RHI Magnesita 2025 Full Year Results: Disciplined Execution and Strong H2 Performance Deliver Resilient Earnings in Challenging Market Environment
RHI Magnesita, the leading global supplier of high-grade refractory products, systems and solutions, announces its results for the year ended 31 December 2025.
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A resilient financial performance – in line with expectations
Against a challenging market backdrop, RHI Magnesita delivered a performance in line with market guidance driven by disciplined execution of management-led self-help measures and a strong second-half performance.
Revenue was down 3% at €3.4 billion, a 1% decline at constant currency, with sales volumes declining by 2%. Adjusted EBITA reached €373 million, with an Adjusted EBITA margin of 11.1%, reflecting pricing pressure and fixed cost underabsorption in the first half. Adjusted EPS decreased to €4.18. Cash generation remained strong, with cash conversion of 105% 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 resulted in leverage of 2.9x Net Debt to Pro Forma Adjusted EBITDA at year end, ahead of guidance of 3.0x.
Continued operational efficiencies and further strategic progress
Throughout 2025, RHI Magnesita executed cost-saving initiatives across operations, SG&A and plant network, delivering sustainable savings that offset weaker pricing and fixed cost underabsorption.
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 strengthens the “local-for-local” production model in the strategically important US market.
Expansion of 4PRO model and recycling performance enhance competitive positioning
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.
Sustainability remains embedded in RHI Magnesita’s strategy with 2025 being marked by further innovation and expansion of sustainable product offerings. With a record recycling rate of 15.9% compared to 14.2% in 2024, RHI Magnesita has exceeded its global target of 15%. Recycling continues to enhance margin resilience, reduce raw material dependency and support CO₂ reduction, reinforcing competitive positioning.
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.”
Outlook 2026: Focus on cash generation, synergy realisation and deleveraging
Market conditions are expected to remain challenging in 2026. 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.
About RHI Magnesita
RHI Magnesita is the leading global supplier of high-grade refractory products, systems and solutions which are critical for high-temperature processes exceeding 1,200°C in a wide range of industries, including steel, cement, non-ferrous metals and glass. With a vertically integrated value chain, from raw materials to refractory products and full performance-based solutions, RHI Magnesita serves customers around the world, with over 20,000 employees in 76 main production sites (including recycling facilities), 16 raw material sites and more than 70 sales offices. RHI Magnesita intends to leverage its leadership in terms of revenue, scale, product portfolio and diversified geographic presence to target strategically those countries and regions benefiting from more dynamic economic growth prospects.
The Group is listed within the Equity Shares (Commercial Companies) category (ESCC) of the Official List of the London Stock Exchange (symbol: RHIM) and is a constituent of the FTSE 250 index, with a secondary listing on the Vienna Stock Exchange (Wiener Börse). For more details visit – www.rhimagnesita.com.
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Contact
Abhijit Borah
Head of Global Communications & Public Affairs
[email protected]
+43 699 1870 6728
Sofia Iriarte
Global Public Relations
[email protected]
+43 699 1870 6687
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“The Resco integration and synergy realisation are on track, recycling rates are up in almost all regions and our digital transformation.” said Stefan Borgas, Chief Executive Officer
