Nexa Resources S.a. · NYSE:NEXA
Nexa Resources — Q2 2025 Earnings Presentation
11 slides from Nexa Resources's earnings presentation, Jul 31, 2025
Slide 1: Nexa Reports Solid Second Quarter 2025 Results
US$ million (except per share amounts) 2Q25 1Q25 2Q24 1H25 1H24 Nexa Reports Solid Second Quarter 2025 Results including Net Income of US$13 million and Adjusted EBITDA of US$161 million Luxembourg, July 31, 2025 – Nexa Resources S.A. (“Nexa Resources”, “Nexa”, or the “Company”) announces today its
Slide 2: Compared to 1Q25, Adjusted EBITDA increased by 28%
Compared to 1Q25, Adjusted EBITDA increased by 28%. This increase was mainly attributed to (i) higher by-products contribution of US$30 million, reflecting higher mining sales volumes across all metals, combined with higher copper, silver, and gold prices, and increased copper cement sales volume in
Slide 3: For 1H25, Adjusted EBITDA was US$286 million
For 1H25, Adjusted EBITDA was US$286 million compared to US$335 million for the same period a year ago. This decrease was primarily driven by lower metal sales volume and higher costs at our Brazilian units, partially offset by increased sales volume at Cajamarquilla and zinc oxide at Três Marias. T
Slide 4: Adjusted EBITDA for the mining segment in 2Q25
Adjusted EBITDA for the mining segment in 2Q25 totaled US$135 million, down 1% from US$136 million in 2Q24. This slight decrease was primarily attributed to (i) a negative net price effect of US$23 million, resulting from lower LME prices; (ii) a negative impact of US$14 million, primarily due to lo
Slide 5: Compared to 1Q25, Adjusted EBITDA increased by 44%
Compared to 1Q25, Adjusted EBITDA increased by 44%. This performance was primarily driven by (i) a positive impact of US$27 million, primarily due to higher zinc and lead sales in our Peruvian mines, along with higher copper sales at Cerro Lindo and Aripuanã; (ii) increased by-products contribution
Slide 6: Consolidated cash cost
Consolidated cash cost 2Q25 1Q25 2Q24 2Q25 vs. 2Q24 1H25 1H24 1H25 vs. 1H24 Run-of-mine cost, Cash cost and AISC 4 Run-of-mine mining cost US$/t 49.9 47.9 47.9 4.3% 49.0 46.2 5.9% Cash cost net of by-products US$/t (240) - (3) - AISC net of by-products US$/t 1,084 6.6% 1,008 1,233 (18.2%) Cash cost
Slide 7: Zinc cost of sales
2Q25 US$ million Zinc Current period concentrate purchase 269.3 Price adjustments (MTM) (1.7) 267.6 Final adjustments (2.0) Other Variable and Fixed Cost 190.6 Energy (3.2) Depreciation 23.8 Total Cost of sales 476.8 1Q25
Slide 8: Adjusted EBITDA for the smelting segment
Adjusted EBITDA for the smelting segment totaled US$25 million in 2Q25, down 63% compared to US$69 million in 2Q24. This decline was primarily attributed to (i) lower TCs of US$28 million; and (ii) a negative impact of US$23 million from higher costs – stemming from increased consumption of calcine
Slide 9: Compared to 1Q25, Adjusted EBITDA decreased by 19%
Compared to 1Q25, Adjusted EBITDA decreased by 19%, mainly driven by (i) lower TCs of US$15 million; and (ii) a negative net price effect of US$11 million, related to lower zinc prices. These factors were partially offset by (iii) higher by-products contribution of US$9 million, driven by increased
Slide 10: Conversion cost, Cash cost and AISC
Consolidated 2Q25 1Q25 2Q24 2Q25 vs. 2Q24 1H25 1H24 1H25 vs. 1H24 Conversion cost, Cash cost and AISC 5 Smelting conversion cost US$/t 31.1% 20.3% Cash cost net of by-products US$/t 2,703 2,576 2,623 3.0% 2,643 2,399 10.1% AISC net of by-products US$/t 2,912 2,766 2,855 2.0% 2,842 2,587 9.9% Smeltin
Slide 11: Cash and liquidity
US$ million Jun 30, 2025 Mar 31, 2025 Cash and cash equivalents and financial investments (“total cash”) amounted to US$418 million on June 30, 2025, 4% higher compared to March 31, 2025, mainly driven by higher cash flows from operations, a new short-term loan, and working capital gain of US$3 mill