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Befesa (BFSA) investor relations material
Befesa Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary30 Jul, 2025
Executive summary
Adjusted EBITDA for H1 2025 reached €112M, up 9% year-over-year, with margin improvement to 19% in Q2 2025 from 16% in Q2 2024, despite a 3% revenue decline to €602M due to lower volumes from annual maintenance, demonstrating operational resilience.
Net profit attributable to shareholders doubled to €40.1M, with EPS up 100% to €1.00, and leverage reduced to x2.7 from x3.4 in June 2024.
Operating cash flow decreased 8% to €64M, impacted by higher tax outflows and working capital.
Steel dust segment showed robust EBITDA growth, while secondary aluminum faced ongoing challenges from weak European automotive demand and scrap scarcity.
Stronger H2 expected, driven by higher EAF dust volumes, new US contracts, and operational improvements.
Financial highlights
Adjusted EBITDA reached €112M in H1 2025, a 9% increase compared to H1 2024; margin improved to 18.6% from 16.6% year-over-year.
Net profit attributable to shareholders rose 100% to €40.1M in H1 2025; EPS doubled to €1.00.
Net debt decreased to €601M, with net leverage at x2.70, down from x3.39 year-over-year.
Operating cash flow was €64M, down 8% year-over-year due to tax and working capital effects.
Capital expenditures reduced by 34% to €32.4M in H1 2025.
Outlook and guidance
Full-year 2025 EBITDA guidance confirmed at €240M–€265M, representing a 13–24% increase over 2024, with stronger H2 expected from higher EAF dust volumes and new US contracts.
Net leverage targeted below 2.5x by year-end 2025; long-term target of x2.0–2.5.
CapEx for 2025 expected at €80M–€90M, focused on Palmerton and Bernburg projects, with maintenance CapEx at €40–45M annually.
EPS expected to rise at least 57% year-over-year, supported by operational improvements.
Ongoing market volatility and geopolitical uncertainty noted, but limited short-term direct impact expected.
What drove the Steel Dust EBITDA increase?
Explain the growth capex focus areas.
How does hedging improve earnings visibility?
What's the expected impact of new US contracts?
Aluminum: What's the outlook for metal margins?
Smelter cost savings: Are targets being met?
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Frequently asked questions
Befesa S.A. is a Luxembourg-based company specializing in environmental services for the recycling of hazardous materials. The company focuses on the recycling of steel dust and aluminum residues, converting these waste materials into reusable products such as zinc and aluminum alloys. Befesa serves industries including steelmaking and aluminum production, supporting sustainable manufacturing processes. The company is headquartered in Luxembourg City, Luxembourg, and its shares are listed on the Frankfurt Stock Exchange.
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