RHI Magnesita N.V.

RHIM · Main Market · Chemicals · mcap £1,360m · 2925.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 31 Jul 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,386m
Owner’s net cash: −£1,439m
Net cash / market cap: -104%
EV ex leases: £2,946m
Revenue: £2,855m
Operating profit: £224.7m
Free cash flow after leases: £298.8m
EV / EBIT: 13.1×
FCF yield: 21.6%
ROCE: 8%
Net income (owners): £95.5m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies – figures the company reported in EUR are converted to £ at the average rate of each period (balance sheets: at the date); when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 31 Jul 26 · read the results ↗

Source ↗


in € million for the six months ended 30 June Note	2026	2025	1)
Revenue	(5)	1,595	1,677
Cost of sales	1)	(1,241)	(1,323)
Gross profit	1)	354	354
Selling, general & administrative expenses	1)	(171)	(192)
Research & development expenses	1)	(18)	(21)
Adjusted EBITA	2)	165	141
Amortisation of intangible assets	1)	(25)	(25)
Net restructuring expenses	(24)	(30)	–
Other income	1)	10	16
Other expenses	1)	(28)	(41)
EBIT	2)	98	61
Interest income	6	7	–
Interest expenses on borrowings	(35)	(29)	–
Net expense on foreign exchange effects	(6)	(3)	(13)
Other net financial expenses	(7)	(19)	(12)
Net finance costs	(51)	(47)	–
Profit before income tax	47	14	–
Income tax	(8)	(11)	(3)
Profit after income tax	36	11	–
RHI Magnesita N.V. shareholders	32	7	–
Non-controlling interests	4	4	–
in €
Earnings per share - basic	0.68	0.15	–
Earnings per share - diluted	0.65	0.14	–

Source ↗

	in € million	30.06.2026	31.12.2025
ASSETS
Non-current assets
Goodwill	(20)	408	403
Intangible assets	527	540	–
Property, plant and equipment	(10)	1,288	1,246
Investments in joint ventures and associates	6	6	–
Other financial assets	39	36	–
Other assets	32	29	–
Deferred tax assets	162	163	–
Total non-current assets	2,462	2,423	–
Current assets
Inventories	(11)	1,012	932
Trade and other receivables	(12)	646	576
Income tax receivables	48	49	–
Other financial assets	8	9	–
Cash and cash equivalents	430	355	–
Assets held for sale	4	4	–
Total current assets	2,148	1,925	–
	4,610	4,348	–
EQUITY AND LIABILITIES
Equity
Share capital	50	50	–
Group reserves	1,054	975	–
Equity attributable to shareholders of RHI Magnesita N.V.	1,104	1,025	–
Non-controlling interests	147	145	–
	1,251	1,170	–
Non-current liabilities
Borrowings	(13)	1,408	1,362
Other financial liabilities	116	100	–
Deferred tax liabilities	85	91	–
Net employee defined benefit liabilities	(14)	229	232
Provisions	(15)	63	63
Other liabilities	6	7	–
Total non-current liabilities	1,907	1,855	–
Current liabilities
Borrowings	(13)	464	424
Other financial liabilities	26	33	–
Trade payables and other liabilities	(16)	860	757
Income tax liabilities	27	29	–
Provisions	(15)	75	80
Total current liabilities	1,452	1,323	–
	4,610	4,348	–

Source ↗

	2026	2025
Cash generated from operations	152	179
Income tax paid less refunds	(20)	(33)
Net cash flow from operating activities	132	146
Investments in property, plant and equipment and intangible assets	(46)	(45)
Investments in subsidiaries net of cash acquired	0	(346)
Cash inflow from matured derivative financial instruments	0	13
Cash inflows from the sale of property, plant and equipment	3	4
Cash outflows from investments in financial assets	(2)	(10)
Interest received	7	6
Net cash used in investing activities	(38)	(378)
Acquisition of non-controlling interests	0	(2)
Dividends paid to RHI Magnesita N.V. shareholders	(57)	(57)
Proceeds from long-term financing	350	346
Repayments of long-term financing	(281)	(240)
Changes in current borrowings and financial liabilities to associates	15	(12)
Interest payments	(43)	(43)
Repayment of lease obligations	(9)	(9)
Interest payments from lease obligations	(2)	(2)
Cash inflow from matured derivative financial instruments	0	4
Net cash used in financing activities	(27)	(15)
Change in cash and cash equivalents	67	(247)
Cash and cash equivalents at beginning of period	355	576
Foreign exchange impact	8	(12)
Cash and cash equivalents at end of period	430	317

Source ↗


in € million Note	2025	2024	1)
Revenue	(5)	3,366	3,487
Cost of sales	(5)	(2,594)	(2,628)
Gross profit	1)	772	859
Selling, general & administrative expenses	(9)	(360)	(408)
Research & development expenses	(9)	(39)	(45)
Amortisation of intangible assets	(18)	(52)	(39)
Restructuring	(6)	(44)	(24)
Other income	(7)	24	38
Other expenses	(8)	(78)	(139)
EBIT	2)	223	242
Interest income	(11)	15	22
Interest expenses on borrowings	(61)	(61)	–
Net (expense)/income on foreign exchange effects	(12)	(16)	11
Other net financial expenses	(13)	(33)	(14)
Net finance costs	(95)	(42)	–
Profit before income tax	128	200	–
Income tax	(14)	(34)	(46)
Profit after income tax	94	154	–
RHI Magnesita N.V. shareholders	86	142	–
Non-controlling interests	(26)	8	12
in €
Earnings per share - basic	(15)	1.82	3.01
Earnings per share - diluted	(15)	1.77	2.94

Source ↗

	in € million	31.12.2025	31.12.2024
ASSETS
Non-current assets
Goodwill	(17)	403	342
Intangible assets	(18)	540	417
Property, plant and equipment	(19)	1,246	1,285
Investments in joint ventures and associates	6	7	–
Other financial assets	(34)	36	42
Other assets	(20)	29	76
Deferred tax assets	(14)	163	152
Total non-current assets	2,423	2,321	–
Current assets
Inventories	(21)	932	962
Trade and other receivables	(22)	576	660
Income tax receivables	(14)	49	40
Other financial assets	(34)	9	17
Cash and cash equivalents	(23)	355	576
Assets held for sale	(19)	4	0
Total current assets	1,925	2,255	–
	4,348	4,576	–
EQUITY AND LIABILITIES
Equity
Share capital	(24)	50	50
Group reserves	(25)	975	1,152
Equity attributable to shareholders of RHI Magnesita N.V.	1,025	1,202	–
Non-controlling interests	(26)	145	170
	1,170	1,372	–
Non-current liabilities
Borrowings	(27)	1,362	1,474
Other financial liabilities	(28)	100	112
Deferred tax liabilities	(14)	91	64
Net employee defined benefit liabilities	(29)	232	257
Provisions	(30)	63	71
Other liabilities	7	8	–
Total non-current liabilities	1,855	1,986	–
Current liabilities
Borrowings	(27)	424	276
Other financial liabilities	(28)	33	27
Trade payables and other liabilities	(31)	757	843
Income tax liabilities	(14)	29	29
Provisions	(30)	80	43
Total current liabilities	1,323	1,218	–
	4,348	4,576	–

Source ↗

	in € million	2025	2024
Cash generated from operations	(32)	433	502
Income tax paid less refunds	(54)	(69)	–
Net cash flow from operating activities	379	433	–
Investments in property, plant and equipment and intangible assets	(111)	(145)	–
Investments in subsidiaries net of cash acquired	(363)	(7)	–
Cash inflows from the sale of property, plant and equipment	24	16	–
(Cash outflows) from investments in financial assets	(2)	(27)	–
Cash inflows from the sale or settlement of financial assets	4	30	–
Cash inflow from matured derivative financial instruments	13	0	–
Dividends received from non-consolidated entities	1	1	–
Investment subsidies received	0	2	–
Prepayments related to the acquisition of Resco Group	(44)	–	–
Interest received	9	20	–
Net cash used in investing activities	(425)	(154)	–
Acquisition of non-controlling interests	(3)	(6)	–
Dividends paid to RHI Magnesita N.V. shareholders	(85)	(87)	–
Dividends paid to non-controlling interests	(2)	(3)	–
Proceeds from long-term financing	346	14	–
Repayments of long-term financing	(287)	(174)	–
Changes in current borrowings and financial liabilities to associates	(25)	(41)	–
Interest payments	(89)	(107)	–
Repayment of lease obligations	(17)	(20)	–
Interest payments from lease obligations	(3)	(3)	–
Cash inflow from matured derivative financial instruments	4	18	–
Net cash used in financing activities	(33)	(161)	(409)
Change in cash and cash equivalents	(207)	(130)	–
Cash and cash equivalents at beginning of period	576	704	–
Foreign exchange impact	(14)	2	–
Cash and cash equivalents at end of period	(23)	355	576

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	2,855.0	2,883.4	2,952.5
Gross profit	670.3	661.3	727.3
Adjusted EBITDA	453.6	431.7	459.8
Operating profit	224.7	191.0	204.9
Amortisation	(45.2)	(44.5)	(33.0)
Share-based payments	–	3.4	7.6
Operating profit to net income
Finance costs	(86.0)	(81.4)	(35.6)
Profit before tax	138.6	109.6	169.3
Tax	(36.1)	(29.1)	(38.9)
Net income (owners)	95.5	73.7	120.2
Per share
EPS basic	204.5p	158.7p	249.6p
EPS diluted	198.4p	154.4p	243.8p
Dividend per share	157.4p	157.0p	149.3p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	1,383.4	−2%	1,471.5	1,411.9
Gross profit	307.0	+3%	363.3	298.0
Adjusted EBITDA	199.5	+12%	254.1	177.6
Operating profit	85.0	+66%	139.7	51.4
Amortisation	(21.7)	+3%	(23.5)	(21.0)
Operating profit to net income
Finance costs	(44.2)	+12%	(41.8)	(39.6)
Profit before tax	40.8	+246%	97.9	11.8
Tax	(9.5)	+278%	(26.6)	(2.5)
Net income (owners)	27.8	+371%	67.8	5.9
Per share
EPS basic	58.6p	–	145.9p	12.8p
EPS diluted	56.0p	–	142.4p	12.0p
Dividend per share	51.7p	–	105.7p	51.3p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	316.2	324.7	366.6
Interest paid	(77.3)	(76.2)	(90.6)
Tax paid	(35.8)	(46.3)	(58.4)
Financing activities
Lease principal paid	(14.8)	(14.6)	(16.9)
Lease interest paid	(2.6)	(2.6)	(2.5)
Dividends paid	(74.3)	(72.8)	(73.7)

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	114.5	−7%	201.7	122.9
Interest paid	(37.3)	+3%	(40.0)	(36.2)
Tax paid	(17.3)	−38%	(18.5)	(27.8)
Investing activities
Capex (PP&E)	(39.9)	+5%	–	(37.9)
Financing activities
Lease principal paid	(7.8)	+3%	(7.0)	(7.6)
Lease interest paid	(1.7)	+3%	(0.9)	(1.7)
Dividends paid	(49.4)	+3%	(24.8)	(48.0)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	351.4	351.5	283.6
Other intangibles	453.9	471.0	345.8
Property, plant & equipment	1,109.4	1,086.8	1,065.5
Associates & JVs	5.2	5.2	5.8
Non-current assets	2,120.7	2,113.4	1,924.6
Current assets
Inventories	871.7	812.9	797.7
Trade receivables	556.4	502.4	547.3
Cash	370.4	309.6	477.6
Current assets	1,850.2	1,679.1	1,869.8
Total assets	3,970.9	3,792.5	3,794.4
Current liabilities
Trade payables	740.8	660.3	699.0
Borrowings, current	399.7	369.8	228.9
Current liabilities	1,250.7	1,154.0	1,010.0
Non-current liabilities
Borrowings, non-current	1,212.8	1,188.0	1,222.2
Pension surplus / (deficit)	(197.3)	(202.4)	–
Equity
Non-controlling interests	126.6	126.5	141.0
Total equity	–	1,020.5	1,137.6
Net cash and other figures
Net cash / (debt) incl. leases	(1,316.2)	–	–
Undrawn facilities	516.8	523.3	–

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Goodwill	351.4	351.5	–	283.6
Other intangibles	453.9	471.0	–	345.8
Property, plant & equipment	1,109.4	1,086.8	–	1,065.5
Associates & JVs	5.2	5.2	–	5.8
Non-current assets	2,120.7	2,113.4	–	1,924.6
Current assets
Inventories	871.7	812.9	–	797.7
Trade receivables	556.4	502.4	–	547.3
Cash	370.4	309.6	–	477.6
Current assets	1,850.2	1,679.1	–	1,869.8
Total assets	3,970.9	3,792.5	–	3,794.4
Current liabilities
Trade payables	740.8	660.3	–	699.0
Borrowings, current	399.7	369.8	–	228.9
Current liabilities	1,250.7	1,154.0	–	1,010.0
Non-current liabilities
Borrowings, non-current	1,212.8	1,188.0	–	1,222.2
Pension surplus / (deficit)	(197.3)	(202.4)	–	–
Equity
Non-controlling interests	126.6	126.5	–	141.0
Total equity	–	1,020.5	–	1,137.6
Net cash and other figures
Net cash / (debt) incl. leases	(1,316.2)	–	(1,353.0)	–
Undrawn facilities	516.8	523.3	512.8	–

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