RHI Magnesita today announces its results for the year ended 31 December 2025. A presentation for analysts will be held at 08:30 UK time (09:30 CET) on Monday 2 March 2026. The webcast can be accessed using the following link: https://www.investis-live.com/rhimagnesita/6978eea1b05b910017bae71c/lepp
Despite continued weak global industrial demand, increased Chinese exports and a soft pricing environment, RHI Magnesita delivered a performance in line with market guidance in 2025. This performance was driven by disciplined execution of management-led self-help measures and a strong second-half performance.
Adjusted EBITA reached €373 million, with an Adjusted EBITA margin of 11.1% (2024: 11.7%), reflecting pricing pressure and fixed cost underabsorption in the first half. Adjusted EPS decreased to €4.18 (2024: €5.32). Revenue amounted to €3.4 billion, down 3% year-on-year, or 1% on a constant currency basis, with sales volumes declining by 2%. Cash generation remained strong, with cash conversion of 105% (2024: 103%) and free cash flow of €214 million.
Following the completion of the €391 million acquisition of Resco in January 2025, net debt increased to €1.5 billion. The Group’s focus on de-leveraging during the year resulted in leverage of 2.9x Net Debt to Pro Forma Adjusted EBITDA at year end, ahead of guidance of 3.0x.
Watch the video with CEO Stefan Borgas and CFO Ian Botha about RHIM’s business performance in 2025:
Throughout 2025, RHI Magnesita executed cost-saving initiatives across operations, SG&A and plant network, delivering sustainable savings that largely offset weaker pricing and fixed cost underabsorption. The self-help measures implemented by management are structural and will deliver sustainable fixed cost savings, over temporary cost reductions, further supporting the Group’s resilience in years to come.
North America delivered strong revenue growth of 22% to €863 million, supported by the Resco acquisition, which contributed €184 million of revenue and €25 million of Adjusted EBITA over eleven months. Progression of the integration of Resco is on track and strengthens RHI Magnesita’s “local-for-local” production model in the strategically important US market.
Whilst M&A remains a key strategic pillar for RHI Magnesita, in the near term the Group’s operational focus is on integration, synergy realisation and deleveraging, ensuring value creation from recent transactions while maintaining disciplined capital allocation.
The continued rollout of the 4PRO business model was an essential commercial driver in 2025. RHI Magnesita renewed long-term contracts with key customers and secured four new Green Steel contracts, while successfully expanding 4PRO into Industrial segments. By combining process optimisation, circular economy, technology and customer-centric services into a unique offering, 4PRO strengthens customer retention, supports value-based pricing and improves contract visibility.
Sustainability remains embedded in RHI Magnesita’s strategy with 2025 being marked by further innovation and expansion of the Company’s sustainable product offering. This continues to be an important commercial differentiator as customers in hard-to-abate industries seek solutions to help reduce their CO2 emissions. With a record recycling rate of 15.9% (2024: 14.2%), RHI Magnesita has exceeded its global target of 15%. Recycling continues to enhance margin resilience, reduce raw material dependency and support CO₂ reduction, reinforcing RHI Magnesita’s competitive positioning.
Market conditions are expected to remain challenging in 2026, with steel end-markets still at a cyclical low and no near-term demand recovery reflected in the order book. Despite this, RHI Magnesita remains focused on fully annualising structural cost savings and synergies from the Resco acquisition, maintaining strong cash generation, continued reduction in net debt and de-leveraging towards approximately 2.6x by year end, and exercising disciplined capital allocation. Through regionalisation, operational efficiency and continued progress in recycling and performance-based solutions, RHI Magnesita is strengthening its position. The Company continues to exercise cost discipline and a cash generative business model. RHI Magnesita retains substantial operating leverage into a potential market recovery.
Stefan Borgas, Chief Executive Officer, commented:
“Our relentless self-help driven turnaround measures delivered a strong and sustainable business performance increase in the second half against a very challenging market backdrop. While management was focused on the business performance turnaround, equally important strategic progress has been made. The Resco integration and synergy realisation are on track, recycling rates are up in almost all regions and our digital transformation is progressing well. Despite not yet foreseeing a major market tailwind yet, we expect our self-help measures and strategic progress to drive business performance and deliver further operational and financial improvements in 2026.
I want to thank all employees, customers, partners, and shareholders for their continued trust. With our enhanced global footprint, rigorous operational discipline, and clear strategic focus, we believe RHI Magnesita is forging a path for continued success despite persistent headwinds.”
The full unaudited results and investor presentation are available on the London Stock Exchange’s Regulatory News Service (RNS) and on our website at: RHI Magnesita | Regulatory News, Reports & Presentations