Nexa Resources: Nexa Reports 2Q26 Net Income of US$98 Million and Adjusted EBITDA of US$286 Million
Nexa Resources S.A. (NYSE: NEXA) reported 2Q26 net income of US$98 million versus US$13 million in 2Q25 and US$118 million in 1Q26. Adjusted EBITDA rose 78% year over year to US$286 million, with net revenues up 28% to US$908 million. The company cited higher zinc prices, improved mining performance, Aripuanã tailings filter commissioning, and a Cerro Lindo silver streaming stepdown effective May.
How this was made
The 30-second read
Why it matters
2Q26 shows strong year-over-year EBITDA growth and improved leverage, with multiple operational milestones (tailings filter commissioning, block caving startup) and a May-effective silver streaming stepdown that should support future cash generation. Offsets include copper output declines and temporary smelting/sales weakness from the Cajamarquilla fire, with volume recovery expected in 2H26.
Market read
Traders can update near-term valuation drivers using the disclosed 2Q26 EBITDA, net leverage improvement, and the May-effective streaming stepdown, while monitoring segment offsets from copper weakness and Cajamarquilla recovery.
What to watch
The Cerro Pasco Integration Project CAPEX estimate increased to $180M (with incremental spend pushed to later years), which could pressure future free cash flow even if 2026 guidance is unchanged.
Background
Nexa is a zinc-focused integrated producer with Peru and Brazil operations, plus a silver streaming arrangement tied to Cerro Lindo output.
Ticker impact
Nexa reported 2Q26 net income of $98M and adjusted EBITDA of $286M, plus operational updates at Aripuanã and Cerro Lindo.
Near-term bias higher as investors price in improved EBITDA and lower future streaming drag, offset by ongoing copper output declines and Cajamarquilla fire recovery.
The article provides fresh quarterly financials, a specific streaming stepdown effective May, and commissioning/startup milestones that can change forward cash flow expectations. However, it also flags copper production declines and smelting/sales weakness tied to Cajamarquilla, limiting upside conviction.
Market effects
Zinc producer read-through: tighter concentrate markets and integrated feed/by-product credits are highlighted as buffers, reinforcing the importance of cost and by-product economics for peers.
Peru and Brazil operational recovery (Peruvian ore treatment normalization, Cajamarquilla restoration) can influence regional supply expectations for zinc concentrates and silver by-products.
Streaming stepdown and commissioning progress affect global cash-cost narratives for base metals producers, but the impact is company-specific rather than a broad macro catalyst.
Counterpoint
Despite higher EBITDA, copper production fell sharply and smelting sales declined due to Cajamarquilla suspension, so the quality of earnings may be mixed across metals and segments.
Key entities
- companyNexa Resources S.A.
Reported 2Q26 financial results, operational milestones, and a Cerro Lindo silver streaming stepdown effective May.
- assetCerro Lindo
Silver streaming agreement stepdown reduced streamed share from 65% to 25% effective May; block caving startup began late 2Q26.
- assetAripuanã
Commissioned fourth tailings filter and ended June at 86% average capacity utilization.
- assetCajamarquilla
Operations returned to normal levels in June after the May fire; smelting sales were temporarily suspended.
- projectCerro Pasco Integration Project
Phase I advanced to electromechanical assembly; total estimated CAPEX for the project increased from $138M to $180M.
