Titan S.a. · EURONEXT:TITC
Titan — Titan Cement International — FY2024 Earnings Presentation
27 slides from Titan's earnings presentation, March 2025
Slide 1: Financial Results - Full Year 2024
Financial Results - Full Year 2024 TCI Investors’ & Analysts’ Presentation Athens, March 2025
Slide 2: Full Year 2024 Highlights (1/2)
Full Year 2024 Highlights (1/2) Strong performance in the US and Europe led to record profitability ❑ Fourth consecutive year of growth. Group sales reached €2,644m, up by 3.8%. Sales growth across all regions with US and Europe contributing over 90%. ❑ 2024 EBITDA achieved a record level of €592.1m
Slide 3: Full Year 2024 Highlights (2/2)
Full Year 2024 Highlights (2/2) One more year of record financial results. Positive outlook. ❑ Developed new digital solutions and further accelerated existing ones (Real-Time Optimizers), leading to increased production and energy consumption savings. On track to digitalize 100% of our plants by 20
Slide 4: Sales and Profitability growth in 2024. Margin Expansion.
Sales and Profitability growth in 2024. Margin Expansion. Sales EBITDA NPAT +9.6% +7.4% +3.8% 3,000 51.8 592.1 580.1 600 450 97.0 2,644.0 540.3 2,547.0 +17.3% +7.6% 46.6 315.3 Full Year 2,000 400 300 289.2 268.7 1,000 200 150 0 0 0 2023 Variance 2024 2023 Variance @-2024 2024 2023 Variance @-2024 20
Slide 5: One more year of profitability growth
One more year of profitability growth Sales and profitability growth continued for 4th consecutive year, albeit at a slower pace. Group Sales Group EBITDA 3,000 800 97 2,644 265 2,547 567 2,282 52 592 600 209 540 2,000 1,715 400 56 331 275 1,000 200 *16.1% *14.5% *21.2% *22.4% 0 0 2021 FY 2021 growt
Slide 6: Group Income Statement – FY 2024
Group Income Statement – FY 2024 *@-EBITDA excludes non-recurring items : YTD : Q4 : €12.0m €-5.5m *@-NPAT includes Impairment losses: YTD : Q4 : €17.0m €17.0m *@: denotes adjusted EBITDA and NPAT FY 2024 Results – Investors’ & Analysts’ Presentation 6
Slide 7: 2024: Top performance for Titan for another consecutive year
2024: Top performance for Titan for another consecutive year 2023-2024 Sales growth YoY EBITDA growth YoY TITAN EU peers US peers TITAN EU peers US peers 2022-2023 Sales growth YoY EBITDA growth YoY TITAN EU peers US peers TITAN EU peers US peers FY 2024 Results – Investors’ & Analysts’ Presentation
Slide 8: Volume growth across all product lines in FY 2024
Volume growth across all product lines in FY 2024 Full Year 2024 Sales Volume Q4 2024 Sales Volume +2% 0% 2023 2023 17.5 17.8 4.5 4.5 2024 2024 +6% 6.3 5.9 +6% +10% 1.6 1.5 21.9 +17% 19.9 5.9 5.1 1.1 0.2 0.5 0.1 Cement 3rd Party Aggregates Ready-mix Cement 3rd Party Aggregates Ready-mix Domestic Cem
Slide 9: Strong 2024 Operating Free Cash Flow at €299m. Net Debt decreased by €38m.
Strong 2024 Operating Free Cash Flow at €299m. Net Debt decreased by €38m. 2024 Operating Free Cash Flow 35 (251) 580 €299 m (65) (14) (222) (25) 38 EBITDA 2024 Non-Cash CapEx Operating Acquisitions Interest, Tax, FX Impact Decrease in Items WC (Net) Dividend, Other on Net Debt Net Debt € 293m 2023
Slide 10: Group CAPEX spending at €251m in 2024
Group CAPEX spending at €251m in 2024. Majority of investments in USA and Greece. 2024 Capital Expenditure Major 2024 Capex Priorities ✓ Growth Investments 144.2 USA o Installation of new (fixed and mobile) Ready-Mix plants 123.0 o Modernization and expansion of Ready-Mix fleet and mobile 61.7 equip
Slide 11: Net Debt further declined to €622m
Net Debt further declined to €622m Leverage ratio at 1.02x Group Net and Gross Debt Evolution Maturity Profile Gross Debt Leases 1,200 Net Debt 6 Bond Net Debt/EBITDA** Bank Debt 1,000 934 5 882 903 902 869 853 867 861 870 827 912 372 800 838 745 4 9 795 797 670 758 762 765 622 660 684 3 3.13 640 2.
Slide 12: Overview of Markets Performance
Overview of Markets Performance
Slide 13: Sales growth across regions
Sales growth across regions. Profitability rose in all regions except EMED (excl. Greece i/co exports). Group Sales Group L-F-L EBITDA € 26m € 250m -22.5%* +4.4%* 10% 4% € 168m € 432m +14.9%* +2.3%* 16% 28% € 2,644m € 592m +3.8%* 57% +9.6%* 58% € 340.5m +15.1%* 17% € 444m 10% +8.7%* € 1,518m € 58m +
Slide 14: Solid US sales despite adverse weather in H2 2024
Solid US sales despite adverse weather in Η2 2024. Further profitability expansion. USA SALES USA EBITDA (€m) (€m) 2,000 400 +15.1% +12.5% +2.8% 44.6 340.5 332.8 1,476.9 41.0 1,517.9 295.9 1,500 300 1,000 200 $319 $368 $359 $1,596 $1,641 $ +15.3% $ +2.8% 500 100 $ +12.5% 0 0 2023 Variance 2024 2023
Slide 15: Strong domestic demand in Greece
Strong domestic demand in Greece. Profitability impacted by lower intercompany export prices. Greece & WE SALES Greece & Corporate EBITDA (€m) (€m) 2,000 400 1,500 300 1,000 200 +8.7% -11.0% -17.6% 500 408.6 35.7 444.3 100 -7.2 65.4 58.2 54.0 0 0 2023 Variance 2024 2023 Variance @-2024 2024 *@: deno
Slide 16: Sustained sales growth in SEE
Sustained sales growth in SEE. Enhanced profitability through lower energy cost and investments targeting cost efficiencies. SEE SALES SEE EBITDA (€m) (€m) 2,000 400 1,500 300 +14.9% 1,000 200 21.8 167.6 +2.3% 145.8 500 421.7 9.8 431.5 100 0 0 2023 Variance 2024 2023 Variance 2024 34.6% EBITDA Margi
Slide 17: Improved top-line performance amidst inflation and currency devaluations
Improved top-line performance amidst a persisting inflationary environment and currencies devaluations. EMED SALES EMED EBITDA (€m) (€m) 2,000 400 1,500 300 1,000 200 +4.4% 500 100 -22.5% 239.9 10.4 250.3 33.2 -7.5 25.7 0 0 2023 Variance 2024 2023 Variance 2024 13.8% EBITDA Margin 10.3% • EMED Sales
Slide 18: Brazil
Brazil FY 2024 Apodi (100%) (€m) 2024 2023 Sales 115.2 128.2 EBITDA 29.5 24.4 * Consolidated on an equity basis • In 2024, cement demand in Brazil increased by 4.2% benefitting from rising investment in housing and infrastructure projects. The Northeast region, experienced a 7.5% increase. • Apodi’s
Slide 19: Digital transformation
Digital transformation Applying the tools of the fourth industrial revolution to our business, while expanding our solutions space Digital Plant of the Future: Productivity & Reliability Factor Improvements • AI-based Real-Time Optimizers (RTOs): Deployed in most TITAN plants (US, Greece, SE Europe,
Slide 20: Ambitious GHG emissions targets
Ambitious GHG emissions targets We are on track to meet our targets; Significant reduction; 11% decrease since 2020 Strong track record A whole new level of ambition Commitment to net zero in CO2 emissions reduction with science-based targets for Developing products and solutions Scope 1, 2 & 3 emis
Slide 21: Significant CO2 reduction by 11% since 2020
Significant CO2 reduction by 11% since 2020 Record-high use of alternative fuels and historically low clinker content in cement Alternative fuels (%) % heat basis Specific net CO2 emissions 30.7 21.2 (Scope 1) kg/t cementitious product 17.5 19.6 15.5 12.8 672 652 2020 2021 2022 2023 2024 2026 -11% 6
Slide 22: Investing in early-stage contech and greentech startups through €40m Venture Capital Fund
Investing in early-stage contech and greentech startups through our new €40m Venture Capital Fund Direct investment in 6 high potential startups Participation in 2 funds Transforming low-cost Using CO2 emissions to High-performance, nature-based intermittent electricity to serve transform industrial
Slide 23: Outlook
Outlook Positive outlook for the year with sales volumes growth, top-line expansion, and increased margins supported by firm and, in some places increased pricing while controlling rising labor, electricity and raw materials costs. ➢ The US economy is expected to benefit from moderating inflation an
Slide 24: Appendix
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Slide 25: Group Balance Sheet – FY 2024
Group Balance Sheet – FY 2024 FY 2024 Results – Investors’ & Analysts’ Presentation 25
Slide 26: Q4 Sales and Profitability by Region
Q4 Sales and Profitability by Region Group Sales USA Greece & Corporate SEE EMED 600 600 600 600 -1.5% 400 372.2 -5.6 366.6 400 400 400 +9.8% -2.2% 200 200 200 200 +3.1% 109.6 10.7 120.3 107.1 -2.4 104.7 65.8 2.1 67.9 0 0 0 2023 Variance 2024 2023 Variance 2024 2023 Variance 2024 0 2023 Variance 202
Slide 27: Disclaimer
DISCLAIMER This presentation (“the Presentation”) has been prepared by Titan Cement International S.A (the “Company” and together with its subsidiaries, “the Group”) and is general background information about the activities of the Group at the date of the Presentation. The information in the Presen
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