Nexa Resources S.A.

Good morning, ladies and gentlemen, and welcome to Nexa Resource 4th Quarter and Full Year 2025 Earnings Conference Call. Please note that today's event is being recorded and broadcast live via Zoom, with access also through Nexa's Investor Relations website. A slide presentation accompanying the webcast is available for download, as well as a replay of the conference call following its conclusions. As a reminder, all participants are currently in listen-only mode. Following today's presentation, we will open the floor for questions. To ask a question, if you are joined via Zoom, please click the raised hand. If your question is answered, you can lower your hand by clicking Put Hand Down. You may also submit your questions via the Q&A icon at the bottom of your screen. Please include your name and company when submitting your question. For participants joined by phone, press star followed by 9 to raise or lower your hand. Once announced, press star followed by 6 to mute or unmute your microphone. Writing questions that are not addressed during the call will be answered afterward by the Investor Relations team. Questions from media outlets will be handled separately by our corporate affairs team. Now, I would like to turn the conference over to Mr. Rodrigo Camarosano, head of investor relations and treasury, for his opening remarks. Please go ahead.

Good day, everyone, and welcome to Nexa Resources' fourth quarter and full year 2025 earnings conference call. We appreciate your time and participation today. During the call, we will discuss NEXUS performance as detailed in the urgent release issued yesterday. We encourage you to follow along with the presentation available through the webcast. Before we begin, please turn to slide number two, which contains our forward-looking statements disclaimer. We ask that you review the information regarding these statements and the associated risk factors. Joining us today are our CEO, Ignacio Rosado, our CFO, José Carlos Del Valle, and our Senior Vice President of Mining Operations, Leonardo Coelho. With that, I will now turn the call over to Ignacio for his remarks. Ignacio, please go ahead.

Thank you, Rodrigo. Good day, everyone, and thank you for joining us today. Starting on slide number three. NEXA delivered a strong finish to the year, with our four quarter results demonstrating consistent operational execution and the benefits of our disciplined focus on safety, efficiency and cost management, all within a supportive pricing environment. On the mining side, sink production reached 91,000 tons, a solid increase both quarter over quarter and year over year. This performance was driven by stronger results across all our operations, with Aripuana standing out as it achieved its highest quarterly production to date, a clear reflection of its growing operational stability. In our smelting division, total zinc sales were 142,000 tons, while Cajamarquilla continued to deliver stable output The sequential volume was constrained by lower production at our Brazilian smelters and softer demand for zinc oxide. Financially, the operational performance translated into our strongest quarter of the year. We reported net revenues of $903 million and adjusted EBITDA of $300 million. with both metrics showing relevant improvement across all comparable periods. This was underpinned by higher realized prices for zinc and our key byproducts, combined with our increased mining volumes. We recorded a net income of 81 million, or 38 cents per share, and generated 51 million in free cash flow. As a result, our net leverage improved to 1.7 times, further strengthening our balance sheet. Looking now at the full year 2025, seam production totaled 316,000 tons, successfully achieving our consolidated mining production guidance, with all individual metals also landing within their respective target ranges. In smelting, total metal sales reached 567,000 tons, which is in line with the midpoint of our guidance. From a financial perspective, full-year net revenues were 3 billion, while adjusted EBITDA reached 772 million, one of the strongest levels in the company's history. This performance reflects solid operational execution combined with a favorable pricing environment for zinc and key byproducts. Net income for the year was $223 million, or $1 per share. Free cash flow was negative $105 million, which included debt reductions and dividends. A combination of a supportive pricing environment and disciplined cost management allowed us to reduce gross debt and reinforce our financial flexibility. With that, let's move to slide number 4 to take a closer look at our mining performance. Our quarterly sink production of 91,000 tons represents 9% increase from the third quarter, driven by enhanced operational performance at Basante, Aripuana, Cerro Lindo and Atacocha. For the full year, our production of 316,000 tons of zinc met guidance. As we have previously discussed, volumes were impacted in the first half due to temporary operational constraints and lower grades. On costs, our consolidated mining cash cost, net of byproducts, improved sequentially to negative 58 cents per pound benefiting from stronger by-product grades and lower treatment charges. For the full year, cash cost came in at negative 30 cents per pound below our guidance, reflecting our disciplined cost management and favorable price dynamics. The cost per ton of run of mine was $56 in the quarter. a sequential increase primarily due to higher operational costs at Aripuana, as we continue to ramp up and stabilize the assets. On a full year basis, this cost was in line with our guidance. Financially, the mining segment delivered a robust performance, with net revenues of $532 million and adjusted EBITDA of $266 million in the quarter. translating to a strong 50% EBITDA margin. This was fueled by higher metal prices and improved operational execution. For the full year 2025, the segment generated approximately $1.6 billion in net revenues and $658 million in adjusted EBITDA. a 42% margin that clearly demonstrates the earnings resilience of our mining portfolio. With that, let's move to slide number 5 for a closer look at Aripuana's operational progress. In the fourth quarter, Aripuana achieved its highest production level to date, a direct result of enhanced operational reliability, reduced plant downtime and lower workforce turnover. The first tailings filter arrived on site in early November, and its installation is progressing as planned. We achieved key structural and mechanical milestones during the quarter, keeping the project firmly on schedule. Commissioning remains on track for the first half of 2026, positioning us to reach full operational capacity in the second half of the year. This is a critical step towards unlocking the plant's full potential and securing long-term cash flow generation. On exploration, recent drilling has confirmed new mineralized extensions, reinforcing our confidence in the asset's geological upside and its potential for further life-of-mine extensions. Now, please turn to slide number 6 for an update on the Cerro de Pasco integration project. In parallel with our operational progress, we have advanced preparatory studies for Phase II, including technical assessments of the Picasso shaft and several underground integration alternatives. Our goal is to define the most efficient long-term configuration to maximize value from this highly prospective mineral district. Looking ahead to 2026, we will intensify Phase I construction and commissioning activities. with a strong focus on discipline and consistent execution. The Cerro El Pasco integration project remains a key strategic driver, supporting a potential life of mine extension of over 15 years, enhancing profitability, and solidifying Nexa's long-term presence in one of Peru's most important mining districts. Next, on slide number seven, I would like to highlight the continued progress of our exploration program. Our 2025 exploration plan delivers solid results across our key assets, reaffirming their geological potential. In slide number seven, you can see deep intersections with high metal grates across all mines. At Cerro Lindo, activities focus on expanding known ore bodies in the southeast region. Drilling confirmed the continuity of mineralized zones, particularly in ore body 8C, which supports the mine's long-term production profile. At Aripuana, exploration concentrated on the Masaranduba target, where drilling confirmed new mineralized areas, including thick, high-grade intersections in a recently identified structure. At Basante, brownfield exploration advanced near existing infrastructure, confirming extensions of known zones and enhancing operational flexibility within the current mine plan. Finally, at Pasco, exploration continued delivering positive results around the integration target, which remains a strategic upside for the Cerro Pasco integration project. Together these results reinforce our resource and research inventory paving the way for further life of mine extensions. Now let's turn to slide number 8 to review our smelting performance in more detail. Turning to the smelting segment. Sales were 142,000 tons for the quarter and 567,000 tons for the full year. in line with our 2025 guidance. The sequential decline was primarily driven by lower production at our Brazilian smelters and softer demand for zinc oxide. From a cost perspective, the quarterly cash cost was $1.41 per pound. This reflects the impact of higher zinc prices and lower treatment charges. which impact margins in an environment of tight concentrate supply. For the full year, cash cost was $1.28 per pound, in line with our guidance. Conversion cost was $0.34 per pound in the quarter, slightly lower sequentially. On a year-over-year basis, the increase is attributable to higher operational costs and unfavorable foreign exchange variations at our Brazilian units. For the full year, conversion costs remained below our annual guidance, demonstrating disciplined cost control despite a challenging environment. From a financial standpoint, the segment generated net revenues of $573 million and adjusted EBITDA of $34 million in the quarter. reflecting the challenging market environment and operational constraints. For the full year 2025, net revenues total approximately 2 billion, with adjusted EBITDA of 113 million, corresponding to an EBITDA margin of 6%. Looking forward, increasing global mine supply is expected to lift treatment charges supporting a gradual rebound in margins. With that, I will now hand the call over to our CFO, Jose Carlos del Valle, for a detailed review of our financial results.