Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation 30 October 2025
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 Q3 results, EBITDA +27% YoY and Net Income up 320% YoY
Strong Q3 results, EBITDA +27% YoY and Net Income up 320% YoY 9M 2025 Financial Highlights Revenue -3% Adj. EBITDA 9M 2025 at €174m, up 15% YoY 9M 2025: €892m Adj. EBITDA margin improved to 21.3% in Q3 2025 vs 16.6% in Q3 2024 €915m in 9M 2024 Leverage reduced to x2.59 in September 2025 (x3.36
Slide 6: 9M 2025 Steel Dust business highlights
9M 2025 Steel Dust business highlights Higher volume in Q3 vs. previous quarters, as a consequence of annual maintenance shutdowns in H1 EUROPE USA ASIA European steel production in Q3 2025 at - 4% USA steel production in Q3 2025 at +4% YoY Volumes in Turkey up 40% YoY following a YoY driven b
Slide 7: 9M 2025 Aluminium business highlights
9M 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 very running
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 9M 2024 to 9M 2025 (€m) 9M 2024 9M 2025 YoY change (%) +32/+27% 154 Revenue €m 603.5 593.6 -1.6% 4 Adjusted EBITDA €m 121.6 154.3 +26.9% 28 122 (+) Lower cost in US Adjusted EBITDA % 20.1% 26.0% +5.9%
Slide 10: Aluminium Salt Slags Recycling Services Financials
Aluminium Salt Slags Recycling Services Financials 9M 2025 EBITDA mainly impacted by lower alu metal margin EBITDA 9M 2024 to 9M 2025 (€m) 9M 2024 9M 2025 YoY change (%) Revenue¹ 315.4 303.4 -3.8% -8/-26% - Salt Slags €m 79.4 84.5 +6.3% 30 - Secondary Alu 276.3 259.9 -5.9% -1 EBITDA 30.5 22.6 -25.9%
Slide 11: Zinc TC settled at $80/t for 2025, an all-time low
Zinc TC settled at $80/t for 2025 (vs $165/t in 2024) marking an all-time low; Zinc LME price shows upward trend during Q3 Peak: $300 Oct 24 (2008 & 2020) 3,237 9M’25 average: May 24 $2,768/t 3,093 30Sep25: $3,010/t TC announcement Contract TCs 2,516 Q1’25 average: Q3’25 average: $143 Aug 24 $2,838/
Slide 12: Zinc price hedging extended until Jan 2027
Zinc price hedging extended until Jan 2027 at all-time high level of 1 Befesa’s hedging strategy unchanged €2,655. Q1 2027 progressing • 1-3 years forward • Targeting 60%-75% of zinc equivalent • Befesa provides no collateral Zinc LME1 €2,549 €2,640 €2,425 2 Befesa’s hedging strategy has proven succ
Slide 13: Coke, electricity and gas price evolution
Coke price continues gradual downward trend in Q3 2025; Electricity price has rebounded in the latest period, while gas price continues to Coke normalize throughout the year Coke price at 153€/t in Q3 2025, consolidates its Befesa’s energy unit price evolution downward trend compared to previous q
Slide 14: EBITDA to Cash Flow
EBITDA to Cash Flow Operating Cash Flow in 9M 2025 at €115m. Cash on hand at Sep25 amounted to €89.6m. Adjusted EBITDA to Total cash flow in 9M 2025 (€ million) 174 -42 Total capex = €53m -17 115 -30 -23 -49 -26 -13 Adj EBITDA WC Change Taxes Operating CF Maintenance Capex 1 Growth Capex 2 Bank borr
Slide 15: Deleveraging trend continued to x2.6
Deleveraging trend continued to x2.6, driven by disciplined capital allocation strategy 6th 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 bps
Slide 16: Agenda
Agenda Business highlights Financial results Outlook and growth Appendix & Investor’s agenda 16
Slide 17: 2025 EBITDA expected between €240m and €265m
2025 EBITDA expected between €240m and €265m Strong increase in EPS. Leverage <x2.5 • Double-digit EBITDA growth driven by overall better TC, hedging, FY24A 2025 Guidance volume and operating cost • Strong cash generation remains a key priority, with continued EBITDA €213m €240m-€265m improvement in
Slide 18: Palmerton plant refurbishment completed
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 19: Bernburg expansion: 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 20: Agenda
Agenda Business highlights Financial results Outlook and growth Appendix & Investor’s agenda 20
Slide 21: Key financials
Key financials 9M 2025 9M 2024 Change Q3 2025 Q3 2024 Change Key operational data (tonnes, unless specified otherwise) Electric arc furnace (EAF) steel dust throughput 895,708 889,038 0.8 % 345,419 279,506 23.6 % Waelz oxide (WOX) sold 294,108 292,341 0.6 % 109,127 92,283 18.3 % Salt slags and Spent
Slide 22: Steel Dust Recycling Services at a glance
Steel Dust Recycling Services at a glance 9M 2025 9M 2024 Change Q3 2025 Q3 2024 Change Key operational data (tonnes, unless specified otherwise) EAF steel dust throughput 895,708 889,038 0.8 % 345,419 279,506 23.6 % WOX sold 294,108 292,341 0.6 % 109,127 92,283 18.3 % Zinc blended price (€ / tonne)
Slide 23: Aluminium Salt Slags Recycling Services at a glance
Aluminium Salt Slags Recycling Services at a glance Aluminium Salt Slags Recycling Services Salt Slags subsegment 9M 2025 9M 2024 Change Q3 2025 Q3 2024 Change Key operational data (tonnes, unless specified otherwise) Salt slags and SPL recycled 313,602 317,726 (1.3) % 100,718 97,079 3.7 % Total ins
Slide 24: 2nd Aluminium Recycling Services at a glance
2nd Aluminium Recycling Services at a glance Secondary Aluminium subsegment 9M 2025 9M 2024 Change Q3 2025 Q3 2024 Change Key operational data (tonnes, unless specified otherwise) Secondary aluminium alloys produced 117,442 127,970 (8.2) % 34,484 37,417 (7.8) % Aluminium alloy FMB price (€ / tonne)
Slide 25: Investor's agenda
Investor’s agenda Remaining investor conferences in Investor Conferences Financial Calendar 2025 Q1 2026 Q3 2025 Statement & Conference Call Goldman Sachs Carbonomics Conference 29th ODDO BHF Forum 30 October 2025 12 November – London 8-9 January – Lyon BNP Paribas Spain Investors Day Preliminary Ye
Slide 26: 2025 guidance confirmed: positive Q3 trend to continue into Q4
2025 guidance confirmed: expecting the positive trend in Q3 to continue into Q4 Commentary 2025 Outlook Europe: strong volume in Q3, expecting same level in Q4 Steel dust USA: higher EAF steel dust volume driven by volume from new contracts (expected in Q4) Neutral to positive volume China/A
Slide 27: Continued focus on deleveraging and operational improvement
Continued focus on deleveraging and operational improvement in a context of macroeconomic uncertainty CMD Nov 2022 Today Outlook Capex Total capex: €410-450m 35% invested, €147m: US refining, Recytech and 30%: Europe steel dust & salt slags, €120-140m Palmerton 30% China 3, 4 & 5 stop 5% b
Slide 28: 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 29: BEFESA
BEFESA