Befesa S.A.

Investor Presentation • Dec 7, 2021

Berenberg Presentation

Berenberg European Conference 2021

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; unauthorised 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 materialise, 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.

Third quarter and first nine-month period 2021 figures contained in this presentation have not been audited or reviewed by external auditors.

This presentation includes Alternative Performance Measures (APM), 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 APM 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 APM are not audited.

Electric arc furnace steel dust (EAFD) recycling plant at Asúa-Erandio, Spain

9M record EBITDA; AZR acquisition closed; ✓MDAX

€136.8m

9M'21 adjusted EBITDA

62% up yoy (9M'20: €84.5m), 24% margin (vs. 19% in 9M'20) 17% or €20m up vs. 9M'19

€42.7m Q3'21 adjusted EBITDA

46% up yoy (Q3'20: €29.3m), 22% margin (vs. 20% in Q3'20)

Plant utilisation continued at solid pre-pandemic levels

€73.9m

9M'21 Operating cash flow €36.2m up yoy (9M'20: €37.8m)

€200.7m of cash on hand, post-dividend and acquisition funding; €4.0m up vs. Q2'21 at €196.6m

Leverage x2.33 LTM Q3'21, improved from x3.10 at YE'20 and x3.31 Q3'20

FY'21 guidance

• FY adjusted EBITDA of around €195m, up +54% yoy
• Revised upwards (previous: €165–190m) to reflect record YTD earnings and c. 4 months of acquired US operations

US

Acquired 100% of AZR's recycling assets

• Transaction closed on 17 August 2021; Consolidating six weeks in Q3'21 financials; Operations delivering as expected
• Renamed to Befesa Zinc US and CEO/President appointed
• Driving progress on integration and related synergies

China

Expansion on target

• Jiangsu: Opening event Nov/Dec; Starting commercial operations
• Henan: Completion of construction by YE'21, as scheduled; Commissioning/ramp up H1'22

ESG

Befesa continues to be a vital player within the circular economy with strong ESG credentials

Hedging

• Non-US hedge book fully extended to Oct'24, c. 3 years; US (AZR) to Apr'24, c. 2.5 years
• Providing increased earnings and cash flow visibility

MDAX

• IPO in 2017

• SDAX in 2018
• MDAX entry 20 Sept 2021

Credit ratings

Unchanged from June 2021:

• S&P: 'BB+, outlook stable'
• Moody's: 'Ba2, outlook stable'

4

Mid-term growth roadmap

Executing well defined growth roadmap even during COVID-19 pandemic; Focus 2021: Start operations at 1st China plant (Jiangsu) and complete construction of 2nd plant (Henan); Driving progress on the integration of AZR and related synergies

Note: Chart is illustrative and size of respective arrows in the chart is not indicative to the underlying growth potential 1) FY 2020 normalised for a) Zinc LME @\$2,500/t (long-term consensus), and b) TC @\$225/t (9% \$2,500/t LME)

HEDGING 1

• Non-US hedge book fully extended to Oct ´24, c. 3 years; US (AZR) up to Apr'24, c. 2.5 years
• Providing increased earnings and cash flow visibility

ORGANIC GROWTH 2

Top 5 projects:

• Steel Dust:
  • Turkey expansion: Completed
  • Korea washing: Completed
• Aluminium Salt Slags:
  • 2 tilting furnaces (Spain): Completed
• 3

4

CHINA

First two EAFD recycling plants in two provinces (Jiangsu and Henan)

US / AZR ACQUISITION

Integrating four EAFD recycling plants acquired from AZR and realising near– and mid– term synergies

Zinc prices & hedging strategy

Non-US operations fully hedged up to & incl. Oct'24, c. 3 years; US operations hedged up to & incl. Apr'24, c. 2.5 years; Improving earnings & cash flows visibility

Zinc LME price vs. Befesa's hedging prices (€/t)

Zinc hedges & blended average prices (€/t)

	9M 2020	9M 2021
Unhedged	34% or 36kt @ €1,905/t LME	29% or 32kt @ €2,414/t LME
Hedged	66% or 69kt @ €2,232/t	71% or 78kt @ €2,170/t
Blended3)	€2,089/t	€2,241/t
		+€152/t / +7% yoy

Hedging strategy unchanged:

• Zinc Europe & Korea operations fully hedged up to & incl. Oct'24, c. 3 years US operations hedged up to & incl. Apr'24, c. 2.5 years
• Targeting 60% to 75% of zinc equivalent volume
• Befesa providing no collateral

1) London Metal Exchange (LME) zinc daily cash settlement prices

2) Includes BZ US (former AZR) hedge book for the following periods: 18 Aug'21 to Jan'22: 36.8kt zinc hedged at c. \$2,500 (c. €2,140 at FX 1.17); Feb'22–Jan'23: 54.2kt zinc hedged at c. \$2,765 (c. €2,365 at FX 1.17); Feb'23–Jan'24: 58.6kt zinc hedged at c. \$2,900 (c. €2,450 at FX 1.18); Feb'24–Apr'24: 15.0kt zinc hedged at c. \$2,975 (or c. €2,490 at FX 1.19); FX \$/€ forwards as of 27 Oct'21, source: cmegroup.com

3) Zinc blended prices are averages computed based on the monthly effective LME zinc and hedging prices weighted with the respective hedged and non-hedged volumes

EAF steel production -&- Befesa's steel portfolio growth & diversification

China is the largest and growing EAF steel producer worldwide; Befesa growing and diversifying its portfolio to capture China and US addressable markets

• China EAFD addressable market > 1.5 million tonnes1) vs. c. 1.0–1.3 million tonnes1) in EU-27 and US each; Expected to grow in share and tonnage

• Befesa Steel portfolio growing @ c. 6% CAGR (around twice GDP) while diversifying to a well-balanced Europe / Asia / US

Sources: Worldsteel; Company data; IEA

1) Assuming 15kg to 20kg EAFD generated per tonne of EAF crude steel output; 2) Europe defined as EU-27; 3) Asia includes Turkey, South Korea and China 4) "Iron and Steel Technology Roadmap" study by IEA, October 2020

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Befesa closed AZR acquisition on 17 August; Operations delivering as expected

EAFD annual installed recycling capacity1) 2), kt

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1) Source: Own estimate based on recycling capacity; 2) Based on Company's public reports and presentations; 3) Using Waelz technology

China I

Changzhou plant, Jiangsu province

Key facts of the plant:

• 1 st EAFD recycling plant in China
• Capacity to recycle 110kt EAFD p.a.
• Total investment: c. €42m
• Location: Changzhou (Jiangsu province)

Status update:

• Long-term financing closed Jul'20
• Construction completed, on time & on budget
• Starting commercial operations
• Opening event in Nov/Dec

China II

1 2

Xuchang plant, Henan province

Key facts of the plant:

• 2 nd EAFD recycling plant in China
• Capacity to recycle 110kt EAFD p.a.
• Total investment: c. €42m
• Location: Xuchang (Henan province)

Status update:

• Long-term financing closed Dec'20
• Construction progressing on time & on budget; Completion scheduled at YE'21
• Commissioning/ramp up H1'22; Commercial output H2'22 Xuchang construction site, mid-November 2021

Changzhou plant, completed

Recycling kiln in operations

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Sustainability at Befesa

Key player within the circular economy, with c. 2 million tonnes recycled and c. 1.5 million tonnes of valuable materials recovered annually, that contributes significantly to increase efficiency of raw material use in the metals industry and promotes the transition towards a more sustainable economy

Lost Time Injury Rate (LTIR)

• Excellence in health & safety is a priority for Befesa
• Aiming to reduce LTIR by at least 50% by 2024 vs. 2019

ESG Ratings BBB Commercial services B Top 3 of 205 Metals & mining 14.8 #3 of 60 Commercial services #5 of 105 Business services

Global Challenges Index (GCX) Sustainability Report

• Befesa selected on 18 Sept 2020
• GCX comprises a total of 50 shares selected according to strict criteria from a total of c. 6,000 companies worldwide

• Befesa 2020 ESG Progress Update was published on 27 April 2021

Befesa FY'21 EBITDA guidance & assumptions

FY'21 guidance range revised upwards to reflect records YTD earnings and c. 4 months of acquired Zinc US operations; Strong base metal prices offsetting higher inflation / energy cost trends

Adjusted EBITDA	around €195m (new record, up from previous €165-190m, incl. c. 4 months US operations)
Main assumptions:
1) Volume, Capacity utilisation	Strong recovery from COVID-19, back to pre-pandemic levels • • China I (Jiangsu) ramping up & delivering initial commercial output in Nov/Dec ´21 • Overall capacity utilisation at c. 85–95% • US operations since 17 Aug, contributing as expected
2) Metal prices & inflation incl. energy	• Metal market prices continuing strong at current price environment for Q4 - approx. offsetting - higher inflationary / energy cost trends • TC referenced at \$159/t
3) Dividend	€46.8m (€1.17 / share) dividend distributed in July, equal to: • Distributing 98% of €47.6m net profit in FY'20 • Distributing net profit at upper-end of 50% on a two-year view: Dividends distributed €71.7m equal to 55% of FY'19 & ´20 combined net profit of €130.3m
Capex	• Continuing to fund China expansion • Total capex of c. €80–100m incl. US Operations: c. €50–60m growth (China), majority funded through China local loans; c. €30–40m regular maintenance / IT / compliance / operational excellence & US operations
Cash flow, cash position & net leverage	• Cash flow generation >€50m • Cash position > €200m • Net leverage c. x2.1 (back to 2018 level) incl. US acquisition

Note: FY 2021 EBITDA guidance includes the adjustment for the non-recurring AZR acquisition-related costs

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BEFESA acquired creating a global leader in EAFD recycling

Acquisition of AZR closed on 17 August 2021 02

Transaction highlights

• On 16 June 2021, Befesa signed the acquisition of 100% of American Zinc Recycling (AZR)'s recycling assets for a purchase price of \$450m / €372m – implying an attractive c. 6x post near-term synergies EBITDA acquisition multiple, about half of Befesa's current 2021E trading multiple of c. 13x
• AZR is a US market leader1) in recycling electric arc furnace steel dust (EAFD) with c. 620kt EAFD capacity; Similar to Europe, a highly-regulated, mature market; full-service model incl. collection fees
• Through this acquisition, Befesa becomes a global leader1) in EAFD recycling with c. 1.7 million tons combined EAFD capacity, and a geographically diversified and balanced footprint in Europe, Asia and the US across 12 facilities
• Funded through a mix of
  • accelerated equity offering (5.9m shares as per authorized capital), completed on 17 June, -and-
  • pre-approved term loan B (TLB) add-on (€100m), allocated and priced at par, ensuring leverage neutral
• Highly accretive transaction for Befesa shareholders with strong expected returns achievable within first 3 years of combination:

  • €300m value creation;

  • Strong double-digit EPS accretion;
  • ROIC >> Befesa's WACC
• On 17 August 2021, Befesa closed the transaction as expected and on time
• As part of this transaction, Befesa signed the acquisition of a minority 6.9% stake in a US strategic zinc refining plant for a purchase price of \$10m, and secured an option for the acquisition of the remaining 93.1% stake upon fulfilment of two-phased operational and financial milestones of the zinc refining plant

1) Source: Own estimate based on recycling capacity, including Befesa's first two EAFD recycling plants in China

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Acquired 100% of recycling assets upfront; incremental add-on option for new zinc refining plant (ramping up)

AZR is one of the largest EAFD recycler in North America1) with 4 plants with c. 620kt total capacity

1) Source: Own estimate based on recycling capacity

3

165kt

142kt

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1

Decarbonisation driving further growth of EAF steel production in the US

EAF method expected to grow further to >70% share by 2025

Source: worldsteel; Citi Research; International Energy Agency (IEA); Own estimates

1) Estimate assuming c. 17.5 kg of EAFD generated per tonne of crude steel output

2) "Iron and Steel Technology Roadmap" study by IEA, October 2020

• US has one of the largest and growing markets of EAF steelmakers globally
• EAF is a prevailing steelmaking method in the US and is expected to continue to grow further > 70% share driven by decarbonisation trend
• Secondary steelmaking (EAF) consuming only 1/7 of CO^² /ton of steel2) vs. primary steelmaking BOF (basic oxygen furnace)

Befesa closed AZR acquisition on 17 August; Operations delivering as expected

EAFD annual installed recycling capacity1) 2), kt

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1) Source: Own estimate based on recycling capacity; 2) Based on Company's public reports and presentations; 3) Using Waelz technology

BEFESA Attractive acquisition multiple with additional upside potential – 2021E pro forma view1)

1) 2021E PF figures presented across this presentation are to illustrate the effects of the transaction as if AZR had been part of the Befesa group as of 1 January 2021 and assuming that all near-term synergies were achieved already in 2021. Thus, 2021E PF view does not represent an update of Befesa's FY'21 Guidance provided on 27 April '21

2) Befesa's Steel Dust business calculated as 78% (last-three-year average, 2018–2020) of total Befesa's EBITDA 2021E of €177.5m (mid-point of €165–190m guidance)

3) Includes €13m PF adjustment computed as difference between Befesa's vs. AZR's uncompetitive hedging prices for 2021 (Befesa: €2,150/t or \$2,580/t at FX 1.20; AZR: \$2,399/t or €1,999/t), x 83kt hedged by AZR

4) For illustrative purposes, PF assumes pre-tax near-term synergies of c. \$20m, or €17m at FX\$/€ 1.20 expected to be achieved within first three years of combination

5) Befesa's FV/EBITDA 2021E multiple of 12.5x calculated based on a share price of €58.45 (L10 day avg. as of 15 Jun'21) and €191m EBITDA (consensus average as of 15 Jun'21)

6) Based on a purchase price for AZR Recycling of \$450m, or €375m at FX\$/€ 1.20

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7) Expected to be achieved within first three years of combination; 8) Both Befesa and AZR financials shown are based on IFRS

Strong near– & mid– term synergy potential identified

Total pre-tax near-term synergies of c. \$20/€17m expected within first three years of combination

One-time implementation costs of c. €10 to 15m (during first 18 months of integration) applying Befesa's proven operational excellence rigor with on average < 2–year payback

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1) AZR has hedged at \$2,767/t for 2022 vs. AZR 2021 Pro Forma hedges at c. €2,150/t (or \$2,580/t at FX \$/€ 1.20) +\$187/t on c. 83kt hedged = c. \$15.5m / €12.9m

Leverage–neutral transaction with expected strong double–digit EPS accretion1)

• Funding through a mix of
  • accelerated equity offering (5.9m shares as per authorised capital); and
  • €100m pre-approved term loan B (TLB) add-on
• Contingent FX hedging in place

Financial profile – 2021E Combined Pro Forma3)

EBITDA, €m

1) Expected to be achieved within first three years of combination

2) Excludes one-time transaction expenses

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3) For illustrative purposes, Pro Forma includes AZR's new improved hedging program and near-term synergies

Diversifying the highest margin business unit and further improving Befesa's overall profitability

1) Company's information

2) 1,045kt EAFD recycling capacity includes 220kt from the first two plants in China (Jiangsu & Henan provinces) scheduled to ramp up operations in 2021

3) €178m represents the mid-point of Befesa's FY 2021 guidance provided on 27 April 2021; Percentages are based on L3Y average financials

4) c. €240m represents the sum of a) Befesa standalone of €178m (mid-point of FY 2021 guidance) and b) AZR Recycling FY 2021E PF of €62m, post near-term synergies

+

20

AZR's zinc refining asset: strategic integration opportunity to support EAFD recycling operations in the US

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Plant footprint

• Close proximity to AZR recycling plants, at Rutherford County, NC
• Applies new solvent extraction technology for zinc refining
• Restarted operations in 2020; Ramping up; Capacity to produce c. 141kt pure zinc (SHG) per year

Strategic rationale

• Process WOX from all AZR recycling plants into pure zinc (SHG)
• WOX purchased from AZR recycling at market prices
• Address shortage of zinc refining capacity in the US/North America
• Supports AZR to become vertically-integrated:
  • Closed-loop, end-to-end, 100% green to AZR's EAF steel clients
  • Reduces exposure to zinc treatment charge volatility
• No change in Befesa's global strategy

Secured option to acquire AZR's zinc refining asset only upon fulfilling operational & financial performance milestones

Payment schedule to acquire AZR's zinc refining asset1), \$m

Total purchase price represents c. 7x estimated EBITDA3) acquisition multiple

1) Milestone-based purchase prices subject to certain possible adjustments

2) Max. time frame for the potential earn out is 31 December 2023

3) EBITDA of \$20 to \$25m, expected to be achieved within first 3 years after Closing

The acquisition of AZR's recycling business represents a key step on Befesa's accelerated growth path …

1) Source: Own estimate based on recycling capacity; 2) 2007 actuals PF for the non-core Industrial Environmental Solutions business divested in 2016; 3) 2017 adjusted for one-time IPO-related costs; 2017 reported EBITDA of €153m; 4) 2021E Combined PF incl. AZR's new improved hedging program and near-term synergies for illustrative purposes

23

Nanjing City, Location of Befesa China's HQ

Consolidated key financials

9M adjusted EBITDA at €136.8m, all-time-high, driven by strong base metal prices and continued solid volumes with plant utilisation at pre-pandemic levels; Acquired Zinc US operations delivering as expected

1) 9M 2021 EBITDA adjusted for €8.1m non-recurring AZR acquisition-related costs; 9M 2021 reported EBITDA amounted to €128.7m

2) EPS in 9M 2020 is based on 34,066,705 shares; 9M 2021 is based on 36,370,474 weighted average shares after the capital increase of 5,933,293 new shares to partly fund the AZR acquisition 3) Net leverage calculated on an LTM basis, see details on page 9, "Cash flow, net debt & leverage"

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Steel Dust Recycling Services

9M adjusted EBITDA at €102.7m, performing at strongest earnings level with 34% margin, driven mainly by favourable zinc prices; Overall plant utilisation continued at pre-pandemic levels; Acquired US operations delivering as expected

Adjusted EBITDA bridge 9M 2020 to 2021 (€m)

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

Aluminium Salt Slags Recycling Services

9M EBITDA at €34.1m, delivered record level results, up 90% yoy; Mainly driven by higher aluminium metal prices yoy; Overall plant utilisation continued at solid pre-pandemic levels ≥ 90%

1) Total revenue is after intersegment eliminations (9M 2020: €21.5m; 9M 2021: €29.4m)

2) Plant utilisation rates calculated as either salt slags/SPL treated, or aluminium alloys produced against the corresponding annual installed capacity, based on the calendar days of the period 3) Aluminium scrap and foundry ingots aluminium pressure diecasting ingot DIN226/A380 European Metal Bulletin free market duty paid delivered works

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Cash flow, net debt & leverage

Continued strong liquidity of more than €275m including record €201m cash on hand, post-dividend & acquisition funding; Net leverage of x2.33 at Q3'21 closing, improved vs. x3.10 at YE'20 and x3.31 at Q3'20

Adjusted EBITDA to total cash flow (€m)

1) Includes investments required to maintain or replace assets as well as those related to productivity, compliance and IT

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

	At 30 Sept 2020	yoy change	At 30 Sept 2021
LTM EBITDA4)	€127.0	+€80 2 / +63 1%	€207.2
9M Operating cash flow5)	€37.8	+€36 2 / +95 7%	€73.9
Gross debt6)	€528.2	+€154 6 +29 3% /	€682.8
Cash on hand3)	€107.8	+€92 9 / +86 2%	€200.7
Net debt	€420.3	+€61 8 / +14 7%	€482.1
Net leverage	x3.31	-x0 98	x2.33

3) Cash on hand of €154.6m at YE'20 increased by €26.8m 9M cash flow and €19.3m cash and cash equivalents incorporated from Befesa Holdings US Inc., ending at €200.7m total cash on hand 4) LTM Q3 2021 EBITDA adjusted for €8.1m non-recurring AZR acquisition-related costs and c. €30m AZR's LTM EBITDA

5) Includes AZR's operating cash flows since closing of the acquisition on 17 Aug 2021

6) €682.8m gross debt at 30 Sept 2021 includes €100m TLB add-on to partly fund the AZR acquisition, as well as China local loans

Secondary aluminium production plant at Bernburg, Germany

Befesa at a glance

Global leader in Europe, Asia and US in providing regulated critical hazardous waste recycling services to the steel and aluminium industries

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

1) Figures do not include the contribution from AZR's acquisition closed on 17 August 2021

30

2) Excluding internal revenue; revenue split is calculated on revenues including internal revenue; 3) Including recycling of SPL (a hazardous waste generated in primary aluminium production)

Key milestones

Befesa has grown successfully through organic initiatives and acquisitions

1) Through 51/49 JV with Canadian Silvermet; 2) By acquiring subsequent stakes in the Korean Hankook; 3) Free-float at 100% after Triton's exit on 6 June 2019

EAFD expansion China

Developing first two EAFD recycling

plants in China:

Investment highlights

Global leader in Europe, Asia & North America

1) 50/50 joint venture with Recylex

3

2) Changzhou, Jiangsu province: construction completed in Q1'21, starting commercial operations in Nov/Dec '21; Xuchang, Henan province: completion of construction scheduled by YE'21, commissioning incl. ramp-up during H1'22

ALU SALT SLAGS RECYCLING

Highly regulated & critical service model

Befesa is the leading environmental services partner in the circular economy of the 2nd steel and aluminium industry by recycling and avoiding the landfilling of c. 2 MT hazardous residues and recovering c. 1.5 MT of new valuable materials

All figures are the average of the fiscal years 2018, 2019 and 2020 and do not include contribution from AZR's acquisition closed on 17 August 2021

Value chains are simplified and only reflect Befesa's core business segments (i.e. Steel Dust; Aluminium Salt Slags):

• Within Steel Dust Recycling Services business segment Befesa manages a Stainless sub-segment (94 kt stainless steel dust throughput, average over L3Y period 2018-2020)

• Within Aluminium Salt Slags Recycling Services business segment Befesa manages a Secondary Aluminium sub-segment (173 kt 2nd aluminium alloys produced, average over L3Y period 2018-2020)

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Befesa's Resilience During Latest Crises

Befesa has demonstrated resilient volumes and capacity utilisation levels during the latest crises

1) Source: 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

3) EU-27 crude steel production estimate for FY'21 based on Sep'21 YTD actual of 115Mt /3*4 = c.150Mt

4) c.€195m is Befesa's external guidance range for FY'21 (as provided on 28 Oct 2021); Broker consensus from Factset and Bloomberg at c.€195m on average (15 Nov 2021)

Experienced management team

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

Wolf Lehmann

incl. responsibilities for operational excellence & IT

Federico Barredo Vice-president

Aluminium Salt Slags Recycling Services

CFO;

CEO

• CEO since 2000

• Leading Befesa for >20 years

• CFO since 2014
• 20+ years in finance & operational leadership roles, 50/50 General Electric / PE

Javier Molina Key achievements / track record

Extensive experience in steel and aluminium recycling business, incl. managing through the cycle

Strong performance results through focus on operational excellence

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

Asier Zarraonandia Vice-president Steel Dust Recycling Services

• 15+ years with Befesa

• Running Befesa's Steel Dust business for >15 years

• 25+ years with Befesa

• Running Befesa's Aluminium Salt Slags business for >20 years

Successful international expansion

Track record of successful acquisitions and turnarounds, e.g., BUS, Agor, Alcasa, Hankook, Silvermet, AZR

Experience in developing greenfield projects, e.g., Gravelines, South Korea, Bernburg, China

Waelz kiln at EAFD recycling plant in Gyeongju, South Korea

Investor agenda & appendix 05

Investor's agenda

2022 Q4 2021 H1 2022

Prelim. YE Results 2021 & Conf. Call Thursday, 24 February 2022

Annual Report 2021 Wednesday, 30 March 2022

Q1 2022 Statement & Conf. Call Tuesday, 26 April 2022

Annual General Meeting Thursday, 16 June 2022

H1 2022 Interim Report & Conf. Call Thursday, 28 July 2022

Q3 2022 Statement & Conf. Call Thursday, 27 October 2022

London – Global Natural Resources Conference 2021 11 November 2021 – Goldman Sachs

Goldman Sachs Global Metals & Mining Conference 2021 (virtual) 17–18 November 2021 – Goldman Sachs

Deutsches Eigenkapitalforum 2021 22–23 November 2021 – Deutsche Börse AG

London – Stifel US Industrials Summit 2–3 December 2021 – Stifel

Pennyhill Park, Surrey – Berenberg European Conference 2021 7 December 2021 – Berenberg

Financial calendar Investor conferences

ODDO BHF Forum 25th Edition (virtual) 6 & 7 January 2022 – ODDO BHF

Manhattan, NY – Berenberg German Corporate Conference USA 10–12 January 2022 – Berenberg

New York, NY – Commerzbank German Investment Seminar 10 January 2022 – Commerzbank

Bank of America SMID Cap Conference 2022 (virtual) 11–13 January 2022 – Bank of America

UniCredit & Kepler Cheuvreux 20th German Corporate Conference (virtual) 18 Jan 2022 – UniCredit & Kepler Cheuvreux

Madrid – XXVIII Santander Iberian Conf. 3 February 2022 – Santander

Copenhagen – Stifel 7th German Corporate Conference 31 March 2022 – Stifel

Tarrytown, NY – Berenberg Conf. USA 2022 25 May 2022 – Berenberg

Contact details

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

Q3 2021/20 – Key financials

(€m, unless otherwise stated)

	Steel Dust	Salt Slags	Secondary Aluminium	Corporate & eliminations	Total Befesa
Revenue1) yoy change	€108.7 +€27.0 / +33.0%	€20.0 +€3.6 / +22.1%	€72.0 +€18.0 / +33.3%	-€10.8 -€3.8 / -	€190.0 +€44.8 / +30.9%
Reported EBITDA yoy change	€29.9 +€5.5 / +22.7%	€4.8 +€2.1 / +79.9%	€4.5 +€1.4 / +44.6%	-€4.6 -€3.7 / -	€34.6 +€5.3 / +18.0%
Reported EBITDA margin yoy change	27.5% -231 bps	23.8% +763 bps	6.2% +49 bps	- -	18.2% -198 bps
EBITDA2) Adjusted yoy change	€33.5 +€9.1 / +37.4%	€4.8 +€2.1 / +79.9%	€4.5 +€1.4 / +44.6%	-€0.1 +€0.8 / -	€42.7 +€13.4 / +45.7%
Adjusted EBITDA margin yoy change	30.8% +98 bps	23.8% +763 bps	6.2% +49 bps	- -	22.5% +229 bps

1) Total revenue in Aluminium Salt Slags Recycling Services amounted to €64.2m in Q3 2020 and to €82.1m in Q3 2021 after intersegment eliminations of €6.2m in Q3 2020 and of €9.9m in Q3 2021 2) EBITDA adjusted for the €8.1m non-recurring AZR acquisition-related costs

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9M 2021/20 – Key financials

(€m, unless otherwise stated)

	Steel Dust	Salt Slags	Secondary Aluminium	Corporate & eliminations	Total Befesa
Revenue1) yoy change	€304.1 +€46.8 / +18.2%	€57.3 +€3.0 / +5.6%	€244.3 +€85.1 / +53.4%	-€31.5 -€7.1 / -	€574.2 +€127.8 / +28.6%
Reported EBITDA yoy change	€99.2 +€30.0 / +43.4%	€15.9 +€4.4 / +38.6%	€18.2 +€11.7 / +179.3%	-€4.5 -€2.0 / -	€128.7 +€44.2 / +52.2%
Reported EBITDA margin yoy change	32.6% +574 bps	27.7% +660 bps	7.4% +336 bps	- -	22.4% +347 bps
EBITDA2) Adjusted yoy change	€102.7 +€33.6 / +48.6%	€15.9 +€4.4 / +38.6%	€18.2 +€11.7 / +179.3%	€0.0 +€2.5 / -	€136.8 +€52.3 / +61.8%
Adjusted EBITDA margin yoy change	33.8% +692 bps	27.7% +660 bps	7.4% +336 bps	- -	23.8% +488 bps

1) Total revenue in Aluminium Salt Slags Recycling Services amounted to €192.0m in 9M 2020 and to €272.2m in 9M 2021 after intersegment eliminations of €21.5m in 9M 2020 and of €29.4m in 9M 2021 2) EBITDA adjusted for the €8.1m non-recurring AZR acquisition-related costs

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Multi-year trend – Key financials1)

(€m, unless otherwise stated)

	2017	2018	2019	2020
Revenue	€667.42)	€720.1	€647.9	€604.3
Reported EBITDA	€153.0	€176.0	€159.6	€123.5
Reported EBITDA margin	22.9%2)	24.4%	24.6%	20.4%
Adjusted EBITDA	€172.43)	€176.0	€159.6	€127.04)
Adjusted EBITDA margin	25.8%2)	24.4%	24.6%	21.0%
Net profit5)	€49.3	€90.2	€82.7	€47.6
EPS5) (€)	€1.026)	€2.65	€2.43	€1.40
cash flow7) Operating	€91.5	€103.8	€102.5	€92.5
Cash position end of period	€117.6	€150.6	€125.5	€154.6
Net debt	€406.4	€376.8	€416.9	€393.6
Net leverage	x2.4	x2.1	x2.6	x3.1

1) 2017, 2018 and 2019 are full year actual reported figures audited by external auditors; 2020 are full year preliminary figures currently being audited by external auditors

2) FY 2017 reported revenue amounted to €724.8m; Revenue of €667.4m is comparable after amendment IFRS 15 impacting non-operating revenue

3) 2017 EBITDA adjusted due to one-off non-recurrent items primarily related to the IPO

4) 2020 EBITDA adjusted for €3.5m for the UK Salt Slags plant closure

5) Net profit and total basic earnings/(losses) per share attributable to the ordinary equity holders of Befesa S.A.

6) FY 2017 EPS impacted by the conversion of the preferred shares carried out in October 2017 prior to the IPO; The weighted average number of ordinary shares used as the denominator in calculating total basic EPS in FY 2017 was 25,025 thousand shares, compared to the 34,067 thousand shares used from 2018 onwards

7) Operating cash flow is after WC change, taxes and interests; pre capex and pre dividend

Q3 2021/20 – Operational data – Steel Dust Recycling Services

	Q3 2020	Q3 20211)	yoy change
EAFD throughput (kt)	160.7	222.6	+61 9 +38 5% /
EAFD average capacity utilisation (%)	77.5%	77.7%	+28 bps
Waelz oxide (WOX) sold (kt)	55.9	73.2	+17 3 / +30 9%
Zinc LME price (€/t)	€1,997	€2,538	+€541 / +27 1%
Zinc hedging price (€/t)	€2,227	€2,110	-€117 / 2% -5
Zinc blended price2) (€/t)	€2,214	€2,220	+€6 +0 3% /

1) EAFD throughput, corresponding capacity utilisation, and WOX sold figures in Q3 2021 include data contributed by the acquired US operations (c. six weeks of Q3 2021)

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

9M 2021/20 – Operational data – Steel Dust Recycling Services

	9M 2020	9M 20211)	yoy change
EAFD throughput (kt)	501.9	563.3	+61 4 / +12 2%
EAFD average capacity utilisation (%)	81.2%	81.0%	-26 bps
Waelz oxide (WOX) sold (kt)	182.4	192.6	+10 2 / +5 6%
Zinc LME price (€/t)	€1,905	€2,414	+€509 / +26 8%
Zinc hedging price (€/t)	€2,232	€2,170	-€62 / -2 8%
Zinc blended price2) (€/t)	€2,089	€2,241	+€152 / +7 3%

1) EAFD throughput, corresponding capacity utilisation, and WOX sold figures in 9M 2021 include data contributed by the acquired US operations (c. six weeks of Q3 2021)

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

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Q3 2021/20 – Operational data – Aluminium Salt Slags Recycling Services

	Q3 20201)	Q3 2021	yoy change
Salt Slags & SPL treated (kt)	102.6	107.2	+4 7 / +4 5%
Salt Slags & SPL avg. cap. utilisation (%)	77.0%	94.5%	+1 754 bps ,
Aluminium alloys produced (kt)	44.4	42.9	-1 5 / -3 5%
Secondary Alu avg. capacity utilisation (%)	86.2%	83.0%	-322 bps
Aluminium alloy FMB price2) (€/t)	€1,312	€2,008	+€697 / +53 1%

1) Salt slags & SPL volumes and corresponding capacity utilisation figures in Q3 2020 include data contributed by the plant in the UK, which was permanently closed in Q4 2020 2) Aluminium scrap and foundry ingots aluminium pressure diecasting ingot DIN226/A380 European Metal Bulletin free market duty paid delivered works

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9M 2021/20 – Operational data – Aluminium Salt Slags Recycling Services

	9M 20201)	9M 2021	yoy change
Salt Slags & SPL treated (kt)	333.0	303.0	-30 0 / -9 0%
Salt Slags & SPL avg. cap. utilisation (%)	83.9%	90.0%	+609 bps
Aluminium alloys produced (kt)	123.7	142.4	+18 7 / +15 1%
Secondary Alu avg. capacity utilisation (%)	80.6%	92.8%	+1 224 bps ,
Aluminium alloy FMB price2) (€/t)	€1,342	€1,978	+€636 / +47 4%

1) Salt slags & SPL volumes and corresponding capacity utilisation figures in 9M 2020 include data contributed by the plant in the UK, which was permanently closed in Q4 2020 2) Aluminium scrap and foundry ingots aluminium pressure diecasting ingot DIN226/A380 European Metal Bulletin free market duty paid delivered works

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Multi-year trend – Operational data

	2017	2018	2019	2020
EAFD throughput (kt)	661.0	717.1	665.8	687.0
EAFD average capacity utilisation (%)	84.7%	92.0%	80.7% / 90.1%1)	83.0%
Waelz oxide (WOX) sold (kt)	217.8	240.9	217.6	239.2
Zinc LME price (€/t)	€2,572	€2,468	€2,276	€1,979
Zinc hedging price (€/t)	€1,876	€2,051	€2,317	€2,239
Zinc blended price2) (€/t)	€2,160	€2,168	€2,280	€2,136
Salt Slags & SPL treated (kt)	509.9	517.0	492.6	444.6
Salt Slags & SPL avg. cap. utilisation (%)	96.2%	97.5%	92.9%	83.7% / 86.9%3)
Alu alloys produced (kt)	184.1	169.3	176.7	174.3
Secondary Alu avg. capacity utilisation (%)	89.8%	82.6% / 98.1%4)	86.2% / 91.1%5)	84.8%
Aluminium alloy FMB price6) (€/t)	€1,766	€1,715	€1,397	€1,420

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

3) Installed capacity and corresponding utilisation rates in 2020 are normalised for the UK salt slags plant closure in Q4 2020

4) Installed capacity and corresponding utilisation rates in 2018 are normalised for the furnace upgrades in Bilbao (plant was shutdown three months, from 2nd week of June to 3rd week of September), as well as the Barcelona - phase I (plant was shutdown two months, from 4th week of August to 4th week of October)

5) Installed capacity and corresponding utilisation rates in 2019 are normalised for the furnace upgrade in Barcelona – phase II (plant was shutdown three months, from mid-August to mid-November)

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

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Consolidated key financials

Q3 adjusted EBITDA at €42.7m, up 46% yoy, mainly driven by strong metal prices; Contribution from acquired Zinc US operations (six weeks of Q3); Volumes continued solid with plant utilisation at pre-pandemic levels; EBITDA above pre-pandemic levels (up 15% vs. Q3'19)

Adjusted EBITDA bridge Q3 2020 to 2021 (€m)

+€13.4 / +45.7%

1) Q3 2021 EBITDA adjusted for €8.1m non-recurring AZR acquisition-related costs; Q3 2021 reported EBITDA amounted to €34.6m

2) EPS in Q3 2020 is based on 34,066,705 shares; Q3 2021 is based on 39,999,998 shares after the capital increase of 5,933,293 new shares to partly fund the AZR acquisition

Cash

Steel Dust Recycling Services

Q3 adjusted EBITDA at €33.5m; Favourable zinc LME prices & TC, partially offset by lower zinc hedging prices; Contribution from acquired US operations (c. 6 weeks of Q3); EBITDA above pre-pandemic levels (up 11% vs. Q3'19)

Adjusted EBITDA bridge Q3 2020 to 2021 (€m)

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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

Aluminium Salt Slags Recycling Services

Q3 EBITDA at €9.2m, up 61% yoy, mainly driven by strong aluminium metal prices yoy; Better salt slags & SPL partially offset by lower alu alloys; EBITDA above pre-pandemic levels (up 52% vs. Q3'19)

1) Total revenue is after intersegment eliminations (Q3 2020: €6.2m; Q3 2021: €9.9m)

2) Plant utilisation rates calculated as either salt slags/SPL treated, or aluminium alloys produced against the corresponding annual installed capacity, based on the calendar days of the period 3) Aluminium scrap and foundry ingots aluminium pressure diecasting ingot DIN226/A380 European Metal Bulletin free market duty paid delivered works

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Cash flow, net debt & leverage

Continued strong liquidity of more than €275m including record €201m cash on hand, post-dividend & acquisition funding; Net leverage of x2.33 at Q3'21 closing, improved vs. x3.10 at YE'20 and x3.31 at Q3'20

3) Cash on hand of €154.6m at YE'20 increased by €26.8m 9M cash flow and €19.3m cash and cash equivalents incorporated from Befesa Holdings US Inc., ending at €200.7m total cash on hand 4) LTM Q3 2021 EBITDA adjusted for €8.1m non-recurring AZR acquisition-related costs and c. €30m AZR's LTM EBITDA

5) Includes AZR's operating cash flows since closing of the acquisition on 17 Aug 2021

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6) €682.8m gross debt at 30 Sept 2021 includes €100m TLB add-on to partly fund the AZR acquisition, as well as China local loans