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Highlights

  • RHI Magnesita reported FY24 revenue of EUR 3,487 million, down 2.4% YoY due to lower pricing and volumes
  • Adjusted EBITDA remained stable at EUR 543 million, supported by M&A synergies and cost reductions
  • FY24 profit after tax declined 9.9% to EUR 154 million
  • H1 FY25 is expected to contribute only 35–40% of full-year Adjusted EBITA, with better performance anticipated in H2

RHI Magnesita NV (LSE: RHIM) is an Austria-based FTSE-listed company operating across the entire refractory value chain. It is involved in the mining, production, and distribution of high-quality refractory materials used in high-temperature industrial processes in sectors such as steel, cement, non-ferrous metals, glass, energy, environment, and chemicals.

In FY24, RHI Magnesita company reported revenue of EUR 3,487 million, representing a 2.4% decline year-over-year, primarily driven by a 6% reduction in average pricing and a 1% decrease in base business sales volumes. This was partially offset by a 6% revenue uplift from mergers and acquisitions completed in FY 2023.

Adjusted EBITDA remained stable at EUR 543 million, with no change from the previous year, reflecting resilience in profitability amid weak market demand. This was supported by a EUR 77 million contribution from M&A, lower raw material and energy costs, and reduced SG&A expenses.

Profit after income tax decreased by 9.9% to EUR 154 million. Notably, net finance expenses dropped significantly from EUR 100 million in FY 2023 to EUR 42 million in FY 2024.

Company Outlook

RHI Magnesita anticipates a gradual recovery in performance throughout FY25, following a weaker Q1 marked by declines in both revenue and margins. The group expects H1 to contribute only 35–40% of full-year Adjusted EBITA, with a positive H2 outlook supported by the ramp-up of postponed Non-ferrous Metals projects and continued execution of cost-saving initiatives.

While the current order book suggests the potential to deliver Adjusted EBITA modestly ahead of FY24, management remains cautious amid ongoing macroeconomic uncertainties that could weigh on customer production and end-market demand.

Additionally, a persistently weak U.S. dollar poses a risk, potentially reducing full-year Adjusted EBITA by approximately EUR 15 million from North American operations if current exchange rates continue.

Top 10 Shareholders of RHIM

The top 10 shareholders of RHIM collectively form ~76.93% of the total shareholdings. MSP Foundation holds the maximum number of shares with ~28.20% shareholding, followed by Rhône Capital LLC with ~20.94% shareholding, as depicted in the chart below: 

Stock Information

As of 16 May 2025, RHI Magnesita’s stock closed at GBX 3,080, marking a modest 2.32% gain over the past month but a slight 0.32% decline over six months. The stock trades above the midpoint of its 52-week range of GBX 2,425.00 to GBX 3,885.00.

 Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 16 May. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.