NEXA 6-K
Nexa Resources S.A. (NEXA)
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the Month of August 2026
Nexa Resources S.A.
(Exact Name as Specified in its Charter)
N/A
(Translation of Registrant’s Name)
37A, Avenue J.F. Kennedy
L-1855, Luxembourg
Grand Duchy of Luxembourg(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
| Form 20-F X | Form 40-F |
|---|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
| Yes | No X |
|---|
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: August 05, 2026
| Nexa Resources S.A. |
|---|
| By:/s/ José Carlos del Valle<br><br>Name: José Carlos del Valle |
| Title: Senior Vice President of Finance and Group Chief Financial Officer |
EXHIBIT INDEX
| Exhibit | Description of Exhibit |
|---|---|
| 99.1 | Financial Statements at June 30, 2026 |
Nexa Resources S.A.
Condensed consolidated interim financial statements (Unaudited)
at and for the three and six-month
periods ended on June 30, 2026
Contents
Condensed consolidated interim financial statements
Notes to the condensed consolidated interim financial statements
| 1 General information | 9 | |||||
|---|---|---|---|---|---|---|
| 2 Information by business segment | 11 | |||||
| 3 Basis of preparation of the condensed consolidated interim financial statements | 13 | |||||
| 4 Net revenues | 14 | |||||
| 5 Expenses by nature | 14 | |||||
| 6 Other income and expenses, net | 16 | |||||
| 7 Net financial results | 17 | |||||
| 8 Current and deferred income tax | 18 | |||||
| 9 Financial instruments | 21 | |||||
| 10 Other financial instruments | 22 | |||||
| 11 Inventory | 24 | |||||
| 12 Other assets and other liabilities | 25 | |||||
| 13 Property, plant and equipment | 26 | |||||
| 14 Intangible assets | 27 | |||||
| 15 Right-of-use assets and lease liabilities | 27 | |||||
| 16 Loans and financings | 28 | |||||
| 17 Asset retirement, restoration and environmental obligations | 29 | |||||
| 18 Impairment of long-lived assets | 30 | |||||
| 19 Long-term commitments | 30 | |||||
| Nexa Resources S.A .<br><br>Condensed consolidated interim income statement<br><br>Unaudited<br><br>Periods ended on June 30<br><br>All amounts in thousands of US Dollars | |
|||||
| --- | --- | |||||
| Three-month<br>period ended | Six-month<br>period ended | |||||
| --- | --- | --- | --- | --- | --- | --- |
| Note | 2026 | 2025 | 2026 | 2025 | ||
| Net<br>revenues | 4 | 907,935 | 708,422 | 1,796,256 | 1,335,537 | |
| Cost<br>of sales | 5 | (650,772) | (575,884) | (1,266,947) | (1,076,436) | |
| Gross<br>profit | 257,163 | 132,538 | 529,309 | 259,101 | ||
| Operating<br>expenses | ||||||
| Selling,<br>general and administrative | 5 | (42,960) | (32,658) | (83,573) | (67,768) | |
| Mineral<br>exploration and project evaluation | 5 | (17,796) | (17,111) | (33,927) | (33,063) | |
| Impairment<br>reversal (loss) of long-lived assets | 18 | (531) | (1,982) | 820 | (2,279) | |
| Other<br>income and expenses, net | 6 | (20,546) | (20,856) | (29,106) | (42,100) | |
| (81,833) | (72,607) | (145,786) | (145,210) | |||
| Operating<br>income | 175,330 | 59,931 | 383,523 | 113,891 | ||
| Results<br>from associates’ equity | ||||||
| Share<br>in the results of associates | 6,189 | 4,441 | 12,277 | 9,303 | ||
| 6,189 | 4,441 | 12,277 | 9,303 | |||
| Net<br>financial results | 7 | |||||
| Financial<br>income | 39,588 | 6,084 | 48,868 | 14,940 | ||
| Financial<br>expenses | (60,496) | (73,273) | (115,420) | (128,458) | ||
| Other<br>financial items, net | 13,082 | 39,328 | 48,434 | 85,057 | ||
| (7,826) | (27,861) | (18,118) | (28,461) | |||
| Income<br>before tax | 173,693 | 36,511 | 377,682 | 94,733 | ||
| Income<br>tax (expense) benefit | 8<br>(a) | (75,821) | (23,222) | (161,759) | (52,716) | |
| Net<br>income for the period | 97,872 | 13,289 | 215,923 | 42,017 | ||
| Attributable<br>to NEXA's shareholders | 68,605 | 1,083 | 157,911 | 12,932 | ||
| Attributable<br>to non-controlling interests | 29,267 | 12,206 | 58,012 | 29,085 | ||
| Net<br>income for the period | 97,872 | 13,289 | 215,923 | 42,017 | ||
| Weighted<br>average number of outstanding shares – in thousands | 132,439 | 132,439 | 132,439 | 132,439 | ||
| Basic<br>and diluted earnings per share – USD | 0.52 | 0.01 | 1.19 | 0.10 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Statement of comprehensive income
| Three-month<br>period ended | Six-month<br>period ended | |||||
|---|---|---|---|---|---|---|
| Note | 2026 | 2025 | 2026 | 2025 | ||
| Net<br>income for the period | 97,872 | 13,289 | 215,923 | 42,017 | ||
| Other<br>comprehensive income (loss), net of income tax - items that can be reclassified to the income statement | ||||||
| Cash<br>flow hedge accounting | 10<br>(c) | 6,687 | 2,036 | 7,370 | 2,068 | |
| Deferred<br>income tax | 8<br>(b) | (1,965) | (1,097) | (2,164) | (1,141) | |
| Translation<br>adjustment of foreign subsidiaries | 8,092 | 35,798 | 59,744 | 83,431 | ||
| 12,814 | 36,737 | 64,950 | 84,358 | |||
| Other<br>comprehensive income (loss), net of income tax - items that cannot be reclassified to the income statement | ||||||
| Changes<br>in fair value of financial liabilities related to changes in the Company’s own credit risk | 16<br>(c) | (751) | (736) | (942) | 161 | |
| Deferred<br>income tax | 8<br>(b) | 254 | 250 | 319 | (56) | |
| Changes<br>in fair value of investments in equity instruments | 381 | (141) | (532) | (2,411) | ||
| (116) | (627) | (1,155) | (2,306) | |||
| Other<br>comprehensive income for the period, net of income tax | 12,698 | 36,110 | 63,795 | 82,052 | ||
| Total<br>comprehensive income for the period | 110,570 | 49,399 | 279,718 | 124,069 | ||
| Attributable<br>to NEXA’s shareholders | 80,196 | 34,061 | 218,281 | 88,329 | ||
| Attributable<br>to non-controlling interests | 30,374 | 15,338 | 61,437 | 35,740 | ||
| Total<br>comprehensive income for the period | 110,570 | 49,399 | 279,718 | 124,069 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
| 7 of 30 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Nexa Resources S.A .<br><br>Condensed consolidated interim statement of changes in shareholder’s<br>equity<br><br>Unaudited<br><br>For the six-month periods ended on June 30<br><br>All amounts in thousands of US Dollars | |
|||||||
| --- | --- | |||||||
| Capital | Share<br>premium | Additional<br>paid in capital | Retained<br>earnings (cumulative deficit) | Accumulated<br>other comprehensive loss | Total<br>NEXA’s shareholders | Non-controlling<br>interests | Total<br>shareholders’ equity | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| At<br>January 1, 2026 | 132,438 | 999,229 | 1,245,418 | (1,107,851) | (266,300) | 1,002,934 | 286,629 | 1,289,563 |
| Net<br>income for the period | - | - | - | 157,911 | - | 157,911 | 58,012 | 215,923 |
| Other<br>comprehensive income for the period | - | - | - | - | 60,370 | 60,370 | 3,425 | 63,795 |
| Total<br>comprehensive income for the period | - | - | - | 157,911 | 60,370 | 218,281 | 61,437 | 279,718 |
| Dividends<br>distribution to non-controlling interests - note 1.1 (a) | - | - | - | - | - | - | (42,235) | (42,235) |
| Share<br>premium distribution to NEXA’s<br>shareholders – USD 0.13 per share - note 1.1 (a) | - | (17,500) | - | - | - | (17,500) | - | (17,500) |
| Total<br>contributions by and distributions to shareholders | - | (17,500) | - | - | - | (17,500) | (42,235) | (59,735) |
| At<br>June 30, 2026 | 132,438 | 981,729 | 1,245,418 | (949,940) | (205,930) | 1,203,715 | 305,831 | 1,509,546 |
| Capital | Share<br>premium | Additional<br>pay in capital | Retained<br>earnings (cumulative deficit) | Accumulated<br>other comprehensive loss | Total<br>NEXA’s shareholders | Non-controlling<br>interests | Total<br>shareholders’ equity | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| At<br>January 1, 2025 | 132,438 | 1,012,629 | 1,245,418 | (1,240,990) | (335,565) | 813,930 | 246,363 | 1,060,293 |
| Net<br>income for the period | - | - | - | 12,932 | - | 12,932 | 29,085 | 42,017 |
| Other<br>comprehensive income for the period | - | - | - | - | 75,397 | 75,397 | 6,655 | 82,052 |
| Total<br>comprehensive income for the period | - | - | - | 12,932 | 75,397 | 88,329 | 35,740 | 124,069 |
| Dividends<br>distribution to non-controlling interests | - | - | - | - | - | - | (27,206) | (27,206) |
| Capital<br>contribution of non-controlling interest to subsidiary | - | - | - | - | - | - | 1,864 | 1,864 |
| Effects<br>of transactions with non-controlling interest in subsidiary | - | - | - | 1,005 | - | 1,005 | (1,016) | (11) |
| Share<br>premium distribution to NEXA’s<br>shareholders – USD 0.10 per share | - | (13,400) | - | - | - | (13,400) | - | (13,400) |
| Total<br>contributions by and distributions to shareholders | - | (13,400) | - | 1,005 | - | (12,395) | (26,358) | (38,753) |
| At<br>June 30, 2025 | 132,438 | 999,229 | 1,245,418 | (1,227,053) | (260,168) | 889,864 | 255,745 | 1,145,609 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Nexa Resources S.A. (“NEXA” or “Parent Company”) is a public limited liability company (société anonyme) incorporated and domiciled in the Grand Duchy of Luxembourg. Its shares are publicly traded on the New York Stock Exchange (“NYSE”).
The Company’s registered office is located at 37A, Avenue J. F. Kennedy in the city of Luxembourg in the Grand Duchy of Luxembourg.
NEXA and its subsidiaries (the “Company”) operate large-scale, mechanized underground and open pit mines, as well as smelters. The Company owns and operates three polymetallic mines in Peru and two polymetallic mines in Brazil. Additionally, the Company owns and operates a zinc smelter in Peru and two zinc smelters in Brazil.
NEXA’s majority shareholder is Votorantim S.A. (“VSA”), which holds 64.68% of its equity. VSA is a Brazilian privately-owned industrial conglomerate that holds ownership interests in metal, steel, cement, and energy companies, among others.
1.1 Main events for the six-month period ended on June 30, 2026
| (a) | Dividends distribution and share premium reimbursement |
|---|
NEXA
On June 25, 2026, the Company's Annual General Meeting approved the reimbursement of share premium to shareholders in an aggregate amount of approximately USD 17,500, equivalent to USD 0.132136 per common share, in accordance with the dividend policy effective since January 2025. The reimbursement will be paid on August 11, 2026, to shareholders of record as of July 28, 2026. As the distribution had been approved by the shareholders before the reporting date, the Company recognized a liability related to this reimbursement as of June 30, 2026.
Nexa Peru
On May 15, 2026, Nexa Peru approved dividends related to prior year, totaling USD 100,000, payable in two equal installments of USD 50,000 each, based on each shareholder’s ownership percentage as of the payment date. Nexa CJM is entitled to receive USD 82,432 for its shares, NEXA USD 179, and the non-controlling interest USD 17,389.
The first installment was paid on June 16, 2026, resulting in a payment of USD 8,724 to the non-controlling interest. The second installment is scheduled to be paid on October 27, 2026.
Pollarix
On January 19, 2026, Pollarix paid dividends related to prior year, totaling USD 31,882 (BRL 167,880). Of this amount, USD 25,324 (BRL 133,345) was paid to non-controlling interests, and USD 6,558 (BRL 34,535) was paid to Nexa BR.
On March 20, 2026, Pollarix’s Management approved, at the Company’s Annual General Meeting, the dividends related to prior earnings totaling USD 14,016 (BRL 73,806), with USD 2,883 (BRL 15,183) allocated to Nexa BR and USD 11,133 (BRL 58,623) allocated to non-controlling interests.
On April 07, 2026, Pollarix paid dividends related to 2025, totaling USD 8,461 (BRL 42,734). Of this amount, USD 6,720 (BRL 33,943) was fully settled to non-controlling interests, while USD 1,741 (BRL 8,791) was paid to Nexa BR.
On June 22, 2026, Pollarix approved a dividend distribution related to the first quarter of 2026, totaling USD 17,265 (BRL 87,198). Of this amount, USD 13,713 (BRL 69,260) was allocated to non-controlling interests and USD 3,552 (BRL 17,938) to Nexa BR.
| 9 of 30 | |
|---|---|
| Nexa Resources S.A .<br><br>Notes to the condensed consolidated interim financial statements<br><br>Unaudited<br><br>Six-month periods ended on June 30<br><br>All amounts in thousands of US Dollars, unless otherwise stated | |
| --- | --- |
Enercan
On April 28, 2026, Enercan’s Board of Directors approved an additional dividend distribution related to the 2025 fiscal year, pursuant to which the Company’s subsidiary, Pollarix, will receive dividends totaling USD 18,542 (BRL 97,636). During the second quarter of 2026, Pollarix received a cash dividend of USD 11,222 (BRL 56,108). The remaining balance of USD 7,320 (BRL 41,528) is expected to be received by December 31, 2026.
| (b) | Tax claim payments |
|---|
In January 2026, the Company paid USD 12,210 in connection with certain uncertain income tax positions in Peru, as explained in note 8 (c). Of this amount, USD 8,319 was recognized as “Tax claim payments” within “Other assets”.
In June 2026, the Company made an additional payment of USD 130,577 in connection with uncertain income tax positions in Peru related to the 2014-2017 tax periods, as explained in note 8 (c). Of this amount, USD 79,009 was recognized as “Tax claim payments” within “Other assets”.
| (c) | New loans and financing operations |
|---|
On March 4, 2026, the Company entered into an Export Prepayment Loan agreement (“ACC”) for a principal amount of USD 40,000, at an annual rate of 4.69%. The loan matures in 6 months and is repayable in a single installment upon submission of the supporting export documentation. Further information regarding this transaction is disclosed in note 16.
| (d) | Silver streaming agreement |
|---|
During the second quarter of 2026, Nexa UK achieved the cumulative delivery commitment of 19.5 million ounces established under the silver streaming arrangement. Consequently, the percentage of silver contained in the concentrates produced by the Cerro Lindo mining unit subject to the streaming arrangement was reduced from 65% to 25%, in accordance with the contractual terms, effective from May 2026.
Upon reaching the contractual threshold, the Company began accounting for the streaming arrangement based on the revised silver delivery percentage. The deferred revenue balance will continue to be recognized prospectively over the remaining term of the agreement.
| (e) | Iran conflict impacts on the Company´s financial statements and operations |
|---|
Ongoing geopolitical tensions involving the United States, Israel, and Iran, have significantly heightened security concerns and increased global economic uncertainty. On June 18, 2026, a Memorandum of Understanding (MOU) between the US and Iran intended to end active hostilities and launch a 60-day negotiation process to work toward a more comprehensive settlement was announced. The MOU has only been partially effective and has been under severe strain. There have been renewed US and Iranian military strikes and no major objectives of the MOU have been achieved.
Consequently, the geopolitical landscape remains uncertain. In this context, Nexa conducted an initial cross-functional assessment, incorporating inputs from Supply Chain, Market Intelligence, Commercial, and Strategic Planning, to monitor potential impacts on energy supply, logistics, and macroeconomic conditions, and to evaluate contingency measures for implementation, if necessary.
As of the date of this report, the Company has not identified any material impacts on its operations, financial condition, or cash flows. However, the Company cannot predict the potential future impact of conflict on its business and operation and continues to closely monitor the situation.
Segment performance is assessed based on Adjusted EBITDA, since net financial results, comprising financial income and expenses and other financial items, and income tax are managed at the corporate level and are not allocated to operating segments.
The Company defines Adjusted EBITDA as follows: net income (loss) for the year/period, adjusted by (i) share in the results of associates, depreciation and amortization, net financial results and income tax; (ii) addition of cash dividends received from associates; (iii) non-cash events and non-cash gains or losses that do not specifically reflect its operational performance for the specific period, such as: gain (loss) on sale of investments; impairment and impairment reversals; gain (loss) on sale of long-lived assets; write-offs of long-lived assets; remeasurement in estimates of asset retirement obligations; and other restoration obligations; and (iv) pre-operating and ramp-up expenses incurred during the commissioning and ramp-up phases of greenfield projects.
In addition, management may adjust the effect of certain types of transactions that in its judgments are (i) events that are non-recurring, unusual or infrequent, and (ii) other specific events that, by their nature and scope, do not reflect NEXA’s operational performance for the year/period.
The Adjusted EBITDA is derived from internal information prepared in accordance with the International Financial Reporting Standards (“IFRS Accounting Standards”) and based on accounting measurements and management reclassifications between income statement lines items, which are reconciled to the consolidated financial statements in the column “Adjustments”, as shown in the tables below. These adjustments include reclassifications of certain overhead costs and revenues from “Other income and expenses, net” to “Net Revenues, Cost of sales and/or Selling”, “General and administrative expenses”.
The Company uses customary market terms for intersegment sales. The Company’s corporate headquarters expenses are allocated to the operating segments to the extent they are included in the measures of performance used by the Chief operating decision maker (CODM).
The presentation of segment results and reconciliation to income before income tax in the consolidated income statement is as follows:
| Three-month<br>period ended | |||||
|---|---|---|---|---|---|
| June<br>30, 2026 | |||||
| Mining | Smelting | Intersegment<br>sales | Adjustments | Consolidated | |
| Net<br>revenues | 524,083 | 584,078 | (202,707) | 2,481 | 907,935 |
| Cost<br>of sales | (319,188) | (534,262) | 202,707 | (29) | (650,772) |
| Gross<br>profit | 204,895 | 49,816 | - | 2,452 | 257,163 |
| Selling,<br>general and administrative | (20,473) | (21,386) | - | (1,101) | (42,960) |
| Mineral<br>exploration and project evaluation | (17,520) | (1,342) | - | 1,066 | (17,796) |
| Impairment<br>loss of long-lived assets | (529) | - | - | (2) | (531) |
| Other<br>income and expenses, net | (22,153) | 4,045 | - | (2,438) | (20,546) |
| Operating<br>(loss) income | 144,220 | 31,133 | - | (23) | 175,330 |
| Depreciation<br>and amortization | 58,951 | 27,338 | - | 39 | 86,328 |
| Miscellaneous<br>adjustments | 16,428 | 7,840 | - | - | 24,268 |
| Adjusted<br>EBITDA | 219,599 | 66,311 | - | 16 | 285,926 |
| Changes<br>in fair value of offtake agreement | (10,399) | ||||
| Impairment<br>reversal of long-lived assets | (531) | ||||
| Loss<br>on sale of property, plant and equipment | (1,582) | ||||
| Asset<br>retirement obligations remeasurement estimate | (904) | ||||
| Change<br>in fair value of energy forward contracts | 370 | ||||
| Dividends<br>received in cash – note 1.1 (a) | (11,222) | ||||
| Miscellaneous<br>adjustments | (24,268) | ||||
| Depreciation<br>and amortization | (86,328) | ||||
| Share<br>in result of associate | 6,189 | ||||
| Net<br>financial results | (7,826) | ||||
| Income<br>before income tax | 173,693 | ||||
| 11 of 30 | |||||
| --- | |||||
| Nexa Resources S.A .<br><br>Notes to the condensed consolidated interim financial statements<br><br>Unaudited<br><br>Six-month periods ended on June 30<br><br>All amounts in thousands of US Dollars, unless otherwise stated | |
||||
| --- | --- | ||||
| Three-month<br>period ended | |||||
| --- | --- | --- | --- | --- | --- |
| June<br>30, 2025 | |||||
| Mining | Smelting | Intersegment<br>sales | Adjustments | Consolidated | |
| Net<br>revenues | 353,325 | 489,491 | (151,051) | 16,657 | 708,422 |
| Cost<br>of sales | (231,293) | (476,803) | 151,051 | (18,839) | (575,884) |
| Gross<br>profit | 122,032 | 12,688 | - | (2,182) | 132,538 |
| Selling,<br>general and administrative | (15,641) | (16,458) | - | (559) | (32,658) |
| Mineral<br>exploration and project evaluation | (16,261) | (805) | - | (45) | (17,111) |
| Impairment<br>loss of long-lived assets | (1,982) | - | - | - | (1,982) |
| Other<br>income and expenses, net | (17,186) | (3,690) | - | 20 | (20,856) |
| Operating<br>(loss) income | 70,962 | (8,265) | - | (2,766) | 59,931 |
| Depreciation<br>and amortization | 49,267 | 24,044 | - | 3,256 | 76,567 |
| Miscellaneous<br>adjustments | 14,615 | 9,506 | - | - | 24,121 |
| Adjusted<br>EBITDA | 134,844 | 25,285 | - | 490 | 160,619 |
| Changes<br>in fair value of offtake agreement | (2,354) | ||||
| Impairment<br>loss of long-lived assets | (1,982) | ||||
| Loss<br>on sale and write-off of property, plant and equipment | 416 | ||||
| Asset<br>retirement obligations remeasurement estimate | (6,867) | ||||
| Energy<br>forward contracts | (3,068) | ||||
| Other<br>restoration obligations | (167) | ||||
| Dividends<br>received in cash | (10,099) | ||||
| Miscellaneous<br>adjustments | (24,121) | ||||
| Depreciation<br>and amortization | (76,567) | ||||
| Share<br>in result of associate | 4,441 | ||||
| Net<br>financial results | (27,861) | ||||
| Income<br>before income tax | 36,511 | ||||
| Six-month<br>period ended | |||||
| --- | --- | --- | --- | --- | --- |
| June<br>30, 2026 | |||||
| Mining | Smelting | Intersegment<br>sales | Adjustments | Consolidated | |
| Net<br>revenues | 984,487 | 1,192,641 | (384,680) | 3,808 | 1,796,256 |
| Cost<br>of sales | (549,503) | (1,099,986) | 384,680 | (2,138) | (1,266,947) |
| Gross<br>profit | 434,984 | 92,655 | - | 1,670 | 529,309 |
| Selling,<br>general and administrative | (41,641) | (42,001) | - | 69 | (83,573) |
| Mineral<br>exploration and project evaluation | (32,071) | (1,927) | - | 72 | (33,927) |
| Impairment<br>reversal of long-lived assets | 822 | - | - | (2) | 820 |
| Other<br>income and expenses, net | (29,384) | 2,023 | - | (1,744) | (29,105) |
| Operating<br>income | 332,710 | 50,750 | - | 64 | 383,524 |
| Depreciation<br>and amortization | 104,364 | 59,262 | - | 60 | 163,686 |
| Miscellaneous<br>adjustments | 13,927 | 7,417 | - | - | 21,344 |
| Adjusted<br>EBITDA | 451,001 | 117,429 | - | 124 | 568,554 |
| Changes<br>in fair value of offtake agreement - note 10 (e) / (i) | (12,586) | ||||
| Impairment<br>reversal of long-lived assets - note 18 | 820 | ||||
| Loss<br>on sale of property, plant and equipment | (2,671) | ||||
| Asset<br>retirement obligations remeasurement estimate - note 13 and 17 (a) | 2,916 | ||||
| Change<br>in fair value of energy forward contracts - note 10 (d) / (ii) | 1,399 | ||||
| Dividends<br>received in cash – note 1.1 (a) | (11,222) | ||||
| Miscellaneous<br>adjustments | (21,344) | ||||
| Depreciation<br>and amortization | (163,686) | ||||
| Share<br>in result of associate | 12,277 | ||||
| Net<br>financial results | (18,118) | ||||
| Income<br>before income tax | 377,682 | ||||
| 12 of 30 | |||||
| --- | |||||
| Nexa Resources S.A .<br><br>Notes to the condensed consolidated interim financial statements<br><br>Unaudited<br><br>Six-month periods ended on June 30<br><br>All amounts in thousands of US Dollars, unless otherwise stated | |
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| --- | --- | ||||
| Six-month<br>period ended | |||||
| --- | --- | --- | --- | --- | --- |
| June<br>30, 2025 | |||||
| Mining | Smelting | Intersegment<br>sales | Adjustments | Consolidated | |
| Net<br>revenues | 666,557 | 943,054 | (293,453) | 19,379 | 1,335,537 |
| Cost<br>of sales | (446,267) | (901,218) | 293,453 | (22,404) | (1,076,436) |
| Gross<br>profit | 220,290 | 41,836 | - | (3,025) | 259,101 |
| Selling,<br>general and administrative | (34,013) | (33,847) | - | 92 | (67,768) |
| Mineral<br>exploration and project evaluation | (31,452) | (1,573) | - | (38) | (33,063) |
| Impairment<br>loss of long-lived assets | (2,279) | - | - | - | (2,279) |
| Other<br>income and expenses, net | (39,472) | (2,294) | - | (334) | (42,100) |
| Operating<br>(loss) income | 113,074 | 4,122 | - | (3,305) | 113,891 |
| Depreciation<br>and amortization | 91,407 | 46,986 | - | 3,983 | 142,376 |
| Miscellaneous<br>adjustments | 24,041 | 5,523 | - | - | 29,564 |
| Adjusted<br>EBITDA | 228,522 | 56,631 | - | 678 | 285,831 |
| Changes<br>in fair value of offtake agreement - note 10 (e) / (i) | (12,817) | ||||
| Impairment<br>loss of long-lived assets - note 18 | (2,279) | ||||
| Loss<br>on sale of property, plant and equipment | 315 | ||||
| Remeasurement<br>in estimates of asset retirement obligations - note 17 (a) | (7,684) | ||||
| Change<br>in fair value of energy forward contracts - note 10 (d) / (ii) | 3,104 | ||||
| Other<br>restoration obligations | (104) | ||||
| Dividends<br>received in cash | (10,099) | ||||
| Miscellaneous<br>adjustments | (29,564) | ||||
| Depreciation<br>and amortization | (142,376) | ||||
| Share<br>in result of associate | 9,303 | ||||
| Net<br>financial results | (28,461) | ||||
| Income<br>before income tax | 94,733 |
bookmark
(i) This amount represents the change in the fair value of the offtake agreement disclosed in note 10 (e), which is being measured at fair value through profit or loss (“FVTPL”). This change in fair value is a non-cash item and has not been considered in the Company’s Adjusted EBITDA calculation.
(ii) This amount corresponds to the change in fair value and any adjustment of the energy surplus arising from electric energy purchase contracts of NEXA’s subsidiary, Pollarix and Nexa Energy Comercializadora de Energia Ltda, as disclosed in note 10 (d). This change in fair value is a non-cash item and has been excluded from the Company’s Adjusted EBITDA calculation.
| 3 | Basis of preparation of the condensed consolidated interim financial statements |
|---|
These condensed consolidated interim financial statements as at and for the three and six-month periods ended on June 30, 2026, have been prepared in accordance with the International Accounting Standard 34 Interim Financial Reporting (“IAS 34”) using the accounting principles consistent with the IFRS Accounting Standards, as issued by the International Accounting Standards Board (“IASB”).
The Company made a voluntary election to present, as supplementary information, the condensed consolidated interim statement of cash flows for the three-month periods ended on June 30, 2026, and 2025. The Company is also presenting a condensed consolidated interim statement of changes in shareholders’ equity for the three-month periods ended on June 30, 2026, and 2025 in accordance with SEC Final Rule Release No. 33-10532, Disclosure Update and Simplification.
These condensed consolidated interim financial statements do not include all disclosures required by the IFRS Accounting Standards for annual consolidated financial statements and accordingly, should be read in conjunction with the Company’s audited consolidated financial statements for the year ended on December 31, 2025, prepared in accordance with the IFRS Accounting Standards as issued by the IASB.
| 13 of 30 | |
|---|---|
| Nexa Resources S.A .<br><br>Notes to the condensed consolidated interim financial statements<br><br>Unaudited<br><br>Six-month periods ended on June 30<br><br>All amounts in thousands of US Dollars, unless otherwise stated | |
| --- | --- |
These condensed consolidated interim financial statements have been prepared on the basis of, and using the accounting policies, methods of computation and presentation consistent with those applied and disclosed in the Company’s audited consolidated financial statements for the year ended on December 31, 2025.
The Company has not early adopted any new standards, interpretations or amendments that have been issued but are not yet effective.
The preparation of these condensed consolidated interim financial statements in accordance with IAS 34 requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses for the end period. Such estimates and assumptions mainly affect the carrying amounts of the Company’s goodwill, contractual obligations, non-current assets, indefinite-lived intangible assets, inventory, deferred income taxes, and the allowance for doubtful accounts. These critical accounting estimates and assumptions represent approximations that are uncertain and changes in those estimates and assumptions could materially impact on the Company’s condensed consolidated interim financial statements.
The critical judgments, estimates and assumptions in the application of accounting principles during the three and six-month periods ended on June 30, 2026, are the same as those disclosed in the Company’s audited consolidated financial statements for the year ended on December 31, 2025.
These condensed consolidated interim financial statements for the three and six-month periods ended on June 30, 2026, were approved on August 05, 2026, to be issued in accordance with a resolution of the Board of Directors.
(i) Gross billing increased in the three-month period ended June 30, 2026, compared to the same period in 2025, primarily driven by higher zinc and copper prices, partially offset by lower smelter sales volumes. For the six-month period ended June 30, 2026, gross billing also increased compared to the corresponding period in 2025, mainly reflecting higher zinc and copper prices, together with increased sales volumes across both the mining and smelter segments.
(i) During the first semester of 2026, the Company recognized USD 22,661 in cost of sales related to idle capacity arising from operational disruptions that reduced production levels across certain operations. Of this amount, USD 7,995 related to El Porvenir, primarily due to a mechanical incident and seismic events; USD 1,585 related to Atacocha, reflecting a 23-day production stoppage at the San Gerardo open pit caused by local community disruptions, which have since been resolved; and USD 13,081 related to Nexa CJM, due to an operational incident at the smelter reported on May 13, 2026, which has since been resolved.
(ii) Raw materials and consumables increased in the three-month period ended June 30, 2026, compared to the same period in 2025, mainly due to higher consumption and increased unit costs of key raw materials. For the six-month period ended June 30, 2026, raw materials and consumables also increased compared with the same period in 2025, mainly due to higher consumption and increased unit costs of raw materials, particularly zinc concentrates used in the Company’s operations.
(i) During the first quarter of 2026, the Company received USD 7,594 as a result of a favorable decision by SUNAT concerning the Nexa CJM 2014 income tax dispute related to transfer pricing adjustments. This amount was recognized as follows: USD 1,689, corresponding to the refund of fines and penalties, was recorded in “Other income and expenses”; USD 4,750 was recorded as “Interest related to uncertain tax positions” within “Financial income”; and USD 1,155 was recorded as a gain within “Income tax”.
During the second quarter of 2026, the Company recognized an additional reversal of income tax penalties amounting to USD 2,649. As a result, the total benefit recognized in connection with income tax penalties for the six-month period ended June 30, 2026, comprising the refund recognized in the first quarter and the reversal recognized in the second quarter, amounted to USD 4,338.
(ii) Insurance premium income refers to amounts received from the insurer as indemnification for business interruption losses resulting from the incident at the Juiz de Fora occurred in 2024. The proceeds were received in 2026 following the insurer's claim settlement process.
(i) During the second quarter of 2026, the Company reversed USD 31,688 of interest previously accrued on uncertain tax positions related to the Nexa Peru Cerro Lindo Tax Stability Agreement for the 2016 and 2017 tax years. For further details, see note 8 (c).
(ii) The amounts for the six-month period ended on June 30, 2026, are mainly related to exchange-rate variations on USD-denominated accounts receivable and payable between Nexa BR and NEXA, as well as to intercompany loans between Nexa BR and its related parties, for which the exchange variation is not eliminated in consolidation, and to foreign-currency-denominated loans. These transactions were affected by the volatility of the Brazilian Real (“BRL”), which appreciated against the USD during 2026.
As of June 30, 2026, the Company’s main uncertain tax positions were related to: (i) the interpretation of the application of the Cerro Lindo tax stability agreement; (ii) transfer pricing litigation related to transactions with related parties; and (iii) the deductibility of certain costs and expenses.
The estimated amount of tax exposures relating to uncertain tax positions that have neither been paid nor recognized in the balance sheet amounted to USD 161,052 (USD 291,535, as of December 31, 2025). The decrease compared to December 31, 2025, is mainly explained by the matters described below.
Cerro Lindo stability agreement claims
The decrease compared with December 31, 2025, was primarily driven by the final administrative resolutions issued by SUNAT in May 2026 in respect of the 2016 and 2017 fiscal years. Consistent with its approach for the 2018 and 2019 fiscal years, SUNAT determined that taxable income should be allocated between the portion of the Company’s income subject to the tax stability regime (stabilized) and the portion not subject to such regime (non-stabilized). Accordingly, SUNAT reassessed the 2016 and 2017 fiscal years by applying an income tax rate of 20% to the stabilized income and the general rates of 28% to 29.5% to the non-stabilized income of 2016 and 2017, respectively.
| 18 of 30 | |
|---|---|
| Nexa Resources S.A .<br><br>Notes to the condensed consolidated interim financial statements<br><br>Unaudited<br><br>Six-month periods ended on June 30<br><br>All amounts in thousands of US Dollars, unless otherwise stated | |
| --- | --- |
As a result of these resolutions, the Company reassessed the related tax exposures, including interest and penalties, resulting in a reduction of the amounts previously estimated.
In addition, SUNAT determined that the total assessed amount related to the 2014–2017 proceedings amounted to USD 225,544. Although the Company disagrees with certain portions of the assessments, it make the required payments to continue challenging them before the ultimate competent judicial authority and to obtain the penalty and interest reduction regime. Accordingly, the Company made an upfront payment of USD 130,577 and agreed to settle the remaining balance in monthly installments over a period of up to 72 months.
Of the amount paid, USD 51,568 related to tax treatments whose acceptance by the ultimate competent judicial authority was not considered probable and which had therefore already been recognized as a tax liability; this amount was offset against the payment. With respect to the remaining USD 79,009, and supported by the opinion of external legal counsel, management concluded that it is probable that the Company's tax treatment will be accepted by the ultimate competent judicial authority and that these amounts will be recovered. Consequently, no liability or expense was recognized, and the amounts paid were recorded as “Tax claim payments” within “Other assets”.
As a result of the resolutions and related payments described above, the liabilities recognized for uncertain tax positions associated with the Cerro Lindo tax stability agreement and other matters, recorded within "Tax liabilities", decreased to USD 45,531 as of June 30, 2026, compared with USD 130,709 as of December 31, 2025. The decrease was primarily attributable to (i) the payment of USD 51,568 of previously recognized tax liabilities, (ii) the reversal of USD 2,649 of penalties, recognized within "Other income and expenses, net", and (iii) the reversal of USD 31,688 of interest, recognized within "Financial income”, both reflecting management's reassessment of the related exposures.
As of the date of these consolidated financial statements, SUNAT is auditing the Company’s income tax returns for the 2020 and 2021 fiscal years.
Tax claim payments recognized within “Other assets”
As of June 30, 2026, the amount paid in connection with tax assessments issued by SUNAT that remain subject to administrative and judicial proceedings totaled USD 216,875 (USD 125,670 as of December 31, 2025), mainly related to the Cerro Lindo stability agreement disputes, non-resident withholding tax assessments and transfer pricing disputes. These amounts are recognized as ”Tax claim payments” within “Other assets” and classified as non-current.
In addition, as of June 30, 2026, in connection with the Cerro Lindo proceedings, the Company had committed to future installment payments comprising: (i) USD 3,042, relating to tax treatments whose acceptance by the ultimate competent judicial authority is not considered probable and which have therefore been recognized within "Tax liabilities", and (ii) an outstanding amount of USD 93,116, for which no liability was recognized because management concluded that it is probable that the ultimate competent judicial authority will accept the Company's tax treatment and, accordingly, that these amounts will not be due. Installment payments that are not recognized as tax liabilities will be recorded as ”Tax claim payments” within “Other assets” as the respective payments are made.
| 19 of 30 | |
|---|---|
| Nexa Resources S.A .<br><br>Notes to the condensed consolidated interim financial statements<br><br>Unaudited<br><br>Six-month periods ended on June 30<br><br>All amounts in thousands of US Dollars, unless otherwise stated | |
| --- | --- |
The composition of the amounts paid and the outstanding installments are as follows:
| Tax<br>claim<br><br>payments | Future<br>installment<br><br>Commitments | |||
|---|---|---|---|---|
| Company | Years | June<br>30,<br><br>2026 | December<br>31,<br><br>2025 | June<br>30,<br><br>2026 |
| Cerro<br>Lindo Stability agreement and other expenses | 2014<br>and 2015 | 11,149 | - | 75,176 |
| 2016<br>and 2017 | 67,860 | - | 20,982 | |
| 2018 | 19,633 | 20,533 | ||
| 2019 | 8,317 | - | ||
| Withholding<br>tax on non – residents and Transfer Pricing discussions | 2014 | 59,613 | 54,740 | 28,557 |
| 2017 | 25,064 | 25,327 | ||
| 2018 | 22,066 | 22,481 | ||
| Other<br>deductions | 2013 | 1,161 | 1,330 | |
| 2014 | 1,409 | 1,259 | ||
| 2022-2024 | 603 | - | ||
| Total | 216,875 | 125,670 | 124,715 | |
Of the total future installments of USD 124,715, USD 3,042 has been recognized within "Tax liabilities" and USD 121,673 is disclosed but not recognized, as management considers it probable that the related tax treatments will be accepted by the ultimate competent judicial authority.
The increase in tax claim payments was primarily attributable to payments related to the Cerro Lindo tax stability agreement disputes, including USD 8,317 paid during the first quarter of 2026 in connection with the 2019 tax assessment and USD 79,009 paid during the second quarter of 2026 in connection with the 2014–2017 assessments.
Such payments do not constitute an acknowledgment of the underlying tax liabilities, an acceptance of SUNAT's position, or a settlement of the related disputes. Management continues to conclude that it is probable that the ultimate competent judicial authority will accept the related tax treatments.
The related tax claim payments will continue to be recognized within “Other assets” until the disputes are finally resolved. Depending on the final outcome of the proceedings, the amounts may be recovered in cash, offset against future tax obligations, or applied against tax liabilities that may be recognized if management's assessment changes in future periods.
Except for the movements described above, there were no other significant changes in the nature or status of the Company’s uncertain tax positions compared to those disclosed in the annual consolidated financial statements for the year ended December 31, 2025, to which reference is made for further details.
The Company’s financial assets and liabilities are classified as follows:
| June<br>30, | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2026 | |||||||||
| Note | Amortized<br>cost | Fair<br>value through profit or loss | Fair<br>value through Other comprehensive income | Total | |||||
| Assets<br>per balance sheet | |||||||||
| Cash<br>and cash equivalents | 379,740 | - | - | 379,740 | |||||
| Financial<br>investments | 7,072 | - | - | 7,072 | |||||
| Other<br>financial instruments | 10<br>(a) | - | 35,917 | - | 35,917 | ||||
| Trade<br>accounts receivables (i) | 52,965 | 124,061 | - | 177,026 | |||||
| Investments<br>in equity instruments | - | - | 4,687 | 4,687 | |||||
| Related<br>parties (ii) | 8,022 | - | - | 8,022 | |||||
| 447,799 | 159,978 | 4,687 | 612,464 | ||||||
| Liabilities<br>per balance sheet | |||||||||
| Loans<br>and financings | 16<br>(a) | 1,658,058 | 92,268 | - | 1,750,326 | ||||
| Lease<br>liabilities | 15<br>(b) | 132,682 | - | - | 132,682 | ||||
| Other<br>financial instruments | 10<br>(a) | - | 97,171 | - | 97,171 | ||||
| Trade<br>payables | 477,207 | - | - | 477,207 | |||||
| Confirming<br>payables | 319,819 | - | - | 319,819 | |||||
| Dividends<br>payable | 47,053 | - | - | 47,053 | |||||
| Use<br>of public assets (iii) | 19,963 | - | - | 19,963 | |||||
| Related<br>parties (iii) | 7,298 | - | - | 7,298 | |||||
| 2,662,080 | 189,439 | - | 2,851,519 | ||||||
| December<br>31, | |||||||||
| 2025 | |||||||||
| Note | Amortized<br>cost | Fair<br>value through profit or loss | Fair<br>value through Other comprehensive income | Total | |||||
| Assets<br>per balance sheet | |||||||||
| Cash<br>and cash equivalents | 515,871 | - | - | 515,871 | |||||
| Financial<br>investments | 5,687 | - | - | 5,687 | |||||
| Other<br>financial instruments | 10<br>(a) | - | 36,767 | - | 36,767 | ||||
| Trade<br>accounts receivables (i) | 35,973 | 192,615 | - | 228,588 | |||||
| Investments<br>in equity instruments | - | - | 5,219 | 5,219 | |||||
| 557,531 | 229,382 | 5,219 | 792,132 | ||||||
| Liabilities<br>per balance sheet | |||||||||
| Loans<br>and financings | 16<br>(a) | 1,614,386 | 91,598 | - | 1,705,984 | ||||
| Lease<br>liabilities | 15<br>(b) | 121,134 | - | - | 121,134 | ||||
| Other<br>financial instruments | 10<br>(a) | - | 103,893 | - | 103,893 | ||||
| Trade<br>payables | 500,025 | - | - | 500,025 | |||||
| Confirming<br>payables | 415,388 | - | - | 415,388 | |||||
| Dividends<br>payable | 26,918 | - | - | 26,918 | |||||
| Use<br>of public assets (iii) | 18,808 | - | - | 18,808 | |||||
| Related<br>parties (iii) | 4,695 | - | - | 4,695 | |||||
| 2,701,354 | 195,491 | - | 2,896,845 |
(i) Composed of receivables included in the forfaiting program and receivables from sales that are subsequently adjusted based on changes in LME prices.
(ii) Classified as “Other assets” in the consolidated balance sheet.
(iii) Classified as “Other liabilities” in the consolidated balance sheet.
| 21 of 30 | |||||||
|---|---|---|---|---|---|---|---|
| Nexa Resources S.A .<br><br>Notes to the condensed consolidated interim financial statements<br><br>Unaudited<br><br>Six-month periods ended on June 30<br><br>All amounts in thousands of US Dollars, unless otherwise stated | |
||||||
| --- | --- | ||||||
| (b) | Fair value by hierarchy | ||||||
| --- | --- | ||||||
| June<br>30, | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 | |||||||
| Note | Level<br>1 | Level<br>2 (ii) | Total | ||||
| Assets | |||||||
| Other<br>financial instruments | 10<br>(a) | - | 35,917 | 35,917 | |||
| Trade<br>accounts receivables | - | 124,061 | 124,061 | ||||
| Investments<br>in equity instruments (i) | 4,687 | - | 4,687 | ||||
| 4,687 | 159,978 | 164,665 | |||||
| Liabilities | |||||||
| Loans<br>and financings designated at fair value (ii) | - | 92,268 | 92,268 | ||||
| Other<br>financial instruments | 10<br>(a) | - | 97,171 | 97,171 | |||
| - | 189,439 | 189,439 | |||||
| December<br>31, | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2025 | |||||||
| Note | Level<br>1 | Level<br>2 (ii) | Total | ||||
| Assets | |||||||
| Other<br>financial instruments | 10<br>(a) | - | 36,767 | 36,767 | |||
| Trade<br>accounts receivables | - | 192,615 | 192,615 | ||||
| Investments<br>in equity instruments (i) | 5,219 | - | 5,219 | ||||
| 5,219 | 229,382 | 234,601 | |||||
| Liabilities | |||||||
| Loans<br>and financings designated at fair value (ii) | - | 91,598 | 91,598 | ||||
| Other<br>financial instruments | 10<br>(a) | - | 103,893 | 103,893 | |||
| - | 195,491 | 195,491 |
(i) To determine the fair value of the investments in equity instruments, the Company uses the shares’ quotation as of the last day of the reporting period.
(ii) Loans and financings are measured at amortized cost, except for certain contracts for which the Company has chosen the fair value option.
(i) On December 16, 2025, the Company entered into gold and silver Zero Cost Collar (“ZCC”) derivative contracts to hedge forecasted revenues, aiming to mitigate commodity price risk in its Peruvian operations during 2026. The instruments have monthly maturities through December 2026 and limit downside price risk while capping upside exposure.
(ii) On March 28, 2025, NEXA entered into a cross-currency swap with a notional amount of USD 112,652 (BRL 650,000 at the transaction date) to hedge the BRL exposure related to Nexa BR debentures maturing in 2030. The instrument mirrors the debentures’ cash flows, is measured at FVTPL, and its effects are recognized in net financial results.
| (c) | Changes in fair value in the six months ended on June 30 | ||||||
|---|---|---|---|---|---|---|---|
| Strategy | Cost<br>of<br>sales | Net<br>revenues | Other<br><br>income and<br>expenses,<br>net - note 6 | Net<br><br>financial<br>results - note 7 | Other<br>comprehensive<br>income | Realized<br>(loss) gain | |
| --- | --- | --- | --- | --- | --- | --- | |
| Concentrate<br>sales | - | (1,972) | (51) | - | 7,356 | 2,023 | |
| Mismatches<br>of quotational<br>periods | (16,638) | 11,090 | 339 | - | 14 | 5,131 | |
| Non-standard<br>metal sales | - | 530 | - | - | - | (978) | |
| Interest<br>rate risk – IPCA vs. CDI | - | - | - | 62 | - | 59 | |
| Interest<br>rate risk – CDI vs. USD | - | - | - | 16,289 | - | (6,295) | |
| June<br>30, 2026 | (16,638) | 9,648 | 288 | 16,351 | 7,370 | (60) | |
| Strategy | Cost<br>of<br>sales | Net<br>revenues | Other<br><br>income and<br>expenses,<br>net - note 6 | Net<br><br>financial<br>results - note 7 | Other<br>comprehensive<br>income | Realized<br>loss (gain) | |
| --- | --- | --- | --- | --- | --- | --- | |
| Mismatches<br>of quotational periods | 8,508 | (10,971) | (21) | - | 2,068 | (3,701) | |
| Non-standard<br>metal sales | - | (41) | - | - | - | 355 | |
| Interest<br>rate risk – IPCA vs. CDI | - | - | - | (338) | - | (9) | |
| Interest<br>rate risk – CDI vs. USD | - | - | - | 7,890 | - | - | |
| June<br>30, 2025 | 8,508 | (11,012) | (21) | 7,552 | 2,068 | (3,355) | |
| 23 of 30 | |||||||
| --- | |||||||
| Nexa Resources S.A .<br><br>Notes to the condensed consolidated interim financial statements<br><br>Unaudited<br><br>Six-month periods ended on June 30<br><br>All amounts in thousands of US Dollars, unless otherwise stated | |
||||||
| --- | --- | ||||||
| (d) | Energy forward contracts | ||||||
| --- | --- | ||||||
| Notional | Notional | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| June<br>30, | June<br>30, | June<br>30, | June<br>30, | ||||
| 2026 | 2025 | 2026 | 2025 | ||||
| Balance<br>at the beginning of the period | (5,558) | (13,670) | 652,184 | 747,498 | |||
| Changes<br>in fair value | 1,399 | 3,104 | - | - | |||
| Foreign<br>exchanges effects | (342) | (1,511) | - | - | |||
| Energy<br>forward contracts (Megawatts) | - | - | (76,990) | (30,702) | |||
| Balance<br>at the end of period | (4,501) | (12,077) | 575,194 | 716,796 |
Bookmark
| (e) | Offtake agreement measured at FVTPL: Changes in fair value |
|---|
bookmark
| Notional<br>(tons) | Notional<br>(tons) | ||||||
|---|---|---|---|---|---|---|---|
| June<br>30, | June<br>30, | June<br>30, | June<br>30, | ||||
| 2026 | 2025 | 2026 | 2025 | ||||
| Balance<br>at the beginning of the period | (63,909) | (19,666) | 18,662 | 22,288 | |||
| Changes<br>in fair value (i) | (22,115) | (14,319) | - | - | |||
| Deliveries<br>of copper concentrates (ii) | - | - | (1,800) | (1,573) | |||
| Price<br>cap realized (i) | 9,529 | 1,502 | - | - | |||
| Balance<br>at the end of period | (76,495) | (32,483) | 16,862 | 20,715 |
(i) During 2026 and 2025, changes in fair value increased for future deliveries due to higher long-term forward copper prices. However, this effect was partially offset in the same periods, when copper prices exceeded the price cap, reducing the financial instrument liability related to these sales transactions, with the corresponding revenue recognized at fair value.
(ii) Since June 2023, the Company has been delivering copper concentrates under an offtake agreement, signed in January 2022 (amended in July 2023), to sell 100% of the copper concentrate produced at Aripuanã for a period of 5 years or until NEXA fulfills the agreed delivery volume. The Company estimates that the full committed copper volumes will be delivered by the end of 2029. The transaction price under the agreement is below current market prices due to a price cap established in the contract.
(i) Finished products decreased during the six-month period ended June 30, 2026, mainly due to lower refined zinc inventories at the Nexa CJM unit following an operational incident at the refinery reported during the second quarter of 2026, which temporarily affected production. This incident has since been resolved.
(ii) Semi-finished products increased during the six-month period ended June 30, 2026, mainly due to higher inventories of calcine and zinc sheets at the Nexa CJM unit, as production exceeded consumption following operational restrictions and the gradual restart of the refinery after the incident in May 2026.
(iii) Inventory provisions increased during the six-month period ended June 30, 2026, compared with the same period in 2025, mainly due to higher provisions for obsolete maintenance materials at Nexa BR.
(a) Other assets
| June<br>30, | December<br>31, | ||
|---|---|---|---|
| 2026 | 2025 | ||
| Tax<br>claim payments (i) | 216,875 | 125,670 | |
| Other<br>recoverable taxes (ii) | 104,279 | 102,187 | |
| Judicial<br>deposits | 10,583 | 9,221 | |
| Advances<br>to third parties | 8,399 | 3,624 | |
| Dividends<br>receivable | 8,022 | - | |
| Sublease<br>receivable | 7,606 | - | |
| Prepaid<br>expenses | 4,246 | 9,364 | |
| Other<br>assets | 30,149 | 38,586 | |
| 390,159 | 288,652 | ||
| Current<br>assets | 81,628 | 77,225 | |
| Non-current<br>assets | 308,531 | 211,427 |
(i) This amount is mainly related to income tax payments made in connection with tax assessments arising from SUNAT’s interpretation of the Cerro Lindo Tax Stability Agreement for the 2014 through 2019 tax years. These payments are required to preserve the Company’s right to continue challenging the assessments through the judicial process and may be refunded, together with applicable interest, if the Company ultimately prevails in the related litigation. The payments were made in Peruvian soles and are therefore subject to foreign currency fluctuations against the U.S. dollar. For further information, see notes 1(a) and 8(c).
(ii) Other recoverable taxes are composed primarily of tax credits related to ICMS (Tax on Circulation of Goods and Services), which are primarily generated from purchases. In addition, the balances include PIS (Social Integration Program) and COFINS (Contribution to Social Security Financing) tax credits, primarily arising from the acquisition of fixed assets.
(b) Other liabilities
| June<br>30, | December<br>31, | ||
|---|---|---|---|
| 2026 | 2025 | ||
| Advances<br>from customers (i) | 56,553 | 61,006 | |
| Other<br>tax liabilities (ii) | 53,819 | 70,292 | |
| Use<br>of public assets | 19,963 | 18,808 | |
| Other<br>trade payables | 39,359 | 36,919 | |
| Other<br>liabilities | 20,416 | 19,078 | |
| 190,110 | 206,103 | ||
| Current<br>liabilities | 127,942 | 143,834 | |
| Non-current<br>liabilities | 62,168 | 62,269 |
(i) As of June 30, 2026, this balance was mainly composed of: (i) USD 24,217 related to the outstanding portion of an advance received by El Porvenir in December 2025, out of a total advance of USD 50,000; and (ii) USD 30,000 related to new advance payments received in June 2026 by the subsidiaries Cajamarquilla and Nexa Recursos Minerais. Revenue associated with these advances will be recognized upon product delivery, over a period of up to twelve months, when the related performance obligations are satisfied.
(ii) Other tax liabilities comprise various taxes arising from the Company’s operations, primarily Brazilian taxes related to routine operating activities, as well as other taxes, duties and contributions, mining taxes and fees, mining rights, and value-added tax (VAT) payable in certain jurisdictions. The balance decreased from December 31, 2025, to June 30, 2026, mainly due to a reduction of USD 6,021 in ICMS payable at Nexa Brasil, resulting from the utilization of tax credits to settle installments related to the unfavorable court decision issued in 2025 and to partially settle the tax voluntary disclosure, as well as a reduction of USD 9,755 in VAT payable in Peru.
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(i) The adjustment arises from the derecognition of a right-of-use asset (“ROU”) ‘following its classification as a finance sublease under IFRS 16. Accordingly, the ROU asset was replaced by a sublease receivable (net investment). Furthermore, there was no termination or early settlement of the head lease, which remains recognized as a lease liability.
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| Nexa Resources S.A .<br><br>Notes to the condensed consolidated interim financial statements<br><br>Unaudited<br><br>Six-month periods ended on June 30<br><br>All amounts in thousands of US Dollars, unless otherwise stated | |
| --- | --- |
| (b) | Lease liabilities – Changes in the six months ended on June 30 |
| --- | --- |
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On March 4, 2026, to strengthen its short-term liquidity position, the Company entered into an ACC with a top-tier financial institution for a principal amount of USD 40,000 (BRL 208,360), at an annual interest rate of 4.69%. The loan has a six-month tenor, maturing on August 31, 2026.
| (c) | Changes in the six months ended on June 30 |
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| June<br>30, | June<br>30, | |||
|---|---|---|---|---|
| 2026 | 2025 | |||
| Balance<br>at the beginning of the period | 1,705,984 | 1,762,633 | ||
| New<br>loans and financings | 40,000 | 540,000 | ||
| Debt<br>issue costs | - | (4,871) | ||
| Interest<br>accrual | 67,805 | 68,647 | ||
| Changes<br>in fair value of financing liabilities related to changes in the Company's own credit risk | 942 | (161) | ||
| Changes<br>in fair value of loans and financings - note 7 | (747) | (1,401) | ||
| Debt<br>modification gain - note 7 / (i) | (203) | - | ||
| Loss<br>on bonds repurchase | - | 1,905 | ||
| Payments<br>of loans and financings | (17,549) | (518,318) | ||
| Foreign<br>exchange effects | 20,356 | 40,955 | ||
| Interest<br>paid on loans and financings | (66,262) | (69,753) | ||
| Balance<br>at the end of period | 1,750,326 | 1,819,636 |
(i) In March 2026, the Company renegotiated the terms of its Export Credit Note maturing in 2027, with an outstanding principal amount of USD 30,000, reducing the interest rate from term SOFR plus 2.40% to term SOFR plus 1.80%. This transaction was accounted for as a debt modification, and a gain of USD 203 was recognized in finance income, as shown in note 7.
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| Nexa Resources S.A .<br><br>Notes to the condensed consolidated interim financial statements<br><br>Unaudited<br><br>Six-month periods ended on June 30<br><br>All amounts in thousands of US Dollars, unless otherwise stated | |
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| --- | --- | ||||||
| (d) | Maturity profile | ||||||
| --- | --- | ||||||
| June<br>30, | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 | |||||||
| 2026 | 2027 | 2028 | 2029 | 2030 | As<br>from<br><br>2031 | Total | |
| Eurobonds<br>– USD (i) | 19,312 | (1,132) | 110,050 | (953) | (953) | 1,095,589 | 1,221,913 |
| BNDES | 14,785 | 19,994 | 19,994 | 14,524 | 14,524 | 87,287 | 171,108 |
| Debentures<br>(i) | 4,619 | (197) | (197) | (197) | 125,516 | - | 129,544 |
| Export<br>credit notes (i) | 815 | 29,629 | (448) | 92,548 | - | - | 122,544 |
| Bank<br>credit note | 142 | - | 50,000 | - | - | - | 50,142 |
| Advance<br>on export foreign exchange contract | 40,604 | - | - | - | - | - | 40,604 |
| Other | 1,351 | 2,624 | 2,624 | 2,624 | 2,624 | 2,624 | 14,471 |
| 81,628 | 50,918 | 182,023 | 108,546 | 141,711 | 1,185,500 | 1,750,326 |
(i) The negative balances refer to related funding costs (fee) amortization.
| (e) | Guarantees and covenants |
|---|
The Company has loans and financing that are subject to certain requirements at the consolidated level, including the obligation to maintain minimum global-scale corporate credit ratings of: (i) Fitch Ratings: BB+; and (ii) Moody’s: Ba3. When applicable, these compliance obligations are standardized across all debt agreements. No changes to contractual guarantees occurred during the period ended June 30, 2026.
As of June 30, 2026, the Company was in compliance with all such requirements, with a BBB- corporate credit ratings by Fitch and Ba2 by Moody’s. Management has not identified any conditions that would indicate a potential downgrade below the required levels or any non-compliance with the revised covenant.
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(i) As of June 30, 2026, the credit risk-adjusted rate used for Peru ranged between 7.66% and 11.94% (December 31, 2025: 5.04% and 10.70%), and for Brazil between 7.04% and 9.49% (December 31, 2025: 7.42% and 12.17%).
(ii) The changes observed in the period ended June 30, 2026, primarily reflect two effects recorded in the remeasurement line: (i) revisions to the disbursement timelines for decommissioning obligations at certain operations, following a reassessment of the expected execution schedule under the existing closure plan; and (ii) updates to discount rates, as described above. As a result, asset retirement obligations for operational assets decreased by USD 2,761 (June 30, 2025: increased by USD 2,381), as shown in note 13. Additionally, asset retirement and environmental obligations for non-operational assets resulted in a loss of USD 714 (June 30, 2025: loss of USD 8,055), as detailed in note 6.
According to Nexa’s policy, the Company assesses at each reporting date whether there are any indicators that the carrying amount of an asset or a CGU may not be recoverable, or whether a previously recognized impairment loss should be reversed. Based on this assessment, impairment tests were performed as of June 30, 2026.
Although the June 30, 2026 closing foreign exchange rate (USD/BRL 5.18) remained below the previously identified break-even level, the Company performed an impairment test for the Juiz de Fora CGU, updating the relevant assumptions, including the foreign exchange rate and forward-looking metal prices. The impairment test did not result in the recognition of any impairment loss.
No impairment losses were recognized for any CGU, and no impairment indicators were identified for the Company’s other CGUs in Brazil and Peru. Management will continue to monitor macroeconomic conditions and other factors that may give rise to impairment indicators.
Additionally, for the six-month period ended June 30, 2026, the Company recognized an impairment reversal of USD 820 related to individual assets, primarily classified as "Assets and projects under construction", compared to an impairment loss of USD 2,279 (net of tax: USD 1,525) recognized for the six-month period ended June 30, 2025, related to other individual assets, mainly classified as "Machinery, equipment, and facilities”.
| 19 | Long-term commitments |
|---|---|
| (a) | Projects evaluation |
| --- | --- |
In relation to the Magistral Project, no changes have occurred in the circumstances described in the annual financial statements as of December 31, 2025. As of the date of this report, the deadline to fulfill the Accreditable Investment Commitment remains suspended, as does the potential application of the related penalty in the amount of USD 97,029.
| (b) | Environmental Guarantee for Dams |
|---|
In relation to the guarantees for dams, there have been no changes to the regulatory framework since the annual financial statements as of December 31, 2025. The Company continues to await approval from the environmental authorities before proceeding with the remaining obligations.
| (c) | Instalments commitments |
|---|
As of June 30, 2026, the Company had tax assessments for the 2014–2017 fiscal years that remain subject to ongoing judicial proceedings. In connection with these matters, the Company entered into installment payment agreements with the Peruvian Tax Authority (SUNAT), under which the outstanding amounts are payable through fixed monthly installments over a period of up to 72 months. The Company continues to challenge these assessments before the ultimate competent judicial authority. Accordingly, entering into these installment agreements does not constitute acceptance of the tax authority’s position or settlement of the underlying disputes.
As of June 30, 2026, the total outstanding amount subject to the installment payment agreements was USD 124,715, representing future cash outflows payable in accordance with the agreed installment schedules, of which USD 3,042 has been recognized within "Tax liabilities". No liability has been recognized for the remaining USD 121,673, as management considers it probable that the related tax positions will be accepted by the ultimate competent judicial authority; installment payments relating to these amounts will be recorded as "Tax claim payments" within "Other assets" as the respective payments are made. For further details see note 8 (c).
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