RHI Magnesita NV
Website:
RHI Magnesita NV
Index:
FTSE 250
EPIC: RHIM
Supersector:
Industrial Goods and Services
Sector:
Industrial Engineering
Subsector:
Industrial Machinery
Market Cap:
£1.33B
Payout Frequency: Semi-Annual
RHI Magnesita NV Dividend Analysis and Summary
Key Dividend Details
- Final dividend: €1.20 per share (FY2025), subject to AGM approval on 13/05/2026
- Full-year dividend (FY2025): €1.80 per share (flat y/y), including interim €0.60 paid on 25 Sep 2025
- Ex-dividend date: 28/05/2026
- Record date: 29/05/2026
- Payment date: 11/06/2026
- Currency: EUR (GBP receipts for LSE holders will vary with FX)
- Total cash cost of FY2025 dividend: ~€85m
- Dividend cover: 2.3x on Adjusted EPS (€4.18); c.1.0x on reported EPS (€1.82)
- Dividend policy: Unchanged; medium-term target cover <3.0x Adjusted EPS; semi-annual with interim equal to one-third of prior year’s full-year dividend
Assessment of Sustainability and Support
- Earnings and cover: FY2025 Adjusted EPS €4.18 supports the dividend at 2.3x cover; reported EPS cover is thin (~1.0x) due to exceptionals and higher finance costs.
- Cash flow support: Adjusted operating cash flow €391m; free cash flow €214m, implying FCF cover of ~2.5x vs ~€85m dividend cash out.
- Leverage and liquidity: Net debt €1,495m; Net debt/Pro Forma Adj. EBITDA 2.9x (above through-cycle 1.0–2.0x target; within M&A tolerance to ~2.5x). Guidance to reduce to ~2.6x by YE2026; liquidity €955m incl. undrawn €600m RCF.
- Outlook: FY2026 Adjusted EBITA guided +~17% at constant FX (~€435m cc; ~€400m reported with FX) and cash conversion >90%—supports maintenance of payout.
- Conclusion: The dividend appears well covered by cash flow and policy-consistent. Near-term growth likely constrained by elevated leverage and higher net finance costs until deleveraging progresses.
Dividend Growth Trajectory
- FY2025 dividend held at €1.80 (no growth y/y).
- Potential for modest growth from FY2026 onward if margin recovery and deleveraging deliver as guided and absent large cash M&A; otherwise, a maintain stance is more probable.
Structural/Corporate Actions Affecting Dividends
- M&A: Resco acquisition (Jan 2025) integrated and contributing; BPI RHIM LLC JV (Aug 2025). Company indicates M&A remains core, but no sizable deal closure expected in 2026—supportive for dividend capacity in the near term.
- Financing: Plan to refinance 2026 maturities in Q2 2026; substantial liquidity and undrawn RCF reduce payout timing risk.
- Operating footprint: Ongoing network optimisation and restructuring (Germany plant closures) booked in 2025; dividend policy explicitly unchanged.
Risks and Flags to Dividend Stability
- Leverage elevated at 2.9x (above through-cycle target) and net finance costs rose to €95m, limiting headroom for growth.
- End-market weakness persists in steel and industrial projects; guidance relies on self-help/cost measures.
- FX/tariff exposure and dividend paid in EUR—GBP receipt varies for UK investors.
- Medium-term regulatory cost risk (e.g., CBAM/CO2) could pressure European cash generation from 2027 onward.
Read more
RHI Magnesita NV Annual Dividend Yield - 5.7%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 22/05/2025 |
12/06/2025 |
Final |
120.00¢ |
EUX |
| 28/08/2025 |
25/09/2025 |
Interim |
60.00¢ |
EUX |
Total (Annual Dividends Per Share):
155.71p
(Using exchange rate on 08/06/2026
EUR = £0.86505)
Dividend Yield =
Annual Dividends Per Share (155.71p)
÷ Share Price (2730p)
= 5.7%
RHI Magnesita NV Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 28/05/2026 |
11/06/2026 |
Final |
120.00¢ |
EUX |
| 28/08/2025 |
25/09/2025 |
Interim |
60.00¢ |
EUX |
| 22/05/2025 |
12/06/2025 |
Final |
120.00¢ |
EUX |
| 29/08/2024 |
26/09/2024 |
Interim |
60.00¢ |
EUX |
| 16/05/2024 |
13/06/2024 |
Final |
125.00¢ |
EUX |
| 24/08/2023 |
22/09/2023 |
Interim |
55.00¢ |
EUX |
| 08/06/2023 |
06/07/2023 |
Final |
110.00¢ |
EUX |
| 25/08/2022 |
23/09/2022 |
Interim |
50.00¢ |
EUX |
| 26/05/2022 |
14/06/2022 |
Final |
100.00¢ |
EUX |
| 26/08/2021 |
14/09/2021 |
Interim |
50.00¢ |
EUX |
| 10/06/2021 |
30/06/2021 |
Final |
100.00¢ |
EUX |
| 03/12/2020 |
21/12/2020 |
Interim |
50.00¢ |
EUX |
| 19/12/2019 |
09/01/2020 |
Interim |
50.00¢ |
USX |
| 13/06/2019 |
03/07/2019 |
Final |
150.00¢ |
USX |
| 14/06/2018 |
02/07/2018 |
Final |
75.00¢ |
USX |
| Year |
Interim |
Final |
Currency |
Total |
Change |
| 2024 |
60.000 |
125.000 |
EUX |
185.000 |
12.120 |
| 2023 |
55.000 |
110.000 |
EUX |
165.000 |
10.000 |
| 2022 |
50.000 |
100.000 |
EUX |
150.000 |
0.000 |
| 2021 |
50.000 |
100.000 |
EUX |
150.000 |
200.000 |
| 2020 |
50.000 |
|
EUX |
50.000 |
-75.000 |
| 2019 |
50.000 |
150.000 |
USX |
200.000 |
166.660 |
| 2018 |
|
75.000 |
USX |
75.000 |
|
RHI Magnesita NV Dividend Calculator
RHI Magnesita NV Dividend Growth
| Dividend Growth (1Y) |
2.54%
|
| Dividend CAGR (5Y) |
3.42%
|
| Years of Growth |
–
|
| Payout Ratio |
98.84%
|
| Buyback Yield |
-0.52%
|
| Shareholder Yield |
4.95%
|
| P/E Ratio (TTM) | 18.39 |
|---|
| Forward P/E | 7.18 |
|---|
| P/FCF | 5.75 |
|---|
| Earnings Yield | 5.58% |
|---|
| FCF Yield | 17.39% |
|---|
| ROE | 7.4% |
|---|
| ROCE | 8.23% |
|---|
| Profit Margin | 2.55% |
|---|
| Operating Margin | 7.4% |
|---|
| Gross Margin | 22.94% |
|---|