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RHI Magnesita (RHIM) investor relations material

RHI Magnesita H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary30 Jul, 2025

Executive summary

  • Revenue declined 2–3% year-over-year to €1,677–1,680m, with significant margin compression and lower sales volumes due to weak industrial demand and price competition.

  • Adjusted EBITA fell 26% to €141m at an 8.4% margin, impacted by lower prices, unfavorable mix, and deferred industrial projects.

  • Management launched urgent cost reductions, price increases, and network optimization to restore margins in H2.

  • Resco acquisition completed and integrated, contributing €14m Adjusted EBITDA in H1 and supporting North America growth.

  • Interim dividend maintained at €0.60 per share; net profit dropped to €11m from €111m year-over-year.

Financial highlights

  • Adjusted EBITDA declined 16–18% to €211m; Adjusted EBITA margin dropped to 8.4% from 11.0% year-over-year.

  • Gross margin fell by 330bps to 20.8%, mainly due to lower pricing, unfavorable mix, and low plant utilization.

  • Adjusted EPS fell 47% to €1.37; free cash flow was €70m, down from €103–136m prior year.

  • Net debt increased to €1,245–1,583m, with gearing at 3.1x Pro Forma Adjusted EBITDA.

  • Cash conversion strong at 124%, supported by working capital release; working capital intensity at 23.4%.

Outlook and guidance

  • Full-year Adjusted EBITA/EBITDA guidance reduced to €370–390m (10.5–11.0% margin), with H2 expected to deliver 60–65% of full-year EBITA.

  • H2 recovery expected from deferred projects, price increases, cost savings, and plant closures.

  • Capex guidance for FY 2025 reduced to €130m; gearing expected to fall to ~2.8x by year-end.

  • Management confident in strong H2 uplift despite challenging markets and FX headwinds.

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Q3 2025 TU10 Nov, 2025
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Frequently asked questions

RHI Magnesita N.V. is a refractory materials producer that develops, produces and supplies refractory products and systems used in industrial high-temperature processes worldwide. It offers magnesia spinel, dolomite, dolomite-magnesia, magnesia-chrome, alumina, alumina silicate and mortars for the cement industry; shaped products based on silicon carbide, magnesia zirconium fireclay and alumina; unshaped refractories; and high temperature insulation amongst other special products. RHI also provides induction furnaces, AOD converters dome & delta ladles isostatically pressed products slide gates among others

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