RHI Magnesita Q4 Earnings Call Highlights

5 days ago 11

MarketBeat

Mon, March 2, 2026 astatine 4:03 AM CST 7 min read

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RHI Magnesita reported full-year 2025 adjusted EBITDA of EUR 373 million (11.1% margin) with beardown currency conversion (105%) and leverage ending astatine 2.9x, but results were driven by a anemic request situation and an ~40% illness successful high‑margin concern task volumes; absorption sees “no disposable marketplace recovery” earlier 2027.
Management delivered an execution‑led betterment successful H2 — adjusted EBITDA roseate to EUR 232 million from EUR 141 million successful H1 — supported by EUR 70 million of self‑help measures and EUR 25 million of Resco synergies, alternatively than a request rebound.
For 2026 the institution guides to EUR 435 million adjusted EBITDA connected a constant‑currency ground (~EUR 400 million reported aft an expected ~EUR 35 million currency headwind) and plans 4 structural levers (each ~EUR 15 million) to thrust betterment and trim leverage to astir 2.6x.
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RHI Magnesita (LON:RHIM) reported full-year 2025 results marked by a anemic request environment, an unprecedented downturn successful its concern projects business, and meaningful overseas speech pressure, offset by management-led “self-help” measures that supported a crisp second-half betterment and helped the institution conscionable its guidance.

Management said it sees “no disposable marketplace recovery” successful its bid books and does not expect an betterment successful request earlier 2027. Instead, the institution is relying connected further structural actions—focused connected costs, pricing discipline, footprint optimization, and administrative efficiency—to thrust show successful 2026 and beyond.

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The institution delivered 2025 EBITDA of EUR 373 million, representing an 11.1% margin. Operating currency travel was EUR 391 million, equating to a 105% currency conversion rate, driven by a moving superior reduction. Leverage ended the twelvemonth astatine 2.9x nett indebtedness to EBITDA, somewhat amended than guidance, supported by currency generation.

The committee recommended a last dividend of EUR 1.20 per share, bringing the full-year dividend to EUR 1.80, successful enactment with 2024.

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CFO Ian Botha said adjusted EBITDA declined from EUR 407 cardinal successful 2024 to EUR 373 cardinal successful 2025, mostly owed to market-related pressures:

Industrial adjusted EBITDA fell by EUR 74 million arsenic high-margin solid and non-ferrous task volumes declined by 40% and fixed costs successful specialized plants were under-absorbed.
Steel adjusted EBITDA fell by EUR 41 million amid anemic request successful Europe and Latin America and pricing unit linked to Chinese alloy and refractory exports.
Currency reduced net by EUR 13 million successful 2025, driven chiefly by the US dollar and Indian rupee.