RHI Magnesita NV (RHIM) AI Stock Analysis

• Market Cap: £1.10B
• Dividend Yield: 5.56%
• Average Volume (3M): 24.71K
• Price to Earnings (P/E): 17.8
• Beta (1Y): 1.93
• Revenue Growth: -5.74%
• EPS Growth: -75.29%
• Country: UK
• Employees: 29,207
• Sector: Industrials
• Sector Strength: 72
• Industry: Manufacturing - Metal Fabrication
• EPS (TTM): 1.52
• Shares Outstanding: 47,307,526
• 10 Day Avg. Volume: 21,327
• 30 Day Avg. Volume: 24,712
• PEG Ratio: -0.44
• Price to Book (P/B): 1.47
• Price to Sales (P/S): 0.46
• P/FCF Ratio: 8.12
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: £3,366.25
• Price Target Upside: 44.16% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 4.08
• Revenue Forecast (FY): £3.00B

• Rating: 56 Neutral
• Price Target: 2,405.00 p ▲(3.00% Upside)
• Action: Reiterated Date: 03/05/26
• Date: Action: Reiterated 03/05/26

The score is driven primarily by middling financial quality (softening revenue, margin compression, and higher leverage) and weak technical signals. These are partly offset by supportive valuation (notably the ~5.5% dividend yield) and earnings-call guidance pointing to self-help-led EBITA improvement and modest deleveraging, albeit with demand recovery not expected until 2027.

Positive Factors

Strong cash generation

Consistent positive free cash flow and high cash conversion provide durable financial flexibility. This funds dividends, funds self-help investments, supports deleveraging plans and cushions cyclical downturns, enabling management to execute restructuring without needing immediate market recovery.

Structural self-help and margin recovery

Management's structural actions (pricing, operational improvements, SG&A cuts and network optimization) delivered material, repeatable savings. These are embedded levers that improve margins even absent market recovery, underpinning the guided 2026 EBITA uplift and improving medium-term profitability resilience.

Stronger North America footprint and strategic assets

The Resco acquisition and targeted network optimization broaden local-for-local capabilities, increasing share in North America and reducing logistics/fixed-cost exposure. Combined with value-added systems and service offerings, this enhances recurring revenues and competitive positioning over the medium term.

Negative Factors

Severe industrial projects downturn

A 40% collapse in industrial project volumes is a structural demand shock for capital-intensive, long‑lead projects. Reduced project activity creates persistent revenue gaps, fixed-cost under‑absorption in specialized plants and delayed reorder cycles, extending recovery risk into 2026–2027.

Elevated leverage and weakened balance sheet flexibility

Higher net debt and weakening equity reduce financial headroom. With operating cash flow covering a smaller share of total debt and only gradual deleveraging targeted, the company has limited capacity for shock absorption or aggressive strategic investment if weak demand persists.

Sustained margin pressure from competition and raw-material cycles

Record Chinese exports, local competitive behaviour and weak magnesite pricing compress gross margins and blunt pricing power. Backward integration margins are at cyclical lows, reducing margin buffers and making profitability more sensitive to commodity and regional price competition over the medium term.

RHI Magnesita NV Business Overview & Revenue Model

Company Description

RHI Magnesita N.V., together with its subsidiaries, develops, produces, sells, installs, and maintains refractory products and systems used in industrial high-temperature processes worldwide. It offers magnesia spinel, dolomite, dolomite-magnesia, magnesia-chrome, alumina, alumina silicate, and mortars for the cement industry; shaped products based on silicon carbide, magnesia, zirconium, fireclay, and alumina; unshaped refractories; and high-temperature insulation, and ceramic and metallic anchoring systems. The company also provides induction and electric arc furnaces, AOD converters, dome and delta, ladles, isostatically pressed products, and slide gates. In addition, the company offers zircon-magnesia, mullite /andalusite, chrome-alumina, zircon, silica, and calcium aluminate materials. Further, the company provides high-purity magnesia and magnesia-chromite bricks, magnesia-carbon bricks, concrete with anti-wetting system, ceramic and metal anchors, sense and insulating concretes, ramming mixes, and low cement castables, as well as precast shapes, alumina-silica, insulating monolithic parts; and monolithic products. Additionally, it provides raw, caustic, and sintered magnesia, dolomite and sintered dolomite, slag conditioners, magnesium oxide, spinels, agalmatolite, chromite, grogs, and commodities. The company also offers electromechanical maintenance, repairs, assemblies, refractory maintenance and application; solutions development and monitoring; engineering, projects, lining, and metal working factory services. In addition, it provides iron, steel, continuous casting, and non-ferrous solutions. RHI Magnesita N.V. offers solutions for various ladles, tundish, hydraulical or electrical power, steel plant aggregates, and robotic handling sectors. The company was founded in 1834 and is headquartered in Vienna, Austria.

How the Company Makes Money

RHI Magnesita makes money mainly by selling refractory products and delivering refractory-related services to industrial customers that operate high-temperature equipment (e.g., steel furnaces, converters, ladles, cement kilns). Key revenue streams typically include: (1) Refractory product sales: recurring sales of consumable refractory materials (shaped bricks and unshaped/monolithic mixes) that wear out and must be replaced regularly due to extreme heat, corrosion, and mechanical stress. Pricing and volumes are influenced by customer production levels (especially steel output), raw material and energy costs, and contract terms. (2) Systems and solutions: engineered refractory lining packages and application-specific designs, which can bundle multiple product types with technical specification and performance commitments. These solutions can carry higher value due to customization and process know-how. (3) Services: installation, repair, maintenance, and on-site management of refractory linings, often performed close to customer plants. Service work can generate revenue through project-based contracts or longer-term service agreements tied to furnace relines, shutdowns, and ongoing maintenance schedules. (4) Value-added technology and process support: technical consulting, monitoring, and optimization offerings (including digital tools and diagnostics where applicable) that help customers extend lining life, reduce downtime, and lower total operating cost; these can be sold as standalone services or as part of broader supply/service contracts. Profitability is supported by factors such as scale manufacturing, vertically linked sourcing/processing of refractory raw materials (where applicable), long-term customer relationships in steel and other heavy industries, and the company’s ability to pass through cost inflation (to the extent allowed by contracts and market conditions). Specific partnership details: null.

RHI Magnesita NV Financial Statement Overview

Summary

Moderate fundamentals: revenue is declining and margins/returns have compressed, while leverage has risen and debt coverage from operating cash flow weakened. Offsetting this, the business remains profitable and free cash flow is still positive, indicating resilience but with a more risk-balanced profile.

Income Statement

Revenue has softened recently (down ~3.8% in 2025 vs. ~2.4% decline in 2024), signaling a tougher demand/price environment after the strong 2022–2023 expansion. Profitability remains positive but has weakened meaningfully: net margin fell to ~2.6% in 2025 from ~4.1% in 2024 and ~4.6% in 2022–2023, implying higher costs and/or less pricing power. Operating profitability is still reasonable for the sector (EBIT margin ~9.5% and EBITDA margin ~15.0% in 2025), but the multi-year trajectory shows margin compression versus 2021–2022 levels.

Balance Sheet

Leverage is elevated and has increased in the latest year, with debt-to-equity rising to ~1.81 in 2025 (from ~1.51 in 2024). Equity also declined in 2025 while debt ticked up, reducing balance-sheet flexibility. Returns on shareholders’ capital remain positive but are trending down (ROE ~8.2% in 2025 vs. ~11.8% in 2024 and mid-teens in 2022–2023), consistent with the profit slowdown. Overall, the balance sheet is serviceable, but the higher leverage raises risk if the earnings downturn persists.

Cash Flow

Cash generation is positive with free cash flow of ~186m in 2025, but it declined ~10.6% year over year and operating cash flow also fell versus 2024. Cash conversion looks moderate: free cash flow was about 63% of net income in 2025 (and ~67% in 2024), which is supportive but not exceptionally strong. A key watch-out is that operating cash flow covers only ~22% of total debt in 2025 (down from ~36% in 2024), indicating more limited deleveraging capacity in the current earnings/cash flow run-rate; the 2021 period also showed that cash flow can be volatile.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.31B	3.49B	3.57B	3.32B	2.55B
Gross Profit	707.00M	848.00M	857.40M	763.40M	583.50M
EBITDA	494.90M	472.00M	507.30M	477.80M	463.20M
Net Income	84.45M	142.00M	164.60M	155.70M	243.10M
Balance Sheet
Total Assets	4.43B	4.58B	4.85B	4.07B	3.91B
Cash, Cash Equivalents and Short-Term Investments	364.45M	577.00M	708.00M	495.50M	559.10M
Total Debt	1.85B	1.82B	2.00B	1.67B	1.59B
Total Liabilities	3.26B	3.20B	3.49B	3.03B	3.09B
Stockholders Equity	1.03B	1.20B	1.20B	1.00B	785.90M
Cash Flow
Free Cash Flow	185.59M	288.00M	320.20M	77.10M	-343.90M
Operating Cash Flow	294.58M	433.00M	499.70M	233.80M	-91.80M
Investing Cash Flow	-430.09M	-154.00M	-482.00M	-199.70M	-128.90M
Financing Cash Flow	-67.75M	-409.00M	173.00M	-83.90M	197.70M

RHI Magnesita NV Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2335.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:RHIM, the sentiment is Negative. The current price of 2335 is below the 20-day moving average (MA) of 2720.00, below the 50-day MA of 2817.00, and below the 200-day MA of 2513.65, indicating a bearish trend. The MACD of -159.95 indicates Positive momentum. The RSI at 30.81 is Neutral, neither overbought nor oversold. The STOCH value of 10.28 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:RHIM.

RHI Magnesita NV Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IMI	74 Outperform	£6.28B	20.02	24.91%	1.29%	-0.32%	-3.96%
BBY	71 Outperform	£3.55B	13.49	16.34%	1.80%	9.97%	-15.46%
ROR	67 Neutral	£2.49B	23.57	20.10%	2.04%	1.93%	-15.07%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
MGAM	62 Neutral	£517.62M	28.89	8.04%	4.87%	-7.30%	-59.71%
SPX	61 Neutral	£4.75B	30.76	13.86%	2.46%	0.10%	-15.33%
RHIM	56 Neutral	£1.10B	17.84	4.21%	5.56%	-5.74%	-75.29%

RHI Magnesita NV Corporate Events

RHI Magnesita Grants Long-Term Nil-Cost Share Options to Senior Executives

RHI Magnesita has granted new awards under its 2026 Long Term Incentive Plan to several senior executives, including the chief executive and chief financial officer, in the form of nil-cost performance share options. The options, priced for calculation purposes at £27.24 per share, will vest after three years subject to performance conditions and must be held for a further two years, reinforcing long-term alignment between management and shareholders while incorporating clawback provisions to strengthen governance oversight.

The awards cover tens of thousands of ordinary shares for each of the designated managers and are structured with no consideration payable at grant or vesting, highlighting a performance-driven rather than cash-based remuneration approach. By tying a significant portion of leadership compensation to future share performance and imposing extended holding periods, the company is signalling a focus on sustained value creation and risk management, which may reassure investors about the discipline of its executive pay framework.

The most recent analyst rating on (GB:RHIM) stock is a Hold with a £2472.00 price target. To see the full list of analyst forecasts on RHI Magnesita NV stock, see the GB:RHIM Stock Forecast page.

RHI Magnesita Publishes 2025 Annual Report and Accounts

RHI Magnesita has published its Annual Report and Accounts for the year ended 31 December 2025, making the full document available on the company’s investor relations website for shareholders and other stakeholders. The report has also been submitted to the UK’s National Storage Mechanism, ensuring regulatory compliance and broad public access to the company’s latest financial and operational disclosures.

This dual publication supports transparency and aligns with listing requirements, allowing investors, analysts, and regulators to review RHI Magnesita’s 2025 performance in detail. By formally lodging the report with market authorities, the company reinforces its commitment to governance standards and provides an information base that can influence market perception and stakeholder decision-making.

The most recent analyst rating on (GB:RHIM) stock is a Hold with a £2680.00 price target. To see the full list of analyst forecasts on RHI Magnesita NV stock, see the GB:RHIM Stock Forecast page.

RHI Magnesita Updates Market on Total Voting Rights and Share Capital

RHI Magnesita has reported its total voting rights position as of 28 February 2026, stating that its issued share capital comprises 47,307,527 ordinary shares, with an additional 2,170,178 ordinary shares held in treasury. Excluding treasury shares, the company confirms that 47,307,527 shares carry voting rights, a key reference figure for investors and other stakeholders.

This disclosure provides clarity for shareholders and market participants who must calculate whether their holdings trigger notification requirements under the FCA’s Disclosure Guidance and Transparency Rules and the EU’s Transparency Directive. By updating the market on its voting rights denominator, RHI Magnesita supports regulatory compliance and enhances transparency around significant shareholding changes.

The most recent analyst rating on (GB:RHIM) stock is a Hold with a £2680.00 price target. To see the full list of analyst forecasts on RHI Magnesita NV stock, see the GB:RHIM Stock Forecast page.

RHI Magnesita Delivers Second-Half Rebound and Targets Margin Rebuild in 2026

RHI Magnesita reported 2025 full-year results showing revenue of €3.37 billion and adjusted EBITA of €373 million, slightly down year on year but with a pronounced second-half rebound driven by pricing actions, cost controls and plant-network optimisation against weak global steel and industrial demand. Regionalisation efforts, particularly strong performance in North America and a turnaround in European profitability, combined with the integration of U.S.-based Resco and rising recycling rates, helped offset pressure from Chinese exports, softer industrial project activity and foreign-exchange headwinds.

Despite a modest decline in volumes and margins, cash generation remained robust with free cash flow of €214 million and leverage rising to 2.9x mainly due to the Resco acquisition, while the dividend was maintained at €1.80 per share. Management expects another year of tough market conditions in 2026 but is guiding for a roughly 17% increase in adjusted EBITA driven by continued self‑help and efficiency measures, further raw-material and portfolio optimisation, sustained strong cash conversion and gradual deleveraging, underpinning its strategy to strengthen its competitive position without major near-term M&A outlays.

The most recent analyst rating on (GB:RHIM) stock is a Hold with a £3053.00 price target. To see the full list of analyst forecasts on RHI Magnesita NV stock, see the GB:RHIM Stock Forecast page.

RHI Magnesita leans on self‑help to lift margins amid weak demand

RHI Magnesita reported 2025 full‑year results showing a strong second‑half recovery, as management’s self‑help measures in pricing, cost control and plant optimisation offset weak global demand and Chinese export pressure. Revenue slipped 3% to €3.37 billion and adjusted EBITA fell 8% to €373 million, but cash generation remained robust and North America’s expansion, including the Resco acquisition, helped stabilise margins.

The group increased its recycling rate to a record 15.9% and continued regionalisation to cut fixed costs and boost agility, while Europe’s profitability recovered in the second half despite subdued demand. Looking ahead, the company expects market conditions to stay difficult, yet it guides for a roughly 17% rise in 2026 adjusted EBITA driven by ongoing efficiency and portfolio optimisation, alongside strong cash conversion and gradual deleveraging after the Resco‑related rise in net debt.

The most recent analyst rating on (GB:RHIM) stock is a Hold with a £3053.00 price target. To see the full list of analyst forecasts on RHI Magnesita NV stock, see the GB:RHIM Stock Forecast page.

RHI Magnesita Sets Date for 2025 Full-Year Results and Analyst Briefing

RHI Magnesita has scheduled the release of its preliminary full-year results for 2025 on 2 March 2026, with a detailed analyst presentation to be held in London and simultaneously broadcast via webcast and conference call. The company will also provide an on-demand replay on its website, underlining its focus on transparent communication with investors and analysts as it prepares to update the market on its performance and strategic positioning.

The announcement of the results date gives investors and industry stakeholders a clear timetable for assessing RHI Magnesita’s recent trading and operational progress, which is closely watched given its scale and role in critical high-temperature industries worldwide. By combining an in-person briefing with digital access, the group aims to reach a broad international audience, reflecting its diversified geographic footprint and the global relevance of its refractory solutions business.

The most recent analyst rating on (GB:RHIM) stock is a Hold with a £3053.00 price target. To see the full list of analyst forecasts on RHI Magnesita NV stock, see the GB:RHIM Stock Forecast page.

RHI Magnesita Confirms Total Voting Rights as of Year-End 2025

RHI Magnesita has reported that, as of 31 December 2025, its issued share capital comprised 47,304,527 ordinary shares, with an additional 2,173,178 ordinary shares held in treasury. Excluding treasury shares, the company confirmed that the total number of shares carrying voting rights is 47,304,527, a figure that shareholders and other market participants should use as the reference denominator when assessing and notifying changes in their holdings under applicable disclosure and transparency rules.

The most recent analyst rating on (GB:RHIM) stock is a Hold with a £2760.00 price target. To see the full list of analyst forecasts on RHI Magnesita NV stock, see the GB:RHIM Stock Forecast page.