Befesa S.A. (0RVK) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the first quarter 2095 results conference call of BEFESA. I am Rafael Perez, CFO of BEFESA and this morning I'm joined by our group CEO, Asier Zarraonandia. Asier will start with an executive summary of the period and then he will cover the business highlights for the steel dust as well as aluminum salt slag recycling business. I will then review the financials by business and will cover the evolution of commodity prices, our hedging program, And finally, cash flow, net debt, and capital allocation. Here, we'll close this presentation providing an update on the outlook for 2025 and an update of our growth plan. Finally, we will open the lines for the Q&A session. Before getting started, let me remind you that this conference call is being webcasted live. You can find the link to the webcast and the first quarter 2025 results presentation on our website, www.befeza.com. Let me turn the call over to our CEO. Asier, please. Thank you, Rafa. We're moving to page five of the business highlights. Befesa has delivered a strong first quarter result despite a challenging macroeconomic environment, which demonstrates the resiliency of our business model. Total adjusted BDA in this quarter has been 56 million euros, up 15% compared to the same quarter last year, reflecting a strong performance driven mainly by a better price environment, partially offset by lower volume caused by plant maintenance stoppage across several plants. Operating cash flow has increased by 134% year-on-year, driven by a strong cash conversion. Net income and EPS also increased strongly by 97% year-on-year. Leverage at the end of the first quarter decreased to 2.78 times, continuing our quarter-on-quarter improvement. In a still, we delivered a solid performance in the quarte...