Nexa Resources S.a. · NYSE:NEXA
Nexa Resources — Q4 2025 Earnings Presentation
13 slides from Nexa Resources's earnings presentation, Feb 26, 2026
Slide 1: Nexa Reports Fourth Quarter and Full-Year 2025 Results
Nexa Reports Fourth Quarter and Full-Year 2025 Results including Full-Year Net Income of US$223 million and Adjusted EBITDA of US$772 million Luxembourg, February 26, 2026 – Nexa Resources S.A. (“Nexa Resources”, “Nexa”, or the “Company”) announces today its results for the three and twelve-month pe
Slide 2: Adjusted EBITDA increase versus 3Q25
Compared to 3Q25, Adjusted EBITDA increased by 61%. This improvement was mainly attributed to (i) higher by-products contribution of US$92 million, reflecting stronger metal prices and increased sales of silver concentrate, and copper cement at Cajamarquilla; (ii) a positive net price effect of US$3
Slide 3: Adjusted EBITDA bridge
US$ million 3925 Volume Net Pace affect FX By-products Costs KGRA Min, Exp/ Other Proj. Eval (2) includes: LME zine price effect, Tc, Hedge, MTM, Final inveice Adjustments and others ‘Ee eedicdan: “cities becseess <oead cisensais’ peo” cou Gia veneanane
Slide 4: Net Income reconciliation to Adjusted EBITDA
US$ million 4Q25 3Q25 4Q24 2025 2024 Net Income (Loss) reconciliation to Adjusted EBITDA Net Income (loss) 81.0 100.1 (111.4) 223.1 (187.4) Depreciation and amortization 65.1 81.5 96.6 289.0 330.2 Share in the results of associates (6.1) (5.8) (4.7) (21.1) (21.2) Net financial results 113.4 45.5 141
Slide 5: Cash and net debt
US$ million Dec 31, 2025 Sep 30, 2025 As of December 31, 2025, cash and cash equivalents and financial investments (“total cash”) amounted to US$522 million, up 13% from September 30, 2025. This increase was mainly driven by stronger operating cash flow and US$51 million working capital gain during
Slide 6: Mining segment Adjusted EBITDA
Adjusted EBITDA for the mining segment in 4Q25 totaled US$266 million, up 118% from US$122 million in 4Q24. This strong performance was driven by (i) a positive net price effect of US$78 million (from higher prices, except for lead); (ii) higher by-products contribution of US$71 million (due to high
Slide 7: Mining Adjusted EBITDA versus 3Q25
Compared to 3Q25, Adjusted EBITDA increased by 62%. This performance was primarily driven by (i) a positive net price impact of US$70 million from higher zinc and copper metal prices; (ii) higher by-products contribution of US$34 million; (iii) a US$22 million benefit from higher sales volumes, prim
Slide 8: Full-year 2025 mining Adjusted EBITDA
For the full-year 2025, Adjusted EBITDA totaled US$658 million, up 42% from US$464 million in the same period a year ago. This significant increase was primarily driven by (i) higher by-products contribution of US$138 million, mainly from stronger silver and gold prices, alongside higher copper pric
Slide 9: Consolidated cash cost
Consolidated cash cost 4Q25 3Q25 4Q24 4Q25 vs. 4Q24 2025 2024 2025 vs. 2024 Run-of-mine cost, Cash cost and AISC [6] Run-of-mine mining cost US$/t 56.4 50.5 44.3 27.2% 51.3 45.6 12.4% Cash cost net of by-products US$/t (1,276) (1,083) (2) 60,630.5% (660) (516.2%) AISC US$/t 1,382 (99.0%) 1,118 (59.4
Slide 10: Zinc cost of sales
US$ million Zine Current period concentrate purchase 333.4 Price adjustments (MTM (0.4) 333.1 Final adjustments 75 Other Variable and Fixed Cost 191.6 Energy Cp) Depreciation 23.5 551.0 ‘Total Cost of sales 4Q25 3Q25
Slide 11: Smelting Adjusted EBITDA versus 3Q25
Compared to 3Q25, Adjusted EBITDA increased 51%. This improvement was mainly due to (i) higher by-products contribution of US$16 million from positive mark-to-market adjustments on silver and copper prices, along with increased sales volume of copper cement and silver; (ii) a positive net price effe
Slide 12: Smelting full-year 2025 Adjusted EBITDA
For the full-year 2025, Adjusted EBITDA was US$113 million, down 55% compared to US$250 million in the prior-year period. This performance was primarily driven by (i) lower TCs with a negative impact of US$99 million; (ii) higher operating costs and G&A totaling US$60 million, primarily attributed t
Slide 13: Net Price Effect bridge 2024 to 2025
US$ million Net Price Effect") (14) 67 (60) (99) 2024 Valume | Revenue Te rx Byproducts Costs&G8A Other 2025, (2) Includes: LME Zine Price effect, Hedge, MM, Final Invoice Adustnents_ and Others, (Giechean: Drodect Evehistion, “Cone some and siparwes, tat’ an] Oar walviacre