Nexa Resources S.A
(NYSE:NEXA)

Nexa Resources S.A., through its subsidiaries, engages in the zinc mining and smelting business. It also produces zinc, silver, gold, copper, cement, sulfuric acid, lead, agricultural lime, and copper sulfate deposits. The company owns and operates five underground polymetallic mines, including thre...

Website: http://www.nexaresources.com

Founded: 2014

Full Time Employees: 5,760

Sector: Basic Materials

Industry: Other Industrial Metals & Mining

Materials

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At a glance:

Bull Thesis:

Bear Thesis:

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Income Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-04-29	2021-02-11	2020-10-29	2020-07-30	2020-05-11	2020-02-13	2019-12-31	2019-10-31	2019-07-31	2019-04-30	2019-02-15	2018-12-31	2018-10-31	2018-07-31	2018-04-30	2018-02-28	2017-12-31	2017-11-10

net revenues	763,515,000	708,422,000	627,115,000		709,476,000	736,305,000	579,782,000		649,334,000	626,704,000	667,318,000				722,136		655,082,000	686,189,000	602,929,000	1,950,929,000	537,826,000	336,569,000	442,012,000	2,332,306,000		563,422,000	613,299,000	569,816,000	2,491,202,000
cost of sales	-609,555,000	-575,884,000	-500,552,000		-582,896,000	-557,058,000	-493,193,000		-582,546,000	-565,024,000	-567,813,000				-524,780		-501,856,000	-464,744,000	-422,783,000	-1,563,931,000	-397,481,000	-315,733,000	-390,646,000	-1,944,683,000				-487,348,000	-1,888,944,000
gross profit	153,960,000	132,538,000	126,563,000		126,580,000	179,247,000	86,589,000		66,788,000	61,680,000	99,505,000				197,356		153,226,000	221,445,000	180,146,000	386,998,000	140,345,000	20,836,000	51,366,000	387,623,000		59,964,000	134,579,000	82,468,000	602,258,000		107,028,000	162,198,000		768,282,000		196,155,000
yoy	21.63%	-26.06%	46.17%		89.53%	190.61%	-12.98%				50319.04%				-99.89%		9.18%	962.80%	250.71%	-0.16%		-65.25%	-61.83%	370.03%			25.74%	-49.16%				-17.31%
qoq	16.16%	4.72%			-29.38%	107.01%			8.28%	-38.01%							-30.81%	22.93%	-53.45%	175.75%	573.57%	-59.44%	-86.75%			-55.44%	63.19%	-86.31%			-34.01%
operating expenses
selling, general and administrative	-37,488,000	-32,658,000	-35,110,000		-29,488,000	-30,249,000	-33,634,000		-33,108,000	-32,621,000	-28,480,000				-36,049		-38,179,000	-35,366,000	-36,537,000	-151,619,000	-36,640,000	-29,173,000	-41,648,000	-216,511,000				-41,072,000
mineral exploration and project evaluation	-22,072,000	-17,111,000	-15,952,000		-16,064,000	-17,969,000	12,798,000		-29,559,000	-21,261,000	-22,028,000				-17,244		-20,687,000	-18,460,000	-14,314,000	-57,201,000
impairment reversal (loss) of long-lived assets	106,495,000				17,592,000
other income and expenses	-22,981,000	-20,856,000	-21,244,000		-13,859,000	-51,863,000	-9,008,000		-7,187,000	-66,077,000	-5,471,000				-20,905		-7,060,000	2,892,000	-8,531,000	-19,164,000	-1,119,000	5,185,000	-19,125,000	-27,021,000				5,646,000	18,176,000		15,954,000	3,495,000
operating income	177,914,000	59,931,000	53,960,000		84,761,000	18,956,000	48,368,000		-4,976,000	-115,466,000	43,526,000				123,158		87,300,000	170,511,000	120,764,000	-398,483,000	24,912,000	-11,609,000	-508,478,000	-111,026,000			45,161,000	26,743,000	334,553,000		53,224,000	94,333,000
yoy	109.90%	216.16%	11.56%		-1803.40%	-116.42%	11.12%				35241.59%				-99.90%		250.43%	-1568.78%	-123.75%	258.91%			-1225.92%	-515.16%			-15.15%	-71.65%
qoq	196.86%	11.07%			347.15%	-60.81%			-95.69%	-365.28%							-48.80%	41.19%	-130.31%	-1699.56%	-314.59%	-97.72%	357.98%				68.87%	-92.01%			-43.58%
results from associates’ equity
share in the results of associates	5,760,000	4,441,000	4,862,000		5,442,000	5,342,000	5,715,000		6,328,000	5,652,000	5,423,000																							60,000
net financial results															10,653
financial income	7,171,000	5,505,000	8,856,000		6,206,000	6,775,000	5,013,000		8,359,000	6,700,000	5,617,000						3,475,000	2,033,000	1,921,000	11,168,000	2,213,000	6,973,000	25,144,000	37,629,000		6,600,000	9,766,000	8,028,000	67,509,000		7,202,000	10,562,000		29,868,000		4,224,000
financial expenses	-78,495,000	-73,168,000	-54,711,000		-59,376,000	-60,619,000	-48,958,000		-45,316,000	-59,363,000	-46,415,000						-37,590,000	-35,286,000	-34,215,000	-159,759,000	-42,774,000	-41,282,000	-71,767,000	-129,591,000				-31,574,000	-121,662,000							-29,657,000
other financial items	25,788,000	39,802,000	45,255,000		11,710,000	-62,734,000	-22,042,000		-27,400,000	26,149,000	1,573,000						-22,455,000	65,517,000	-41,885,000	-129,584,000	-21,380,000
income (loss) before tax	138,138,000		58,222,000
income tax benefit	-37,990,000	-23,222,000	-29,494,000		-42,760,000	23,008,000	416,000		-359,000	33,544,000
net income for the period	100,148,000	13,289,000	28,728,000		5,983,000				-63,364,000	-102,784,000	-15,410,000						-9,043,000	122,157,000	31,611,000		-34,675,000	-59,056,000	-612,055,000	-159,007,000			23,295,000	-8,296,000			6,915,000					80,989,000
attributable to nexa's shareholders	69,340,000	1,083,000	11,849,000		-5,152,000	-76,299,000	-23,843,000		-73,738,000	-102,486,000	-19,728,000						-18,840,000	109,012,000	22,787,000	-559,247,000	-28,672,000	-58,616,000	-521,913,000	-146,626,000					74,860,000
attributable to non-controlling interests	30,808,000	12,206,000	16,879,000		11,135,000	7,027,000	12,355,000		10,374,000	-298,000	4,318,000						9,797,000	13,145,000	8,824,000	-93,259,000	-6,003,000	-440,000	-90,142,000	-12,381,000			2,902,000	5,711,000	16,116,000			5,143,000
weighted average number of outstanding shares – in thousands	132,439,000		132,439,000	132,439,000	132,439,000	132,439,000						132,439,000
basic and diluted earnings per share – usd	0.52	0.01	0.09						-0.56	-0.77	-0.15																	-0.11
impairment loss of long-lived assets		-1,982,000				-60,210,000			-1,910,000	-57,187,000
income before tax		36,511,000
weighted-average number of outstanding shares – in thousands		132,439,000					132,439,000	132,439,000	132,439,000	132,439,000	132,439,000					132,439,000	132,439,000	132,439,000	132,439,000	132,439,000	132,439,000	132,439,000
impairment (loss) reversal of long-lived assets			-297,000
income (loss) before income tax					48,743,000
basic and diluted loss per share – usd					-0.04	-0.58	-0.18
loss before income tax						-92,280,000
net loss for the period						-69,272,000	-11,488,000
impairment reversal of long-lived assets							17,219,000
income before income tax							-11,904,000		-63,005,000	-136,328,000	9,724,000				133,811		30,730,000	202,775,000	46,585,000	-676,658,000	-37,029,000	-66,076,000	-673,825,000	-215,880,000			29,817,000	859,000	131,899,000		8,888,000
results from associates equity
income tax											-25,134,000
mining
depreciation and amortization															65,892
ebitda															189,050
changes in fair value of offtake agreement															19,426
adjusted ebitda															208,476
impairment loss of non-current assets
current																	-19,195,000	-43,082,000	-37,563,000	-63,192,000	-21,148,000	223,000	-20,720,000	-46,382,000				-22,117,000	-71,787,000							-25,369,000
deferred																	-20,578,000	-37,536,000	22,589,000	87,344,000	23,502,000	6,797,000	82,490,000	103,255,000		73,585,000		12,962,000	30,864,000		2,582,000	39,555,000		19,497,000		-15,160,000
basic and diluted earnings (losses) per share – usd																	-0.14	0.82	0.17					-1.11
impairment of non-current assets																				-557,497,000	-65,121,000
net income for the year																				-652,506,000									90,976,000
basic and diluted (losses) earnings per share – usd																				-4.22		-0.44
mineral exploration and project development																					-12,553,000	-8,457,000	-14,477,000	-112,984,000				-20,299,000	-126,278,000
basic and diluted losses per share – usd																					-0.22		-3.94
impairment loss																							-484,594,000	-142,133,000
foreign exchange effects																						-20,158,000
foreign exchange effect																							-118,724,000	-12,892,000
weighted-average number of outstanding shares – in thousand																							132,439,000	132,622,000				132,993,000
results of investees
foreign exchange loss																												-2,338,000
attributable to nexa’s shareholders																											20,393,000	-14,007,000			7,359,000
weighted-average number of outstanding shares — in thousand																										132,439,000
basic and diluted earnings per share — usd																											0.15
foreign exchange gain																											8,063,000		-148,501,000
weighted-average number of outstanding shares — in thousands																											132,628,000
selling																													-18,743,000							-22,450,000
general and administrative																													-140,860,000							-37,034,000
average number of outstanding shares - thousands																													133,313,000
basic and diluted earnings per share - us																													0.56		0.06			1.42		0.72
revenues																															595,083,000	636,517,000
average number of outstanding shares - thousand																															133,320,000	133,320,000
net revenue from products sold																																		2,449,484,000		625,805,000
cost of products sold																																				-429,650,000
other operating expenses																																				-40,920,000
operating profit before equity results and net financial results																																		401,580,000
exchange variation gains
profit before taxation																																		271,459,000		121,518,000
taxes on income
profit for the year from continuing operations																																		165,265,000
discontinued operations
profit for the year																																		165,265,000
profit attributable to the owners of the parent																																		126,885,000
profit attributable to non-controlling interests																																		38,380,000
avarage number of shares - thousand																																		116,527,000		112,821,000
operating profit before equity results																																				95,751,000
foreign exchange gains																																				51,200,000
net income attributable to the owners of the parent																																				69,695,000
net income attributable to non-controlling interests																																				11,294,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2020-02-11	2019-12-31	2019-02-13	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2018-02-15	2017-12-31	2017-09-30	2017-02-28

assets
current assets
cash and cash equivalents	464,699,000	412,308,000	394,824,000	620,537,000	513,209,000	461,946,000	313,294,000	457,259,000	414,325,000	400,708,000	366,282,000	497,826,000	517,833,000	605,028,000	576,192,000	743,817,000	786,153,000	1,046,080,000	1,006,055,000	954,392,000	795,603,000	452,183,000	1,086,163,000	698,600	698,618,000	1,032,938,000	1,098,091,000	1,033,135,000	979,957,000	1,032,938,000	1,019,037,000	910,663,000	1,019,037,000
financial investments	5,628,000	5,386,000	6,382,000	19,693,000	11,714,000	12,105,000	10,989,000	11,058,000	7,952,000	20,771,000	8,884,000	18,062,000	20,030,000	27,541,000	22,758,000	19,202,000	21,333,000	29,480,000	27,710,000	30,435,000	117,861,000	222,889,000	35,044,000	58,400	58,423,000	91,878,000	102,988,000	119,453,000	137,333,000	91,878,000	206,155,000	163,848,000	206,155,000
other financial instruments	20,873,000	18,484,000	13,317,000	5,279,000	19,617,000	9,475,000	3,696,000	7,801,000	19,320,000	17,650,000	13,014,000	7,380,000	26,485,000	40,817,000	21,396,000
trade accounts receivables	188,993,000	163,304,000	155,745,000	140,793,000	160,719,000	169,094,000	173,686,000	141,910,000	149,740,000	131,936,000	167,771,000	223,740,000	160,226,000	192,314,000	189,014,000	231,174,000	192,206,000	215,432,000	175,604,000	182,275,000			229,032,000
inventory	410,824,000	378,334,000	354,014,000	325,196,000	394,687,000	379,661,000	351,284,000	339,671,000	333,753,000	375,103,000	415,719,000	395,197,000	492,673,000	541,716,000	514,557,000	372,502,000	358,118,000	336,090,000	310,118,000	213,288,000	195,500,000	227,689,000	256,522,000	295,300	295,258,000	269,705,000	289,009,000	317,769,000	349,441,000	269,705,000	324,878,000	286,634,000	324,878,000
recoverable income tax	20,950,000	12,451,000	11,796,000	7,575,000	4,862,000	14,511,000	19,149,000	15,193,000	16,473,000	14,165,000	4,938,000	2,455,000	4,367,000	4,481,000	4,291,000	8,703,000	12,824,000	16,665,000	6,127,000				12,953,000
other assets	80,242,000	98,512,000	76,448,000	88,195,000	91,644,000	101,710,000	72,729,000	86,934,000	92,113,000	102,510,000	77,814,000	75,486,000	89,790,000	89,196,000	77,776,000	81,119,000	91,134,000	94,843,000	81,676,000	118,190,000	114,008,000	121,317,000	91,141,000		140,984,000	122,857,000	29,196,000	29,864,000	28,647,000	122,857,000	18,507,000	31,672,000	18,507,000
non-current assets
investments in equity instruments	4,663,000	2,682,000	2,823,000	5,093,000	5,807,000	5,993,000	6,326,000	5,649,000	6,060,000	8,085,000	7,383,000	7,115,000	6,483,000	8,592,000	3,915,000	3,723,000	4,218,000
deferred income tax	303,784,000	284,797,000	273,603,000	236,887,000	240,935,000	239,541,000	231,217,000	235,073,000	209,294,000	202,211,000	159,504,000	166,983,000	158,431,000	168,336,000	165,097,000	168,205,000	169,991,000	203,522,000	225,817,000	269,710,000	268,312,000		221,580,000
investments in associates	31,017,000	24,480,000	36,758,000	29,488,000	33,596,000	27,605,000	43,294,000	44,895,000	37,337,000	32,390,000	40,257,000	38,990,000														283,000	257,000	267,000	333,000	283,000	309,000	331,000	309,000
property, plant and equipment	2,410,470,000	2,315,557,000	2,200,535,000	2,097,508,000	2,226,039,000	2,195,575,000	2,409,457,000	2,438,614,000	2,336,913,000	2,370,966,000	2,332,515,000	2,295,275,000	2,213,752,000	2,232,352,000	2,352,932,000	2,087,730,000	2,039,719,000	2,050,201,000	1,834,955,000	1,765,119,000	1,789,630,000	1,808,576,000	1,898,296,000	2,122,700	2,122,690,000	1,968,451,000	1,843,544,000	1,853,122,000	1,986,143,000	1,968,451,000	1,996,514,000	2,007,909,000	1,996,514,000
intangible assets	887,645,000	815,401,000	829,152,000	834,687,000	861,404,000	871,820,000	892,835,000	909,279,000	966,916,000	987,606,000	1,001,116,000	1,016,927,000	1,055,045,000	1,066,006,000	1,091,120,000	1,056,771,000	1,036,377,000	1,046,111,000	1,058,599,000	1,073,139,000	1,124,955,000	1,135,746,000	1,076,405,000	1,538,500	1,538,526,000	1,742,461,000	1,755,938,000	1,767,468,000	1,798,980,000	1,742,461,000	1,822,719,000	1,848,734,000	1,822,719,000
right-of-use assets	111,489,000	108,096,000	96,046,000	85,265,000	65,047,000	11,686,000	13,228,000	11,228,000	7,610,000	5,509,000	6,135,000	6,895,000	7,683,000	10,062,000	13,072,000	12,689,000	13,392,000	16,706,000	15,964,000	20,197,000	18,602,000	21,682,000	18,869,000		29,547,000
total assets	5,180,198,000	4,873,847,000	4,673,175,000	4,637,465,000	4,769,704,000	4,650,077,000	4,707,060,000	4,840,507,000	4,745,851,000	4,830,606,000	4,746,631,000	4,891,782,000	4,862,901,000	5,096,537,000	5,148,964,000	4,904,836,000	4,811,674,000	5,150,825,000	4,855,457,000	4,782,456,000	4,750,123,000	4,562,020,000	5,064,226,000	5,489,600	5,489,565,000	5,735,406,000	5,691,297,000	5,724,522,000	5,901,183,000	5,735,406,000	5,961,524,000	5,797,851,000	5,961,524,000
liabilities and shareholders’ equity
current liabilities
loans and financings	110,347,000	95,887,000	57,269,000	50,883,000	109,928,000	100,889,000	131,316,000	143,196,000	49,715,000	53,261,000	49,714,000	50,840,000	45,643,000	51,086,000	49,927,000	46,713,000	44,146,000	86,740,000	133,323,000	155,671,000	137,750,000		146,002,000
lease liabilities	44,320,000	42,181,000	38,494,000	32,747,000	25,983,000	3,993,000	4,623,000	3,766,000	2,396,000	2,230,000	3,128,000	3,661,000	8,179,000	13,507,000	15,713,000	16,246,000	16,694,000	17,154,000	15,601,000	15,555,000	13,794,000	14,207,000	15,999,000		16,474,000
trade payables	489,099,000	442,316,000	365,665,000	443,288,000	400,621,000	399,567,000	406,634,000	451,603,000	342,881,000	311,603,000	340,807,000	413,856,000	350,869,000	368,776,000	376,935,000	411,818,000	387,988,000	396,140,000	347,379,000	313,678,000	250,546,000	251,236,000	370,122,000	414,100	414,080,000
confirming payables	320,690,000	256,900,000	267,862,000	268,175,000	227,226,000	223,874,000	219,750,000	234,385,000	259,615,000	240,557,000	202,977,000	216,392,000	238,518,000	297,144,000	283,677,000	232,860,000	200,493,000	177,271,000	158,853,000	95,739,000	57,142,000		145,295,000
dividends payable	12,679,000	18,609,000	23,615,000	3,707,000	2,581,000	10,529,000	3,644,000	2,830,000	7,159,000	8,269,000	8,018,000	7,922,000	11,703,000	17,048,000	12,650,000	11,441,000	9,291,000	18,542,000	8,551,000	4,541,000	3,538,000	6,662,000	4,557,000		6,662,000		2,046,000	6,713,000	4,874,000
asset retirement, restoration and environmental obligations	53,917,000	44,672,000	44,596,000	47,561,000	55,699,000	48,179,000	40,023,000
provisions	10,914,000	12,641,000	18,967,000	13,481,000	13,406,000	13,293,000	8,442,000	56,787,000	63,867,000	46,924,000	50,264,000	43,897,000	41,029,000	43,496,000	45,694,000	36,828,000	30,178,000	33,433,000	31,214,000	26,184,000	27,218,000	28,917,000	30,896,000		26,071,000		18,094,000	17,793,000	17,619,000
contractual obligations	29,301,000	29,549,000	34,239,000	31,686,000	30,984,000	26,734,000	27,931,000	37,432,000	29,302,000	26,058,000	24,620,000	26,188,000	27,915,000	32,867,000	34,824,000	33,156,000	30,685,000	22,088,000	23,894,000				27,132,000
salaries and payroll charges	72,509,000	55,611,000	42,165,000	70,234,000	67,828,000	57,862,000	48,047,000	68,165,000	63,403,000	55,031,000	46,647,000	79,078,000	73,546,000	68,080,000	50,364,000	76,031,000	66,092,000	53,592,000	45,397,000	54,626,000			56,107,000				56,394,000	55,290,000	43,596,000
tax liabilities	24,989,000	16,451,000	15,463,000	92,346,000	34,429,000	36,258,000	29,919,000	49,524,000	26,534,000	12,988,000	17,723,000	40,610,000	50,994,000	75,340,000	45,802,000	65,063,000	55,922,000	64,461,000	31,138,000				43,630,000
other liabilities	116,739,000	137,964,000	106,138,000	82,662,000	45,321,000	44,582,000	38,109,000	31,186,000	54,050,000	28,206,000	23,873,000	25,136,000	34,807,000	42,425,000	33,445,000	41,317,000	28,239,000	39,428,000	28,394,000	79,740,000	90,287,000	79,763,000	29,230,000		92,227,000		15,065,000	18,285,000	19,811,000
non-current liabilities
total liabilities	3,924,793,000	3,728,238,000	3,556,377,000	3,577,172,000	3,503,972,000	3,400,784,000	3,291,083,000	3,383,873,000	3,204,963,000	3,174,544,000	3,046,111,000	3,181,528,000	3,103,158,000	3,265,762,000	3,314,712,000	3,260,556,000	3,150,554,000	3,412,789,000	3,294,208,000	3,211,883,000	3,127,302,000	2,830,001,000	3,442,982,000	2,969,500	2,969,504,000		2,852,842,000	2,906,162,000	3,014,385,000
shareholders’ equity
attributable to nexa’s shareholders	977,224,000	889,864,000	869,203,000	813,930,000	998,957,000	994,760,000	1,151,315,000	1,201,921,000	1,267,525,000	1,378,810,000	1,427,172,000	1,442,245,000	1,485,655,000	1,558,032,000	1,557,468,000	1,386,273,000	1,406,161,000	1,489,006,000	1,316,961,000	1,332,531,000	1,376,664,000	1,464,238,000	1,377,445,000		2,147,452,000
attributable to non-controlling interests	278,181,000	255,745,000	247,595,000	246,363,000	266,775,000	254,533,000	264,662,000	254,713,000	273,363,000	277,252,000	273,348,000	268,009,000	274,088,000	272,743,000	276,784,000	258,007,000	254,959,000	249,030,000	244,288,000	238,042,000	246,157,000	267,781,000	243,799,000		372,609,000
total liabilities and shareholders’ equity	5,180,198,000	4,873,847,000	4,673,175,000	4,637,465,000	4,769,704,000	4,650,077,000	4,707,060,000	4,840,507,000	4,745,851,000	4,830,606,000	4,746,631,000	4,891,782,000	4,862,901,000	5,096,537,000	5,148,964,000	4,904,836,000	4,811,674,000	5,150,825,000	4,855,457,000	4,782,456,000	4,750,123,000		5,064,226,000	5,489,600	5,489,565,000		5,691,297,000	5,724,522,000	5,901,183,000
5 of 31
the accompanying notes are an integral part of these condensed consolidated interim financial statements.
total current assets				1,207,268,000								1,220,146,000												1,375,400
total non-current assets				3,430,197,000				3,780,681,000				3,671,636,000												4,114,200
total current liabilities				1,145,293,000				1,074,882,000				898,764,000												699,000
total non-current liabilities				2,431,879,000				2,308,991,000				2,282,764,000												2,270,500
total shareholder’s equity				1,060,293,000
assets held for sale					8,007,000	28,543,000	33,756,000
liabilities associated with assets held for sale					24,291,000	37,070,000	25,784,000
tatal current assets								1,059,826,000
dams, asset retirement and environmental obligations								33,718,000
total shareholders' equity								1,456,634,000				1,710,254,000
asset retirement and environmental obligations									36,281,000	30,834,000	23,435,000	23,646,000	36,532,000	30,735,000	36,841,000	31,953,000	39,159,000	45,260,000	39,068,000	31,295,000	26,924,000	249,579,000	33,095,000		274,826,000
derivative financial instruments																16,292,000	9,231,000	13,750,000	10,068,000	17,762,000	11,412,000	16,742,000	16,329,000		4,835,000	7,385,000	12,330,000	17,061,000	9,246,000	7,385,000	7,483,000	11,883,000	7,483,000
the accompanying notes are an integral part of these consolidated financial statements
5 of 70
investment in equity instruments																		5,295,000	6,290,000
contractual liabilities																				25,082,000	24,889,000	24,467,000			26,351,000
trade accounts receivable																					137,155,000	119,557,000			177,231,000	173,204,000	153,655,000	210,327,000	237,006,000	173,204,000	182,713,000	154,712,000	182,713,000
deferred income taxes																						268,319,000			262,941,000
loans and financing																						181,116,000		33,100	33,149,000		54,829,000	47,040,000	46,321,000
confirming payable																						66,569,000			82,770,000		89,057,000	115,625,000	169,962,000
environmental obligations																						16,269,000			19,001,000
nexa resources s.a. consolidated statement of cash flows years ended december 31 all amounts in thousands of us dollars, unless otherwise stated
consolidated balance sheet information:
liabilities
total equity attributable to owners of the parent																								2,147,500
non-controlling interests																								372,600			420,375,000	420,556,000	426,602,000
total shareholders’ equity																								2,520,100
related parties																									744,000	740,000	740,000	740,000	738,000	740,000	738,000	1,062,000	738,000
nexa resources s.a.
deferred taxes																										201,154,000	218,034,000	229,715,000	225,060,000	201,154,000	224,513,000	219,117,000	224,513,000
taxes recoverable																											73,228,000	69,787,000			80,134,000	81,421,000	80,134,000
income tax																											67,651,000	23,315,000	21,948,000
judicial deposits																											9,221,000	9,320,000	15,666,000		10,949,000	13,983,000	10,949,000
trade payable																											313,768,000	327,611,000	332,843,000
taxes payable																											9,053,000	11,966,000	15,801,000
use of public assets																											1,420,000	1,450,000	1,644,000
deferred revenue																											30,899,000	30,093,000	27,761,000
capital																											133,320,000	133,320,000	133,320,000
share premium																											1,043,755,000	1,043,755,000	1,043,755,000
reserves																											1,318,728,000	1,318,728,000	1,318,728,000
retained earnings																											8,577,000		41,683,000
accumulated other comprehensive loss
total equity attributable to nexa’s shareholders																											2,418,080,000	2,397,804,000
cumulative deficit																												1,217,000
recoverable taxes																													58,555,000
provision																													342,796,000
total equity attributable to nexa shareholders																													2,460,196,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-09-30	2022-06-30

cash flows from operating activities
income (loss) before tax	138,138,000		58,222,000
depreciation and amortization	81,538,000	76,567,000	65,809,000	82,281,000	69,865,000	72,567,000	298,393,000	72,095,000	71,745,000	71,680,000	72,753,000	74,374,000
impairment (reversal) loss of long-lived assets	-106,495,000
share in the results of associates	-5,760,000	-4,441,000	-4,862,000	-5,442,000	-5,342,000	-5,715,000	-23,536,000	-6,328,000	-5,652,000	-5,423,000
interest, foreign exchange and other financial effects	58,698,000	46,917,000	28,077,000
gain on sale and write-off of property, plant and equipment	998,000	-416,000
changes in provisions and other assets impairments	7,408,000	14,311,000	7,918,000	7,509,000	22,870,000	1,731,000	-37,800,000
changes in fair value of loans and financings	-427,000	-553,000	-848,000	-872,000	271,000	3,304,000	525,000	296,000	277,000	-62,000	433,000	186,000
debt modification gain
loss on bonds repurchase		1,905,000
changes in fair value of derivative financial instruments	-2,410,000	-3,573,000	-1,454,000	1,350,000	-1,004,000	555,000	-12,514,000	5,252,000	-13,849,000	-3,579,000	2,112,000	-17,234,000
changes in fair value of energy forward contracts	-4,465,000	3,068,000	-6,172,000	-3,636,000	-3,792,000	-4,399,000	15,663,000
changes in fair value of offtake agreement	5,806,000	3,083,000	11,236,000	3,397,000	18,761,000	1,813,000	-2,268,000	-998,000	-13,403,000	13,389,000	-7,766,000	-28,220,000
contractual obligations	24,637,000			21,084,000			10,121,000	-4,859,000	-4,737,000	-10,176,000	4,431,000	-8,000,000
price cap realized in offtake agreement	-1,278,000	-729,000	-773,000	-939,000
decrease (increase) in assets
trade accounts receivables	-29,985,000	-9,807,000	-11,928,000				58,067,000	-23,756,000	41,658,000	58,558,000	29,136,000
inventory	-30,923,000	-20,954,000	-22,161,000	-15,825,000	-56,259,000	-16,809,000	127,002,000	54,888,000	64,866,000	-4,686,000	43,770,000
other financial instruments	2,015,000	648,000	2,707,000	1,017,000	-540,000	-3,094,000	13,271,000	-507,000	17,827,000	-1,833,000	1,935,000
other assets	-4,759,000	-30,329,000	-60,637,000	-5,134,000	-51,968,000	-3,393,000	-70,948,000	-25,645,000	-32,127,000	-15,419,000	-32,637,000
increase (decrease) in liabilities
trade payables	24,225,000	54,300,000	-113,017,000	-9,344,000	51,868,000	-28,348,000	-451,000	49,138,000	-55,336,000	-86,017,000	-12,423,000
confirming payables	75,348,000	-12,187,000	-2,387,000	3,056,000	5,593,000	-13,980,000	17,074,000	19,585,000	37,060,000	-13,642,000	-58,423,000
other liabilities	-16,431,000	21,187,000	-57,818,000	-15,345,000	62,739,000	-14,949,000	-42,785,000	21,214,000	9,370,000	-41,465,000	5,337,000
cash provided by operating activities	215,878,000			155,231,000
interest paid on loans and financings	-23,773,000	-40,096,000	-29,657,000	-26,852,000	-25,585,000	-31,037,000	-113,018,000	-29,414,000	-27,263,000	-31,785,000	-29,319,000	-28,413,000
interest paid on lease liabilities	-2,536,000	-2,765,000	-1,853,000	-1,507,000	-319,000	-595,000	-553,000	-28,000	-120,000	-15,000	-292,000	-357,000
premium paid on bonds repurchase		-15,046,000		-5,080,000	-1,989,000
income tax paid	-22,098,000	-19,647,000	-44,071,000	-9,875,000	-10,544,000	-14,331,000	-56,191,000	-8,338,000	-12,428,000	-25,029,000	-25,739,000	-20,434,000
net cash from operating activities	167,471,000	99,936,000	-183,271,000	111,917,000	77,766,000	-89,579,000	246,846,000	97,196,000		-55,669,000	14,414,000	169,287,000
capital expenditures	0	0	0	0	0	0	0	0		0	0	0
free cash flows	167,471,000	99,936,000	-183,271,000	111,917,000	77,766,000	-89,579,000	246,846,000	97,196,000		-55,669,000	14,414,000	169,287,000
cash flows from investing activities
additions of property, plant and equipment	-89,963,000	-86,538,000	-50,454,000	-53,437,000	-64,039,000	-74,408,000	-310,150,000	-82,845,000	-59,991,000	-56,514,000	-85,078,000	-98,486,000
additions of intangible assets	-609,000	-719,000	-278,000	-1,488,000	-2,553,000	-879,000	-3,087,000	-1,421,000	-85,000		-4,572,000
net sales of financial investments	2,606,000	5,274,000	16,356,000	4,231,000	398,000	1,513,000	19,556,000	15,454,000		9,442,000	12,749,000	-3,231,000
effects of transactions with non-controlling interest in subsidiary
purchase of non-controlling interest shares	-502,000		-11,000
subsidiary acquisition cash effects			997,000
proceeds from the sale of property, plant and equipment	310,000	793,000	221,000	419,000	41,000	71,000	1,229,000	-165,000	365,000		10,000	183,000
dividends received	6,061,000	10,099,000		6,475,000	9,683,000			9,199,000	6,533,000
net cash from investing activities	-82,097,000	-71,091,000	-33,169,000	-43,800,000	-56,470,000	-73,703,000	-270,352,000	-59,778,000	-58,106,000	-47,072,000	-76,891,000	-108,534,000
cash flows from financing activities
new loans and financings		540,000,000			767,903,000	30,244,000	56,408,000	60,000
debt issue costs	-31,000	-4,871,000			-7,553,000		-74,000
payments of loans and financings	-7,188,000	-511,770,000	-6,548,000	-6,502,000	-621,026,000	-7,042,000	-27,087,000	-7,191,000	-7,228,000	-5,601,000	-9,946,000	-5,009,000
payments of lease liabilities	-11,690,000	-11,335,000	-8,577,000	-5,048,000	-1,769,000	-1,202,000	-5,818,000	-657,000	-1,071,000	-942,000	-8,648,000	-1,867,000
dividends paid	-15,585,000	-12,859,000	-329,000	-6,891,000	-4,334,000	-94,000	-23,713,000	-13,281,000			-2,996,000	-8,930,000
payments of share premium		-13,400,000					-25,000,000			-25,000,000
capital contribution of non-controlling interest to subsidiary			1,864,000
net cash from financing activities	-34,494,000	-14,235,000	-13,590,000	-18,441,000	133,221,000	21,906,000	-25,284,000	-21,069,000	-8,299,000	-31,543,000	-21,590,000	-15,806,000
foreign exchange effects on cash and cash equivalents	1,511,000	2,874,000	4,317,000	1,587,000	-5,865,000	-2,589,000	8,223,000	-2,732,000	6,142,000	2,740,000	-3,128,000	-16,111,000
increase (decrease) in cash and cash equivalents	52,391,000			51,263,000
cash and cash equivalents at the beginning of the period	412,308,000	394,824,000	620,537,000	461,946,000	313,294,000	457,259,000		400,708,000	366,282,000	497,826,000	605,028,000	576,192,000
cash and cash equivalents at the end of the period	464,699,000	412,308,000	394,824,000	513,209,000	461,946,000	313,294,000		414,325,000	400,708,000	366,282,000	517,833,000	605,028,000
non-cash investing and financing transactions
additions to right-of-use assets	-13,914,000	-14,740,000	-16,510,000		-125,000	-3,684,000	-10,304,000
write-offs of property, plant and equipment	1,309,000	377,000	322,000			260,000	4,089,000
consolidation effect on subsidiary acquisition			210,000
income before tax		36,511,000
impairment loss of long-lived assets		1,982,000			60,210,000		114,643,000	1,910,000	57,187,000
decrease in assets
increase in liabilities
cash from operating activities		177,490,000			116,203,000	-43,616,000	416,608,000	134,976,000	134,500,000	1,160,000	69,764,000	218,491,000
purchase of non-controlling interesting shares
increase in cash and cash equivalents		17,484,000			148,652,000			-13,617,000	34,426,000			28,836,000
impairment reversal (loss) of long-lived assets			297,000
loss on sale and write-off of property, plant and equipment			101,000		14,000
cash used in operating activities			-107,690,000
decrease in cash and cash equivalents			-225,713,000			-143,965,000	-40,567,000			-131,544,000	-87,195,000
income before income tax						-11,904,000	-293,470,000	-63,005,000	-136,328,000	9,724,000	-13,692,000	165,368,000
gain on divestments
other restoration obligations
tax voluntary disclosure – vat matters
price cap on offtake agreement
trade accounts receivable				-1,339,000	-28,070,000	-44,030,000
purchase of stake in subsidiary from non-controlling shareholders
proceeds from the sale of morro agudo
investments in equity instruments												-7,000,000
acquisition of additional shares in associates
contribution of non-controlling interest capital
cash and cash equivalents at the beginning of the year							497,826,000
cash and cash equivalents at the end of the year							457,259,000
additions to property, plant and equipment
write-offs of right of use assets							874,000
additions to intangible assets related to offtake agreement and other intangibles											-6,857,000
increase in investment in associates
derecognition of nexa’s share of enercan’s property, plant and equipment, intangible assets and financial investments
income (loss) before income tax				48,743,000
impairment loss (reversal) of long-lived assets				-17,592,000
interest and foreign exchange effects				55,542,000	64,729,000	43,207,000	131,988,000	34,802,000	30,839,000	35,654,000	37,608,000	57,067,000
gain (loss) on sale and write-off of property, plant and equipment				6,720,000
tax voluntary disclosure – vat discussions							102,939,000	15,649,000
loss before income tax					-92,280,000
price cap realized					-1,462,000
impairment reversal of long-lived assets						-17,219,000
loss on sale of property, plant and equipment						189,000				264,000	561,000
changes in debt modification gain						-3,142,000
loss on sale of property, plant and equipment and intangible assets							3,734,000
dams obligations							6,960,000
generation scaling factor recovered costs
dividends received from associates							22,100,000
prepayment of fair value debt
bonds repurchase
additions to intangible assets related to gsf recovered costs
gain on sale of property, plant and equipment								-115,000	1,023,000			-104,000
changes in provisions								-12,368,000
energy forward contracts								-2,272,000
changes in accruals									-6,561,000	-5,807,000	-3,371,000	-2,136,000
provisions – vat discussions									70,641,000
net cash from in operating activities									94,689,000
net sales (purchases) additions of financial investments									-4,928,000
additions to intangible assets related to offtake agreement
changes in accruals and other assets impairments
gsf recovered costs
dividends not withdrawn
capital reduction of subsidiary – non-controlling interests
other high liquid short term investments
main non-cash investing and financing transactions
increase in dividends payable
decrease in loans and financings
changes in operating assets and liabilities												-22,810,000
impairment loss of non-current assets
net sales (purchases) of financial investments
repurchase of the company's own shares
acquisition of non-controlling interests
impairment of non-current assets
(gain) loss on sale of property, plant and equipment and intangible assets
investment in equity instruments
gain on sale of property, plant and equipment and intangible assets
acquisitions of property, plant and equipment
net (purchases) sales of financial investments
net cash from by investing activities
financing costs
repurchase of the company’s own shares
impairment loss
premium paid on bonds repurchases
capital reduction of subsidiary - non-controlling interests
interest and foreign exchange effect
changes in fair value of loans and financing
income taxes paid
foreign exchange effect on cash and cash equivalents
gain on sale of investments
reimbursement of share premium
capital reduction related to pollarix s.a. acquisition
disbursement from equity transactions with non-controlling shareholders
other highly liquid short-term investments
net cash provided by:
operating activities
investing activities
financing activities
effects of exchange rates on cash and cash equivalents
gain on sale of investment
interest paid on loans and financing
net cash (used in) investing activities
new loans and financing
payments of loans and financing
net cash (used in) financing activities
interest and foreign exchange loss
net cash receipts from sale of financial investments
payments of leasing liabilities
foreign exchange rates effect on cash and cash equivalents
advance paid for pollarix acquisition
acquisition of non-controlling interest
capital reduction related to pollarix acquisition
proceeds from initial public offering, net of underwriter expenses
cash flow from operating activities
interest and foreign exchange (gain) or loss
impairment (reversal) of property, plant and equipment
tax credits
interest paid
cash flow from investing activities
acquisitions of property, plant and equipment and intangible assets
changes in financial investments
loan received from related parties
proceed from capital reduction of investees
proceeds from the sale of non-current assets
cash flow from financing activities
proceeds from new loans and financing
dividends distribution
issuance of new shares
proceeds from transactions with related parties
acquisition of shares from non-controlling shareholders
disbursment from equity transactions with non-controlling shareholders
effects of foreign exchange rates on cash and cash equivalents
adjustments for:
interest, indexation and exchange variations
depreciation, amortization and depletion
loss on sale of property, plant & equipment and intangible assets
provisions
financial investments
other taxes recoverable
trade payable
confirming payable
salaries and payroll charges
taxes payable
deferred revenue
acquisitions of intangible assets
advanced paid for pollarix acquisition
proceeds from sale of non-current assets
energy assets compensation payments
reimbursement share premium
net cash provided (used) by financing activities
gain on sale of property, plant & equipment and intangible assets
recoverable taxes
net cash provided (used) by operating activities
proceeds from capital reduction of investees
disbursements from equity transactions with non-controlling shareholders
profit before taxation
loss for the year from discontinued operations
adjustments to reconcile profit to cash
share in the results of investees
impairment (reversal) of property, plant and equipment and other assets
taxes on income paid
loan repayment received from related parties
acquisition of pollarix
related parties
capital increase - initial public offering
share premium -initial public offering
repurchase of shares - nexa peru
decrease in non-controlling interests - nexa peru
decrease in non-controlling interests - nexa atacocha
energy assets compensation payment - related parties
interest, monetary update and exchange variations
depreciation, amortization
(reversal of) impairment of property, plant and equipment
accounts payable and other liabilities
acquisitions of intangibles assets, property, plant and equipment
increase interest in subsidiaries
capital increase and share premium
energy assets compensation payment
net cash provided (used) in financing activities
earnings per share
adjustment
net cash flows provided by:
increase in cash and cash eq.
cash and cash eq. at the beginning of the period
cash and cash eq. at the end of the period
contact: [email protected]

Nexa Resources S.A(NYSE:NEXA)

Nexa Resources S.A
(NYSE:NEXA)