an average nickel matte price of US$14,213 per metric ton, up 15% from US$12,308 per metric ton in Q4 2025. “It should be noted that 2026 marks the first full year of nickel matte sales at an 82% payment rate, providing a stronger revenue base and better margin visibility,” the company stated, quoted from the official release on Wednesday (29/4/2026). “Looking ahead, with LME nickel prices expected to remain on an upward trend, the Company is well-positioned to further enhance value from its optimised commercial structure,” it added. On the cost side, the cash cost per unit of nickel matte sales in Q1 2026 remained competitive at US$10,382 per tonne, slightly higher than US$9,573 per tonne in Q4 2025, mainly reflecting higher commodity input prices. For the nickel ore business, cash costs per unit remained stable, with Bahodopi at US$21 per tonne and Pomalaa at US$13 per tonne, including royalties and logistics. “In the near term, the Company expects cash cost optimisation to be driven by higher sales volumes from the Pomalaa block as operations scale up. The volume increase is expected to improve cost efficiency and achieve greater economies of scale, which will partly offset the structurally higher cost base at Bahodopi and support a more balanced overall cost profile,” the company statement read. On the production side, Vale recorded nickel matte production of 13,620 metric tonnes in Q1 2026, down from 17,027 metric tonnes in the same period last year. “This result is fully in line with the Company’s plan, reflecting the optimisation of scheduled maintenance activities, including the rebuilding of Furnace 3 scheduled to be completed in the first half of 2026, as well as the impact of the 2026 RKAB approval,” the company explained. “In line with the planned production adjustments, nickel matte shipments declined 25% quarter-on-quarter. Moving forward, PT Vale remains on track to achieve its full-year production target of 67,645 tonnes and is well-positioned to benefit from higher LME nickel prices,” it stated. In addition to nickel matte production, 2026 is an important year in PT Vale’s growth trajectory, as the Company begins operating three mining blocks simultaneously: Sorowako, Bahodopi, and Pomalaa. This strategic milestone is demonstrated by the scalable production volumes in each mining block, and the first sale of limonite nickel ore from the Pomalaa area in early 2026, marking a significant expansion of PT Vale’s commercial portfolio and strengthening revenue diversification in the future. “Looking ahead, the Company expects stronger EBITDA, revenue, and profit performance, driven by better LME nickel prices, increased operational leverage, and margin expansion with rising production volumes,” the company statement wrote.