Befesa S.A. (BFSAF) Q3 2025 Earnings Call Transcript

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Operator

Ladies and gentlemen, welcome to the Befesa Third Quarter 2025 Results Conference Call. I am Jota, the Chorus Call operator. [Operator Instructions] The conference must not be recorded for publication or broadcast.

At this time, it’s my pleasure to hand over to Rafael Perez, CFO of the company. Please go ahead.

Rafael Perez
CFO and Director of Investor Relations & Strategy

Good morning, and welcome to the Third Quarter 2025 Results Conference Call of Befesa. I am Rafael Perez, CFO of Befesa. This morning, I’m joined by our Group CEO, Asier Zarraonandia. Asier will start with an executive summary of the period, and then he will cover the business highlights of the Steel Dust as well as Aluminum Salt Slag Recycling businesses.

I will then review the third quarter financials by business and we’ll cover the evolution of commodity prices, our hedging program and finally, cash flow, net debt, leverage and capital allocation. Asier will close this presentation providing an update to the outlook of the rest of 2025 as well as an update on our growth plan. Finally, we will open the lines for the Q&A session.

Before getting started, let me remind you that this conference call is being webcast live. You can find the link to the

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