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About

Nexa Resources S.A., together with its subsidiaries, engages in the zinc mining and smelting business worldwide. The company operates in two segments, Mining and Smelting. It produces metallic zinc, zamac, gold, sulfuric acid and zinc oxide, as well as by-products, such as sulfuric acid, silver concentrate, copper cement, copper sulfate, lead concentrate, lead-silver concentrate, and other metallurgical by-products. The Company owns and operates three polymetallic mines in Peru and two polymetallic mines in Brazil. The company owns and operates three polymetallic mines in Peru and two polymetallic mines in Brazil; zinc smelter in Peru and two zinc smelters in Brazil. The company was formerly known as VM Holding S.A. and changed its name to Nexa Resources S.A. in September 2017. The company was founded in 1956 and is based in Luxembourg, Luxembourg. Nexa Resources S.A. is a subsidiary of Votorantim S.A.

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📈 Growth Pattern

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ↑ Improving 4 quarters analysed

Q2 2025

Mixed

Management expressed confidence in long-term catalysts (Aripuanã filter, Cerro de Pasco) but used cautious language about short-term operational challenges, admitting guidance was revised due to filter issues and a pillar collapse. They repeatedly emphasized 'progress' while acknowledging 'disruptions' and 'constraints.'

Q3 2025

Confident Specific

Management repeatedly cited specific operational and financial metrics (e.g., 'record quarter at Aripuanã', 'adjusted EBITDA of $186 million', 'net leverage decreased to 2.2x') and used language like 'robust performance', 'strong momentum', and 'solid balance sheet'. The CEO acknowledged earlier challenges but framed Q3 as a clear turnaround with concrete milestones.

Q4 2025

Confident Specific

Management consistently used specific metrics (e.g., 'zinc production reached 91,000 tons', 'adjusted EBITDA of $300 million') and provided detailed operational updates on Aripuanã, Cerro Pasco, and exploration. They emphasized disciplined execution and strong financial results without hedging or vague language.

Q1 2026 latest

Confident Specific

Management used strong positive language: 'strong start', 'Adjusted EBITDA more than doubled', 'record quarterly production', 'we expect this to unwind'. They acknowledged temporary operational issues but stated they were resolved and provided specific numbers and timelines.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call due to strong operational momentum, record production at Aripuanã, and the silver stream step-down providing a predictable cash flow boost. The successful resolution of temporary Peruvian mine issues (heavy rainfall, blockade, shaft constraint) and the on-track Cerro Pasco integration add to the positive outlook. However, the structural smelting margin pressure from low TCs remains a risk, though partially offset by by-product credits. Investors should watch Q2 2026 results for confirmation that working capital seasonality reverses as expected and that Peruvian operations sustain normal run rates. The negative free cash flow in Q1 is concerning but management's explanation of typical seasonality seems consistent with prior years. Overall, the call reinforces confidence in Nexa's ability to generate strong cash flows in a supportive commodity price environment.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific ↑ Improving 4 quarters Full tone analysis in Intelligence →

📊 MIXED Nexa Resources reported $283M adjusted EBITDA in Q1 2026 with 18% zinc output growth

Revenue & Profitability

Net revenues were $888 million, up 42% year-over-year. Net income was $118 million ($0.67 per share). Adjusted EBITDA more than doubled to $283 million. Net leverage stood at 1.59x, down from 2.09x a year ago.

Outlook

Management expects zinc prices to remain supported by concentrate tightness, low LME inventories, and resilient galvanizing demand. Silver reached multi-year highs during the quarter, supported by structural deficits and industrial demand from solar PV, EVs, AI, and data centers. Copper fundamentals are also tight with ongoing concentrate scarcity.

Growth Drivers

Key growth drivers include Aripuanã achieving a quarterly production record of 13,000 tons of zinc and the fourth tailings filter commissioning. The Cerro Pasco integration phase 1 is on schedule to be completed in Q4 2026. Exploration drilling program increased to nearly 67,000 meters, up 12% from the original plan. The company also evaluates accretive M&A in mining-friendly jurisdictions.

Balance Sheet & CapEx

Total CapEx guidance for 2026 is $381 million, with $72 million invested in Q1 (19% of guidance). Sustaining activities and mine development were the main components. Phase 1 of Cerro Pasco integration received $8 million in Q1 against a full-year guidance of $31 million. Exploration guidance is $86 million.

Margins

Overall adjusted EBITDA margin was 31.8%. Mining segment EBITDA margin reached 50% ($231 million on $460 million revenue). Smelting segment margin was 8% ($51 million on $609 million revenue). Mining cash cost net of by-products was negative $0.76 per pound, while smelting cash cost was $1.40 per pound. Smelting margins are under pressure from low treatment charges, partially offset by strong by-product credits.

Key Risks

Risks include operational disruptions such as heavy rainfall at Cerro Lindo, an illegal community blockade at Atacocha, and shaft constraints at El Porvenir. Smelting margins face structural pressure from low TCs. Political uncertainty in Peru with upcoming elections could impact operations, but management believes good community relations mitigate this.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-06

Adjusted EBITDA surged 78% year-over-year to $286 million, with net income at $98 million and net leverage down to 1.4x. Operational improvements, higher metal prices, and recovery from setbacks drove results, while guidance and capital allocation priorities remain unchanged.

Q1 2026 Q1 2026 2026-05-07

Adjusted EBITDA more than doubled year-over-year to $283 million, driven by higher metal prices, improved operations, and record production at Aripuanã. Net leverage fell to 1.59x, and free cash flow is expected to strengthen as working capital unwinds.

Q4 2025 Q4 2025 2026-02-27

Q4 and full-year 2025 saw strong operational and financial results, with record zinc production, improved margins, and disciplined cost management. Net leverage improved to 1.7x, and major projects like Aripuanã and Cerro Pasco are progressing on schedule.

Q3 2025 Q3 2025 2025-10-31

Q3 2025 saw strong operational and financial results, with higher mining and smelting output, improved cash flow, and progress on key projects like Aripuanã and Cerro Pasco. Liquidity and leverage improved, while disciplined capital allocation and ESG leadership remain priorities.

Q2 2025 Q2 2025 2025-08-01

Q2 2025 saw a 13% sequential revenue increase and 28% higher adjusted EBITDA, driven by improved sales and by-product prices, despite operational challenges at Aripuanã and Vazante. Strategic projects and exploration advanced, with financial flexibility enhanced through successful liability management.

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