Befesa S.A.

Investor Presentation • Jun 8, 2020

Befesa Presentation 3 rd Stifel Cross Sector Insights 8 - 10 June 2020

BEFESA Disclaimer

This presentation contains forward-looking statements and information relating to Befesa and its affiliates that are based on the beliefs of its management, including assumptions, opinions and views of Befesa and its affiliates as well as information cited from third party sources. Such statements reflect the current views of Befesa and its affiliates or of such third parties with respect to future events and are subject to risks, uncertainties and assumptions.

Many factors could cause the actual results, performance or achievements of Befesa and its affiliates to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others: changes in general economic, political, governmental and business conditions globally and in the countries in which Befesa and its affiliates do business; changes in interest rates; changes in inflation rates; changes in prices; changes to national and international laws and policies that support industrial waste recycling; legal challenges to regulations, subsidies and incentives that support industrial waste recycling; extensive governmental regulation in a number of different jurisdictions, including stringent environmental regulation; management of exposure to credit, interest rate, exchange rate and commodity price risks; acquisitions or investments in joint ventures with third parties; inability to obtain new sites and expand existing ones; failure to maintain safe work environments; effects of catastrophes, natural disasters, adverse weather conditions, unexpected geological or other physical conditions, or criminal or terrorist acts at one or more of our plants; insufficient insurance coverage and increases in insurance cost; loss of senior management and key personnel; unauthorized use of Befesa's intellectual property and claims of infringement by Befesa of others' intellectual property; Befesa's ability to generate cash to service its indebtedness changes in business strategy and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted.

Befesa and its affiliates do not assume any guarantee that the assumptions underlying forward-looking statements are free of errors nor do they accept any responsibility for the future accuracy of the opinions expressed herein or the actual occurrence of the forecasted developments. No representation (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein or otherwise resulting, directly or indirectly, from the use of this document.

This presentation is intended for information only and should not be treated as investment advice. It is not intended as an offer for sale, or as a solicitation of an offer to purchase or subscribe to, any securities in any jurisdiction. Neither this presentation nor anything contained therein shall form the basis of, or be relied upon in connection with, any commitment or contract whatsoever. This presentation may not, at any time, be reproduced, distributed or published (in whole or in part) without prior written consent of Befesa.

First quarter 2020 figures contained in this presentation have not been audited by external auditors.

This presentation includes Alternative Performance Measures (APMs), including EBITDA, EBITDA margin, EBIT, EBIT margin, net debt and capital expenditures which are not measures of liquidity or financial performance under International Financial Reporting Standards (IFRS). EBITDA is defined as operating profit for the period (i.e. EBIT) before the impact of amortisation, depreciation, impairment and provisions. EBITDA margin is defined as EBITDA divided by revenue. EBIT is defined as Operating profit for the year. The Company uses EBIT to monitor its financial return after both operating expenses and a charge representing the cost of usage of both its property, plant and equipment and definite-life intangible assets. EBIT margin is defined as EBIT as a percentage of revenue. These non-IFRS measures should not be considered in isolation or as an alternative to results from operating activities, cash flow from operating, investing or financing activities, or other financial measures of Befesa's results of operations or liquidity derived in accordance with IFRS. Befesa believes that the APMs included in this report are useful measures of its performance and liquidity. Other companies, including those in the industry in which Befesa operates, may calculate similarly titled financial measures differently than Befesa does. Because all companies do not calculate these financial measures in the same manner, Befesa's presentation of such financial measures may not be comparable to other similarly titled measures of other companies. These APMs are not audited.

BEFESA Executive Summary

4

• Q1 EBITDA €34m, down €9m / 22% YoY; main driver is Covid-19 pressuring metal prices with zinc LME -19% and incl. treatment charges (TC) (1) even -28% YoY; Limited impact on volume with capacity utilisation at ≥ 90%
• Continued strong ~€200m available liquidity at Q1: €120m cash + €75m Revolving Credit Facility (RCF); Efficient long-term cap. structure; No covenant nor maturities to Jul'26; Term loan B (TLB) at 2% interest Hedged until Oct´21 between 60%-70% of zinc vol. output (~€64m value vs. ~€1,720/t Mar avg. LME spot)
• Full year EBITDA guidance range … considering Covid-19 and performance during severe 2009 crisis: - Lower-end at €100m: Zinc down to ~\$1,800/€1,640/t Q2 to Q4; Treatment charges (TC) at \$300/t; Combined -35% YoY price decrease; Prolonged lockdown; EU steel market -30% YoY; Sum of remaining 3 quarters only €66m EBITDA … Similar ´09 crisis -38% YoY - Upper-end at €135m: EU exits lockdown Q2; Some zinc price recovery H2
• Reducing discretionary cost & non-vital capex ~€20m to protect its core growth roadmap; China expansion ~€50m and ~€20m Maintenance for a total of ~€70m capex; leading to a pre-dividend total cash flow range between approx. +/-€5m (lower-end) –&– approx. +€25 to €35m (upper-end)
• Balancing dividend stability and cash flow, Befesa proposes to:
• (1) distribute €15m ordinary dividend in July; -and-
• (2) review an additional dividend in Nov (post Q3 earnings release) depending on earnings & cash flow Q3 2020 YTD and more visibility about the impact from Covid-19

240 EU Crude Steel Production Trend & Befesa's EAF Dust Throughput during 2008-2010

• Befesa operates highly regulated hazardous waste recycling services business model
• Stable experienced management team
• Resilient EAFD volume -14% YoY or ~half of EU steel trend; Respectable ~19% EBITDA margin

Q1 2020 Crude Steel Production(1)

Million tonnes	Q1´20	Q1'19	YoY change
▪ EU-28	38.3	42.5	-10%
Turkey ▪	9.0	8.2	+10%
S. Korea ▪	16.9	17.8	-5%
Asia ▪	315	316	-0.3%
China ▪	234	232	+1%

• Europe: Q1'20 at -10% YoY For 2020 to be down 30% as in 2009 crisis requires → Q2, Q3, Q4 down -37% YoY each
• Turkey: Steel market up 10% YoY in Q1
• South Korea moderately down; Managing Covid-19 rigorously / country recovering
• China slightly up 1% YoY in Q1

Analysed severe 2009 crisis and Q1'20 steel production to triangulate 2020 lower & upper –end scenarios

(1) Source: www.worldsteel.org

(2) Total EBITDA is the sum of Steel Dust & Aluminium Salt Slags segments proforma (PF) comparable to Befesa structure in ´19/´20; Thus, it excludes divested IES, EPC and Concessions businesses

BEFESA ²⁰²⁰– Guidance Framework

	Lower-end: €100m EBITDA	Upper-end: €135m EBITDA
EU crude steel market -&- Covid-19	▪ After -10% in Q1; Q2 to Q4 each severely down -37% YoY; Annually down ~30% YoY (like 2009 crisis) EU-28 volume No recovery; Prolonged lockdowns ▪	▪ Q2 materially down YoY ▪ Lockdown easing by end Q2 and no 2nd Q3 & Q4 recovering pandemic wave ▪ causing further lockdowns in H2
Operational performance	Overall capacity utilisation at ~80% ▪	Limited impact on volume ▪ Overall capacity utilisation at ~90% ▪
Metal prices	Q2 to Q4 at ~ Q1 low €1,650-€1,700/t ▪ TC at \$300/t ▪ Combined price impact (LME & TC) -39% YoY ▪	H2 recovering to €1,750/t to €1,850/t; ▪ TC at \$300/t ▪ Combined price impact (LME & TC) -30% YoY ▪
FY 2020 EBITDA	FY 2020 EBITDA: €100m (-€60m / -38% YoY) ▪ Remaining quarters ~reduced €22m run-rate ▪ ▪ Q2+Q3+Q4 at €66m (-44% YoY vs. €117m '19)	FY 2020 EBITDA: €135m (-€25m / -16% YoY) ▪ Assuming Q2 lowest quarter in 2020 and ▪ run-rate recovery in H2 ▪ Q2+Q3+Q4 at €101m (-14% YoY)
Capex	▪ Reducing discretionary cost & non-vital capex ~€20m to protect core growth roadmap; ▪ Total capex of ~€70m: ~€50m growth (China); ~€20m regular maintenance;
Pre-dividend cash flow & cash	Approx. +/- €5m ▪ ▪ Cash position ~€120m	Approx. +€25 to €35m ▪ ▪ Cash position ~€150m
Dividend	▪ Proposing to distribute an ordinary dividend of €15m or €0.44/share ▪ Review an additional dividend in November flow Q3 2020 YTD and the improved visibility about the impact from Covid-19 Conservatively balancing dividend stability and cash flow →	in July (post Q3 earnings release) depending on earnings & cash

Even at lower-end €100m EBITDA (prolonged Covid-19 lockdowns), operational continuity assured incl. funding China … Proposing €15m or €0.44/per share ordinary dividend in July –as well as– considering additional dividend in November

Continuing growth roadmap even during Covid-19; Focus 2020: Building two EAF steel dust recycling plants in China

1 Hedging

• 2019: 92.4kt @ ~€2,310/t
• 2020: 92.4kt @ ~€2,250/t
• 9M 2021: 57.3kt @ ~€2,200/t
• Organic growth

2

2020 focus – top 5 projects:

• Steel Dust:
• ✓ Turkey 65kt → 110kt; Completed
• ✓ Korea washing; Completed Dec'19
• Aluminium Salt Slags:
• ✓ 2 tilting furnaces (Bilbao; Barcelona)
• Expand Hannover (130kt → 170kt)

3 China

Developing two EAF steel dust recycling plants in two provinces:

• 1 (Jiangsu): Completion of construction expected by ~begin'21

• 2 (Henan): Completion of construction expected ~mid of ´21

Turkey, Korea & Barcelona completed on time & budget; Supporting growth in 2020+ Portfolio Growth & Diversification

Turkey: 65kt to 110kt cap. expansion completed on time & budget

• ✓ EAF dust recycling plant "brownfield" capacity expansion from 65kt to 110kt
• ✓ On time & budget; Overall in ~7 months – Started downtime end Jan'19; back in operations in Aug'19
• ✓ Ramp-up completed in Q4'19; Delivering growth in 2020+

S. Korea: New WOX washing plant completed on time & budget

• ✓ "Greenfield" investment in the 1st WOX washing plant of Befesa at Asia
• ✓ Completed on time and budget
• ✓ Ramp-up completed in Dec'19; Delivering growth in 2020+

Barcelona: Furnace upgrade completed on time & budget

• ✓ Barcelona 2nd Alu plant refurbishment with high efficiency furnaces; All 2nd Alu production plants now with latest furnace technology
• ✓ Completed on time and budget
• ✓ Delivering growth in 2020+

EAF Dust Recycling Capacity (kt)

Growing to ~50/50 Europe/Rest of World (ROW) … at 6.4% CAGR; ~Twice GDP

Aerial view of Changzhou construction site (Jiangsu province), 19 April 2020

Status update:

✓ Nanjing HQ office applied to re-open on 10 Feb, passed inspection 24 Feb and re-opened on 25 Feb

✓ Construction site at Changzhou (Jiangsu, 1st plant): re-opened 10 March → Completion expected ~begin '21

➢ Henan (2nd plant): Preparing site for construction; Estimating to complete by ~mid '21

Befesa is a vital player in the circular economy providing sustainable solutions

• Befesa recycles annually around 1.5 million tonnes of hazardous residues, avoiding landfilling and recovering and reintroducing around 1.2 million tonnes of valuable new materials
• Befesa's business model is vital part of the circular economy … Befesa's core business is sustainability
• Befesa is deploying its proven environmental services technologies in other parts of the world, like China, and will contribute to the environmental protection in these new regions

Befesa agrees with all 17 United Nations Sustainable Development Goals and supports all of them. Based on Befesa's business model it focuses to the contribution and impact on the following five goals:

Available ESG ratings for Befesa

Befesa's Sustainability Report 2019 scheduled for publication in Q2

BEFESA Investor Agenda

Financial calendar Meet Befesa

✓ Thursday, 20 February 2020: Preliminary Year-End Results 2019 & Analyst Call

✓ Thursday, 26 March 2020: Annual Report 2019

✓ Thursday, 30 April 2020: Q1 2020 Statement & Analyst Call

Thursday, 18 June 2020: Annual General Meeting

Friday, 31 July 2020: H1 2020 Interim Report & Analyst Call

Thursday, 29 October 2020: Q3 2020 Statement & Analyst Call

IR contact Rafael Pérez Director of Investor Relations & Strategy Phone: +49 (0) 2102 1001 340 email: irbefesa@befesa.com

✓ 04-05 February 2020 – HSBC Frankfurt, 15th ESG Conference
✓ 05-06 February 2020 – Santander Madrid, XXVI Santander Iberian Conference
11 March 2020 – Berenberg ✓ London, Berenberg European Opportunities Conference
19 March 2020 – JP Morgan ✓ London, JPM Pan-European Small/Mid Cap Conf. (virtual)
23 March 2020 – Citi ✓ Paris, Citi's Paris Symposium 2020 (virtual)
12 May 2020 – Mainfirst Frankfurt, 3rd MainFirst SMID CAP One-on-One Forum (virtual)
13-14 May 2020 – Commerzbank New York & Boston, Northern European Conf. 2020 (virtual)
18 May 2020 – Berenberg Tarrytown (New York), Berenberg USA Conference 2020 (virtual)
08-10 June 2020 – Stifel Boston, 3rd Stifel Cross Sector Insights Conference (virtual)
01-03 September 2020 – Commerzbank Frankfurt, Commerzbank Corporate Conference
17-18 September 2020 – Citi London, SMID/Growth Conference 2020
21-23 September 2020 – Goldman Sachs & Berenberg Munich, 9th German Corporate Conference
21-25 September 2020 – Baader Munich, Baader Investment Conference 2020
11-12 November 2020 – Goldman Sachs London, Global Natural Resources Conference 2020
30 November – 03 December 2020 – Berenberg Pennyhill, London, Berenberg European Conference 2020

Note: Befesa's financial reports and statements are published at 7:30 am CEST

BEFESA Q1 2020 Highlights

Good operational performance & plant utilisation at ≥90%; Managing impact from Covid-19 in Q1	Steel dust throughput 186kt (+10% YoY); 90% utilisation ▪ Salt slags & SPL recycled 125kt (-3% YoY); 94% utilisation ▪ Limited temporary Covid-19 downtimes: One Salt Slags ▪ plant pre-cautionary quarantine (2 weeks); One 2nd Alu plant due to lower automotive demand (1 week)
Covid-19 further pressured metal prices impacting Q1 earnings YoY: - Zinc LME Q1 €1,930; -19% YoY, -28% YoY including TC at \$300/t - Alu Alloy FMB Q1 €1,433; -6% YoY EBITDA margin at 19%	EBITDA at €34m (-22% / €-9m YoY); Metal price driven: ▪ ▼ Unfavourable metal prices: Zinc LME at €1,930/t (-19%) Zinc reference TC settling at \$300/t (vs. \$245/t in 2019) Alu alloy FMB at €1,433/t (-6%) ▼ Zinc hedges: €2,244/t in Q1'20 (vs. €2,327/t in Q1'19) Partially offset by: ▲ EAF dust throughput up; Turkey operating ▲ Alu furnaces high efficiency upgrades delivering
Continued strong liquidity of ~€200m; Cash stable at €120m + €75m RCF; Repriced long-term capital structure; Reduced interest by 50 bps in Feb'20	▪ Continued ~€200m unused liquidity; Stable cash on hand at €120m and €75m RCF undrawn; Leverage at x2.8 TLB successfully repriced; Interest rate ↆ50 bps ▪ to E+200 bps for leverage >x2.25; €2.6 savings p.a.; No maturities up to July 2026; No covenants Operating cash flow at €93m LTM Q1 ▪
Construction works at both Chinese sites resumed in March & progressing; Set up well for growth in 2021+	➢ Jiangsu: construction site re-opened Mar'20; construction progressing; completion expected begin'21 ➢ Henan: Continue preparing site for construction; Expecting completion by about middle of 2021

BEFESA Consolidated Key Financials

Q1 EBITDA at €33.6m (-22.0% YoY): Impacted by lower metal prices; Partially offset by higher EAF dust throughput (Turkey) & upgraded alu furnaces

Highlights

• Q1 revenue flat at €179.0m (€-0.1 / -0.1% YoY) primarily due to: + EAF dust throughput +10% higher YoY (mainly due to Turkey) Offset by:
• Slightly lower salt slags & SPL vol. (-3% YoY) due to Covid-19 related pre-cautionary quarantine downtime at Spanish plant
• Lower market prices YoY: Zinc LME price -19% (Q1'20: €1,930/t; Q1'19: €2,380/t); Unfavourable zinc reference TC for 2020 at ~\$300/t (2019: \$245/t) Alu alloy FMB price -6% (Q1'20: €1,433/t; Q1'19: €1,528/t)
• Zinc hedging prices -€83/t (Q1'20: €2,244/t vs. Q1'19: €2,327/t) → Zinc blended prices -11% (Q1'20: €2,114/t; Q1'19: €2,373/t)
• Q1 EBITDA at €33.6m (€-9.5m / -22.0% YoY); EBITDA margin at 19%; Main drivers:
• Lower metal prices (Zinc LME ~€-7; Alu alloy FMB ~€-0.5);
• Unfavourable zinc reference TC (~€-2.5);
• Lower zinc hedging prices (~€-2);
• Slightly lower salt slags vol. due to Covid-19 downtimes in Spain (~€-0.5) Partially offset by:
• • Higher EAF dust throughput (~€+3);
• • 2 24% 19% nd Aluminium upgraded furnaces delivering results (~€+0.5)

Q1 EBITDA at €26.0m (-23.4% YoY): Driven by lower zinc prices; Partially offset by higher EAF dust throughput (Turkey)

• Q1 revenue up 6% YoY mainly driven by: + Higher EAF dust throughput (Turkey operating) Partially offset by:
• Lower hedging and spot zinc prices;
• Unfavourable zinc ref. TC at ~\$300/t (vs. \$245/t in ´19)
• Q1 EBITDA down €8m / 23% YoY primarily driven by:
• Lower zinc blended prices, ~€-9 (LME €-7; Hedging €-2);
• Unfavourable zinc ref. TC (~€-2.5); Partially offset by:
• • Higher EAF dust throughput (~€+3)

EAF dust throughput & capacity utilisation(1)

(thousand tonnes, % of annual installed capacity)

• Throughput up +10% YoY mainly due to Turkey back in operations after annual capacity expanded in '19 to 110kt
• Overall plant utilisation continued at high 90%

Prices (€ per tonne)	Q1 2019	Q1 2020	% Var.	2019
Befesa blended(2) average zinc price	2,373	2,114	-11%	2,280
LME average price	2,380	1,930	-19%	2,274

15 (1) Installed capacity and corresponding utilisation rates in 2019 are normalised for the capacity upgrade in Turkey, from 65kt to 110kt (plant was shutdown from end of Jan to mid-Aug 2019) (2) Blended rate between hedged prices and average spot prices, weighted by the respective hedged and non-hedged volumes, reflecting the effective price to Befesa

Q1 EBITDA at €8.6m (-3.5% YoY) mainly driven by lower aluminium alloy prices and slightly lower salt slags volumes (Covid-19 related plant downtimes); Partially offset by alu furnace upgrades delivering results; >90% plant utilisation

Highlights

• 2 nd Aluminium: Q1 EBITDA up €0.2m / 9% mainly driven by higher margins (due to more efficient furnaces delivering results); partially offset by lower prices
• Salt Slags & SPL: Q1 EBITDA down €0.5m YoY mainly due to 6% decrease in alu alloy prices (~€-0.5); Slightly lower salt slags & SPL volumes (~€-0.5); Partially offset by improved efficiencies & other (~€+0.5)

(2) EBITDA margins refer to the Salt Slags subsegment

(3) Aluminium scrap and foundry ingots aluminium pressure diecasting ingot DIN226/A380 European Metal Bulletin free market duty paid delivered works

Salt Slags subsegment

Secondary Aluminium subsegment

Continued strong ~€200m liquidity (Cash €120m; €75 RCF undrawn); Long-term capital structure: No maturities to July ´26; 2% interest; No covenant; Managing cash & cost rigorously; Funding China expansion

Capital Structure

• 17 Feb: TLB successfully repriced; Interest rate down 50 bps to E+200 bps for leverage >x2.25; €2.6m savings p.a.; Other terms unchanged
• After a fixed 9-months period, interest rate could be reduced further alongside certain leverage ratchets, e.g. E+125 bps if leverage < x1.75
• Long-term capital structure, cov-lite TLB, with remaining >6 years tenor to July ´26; Incl. loan baskets to accommodate China growth
• No covenant; unless ≥ 40% of RCF used; in which case leverage to stay ≤ x4.5 … YE´19 at x2.6; Significant headroom
• Moody's / S&P corporate ratings unchanged: Ba2 / BB; stable

Q1'20 EBITDA to total cash flow – main drivers

Total Cash Flow	€-5.5	→ €120m cash on hand
Dividends	-
Capex & other investing activities	€-16	€4 Maintenance/productivity/compliance €12 Growth: China expansion
Interest & other(2)	€-7
Taxes	€-6
WC change	€-10	Mainly higher receivables with Q1 vs Q4 +€28m Sales & Q1/Q4 monthly loading
EBITDA	€34	€-9m / -22% YoY

Operating cash flow(3)

(1) Gross debt at Q1'20 includes €11.2m under current financial indebtedness, primarily explained by the accrued bi-annual interests, leasing (under IFRS 16) and others

(2) "Other" includes cash bank inflows/outflows from bank borrowings and other liabilities, as well as the effect of foreign exchange rate changes on cash

(3) Total operating cash flow per audited consolidated statement of cash flows; after WC, taxes & interest; pre capex & dividend; 2020 figures are unaudited

Hedging up to Oct ´21 improves earnings & cash flows visibility for 2020 & 2021

Zinc hedges & blended average prices

	2018	2019	Q1 2019	Q1 2020
Unhedged	32% or 44kt @ €2,468/t LME	26% or 33kt @ €2,274/t LME	25% or 8kt @ €2,380/t LME	~40% or 16kt @ €1,930/t LME
Hedged	68% or 92kt @ €2,051 hedge price	74% or 92kt @ €2,310/t hedge price	75% or 23kt @ €2,327/t hedge price	~60% or 23kt @ €2,244/t hedge price
Blended(1)	€2,168	€2,280	€2,373	€2,114

• Hedges in place until & including Oct '21
• Continuous monitoring of the market to close further hedges
• Majority of hedges Euro based
• Befesa providing no collateral

BEFESA Befesa at a Glance

Befesa a market leader in Europe & Asia in providing regulated critical hazardous waste recycling services to the steel and aluminium industries

+90% EBITDA generated from two core 25-30% EBITDA margin operations with low capital intensity

Source: Company information, International Consulting Firm based on World Steel Association's Steel Statistical Yearbooks, WBMS, industry research, expert Interviews.

(1) Excluding internal revenues; sales split is calculated on revenues including internal revenues. (2) Excluding China.

(3) Including stainless steel. (4) Including recycling of SPL (a hazardous waste generated in primary aluminium production).

BEFESA Main Milestones

Befesa has grown successfully through organic initiatives and acquisitions

(2) Free-float at 100% after Triton's exit on 06 June 2019

BEFESA Investment Highlights

Each Befesa plant usually collects waste from at least 10-15 client

Befesa is the market leader in steel dust and salt slags recycling services with a competitive advantage due to its close proximity to key clients

Established market leader Proximity to clients provides strong competitive advantage

Steel Dust Recycling Services

(1) Excluding China.

Befesa offers a crucial service taking care of highly regulated hazardous waste in the value chain of secondary steel and aluminium producers

• Consequences of non-compliance
• Major European steel producer struggles with large plant (producing 8% of European steel) due to breaching environmental regulations (contamination of environment)
• Court ordered to partly shut down the plant
• Owner prompted to invest \$3.8bn to bring the plant back to required standards
• In 2002 the owners of a metal foundry in Italy faced prison time for illegal transport and landfilling of hazardous waste
• In 2004 a big aluminium refinery in Italy abandoned 450kt of hazardous waste in the open air over half an hectare
• More than 10 years later the local administration is still collecting funds to proceed to the removal and cleaning of the area
• In 2011 a big producer of aluminium alloys in Spain was involved in the transport without authorisation and illegal landfilling of 1.5kt of salt slags on a vacant lot

• Befesa was ultimately contracted to treat the waste properly

• Befesa collects and recycles hazardous waste from steel producers and aluminium recyclers

• Recycling is mandatory for Befesa's clients due to environmental regulations
• Befesa takes off and effectively takes care of environmental liability for their clients
• Without timely and regulatory compliant offtake of hazardous waste clients face risk of complete shut-down of production as well as severe penalty payments
• Befesa therefore offers a critical element of its clients value chain

5 Highly Resilient Business

Continue profitable growth trend … strong operational cash flow funds growth initiatives

(1) Total revenue excludes internal revenues and are comparable figures after amendment IFRS 15 affecting the revenue recognition of non-operating sales in the 2nd Aluminium sub-segment; These non-operating sales have limited margin contribution; Reported revenues amounted to €611.7m in fiscal year 2016 and €724.8m in fiscal year 2017

(2) EBITDA and EBIT margins as a % of comparable revenue; EBITDA and EBIT in fiscal years 2016 and 2017 are adjusted from one-off extraordinary items; Reported EBITDA amounted in €128.8m in fiscal year 2016 and €153.0m in fiscal year 2017; Reported EBIT amounted to €84.3m in fiscal year 2016 and €122.4m in fiscal year 2017

(3) Operating cash flow per audited consolidated statement of cash flows; after WC, taxes & interest; pre capex & pre dividend; LTM 2020 figures are preliminary and unaudited

6

• 1 (Jiangsu): Completion of

• 2 (Henan): Completion of

construction expected by ~begin'21

✓ Turkey 65kt → 110kt; Completed ✓ Korea washing; Completed Dec'19

✓ 2 tilting furnaces (Bilbao; Barcelona) - Expand Hannover (130kt → 170kt)

construction expected ~mid of ´21

Continuing growth roadmap even during Covid-19; Focus 2020: Building two EAF steel dust recycling plants in China

Note: Chart is illustrative and size of respective arrows in the chart is not indicative to the underlying growth potential

Senior management team delivering results through long standing industry expertise, entrepreneurial spirit and focus on operational excellence as well as governance and compliance processes

CEO since 2000

Has run Befesa for >15 Years Became President of Abengoa's Environmental Services Division in 1994

Asier Zarraonandia Vice President Steel Dust Recycling Services

Javier Molina

CEO

>15 yrs with Befesa >25 yrs with Befesa

Has run the Steel Dust Recycling Services Business for >10 years

Wolf Lehmann CFO; including responsibilities for Operational Excellence and IT

CFO since 2014

20+ years in finance and operational leadership roles 50/50 General Electric / Private Equity

Federico Barredo Vice President Aluminium Salt Slags Recycling Services

Has run the Aluminium Salt Slags Recycling Service Business for >15 years

Key achievements / track record

Extensive experience in steel and aluminium recycling business

Strong performance results through focus on operational excellence

Building strong business foundation of ESG, compliance and health & safety processes

Successful international expansion

Track record of successful acquisitions and turnarounds (BUS, Agor, Alcasa, Hankook, Silvermet etc.)

Experience in developing greenfield projects (South Korea, Gravelines, Bernburg)