Befesa Achieves Record Adjusted EBITDA and Operating Cash Flow in 2025

Befesa S.A. reported a remarkable financial performance for 2025, achieving an all-time-high adjusted EBITDA of €242.8 million, a 14% increase from the previous year. The company, specializing in hazardous waste recycling within the steel and aluminium industries, also recorded an operating cash flow of €211.9 million, marking a 10% year-over-year growth.

Despite a 5% decline in total revenue, driven by reduced secondary aluminium volumes, Befesa managed to enhance its adjusted EBITDA margin to 21% from 17% in 2024. The company's operational focus on optimizing costs and capitalizing on zinc hedging and treatment charges reaped significant financial benefits.

The Steel Dust segment was a standout performer, with a 25% increase in adjusted EBITDA to €212.1 million. Meanwhile, the Aluminium Salt Slags segment saw stable recycled volumes and an 8% rise in revenue. Befesa's leverage level improved to x2.27, notably below the target of x2.5, reflecting strong cash generation and disciplined capital management.

Looking ahead, Befesa remains optimistic about 2026, anticipating growth driven by increased US steel dust volumes and recovering secondary aluminium operations.