Significant estimate: Measurement of assets acquired and liabilities assumed in business combinations Estimates relating to the calculation of fair values of acquired assets, liabilities and contingent liabilities are required within the context of business combinations disclosed in Note (40). Where intangible assets are identified, estimates are necessary for the determination of fair values by means of discounted cash flows, including the duration, amount of future cash flows, and discount rate. Fair values of physical assets are estimated with reference to comparable assets in the market. When making estimates in the context of purchase price allocations on major acquisitions, the Group consults with independent experts who accompany the execution of the discretionary decisions and record this in appraisal documents. The Group has a period of one year from the date of control of the acquired businesses to update initial fair value estimates. |
Significant judgement: Recognition of non-controlling interest of BPI RHIM LLC The acquisition of BPI RHIM LLC includes a call and a put option over the outstanding shares (49%), see Note (40). The Group has concluded, based on the terms and pricing of the call and the put option, that the risks and rewards of ownership associated with the outstanding shares have not been transferred to the Group. Therefore, the financial liability was not considered as part of the purchase consideration, and a non-controlling interest was recognised on acquisition. The financial liability arising from the put option has been recognised in accordance with the Group\u2019s accounting policy related to fixed-term or puttable non-controlling interests. Being that the financial liability was initially recognised against equity attributable to shareholders of RHI Magnesita N.V., while the said non-controlling interests were derecognised to zero \u2013 also against equity attributable to shareholders of RHI Magnesita N.V.. |
Significant judgement: Control over Horn & Co Minerals Recovery and BPI RHIM LLC At the end of the reporting period, the Group holds a 55.0% interest in Horn & Co Minerals Recovery (\u201cMireco\u201d) and a 51.0% interest in BPI RHIM LLC. The Group assessed its respective shareholding rights and power to control in terms of the purchase agreements, founding documents of both businesses and relevant corporate laws. Based on this assessment, the Group determined that it controls Mireco as well as BPI RHIM LLC and consolidated them from the respective date of control. The Group exercises control over Mireco and BPI RHIM LLC as it has the power to steer the relevant activities of the businesses and can use this power to affect the variable returns that it is exposed to. In determining that the Group controls both businesses, judgement is applied which takes into account the Group\u2019s voting rights, management representation, the governance structure of both businesses as well as the activities that can be unilaterally directed by RHIM without the consent of the non-controlling shareholders. Control is achieved above all through the Group\u2019s voting rights and the resulting influence on directing the relevant activities of these businesses. |
Customer relationships | 6 to 20 years |
Trade names | 20 years |
Internally generated intangible assets | 4 to 10 years |
Other intangible assets | 3 to 65 years |
Real estate and buildings | 5 to 60 years |
Technical equipment and machinery | 3 to 63 years |
Other plant, office equipment, furniture and fixtures | 3 to 35 years |
Significant estimate: Useful lives of property, plant and equipment and intangible assets Management uses its experience to estimate the remaining useful life of an asset. The actual useful life of an asset may be impacted by an unexpected event that may result in an adjustment to the carrying amount of the asset. No such events are expected to arise which would have a material impact on carrying values within 12 months from the reporting date. |
Significant judgement: Identification of impairment indicators related to individual items of property, plant and equipment or intangible assets Management reviewed individual items of property, plant and equipment or intangible assets for indicators of impairment. These indicators included both external factors affecting the recoverable amounts, such as laws and regulations in specific countries and global and local economic conditions and internal factors, including but not limited to, useful lives of items of property, plant and equipment or intangible assets, major breakdowns or decisions to divest from certain businesses or abandon investment projects. Based on the impairment indicator review, certain impairment indicators were identified in the reporting period that led to immaterial impairment losses at the level of individual items of property, plant and equipment or intangible assets. Refer to Notes (6), (8), (18) and (19) for details. |
Significant judgement: Determination of CGUs Management determines its cash generating units at operating segment level whereby each CGU comprises a group of assets representing the capacity of multiple production plants needed to meet the customer demand of the respective operating segment. The combination of multiple production plants to a single CGU per operating segment is mainly based on the possibilities of producing similar types of refractory products in multiple production plants facilitating revenue substitution between production plants, the similarities in the production process of the different types of refractory products and the fact that the closure of individual production plants does not lead to customer \u2018leakage\u2019. |
Significant estimate: Determination of recoverable amounts of CGUs which include goodwill Management makes use of various estimates and assumptions in determining the cash flow forecasts used to determine the value in use of CGUs to which goodwill is allocated for the annual impairment test. Key assumptions include discount rates used to discount cash flows, the perpetual annuity growth rate, projected revenue and projected EBIT margin of the associated CGU. Changes in these key assumptions may change the headroom or result in impairment losses. For further details on impairment tests for CGUs which include goodwill, refer to Note (17). |
Significant judgement: Supplier finance arrangements In assessing to what extent supplier finance arrangements can be presented within trade payables and other liabilities, the Group has to make certain judgements as to whether the payables subject to supplier finance arrangements are deemed to be part of the working capital used in the Group's normal operating cycle. Also, the Group has in this context to assess the impact of additional securities being provided and/or the significance of the differences in payment terms between the trade payables that are or are not part of the supplier finance arrangements within the Group. |
Significant judgement: Own use exemption on gas and power forward purchase contracts The Group enters into fixed price and quantity forward gas and power contracts to secure the supply for its production process and reduce price volatility. The own use exemption does not require fair value recognition and measurement of the forward purchases and thus volatility in the Consolidated Statement of Profit or Loss can be avoided. The own use exemption requires contracts to be entered into and continued to be held for delivery and usage requirements of the Group. The Group settles most of these forward contracts through physical delivery and does not expect to sell any (unexpected) surplus quantities of either gas or power. Management have judged that these forward purchases based on current and expected future requirements satisfy the own use exemption and have not applied fair value recognition and measurement. However, if surplus quantities of either gas or power are expected to be sold, the corresponding forward contracts are accounted for as derivative financial instruments whose changes in fair value are recognised in the Consolidated Statement of Profit and Loss. |
Significant estimate: Measurement of other provisions The recognition and measurement of other provisions disclosed in Note (30) are based on best estimates using the information available at the reporting date. The estimates take into account the underlying legal or constructive obligation and are performed by internal experts or, when appropriate, also by external experts. Despite the best possible assumptions and estimates, cash outflows expected at the reporting date may deviate from actual cash outflows. As soon as additional information is available, the estimates made are reviewed and provisions are also adjusted. The majority of other provisions refers to an unfavourable contract which was recognised in the course of acquiring the former Magnesita Group and is mainly based on an estimate of foregone profit margins compared to market conditions. Moreover, restructuring provisions and provisions related to the rehabilitation and restoration of the mining sites or for environmental damages are recorded within other provisions. These are subject to measurement uncertainties in terms of the estimated costs to settle the obligation, estimated term until rehabilitation and restoration, discount rate and inflation rate. Changes in these parameters may result in higher or lower provisions. |
Significant estimate: Pension plans and other post-employment benefits classified as defined benefit plans The measurement of defined benefit obligation and plan assets requires use of estimates such as discount rates, mortality rates, salary increases and inflation. These estimates are reviewed and updated when a valuation is performed by third-party experts. Further details of the estimates and assumptions together with sensitivities on changes to assumptions is reflected in Note (29). Changes in these assumptions may result in differences between cash outflows expected at the reporting date and actual cash outflows. |
Significant judgement: Uncertain tax positions Management makes judgements in relation to the recognition of uncertain tax positions concerning current and deferred income taxes. In making judgements, management believes that the tax positions the Group adopts are in line with the applicable legislation and reflect the probable outcome. The tax obligations and receivables, upon audit by the tax authorities at a future date, may differ as a result of differing interpretations. These interpretations may impact the expected timing and quantum of taxes payable and recoverable. |
Significant judgement: Utilisation of tax losses and recognition of other deferred tax assets The Group operates in many countries and is subject to taxes in numerous jurisdictions. Management uses judgement to assess the recoverability of deferred tax assets such as whether there will be sufficient future taxable profits to utilise tax losses. Refer to Note (14) for details on recognised deferred tax assets. |
Significant judgement: Revenue recognition For specific customer contracts with Steel customers with variable payment arrangements where the transaction price depends on the customer\u2019s production output, (e.g. quantity of steel produced) management has determined that the commitment to transfer each of the products and services to the customer is not separately identifiable from the other commitments in the context of such contracts. The customer expects complete refractory management for the agreed product areas in the steel plant in order to enable steel production. Thus, only one performance obligation, being the performance of a management refractory service, exists. Revenue from the delivery of management refractory services is recognised over time and, by applying the practical expedient, corresponds to the amounts that the Group is entitled to invoice to the customer on a regular basis according to the contract terms. |
\u00a0 | 31.12.2025 | 31.12.2024 |
\u200bPrice level\u00a0 | 10,067.71 | 7,694.01 |
\u200bIndex movement (in %) | 31 | 118 |
\u00a0 | \u00a0 | Closing rate | Average rate1) | ||
Currencies | 1 \u20ac = | 31.12.2025 | 31.12.2024 | 2025 | 2024 |
Brazilian Real | BRL | 6.56 | 6.46 | 6.29 | 5.79 |
Canadian Dollar | CAD | 1.61 | 1.50 | 1.57 | 1.48 |
Chinese Renminbi Yuan | CNY | 8.24 | 7.61 | 8.06 | 7.79 |
Indian Rupee | INR | 105.96 | 89.11 | 97.49 | 90.68 |
US Dollar | USD | 1.18 | 1.04 | 1.12 | 1.09 |
Significant estimate: Measurement of assets acquired and liabilities assumed in business combinations Estimates relating to the calculation of fair values of acquired assets, liabilities and contingent liabilities are required within the context of business combinations disclosed in Note (40). Where intangible assets are identified, estimates are necessary for the determination of fair values by means of discounted cash flows, including the duration, amount of future cash flows, and discount rate. Fair values of physical assets are estimated with reference to comparable assets in the market. When making estimates in the context of purchase price allocations on major acquisitions, the Group consults with independent experts who accompany the execution of the discretionary decisions and record this in appraisal documents. The Group has a period of one year from the date of control of the acquired businesses to update initial fair value estimates. |
Significant judgement: Recognition of non-controlling interest of BPI RHIM LLC The acquisition of BPI RHIM LLC includes a call and a put option over the outstanding shares (49%), see Note (40). The Group has concluded, based on the terms and pricing of the call and the put option, that the risks and rewards of ownership associated with the outstanding shares have not been transferred to the Group. Therefore, the financial liability was not considered as part of the purchase consideration, and a non-controlling interest was recognised on acquisition. The financial liability arising from the put option has been recognised in accordance with the Group\u2019s accounting policy related to fixed-term or puttable non-controlling interests. Being that the financial liability was initially recognised against equity attributable to shareholders of RHI Magnesita N.V., while the said non-controlling interests were derecognised to zero \u2013 also against equity attributable to shareholders of RHI Magnesita N.V.. |
Significant judgement: Control over Horn & Co Minerals Recovery and BPI RHIM LLC At the end of the reporting period, the Group holds a 55.0% interest in Horn & Co Minerals Recovery (\u201cMireco\u201d) and a 51.0% interest in BPI RHIM LLC. The Group assessed its respective shareholding rights and power to control in terms of the purchase agreements, founding documents of both businesses and relevant corporate laws. Based on this assessment, the Group determined that it controls Mireco as well as BPI RHIM LLC and consolidated them from the respective date of control. The Group exercises control over Mireco and BPI RHIM LLC as it has the power to steer the relevant activities of the businesses and can use this power to affect the variable returns that it is exposed to. In determining that the Group controls both businesses, judgement is applied which takes into account the Group\u2019s voting rights, management representation, the governance structure of both businesses as well as the activities that can be unilaterally directed by RHIM without the consent of the non-controlling shareholders. Control is achieved above all through the Group\u2019s voting rights and the resulting influence on directing the relevant activities of these businesses. |
Customer relationships | 6 to 20 years |
Trade names | 20 years |
Internally generated intangible assets | 4 to 10 years |
Other intangible assets | 3 to 65 years |
Significant judgement: Recognition of non-controlling interest of BPI RHIM LLC The acquisition of BPI RHIM LLC includes a call and a put option over the outstanding shares (49%), see Note (40). The Group has concluded, based on the terms and pricing of the call and the put option, that the risks and rewards of ownership associated with the outstanding shares have not been transferred to the Group. Therefore, the financial liability was not considered as part of the purchase consideration, and a non-controlling interest was recognised on acquisition. The financial liability arising from the put option has been recognised in accordance with the Group\u2019s accounting policy related to fixed-term or puttable non-controlling interests. Being that the financial liability was initially recognised against equity attributable to shareholders of RHI Magnesita N.V., while the said non-controlling interests were derecognised to zero \u2013 also against equity attributable to shareholders of RHI Magnesita N.V.. |
Significant estimate: Measurement of assets acquired and liabilities assumed in business combinations Estimates relating to the calculation of fair values of acquired assets, liabilities and contingent liabilities are required within the context of business combinations disclosed in Note (40). Where intangible assets are identified, estimates are necessary for the determination of fair values by means of discounted cash flows, including the duration, amount of future cash flows, and discount rate. Fair values of physical assets are estimated with reference to comparable assets in the market. When making estimates in the context of purchase price allocations on major acquisitions, the Group consults with independent experts who accompany the execution of the discretionary decisions and record this in appraisal documents. The Group has a period of one year from the date of control of the acquired businesses to update initial fair value estimates. |
Significant judgement: Recognition of non-controlling interest of BPI RHIM LLC The acquisition of BPI RHIM LLC includes a call and a put option over the outstanding shares (49%), see Note (40). The Group has concluded, based on the terms and pricing of the call and the put option, that the risks and rewards of ownership associated with the outstanding shares have not been transferred to the Group. Therefore, the financial liability was not considered as part of the purchase consideration, and a non-controlling interest was recognised on acquisition. The financial liability arising from the put option has been recognised in accordance with the Group\u2019s accounting policy related to fixed-term or puttable non-controlling interests. Being that the financial liability was initially recognised against equity attributable to shareholders of RHI Magnesita N.V., while the said non-controlling interests were derecognised to zero \u2013 also against equity attributable to shareholders of RHI Magnesita N.V.. |
Significant judgement: Control over Horn & Co Minerals Recovery and BPI RHIM LLC At the end of the reporting period, the Group holds a 55.0% interest in Horn & Co Minerals Recovery (\u201cMireco\u201d) and a 51.0% interest in BPI RHIM LLC. The Group assessed its respective shareholding rights and power to control in terms of the purchase agreements, founding documents of both businesses and relevant corporate laws. Based on this assessment, the Group determined that it controls Mireco as well as BPI RHIM LLC and consolidated them from the respective date of control. The Group exercises control over Mireco and BPI RHIM LLC as it has the power to steer the relevant activities of the businesses and can use this power to affect the variable returns that it is exposed to. In determining that the Group controls both businesses, judgement is applied which takes into account the Group\u2019s voting rights, management representation, the governance structure of both businesses as well as the activities that can be unilaterally directed by RHIM without the consent of the non-controlling shareholders. Control is achieved above all through the Group\u2019s voting rights and the resulting influence on directing the relevant activities of these businesses. |
Significant estimate: Useful lives of property, plant and equipment and intangible assets Management uses its experience to estimate the remaining useful life of an asset. The actual useful life of an asset may be impacted by an unexpected event that may result in an adjustment to the carrying amount of the asset. No such events are expected to arise which would have a material impact on carrying values within 12 months from the reporting date. |
Significant judgement: Identification of impairment indicators related to individual items of property, plant and equipment or intangible assets Management reviewed individual items of property, plant and equipment or intangible assets for indicators of impairment. These indicators included both external factors affecting the recoverable amounts, such as laws and regulations in specific countries and global and local economic conditions and internal factors, including but not limited to, useful lives of items of property, plant and equipment or intangible assets, major breakdowns or decisions to divest from certain businesses or abandon investment projects. Based on the impairment indicator review, certain impairment indicators were identified in the reporting period that led to immaterial impairment losses at the level of individual items of property, plant and equipment or intangible assets. Refer to Notes (6), (8), (18) and (19) for details. |
Significant judgement: Determination of CGUs Management determines its cash generating units at operating segment level whereby each CGU comprises a group of assets representing the capacity of multiple production plants needed to meet the customer demand of the respective operating segment. The combination of multiple production plants to a single CGU per operating segment is mainly based on the possibilities of producing similar types of refractory products in multiple production plants facilitating revenue substitution between production plants, the similarities in the production process of the different types of refractory products and the fact that the closure of individual production plants does not lead to customer \u2018leakage\u2019. |
Significant estimate: Determination of recoverable amounts of CGUs which include goodwill Management makes use of various estimates and assumptions in determining the cash flow forecasts used to determine the value in use of CGUs to which goodwill is allocated for the annual impairment test. Key assumptions include discount rates used to discount cash flows, the perpetual annuity growth rate, projected revenue and projected EBIT margin of the associated CGU. Changes in these key assumptions may change the headroom or result in impairment losses. For further details on impairment tests for CGUs which include goodwill, refer to Note (17). |
Significant judgement: Supplier finance arrangements In assessing to what extent supplier finance arrangements can be presented within trade payables and other liabilities, the Group has to make certain judgements as to whether the payables subject to supplier finance arrangements are deemed to be part of the working capital used in the Group's normal operating cycle. Also, the Group has in this context to assess the impact of additional securities being provided and/or the significance of the differences in payment terms between the trade payables that are or are not part of the supplier finance arrangements within the Group. |
Significant judgement: Own use exemption on gas and power forward purchase contracts The Group enters into fixed price and quantity forward gas and power contracts to secure the supply for its production process and reduce price volatility. The own use exemption does not require fair value recognition and measurement of the forward purchases and thus volatility in the Consolidated Statement of Profit or Loss can be avoided. The own use exemption requires contracts to be entered into and continued to be held for delivery and usage requirements of the Group. The Group settles most of these forward contracts through physical delivery and does not expect to sell any (unexpected) surplus quantities of either gas or power. Management have judged that these forward purchases based on current and expected future requirements satisfy the own use exemption and have not applied fair value recognition and measurement. However, if surplus quantities of either gas or power are expected to be sold, the corresponding forward contracts are accounted for as derivative financial instruments whose changes in fair value are recognised in the Consolidated Statement of Profit and Loss. |
Significant estimate: Measurement of other provisions The recognition and measurement of other provisions disclosed in Note (30) are based on best estimates using the information available at the reporting date. The estimates take into account the underlying legal or constructive obligation and are performed by internal experts or, when appropriate, also by external experts. Despite the best possible assumptions and estimates, cash outflows expected at the reporting date may deviate from actual cash outflows. As soon as additional information is available, the estimates made are reviewed and provisions are also adjusted. The majority of other provisions refers to an unfavourable contract which was recognised in the course of acquiring the former Magnesita Group and is mainly based on an estimate of foregone profit margins compared to market conditions. Moreover, restructuring provisions and provisions related to the rehabilitation and restoration of the mining sites or for environmental damages are recorded within other provisions. These are subject to measurement uncertainties in terms of the estimated costs to settle the obligation, estimated term until rehabilitation and restoration, discount rate and inflation rate. Changes in these parameters may result in higher or lower provisions. |
Significant estimate: Pension plans and other post-employment benefits classified as defined benefit plans The measurement of defined benefit obligation and plan assets requires use of estimates such as discount rates, mortality rates, salary increases and inflation. These estimates are reviewed and updated when a valuation is performed by third-party experts. Further details of the estimates and assumptions together with sensitivities on changes to assumptions is reflected in Note (29). Changes in these assumptions may result in differences between cash outflows expected at the reporting date and actual cash outflows. |
Significant judgement: Uncertain tax positions Management makes judgements in relation to the recognition of uncertain tax positions concerning current and deferred income taxes. In making judgements, management believes that the tax positions the Group adopts are in line with the applicable legislation and reflect the probable outcome. The tax obligations and receivables, upon audit by the tax authorities at a future date, may differ as a result of differing interpretations. These interpretations may impact the expected timing and quantum of taxes payable and recoverable. |
Significant judgement: Utilisation of tax losses and recognition of other deferred tax assets The Group operates in many countries and is subject to taxes in numerous jurisdictions. Management uses judgement to assess the recoverability of deferred tax assets such as whether there will be sufficient future taxable profits to utilise tax losses. Refer to Note (14) for details on recognised deferred tax assets. |
Significant judgement: Revenue recognition For specific customer contracts with Steel customers with variable payment arrangements where the transaction price depends on the customer\u2019s production output, (e.g. quantity of steel produced) management has determined that the commitment to transfer each of the products and services to the customer is not separately identifiable from the other commitments in the context of such contracts. The customer expects complete refractory management for the agreed product areas in the steel plant in order to enable steel production. Thus, only one performance obligation, being the performance of a management refractory service, exists. Revenue from the delivery of management refractory services is recognised over time and, by applying the practical expedient, corresponds to the amounts that the Group is entitled to invoice to the customer on a regular basis according to the contract terms. |
Customer relationships | 6 to 20 years |
Trade names | 20 years |
Internally generated intangible assets | 4 to 10 years |
Other intangible assets | 3 to 65 years |
Customer relationships | 6 to 20 years |
Trade names | 20 years |
Internally generated intangible assets | 4 to 10 years |
Other intangible assets | 3 to 65 years |
Real estate and buildings | 5 to 60 years |
Technical equipment and machinery | 3 to 63 years |
Other plant, office equipment, furniture and fixtures | 3 to 35 years |
Significant estimate: Useful lives of property, plant and equipment and intangible assets Management uses its experience to estimate the remaining useful life of an asset. The actual useful life of an asset may be impacted by an unexpected event that may result in an adjustment to the carrying amount of the asset. No such events are expected to arise which would have a material impact on carrying values within 12 months from the reporting date. |
Real estate and buildings | 5 to 60 years |
Technical equipment and machinery | 3 to 63 years |
Other plant, office equipment, furniture and fixtures | 3 to 35 years |
Significant judgement: Identification of impairment indicators related to individual items of property, plant and equipment or intangible assets Management reviewed individual items of property, plant and equipment or intangible assets for indicators of impairment. These indicators included both external factors affecting the recoverable amounts, such as laws and regulations in specific countries and global and local economic conditions and internal factors, including but not limited to, useful lives of items of property, plant and equipment or intangible assets, major breakdowns or decisions to divest from certain businesses or abandon investment projects. Based on the impairment indicator review, certain impairment indicators were identified in the reporting period that led to immaterial impairment losses at the level of individual items of property, plant and equipment or intangible assets. Refer to Notes (6), (8), (18) and (19) for details. |
Significant judgement: Determination of CGUs Management determines its cash generating units at operating segment level whereby each CGU comprises a group of assets representing the capacity of multiple production plants needed to meet the customer demand of the respective operating segment. The combination of multiple production plants to a single CGU per operating segment is mainly based on the possibilities of producing similar types of refractory products in multiple production plants facilitating revenue substitution between production plants, the similarities in the production process of the different types of refractory products and the fact that the closure of individual production plants does not lead to customer \u2018leakage\u2019. |
Significant estimate: Determination of recoverable amounts of CGUs which include goodwill Management makes use of various estimates and assumptions in determining the cash flow forecasts used to determine the value in use of CGUs to which goodwill is allocated for the annual impairment test. Key assumptions include discount rates used to discount cash flows, the perpetual annuity growth rate, projected revenue and projected EBIT margin of the associated CGU. Changes in these key assumptions may change the headroom or result in impairment losses. For further details on impairment tests for CGUs which include goodwill, refer to Note (17). |
Significant judgement: Supplier finance arrangements In assessing to what extent supplier finance arrangements can be presented within trade payables and other liabilities, the Group has to make certain judgements as to whether the payables subject to supplier finance arrangements are deemed to be part of the working capital used in the Group's normal operating cycle. Also, the Group has in this context to assess the impact of additional securities being provided and/or the significance of the differences in payment terms between the trade payables that are or are not part of the supplier finance arrangements within the Group. |
Significant judgement: Own use exemption on gas and power forward purchase contracts The Group enters into fixed price and quantity forward gas and power contracts to secure the supply for its production process and reduce price volatility. The own use exemption does not require fair value recognition and measurement of the forward purchases and thus volatility in the Consolidated Statement of Profit or Loss can be avoided. The own use exemption requires contracts to be entered into and continued to be held for delivery and usage requirements of the Group. The Group settles most of these forward contracts through physical delivery and does not expect to sell any (unexpected) surplus quantities of either gas or power. Management have judged that these forward purchases based on current and expected future requirements satisfy the own use exemption and have not applied fair value recognition and measurement. However, if surplus quantities of either gas or power are expected to be sold, the corresponding forward contracts are accounted for as derivative financial instruments whose changes in fair value are recognised in the Consolidated Statement of Profit and Loss. |
Significant judgement: Own use exemption on gas and power forward purchase contracts The Group enters into fixed price and quantity forward gas and power contracts to secure the supply for its production process and reduce price volatility. The own use exemption does not require fair value recognition and measurement of the forward purchases and thus volatility in the Consolidated Statement of Profit or Loss can be avoided. The own use exemption requires contracts to be entered into and continued to be held for delivery and usage requirements of the Group. The Group settles most of these forward contracts through physical delivery and does not expect to sell any (unexpected) surplus quantities of either gas or power. Management have judged that these forward purchases based on current and expected future requirements satisfy the own use exemption and have not applied fair value recognition and measurement. However, if surplus quantities of either gas or power are expected to be sold, the corresponding forward contracts are accounted for as derivative financial instruments whose changes in fair value are recognised in the Consolidated Statement of Profit and Loss. |
Significant estimate: Measurement of other provisions The recognition and measurement of other provisions disclosed in Note (30) are based on best estimates using the information available at the reporting date. The estimates take into account the underlying legal or constructive obligation and are performed by internal experts or, when appropriate, also by external experts. Despite the best possible assumptions and estimates, cash outflows expected at the reporting date may deviate from actual cash outflows. As soon as additional information is available, the estimates made are reviewed and provisions are also adjusted. The majority of other provisions refers to an unfavourable contract which was recognised in the course of acquiring the former Magnesita Group and is mainly based on an estimate of foregone profit margins compared to market conditions. Moreover, restructuring provisions and provisions related to the rehabilitation and restoration of the mining sites or for environmental damages are recorded within other provisions. These are subject to measurement uncertainties in terms of the estimated costs to settle the obligation, estimated term until rehabilitation and restoration, discount rate and inflation rate. Changes in these parameters may result in higher or lower provisions. |
Significant estimate: Pension plans and other post-employment benefits classified as defined benefit plans The measurement of defined benefit obligation and plan assets requires use of estimates such as discount rates, mortality rates, salary increases and inflation. These estimates are reviewed and updated when a valuation is performed by third-party experts. Further details of the estimates and assumptions together with sensitivities on changes to assumptions is reflected in Note (29). Changes in these assumptions may result in differences between cash outflows expected at the reporting date and actual cash outflows. |
Significant estimate: Pension plans and other post-employment benefits classified as defined benefit plans The measurement of defined benefit obligation and plan assets requires use of estimates such as discount rates, mortality rates, salary increases and inflation. These estimates are reviewed and updated when a valuation is performed by third-party experts. Further details of the estimates and assumptions together with sensitivities on changes to assumptions is reflected in Note (29). Changes in these assumptions may result in differences between cash outflows expected at the reporting date and actual cash outflows. |
Significant judgement: Uncertain tax positions Management makes judgements in relation to the recognition of uncertain tax positions concerning current and deferred income taxes. In making judgements, management believes that the tax positions the Group adopts are in line with the applicable legislation and reflect the probable outcome. The tax obligations and receivables, upon audit by the tax authorities at a future date, may differ as a result of differing interpretations. These interpretations may impact the expected timing and quantum of taxes payable and recoverable. |
Significant judgement: Utilisation of tax losses and recognition of other deferred tax assets The Group operates in many countries and is subject to taxes in numerous jurisdictions. Management uses judgement to assess the recoverability of deferred tax assets such as whether there will be sufficient future taxable profits to utilise tax losses. Refer to Note (14) for details on recognised deferred tax assets. |
Significant judgement: Revenue recognition For specific customer contracts with Steel customers with variable payment arrangements where the transaction price depends on the customer\u2019s production output, (e.g. quantity of steel produced) management has determined that the commitment to transfer each of the products and services to the customer is not separately identifiable from the other commitments in the context of such contracts. The customer expects complete refractory management for the agreed product areas in the steel plant in order to enable steel production. Thus, only one performance obligation, being the performance of a management refractory service, exists. Revenue from the delivery of management refractory services is recognised over time and, by applying the practical expedient, corresponds to the amounts that the Group is entitled to invoice to the customer on a regular basis according to the contract terms. |
\u00a0 | 31.12.2025 | 31.12.2024 |
\u200bPrice level\u00a0 | 10,067.71 | 7,694.01 |
\u200bIndex movement (in %) | 31 | 118 |
\u00a0 | \u00a0 | Closing rate | Average rate1) | ||
Currencies | 1 \u20ac = | 31.12.2025 | 31.12.2024 | 2025 | 2024 |
Brazilian Real | BRL | 6.56 | 6.46 | 6.29 | 5.79 |
Canadian Dollar | CAD | 1.61 | 1.50 | 1.57 | 1.48 |
Chinese Renminbi Yuan | CNY | 8.24 | 7.61 | 8.06 | 7.79 |
Indian Rupee | INR | 105.96 | 89.11 | 97.49 | 90.68 |
US Dollar | USD | 1.18 | 1.04 | 1.12 | 1.09 |
\u00a0 | 31.12.2025 | 31.12.2024 |
\u200bPrice level\u00a0 | 10,067.71 | 7,694.01 |
\u200bIndex movement (in %) | 31 | 118 |
in \u20ac million | Europe & CIS | North America | Latin America | China & East Asia | India | Middle East, T\u00fcrkiye and Africa | Minerals | Group 2025 |
Revenue | 727 | 863 | 536 | 377 | 441 | 342 | 80 | 3,366 |
Cost of sales | (576) | (614) | (389) | (302) | (377) | (264) | (72) | (2,594) |
Gross profit | 151 | 249 | 147 | 75 | 64 | 78 | 8 | 772 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
EBIT | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 223 |
Net finance costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (95) |
Profit before income tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 128 |
in \u20ac million | Europe & CIS | North America | Latin America | China & East Asia | India | Middle East, T\u00fcrkiye and Africa | Minerals | Group 2024 |
Revenue | 829 | 709 | 617 | 425 | 458 | 384 | 65 | 3,487 |
Cost of sales | (651) | (490) | (427) | (335) | (380) | (286) | (59) | (2,628) |
Gross profit | 178 | 219 | 190 | 90 | 78 | 98 | 6 | 859 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
EBIT | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 242 |
Net finance costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (42) |
Profit before income tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 200 |
in \u20ac million | 2025 | 2024 |
Europe & CIS | (32) | (33) |
North America | (29) | (31) |
Latin America | (29) | (33) |
China & East Asia | (17) | (16) |
India | (8) | (7) |
Middle East, T\u00fcrkiye and Africa | (12) | (12) |
Minerals | (4) | (4) |
Depreciation | (131) | (136) |
in \u20ac million | 2025 | 2024 |
Shaped refractory products | 1,551 | 1,708 |
Unshaped refractory products | 847 | 822 |
Functional refractory products | 521 | 515 |
Services | 137 | 158 |
Other products | 310 | 284 |
Revenue | 3,366 | 3,487 |
in \u20ac million | 2025 | 2024 |
The Netherlands | 10 | 15 |
USA | 742 | 584 |
India | 436 | 445 |
Brazil | 328 | 353 |
China | 229 | 260 |
Other countries | 1,621 | 1,830 |
Revenue | 3,366 | 3,487 |
in \u20ac million | 31.12.2025 | 31.12.2024 |
USA | 542 | 235 |
Brazil | 386 | 407 |
Austria | 329 | 343 |
India | 324 | 392 |
Germany | 199 | 205 |
China | 162 | 188 |
Other countries | 247 | 274 |
Goodwill, intangible assets and property, plant and equipment | 2,189 | 2,044 |
in \u20ac million | 2025 | 2024 |
Restructuring (expenses) | (45) | (32) |
Restructuring income | 1 | 8 |
Restructuring (expenses) - net | (44) | (24) |
in \u20ac million | 2025 | 2024 |
Net amortisation of Oberhausen provision | 10 | 14 |
Gains from the disposal of non-current assets | 0 | 6 |
Miscellaneous income | 14 | 18 |
Other income | 24 | 38 |
in \u20ac million | 2025 | 2024 |
Expenses for strategic projects | (73) | (75) |
Impairment of property, plant and equipment and intangible assets | 0 | (37) |
Losses from the disposal of non-current assets | (1) | (3) |
Miscellaneous expenses | (4) | (24) |
Other expenses | (78) | (139) |
in \u20ac million | 2025 | 2024 |
Net amortisation of Oberhausen provision | 10 | 14 |
Gains from the disposal of non-current assets | 0 | 6 |
Miscellaneous income | 14 | 18 |
Other income | 24 | 38 |
in \u20ac million | 2025 | 2024 |
Expenses for strategic projects | (73) | (75) |
Impairment of property, plant and equipment and intangible assets | 0 | (37) |
Losses from the disposal of non-current assets | (1) | (3) |
Miscellaneous expenses | (4) | (24) |
Other expenses | (78) | (139) |
in \u20ac million | 2025 | 2024 |
Cost of materials | (1,339) | (1,352) |
Personnel costs | (791) | (806) |
Energy costs | (215) | (225) |
Freight expenses | (197) | (201) |
Depreciation and amortisation | (183) | (175) |
External services | (171) | (173) |
Write-down expenses | (2) | (42) |
Changes in inventories, own work capitalised | 1 | (11) |
Other income and expenses | (246) | (260) |
Total expenses | (3,143) | (3,245) |
in \u20ac million | Right-of-use assets land and buildings | Right-of-use assets technical equipment and machinery | Right-of-use assets other equipment, furniture and fixtures | Total |
Cost at 31.12.2024 | 102 | 26 | 19 | 147 |
Currency translation | (6) | (1) | 0 | (7) |
Additions | 4 | 1 | 3 | 8 |
Initial consolidation and PPA finalisation | 0 | 0 | 1 | 1 |
Retirements and disposals | (8) | (14) | (4) | (26) |
Cost at 31.12.2025 | 92 | 12 | 19 | 123 |
Accumulated depreciation 31.12.2024 | 37 | 18 | 9 | 64 |
Currency translation | (1) | 0 | 0 | (1) |
Depreciation | 11 | 3 | 5 | 19 |
Retirements and disposals | (8) | (14) | (3) | (25) |
Accumulated depreciation 31.12.2025 | 39 | 7 | 11 | 57 |
Carrying amounts at 31.12.2025 | 53 | 5 | 8 | 66 |
in \u20ac million | Right-of-use assets land and buildings | Right-of-use assets technical equipment and machinery | Right-of-use assets other equipment, furniture and fixtures | Total |
Cost at 31.12.2023 | 91 | 30 | 13 | 134 |
Currency translation | (1) | (2) | 0 | (3) |
Additions | 17 | 3 | 9 | 29 |
Retirements and disposals | (5) | (5) | (3) | (13) |
Cost at 31.12.2024 | 102 | 26 | 19 | 147 |
Accumulated depreciation 31.12.2023 | 30 | 20 | 7 | 57 |
Currency translation | 0 | (2) | (1) | (3) |
Depreciation | 12 | 5 | 5 | 22 |
Retirements and disposals | (5) | (5) | (2) | (12) |
Accumulated depreciation 31.12.2024 | 37 | 18 | 9 | 64 |
Carrying amounts at 31.12.2024 | 65 | 8 | 10 | 83 |
in \u20ac million | 2025 | 2024 |
Wages and salaries | (604) | (634) |
Social security contribution | (122) | (121) |
Fringe benefits | (38) | (32) |
Pension and other post-employment benefits | \u00a0 | \u00a0 |
Defined contribution plans | (12) | (12) |
Defined benefit plans | (4) | (4) |
Other expenses termination benefits | (11) | (3) |
Personnel expenses (without interest expenses) | (791) | (806) |
\u00a0 | 2025 | 2024 |
Salaried employees | 7,170 | 7,426 |
Waged workers | 8,763 | 8,626 |
Number of employees on annual average | 15,933 | 16,052 |
\u00a0 | 2025 | 2024 |
Europe & CIS | 4,569 | 5,000 |
North America | 1,405 | 971 |
Latin America | 4,795 | 5,054 |
China & East Asia | 2,130 | 1,887 |
India | 2,518 | 2,566 |
Middle East, T\u00fcrkiye and Africa | 516 | 575 |
Number of employees on annual average | 15,933 | 16,052 |
in \u20ac million | 31.12.2025 | 31.12.2024 |
Present value of pension obligations | 318 | 377 |
Fair value of plan assets | (147) | (182) |
Deficit of funded plans | 171 | 195 |
Asset ceiling and funding obligations | 9 | 5 |
Net liability from pension obligations | 180 | 200 |
Overfunded pension plans | (1) | (1) |
Other pension plans | 181 | 201 |
in \u20ac million | 31.12.2025 | 31.12.2024 |
Active beneficiaries | 60 | 62 |
Vested terminated beneficiaries | 20 | 41 |
Retirees | 238 | 274 |
Present value of pension obligations | 318 | 377 |
in % | 31.12.2025 | 31.12.2024 |
Interest rate | \u00a0 | \u00a0 |
Austria and Germany | 4.0% | 3.4% |
Brazil | 11.8% | 12.2% |
USA | 5.3% | 5.5% |
Future salary increase | \u00a0 | \u00a0 |
Austria | 2.1% | 2.7% |
Germany | 2.5% | 2.5% |
Brazil | 5.6% | 5.8% |
USA | 3.3% | 3.3% |
Future pension increase | \u00a0 | \u00a0 |
Austria | 2.5% | 3.3% |
Germany | 2.0% | 2.0% |
Brazil | 4.0% | 4.3% |
USA | 2.0% | 2.0% |
in \u20ac million | 2025 | 2024 |
Net liability from pension obligations at beginning of year | 200 | 240 |
Currency translation | 0 | (5) |
Additions initial consolidation | 1 | 0 |
Pension cost | 11 | 12 |
Remeasurement (gains) | (10) | (25) |
Benefits paid | (18) | (19) |
Employers' contributions to external funds | (4) | (3) |
Net liability from pension obligations at year-end | 180 | 200 |
in \u20ac million | 2025 | 2024 |
Present value of pension obligations at beginning of year | 377 | 421 |
Currency translation | (10) | (5) |
Additions initial consolidation | 10 | 0 |
Current service cost | 1 | 2 |
Interest cost | 18 | 18 |
Remeasurement (gains) | \u00a0 | \u00a0 |
from changes in demographic assumptions | 0 | 0 |
from changes in financial assumptions | (9) | (25) |
due to experience adjustments | (2) | (3) |
Benefits paid | (33) | (32) |
Settlements | (34) | 0 |
Employee contributions to external funds | 1 | 1 |
Plan amendments | (1) | 0 |
Present value of pension obligations at year-end | 318 | 377 |
in \u20ac million | 2025 | 2024 |
Fair value of plan assets at beginning of year | 182 | 186 |
Currency translation | (10) | 0 |
Additions initial consolidation | 9 | 0 |
Interest income | 9 | 9 |
Administrative costs (paid from plan assets) | (1) | 0 |
Gains/(losses) on plan assets less interest income | 2 | (3) |
Benefits paid | (15) | (14) |
Settlements | (34) | 0 |
Employers' contributions to external funds | 4 | 3 |
Employee contributions to external funds | 1 | 1 |
Fair value of plan assets at year-end | 147 | 182 |
in \u20ac million | 2025 | 2024 |
Asset ceiling and funding obligations at beginning of year | 5 | 5 |
(Gains)/losses from changes in asset ceiling less interest expense | (4) | 0 |
Additional liability arising from minimum funding requirement | 8 | 0 |
Asset ceiling and funding obligations at year-end | 9 | 5 |
in \u20ac million | 2025 | 2024 |
Current service cost | 1 | 2 |
Interest cost | 18 | 19 |
Interest income | (9) | (9) |
Administrative costs (paid from plan assets) | 1 | 0 |
Pension expense recognised in profit or loss | 11 | 12 |
in \u20ac million | 2025 | 2024 |
Accumulated remeasurement losses at beginning of year | 93 | 118 |
Remeasurement (gains) on present value of pension obligations | (11) | (28) |
(Gains)/losses on plan assets less interest income | (2) | 3 |
Losses from changes in asset ceiling and funding obligations less interest expense | 4 | 0 |
Accumulated remeasurement losses at year-end | 84 | 93 |
\u00a0 | 31.12.2025 | 31.12.2024 | ||||
in \u20ac million | Active market | No active market | Total | Active market | No active market | Total |
Insurances | 5 | 37 | 42 | 0 | 73 | 73 |
Equity instruments | 46 | 0 | 46 | 46 | 0 | 46 |
Debt instruments | 40 | 2 | 42 | 41 | 1 | 42 |
Cash and cash equivalents | 7 | 0 | 7 | 12 | 0 | 12 |
Other assets | 7 | 3 | 10 | 9 | 0 | 9 |
Fair value of plan assets | 105 | 42 | 147 | 108 | 74 | 182 |
\u00a0 | \u00a0 | 31.12.2025 | 31.12.2024 | ||
in \u20ac million | Change of assumption in percentage points or years | Pension plans | Termination benefits | Pension plans | Termination benefits |
Present value of the obligations | \u00a0 | 318 | 33 | 377 | 39 |
Interest rate | +0.25 | (7) | (1) | (9) | (1) |
\u00a0 | (0.25) | 8 | 1 | 10 | 1 |
Salary increase | +0.25 | 0 | 1 | 1 | 1 |
\u00a0 | (0.25) | 0 | (1) | (1) | (1) |
Pension increase | +0.25 | 6 | \u00a0 | 6 | \u00a0 |
\u00a0 | (0.25) | (5) | \u00a0 | (7) | \u00a0 |
Life expectancy | + 1 year | 11 | \u00a0 | 6 | \u00a0 |
\u00a0 | (1) year | (10) | \u00a0 | (5) | \u00a0 |
in \u20ac million | 31.12.2025 | 31.12.2024 |
Termination benefits | 31 | 35 |
Service anniversary bonuses | 18 | 20 |
Semi-retirements | 3 | 4 |
Other personnel provisions | 52 | 59 |
in % | 31.12.2025 | 31.12.2024 |
Interest rate | 4.0% | 3.4% |
Future salary increase | 2.6% | 3.4% |
in \u20ac million | 2025 | 2024 |
Provisions for termination benefits at beginning of year | 35 | 34 |
Current service cost | 2 | 1 |
Interest cost | 1 | 1 |
Remeasurement (gains)/losses | (4) | 1 |
Benefits paid | (3) | (2) |
Provisions for termination benefits at year-end | 31 | 35 |
in \u20ac million | 2025 | 2024 |
Accumulated remeasurement losses at beginning of year | 19 | 18 |
Remeasurement (gains)/losses | (4) | 1 |
Accumulated remeasurement losses at year-end | 15 | 19 |
in \u20ac million | 31.12.2025 | 31.12.2024 |
Present value of semi-retirement obligations | 4 | 5 |
Fair value of plan assets | (1) | (1) |
Provisions for semi-retirement obligations | 3 | 4 |
\u00a0 | 2025 | 2024 |
Salaried employees | 7,170 | 7,426 |
Waged workers | 8,763 | 8,626 |
Number of employees on annual average | 15,933 | 16,052 |
\u00a0 | 2025 | 2024 |
Europe & CIS | 4,569 | 5,000 |
North America | 1,405 | 971 |
Latin America | 4,795 | 5,054 |
China & East Asia | 2,130 | 1,887 |
India | 2,518 | 2,566 |
Middle East, T\u00fcrkiye and Africa | 516 | 575 |
Number of employees on annual average | 15,933 | 16,052 |
in \u20ac million | 2025 | 2024 |
Foreign exchange (losses)/gains | (35) | 30 |
Gains/(Losses) on forward exchange contracts and derivatives in open orders | 18 | (18) |
Gain/(Loss) on net monetary position | 1 | (1) |
Net (expense)/income on foreign exchange effects | (16) | 11 |
31.12.2025 in \u20ac million | USD | EUR | TRY | ZAR | GBP | Other | Total |
Financial assets | 494 | 59 | 18 | 12 | 3 | 14 | 600 |
Financial liabilities | (463) | (44) | (5) | 0 | (29) | (9) | (550) |
Net foreign currency position | 31 | 15 | 13 | 12 | (26) | 5 | 50 |
31.12.2024 in \u20ac million | USD | EUR | ZAR | TRY | Other | Total |
Financial assets | 579 | 82 | 11 | 22 | 15 | 709 |
Financial liabilities | (426) | (44) | 0 | (6) | (20) | (496) |
Net foreign currency position | 153 | 38 | 11 | 16 | (5) | 213 |
\u00a0 | Appreciation of 10% | Devaluation of 10% | ||
31.12.2025 in \u20ac million | (Loss)/gain | Equity | Gain/(loss) | Equity |
USD | (3) | (2) | 3 | 2 |
EUR | (1) | 4 | 1 | (4) |
TRY | (1) | (1) | 1 | 1 |
ZAR | (1) | (1) | (3) | (3) |
GBP | 2 | 2 | 1 | 1 |
Other currencies | (4) | 1 | 5 | (1) |
\u00a0 | Appreciation of 10% | Devaluation of 10% | ||
31.12.2024 in \u20ac million | (Loss)/gain | Equity | Gain/(loss) | Equity |
USD | (14) | (14) | 17 | 17 |
EUR | (3) | 1 | 4 | (1) |
ZAR | (1) | (1) | 1 | 1 |
TRY | (1) | (1) | 2 | 2 |
Other currencies | 0 | 0 | (1) | (1) |
in \u20ac million | 2025 | 20241) |
Net interest expense relating to net employee defined benefit liabilities | (11) | (12) |
Costs related with the trade receivables factoring program | (11) | (10) |
Unwinding of discount of provisions and payables | (6) | (7) |
Interest (expense) on supplier finance arrangements and transaction costs | (5) | (1) |
Interest (expense)/income on liabilities to fixed-term or puttable non-controlling interests | (2) | 1 |
Interest expense on lease liabilities | (3) | (3) |
Remeasurement gains on liabilities to fixed-term or puttable non-controlling interests | 10 | 21 |
Other interest and similar income and expenses | (5) | (3) |
Other net financial expenses | (33) | (14) |
in \u20ac million | 2025 | 2024 |
Current tax expense | (45) | (51) |
Deferred tax (expense)/income relating to | \u00a0 | \u00a0 |
temporary differences | (6) | (4) |
tax loss carryforwards | 17 | 9 |
\u00a0 | 11 | 5 |
Income tax | (34) | (46) |
in \u20ac million | 2025 | 2024 |
Profit before income tax | 128 | 200 |
Income tax expense calculated at 23% (2024: 23%) | 29 | 46 |
Different foreign tax rates | 12 | 8 |
Expenses not deductible and additions to tax base, non-creditable taxes | 20 | 22 |
Non-taxable income and tax benefits | (24) | (30) |
Tax losses and temporary differences of the financial year not recognised | 4 | 5 |
Change in write-down of deferred tax assets | 3 | 0 |
Utilisation of previously unrecognised loss carryforwards and temporary differences | 0 | (5) |
Deferred tax expense due to tax rate changes | 0 | 1 |
Deferred income tax relating to previous periods | (8) | 4 |
Current income tax relating to prior periods | (2) | (5) |
Recognised tax expense | 34 | 46 |
Effective tax rate (in %) | 26.6% | 23.1% |
\u00a0 | 31.12.2025 | 2025 | 31.12.2024 | 2024 | ||
in \u20ac million | Deferred tax assets | Deferred tax liabilities | (Expense)/Income | Deferred tax assets | Deferred tax liabilities | (Expense)/Income |
Property, plant and equipment, intangible assets | 27 | 142 | 12 | 28 | 107 | 8 |
Inventories | 28 | 8 | 3 | 26 | 10 | 4 |
Trade receivables, other assets | 14 | 11 | 8 | 14 | 22 | (10) |
Net employee defined benefit liabilities | 30 | 1 | (3) | 35 | 0 | (1) |
Other provisions | 19 | 0 | (4) | 23 | 0 | (2) |
Trade payables, other liabilities | 21 | 4 | (22) | 39 | 5 | (3) |
Tax loss carried forward | 99 | 0 | 17 | 67 | 0 | 9 |
Offsetting | (75) | (75) | 0 | (80) | (80) | 0 |
Deferred taxes | 163 | 91 | 11 | 152 | 64 | 5 |
in \u20ac million | 31.12.2025 | 31.12.2024 |
Country | \u00a0 | \u00a0 |
Brazil | 51 | 51 |
China | 52 | 37 |
UK | 6 | 6 |
Dubai | 3 | 4 |
Germany | 19 | 6 |
France | 5 | 5 |
Others | 0 | 3 |
Total | 136 | 112 |
in \u20ac million | 31.12.2025 | 31.12.2024 |
Year of expiry | \u00a0 | \u00a0 |
2025 | 0 | 1 |
2026 | 2 | 2 |
2027 | 9 | 10 |
2028 | 5 | 6 |
2029 | 27 | 19 |
2030 or later | 9 | 0 |
Not subject to expiration | 84 | 74 |
Total unrecognised tax losses | 136 | 112 |
\u00a0 | 2025 | 2024 |
Profit after income tax attributable to RHI Magnesita N.V. shareholders (in \u20ac million) | 86 | 142 |
Weighted average number of shares for basic EPS | 47,271,556 | 47,170,570 |
Effects of dilution from share options | 1,306,061 | 1,154,648 |
Weighted average number of shares for dilutive EPS | 48,577,617 | 48,325,218 |
Earnings per share basic (in \u20ac) | 1.82 | 3.01 |
Earnings per share diluted (in \u20ac) | 1.77 | 2.94 |
in \u20ac million | 2025 | 2024 |
Carrying amount at beginning of year | 342 | 339 |
Business combinations (see Note (40)) | 103 | 3 |
Currency translation | (43) | (3) |
Hyperinflation adjustment | 1 | 3 |
Carrying amount at year-end | 403 | 342 |
\u00a0 | 2025 | ||
\u00a0 | Discount rate before Tax | Perpetual annuity growth rate | Goodwill in \u20ac million |
Europe & CIS | 9.4% | 0.5% | 31 |
North America | 10.0% | 1.0% | 240 |
Latin America | 12.5% | 0.0% | 61 |
China & East Asia | 9.8% | 1.0% | 8 |
India | 10.5% | 4.0% | 29 |
Middle East, T\u00fcrkiye and Africa | 11.0% | 1.0% | 34 |
\u00a0 | 2024 | ||
\u00a0 | Discount rate before Tax | Perpetual annuity growth rate | Goodwill in \u20ac million |
Steel - Linings | 9.7% | 0.9% | 218 |
Steel - Flow Control | 10.3% | 0.9% | 67 |
Industrial - Cement & Lime | 10.7% | 0.9% | 56 |
\u00a0 | 2025 | ||
\u00a0 | Discount rate before Tax | Perpetual annuity growth rate | Goodwill in \u20ac million |
Europe & CIS | 9.4% | 0.5% | 31 |
North America | 10.0% | 1.0% | 240 |
Latin America | 12.5% | 0.0% | 61 |
China & East Asia | 9.8% | 1.0% | 8 |
India | 10.5% | 4.0% | 29 |
Middle East, T\u00fcrkiye and Africa | 11.0% | 1.0% | 34 |
\u00a0 | 2024 | ||
\u00a0 | Discount rate before Tax | Perpetual annuity growth rate | Goodwill in \u20ac million |
Steel - Linings | 9.7% | 0.9% | 218 |
Steel - Flow Control | 10.3% | 0.9% | 67 |
Industrial - Cement & Lime | 10.7% | 0.9% | 56 |
in \u20ac million | Trade receivables and contract assets | |||||
31.12.2025 | not past due | less than 30 days | more than 31 days | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Total |
Expected credit loss rate in % | 0.03 - 0.47% | 0.08-1.07% | 0.57 - 85.33% | \u00a0 | \u00a0 | \u00a0 |
Gross carrying amount invoiced | 305 | 19 | 9 | 333 | 106 | 439 |
Lifetime expected credit loss | (1) | 0 | 0 | (1) | \u00a0 | (1) |
Valuation allowance - credit impaired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (42) | (42) |
Carrying amount with either expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 396 |
Carrying amount without expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 55 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 451 |
in \u20ac million | Trade receivables and contract assets | |||||
31.12.2024 | not past due | less than 30 days | more than 31 days | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Total |
Expected credit loss rate in % | 0.03 - 0.54% | 0.09-1.24% | 0.77 - 85.52% | \u00a0 | \u00a0 | \u00a0 |
Gross carrying amount invoiced | 372 | 25 | 19 | 416 | 122 | 538 |
Lifetime expected credit loss | (1) | 0 | 0 | (1) | \u00a0 | (1) |
Valuation allowance - credit impaired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (47) | (47) |
Carrying amount with either expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 490 |
Carrying amount without expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 43 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 533 |
in \u20ac million | Mining rights | Customer relationships | Internally generated intangible assets | Trade names | Other intangible assets | Prepayments made and intangible assets under construction | Total |
Cost at 31.12.2024 | 145 | 285 | 90 | 1 | 157 | 16 | 694 |
Currency translation | (11) | (48) | 0 | (3) | (5) | (1) | (68) |
Additions | 0 | 0 | 4 | 0 | 3 | 0 | 7 |
Initial consolidation and PPA finalisation | 12 | 183 | 0 | 23 | 7 | 0 | 225 |
Retirements and disposals | (10) | 0 | 0 | 0 | (2) | 0 | (12) |
Reclassifications | 0 | 0 | 2 | 0 | 11 | (3) | 10 |
Cost at 31.12.2025 | 136 | 420 | 96 | 21 | 171 | 12 | 856 |
Accumulated amortisation 31.12.2024 | 18 | 84 | 63 | 0 | 112 | 0 | 277 |
Currency translation | (1) | (8) | 0 | 0 | (2) | 0 | (11) |
Amortisation | 2 | 32 | 5 | 1 | 12 | 0 | 52 |
Retirements and disposals | 0 | 0 | 0 | 0 | (2) | 0 | (2) |
Accumulated amortisation 31.12.2025 | 19 | 108 | 68 | 1 | 120 | 0 | 316 |
Carrying amounts at 31.12.2025 | 117 | 312 | 28 | 20 | 51 | 12 | 540 |
in \u20ac million | Mining rights | Customer relationships | Internally generated intangible assets | Other intangible assets | Prepayments made and intangible assets under construction | Total |
Cost at 31.12.2023 | 152 | 284 | 87 | 170 | 22 | 715 |
Currency translation | (10) | 3 | (1) | 0 | 0 | (8) |
Additions | 0 | 0 | 5 | 1 | 0 | 6 |
Initial consolidation and PPA finalisation | 0 | (2) | 0 | 0 | 0 | (2) |
Retirements and disposals | 0 | 0 | (1) | (16) | 0 | (17) |
Reclassifications | 3 | 0 | 0 | 3 | (6) | 0 |
Cost at 31.12.2024 | 145 | 285 | 90 | 158 | 16 | 694 |
Accumulated amortisation 31.12.2023 | 17 | 64 | 53 | 111 | 0 | 245 |
Currency translation | (1) | 0 | 0 | (1) | 0 | (2) |
Amortisation | 2 | 20 | 3 | 14 | 0 | 39 |
Impairment losses | 0 | 0 | 7 | 0 | 0 | 7 |
Retirements and disposals | 0 | 0 | 0 | (12) | 0 | (12) |
Accumulated amortisation 31.12.2024 | 18 | 84 | 63 | 112 | 0 | 277 |
Carrying amounts at 31.12.2024 | 127 | 201 | 27 | 46 | 16 | 417 |
in \u20ac million | Remaining useful life in years | 31.12.2025 Net book value | 31.12.2024 Net book value |
Mining rights | \u00a0 | \u00a0 | \u00a0 |
Brazil | 48 | 61 | 63 |
US | 45 | 54 | 61 |
Customer relationships | \u00a0 | \u00a0 | \u00a0 |
Resco Group | 10-12 | 149 | 0 |
RHI Magnesita India Refractories Ltd and RHI Magnesita Seven Refractories Ltd | 7-17 | 70 | 91 |
Former Magnesita Group | 3-7 | 39 | 48 |
Seven Refractories Group | 13 | 19 | 21 |
RHI Magnesita India | 17 | 17 | 21 |
Land use rights | 10-52 | 18 | 20 |
Trade names | 19 | 20 | 0 |
in \u20ac million | Real estate, land and buildings | Technical equipment, machinery | Other plant, furniture and fixtures | Prepayments made and plant under construction | Right-of-use assets | Total |
Cost at 31.12.2024 | 751 | 1,277 | 407 | 136 | 147 | 2,718 |
Currency translation | (27) | (43) | (8) | (3) | (7) | (88) |
Additions | 8 | 8 | 6 | 78 | 8 | 108 |
Initial consolidation and PPA finalisation | 31 | 37 | 0 | 2 | 1 | 71 |
Retirements and disposals | (31) | (51) | (16) | (7) | (26) | (131) |
Reclassifications | 6 | 48 | 22 | (90) | 0 | (14) |
Cost at 31.12.2025 | 738 | 1,276 | 411 | 116 | 123 | 2,664 |
Accumulated depreciation 31.12.2024 | 295 | 789 | 259 | 26 | 64 | 1,433 |
Currency translation | (5) | (22) | (5) | 0 | (1) | (33) |
Depreciation | 22 | 59 | 31 | 0 | 19 | 131 |
Impairment losses | 0 | 1 | 0 | 0 | 0 | 1 |
Retirements and disposals | (25) | (47) | (15) | (2) | (25) | (114) |
Accumulated depreciation 31.12.2025 | 287 | 780 | 270 | 24 | 57 | 1,418 |
Carrying amounts at 31.12.2025 | 451 | 496 | 141 | 92 | 66 | 1,246 |
in \u20ac million | Real estate, land and buildings | Technical equipment, machinery | Other plant, furniture and fixtures | Prepayments made and plant under construction | Right-of-use assets | Total |
Cost at 31.12.2023 | 758 | 1,231 | 417 | 267 | 134 | 2,807 |
Currency translation | (13) | (10) | (9) | (25) | (3) | (60) |
Additions1) | 6 | 49 | 9 | 68 | 29 | 161 |
Initial consolidation and PPA finalisation | 5 | (2) | 0 | (1) | 0 | 2 |
Retirements and disposals | (31) | (97) | (42) | (6) | (13) | (189) |
Reclassifications | 26 | 106 | 32 | (167) | 0 | (3) |
Cost at 31.12.2024 | 751 | 1,277 | 407 | 136 | 147 | 2,718 |
Accumulated depreciation 31.12.2023 | 304 | 814 | 271 | 1 | 57 | 1,447 |
Currency translation | (1) | (2) | (3) | (1) | (3) | (10) |
Depreciation | 21 | 61 | 32 | 0 | 22 | 136 |
Impairment losses | 0 | 9 | 0 | 26 | 0 | 35 |
Retirements and disposals | (29) | (93) | (41) | 0 | (12) | (175) |
Accumulated depreciation 31.12.2024 | 295 | 789 | 259 | 26 | 64 | 1,433 |
Carrying amounts at 31.12.2024 | 456 | 488 | 148 | 110 | 83 | 1,285 |
in \u20ac million | Right-of-use assets land and buildings | Right-of-use assets technical equipment and machinery | Right-of-use assets other equipment, furniture and fixtures | Total |
Cost at 31.12.2024 | 102 | 26 | 19 | 147 |
Currency translation | (6) | (1) | 0 | (7) |
Additions | 4 | 1 | 3 | 8 |
Initial consolidation and PPA finalisation | 0 | 0 | 1 | 1 |
Retirements and disposals | (8) | (14) | (4) | (26) |
Cost at 31.12.2025 | 92 | 12 | 19 | 123 |
Accumulated depreciation 31.12.2024 | 37 | 18 | 9 | 64 |
Currency translation | (1) | 0 | 0 | (1) |
Depreciation | 11 | 3 | 5 | 19 |
Retirements and disposals | (8) | (14) | (3) | (25) |
Accumulated depreciation 31.12.2025 | 39 | 7 | 11 | 57 |
Carrying amounts at 31.12.2025 | 53 | 5 | 8 | 66 |
in \u20ac million | Right-of-use assets land and buildings | Right-of-use assets technical equipment and machinery | Right-of-use assets other equipment, furniture and fixtures | Total |
Cost at 31.12.2023 | 91 | 30 | 13 | 134 |
Currency translation | (1) | (2) | 0 | (3) |
Additions | 17 | 3 | 9 | 29 |
Retirements and disposals | (5) | (5) | (3) | (13) |
Cost at 31.12.2024 | 102 | 26 | 19 | 147 |
Accumulated depreciation 31.12.2023 | 30 | 20 | 7 | 57 |
Currency translation | 0 | (2) | (1) | (3) |
Depreciation | 12 | 5 | 5 | 22 |
Retirements and disposals | (5) | (5) | (2) | (12) |
Accumulated depreciation 31.12.2024 | 37 | 18 | 9 | 64 |
Carrying amounts at 31.12.2024 | 65 | 8 | 10 | 83 |
in \u20ac million | 31.12.2025 | 31.12.2024 |
Prepayments related to the acquisition of Resco Group | 0 | 46 |
Deferred mine stripping costs | 12 | 13 |
Tax receivables | 10 | 11 |
Other non-current assets | 7 | 6 |
Other assets | 29 | 76 |
in \u20ac million | 31.12.2025 | 31.12.2024 |
Raw materials and supplies | 255 | 264 |
Work in progress | 208 | 215 |
Finished products and goods | 460 | 464 |
Prepayments made | 8 | 14 |
Emission rights | 1 | 5 |
Inventories | 932 | 962 |
in \u20ac million | 31.12.2025 | 31.12.2024 |
Trade receivables | 445 | 530 |
Contract assets | 6 | 3 |
Other tax receivables | 85 | 87 |
Prepaid expenses | 11 | 9 |
Other current receivables | 29 | 31 |
Trade and other current receivables | 576 | 660 |
thereof financial assets | 451 | 533 |
thereof non-financial assets | 125 | 127 |
in \u20ac million | 31.12.2025 | 31.12.2024 |
Cash at banks and in hand | 288 | 530 |
Money market funds | 67 | 46 |
Cash and cash equivalents | 355 | 576 |
in \u20ac million | 31.12.2025 | 31.12.2024 |
Non-current assets | 359 | 432 |
Current assets | 248 | 260 |
Non-current liabilities | (22) | (24) |
Current liabilities | (114) | (123) |
Net assets before intragroup eliminations | 471 | 545 |
Intragroup eliminations | 0 | (1) |
Net assets | 471 | 544 |
\u00a0 | \u00a0 | \u00a0 |
Carrying amount of non-controlling interests | 139 | 162 |
in \u20ac million | 2025 | 2024 |
Revenue | 454 | 430 |
Operating expenses, net finance costs and income tax | (437) | (406) |
Profit after income tax before intragroup eliminations | 17 | 24 |
Intragroup eliminations | 1 | 1 |
Profit after income tax | 18 | 25 |
thereof attributable to non-controlling interests | 8 | 11 |
in \u20ac million | 2025 | 2024 |
Profit after income tax | 18 | 24 |
Other comprehensive (expense)/income | (117) | 26 |
Total comprehensive income | (99) | 50 |
thereof attributable to non-controlling interests | (43) | 22 |
in \u20ac million | 2025 | 2024 |
Net cash flow from operating activities | 43 | 38 |
Net cash flow from investing activities | (13) | (13) |
Net cash flow from financing activities | (8) | (26) |
Total cash flow | 22 | (1) |
\u00a0 | Total | \u00a0 | |
in \u20ac million | 31.12.2025 | Current | Non-current |
Syndicated & Term Loan | 1,034 | 113 | 921 |
Bonded loans (\"Schuldscheindarlehen\") | 721 | 285 | 436 |
Other credit lines and other loans | 27 | 26 | 1 |
Total liabilities to financial institutions | 1,782 | 424 | 1,358 |
Other financial liabilities | 6 | 1 | 5 |
Capitalised transaction costs | (2) | (1) | (1) |
Borrowings | 1,786 | 424 | 1,362 |
\u00a0 | Total | \u00a0 | |
in \u20ac million | 31.12.2024 | Current | Non-current |
Syndicated & Term Loan | 976 | 233 | 743 |
Bonded loans (\"Schuldscheindarlehen\") | 720 | 0 | 720 |
Other credit lines and other loans | 44 | 42 | 2 |
Total liabilities to financial institutions | 1,740 | 275 | 1,465 |
Other financial liabilities | 11 | 1 | 10 |
Capitalised transaction costs | (1) | 0 | (1) |
Borrowings | 1,750 | 276 | 1,474 |
Interest terms fixed until | Effective annual interest rate | Currency | 31.12.2025 Carrying amount in \u20ac million | Interest terms fixed until | Effective annual interest rate | Currency | 31.12.2024 Carrying amount in \u20ac million |
2026 | EURIBOR + margin | EUR | 485 | 2025 | EURIBOR + margin | EUR | 444 |
\u00a0 | 4.02% | EUR | 264 | \u00a0 | 0.50% | EUR | 150 |
\u00a0 | Various - Variable rate | Various | 67 | \u00a0 | Various - Variable rate | Various | 35 |
2027 | 2.82% | EUR | 634 | 2026 | 3.61% | EUR | 264 |
2028 | 1.87% | EUR | 119 | 2027 | 2.41% | EUR | 715 |
2029 | 3.86% | EUR | 208 | 2028 | 1.87% | EUR | 119 |
2031 | 1.25% | EUR | 5 | 2029 | 1.52% | EUR | 8 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | 2031 | 1.25% | EUR | 5 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | 1,782 | \u00a0 | \u00a0 | \u00a0 | 1,740 |
\u00a0 | 31.12.2025 | 31.12.2024 | ||||
in \u20ac million | Current | Non-current | Total | Current | Non-current | Total |
Forward exchange contracts | 1 | 0 | 1 | 1 | 0 | 1 |
Interest rate derivatives | 0 | 2 | 2 | 0 | 4 | 4 |
Commodity swaps | 10 | 6 | 16 | 2 | 3 | 5 |
Derivatives in open orders | 1 | 0 | 1 | 0 | 0 | 0 |
Derivative financial liabilities | 12 | 8 | 20 | 3 | 7 | 10 |
Lease liabilities | 16 | 49 | 65 | 17 | 60 | 77 |
Fixed-term or puttable non-controlling interests | 5 | 43 | 48 | 7 | 45 | 52 |
Other financial liabilities | 33 | 100 | 133 | 27 | 112 | 139 |
in \u20ac million | Ownership interest held by NCI | 31.12.2025 | 31.12.2024 |
Horn & Co. Minerals Recovery GmbH & Co.KG | 45.00% | 4 | 4 |
RHI Magnesita Czech Republic a.s. | 0.00% | 0 | 1 |
RHI Magnesita (Chongqing) Refractory Materials Co., Ltd. | 49.00% | 10 | 11 |
Jinan New Emei Industries Co. Ltd. | 35.00% | 4 | 21 |
Liaoning RHI Jinding Magnesia Co., Ltd. | 16.67% | 0 | 4 |
RHI Refractories Liaoning Co., Ltd. | 34.00% | 10 | 11 |
BPI RHIM LLC | 49.00% | 20 | 0 |
Liabilities to fixed-term or puttable non-controlling interests | \u00a0 | 48 | 52 |
in \u20ac million | 31.12.2025 | 31.12.2024 |
Liabilities at beginning of the year | 52 | 87 |
Currency translation1) | (4) | 2 |
Interest accrued2) | 2 | (1) |
Remeasurement gains2) | (10) | (21) |
Dividends paid | (4) | (6) |
Additions | 0 | 1 |
Additions from initial consolidation | 20 | 0 |
Working capital adjustment related to Jinan New Emei Industries Co. Ltd.3) | (6) | 0 |
Other changes | (2) | (10) |
Liabilities at year-end | 48 | 52 |
in \u20ac million | Financial liabilities increase by | Financial liabilities decrease by |
Profit measure increases by 15% | 7 | \u00a0 |
Profit measure decreases by 15% | \u00a0 | 7 |
in \u20ac million | Cash flow hedge | At fair value through profit or loss | At fair value through OCI | At amortised cost | Not a financial instrument | Book value as of 31.12.2025 | Fair value as of 31.12.2025 |
Financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Trade and other receivables | 0 | 0 | 20 | 431 | 125 | 576 | 576 |
Cash and cash equivalents | 0 | 0 | 0 | 355 | 0 | 355 | 355 |
Other financial assets | 7 | 26 | 8 | 4 | 0 | 45 | 45 |
\u00a0 | 7 | 26 | 28 | 790 | 125 | 976 | 976 |
Financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Trade payables and other liabilities | 0 | 0 | 0 | 615 | 142 | 757 | 757 |
Borrowings | 0 | 0 | 0 | 1,786 | 0 | 1,786 | 1,778 |
Lease liabilities | 0 | 0 | 0 | 65 | 0 | 65 | 65 |
Other financial liabilities (excl. lease liabilities) | 18 | 40 | 0 | 10 | 0 | 68 | 68 |
\u00a0 | 18 | 40 | 0 | 2,476 | 142 | 2,676 | 2,668 |
in \u20ac million | Cash flow hedge | At fair value through profit or loss | At fair value through OCI | At amortised cost | Not a financial instrument | Book value as of 31.12.2024 | Fair value as of 31.12.2024 |
Financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Trade and other receivables | 0 | 0 | 46 | 487 | 127 | 660 | 660 |
Cash and cash equivalents | 0 | 0 | 0 | 576 | 0 | 576 | 576 |
Other financial assets | 25 | 19 | 7 | 8 | 0 | 59 | 59 |
\u00a0 | 25 | 19 | 53 | 1,071 | 127 | 1,295 | 1,295 |
Financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Trade payables and other liabilities | 0 | 0 | 0 | 619 | 224 | 843 | 843 |
Borrowings | 0 | 0 | 0 | 1,750 | 0 | 1,750 | 1,737 |
Lease liabilities | 0 | 0 | 0 | 77 | 0 | 77 | 77 |
Other financial liabilities (excl. lease liabilities) | 9 | 38 | 0 | 15 | 0 | 62 | 62 |
\u00a0 | 9 | 38 | 0 | 2,461 | 224 | 2,732 | 2,719 |
Level 1: | Prices quoted in active markets for identical financial instruments. |
Level 2: | Measurement techniques in which all important data used are based on observable market data. |
Level 3: | Measurement techniques in which at least one significant parameter is based on non-observable market data. |
\u00a0 | 31.12.2025 | 31.12.20241) | ||||||
in \u20ac million | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Other financial assets | 12 | 19 | 0 | 31 | 12 | 28 | 0 | 40 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Borrowings | 0 | 1,778 | 0 | 1,778 | 0 | 1,737 | 0 | 1,737 |
Other financial liabilities (excl. lease liabilities) | 0 | 20 | 48 | 68 | 0 | 10 | 52 | 62 |
in \u20ac million | 2025 | 2024 |
Net gain from financial assets and liabilities measured at fair value through profit or loss | 29 | 5 |
Net (loss) from financial assets and liabilities measured at amortised cost | 0 | (1) |
\u00a0 | 31.12.2025 | 31.12.2024 | ||||
in \u20ac million | Current | Non-current | Total | Current | Non-current | Total |
Marketable securities and shares | 0 | 21 | 21 | 0 | 20 | 20 |
Derivative financial assets | 9 | 9 | 18 | 17 | 12 | 29 |
Restricted cash | 0 | 4 | 4 | 0 | 8 | 8 |
Other interests | 0 | 2 | 2 | 0 | 2 | 2 |
Other financial assets | 9 | 36 | 45 | 17 | 42 | 59 |
in \u20ac million | Carrying amount | Statement of Financial Position | Change in fair value recognised in Other Comprehensive Income | Nominal amount |
2025 | 3 | Other non-current financial assets (liabilities) | 2 | EUR 1,172 million |
2024 | 6 | Other non-current financial assets (liabilities) | 6 | EUR 1,052 million |
in \u20ac million | Cash flow hedge reserve within Equity | Balance net of deferred tax |
2025 | 3 | 3 |
2024 | 6 | 5 |
in \u20ac million | Carrying amount | Statement of Financial Position | Change in fair value recognised in Other Comprehensive Income | Nominal amount |
2025 | (15) | Other current and non-current financial assets (liabilities) | (16) | Gas 2,242 GWh Oil 447,930 bbl Power 192 GWh |
2024 | (3) | Other current and non-current financial assets (liabilities) | 8 | Gas 1,141 GWh Oil 700,297 bbl Power 30 GWh |
in \u20ac million | Cash flow hedge reserve within Equity | Balance net of deferred tax |
2025 | (15) | (11) |
2024 | (3) | (2) |
\u00a0 | \u00a0 | \u00a0 | 31.12.2025 |
Hedging instrument | \u00a0 | up to 1 year | 1 to 5 years |
Commodity swaps - gas | Notional amount (Gwh) | 530 | 1,712 |
\u00a0 | Average hedged price per MWh | 41.66 | 28.35 |
Commodity swaps - oil | Notional amount (bbl) | 296,431 | 151,499 |
\u00a0 | Average hedged price per bbl | 73.07 | 65.81 |
Commodity swaps - power | Notional amount (Gwh) | 73 | 119 |
\u00a0 | Average hedged price per MWh | 85.23 | 68.64 |
\u00a0 | \u00a0 | \u00a0 | 31.12.2024 |
Hedging instrument | \u00a0 | up to 1 year | 1 to 5 years |
Commodity swaps - gas | Notional amount (Gwh) | 214 | 1,322 |
\u00a0 | Average hedged price per MWh | 53.15 | 34.93 |
Commodity swaps - oil | Notional amount (bbl) | 346,342 | 277,691 |
\u00a0 | Average hedged price per bbl | 75.14 | 73.47 |
Commodity swaps - power | Notional amount (Gwh) | \u00a0 | 117 |
\u00a0 | Average hedged price per MWh | \u00a0 | 72.10 |
\u00a0 | \u00a0 | 31.12.2025 | ||
Purchase | Sale | Nominal in | Nominal value in million | Fair value in \u20ac million |
BRL | EUR | EUR | 8 | 0 |
CLP | USD | USD | 27 | 0 |
USD | INR | USD | 14 | 0 |
USD | VND | USD | 18 | 0 |
GBP | EUR | GBP | 21 | 0 |
MXN | USD | USD | 15 | 0 |
CAD | USD | CAD | 29 | 0 |
EUR | ZAR | EUR | 10 | 0 |
CNY | USD | USD | 22 | 0 |
EUR | INR | EUR | 23 | 0 |
CZK | EUR | EUR | 4 | (1) |
Forward exchange contracts | \u00a0 | \u00a0 | (1) |
\u00a0 | \u00a0 | 31.12.2024 | ||
Purchase | Sale | Nominal in | Nominal value in million | Fair value in \u20ac million |
MXN | USD | MXN | 420 | 0 |
EUR | USD | USD | 75 | 0 |
USD | INR | USD | 15 | 0 |
EUR | ZAR | ZAR | 175 | 0 |
USD | BRL | USD | 7 | 0 |
CLP | USD | USD | 17 | 0 |
EUR | INR | EUR | 26 | 0 |
CZK | EUR | EUR | 11 | (1) |
Forward exchange contracts | \u00a0 | \u00a0 | (1) |
\u00a0 | 31.12.2025 | 31.12.2024 | ||||
in \u20ac million | Current | Non-current | Total | Current | Non-current | Total |
Forward exchange contracts | 1 | 0 | 1 | 1 | 0 | 1 |
Interest rate derivatives | 0 | 2 | 2 | 0 | 4 | 4 |
Commodity swaps | 10 | 6 | 16 | 2 | 3 | 5 |
Derivatives in open orders | 1 | 0 | 1 | 0 | 0 | 0 |
Derivative financial liabilities | 12 | 8 | 20 | 3 | 7 | 10 |
Lease liabilities | 16 | 49 | 65 | 17 | 60 | 77 |
Fixed-term or puttable non-controlling interests | 5 | 43 | 48 | 7 | 45 | 52 |
Other financial liabilities | 33 | 100 | 133 | 27 | 112 | 139 |
in \u20ac million | Ownership interest held by NCI | 31.12.2025 | 31.12.2024 |
Horn & Co. Minerals Recovery GmbH & Co.KG | 45.00% | 4 | 4 |
RHI Magnesita Czech Republic a.s. | 0.00% | 0 | 1 |
RHI Magnesita (Chongqing) Refractory Materials Co., Ltd. | 49.00% | 10 | 11 |
Jinan New Emei Industries Co. Ltd. | 35.00% | 4 | 21 |
Liaoning RHI Jinding Magnesia Co., Ltd. | 16.67% | 0 | 4 |
RHI Refractories Liaoning Co., Ltd. | 34.00% | 10 | 11 |
BPI RHIM LLC | 49.00% | 20 | 0 |
Liabilities to fixed-term or puttable non-controlling interests | \u00a0 | 48 | 52 |
in \u20ac million | 31.12.2025 | 31.12.2024 |
Liabilities at beginning of the year | 52 | 87 |
Currency translation1) | (4) | 2 |
Interest accrued2) | 2 | (1) |
Remeasurement gains2) | (10) | (21) |
Dividends paid | (4) | (6) |
Additions | 0 | 1 |
Additions from initial consolidation | 20 | 0 |
Working capital adjustment related to Jinan New Emei Industries Co. Ltd.3) | (6) | 0 |
Other changes | (2) | (10) |
Liabilities at year-end | 48 | 52 |
in \u20ac million | Financial liabilities increase by | Financial liabilities decrease by |
Profit measure increases by 15% | 7 | \u00a0 |
Profit measure decreases by 15% | \u00a0 | 7 |
in \u20ac million | 31.12.2025 | 31.12.2024 |
Present value of pension obligations | 318 | 377 |
Fair value of plan assets | (147) | (182) |
Deficit of funded plans | 171 | 195 |
Asset ceiling and funding obligations | 9 | 5 |
Net liability from pension obligations | 180 | 200 |
Overfunded pension plans | (1) | (1) |
Other pension plans | 181 | 201 |
in \u20ac million | 31.12.2025 | 31.12.2024 |
Active beneficiaries | 60 | 62 |
Vested terminated beneficiaries | 20 | 41 |
Retirees | 238 | 274 |
Present value of pension obligations | 318 | 377 |
in % | 31.12.2025 | 31.12.2024 |
Interest rate | \u00a0 | \u00a0 |
Austria and Germany | 4.0% | 3.4% |
Brazil | 11.8% | 12.2% |
USA | 5.3% | 5.5% |
Future salary increase | \u00a0 | \u00a0 |
Austria | 2.1% | 2.7% |
Germany | 2.5% | 2.5% |
Brazil | 5.6% | 5.8% |
USA | 3.3% | 3.3% |
Future pension increase | \u00a0 | \u00a0 |
Austria | 2.5% | 3.3% |
Germany | 2.0% | 2.0% |
Brazil | 4.0% | 4.3% |
USA | 2.0% | 2.0% |
in \u20ac million | 2025 | 2024 |
Net liability from pension obligations at beginning of year | 200 | 240 |
Currency translation | 0 | (5) |
Additions initial consolidation | 1 | 0 |
Pension cost | 11 | 12 |
Remeasurement (gains) | (10) | (25) |
Benefits paid | (18) | (19) |
Employers' contributions to external funds | (4) | (3) |
Net liability from pension obligations at year-end | 180 | 200 |
in \u20ac million | 2025 | 2024 |
Present value of pension obligations at beginning of year | 377 | 421 |
Currency translation | (10) | (5) |
Additions initial consolidation | 10 | 0 |
Current service cost | 1 | 2 |
Interest cost | 18 | 18 |
Remeasurement (gains) | \u00a0 | \u00a0 |
from changes in demographic assumptions | 0 | 0 |
from changes in financial assumptions | (9) | (25) |
due to experience adjustments | (2) | (3) |
Benefits paid | (33) | (32) |
Settlements | (34) | 0 |
Employee contributions to external funds | 1 | 1 |
Plan amendments | (1) | 0 |
Present value of pension obligations at year-end | 318 | 377 |
in \u20ac million | 2025 | 2024 |
Fair value of plan assets at beginning of year | 182 | 186 |
Currency translation | (10) | 0 |
Additions initial consolidation | 9 | 0 |
Interest income | 9 | 9 |
Administrative costs (paid from plan assets) | (1) | 0 |
Gains/(losses) on plan assets less interest income | 2 | (3) |
Benefits paid | (15) | (14) |
Settlements | (34) | 0 |
Employers' contributions to external funds | 4 | 3 |
Employee contributions to external funds | 1 | 1 |
Fair value of plan assets at year-end | 147 | 182 |
in \u20ac million | 2025 | 2024 |
Asset ceiling and funding obligations at beginning of year | 5 | 5 |
(Gains)/losses from changes in asset ceiling less interest expense | (4) | 0 |
Additional liability arising from minimum funding requirement | 8 | 0 |
Asset ceiling and funding obligations at year-end | 9 | 5 |
in \u20ac million | 2025 | 2024 |
Current service cost | 1 | 2 |
Interest cost | 18 | 19 |
Interest income | (9) | (9) |
Administrative costs (paid from plan assets) | 1 | 0 |
Pension expense recognised in profit or loss | 11 | 12 |
in \u20ac million | 2025 | 2024 |
Accumulated remeasurement losses at beginning of year | 93 | 118 |
Remeasurement (gains) on present value of pension obligations | (11) | (28) |
(Gains)/losses on plan assets less interest income | (2) | 3 |
Losses from changes in asset ceiling and funding obligations less interest expense | 4 | 0 |
Accumulated remeasurement losses at year-end | 84 | 93 |
\u00a0 | 31.12.2025 | 31.12.2024 | ||||
in \u20ac million | Active market | No active market | Total | Active market | No active market | Total |
Insurances | 5 | 37 | 42 | 0 | 73 | 73 |
Equity instruments | 46 | 0 | 46 | 46 | 0 | 46 |
Debt instruments | 40 | 2 | 42 | 41 | 1 | 42 |
Cash and cash equivalents | 7 | 0 | 7 | 12 | 0 | 12 |
Other assets | 7 | 3 | 10 | 9 | 0 | 9 |
Fair value of plan assets | 105 | 42 | 147 | 108 | 74 | 182 |
\u00a0 | \u00a0 | 31.12.2025 | 31.12.2024 | ||
in \u20ac million | Change of assumption in percentage points or years | Pension plans | Termination benefits | Pension plans | Termination benefits |
Present value of the obligations | \u00a0 | 318 | 33 | 377 | 39 |
Interest rate | +0.25 | (7) | (1) | (9) | (1) |
\u00a0 | (0.25) | 8 | 1 | 10 | 1 |
Salary increase | +0.25 | 0 | 1 | 1 | 1 |
\u00a0 | (0.25) | 0 | (1) | (1) | (1) |
Pension increase | +0.25 | 6 | \u00a0 | 6 | \u00a0 |
\u00a0 | (0.25) | (5) | \u00a0 | (7) | \u00a0 |
Life expectancy | + 1 year | 11 | \u00a0 | 6 | \u00a0 |
\u00a0 | (1) year | (10) | \u00a0 | (5) | \u00a0 |
in \u20ac million | 31.12.2025 | 31.12.2024 |
Termination benefits | 31 | 35 |
Service anniversary bonuses | 18 | 20 |
Semi-retirements | 3 | 4 |
Other personnel provisions | 52 | 59 |
in % | 31.12.2025 | 31.12.2024 |
Interest rate | 4.0% | 3.4% |
Future salary increase | 2.6% | 3.4% |
in \u20ac million | 2025 | 2024 |
Provisions for termination benefits at beginning of year | 35 | 34 |
Current service cost | 2 | 1 |
Interest cost | 1 | 1 |
Remeasurement (gains)/losses | (4) | 1 |
Benefits paid | (3) | (2) |
Provisions for termination benefits at year-end | 31 | 35 |
in \u20ac million | 2025 | 2024 |
Accumulated remeasurement losses at beginning of year | 19 | 18 |
Remeasurement (gains)/losses | (4) | 1 |
Accumulated remeasurement losses at year-end | 15 | 19 |
in \u20ac million | 31.12.2025 | 31.12.2024 |
Present value of semi-retirement obligations | 4 | 5 |
Fair value of plan assets | (1) | (1) |
Provisions for semi-retirement obligations | 3 | 4 |
in \u20ac million | Onerous/unfavourable contracts | Labour and civil contingencies | Demolition/disposal costs, environmental damages | Restructuring costs | Deficit of emission certificates | Other | Total |
31.12.2024 | 46 | 8 | 33 | 20 | 0 | 7 | 114 |
Currency translation | 0 | 0 | (1) | 0 | 0 | 0 | (1) |
Reversals | (2) | (2) | (7) | 0 | 0 | (1) | (12) |
Additions | 2 | 3 | 6 | 12 | 43 | 5 | 71 |
Unwinding of discount | 4 | 1 | 1 | 0 | 0 | 0 | 6 |
Use | (11) | (3) | (1) | (16) | 0 | (4) | (35) |
Reclassifications | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
31.12.2025 | 39 | 7 | 31 | 16 | 43 | 7 | 143 |
non-current | 27 | 7 | 29 | 0 | 0 | 0 | 63 |
current | 12 | 0 | 2 | 16 | 43 | 7 | 80 |
in \u20ac million | Onerous/unfavourable contracts | Labour and civil contingencies | Demolition/disposal costs, environmental damages | Restructuring costs | Other | Total |
31.12.2023 | 67 | 11 | 30 | 9 | 9 | 126 |
Currency translation | (9) | (2) | (1) | 0 | 0 | (12) |
Reversals | (6) | (3) | (2) | 0 | (3) | (14) |
Additions | 2 | 3 | 6 | 16 | 3 | 30 |
Unwinding of discount | 5 | 1 | 1 | 0 | 0 | 7 |
Use | (13) | (2) | (1) | (5) | (3) | (24) |
Reclassifications | 0 | 0 | 0 | 0 | 1 | 1 |
31.12.2024 | 46 | 8 | 33 | 20 | 7 | 114 |
non-current | 35 | 8 | 28 | 0 | 0 | 71 |
current | 11 | 0 | 5 | 20 | 7 | 43 |
in \u20ac million | Onerous/unfavourable contracts | Labour and civil contingencies | Demolition/disposal costs, environmental damages | Restructuring costs | Deficit of emission certificates | Other | Total |
31.12.2024 | 46 | 8 | 33 | 20 | 0 | 7 | 114 |
Currency translation | 0 | 0 | (1) | 0 | 0 | 0 | (1) |
Reversals | (2) | (2) | (7) | 0 | 0 | (1) | (12) |
Additions | 2 | 3 | 6 | 12 | 43 | 5 | 71 |
Unwinding of discount | 4 | 1 | 1 | 0 | 0 | 0 | 6 |
Use | (11) | (3) | (1) | (16) | 0 | (4) | (35) |
Reclassifications | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
31.12.2025 | 39 | 7 | 31 | 16 | 43 | 7 | 143 |
non-current | 27 | 7 | 29 | 0 | 0 | 0 | 63 |
current | 12 | 0 | 2 | 16 | 43 | 7 | 80 |
in \u20ac million | Onerous/unfavourable contracts | Labour and civil contingencies | Demolition/disposal costs, environmental damages | Restructuring costs | Other | Total |
31.12.2023 | 67 | 11 | 30 | 9 | 9 | 126 |
Currency translation | (9) | (2) | (1) | 0 | 0 | (12) |
Reversals | (6) | (3) | (2) | 0 | (3) | (14) |
Additions | 2 | 3 | 6 | 16 | 3 | 30 |
Unwinding of discount | 5 | 1 | 1 | 0 | 0 | 7 |
Use | (13) | (2) | (1) | (5) | (3) | (24) |
Reclassifications | 0 | 0 | 0 | 0 | 1 | 1 |
31.12.2024 | 46 | 8 | 33 | 20 | 7 | 114 |
non-current | 35 | 8 | 28 | 0 | 0 | 71 |
current | 11 | 0 | 5 | 20 | 7 | 43 |
in \u20ac million | 31.12.2025 | 31.12.2024 |
Trade payables | 440 | 455 |
Payables subject to supplier finance arrangements | 137 | 117 |
Contract liabilities | 36 | 59 |
Liabilities to employees | 57 | 111 |
Taxes other than income tax | 30 | 31 |
Capital expenditure payable | 18 | 22 |
Payables from commissions | 7 | 10 |
Other current liabilities | 32 | 38 |
Trade payables and other current liabilities | 757 | 843 |
thereof financial liabilities | 615 | 619 |
thereof non-financial liabilities | 142 | 224 |
in \u20ac million | \u00a0 | 2025 | 2024 |
Profit after income tax | \u00a0 | 94 | 154 |
Adjustments for | \u00a0 | \u00a0 | \u00a0 |
income tax | \u00a0 | 34 | 46 |
depreciation | \u00a0 | 131 | 136 |
amortisation | \u00a0 | 52 | 39 |
impairment of property, plant and equipment and intangible assets | \u00a0 | 2 | 42 |
expense from financial assets excluding trade and other receivables | \u00a0 | 0 | 3 |
gains from the disposal of property, plant and equipment | \u00a0 | 0 | (5) |
losses/(gains) from the disposal of subsidiaries / foreign operations | \u00a0 | 1 | (8) |
net interest expense, interest rate derivatives and remeasurement of liabilities to fixed-term or puttable non-controlling interest | \u00a0 | 70 | 43 |
other non-cash changes | \u00a0 | 26 | (10) |
Changes in working capital | \u00a0 | \u00a0 | \u00a0 |
inventories | \u00a0 | 24 | 25 |
trade receivables | \u00a0 | 74 | 2 |
trade payables | \u00a0 | 7 | 83 |
contract liabilities | \u00a0 | (22) | (5) |
Changes in other assets and liabilities | \u00a0 | \u00a0 | \u00a0 |
other receivables and assets | \u00a0 | 3 | 7 |
provisions | \u00a0 | (3) | (28) |
other liabilities | \u00a0 | (60) | (22) |
Cash generated from operations | \u00a0 | 433 | 502 |
Income tax paid less refunds | \u00a0 | (54) | (69) |
Net cash flow from operating activities | \u00a0 | 379 | 433 |
\u00a0 | \u00a0 | Cash changes | \u00a0 | Non-cash changes | \u00a0 | ||||
in \u20ac million | 31.12.2024 | \u00a0 | \u00a0 | Changes in foreign exchange rates | Interest and other fair value changes | Reclassifications | Additions from initial consolidation | Additions and modifications of leases (IFRS 16) | 31.12.2025 |
Borrowings | (1,750) | (34) | \u00a0 | 5 | 1 | 0 | (8) | 0 | (1,786) |
Lease liabilities | (77) | 17 | \u00a0 | 4 | 0 | 0 | 0 | (8) | (64) |
Cash and cash equivalents1) | 576 | (213) | \u00a0 | (14) | 0 | 0 | 6 | 0 | 355 |
Net debt | (1,251) | (230) | \u00a0 | (5) | 1 | 0 | (2) | (8) | (1,495) |
Liabilities to fixed-term or puttable non-controlling interests2) | (52) | 4 | \u00a0 | 4 | 9 | 7 | (20) | 0 | (48) |
\u00a0 | \u00a0 | Cash changes | \u00a0 | Non-cash changes | \u00a0 | ||||
in \u20ac million | 31.12.2023 | \u00a0 | \u00a0 | Changes in foreign exchange rates | Interest and other fair value changes | Reclassifications | Additions from initial consolidation | Additions and modifications of leases (IFRS 16) | 31.12.2024 |
Borrowings | (1,949) | 201 | \u00a0 | (1) | (1) | 0 | 0 | 0 | (1,750) |
Lease liabilities | (70) | 20 | \u00a0 | 2 | 0 | 0 | 0 | (29) | (77) |
Cash and cash equivalents | 704 | (130) | \u00a0 | 2 | 0 | 0 | 0 | 0 | 576 |
Marketable securities | 11 | (10) | \u00a0 | (1) | 0 | 0 | 0 | 0 | 0 |
Net debt | (1,304) | 81 | \u00a0 | 2 | (1) | 0 | 0 | (29) | (1,251) |
Liabilities to fixed-term or puttable non-controlling interests1) | (87) | 6 | \u00a0 | (2) | 22 | 9 | 0 | 0 | (52) |
in \u20ac million | Cash flow hedge | At fair value through profit or loss | At fair value through OCI | At amortised cost | Not a financial instrument | Book value as of 31.12.2025 | Fair value as of 31.12.2025 |
Financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Trade and other receivables | 0 | 0 | 20 | 431 | 125 | 576 | 576 |
Cash and cash equivalents | 0 | 0 | 0 | 355 | 0 | 355 | 355 |
Other financial assets | 7 | 26 | 8 | 4 | 0 | 45 | 45 |
\u00a0 | 7 | 26 | 28 | 790 | 125 | 976 | 976 |
Financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Trade payables and other liabilities | 0 | 0 | 0 | 615 | 142 | 757 | 757 |
Borrowings | 0 | 0 | 0 | 1,786 | 0 | 1,786 | 1,778 |
Lease liabilities | 0 | 0 | 0 | 65 | 0 | 65 | 65 |
Other financial liabilities (excl. lease liabilities) | 18 | 40 | 0 | 10 | 0 | 68 | 68 |
\u00a0 | 18 | 40 | 0 | 2,476 | 142 | 2,676 | 2,668 |
in \u20ac million | Cash flow hedge | At fair value through profit or loss | At fair value through OCI | At amortised cost | Not a financial instrument | Book value as of 31.12.2024 | Fair value as of 31.12.2024 |
Financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Trade and other receivables | 0 | 0 | 46 | 487 | 127 | 660 | 660 |
Cash and cash equivalents | 0 | 0 | 0 | 576 | 0 | 576 | 576 |
Other financial assets | 25 | 19 | 7 | 8 | 0 | 59 | 59 |
\u00a0 | 25 | 19 | 53 | 1,071 | 127 | 1,295 | 1,295 |
Financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Trade payables and other liabilities | 0 | 0 | 0 | 619 | 224 | 843 | 843 |
Borrowings | 0 | 0 | 0 | 1,750 | 0 | 1,750 | 1,737 |
Lease liabilities | 0 | 0 | 0 | 77 | 0 | 77 | 77 |
Other financial liabilities (excl. lease liabilities) | 9 | 38 | 0 | 15 | 0 | 62 | 62 |
\u00a0 | 9 | 38 | 0 | 2,461 | 224 | 2,732 | 2,719 |
Level 1: | Prices quoted in active markets for identical financial instruments. |
Level 2: | Measurement techniques in which all important data used are based on observable market data. |
Level 3: | Measurement techniques in which at least one significant parameter is based on non-observable market data. |
\u00a0 | 31.12.2025 | 31.12.20241) | ||||||
in \u20ac million | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Other financial assets | 12 | 19 | 0 | 31 | 12 | 28 | 0 | 40 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Borrowings | 0 | 1,778 | 0 | 1,778 | 0 | 1,737 | 0 | 1,737 |
Other financial liabilities (excl. lease liabilities) | 0 | 20 | 48 | 68 | 0 | 10 | 52 | 62 |
in \u20ac million | 2025 | 2024 |
Net gain from financial assets and liabilities measured at fair value through profit or loss | 29 | 5 |
Net (loss) from financial assets and liabilities measured at amortised cost | 0 | (1) |
\u00a0 | 31.12.2025 | 31.12.2024 | ||||
in \u20ac million | Current | Non-current | Total | Current | Non-current | Total |
Marketable securities and shares | 0 | 21 | 21 | 0 | 20 | 20 |
Derivative financial assets | 9 | 9 | 18 | 17 | 12 | 29 |
Restricted cash | 0 | 4 | 4 | 0 | 8 | 8 |
Other interests | 0 | 2 | 2 | 0 | 2 | 2 |
Other financial assets | 9 | 36 | 45 | 17 | 42 | 59 |
in \u20ac million | 2025 | 2024 |
Net gain from financial assets and liabilities measured at fair value through profit or loss | 29 | 5 |
Net (loss) from financial assets and liabilities measured at amortised cost | 0 | (1) |
in \u20ac million | Carrying amount | Statement of Financial Position | Change in fair value recognised in Other Comprehensive Income | Nominal amount |
2025 | 3 | Other non-current financial assets (liabilities) | 2 | EUR 1,172 million |
2024 | 6 | Other non-current financial assets (liabilities) | 6 | EUR 1,052 million |
in \u20ac million | Cash flow hedge reserve within Equity | Balance net of deferred tax |
2025 | 3 | 3 |
2024 | 6 | 5 |
in \u20ac million | Carrying amount | Statement of Financial Position | Change in fair value recognised in Other Comprehensive Income | Nominal amount |
2025 | (15) | Other current and non-current financial assets (liabilities) | (16) | Gas 2,242 GWh Oil 447,930 bbl Power 192 GWh |
2024 | (3) | Other current and non-current financial assets (liabilities) | 8 | Gas 1,141 GWh Oil 700,297 bbl Power 30 GWh |
in \u20ac million | Cash flow hedge reserve within Equity | Balance net of deferred tax |
2025 | (15) | (11) |
2024 | (3) | (2) |
\u00a0 | \u00a0 | \u00a0 | 31.12.2025 |
Hedging instrument | \u00a0 | up to 1 year | 1 to 5 years |
Commodity swaps - gas | Notional amount (Gwh) | 530 | 1,712 |
\u00a0 | Average hedged price per MWh | 41.66 | 28.35 |
Commodity swaps - oil | Notional amount (bbl) | 296,431 | 151,499 |
\u00a0 | Average hedged price per bbl | 73.07 | 65.81 |
Commodity swaps - power | Notional amount (Gwh) | 73 | 119 |
\u00a0 | Average hedged price per MWh | 85.23 | 68.64 |
\u00a0 | \u00a0 | \u00a0 | 31.12.2024 |
Hedging instrument | \u00a0 | up to 1 year | 1 to 5 years |
Commodity swaps - gas | Notional amount (Gwh) | 214 | 1,322 |
\u00a0 | Average hedged price per MWh | 53.15 | 34.93 |
Commodity swaps - oil | Notional amount (bbl) | 346,342 | 277,691 |
\u00a0 | Average hedged price per bbl | 75.14 | 73.47 |
Commodity swaps - power | Notional amount (Gwh) | \u00a0 | 117 |
\u00a0 | Average hedged price per MWh | \u00a0 | 72.10 |
\u00a0 | \u00a0 | 31.12.2025 | ||
Purchase | Sale | Nominal in | Nominal value in million | Fair value in \u20ac million |
BRL | EUR | EUR | 8 | 0 |
CLP | USD | USD | 27 | 0 |
USD | INR | USD | 14 | 0 |
USD | VND | USD | 18 | 0 |
GBP | EUR | GBP | 21 | 0 |
MXN | USD | USD | 15 | 0 |
CAD | USD | CAD | 29 | 0 |
EUR | ZAR | EUR | 10 | 0 |
CNY | USD | USD | 22 | 0 |
EUR | INR | EUR | 23 | 0 |
CZK | EUR | EUR | 4 | (1) |
Forward exchange contracts | \u00a0 | \u00a0 | (1) |
\u00a0 | \u00a0 | 31.12.2024 | ||
Purchase | Sale | Nominal in | Nominal value in million | Fair value in \u20ac million |
MXN | USD | MXN | 420 | 0 |
EUR | USD | USD | 75 | 0 |
USD | INR | USD | 15 | 0 |
EUR | ZAR | ZAR | 175 | 0 |
USD | BRL | USD | 7 | 0 |
CLP | USD | USD | 17 | 0 |
EUR | INR | EUR | 26 | 0 |
CZK | EUR | EUR | 11 | (1) |
Forward exchange contracts | \u00a0 | \u00a0 | (1) |
in \u20ac million | 31.12.2025 | 31.12.2024 |
Trade receivables and contract assets - gross | 451 | 533 |
Credit insurance and letters of credit | (196) | (258) |
Trade receivables and contract assets - net | 255 | 275 |
\u00a0 | 2025 | 2024 | ||
in \u20ac million | Individually assessed - credit impaired | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Collectively assessed - not credit impaired |
Accumulated valuation allowance at beginning of year | 47 | 1 | 52 | 1 |
Currency translation | (1) | 0 | (2) | 0 |
Additions initial consolidation | 0 | 0 | 0 | 0 |
Addition | 1 | 0 | 3 | 0 |
Use | (3) | 0 | (2) | 0 |
Reversal | (2) | 0 | (4) | 0 |
Accumulated valuation allowance at year-end | 42 | 1 | 47 | 1 |
in \u20ac million | Trade receivables and contract assets | |||||
31.12.2025 | not past due | less than 30 days | more than 31 days | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Total |
Expected credit loss rate in % | 0.03 - 0.47% | 0.08-1.07% | 0.57 - 85.33% | \u00a0 | \u00a0 | \u00a0 |
Gross carrying amount invoiced | 305 | 19 | 9 | 333 | 106 | 439 |
Lifetime expected credit loss | (1) | 0 | 0 | (1) | \u00a0 | (1) |
Valuation allowance - credit impaired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (42) | (42) |
Carrying amount with either expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 396 |
Carrying amount without expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 55 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 451 |
in \u20ac million | Trade receivables and contract assets | |||||
31.12.2024 | not past due | less than 30 days | more than 31 days | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Total |
Expected credit loss rate in % | 0.03 - 0.54% | 0.09-1.24% | 0.77 - 85.52% | \u00a0 | \u00a0 | \u00a0 |
Gross carrying amount invoiced | 372 | 25 | 19 | 416 | 122 | 538 |
Lifetime expected credit loss | (1) | 0 | 0 | (1) | \u00a0 | (1) |
Valuation allowance - credit impaired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (47) | (47) |
Carrying amount with either expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 490 |
Carrying amount without expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 43 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 533 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2025 | Cash outflows | up to 1 year | 1 to 5 years | over 5 years |
Borrowings | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
fixed interest | 249 | 272 | 75 | 191 | 6 |
variable interest | 1,533 | 1,649 | 410 | 1,237 | 2 |
Other financial liabilities | 6 | 6 | 1 | 5 | 0 |
Lease liabilities | 64 | 77 | 17 | 38 | 22 |
Liabilities to fixed-term or puttable non-controlling interests | 48 | 95 | 5 | 7 | 83 |
Trade payables and other liabilities | 615 | 615 | 615 | 0 | 0 |
Non-derivative financial liabilities | 2,515 | 2,714 | 1,123 | 1,478 | 113 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2024 | Cash outflows | up to 1 year | 1 to 5 years | over 5 years |
Borrowings | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
fixed interest | 403 | 417 | 157 | 252 | 8 |
variable interest | 1,337 | 1,466 | 167 | 1,269 | 30 |
Other financial liabilities | 10 | 10 | 1 | 9 | 0 |
Lease liabilities | 77 | 87 | 19 | 41 | 27 |
Liabilities to fixed-term or puttable non-controlling interests | 52 | 84 | 7 | 27 | 50 |
Trade payables and other liabilities | 619 | 619 | 619 | 0 | 0 |
Non-derivative financial liabilities | 2,498 | 2,683 | 970 | 1,598 | 115 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | |
in \u20ac million | Carrying amount 31.12.2025 | Cash flows | up to 1 year | 1 to 5 years |
Receivables from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest rate swaps | 6 | 6 | 3 | 3 |
Commodity swaps | 1 | 1 | 0 | 1 |
CO2 certificate forward purchase contracts | 11 | 11 | 8 | 3 |
Liabilities from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Commodity swaps | 16 | 16 | 10 | 6 |
Derivatives in open orders | 1 | 1 | 1 | 0 |
Interest rate derivatives | 2 | 2 | 2 | 0 |
Forward exchange contracts | 1 | 1 | 1 | 0 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | |
in \u20ac million | Carrying amount 31.12.2024 | Cash flows | up to 1 year | 1 to 5 years |
Receivables from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest rate swaps | 10 | 10 | 0 | 10 |
Commodity swaps | 2 | 2 | 0 | 2 |
Forward exchange contracts | 14 | 14 | 14 | 0 |
Derivatives in open orders | 3 | 3 | 3 | 0 |
Liabilities from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Commodity swaps | 5 | 5 | 2 | 3 |
Interest rate derivatives | 4 | 4 | 0 | 4 |
Forward exchange contracts | 1 | 1 | 1 | 0 |
31.12.2025 in \u20ac million | USD | EUR | TRY | ZAR | GBP | Other | Total |
Financial assets | 494 | 59 | 18 | 12 | 3 | 14 | 600 |
Financial liabilities | (463) | (44) | (5) | 0 | (29) | (9) | (550) |
Net foreign currency position | 31 | 15 | 13 | 12 | (26) | 5 | 50 |
31.12.2024 in \u20ac million | USD | EUR | ZAR | TRY | Other | Total |
Financial assets | 579 | 82 | 11 | 22 | 15 | 709 |
Financial liabilities | (426) | (44) | 0 | (6) | (20) | (496) |
Net foreign currency position | 153 | 38 | 11 | 16 | (5) | 213 |
\u00a0 | Appreciation of 10% | Devaluation of 10% | ||
31.12.2025 in \u20ac million | (Loss)/gain | Equity | Gain/(loss) | Equity |
USD | (3) | (2) | 3 | 2 |
EUR | (1) | 4 | 1 | (4) |
TRY | (1) | (1) | 1 | 1 |
ZAR | (1) | (1) | (3) | (3) |
GBP | 2 | 2 | 1 | 1 |
Other currencies | (4) | 1 | 5 | (1) |
\u00a0 | Appreciation of 10% | Devaluation of 10% | ||
31.12.2024 in \u20ac million | (Loss)/gain | Equity | Gain/(loss) | Equity |
USD | (14) | (14) | 17 | 17 |
EUR | (3) | 1 | 4 | (1) |
ZAR | (1) | (1) | 1 | 1 |
TRY | (1) | (1) | 2 | 2 |
Other currencies | 0 | 0 | (1) | (1) |
in \u20ac million | 31.12.2025 | 31.12.2024 |
Trade receivables and contract assets - gross | 451 | 533 |
Credit insurance and letters of credit | (196) | (258) |
Trade receivables and contract assets - net | 255 | 275 |
\u00a0 | 2025 | 2024 | ||
in \u20ac million | Individually assessed - credit impaired | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Collectively assessed - not credit impaired |
Accumulated valuation allowance at beginning of year | 47 | 1 | 52 | 1 |
Currency translation | (1) | 0 | (2) | 0 |
Additions initial consolidation | 0 | 0 | 0 | 0 |
Addition | 1 | 0 | 3 | 0 |
Use | (3) | 0 | (2) | 0 |
Reversal | (2) | 0 | (4) | 0 |
Accumulated valuation allowance at year-end | 42 | 1 | 47 | 1 |
in \u20ac million | Trade receivables and contract assets | |||||
31.12.2025 | not past due | less than 30 days | more than 31 days | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Total |
Expected credit loss rate in % | 0.03 - 0.47% | 0.08-1.07% | 0.57 - 85.33% | \u00a0 | \u00a0 | \u00a0 |
Gross carrying amount invoiced | 305 | 19 | 9 | 333 | 106 | 439 |
Lifetime expected credit loss | (1) | 0 | 0 | (1) | \u00a0 | (1) |
Valuation allowance - credit impaired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (42) | (42) |
Carrying amount with either expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 396 |
Carrying amount without expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 55 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 451 |
in \u20ac million | Trade receivables and contract assets | |||||
31.12.2024 | not past due | less than 30 days | more than 31 days | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Total |
Expected credit loss rate in % | 0.03 - 0.54% | 0.09-1.24% | 0.77 - 85.52% | \u00a0 | \u00a0 | \u00a0 |
Gross carrying amount invoiced | 372 | 25 | 19 | 416 | 122 | 538 |
Lifetime expected credit loss | (1) | 0 | 0 | (1) | \u00a0 | (1) |
Valuation allowance - credit impaired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (47) | (47) |
Carrying amount with either expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 490 |
Carrying amount without expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 43 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 533 |
\u00a0 | 2025 | 2024 | ||
in \u20ac million | Individually assessed - credit impaired | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Collectively assessed - not credit impaired |
Accumulated valuation allowance at beginning of year | 47 | 1 | 52 | 1 |
Currency translation | (1) | 0 | (2) | 0 |
Additions initial consolidation | 0 | 0 | 0 | 0 |
Addition | 1 | 0 | 3 | 0 |
Use | (3) | 0 | (2) | 0 |
Reversal | (2) | 0 | (4) | 0 |
Accumulated valuation allowance at year-end | 42 | 1 | 47 | 1 |
in \u20ac million | Trade receivables and contract assets | |||||
31.12.2025 | not past due | less than 30 days | more than 31 days | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Total |
Expected credit loss rate in % | 0.03 - 0.47% | 0.08-1.07% | 0.57 - 85.33% | \u00a0 | \u00a0 | \u00a0 |
Gross carrying amount invoiced | 305 | 19 | 9 | 333 | 106 | 439 |
Lifetime expected credit loss | (1) | 0 | 0 | (1) | \u00a0 | (1) |
Valuation allowance - credit impaired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (42) | (42) |
Carrying amount with either expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 396 |
Carrying amount without expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 55 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 451 |
in \u20ac million | Trade receivables and contract assets | |||||
31.12.2024 | not past due | less than 30 days | more than 31 days | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Total |
Expected credit loss rate in % | 0.03 - 0.54% | 0.09-1.24% | 0.77 - 85.52% | \u00a0 | \u00a0 | \u00a0 |
Gross carrying amount invoiced | 372 | 25 | 19 | 416 | 122 | 538 |
Lifetime expected credit loss | (1) | 0 | 0 | (1) | \u00a0 | (1) |
Valuation allowance - credit impaired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (47) | (47) |
Carrying amount with either expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 490 |
Carrying amount without expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 43 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 533 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2025 | Cash outflows | up to 1 year | 1 to 5 years | over 5 years |
Borrowings | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
fixed interest | 249 | 272 | 75 | 191 | 6 |
variable interest | 1,533 | 1,649 | 410 | 1,237 | 2 |
Other financial liabilities | 6 | 6 | 1 | 5 | 0 |
Lease liabilities | 64 | 77 | 17 | 38 | 22 |
Liabilities to fixed-term or puttable non-controlling interests | 48 | 95 | 5 | 7 | 83 |
Trade payables and other liabilities | 615 | 615 | 615 | 0 | 0 |
Non-derivative financial liabilities | 2,515 | 2,714 | 1,123 | 1,478 | 113 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2024 | Cash outflows | up to 1 year | 1 to 5 years | over 5 years |
Borrowings | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
fixed interest | 403 | 417 | 157 | 252 | 8 |
variable interest | 1,337 | 1,466 | 167 | 1,269 | 30 |
Other financial liabilities | 10 | 10 | 1 | 9 | 0 |
Lease liabilities | 77 | 87 | 19 | 41 | 27 |
Liabilities to fixed-term or puttable non-controlling interests | 52 | 84 | 7 | 27 | 50 |
Trade payables and other liabilities | 619 | 619 | 619 | 0 | 0 |
Non-derivative financial liabilities | 2,498 | 2,683 | 970 | 1,598 | 115 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | |
in \u20ac million | Carrying amount 31.12.2025 | Cash flows | up to 1 year | 1 to 5 years |
Receivables from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest rate swaps | 6 | 6 | 3 | 3 |
Commodity swaps | 1 | 1 | 0 | 1 |
CO2 certificate forward purchase contracts | 11 | 11 | 8 | 3 |
Liabilities from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Commodity swaps | 16 | 16 | 10 | 6 |
Derivatives in open orders | 1 | 1 | 1 | 0 |
Interest rate derivatives | 2 | 2 | 2 | 0 |
Forward exchange contracts | 1 | 1 | 1 | 0 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | |
in \u20ac million | Carrying amount 31.12.2024 | Cash flows | up to 1 year | 1 to 5 years |
Receivables from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest rate swaps | 10 | 10 | 0 | 10 |
Commodity swaps | 2 | 2 | 0 | 2 |
Forward exchange contracts | 14 | 14 | 14 | 0 |
Derivatives in open orders | 3 | 3 | 3 | 0 |
Liabilities from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Commodity swaps | 5 | 5 | 2 | 3 |
Interest rate derivatives | 4 | 4 | 0 | 4 |
Forward exchange contracts | 1 | 1 | 1 | 0 |
\u00a0 | 31.12.2025 | 31.12.20241) |
Net debt excluding lease liabilities (in \u20ac million)2) | 1,431 | 1,174 |
Net gearing ratio (in %) | 122.3% | 85.6% |
Net debt excluding lease liabilities to Pro Forma Adjusted EBITDA | 2.81x | 2.16x |
in \u20ac million | 31.12.2025 | 31.12.20241) |
EBIT | 223 | 242 |
Amortisation | 52 | 40 |
Depreciation | 131 | 136 |
Restructuring expenses | 44 | 24 |
Other income and expenses | 54 | 101 |
Adjusted EBITDA | 504 | 543 |
Pro forma full year contributions from business combinations | 5 | 1 |
Pro Forma Adjusted EBITDA | 509 | 544 |
\u00a0 | \u00a0 | \u00a0 |
Total debt | 1,786 | 1,750 |
Lease liabilities | 64 | 77 |
Less: Cash and cash equivalents | 355 | 576 |
Net debt | 1,495 | 1,251 |
\u00a0 | \u00a0 | \u00a0 |
Net debt excluding IFRS 16 lease liabilities | 1,431 | 1,174 |
\u00a0 | \u00a0 | \u00a0 |
Net debt excluding lease liabilities to Pro Forma Adjusted EBITDA | 2.81x | 2.16x |
Net debt to Pro Forma Adjusted EBITDA | 2.94x | 2.3x |
in \u20ac million | 2025 | 2024 |
Fees in respect of the audit of the Consolidated and Parent Company Financial Statements1) | (1) | (1) |
Other audit fees, in respect of subsidiaries' audit, to PwC network firms | (2) | (2) |
Total audit fees | (3) | (3) |
Other non-audit services1)2) | (1) | (1) |
Total fees | (4) | (4) |
in \u20ac million | book value | fair value adjustments | (adjusted) value |
Property, plant and equipment | 64 | (10) | 54 |
Goodwill from previous acquisition | 14 | (14) | 0 |
Intangible Assets: customer relationships | 0 | 183 | 183 |
Intangible Assets: trade names | 5 | 19 | 24 |
Intangible Assets: technology | 1 | 5 | 6 |
Intangible Assets: mining rights | 13 | (1) | 12 |
Inventories | 48 | (6) | 42 |
Trade and other receivables | 33 | 0 | 33 |
Cash and cash equivalents | 3 | 0 | 3 |
Total assets acquired | 181 | 176 | 357 |
Deferred tax liabilities | 3 | 36 | 39 |
Borrowings | 90 | 0 | 90 |
Other financial liabilities | 4 | (3) | 1 |
Provisions and net defined benefit liabilities | 4 | 3 | 7 |
Trade and other liabilities | 60 | 1 | 61 |
Total liabilities assumed | 161 | 37 | 198 |
Net identifiable assets acquired | 20 | 139 | 159 |
Goodwill | \u00a0 | \u00a0 | 99 |
Net consideration | \u00a0 | \u00a0 | 258 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Consideration transferred to seller | \u00a0 | \u00a0 | 271 |
less: gain on deal contingent hedge | \u00a0 | \u00a0 | (13) |
Net consideration | \u00a0 | \u00a0 | 258 |
in \u20ac million | book value |
Property, plant and equipment | 16 |
Inventories | 14 |
Trade and other receivables | 5 |
Cash and cash equivalents | 2 |
Total assets acquired | 37 |
Borrowings | 5 |
Trade and other liabilities | 4 |
Total liabilities assumed | 9 |
Net identifiable assets acquired | 28 |
Less: Non-controlling interests | (14) |
Goodwill | 4 |
Consideration transferred | 18 |
\u00a0 | Joint ventures | |
in \u20ac million | 2025 | 2024 |
Revenue from the sale of goods and services | 0 | 2 |
Purchase of raw materials | 5 | 6 |
\u00a0 | \u00a0 | \u00a0 |
Trade liabilities | 1 | 0 |
in \u20ac million | 2025 | 2024 |
Executive Directors and EMT | \u00a0 | \u00a0 |
Short-term employee benefits | 6 | 9 |
Share-based payments | 3 | 4 |
Total | 9 | 13 |
\u00a0 | \u00a0 | \u00a0 |
Non-Executive Directors1) | 2 | 2 |
in \u20ac million | 2025 | 2024 |
Executive Directors and EMT | \u00a0 | \u00a0 |
Short-term employee benefits | 6 | 9 |
Share-based payments | 3 | 4 |
Total | 9 | 13 |
\u00a0 | \u00a0 | \u00a0 |
Non-Executive Directors1) | 2 | 2 |