Slide 1: Business Update 2022 Post Capital Markets Day
Business Update 2022 Post Capital Markets Day November 2022
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
Electric arc furnace steel dust (EAFD) recycling plant at Asúa-Erandio, Spain 01 Business update
Slide 4: Executive summary
Executive summary • Continuing solid yoy EBITDA growth: Q3 +8%, 9M +20% - Q3 at €46m, +8% / +€3m yoy; - 9M at €164m +20% / +€27m yoy; LTM at €225m • Metal prices decreased QoQ with recessionary & lower China market sentiment – although – energy inflation continued at high levels; Q3 YTD inflation co
Slide 5: 9M & Q3 2022 business highlights
9M & Q3 2022 business highlights Steel Dust Alu Salt Slags • EAFD throughput: • Salt slags volumes / normalised for Hanover: 898 kt 9M, +59% yoy; 240 kt 9M, -21% / +9% yoy; 268 kt Q3, +20% yoy 67 kt Q3, -38% / -9% yoy; • Plant utilisation: 77% 9M, 68% Q3; • 2nd aluminium alloys: Lower EU volume 122
Slide 6: US Zinc refining asset acquisition: Transaction highlights
US Zinc refining asset acquisition: Transaction highlights Zinc refining plant Location: Rutherford County, NC Installed capacity: c. 140 kt SHG zinc p.a. • Acquired remaining 93% of zinc refining asset on 30 Sep ’22 for $47m cash transaction; 65% or $88m below original purchase option of $135m • At
Slide 7: FY'22 guidance confirmed at ≥€220m EBITDA, +11% yoy, a new record result
FY’22 guidance confirmed at ≥€220m EBITDA, +11% yoy, a new record result • Confirming FY’22 guidance ≥ €220m EBITDA, +11% yoy LTM Q3’22 at €225m EBITDA • Acquired US Zinc Refining asset at $47m (vs. original $135m) on 30 Sep; All cash transaction • Total capex guidance adjusted for US Zinc Refining,
Slide 8: Preliminarily expecting 2022 as "floor" for 2023
Preliminarily expecting 2022 as “floor” for 2023 Key EBITDA drivers for 2023 (vs. 2022) + - +/- +/- +/- + 2 plants Energy ready -&- Recession general -vs- Metal prices sensitivities: + Continuing inflation +/- €100/t Zinc Alu progress megatrends +/- EBITDA €7m1) €3m + FY earnings -and- contribution
Slide 9: Zinc prices & hedging strategy
Zinc prices & hedging strategy Hedge book fully extended up to Jan’25, c.2.5 years; Improving earnings & cash flows visibility Zinc LME vs. Befesa’s hedges & blended prices (€ per tonne) Zinc LME1) Befesa’s hedges2) c.€2,600 c.€2,500 €2,317 c.€2,375 €2,239 €2,275 +€125/t x 151 kt +€225/t x 152 kt €2
Slide 10: Zinc & alu metal prices directly correlated with electricity & gas prices
Zinc & alu metal prices directly correlated with electricity & gas prices over the last >20 years Indexed annual price trend1), 2000 – Oct YTD 2022 (Index, 2000 = 100) 1500 European energy crisis 1200 Natural gas, Europe ($/kWh) 900 600 Electricity, DE/ES/FR ($/kWh) LME Zinc ($/t) 300 LME Primary Al
Slide 11: Managing through "Zero COVID", ready for '23
Managing through “Zero COVID”, ready for ‘23 China I, Changzhou plant, Jiangsu province 1 Key facts of the plant: • 1st EAFD recycling plant, 110 kt EAFD p.a. • Total investment: c.€42m Status update: Construction completed on budget In commercial production & selling WOX Contracted for >80% EAFD vo
Slide 12: EAF steel production & Befesa's steel portfolio growth & diversification
EAF steel production -&- Befesa’s steel portfolio growth & diversification Befesa growing and diversifying its portfolio to capture Europe, the US and China addressable markets EAF steel production: EU-27, US & China, Mt Befesa’s EAFD recycling capacity trend, kt Capacity additions 2,175 1,665 +150
Slide 13: Proven track record since IPO; Megatrends driving growth over next 5 years
Proven track record since IPO; Megatrends driving growth over next 5 years EBITDA (€m) +6% CAGR €160m growth capex + €380m AZR (Ex Zinc Refining) €225 Committed & delivered since IPO: ✓ Growth: Global #1 in Steel Dust €172 + + ✓ Dividend: > 50% net profit payout ✓ Conservative financial management:
Slide 14: SGGP indicative timeline; Befesa in control
SGGP indicative timeline; Befesa in control; Adjusting timing to macroeconomic developments €410-450m total capex requirement over next 5 years Steel Dust Alu Salt Slags SGGP Timing EBITDA Pay- Capex €m IRR2) growth projects 2022e 2027e run-rate €m back1) 1 Zinc refining Refurbishing / €110-120 €35-
Slide 15: Well defined growth roadmap driving +€125-155m EBITDA growth
Well defined growth roadmap driving +€125-155m EBITDA growth, 8-10% CAGR, globally balanced, c.1/3 US/EU/Asia c.€350-380m c.8-10% CAGR +€45-55m +€45-55m +€35-45m ✓ China I & II ➢ China III (✓LOI) €225m • New EAFD plant • China IV • WOX washing expansion • China V ✓ Zinc refining • 2nd Alu expansion
Slide 16: 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 17: ESG: Enhanced transparency & performance
ESG: Enhanced transparency & performance Transparency / reporting External ratings Health & safety Detailed ESG Report Lost Time Injury Rate (LTIR)1) improved by 85% since 2015 LTIR CO2 holistic approach CO2 intensity targets Sustainability Committee Saving >2mt CO2eq -20% by 2030 vs. virgin product
Slide 18: Sustainable Global Growth Plan (SGGP), 2022-2027
Nanjing City, Location of Befesa China’s HQ 02 Sustainable Global Growth Plan (SGGP), 2022-2027
Slide 19: Decarbonisation investments & Infrastructure Programme will support EAF growth by 2030
Decarbonisation investments & Infrastructure Programme will support EAF growth by 2030 c.$9-10 Bn capex equal to c.13-14 Mt EAF announced; Plus, $1.2 T infrastructure program requires more steel overall in the US → generating >300 kt incremental EAFD Overview of selected steelmakers (€ billion capex
Slide 20: 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
Slide 21: US Zinc refining asset acquisition: Transaction highlights
US Zinc refining asset acquisition: Transaction highlights Zinc refining plant Location: Rutherford County, NC Installed capacity: c. 140 kt SHG zinc p.a. • Acquired remaining 93% of zinc refining asset on 30 Sep ’22 for $47m cash transaction; 65% or $88m below original purchase option of $135m • At
Slide 22: Refurbishing Palmerton to drive efficiencies and increase capacity utilisation by 2026
Refurbishing Palmerton to drive efficiencies and increase capacity utilisation by 2026 EAFD recycling assets • c.620 kt nameplate recycling capacity; c.70% current utilisation 1 Barnwell, SC 2 Rockwood, TN • Targeting c.200 kt incremental throughput to fully utilise Befesa’s capacity and maintain ma
Slide 23: Accelerating decarbonisation investments in EU will support EAF share growing to >50%
Accelerating decarbonisation investments in EU will support EAF share growing to >50% by 2030 c.€14-15 Bn investments in new steel EAF projects in Europe announced … Representing c.20-21 Mt incremental steel EAF capacity → generating c.350 kt EAFD Overview of selected steelmakers (€ billion capex, m
Slide 24: SGGP – Steel Dust – Europe
SGGP – Steel Dust – Europe EAFD generation in Europe expected to increase >0.3 Mt by 2030 … Befesa adding 140-160 kt new EAFD recycling capacity to maintain its current c.45% market share EAF steel production EAFD generation (million tonnes, EAF % of total crude steel output) (million tonnes) x1.2 >
Slide 25: 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 26: Largest producer of steel, rapidly 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 27: Largest producer of steel, rapidly 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 28: 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 ou
Slide 29: Befesa strategically located in provinces with high EAFD generation
Befesa strategically located in provinces with high EAFD generation EAFD generation in China Xuchang (Henan) Changzhou (Jiangsu) BEFESA EAFD recycling sites in China EAFD generation – Chinese market < 60 kt 60-100 kt 100-200 kt GuangDong 200-400 kt LOI signed >400 kt 29 Business Update – Post Capita
Slide 30: Decarbonisation trend drives transition to Electric Vehicles
Decarbonisation trend drives transition to Electric Vehicles (EV) Automotive industry switching from combustion to EV EV unit sales in Europe1) (million units) • EU approved plan to ban sales of vehicles x5 with combustion engines (ICE) by 20352) 10.9 • EV unit sales forecasted to grow x5 from c.2 m
Slide 31: EV requiring higher aluminium content per car to achieve light-weight targets
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
Slide 32: Driving higher aluminium demand with increased needs for 2nd alu & salt slags recycling
… driving higher aluminium demand with increased needs for 2nd alu & salt slags recycling Aluminium demand from Auto1) in Europe, 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 c
Slide 33: 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 34: Befesa can self-fund SGGP while keeping leverage ≤x2 and distributing dividends
Befesa can self-fund SGGP while keeping leverage ≤x2 -&- distributing dividends EBITDA to Cash flow management walk, Illustrative conceptual annual view within SGGP period (€m) +125 to +155 225 LTM 2022 WC change / Interests Taxes Op. cash Maintenance Growth Dividend Cash Flow EBITDA other flow PF c
Slide 35: Diversifying Befesa's global footprint
Diversifying Befesa’s global footprint … 2017 IPO LTM 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 205 205 295 509 450 570 Total Alu / 3202) Salt Slags 714 655 / 5252) 865 kt Utilisation Steel Dust 85% 78% c. 85%
Slide 36: Core-business focus drives portfolio growth
… core-business focus drives portfolio growth 2017 IPO LTM 2022 PF Post SGGP Revenue, €m Total1) €725 €1,105 c. €1,650-1,800 Steel Dust incl. Zinc refining 685 332 Salt Slags 85 91 2nd Alu 353 376 EBITDA, % margin % margin % margin €m Total1) €172 24% €225 20% c. €350-380 19-23% Steel Dust - - incl.
Slide 37: 9M 2022 results
03 9M 2022 results
Slide 38: Consolidated key financials
Consolidated key financials 9M adjusted EBITDA at €163.9m, +20% yoy, driven mainly by US zinc operations delivering as planned; yoy higher base metal prices offsetting energy inflation & unfavourable Zinc TC Adjusted EBITDA bridge 9M 2021 to 9M 2022 (€m) +€27.1 / +19.8% 51 -50 1) 163.9 136.8 26 +36
Slide 39: Steel Dust Recycling Services
Steel Dust Recycling Services 9M EBITDA at €131.0m, +28% yoy, driven mainly by US operations delivering as planned; yoy higher zinc market prices offsetting energy inflation & unfavourable TC Adjusted EBITDA bridge 9M 2021 to 9M 2022 (€m) +€28.3 / +27.5% 25 -27 131.0 102.7 30 +36 Zinc LME Inflation
Slide 40: Aluminium Salt Slags Recycling Services
Aluminium Salt Slags Recycling Services 9M EBITDA at €34.2m, flat yoy; Energy inflation and some volume pressure mitigated with higher aluminium metal prices EBITDA bridge 9M 2021 to 9M 2022 (€m) +€0.1 / +0.4% 34.1 25 -21 34.2 -4 Higher alu alloys FMB Inflation incl. energy, Lower aluminium alloys &
Slide 41: Cash flow, net debt & leverage
Cash flow, net debt & leverage €139m cash on hand at Q3’22 closing vs. €239m at Q2’22 closing; Balanced cash flow normalised for €50m dividend distributed and $47m zinc refining acquisition; Net leverage of x2.56 at Q3’22; Targeting lower leverage towards year end 9M adjusted EBITDA to total cash fl
Slide 42: Befesa overview
Secondary aluminium production plant at Bernburg, Germany 04 Befesa overview
Slide 43: 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 LTM Q3 20221) Steel Dust Recycling1) Aluminium Salt Slags Recycling €1,005m Revenue2) #1 Position Global #1 Position in Europe in salt
Slide 44: Key milestones
Key milestones Befesa has grown successfully through organic initiatives and acquisitions EAFD expansion China First to market with state-of-the-art EAFD recycling plants in China: Changzhou, Jiangsu: EAFD expansion Korea & Türkiye ✓ Completed on budget ✓ In commercial operations since Dec’21 Second
Slide 45: 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 46: Highly regulated & critical service model
Highly regulated & critical service model Befesa is the leading environmental services partner in the circular economy of the 2 nd steel and aluminium industry by recycling and avoiding the landfilling of c. 2 MT hazardous residues and recovering c. 1.5 MT of new valuable materials HAZARDOUS WASTE B
Slide 47: 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 & prudent financial practices Key COVID pandemic Global European macro financial crisis debt crisis Global suppl
Slide 48: 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 49: Global leader in Europe, North America & Asia
Global leader in Europe, North America & Asia EAFD recycling plants 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 Salt slags & SPL recycling plants Lünen Cl
Slide 50: Decarbonisation megatrend favouring & driving EAF steel growth
Decarbonisation megatrend favouring & driving EAF steel growth Global crude steel production1), 2016-2030e CAGR CAGR (million tonnes) 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 th
Slide 51: Zinc global production grew at 1.4% CAGR over L15 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 concentra
Slide 52: 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
Slide 53: Strong financial backbone
Strong financial backbone Long-term and efficient capital structure with no maturities up to Jul-26 → Resilient earnings & cash flows … to self-fund growth Prudent zinc hedging roadmap in the approach → Stable & high liquidity US, Europe & Asia → Moderate leverage at c.x2 Rigorous cash management 53
Slide 54: Experienced & stable management team
Experienced & 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 Executiv
Slide 55: ESG
05 ESG
Slide 56: ESG: Enhanced transparency & performance
ESG: Enhanced transparency & performance Transparency / reporting External ratings Health & safety Detailed ESG Report Lost Time Injury Rate (LTIR)1) improved by 85% since 2015 LTIR CO2 holistic approach CO2 intensity targets Sustainability Committee Saving >2mt CO2eq -20% by 2030 vs. virgin product
Slide 57: 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 58: 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 59: 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
Slide 60: Investor agenda & appendix
Waelz kiln at EAFD recycling plant in Gyeongju, South Korea 06 Investor agenda & appendix
Slide 61: Investor's agenda
Investor’s agenda Financial calendar Next investor conferences 2023 Q4 2022 Q1 2023 Prelim. YE Results 2022 & Conf. Call BBVA Iberian Forum (virtual) Lyon – ODDO BHF Forum 2023 Thursday, 3 Mar 2023 6 & 7 Oct – BBVA 5-10 Jan – ODDO BHF Annual Report 2022 London – Befesa 1st Capital Markets Day New Yo
Slide 62: Q3 2022/21 – Key financials
Q3 2022/21 – Key financials (€m, unless otherwise stated) Steel Salt Secondary Corporate & Total Dust Slags Aluminium eliminations Befesa Revenue1) €179.5 €29.6 €72.2 €4.0 €285.3 yoy change +€70.7 / +65.0% +€9.6 / +48.1% +€0.2 / +0.3% +€14.8 / - +€95.4 / +50.2% Reported EBITDA €56.3 €7.3 €3.2 -€1.5
Slide 63: 9M 2022/21 – Key financials
9M 2022/21 – Key financials (€m, unless otherwise stated) Steel Salt Secondary Corporate & Total Dust Slags Aluminium eliminations Befesa Revenue1) €533.3 €70.9 €290.0 -€36.3 €857.9 yoy change +€229.2 / +75.4% +€13.6 / +23.7% +€45.7 / +18.7% -€4.8 / - +€283.7 / +49.4% Reported EBITDA €151.3 €22.0 €1
Slide 64: Multi-year trend – Key financials
Multi-year trend – Key financials1) (€m, unless otherwise stated) 2017 2018 2019 2020 2021 Revenue €667.42) €720.1 €647.9 €604.3 €821.6 Reported EBITDA €153.0 €176.0 €159.6 €123.5 €189.6 Reported EBITDA margin % 22.9%2) 24.4% 24.6% 20.4% 23.1% Adjusted EBITDA €172.43) €176.0 €159.6 €127.03) €197.63)
Slide 65: Q3 2022/21 – Operational data – Steel Dust Recycling Services
Q3 2022/21 – Operational data – Steel Dust Recycling Services Q3 20211) Q3 2022 yoy change EAFD 222.6 267.9 +45.3 / +20.4% throughput (kt) EAFD average 77.7% 68.3% -939 bps capacity utilisation (%) Waelz oxide 73.2 97.5 +24.2 / +33.1% (WOX) sold (kt) Zinc LME price €2,538 €3,245 +€707 / +27.9% (€/t)
Slide 66: 9M 2022/21 – Operational data – Steel Dust Recycling Services
9M 2022/21 – Operational data – Steel Dust Recycling Services 9M 20211) 9M 2022 yoy change EAFD 563.3 897.6 +334.3 / +59.4% throughput (kt) EAFD average 81.0% 77.2% -381 bps capacity utilisation (%) Waelz oxide 192.6 311.3 +118.7 / +61.6% (WOX) sold (kt) Zinc LME price €2,412 €3,422 +€1,010 / (€/t)
Slide 67: Q3 2022/21 – Operational data – Aluminium Salt Slags Recycling Services
Q3 2022/21 – Operational data – Aluminium Salt Slags Recycling Services Q3 2021 Q3 2022 yoy change Salt slags & SPL 107.2 66.9 -40.3 / -37.6% treated (kt) -6.91) / -9.3%1) Salt slags & SPL 94.5% 59.0% -3,556 bps avg. capacity / 82.9%1) / -854 bps1) utilisation (%) Aluminium 42.9 37.3 -5.6 / -13.1% a
Slide 68: 9M 2022/21 – Operational data – Aluminium Salt Slags Recycling Services
9M 2022/21 – Operational data – Aluminium Salt Slags Recycling Services 9M 2021 9M 2022 yoy change Salt slags & SPL 303.0 239.8 -63.1 / -20.8% treated (kt) +19.41) / +8.8%1) Salt slags & SPL 90.0% 71.3% -1,876 bps avg. capacity / 100.2%1) / +809 bps1) utilisation (%) Aluminium 142.4 121.9 -20.4 / -1
Slide 69: Multi-year trend – Operational data
Multi-year trend – Operational data 2017 2018 2019 2020 2021 EAFD throughput (kt) 661.0 717.1 665.8 687.0 885.7 EAFD average capacity 84.7% 92.0% 80.7% / 90.1%1) 83.2% 83.3%2) utilisation (%) Waelz oxide (WOX) sold (kt) 217.8 240.9 217.6 239.2 291.0 Zinc LME price (€/t) €2,572 €2,468 €2,276 €1,979 €
Slide 70: Consolidated key financials
Consolidated key financials Q3 adjusted EBITDA at €45.9m, +8% yoy, mainly driven by yoy US zinc offsetting lower aluminium volumes; higher base metal prices offsetting energy inflation and unfavourable Zinc TC Adjusted EBITDA bridge Q3 2021 to Q3 2022 (€m) +€3.2 / +7.6% -13 1) 16 45.9 42.7 1 Inflati
Slide 71: Steel Dust Recycling Services
Steel Dust Recycling Services Q3 EBITDA at €36.0m, +7% yoy, mainly driven by yoy US zinc, higher zinc market prices offsetting energy inflation and unfavourable TC Adjusted EBITDA bridge Q3 2021 to Q3 2022 (€m) +€2.5 / +7.4% 33.5 5 -6 36.0 4 +6.5 Zinc LME Inflation incl. energy, US zinc & Stainless
Slide 72: Aluminium Salt Slags Recycling Services
Aluminium Salt Slags Recycling Services Q3 EBITDA at €10.6m, +14% yoy; Energy inflation and some volume pressure offset with higher aluminium metal prices EBITDA bridge Q3 2021 to Q3 2022 (€m) +€1.3 / +14.4% -7 10.6 9.2 11 -3 Inflation incl. energy, Lower aluminium alloys Higher alu alloy FMB operat
Slide 73: Cash flow, net debt & leverage
Cash flow, net debt & leverage €139m cash on hand at Q3’22 closing vs. €239m at Q2’22 closing; Balanced cash flow normalised for €50m dividend distributed and $47m zinc refining acquisition; Net leverage of x2.56 at Q3’22; Targeting lower leverage towards year end Q3 adjusted EBITDA to total cash fl
Slide 74: Top-15 EAF steel producing countries
Top-15 EAF steel producing countries Top-15 EAF steel producing countries represent close to 90% of global EAF output; Befesa present in key & growing markets – Europe, Asia/China and the US Top–15 EAF steel producing countries1), 2021 (million tonnes) Befesa is present / growth focus Focus of 5-Yea
Slide 75: EAF steel production: Regional overview
EAF steel production, MT % EAF share EAF steel production: Regional overview Outlook Befesa is present Decarbonization driving accelerated growth of EAF 109 59 64 67 49 47 2015 2021 2015 2021 2015 2021 63% 69% 41% 44% 6% 11% 20 29 21 22 World 2015 2021 2015 2021 564 65% 72% 30% 32% 405 Served market