Solid operational performance and favorable metal prices drive significant quarterly improvement in profit and cash generation
Nexa Resources, one of the world’s leading zinc producers, reported net income of US$100 million in 3Q25, compared to US$13 million in 2Q25 and US$6 million in 3Q24. The sequential improvement was primarily driven by a non-cash impairment reversal at Cerro Pasco and stronger operational margins, partially offset by a 3% appreciation of the Brazilian real against the U.S. dollar. Adjusted net income was US$27 million for the quarter.
Adjusted EBITDA of US$186 million increased from US$161 million in 2Q25 and US$183 million in 3Q24. The sequential improvement was primarily driven by higher mining output, increased smelting sales volume, a higher by-products contribution (except for copper), and better prices for all metals. The year-over-year performance also reflects a stronger by-products contribution, partially offset by lower treatment charges (“TCs”) and higher maintenance-related operational costs.
Net revenues reached US$764 million, up 8% from US$708 million in 2Q25 and US$709 million in 3Q24, supported by the same drivers of higher smelting sales volume, ongoing operational improvements, and favorable metal prices.
“Nexa delivered another quarter of strong financial and operational performance, as higher mining output and supportive metal prices led to increased Net revenues, Adjusted EBITDA and free cash flow, reflecting the consistent evolution of our execution capacity and our disciplined capital allocation,” said Ignacio Rosado, CEO of Nexa. “Aripuanã achieved its highest zinc production since the start of its ramp-up, a direct result of more stable operations and higher throughput. Additionally, the advancement of Phase I of our Cerro Pasco Integration Project and continued exploration investment are reinforcing the foundation for Nexa’s long-term growth.”
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