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Investing.com -- Befesa SA (ETR:BFSA) on Thursday posted solid third-quarter results showing a return to volume growth and improved earnings amid a favorable price/cost environment.
The recycling services provider reported adjusted EBITDA of €61.7 million for Q3, up 27% year-over-year, in line with consensus estimates. This translated to a robust margin of 21.3%, compared to 16.6% in the same period last year and 19.2% in Q2 2025.
Revenue came in at €290 million, down slightly by 1% from the previous year. The company’s Steel Dust segment saw volumes recover strongly with throughput up 24% year-over-year as most maintenance shutdowns were completed in the first half of the year.
Steel Dust revenue increased 3% to €205 million, while Salt Slag revenue rose 7% to €27 million. Secondary Aluminum revenue declined 7% to €78 million.
The Steel Dust segment was the standout performer with adjusted EBITDA jumping 43% to €58 million, achieving a margin of 28.3% compared to 20.5% in the prior year. Salt Slag EBITDA increased 3% to €7.1 million with a margin of 26.1%.
Befesa’s earnings per share reached €0.52, a significant improvement from €0.12 in the same quarter last year. Operating cash flow grew 5% to €50.5 million, while free cash flow turned positive at €34 million compared to negative €4.2 million a year ago.
The company’s net leverage ratio improved to 2.59x from 2.78x in the second quarter.
Management confirmed its full-year guidance, which implies 16% adjusted EBITDA growth in Q4 to meet the low end of its €240 million target, slightly below the consensus estimate of €244 million.
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