#1BEFESA Company Presentation /April 2022#2Disclaimer 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. Full year figures contained in this presentation have been audited by external auditors. This presentation includes Alternative Performance Measures (APM), including EBITDA, EBITDA 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. 2 Company Presentation - April 2022 BEFESA#3Figures only include c. 4.5 months of 2021 contribution from Zinc US 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 3-year average (2019-2021)1) 37% 2nd Aluminium €691m Revenue²) 0 10% Salt Slags 53% Steel Dust Steel Dust Recycling¹) #1 Position Global (c. 40-50% market share) Aluminium Salt Slags Recycling #1 Position in Europe in salt slags subsegment (c. 45-50% market share) 32% EBITDA margin (3-year average 2019-2021) 26% EBITDA margin in salt slags subsegment³) (3-year average 2019-2021) 11% 2nd Aluminium 12% Salt Slags €161m EBITDA 0 77% Steel Dust ArcelorMittal >15yrs Relationships GLENCORE outokumpu trímet TRAFIGURA voestalpine >15yrs Relationships REAL ALLOY Novelis Hydro Alcoa 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 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) Company Presentation - April 2022 3 BEFESA#4Key milestones Befesa has grown successfully through organic initiatives and acquisitions Secondary aluminium plant in Bernburg Triton acquired Befesa Entry in the Asian market²) WOX washing plant at Gravelines Entry in the Turkish market¹) C✶ EAFD expansion Korea & Turkey Doubled capacity to 220kt, Gyeongju C+ 1st WOX washing plant in Asia, close to Gyeongju plant EAFD recycling capacity at Iskenderun expanded to 110kt EAFD expansion China First to market with state-of-the-art EAFD recycling plants in China: Changzhou, Jiangsu: ✓ Completed on budget ✓ In commercial operations since Dec'21 Xuchang, Henan: ✓ Completed construction Dec'21; → Commissioning/ramp up Q2'22; Commercial output H2'22 Entry in the US 100% of AZR recycling assets acquired (c. 620kt EAFD recycling capacity) 1987 1993 2000 2006 2009 2010 2012 2013 2014 2015 2017 2018 2019 2020 2021 European leader in salt slags recycling, acquiring Agor AG's German assets Befesa acquired remaining stake in BUS, becoming European leader in EAFD recycling Abengoa acquired Befesa from BUS Berzelius Umwelt Service (BUS) grouped their Spanish assets into Berzeilius Felguera (Befesa) Founded in Germany, Metallgesellschaft Entry to SDAX³) on 24 Sep 2018 Successful IPO on Frankfurt Stock Exchange Since 18 Sep 20 member of Global Challenges Index Rated by: ISS ESG MSCI V.E SUSTAINALYTICS Global leader in EAFD recycling Entry to MDAX Sep'21 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 4 4/ Company Presentation - April 2022 2022 BEFESA#5Key milestones Befesa has grown successfully through organic initiatives and acquisitions Secondary aluminium plant in Bernburg Triton acquired Befesa Entry in the Asian market²) WOX washing plant at Gravelines Entry in the Turkish market¹) C✶ EAFD expansion Korea & Turkey Doubled capacity to 220kt, Gyeongju C⭑ 1st WOX washing plant in Asia, close to Gyeongju plant EAFD recycling capacity at Iskenderun expanded to 110kt EAFD expansion China First to market with state-of-the-art EAFD recycling plants in China: Changzhou, Jiangsu: Completed on budget In commercial operations since Dec'21 Xuchang, Henan: ✓ Completed construction Dec'21; → Commissioning/ramp up H1'22; Commercial output H2'22 Entry in the US 100% of AZR recycling assets acquired (c. 620kt EAFD recycling capacity) 1987 1993 2000 2006 2009 2010 2012 2013 2014 2015 2017 2018 2019 2020 2021 European leader in salt slags recycling, acquiring Agor AG's German assets Befesa acquired remaining stake in BUS, becoming European leader in EAFD recycling Abengoa acquired Befesa from BUS Berzelius Umwelt Service (BUS) grouped their Spanish assets into Berzeilius Felguera (Befesa) Founded in Germany, Metallgesellschaft 1) Through 51/49 JV with Canadian Silvermet; 2) By acquiring subsequent stakes in the Korean Hankook; 5 Company Presentation - April 2022 Entry to SDAX³) on 24 Sep 2018 Frankfurt Stock Exchange Successful IPO on Since 18 Sep 20 member of Global Challenges Index Rated by: ISS ESG MSCI V.E SUSTAINALYTICS Global leader in EAFD recycling Entry to MDAX Sep'21 3) Free-float at 100% after Triton's exit on 6 June 2019 BEFESA#6STEEL DUST RECYCLING Global leader in Europe, Asia & North America Befesa is the global leader in steel dust and salt slags recycling services with a competitive advantage due to its close-proximity to key clients Lünen Duisburg ■EAFD recycling plants Salt slags & SPL recycling plants Clients Fouquières-lès-Lens¹) Calumet, IL Asúa-Erandio Palmerton, PA Valladolid Barnwell, SC Rockwood, TN Note: Footprint reflects only Befesa's core recycling services - Steel Dust and Salt Slags & SPL Europe Capacity in kt BEFESA #2 #3 Asia BEFESA #2 #3 Market share in % 000 Capacity in kt Market share in % ALU SALT SLAGS RECYCLING Hannover Freiberg Jiangsu & Henan²) Iskenderun Europe Capacity in kt Market share in % BEFESA #2 #3 North America BEFESA #2 #3 Capacity in kt Market share in % 1) 50/50 joint venture with Recylex 2) Changzhou, Jiangsu province: In commercial production and selling WOX since Dec 21; 6 Xuchang, Henan province: Completed construction Dec 21 on budget; Commissioning incl. ramp-up during H1'22 and commercial output scheduled in H2'22 Company Presentation - April 2022 Gyeongju 80=#7Highly 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 HAZARDOUS WASTE BEFESA RECYCLING EAF steelmakers/ recyclers (mini-mills, scrap recyclers) 746 kt STEEL DUST Service fee c. 10-20% HAZARDOUS WASTE Aluminium producers/ recyclers 444 kt SALT SLAGS & SPL Service fee c. 40% BEFESA BEFESA RECYCLING BEFESA OUTPUTS FINAL USAGE 325 kt Filler materials IRON OXIDE e.g., cement, roads 249 kt WOX SOLD Sale of zinc in WOX c. 80-90% Zinc smelters e.g. steel galvanization OUTPUTS 317 kt ALU OXIDE & OTHERS 145 kt + 37 kt ALU MELTING SALT CONCENTRATE FINAL USAGE Filler materials e.g., ceramics, cement, rockwool Aluminium recyclers Sale of salt & alu conc. c. 60% All figures are the average of the fiscal years 2019, 2020 and 2021, thus only include c.4.5 months contribution from Zinc US operations 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 2019-2021) - Within Aluminium Salt Slags Recycling Services business segment Befesa manages a Secondary Aluminium sub-segment (179 kt 2nd aluminium alloys produced, average over L3Y period 2019-2021) 7/ Company Presentation - April 2022 BEFESA#8Mid-term growth roadmap Executing well defined growth roadmap even during COVID-19 pandemic; In commercial operations at 1st China plant (Jiangsu) and completed construction of 2nd plant (Henan); Driving progress on the integration of AZR and related synergies 1 HEDGING Indicative earnings €198m Accelerating growth 2 2021/22 Managing variability 3 2021+ 2021+ 2021 Hedging Organic growth China US Mid-term business Note: Chart is illustrative and size of respective arrows in the chart is not indicative to the underlying growth potential 8 Company Presentation - April 2022 • Hedge book extended up to Jan'25, c.3 yrs • Providing increased earnings and cash flow visibility 2 ORGANIC GROWTH Top 5 projects: • Steel Dust: Turkey expansion: Completed Korea washing: Completed Aluminium Salt Slags: ✓2 tilting furnaces (Spain): Completed 3 CHINA EXPANSION First two EAFD recycling plants in provinces of Jiangsu and Henan plan 4 US/AZR ACQUISITION Integrating four EAFD recycling plants acquired from AZR and realising near- and mid-term synergies BEFESA#9Zinc prices & hedging strategy Hedge book extended up to Jan'25, c.3 years; Improving earnings & cash flows visibility Zinc LME price vs. Befesa's hedging prices (€/t) Zinc LME 1) Befesa's hedges²) Average blended €2,317 €2,239 wum €2,275 c.€2,375 c.€2,275 c.€2,425 €2,280 €2,136, €2,151 2019 2020 2021 Hedging price (€/t) Zinc content hedged (kt) €2,317 €2,239 €2,151 92.4 92.4 120.0 Jan-19 Jan-20 Jan-21 Zinc hedges & blended average prices (€/t) FY 2020 FY 2021 Unhedged 33% or 46kt @ €1,979/t LME 27% or 45kt @ €2,544/t LME • Hedged 67% or 92kt €2,239/t 73% or 120kt @ €2,151/t Blended³) €2,136/t 9 Company Presentation - April 2022 €2,275/t +€139/t/+7% yoy Jan-22 2022 c.€2,275 155.8 Jan-23 2023 c.€2,375 2024 c.€2,425 151.0 Hedging strategy unchanged: Hedge book extended up to Jan'25; c.3 years Jan-24 . Targeting 60% to 75% of zinc equivalent volume Befesa providing no collateral 119.6 Jan-25 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.€2,160 at FX 1.16); Feb'22-Jan'23: 63.4kt zinc hedged at c.$2,765 (c.€2,400 at FX 1.15); Feb'23-Jan'24: 58.6kt zinc hedged at c.$2,900 (c.€2,520 at FX 1.15); Feb'24-Jul 24: 45.0kt zinc hedged at c.$2,975 (or c.€2,565 at FX 1.16); FX $/€ forwards as of March '22, 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 BEFESA#10China I Changzhou plant, Jiangsu province Key facts of the plant: 1 • 1st 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 budget In commercial production & selling WOX Contracted EAFD for >80% plant utilisation in 2022 ↑ Changzhou plant, in operations ↑ First commercial invoice China II Xuchang plant, Henan province • Key facts of the plant: • 2nd 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 completed Dec'21 on budget 2 2 → Commissioning started; Expecting ramp up H1'22 & commercial output H2'22 10 0/ Company Presentation - April 2022 11111 111111111 ↑ Xuchang plant, construction completed - 27 December 2021 BEFESA#11ESG 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 LTIR¹) reduced by 36% yoy 5.7 -85% ESG Ratings ISS ESG‣ Top 3 of 69 Metals processing & production VE SUSTAINALYTICS #5 of 63 Commercial services MSCI BBB Commercial services & supplies 3.1 3.2 3.0 2.0 1.3 0.8 #7 of 103 Business services 2015 2016 2017 2018 2019 2020 2021 1) Befesa's own employees and contractors 11 1/ Company Presentation - April 2022 ESG Report • Befesa 2021 ESG Report scheduled for Q2'22, including disclosures on Taxonomy eligibility Defining 2030 (c. 20% CO2 emission reduction) & 2050 (net zero) • ESG roadmap and CO2 reduction plan BEFESA#12• 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 Javier Molina CEO CEO since 2000 Leading Befesa for >20 years • • Wolf Lehmann CFO; incl. responsibilities for operational excellence & IT CFO since 2014 20+ years in finance & operational leadership roles, 50/50 General Electric / PE 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 Federico Barredo Vice-president Aluminium Salt Slags Recycling Services 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 12 Company Presentation - April 2022 BEFESA#13Multi-year trend - Key financials¹) (€m, unless otherwise stated) 2017 2018 2019 2020 2021 Revenue €667.42) €720.1 €647.9 €604.3 €821.6 Reported EBITDA €153.0 €176.0 €159.6 €123.5 €189.6 Reported EBITDA margin % 22.9%2) 24.4% 24.6% 20.4% 23.1% Adjusted EBITDA €172.43) €176.0 €159.6 €127.0³) €197.6³) Adjusted EBITDA margin % 25.8%) 24.4% 24.6% 21.0% 24.0% Net profit4) €49.3 €90.2 €82.7 €47.6 €99.7 EPS4) (€) €1.025) €2.65 €2.43 €1.40 €2.685) Operating cash flow6) €91.5 €103.8 €102.5 €92.5 €117.9 Cash position €117.6 €150.6 €125.5 €154.6 €224.1 end of period Net debt €406.4 Net leverage x2.36 €376.8 €416.9 €393.6 €470.6 x2.14 x2.61 x3.10 x2.16 1) 2017, 2018, 2019, 2020 and 2021 are full year actual reported figures audited by external auditors 2) 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; 2020 EBITDA adjusted for €3.5m for the UK Salt Slags plant closure; 2021 EBITDA adjusted for €14.0.m one-time AZR acquisition costs, and -€6.0m Hanover Salt Slags plant fire impact 4) Net profit and total basic earnings/(losses) per share attributable to the ordinary equity holders of Befesa S.A. 5) 2017 EPS impacted by the conversion of the preferred shares carried out in Oct'17 prior to the IPO; The weighted average number of ordinary shares used as the denominator in calculating total basic EPS in 2017 was 25,025 thousand shares vs. 34,067 thousand shares used in 2018-2020; 2021 EPS based on 37,285 weighted average thousand shares after the capital increase of 5,933 thousand new shares to partly fund the AZR acquisition 6) Operating cash flow is after WC change, taxes and interests; pre capex and pre dividend 13 Company Presentation - April 2022 BEFESA#14Multi-year trend - Operational data 2017 2018 2019 2020 2021 EAFD throughput (kt) 661.0 717.1 665.8 687.0 885.7 EAFD average capacity 84.7% 92.0% 80.7% 90.1%1) 83.2% 83.3%) utilisation (%) Waelz oxide (WOX) sold (kt) 217.8 240.9 217.6 239.2 291.0 Zinc LME price (€/t) €2,572 €2,468 €2,276 €1,979 €2,544 Zinc hedging €1,876 €2,051 €2,317 €2,239 €2,151 price (€/t) Zinc blended price³) (€/t) €2,160 €2,168 €2,280 €2,136 €2,275 Salt Slags & SPL treated (kt) 509.9 517.0 492.6 444.6 395.0 Salt Slags & SPL avg. cap. utilisation (%) 96.2% 97.5% 92.9% 83.9% 86.9%4) 87.8% Alu alloys produced (kt) 184.1 169.3 176.7 174.3 185.8 Secondary Alu avg. capacity utilisation (%) 89.8% 82.6% 98.1%5) 86.2% 91.1%) 85.0% 90.6% Aluminium alloy FMB price?) €1,766 €1,715 €1,397 €1,424 €2,112 (€/t) 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) Installed capacity and corresponding utilisation rates in 2021 are proportional figures based on the actual number of days the China and the US plants (after acquisition) operated in the year 3) Blended rate between hedged prices and average spot prices, weighted by the respective hedged and non-hedged volumes, reflecting the effective price to Befesa 4) Installed capacity and corresponding utilisation rates in 2020 are normalised for the UK salt slags plant closure by year-end 2020 5) 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) 6) 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) 7) Aluminium scrap and foundry ingots aluminium pressure diecasting ingot DIN226/A380 European Metal Bulletin free market duty paid delivered works 14 Company Presentation - April 2022 BEFESA#15Cash flow, net debt & leverage S&P upgraded Befesa to 'BB+, outlook stable' (18 June 2021) Moody's affirmed Befesa's 'Ba2, outlook stable' (17 May 2021) Continued strong liquidity of c.€300m including record €224m cash on hand, post-dividend & acquisition funding; Net leverage of x2.16 at YE'21, improved vs. x3.10 at YE'20 and vs. x2.33 at Q3'21 Adjusted EBITDA to total cash flow (€m) 60.8 -12.3 44.0 Incl. €6 non-recurring AZR acquisition cost Incl. WC for AZR -1.9 -2.6 -8.6 -11.9 0.0 Adj. EBITDA WC change & Q4 2021 Interests Taxes other Operating cash flow Maintenance capex 1) Growth capex Bank borrowings/ Acquisition/ FX effects 2) 1) Includes investments required to maintain or replace assets as well as those related to productivity, compliance and IT 2) Mainly includes cash bank inflows/outflows from bank borrowings and other liabilities, as well as the effect of foreign exchange rate changes on cash Change 23.4 Dividend Total cash flow Q4 2021 3) At 30 Sept 2021 At 31 Dec 2021 LTM Adj. EBITDA4) €207.2 +€10.6 / +5.1% €217.8 LTM Operating cash flow 5) €128.7 -€10.8/ -8.4% €117.9 Gross debt6) €682.8 +€11.9 / +1.7% €694.7 Cash on hand³) €200.7 +€23.4 / +11.7% €224.1 Net debt €482.1 -€11.5-2.4% €470.6 Net leverage x2.33 -x0.17 x2.16 3) Cash on hand of €200.7m at Q3'21 closing increased by €23.4m cash flow Q4'21, ending at €224.1m total cash on hand at year-end 2021 4) 2021 LTM EBITDA incorporates full-twelve-rolling months of the US operations 5) Includes AZR's operating cash flows since closing of the acquisition on 17 Aug 2021 6) €694.7m gross debt at year-end 2021 includes €100m TLB add-on to partly fund the AZR acquisition, as well as China local loans Company Presentation - April 2022 15 BEFESA