Nexa Resources income-to-CFO FCF bridge

Nexa Resources SA (NEXA)
By@hypertonx
Assumptions as of 2026-06-12
USD
Updated Jun 20, 2026
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Nexa Resources income-to-CFO FCF bridge

as of 2026-06-12

FY2027E FCF ($M)
$823
FY2026E FCF ($M)
$577
FY2028E FCF ($M)
$819
FY2027E total EBITDA ($M)
$1623
FY2027E CFO before capex ($M)
$1203
FY2027E silver step-down lift ($M)
$85
7.0%
25.0%
$5.00
FY2026EFY2027EFY2028E
Average gross debt ($M)
Capex ($M)
Cerro Lindo silver production (Moz)
Cerro Lindo streamed silver share
D&A ($M)
Mine cash costs ($M)
Mine other byproduct revenue ($M)
Mining zinc production (kt contained)
Silver price ($/oz)
Silver production (Moz)
Smelting byproduct and premium revenue ($M)
Smelting EBITDA margin
Smelting zinc metal and oxide sales (kt)
Working capital release / (use) ($M)
Zinc price ($/t)

Income-to-CFO FCF bridge ($M)

FY2026EFY2027EFY2028E
Zinc revenue$1139$1267$1279
Silver revenue$569$717$692
Other mine byproducts$500$525$525
= Mine revenue$2208$2509$2497
- Mine cash costs$1115$1155$1165
= Mine EBITDA$1093$1354$1332
+ Smelting EBITDA addition$209$269$269
= Total EBITDA$1302$1623$1601
- D&A$300$300$300
= EBIT$1002$1323$1301
- Interest expense$125$119$115
- Cash tax$219$301$296
+ D&A$300$300$300
+ Working capital release / (use)$0$0$0
= CFO before capex$958$1203$1189
- Capex$381$380$370
= FCF$577$823$819

Selected operating drivers

FY2026EFY2027EFY2028E
Zinc price ($/t)$3400$3500$3500
Silver price ($/oz)$60.00$70.00$75.00
Mining zinc production (kt)335.0362.0365.5
Market silver exposure (Moz)9.410.29.2
Cerro Lindo streamed silver share35.0%25.0%25.0%
Smelting EBITDA margin8.5%10.5%10.5%
Average gross debt ($M)$1785$1700$1640
Cash interest rate7.0%7.0%7.0%
Cash tax rate25.0%25.0%25.0%

Sources

  1. Nexa's official 2026-2028 outlook provides production and smelting sales ranges, 2026 cash-cost assumptions, and 2026 capex guidance. — modeledge.ai
  2. Nexa's FY2025 release reported 2025 interest payments of US$149 million and total debt of US$1.706 billion at a 6.49% average interest rate at December 31, 2025. — modeledge.ai
  3. Nexa's 1Q26 earnings release reported US$23 million of interest payments in 1Q26, gross debt of US$1.768 billion, and a 6.27% average debt interest rate. — modeledge.ai
  4. Nexa's 1Q26 earnings release reaffirmed 2026 production, capex and cost guidance and discussed the Cerro Lindo stream step-down. — modeledge.ai
  5. Nexa's Q1 2026 transcript discussed the Cerro Lindo delivery threshold and silver stream step-down from 65% to 25%. — modeledge.ai

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