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Net revenues | 12 Months Ended
--- | ---
Dec. 31, 2025
Net Revenues |
Net revenues |
6 | Net revenues
Accounting policy Revenues represent the amount of the consideration received or receivable for the sale of goods in the ordinary course of the Company’s activities. Revenues are shown net of value-added tax, returns, rebates and discounts, after eliminating sales between the consolidated companies. The Company recognizes revenue when a performance obligation is satisfied by transferring the promised goods or service to a customer. The asset is transferred when the customer obtains control of that asset. To determine the point in time at which a customer obtains control of a promised asset the Company considers the following indicators: (i) the Company has a present right to payment for the asset; (ii) the customer has legal title to the asset; (iii) the Company has transferred physical possession of the asset; (iv) the customer has the significant risks and rewards of ownership of the asset; (v) the customer has accepted the asset. Identification and timing of satisfaction of performance obligations The Company has two distinct performance obligations included in certain sales contracts: (i) the promise to provide goods to its customers; and (ii) the promise to provide freight and to contract insurance services to its customers. Promise to provide goods: this performance obligation is satisfied when the control of such goods is transferred to the final customer, which is substantially determined based on the Incoterm agreed upon in each of the contracts with customers. Promise to provide freight and contracting insurance services: this performance obligation is satisfied when the freight and insurance services contracted to customers are completed. As a result of the distinct performance obligations identified, part of the Company’s revenues is presented as revenues from services. Cost related to revenues from services is presented as Cost of sales. Revenues from the sale of goods and from freight and contracting insurance services are recognized at a point in time when control is transferred and when contracted services are provided. It is at this point that a trade receivable is recognized because only the passage of time is required before consideration is due. The Company does not have any contract assets, which give right to consideration in exchange for goods or services that the Company has transferred to the customer, since all rights to consideration of the contracts are unconditional. In 2025, revenues of USD 744,166 approximately 24% of the total gross revenues are derived from two main customers (2024: USD 718,272 approximately 24%; and 2023: USD 773,230 approximately 27%). These revenues are attributed to both segments, mining and smelting. Contractual obligations are an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration from the customer (or the payment is due) but the transfer has not yet been completed. For contracts where performance obligations are satisfied over a period of time, the stage of completion is required to calculate how much revenue should be recognized to date and revenue shall be deducted from the prepayment to the extent that performance obligations are delivered. Refer to note 29 for the specific accounting policy and information related to NEXA’s contractual obligations. Determining the transaction price and the amounts allocated to performance obligations The Company considers the terms of the contract and its customary business practices to determine the transaction price. The transaction price is the amount of consideration that the Company expects to be entitled to receive in exchange for transferring promised goods or services to its customers. Transaction price is allocated to each performance obligation on a relative standalone selling price basis. The transaction prices included in the Company’s sales contracts are mainly based on international prices references and subject to price adjustments based on the market price at the end of the relevant quotation period stipulated in the sales contract. These are referred to as provisional pricing arrangements which are subject to a monthly price adjustment as per the London Metal Exchange (LME) quotational periods. As of December 31, 2025, the sales with pending price adjustments to be concluded at the final price were not material. Additionally, the Company has a contractual obligation related to a long-term silver streaming arrangement linked to specific production of its Cerro Lindo mine. The Company received an upfront payment in advance of this specific production. The transaction price is linked to the silver production and spot market prices, which change over time and, therefore, it is accounted for as variable consideration. For more details about this streaming transaction see note 29.
(a) | Composition
(i) | Gross billing reconciliation
Schedule of net revenues by billing |  |  |
| 2025 | 2024 | 2023
Gross billing | 3,286,668 | 3,018,937 | 2,839,597
Billing from products | 3,194,857 | 2,925,797 | 2,731,872
Billing from freight, contracting insurance services and others | 91,811 | 93,140 | 107,725
Taxes on sales | (282,378) | (249,202) | (263,979)
Return of products sales | (2,235) | (3,254) | (2,385)
Net revenues | 3,002,055 | 2,766,481 | 2,573,233
(ii) | Net revenues breakdown
Schedule of net revenues breakdown |  |  |
| 2025 | 2024 | 2023
Zinc | 1,590,330 | 1,687,043 | 1,682,711
Lead | 538,946 | 364,613 | 321,803
Copper | 504,967 | 359,935 | 263,376
Silver | 107,915 | 80,167 | 61,594
Other products | 168,086 | 181,583 | 136,024
Freight, insurance services and others | 91,811 | 93,140 | 107,725
Net revenues | 3,002,055 | 2,766,481 | 2,573,233
Taxes on sales | 282,378 | 249,202 | 263,979
Return of products sales | 2,235 | 3,254 | 2,385
Gross billing | 3,286,668 | 3,018,937 | 2,839,597
(b) | Information on geographical areas in which the Company operates
The geographical areas are determined based on the location of the Company’s customers. The net revenues of the Company, classified by geographical location and currency, are as follows: (i) Net revenues by geographical location
Schedule of revenues by geographical location |  |  |
| 2025 | 2024 | 2023
Peru | 965,501 | 833,918 | 654,216
Brazil | 654,337 | 601,041 | 559,786
United States | 233,387 | 166,904 | 168,965
Singapore | 208,650 | 234,846 | 229,278
Switzerland | 136,132 | 224,292 | 209,312
South Korea | 99,208 | 60,423 | 39,985
Chile | 94,785 | 78,215 | 83,459
United Kingdom | 85,203 | 62,589 | 14,815
Argentina | 79,698 | 81,503 | 94,144
Luxembourg | 66,523 | 71,285 | 78,474
Austria | 47,390 | 42,758 | 47,919
Taiwan | 39,045 | 30,455 | 26,901
Colombia | 38,570 | 31,209 | 36,066
South Africa | 36,462 | 39,446 | 41,350
Turkey | 30,877 | 20,593 | 26,606
Germany | 20,983 | 23,222 | 16,274
Belgium | 19,782 | 9,011 | 19,824
Ecuador | 14,515 | 11,088 | 14,554
China | 13,114 | 7,570 | 65,910
France | 11,989 | 3,395 | 7,129
Sweden | 11,821 | 842 | -
Japan | 11,248 | 39,712 | 32,054
Netherlands | 9,055 | 5,457 | 16,045
Vietnam | 9,010 | 18,724 | 5,006
Other | 64,770 | 67,983 | 85,161
Net revenues | 3,002,055 | 2,766,481 | 2,573,233
(ii) Net revenues by currency
Schedule of revenues by currency |  |  |
| 2025 | 2024 | 2023
USD | 2,432,165 | 2,239,869 | 2,050,053
Brazilian Real (“BRL”) | 569,890 | 526,612 | 523,180
Net revenues | 3,002,055 | 2,766,481 | 2,573,233

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