EarningsQ2 2026 Earnings Report
MX:BFSAN Q2 2026 EPS Results
Actual EPS$11.49
Consensus EPS$12.06
Beat/MissMissed by -$0.57
One Year Ago EPS$11.04
MX:BFSAN Q2 2026 Revenue Results
Actual Revenue$6.22B
Expected Revenue$6.14B
Beat/MissBeat by +$79.75M
YoY Revenue Growth+3.77%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeBefore Open
Conference CallWednesday, July 29, 2026
MX:BFSAN Upcoming Earnings
Befesa S.A.'s next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a broadly positive operational and financial picture: strong H1 EBITDA growth, margin expansion, solid cash generation and continued deleveraging were highlighted, supported by favorable zinc prices and U.S. volume gains. Management reaffirmed full‑year guidance and provided visibility via an extended hedging book and disciplined capital allocation. Headwinds include persistent inflationary pressures (notably fuel and natural gas), FX impacts, short‑term working capital drag from WOX inventory, and continued weakness in secondary aluminum and certain Asian markets. Overall, positive momentum is evident, but the company remains exposed to macro/commodity/FX risks and near‑term capex timing effects.Company Guidance
Group Adjusted EBITDA Growth
Total adjusted EBITDA of EUR 124 million in H1 2026, up 11% year‑on‑year; group EBITDA margin improved to 22% in Q2 2026 from 19% in Q2 2025 (approx. +300 bps).
Steel Dust Segment Outperformance
Steel dust adjusted EBITDA of EUR 104 million in H1, up 8% year‑on‑year; segment margin improved by ~260 bps to 27%. Strong volume growth (global load factor +~4% YoY) and higher zinc prices were main drivers.
Favorable Zinc Price Environment and Hedging
Average LME zinc price in H1 was USD 3,353/ton, +22% YoY (Q2 avg USD 3,463 vs Q1 USD 3,243). Hedging book extended to cover ~30 months (through Jan 2029) at record levels (~USD 3,100 for 2027–2028), providing price visibility.
Deleveraging and Balance Sheet Strengthening
Net leverage reduced to 2.18x in June 2026 from 2.7x in June 2025 (nine consecutive quarters of deleveraging). Net debt EUR 555 million (down from EUR 601 million year‑ago); cash on hand EUR 134 million plus EUR 100 million undrawn RCF (~EUR 240 million liquidity).
Operating Cash Flow and Cash Generation
Operating cash flow of EUR 71 million in H1, up 10% YoY. Management expects structurally lower CapEx cycle going forward (target maintenance ~EUR 45m p.a.) and continued free cash flow generation.
Aluminium Salt Slag Performance
Aluminium salt slag revenues of EUR 61 million and EBITDA of EUR 18 million in H1, both up 10% YoY; price improvements offset a 4% volume decline.
Confirmed 2026 Guidance and Growth Plan
Full‑year EBITDA guidance reaffirmed at EUR 250–270 million (implied growth 3%–11%). Target to reduce net leverage to below 2.0x by year‑end 2026 and continued selective, high‑return growth projects.
Bernburg Expansion and U.S. Momentum
Bernburg expansion on track to start production end‑August 2026, adding 60,000 t capacity to a 200,000 t base (incremental EBITDA contribution expected ~EUR 6–7 million at higher utilization); U.S. steel dust utilization improved significantly (Q2 U.S. utilization ~75%, +11% YoY) supported by new contracts.
MX:BFSAN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed