Befesa Sa · XETR:BFSA
Befesa Sa — Berenberg and GS German Corporate Conference 2024
77 slides from Befesa Sa's conference presentation, July 2024
Slide 1: Berenberg and GS German Corporate Conference
2024 Berenberg and GS German Corporate Conference July 2024
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: Business update
01 Business update
Slide 4: Positive trend continues with quarterly improvement
Positive trend continues with quarterly improvement Strong Q2 results up 22% YoY and 3rd consecutive quarterly improvement driven by better market conditions Revenue Adjusted EBITDA Operating Cash Flow Q2: €323m 10% YoY Q2: €55m 22% YoY Q2: €56m 57% YoY H1: €621m 1% YoY H1: €103m 9% YoY H1: €70m 27%
Slide 5: Adjusted EBITDA
Adjusted EBITDA Adjusted EBITDA increased by 9% YoY to €103.1m in H1 2024, mainly due to better zinc hedging, lower TC, an increase in Alu volumes and a decrease in operating cost Adjusted EBITDA bridge H1 2023 to H1 2024 (€m) +8.8% / +€8.3m 16.6% 103.1 15.4% Better prices on coke 94.7 and other ene
Slide 6: Key volume drivers & impact on Befesa: H1 2024
Key volume drivers & impact on Befesa: H1 2024 Key volume drivers Befesa’s volumes YoY variance • European Steel Dust plants at solid levels despite yoy flat crude steel production Crude steel production1 • Aluminium salt slags volumes grew yoy mainly driven by Hanover back in operation 5,3% 0,9% 0,
Slide 7: Zinc LME price trading sideways; Treatment Charge settled at $165/t
Zinc LME price trading sideways after mini rally in May; Treatment Charge settled at $165/t for full year 2024 $4,530 (April ‘22) Zinc LME1 Zinc TC Peak: $300 $2,814 $2,467 (2008 & 2020) (March ‘08) (Jan ‘20) $2,405 Peak (May ‘15) $2,224 C902 (May ‘23) $1,774 $1,454 (March ‘20) Trough (Jan ‘16) $165
Slide 8: Zinc price hedging extended until Q1 2026 at all-time high level
Zinc price hedging extended until Q1 2026 at all- time high level of €2,650 • Befesa’s hedging strategy unchanged Zinc LME1 • 1-3 years forward • Targeting 60% to 75% of Befesa’s zinc equivalent volume blended2 €2,627 • Befesa providing no €2,425 collateral Befesa’s c. €2,650 hedges3 €2,379 c. €2,50
Slide 9: Coke price normalisation; gas & electricity prices stabilised
Coke price continued further normalisation in H1; Gas & electricity prices stabilised around 2021 levels Befesa’s energy price evolution by source Coke 2019/20 2021 2022 2023 H1 2024 • Befesa’s coke price continued further normalisation in Q2’24 to levels below the 2022 average price (-27% yoy; -5%
Slide 10: EBITDA to Cash Flow
EBITDA to Cash Flow Cash on hand at H1 2024 amounted to €108m; Operating Cash Flow in the period arises until €70m; Recytech acquisition has been the main impact (€-40m) in the period. Adjusted EBITDA to Total cash flow in H1 2024 (€ million) Total capex = €79m Bank borrowings / FX / Interests H1 20
Slide 11: Debt maturity extended to 5 years; focus on capital allocation and leverage
Debt maturity extended to 5 years. Focus on capital allocation and leverage management Refinancing successfully completed Net debt / EBITDA Historical average x2.7 – TLB of €650m with maturity in July 2029 (maturity of 5y) x3.4 x3.3 – RCF of €100m with maturity in July 2028 Target x2.5 – 3.0 – Lever
Slide 12: FY 2024 guidance narrowed by increasing lower end of the range
FY 2024 guidance narrowed by increasing lower end of the range Metric Guidance Narrowed guidance Comments • Strong EBITDA development QoQ EBITDA - €m 195 - 235 205 - 235 • Expecting H2 to be better than H1 • Considers LME zinc price environment remains at current levels Capex - €m 120 - 140 115 - 12
Slide 13: Positive mid-term outlook; balancing capex across markets
Positive mid-term outlook; balancing capex across markets with different dynamics Favourable decarbonisation and EV macrotrends: - Shift towards EAF steel mills will increase the generation of steel dust - Transition to EV will drive higher aluminium demand Globally balanced in core businesses €110—
Slide 14: Decarbonisation and EV driving aluminium market growth in Europe
Decarbonisation and EV driving aluminium market growth in Europe EV unit sales in Europe1 Alu content per vehicle2 Auto alu demand in Europe2 million units kg per passenger car million tonnes +75 kg per car +2 million tonnes x5 249 4 5 11 174 3 121 2 0 2015 2020 2030e 2006 2019 2030e 2022e 2026e 203
Slide 15: Well defined growth roadmap in execution
Well defined growth roadmap in execution • Market fundamentals remain strong and favourably support Befesa’s business model & growth plan Decarbonisation trend will drive increase of EAF steel production in the key markets where Befesa operates EV trend will drive demand for aluminium in Europe & th
Slide 16: Palmerton plant refurbishment progressing well
Palmerton plant refurbishment progressing well to seize market growth in 2025 and beyond Plant overview Palmerton, Pennsylvania • 2 kilns with c. 163 kt → 220 kt (post-refurbishment) EAF steel dust recycling capacity • Producing WOX as a marketable product Indicative timing and status Q3 2025 Other
Slide 17: 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 Other Befesa 2nd Alu Bernburg plant from current 75 kt to 135 kt (+60 kt) locations in Europe • 2 rotary furnaces (and 2 holding furnaces) • Total 2nd Alu capaci
Slide 18: Growth opportunity in China is attractive; plan adapted to market
Growth opportunity in China is attractive and Befesa’s plan is being adapted to current market challenges Challenging market environment in the short term Steel Utilisation • Crude steel production in 2023 stable yoy production Mt BOF rate 100 100% • EAF mills running at 55—60% versus 80 80% BOF at
Slide 19: Sustainable Global Growth Plan (SGGP), 2022-2027
02 Sustainable Global Growth Plan (SGGP), 2022-2027
Slide 20: Proven track record since IPO; megatrends driving growth
Proven track record since IPO; Megatrends driving growth over next 5 years EBITDA €m +5% CAGR €160m growth capex + €380m AZR (Ex Zinc Refining) €215 Committed & delivered since IPO: ✓ Growth: Global #1 in Steel Dust €172 + + ✓ Dividend: > 50% net profit payout ✓ Conservative financial management: he
Slide 21: Decarbonisation driving EAF steel production in key markets
Decarbonisation driving EAF steel production in Befesa’s key markets EAF steel production 2022 2030e 200 Million tonnes 103 70 60 80 x2 56 x1.3 x1.3 % EAF share of total crude 69% >70% 40% >50% 10% 20% steel production • Significant infrastructure • Accelerating decarbonisation • #1 steel producer r
Slide 22: Well defined growth roadmap in execution
Well defined growth roadmap in execution • Market fundamentals remain strong and favourably support Befesa’s business model & growth plan Decarbonisation trend will drive increase of EAF steel production in the key markets where Befesa operates EV trend will drive demand for aluminium in Europe & th
Slide 23: Megatrends and Befesa's approach by market
Megatrends and Befesa’s approach by market EAF steel production million tonnes, EAF % share of total steel production x2 x1.2 x1.2 200 70 64 67 >80 103 98 109 49 61 51 60 63 58 47 '15 '19 '20 '21 '30e '15 '19 '20 '21 '30e '15 '19 '20 '21 '30e 1 2 63% 70% 71% 69% c. 72% 41% 41% 41% 44% >50% 6% 10% 9%
Slide 24: Decarbonisation capex in new EAF capacity on track in US
Decarbonisation capex in new EAF capacity on track; New announcements supported by US gov. funding programs EAF steelmaking capacity announcements in the US, Mt 85 +6 +3 65 +6 +6 20 Mt new EAF capacity to come online in the coming years → 300—350 kt additional EAF steel dust by 2030 Today 2024 2025
Slide 25: SGGP – Steel Dust – US
SGGP – Steel Dust – US EAFD generation in the US expected to increase >0.3 Mt by 2030; Befesa to fully utilise existing c. 620 kt annual installed capacity EAF steel production EAFD generation million tonnes, EAF % of total crude steel output million tonnes >0.3 x1.2 60 70 $1.2 T infrastructure plan
Slide 26: Turnaround of zinc refining plant on track
1 Turnaround of zinc refining plant on track; Expecting positive EBITDA in 2024 Plant overview • #1 producer of “green zinc” (SHG zinc), 100% from recycled materials (WOX) • 141 kt SHG zinc total capacity Rutherford County, • Plant size can process up to 220 kt WOX North Carolina from Befesa’s recyc
Slide 27: Palmerton plant refurbishment progressing well
2 Palmerton plant refurbishment progressing well to seize market growth in 2025 Plant overview Palmerton, Pennsylvania • 2 kilns with c. 163 kt → 220 kt (post-refurbishment) EAF steel dust recycling capacity • Producing WOX as a marketable product Indicative timing and status H1 2025 Other Befesa EP
Slide 28: Megatrends and Befesa's approach by market
Megatrends and Befesa’s approach by market EAF steel production million tonnes, EAF % share of total steel production x2 x1.2 x1.2 200 70 64 67 >80 103 98 109 49 61 51 60 63 58 47 '15 '19 '20 '21 '30e '15 '19 '20 '21 '30e '15 '19 '20 '21 '30e 1 2 63% 70% 71% 69% c.72% 41% 41% 41% 44% >50% 6% 10% 9%
Slide 29: Largest producer of steel, transitioning from BOF to EAF
Largest producer of steel, rapidly transitioning from BOF to EAF; a strong growth opportunity >60 Mt new EAF capacity announced, representing c.1 Mt EAFD incremental generation; Befesa strategically located in provinces with high EAFD generation Overview of selected steelmakers million tonnes of new
Slide 30: Largest producer of steel, transitioning from BOF to EAF
Largest producer of steel, rapidly transitioning from BOF to EAF; a strong growth opportunity >60 Mt new EAF capacity announced, representing c. 1 Mt EAFD incremental generation; Befesa strategically located in provinces with high EAFD generation Overview of selected steelmakers million tonnes of ne
Slide 31: SGGP – Steel Dust – China
SGGP – Steel Dust – China EAFD generation in China expected to increase about 1.6 Mt by 2030 as it transitions from BOF to EAF; Befesa to add 3x 110 kt = 330 kt new capacity which will increase market share to 15—20% EAF steel production EAFD generation million tonnes, EAF % of total crude steel out
Slide 32: Cautiously progressing in Guangdong province
3 Cautiously progressing in Guangdong province Plant overview • 1 kiln with 110 kt EAF steel dust recycling capacity • Option for expansion on site: 2 additional kilns x 110 kt = +220 kt capacity Indicative timing and status 2025/26 Yunfu, Guangdong Investment agreement signed Q1 2023 Other Befesa l
Slide 33: Megatrends and Befesa's approach by market
Megatrends and Befesa’s approach by market EAF steel production million tonnes, EAF % share of total steel production x2 x1.2 x1.2 200 70 64 67 >80 103 98 109 49 61 51 60 63 58 47 '15 '19 '20 '21 '30e '15 '19 '20 '21 '30e '15 '19 '20 '21 '30e 1 2 63% 70% 71% 69% c.72% 41% 41% 41% 44% >50% 6% 10% 9%
Slide 34: Accelerating decarbonisation investments in Europe support EAF share
Accelerating decarbonisation investments in Europe will support EAF share growing to >50% by 2030 EAF steelmaking capacity announcements in Europe, Mt +33 +18 +0.4 +3 +10 +3 33 Mt new EAF capacity to come online in the coming years → > 500 kt additional EAF steel dust by 2030 Today 2024 2025 2026 20
Slide 35: Adding new EAFD recycling capacity and WOX washing expansion
Adding new EAFD recycling capacity and WOX washing expansion c. €105—115m total investment; c. €30—35m total incremental EBITDA p.a.; Low-risk & high-return projects New EAFD recycling plant • Grow with EAFD addressable market and invest in a new 140—160 kt state-of-the-art EAFD plant • Construction
Slide 36: Aluminium Salt Slags Recycling – transition to EV
Aluminium Salt Slags Recycling Services – Decarbonisation trend drives transition to EV Automotive industry switching from combustion to Electric Vehicles (EV) EV unit sales in Europe1 million units • EU approved plan to ban sales of vehicles with combustion engines (ICE) by 20352 x5 • EV unit sales
Slide 37: EV requiring higher aluminium content per car
EV requiring higher aluminium content per car to achieve light-weight targets Average aluminium content per vehicle1 net weight, kg per passenger car • Average aluminium content per vehicle +75 kg per car (passenger cars) has steadily been increasing, from 121 kg/car in 2006 to 193 kg/car in 2022 24
Slide 38: Driving higher aluminium demand and salt slags recycling needs
… driving higher aluminium demand with increased needs for 2nd alu & salt slags recycling Aluminium demand from Auto in Europe1 net weight, million tonnes • Automotive aluminium demand will continue to grow to address light-weighting needs +2 million tonnes alu demand • OEMs aim to reduce their carb
Slide 39: Expansion of 2nd Aluminium and New Salt Slags recycling plant
Expansion of 2nd Aluminium and New Salt Slags recycling plant Expansion of 2nd Aluminium New Salt Slags recycling plant • Expand 2nd aluminium production capacity • Invest in a new c. 120 kt state-of-the-art salt by c. 90 kt at existing site (Bernburg) slags recycling plant in line with incremental
Slide 40: Befesa can self-fund SGGP while keeping leverage and dividends
Befesa can self-fund SGGP while keeping leverage c. x2.5 and distributing dividends EBITDA to Cash flow management walk Illustrative conceptual annual view within SGGP period, €m +125 to +155 215 2022 WC change / Interests Taxes Op. cash Maintenance Growth Dividend Cash Flow EBITDA other flow PF cap
Slide 41: Diversifying Befesa's global footprint
Diversifying Befesa’s global footprint … 2017 IPO 2022 PF Post SGGP Capacity, kt 41% 30% 28% 32% 27% 63% 29% 40% +140 kt Zinc refining Steel Dust 780 1,555 2,1451 Salt Slags 2nd Alu 205 205 295 509 470 590 Total Alu / 3402 Salt Slags 714 675 / 5452 885 kt Utilisation Steel Dust 85% 77% c. 85% rates
Slide 42: Core-business focus drives portfolio growth
… core-business focus drives portfolio growth 2017 IPO 2022 PF Post SGGP Revenue, €m Total1 €725 €1,136 c. €1,650—1,800 Steel Dust incl. Zinc refining 730 332 Salt Slags 85 77 2nd Alu 353 376 EBITDA, % margin % margin % margin €m Total1 €172 24% €215 19% c. €340—370 19—23% Steel Dust - - incl. Zinc
Slide 43: Committing to growth through the cycle
Committing to growth through the cycle € € Strong financial backbone and high cash flow generation B … allows to self-fund SGGP €€ €€ € % € Targeting to continue dividend distribution at 40—50% of net profit Prudent risk and liquidity management; Modular SGGP growth initiatives timing in control of
Slide 44: Growth roadmap driving €125–155m incremental EBITDA
Well defined growth roadmap driving €125—155m incremental EBITDA, 8—10% CAGR, globally balanced c. €340—370m c. 8—10% CAGR +€45—55m +€45—55m +€35—45m ✓ China I & II ➢ China III (✓LOI) €215m • New EAFD plant • China IV • WOX washing expansion • China V ✓ Zinc refining • 2nd Alu expansion • Capacity u
Slide 45: H1 2024 results
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Slide 46: Consolidated key financials
Consolidated key financials Adjusted EBITDA increased by 9% YoY to €103.1m in H1 2024, mainly due to better zinc hedging, lower TC, an increase in Alu volumes and a decrease in operating cost Adjusted EBITDA bridge H1 2023 to H1 2024 (€m) +8.8% / +€8.3m 16.6% 103.1 15.4% Better prices on coke 94.7 a
Slide 47: Steel Dust Recycling Services
Steel Dust Recycling Services Adjusted EBITDA at €80.9m in H1 2024, a YoY improvement of 20% Better hedging and lower TC and coke price as main drivers of growth over the period YoY EBITDA H1 2023 to H1 2024 H1 2023 H1 2024 change Revenue €m 403.0 404.7 +1.7 Adjusted EBITDA €m 67.2 80.9 +13.7 Better
Slide 48: Aluminium Salt Slags Recycling Services
Aluminium Salt Slags Recycling Services EBITDA at €22.4m in H1 2024, a YoY decrease of 18.9% Lower EBITDA impacted by weak aluminum metal margin, partially compensated by lower energy prices Salt slags volume growth due to the recovery of operations in Hanover EBITDA H1 2023 to H1 2024 H1 2023 H1 20
Slide 49: EBITDA to Cash Flow
EBITDA to Cash Flow Cash on hand at H1 2024 amounted to €108m; Operating Cash Flow in the period arises until €70m; Recytech acquisition has been the main impact (€-40m) in the period. Adjusted EBITDA to Total cash flow in H1 2024 (€ million) Total capex = €79m Bank borrowings / FX / Interests H1 20
Slide 50: Befesa overview
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Slide 51: Environmental services for the steel & alu industries
Environmental services for the steel & alu industries • 24 plants globally; c. 1,800 employees • #1 globally in Steel Dust Recycling and #1 in Europe Alu Salt Slags Recycling Services • €182m EBITDA in 2023; Earnings split: 74% Steel Dust / 26% Alu Salt Slags services • Dividend proposal for 2023: €
Slide 52: Befesa at a glance
Befesa at a glance Global leader in Europe, the US and Asia in providing regulated critical hazardous waste recycling services to the steel and aluminium industries 2023 Steel Dust Recycling Aluminium Salt Slags Recycling €1,181m Revenue #1 Position global #1 Position in Europe in salt slags subsegm
Slide 53: Key milestones
Key milestones Befesa has grown successfully through organic initiatives and acquisitions Steel Dust expansion China First to market with state-of-the-art 110 kt EAFD recycling plants in China: Changzhou, Jiangsu: Steel Dust expansion Korea & Turkey ✓ Completed on budget ✓ Operating since December 2
Slide 54: Leader in circular economy for >30 years
Leader in circular economy for >30 years Environmental Recycling Proven track Global regulations service solutions record leader getting stricter and expanding critical to the steel and to grow and diversify with balanced footprint, into new geographies; aluminium industries; Befesa’s portfolio; clo
Slide 55: Highly regulated and critical service model
Highly regulated and critical service model Befesa is the leading environmental services partner in the circular economy of the 2nd steel and aluminium industry by recycling and avoiding the landfilling of around 1.9 Mt hazardous residues and recovering around 1.7 Mt of new valuable materials HAZARD
Slide 56: Proven resilience & growth through cycles
Proven resilience & growth through cycles Attractive growth track record with proven margin resilience despite volatile environment, driven by a successful service-focused business model and prudent financial practices Key COVID pandemic Global European macro financial crisis debt crisis Global supp
Slide 57: Befesa's resilience during latest crises
Befesa’s resilience during latest crises Befesa has demonstrated resilient volumes and capacity utilisation levels during the latest crises 2008 / 2009 / 2010 2019 / 2020 / 2021 600 1000 2019 2020 2021 240 >1.1Mt incl. 240 US 550 900 Befesa EAFD 500 474 482 220 220 throughput, kt 800 687 701kt excl.
Slide 58: Global leader in Europe, North America and Asia
Global leader in Europe, North America and Asia Befesa is the global leader in steel dust and the European leader in salt slags recycling services with a competitive advantage due to its close-proximity to key clients; 24 plants globally Lünen EAFD recycling plants Duisburg Hanover Salt slags & SPL
Slide 59: Decarbonisation megatrend favouring EAF steel growth
Decarbonisation megatrend favouring and driving EAF steel growth Global crude steel production1 CAGR CAGR million tonnes, 2016—2030e 2016—21 2022—30e 2,064 +3.6% +1.0% 1,951 Total crude 1,633 564 37%2 +6.2% +4.2% 29% EAF 26% BOF consumes c.7x more CO2 per tonne vs. EAF2 BOF Each tonne of steel throu
Slide 60: Zinc global production grew at 1.4% CAGR over 15 years
Zinc global production grew at 1.4% CAGR over L15 years; Incremental demand from transition to renewable energy Global refined zinc metal production1 Zinc annual demand from wind, solar & batteries2 million tonnes thousand tonnes 15,0 13,0 11,0 9,0 7,0 5,0 WOX, mixed with virgin zinc concentrates, p
Slide 61: Decarbonisation and EV driving aluminium market growth in Europe
Decarbonisation and EV driving aluminium market growth in Europe EV unit sales in Europe1 Alu content per vehicle2 Auto alu demand in Europe2 million units kg per passenger car million tonnes +75 kg per car +2 million tonnes x5 249 4 5 11 174 3 121 2 0 2015 2020 2030e 2006 2019 2030e 2022e 2026e 203
Slide 62: Strong financial backbone
Strong financial backbone Long-term and efficient capital structure with no maturities up to July 2026 → Resilient earnings and cash flows … to self-fund growth Prudent zinc hedging → Stable & high liquidity roadmap in the approach US, Europe and Asia → Moderate leverage at c. x2.5 Rigorous cash man
Slide 63: Experienced and stable management team
Experienced and stable management team Senior management team delivering results through long-standing industry expertise, entrepreneurial spirit and focus on operational excellence as well as governance and compliance processes Javier Molina Asier Zarraonandia Key achievements / track record Execut
Slide 64: ESG
05 ESG
Slide 65: ESG highlights
ESG highlights Lost Time Injury Rate (LTIR)1 ESG Ratings2 ESG Report 2023 0.45 LTIR in 2023 (all time low) 31 March 2024 The Befesa ESG Report 2023 will be -18% yoy (2022: 0.55) issued in June 2024 B / Prime -92% vs baseline (2015: 5.71) #13 / 74 #7 / 103 BBB Top 5% Top 9% 1 Befesa’s own employees a
Slide 66: ESG: Enhanced transparency and performance
ESG: Enhanced transparency and performance Transparency / reporting External ratings Health & safety Detailed ESG Report LTIR1 improved by 92% since 2015 LTIR 1 Lost Time Injury Rate (LTIR) of Befesa’s own employees and contractors, 2023 vs 2015 baseline CO2 holistic approach CO2 intensity targets S
Slide 67: Sustainability at the core of Befesa
Sustainability at the core of Befesa Befesa’s operations have a direct net positive environmental impact as well as multiple positive indirect effects by enabling EAF steel and aluminium recycling BEFESA Direct environmental benefits Indirect sustainability benefits Circular Avoidance of GHG emissio
Slide 68: Climate action plan
Climate action plan Committing to a 20% GHG emissions intensity reduction by 2030 and aiming at net zero emission by 2050 Baseline 2030 commitment 2050 vision -20% Net zero emission 0.56 Scope 2 0,06 0.45 Scope 1 0,50 0,45 tonne of CO₂ equivalent per tonne of waste treated - 2021 pro forma 2030e 205
Slide 69: Selected ESG targets
Selected ESG targets Environmental Social Governance 1 3 >2.4mt -50% IT improve CIS assessment waste recycled by 2025 LTIR by 2024 rating until 2023 >1.8mt 2 new materials admin employees trained recovered by 2025 BEzero maintain zero fatalities ≥90% in compliance each year ISO ISO certification ful
Slide 70: Appendix & Investor's agenda
06 Appendix & Investor’s agenda
Slide 71: Key financials H1 2024 vs H1 2023
Key financials H1 2024 vs H1 2023 (€m, unless otherwise stated) Steel Salt Secondary Corporate & Total Dust Slags Aluminium eliminations Befesa Revenue1 404.7 54.0 192.4 -30.0 621.2 yoy change +1.7 / +0.4% +12.8 / +31.0% -2.8 / -1.4% -6.0 / - +5.7 / +0.9% Reported EBITDA 74.4 18.5 4.0 -0.3 96.5 yoy
Slide 72: Operational data H1 2024 vs 2023 – Steel Dust Recycling Services
Operational data H1 2024 vs 2023 – Steel Dust Recycling Services H1 2023 H1 2024 YoY change EAF steel dust 592 610 +18 / +2.9% throughput (kt) EAF steel dust 71 71 - avg. capacity utilisation (%) Waelz oxide 197 200 +3 / +1.4% (WOX) sold (kt) Zinc LME price 2,624 2,444 -180 / -6.8% (€/t) Zinc hedgin
Slide 73: Operational data H1 2024 vs 2023 – Aluminium Salt Slags Recycling Services
Operational data H1 2024 vs 2023 – Aluminium Salt Slags Recycling Services H1 2023 H1 2024 YoY change Salt slags & SPL 171 221 +50 / +29.0% treated (kt) - Salt slags & SPL 73 94 avg. capacity utilisation (%) Aluminium 87 91 +4 / +3.9% alloys produced (kt) Secondary alu 86 89 +3 / +3.5% avg. capacity
Slide 74: Key financials Q2 2024 vs Q2 2023
Key financials Q2 2024 vs Q2 2023 (€m, unless otherwise stated) Steel Salt Secondary Corporate & Total Dust Slags Aluminium eliminations Befesa Revenue 216.8 26.8 94.1 -14.9 322.8 yoy change +30.1 / +16.1% +6.4 / +31.3% -5.3 / -5.3% -1.8 / - +29.3 / +10.0% Reported EBITDA 41.6 8.6 1.1 -0.1 51.2 yoy
Slide 75: Operational data Q2 2024 vs 2023 – Steel Dust Recycling Services
Operational data Q2 2024 vs 2023 – Steel Dust Recycling Services Q2 2023 Q2 2024 YoY change EAF steel dust 305 306 +2 / +0.4% throughput (kt) EAF steel dust 72% 72% - avg. capacity utilisation (%) Waelz oxide 97 100 +3 / 2.7% (WOX) sold (kt) Zinc LME price 2,331 2,632 +301 / 12.9% (€/t) Zinc hedging
Slide 76: Operational data Q2 2024 vs 2023 – Aluminium Salt Slags Recycling Services
Operational data Q2 2024 vs 2023 – Aluminium Salt Slags Recycling Services Q2 2023 Q2 2024 YoY change Salt slags & SPL 89 109 +21 / +23.2% treated (kt) - Salt slags & SPL 76% 94% avg. capacity utilisation (%) Aluminium 43 46 +3 / +6.3% alloys produced (kt) Secondary alu 85% 91% - avg. capacity utili
Slide 77: Investor's agenda
Investor’s agenda Investor conferences Financial calendar Q3 2024 • Strong IR programme continues Frankfurt – Commerzbank & ODDO BHF 15th ✓ Preliminary Year-End Results 2023 & Corporate Conference 2024 Conference Call post H1 2024 earnings reporting 4 Sep – Commerzbank & ODDO BHF 29 February 2024 •
Befesa — Berenberg and GS German Corporate Conference 2024 on 6ix