Slide 1: Q1 2026 Earnings
Q1 2026 Earnings 30 April 2026
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements and information relating to Befesa and its affiliates that are based on the beliefs of its management, including assumptions, opinions and views of Befesa and its affiliates as well as information cited from third party sources. Such s
Slide 3: Today's agenda
Today’s agenda Business highlights Asier Zarraonandia Financial results Rafael Pérez Outlook and Growth Asier Zarraonandia Appendix & Investor Agenda Asier Zarraonandia Rafael Pérez Chief Executive Officer Chief Financial Officer 3
Slide 4: Agenda
Agenda Business highlights Financial results Outlook and growth Appendix & Investor’s agenda 4
Slide 5: Consistent Q1 2026 results, expecting FY26 EBITDA in the range of €250m to €270m
Consistent Q1 2026 results, expecting FY26 EBITDA in the range of €250m to €270m Revenue -8% Q1 2026 Financial Highlights Q1 2026: €285m ▪ Adj. EBITDA Q1 2026 at €58m, up 4% YoY €308m in Q1 2025 ▪ Adj. EBITDA margin improved to 20% in Q1 2026 vs 18% in Q1 2025 ▪ Leverage reduced to x2.25 in March 20
Slide 6: Q1 2026 Steel Dust business highlights
Q1 2026 Steel Dust business highlights Volumes in Q1’26 remained broadly stable year-on-year, with strong contribution from US EUROPE USA ASIA European steel production decreased by 3% U.S. steel production up 6% YoY in Q1 2026, Weak volumes in Turkey in Q1, expected to YoY in Q1 2026, driven
Slide 7: Q1 2026 Aluminium business highlights
Q1 2026 Aluminium business highlights 2nd Alu business continues to sustain momentum, supported by improving metal margins Salt Slags recycling 2nd aluminium Slightly lower volume of salt slags due to weak European 2nd alu industry remains difficult. Highlights secondary aluminium production in
Slide 8: Agenda
Agenda Business highlights Financial results Financial results Outlook and growth Outlook and growth Appendix & Investor’s agenda 8
Slide 9: Steel Dust Recycling Services Financials
Steel Dust Recycling Services Financials Higher volumes and zinc prices were offset by FX Q1 2025 Q1 2026 YoY change (%) EBITDA Q1’25 to Q1’26 (€m) Revenue €m 200.2 182.4 -8.9% +1.3/+2.5% Adjusted EBITDA €m 49.2 50.5 +2.5% 50 Adjusted EBITDA 49 0 (2) % 24.6% 27.7% +3.1% 3 margin Steel Dust throughpu
Slide 10: Aluminium Salt Slags Recycling Services Financials
Aluminium Salt Slags Recycling Services Financials Q1 2026 EBITDA stable supported by lower operating costs EBITDA Q1’25 to Q1’26 (€m) Q1 2025 Q1 2026 YoY change (%) Revenue¹ 109.5 101.0 -7.8% +0.8/+9.8% - Salt Slags €m 27.7 29.8 +7.7% - Secondary Alu 95.2 85.3 -10.4% 9 EBITDA 8.6 9.4 +9.8% 9 - Salt
Slide 11: Zinc TC settled at $85/t for 2026; Zinc LME price showing volatility
Zinc TC settled at $85/t for 2026 (vs $80/t in 2025); Zinc LME price showing volatility driven by global geopolitical turmoil Jan 26 3,487 Peak: $300 Oct 24 (2008 & 2020) 3,237 May 24 31 Mar: 3,093 $3,145/t Q1’26 average: TC announcement $3,243/t Contract TCs FY’25 average: $2,867/t 2,516 Q1’25 aver
Slide 12: Extended zinc price hedging to H1 2028 at all-time-high level
Extended zinc price hedging to 1 Befesa’s hedging strategy unchanged H1 2028 at all-time-high level of • 1-3 years forward $3,100 • Targeting 60% - 75% of zinc equivalent • No collateral / margin calls provided €2,549 €2,571 €2,425 $3,100 $3,000 2 Befesa’s hedging strategy has proven successful $2,9
Slide 13: Coke price continues gradual downward trend in 2026; energy prices slightly increase
Coke price continues gradual downward trend in 2026; Electricity and natural gas slightly increase in Q1 due to global geopolitical turmoil Coke ▪ Coke price at 147€/t in Q1 Befesa’s energy unit price evolution 2026, consolidates its 250 Q1’26 Avg. €/unit downward trend compared to previous quarters
Slide 14: EBITDA to Cash Flow
EBITDA to Cash Flow Operating Cash Flow in Q1 2026 at €38m. Cash on hand at Mar26 amounted to €145m Adjusted EBITDA to Total Cash Flow in Q1 2026 (€ million) 58 • Operating Cash Flow increased to (17) Total capex = €26m €38m (+12% YoY). Higher (3) 38 (15) EBITDA and lower taxes paid (11) compared to
Slide 15: Deleveraging trend continued to x2.25, driven by disciplined capital allocation
Deleveraging trend continued to x2.25, driven by disciplined capital allocation strategy 8th Consecutive quarter of leverage reduction Capital structure Net Debt / EBITDA • Senior Secured TLB of €650m x3.4 • Refinanced in July 2024 x3.3 • Maturity in July 2029 • Repriced in March to E+225 bps (50 bp
Slide 16: New cycle of low capex and high earnings resulting in strong FCF generation
New cycle of low capex and high earnings resulting in strong FCF generation and shareholder value creation • High capex cycle to expand FCF (€M) Total CF (€M) operations into US and China, €136 €40 completed already €73 • New cycle of low capex (< €80m per year) coupled with -€4 high earnings result
Slide 17: Agenda
Agenda Business highlights Financial results Financial results Outlook and growth Outlook and growth Appendix & Investor’s agenda 17
Slide 18: 2026 EBITDA expected between €250m and €270m
2026 EBITDA expected between €250m and €270m Strong Free Cash Flow generation and leverage around x2.0 • EBITDA growth driven by higher volumes, alu improvement and FY25A 2026 Guidance YoY operating cost efficiencies • Strong cash generation remains a key priority, with continued EBITDA €243m €250m
Slide 19: 2026 expected to be another year of earnings growth, strong cashflow and deleveraging
2026 expected to be another year of earnings growth, strong cashflow and deleveraging Commentary 2026 Outlook Europe: solid/stable volume expected Steel dust USA: higher EAF steel dust volume driven by new contracts with steel makers Positive volume China/Asia: stable volume vs 2025 Salt sla
Slide 20: Bernburg expansion: Moving forward with permits and commercial contracts
Bernburg expansion: Moving forward with permits and commercial contracts Plant overview ▪ Expand alu alloy production capacity at existing Bernburg plant Bernburg, from current 75 kt to 135 kt (+60 kt) Germany ▪ 2 rotary furnaces (and 2 holding furnaces) ▪ Total Befesa 2nd Alu capacity from 205 kt t
Slide 21: Befesa well positioned to capture the EAF expansion phase in Europe
Befesa well positioned to capture the EAF expansion phase in Europe driven by policy support and decarbonisation On track • Europe’s shift to EAF steelmaking, with 13 new projects to come Pending online between 2026 and 2030, adding to the existing 148 EAF plants • 22 Mt of new EAF capacity in Europ
Slide 22: New EAF steel projects in the US will drive growth in steel dust market
New EAF steel projects in the US will drive growth in steel dust market over the coming years driven by strong underlying steel demand EAF steelmaking capacity announcements in the US, Mt +26%/+21Mt* 102 95 95 95 87 84 81 Calumet, Palmerton, Illinois Pennsylvania H1 2025 H2 2025 H1 2026 H2 2026 H1 2
Slide 23: Agenda
Agenda Business highlights Financial results Financial results Outlook and growth Outlook and growth Appendix & Investor’s agenda 23
Slide 24: Key financials
Key financials Q1 2026 Q1 2025 Change Change Key operational data (tonnes, unless specified otherwise) Electric arc furnace (EAF) steel dust throughput 280,143 277,187 1.1 % 2,957 Waelz oxide (WOX) sold 95,245 90,250 5.5 % 4,995 Salt slags and Spent Pot Linings (SPL) recycled 101,928 107,325 (5.0) %
Slide 25: Steel Dust Recycling Services at a glance
Steel Dust Recycling Services at a glance Q1 2026 Q1 2025 Change Change Key operational data (tonnes, unless specified otherwise) EAF steel dust throughput 280,143 277,187 1.1 % 2,956.7 WOX sold 95,245 90,250 5.5 % 4,995 Zinc blended price (€ / tonne) 2,615 2,620 (0.2) % -5 Total installed capacity
Slide 26: Aluminium Salt Slags Recycling Services at a glance
Aluminium Salt Slags Recycling Services at a glance Q1 2026 Q1 2025 Change Change Key operational data (tonnes, unless specified otherwise) Salt slags and SPL recycled 101,928 107,325 (5.0) % (5,397.3) Total installed capacity 470,000 470,000 0.0 % 0 Utilisation (%) 86.7 % 92.9% (6.2) % n.a. Key fin
Slide 27: 2nd Aluminium Recycling Services at a glance
2nd Aluminium Recycling Services at a glance Q1 2026 Q1 2025 Change Change Key operational data (tonnes, unless specified otherwise) Secondary aluminium alloys produced 39,013 42,890 (9.0) % (3,877.0) Aluminium alloy FMB price (€ / tonne) 2,546 2,416 5.4 % 129 Total installed capacity 205,000 205,00
Slide 28: Investor's agenda
Investor’s agenda Investor Conferences Investor Conferences Financial Calendar Q2 2026 Q3 2026 Preliminary Year-End Results 2025 & J.P. Morgan Global Markets Conference 2026 Commerzbank & ODDO BHF Corporate Conference Call 12 May – Paris Conference 2026 26 February 2026 2 September – Frankfurt UBS P
Slide 29: Sustainability at the core of Befesa
Sustainability at the core of Befesa Progress against targets in 2026 CO2e intensity Climate Action Plan (Tn CO2e / Tn input) ▪ 20% CO2e intensity reduction by 2030, Net Zero by 2050 ambition -20% ▪ 9% intensity reduction in 2025 vs. 2021 baseline ▪ 4% increase vs. 2024 due to increase in coke use i
Slide 30: BEFESA
BEFESA