RHI Magnesita N.V. (RHIM) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Okay, good morning. Thank you for joining us today in London for RHI Magnesitas 2025 full year results presentation. As usual, Ian, both our CFO and myself will do this together and lead you through the events of 2025 and of course look at the incredible forecast of 2026 and maybe a little bit beyond even. Before we get started, let me just send our thoughts to our colleagues and our customers and our suppliers and our business partners in the Middle East. who woke up yesterday in a different world than they would like to be in, so our thoughts are with them, our support is with them and we hope that things normalize very quickly there and that people are not hurt as much as possible. 2025 was a challenging year, actually quite a challenging year, but ultimately with a good ending, at least for Archai Magnesita. Before moving into the presentation, let me highlight three key takeaways from 2025. First, highlight we delivered our self-help, mostly cost-based initiatives, as we had planned them already before. starting very early in 2024. And therefore, we could meet our profit guidance. This is important because we're improving the business structurally and sustainably. These are not short-term measures. These are structural improvements by focusing on what we can control and not relying on the outside world. Second, This momentum of self-help will continue into 2026. New measures that will start this year are already well advanced and they will then support that velocity also into 2027. Third message, there is currently no visible market recovery. We know All of you is not shared by all, but we retain substantial operating leverage ourselves that could benefit from this one day when demand improves. But we do not expect any improved demand before 2027. We're not rely...