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nexa Earnings Conference Call 2Q26 August 6 , 2026
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Disclaimer Important information concerning this presentation | 2 This document contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, as well as forward-looking information within the meaning of applicable Canadian securities legislation, including National Instrument 51-102 (collectively, "forward-looking statements"). All statements other than statements of historical fact are forward-looking statements. The words “believe,” “will,” “may,” “would,” “could”, “should”, “estimate,” “continues,” “anticipates,” “intends,” “plans,” “expects,” “budget,” “scheduled,” “forecasts”, “targets”, outlook”, “guidance”, “potential”, “project”, and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such statements. These factors include, among others, volatility in zinc, copper, lead, silver and gold prices, by-product credits and treatment charges; exchange rate fluctuations, particularly in the Brazilian real and Peruvian sol against the U.S. dollar; availability and cost of critical inputs, including energy, transportation and labor; operational and health, safety and engineering risks inherent to underground and open-pit mining and zinc smelting, including process safety events, equipment failures and fires at smelting facilities; tailings storage facility integrity and management; community opposition, social license disruptions and blockades affecting access to our operations; labor disputes and relations with our workforce and with local communities; cybersecurity incidents and disruptions to information technology systems; execution risk on capital projects, and the risk that capital projects are not completed within expected timelines or budgets; political, regulatory, fiscal and institutional developments in Peru, Brazil and Luxembourg, and broader geopolitical developments, including trade restrictions, tariff changes and policy shifts affecting cross-border commerce, supply chains and capital markets; permitting, environmental regulation, and changes in mining legislation, taxation or government policies; physical climate risk, including the increasing severity and frequency of weather events, and transition risks associated with the global energy transition and decarbonization, including the risk of failing to meet announced sustainability and emissions targets; outbreaks of contagious or infectious diseases, pandemics, or other public health crises; the activities of competitors and global and regional economic conditions; and risks relating to ongoing or future regulatory matters or investigations involving the Company, its operations or customers; uncertainties regarding the outcome, timing and terms of any potential transaction involving the Company's controlling shareholder, including any related arrangements involving the Company; and any related impacts on our financial statements. Certain forward-looking statements are based on third-party data and market forecasts, which may not be accurate or current. Nexa does not guarantee such external data and assumes no obligation to update it except as required by law. Material factors and assumptions on which our forward-looking statements are based include, among others: that demand for our products develops as expected; that customers and counterparties perform their contractual obligations; that operations are not disrupted by mechanical failures, supply constraints, labor disturbances, transportation or utility interruptions or adverse weather; that capital projects are executed within expected timelines and budgets; and that there are no material adverse variations in metal prices, exchange rates, or the cost of energy, supplies or transportation, nor material differences between estimated mineral reserves and mineral resources and actual recovered amounts, beyond those reflected in any specific assumptions disclosed in the materials accompanying this document. Forward-looking statements speak only as of the date on which they are made, and Nexa undertakes no obligation to update or revise any forward-looking statement, except as required by applicable law. Further information regarding risks and uncertainties associated with these forward-looking statements, and the assumptions, parameters and methods used to estimate our mineral reserves and mineral resources under National Instruments 43-101, can be found in Nexa’s annual report on Form 20-F and in other public disclosures available on our website and filed with the SEC on EDGAR (www.sec.gov), with the Canadian Securities Administrators on SEDAR+ (www.sedarplus.ca). Nexa’s management uses non-IFRS measures such as Adjusted EBITDA, cash cost net of by- products, all in sustaining cash cost net of by-products, among other measures, for internal planning and performance measurement purposes. We believe these measures provide useful information about the financial performance of our operations that facilitates period-to-period comparisons on a consistent basis. Management uses Adjusted EBITDA internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Management believes that Adjusted EBITDA is a useful measure of our performance because it reflects our cash generation potential from our operational activities excluding impairment of non-current assets and other miscellaneous adjustments, if any. These measures should not be considered in isolation or as a substitute for profit (loss) or operating profit, as indicators of operating performance, or as alternatives to cash flow as measures of liquidity. Additionally, our calculation of Adjusted EBITDA may be different from the calculation used by other companies, including our competitors in the mining industry, so, our measures may not be comparable to those of other companies.
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Highlights 2Q26 (1) Refer to “Use of Non-IFRS Financial Measures” for further information. Adjusted EBITDA excludes items presented in the “Net Income reconciliation to Adjusted EBITDA” section of our earnings release; (2) Net Leverage ratio (Net debt/ LTM Adjusted EBITDA). Key Operational Results Key Financial Results Net Revenues (US$) 908 mm +2% vs. 1Q26 +28% vs. 2Q25 Adjusted EBITDA1 (US$) 286 mm +1% vs. 1Q26 +78% vs. 2Q25 Net Leverage² 1.4x -0.2x vs. 1Q26 -0.9x vs. 2Q25 Free Cash Flow (US$) (10) mm 115 mm vs. 1Q26 (28) mm vs. 2Q25 (1) Refer to “Use of Non-IFRS Financial Measures” for further information. Adjusted EBITDA excludes items presented in the “Net Income reconciliation to Adjusted EBITDA” section of our earnings release; (2) Net Leverage ratio (Net debt/ LTM Adjusted EBITDA). Total Zinc Sales (smelting) 134kt -8% vs. 1Q26 -7% vs. 2Q25 Resilient price scenario, by-product contribution, and evolving operational performance drove robust results: Net income US$98 million | EPS US$0.52 Zinc Production (mining) 79kt 0% vs. 1Q26 +8% vs. 2Q25 | 3
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US$56.7/t vs. 1Q26 vs. 2Q25 (1) Our Cost ROM is measured against treated ore volume. Our cash cost net of by-products credits is measured against zinc sold per mine. Operating Performance | Mining Segment Zinc Production (kt) Zn Production וStable QoQ: recovery of Peruvian operations offset impact of scheduled maintenance and 4th filter commissioning at Aripuanã. וUp YoY: Higher grades and improved performance at Aripuanã. 74 79 79 2Q25 1Q26 2Q26 Cerro Lindo El Porvenir Atacocha Vazante Aripuanã Consolidated Costs Cash cost net of by-products¹ 2026 Guidance US$(0.35)/lb 1H26 0.08 (0.11) Upper Range Lower Range 1H26 Below guidance Cost ROM1 US$57.1/t 1H26 2026 Guidance 49.5 57.2 1H26 In line with guidance Net Revenues US$524 mm Adj. EBITDA US$220 mm Adj. EBITDA Mrg. 42% US$0.04/lb vs. 1Q26 vs. 2Q25 | 4 Financial Highlights 2Q26 +8% 141 159 1H25 1H26 +13%
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2Q26 PerformanceAripuanã Outlook: higher throughput and plant utilization enabled by expanded filtration capacity → production expected to increase in 2H26 1 2 3 Highlights: 4th tailings filter commissioning and start-up concluded. Scheduled maintenance: ball mill liner replacement 2H26 Exploration: geophysical program to refine targets, expand mineralization, and identify new opportunities4 Treated ore: 399kt Zn production: 8.8kt LOADING… Ramp up began 1st Commercial sale Ramp up concluded Fully operational 4th filter arrival and installation has commenced 4th filter installation and commissioning July 2022 July 2024 2H25 1H26 Incremental capacity 2H26 100% Ongoing Achieved | 5 vs. 2Q25+33% +44% A Long-life Asset Delivering Steady Improvements 4th tailings filter Video Link
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Phase I Execution 2Q26 | Cerro Pasco Integration Execution making steady progress. Project's long-term configuration reviewed 1Q26 Retaining wall completed. Civil works and structural assembly for the pump building underway. 2Q26 Civil works completed; start of electromechanical assembly, incl. tailings thickener; pump building structural assembly concluded. 3Q26 Completion of main equipment assembly and start of pre- commissioning and commissioning. 4Q26 Mechanical completion of the tailings pumping system (Dec/26); commissioning advancing. | 6 Cerro Pasco Integration Project: view of the Tailings Pumping System construction site, including the Tailings Thickener and Pump Station. וATA open-pit operation extension: sustaining production levels for longer, enabling the deferral of Phase II Capex. וCapEx revision drivers: early expansion of tailings and waste storage capacity, inclusion of geomembrane lining as a proactive de-risking measure, and engineering updates. וTotal CapEx: ~US$138M → US$180M (2026 Capex of US$31M unchanged) וSchedule: וTailings pumping system completion: 1Q27 (previously: 4Q26). Start in early 3Q27 וPhase II completion: 2032 (previously: 2029) Scope & CapEx Update וATA TSF raising: 4131 level וTailings Pumping System EP (65% overall progress) 1Q27 Tailings pumping system completion. Start of the operating- authorization process. Expected approval of MEIAs by SENACE. וATA TSF raising: 4155 (construction in 2027-28)¹ (1) Investment anticipated to Phase I; Construction to start after MEIA approval.
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1H26 | Exploration Cerro Lindo: Meters Drilled1: 35,372 Infill drilling to enhance resource confidence. ~37,832m planned in 2H26. Focus: expand known ore bodies. Vazante Meters Drilled1: 34,003 Conexão Sucuri Norte: 5.1m @ (13.93% Zn, 0.26% Pb and 9.09 g/t Ag). Focus: expand mineralized zones near the mine. Aripuanã: Meters Drilled1: 23,854 No exploration drilling in 1H26. Geophysical program and ~5,000m exploration drilling planned for 2H26. Focus: identify new opportunities and expand known mineralization. Cerro Pasco Complex: Meters Drilled1: 21,828 (El Porvenir) Integración: 64.7m @ (6.33% Zn, 2.71% Pb, 0.09% Cu, 502.08 g/t Ag and 0.30 g/t Au), including 19.0m @ (12.39% Zn, 4.39% Pb, 0.12% Cu, 494.11 g/t Ag, and 0.49 g/t Au). Focus: Integración target. | 7 (1) Includes: exploration and infill drilling in 1H26. Encouraging results across core operating districts and a diversified growth pipeline.
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275 281 1H25 1H26 +2% US$0.36/lb vs. 1Q26 vs. 2Q25 US$1.44/lb vs. 1Q26 vs. 2Q25 (1) Our conversion cost and cash cost net of by-products credits are measured based on zinc sold. Operating Performance | Smelting Segment Total Sales | Zn Metal + Oxide (kt) Consolidated Costs 145 147 134 2Q25 1Q26 2Q26 -8% US$1.42/lb 1H261.34 2026 Guidance 1.15 US$0.35/lb 1H26 2026 Guidance 0.31 0.34 Cajamarquilla Três Marias Juiz de Fora Upper Range Lower Range Cash cost net of by-products¹ Conversion Cost1 1H26 above upper end of guidance Zn (metal + oxide) sales וDown QoQ and YoY: impacted by Cajamarquilla fire incident, partially offset by higher volumes from Brazilian smelters. | 8 1H26 above upper end of guidance Financial Highlights 2Q26 Net Revenues US$584 mm Adj. EBITDA US$66 mm Adj. EBITDA Mrg. 11% 145 153 152 Sulfuric Acid (kt) 2Q25 1Q26 2Q26 384 427 468 Silver Content (koz) 2.0 1.7 2.8 Copper Cement (kt) 1H26: 304kt +9% vs. 1H25 1H26: 895koz +11% vs. 1H25 1H26: 4.6kt +40% vs. 1H25 Consolidated Sales | By-products
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708 888 908 2Q25 1Q26 2Q26 +2% 2,641 3,241 3,466 286 569 1H25 1H26 +99% 21% 32% 1,336 1,796 1H25 1H26 +34% 2,741 3,351 Adjusted EBITDA2 (US$ million) LME Zinc Prices (US$/t) 2Q26 | Consolidated Financial Results (1) Includes intersegment results; (2) Adjusted EBITDA excludes the items presented in the “Net Income (Loss) reconciliation to Adjusted EBITDA” section of our earnings release – US$24 million in 2Q26, US$24 million in 2Q25 and US$(3) million in 1Q26. Net Revenues1 (US$ million) Adj. EBITDA Margin 161 283 286 2Q25 1Q26 2Q26 +1% 23% 32% 31% 2Q26 Adj. EBITDA +1% (vs. 1Q26) +78% (vs. 2Q25) Adj. EBITDA Margin 31% (vs. 32% in 1Q26) 2Q26 Net Revenues +2% (vs. 1Q26) +28% (vs. 2Q25) • QoQ: resilient prices and higher mining sales volumes, partially offset by lower smelting sales volumes. • YoY: stronger by-products contribution and higher Zn, Cu and Ag prices | 9 • QoQ: lower raw material and unit costs. • YoY: stronger by-product contribution and higher zinc prices.
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Mineral Exploration and Project Evaluation Capex 8 (6) 27 7 89 43 122 72 129 44 5 2026 Guidance 1H26 381 160 (1) Modernization, innovation, energy, other investments. Along with capitalized interest, advance payments for imported materials, tax credits and differences between accrual and cash basis accounting, which reconcile capital expenditures presented in this release to the amounts reported in our condensed consolidated interim financial statements; (2) Exploration mine development refers to the “secondary” development to support exploration program. 2Q26 | Investments (US$ million) (US$ million) Expansion Projects Sustaining Mine Development Tailings Storage Facilities 18 5 11 8 8 2 49 18 2026 Guidance 1H26 86 Mineral exploration Mineral rights Exploration (mine development)² Project Evaluation וUS$160 million invested in 1H26 וUS$89 million in 2Q26 ו2026 guidance unchanged וUS$33 million in 1H26 וUS$17 million in 2Q26 ו2026 guidance unchanged | 10 33 HS&E Others¹
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(1) Adjustments to reconcile Adjusted EBITDA to cash provided by operations; (2) CapEx recorded under investing activities in our condensed consolidated interim financial statements is presented on a cash basis, while the amount presented in the "Capital Expenditures (CapEx)" section of this earnings release is on an accrual basis.; (3) Foreign exchange effects on cash and cash equivalents; (4) Dividends paid to non-controlling interests (Pollarix and Nexa Peru) and Dividends received in cash from associates; (5) Breakdown available in the Financial Statements “Consolidated statement reported of cash flows”, excluding Tax settlement payment of approximately US$131 million; (6) Tax settlement payment refers to a cash disbursement made during the quarter following the final resolutions issued by Peru's tax authority ("SUNAT") in May 2026. The payment was made to preserve Nexa's right to continue challenging the assessments before the competent judicial authorities, while benefiting from a reduction in penalties and interest. 2Q26 | Free Cash Flow 2Q26: Strong cash from Ops. FCF Bottom-line reflecting the impact of tax settlement payment. FCF before tax settlement payment = US$ 120 million. | 11 (US$ million) 286 2860 (92) (93) (3) (22) (4) 48 120 (131) (10) Operating cash flow before working capital Capex (2) FCF before Tax settlement payment Adjusted EBITDA Other non- operational (1) FX (3)Interest paid and Taxes New loans and Debt Repayment (Net) Working Capital & Other Variations (excl. tax settlement) (5) FCFTax settlement payment (6) Avg prices: Zn (US$/t): 3,466 / Cu (US$/t): 13,329 / Pb (US$/t): 1,954 Ag (US$/oz): 73.1 / Au (US$/oz): 4,506 Total Working Capital & Other Variations: US$(82) million Dividends paid/received (Net) (4)
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387 82 51 109 142 16 9 7 8 8 111 600 500 Cash 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 & Onwards 320 707 182 608 530RCF (1) Total Cash (2) Net Debt(4)/LTM Adj. EBITDA 1,515 1,479 1,303 1,481 1,476 2.3x 2.2x 1.7x 1.6x 1.4x 2Q25 3Q25 4Q25 1Q26 2Q26 Rating BBB- BBB- Ba2 Outlook / Watch Stable CreditWatch Negative Stable Rating Agencies Note: (1) 5 yrs sustainability-linked US$320 million Revolving Credit Facility effective on October 20, 2023; (2) Cash, cash equ ivalents and financial investments; (3) Including the RCF; (4) Net Debt, as defined as, Gross debt (US$1,750 million) minus cash and cash equivalents (US$380 million), minus financial investments (US$7 million), minus negative derivatives (US$20 million), plus Le ase Liabilities (US$133 million). It does not include the financial instrument related to the offtake agreement. 2Q26 | Liquidity, Indebtedness and Credit Rating Debt profile (as of Jun 30, 2026). Long-term avg. debt maturity: 7.0 years @6.22% avg. cost Solid Liquidity (3) US$707 mm Net Debt US$1,476 mm Net leverage 1.40x Bonds Outstanding Debt amortization schedule (US$ million) Gross debt: US$1,750 | 12 Investment Grade
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(1) Based on daily prices until June 30, 2026, as reported by the London Metal Exchange . Zinc and Copper Markets Zinc LME price evolution1 (US$/t) Apr/25 Jun/26 Copper LME price evolution1 (US$/t) | 13 Zinc: Strong fundamentals and geopolitical risks continue to support prices. Zn LME up 31% y-o-y, averaging US$3,466/t in 2Q26 וSmelter margins remain compressed: spot TCs in China fell further into negative territory, ending the quarter at -US$109 CIF/t. By-products, particularly sulfuric acid, remain the key cushion. Outlook: וPrices supported by tight concentrate supply, low exchange inventories, and modest but resilient demand. וPersistent TC pressure on smelter margins; Nexa benefits as a net producer of sulfuric acid. וGeopolitical uncertainty could pressure energy costs globally, potentially constraining smelter utilization and tightening refined supply. Copper: Fundamentals remain robust. U.S. tariff expectations support prices. Cu LME up 40% y-o-y, averaging US$13,329/t in 2Q26 Spot TC/RCs structurally negative, reflecting a persistent concentrate deficit. Sulfuric acid supply availability could be a risk. Outlook: וNear-term volatility from U.S. trade policy and inventory dynamics. וStructural fundamentals remain constructive long-term, supported by electrification, energy transition and decarbonization. Apr/25 Jun/26 2Q25 avg. 2,641 2Q26 avg. 3,466 2Q25 avg. 9,524 2Q26 avg. 13,329
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Silver: reached US$86.8/oz in May before retracing וFundamentals shifting consultants project a more balanced silver market, supported by increased production and substitution across selected applications. וWeaker expectations for further Fed rate cuts, amid persistent inflation and geopolitical instability, added price volatility. Nexa’s Exposure: וAnnual silver production of 11MMoz, positioning Nexa as a significant silver producer. וSince May 2026, Cerro Lindo’s silver streaming agreement stepped down from 65% to 25%, increasing the share of production realized at spot prices, contributing to stronger cash generation. Gold rally moderated in 2Q26, averaging US$4,506/oz וSupported by Middle East tensions and persistent U.S. inflation, while expectations that the Fed easing cycle had run its course moderated momentum. Outlook: וBoth metals continue to provide diversification to Nexa’s polymetallic portfolio. Silver and Gold Markets (1) Based on daily prices until June 30, 2026, as reported by the LBMA – London Bullion Market Association. Silver LBMA price evolution1 (US$/oz) Gold LBMA price evolution1 (US$/oz) Apr/25 Jun/26 | 14 Apr/25 Jun/26 2Q25 avg. 33.7 2Q26 avg. 73.1 2Q25 avg. 3,280 2Q26 avg. 4,506
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ESG 2Q26 Highlights & Strategic Governance Safety & Community Engagement וStrengthened safety controls and reduced personnel exposure, with remote-operated underground blasting and the start of block caving at Cerro Lindo. וCommunity investments across Brazil and Peru, including health campaigns and education initiatives. וLaunch of a 24/7 Community Contact Channel and permanent housing delivered for older adults in Peru's Topará Valley (Cerro Lindo). Innovation & Circular Economy וCircular economy projects advancing to commercialization: pyrite into sulfuric acid, Waelz Aggregate for road paving, and industrial residues into agricultural inputs. וArtificial intelligence deployed in operations: AI flotation project at Vazante to optimize plant processes, and AI process-control model at Cajamarquilla targeting greater stability and higher silver recovery. Industry Leadership & Governance וGovernance risk strengthened under the ERM framework, with enhanced advisory- committee review and governance tools. וTailings management advanced through internal GISTM workshops and industry engagement, reinforcing alignment with international best practices. וGold Seal of the Brazilian GHG Protocol Program awarded for the 2025 GHG inventory. וIndustry recognition: hosted Zinc College 2026 and received the 28th Mining & Metallurgical Industry Excellence Award(Aripuanã and Vazante teams). | 15
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Strategic Catalysts & Our Focus and Priorities 3 Mineral Exploration וCerro Pasco, Cerro Lindo & Vazante: continued success in extending LoM. 1 Aripuanã ו4th tailings filter commissioned and operational: unlock full production to enhance cash generation. וLoM1 = 15y (reserves)²; 25y+ (resources)³. 2 Cerro Pasco Integration Project וWell-known, high potential polymetallic district. וStrengthens our integrated position. 4 Growth וActively looking for opportunities in mining-friendly jurisdictions. Active ESG strategy Tracking progress on public commitments, advancing our journey toward more sustainable mining. Financial and operational discipline Prioritizing sustainable cash flow generation supported by operational discipline. Strengthening balance sheet Gross debt reduction strategy to boost financial flexibility. Balanced capital allocation, including shareholder returns via dividends. (1) LoM = Life of Mine; (2) LoM based on current Mineral Reserves and Mineral Resources inventory as of Dec. 31, 2025, considering the updated LoM plan; (3) Considering 15 yrs of Mineral Reserves + 50% of the inferred Mineral. Resources as of Dec. 31, 2025. | 16
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Thank you! IR Contact: ir@nexaresources.com https://ir.nexaresources.com