Befesa S.A. Raises FY 2026 EBITDA Guidance

Befesa S.A. has increased its FY 2026 adjusted EBITDA forecast to €286–296 million. This adjustment stems from an anticipated contribution of approximately €26 million, resulting from a U.S. government grant under the Critical Materials initiative. Befesa's operations in Mooresboro, North Carolina, produce high-purity zinc metal, qualifying them for the Advanced Manufacturing Production Credit.

The Credit, part of the Inflation Reduction Act, provides a 10% production credit for eligible components. Befesa expects this contribution to reduce operating costs in Q4 2026, positively impacting adjusted EBITDA. Excluding this Credit, Befesa narrows its initial EBITDA guidance to €260–270 million.

Future eligibility for the Credit depends on specific conditions, with anticipated annual contributions between €25 million and €30 million until 2033, subject to a phased reduction. Despite these shifts, Befesa maintains its 2026 capital expenditure guidance at €70 million.