Nexa Resources (NEXA) Q3 2026 earnings summary

Executive summary

• Q3 net revenue was $937.131M and Adjusted EBITDA was $300.827M, the highest quarterly result of 2026; free cash flow was $73M and net leverage was 1.24x.

• Q3 net loss was $47.315M, mainly reflecting a $123.146M non-cash impairment; adjusted net income was $144M and adjusted EPS was $0.87.

• 9M net revenue was $2,733.387M, net income was $168.608M and Adjusted EBITDA was $869.379M.

Financial highlights

• Q3 net revenue rose 23% YoY and 3% QoQ; Adjusted EBITDA increased 62% YoY and 5% QoQ to $300.827M, with a 32% margin.

• Operating cash flow before working capital was $306M; working capital and other variations used $58M, primarily for inventory buildup.

• Q3 mining revenue was $454M and Adjusted EBITDA $235.589M; smelting revenue was $696M and Adjusted EBITDA $64.959M.

• Q3 basic and diluted EPS was a loss of $0.47, compared with earnings of $0.52; 9M EPS was $0.72 versus $0.62.

Outlook and guidance

• 2026 CapEx guidance rose 10% to $420M from $381M, driven by Aripuanã development, Cerro Pasco investment and BRL appreciation; production and sales guidance remained unchanged.

• Mining cash cost guidance was lowered on higher byproduct prices; smelting cash cost guidance rose with zinc prices and the stronger real, partly offset by byproducts.

• Q4 is expected to be the strongest quarter; higher utilization at Aripuanã and Cajamarquilla inventory support output and seasonal sales. Copper production is expected at the lower end of guidance due to Cerro Lindo grades.

• Aripuanã utilization reached 90% in September; full capacity is expected in Q1 2027, with costs expected to improve as throughput rises and mitigation measures take effect.

• Cerro Pasco Phase I targets mechanical completion in December 2026, commissioning in Q1 2027 and pumping in early Q3 2027; environmental approvals are expected in March–April 2027.