EarningsQ4 2025 Earnings Report
DE:RHF Q4 2025 EPS Results
Actual EPS€1.78
Consensus EPS―
Beat/Miss―
One Year Ago EPS€0.88
DE:RHF Q4 2025 Revenue Results
Actual Revenue€1.72B
Expected Revenue―
Beat/Miss―
YoY Revenue Growth-0.27%
Earnings Announcement Details
QuarterQ4 2025
Date03/02/2026
TimeBefore Open
Conference CallMonday, March 2, 2026
DE:RHF Upcoming Earnings
RHI Magnesita NV's next earnings date is estimated for March 1, 2027, based on past reporting schedules.
Q4 2025 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q4 2025 Earnings Slide Deck
No slide deck is available for this earnings event.
Q4 2025 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presents a balanced picture: the company met full-year guidance and demonstrated strong cash generation, decisive self-help measures and a successful H2 operational turnaround (all structural actions underpinning medium-term resilience). However, material demand weakness—most notably a 40% collapse in industrial project volumes, a 9% top-line contraction, sustained margin pressure from Chinese exports, and significant currency headwinds—means near-term market recovery is not expected before 2027. Management’s emphasis on continued structural cost actions, M&A discipline and sustainability progress offsets many of the operational headwinds but does not eliminate the demand and macro risks in the short term.Company Guidance
Delivered Full-Year Guidance with Strong Cash Generation
Adjusted EBITA of EUR 373 million (2025) with an EBITA margin of 11.1%; adjusted operating cash flow of EUR 391 million and free cash flow of EUR 214 million. Cash conversion was 105%, supporting a final dividend of EUR 1.20 per share and a full-year dividend of EUR 1.80 (in line with 2024).
Execution-Driven Second-Half Recovery
Second-half adjusted EBITA of EUR 232 million, which was 65% higher than the first half and 7% higher than H2 of the prior year. EBITA margin improved from 8.4% in H1 to 13.7% in H2, driven by management-led self-help measures (EUR 70 million benefit in 2025).
Structural Self-Help and Cost Actions
Management-led measures delivered EUR 70 million of improvement in 2025 (pricing discipline, operational cost improvements, SG&A reductions). SG&A savings surpassed guidance (more than double what was guided).
Transformative North America Acquisition and Network Optimization
Acquisition of Resco contributed EUR 25 million (including synergies) and materially strengthened the North America footprint; excluding Resco, North America revenues increased ~6%. Americas network optimization targets local-for-local share ~80% by 2028 (from ~50% in 2024).
Working Capital and Balance Sheet Progress
Working capital intensity improved to 21.7% (third consecutive year of improvement). Working capital was reduced by EUR 143 million (acquisitions added EUR 51 million), generating a net release of EUR 84 million. Net debt EUR 1.5 billion and leverage 2.9x (better than guidance); expected deleverage to ~2.6x by year-end.
Sustainability Milestones and Circularity Progress
CO2 intensity reduced by more than 15% in 2025. Recycling rate increased to just under 16% (from 3.5% in 2018). Recycling already contributes meaningfully to earnings via JVs and supports 4PRO green steel solutions; four green steel contracts signed in 2025.
Guidance Reflects Self-Help Upside
2026 guidance: adjusted EBITA on a constant currency basis of EUR 435 million (a 17% increase vs 2025); reported adjusted EBITA ~EUR 400 million after expected currency headwinds, implying ~11.5% margin. Guidance is explicitly driven by structural measures (four initiatives each ~EUR 15 million).
Maintained Vertical Integration Profitability
Backward integration remained positive with a margin of 1.1%, contributing EUR 37 million of EBITA despite weak magnesite pricing; targeted self-help measures underway to improve raw material asset returns and broaden sales to non-refractory markets.
DE:RHF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed