Befesa SA
XETRA:BFSA
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Befesa SA
XETRA:BFSA
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Befesa SA
Befesa SA is a services holding company, which engages in the collection and recycling of steel dust and aluminium residues. Its business activities are divided into two segments: Steel Dust Recycling Services and Aluminium Salt Slags Recycling Services. The Steel Dust Recycling Services segment focuses on collection and recycling of steel dust and other steel residues generated in the production of crude, stainless, and galvanized steel, as well as production of waelz oxide and other metals. The Aluminium Salt Slags Recycling Services segment includes recycling of salt slags and spent pot linings, and recovering and selling of salt, aluminum concentrate, and aluminum oxides, as well as production of secondary aluminum alloys for construction and automotive industries.
Befesa SA is a services holding company, which engages in the collection and recycling of steel dust and aluminium residues. Its business activities are divided into two segments: Steel Dust Recycling Services and Aluminium Salt Slags Recycling Services. The Steel Dust Recycling Services segment focuses on collection and recycling of steel dust and other steel residues generated in the production of crude, stainless, and galvanized steel, as well as production of waelz oxide and other metals. The Aluminium Salt Slags Recycling Services segment includes recycling of salt slags and spent pot linings, and recovering and selling of salt, aluminum concentrate, and aluminum oxides, as well as production of secondary aluminum alloys for construction and automotive industries.
Strong Q3 Performance: Befesa delivered robust third quarter results, highlighted by a 15% year-on-year increase in adjusted EBITDA to EUR 174 million for the first nine months and a significant margin improvement.
Margin Expansion: EBITDA margin rose to 21.3% in Q3 2025 from 16.6% a year ago, reflecting strong operational efficiency and cost controls.
EPS Growth: Earnings per share jumped 143% year-on-year to EUR 1.52, driven by higher profitability.
Leverage Reduction: Net financial leverage improved to 2.6x in September 2025, with expectations to fall below 2.5x by year-end.
Guidance Confirmed: Full-year 2025 EBITDA is guided to the lower part of the EUR 240-265 million range, with a strong Q4 expected.
Steel Dust Strength: Steel Dust segment saw a 27% EBITDA increase, benefiting from strong US and Turkish volumes, low zinc treatment charges, and higher hedging gains.
Aluminum Headwinds: The secondary aluminum business remains challenged by weak European auto demand and margin compression, though some recovery is expected in 2026.
Growth Projects: Major US (Palmerton) and European (Bernburg) expansion projects are progressing, with the Bernburg aluminum plant construction started in August.
