Nexa Resources SA published the transcript of its fourth-quarter and full-year 2025 earnings conference call, attended by CEO Ignacio Rosado, CFO José Carlos del Valle, Head of IR & Treasury Rodrigo Cammarosano, and Senior VP of Mining Operations Leonardo Coelho. Management highlighted a strong finish to 2025, driven by higher realized metal prices, improved mining volumes and tight cost control. Nexa reported 4Q25 net revenues of US$903 million, Adjusted EBITDA of US$300 million, net income of US$81 million, and free cash flow of US$51 million, while net leverage improved to 1.7x. Full-year 2025 net revenues were US$3.0 billion and Adjusted EBITDA was US$772 million, with free cash flow at negative US$105 million including debt reduction and dividends. Operationally, zinc production reached 91 thousand tonnes in the quarter and 316 thousand tonnes for the year, meeting guidance. Aripuanã posted its highest quarterly production and remains a key 2026 catalyst as the fourth tailings filter is installed, with commissioning targeted for the first half of 2026 and full capacity expected in the second half. “Aripuanã achieved its highest production level to date,” Rosado said, adding, “Commissioning remains on track for the first half of 2026.” In smelting, 4Q sales were 142 thousand tonnes, with softer zinc oxide demand and lower Brazilian smelter production pressuring margins. The company also discussed the Cerro Pasco Integration Project, noting Phase 1 execution is on track with capex expected to be similar to last year’s roughly US$42 million, while Phase 2 timing remains under evaluation as drilling identifies higher-grade potential. On silver, management emphasized the Cerro Lindo streaming agreement step-down beginning in 2Q26, with the committed share falling from 65% to 25%. “This materially increases our realized exposure to silver prices and enhances EBITDA leverage going forward,” Cammarosano said. Del Valle added that additional silver streaming is “not a priority,” and provided hedging parameters: “The floor is around $52, and the cap is around $84.” Management also said operations in Peru had not been impacted by heavy rains, and reiterated a focus on deleveraging while selectively pursuing growth opportunities, particularly in copper. “Debt repayment is a priority,” Del Valle said, while Rosado noted Nexa is “very active looking for opportunities in the market, especially in copper.” The full transcript can be accessed through the link below.

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