RHI Magnesita 2026 Half Year Results: Consistent Self-help Delivery and Strong Steel Business Performance Delivers 42% Adj. EBITA Growth on Constant Currency Basis

VIENNA--(BUSINESS WIRE)--Jul 31, 2026--

RHI Magnesita, the leading global supplier of high-grade refractory products, systems and solutions, announces its results for the six months ended 30 June 2026.

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Strong earnings improvement despite continued market weakness

RHI Magnesita delivered a solid earnings improvement in the first half of 2026, supported by continued execution of management-led self-help measures and strong performance in the Steel segment.

Adjusted EBITA increased by €24 million, or 17%, to €165 million, compared with €141 million in the first half of 2025. This included a material foreign exchange headwind of €24 million. On a constant currency basis, Adjusted EBITA increased by 42% year-on-year.

Working capital intensity temporarily increased to 24% as RHI Magnesita increased raw material inventories ahead of expected stronger second-half order books and to mitigate tariff uncertainty. Cash conversion was 97%. Net debt increased to €1,528 million, while leverage remained flat at 2.9x Net Debt to Adjusted EBITDA.

Self-help measures and steel performance support earnings improvement

The improvement reflects continued delivery of RHI Magnesita’s management self-help measures across pricing, administrative costs and plant network optimisation.

The Group remains on track to deliver the previously guided €45 million Adjusted EBITA improvement from price adaptions, network optimisation and administrative cost savings. Further raw material and plant network initiatives are expected to deliver additional benefits in 2027.

The Steel segment performed well, supported by the self-help programme and demand growth in certain regions. Performance was particularly positive in North America, Europe and India.

The Industrial segment was weaker than expected, reflecting continued caution among customers and delays to higher-margin Industrial Projects in Glass and Industrial Applications. Cement and Non-Ferrous Metals improved slightly year-on-year.

Full-year guidance confirmed

RHI Magnesita has confirmed its full-year Adjusted EBITA guidance of €400 million, including an anticipated foreign exchange headwind of approximately €35 million.

Capital expenditure guidance has been reduced from €130 million to €115 million. Working capital intensity is expected to reduce to 22% by year-end as the temporary inventory build unwinds.

Net debt is expected to fall to approximately €1,400 million by the end of 2026, with leverage reducing towards 2.6x Net Debt to Adjusted EBITDA.

Stefan Borgas, Chief Executive Officer, commented:

“ RHI Magnesita delivered a solid double-digit earnings improvement compared with the first half of 2025, supported by continued progress on our self-help initiatives. We are pursuing further measures across the plant network and raw materials, to reduce costs and sell into non-refractory raw material markets, to enhance the Group’s operating leverage when demand improves. ”

About RHI Magnesita

RHI Magnesita is the global leader in refractory products, systems and solutions that enable high-temperature industrial processes exceeding 1,200°C. Through its refractory products, services and expertise, the company supports customers across the steel, cement, non-ferrous metals, glass and other high-temperature process industries. With more than 20,000 employees and a global network of raw material sites, production facilities, recycling centers, and sales offices, it serves customers worldwide.

RHI Magnesita is listed on the London Stock Exchange (RHIM) and has a secondary listing on the Vienna Stock Exchange. For more information, visitwww.rhimagnesita.com.

2026 Half Year Results. Stefan Borgas, CEO

CEUTA, Spain (AP) — At least eighteen migrants have died trying to reach the Spanish exclave of Ceuta, where Spain deployed its military after thousands of people breached the border with Morocco and poured into the tiny Spanish territory.

Spanish Prime Minister Pedro Sánchez is expected to join Interior Minister Fernando Grande-Marlaska in a visit to Ceuta on Friday morning.

Rachid Sbihi, who leads a local workers association representing Civil Guard officers described the situation as a “serious humanitarian crisis.”

“People are still entering. The reinforcements that have arrived are only helping the injured and other humanitarian efforts,” he said.

Without shelter, thousands of migrants, including unaccompanied children, were left sleeping in parks and sidewalks, with others roaming the streets aimlessly, he said. “It’s chaotic.”

Among the 18 who died, many drowned but some were also killed in the stampede to cross the breakwater fence at Tarajal beach, Sbihi said.

Video footage on Thursday showed crowds of people, mainly Moroccans, walking around the breakwaters at Tarajal beach onto local roads. While most appeared to be young men, there were also families with women and small children.

“Viva España!” some shouted to a freelance photographer working for the AP. It was not immediately clear what prompted so many migrants to cross to Ceuta.

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Naishadham reported from Madrid.

Unaccompanied minors who crossed into Spain from Morocco spend the night on the streets in the Spanish enclave of Ceuta, Friday, July 31, 2026. (AP Photo/Antonio Sempere)

Migrants spend the night on the streets after crossing from Morocco into the Spanish enclave of Ceuta, Friday, July 31, 2026. (AP Photo/Antonio Sempere)

Migrants spend the night on the streets after crossing from Morocco into the Spanish enclave of Ceuta, Friday, July 31, 2026. (AP Photo/Antonio Sempere)

Migrants try to cross from Morocco into the Spanish enclave of Ceuta, Friday, July 31, 2026. (AP Photo/Antonio Sempere)