Little is known about the performance of ettringite-based binders in hydrothermal conditions. This investigation aims to gain insights into the phase evolution and corresponding mechanical performance of an ettringite-based binder considering crystallization pressure caused by late-reaction products. Additionally, the role of fiber reinforcement on the strength retention of the binder was investigated. When aged at an elevated temperature under water-saturated conditions, hard-burned MgO hydrated to form brucite. The precipitation and growth of the brucite crystals led to a crystallization pressure of approximately 200 MPa calculated using thermodynamic modelling. Damage was observed after 4 months of aging with cracks in the microstructure and eventually a failure at the macro scale. Ettringite remained stable at 60 °C due to the water-saturated conditions. Polypropylene fiber delayed crack propagation and thus reduced the damage caused by crystallization pressure. The fiber improved the flexural performance of composite attaining deflection-hardening behavior regardless of aging conditions.