Nexa Resources Posts US$223M Net Income and US$772M Adjusted EBITDA in 2025
Net income rose to US$223 million in 2025 from a US$187 million loss a year earlier, while net revenues increased 9% to US$3.0 billion driven by higher zinc, silver, gold and copper prices. Adjusted EBITDA climbed 8% to US$772 million, and net debt ratio improved to 1.7x LTM EBITDA.
1. Full-Year Financial Results
Nexa Resources delivered a turnaround in 2025, reporting net income of US$223 million versus a US$187 million loss in 2024. Net revenues reached US$3.0 billion, up 9% year-over-year, supported by higher realized prices for zinc, silver, gold and copper, and full-year EPS of US$1.00.
2. Fourth-Quarter Highlights
In Q4 2025, net income was US$81 million and net revenues reached US$903 million, an 18% quarter-over-quarter increase driven by higher lead, copper and silver prices. Adjusted EBITDA for the quarter rose to US$300 million, up from US$186 million in Q3 and US$197 million in Q4 2024, with EPS of US$0.38.
3. Capital Allocation and Debt Improvement
Capital expenditures totaled US$352 million in 2025, slightly above guidance due to currency effects, with US$125 million spent in Q4 focused on sustaining assets and the Cerro Pasco Integration Project. Net debt fell by US$128 million in the quarter, improving the net debt to LTM EBITDA ratio from 2.2x to 1.7x.
4. Operational Performance and Production
The company achieved its annual production guidance, with a record Q4 zinc output of 91kt, a 5-year high, and full-year zinc production of 316kt. By-product performance remained strong, with gold output up 6% to 38.2koz and lead production at 63.1kt, while ongoing projects like the Cerro Pasco expansion and tailings filter installation at Aripuanã advanced as planned.