Titan America Sa · NYSE:TTAM
Titan America Sa — Q4 2025 Earnings Presentation
27 slides from Titan America Sa's earnings presentation, Mar 17, 2026
Slide 1: Titan America Q4 and Full Year 2025 Results
Titan America Q4 and Full Year 2025 Results March 17, 2026
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 Historical Financial Results Key Messages Million $ 2025 was a historic year for Titan America: • IPO and NYSE listing 1,664 • Record Revenue, Net Income, Adj. EBITDA, Operating Cash Flow • Negotiations to acquire the Keystone Cement Co., with agreement signed in early 2026 390 Strong Q
Slide 5: Announced Agreement to Acquire Keystone Cement Company
Announced Agreement to Acquire Keystone Cement Company Strengthens Long-Term Strategic Position in Mid-Atlantic and Northeastern Markets Transaction Highlights Keystone’s cement is distributed through a third- party terminal in Youngstown, OH, under the • Purchase Price: $310 million or $313 per sho
Slide 6: Supplier of Choice to Iconic Projects in the Markets We Serve
Titan America is a Supplier of Choice to Iconic Projects in the Markets We Serve Bentley Residences Kennedy Space Center Launch Complex New St John’s River Bridge Miami, FL Merritt Island, FL Jacksonville, FL PowerHouse 95 Data Center Ocean 23 (Hilton Grand Vacations Resort) Red Bull Manufacturing F
Slide 7: Q4 2025 & Full Year Financial Highlights
Q4 2025 & Full Year Financial Highlights 2025 Was a Record Year Defined by Disciplined Execution and Strong Financial Results Across Both Segments Revenue Operating Cash Flow $406m in Q4’25 v. $390m in Q4’24 $81m in Q4’25 v. $51m in Q4’24 $1,664m in FY’25 v. $1,634m in FY’24 $295m in FY’25 v. $248m
Slide 8: Full Year and Q4 Product Volumes
Strategic Investments & Integrated Model Delivered Solid Volume Performance in Soft Market Q4 Commentary External / Internal Volume Cement volumes in Q4 2025 rose slightly 0.17 1.35 1.35 1.87 2.06 0.14 1.10 1.11 14.40 15.81 YoY, with improvement in Florida more than Q4 Product Volumes offsetting a w
Slide 9: Pricing Remains Resilient, Moderated by Mix
Pricing Remains Resilient, Moderated by Mix Impacts Q4 Commentary $24.70 $162.54 Q4 2025 Cement pricing was stable YoY, $149.01 $148.83 $24.20 $52.63 $161.09 $2.34 reflecting disciplined management amid Q4 External Pricing $51.65 softer residential demand $2.29 5.5% 7.5% 0.6% 2.1% 0.9% (1.2%) (2.5%)
Slide 10: Florida Q4 & Full Year 2025 Segment Highlights
Florida Q4 & Full Year 2025 Segment Highlights Q4 Commentary Q4 External Revenue Q4 Segment Adjusted EBITDA ($ Millions) ($ Millions) Cement volumes in Q4 2025 grew YoY, supported +5.1% +22.5% by strong non-residential and infrastructure 12 247 12 65 235 53 Aggregates delivered record Q4 volumes dri
Slide 11: Mid-Atlantic Q4 & Full Year 2025 Segment Highlights
Mid-Atlantic Q4 & Full Year 2025 Segment Highlights Q4 External Revenue Q4 Segment Adjusted EBITDA Q4 Commentary ($ Millions) ($ Millions) +3.0% -5.4% 5 159 Severe weather across multiple Mid- 154 34 32 Atlantic markets impacted Q4 2025 (2) volumes, resulting in additional lost workdays compared to
Slide 12: Net Debt to Adjusted EBITDA at Attractive 0.64x Level
Net Debt to Adjusted EBITDA at Attractive 0.64x Level Significant Decrease in Net Debt Driven by Strong Operating Cash Flow Performance & IPO Proceeds 2025 Free Cash Flow 2025 Change in Net Debt ($ Millions) $ Millions FY 2025 FY 2024 ∆ Net Debt $250.7 $448.1 ($197.4) (5) Adjusted EBITDA $389.7 $370
Slide 13: Strong Debt and Liquidity Profile Provides Strategic Flexibility
Strong Debt and Liquidity Profile Provides Strategic Flexibility Commentary $52m $135m Total and Net Debt Evolution Return of Net IPO Net debt was $251 million at December 31, Capital Proceeds ($ Millions) 2025, representing a leverage ratio of 0.64x 473 $85m 472 456 462 460 462 464 462 452 Dividend
Slide 14: CapEx Investments Aligned with Long-Term Growth Strategy
CapEx Investments Aligned with Long-Term Growth Strategy Commentary ($ in millions) Segment Capital Expenditure CapEx program prioritizes investments in growth and margin expansion 110 Ready-Mix Concrete capacity expands with Florida 78 new fixed and portable plants, increasing flexibility and geogr
Slide 15: Capital Allocation Strategy and Financial Policy
Capital Allocation Strategy and Financial Policy Robust balance sheet provides 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 ▪ Value acc
Slide 16: Full Year 2026 Outlook
Full Year 2026 Outlook Low single digit revenue growth versus 2025, with modest expansion in Adjusted EBITDA Margin1 New single-family residential construction expected to remain soft in 2026, with better prospects for multi-family construction Private non-residential outlook supported by reshoring
Slide 17: Appendix
Appendix a TITAN AMERICA 17
Slide 18: Condensed Consolidated Statements of Income (Unaudited)
Condensed Consolidated Statements of Income (Unaudited) Three Months Ended December 31 Twelve Months Ended December 31 (all amounts in thousands of US$) 2025 2024 Variance 2025 2024 Variance Revenue $ 405,662 $ 389,815 4% $ 1,664,188 $ 1,634,393 2% Cost of goods sold (302,408) (294,085) 3% (1,229,20
Slide 19: Condensed Consolidated Balance Sheet (Unaudited)
Condensed Consolidated Balance Sheet (Unaudited) (all amounts in thousands of US$) December 31, 2025 December 31, 2024 Inventories $ 226,414 $ 227,638 Trade and other receivables, net 112,404 106,056 Other current assets 59,387 38,438 Cash and cash equivalents 211,750 12,124 Total current assets 609
Slide 20: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended December 31 Twelve Months Ended December 31 (all amounts in thousands of US$) 2025 2024 2025 2024 Net income $ 43,511 $ 36,528 $ 185,439 $ 166,074 Income tax expense 10,830 13,645 59,403 57,544 Finance cost, net 4,970 7,340 22,561 26,175 Depreciation
Slide 21: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow Twelve Months Ended December 31 2025 2024 Variance (all amounts in thousands of US$) Net cash provided by operating activities $ 295,414 $ 248,037 19% Adjusted by: Investments in property, plant and equipment (160,545) (135,421) 19% Investments in identifiable intang
Slide 22: Reconciliation of Net Debt
Reconciliation of Net Debt As of December 31, 2025 December 31, 2024 (all amounts in thousands of US$) Short-term borrowings, including accrued interest $ 5,387 $ 33,608 Long-term borrowings 390,438 358,222 Short-term lease liabilities 11,168 12,386 Long-term lease liabilities 55,420 55,967 Gross de
Slide 23: Net Debt to Adjusted EBITDA
Net Debt to Adjusted EBITDA As of (all amounts in thousands of US$) December 31, 2025 December 31, 2024 IFRS: Short-term borrowings, including accrued interest $ 5,387 $ 33,608 Long-term borrowings 390,438 358,222 Short-term lease liabilities 11,168 12,386 Long-term lease liabilities 55,420 55,967 T
Slide 24: Product Volumes
Product Volumes Three Months Ended December 31 Twelve Months Ended December 31 Volumes (in thousands) (1)(2)(3) 2025 2024 Change % Change 2025 2024 Change % Change Total cement volumes 1,349 1,346 5,545 5,682 Cement consumed internally (319) (340) (1,348) (1,418) External cement volumes 1,030 1,006
Slide 25: External Pricing
External Pricing Three Months Ended December 31 Twelve Months Ended December 31 Average External Selling Price (1) 2025 2024 $ Change % Change 2025 2024 $ Change % Change Cement $ 148.83 $ 149.01 $ (0.18) (0.1) % $ 149.29 $ 149.93 $ (0.64) (0.4) % Aggregates $ 24.70 $ 24.20 $ 0.50 2.1 % $ 24.82 $ 24
Slide 26: Segment Volume and Pricing Trends
Segment Volume and Pricing Trends(1)(2) Three Months Ended December 31 Twelve Months Ended December 31 Florida Mid-Atlantic Florida Mid-Atlantic % Change % Change % Change % Change Average Average Average Average Volume Price Volume Price Volume Price Volume Price Cement 2.2 % (0.8) % (2.1)% 0.6 % (
Slide 27: Glossary of Terms
Glossary of Terms Adjusted EBITDA (Non-IFRS Measure): net income before finance cost, net, income tax interest and current and non-current lease liabilities less cash and cash equivalents. expense, depreciation, depletion and amortization, further adjusted to remove the impact of Net Leverage (Non-I
Titan America SA Common Shares — Q4 2025 Earnings Presentation on 6ix