Slides
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Earnings Presentation H1 2026 29 July 2026
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2 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 statements reflect the current views of Befesa and its affiliates or of such third parties with respect to future events and are subject to risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of Befesa and its affiliates to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others: changes in general economic, political, governmental and business conditions globally and in the countries in which Befesa and its affiliates do business; changes in interest rates; changes in inflation rates; changes in prices; changes to national and international laws and policies that support industrial waste recycling; legal challenges to regulations, subsidies and incentives that support industrial waste recycling; extensive governmental regulation in a number of different jurisdictions, including stringent environmental regulation; management of exposure to credit, interest rate, exchange rate and commodity price risks; acquisitions or investments in joint ventures with third parties; inability to obtain new sites and expand existing ones; failure to maintain safe work environments; effects of catastrophes, natural disasters, adverse weather conditions, unexpected geological or other physical conditions, or criminal or terrorist acts at one or more of our plants; insufficient insurance coverage and increases in insurance cost; loss of senior management and key personnel; unauthorised use of Befesa’s intellectual property and claims of infringement by Befesa of others’ intellectual property; Befesa’s ability to generate cash to service its indebtedness changes in business strategy and various other factors. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted. Befesa and its affiliates do not assume any guarantee that the assumptions underlying forward-looking statements are free of errors nor do they accept any responsibility for the future accuracy of the opinions expressed herein or the actual occurrence of the forecasted developments. No representation (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein or otherwise resulting, directly or indirectly, from the use of this document. This presentation is intended for information only and should not be treated as investment advice. It is not intended as an offer for sale, or as a solicitation of an offer to purchase or subscribe to, any securities in any jurisdiction. Neither this presentation nor anything contained therein shall form the basis of, or be relied upon in connection with, any commitment or contract whatsoever. This presentation may not, at any time, be reproduced, distributed or published (in whole or in part) without prior written consent of Befesa. Second quarter and first half 2026 figures and unaudited. This presentation includes Alternative Performance Measures (APM), including EBITDA, EBITDA margin, EBIT, EBIT margin, net debt and capital expenditures which are not measures of liquidity or financial performance under International Financial Reporting Standards (IFRS). EBITDA is defined as operating profit for the period (i.e. EBIT) before the impact of amortisation, depreciation, impairment and provisions. EBITDA margin is defined as EBITDA divided by revenue. EBIT is defined as Operating profit for the year. The Company uses EBIT to monitor its financial return after both operating expenses and a charge representing the cost of usage of both its property, plant and equipment and definite-life intangible assets. EBIT margin is defined as EBIT as a percentage of revenue. These non-IFRS measures should not be considered in isolation or as an alternative to results from operating activities, cash flow from operating, investing or financing activities, or other financial measures of Befesa’s results of operations or liquidity derived in accordance with IFRS. Befesa believes that the APM included in this report are useful measures of its performance and liquidity. Other companies, including those in the industry in which Befesa operates, may calculate similarly titled financial measures differently than Befesa does. Because all companies do not calculate these financial measures in the same manner, Befesa’s presentation of such financial measures may not be comparable to other similarly titled measures of other companies. These APM are not audited.
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3 Today’s agenda Business highlights Asier Zarraonandia Financial results Rafael Pérez Outlook and Growth Asier Zarraonandia Appendix & Investor Agenda Asier Zarraonandia Chief Executive Officer Rafael Pérez Chief Financial Officer
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4 Agenda Appendix & Investor’s agenda Outlook and growth Business highlights Financial results
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5 H1 2026 Financial Highlights ▪ Adj. EBITDA Q2 2026 at €66m up 17% YoY; H1 2026 at €124m, up 11% YoY ▪ Adj. EBITDA margin improved to 22% in Q2 2026 vs 19% in Q2 2025 ▪ Leverage reduced to x2.18 in June 2026 (x2.70 in June 2025) ▪ EPS up 12% YoY to 1.13 (1.00 in H1 2025) H1 2026 Business Highlights ▪ Solid EAF dust volume growth with strong contribution from US ▪ Improvement in 2nd Alu business despite challenging business environment ▪ Bernburg expansion on track. Commissioning expected in August 2026 Outlook / Guidance ▪ FY 2026 EBITDA guidance confirmed between €250m and €270m ▪ Earnings momentum to strengthen as the year progresses ▪ Improving free cashflow generation due to higher earnings & limited capex ( €70m) ▪ Leverage around x2.0. Growth capex focused on Bernburg expansion in 2026 Strong Q2 2026 results reaffirm the outlook for the full year H1 2026: €589m €602m in H1 2025 Revenue -2% H1 2026: €124m €112m in H1 2025 Adj. EBITDA +11% H1 2026: €71m €64m in H1 2025 Operating Cash Flow +10% H1 2026: 1.13 €/share 1.00 €/share in H1 2025 EPS +12%
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6 H1 2026 Steel Dust business highlights Higher volumes and utilisation rates seen through Q2’26, with US as a key contributor European steel production stayed flat in H1 2026, and grew 1% in Q2 2026 Befesa H1 2026 load factor at 91% (+6% YoY) with strong throughput across all plants Daily steel dust deliveries from EAF steel customers continued at good levels Expecting continued stable steel production in H2 North America steel production up 6% YoY in H1 2026, and up 7% in Q2 2026 US plants performance accelerated, with volume growth in Q2 2026 (+33% YoY) and improving load factor in H1 2026 (+11% YoY) New EAF steel supply contracts gradually delivering throughout the year US Zinc refining cost reduction measures continue delivering as expected Weak volumes remained in Turkey in Q2, recovery expected for H2 Load factor in Korea at 73% in H1’26 (-2% YoY), operating at regular levels China continue running at low utilisation rates and break-even earnings EUROPE USA ASIA
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7 H1 2026 Aluminium business highlights 2nd aluminium Utilisation rates improved significantly in Q2 YoY and QoQ, against a still challenging market backdrop Metal margins continued to expand YoY, consistent with the trend that emerged at the end of Q1 Salt Slags recycling Normalisation of salt slags volumes seen during Q2 as plants operated at similar utilisation rates compared to last year Expecting higher volume in H2 driven by higher aluminium production 2nd Alu business continues to sustain momentum, supported by improving metal margins Highlights
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8 Agenda Appendix & Investor’s agenda Outlook and growth Outlook and growth Business highlights Financial results Financial results
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9 96 104 H1 2025 Volume Price (2) Costs / Other H1 2026 Steel Dust Recycling Services Financials EBITDA H1 2025 to H1 2026 (€m) 1) Blended rate between hedged prices and average spot prices, weighted by the respective hedged and non- hedged volumes, reflecting the effective price to Befesa (+) Better zinc LME price (+) Lower coke and electricity price (-) General Inflation (-) Unfavourable FX Higher volumes and zinc prices partially offset by FX H1 2025 H1 2026 YoY change (%) Revenue €m 388.5 381.3 -1.8% Adjusted EBITDA €m 96.3 104.3 +8.3% Adjusted EBITDA margin % 24.8% 27.3% +2.5% Steel Dust throughput Kt 550 588 +6.8% Plant utilisation % 63.7% 67.4% +3.7% WOX sold Kt 185 190 +2.6% Zinc LME $/t 2,739 3,353 +22.4% Zinc LME €/t 2,515 2,874 +14.3% Zinc Hedging $/t 2,866 2,975 +3.8% Zinc hedging €/t 2,629 2,550 -3.0% Zinc blended¹ €/t 2,565 2,655 +3.5% Zinc TC $/t 80 85 +6.1% +8.0/+8.3% (+) Increase in WOX sales 7 3
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10 18 20 Higher EBITDA supported by better price environment Aluminium Salt Slags Recycling Services Financials 1) Total revenue after intersegment eliminations (H1 2025: €22.5m; H1 2026: €31.1m) 2) Aluminium scrap and foundry ingots aluminium pressure diecasting ingot DIN226/A380 European Metal Bulletin free market duty paid delivered works H1 2025 H1 2026 YoY change (%) Revenue¹ - Salt Slags - Secondary Alu €m 216.3 57.3 181.5 211.2 61.2 181.1 -2.4% +6.8% -0.2% EBITDA - Salt Slags - Secondary Alu €m 18.3 16.1 2.2 20.0 17.7 2.3 +9.3% +10.0% +3.6% EBITDA margin (Salt Slags) % 28.1% 28.9% +0.8% Salt Slags & SPL treated Kt 213 205 -3.6% Salt Slags utilisation % 92.3% 87.3% -5.0% 2nd Alu alloys produced Kt 83 79 -4.7% Secondary Alu utilisation % 78.3% 77.1% -1.2% Aluminium FMB² €/t 2,420 2,841 +17.4% H1 2025 Volume Price Costs / Other H1 2026 1 +1.7/+9.3% EBITDA H1 2025 to H1 2026 (€m) (-) Lower volumes in both segments (+) Higher Margin, and Alu FMB (+) Higher prices in salt slag segment (+) Lower operating cost 1 2 (1)
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11 $2,286/t $3,093/t $2,516/t $3,237/t $3,625/t TC announcement Zinc LME: London Metal Exchange (LME) zinc daily cash settlement prices, US$ per tonne Sources: Internal data, LME exchange, McKinsey reports Zinc TC settled at $85/t for 2026 (vs $80/t in 2025); Zinc LME price strengthened in Q2 driven by low inventories and weak supply Zinc TC benchmark for 2026 settled at $85/t, +6% YoY (2025: $80/t) Zinc concentrate supply remains tight Recent spot TC bottoming out but still at low levels Each $10/t zinc TC variation impacts c.€2m-2.3m FY26 EBITDA 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Spot TCs Contract TCs $85 (2026) $143 (2018) Peak: $300 (2008 & 2020) $54 (2011) $13 (2017) -$30 (Dec24) Q2 2026 LME zinc price average $3,463, +31% YoY LME zinc trading in the range $3,235-$3,625 per tonne in Q2 2026 Zinc inventory levels in Q2 2026 remained exceptionally tight, reflecting continued supply constraints C90 acting as a solid floor for LME Zinc price LME Zinc ($/t) May 24 Oct 24 Aug 24 Feb 24 Q’25 average: $2,838/t 2025 30 Jun: $3,565/t Q2’26 average: $3,463/t Jun 26 FY’25 average: $2,867/t 20262024 2025
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12 Extended zinc price hedging until Jan 2029 at all-time-high level of $3,100 Befesa’s hedging strategy unchanged • 1-3 years forward • Targeting 60% - 75% of zinc equivalent • No collateral / provided margin calls Befesa’s hedging strategy has proven successful providing price visibility and reducing impact from zinc price volatility Hedging price for 2026 at 2,990$ For FY2027 hedged at $3,000. For FY 2028 hedge at all-time high level in USD ($3,100); FX hedging pending For the unhedged portion: each $100/t change in zinc LME price represents $7m-8m impact on FY EBITDA 2 3 4 1 $2,613 $2,727 Befesa’s hedges Zinc LME1 $2,923 2023 2024 2025 2026 2027 2028 $2,990 $3,000 60-70% of zinc exposure hedged for 2026, 2027 and 2028 €2,425 €2,549 €2,571 Befesa’s blended2 1 London Metal Exchange (LME) zinc daily cash settlement prices 2 Zinc blended prices are averages computed based on the monthly effective LME zinc and hedging prices weighted with the respective hedged and non-hedged volumes $3,100
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13 Coke price continues gradual downward trend in H1 2026; Electricity price slightly down, while natural gas price rose in Q2 Befesa’s energy unit price evolution Q2’26 Avg. €/unit Coke ▪ Coke price at 144€/t in Q2 2026, continues its downward trend compared to previous quarters Electricity ▪ Electricity prices in Q2 2026 decreased compared to previous quarters to 100€/MWh Natural gas ▪ Natural gas prices continued the upward trend seen at the back end of Q1 as the US- Iran conflict unfolded Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Coke (€/tonne) Electricity (€/MWh) Natural Gas (€/MWh) 2021 2022 2023 2024 2025 L5Y Average Coke (€/t) 136 215 226 179 160 183 Electricity (€/MWh) 116 170 131 105 104 125 Gas (€/MWh) 43 136 52 47 50 66 Q1’26 Unit prices include only core segments: Steel dust, salt slags & 2nd Alu 144 100 57 0 50 100 150 200 250 Q2’26
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14 EBITDA to Cash Flow Operating Cash Flow in H1 2026 at €71m. Cash on hand at Jun26 amounted to €134m Adjusted EBITDA to Total Cash Flow in H1 2026 (€ million) H1 2025 H1 2026 Change Adjusted EBITDA LTM €222m €255m +15% Operating cash flow LTM €186m €218m +17% Gross debt €698m €690m (1%) Cash on hand €97m €134m +38% Net debt €601m €555m (8%) Net leverage x2.70 x2.18 -x0.52 Net income €40m €45m 12% EPS 1.00 1.13 +0.12 1) Includes investments required to maintain or replace assets as well as those related to productivity, compliance and IT 2) Mainly includes cash bank inflows/outflows from bank borrowings and other liabilities, interest paid as well as the effec t of foreign exchange rate changes on cash Adj EBITDA WC Change Taxes Operating CF Maintenance Capex Growth Capex Bank borrowings / FX / Interests Total CF 1 2 Total capex = €46m • Operating Cash Flow increased to €71m (+10% YoY). Higher EBITDA and lower taxes paid compared to last year were offset by higher working capital outflow • Net Debt reduced to €555m at the end of H1, down 8% YoY • FY26 Capex estimated at c.€70m, below FY25 levels and front-end loaded 124 (48) (5) 71 (31) (15) (33) (8)
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15 20252023 20242018 2019 2020 2021 2022 Deleveraging trend continued to x2.18, driven by disciplined capital allocation strategy Capital structure • Senior Secured TLB of €650m • Refinanced in July 2024 • Maturity in July 2029 • Repriced in April 2025 to E+225 bps (50 bps saving vs previous terms) • Margin ratchet: -25 bps if leverage ≤ 2.5x Achieved • Covenant-lite terms • RCF of €100m (fully undrawn) ▪ Leverage at x2.18 in June 2026 ▪ Target leverage x2.0 in 2026 and below x2.0 onwards ▪ Growth capex focus on Bernburg expansion in 2026 ▪ Maintenance capex at €45m per year ▪ S&P rating Outlook revised in Sep25 to Positive from Stable on reduced leverage; ‘BB’ rating affirmed. Moody’s maintained its rating at Ba2 outlook stable in its latest update in November 2025 Capital allocation discipline and leverage management x3.3 x2.18 x2.1 Historical avg x2.7 Net Debt / EBITDA Target x1.5 – 2.0 x3.4 9th Consecutive quarter of leverage reduction 2026
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16 New cycle of low capex and high earnings resulting in strong FCF generation and shareholder value creation -€14 €13 €73 €136 -€62 -€55 -€4 €40 x2.56 x3.32 x2.90 x2.27 x2.0 FCF (€M) Total CF (€M) Leverage 1.37 1.45 1.27 2.01 >2.20 EPS (€) 2022 2023 2024 2025 2022 2023 2024 2025 1) FCF= Operating cash flow – total capex (maintenance + growth) - M&A 2) 2022 Net Income adjusted for one time item (badwill of zinc refining plant in US) • High capex cycle to expand operations into US and China, completed already • New cycle of low capex (< €80m per year) coupled with high earnings resulting in strong free cash flow • Total cash flow to follow a positive trajectory, reflecting the company’s improving and stronger underlying cash-generation profile • Leverage to be kept below x2.0 over the next years, allowing greater optionality in future capital-allocation decisions 2026E2026E
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17 Agenda Appendix & Investor’s agenda Outlook and growth Outlook and growth Business highlights Financial results Financial results
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18 2026 Adjusted EBITDA expected between €250m and €270m Strong Free Cash Flow generation and leverage around x2.0 FY25A 2026 Guidance YoY Adjusted EBITDA €243m €250m - €270m 3% - 11% Operating Cash Flow €212m Single digit growth 1% - 9% Capex €76m Around €70m (8%) Net Leverage x2.27 Around x2.0 Around (12%) EPS 2.01 Above 2.2 Above 10% • Adj. EBITDA growth to be driven by higher volumes, alu improvement and operating cost efficiencies • Strong cash generation remains a key priority, with continued improvement in free cash flow • Capex discipline preserved, with total spend €70m: €45m in recurrent maintenance, €25m in growth (Bernburg) • Ongoing deleveraging supported by EBITDA expansion and strong cash flows • Earnings per share (EPS) strong expansion driven by strong underlying performance and improved financial efficiency
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19 2026 expected to be another year of earnings growth, strong cashflow and deleveraging Steel dust volume Salt slags 2nd Alu Zinc Refining Energy prices General inflation Commentary Positive Salt slags: Neutral/positive 2nd alu: Positive Neutral Neutral / Negative Negative Neutral Europe: solid/stable volume expected USA: higher EAF steel dust volume driven by new contracts with steel makers China/Asia: stable volume vs 2025 Stable salt slags volume vs 2025. higher collection fees Metal margin expected to improve gradually throughout the year after bottoming out in Q3 2025 Strong fix cost reduction carried out in 2025 Further efficiencies to be captured throughout 2026 Zinc premium might be lower than 2025 Slightly lower to stable overall coke prices for the group Higher European natural gas and electricity expected for 2026 General inflation (maintenance, auxiliary materials, personnel, transport) across all regions TC settled at $85 in 2026 vs. $80 in 2025 Zinc concentrate market remains tight with low spot TCTreatment charge 2026 Outlook Zinc hedging Zinc LME Average zinc price hedging for 2026 at $2,990 Volatility expected driven by global macro uncertainty; C90 around $2,500 as floor for zinc (2025 avg. $2,867) FX: expecting higher €/$ ratio, resulting in negative impact Neutral LME: Uncertain FX: Unfavourable Capex Leverage Total capex around €70m. €45 regular maintenance + €25 growth (Bernburg) Leverage reduction to continue further to x2.0 €70m x2.0
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20 Key financials ▪ Capex: c. €30m (100% self-funded) ▪ EBITDA run-rate: €6m to €7m (c. 20% margin) ▪ Payback: c. 5 years; IRR: 16% Plant overview ▪ Expand alu alloy production capacity at existing Bernburg plant from current 75 kt to 135 kt (+60 kt) ▪ 2 rotary furnaces (and 2 holding furnaces) ▪ Total Befesa 2nd Alu capacity from 205 kt to 265 kt ▪ 30 new direct jobs Source: Company information Indicative timing and status Existing contract with Novelis signed in July 2023 Expansion contract signed in April 2024 All documentation submitted to authorities; Final permits obtained Construction started in August 2025 12-month construction; H2 2026: 6-month ramp up 2026 Hannover, Germany Valladolid, Spain Bilbao, Spain Barcelona, Spain Befesa 2nd Alu locations Bernburg, Germany Lünen, Germany Befesa Salt Slags locations Bernburg expansion on track with plant commissioning expected in August
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21 Befesa well positioned to capture the EAF expansion phase in Europe driven by policy support and decarbonisation • Europe’s shift to EAF steelmaking, with 13 new projects to come online between 2026 and 2030, adding to the existing 148 EAF plants • 22 Mt of new EAF capacity in Europe, representing a growth of 24% over the 90Mt existing EAF capacity • EAF % penetration expected to increase from current 45% over the next 5-10 years, driven by new EAF projects and blast-furnaces replacement • Befesa strategically positioned to capture strong volume expected: ongoing business development and engaged in advanced negotiations with key customers New EAF steel capacity (Mt) in Europe 4 8 12 20 22 2026 2027 2028 2029 2030 Pending On track Source: Eurofer, public announcements of steel producers in Europe
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22 New EAF steel projects in the US will drive growth in steel dust market over the coming years driven by strong underlying steel demand 81 84 87 95 95 95 102 H1 2025 H2 2025 H1 2026 H2 2026 H1 2027 H2 2027 2028 onwards +26%/+21Mt EAF steelmaking capacity announcements in the US, Mt Befesa EAF steel dust recycling plants 650kt US Capacity Targeting 90% utilisation by 2028 from <70% in 2025 Befesa total installed capacity of 650kt of steel dust US EAF steel capacity projected to increase by around 26%, approximately +21Mt by 2028 onwards Equivalent to >300Kt of steel dust Rockwood, Tennessee Palmerton, Pennsylvania Barnwell, South Carolina Calumet, Illinois New EAF steel capacity announced
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23 Agenda Appendix & Investor’s agenda Outlook and growth Outlook and growth Business highlights Financial results Financial results
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24 Key financials 1 It excludes changes in fixed assets suppliers (€ 8.1m in 2026) 1 H1 2026 H1 2025 Change Q2 2026 Q2 2025 Change Key operational data (tonnes, unless specified otherwise) Electric arc furnace (EAF) steel dust throughput 587,796 550,289 6.8 % 307,652 273,102 12.7 % Waelz oxide (WOX) sold 189,867 184,981 2.6 % 94,622 94,731 (0.1) % Salt slags and Spent Pot Linings (SPL) recycled 205,135 212,884 (3.6) % 103,207 105,559 (2.2) % Secondary aluminium alloys produced 79,073 82,958 (4.7) % 40,060 40,068 (0.0) % Zinc LME average price (€ / tonne) 2,874 2,514 14.3 % 2,977 2,331 27.7 % Zinc blended price (€ / tonne) 2,655 2,565 3.5 % 2,694 2,511 7.3 % Aluminium alloy FMB average price (€ / tonne) 2,841 2,420 17.4 % 3,136 2,424 29.4 % Key financial data (€ million, unless specified otherwise) Revenue 589.5 601.6 (2.0) % 304.3 293.2 3.8 % EBITDA 121.0 108.6 11.5 % 63.5 55.8 13.9 % EBITDA margin 20.5% 18.0 % 2.5 % 20.9% 19.0 % 1.9 % Adjusted EBITDA 124.0 112.1 10.6 % 66.0 56.3 17.3 % Adjusted EBITDA margin 21.0 % 18.6 % 2.4 % 21.7 % 19.2 % 2.5 % EBIT 80.9 67.7 19.6 % 43.5 35.8 21.6 % EBIT margin 13.7 % 11.2 % 2.5 % 14.3 % 12.2 % 2.1 % Adjusted EBIT 85.3 72.4 17.8 % 46.8 36.9 26.8 % Adjusted EBIT margin 14.5 % 12.0 % 2.4 % 15.4 % 12.6 % 2.8 % Financial result (14.5) (11.8) 23.0 % (10.2) (4.7) (118.6) % Profit before taxes and minority interests 66.4 55.9 18.9 % 35.7 31.1 14.7 % Net profit attributable to shareholders of Befesa S.A. 45.0 40.1 12.4 % 24.3 21.4 13.5 % EPS (in €) 1.13 1.00 12.4 % 0.61 0.54 13.5 % Total assets 1,972.8 1,922.7 2.6 % 1,972.8 1,922.7 2.6 % Capital expenditures 37.8 32.4 16.8 % 16.7 16.6 0.9 % Cash flow from operating activities 70.9 64.4 10.0 % 32.7 30.4 7.6 % Cash and cash equivalents at the end of the period 134.5 96.5 39.4 % 134.5 96.5 39.4 % Net debt 555.2 601.1 (7.6) % 555.2 601.1 (7.6) % Net leverage x2.18 x2.70 (x 0.52) x2.18 x2.70 (x 0.52) Number of employees (as of end of the period) 1,794 1,839 (2.4) % 1,794 1,839 (2.4) %
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25 Steel Dust Recycling Services at a glance Note: Installed capacity updated H1 2026 H1 2025 Change Q2 2026 Q2 2025 Change Key operational data (tonnes, unless specified otherwise) EAF steel dust throughput 587,796 550,289 6.8 % 307,652 273,102 12.7 % WOX sold 189,867 184,981 2.6 % 94,622 94,731 (0.1) % Zinc LME price ($ / tonne) 3,353 2,739 22.4 % 3,463 2,641 31.1 % Zinc LME price (€ / tonne) 2,874 2,515 14.3 % 2,977 2,331 27.7 % Zinc blended price (€ / tonne) 2,655 2,565 3.5 % 2,694 2,511 7.3 % Total installed capacity 1,758,300 1,720,300 2.2 % 1,758,300 1,720,300 2.2 % Utilisation (%) 67.4 % 63.7 % 3.8 % 70.2 % 62.9 % 7.3 % Key financial data (€ million, unless specified otherwise) Revenue 381.3 388.5 (1.8) % 198.9 188.2 5.7 % EBITDA 101.3 92.8 9.2 % 51.3 46.5 10.1 % EBITDA margin 26.6% 23.9 % 2.7 % 25.8% 24.7 % 1.1 % Adjusted EBITDA 104.3 96.3 8.3 % 53.8 47.1 14.3 % Adjusted EBITDA margin 27.3 % 24.8 % 2.6 % 27.1 % 25.0 % 2.1 % EBIT 70.0 60.6 15.6 % 35.6 30.8 15.5 % EBIT margin 18.4 % 15.6 % 2.8 % 17.9 % 16.4 % 1.5 % Adjusted EBIT 74.4 65.3 13.9 % 38.8 31.9 21.8 % Adjusted EBIT margin 19.5 % 16.8 % 2.7 % 19.5 % 16.9 % 2.6 %
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26 Aluminium Salt Slags Recycling Services at a glance H1 2026 H1 2025 Change Q2 2026 Q2 2025 Change Key operational data (tonnes, unless specified otherwise) Salt slags and SPL recycled 205,135 212,884 (3.6) % 103,207 105,559 (2.2) % Total installed capacity 470,000 470,000 0.0 % 470,000 470,000 0.0 % Utilisation (%) 87.3 % 92.3% (5.0) % 87.8 % 91.7% (3.8) % Key financial data (€ million, unless specified otherwise) Revenue 61.2 57.3 6.8 % 31.4 29.6 6.0 % EBITDA 17.7 16.1 9.7 % 10.0 9.2 9.3 % EBITDA margin 28.9% 28.1 % 0.8 % 31.9% 30.9 % 1.0 % Adjusted EBITDA 17.7 16.1 9.7 % 10.0 9.2 9.3 % Adjusted EBITDA margin 28.9% 28.1 % 0.8 % 31.9 % 30.9 % 1.0 % EBIT 12.8 11.5 12.0 % 7.7 6.9 10.2 % EBIT margin 21.0% 20.0 % 1.0 % 24.4% 23.4 % 0.9 % Adjusted EBIT 12.8 11.5 12.0 % 7.7 6.9 10.2 % Adjusted EBIT margin 21.0% 20.0 % 1.0 % 24.4% 23.4 % 0.9 %
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27 2nd Aluminium Recycling Services at a glance H1 2026 H1 2025 Change Q2 2026 Q2 2025 Change Key operational data (tonnes, unless specified otherwise) Secondary aluminium alloys produced 79,073 82,958 (4.7) % 40,060 40,068 (0.0) % Aluminium alloy FMB price (€ / tonne) 2,841 2,420 17.4 % 3,136 2,424 29.4 % Total installed capacity 205,000 205,000 0.0 % 205,000 205,000 0.0 % Utilisation (%) 77.1 % 78.3 % (1.2) % 78.2 % 75.3 % 2.9 % Key financial data (€ million, unless specified otherwise) Revenue 181.1 181.5 (0.2) % 95.8 86.3 11.0 % EBITDA 2.3 2.2 3.6 % 0.5 0.6 (10.1) % EBITDA margin 1.3% 1.2% 0.0 % 0.5% 0.7% (0.1) % Adjusted EBITDA 2.3 2.2 3.6 % 0.5 0.6 (10.1) % Adjusted EBITDA margin 1.3 % 1.2% 0.0 % 0.5 % 0.7% (0.1) % EBIT (1.5) (1.6) 7.6 % (1.3) (1.3) 2.8 % EBIT margin (0.8) % (0.9) % 0.1 % (1.3) % (1.5) % 0.2 % Adjusted EBIT (1.5) (1.6) 7.6 % (1.3) (1.3) 2.8 % Adjusted EBIT margin (0.8) % (0.9) % 0.1 % (1.3) % (1.5) % 0.2 %
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28 Investor Conferences Q3 2026 Commerzbank & ODDO BHF Corporate Conference 2026 2 September – Frankfurt Berenberg & GS 15th German Corporate Conference 2026 22 September – Munich 15th Baader Investment Conference 2026 23 September – Munich Financial Calendar Preliminary Year-End Results 2025 & Conference Call 26 February 2026 Q1 2026 Statement & Conference Call 30 April 2026 Annual Report 2025 30 April 2026 Annual General Meeting 16 June 2026 H1 2026 Interim Report & Conference Call 29 July 2026 Q3 2026 Statement & Conference Call 29 October 2026 Investor’s agenda Investor Conferences Q4 2026 BBVA, BME & ODDO BHF Iberian Digital Forum 2026 6 October – Virtual Goldman Sachs Carbonomics Conference 2026 10 November – London 24th Berenberg European Conference 2026 1 December – London
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29 Sustainability at the core of Befesa 2026 Progress ▪ CSRD report published for the second time, verified externally by KPMG ▪ Transparency and traceability: Energy, emissions, air pollution, water withdrawals, inflows, outflows, and waste ▪ 80% of plants aligned with ISO 14001 ▪ 63% of plants aligned with ISO 14064, ISO 45001 and ISO 9001 ▪ 20% CO2e intensity reduction by 2030, Net Zero by 2050 ambition ▪ 9% intensity reduction in 2025 vs. 2021 baseline ▪ 4% increase vs. 2024 due to increase in coke use in USA ▪ Ongoing research and testing of biocoke- and hydrogen-based recycling technologies as part of EU-funded programmes Climate Action Plan Progress against targets in 2026 ESG Ratings Top 10% of 156 Ranked 6/62 (Low Risk) Top 3% of 87 B+ (Prime Status) Score C CO2e intensity (Tn CO2e / Tn input) -20% 0.56 0.56 0.55 0.49 0.51 0.45 2021 Baseline (Pro-forma) 2022 2023 2024 2025 2030 71/100 BBB