In the first quarter of 2015, Magnesita saw increases in revenue and gross profit compared to the fourth quarter of 2014 and first quarter of 2014. Revenue was up 11% to R$806 million compared to the first quarter of 2014, and gross profit increased 33% to R$269 million in the same period comparison. EBITDA excluding other items was R$142 million, up 37% from the first quarter of 2014. However, net income was negative at R$27 million, though an improvement from a R$76 million loss in the fourth quarter of 2014. Working capital as a percentage of sales declined to 29.8% as of the end of the first quarter of 2015.

1. Earnings Call – 1Q15
May 15th, 2015
LTM = “Last Twelve Months”

2. The consolidated financial statements presented here are consistent with the criteria of international accounting standards - IFRS issued by the
International Accounting Standards Board – IASB, based on audited financial information. Non-financial information contained herein, as well
as other operational information, were not audited by independent auditors and may include forward-looking statements and reflects the
current views and perspectives of the management on the evolution of macro-economic environment, conditions of the mining and
refractories industries, company performance and financial results. Any statements, projections, expectations, estimates and plans contained
in this document that do not describe historical facts, and the factors or trends affecting financial condition, liquidity or results of operations,
are forward-looking statements and involve several risks and uncertainties.
This presentation should not be construed as legal, tax, investment or other advice. This presentation does not constitute an offer, or invitation,
or solicitation of an offer, to subscribe for or purchase any securities, and neither any part of this presentation nor any information or
statement contained herein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Under no
circumstances, neither the Company nor its subsidiaries, directors, officers, agents or employees be liable to third parties (including investors)
for any investment decision based on information and statements in this presentation, or for any damages resulting therefrom, corresponding
or specific.
The information presented or contained in this presentation is current as of the date hereof and is subject to change without notice. Magnesita
has no obligation to update it or revise it in light of new information and / or in face of future events, safeguard the current regulations which
we are submitted to. This presentation and its contents are proprietary information of the Company and may not be reproduced or circulated,
partially or completely, without the prior written consent of the Company.
Changes in historical numbers
For comparison purposes, 2013 figures have been adjusted to reflect accounting changes implemented by the Company
in late 2013.
Disclosure
2

3. Brazil
3
Source: ¹WSA
Crude Steel Production¹ (million tons) - Established Markets
Volume (‘000 tons)*
USA + Canada EU-28
Sales to Steel Segment
Revenues (R$ million)
-3%
-1%
1Q15
210
4Q14
217
1Q14
211
4Q14
545
1Q14
516
5%
11%
1Q15
570
Refractory Solutions Sales - Steel
1%
1%
1Q15
8
4Q14
8
1Q14
8
-6%
-6%
1Q15
23
4Q14
25
1Q14
25 43
4%
-2%
1Q154Q14
41
1Q14
44
Sales by region (in R$)
34 34
1Q14 LTM
-1%
1Q15 LTM
99
0%
1Q15 LTM
99
1Q14 LTM
169
0%
1Q15 LTM
169
1Q14 LTM
1Q15 LTM
3%
881
1Q14 LTM
852
1Q14 LTM
2.194
9%
1Q15 LTM
2.006
*Excluding scraps volume
1Q15
29%
21%
38%
12%
Europe OthersSouth America North America
25% 26%
37%
12%
1Q14

4. 4
Sales to Industrial Segment
Refractory Solutions Sales – Industrial Segment
Volume (‘000 tons) Revenues (R$ million)
46
34
43
1Q14
34%
7%
1Q154Q14
142
98
125
1Q14
45%
13%
1Q154Q14
154151
3%
1Q15 LTM1Q14 LTM
439424
1Q15 LTM
4%
1Q14 LTM
1Q15
29%
11%
47%
13%
Europe OthersSouth America North America
26%
14%
46%
14%
1Q14

5. Refractory Solutions Sales and Margin - Consolidated
Volume (‘000 tons)
Revenues (R$ million)
Gross Profit and Margin (R$ million; %)
256251254
2%
1%
1Q154Q141Q14
242183212
14%
32%
1Q15
34.1%
4Q14
28.5%
1Q14
33.1%
712643641
11%
11%
1Q154Q141Q14
Sales by region (in R$)
Sales by segment (in R$)
3%
1Q15 LTM
1.036
1Q14 LTM
1.002
8%
1Q15 LTM
2.633
1Q14 LTM
2.430
831797
4%
1Q15 LTM
31.6%
1Q14 LTM
32.8%
5
1Q15
29%
19%
40%
12%
Europe OthersSouth America North America
25% 24%
39%
13%
1Q14
19.9%
80.1%
19.6%
80.4%
1Q15 1Q14
Steel Industrial

6. 6
Revenues (R$ million) Gross Profit and Margin (R$ million; %)
Revenues (R$ million) Gross Profit and Margin (R$ million; %)
Minerals and Services Sales and Margin
44
32
39
4Q141Q14
37%
12%
1Q15
50
43
39
4Q141Q14
16%
29%
1Q15
14
1112
33.4%
1Q14
31.2%
29%
13%
1Q15
31.6%
4Q14
12
77
16.4%
1Q14
16.9%
71%
84%
1Q15
24.2%
4Q14
Minerals
Services
1Q14 LTM
170
-12%
1Q15 LTM
150
50
64
37.8%
-22%
1Q15 LTM
33.6%
1Q14 LTM
1Q14 LTM
131
35%
1Q15 LTM
176
39
20
1Q14 LTM
90%
1Q15 LTM
21.9%
15.6%

7. 7
Consolidated Sales and Gross Profit (R$ million)
Por Segmento
806
718719
11%
12%
1Q154Q141Q14
Gross Profit
Consolidated Sales
8%
1Q15 LTM
2.959
1Q14 LTM
2.731
269
201231
33%
16%
1Q15
33.3%
4Q14
28.0%
1Q14
32.1%
920881
1Q15 LTM
4%
1Q14 LTM
31.1%32.3%

8. 8
SG&A
Selling Expenses
G&A
1%
9%
1Q15
61
7.6%
4Q14
61
8.5%
1Q14
56
7.8%
5%
0%
1Q15
107
13.2%
4Q14
102
14.2%
1Q14
106
14.8%
Selling Expenses
% of sales
2%
-5%
1Q15
45
5.6%
4Q14
44
6.2%
1Q14
48
6.6%
Consolidated Freight
G&A
% of sales
Others
6%
5%
1Q15
62
7.6%
4Q14
58
8.0%
1Q14
59
8.2%
-1%
1Q15 LTM
240
8.1%
1Q14 LTM
241
8.8%
4%
1Q15 LTM
409
13.8%
1Q14 LTM
392
14.2%
7%
1Q15 LTM
179
6.0%
1Q14 LTM
168
6.1%
3%
1Q15 LTM
230
7.8%
1Q14 LTM
224
8.1%

9. 9
EBITDA and Net Result (R$ million)
Net Result
1Q15
-27
-3.3%
4Q14
-76
-10.6%
1Q14
-17
-2.3%
37%
75%
1Q15
142
17.6%
4Q14
81
11.3%
1Q14
104
14.4%
10%
1Q15 LTM
425
14.3%
1Q14 LTM
385
14.0%
-107
1Q15 LTM
0.6%
15
1Q14 LTM
-3.6%
EBITDA ex-others

10. 10
CAPEX and Working Capital
Working Capital
CAPEX
4Q14
23
34
1Q15
73
1Q14
-54%
46%
30.6%
3Q14
979
34.0%
1Q14
1,017
35.4%
1Q15
961
29.8%
4Q14
878
2Q14
1,002
35.1%
Working Capital
% of sales
187
1Q15 LTM
-8%
204
1Q14 LTM

11. 8,2
Net Debt per currency (as of March* 2015)
11
*EBITDA excluding other revenues/expenses
Amortization Schedule (R$ million)
*EBITDA excluding other revenues/expenses
Leverage and Indebtedness (R$ million)
Amortization Schedule
Leverage ratio Leverage ratio ex-perpetual
1.7061.5961.5371.4841.494
425387404379385
1Q15
3.5x
4.1x
4Q14
3.9x
4.1x
3Q14
3.7x
3.9x
2Q14
4.0x
3.9x
1Q14
3.8x
3.9x
Net Debt / EBITDA Adj by fx
Net Debt / EBITDA¹
EBITDA
Net Debt
887931911922914
425387404379385
1Q15
2,1x
2,1x
4Q14
2,4x
2,4x
3Q14
2,3x
2,3x
2Q14
2,5x
2,5x
1Q14
2,4x
2,4x
Net Debt / EBITDA Adj by fx
Net Debt / EBITDA¹
EBITDA
Net Debt
88.5%
Short term
11.5%
Long term
EUR
20%
USD48%
BRL
32%
*Currency exposure as of March 27th, before the Swap expiration at March 30th

12. Octavio Pereira Lopes
CEO
Eduardo Gotilla
CFO e IRO
Daniel Domiciano
IR Manager
Lucas Veiga
IR Analyst
Phone: +55 11 3152-3237/3241/3202
ri@magnesita.com
www.magnesita.com/ri
12
Investor Relations