Investor Presentaiton
Capital 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
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