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Befesa (BFSA) investor relations material
Befesa Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 delivered strong results, with adjusted EBITDA up 26.7–27% year-over-year and net income up 143–320% year-over-year; EPS rose 143% to €1.52.
Nine-month 2025 adjusted EBITDA reached €174 million, up 15% year-over-year, with margin improvement to 21.3% in Q3.
Financial leverage reduced to x2.59 in September 2025 from x3.36 a year ago, with a target below x2.5 by year-end.
Palmerton plant expansion completed, supporting future US market growth; Bernburg expansion underway in Germany.
Revenue for 9M 2025 was €891.9–892 million, down 2.5–3% year-over-year, mainly due to secondary aluminium challenges.
Financial highlights
Steel Dust segment delivered €154.3 million adjusted EBITDA in 9M 2025, up 26.9–27% year-over-year; margin improved to 26%.
Aluminum Salt Slag Recycling EBITDA was €22.6–23.2 million, down 9–26% year-over-year due to lower margins and higher costs.
Operating cash flow for 9M 2025 was €114.9–115 million, down about 3% year-over-year.
Net debt at €610 million, down 7.9% year-over-year; net leverage at x2.59.
Free cash flow increased 10.9% to €84.7 million.
Outlook and guidance
Full-year 2025 EBITDA guidance confirmed at €240–265 million, representing a 13–24% increase year-over-year.
Q4 expected to be strong, driven by higher EAF dust volumes and no major maintenance stoppages.
Net leverage expected below x2.5 by year-end; EPS to exceed 2, up at least 57% year-over-year.
Capex for 2025 guided at €80–90 million; 2026 capex expected below €80 million, focused on Bernburg and maintenance.
Ongoing deleveraging and strong cash generation remain priorities.
Secondary Alu segment margin recovery plan?
Outlook for zinc treatment charges and hedging?
Confirm Q4 working capital reduction target.
Prioritize growth projects post-Bernburg
What drives 2026 secondary aluminum recovery?
How will 2026 treatment charges impact earnings?
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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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