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v3.26.1

Current and deferred income tax and uncertain tax positions (Tables) | 12 Months Ended
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Dec. 31, 2025
Current And Deferred Income Tax And Uncertain Tax Positions |
Schedule of reconciliation of income tax (expense) benefit |
Schedule of reconciliation of income tax (expense) benefit |  |  |
| 2025 | 2024 | 2023
Income (loss) before income tax | 331,749 | (71,851) | (296,084)
Luxembourg statutory income tax rate (i) | 23.87% | 24.94% | 24.94%
Expected income tax benefit (expense) at statutory rate | (79,188) | 17,920 | 73,843
Tax effects of translation of non-monetary assets/liabilities to functional currency | 53,683 | (1,323) | 13,686
Uncertain income tax treatment (ii) | 23,221 | (94,764) | (5,194)
Special mining levy and special mining tax | (22,133) | (7,868) | (5,366)
Difference in tax rate of subsidiaries outside Luxembourg | (23,480) | 12,591 | 24,665
Unrecognized deferred tax on net operating losses(iii) | (48,226) | (25,515) | (52,091)
Other tax differences | (12,482) | (16,597) | (45,269)
Income tax (expense) benefit | (108,605) | (115,556) | 4,274
Current | (106,415) | (205,674) | (80,935)
Deferred | (2,190) | 90,118 | 85,209
Income tax (expense) benefit | (108,605) | (115,556) | 4,274
(i) On December 11, 2024, the Luxembourg Parliament approved a reduction in the aggregate corporate income tax rate from 24.94% to 23.87%, effective January 1, 2025. As NEXA’s standalone net operating losses do not meet the recognition criteria, no deferred tax assets were recognized. Therefore, the tax rate reduction has no impact on the consolidated interim income statement. (ii) Primarily related to income tax provision of Cerro Lindo Stability Agreement for the years 2014 to 2021. For further details, please refer to note 11 (d). (iii) As of December 31, 2025, the Company did not record deferred tax assets on USD 188,087 net operating losses (2024: USD 93,385) after an assessment made by management considering the future recoverability of these net operating losses. As of December 31, 2025, the Company has an accumulated amount of USD 1,166,839 not recognized as deferred taxes on net operating losses. From the total amount of unused tax losses, USD 106 have an expiration limit of 5 years, USD 884,617 of 17 years, USD 14,907 of 20 years, and USD 267,209 can be carried forward indefinitely.
Schedule of changes on deferred tax income tax assets and liabilities |
Schedule of changes on deferred tax income tax assets and liabilities |  |  |
| 2025 | 2024 | 2023
Balance at the beginning of the year | 104,352 | 68,667 | (24,886)
Effect on income (loss) for the year | (2,190) | 90,118 | 85,209
Effect on other comprehensive income – fair value adjustment | 110 | 535 | 198
Effect on other comprehensive loss – hedge accounting | 1,349 | 981 | (1,269)
Effects of consolidation of acquired subsidiary – note 4(iii) | 1,997 | - | -
Effect on other comprehensive income (loss) – translation effect included in cumulative translation adjustment | 23,730 | (50,565) | 9,415
Others | - | (5,384) | -
Balance at the end of year | 129,348 | 104,352 | 68,667
Schedule of analysis of deferred income tax assets and liabilities |
Schedule of analysis of deferred income tax assets and liabilities |  |  |  |
|  | 2025 |  | 2024
Tax credits on net operating losses |  | 320,929 |  | 242,278
Tax credits on temporary differences |  |  |  |
Asset retirement obligations |  | 25,556 |  | 22,498
Foreign exchange gains |  | 22,159 |  | 14,222
Inventory provisions |  | 15,268 |  | 10,903
Environmental liabilities |  | 12,108 |  | 10,847
Tax, labor and civil provisions |  | 11,169 |  | 7,886
Provision for employee benefits |  | 6,910 |  | 5,196
Revaluation of derivative financial instruments |  | 1,913 |  | 36
Others |  | 13,756 |  | 10,773
Tax debits on temporary differences |  |  |  |
Capitalized interest |  | (18,085) |  | (17,054)
Depreciation, amortization and asset impairment |  | (129,435) |  | (70,985)
Added value of assets (i) |  | (134,916) |  | (131,663)
Others |  | (17,984) |  | (585)
|  | 129,348 |  | 104,352
Deferred income tax assets |  | 307,293 |  | 236,887
Deferred income tax liabilities |  | (177,945) |  | (132,535)
|  | 129,348 |  | 104,352
(i) This tax debit balance mainly relates to the value added on the acquisition of mining rights from Nexa Peru and its subsidiaries. While the underlying assets are amortizable for accounting purposes, the related amortization is not deductible for tax purposes.

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