Titan America Sa · NYSE:TTAM
Titan America Sa — Q2 2025 Earnings Presentation
28 slides from Titan America Sa's earnings presentation, Jul 29, 2025
Slide 1: Titan America Q2 2025 Results
Titan America Q2 2025 Results July 29, 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 Effectively navigated unfavorable year-over-year weather impacts and a softer residential market Florida Q2 results impacted by timing of Pennsuco major annual maintenance outage; H1 results improve year-over-year Mid-Atlantic severely impacted by bad weather, leading to a significant y
Slide 5: Green Shoots Begin to Appear on the Macro Level, while Residential Softness Remains
Green Shoots Begin to Appear on the Macro Level, while Residential Softness Remains the Near-Term Challenge OBBB1 passage provides policy certainty and enhanced incentives for capital investment A pattern of agreements with key US trade partners begins to emerge Low but slowly improving consumer con
Slide 6: Strategic Investments Expand Capacity, Reliability and Service
Strategic Investments Expand Capacity, Commentary Reliability and Service Downstream capacity Leesburg Ready-Mix Plant • Supporting our customers in a high- growth area Leesburg, VA Ready-Mix Plant Jacksonville Ready-Mix & Block Plants • Increasing capacity and enhancing vertically integrated model
Slide 7: High Performance Materials and Solutions for Key Growth Projects
High Performance Materials and Solutions for Key Growth Projects Charlotte Douglas International Airport Tampa General Hospital Kinston Global Transpark Charlotte, NC Tampa, FL Kinston, NC Golden Glades Interchange Rocky Forge Wind Okeechobee Road Reconstruction Miami, FL Botetourt County, VA Miami,
Slide 8: 2025 Q2 & H1 Financial Highlights
2025 Q2 & H1 Financial Highlights Revenue Adjusted EBITDA $429m in Q2’25 v. $433m in Q2’24 $99m in Q2’25 v. $117m in Q2’24 $822m in H1’25 v. $833m in H1’24 $179m in H1’25 v. $188m in H1’24 Inclement weather and residential softness impact Q2 & H1 demand Lower volumes weigh on Q2 & H1 earnings Net In
Slide 9: Integrated Model Mitigates Softer Cement Market in a Weather Impacted Q2 & H1
Integrated Model Mitigates Softer Cement Market in a Weather Impacted Q2 & H1 Commentary External / Internal Volume • Integrated operations and targeted 2.10 0.18 1.52 1.78 0.15 1.19 17.13 16.49 investments cushioned the impact 1.17 Q2 Product Volumes 1.44 of softer cement demand driven by adverse w
Slide 10: Resilient Pricing Across Product Lines Despite Soft Quarter
Resilient Pricing Across Product Lines Despite Soft Quarter Commentary $55.13 • Cement pricing resilient despite $25.41 double digit demand declines in key Q2 External Pricing markets $151.52 $24.08 $51.29 $160.29 $161.28 $2.39 $149.75 5.5% 7.5% 0.6% $2.33 • Aggregates delivered solid price gains pa
Slide 11: Florida Q2 & H1 2025 Segment Highlights
Florida Q2 & H1 2025 Segment Highlights Commentary Q2 External Revenue Q2 Segment Adjusted EBITDA ($ millions) ($ millions) • Q2 results negatively impacted by 1.2% -12.3% timing of Pennsuco spring 258 3 261 maintenance outage (v. Q1 2024) 71 (9) 62 • Modest revenue growth in a down market driven by
Slide 12: Mid-Atlantic Q2 & H1 2025 Segment Highlights
Mid-Atlantic Q2 & H1 2025 Segment Highlights Commentary Q2 External Revenue Q2 Segment Adjusted EBITDA ($ millions) ($ millions) • All markets and product lines -3.8% -17.4% disrupted by weather delays, with 175 168 49 8-15 more lost workdays than prior (7) 41 year (dependent on MSA) (9) • Order boo
Slide 13: Net Debt to Adjusted EBITDA at Attractive 0.89x Level
Net Debt(1) to Adjusted EBITDA(1) at Attractive 0.89x Level Decrease in Net Debt Driven by IPO Proceeds June 30, 2025 YTD Free Cash Flow June 30, 2025 YTD Change in Net Debt $ Millions H1 2025 FY 2024 ∆ (2) Net Debt $323.0 $448.1 ($125.1) (37) TTM Adjusted EBITDA $361.4 $370.4 Net Debt to Adj. EBITD
Slide 14: Targeted CapEx Focused on Growth & Margins
Targeted CapEx Focused on Growth & Margins Commentary ($ in millions) Segment Capital Expenditures1) • Investments in aggregate 50.2 production capacity to enable Florida 41.6 expected sales growth • Vertically integrated investments in 29.5 Mid-Atlantic ready-mix & block support 19.1 upstream volum
Slide 15: Debt and Liquidity Profile
Debt and Liquidity Profile Net Debt/Adjusted EBITDA1 ratio at 0.89x; No meaningful debt Commentary maturities before July 2027 • Net debt position was $323 $52M $135M Total and Net Debt Evolution Return of Net IPO Capital Proceeds million at June 30, 2025, $85M representing a leverage ratio of Divid
Slide 16: Capital Allocation Strategy and Financial Policy
Capital Allocation Strategy and Financial Policy Robust balance sheet enables strategic flexibility to support growth and execute on shareholder-value enhancing opportunities Organic Growth / Greenfield M&A Shareholder Returns ▪ Capacity expansion and other ▪ Opportunities to build upon and ▪ Regula
Slide 17: Reaffirming Full Year 2025 Outlook
Reaffirming Full Year 2025 Outlook • Mid-single digit revenue growth • Modest improvement in Adjusted EBITDA margin1 as compared to full year 2024 The Signature Bridge Miami, FL Note: The Company’s 2025 outlook is based on a number of assumptions that are subject to change and many of which are outs
Slide 18: Appendix
TITAN AMERICA Appendix 18
Slide 19: Condensed Consolidated Statements of Income (Unaudited)
Condensed Consolidated Statements of Income (Unaudited) Three Months Ended June 30 Six Months Ended June 30 (all amounts in thousands of US$) 2025 2024 Variance 2025 2024 Variance Revenue $ 429,239 $ 433,061 (1%) $ 821,678 $ 833,152 (1%) Cost of Goods Sold (316,550) (305,454) 4% (617,583) (624,429)
Slide 20: Condensed Consolidated Balance Sheet (Unaudited)
Condensed Consolidated Balance Sheet (Unaudited) (all amounts in thousands of US$) June 30, 2025 December 31, 2024 Inventories $ 219,376 $ 227,638 Trade and other receivables, net 139,707 106,056 Other current assets 40,745 38,438 Cash and cash equivalents 148,770 12,124 Total current assets 548,598
Slide 21: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended June 30 Six Months Ended June 30 (all amounts in thousands of US$) 2025 2024 2025 2024 Net income $ 51,132 $ 60,319 $ 84,505 $ 89,851 Income tax expense 16,217 19,626 27,658 29,243 Finance cost, net 5,571 5,985 12,153 11,451 Depreciation, depletion a
Slide 22: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow Six Months Ended June 30 (all amounts in thousands of US$) 2025 2024 Variance Net cash provided by operating activities $ 108,094 $ 113,359 (5%) Adjusted by: Investments in property, plant and equipment (80,838) (63,698) 27% Investments in identifiable intangible ass
Slide 23: Reconciliation of Net Debt
Reconciliation of Net Debt As of (all amounts in thousands of US$) June 30, 2025 December 31, 2024 Short-term borrowings, including accrued interest $ 16,455 $ 33,608 Long-term borrowings 389,330 358,222 Short-term lease liabilities 12,017 12,386 Long-term lease liabilities 53,957 55,967 Less: Cash
Slide 24: Net Debt to Adjusted EBITDA
Net Debt to Adjusted EBITDA As of (all amounts in thousands of US$) June 30, 2025 December 31, 2024 IFRS: Short-term borrowings, including accrued interest $ 16,455 $ 33,608 Long-term borrowings 389,330 358,222 Short-term lease liabilities 12,017 12,386 Long-term lease liabilities 53,957 55,967 Tota
Slide 25: Product Volumes
Product Volumes Three Months Ended June 30 Six Months Ended June 30 (1)(2)(3) Volumes (in thousands) 2025 2024 Change % Change 2025 2024 Change % Change Total cement volumes 1,438 1,520 2,734 2,913 Cement consumed internally (341) (364) (685) (726) External cement volumes 1,097 1,156 (59) (5.1%) 2,0
Slide 26: External Pricing
External Pricing Three Months Ended June 30 Six Months Ended June 30 (1) Average External Selling Price 2025 2024 Change % Change 2025 2024 Change % Change Cement $ 149.75 $ 151.52 $ (1.77) (1.2%) $ 149.65 $ 150.54 $ (0.89) (0.6%) Aggregates $ 25.41 $ 24.08 $ 1.33 5.5% $ 25.17 $ 24.48 $ 0.69 2.8% Re
Slide 27: Segment Volume and Pricing Trends
Segment Volume and Pricing Trends(1)(2) Three Months Ended June 30 Six Months Ended June 30 Florida Mid-Atlantic Florida Mid-Atlantic % Change % Change % Change % Change Volume Average Price Volume Average Price Volume Average Price Volume Average Price Cement (4.5%) (0.9%) (6.3%) (0.4%) (4.3%) (0.6
Slide 28: Glossary of Terms
Glossary of Terms Adjusted EBITDA (Non-IFRS Measure): net income before finance cost, net, income tax Net Debt: the sum of short and long-term borrowings, including accrued interest and current expense, depreciation, depletion and amortization, further adjusted to remove the impact of and non-curren
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