Nexa Resources S.a. · NYSE:NEXA
Nexa Resources — Q4 2025 Earnings Presentation
17 slides from Nexa Resources's earnings presentation, Feb 27, 2026
Slide 1: Earnings Conference Call 4Q25 and FY2025
Earnings Conference Call 4Q25 and FY2025 February 27, 2026
Slide 2: Disclaimer
Disclaimer These forward-looking statements related to future events or future performance and include current estimates, predictions, forecasts, beliefs and statements as to management’s expectations with respect to, but not limited to, the business and operations of the Company and mining producti
Slide 3: Highlights 4Q25 | FY2025
Highlights 4Q25 | FY2025 Key Operational Results Key Financial Results Zinc Production (mining) Net Revenues (US$) Adjusted EBITDA1 (US$) 91kt | 316kt 903 mm | 3 bn 300 mm | 772 mm +9% +24% +18% +22% +9% +61% +53% +8% -3% vs. 3Q25 vs. 4Q24 vs. 3Q25 vs. 4Q24 vs. 2024 vs. 3Q25 vs. 4Q24 vs. 2024 vs. 20
Slide 4: Operating Performance | Mining Segment
Operating Performance | Mining Segment Zinc Production (kt) Consolidated Costs Cerro Lindo Cash cost net of by-products¹ 0.16 El Porvenir -3% Atacocha US$(0.58)/lb Vazante 327 316 vs. 3Q25 vs. 4Q24 Aripuanã Morro Agudo (0.04) +9% US$(0.30)/lb 2025 FY25 Below guidance 2025 Guidance 91 Upper Range 84
Slide 5: Aripuanã 4Q25 Performance
Aripuanã 4Q25 Performance A long-life, Tier-One Asset Delivering Steady Improvements 1 Treated ore: 427kt +2% New quarterly record, vs. 3Q25 reflecting continued Zn production: 12.5kt +20% operational stability Highlights: 4th filter installation on track 2 Next steps: Commissioning expected in 1H26
Slide 6: 4Q25 | Cerro Pasco Integration
4Q25 | Cerro Pasco Integration Phase I Execution making steady progress. Phase II preparatory studies advancing Phase I 1Q25 2Q25 3Q25 4Q25 וEP TSF raising: 4070 level Completion of detailed Tailings Pumping Acquisition of all Advances in key וTailings Pumping System EP (ongoing) engineering.
Slide 7: 2025 | Exploration – attractive results across operations
2025 | Exploration – attractive results across operations Cerro Lindo: Meters Drilled1: 78,180 Orebody 8C: 22.2m @ (2.11% Zn, 0.30% Pb, 0.06% Cu, and 7.07 g/t Ag) Vazante Meters Drilled1: 83,246 Focus: expand known ore bodies. Conexão Sucuri Norte: 14.2m @ (25.93% Zn, 0.26% Pb and 57.25 g/t Ag) Focu
Slide 8: Operating Performance | Smelting Segment
Operating Performance | Smelting Segment Total Sales | Metal + Oxide (kt) Consolidated Costs Cajamarquilla -4% Cash cost net of by-products¹ 1.33 Três Marias US$1.28/lb 2025 Juiz de Fora 591 US$1.41/lb 567 vs. 3Q25 vs. 4Q24 1.14 -6% FY25 In line with guidance 2025 Guidance 152 150 Upper Range 142 Lo
Slide 9: 2025 | Consolidated Financial Results
2025 | Consolidated Financial Results Net Revenues1 (US$ million) LME Zinc Prices (US$/t) 2,779 2,870 4Q25 Net Revenues • Stronger QoQ mining performance. QoQ and YoY 3,050 2,825 3,165 +9% +18% +22% higher avg. prices (vs. 3Q25) (vs. 4Q24) +18% 2,766 3,002 • FY2025: higher avg. prices (Zn, Cu, Ag an
Slide 10: 2025 | Investments
2025 | Investments Capex (US$ million) Expansion Projects 347 352 2.4 Sustaining¹ HSE וUS$352 million 11 18 15 Others² invested in 2025 US$125 million in 4Q25 316 334 וSlightly above 2025 guidance: mainly due to 3 1 2025 Guidance 2025 Fx rate variation Mineral Exploration and Project Evaluatio
Slide 11: FY2025 | Free Cash Flow
FY2025 | Free Cash Flow (US$ million) Avg prices: Zn (US$/t): 2,870 / Cu (US$/t): 9,945 / Pb (US$/t): 1,963 Ag (US$/oz): 40.0 / Au (US$/oz): 3,432 846 772 74 (354) (254) Debt repayment and Dividends payment (6) (212) 13 39 (96) (48) Adjusted Other non- Cash provided Capex Interest Working Capital FX
Slide 12: 4Q25 | Liquidity, Indebtedness and Credit Rating
4Q25 | Liquidity, Indebtedness and Credit Rating Debt profile (as of Dec 31, 2025). Long-term avg. debt maturity: 7.6 years @6.49% avg. cost Debt amortization schedule (US$ million) 842 Gross debt: US$1,706 Bonds Outstanding 607 RCF (1) 320 528 Rating Rating Outlook Agencies Investment Grade BBB- St
Slide 13: Zinc and Copper Markets
Zinc and Copper Markets LME price evolution1 (US$/t) Zinc 2025: prices supported by structural concentrate tightness and low LME inventories. Tariff’s announcement וSpot TCs (China) averaged negative levels during the year, while s imported TCs ended ~US$60/t CIF . 2,927 2026 Outlook: 3,064 וG
Slide 14: Silver and Gold Markets
Silver and Gold Markets 2025 Performance - Silver significantly outperformed all LBMA price evolution1 (US$/oz) metals in 4Q25 driven by: וi. monetary policy expectations; ii. strong investments flows and; iii. structural industrial demand (solar energy, AI-related +145% infrastructure and electr
Slide 15: ESG 4Q25 Highlights & Strategic Governance
ESG 4Q25 Highlights & Strategic Governance וActive participation at COP30, reinforcing Nexa’s climate and social agenda. Sustainability & וExpansion of structured community programs in Brazil and Peru. Community וContinued investments in local infrastructure and long-term territorial develo
Slide 16: Strategic Catalysts & Our Focus and Priorities
1 Aripuanã וFourth tailings filter on track: unlock full production to strengthen Strategic cash generation וLoM1 = 15y (reserves)²; 25y+ (resources)³ Catalysts & Our Focus and 2 Cerro Pasco Integration Project וWell-known, high potential mineral district וAttractive return: >15y4 LoM &
Slide 17: Thank you!
Thank you! IR Contact: ir@nexaresources.com https://ir.nexaresources.com