London · Delayed Price · Currency is GBP · Price in GBX RHI Magnesita Earnings Call Transcripts
Fiscal Year 2026
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Adjusted EBITDA rose sharply year-over-year despite weak demand in steel and industrial markets, driven by cost discipline and self-help measures. Full-year guidance for EBITDA and leverage was reaffirmed, with gradual improvement expected in non-ferrous and industrial segments.
Fiscal Year 2025
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Delivered profit guidance in 2025 through structural cost actions amid weak markets and currency headwinds. Strong H2 recovery, robust cash flow, and strategic M&A in North America underpin stable dividends and future growth, with no market recovery expected before 2027.
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Strong second-half recovery driven by cost savings, pricing discipline, and RESCO integration, with Adjusted EBITDA up over 40% from H1 and full-year guidance maintained despite market and tariff headwinds. Momentum is expected to continue into 2026, supported by a solid order book and ongoing self-help measures.
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First half results were impacted by margin pressure and project delays, but a strong recovery is expected in H2 2025 through price increases, cost savings, and project deliveries. Full year EBITDA guidance was lowered, but management remains confident in achieving targets.
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Q1 saw weak demand, lower volumes, and margin pressure, with recovery and most profits expected in H2. Overcapacity and pricing challenges persist in India and China, while US local production ramps up. Full-year guidance is maintained but with increased downside risk.
Fiscal Year 2024
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Resilient 2024 results achieved through operational improvements and M&A, offsetting weak demand and pricing. Adjusted EBITDA margin rose to 11.7%, with strong cash flow and a major U.S. acquisition. 2025 outlook remains cautious, with only modest EBITDA growth expected.
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Sales volumes and pricing declined amid a prolonged industrial downturn, but margins were preserved through efficiency gains. Adjusted EBITA guidance was lowered to €400–€410 million, with strong cash conversion and stable gearing. Overcapacity and input cost inflation remain key risks.
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Resilient H1 2024 results with stable revenue, strong cash flow, and maintained EBITA guidance despite weak global demand. M&A and sustainability initiatives progressed, with higher H2 volumes expected from project deliveries and seasonality.