Titan America Sa · NYSE:TTAM
Titan America Sa — Q2 2026 Earnings Presentation
25 slides from Titan America Sa's earnings presentation, Jul 28, 2026
Slide 1: Titan America Q2 2026 Results
Titan America Q2 2026 Results July 28, 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 Resilient performance in Q2’26 with YoY growth in Revenue of 9.6% and Adj. EBITDA of 1.3% despite continued residential headwinds Strong YoY improvement in Mid-Atlantic in Q2’26 boosted by strong performance in private nonresidential and infrastructure Florida Q2’26 results burdened by
Slide 5: Acquisition of Keystone Cement Company
Acquisition of Keystone Cement Company Targeting annual run-rate synergies of at least $30 million by 2029 Keystone integration on schedule Integration Network optimization with Essex Cement and Roanoke Cement operations, as well as fly ash processing plants across Pennsylvania and Ohio Improve reli
Slide 6: Building the Infrastructure that Connects the Future
Building the Infrastructure that Connects the Future Titan America is Participating in more than 50% of Data Centers Currently Under Construction in Our Serviceable Market Area Virginia is World’s Data Center Capital Virginia is the world’s data center capital, with estimated 30% share of the global
Slide 7: Driving Growth in Supplementary Cementitious Materials
Driving Growth in Supplementary Cementitious Materials Investment in Fly Ash Beneficiation Plant in Pennsylvania Titan America, through Separation Technologies LLC, invests in a fly ash beneficiation plant with a capacity to handle 600 thousand tons of landfilled material per year Plant to produce
Slide 8: Q2 & H1 2026 Financial Highlights
Q2 & H1 2026 Financial Highlights Resilient financial performance driven by strong participation in major regional projects despite continued softness in residential demand Revenue Operating Cash Flow $471m in Q2’26 v. $429m in Q2’25 $75m in Q2’26 v. $73m in Q2’25 $869m in H1’26 v. $822m in H1’25 $1
Slide 9: Volume Performance Reflects Strong Commercial Execution in a Challenging Market
Volume Performance Reflects Strong Commercial Execution in a Challenging Market Q2 Commentary Q2 ’26 External / Internal Volume 1.58 0.21 17.86 Volumes increased YoY in Cement, Fly Ash, RMC, 1.44 2.10 2.07 0.18 1.17 1.20 16.49 and Block Q2 Product Volumes Cement volumes reflect Keystone acquisition
Slide 10: Mixed YoY Pricing Dynamics Primarily Reflect Geographic and Product Mix
Mixed YoY Pricing Dynamics Primarily Reflect Q2 Commentary Geographic and Product Mix $168.39 Maintained strong pricing discipline in a challenging environment, demonstrating the $149.75 $25.41 $55.13 $55.25 $161.28 $2.33 value of our differentiated product portfolio Q2 External Pricing $147.55 $2.2
Slide 11: Mid-Atlantic Q2 2026 Segment Highlights
Mid-Atlantic Q2 2026 Segment Highlights Q2 Commentary Q2 External Revenue Q2 Segment Adjusted EBITDA ($ Millions) ($ Millions) +27.0% +30.0% Mid-Atlantic strong financial results driven by focused participation in infrastructure and non- 45 214 residential construction activity 12 53 168 41 24.1% Ad
Slide 12: Florida Q2 2026 Segment Highlights
Florida Q2 2026 Segment Highlights Q2 Commentary Q2 External Revenue Q2 Segment Adjusted EBITDA ($ Millions) ($ Millions) -1.6% -18.6% Non-residential and infrastructure are key demand drivers, while residential remains soft 261 257 62 -4 51 -12 Revenue momentum stalled in Q2 as sales Adj. EBITDA 19
Slide 13: Financial Flexibility with Top Tier Leverage Profile
Financial Flexibility with Top Tier Leverage Profile Net Debt to Adjusted EBITDA at 1.37x June 30, 2026 YTD Free Cash Flow June 30, 2026 YTD Change in Net Debt $ Millions June 30, 2026 January 1, 20261 ∆ Net Debt $537.7 $257.1 $280.6 183 TTM Adjusted EBITDA $393.7 $389.7 138 Net Debt to Adj. EBITDA
Slide 14: CapEx Investments Aligned with Long-Term Growth Strategy
CapEx Investments Aligned with Long-Term H1 Commentary Growth Strategy Investments in growth projects, logistics ($ in millions) Segment Capital Expenditure capabilities, and efficiency initiatives accelerated in H1 59 Florida Cap-ex pacing remained disciplined, balancing 50 near-term cash generatio
Slide 15: Updated Full Year 2026 outlook to include Keystone Cement acquisition contribution
Updated Full Year 2026 outlook to include Keystone Cement acquisition contribution High single-digit revenue growth versus 2025, including the contribution from Keystone Modest decline in Adjusted EBITDA Margin1 versus 2025, reflecting the lower starting contribution from Keystone Note: The Comp
Slide 16: Appendix
TITAN Z AMERICA Appendix
Slide 17: Condensed Consolidated Statements of Income (Unaudited)
Condensed Consolidated Statements of Income (Unaudited) Three Months Ended June 30 Six Months Ended June 30 (all amounts in thousands of US$) 2026 2025 Variance 2026 2025 Variance Revenue $ 470,626 $ 429,239 10 % $ 869,047 $ 821,678 6% Cost of goods sold (357,480) (316,550) 13 % (664,017) (617,583)
Slide 18: Condensed Consolidated Balance Sheet (Unaudited)
Condensed Consolidated Balance Sheet (Unaudited) (all amounts in thousands of US$) June 30, 2026 December 31, 2025 Inventories $ 231,929 $ 226,414 Trade receivables, net 79,827 54,308 Other receivables, net 94,170 58,096 Short term investments, net 29,349 − Other current assets 17,604 18,068 Income
Slide 19: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended June 30 Six Months Ended June 30 (all amounts in thousands of US$) 2026 2025 2026 2025 Net income $ 43,271 $ 51,132 $ 76,288 $ 84,505 Income tax expense 18,975 16,217 30,223 27,658 Finance cost, net 3,499 5,571 8,244 12,153 Depreciation, depletion an
Slide 20: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow Six Months Ended June 30 (all amounts in thousands of US$) 2026 2025 Variance Net cash provided by operating activities $ 136,601 $ 108,094 27% Adjusted by: Investments in property, plant and equipment, net (86,057) (80,838) (8%) Investments in identifiable intangibl
Slide 21: Reconciliation of Net Debt
Reconciliation of Net Debt As of June 30, 2026 December 31, 2025 (all amounts in thousands of US$) Short-term borrowings, including accrued interest $ 4,716 $ 5,387 Long-term borrowings 502,042 390,438 Short-term lease liabilities 11,413 11,168 Long-term lease liabilities 55,910 55,420 Total debt $
Slide 22: Product Volumes
Product Volumes Three Months Ended June 30 Six Months Ended June 30 Volumes (in thousands) (1)(2)(3) 2026 2025 Change % Change 2026 2025 Change % Change Total cement volumes 1,582 1,438 144 10% 2,865 2,734 131 5% Cement consumed internally (311) (341) (640) (685) External cement volumes 1,271 1,097
Slide 23: External Pricing
External Pricing Three Months Ended June 30 Six Months Ended June 30 Average External Selling Price (1) 2026 2025 $ Change % Change 2026 2025 $ Change % Change Cement $ 147.55 $ 149.75 $ (2.20) (1.5)% $ 148.45 $ 149.65 $ (1.20) (0.8)% Aggregates $ 24.61 $ 25.41 $ (0.80) (3.1)% $ 24.99 $ 25.17 $ (0.1
Slide 24: Segment Volume and Pricing Trends
Segment Volume and Pricing Trends(1)(2)(3) Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 compared to June 30, 2025 compared to June 30, 2025 Florida Mid-Atlantic Florida Mid-Atlantic % Change % Change % Change % Change Average Average Average Average Volume Price Volume Price Volum
Slide 25: Glossary of Terms
Glossary of Terms Adjusted EBITDA (Non-IFRS Measure): net income before finance cost, net, income tax 8” EU: 8” Equivalent Units expense, depreciation, depletion and amortization, further adjusted to remove impact of BPS: refers to basis points where each basis point represents 0.01% additional item
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