RHI Magnesita N.V. reported stronger first-quarter adjusted EBITA, citing a 15% year-over-year increase in reported terms for the first quarter of 2026. In constant currency terms the company said adjusted EBITA climbed 46%, a performance the firm attributed to ongoing cost discipline and a range of self-help measures.
Sales volumes in the steel segment were broadly flat compared with the prior year, while pricing delivered moderate positive effects. Nonetheless, the company noted softer demand conditions in several steel markets, including parts of Europe, the Middle East and Latin America.
Industrial refractory demand eased slightly, principally in cement and industrial project end markets. Regionally, the Americas were singled out as a strong contributor to the quarter, while India, China, East Asia and META performed in line with expectations. By contrast, the European and CIS regions exhibited signs of weakness.
Management also reported that the conflict in the Middle East had an impact on first-quarter sales in that region. The company said its direct exposure to the disruption remained limited and that affected shipments were routed through alternative channels to mitigate the effect.
On the balance sheet, net debt to EBITDA at March 31 remained broadly unchanged from the year-end figure of 2.9x. Net debt rose during the quarter, the company explained, because of higher working capital levels consistent with normal seasonal patterns. Management expects leverage to return to roughly 2.6x by the end of the fiscal year.
RHI Magnesita reiterated its fiscal 2026 EBITA guidance at
Looking ahead, management said demand across steel and industrial markets remains resilient but at subdued levels. It highlighted a robust order intake in the second quarter to date and cited early signs of recovery in non-ferrous markets.
Context for investors
- Adjusted EBITA: +15% year-on-year; +46% on a constant currency basis.
- Guidance: Fiscal 2026 EBITA reiterated at