Slides
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Earnings Presentation Q3 2026 29 October 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. Third quarter and nine-month 2026 figures are 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 Befesa eligible for IRA Section 45X for critical minerals U.S. zinc business is eligible under section 45X (Advanced Manufacturing Production Credit) Claim filed with the IRS (Internal Revenue Service) of the US • Befesa has completed an assessment of its eligibility for the Advanced Manufacturing Production Credit pursuant to Section 45X of the U.S. Internal Revenue Code. • The IRS has already issued the required registration number following submission of the pre-filing related to 2025 • Section 45X of the Inflation Reduction Act (IRA) provides a U.S. production credit for eligible components, including applicable critical minerals such as zinc • A US production tax credit worth 10% of the cost of refining or processing an eligible critical mineral in the US • Befesa Special High-Grade zinc (purity higher than 99%) production in Mooresboro refining plant meets the relevant requirements, based on current regulatory tax • No requirement for ongoing capital investment to be eligible Expected financial impact • The tax credit is recognised as a lower operating cost (higher operating profit), based on IAS 20 – Accounting for Government Grants • 45X impact calculated as 10% of annual operating cost of production of pure zinc in the US • As such, due to the impact of 45X, Befesa expects an annual positive impact on Adj. EBITDA in the range of €25m to €30m • Recurrent for 9 years, from 2025 to 2033, with a gradual decline expected in 2031 (75%), 2032 (50%) and 2033 (25%). • Befesa expects a positive impact on Adj. EBITDA already in Q4 2026 due to 45X of around €26m attributable to 20261) • First cash inflow for 45X expected to be received in H1 2027. And subsequently, every year until 2034 • The final amount of the credit and the timing of collection of funds remain subject to IRS review 1) Impact of 45X related to year 2025 considered as non-recurrent one-off operating and cash item treated as an adjustment in 2026 adjusted EBITDA for an amount of $34m equivalent to €30m using 1.12 $/€ ratio
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6 Outlook / Guidance • FY 2026 Adj. EBITDA guidance narrowed to €260m - €270m, excluding Section 45X • Critical Minerals US / Section 45X1): claim filed in October 2026. Expected additional EBITDA contribution of around €26m2) in Q4 2026 • After Section 45X contribution, FY 2026 Adj. EBITDA would be €286m - €296m 9M 2026 Financial Highlights ▪ Adj. EBITDA Q3 2026 at €68m up 10% YoY; 9M 2026 at €192m, up 10% YoY ▪ Adj. EBITDA margin slightly up at 22% in Q3 2026 vs 21% in Q3 2025 ▪ Leverage reduced to x2.16 in September 2026 (x2.59 in September 2025) ▪ EPS up 12% YoY to 1.70 (1.52 in 9M 2025) 9M 2026 Business Highlights ▪ Resilient Q3 2026 amid challenging market conditions ▪ Steel dust volumes impacted by maintenance shutdowns and mixed market conditions ▪ 2nd Alu business confirms recovery, supported by improving metal margins FY 2026 Adj. EBITDA guidance narrowed to €260m - €270m. Critical Minerals US grant to add €26m in EBITDA in Q4 2026 9M 2026: €901m €892m in 9M 2025 Revenue +1% 9M 2026: €192m €174m in 9M 2025 Adj. EBITDA +10% 9M 2026: €128m €115m in 9M 2025 Operating Cash Flow +12% 9M 2026: 1.70 €/share 1.52 €/share in 9M 2025 EPS +12% 1) Inflation Reduction Act Section 45X for Critical Minerals. More details on page 5 2) Final actual amount to be calculated based on FY2026 numbers. Current estimation of $29m equivalent to €26m using $/€ of 1.12
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7 9M 2026 Steel Dust business highlights Challenging near-term conditions with demand outlook across the steel industry improving in 2027 European steel production was slightly down in 9M 2026, declining 1% YoY, driven by slower construction-related demand recovery and the automotive sector remaining a drag. In Q3 down 2% YoY Befesa 9M 2026 load factor at 90% (+2% YoY) with slightly lower throughput in the quarter Daily steel dust deliveries from EAF steel customers continued at similar levels than previous quarters Market sentiment points to a recovery in steel- end markets from 2027 onwards supported by solid demand from infra, defence and energy US steel production increased 6% YoY in 9M 2026 and 3% YoY in Q3 2026 Demand is expected to grow in 2027 by investments in data centres, energy infrastructure and industrial projects; residential construction likely to remain slow US plants performance impacted by maintenance shutdowns in the quarter. Load factor in 9M 2026 solidly up (+5% YoY) New EAF steel supply contracts gradually delivering as expected Asian volumes down by 18% YoY in 9M 2026 due to challenging market conditions Weak volumes persisted in Turkey in Q3, recovery delayed Load factor in Korea at 70% in 9M26 (-7% YoY), impacted by maintenance shutdowns China continue running at low utilisation rates and break-even earnings EUROPE USA ASIA
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8 9M 2026 Aluminium business highlights 2nd aluminium Metal margin rebounded significantly YoY from cyclical lows Utilisation rates decreased due to maintenance shutdowns Nonetheless, 2nd alu industry keeps operating under tight conditions impacted by shortage of aluminium scrap in Europe Salt Slags recycling Salt slags volumes stable during Q3 as plants operated at similar utilisation rates compared to last year Planned maintenance shutdowns were executed throughout the quarter Expecting higher volume in Q4 driven by higher aluminium production Metal margin expansion remains a key tailwind for the 2nd Alu business Highlights
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9 Agenda Appendix & Investor’s agenda Outlook and growth Outlook and growth Business highlights Financial results Financial results
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10 154 158 9M 2025 Volume Price (14) Costs / Other 9M 2026 Steel Dust Recycling Services Financials Adj. EBITDA 9M 2025 to 9M 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 (-) Higher energy costs (-) General Inflation (-) Unfavourable FX Higher zinc prices partially offset by lower volume and inflation 9M 2025 9M 2026 YoY change (%) Revenue €m 593.6 591.5 -0.4% Adjusted EBITDA €m 154.3 157.9 +2.4% Adjusted EBITDA margin % 26.0% 26.7% +0.7% Steel Dust throughput Kt 895.7 891.3 -0.5% Plant utilisation % 68.7% 67.8% -0.9% WOX sold Kt 294.1 286.4 -2.6% Zinc LME $/t 2,768 3,512 +26.9% Zinc LME €/t 2,482 3,025 +21.9% Zinc hedging $/t 2,910 2,974 +2.2% Zinc hedging €/t 2,606 2,561 -1.7% Zinc blended¹ €/t 2,553 2,723 +6.7% Zinc TC $/t 80 85 +6.1% +3.6/+2.4% (-) Decrease in WOX sales 22 (4)
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11 23 34 Higher EBITDA supported by better metal margin & price environment Aluminium Salt Slags Recycling Services Financials 1) Total revenue after intersegment eliminations (9M 2025: €41.0m; 9M 2026: €45.9m) 2) Aluminium scrap and foundry ingots aluminium pressure diecasting ingot DIN226/A380 European Metal Bulletin free market duty paid delivered works 9M 2025 9M 2026 YoY change (%) Revenue¹ - Salt Slags - Secondary Alu €m 303.4 84.5 259.9 314.9 92.8 268.0 +3.8% +9.8% +3.1% EBITDA - Salt Slags - Secondary Alu €m 22.6 23.2 -0.6 34.3 28.9 5.4 +51.8% +24.9% n.a EBITDA margin (Salt Slags) % 27.4% 31.1% +3.7% Salt Slags & SPL treated Kt 313.6 303.9 -3.1% Salt Slags utilisation % 89.2% 86.2% -3.0% 2nd Alu alloys produced Kt 117.4 110.7 -5.8% Secondary Alu utilisation % 76.6% 72.0% -4.6% Aluminium FMB² €/t 2,372 2,886 +21.7% 9M 2025 Volume Price Costs / Other 9M 2026 1 +11.7/+51.8% Adj. EBITDA 9M 2025 to 9M 2026 (€m) (-) Lower volumes in both segments (+) Higher Margin, and Alu FMB (+) Higher prices in salt slag segment (+) Lower operating cost 1 11 (1)
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12 $4,186/t TC announcement Zinc LME: London Metal Exchange (LME) zinc daily cash settlement prices, US$ per tonne Sources: Internal data, LME exchange, McKinsey reports Zinc LME price correction after reaching highs in Sep 2026; Zinc concentrates market remains tight, lower spot TCs Zinc TC benchmark for 2026 settled at $85/t, +6% YoY (2025: $80/t) Zinc concentrate supply remains tight Recent spot TC reaching all-time lows around -$150 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) Q3 2026 LME zinc price average $3,830, +36% YoY LME zinc trading in the range $3,474-$4,186 per tonne in Q3 2026 Zinc inventory levels in Q3 2026 remained exceptionally tight, reflecting continued supply constraints C90 acting as a solid floor for LME Zinc price LME Zinc ($/t) Q3’25 average: $2,824/t 2025 30 Sep: $3,954/t Q3’26 average: $3,830/t Sep 26 FY’25 average: $2,867/t 20262024 2025 2026 -$150 (Sep26) Feb 24: $2,286/t May 24: $3,093/t Oct 24: $3,327/t Aug 24: $2,516/t
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13 Extended zinc price hedging until Q3 2029 at all-time-high level of $3,200 Befesa’s hedging strategy unchanged • 1-3 years forward • Targeting 60% - 75% of zinc equivalent • No collateral / provided margin calls Befesa’s hedging strategy has proven successful providing price visibility and reducing impact from zinc price volatility Hedging price for 2026 at 2,990$ For FY2027 hedged at $3,000. For FY 2028 hedge at $3,100. For 2029 at all-time high level in USD ($3,200); FX hedging pending For the unhedged portion: each $100/t change in zinc LME price represents $7m impact on EBITDA 2 3 4 1 $2,613 $2,727 Befesa’s hedges Zinc LME1 $2,923 $2,990 $3,000 60-70% of zinc exposure hedged for 2026, 2027, 2028 and Q3 2029 €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 $3,200 2023 2024 2025 2026 2027 2028 2029
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14 Energy prices trended higher during Q3 due to tightening market conditions driven by geopolitical tensions Befesa’s energy unit price evolution Q3’26 Avg. €/unit Coke ▪ Coke price at 156€/t in Q3 2026, slightly up compared to previous quarters (+2% YoY) Electricity ▪ Electricity prices in Q3 2026 increased compared to previous quarters to 130€/MWh (+26% YoY) Natural gas ▪ Natural gas prices maintained their upward trajectory as geopolitical tensions escalated (+72% YoY) 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 9M 2026 L5Y Average Coke (€/t) 136 215 226 179 160 149 186 Electricity (€/MWh) 116 170 131 105 104 113 125 Gas (€/MWh) 43 136 52 47 50 61 69 Q1’26 Unit prices include only core segments: Steel dust, salt slags & 2nd Alu Q2’26 Q3’26 156 130 79 0 50 100 150 200 250
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15 192 (54) (9) 128 (41) (19) (41) (43) (17) EBITDA to Cash Flow Operating Cash Flow in 9M 2026 at €128m. Cash on hand at Sep26 amounted to €126m Adjusted EBITDA to Total Cash Flow in 9M 2026 (€ million) 9M 2025 9M 2026 Change Adjusted EBITDA LTM €235m €261m +11% Operating cash flow LTM €189m €225m +19% Gross debt €700m €689m (2%) Cash on hand €90m €126m +40% Net debt €610m €564m (8%) Net leverage x2.59 x2.16 -x0.43 Net income €61m €68m 12% EPS 1.52 1.70 +0.18 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 = €60m • Operating Cash Flow increased to €128m (+12% YoY). Higher EBITDA and lower taxes paid compared to last year were offset by higher working capital outflow • Net Debt reduced to €564m at the end of 9M’26, down 8% YoY • FY26 Capex estimated at c.€70m, below FY25 levels and front-end loaded Dividends
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16 20252023 20242018 2019 2020 2021 2022 S&P upgraded Befesa’s rating to ‘BB+’ driven by continued strengthening of its financial profile and sustained deleveraging 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 x2.16 in September 2026 ▪ Target leverage x2.0 in 2026 and below x2.0 onwards ▪ Growth capex focus on Bernburg expansion in 2026 ▪ Maintenance capex at €45-50m per year ▪ S&P rating upgraded in Sep26 to ‘’BB+’ following strong operating performance and deleveraging. Moody’s maintained its rating at Ba2 outlook stable in its latest update in November 2025 Capital allocation discipline and leverage management x3.3 x2.16x2.1 Historical avg x2.7 Net Debt / EBITDA Target x1.5 – 2.0 x3.4 10th Consecutive quarter of deleveraging 2026
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17 A clear capital allocation policy focus on shareholder value creation Cash is allocated in a clear order of priority: 1) preserve assets, 2) reward shareholders, 3) keep strong balance sheet, 4) high return growth, and 5) excess cash to shareholders Maintain existing asset base, safety, environmental compliance, and maintenance capex 1 €45-50m p.a. Stable, growing cash return to shareholders in line with net income; €1.00/share paid for FY 2025 (€0.64/share for FY2024) 2 40-50% payout Fund high return expansion capex for projects with attractive, near-term clearly double- digit returns 4 > 20% IRR Maintain net leverage between x1.5 and x2.0 through the economic cycle, reinforcing balance-sheet resilience 3 1.5x - 2x Once leverage targets are met, return excess cash to shareholders via buybacks or special dividends, depending on valuation 5 Optional "We invest first to ensure safe, reliable and compliant operations" "Growth investments must exceed our return thresholds" "We target net leverage between x1.5 and x2.0 through the cycle" "Excess cash will be returned to shareholders" “Keep our commitment since IPO to pay shareholders a dividend of 40% to 50% of Net Income" Maintenance Capex Dividend Leverage Growth projects Buyback / special dividend
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18 Agenda Appendix & Investor’s agenda Outlook and growth Outlook and growth Business highlights Financial results Financial results
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19 2026 Guidance (March 2026) Oct 2026 Excl. 45X Expected 45X impact¹⁾ Including 45X¹⁾ Adjusted EBITDA €250m - €270m €260m - €270m +€26m €286m - €296m Operating Cash Flow Single digit growth Single digit growth None²⁾ Single digit growth Capex Around €70m Around €70m None Around €70m Net Leverage Around x2.0 <x2.0 - x0.2 Around x1.8 EPS Above €2.2 Above €2.2 €0.7 Above €2.9 • FY 2026 Adj. EBITDA guidance narrowed to €260m - €270m, excluding Section 45X • Section 45X to add €26m in Q4 2026, bringing FY 2026 Adj. EBITDA to €286m - €296m • Cash flow: no expected 45X cash inflow in 2026. Collection expected in H1 2027 • Capex remains around €70m: €45m maintenance and €25m growth at Bernburg • Leverage and EPS would benefit further from the expected Section 45X contribution 1) IRA 45X of $29m, using $/€ 1.12 2) No expected impact on Operating Cash Flow in FY 2026, as collection of 45X is expected for H1 2027 FY 2026 Adj. EBITDA guidance narrowed to €260m - €270m. Critical Minerals US grant to add €26m in EBITDA in Q4 2026
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20 2026 confirmed as another year of earnings growth, strong cashflow and deleveraging Steel dust volume Salt slags 2nd Alu Zinc Refining Energy prices General inflation Commentary Neutral to positive Salt slags: Neutral/positive 2nd alu: Positive Neutral Negative Negative Neutral Europe: solid/stable volume expected USA: higher EAF steel dust volume driven by new contracts with steel makers China/Asia: weak market, lower volume vs 2025 Stable salt slags volume vs 2025. higher collection fees Metal margin expected to continue improving in Q4 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 higher coke prices for Q4 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: Favourable FX: Unfavourable Capex Leverage Total capex around €70m. €45 regular maintenance + €25 growth (Bernburg) Leverage reduction to continue further to x2.0 €70m x1.8 IRA 45X Expecting a contribution of €26m in Q4 2026 in 2026 Adj. EBITDA Very positive
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21 Indicative timing and status Contract with Novelis signed in July 2023 Expansion contract signed in April 2024 Final permits obtained Construction started in August 2025 Construction finished in September 2026 Cold and hot commissioning completed Ramp up in Q4: Ongoing 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 2026 Hannover, Germany Valladolid, Spain Bilbao, Spain Barcelona, Spain Befesa 2nd Alu locations Bernburg, Germany Lünen, Germany Befesa Salt Slags locations Bernburg expansion completed, entered ramp-up in September
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22 Agenda Appendix & Investor’s agenda Outlook and growth Outlook and growth Business highlights Financial results Financial results
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23 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 • 45X will further accelerate free cashflow generation over the coming years • 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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24 Befesa well positioned to capture the EAF expansion phase in Europe driven by policy support and decarbonisation • Europe’s shift to EAF steelmaking, with 15 new projects to come online between 2026 and 2030, adding to the existing 148 EAF plants • 26 Mt of new EAF capacity in Europe, representing a growth of 29% 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 costumers New EAF steel capacity (Mt) in Europe 4 8 12 22 26 2026 2027 2028 2029 2030 Pending On track Source: Eurofer, public announcements of steel producers in Europe
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25 New EAF steel projects in the US will drive growth in steel dust market over the coming years driven by strong underlying steel demand +17%/+15Mt 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 17%, approximately +15Mt by 2028 onwards Equivalent to >300Kt of steel dust Rockwood, Tennessee Palmerton, Pennsylvania Barnwell, South Carolina Calumet, Illinois New EAF steel capacity announced 87 98 99 102 2025 2026 2027 2028 onwards
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26 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 hedging price ($/tonne) 2,974 2,910 2.2 % 2,972 2,988 (0.5) % Zinc hedging price (€/tonne) 2,561 2,606 (1.7) % 2,583 2,558 1.0 % Zinc blended price (€/tonne) 2,724 2,553 6.7 % 2,860 2,534 12.9 % Aluminium alloy FMB average price (€ / tonne) 2,886 2,372 21.6 % 2,975 2,276 30.7 % EUR/USD 1.16 1.12 4.1 % 1.15 1.17 (1.5) % Key financial data (€ million, unless specified otherwise) Revenue 901.1 891.9 1.0 % 311.6 290.3 7.4 % EBITDA 187.4 170.4 10.0 % 66.4 61.8 7.4 % EBITDA margin 20.8% 19.1 % 1.7 % 21.3% 21.3 % (0.0) % Adjusted EBITDA 191.8 173.8 10.4 % 67.8 61.7 9.9 % Adjusted EBITDA margin 21.3 % 19.5 % 1.8 % 21.8 % 21.3 % 0.5 % EBIT 126.8 109.0 16.3 % 45.9 41.4 10.8 % EBIT margin 14.1 % 12.2 % 1.8 % 14.7 % 14.3 % 0.5 % Adjusted EBIT 133.4 114.3 16.6 % 48.1 41.9 14.6 % Adjusted EBIT margin 14.8 % 12.8 % 2.0 % 15.4 % 14.4 % 1.0 % Financial result (26.4) (18.5) (42.8) % (11.9) (6.7) (77.3) % Profit before taxes and minority interests 100.4 90.5 10.8 % 33.9 34.6 (2.1) % Net profit attributable to shareholders of Befesa S.A. 68.1 60.7 12.0 % 23.0 20.7 11.3 % EPS (in €) 1.70 1.52 12.0 % 0.58 0.52 11.3 % Total assets 1,985.5 1,873.9 6.0 % 1,985.5 1,873.9 6.0 % Capital expenditures 55.3 46.0 20.1 % 17.5 13.7 28.0 % Cash flow from operating activities 128.2 114.9 11.5 % 57.3 50.5 13.5 % Cash and cash equivalents at the end of the period 125.6 89.6 40.1 % 125.6 89.6 40.1 % Net debt 563.7 610.0 (7.6) % 563.7 610.0 (7.6) % Net leverage x2.16 x2.59 (x 0.43) x2.16 x2.59 (x 0.43) Number of employees (as of end of the period) 1,799 1,805 (0.3) % 1,799 1,805 (0.3) % Key consolidated financials 1 It excludes changes in fixed assets suppliers (€5 .1m in 2026) 1
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27 Steel Dust Recycling Services operational and financial data Note: Installed capacity updated 9M 2026 9M 2025 Change Q3 2026 Q3 2025 Change Key operational data (tonnes, unless specified otherwise) EAF steel dust throughput 891,279 895,708 (0.5) % 303,484 345,419 (12.1) % WOX sold 286,444 294,108 (2.6) % 96,577 109,127 (11.5) % Total installed capacity 1,758,300 1,743,300 0.9 % 1,758,300 1,743,300 0.9 % Utilisation (%) 67.8 % 68.7 % (0.9) % 68.5 % 78.6 % (10.1) % Key financial data (€ million, unless specified otherwise) Revenue 591.5 593.6 (0.4) % 210.2 205.1 2.5 % EBITDA 153.5 150.9 1.7 % 52.2 58.1 (10.1) % EBITDA margin 26.0% 25.4 % 0.5 % 24.8% 28.3 % (3.5) % Adjusted EBITDA 157.9 154.3 2.4 % 53.6 58.0 (7.5) % Adjusted EBITDA margin 26.7 % 26.0 % 0.7 % 25.5 % 28.3 % (2.7) % EBIT 105.8 102.3 3.4 % 35.8 41.8 (14.3) % EBIT margin 17.9 % 17.2 % 0.6 % 17.0 % 20.4 % (3.3) % Adjusted EBIT 112.4 107.7 4.4 % 38.0 42.3 (10.3) % Adjusted EBIT margin 19.0 % 18.1 % 0.9 % 18.1 % 20.6 % (2.6) %
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28 2nd Aluminium Recycling Services operational and financial data 9M 2026 9M 2025 Change Q3 2026 Q3 2025 Change Key operational data (tonnes, unless specified otherwise) Secondary aluminium alloys produced 110,680 117,442 (5.8) % 31,607 34,484 (8.3) % Total installed capacity 205,000 205,000 0.0 % 205,000 205,000 0.0 % Utilisation (%) 72.0 % 76.6 % (4.6) % 61.7 % 72.7 % (11.0) % Key financial data (€ million, unless specified otherwise) 0 Revenue 268.0 259.9 3.1 % 86.9 78.4 10.8 % EBITDA 5.4 (0.6) n.a 3.1 (2.8) n.a EBITDA margin 2.0% (0.2) % 2.2 % 3.5% (3.6) % 7.1 % Adjusted EBITDA 5.4 (0.6) n.a 3.1 (2.8) n.a Adjusted EBITDA margin 2.0 % (0.2) % 2.2 % 3.5 % (3.6) % 7.1 % EBIT (0.2) (6.1) 97.2 % 1.3 (4.5) n.a EBIT margin (0.1) % (2.3) % 2.3 % 1.5 % (5.7) % 7.2 % Adjusted EBIT (0.2) (6.1) 97.2 % 1.3 (4.5) n.a Adjusted EBIT margin (0.1) % (2.3) % 2.3 % 1.5 % (5.7) % 7.2 %
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29 Aluminium Salt Slags Recycling Services operational and financial data 9M 2026 9M 2025 Change Q3 2026 Q3 2025 Change Key operational data (tonnes, unless specified otherwise) Salt slags and SPL recycled 303,857 313,602 (3.1) % 98,722 100,718 (2.0) % Total installed capacity 470,000 470,000 0.0 % 470,000 470,000 0.0 % Utilisation (%) 86.2 % 89.2% (3.0) % 84.0 % 85.4% (1.4) % Key financial data (€ million, unless specified otherwise) Revenue 92.8 84.5 9.9 % 31.6 27.2 16.5 % EBITDA 28.9 23.2 24.9 % 11.2 7.0 59.8 % EBITDA margin 31.1% 27.4 % 3.7 % 35.5% 25.9 % 9.6 % Adjusted EBITDA 28.9 23.2 24.9 % 11.2 7.0 59.8 % Adjusted EBITDA margin 31.1% 27.4 % 3.7 % 35.5 % 25.9 % 9.6 % EBIT 21.8 16.1 35.3 % 9.0 4.7 92.6 % EBIT margin 23.5% 19.1 % 4.4 % 28.4% 17.2 % 11.2 % Adjusted EBIT 21.8 16.1 35.3 % 9.0 4.7 92.6 % Adjusted EBIT margin 23.5% 19.1 % 4.4 % 28.4% 17.2 % 11.2 %
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30 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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31 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 152 Ranked 6/62 (Low Risk) Top 3% of 88 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 70/100 A