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- **Record Q4 Production**: Zinc at 91,000 tonnes, Aripuana hits new highs, driving $903 million net revenues and $300 million EBITDA.
- **Debt Reduction Progress**: $96 million debt paid in 2025, net leverage down to 1.7x, with further deleveraging planned.
- **Silver Catalyst**: 2026 silver streaming step-down to 25% boosts EBITDA exposure, with current prices enhancing cash flow.
- **Project Momentum**: Aripuana filter installation on track for H2 2026 full capacity; Cerro Pasco Phase 1 investments of $42 million.

**【CEO Summary Section】**
- **Q4 2025 Highlights**: Zinc production reached 91,000 tonnes (9% QoQ increase), with Aripuana achieving record output. Net revenues of $903 million and adjusted EBITDA of $300 million (33% margin) driven by higher zinc prices and operational efficiency. Full-year net revenues of $3 billion and EBITDA of $772 million (26% margin). Free cash flow was negative $105 million due to debt reduction and dividends.
- **Operational Progress**: Aripuana's fourth filter installation on track for H1 2026, targeting full capacity in H2. Cerro Pasco Integration Project Phase 1 investments of $42 million, with Phase 2 studies underway. Exploration confirmed resource extensions across all mines.
- **ESG Initiatives**: Enhanced governance framework with recalibrated ESG targets, focusing on technical robustness and operational alignment. Continued renewable energy adoption and community investments.

**【CFO Financial Commentary】**
- **Financial Performance**: Full-year net income of $223 million ($1 per share), with EBITDA margin of 26%. Mining segment generated $1.6 billion in net revenues (42% margin), while smelting faced challenges due to tight concentrate supply.
- **Liquidity and Debt**: Total liquidity of $842 million, with net leverage improving to 1.7x. Debt reduction of $96 million in 2025, targeting further deleveraging. Silver streaming agreement step-down from 65% to 25% in Q2 2026, enhancing EBITDA exposure.
- **Hedging**: Small portion of silver production hedged with a floor of $52 and cap of $84 per ounce.

**【Q&A Highlights】**
- **Aripuana Production**: Stable at 140,000-145,000 tonnes/month despite rainy season, with full capacity expected in H2 2026 post-fourth filter installation.
- **Silver Streaming**: No plans for additional streaming; current agreement step-down to 25% in Q2 2026 will boost realized silver exposure.
- **Cerro Pasco Project**: Phase 1 on track with $42 million 2025 investments; Phase 2 to define long-term configuration post-drilling results.
- **Political Risks**: Peru's political instability unlikely to impact economic stability or community relations; focus on operational resilience.
- **Debt Repayment**: Excess cash post-dividends will prioritize debt reduction, with $120 million paid in Q4 2025.
- **Future Investments**: Exploring copper opportunities with a flexible balance sheet post-debt reduction.

Nexa Resources S.A. (NEXA) Q4 2025 Earnings Call Transcript

- **Operational Strength**: Q3 zinc production up 14% QoQ to 84,000 tons, with Aripuana hitting record 10,000 tons. Mining EBITDA margin 44%, cash cost -$0.49/lb.
- **Strategic Projects**: Aripuana's 4th filter on track for mid-2026 commissioning; Cerro Pasco Phase 1 25% complete.
- **Financial Health**: Net income $100M, free cash flow $52M, net leverage 2.2x. 2026 capex guidance unchanged at $347M.
- **Market Outlook**: Zinc prices resilient at $3,000/ton, copper at $10,300/ton, silver up 58% YoY. 2026 silver streaming deal to boost cash flow.
- **Risk Management**: Workforce turnover improving to 18-20%; Peru political risks mitigated by mining sector's economic importance.

**【CEO Opening Remarks】**
- Highlighted 5 strategic catalysts: Aripuana expansion, Cerro Pasco integration, disciplined M&A, operational excellence, and ESG leadership.
- Q3 2025 zinc production reached 84,000 tons (14% QoQ growth), driven by Aripuana's record quarter (10,000 tons) and Vazante recovery.
- Mining cash cost improved to -$0.49/lb (net of byproducts), with EBITDA margin at 44%.
- Aripuana's 4th tailings filter installation begins Q4, targeting full capacity by mid-2026.
- Cerro Pasco Phase 1 on track, with 2 key procurement packages fully manufactured.

**【CFO Financial Commentary】**
- Net revenues: $764M (8% QoQ), adjusted EBITDA: $186M (16% QoQ), net income: $100M ($0.52/share).
- Free cash flow: $52M, net leverage: 2.2x (down from 2.3x).
- CapEx: $227M YTD ($90M Q3), with $30M invested in Cerro Pasco (vs. $44M guidance).
- Exploration: $53M YTD ($21M Q3), aligned with $88M annual target.
- Working capital: $19M positive impact Q3, expected neutral for full year.

**【Market & ESG Update】**
- Zinc prices at $3,010/ton (Q3 avg), supported by low LME inventories and weaker USD.
- Copper at $10,300/ton, silver up 58% YoY, driven by industrial demand and safe-haven dynamics.
- ESG milestones: PERUMIN Gender Equity Seal, LME Responsible Sourcing Track A compliance, 100% renewable energy at Cajamarquilla smelter.

**【Q&A Highlights】**
- **Capital Allocation**: Target net leverage <1x long-term; $500-600M gross debt reduction over 4 years. Q4 free cash flow expected to normalize working capital.
- **Aripuana Timeline**: 4th filter commissioning by April 2026, full capacity by mid-2026. Workforce turnover improved to 18-20% (from 35-40%), with retention programs and infrastructure investments.
- **Peru Political Risks**: Mining sector accounts for 12-15% of Peru's GDP; stable relationship with communities and authorities expected to mitigate election-related volatility.
- **Silver Production**: Byproduct-driven, but 2026 silver streaming deal could add $70-75M annual cash flow (65% to 25% streamer split post 90M oz threshold).

Nexa Resources S.A. (NEXA) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: Q2 net revenue up 13% QoQ to $708M, driven by smelter volumes and byproducts.
- **Operational Challenges**: Aripuana and Vazante disruptions revised 2025 guidance; Aripuana's fourth tailings filter set for Q2 2026.
- **Liquidity Strength**: $738M available, debt maturity extended to 7.7 years post $500M bond issuance.
- **Strategic Momentum**: Cerro Pasco Phase 1 on track, exploration results supporting long-term zinc supply.
- **Debt Reduction Focus**: Target leverage below 2.0x; free cash flow expected to improve with production recovery.


**【CEO Summary Section】**
- **Business Catalysts**: Aripuana (15-year mine life), Cerro Pasco integration (15+ years), mineral exploration (Cerro Lindo, Vazante), and integrated mine-smelter model for stability.
- **Q2 2025 Results**: Net revenue $708M (+13% QoQ), EBITDA $161M (+28% QoQ), free cash flow $17M. Zinc production 74,000 tonnes (+9% QoQ), smelter sales 145,000 tonnes (+12% QoQ).
- **Challenges**: Aripuana and Vazante disruptions (Q1 2025) led to revised 2025 guidance. Aripuana's fourth tailings filter expected in H1 2026 for full capacity.
- **Strategic Progress**: Cerro Pasco Phase 1 on track, exploration results positive (Cerro Lindo, Aripuana, Pasco).

**【CFO Financial Commentary】**
- **Financial Performance**: GAAP net income $161M, non-GAAP EBITDA margin 23%. CapEx $137M (H1 2025), $18M invested in Cerro Pasco.
- **Liquidity**: $738M available, debt maturity extended to 7.7 years. $500M bond issuance reduced near-term refinancing risk.
- **Cash Flow**: Operating cash flow $175M, free cash flow $17M (Q2). Working capital improved sequentially.

**【Q&A Highlights】**
- **Guidance Revisions**: Q1 disruptions (Aripuana, Vazante) impacted Q2, leading to 2025 production cuts. Vazante's high-grade access limited due to geotechnical issues.
- **Aripuana Expansion**: Fourth filter commissioning in Q2 2026, supporting 50,000-65,000 tonnes zinc in 2026.
- **Debt Management**: Target leverage below 2.0x via deleveraging and cash flow growth. Dividends balanced with capital allocation priorities.
- **Exploration Impact**: Seccao Norte and Massaranduba results may extend mine life; 2025 resource update pending.


Nexa Resources S.A. (NEXA) Q2 2025 Earnings Call Transcript

- **Q1 2025 Performance**: Adjusted EBITDA $125M (-3% YoY) amid operational challenges from heavy rainfall and geotechnical issues. Mining cash cost efficiency improved to $0.11/lb.
- **Capital Allocation**: $50M Q1 CapEx towards Cerro Pasco Integration (Phase 1 on track) and Aripuanã filter expansion.
- **Leverage Management**: 2025-end leverage target ~1.7x, supported by $500M bond issuance extending debt maturity to 8 years.
- **Key Risks**: Zinc TCs drop to $80/ton (-52% YoY) pressures smelter margins; U.S. trade policy monitoring for zinc demand stability.
- **Growth Drivers**: Silver (+37% YoY) and copper (+11% YoY) prices offset zinc volatility; Aripuanã mine life extended to 15 years.


**【CEO Opening Remarks】**
- **Market Overview**: Acknowledged global macro challenges (economic slowdown, inflation, supply chain disruptions) but highlighted strong medium-term demand for zinc, copper, and silver driven by infrastructure and industrial revitalization.
- **Operational Challenges**: Q1 2025 production below initial estimates due to heavy rainfall at key sites (El Porvenir, Atacocha, Aripuanã) and Vazante's geotechnical issues. Mining segment cash cost dropped to $0.11/lb (vs $0.26/lb YoY) due to byproduct contributions and lower TCs.
- **Financial Performance**: Adjusted EBITDA of $125M (down 3% YoY) with margins stable. Consolidated net revenues $627M despite lower smelting volumes.
- **Projects Update**: Aripuanã's 4th tailings filter under construction, expected Q1 2026 commissioning. Cerro Pasco Integration Phase 1 progressing on schedule.

**【CFO Financial Review】**
- **Revenue**: +8% YoY to $627M (zinc, silver, copper price hikes offset smelting volume decline).
- **EBITDA**: $125M (down 3% YoY) due to lower smelting volumes, higher costs, and lower TCs. Margin 20% (vs 22% YoY).
- **Cash Flow**: Operating cash flow $158M, free cash flow negative $226M due to seasonal working capital ($265M outflow). 2025 CapEx guidance $347M, with $50M spent Q1.
- **Leverage**: Net debt/EBITDA 2.1x (vs 1.7x end-2024) due to seasonal cash decline. Debt maturity extended to 8 years via $500M 12-year bond issuance.

**【Q&A Key Points】**
- **Vazante Recovery**: Geotechnical issue resolved; 2025 production expected to recover mid-range of guidance. Aripuanã constrained by tailings filters but improving in dry season.
- **TCRCs Impact**: 2025 TCs fixed at $80/ton (vs 2024 $170/ton), limiting smelter margin but mitigated by closed contracts. Zinc price volatility expected to drive metal supply constraints.
- **Leverage Outlook**: Q1 leverage spike due to working capital; expects 2025-end leverage similar to 2024-end (1.7x). Focus on cash flow generation from silver and copper (12M oz/yr, 30K tons/yr).
- **Tariff Risks**: No direct U.S. tariff exposure; monitoring zinc price impacts. Peru-U.S. trade deal excludes zinc, maintaining supply stability.


Nexa Resources (NEXA)-30 Apr 25-2025 Q1 Earnings call transcript

- **Record EBITDA Growth**: 76% YoY increase to $714 million, highest in company history.
- **Aripuana Turnaround**: Positive EBITDA in 2024, with 43% zinc production growth and $14M tailings filter investment for 2026 capacity expansion.
- **Cerro Pasco Expansion**: $85M Phase 1 approved to connect mines, with potential 10+ year life extension.
- **Dividend Policy**: 20% of free cash flow with $0.08/share minimum, supported by $163M 2024 free cash flow.
- **Liquidity Strength**: 1.7x net debt/EBITDA ratio, $960M available liquidity.

**【CEO Summary Section】**
- **Record Financial Performance**: Q4 2024 adjusted EBITDA of $197 million (79% YoY increase), full-year EBITDA of $714 million (76% YoY growth), highest in company history. 
- **Operational Milestones**: 
  - Aripuana achieved positive EBITDA for first time, with zinc production +43% YoY, copper +24%, lead +106%, silver +114%.
  - Cerro Pasco Integration Project Phase 1 approved, with $85 million tailings pumping system to extend mine life.
  - $163 million free cash flow generated, reducing net debt to 1.7x EBITDA (from 3.3x in 2023).
- **Cost Efficiency**: Mining cash costs down 64% YoY, smelting costs optimized through by-product pricing.
- **Strategic Divestitures**: Sold non-core assets (Morro Agudo, Peru operations) to focus on high-margin assets.

**【CFO Financial Commentary】**
- **Revenue Growth**: Q4 net revenues $741 million (18% YoY, 4% QoQ), driven by +22% LME zinc price and +35% silver price.
- **Liquidity Strength**: $960 million available liquidity, 5.6-year debt maturity profile, 6.4% average cost of debt.
- **Capital Allocation**: 2025 sustaining CapEx $316 million, with $14 million for Aripuana's 4th tailings filter.
- **Dividend Policy**: New policy targets 20% of free cash flow, with minimum $0.08/share dividend.

**【Q&A Highlights】**
- **Aripuana Expansion**: 
  - 4th tailings filter ($14M cost) to be commissioned Q1 2026, enabling full 170k-180k t/y capacity.
  - 2025 EBITDA expected higher than 2024 due to higher production and lower costs.
- **Cerro Pasco Integration**: 
  - Phase 1 ($85M) to connect El Porvenir and Atacocha mines, with Phase 2 feasibility study due Q3 2025.
  - Project could add 10+ years to mine life through tailings reuse.
- **Magistral Project**: Environmental approval delayed, but remains a priority if economics justify.
- **Working Capital**: Seasonal volatility expected, but annual impact neutralized through cash management.


Actual										-0.7	-0.44	0.088	0.38	0.17	0.82	-0.14	0.01	0.525	0.61	-0.37	-0.34	-0.01	0.04	-0.43	-0.01	-0.18	0.1516	0.02	-0.78	0.115	0.11	0.2	0.585
Forecast										-0.2009	-0.4905	-0.0084	0.4773	0.3956	0.4246	0.4416	0.486	0.3651	0.5906	0.0658	-0.0893	0.056	-0.1327	-0.2256	-0.1308	-0.121	0.235	0.1288	0.2864	0.0222	0.1779	0.3499	0.5446
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-248.43%	+10.30%	+1147.62%	-20.39%	-57.03%	+93.12%	-131.70%	-97.94%	+43.80%	+3.28%	-662.31%	-280.74%	-117.86%	+130.14%	-90.60%	+92.35%	-48.76%	-35.49%	-84.47%	-372.35%	+418.02%	-38.17%	-42.84%	+7.42%

NEXA

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NEXA Q4 2025 Earnings

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NEXA

NEXA fundamentals

NEXA Q4 2025 Earnings

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NEXA Earnings Call Summary for Q4/2025Invalid Date on Feb 27, 2026

NEXA Earnings Call Summary for Q3/2025Invalid Date on Oct 31, 2025

NEXA Earnings Call Summary for Q2/20259:00 AM on Aug 1, 2025

NEXA Earnings Call Summary for Q1/20259:00 AM on Apr 30, 2025

NEXA Earnings Call Summary for Q4/2024Invalid Date on Feb 21, 2025

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