Befesa公布2026年上半年业绩，EBITDA同比增长11%并维持全年指引

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Introduction & Market Context
Befesa presented its first-half 2026 results on July 29, 2026, reporting adjusted EBITDA of €124 million, an 11% year-over-year increase that confirms the recycling company’s improving operational trajectory. The Luxembourg-based industrial waste recycler reaffirmed its full-year EBITDA guidance of €250 million to €270 million and indicated it expects to reach the upper end of that range.
The company’s shares rose 2.09% to $35.17 in premarket trading following the results, bringing the stock near its 52-week high of $37.40. The positive market reaction reflected investor confidence in Befesa’s ninth consecutive quarter of leverage reduction and strengthening cash generation profile.
Quarterly Performance Highlights
Befesa’s second-quarter performance showed notable acceleration, with adjusted EBITDA reaching €66 million, up 17% year-over-year. The company’s EBITDA margin expanded to 22% in Q2 2026 from 19% in the prior-year period, demonstrating improving operational efficiency despite a challenging business environment.
As shown in the following overview of the company’s first-half results and outlook:
Revenue for the first half declined 2% to €589 million, primarily due to unfavorable foreign exchange impacts and lower volumes in certain segments. However, this revenue softness was more than offset by margin expansion and operational improvements. Earnings per share increased 12% to €1.13, while operating cash flow rose 10% to €71 million.
The company’s load factor improvements were particularly notable, with steel dust plant utilization reaching 67.4%, up 3.7 percentage points year-over-year. This reflected stronger throughput across all regions, particularly in the United States where new contract wins drove volume growth.
Steel Dust Business: Core Strength
The steel dust recycling segment remained Befesa’s primary earnings driver, with adjusted EBITDA rising 8.3% to €104 million in the first half. The segment’s margin expanded 2.5 percentage points to 27.3%, benefiting from higher volumes, improved zinc prices, and operational efficiencies.
Regional performance varied, with the United States emerging as a key growth contributor. The company’s regional breakdown shows:
North American steel production increased 6% year-over-year in H1 2026 and 7% in Q2 2026. Befesa’s U.S. plants saw volume growth accelerate to 33% in the second quarter, driven by new electric arc furnace steel supply contracts that are gradually ramping throughout the year. The company’s load factor in the U.S. improved 11 percentage points year-over-year.
European operations maintained stable performance with a 91% load factor, up 6 percentage points year-over-year. European steel production remained flat in H1 2026 but grew 1% in Q2 2026, with daily steel dust deliveries from EAF steel customers continuing at solid levels.
The detailed financial evolution of the steel dust segment illustrates the key drivers:
Volume improvements contributed €3 million to EBITDA growth, driven by increased waelz oxide sales. Higher zinc prices added €7 million, while cost factors including lower coke and electricity prices were partially offset by general inflation and unfavorable foreign exchange movements, resulting in a net €2 million headwind.
Zinc Market Dynamics and Hedging Strategy
Zinc pricing remained a critical value driver for Befesa’s business model. The LME zinc price averaged $3,463 per ton in Q2 2026, representing a 31% year-over-year increase. Zinc inventory levels remained exceptionally tight throughout the quarter, reflecting continued supply constraints in the global market.
The company’s zinc market analysis shows:
Treatment charges for zinc concentrate settled at $85 per ton for 2026, up 6% from $80 per ton in 2025. While this represents an improvement, spot treatment charges remained at historically low levels, indicating continued tightness in zinc concentrate supply. Each $10 per ton variation in zinc treatment charges impacts Befesa’s full-year EBITDA by approximately €2 million to €2.3 million.
Befesa has maintained its disciplined hedging approach, extending price protection through January 2029. The company’s hedging strategy visualization demonstrates:
The company locked in zinc prices for 2027 at $3,000 per ton and for 2028 at an all-time high of $3,100 per ton. Befesa maintains 60-70% of its zinc exposure hedged for 2026, 2027, and 2028, providing significant earnings visibility. For the unhedged portion, each $100 per ton change in zinc LME price represents a $7 million to $8 million impact on full-year EBITDA.
Aluminium Segment Recovery
The aluminium salt slags recycling business showed resilience, with EBITDA rising 9.7% to €17.7 million in the first half. The segment’s margin improved slightly to 28.9% from 28.1%, supported by higher collection fees and stable processing volumes.
Salt slags volumes normalized during Q2, with plants operating at similar utilization rates compared to the prior year. Management expects higher volumes in the second half driven by increased aluminium production at customer facilities.
The secondary aluminium business demonstrated gradual improvement despite challenging market conditions. Utilization rates improved significantly in Q2 both year-over-year and sequentially, while metal margins continued to expand. The aluminium alloy FMB average price reached €2,841 per ton in H1 2026, up 17.4% year-over-year, providing a favorable pricing backdrop for margin recovery.
Cash Flow Generation and Balance Sheet Strength
Befesa’s cash flow conversion showed solid progress, with the company translating improved EBITDA into stronger operating cash flow despite working capital headwinds. The bridge from EBITDA to total cash flow illustrates:
Operating cash flow of €71 million was reduced by €48 million in working capital changes and €5 million in taxes, while capital expenditures totaled €46 million (€31 million maintenance, €15 million growth). After accounting for bank borrowings, foreign exchange, and interest payments, total cash flow was negative €8 million in the first half.
The company emphasized that full-year 2026 capex is estimated at approximately €70 million, below 2025 levels and front-end loaded. This disciplined capital allocation approach supports the company’s deleveraging objectives.
The deleveraging trend continued for a ninth consecutive quarter:
Net debt declined to €555 million at June 30, 2026, down 8% from €601 million a year earlier. With adjusted EBITDA on a last-twelve-months basis reaching €255 million, net leverage improved to 2.18x from 2.70x in June 2025. The company targets leverage of approximately 2.0x by year-end 2026 and below 2.0x thereafter.
Befesa’s capital structure includes a €650 million senior secured term loan refinanced in July 2024 with maturity in July 2029. The loan was repriced in April 2025 to Euribor plus 225 basis points, achieving a 50 basis point saving. A margin ratchet provides an additional 25 basis point reduction if leverage falls to 2.5x or below, which the company has now achieved. The company also maintains a fully undrawn €100 million revolving credit facility.
Forward-Looking Guidance and Strategic Initiatives
Management provided detailed 2026 guidance across multiple financial metrics:
The company expects adjusted EBITDA of €250 million to €270 million, representing 3% to 11% growth from 2025’s €243 million. Operating cash flow is projected to show single-digit growth, while capital expenditures are expected to decline 8% to around €70 million. Net leverage should improve approximately 12% to around 2.0x, while earnings per share are targeted to exceed €2.20, representing growth above 10%.
The detailed outlook by business driver shows:
Management expects solid to stable steel dust volumes in Europe, higher EAF steel dust volumes in the U.S. driven by new contracts, and stable volumes in China and Asia compared to 2025. For the aluminium segment, salt slags volumes should remain stable with higher collection fees, while metal margins are expected to improve gradually throughout the year after bottoming in Q3 2025.
Energy prices present a mixed outlook, with slightly lower to stable coke prices overall but higher European natural gas and electricity costs expected. General inflation across maintenance, auxiliary materials, personnel, and transport remains a headwind across all regions.
Growth Initiatives: Bernburg Expansion
Befesa’s most significant near-term growth project is the expansion of its Bernburg aluminium alloy production facility in Germany:
The expansion will increase annual production capacity from 75 kilotons to 135 kilotons, adding 60 kilotons of capacity through the installation of two rotary furnaces and two holding furnaces. This will raise Befesa’s total secondary aluminium capacity from 205 kilotons to 265 kilotons.
Construction began in August 2025, with plant commissioning expected in August 2026 followed by a six-month ramp-up period in the second half. The project requires capital expenditure of approximately €30 million, fully self-funded, and is expected to generate €6 million to €7 million in EBITDA run-rate at approximately 20% margin. The investment offers a payback period of around five years and an internal rate of return of 16%.
Market Positioning for Structural Growth
Befesa highlighted significant structural growth opportunities from the ongoing transition to electric arc furnace steelmaking in both Europe and the United States.
The European EAF expansion landscape shows:
Europe’s shift to EAF steelmaking includes 13 new projects scheduled to come online between 2026 and 2030, adding 22 million tons of new capacity to the existing 90 million ton base. This represents 24% growth and will increase EAF penetration from the current 45% over the next five to ten years. Befesa is strategically positioned to capture this volume growth through ongoing business development and advanced negotiations with key customers.
In the United States, the growth opportunity is similarly compelling. New EAF steel projects are projected to increase capacity by approximately 26%, or 21 million tons, by 2028 and beyond. This translates to more than 300 kilotons of additional steel dust, providing substantial growth potential for Befesa’s 650 kiloton installed capacity in the U.S. The company is targeting 90% utilization by 2028, up from less than 70% in 2025.
Sustainability Progress
Befesa continues to advance its climate action plan, targeting a 20% reduction in CO2 equivalent intensity by 2030 from a 2021 baseline, with a net zero ambition by 2050. The company achieved a 9% intensity reduction in 2025 versus the 2021 baseline, though this figure increased 4% compared to 2024 due to higher coke usage in U.S. operations.
The company published its second Corporate Sustainability Reporting Directive report, externally verified by KPMG, demonstrating enhanced transparency regarding energy, emissions, air pollution, water management, and waste. Currently, 80% of Befesa’s plants are aligned with ISO 14001 environmental management standards, while 63% comply with ISO 14064, ISO 45001, and ISO 9001 certifications.
Befesa’s ESG ratings reflect strong performance, with ISS ESG ranking the company in the top 3% of its peer group with B+ Prime Status, Sustainalytics ranking it 6th out of 62 with low risk, and S&P Global placing it in the top 10% of 156 companies in its sector.
Full presentation:
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