Befesa Reports Improved Q2 Performance and Maintains Full-Year Guidance
Befesa reported a strong first-half performance in 2026, with adjusted EBITDA rising by 11% to €124 million. The increase was driven by higher steel-dust recycling volumes and elevated zinc prices, despite ongoing challenges in its secondary aluminum business. The company's EBITDA margin expanded to 22%, while net leverage dropped to approximately 2.18 times at the end of June from 2.7 times a year earlier. Befesa reaffirmed its full-year adjusted EBITDA guidance of €250 million to €270 million, citing continued support from U.S. steel-dust volumes and improving secondary-aluminum margins. The company is also progressing with the Bernburg expansion project, expected to add 60,000 tons of capacity by late August and contribute an estimated €6–7 million in annual EBITDA. Zinc prices averaged $3,353 per metric ton during the first half, up 22% year over year. Steel-dust operations saw a load factor increase to nearly 91%, with U.S. volumes rising by 33% due to new contracts rather than broader steel production growth.
Topics: adjusted EBITDA guidance reaffirmed secondary aluminum margins steel-dust recycling zinc prices