Befesa Sa · XETR:BFSA
Befesa Sa — Investor Presentation (May 2026)
11 slides from Befesa Sa's investor presentation, May 2026
Slide 1: Company Presentation May 2026
Company Presentation May 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
Slide 3: 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 2025 Steel Dust Recycling Aluminium Salt Slags Recycling €1,183m Revenue #1 Position global #1 Position in Europe in salt slags subsegm
Slide 4: 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 ✓ In commercial operations s
Slide 5: Recycling locations around the world
24 locations around the world 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 Note: Footprint reflects only Befesa’s core recycling services – Steel Dust and Salt Slags & SPL Lü
Slide 6: 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 7: Extended zinc price hedging to H1 2028 at all-time-high level of $3,100
Extended zinc price hedging to H1 2028 at all-time-high level of $3,100 1 Befesa’s hedging strategy is unchanged • 1-3 years forward • Targeting 60% to 75% of zinc Befesa’s blended2 €2,549 €2,571 equivalent €2,425 $3,100 • No collateral/margin calls provided $3,000 Zinc LME1 $2,990 2 Befesa’s hedgin
Slide 8: Befesa's ESG leadership is confirmed by external ratings
Befesa’s ESG leadership is confirmed by external ratings Consistent prime status and high percentile positioning across rating agencies As of 31 December B+ 17.9 (Prime status) Top 10% of 156 (Low Risk) C 71/100 BBB 2025 Top 3% of 87 Commercial Services & Rank 6/62 Metal smelting, refining Environme
Slide 9: 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 Key achievements/track record Extensive experience in steel and alumini
Slide 10: Multi-year trend – Key financials
Multi-year trend – Key financials1 (€m, unless otherwise stated) 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue 667.42 720.1 647.9 604.3 821.6 1,136.0 1,180.6 1,239.0 1,182.6 Reported EBITDA 153.0 176.0 159.6 123.5 189.6 234.9 188.8 204.6 239.4 Reported EBITDA 22.9%2 24.4% 24.6% 20.4% 23.1% 20
Slide 11: Multi-year trend – Operational data
Multi-year trend – Operational data 2017 2018 2019 2020 2021 2022 2023 2024 2025 EAF steel dust throughput (kt) 661.0 717.1 665.8 687.0 885.7 1,193.8 1,194.8 1,210.7 1,215.3 EAF steel dust average 84.7% 92.0% 80.7% / 83.2% 83.3%2 76.8% 69.5% 70.4% 69.7% capacity utilisation (%) 90.1%1 Waelz oxide (W