Befesa Sa · XETR:BFSA
Befesa Sa — Q3 2026 Earnings Presentation
12 slides from Befesa Sa's earnings presentation, Oct 29, 2026
Slide 1: Befesa Q3 2026 Statement
Q3 2026 Statement BEFESA
Slide 2: Befesa at a glance: Key consolidated figures
Q3 2026 Statement Befesa at a glance 2 Befesa at a glance Key consolidated figures 9M 2026 9M 2025 Change Q3 2026 Q3 2025 Change Key market data Zinc LME average price ($ / tonne) 3,512 2,768 26.9% 3,830 2,824 35.6% Zinc LME average price (€ / tonne) 3,025 2,482 21.9 % 3,328 2,418 37.6 % Zinc hedgin
Slide 3: Highlights
Q3 2026 Statement Befesa at a glance 3 Highlights • Q3 2026 adjusted EBITDA at €68 million, reflecting a resilient YoY performance; 9M adjusted EBITDA at €192 million, showing solid growth • Leverage reduced to x2.16 in September 2026 (September 2025: x2.59), continuing strong deleveraging trajector
Slide 4: Business review: Results of operations, financial position & liquidity
Q3 2026 Statement Business review 4 Business review Results of operations, financial position & liquidity Financial position & liquidity Gross debt at 30 September 2026 decreased to €689.3 Revenue million (31 December 2025: €694.8 million). The decreased of the gross debt is mainly explained due to
Slide 5: Segment information
Q3 2026 Statement Business review 5 together with the €100.0 million RCF undrawn, provides Secondary Aluminium subsegment Befesa with more than €225.6 million liquidity. Aluminium alloy production volumes decreased in 9M 2026 by 5.8% to 110,680 tonnes (9M 2025: 117,442 tonnes). Secondary Aluminium p
Slide 6: Outlook
Q3 2026 Statement Business review 6 Befesa is committed to keeping the financial leverage €270m), expecting a strong operating Q4, excluding the between x1.5 and x2.0 over the economic cycle, compared impact of Section 45X. to the current level of x2.16. After the impact of Section 45X contribution,
Slide 7: Consolidated financial statements: Statement of financial position
Q3 2026 Statement Consolidated financial statements 7 Consolidated financial statements as of 30 September 2026 (thousands of euros) Statement of financial position Assets (€ thousand) 30 September 2026 31 December 2025 No n-current assets: Intangible assets Goodwill 623,102 615,135 Other intangible
Slide 8: Statement of financial position (continued)
Q3 2026 Statement Consolidated financial statements 8 Statement of financial position (continued) Equity and liabilities (€ thousand) 30 September 2026 31 December 2025 Equity: Parent Co mpany Share capital 111,048 111,048 Share premium 532,867 532,867 Hedging reserves (171,445) (16,456) Other reser
Slide 9: Income statement
Q3 2026 Statement Consolidated financial statements 9 Income statement Consolidated income statement (Thousand of euros) (€ thousand) 9M 2026 9M 2025 Change Q3 2026 Q3 2025 Change Revenue 901,133 891,881 1.0 % 311,642 290,261 7.4 % Changes in inventories of finished goods and work-in-progress (881)
Slide 10: Statement of cash flows
Q3 2026 Statement Consolidated financial statements 10 Statement of cash flows (Thousand of euros) (€ thousand) 9M 2026 9M 2025 Q3 2026 Q3 2025 Pro fit/(lo ss) fo r the perio d befo re tax 100,355 90,533 33,932 34,645 Adjustments fo r: Depreciation and amortisation 60,628 61,348 20,514 20,450 Change
Slide 11: Segmentation overview – key metrics
Q3 2026 Statement Additional information 11 Additional information Segmentation overview – key metrics Steel Dust Recycling Services 9M 2026 9M 2025 Change Q3 2026 Q3 2025 Change Key o peratio nal data (tonnes, unless specified otherwise) EAF steel dust throughput 891,279 895,708 (0.5) % 303,484 345
Slide 12: Financial calendar and IR contact
Q3 2026 Statement Additional information 12 Financial calendar 26 February 2026 Preliminary Year-End Results 2025 & Conference Call 30 April 2026 Integrated Report 2025 30 April 2026 Q1 2026 Statement & Conference Call 17 June 2026 Annual General Meeting 29 July 2026 H1 2026 Interim Report & Confere