Befesa SA Publishes its Preliminary Results for the Year 2023

Befesa SA, a leading company in the recycling of hazardous waste for the steel and aluminum industries, announced a 4% increase in total revenue for 2023, reaching €1,181 million. However, adjusted EBITDA fell by 15% to €182 million. This situation is mainly due to lower zinc prices, increased zinc processing charges and higher coke prices. Despite these challenges, the company anticipates a strong recovery in 2024 thanks to more favorable market conditions.

The year was marked by mixed performance across various segments, with stable processed steel dust volumes and a significant increase in recycled aluminum salt slag volumes. Despite a challenging environment, characterized by low zinc prices and high coke costs, Befesa maintained strong operational cash flow. The company plans a dividend distribution of 0.73 euros per share for 2023, reflecting its policy of redistributing 40 to 50% of profits.

In terms of outlook, Befesa is optimistic for 2024, expecting to benefit from improved market conditions. The company also continues to advance its long-term growth initiatives, including its operations in the United States and China, while focusing on macroeconomic trends favorable to decarbonization and electric vehicles.