Nexa Reports US$118M 1Q26 Net Income and 126% EBITDA Growth
Nexa Resources posted 1Q26 net income of US$118M, up from US$29M in 1Q25 and US$81M in 4Q25, driven by a 126% year-over-year surge in adjusted EBITDA to US$283M and 42% revenue growth to US$888M. Aripuanã hit a quarterly zinc production record of 13kt.
1. First-Quarter Financial Results
Nexa generated net income of US$118 million in 1Q26, up from US$29 million in 1Q25 and US$81 million in 4Q25, as net revenues climbed 42% year-over-year to US$888 million. Adjusted EBITDA rose 126% to US$283 million, while net debt to LTM EBITDA improved to 1.59x from 1.68x at year-end 2025.
2. Operational Performance
Zinc production reached 79kt, 18% above last year despite a 13% sequential decline at Cerro Pasco and Cerro Lindo due to rainfall, a community blockade and a hoisting outage that have since been resolved. Aripuanã set a new quarterly zinc record of 13kt, and Brazilian smelters Juiz de Fora and Três Marias increased output by 56% and 17% year-over-year, respectively.
3. Silver Streaming and Integration Projects
At Cerro Lindo, the 19.5Moz streaming threshold was met in April, reducing the streamed share of silver from 65% to 25% and allowing Nexa to retain 75% of production for market sale. Phase I of the Cerro Pasco Integration Project remains on schedule, with slope stabilization complete, civil works underway and final commissioning expected by 4Q26.
4. CAPEX and Balance Sheet
Capital expenditures totaled US$72 million in 1Q26, including US$8 million toward Phase I of the Cerro Pasco project, within the US$381 million full-year guidance. Net debt rose to US$1,481 million from US$1,300 million, reflecting typical first-quarter working capital and seasonal outflows, while LTM Adjusted EBITDA reached US$929 million.