#1RHI MAGNESITA RHI Magnesita Investor Presentation March 2024#2Content 1 2 Introduction to RHI Magnesita 2023 financial results 3 Appendix RHI MAGNESITA 2 Investor Presentation | March 2024#3Refractories are essential for our modern world Concrete 1,500°C Copper 1,350°C Steel 1,760°C Glass Aluminium 1,650°C 1,250°C 1 tonne of STEEL demands ~10-15 Kg of refractories Investor Presentation | March 2024 1 tonne of CEMENT demands ~1 Kg of refractories 1 tonne of GLASS demands ~4 Kg of refractories 1 tonne of ALUMINIUM demands ~6 Kg of refractories 1 tonne of COPPER demands ~3 Kg of refractories RHI MAGNESITA 3#4Refractory applications Industrial division Project businesses RHI MAGNESITA Customer industries Steel 69% of revenues Main application Basic oxygen furnace, Electric arc furnace, ladles, flow control Lifetime and costs ⚫ 20 minutes to 2 months c.3% of customers' costs ⚫ Annually c. 0.5% of customers' costs Refractory characteristics ⚫ Part of customers' operational expenditure • Systems and solutions for complete refractory management • Demand correlated to output Cement/Lime 12% of revenues Non-ferrous metals 8% of revenues Glass & Energy. Environmental, Chemicals¹ 9% of revenues Rotary kiln Copper flash smelter Glass furnace Investor Presentation | March 2024 Secondary reformer 1 • 1 to 10 years c. 0.2% of customers' costs • Up to 10 years c. 1% of customers' costs ◆ Part of customers' capital expenditure • Longer replacement cycles based on project driven demand • Complete lining concepts including refractory engineering • Wide areas of application • 5 to 10 years • c. 1.5% of customers' costs 1. Includes revenue from mineral sales 4#5Leading global supplier of refractories Example - Electric Arc Furnace ("EAF") refractories Injector area Slag door area Slag zone Working lining Purging plug Investor Presentation | March 2024 Key product ranges Mixes Roof centre piece Bricks 63% of product revenue Average selling price c. €1,500 per tonne 25% of product revenue Average selling price c. €900 per tonne Heart Flow control Services and solutions Taphole Permanent lining 12% of product revenue Average selling price c. €2,000 per tonne 27% of Group revenues are via solutions contracts RHI MAGNESITA 5 сл#6End markets and customer industries Customer industries % of 2023 revenue. Cement/ Lime Steel 12% 69% End markets 45% Investor Presentation | March 2024 Construction Transportation Non-ferrous Glass & EEC 9% metals 8% 17% 10% 15% 8% 5% Machinery Electronics and consumer goods Other Energy RHI MAGNESITA 6 10#7Raw material and refractory process overview Raw material production Mining 00 Firing in rotary kiln Refractory production Investor Presentation | March 2024 TTTT Press Firing and/or heat treatment Crushing Unshaped refractories Shaped refractories Logistics Heat management solutions Installation Monitoring, repair and process efficiencies 1. Removal Disposal Recycling RHI MAGNESITA#8Solutions contracts RHI Magnesita offers full heat management solutions to its customers Client benefit ✓ Reduced downtime ✓ Lower refractory consumption Lower energy and other raw materials consumption ✓ Higher productivity and cost savings RHI Magnesita benefit ✓ Market share gains Higher client retention ✓ Barriers to entry ✓ Longer contracts ✓ Higher margins as contract matures. Investor Presentation | March 2024 O. RHI MAGNESITA 409 solutions customers worldwide#9Vertical integration benefits Our magnesite raw material assets are amongst the lowest cost globally DBM 98: Indicative cost curve Eskisher Brumado RHIM assets Global DBM assets (non RHIM) Investor Presentation | March 2024 EBITA margin contribution RHI standalone RHI Magnesita 13.9% 14.0% RHI MAGNESITA 11.5% 11.6% 11.4% 11.0% 5.0% 5.5% 9.7% 2.4% 2.5% 1.7% 3.2% 7.7% 3.8% 2.6% 9.7% 9.0% 9.1% 9.1% 8.4% 7.8% 5.9% 5.1% 2016 2017 2018 2019 2020 2021 2022 2023 Vertical integration margin Refractory margin 9#10RHI MAGNESITA Raw material vertical integration Extent of vertical integration Magnesite-and dolomite-based (basic) raw material volume 64 8 28 Key raw material sites and shipment routes 2023 Total volume of raw material 52 52 12 36 usage Total value of raw material| 33 6 61 usage Own production Recycling Purchased Basic vs non-basic based raw material | usage by value 51 Magnesite Annual production kt 2023 Non-magnesite 49 Internal raw materials External raw materials Plants Internal raw material sources only. China and India regions obtain raw material from external sources. Net raw material flows from internal sources kt 2023 111 85 345 0 0 174 160 159 151 87 -50 Brumado, Barzil Eskisehir, Türkiye York, North Breitenau, Hochfilzen, Chizhou, America Austria Austria China Inv South America Türkiye China & East Asia India, West Asia & Africa North America -156 Europe 10#11Finished goods Regional finished goods production - local versus imports % imported % produced in region North America 429kt 42% 15% South America 298kt 9% Europe, Türkiye 445kt 100% Africa 97kt 1. 100% NME 58kt India 357kt 28% 17% China 232kt 100% Asia & Austral. 218kt South America finished goods are balanced between €122 million exports and €86 million imports. RHI MAGNESITA Europe finished goods exports % value by destination region, 2023 (38%) North America (22%) Asia & Australasia (16%) Africa (9%) India (8%) South America China finished goods exports % value by destination region, 2023 (5%) NME (2%) China (35%) North America (18%) Asia & Australasia (12%) Africa (12%) India (9%) South America (9%) NME (5%) China Net finished goods exports/(imports) € millions, 2023 Europe, CIS & Türkiye 480 China & East Asia South America¹ 363 35 India, West Asia & Africa -66 11 North America -316/#12Low carbon steel production Transition to EAF, DRI and ESF is a strong positive growth driver for RHI Magnesita H₂ BF Scrap steel DRI¹ ESF¹ DRI² C BOF EAF BOF EAF H₂ RHI MAGNESITA Tonnes of CO2 per tonne of steel 1.77 BF: Blast furnace BOF: Basic oxygen furnace DRI: Direct reduced iron EAF: Electric arc furnace Investor Presentation | March 2024 1. Electric smelting furnace ("ESF") is required to be paired with a Direct Reduced Iron ("DRI") furnace for 97% of global iron ore supply that does not meet high quality threshold for DRI-EAF route. ESF also melts sponge iron pellets which therefore makes use of a BOF possible for the refining stage 2. DRI-EAF route for sponge iron pellets is being developed but will be limited to using the highest 3% of iron ore grades BF + BOF -63% -92% -92% 0.66 DRI-EAF (Nat gas) 0.15 Scrap EAF 0.14 DRI-EAF (Green H₂) Source: RHIM Annual Report 2021 12#13RHI MAGNESITA 2. 2023 financial results#14Health & Safety A core value at RHI Magnesita RHI MAGNESITA Improvement in injury rates since 2018 1.07 TRIF LTIF 0.93 0.60 0.54 0.45 0.45 0.46 0.32 0.18 0.20 0.16 0.11 • Two recent tragic fatalities in Austria, met with a comprehensive management response Injury indicators: ■LTIF¹ 0.16 (2022: 0.20), lowest since pandemic year ■ TRIF2 0.46 (2022: 0.54) - ⚫ 2023 focus areas: - ■ Material handling procedures - - Workplace inductions and safety training for new joiners ■ Preventive measures and leading indicators 2018 2019 2020 2021 2022 2023 - 1. Lost time injury frequency rate per 200,000 hours 2.Total recordable injury frequency rate per 200,000 hours ■ Global Guidelines applied to recently acquired plants - Ongoing ISO 45001 rollout Investor Presentation | March 2024 14#15Financial highlights FY 2023 Significant cash generation driven by resilient profitability and working capital release Revenue €3.6bn 8% Adjusted EBITA €409m 7% M&A Adjusted EBITDA contribution €56m 1,472% Adjusted EBITA margin Adjusted operating cash flow 11.4% (20)bps €413m 166% Adjusted EPS RHI MAGNESITA €4.98 3.4% Dividend declared Working Capital intensity 1 Net debt to Pro forma Adjusted EBITDA2 ROIC €1.80ps 24.2% 13% 1.2ppt 1. Working capital intensity is stated after working capital financing of €298m and is calculated using L3M annualised revenue of €4,020 million. 2. Includes IFRS 16 Leases of €70m and pro forma 12-month EBITDA contribution from recently acquired businesses prior to acquisition date. Investor Presentation | March 2024 2.3x O.Ox 10.7% (160)bps 15#16M&A growth on resilient base business Pricing and acquisitions offset organic volume decline RHI MAGNESITA Revenue growth driven by pricing and M&A € million 9% 3.572 3.236 4% -3% FY 2022 (constant Organic volume Organic price Acquisitions increase FY 2023 currency) Volume decline offset by industrial price catch up Price index rebased to 100 at 1 Jan 2022 Steel Industrial ◆ Revenue growth of 10% in constant currency despite very weak demand environment - - Steel volumes -3% excluding M&A, pricing flat Industrial volumes -11% excluding M&A, offset by 15% average price increase ◆ Acquisitions contributed 9% of revenue growth M&A EBITDA contribution €56 million versus guidance of c.€40 million ◆ Consistent improvement in operational KPIs underpins strong financial results 140 130 120 110 100 Jan 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Investor Presentation | March 2024 16#17Steel business overview Resilient gross margin, pricing maintained and unit costs stable Revenue €m 1.2 21.6% 22.0% 22.3% 4% 2,461 2,371 1,823 2021 2022 2023 Investor Presentation | March 2024 RHI MAGNESITA • Including M&A, steel revenue increased by 4% to €2,461 million (+6% in constant currency) Steel sales volumes excluding M&A reduced by 3% - - - WSA global steel production excluding China, Iran and Russia reduced by c.1% Some destocking of refractories by customers Careful management of production volumes to match customer demand and inventory coverage Group steel gross margin 30bps higher compared to 2022 - Lower input costs balanced by fixed cost "under- absorption" Pricing resilient despite lower input costs for 'cost plus' competitors Gross margin (%) Revenue - 1. Denoted on a reported basis 2. Excludes recycling 17#18Steel segment performance by region M&A drives strong revenue outperformance in Europe, China and India regions North America €673m -1% -2% -6% -5% 2023 versus 2022 % Steel production (WSA) RHIM Base Volumes RHIM incl M&A Volumes RHIM Revenue incl M&A (constant currency) Investor Presentation | March 2024 South America €393m RHI MAGNESITA China & East Asia €239m Europe, CIS &Türkiye €575m 20% Steel Segment Revenue 2023 8% -3% -2% -9% 3% -1% -11% 24% 23% North America India, West Asia & Africa €2,461m Europe, CIS &Türkiye South America 16% China & East Asia 27% India, West Asia & Africa €582m 10% 3% 9% 10% -6% -6% -6% 37% 25% Global steel production (WSA): (0.1)% Global steel production ex-China, Iran & Russia (WSA): (1)% 18#19Industrial business overview Restored gross margin of 27.7% due to catch-up price effects and later cycle timing Revenue €m 27.7% 26.1% 25.6% 17% 1,111 946 424 729 378 322 687 568 Cement/Lime Industrial Projects 407 Gross margin (%) 2021 2022 2023 Investor Presentation | March 2024 RHI MAGNESITA ■ Industrial segment revenue including minerals sales increased by 17% to €1,111 million (+20% in constant currency) Gross margin 210bps higher versus FY 2022 ◆ Strong performance in Cement & Lime driven by DBRL acquisition in India - 25% increase in Cement & Lime shipped volumes Strong performance in Industrial Projects, restored prices offsetting softer volumes 19#20Sustainability leadership Recycling of reclaimed refractories continues to deliver significant CO2 savings Use of secondary raw material % of total raw material used 12.6 10.5 6.8 5.0 4.2 3.5 2018 2019 2020 2021 2022 2023 CO2 emissions intensity savings target % savings versus 2018 baseline, 2025 target 15% reduction 12.0% 0.5% 0.5% 2.0% 15.0% RHI MAGNESITA Secondary raw material use increased to 12.6% (2022: 10.5%) Recycling activities since 2018 have avoided the emission of 1.3 million tones of CO2 ⚫ 12% reduction in CO2 intensity delivered since 2018, on track to achieve 2025 target of 15% reduction • In 2024, M&A may dilute performance on sustainability metrics in short term until fully integrated Independent ESG ratings recognise our progress EcoVadis Gold, 72 (2022: Gold, 69) ■ CDP A- (2022: B) ■ MSCI AA (2022: AA) Sustainalytics 25 (2022: 25)1 Recycling Renewable electricity Fuel switches Energy efficiency 2025 target 1. Sustainalytics is a risk score out of 100, a lower score indicates lower ESG risk 20 Investor Presentation | March 2024#21RHI MAGNESITA M&A update KASK#22M&A strategy in progress RHI MAGNESITA Nine acquisitions completed since December 2021 in key target geographies and product segments Europe/Türkiye China Non-basic Consideration: €5m ◆ All acquisitions have been focused in a priority product segment or target geography Each transaction has potential to deliver EBITDA synergies in several categories such as: Industrial SÖRMAŞ Consideration: €46m Revenue: €41m 良友窑炉 Revenue: €9m LIANGYOUKILN ME 济南新峨嵋 Flow Control - Cross selling Consideration: €13m Jinan New Emei Consideration: €40m for 65% The key force in closing the cycle - Revenue: €43m MIRECO Recycling Lances, pre-casts Dalmia GSB Consideration: €13m Pro forma Revenue: €23m Non-basic Seven Consideration: €84m REFRACTORIES Pro forma Revenue: €96m Non-basic, Industrial PRefractories Consideration: €45m Pro forma Revenue: €175m India Dalmia Refractories HI-TECH Pro forma Revenue: €76m Industrial Consideration: 27m RHIM India shares¹ Revenue: €132m Flow Control Consideration: €87m Pro forma Revenue: €25m Logistics and network benefits Procurement synergies Raw material integration benefits Shortening of supply chains, reduced frictional costs ■ Product range expansion - - Technology transfer Sustainability or recycling opportunities SG&A savings Investor Presentation | March 2024 22 22#23Industry consolidation opportunity RHI MAGNESITA RHI Magnesita is strengthening its clear global leadership position in the refractory industry and spreads global best technology, quality & sustainability standards Europe India China ✓ Growth in under-represented geographies ✓ Network or logistics synergies ✓ Flow control growth ✓ Alumina based refractories (non-basic) ✓ Complementary product offering ✓ Sustainability leadership Investor Presentation | March 2024 SORMAS MIRECO Seven Dalmia GSB P-D Refractories DBRL Hi-Tech Chongqing Jinan New Emei Areas of focus for future M&A Middle East East Asia USA Alumina based refractories (non-basic) 23#24M&A financials Acquisitions largely funded by cash flow and India equity raise Base business vs Group, €m 2024 EBITDA from M&A guidance €80m¹ RHI MAGNESITA 543 561 487 4.98 4.48 56 80 Base Business Group incl. M&A 35 Synergy targets mostly delivered within first two years Group Pro Forma EBITDA 21 2023 acquisitions 2022 acquisitions Adjusted EBITDA Adjusted EPS M&A EBITDA 2023 2024e 2025 M&A funding bridge Group net debt bridge, €m 1,163 258 78 8 30 29 88 100 325 1,304 M&A Net debt impact €314m 2 Net Debt RHIM Dividends Others FY 2022 Group FCF M&A Consideration M&A Net Debt M&A Working Capital M&A CF India Equity Raise Net Debt FY 2023 Investor Presentation | March 2024 Completion dates Chongqing MIRECO SORMAS DBRL Hi-Tech Dalmia GSB Jinan New Emei Seven P-D Refractories Jan- 22 Mar May- Jul- Sep- Nov- Jan- Mar- May- Jul- Sep- Dec- Jan- Mar- 22 22 22 22 22 23 23 23 23 23 23 24 24 1. €80m guidance Includes EBITDA contribution from 2023 M&A only - DBRL, Hi-Tech, New Emei. Dalmia GSB, Seven, P-D Refractories 2. Others include: FX €1 million, Right of use assets €15m plus others €(9)million 24 24#25RHI MAGNESITA Financial Review KASK RH MAGNESITA#26Profit and loss summary Higher revenue and EBITA offset at EPS level by increased finance charges, including FX €m 2023 20221 Change Revenue 3,572 3,317 8% Gross profit 857 763 12% Gross margin (%) 24.0% 23.0% Adjusted EBITDA 543 500 100bps 9% EBITDA Margin (%) 15.2% 15.1% 10bps Adjusted EBITA 409 384 7% Adjusted EBITA margin (%) 11.4% 11.6% (20bps) Adjusted finance charges (92) (66) 39% Adjusted profit before tax 317 318 0% Adjusted effective tax rate 24.0% 25.0% (100bps) Tax (76) (80) (5%) Adjusted profit after tax 241 237 2% Adjusted EPS (€) 4.98 4.82 3% Dividend per share (€) 1.80 1.60 13% RHI MAGNESITA Revenue growth supported by M&A and price resilience with 2% FX headwind Gross profit margin increased to 24.0% (2022: 23.0%) on restored industrial pricing ⚫ Adjusted EBITA margin reduced by 20bps to 11.4% due to higher depreciation and fixed cost under-absorption • Adjusted finance charges increased to €92 million (2022: €66 million): - Net interest expenses of €35 million (2022: €19 million) Foreign exchange related charges of €30 million (2022: €23 million) Other financial expenses €27 million (2022: €24 million) • Adjusted EPS €4.98 per share (2022: €4.82 per share) ⚫ Final dividend increased to €1.25 (2022: €1.10), with full year payout of €1.80 (2022: €1.60) Investor Presentation | March 2024 26 26#272023 revenue bridge Pricing, strategic sales initiatives and M&A offset lower sales volumes €m 3,317 81 3,236 248 116 111 =1 356 3,572 RHI MAGNESITA 2022 Revenue FX effect 2022 Revenue at Sales volumes constant currency Price Strategic Initiatives M&A 2023 Revenue Investor Presentation | March 2024 27 22#282023 EBITA bridge EBITA increased 7% as M&A delivers growth whilst pricing offsets volume and cost impacts €m 4 388 384 54 54 30 106 116 48 48 17 16 39 409 2022 EBITA FX effect 2022 EBITA Sales volumes at constant currency Fixed cost under Price Labour costs other SG&A Strategic Initiatives M&A 2023 EBITA absorption Investor Presentation | March 2024 RHI MAGNESITA 28#29Record refractory margin of 9.7ppts RHI MAGNESITA Vertical integration margin for the time being lower at 1.7ppts due to cyclical low in refractory raw material prices RHI standalone RHI Magnesita FY 2022 H1 2023 H2 2023 FY 2023 13.9% 14.0% Consistent margin resilience, minimum 11% since merger Refractory EBITA (€m) 298 169 179 348 Vertical integrated EBITA (€m) 84 31 30 61 11.5% 11.6% 11.4% 11.0% 5.0% 5.5% 9.7% 2.4% 2.5% 1.7% Refractory EBITA margin Vertical integrated EBITA margin 9.1ppts 9.8ppts 9.8ppts 9.7ppts 2.5ppts 1.8ppts 1.6ppts 1.7ppts 3.2% 7.7% 3.8% 2.6% Vertical integration margin declined to 1.7ppts due to low raw material prices and fixed cost under-absorption at RHIM raw material sites 9.7% 9.0% 9.1% 9.1% 8.4% 7.8% 5.9% 5.1% 2016 2017 2018 2019 2020 Investor Presentation | March 2024 2021 2022 2023 Vertical integration margin Refractory margin Refractory margin further strengthened in 2023, driven by price increases, M&A and strategic initiatives 29 29#30Cost detail Cost deflation in some key categories offset by low capacity utilisation in H2 Raw materials Energy Gas prices have normalized; oil prices remains flat RHI MAGNESITA Cost of goods sold Absolute COGS +10%, shipped volumes +11% DBM prices softening since Q1 22 2.714 Rebased to 100 DBM 97% (China) Rebased to 100 2,474 2,410 160 1,166 150 Raw materials DBM 90% (China) Electrofused 97% (China) 1.200 Gas (NL TTF) Oil (Brent Crude) 1.000 1,064 986 140 Personnel 130 800 Freight 120 461 360 600 422 Energy 110 281 219 229 100 400 283 84 86 236 90 255 Depreciation 90 168 160 174 Supplies 200 80 234 301 339 Other H 0 Jan/21 Jan/22 Jan/23 Jan/24 Jan/21 Jan/22 Jan/23 Jan/24 2022 2023 excl. M&A 2023 Plant utilisation rate Low production volumes impact unit costs Freight Sea freight cost indices reduced back to 2020 levels Wages Shanghai containerized freight index Baltic dry index % CPI YOY 14 12 Consumer price inflation appears to have peaked in key regions Eurozone CPI Brazil CPI US CPI 10 8 6 4 2 о Jan/21 Jan/22 Jan/23 Jan/24 Jan/21 Jan/22 Jan/23 Jan/24 Rebased to 100 Operational gearing - 350 capacity to grow into 300 demand recovery 250 200 76% 78% 74% 150 100 50 H1 Investor Presentation | March 2024 Q3 Q4 30#31Working capital RHI MAGNESITA Disciplined reduction in inventory and receivables contributes €123 million release of working capital in base business Working capital balances Inventory % of L3M annualised revenue 33.6% 23.3% 25.4% 23.0% 24.2% 29.0% 24.3% 24.8% 1,232 1,272 997 1,092 977 1,049 677 918 974 320 314 794 298 2021 837 996 2022 2023 excluding M&A 2023 298 2021 2022 2023 excluding M&A 2023 Accounts Receivable¹ Working capital after deducting working capital finance Working capital finance - factoring and forfeiting % of L3M annualised revenue 12.0% 10.4% 10.6% % of L3M annualised revenue 11.9% Inventory excluding M&A reduced through lower volume and costs 349 375 2021 2022 366 2023 excluding M&A 477 2023 1,049 103 159 996 85 Accounts Payable² % of L3M annualised revenue 22.3% 25 14.0% 11.8% 12.4% Dec 22 Volume/Mix Inventory Cost FX M&A Dec 23 Inventory Investor Presentation | March 2024 649 507 2021 2022 409 498 2023 excluding M&A 2023 1. Accounts receivable calculated as trade receivables plus contract assets less contract liabilities, as per financial statements 2. Accounts payable refers to trade payables, as per financial statements 31#32Capital expenditure Peak capex has passed, now returning to levels closer to depreciation 123 13533 252 30 180 170 19 156 157 177 156 13 74 46 46 86 90 66 30 80 80 RHI MAGNESITA 2023 capex of €180 million (against guidance of €200 million): ■ €86 million maintenance capex ■ €74 million project capex ■ €19 million in M&A - ⚫ 2024 capex to return to lower levels of c.€130 million plus €10million carry over project capex from 2023 plus €30 million of M&A related capex c. €35 million annually for three years to be deployed for rebuilding digital architecture • 2024 depreciation guidance c.€140 million 110 110 86 71 75 77 60 2018 2019 2020 2021 2022 2023 2024e M&A Capex Project Capex Maintenance Capex Investor Presentation | March 2024 32 42#33Strong cash flow generation in 2023 RHI MAGNESITA Adjusted operating cash flow of €413 million driven by strong profitability and working capital release Adjusted operating cash flow and Cash Conversion Net debt bridge €m €m¹ 102% 88% 111% 101% 40% -84% 438 359 290 H1: €(84)m H2: €239m 155 413 1,163 258 8- 78 30 29 88 100 1,304 325 M&A Net debt impact €314m Working capital increase -236 Net Debt FY 2022 2018 2019 2020 2021 2022 2023 RHIM Dividends Group FCF Others2 M&A M&A Net Consideration Debt M&A Working Capital M&A CF India Equity Raise Net Debt FY 2023 Investor Presentation | March 2024 1. 2. 2018 through 2021 adjusted operating cashflow metric based on definition used in the year of reporting Others include: FX €1 million. Right of use assets €15m plus others €(9)million 33#34Stable gearing supports M&A strategy RHI MAGNESITA €443 million 2023 M&A programme funded by operating cash flow and India equity raise Net debt and liquidity €m 2.6x 1.181 1.014 2021 2.3x 2.3x 1.121 1.168 1.304 1.304 389 507 2022 Debt amortisation profile €m5 2023 Liquidity¹ 561 Net debt² EBITDA³ Leverage4 Undrawn RCF Cash and cash equivalents Debt ◆ Pro forma leverage of 2.3x4 (2022: 2.3x), within target gearing range for compelling M&A • Leverage expected to be controlled within 2.0-2.5x range in 2024 ◆ Total capital allocated to M&A in 2023 was €443 million, including consideration, net debt assumed and working capital investments ◆ The Group has significant available liquidity of €1,304 million (2022: €1,121 million) and a long- dated amortisation profile, with average cost of debt of c.334bps including swaps and 69% at fixed interest rates 1,304 600 812 549 608 600 704 239 149 192 70 Liquidity 2024 2025 2026 2027 212 2028 After IFRS 16 Investor Presentation | March 2024 1. Includes €600m undrawn RCF, matures in 2028. 2. Includes IFRS 16 leases of €70m - net debt excluding leases is €1,234m for 2023. 3. Adjusted L12M EBITDA of €561m which includes €18m pro forma M&A contribution 4. Includes IFRS 16 Leases of €70m and pro forma 12 month EBITDA contribution from recently acquired businesses prior to acquisition date. 5. €60m of 2024 maturities are rollable into 2025 34#35RHI MAGNESITA Summary & outlook KA RHI MAGNESITA#36Trading outlook and 2024 guidance RHI MAGNESITA M&A annualisation will be offset by lower vertical integration margin and pricing pressure Key end markets of construction and transportation remain subdued, glass and non-ferrous metals volumes to reduce and pricing pressure from competitors • RHIM is well positioned to increase output into a recovery, with significant operational gearing and fixed cost benefits • Production will increase to match sales volumes as inventory coverage ratios are now down to target levels • Sales volumes in base business excluding M&A assumed to be in line with 2023 - ■ Full year effect of 2023 M&A to increase shipped volumes by up to 10% and contribute €80 million to EBITDA • Adjusted EBITA in 2024 is guided to be at least in line with current analyst consensus of approximately €410 million with Adjusted EBITA margin of around 11.0% P&L Revenues (i) Volumes Revenues (ii) Pricing EBITDA from 2023 M&A Adjusted EBITA margin 2024 guidance Base business flat volumes, M&A full year effect adds 10% Pricing pressure to partially offset benefit of M&A 2023 actual 3% revenue decline from volumes 13% revenue growth from pricing and M&A €80m €35m c.11% 11.4% Adjusted EBITA c. €410m €409m Balance sheet and cash flow Capital expenditure incl. Digital €170m² €180m Working capital intensity³ c.24% 2.0-2.5× Gearing 24.2% 2.3x pro forma Investor Presentation | March 2024 1. Guidance excludes any impact from FX e.g. balance sheet translation and derivatives 2. Capital expenditure comprises c. €60m maintenance capex, €80m project capex and c. €30m M&A 3. Defined as working capital as a percentage of last three months of annualised revenue and includes factoring and forfaiting 36#37RHI MAGNESITA Our performance in context RHIM has navigated the recent downturn in steel production without margin decline, whilst executing significant M&A at the bottom of the refractory market EBITDA margin World Steel Production YoY change Global financial crisis China downturn China raw material crisis Energy COVID-19 crisis 19.0% 17.9% 16.9% 14.2% 14.3% 14.5% 14.9% 14.5% 15.2% 15.1% 15.2% 13.2% 13.4% 13.5% 10.6% 11.3% 11.6% 12.5%. 11.6% 11.5%. 9.3% 8.0%. 17.3% 10.5% 9.2% 8.9% 7.3% 6.3% 5.7% 6.9% 5.9% 3.1% 3.5% 2.6% 2.2% 2.5% 1.2% 4.7% M&A programme -0.2% -0.1% -1.1% -2.8% RHI RHI Magnesita -3.5% -5.9% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Investor Presentation | March 2024 1) Source WSA and Company data 37 52#38RHI MAGNESITA Investment case (i) EBITDA and free cash flow comparable to FTSE 100 peers; (ii) highest free cash flow yield in the sector; (iii) compelling M&A growth story; (iv) high operational gearing to market recovery EBITDA 20231 €m 543 RHI Magnesita FTSE 100² FTSE 2502 Free cash flow 20231 €m Free cash flow yield 1 27 Feb 2024 15.0% Dividend yield¹ 27 Feb 2024 4.2% Investor Presentation | March 2024 258 M&A EBITDA guidance 2023 acquisitions Enterprise Value 2022 acquisitions 27 Feb 2024 56 35 21 80 M&A EBITDA 2023 2024e 3.7 1) 2) Source for peers: Bloomberg consensus FY 2023 estimates FTSE 350 Industrials index constituents 38#39Q&A RHI MAGNESITA#40Appendix RHI MAGNESITA#41Delivering our strategic sales initiatives Strong organic and/or M&A led revenue growth over last 5 years in key target areas China €m Acquisition of Chongqing 2023 M&A India €m Base business Acquisition of DBRL & Hi-Tech Acquisition of New Emei 477 260 344 222 201 184 167 251 255 367 210 188 49 109 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 RHI MAGNESITA ◆ Solutions contracts reduced to 27% of Group revenue in 2023 mainly due to M&A (2022: 32%) - Excluding M&A, solutions contract revenue was 31% Türkiye €m 45 47 39 Acquisition of SÖRMAS Flow control €m Acquisition of Hi- Tech & New Emei 74 69 525 551 446 433 381 67 521 29 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Investor Presentation | March 2024 41#42Capital allocation framework After maintenance capex and dividend, M&A, organic investments and buybacks compete for capital M&A Organic Investments Share buyback RHI MAGNESITA • Leverage target 1.0-2.0x and up to c.2.5x for compelling M&A opportunities • M&A pipeline presents opportunity to continue consolidation of the refractory industry ⚫ Resilient margins and profitability through the cycle support higher gearing ◆ Maintaining higher levels of working capital improves supply reliability for customers and supports market share gains Dividend Leverage 1.0-2.0x ~2.5x for M&A Maintenance capex Net operating cashflow Resilient margins through the cycle EBITDA margin % 20 15 10 EBITDA EBITDA margin RHI Magnesita merger 5 554 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 553 2018 2019 2020 381 389 500 2021 2022 2023 543 Investor Presentation | March 2024 42#43Industrial Steel P&L overview Solutions........... contacts Revenue €3.572m .€856m Product/....... . €1,605m Services only Cement/Lime.....€424m (Solutions: €9m) NFM... €280m (Solutions: €96m) Glass....... .€182m Energy.............. €144m Environment, Chemicals Investor Presentation | March 2024 Gross Profit €857m Adjusted EBITA¹ €409m Adjusted Profit after Tax €241m Adjusted Profit attributable to shareholders €235m Minorities €6m Cost of goods sold €2,715m Operating Expenses €492m Net Interest expense €35m Other net financial expenses €57m Tax €76m R&D €43m SG&A €449m Purchased Raw Materials €1,166m Personnel €461m Freight €229m Energy €255m Depreciation (COGS) €90m Supplies €174m Other €340m (Solutions: €20m) Minerals.................... €81m 1. Adjusted EBITA excludes amortisation of intangible assets of €44 million, which is partially accounted for in COGS and partly in SG&A. 43 33 RHI MAGNESITA#442023 EBITA - Adjusted items €m Restructuring costs 384 11 Plant closures (1) M&A related costs 4 Oberhausen provision (2) Others Investor Presentation | March 2024 373 Adjusted EBITA 2022 Total = Restructuring costs 409 11 ==== Plant closures 31 5 M&A related costs 14 378 Adjusted EBITA 2023 Oberhausen provision Board response to tender Others Total C (11) 4 8 31 RHI MAGNESITA Other Operating Expenses EBITA 44#45Disciplined inventory management RHI MAGNESITA Production volumes held consistently below sales over last eight quarters to reduce inventory Production and sales volumes excluding M&A Production Volume Sales Volume Inventory volumes excluding M&A Finished Product kt Raw Material kt 500 450 400 350 300 b... 250 200 Q122 Q2 22 Q3 22 Q4 22 Q123 Q2 23 Q323 Q423 Q122 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q323 Q423 Investor Presentation | March 2024 Inventory coverage now optimised, production will match sales in 2024 - reducing fixed cost under-absorption 45#46RHI MAGNESITA Cash flow reconciliation €m Adjusted EBITDA Share based payments - gross non cash 2023 2022 543 500 8 Working capital changes 53 (195) Changes in other assets and liabilities (12) (2) Investments in Property, Plant & Equipment and Intangible assets (180) (157) Adjusted operating cash flow 413 155 Income taxes paid (60) (54) Cash effects of other income/expenses and restructuring (32) (24) Investments in financial assets (14) 4 2 3 Cash inflows from the sale of PPE and IA Cash inflows from the sale of financial assets Investment subsidies received Cash inflow from joint ventures and associates Net interest paid Net derivative cash outflow Dividend payments to Non-controlling Interests Other investing activities Free cash flow Investor Presentation | March 2024 (56) (36) 5 (2) (3) 2 258 43 46 46#47RHI MAGNESITA Net financial expenses €m Net financial expenses Interest income Interest expenses FX effects Balance sheet translation 2023 2022 (39) (19) 20 8 (58) (27) (30) (23) (41) (10) 11 (13) Derivatives Other net financial expenses (32) (31) Present value adjustment on provisions (inc. Oberhausen onerous contract) (8) (9) Factoring costs (12) (7) Pension charges (12) (6) (1) Non-controlling interest expenses Capitalization of borrowing costs Interest expense - Transaction costs Other Total net financial expenses (reported) Adjusted items Total net financial expenses (adjusted) Investor Presentation | March 2024 (92) (66) 8 (1) (6) (6) (101) (73) 9 7 2 47 47#48Reconciliation of adjusted earnings €m 2023 reported Items excluded from adjusted performance 2023 adjusted 2022 reported Items excluded from adjusted performance 2022 adjusted EBITA¹ 378 409 372 11 384 Amortisation (44) 44 (29) 29 Net financial expenses (101) (92) (73) 7 (66) Profit before tax 233 317 270 47 318 Income tax (62) (76) (104) 24 (80) Profit after tax 171 241 167 70 237 - Non-controlling interest 7 7 11 11 Profit attributable to 165 235 156 70 226 shareholders Shares outstanding² 47.1 0.0 47.1 47 47 Earnings per share 3.50 0.00 4.98 3.31 1.51 4.82 (€ per share) 1. EBITA reconciled to revenue above. 2. 3. Total issued and outstanding share capital as at 31 December 2023 was 47,130,338. The Company held 2,347,367 ordinary shares in treasury. The weighted average number of shares used for calculating basic earnings per share in FY 2023 is 47,078,254. Numbers may not cast due to rounding. Investor Presentation | March 2024 RHI MAGNESITA • Items excluded from adjusted EPS: - €20 million non-recurring restructuring cost and write-down expenses €8 million M&A integration costs €4 million Board response to Rhône Capital ■ €44 million amortisation of intangible assets ■ €9 million non-cash other net financial expenses 48 48#49Impact of foreign currency movement EBITA sensitivity in 2023 Appreciation vs EUR Increase / (decrease) Depreciation vs EUR Increase / (decrease) 2023 exchange rates RHI MAGNESITA FY 2023 FY 2023 FY 2023 FY 2022 Opening Unit in EBITA (€m) Unit in EBITA (€m) EUR: Rate Closing Rate Average Rate Average Rate USD -1 cent 4.34 +1 cent -4.34 USD 1.07 1.11 1.08 1.06 CNY -0.01 yuan -0.11 +0.01 yuan 0.11 CNY 7.42 7.87 7.65 7.09 BRL -0.10 reais -3.69 +0.10 reais 3.69 BRL 5.63 5.37 5.42 5.47 INR -1 rupee 1.43 +1 rupee -1.43 INR 88.26 92.58 89.20 82.50 TRY -0.1 lira 0.01 +0.1 lira -0.01 TRY 20.01 31.76 25.23 17.07 Investor Presentation | March 2024 49#50Return on invested capital Group ROIC1 Average Invested Capital (€m) NOPAT (€m) ROIC (%) 2023 2,854 2022 2,439 305 301 10.7% 12.3% Vertical integration ROIC 2023 2022 Average Invested Capital (€m) 483 424 NOPAT (Єm) 43 60 ROIC (%) 8.9% 14.1% Refractory ROIC Average Invested Capital (€m) NOPAT (€m) ROIC (%) Investor Presentation | March 2024 2023 2022 2,371 2,034 262 242 11.0% 11.9% 1. ROIC is an Alternative Performance Metric ("APM"), see Annual Report 2023 for definitions and reconciliations of APMs RHI MAGNESITA 50#512024 guidance detail P&L Revenues (i) Volumes Revenues (ii) Pricing Depreciation EBITDA from 2023 M&A Adjusted EBITA margin Adjusted EBITA Amortisation Finance charges Adjusted tax rate Balance sheet and cash flow Capital expenditure incl. Digital Working capital intensity4 Gearing RHI MAGNESITA 2024 guidance Base business flat volumes, M&A full year effect adds 10% Pricing pressure to patially offset benefit of M&A c. €140m €80m c.11% c.€410m c. €40m c.€85m1.2 23-25% 2023 actual 3% revenue decline from volumes 13% revenue growth from pricing and M&A €134m €35m 11.4% €409m €44m €61m 24% 1. Guidance excludes any impact from FX e.g. balance sheet translation and derivatives €170m³ c.24% 2.0-2.5x €180m 24.2% 2.3x pro forma 2. Comprises Net interest expense c. €(50)m and other adjusted net financial expenses c. €35m including pension expense, present value adjustments, factoring costs, non-controlling interest expense 3. Capital expenditure comprises c.€60m maintenance capex, €80m project capex and c. €30m M&A 4. Defined as working capital as a percentage of last three months of annualised revenue and includes factoring and forfaiting Investor Presentation | March 2024 51