Nexa Resources S.A. Q1 FY2026 earnings call

• First quarter 2026 was strong with adjusted EBITDA more than doubling to $283 million, net income $118 million, net leverage at 1.59x. • Driven by constructive price environment, higher sales volumes, improved operating performance. • Challenges like heavy rainfall, blockades impacted Peruvian production but resolved. • Aripuana production record, exploration at Massaranduba encouraging. • Cerro Pasco integration project Phase 1 on schedule. • Smelting segment sales up, Brazilian units recovering production. • CapEx of $72 million in first quarter, reaffirm 2026 CapEx guidance of $381 million. • Exploration and project evaluation investment of $16 million, reaffirm full year guidance of $86 million

Mining Segment: Net revenues of $460 million, adjusted EBITDA of $231 million, 50% EBITDA margin. Zinc production reached 79,000 tonnes, up 18% year-over-year. Cash cost net of byproducts was negative $0.76 per pound. Aripuana produced 13,000 tonnes of zinc, a quarterly record. Cerro Pasco integration project Phase 1 on schedule. Smelting Segment: Zinc metal and oxide sales totaled 147,000 tonnes, up year-over-year and quarter-over-quarter. Net revenues $609 million, adjusted EBITDA $51 million, 8% margin. Cash cost net of byproducts $1.40 per pound, conversion cost $0.34 per pound

• Expect free cash flow to unwind over coming quarters, strong free cash flow generation in 2026. • Reaffirm 2026 CapEx guidance of $381 million, exploration and project evaluation guidance of $86 million. • Aim to maintain net leverage below 1.7x throughout 2026. • Silver streaming step down to impact cash generation, expected to accelerate debt reduction

• Heavy rainfall at Cerro Lindo, illegal community blockade at Atacocha, shaft constraint at El Porvenir impacted Peruvian production. • Smelter margins compressed due to low TC levels. • Regulatory approval timing for El Porvenir and Atacocha could potentially delay project timelines

Q: Regarding Cerro Pasco integration project and smelting segment results.

A: Cerro Pasco permits expected in first quarter 2027, smelting segment improving with operational improvements.

Q: Lower silver stream at Cerro Lindo and capital allocation.

A: Extra revenue from lower stream will help accelerate debt reduction, consistent with capital allocation strategy.

Q: Leverage target and CapEx plan.

A: Aim for net leverage near 1x, reaffirm CapEx guidance, capital allocation not changed by silver stream.

Q: Peruvian government licensing and M&A.

A: Not comment on rumors, active on growth opportunities, M&A to fit with deleveraging.

Q: Cerro de Pasco integration Phase 2.

A: Evaluation ongoing, expect update in second half of year, permits for Phase 2 already covered by existing approvals