Befesa Sa · XETR:BFSA
Befesa Sa — FY 2025 Earnings Presentation
30 slides from Befesa Sa's earnings presentation, Feb 26, 2026
Slide 1: 2025 Preliminary Earnings Presentation
2025 Preliminary Earnings Presentation 26 February 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: Strong FY25 operating and financial results across all dimensions
Strong FY25 operating and financial results across all dimensions 2025 Financial Highlights Revenue -5% Adj. EBITDA FY25 at €243m, up 14% YoY FY25A: €1,183m Adj. EBITDA margin improved to 21% in FY25 vs 17% in FY24 €1,239m in FY24A Leverage reduced to x2.27 in December 2025 (x2.90 in December
Slide 6: FY25 Steel Dust business highlights
FY25 Steel Dust business highlights Higher EAF dust volume 2025 vs. 2024, mainly driven by US and Asia (excluding China) EUROPE USA ASIA European steel production decreased 2.8% U.S. steel production increased 3.1% YoY in Volumes in Turkey up 11% YoY following a YoY in 2025, driven by weak dem
Slide 7: FY 2025 Aluminium business highlights
FY 2025 Aluminium business highlights Solid Salt Slags performance partially offset by continued adverse conditions in the European 2nd alu market Salt Slags recycling 2nd aluminium Highlights Solid performance of the salt slag recycling plants The European 2nd alu industry remains running in li
Slide 8: Agenda
Agenda Business highlights Financial results Outlook and growth Appendix & Investor’s agenda 8
Slide 9: Steel Dust Recycling Services Financials
Steel Dust Recycling Services Financials Favourable TC and zinc hedging with stable volumes EBITDA 2024 to 2025 (€m) 2024 2025 YoY change (%) +42/+24% 212 Revenue €m 825.6 799.7 -3.1% 6 Adjusted EBITDA €m 170.4 212.1 +24.5% 35 170 (+) Lower cost in US Adjusted EBITDA 1 % 20.6% 26.5% +5.9% smelter ma
Slide 10: Aluminium Salt Slags Recycling Services Financials
Aluminium Salt Slags Recycling Services Financials 2025 EBITDA mainly impacted by lower alu metal margin EBITDA 2024 to 2025 (€m) 2024 2025 YoY change (%) Revenue¹ 419.4 389.6 -7.1% -11/-27% - Salt Slags €m 105.9 114.0 +7.7% 43 - Secondary Alu 367.3 331.3 -9.8% (3) EBITDA 43.0 31.6 -26.5% - Salt Sla
Slide 11: Zinc TC settled at $80/t for 2025
Zinc TC settled at $80/t for 2025 (vs $165/t in 2024) marking an all-time low; Zinc LME price shows upward trend since March 2025 Peak: $300 (2008 & 2020) Oct 24 3,237 May 24 3,093 31Dec: $3,063/t TC announcement Contract TCs 2,516 Q1’25 average: Q3’25 average: $143 Aug 24 $2,838/t $2,825/t (2018) Q
Slide 12: Extended zinc price hedging to H1 2028 at all-time-high level
Extended zinc price hedging to Befesa’s hedging strategy unchanged H1 2028 at all-time-high level of 1 • 1-3 years forward $3,100 • Targeting 60% - 75% of zinc equivalent €2,571 • No collateral / provided margin calls €2,425 €2,549 $3,100 $3,000 Befesa’s hedging strategy has proven successful 2 prov
Slide 13: Coke price continues gradual downward trend in 2025
Coke price continues gradual downward trend in 2025; Electricity price has rebounded in the latest period, while gas price continues to normalise throughout the year Befesa’s energy unit price evolution Coke 250 Q4’25 Avg. €/unit Coke price at 152€/t in Q4 2025, consolidates its 200 downward trend
Slide 14: EBITDA to Cash Flow
EBITDA to Cash Flow Operating Cash Flow in 2025 at €211.9m. Cash on hand at Dec25 amounted to €142.6m. • Operating Cash Flow increased to €211.9m (+10.5% YoY) despite Adjusted EBITDA to Total Cash Flow in 2025 (€ million) higher taxes, with €21m paid in 243 the year versus a positive tax (10) Total
Slide 15: Deleveraging trend continued to x2.27
Deleveraging trend continued to x2.27, driven by disciplined capital allocation strategy 7th 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
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 Outlook and growth Appendix & Investor’s agenda 17
Slide 18: Befesa delivers on its 2025 targets with discipline
Befesa delivers on its 2025 targets with discipline and primary focus on generating long-term value for shareholders • Double-digit EBITDA growth driven by overall better TC, hedging, FY24A 2025 Guidance 2025 Actual volume and operating cost • Strong cash generation remains a EBITDA €213m €240m-€265
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: Palmerton plant refurbishment completed, ready to capture US EAF growth
Palmerton plant refurbishment completed, ready to capture growth in the US EAF steel dust market over the coming years EAF steelmaking capacity announcements in the US, Mt +21%/+18Mt 98 95 96 94 89 86 81 H1 2025 H2 2025 H1 2026 H2 2026 H1 2027 H2 2027 2028 onwards Palmerton, Calumet, Pennsylvania Il
Slide 21: 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 22: 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 12 new projects to come Pending online between 2026 and 2030, adding to the existing 148 EAF plants • 21 Mt of new EAF capacity in Europ
Slide 23: Agenda
Agenda Business highlights Financial results Outlook and growth Appendix & Investor’s agenda 23
Slide 24: Key financials
Key financials 2025 2024 Change Q4 2025 Q4 2024 Change Key operational data (tonnes, unless specified otherwise) Electric arc furnace (EAF) steel dust throughput 1,215,324 1,210,685 0.4 % 319,616 321,647 (0.6) % Waelz oxide (WOX) sold 405,520 400,494 1.3 % 111,412 108,153 3.0 % Salt slags and Spent
Slide 25: Steel Dust Recycling Services at a glance
Steel Dust Recycling Services at a glance 2025 2024 Change Q4 2025 Q4 2024 Change Key operational data (tonnes, unless specified otherwise) EAF steel dust throughput 1,215,324 1,210,685 0.4 % 319,616 321,647 (0.6) % WOX sold 405,520 400,494 1.3 % 111,412 108,153 3.0 % Zinc blended price (€ / tonne)
Slide 26: Aluminium Salt Slags Recycling Services at a glance
Aluminium Salt Slags Recycling Services at a glance 2025 2024 Change Q4 2025 Q4 2024 Change Key operational data (tonnes, unless specified otherwise) Salt slags and SPL recycled 421,874 425,668 (0.9) % 108,272 107,942 0.3 % Total installed capacity 470,000 470,000 0.0 % 470,000 470,000 0.0 % Utilisa
Slide 27: 2nd Aluminium Recycling Services at a glance
2nd Aluminium Recycling Services at a glance 2025 2024 Change Q4 2025 Q4 2024 Change Key operational data (tonnes, unless specified otherwise) Secondary aluminium alloys produced 153,992 171,278 (10.1) % 36,550 43,308 (15.6) % Aluminium alloy FMB price (€ / tonne) 2,369 2,306 2.7 % 2,358 2,242 5.2 %
Slide 28: Investor's agenda
Investor’s agenda Investor Conferences Investor Conferences Financial Calendar Q1 2026 Q2 2026 Preliminary Year-End Results 2025 & Berenberg EU Opportunities Conference 2026 Metzler Small Cap Days 2026 Conference Call 05 March – London 14-16 April – Frankfurt 26 February 2026 Jefferies Pan-Euro Mid-
Slide 29: Sustainability at the core of Befesa
Sustainability at the core of Befesa Progress against targets in 2025 Climate Action Plan CO2e intensity 20% CO2e intensity reduction by 2030, Net Zero by 2050 ambition (Tn CO2e/Tn input) 12.5% intensity reduction in 2024 vs. 2021 baseline -20% Main lever: coke reduction in USA plants 0.56 0.5
Slide 30: BEFESA
BEFESA