3. Information by business segment and geographic area

The reportable operating segments are aligned with the products and reflect the structure used by Management to assess the Company’s performance. The boards responsible for making operational decisions, allocating resources, and evaluating performance, which include the Executive Committee and the Board of Directors, use adjusted EBITDA as the performance measure by business segment.

The Company’s adjusted EBITDA is calculated based on operating income (loss), including the EBITDA of associates and joint ventures, which corresponds to a measure of ‘equity results’ (note 30), and excluding (i) depreciation, depletion and amortization; and (ii) impairment losses and results from the write-off of non-current assets, net, and other items.

In addition, unallocated items to the operating segment include corporate expenses, research and development of greenfield exploration projects, as well as expenses related to the Brumadinho event and de-characterization of dams and asset retirement obligations.

a) Adjusted EBITDA

(i) Includes US$3,578 of impairment losses (2024: US$2,210 and 2023: US$0), US$1,021 of net losses from the write-off of non-current assets (2024: net gains of US$2,511 and 2023: net losses of US$266), and US$785 of expenses to reflect the performance of streaming transactions at market prices (2024: US$356 and 2023: US$216).

b) Net operating revenue by business segment and geographic area

(i) Includes operating revenue of China Mainland in the amount of US$19,038 (2024: US$18,556 and 2023: US$21,577) and Taiwan in the amount of US$367 (2024: US$819 and 2023: US$633).

In 2025 and 2024, no customer individually represented 10% or more of the Company's revenue. In 2023, the revenue from a single customer from the Iron Ore Solutions segment totaled US$4,239, individually representing 10% of the Company's total revenue.

c) Costs of goods sold and services rendered by business segment

d) Assets by geographic area