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Nexa Resources (NEXA) investor relations material
Nexa Resources Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Net income reached $100 million in Q3 2025, driven by strong operations, margin discipline, and a non-cash impairment reversal at Cerro Pasco, with EPS of $0.52 and free cash flow of $52 million.
Net revenues were $764 million, up 8% sequentially and year-over-year, with adjusted EBITDA of $186 million (16% sequential increase, 2% year-over-year), and a 24% margin.
Strategic catalysts include the Aripuanã ramp-up, Cerro Pasco Integration Project, and disciplined capital allocation, reinforcing long-term value creation and operational life extension.
Continued focus on ESG leadership, with recognition for gender equity, environmental stewardship, renewable energy initiatives, and responsible sourcing.
Fitch reaffirmed investment grade ratings with a stable outlook.
Financial highlights
Adjusted EBITDA was $186 million in Q3 2025, with a 24% margin; mining segment EBITDA rose 28% year-over-year to $164 million, while smelting EBITDA fell 59% to $23 million.
Net leverage improved to 2.2x, with net debt of $1,479 million and liquidity of $790 million.
CapEx totaled $90 million in Q3 and $227 million year-to-date, mainly for sustaining activities and Cerro Pasco project.
Free cash flow was $52 million in Q3 2025, driven by strong operations and favorable working capital movement.
Mining cash cost net of by-products improved to $(0.49)/lb in Q3; smelting cash cost increased to $1.32/lb.
Outlook and guidance
2025 production, sales, and CapEx guidance remain unchanged, with full-year CapEx at $347 million and $88 million for exploration and project evaluation.
Working capital expected to remain positive in Q4, with full-year position close to neutral.
Targeting net leverage closer to 1x over the next four years, aiming to reduce gross debt by $500–$600 million.
Cerro Pasco Integration Project expected to extend operational life by 15+ years and enhance profitability.
Aripuanã’s fourth filter installation on track for commissioning in early 2026, enabling full capacity in H2 2026.
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Next Nexa Resources earnings date
Q4 202520 Feb, 2026
Next Nexa Resources earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
Nexa Resources S.A., originally known as VM Holding S.A., is a Luxembourg-based global mining and smelting company with a significant presence in Brazil and Peru. The company specializes in the production of zinc, along with copper, lead, silver, and gold. Nexa Resources operates several units including polymetallic underground mines, zinc smelters, and projects in different phases of development ranging from mineral exploration to feasibility studies. Key operational sites include the Aripuanã mine in Brazil, known for its zinc production, and the Cajamarquilla smelter in Peru, the largest zinc smelter in Latin America and the fifth largest globally. The company is headquartered in Luxembourg, Luxembourg, and its shares are listed on the New York Stock Exchange.
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