Nexa Resources Earnings Call Transcripts
Fiscal Year 2025
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Strong Q4 and 2025 results driven by higher zinc production, disciplined cost control, and favorable prices. Net leverage improved to 1.7x, with Aripuanã ramping up and Cerro Pasco advancing. Silver streaming step-down in 2026 will boost EBITDA leverage.
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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.
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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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Q1 2025 saw lower production and sales due to weather and market volatility, but higher metal prices supported revenues. Adjusted EBITDA was $125 million, with negative free cash flow from seasonal working capital outflows. Guidance and long-term project investments remain on track.
Fiscal Year 2024
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Reported record Adjusted EBITDA and positive cash flow, driven by higher metal prices, cost control, and portfolio optimization. Aripuanã performance improved, with full capacity expected in 2026 after new filter installation. Net leverage and liquidity strengthened.
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Q3 2024 saw strong operational and financial performance, with net revenues up 9% year-over-year and Adjusted EBITDA more than doubling. Aripuanã delivered positive cash flow, while portfolio optimization and disciplined capital allocation continued. Net leverage improved to 2.2x.
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Q2 2024 saw strong revenue and EBITDA growth, improved leverage, and positive cash flow, driven by higher metal prices, operational improvements, and the transition of Aripuanã to ongoing operations. CapEx and cost guidance remain unchanged, with a focus on debt reduction and advancing the Cerro Pasco project.