Befesa Sa · XETR:BFSA
Befesa Sa — Berenberg EU Opportunities Conference 2024
78 slides from Befesa Sa's conference presentation, March 2024
Slide 1: Berenberg EU Opportunities Conference
2023 Berenberg EU Opportunities Conference March 2024
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
01 Business update
Slide 4: Executive summary
Executive summary Revenue Adjusted EBITDA Operating cash flow €1,181 million €182 million €117 million +4% yoy -15% yoy -15% yoy — Lower zinc and alu prices — Lower zinc and alu prices — Lower earnings + US zinc refining operations — Unfavourable zinc TC — Higher interest payments + Higher zinc hedg
Slide 5: EBITDA
EBITDA Total adjusted EBITDA decreased by 15% yoy to €182m in 2023, mainly due to lower zinc and alu prices, unfavourable TC, and higher coke price, partially offset by improved volumes, hedges and synergies Adjusted EBITDA1 2022 to 2023 Latest FY guidance: 214,6 13 “Around €180m” Overall solid volu
Slide 6: Key volume drivers & impact on Befesa in 2023
Key volume drivers & impact on Befesa in 2023 Key volume drivers Befesa’s volumes % vs prior year • European Steel Dust plants at solid levels despite challenging steel production Crude steel production1 • Aluminium salt slags volumes grew yoy mainly driven by 0,2% 0,1% resumption of operations at H
Slide 7: The current decrease in zinc prices is one of the largest in 15 years
The current decrease in zinc prices is one of the largest seen in the last 15 years $4,530 (April ‘22) Peak $2,814 (March ‘08) $2,405 $2,467 Zinc LME1 (May ‘15) (Jan ‘20) $2,224 (May ‘23) C902 $1,774 $1,454 (March ‘20) (Jan ‘16) Trough $1,046 (Dec ‘08) Global financial Commodity COVID—19 2022 / cris
Slide 8: 2023 impacted by high TC in a very volatile zinc price environment
2023 impacted by high TC in a very volatile zinc price environment Zinc LME1 Zinc treatment charges (TC) Peak: $300 (2008 & 2020) $274 (2023) 2023 $2,649 L3y $3,046 L5y $2,791 Trough: $143 L10y $2,596 (2018) L15y $2,387 • Zinc LME decreased by 37% in 2023, • TC for 2023 was settled at $274/t, the se
Slide 9: Befesa's hedging strategy provides price visibility
Befesa’s hedging strategy provides price visibility and lowers impact from zinc price volatility • Befesa’s hedging strategy unchanged Zinc LME1 • 1—3 years forward • Targeting 60% to 75% of zinc equivalent volume • Befesa providing no collateral c. €2,650 • Befesa’s hedging strategy has Befesa’s c.
Slide 10: Coke price moderated in H2; gas price stabilised
Coke price moderated in H2 but is still high; Gas price stabilised around levels of 2021 Befesa’s energy price evolution by source Coke 2019/20 2021 2022 2023 • After reaching an all-time-high level in Q1 2023, Befesa’s coke price moderated during the rest of 2023 around 10% 250 250 below the 2022 l
Slide 11: Cash flow, net debt & leverage
Cash flow, net debt & leverage Cash on hand at €107m providing >€180m liquidity; Net debt increased to €604m driven by lower earnings; Net leverage of x3.32 Adjusted EBITDA to Total cash flow 2023 Total capex = €105m Hanover 182,0 recovery and -18,0 US operating -30,1 117,3 excellence -16,6 Henan &
Slide 12: Outlook for 2024
Outlook for 2024 Return to growth path expected in 2024 • External pressures faced in 2023 were temporary and should ease in 2024 • Detailed earnings guidance to be provided in Q1 reporting 2023 Zinc Zinc Coke US China 2024 once TC have been settled TC hedges Zinc TC, • Zinc TC expected to settle in
Slide 13: Positive mid-term outlook; balancing capex across markets
Positive mid-term outlook; balancing capex across markets with different dynamics Favourable decarbonisation and EV macrotrends: - Shift towards EAF steel mills will increase the generation of steel dust - Transition to EV will drive higher aluminium demand Globally balanced in core businesses €110—
Slide 14: 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 2026e 203
Slide 15: Well defined growth roadmap in execution
Well defined growth roadmap in execution • Market fundamentals remain strong and favourably support Befesa’s business model & growth plan Decarbonisation trend will drive increase of EAF steel production over the coming years in the key markets where Befesa operates EV trend will drive demand for al
Slide 16: Palmerton plant refurbishment progressing well
2 Palmerton plant refurbishment progressing well to seize market growth in 2025 Plant overview Palmerton, Pennsylvania • 2 kilns with c. 163 kt → 220 kt (post-refurbishment) EAF steel dust recycling capacity • Producing WOX as a marketable product Indicative timing and status H1 2025 Other Befesa EP
Slide 17: Growth opportunity in China is attractive
Growth opportunity in China is attractive and Befesa’s plan is being adapted to current market challenges Challenging market environment in the short term Steel Utilisation • Crude steel production in 2023 stable yoy production Mt BOF rate 100 100% • EAF mills running at 55—60% versus 80 80% BOF at
Slide 18: Sustainable Global Growth Plan (SGGP), 2022-2027
02 Sustainable Global Growth Plan (SGGP), 2022-2027
Slide 19: Proven track record since IPO; megatrends driving growth
Proven track record since IPO; Megatrends driving growth over next 5 years EBITDA €m +5% CAGR €160m growth capex + €380m AZR (Ex Zinc Refining) €215 Committed & delivered since IPO: ✓ Growth: Global #1 in Steel Dust €172 + + ✓ Dividend: > 50% net profit payout ✓ Conservative financial management: he
Slide 20: Decarbonisation driving EAF steel production in key markets
Decarbonisation driving EAF steel production in Befesa’s key markets EAF steel production 2022 2030e 200 Million tonnes 103 70 60 80 x2 56 x1.3 x1.3 % EAF share of total crude 69% >70% 40% >50% 10% 20% steel production • Significant infrastructure • Accelerating decarbonisation • #1 steel producer r
Slide 21: Well defined growth roadmap in execution
Well defined growth roadmap in execution • Market fundamentals remain strong and favourably support Befesa’s business model & growth plan Decarbonisation trend will drive increase of EAF steel production over the coming years in the key markets where Befesa operates EV trend will drive demand for al
Slide 22: Megatrends and Befesa's approach by market
Megatrends and Befesa’s approach by market EAF steel production million tonnes, EAF % share of total steel production x2 x1.2 x1.2 200 70 64 67 >80 103 98 109 49 61 51 60 63 58 47 '15 '19 '20 '21 '30e '15 '19 '20 '21 '30e '15 '19 '20 '21 '30e 1 2 63% 70% 71% 69% c. 72% 41% 41% 41% 44% >50% 6% 10% 9%
Slide 23: Decarbonisation capex in new EAF capacity in the US
Decarbonisation capex in new EAF capacity on track; New announcements supported by US gov. funding programs EAF steelmaking capacity announcements in the US, Mt 85 +6 +3 65 +6 +6 20 Mt new EAF capacity to come online in the coming years → 300—350 kt additional EAF steel dust by 2030 Today 2024 2025
Slide 24: 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 plan
Slide 25: Turnaround of zinc refining plant on track
1 Turnaround of zinc refining plant on track; Expecting positive EBITDA in 2024 Plant overview • #1 producer of “green zinc” (SHG zinc), 100% from recycled materials (WOX) • 141 kt SHG zinc total capacity Rutherford County, • Plant size can process up to 220 kt WOX North Carolina from Befesa’s recyc
Slide 26: Palmerton plant refurbishment progressing well
2 Palmerton plant refurbishment progressing well to seize market growth in 2025 Plant overview Palmerton, Pennsylvania • 2 kilns with c. 163 kt → 220 kt (post-refurbishment) EAF steel dust recycling capacity • Producing WOX as a marketable product Indicative timing and status H1 2025 Other Befesa EP
Slide 27: Megatrends and Befesa's approach by market
Megatrends and Befesa’s approach by market EAF steel production million tonnes, EAF % share of total steel production x2 x1.2 x1.2 200 70 64 67 >80 103 98 109 49 61 51 60 63 58 47 '15 '19 '20 '21 '30e '15 '19 '20 '21 '30e '15 '19 '20 '21 '30e 1 2 63% 70% 71% 69% c.72% 41% 41% 41% 44% >50% 6% 10% 9%
Slide 28: Largest producer of steel, 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 new
Slide 29: Largest producer of steel, 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 30: 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 out
Slide 31: Cautiously progressing in Guangdong province
3 Cautiously progressing in Guangdong province Plant overview • 1 kiln with 110 kt EAF steel dust recycling capacity • Option for expansion on site: 2 additional kilns x 110 kt = +220 kt capacity Indicative timing and status 2025/26 Yunfu, Guangdong Investment agreement signed Q1 2023 Other Befesa l
Slide 32: Megatrends and Befesa's approach by market
Megatrends and Befesa’s approach by market EAF steel production million tonnes, EAF % share of total steel production x2 x1.2 x1.2 200 70 64 67 >80 103 98 109 49 61 51 60 63 58 47 '15 '19 '20 '21 '30e '15 '19 '20 '21 '30e '15 '19 '20 '21 '30e 1 2 63% 70% 71% 69% c.72% 41% 41% 41% 44% >50% 6% 10% 9%
Slide 33: Accelerating decarbonisation investments in Europe
Accelerating decarbonisation investments in Europe will support EAF share growing to >50% by 2030 EAF steelmaking capacity announcements in Europe, Mt +33 +18 +0.4 +3 +10 +3 33 Mt new EAF capacity to come online in the coming years → > 500 kt additional EAF steel dust by 2030 Today 2024 2025 2026 20
Slide 34: 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 35: Aluminium Salt Slags Recycling – Decarbonisation drives transition to EV
Aluminium Salt Slags Recycling Services – Decarbonisation trend drives transition to EV Automotive industry switching from combustion to Electric Vehicles (EV) EV unit sales in Europe1 million units • EU approved plan to ban sales of vehicles with combustion engines (ICE) by 20352 x5 • EV unit sales
Slide 36: EV requiring higher aluminium content per car
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 24
Slide 37: Driving higher aluminium demand and salt slags recycling needs
… driving higher aluminium demand with increased needs for 2nd alu & salt slags recycling Aluminium demand from Auto in Europe1 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 carb
Slide 38: 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 39: Befesa can self-fund SGGP while keeping leverage c. x2.5
Befesa can self-fund SGGP while keeping leverage c. x2.5 and distributing dividends EBITDA to Cash flow management walk Illustrative conceptual annual view within SGGP period, €m +125 to +155 215 2022 WC change / Interests Taxes Op. cash Maintenance Growth Dividend Cash Flow EBITDA other flow PF cap
Slide 40: Diversifying Befesa's global footprint
Diversifying Befesa’s global footprint … 2017 IPO 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 205 205 295 509 470 590 Total Alu / 3402 Salt Slags 714 675 / 5452 885 kt Utilisation Steel Dust 85% 77% c. 85% rates
Slide 41: Core-business focus drives portfolio growth
… core-business focus drives portfolio growth 2017 IPO 2022 PF Post SGGP Revenue, €m Total1 €725 €1,136 c. €1,650—1,800 Steel Dust incl. Zinc refining 730 332 Salt Slags 85 77 2nd Alu 353 376 EBITDA, % margin % margin % margin €m Total1 €172 24% €215 19% c. €340—370 19—23% Steel Dust - - incl. Zinc
Slide 42: 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 43: Growth roadmap driving €125-155m incremental EBITDA
Well defined growth roadmap driving €125—155m incremental EBITDA, 8—10% CAGR, globally balanced c. €340—370m c. 8—10% CAGR +€45—55m +€45—55m +€35—45m ✓ China I & II ➢ China III (✓LOI) €215m • New EAFD plant • China IV • WOX washing expansion • China V ✓ Zinc refining • 2nd Alu expansion • Capacity u
Slide 44: Q4 2023 results
. a aT rar oe a ? _ 0 3 / Q4 2023 results
Slide 45: Consolidated key financials
Consolidated key financials Adjusted EBITDA decreased by 11% yoy to €45m in Q4 2023; Lower zinc & alu prices, unfavourable zinc TC, partially offset by improved volumes, better hedges and lower energy prices Adjusted EBITDA1 Q4 2022 to Q4 2023 Q4 Q4 yoy 2022 2023 change Revenue €m 295.5 276.4 -6% 50
Slide 46: Steel Dust Recycling Services
Steel Dust Recycling Services Adjusted EBITDA decreased by 14% yoy to €32m in Q4 2023, mainly due to lower zinc prices and unfavourable zinc TC, partially offset by improved volumes, hedges and lower coke price Adjusted EBITDA Q4 2022 to Q4 2023 Q4 Q4 yoy 2022 2023 change Revenue €m 197.0 180.2 -9%
Slide 47: Aluminium Salt Slags Recycling Services
Aluminium Salt Slags Recycling Services Adjusted EBITDA increased by 3% yoy to €12m in Q4 2023; Lower energy prices mostly offset by lower aluminium prices Adjusted EBITDA Q4 2022 to Q4 2023 Q4 Q4 yoy 2022 2023 change Revenue1 98.7 98.6 flat — Salt Slags €m 20.0 25.9 +30% — Secondary Alu 89.6 89.0 -
Slide 48: Cash flow, net debt & leverage
Cash flow, net debt & leverage Cash on hand at €107m providing >€180m liquidity; Positive cash flow generation of €26m in Q4 2023 Adjusted EBITDA to Total cash flow Q4 2023 53,6 Total capex = €21m -8,9 45,2 18,2 -0,9 -20,6 -0,2 -6,9 25,9 -15 Maintenance -5 Productivity / Compliance Adjusted WC chang
Slide 49: Befesa overview
04 Befesa overview
Slide 50: Environmental services for the Steel & Alu industries
Environmental services for the Steel & Alu industries • 24 plants globally; c. 1,800 employees • #1 globally in Steel Dust Recycling and #1 in Europe Alu Salt Slags Recycling Services • €182m EBITDA in 2023; Earnings split: 74% Steel Dust / 26% Alu Salt Slags services • Dividend proposal for 2023: €
Slide 51: 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 2023 Steel Dust Recycling Aluminium Salt Slags Recycling €1,181m Revenue #1 Position global #1 Position in Europe in salt slags subsegm
Slide 52: 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 53: 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 54: 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 c. 1.9 Mt hazardous residues and recovering over 1.6 Mt of new valuable materials HAZARDOUS RE
Slide 55: 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 56: 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 57: Global leader in Europe, North America and Asia
Global leader in Europe, North America and Asia 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 Lünen EAFD recycling plants Duisburg Hanover Salt slags & SPL
Slide 58: Decarbonisation megatrend favouring EAF steel growth
Decarbonisation megatrend favouring and driving EAF steel growth Global crude steel production1 CAGR CAGR million tonnes, 2016—2030e 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 throu
Slide 59: Zinc global production grew at 1.4% CAGR over 15 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 concentrates, p
Slide 60: 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 2026e 203
Slide 61: Strong financial backbone
Strong financial backbone Long-term and efficient capital structure with no maturities up to July 2026 → Resilient earnings and cash flows … to self-fund growth Prudent zinc hedging → Stable & high liquidity roadmap in the approach US, Europe and Asia → Moderate leverage at c. x2.5 Rigorous cash man
Slide 62: 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 Javier Molina Asier Zarraonandia Key achievements / track record Execut
Slide 63: ESG
05 ESG
Slide 64: ESG highlights
ESG highlights Lost Time Injury Rate (LTIR)1 ESG Ratings2 ESG Report 2023 0.45 LTIR in 2023 (all time low) 31 December 2023 The Befesa ESG Report 2023 will be -18% yoy (2021: 0.55) issued in June 2024 B / Prime -92% vs baseline (2015: 5.71) #13 / 74 #7 / 103 BBB Top 5% Top 9% 1 Befesa’s own employee
Slide 65: ESG: Enhanced transparency and performance
ESG: Enhanced transparency and performance Transparency / reporting External ratings Health & safety Detailed ESG Report LTIR1 improved by 92% since 2015 LTIR 1 Lost Time Injury Rate (LTIR) of Befesa’s own employees and contractors, 2023 vs 2015 baseline CO2 holistic approach CO2 intensity targets S
Slide 66: 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 67: 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 68: 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 ful
Slide 69: Appendix & Investor's agenda
06 Appendix & Investor’s agenda
Slide 70: Key financials 2023 vs 2022
Key financials 2023 vs 2022 (€m, unless otherwise stated) Steel Salt Secondary Corporate & Total Dust Slags Aluminium eliminations Befesa Revenue1 785.6 86.3 360.2 -51.5 1,180.6 yoy change +55.3 / +7.6% +9.0 / +11.6% -15.6 / -4.2% -4.1 / - +44.6 / +3.9% Reported EBITDA 142.2 24.7 21.6 0.2 188.8 yoy
Slide 71: Key financials Q4 2023 vs 2022
Key financials Q4 2023 vs 2022 (€m, unless otherwise stated) Steel Salt Secondary Corporate & Total Dust Slags Aluminium eliminations Befesa Revenue1 180.2 25.9 89.0 -18.8 276.4 yoy change -16.8 / -8.5% +5.9 / +29.6% -0.6 / -0.7% -7.6 / - -19.1 / -6.4% Reported EBITDA 47.7 5.8 5.1 4.7 63.3 yoy chang
Slide 72: Multi-year trend – Key financials
Multi-year trend – Key financials1 (€m, unless otherwise stated) 2017 2018 2019 2020 2021 2022 2023 Revenue 667.42 720.1 647.9 604.3 821.6 1,136.0 1,180.6 Reported EBITDA 153.0 176.0 159.6 123.5 189.6 234.9 188.8 Reported EBITDA 22.9%2 24.4% 24.6% 20.4% 23.1% 20.7% 16.0% margin % Adjusted EBITDA3 17
Slide 73: Operational data 2023 vs 2022 – Steel Dust Recycling Services
Operational data 2023 vs 2022 – Steel Dust Recycling Services 2022 2023 yoy change EAF steel dust 1,193.8 1,194.8 +1.0 / +0.1% throughput (kt) EAF steel dust 76.8% 69.5% -731 bps avg. capacity utilisation (%) Waelz oxide 407.4 399.1 -8.3 / -2.0% (WOX) sold (kt) Zinc LME price 3,302 2,450 -852 / -25.
Slide 74: Operational data Q4 2023 vs 2022 – Steel Dust Recycling Services
Operational data Q4 2023 vs 2022 – Steel Dust Recycling Services Q4 2022 Q4 2023 yoy change EAF steel dust 296.2 305.0 +8.8 / +3.0% throughput (kt) EAF steel dust 75.6% 70.4% -521 bps avg. capacity utilisation (%) Waelz oxide 96.1 98.1 +2.0 / +2.1% (WOX) sold (kt) Zinc LME price 2,944 2,322 -622 / -
Slide 75: Operational data 2023 vs 2022 – Aluminium Salt Slags Recycling Services
Operational data 2023 vs 2022 – Aluminium Salt Slags Recycling Services 2022 2023 yoy change Salt slags & SPL 322.1 360.8 +38.7 / +12.0% treated (kt) Salt slags & SPL 68.5% 76.8% +823 bps avg. capacity utilisation (%) Aluminium 160.6 168.2 +7.6 / +4.7% alloys produced (kt) Secondary alu 78.4% 82.1%
Slide 76: Operational data Q4 2023 vs 2022 – Aluminium Salt Slags Recycling Services
Operational data Q4 2023 vs 2022 – Aluminium Salt Slags Recycling Services Q4 2022 Q4 2023 yoy change Salt slags & SPL 82.2 103.0 +20.7 / +25.2% treated (kt) Salt slags & SPL 69.4% 86.9% +1,748 bps avg. capacity utilisation (%) Aluminium 38.7 42.4 +3.8 / +9.7% alloys produced (kt) Secondary alu 74.9
Slide 77: Multi-year trend – Operational data
Multi-year trend – Operational data 2017 2018 2019 2020 2021 2022 2023 EAF steel dust throughput 661.0 717.1 665.8 687.0 885.7 1,193.8 1,194.8 (kt) EAF steel dust average 84.7% 92.0% 80.7% / 83.2% 83.3%2 76.8% 69.5% capacity utilisation (%) 90.1%1 Waelz oxide (WOX) sold 217.8 240.9 217.6 239.2 291.0
Slide 78: Investor's agenda
Investor’s agenda Financial calendar Next investor conferences March 2024 Q2/Q3 2024 Annual Report 2023 London – Jefferies Pan-European Mid-Cap Miami – BofA Global Metals, Mining and 21 March 2024 Conference Steel Conference 19 March – Jefferies 13-17 May – Bank of America Q1 2024 Statement & Conf.