Core Viewpoint - RHI Magnesita reported full-year 2025 results characterized by weak demand, a downturn in industrial projects, and foreign exchange pressures, but management's self-help measures led to a recovery in the second half, allowing the company to meet its guidance [2][3]. Financial Performance - The company achieved 2025 EBITDA of EUR 373 million, with an 11.1% margin, and operating cash flow of EUR 391 million, reflecting a 105% cash conversion rate due to working capital reduction [4]. - The board recommended a final dividend of EUR 1.20 per share, totaling EUR 1.80 for the full year, consistent with 2024 [5]. - Adjusted EBITDA decreased from EUR 407 million in 2024 to EUR 373 million in 2025, primarily due to market pressures, while self-help initiatives contributed EUR 70 million [5]. Market Conditions - Management indicated "no visible market recovery" in order books and does not anticipate demand improvement before 2027, focusing on structural actions for performance enhancement in 2026 and beyond [3]. - The year was described as a "year of two halves," with the first half being one of the weakest periods on record, showing adjusted EBITDA of EUR 141 million, while the second half saw an increase to EUR 232 million, 65% higher than the first half [6]. Operational Insights - RHI Magnesita's EBITDA margin improved from 8.4% in the first half to 13.7% in the second half, attributed to execution rather than demand recovery [7]. - Industrial adjusted EBITDA fell by EUR 74 million due to a 40% decline in high-margin glass and non-ferrous project volumes, while steel adjusted EBITDA decreased by EUR 41 million amid weak demand and pricing pressures [8].

Core Viewpoint - RHI Magnesita reported a resilient financial performance for the year ended December 31, 2025, despite a challenging market environment, aligning with market expectations driven by effective management strategies and a strong second-half performance [1] Financial Performance - Revenue decreased by 3% to €3.4 billion, reflecting the impact of market conditions [1]

Core Viewpoint - Nippon Steel Corporation has received approval from the Competition Commission of India to acquire the remaining 53.4% stake in Krosaki Harima Corporation, aiming to make Krosaki a wholly-owned subsidiary [1][6]. Group 1: Transaction Details - Nippon Steel currently holds a 46.6% stake in Krosaki, and upon completion of the transaction, its holding will increase to 100% [1][6]. - The acquisition will be executed through a tender offer and may include a potential squeeze-out if applicable [1][6]. - The total value of the acquisition is estimated at 75.7 billion yen [5]. Group 2: Business Operations - In India, Nippon Steel is involved in manufacturing tubes and pipes, processing automotive cold rolled steel sheets, crankshafts, and auto parts, as well as importing and selling various products [2][6]. - Krosaki is a publicly listed company in Japan, and in India, it operates through affiliate entities that manufacture and sell refractory products, servicing industries such as iron & steel making, lime, steel, aluminum, power, cement, and copper [2][6]. Group 3: Strategic Intent - The acquisition is part of Nippon Steel's strategy to consolidate its control over Krosaki, where it already has a significant stake [6]. - Regulatory approval is required for deals beyond a certain threshold to ensure fair competition and prevent unfair business practices [6].

Core Insights - RHI Magnesita has established a new business unit in Dubai to enhance its operations in the META region, indicating a strategic move for growth and expansion [1] Company Developments - The new regional office in Dubai was inaugurated recently, marking a significant milestone in RHI Magnesita's growth journey [1] - The establishment of this office reflects the company's long-term commitment to its customers in the META region [1]