Titan America Sa · NYSE:TTAM
Titan America Sa — Q3 2025 Earnings Presentation
28 slides from Titan America Sa's earnings presentation, Nov 5, 2025
Slide 1: Titan America Q3 2025 Results
Titan America Q3 2025 Results November 5, 2025 1
Slide 2: Disclaimer
Disclaimer This presentation and the accompanying oral presentation include “forward-looking statements,” that reflect our current expectations and views of future events. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Ac
Slide 3: Today's Presenters
Today’s Presenters Bill Zarkalis President & CEO Larry Wilt Chief Financial Officer 3
Slide 4: Key Messages
Key Messages Titan America achieved 6% year-over-year revenue growth and 18% year-over-year Adjusted EBITDA growth in Q3 2025 Florida segment propelled by strong presence in infrastructure & private non-residential sectors and robust Aggregates performance Mid-Atlantic segment supported by release o
Slide 5: Strong Momentum Across Infrastructure & Private Non-Residential Markets while Residential Remains Soft
Strong Momentum Across Infrastructure & Private Non-Residential Markets while Residential Remains Soft Mega-project activity continues to build with focus on infrastructure Policy tailwinds (IIJA and Bonus Depreciation) expected to provide further lift in 2026 Data-center build-out continues to expa
Slide 6: Precast Lintels Build On Vertically Integrated Business Model and Accelerate Growth
Precast Lintels Build On Vertically Integrated Business Model and Accelerate Growth Through New Adjacent Channels Engineering design, mix designs and intellectual property protections Miami-Dade approval and Florida Building Code Certification Miami-Dade approval of quality control plan Site and Pla
Slide 7: Titan America Products Are Helping Shape the Future of Large-Scale Infrastructure
Titan America Products Are Helping Shape the Future of Large-Scale Infrastructure and Private Non-Residential Projects Newark International Airport Terminal B QTS Data Centers I-74 Eastern Beltway Newark, NJ NOVA & Metro Richmond, Virginia Winston Salem, North Carolina West Court Orlando Everglades
Slide 8: 2025 Q3 & YTD Financial Highlights
2025 Q3 & YTD Financial Highlights Revenue Adjusted EBITDA $437m in Q3’25 v. $411m in Q3’24 $117m in Q3’25 v. $99m in Q3’24 $1,259m in YTD’25 v. $1,245m in YTD’24 $296m in YTD’25 v. $287m in YTD’24 Improved weather lifts Q3 while residential weakness limits YTD Higher volumes in Q3 and operational e
Slide 9: Integrated Model Delivers Above-Market Volume Performance
Integrated Model Delivers Above-Market Volume Performance Q3 Commentary External / Internal Volume • Cement volumes rose 2.6% year- 0.20 over-year, with improvements in 2.15 1.20 1.42 1.46 1.92 0.16 1.15 16.14 16.03 both Florida and Mid-Atlantic regions Q3 Product Volumes • Aggregates volumes grew 1
Slide 10: Pricing Remains Resilient, Moderated by Mix Impacts and Residential Softness
Pricing Remains Resilient, Moderated by Mix Impacts and Residential Softness Q3 Commentary $24.30 • Cement pricing remains resilient $162.23 with change reflecting product & $149.48 $149.07 $23.52 $53.25 $160.43 $2.37 Q3 External Pricing geographic mix $2.33 $51.86 5.5% 7.5% 0.6% • Aggregates pricin
Slide 11: Florida Q3 & YTD 2025 Segment Highlights
Florida Q3 & YTD 2025 Segment Highlights Q3 Commentary Q3 External Revenue Q3 Segment Adjusted EBITDA ($ millions) ($ millions) 4.3% • Cement volumes outperformed in a 16.2% market down 5.9%(1) YTD 252 11 263 11 81 70 • Aggregates volumes grew >20% year-over-year, making Q3 2025 the strongest quarte
Slide 12: Mid-Atlantic Q3 & YTD 2025 Segment Highlights
Mid-Atlantic Q3 & YTD 2025 Segment Highlights Q3 Commentary Q3 External Revenue Q3 Segment Adjusted EBITDA ($ millions) ($ millions) • Improved Ready-Mix demand (~10% 9.4% 10.6% vs Q3 2024) driven by strong 15 174 159 3 37 infrastructure and private non- 33 residential construction activity under be
Slide 13: Net Debt to Adjusted EBITDA at Attractive 0.71x Level
Net Debt to Adjusted EBITDA at Attractive 0.71x Level Decrease in Net Debt Driven by Strong Operating Cash Flow Performance & IPO Proceeds September 30, 2025 YTD Free Cash Flow September 30, 2025 YTD Change in Net Debt ($ in millions) $ Millions Q3 2025 FY 2024 ∆ (2) Net Debt $268.8 $448.1 ($179.3)
Slide 14: Debt and Liquidity Profile
Debt and Liquidity Profile Net Debt/Adjusted EBITDA ratio at 0.71x; Next debt maturity July ‘27 Commentary • Net debt was $269 million at Total and Net Debt Evolution $52M $135M Return of Net IPO September 30, 2025, representing ($ in millions) Capital Proceeds a leverage ratio of 0.71 times $85M Di
Slide 15: Targeted CapEx Focused on Growth & Margins
Targeted CapEx Focused on Growth & Margins Commentary • Investments to support growth in ($ in millions) Segment Capital Expenditure cement capacity, reliability and output 71 Florida 60 • Ready-Mix capacity grows with new mobile, fixed, and portable plants Mid-Atlantic 48 • Roanoke Cement Quarry ex
Slide 16: Capital Allocation Strategy and Financial Policy
Capital Allocation Strategy and Financial Policy Robust balance sheet enables strategic flexibility to support growth and execute on shareholder-value enhancing opportunities Organic Growth / Greenfield M&A Shareholder Returns § Capacity expansion and other § Opportunities to build upon and § Regula
Slide 17: Full-Year 2025 Outlook
Full-Year 2025 Outlook • Revised revenue growth to between 2% - 3% as compared to full-year 2024 • Modest improvement in Adjusted EBITDA margin1 as compared to full-year 2024 Note: The Company’s 2025 outlook is based on a number of assumptions that are subject to change and many of which are outside
Slide 18: Appendix
Appendix a TITAN AMERICA 18
Slide 19: Condensed Consolidated Statements of Income (Unaudited)
Condensed Consolidated Statements of Income (Unaudited) Three Months Ended September 30 Nine Months Ended September 30 (all amounts in thousands of US$) 2025 2024 Variance 2025 2024 Variance Revenue $ 436,849 $ 411,426 6 % $ 1,258,526 $ 1,244,578 1 % Cost of goods sold (309,209) (299,224) 3 % (926,7
Slide 20: Condensed Consolidated Balance Sheet (Unaudited)
Condensed Consolidated Balance Sheet (Unaudited) (all amounts in thousands of US$) September 30, 2025 December 31, 2024 Inventories $ 216,215 $ 227,638 Trade and other receivables, net 136,475 106,056 Other Current Assets 41,634 38,438 Cash and cash equivalents 195,640 12,124 Total Current Assets 58
Slide 21: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended September 30 Nine Months Ended September 30 (all amounts in thousands of US$) 2025 2024 2025 2024 Net income $ 57,423 $ 39,694 $ 141,928 $ 129,546 Income tax expense 20,917 14,657 48,573 43,899 Finance cost, net 5,440 7,384 17,591 18,835 Depreciation
Slide 22: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow Nine Months Ended September 30 2025 2024 Variance (all amounts in thousands of US$) Net cash provided by operating activities $ 214,827 $ 197,143 9% Adjusted by: Investments in property, plant and equipment (119,081) (113,213) 5% Investments in identifiable intangibl
Slide 23: Reconciliation of Net Debt
Reconciliation of Net Debt As of September 30, 2025 December 31, 2024 (all amounts in thousands of US$) Short-term borrowings, including accrued interest $ 6,183 $ 33,608 Long-term borrowings 390,084 358,222 Short-term lease liabilities 11,364 12,386 Long-term lease liabilities 56,847 55,967 Less: C
Slide 24: Net Debt to Adjusted EBITDA
Net Debt to Adjusted EBITDA As of (all amounts in thousands of US$) September 30, 2025 December 31, 2024 IFRS: Short-term borrowings, including accrued interest $ 6,183 $ 33,608 Long-term borrowings 390,084 358,222 Short-term lease liabilities 11,364 12,386 Long-term lease liabilities 56,847 55,967
Slide 25: Product Volumes
Product Volumes Three Months Ended September 30 Nine Months Ended September 30 Volumes (in thousands) (1)(2)(3) 2025 2024 Change % Change 2025 2024 Change % Change Total cement volumes 1,461 1,424 4,195 4,336 Cement consumed internally (345) (353) (1,030) (1,079) External cement volumes 1,116 1,071
Slide 26: External Pricing
External Pricing Three Months Ended September 30 Nine Months Ended September 30 Average External Selling Price (1) 2025 2024 $ Change % Change 2025 2024 $ Change % Change Cement $ 149.07 $ 149.48 $ (0.41) (0.3) % $ 149.44 $ 150.19 $ (0.75) (0.5) % Aggregates $ 24.30 $ 23.52 $ 0.78 3.3 % $ 24.86 $ 24
Slide 27: Segment Volume and Pricing Trends
Segment Volume and Pricing Trends(1)(2) Three Months Ended September 30 Nine Months Ended September 30 Florida Mid-Atlantic Florida Mid-Atlantic % Change % Change % Change % Change Average Average Average Average Volume Price Volume Price Volume Price Volume Price Cement 1.8 % (0.8) % 3.6 % 0.8 % (2
Slide 28: Glossary of Terms
Glossary of Terms Adjusted EBITDA (Non-IFRS Measure): net income before finance cost, net, income tax Net Debt (Non-IFRS Measure): the sum of short and long-term borrowings, including accrued expense, depreciation, depletion and amortization, further adjusted to remove the impact of interest and cur
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