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RHI Magnesita (RHIM) investor relations material
RHI Magnesita Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary10 Nov, 2025
Executive summary
Achieved a strong recovery in the second half of 2025, driven by self-help measures, cost reductions, pricing discipline, and successful RESCO integration, despite weak market demand and competitive pricing pressures.
Revenue for H1 2025 was €1.68bn, down 2% at constant currency, with both volume and price declines in the base business, partially offset by M&A contributions.
Adjusted EBITA fell 26% to €141m in H1, with margin dropping to 8.4% due to competitive pricing and deferred industrial projects, but margin improved to 12.7% for July–October 2025.
Management expects momentum to continue into 2026, supported by a solid order book and ongoing self-help measures.
RESCO acquisition integration is progressing well, contributing €14m Adjusted EBITDA in H1 and increasing U.S. local production coverage from 50% to over 65%, targeting 75%+ by next year.
Financial highlights
Adjusted EBITA/EBITDA for July–October 2025 was €136 million, with a 12.7% margin, up from H1 2025’s 8.4%; full-year Adjusted EBITA/EBITDA guidance remains €370–390 million, with a margin of 10.5–11%.
Adjusted EPS dropped 47% to €1.37 in H1; interim dividend maintained at €0.60 per share.
Adjusted operating cash flow was €175m in H1, with strong cash conversion at 124%; full-year cash conversion expected at roughly 90%.
Net debt to pro forma Adjusted EBITDA increased to 3.1x, temporarily above target range, with deleveraging expected by year-end.
Capital expenditure guidance for FY 2025 reduced to €130m.
Outlook and guidance
H2 2025 EBITA uplift expected from price increases, cost savings, and industrial project execution, with improved performance expected to continue into H1 2026.
Full-year Adjusted EBITA/EBITDA guidance: €370–390m; margin 10.5–11.0%.
Capex guidance at €130m, working capital intensity c.24%, and gearing expected to reduce in H2.
Solid order book visibility into H1 2026, with momentum from self-help actions expected to continue.
Expect a more balanced first-half/second-half split in 2026, with annualized benefits from cost and synergy measures.
How to close 40% gap in high-margin projects
Target for backward integration margin improvement
How are new Brazil-US tariffs being mitigated
Backward integration margin uplift potential
Brazil tariffs: supply chain and margin impact
FY26 profit bridge: main moving parts
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Next RHI Magnesita earnings date
Q4 20252 Mar, 2026
Next RHI Magnesita earnings date
Q4 20252 Mar, 2026
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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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