Befesa Sa · XETR:BFSA

Befesa Sa — H1 2026 Earnings Presentation

30 slides from Befesa Sa's earnings presentation, Jul 29, 2026

  1. Slide 1: H1 2026 Earnings Presentation

    H1 2026 Earnings Presentation 29 July 2026

  2. 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

  3. 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

  4. Slide 4: Agenda

    Agenda Business highlights Financial results Outlook and growth Appendix & Investor’s agenda 4

  5. Slide 5: Strong Q2 2026 results reaffirm the outlook for the full year

    Strong Q2 2026 results reaffirm the outlook for the full year Revenue -2% H1 2026 Financial Highlights H1 2026: €589m ▪ Adj. EBITDA Q2 2026 at €66m up 17% YoY; H1 2026 at €124m, up 11% YoY €602m in H1 2025 ▪ Adj. EBITDA margin improved to 22% in Q2 2026 vs 19% in Q2 2025 ▪ Leverage reduced to x2.18

  6. Slide 6: H1 2026 Steel Dust business highlights

    H1 2026 Steel Dust business highlights Higher volumes and utilisation rates seen through Q2’26, with US as a key contributor EUROPE USA ASIA  European steel production stayed flat in H1  North America steel production up 6% YoY in  Weak volumes remained in Turkey in Q2, 2026, and grew 1% in Q2 20

  7. Slide 7: H1 2026 Aluminium business highlights

    H1 2026 Aluminium business highlights 2nd Alu business continues to sustain momentum, supported by improving metal margins Salt Slags recycling 2nd aluminium  Normalisation of salt slags volumes seen during  Utilisation rates improved significantly in Q2 YoY Highlights Q2 as plants operated at sim

  8. Slide 8: Agenda

    Agenda Business highlights Financial results Financial results Outlook and growth Outlook and growth Appendix & Investor’s agenda 8

  9. Slide 9: Steel Dust Recycling Services Financials

    Steel Dust Recycling Services Financials Higher volumes and zinc prices partially offset by FX H1 2025 H1 2026 YoY change (%) EBITDA H1 2025 to H1 2026 (€m) Revenue €m 388.5 381.3 -1.8% +8.0/+8.3% Adjusted EBITDA €m 96.3 104.3 +8.3% 104 Adjusted EBITDA 7 (2) % 24.8% 27.3% +2.5% 96 margin 3 Steel Dus

  10. Slide 10: Aluminium Salt Slags Recycling Services Financials

    Aluminium Salt Slags Recycling Services Financials Higher EBITDA supported by better price environment EBITDA H1 2025 to H1 2026 (€m) H1 2025 H1 2026 YoY change (%) +1.7/+9.3% Revenue¹ 216.3 211.2 -2.4% - Salt Slags €m 57.3 61.2 +6.8% - Secondary Alu 181.5 181.1 -0.2% 20 1 EBITDA 18.3 20.0 +9.3% 18

  11. Slide 11: Zinc TC settled at $85/t for 2026; Zinc LME price strengthened in Q2

    Zinc TC settled at $85/t for 2026 (vs $80/t in 2025); Zinc LME price strengthened in Q2 driven by low inventories and weak supply Jun 26 Peak: $300 $3,625/t (2008 & 2020) 30 Jun: $3,565/t Oct 24 May 24 $3,237/t $3,093/t TC announcement Contract TCs FY’25 average: Q2’26 average: $2,867/t $3,463/t $14

  12. Slide 12: Extended zinc price hedging until Jan 2029 at all-time-high level

    Extended zinc price hedging until Befesa’s hedging strategy unchanged Jan 2029 at all-time-high level of 1 • 1-3 years forward $3,100 • Targeting 60% - 75% of zinc equivalent • No collateral / provided margin calls €2,549 €2,571 €2,425 $3,100 $3,000 Befesa’s hedging strategy has proven successful 2

  13. Slide 13: Coke price continues gradual downward trend in H1 2026

    Coke price continues gradual downward trend in H1 2026; Electricity price slightly down, while natural gas price rose in Q2 Coke ▪ Coke price at 144€/t in Q2 Befesa’s energy unit price evolution 2026, continues its downward 250 Q2’26 Avg. €/unit trend compared to previous quarters 200 Electricity Co

  14. Slide 14: EBITDA to Cash Flow

    EBITDA to Cash Flow Operating Cash Flow in H1 2026 at €71m. Cash on hand at Jun26 amounted to €134m Adjusted EBITDA to Total Cash Flow in H1 2026 (€ million) 124 (48) Total capex = €46m • Operating Cash Flow increased to (5) 71 €71m (+10% YoY). Higher (31) EBITDA and lower taxes paid (15) compared t

  15. Slide 15: Deleveraging trend continued to x2.18

    Deleveraging trend continued to x2.18, driven by disciplined capital allocation strategy 9th 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 April 2025 to E+225 bps (

  16. 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, €40 completed already €136 • New cycle of low capex €73 (< €80m per year) coupled with -€4 high earnings result

  17. Slide 17: Agenda

    Agenda Business highlights Financial results Financial results Outlook and growth Outlook and growth Appendix & Investor’s agenda 17

  18. Slide 18: 2026 Adjusted EBITDA expected between €250m and €270m

    2026 Adjusted EBITDA expected between €250m and €270m Strong Free Cash Flow generation and leverage around x2.0 • Adj. EBITDA growth to be driven by higher volumes, alu FY25A 2026 Guidance YoY improvement and operating cost efficiencies • Strong cash generation remains a Adjusted EBITDA €243m €250m

  19. 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

  20. Slide 20: Bernburg expansion on track with plant commissioning expected in August

    Bernburg expansion on track with plant commissioning expected in August 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 to

  21. 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

  22. 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 20

  23. Slide 23: Agenda

    Agenda Business highlights Financial results Financial results Outlook and growth Outlook and growth Appendix & Investor’s agenda 23

  24. Slide 24: Key financials

    Key financials H1 2026 H1 2025 Change Q2 2026 Q2 2025 Change Key operational data (tonnes, unless specified otherwise) Electric arc furnace (EAF) steel dust throughput 587,796 550,289 6.8 % 307,652 273,102 12.7 % Waelz oxide (WOX) sold 189,867 184,981 2.6 % 94,622 94,731 (0.1) % Salt slags and Spent

  25. Slide 25: Steel Dust Recycling Services at a glance

    Steel Dust Recycling Services at a glance H1 2026 H1 2025 Change Q2 2026 Q2 2025 Change Key o peratio nal data (tonnes, unless specified otherwise) EAF steel dust throughput 587,796 550,289 6.8 % 307,652 273,102 12.7 % WOX sold 189,867 184,981 2.6 % 94,622 94,731 (0.1) % Zinc LME price ($ / tonne) 3

  26. Slide 26: Aluminium Salt Slags Recycling Services at a glance

    Aluminium Salt Slags Recycling Services at a glance H1 2026 H1 2025 Change Q2 2026 Q2 2025 Change Key o peratio nal data (tonnes, unless specified otherwise) Salt slags and SPL recycled 205,135 212,884 (3.6) % 103,207 105,559 (2.2) % Total installed capacity 470,000 470,000 0.0 % 470,000 470,000 0.0

  27. Slide 27: 2nd Aluminium Recycling Services at a glance

    2nd Aluminium Recycling Services at a glance H1 2026 H1 2025 Change Q2 2026 Q2 2025 Change Key o peratio nal data (tonnes, unless specified otherwise) Secondary aluminium alloys produced 79,073 82,958 (4.7) % 40,060 40,068 (0.0) % Aluminium alloy FMB price (€ / tonne) 2,841 2,420 17.4 % 3,136 2,424

  28. Slide 28: Investor's agenda

    Investor’s agenda Investor Conferences Investor Conferences Financial Calendar Q3 2026 Q4 2026 Preliminary Year-End Results 2025 & Commerzbank & ODDO BHF Corporate BBVA, BME & ODDO BHF Iberian Digital Forum Conference Call Conference 2026 2026 26 February 2026 2 September – Frankfurt 6 October – Vir

  29. 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

  30. Slide 30: BEFESA

    BEFESA

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