Nexa Resources Reports Strong 2025 Results, Net Income Turnaround, and Positive Operational Momentum
NEXA has more than doubled off its 52-week low of $4.438.
Summary
Nexa Resources reported strong Q4 and full-year 2025 results, achieving a significant net income turnaround and meeting annual guidance, while highlighting operational advancements and future cash flow catalysts.
Key Events · Earnings and Guidance · NEXA
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Strong Financial Performance
Full-year 2025 net income reached US$223 million, a significant turnaround from a US$187 million loss in 2024. Adjusted EBITDA increased 8% year-over-year to US$772 million.
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Operational Achievements
The company met its 2025 production, sales, and cost guidance. Q4 2025 zinc production was a 5-year quarterly record at 91kt, driven by higher-grade ore and stronger performance across mines.
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Improved Financial Position
The net debt to LTM Adjusted EBITDA ratio improved to 1.7x at year-end 2025, down from 2.2x at the end of Q3 2025, reflecting lower net debt and higher Adjusted EBITDA.
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Future Growth Catalysts
The Aripuanã plant's fourth tailings filter installation is progressing for completion in 1H26, and the silver streaming agreement is expected to reach its delivery threshold in 1H26, reducing the streamer's share from 65% to 25%.
Analysis · NEXA · Energy & Transportation
Nexa Resources delivered a robust financial and operational performance for the fourth quarter and full-year 2025, marking a significant turnaround with net income of US$223 million compared to a loss in the prior year. The company successfully met its 2025 production, sales, and cost guidance, demonstrating consistent execution and cost discipline. Key operational advancements, particularly at the Aripuanã plant, are progressing well and are expected to enhance future production capacity. The upcoming reduction in the silver streaming agreement's share in 1H26 is a material positive catalyst, set to significantly increase Nexa's exposure to market silver prices and boost future cash flow. The improved net debt to Adjusted EBITDA ratio reflects strengthening financial resilience, and the proposed dividend signals confidence in sustained performance. This detailed earnings release follows a preliminary announcement on February 6, 2026, providing comprehensive financial and operational data.
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At the time of this filing, NEXA was trading at $12.02 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.6B. The 52-week trading range was $4.44 to $14.94. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.