Befesa Increases Annual Guidance Following US Tax Credit Expectations

Befesa raised its 2026 adjusted EBITDA guidance to €286 million–€296 million, citing an expected $29 million (about €26 million) US Inflation Reduction Act tax credit tied to its zinc production. Excluding the credit, it forecasts an operating result of €260 million–€270 million, versus its previous range of €250 million–€270 million. Befesa also expects recurring annual tax credits of €25 million–€30 million through 2033, subject to the regulatory framework remaining unchanged.