0001292814-26-001787
SEC filingNexa Resources S.A. reported net revenues of $3.00B for FY 2025, up 8.5% from $2.77B in 2024, driven by higher metal prices including zinc at $2,870/t (+3.3% YoY), copper at $9,945/t (+8.7%), and silver at $40.03/oz (+41.6%). Gross profit rose 32.5% to $712.9M from $538.1M, reflecting improved margins despite lower production volumes. Operating income surged 80.2% to $498.0M, aided by a $91.7M impairment reversal at Cerro Pasco. Net income turned positive at $223.1M versus a $187.4M loss in 2024, with EPS at $1.00. Mining revenues grew 16.3% to $1.57B on higher prices and lower TCs, while smelting revenues increased 3.0% to $2.06B. Zinc mining production fell 3.5% to 315.6kt, total smelting output declined 5.1% to 564.4kt. Adjusted EBITDA rose 8.1% to $771.9M (25.7% margin). Net debt stood at $1.30B (1.69x Adjusted EBITDA). Capex totaled $351.9M, focused on sustaining investments. Forward-looking, 2026 capex guidance is $380.8M, with Aripuanã expected to drive zinc production growth post-tailings filter commissioning.
Nexa Resources delivered strong FY 2025 results with net revenues of $3.00B, up 8.5% YoY from $2.77B, driven by higher metal prices (zinc +3.3%, copper +8.7%, silver +41.6%). Gross profit surged 32.5% to $712.9M (23.7% margin vs. 19.5% prior), reflecting improved pricing and $91.7M impairment reversal at Cerro Pasco. Operating income rose 80.2% to $498.0M. Net income flipped to $223.1M profit from $187.4M loss, with EPS at $1. Adjusted EBITDA grew 8.1% to $771.9M (25.7% margin). Mining revenues +16.3% to $1.57B on better terms; smelting +3.0% to $2.06B despite 5.1% volume drop.
Revenues benefited from zinc LME at $2,870/t (+3.3% YoY), contributing ~$53.6M uplift on 2024 volumes. Precious metals drove $175.1M gain. Mining segment: $1.57B (+16.3%), 100% zinc concentrate to own smelters at benchmark TC ($80/t, -51.5% YoY). Smelting: $2.06B (+3.0%), 50.1% from own mines, 49.9% third-party. Geographic: Peru/Brazil 54.0% ($1.62B, +12.9%). U.S. +39.8% to $233.4M. Home markets lead with 82.3% Latin America share (ex-Mexico).
Gross margin expanded to 23.7% (+4.2pp YoY) on pricing tailwinds, offset by lower TCs raising smelting raw material costs (+9.7% to $1.98B). Mining cost of sales -7.3% to $938.3M on volume reduction. Operating margin 16.6% (+6.6pp). Net financial expenses -49.3% to $187.4M on FX gains ($74.4M). Exploration +20.2% to $81.7M. Impairment reversal $91.7M.
Operating cash flow +3.9% to $365.0M. Capex $351.9M (94.9% sustaining). FCF pre-events ~$13.1M. Net debt $1.30B (1.69x EBITDA, stable YoY). Cash $515.9M. Total assets $5.27B (+13.8%). Equity $1.29B. Debt: 81.7% USD, 21.2% floating. 2026 capex $380.8M.
2026 capex $380.8M focused on sustaining/mine development. Aripuanã 4th tailings filter H1 2026 to unlock capacity, driving 6.1% zinc production growth. Cerro Pasco Phase I tailings commissioning 2026. Exploration $67.7M brownfield focus. Risks: TC compression, FX volatility, community relations.