Titan America Sa · NYSE:TTAM
Titan America Sa — Q1 2025 Earnings Presentation
28 slides from Titan America Sa's earnings presentation, May 5, 2025
Slide 1: Titan America Q1 2025 Results
Titan America Q1 2025 Results May 5, 2025
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 Solid Revenue, Net Income, and Adjusted EBITDA Resilient Pricing Helped Offset Weather-related Volume Declines Investments in Aggregates Drive Improved Sales Volumes & Margins Reaffirms 2025 Outlook and Guidance 4
Slide 5: We See Underlying Strength in our Markets Despite Volatility
We See Underlying Strength in our Markets Despite Volatility Underlying Positive Market Fundamentals Near-term Challenges • Accelerating investment in infrastructure • Macroeconomic uncertainty and impact on projects. business and consumer sentiment. • Growth in data centers continues • Continued so
Slide 6: Mid-Atlantic Highlighted Commercial & Infrastructure Projects
Mid-Atlantic Highlighted Commercial & Infrastructure Projects Arthur Kill Terminal IAD AWS Data Centers Norfolk International Terminal Staten Island, NY Northern Virginia Norfolk, VA Inova Alexandria Hospital Nokia Bell Labs JFK Airport Springfield, VA New Brunswick, NJ Queens, NY 6
Slide 7: Florida Highlighted Commercial & Infrastructure Projects
Florida Highlighted Commercial & Infrastructure Projects Freedom Stadium SQ1 West Opa Locka Airport Miami, FL West Palm Beach, FL Miami, FL Jacksonville Airport Shands Bridge SpaceX Jacksonville, FL Jacksonville, FL Kennedy Space Center, FL 7
Slide 8: 2025 Q1 Financial Highlights
2025 Q1 Financial Highlights Adjusted EBITDA(1) Revenue ~$80m in 1Q25 (~12% growth v. 1Q24) $392m in 1Q25 (-2% v. 1Q24) Adj EBITDA Margin 20.3% (+248bps v. 1Q24) Resilient pricing offset lower volumes Profitability benefits from Pennsuco outage timing and growth in Aggregates Net Income / EPS Free C
Slide 9: Infrastructure, Commercial & Industrial Drive Demand in an Otherwise Soft Quarter
Infrastructure, Commercial & Industrial Drive Demand in an Otherwise Soft Quarter External / Internal Volume Commentary 2.06 • Q1 2025 volumes challenged by 0.13 adverse weather and delayed 1.39 1.66 0.12 1.14 1.12 16.99 residential restart. 1.30 14.98 • Aggregates volumes supported by strong infras
Slide 10: Resilient Pricing Across Product Lines Despite Soft Quarter
Resilient Pricing Across Product Lines Despite Soft Quarter $55.96 $163.41 Commentary $149.53 $149.45 $24.93 $24.89 $43.46 $159.78 $2.39 $2.38 • Pricing increased sequentially quarter External Pricing Q1 25 v Q1 24 Year-over-year over quarter across all product lines. 0.1% 28.8% 2.3% (0.2%) (0.4%) •
Slide 11: Florida Q1 2025 Segment Highlights
Florida Q1 2025 Segment Highlights Commentary • Strong aggregate demand & additional External Revenue Segment Adjusted EBITDA capacity drive volume growth and ($ millions) ($ millions) margin expansion. 0.3% 25.9% • Timing of Pennsuco spring outage 252 1 253 15 71 creating YoY favorable margin compa
Slide 12: Mid-Atlantic Q1 2025 Segment Highlights
Mid-Atlantic Q1 2025 Segment Highlights Commentary • Inclement weather conditions affected >30% of available workdays in Q1. External Revenue Segment Adjusted EBITDA • With weather improving, demand ($ millions) ($ millions) changed for the better in March while order books remain strong. -5.5% -40.
Slide 13: Net Debt to Adjusted EBITDA at Attractive 0.84x Level
Net Debt(1) to Adjusted EBITDA(1) at Attractive 0.84x Level; Decrease in Net Debt Driven by IPO Proceeds Q1 2025 Free Cash Flow Q1 2025 Change in Net Debt $ Millions Q1 2025 FY 2024 ∆ Net Debt $318.7 $448.1 ($129.4) TTM Adjusted EBITDA $378.8 $370.4 Net Debt to Adj. EBITDA 0.84x 1.19x (0.35x) 4 2 (2
Slide 14: Capital Investments Driving Long-Term Value
Capital Investments Driving Long-Term Value Segment Capital Expenditure(1) and Deferred Stripping Commentary ($ in millions) • Invested in Type 1T cement 17.1 development and delivery capacity. Florida 18.0 • Expanded Ready-Mix mobile fleet to boost volume and improve efficiency. 12.4 • Invested in
Slide 15: Debt and Liquidity Profile
Debt and Liquidity Profile Net Debt/Adjusted EBITDA1 ratio at 0.84x; No meaningful debt maturities before July 2027 $52M $135M Total and Net Debt Evolution Return of Net IPO Commentary Capital Proceeds $85M • Our net debt position was $318.7 Dividend million, representing a ratio of 0.84 456 473 462
Slide 16: Capital Allocation Strategy and Financial Policy
Capital Allocation Strategy and Financial Policy Robust balance sheet enables strategic flexibility to support growth and execute on shareholder-value enhancing opportunities Organic Growth / Greenfield M&A Shareholder Returns ▪ Capacity expansion and other ▪ Opportunities to build upon and ▪ Regula
Slide 17: Reaffirming Full Year 2025 Outlook Despite Uncertainty
Reaffirming Full Year 2025 Outlook Despite Uncertainty and Assuming No Severe Economic Downturn • Mid-single digit revenue growth • Modest improvement in Adjusted EBITDA margin1 as compared to full year 2024 • 2025 results expected to be weighted towards second half of the year Norfolk International
Slide 18: Appendix
TITAN AMERICA Appendix 18
Slide 19: Condensed Income Statement
Condensed Income Statement P&L ($ Thousands) Q1 2025 Q1 2024 Variance Revenue $ 392,438 $ 400,091 (2%) Cost of Goods Sold (301,035) (318,975) (6%) Gross Profit 91,403 81,116 13% SG&A (39,154) (33,409) 17% Other Income / Expense (501) (1,376) (64%) Operating Income 51,748 46,331 12% Finance cost, net
Slide 20: Condensed Balance Sheet
Condensed Balance Sheet Balance Sheet ($ Thousands) Q1 2025 Q4 2024 Inventories $ 220,128 $ 227,638 Trade and other receivables, net 137,727 106,056 Other current assets 37,290 38,438 Cash and cash equivalents 143,246 12,124 Total current assets $ 538,391 $ 384,256 Property, plant, equipment and min
Slide 21: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended March 31 Twelve Months Ended Adjusted EBITDA ($ Thousands) 2025 2024 31-Mar-25 31-Dec-24 Net income $ 33,373 $ 29,533 $ 169,914 $ 166,074 Income tax expense 11,439 9,616 59,367 57,544 Finance cost, net 6,580 5,466 27,289 26,175 Depreciation, depletio
Slide 22: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation ($ in thousands) Q1 2025 Q1 2024 Variance Net cash provided by operating activities $ 35,193 $ 41,487 -15% Adjusted by: Investments in property, plant and equipment (31,915) (27,781) 15% Investments in identifiable intangible assets (641) (2) NM Proceeds from the sale o
Slide 23: Reconciliation of Net Debt
Reconciliation of Net Debt As of ($ in thousands) March 31, 2025 December 31, 2024 Short-term borrowings, including accrued interest $ 37,014 $ 33,608 Long-term borrowings 359,157 358,222 Short-term lease liabilities 11,977 12,386 Long-term lease liabilities 53,829 55,967 Less: Cash and cash equival
Slide 24: Net Debt to Adjusted EBITDA
Net Debt to Adjusted EBITDA As of ($ in thousands) March 31, 2025 December 31, 2024 IFRS: Short-term borrowings, including accrued interest $ 37,014 $ 33,608 Long-term borrowings 359,157 358,222 Short-term lease liabilities 11,977 12,386 Long-term lease liabilities 53,829 55,967 Total Debt 461,977 4
Slide 25: Product Volumes
Product Volumes Three Months Ended March 31 (1)(2)(3) Volumes (in thousands) 2025 2024 Change % Change Total cement volumes 1,295 1,392 Cement consumed internally (343) (362) External cement volumes 952 1,030 (78) -8% Total aggregates volumes 2,056 1,664 Aggregates consumed internally (984) (906) Ex
Slide 26: External Pricing
External Pricing Three Months Ended March 31 (1) Average External Selling Price 2025 2024 $ Change % Change Cement $ 149.53 $ 149.45 $ 0.08 0.1% Aggregates $ 24.89 $ 24.93 $ (0.04) (0.2)% Ready-mix concrete $ 163.41 $ 159.78 $ 3.63 2.3% Concrete block $ 2.38 $ 2.39 $ (0.01) (0.4)% Fly ash $ 55.96 $
Slide 27: Q1 2025 vs. Q1 2024 Segment Volume and Pricing Trends
Q1 2025 vs. Q1 2024 Segment Volume and Pricing Trends(1)(2) Florida Mid-Atlantic % Change in % Change in % Change in % Change in Volumes Average Price Volumes Average Price Cement -4.1% -0.4% -10.6% 0.9% Aggregates 26.0% 2.6% 2.7% 29.3% Ready-mix concrete -1.4% 2.6% -3.5% 2.3% Concrete block -11.9%
Slide 28: Glossary of Terms
Glossary of Terms Adjusted EBITDA (Non-IFRS Measure): net income before finance cost, net, Net Debt: the sum of short and long-term borrowings, including accrued interest income tax expense, depreciation, depletion and amortization, further adjusted to and current and non-current lease liabilities l