Investor Presentaiton

Record 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

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