**Summary of RHI Magnesita N.V.s 2025 Full Year Results**
RHI Magnesita N.V., a leading global supplier of high-grade refractory products, systems, and solutions, announced its 2025 full-year results on March 2, 2026. The company reported a strong second-half recovery, driven by self-help measures, including pricing adjustments, cost control, and plant network optimization. Despite challenging market conditions, RHI Magnesita demonstrated resilience and positioned itself for future growth.
**Financial Highlights**
**Revenue** €3,366 million, a 3% decline from 2024, primarily due to foreign exchange headwinds.
**Adjusted EBITDA:** €504 milliona 7% decrease from 2024.
**Adjusted EBITA:** €373 millionan 8% decrease from 2024.
**Adjusted EPS:** €4.18a 21% decrease from 2024.
**Net debt:** €1495 milliona 19% increase from 2024mainly due to the Resco acquisition.
**Operational and Strategic Highlights**
**Self-help measures** Successful execution of cost-saving initiatives across operations, SG&A, and plant network, contributing to a strong H2 performance.
**Regionalization** Strengthened regional focus to lower fixed costs and increase agility in a fragmented and protectionist trade environment.
**Acquisition and integration** Completed the acquisition of Resco in January 2025, contributing €184 million in revenue and €25 million in Adjusted EBITA during the eleven months.
**Sustainability initiatives** Achieved a record recycling rate of 15.9% and made progress in reducing CO2 emissions intensity.
**Regional Performance**
**North America** Strong performance, with 22% revenue growth, driven by the Resco acquisition and successful integration.
**Europe & CIS** Revenue decline of 12%, primarily due to lower sales volumes and an unfavourable product mix.
**India** Slight revenue decline, but 4% volume growth, supported by increasing steel production.
**Latin America** Revenue decline of 13%, impacted by Chinese imports and US tariffs.
**Outlook and Guidance**
**Market conditions** Expected to remain challenging, with global uncertainty and cyclical lows in steel end-markets.
**Adjusted EBITA** Expected to increase by approximately 17% to €435 million on a constant currency basis in 2026.
**Cash generation** Strong cash generation is expected to continue, with cash conversion above 90% and further deleveraging.
**M&A** Remains a core component of the strategy, but no sizable deals are anticipated in 2026.
**CEO Commentary**
Stefan Borgas, CEO, highlighted the companys successful self-help measures, strategic progress, and commitment to sustainability. He expressed confidence in RHI Magnesitas ability to navigate persistent headwinds and drive further operational and financial improvements in 2026.
**Key Takeaways**
RHI Magnesita demonstrated resilience in a challenging market environment, with a strong second-half recovery driven by self-help measures.
The companys focus on regionalization, sustainability, and strategic acquisitions positions it for long-term growth.
Despite near-term market challenges, RHI Magnesita expects to deliver improved financial performance in 2026, supported by continued execution of self-help measures and efficiency initiatives.