Magnesita reported its 3Q15 earnings. Revenue declined 5% year-over-year to $669 million due to lower steel production in key markets. EBITDA increased 27% to $141 million despite lower sales, with margins improving to 15.9% from 14.7% in 3Q14. Working capital increased to 32.4% of sales due to currency impacts and strategic inventory build. Net debt declined but leverage ratios remained elevated at 3.0x net debt/EBITDA excluding perpetual bonds. Overall, earnings exceeded expectations due to margin expansion despite currency headwinds and weaker steel markets.

1. Earnings Call – 3Q15
November 13th, 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.
Disclosure
2

3. 3
Crude Steel Production* (million tons) - Established Markets
Volume (‘000 tons)
Sales to Steel Segment
Revenues (R$ million)
Refractory Solutions Sales - Steel
Sales by region (in R$)
-1%
-6%
3Q15
208
2Q15
209
3Q14
220
-5%
LTM
3Q15
843
LTM
3Q14
885-6%
9M15
627
9M14
666
+12%
+28%
3Q15
669
2Q15
598
3Q14
524
LTM
3Q15
2.382
LTM
3Q14
2.124
+12%
+15%
1.837
1.594
9M159M14
9M159M14
30%
21%
9%
37%
3%3%
39%
26%
23%
9%
North America
South America
Europe
Asia + Oceania
CIS + MEA

4. 4
Sales to Industrial Segment
Refractory Solutions Sales – Industrial Segment
Volume (‘000 tons) Revenues (R$ million)
35
30
42
3Q152Q153Q14
+20%
-15%
108100
111
+9%
-3%
3Q152Q153Q14
-5%
9M15
111
9M14
117
+8%
9M15
350
9M14
325
-9%
LTM
3Q15
145
LTM
3Q14
159
+1%
LTM
3Q15
448
LTM
3Q14
445
9M14
11%4%
13%
20%
52%
9M15
24%
13%
6%
10% 47%
CIS + MEA
Asia + Oceania
Europe
North America
South America

5. Volumes (thousand tonnes)
Revenues (R$ mln)
Gross profit and margin (R$ million; %)
243239262
+2%
-7%
3Q152Q153Q14
252220206
3Q15
32,3%
2Q15
31,5%
3Q14
32,4%
778698635
+22%
+11%
3Q152Q153Q14
897820
LTM 3Q15
31,7%
LTM 3Q14
31,9%
+10%
LTM 3Q15
2.830
LTM 3Q14
2.570
5
Refractories Consolidated – Sales & Margin
Per region (R$)
Per segment (R$)
3Q153Q14
17,5%
82,5%
13,9%
86,1%
Steel Industrial
CONFIDENTIAL
989
-5%
LTM 3Q15LTM 3Q14
1.044
5
738783
-6%
9M159M14
+14%
9M15
2.187
9M14
1.919
713
617
9M15
32,6%
9M14
32,2% 9M159M14
83,1%
16,9%
84,0%
16,0%

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
Minerals
Services
59
4539
+52%
+31%
3Q152Q153Q14
+8%
LTM 3Q15
181
LTM 3Q14
167
+32%
9M15
148
9M14
113
26
1813
89%
43%
3Q15
43.4%
2Q15
39.4%
3Q14
34.8%
68
56
+21%
LTM 3Q15
37.7%
LTM 3Q14
33.7%
57
38
52%
9M15
38.7%
9M14
33.6%
4948
41
+21%
3%
3Q152Q153Q14
24%
LTM 3Q15
191
LTM 3Q14
154
21%
9M15
147
9M14
122
7810
-15%
-34%
3Q15
13.9%
2Q15
16.9%
3Q14
25.6%
31 34
+10%
LTM 3Q15
18.0%
LTM 3Q14
20.1%
2726
4%
9M15
18.4%
9M14
21.3%

7. 7
Consolidated Sales and Gross Profit
Por Segmento
886791715
+12%
+24%
3Q152Q153Q14
Gross Profit (R$ million; %)
Consolidated Sales (R$ million)
+11%
LTM 3Q15
3.201
LTM 3Q14
2.890
284245230
+16%23%
3Q15
32.1%
2Q15
31.0%
3Q14
32.2%
798
681
17%
9M15
32.1%
9M14
31.6%
+15%
9M15
2.483
9M14
2.154
999
908
10%
LTM 3Q15
31.2%
LTM 3Q14
31.4%
5%
89%
6%
6%6%
88%
ServiceMineralsRefractories
9M159M14

8. 8
SG&A
G&A and % of sales (R$ million; %)
+5%
+22%
3Q15
73
8.3%
2Q15
70
8.8%
3Q14
60
8.4%
+6%
+5%
3Q15
47
5,3%
2Q15
44
5,6%
3Q14
45
6,2%
Freight Fixed Selling expenses
+4%
+25%
3Q15
70
7.9%
2Q15
68
8.5%
3Q14
56
7.8%
+17%
9M15
204
8.2%
9M14
174
8.1%
-1%
9M15
136
5.5%
9M14
137
6.4%
+18%
9M15
199
8.0%
9M14
169
7.9%
+11%
LTM 3Q15
265
8.3%
LTM 3Q14
239
8.3%
+5%
+16%
3Q15
117
13.2%
2Q15
112
14.1%
3Q14
101
14.1%
+9%
9M15
335
13.5%
9M14
306
14.2%
+8%
LTM 3Q15
437
13.7%
LTM 3Q14
405
14.0%
LTM 3Q15
+25%
257
8.0%
LTM 3Q14
206
7.1%
6.9%
-9%
5.6%
199
LTM 3Q15LTM 3Q14
180
Selling Expenses and % of sales (R$ million; %)

9. 9
EBITDA and Net Result (R$ million)
3Q15
-903
2Q15
12
3Q14
-18
+35%
+34%
3Q15
141
15.9%
2Q15
105
13.2%
3Q14
105
14.7%
+16%
LTM 3Q15
468
14.6%
LTM 3Q14
404
14.0%
LTM 3Q15
-994
LTM 3Q14
10
Adjusted EBITDA* (R$ million; %)
*EBITDA excluding other operating revenues / expenses
+27%
9M15
387
15.6%
9M14
306
14.2%
-917
-21
9M159M14
Net Result (R$ million; %)

10. 10
CAPEX and Working Capital
Working Capital (R$ million; %)
CAPEX (R$ million)
+36%
+78%
3Q15
70
2Q15
51
3Q14
39
+50%
9M15
155
9M14
103
+22%
LTM 3Q15
229
LTM 3Q14
187
3Q15
1.148
32,4%
2Q15
975
30,8%
1Q15
961
29,8%
4Q14
878
30,6%
3Q14
1.002
35,1%
33,9%
28,7%
26,1%
28,4% 27,3%
Working Capital
Working Capital as % of sales ¹
Adjusted working capital as % of sales ²
¹Quarterly sales multiplied by 4
²WK adjusted by same FX as sales

11. *EBITDA excluding other revenues/expenses
Total Excluding Perpetual Bond
*EBITDA excluding other revenues/expenses
Capital Structure
Leverage ratio Leverage ratio ex-perpetual
1.7091.7061.5961.537
2.135
468432425387404
3Q15
3.0x
4.6x
2Q15
3.7x
4.0x
1Q15
3.5x
4.0x
4Q14
3.9x
4.1x
3Q14
3.7x
3.8x
Net Debt / EBITDA Adj by fx
Net Debt / EBITDA¹
EBITDA
Net Debt
1.120917887931911
468431425387404
3Q15
1.3x
2.4x
2Q15
2.1x
2.1x
1Q15
2.0x
2.1x
4Q14
2.4x
2.4x
3Q14
2.3x
2.3x
Net Debt / EBITDA Adj by fx
Net Debt / EBITDA¹
EBITDA
Net Debt
8,2
Net Debt per currency (as of Sep 2015)
EUR
32%
49%USD
BRL
20%
11

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