LONDON--(BUSINESS WIRE)--Mar 2, 2026--
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.
Stefan Borgas, Chief Executive Officer of RHI Magnesita, commenting on the Group’s 2025 Full Year Results.
OKLAHOMA CITY (AP) — Shai Gilgeous-Alexander isn't scoring the way he usually does, but the Oklahoma City Thunder are still winning the way they normally do.
Gilgeous-Alexander, the reigning NBA MVP, averaged 31.1 points during the regular season. In the Western Conference semifinals against the Los Angeles Lakers, he is averaging 20 points and taking only 14 shots per game.
Oklahoma City has still won the first two games by an average of 18 points. Gilgeous-Alexander and Chet Holmgren each scored 22 points, and the defending champion Thunder beat the Lakers 125-107 on Thursday night.
Ajay Mitchell, starting in place of injured Jalen Williams, is averaging 19 points on 50% shooting in the series for Oklahoma City.
“I think the coaching staff does a good job at just getting all of us ready,” said Mitchell, a second-year guard. "And we have a lot of competitors. Like, everyone’s a competitor on our team. So every time the lights are bright, everyone’s ready to go.”
Holmgren is the leading scorer for the Thunder in the best-of-seven series with 23 points per game. The 2026 All-Star also is averaging 10.5 rebounds and 2.5 blocks.
Jared McCain, a midseason acquisition from the Philadelphia 76ers, barely played in the first round against Phoenix but has averaged 15 points and made 8 of 10 3-pointers in the series.
“He goes in there, stays in character, stays aggressive," Thunder coach Mark Daigneault said. "He’s going to shoot the next shot. He makes the right plays, plays inside the team. He competes defensively, has had good defensive possessions for us. And he was huge tonight. You need that in a playoff series.”
The Lakers again were without scoring champion Luka Doncic, who is out indefinitely with a strained left hamstring. They also were missing forward Jarred Vanderbilt, the reserve forward who dislocated the pinkie on his right hand during the second quarter of Game 1. The Lakers had three players finish with five fouls, limiting their aggressiveness late in the game.
Los Angeles guard Austin Reaves, who struggled with his shot in Game 1, scored 31 points on 10-for-16 shooting in Game 2. LeBron James, coming off a 27-point effort in Game 1, followed that up with 23.
With the Lakers up 63-61 early in the third quarter, Gilgeous-Alexander got tied up with Reaves and was called for his fourth foul. Upon review, it was upgraded to a flagrant 1 for Gilgeous-Alexander's follow through. Oklahoma City's Alex Caruso was called for a technical foul as the situation was being sorted out.
Gilgeous-Alexander left the game with the Lakers up 65-61, but the Thunder rallied and took control without him. On a fast break, Holmgren found a trailing Jaylin Williams, who hit a 3-pointer and was fouled. His free throw put the Thunder up 85-74.
The Thunder outscored the Lakers 32-15 while Gilgeous-Alexander was out in the third quarter to take a 93-80 lead into the fourth.
“It was amazing," Gilgeous-Alexander said. “They strung together stops, they’re playing the right way offensively and things are going their way. Full confidence in those guys. They know how to win basketball games. And we've proven that. They’ve proven that no matter who’s on the floor, they know how to get the job done. And they just did it again tonight."
The Lakers cut Oklahoma City's lead to five in the fourth quarter before the Thunder pulled away again.
Los Angeles will host Game 3 on Saturday.
“We just stuck with it,” Holmgren said. “It’s the game of basketball. It’s not always going to go your way. It’s about how you respond. And this team has proven many times that we know how to respond. And we did so tonight.”
This story has been corrected to show that Shai Gilgeous-Alexander is averaging 20, not 19, points per game against the Lakers.
AP NBA: https://apnews.com/hub/NBA
Oklahoma City Thunder's Chet Holmgren (7) shoots over Los Angeles Lakers' Austin Reaves (15) in the second half of Game 2 in a second-round NBA basketball playoffs series Thursday, May 7, 2026, in Oklahoma City. (AP Photo/Nate Billings)
Oklahoma City Thunder guard Ajay Mitchell, front, works for a shot as Los Angeles Lakers' Austin Reaves, rear, defends in the second half of Game 2 in a second-round NBA basketball playoffs series Thursday, May 7, 2026, in Oklahoma City. (AP Photo/Nate Billings)
Los Angeles Lakers' LeBron James stands on the court in the second half of Game 2 in a second-round NBA basketball playoffs series against the Oklahoma City Thunder Thursday, May 7, 2026, in Oklahoma City. (AP Photo/Nate Billings)
Oklahoma City Thunder guard Shai Gilgeous-Alexander (2) drives to the basket past Los Angeles Lakers' Deandre Ayton (5) and LeBron James, rear, in the second half of Game 2 in a second-round NBA basketball playoffs series Thursday, May 7, 2026, in Oklahoma City. (AP Photo/Nate Billings)
Oklahoma City Thunder center Chet Holmgren (7) works to the basket against Los Angeles Lakers forward Rui Hachimura (28) in the second half of Game 2 in a second-round NBA basketball playoffs series Thursday, May 7, 2026, in Oklahoma City. (AP Photo/Nate Billings)
