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Dec 31, 2025
Nexa Resources Q4 2025 Earnings Report
Nexa Resources reported strong fourth quarter 2025 results with record quarterly net revenues and adjusted EBITDA, supported by higher zinc prices and stronger by-products contribution.
Key Takeaways
In Q4 2025, Nexa generated net revenues of 903000000 and net income of 81000000, with Adjusted EBITDA reaching 300000000, reflecting improved pricing and operational performance across mining and smelting segments.
Net revenues totaled 903000000 in Q4 2025, up 18% quarter-over-quarter.
Adjusted EBITDA reached 300000000, up from 186000000 in 3Q25 and 197000000 in 4Q24.
Zinc production reached a five-year quarterly record of 91000 tons.
Net debt to LTM Adjusted EBITDA improved to 1.7x at quarter-end.
Forward Guidance
The company expects environmental approvals for the Cerro Pasco Integration Project in 1Q27 and continues to focus on disciplined capital allocation and operational execution.
Positive Outlook
- Environmental approvals for El Porvenir and Atacocha expected in 1Q27.
- Continued advancement of Cerro Pasco Integration Project.
- Strong pricing environment for zinc and key by-products.
- Improved leverage ratio to 1.7x.
- Investment grade ratings reaffirmed with stable outlook.
Challenges Ahead
- Lower full-year zinc production compared to 2024.
- Operational challenges at Juiz de Fora smelter.
- Two fatalities reported during the quarter.
- Lower zinc metal and oxide sales year-over-year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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