Nexa reported Q4 2025 net revenues of USD 903 million (+18% QoQ; +22% YoY), net income of USD 81 million, EBITDA of USD 271 million, and adjusted EBITDA of USD 300 million (+61% QoQ; +53% YoY). Q4 capex was USD 125 million and free cash flow was USD 51 million. At Dec. 31, 2025, total cash was USD 522 million and net debt was USD 1,303 million, with net debt/LTM adjusted EBITDA at 1.7x. For FY 2025, Nexa posted net revenues of USD 3.0 billion (+9% YoY), net income of USD 223 million, EBITDA of USD 787 million, and adjusted EBITDA of USD 772 million (+8% YoY). FY capex totaled USD 352 million and free cash flow was negative USD 105 million. Operationally, Q4 zinc production reached 91 kt (+9% QoQ; +24% YoY), while zinc metal and oxide sales in the smelting segment totaled 142 kt (-6% QoQ; -7% YoY). Nexa said Aripuanã achieved its highest production to date, with the fourth tailings filter on track for completion in H1 2026. On Cerro Pasco Integration Project permitting, Nexa submitted key environmental filings to SENACE, with approvals expected in Q1 2027, and reiterated a pumping start-up target of Q2 2027. The company also completed the sale of its Otavi Project in Namibia for USD 3.0 million upfront plus up to USD 7.0 million in contingent payments, retaining royalty rights. Nexa’s board recommended a distribution of about USD 17.5 million (USD 0.132136 per share), expected to be paid on Aug. 11, 2026, subject to AGM approval.

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