Nexa Resources SA · Q3 2025 earnings

Briefing

Nexa Q3 net income $100M on $764M revenue (+8% YoY) with adjusted EBITDA $186M

Nexa Resources reported Q3 2025 net revenues of $764 million, up 8% from both Q2 2025 ($708M) and Q3 2024 ($709M), supported by higher LME prices for copper, silver and gold, increased by-product credits, and higher smelting sales volumes. Net income surged to $100 million from $13 million in Q2 and $6 million a year ago, driven primarily by a non-cash impairment reversal at Cerro Pasco, partially offset by Brazilian real appreciation. Adjusted EBITDA was $186 million and adjusted net income was $27 million. Basic EPS was $0.52 versus $0.01 in Q2 and a $0.04 loss in Q3 2024. Nine-month net revenues reached $2.1 billion (+4% YoY) with net income of $142 million. Free cash flow was $52 million in the quarter as operational improvements and stronger metal prices improved margins across mining and smelting.

• Q3 net revenues $764M (+8% YoY and QoQ); net income $100M
• Adjusted EBITDA $186M; adjusted net income $27M
• Basic EPS $0.52 vs $0.01 in Q2; impairment reversal at Cerro Pasco drove swing
• Higher copper, silver and gold LME prices boosted by-product revenue
• 9M25 net revenues $2.1B; 9M net income $142M with EPS $0.62

Headline financials

Revenue & EPS history

Management highlighted ongoing operational improvements, a positive liquidity position, and continued focus on cost discipline and by-product optimization, though specific quantitative guidance was not provided.