Titan America Sa · NYSE:TTAM
Titan America Sa — Jefferies Conference 2026
46 slides from Titan America Sa's conference presentation, September 2026
Slide 1: Titan America SA
Titan America SA A Leading, Integrated Building Materials Producer Serving the High Growth U.S. East Coast September 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: Key Investment Highlights
Key Investment Highlights 1 Leading Market Positions in the U.S. Eastern Seaboard Mega-Regions Supported by Large Economies and Population Growth 2 Vertically-Integrated Business Model Providing Strategic Flexibility and Omnichannel Access to End Users 3 Comprehensive Logistics Network with Strategi
Slide 4: Strategic Overview
Strategic Overview 4
Slide 5: A Leading, Vertically Integrated Player in the Fast-growing Mega-regions of the U.S. East Coast
A Leading, Vertically Integrated Player in the Fast-growing Mega-regions of the U.S. East Coast Pennsylvania 3 Cement Plants New Jersey Ohio Indiana New York / New Jersey 3 Multi-material Marine Import Hubs West Virginia Cement market share in ~24% Virginia the Metro New York Market1 8 Aggregates/Cl
Slide 6: Well-Positioned After More than a Decade of Outperforming the Market
Well-Positioned After More than a Decade of Outperforming the Market We Believe Our Industry is Entering A New Multi-Year Growth Phase Titan America Cement Sales Volumes Full Year 2025 2013 Market Size & TA Sales Index = 100 206 $1,664m Revenue 123 100 $390m Adjusted EBITDA2 2013 2014 2015 2016 2017
Slide 7: Capitalizing on Trends Driving a Powerful Multi-Year Growth Cycle in the U.S.
Capitalizing on Trends Driving a Powerful Multi-Year Growth Cycle in the U.S. Our Attractive Regions Infrastructure Dynamic & Residential Underbuilt & Onshoring Spending Transformation Themes Titan America has leading market 11% 01 Digitalization and AI positions in mega-regions with Roads & Bridges
Slide 8: 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 9: Vertically Integrated Business Model Provides Strategic Flexibility
Vertically Integrated Business Model Provides Strategic Flexibility Integrated Downstream Product Lines Serve as Channels-To-Market for Upstream Products Upstream Clay Have Built a Comprehensive, Uniquely Products Fly-Ash Integrated, Interconnected Product Mix Slag Cement Cementitious Pozzolans Aggr
Slide 10: Hard to Replicate Comprehensive Logistics Network with Strategically Placed Facilities and Terminals
Hard to Replicate Comprehensive Logistics Network with Strategically Placed Facilities and Terminals Florida Business Mid-Atlantic Business Jacksonville Essex St. Augustine Washington DC Orlando Edgewater 59% Roanoke Richmond 41% Tampa Melbourne Nortfolk Bristol Ft. Pierce Winston-Salem Palm Beach F
Slide 11: Growth Strategy
Growth Strategy 11
Slide 12: Strategic Priorities for What We Believe to be a New Multi-Year Growth Phase
Strategic Priorities for What We Believe to be a New Multi-Year Growth Phase in the Industry 01 02 Build on leading market positions Accelerate growth with new materials in high growth regions service models and adjacencies 03 04 Deploy capital in Apply technology as a critical accretive M&A growth
Slide 13: Core Growth Strategies to Build on Strong Market
01 Core Growth Strategies to Build on Strong Market Expand Cement Grow Aggregates Grow SCM Strengthen RMC / Capacity Business Products Business Block Business Ongoing investment Expand reserves Expand domestic Invest in new greenfield in Pennsuco and in existing mines fly ash production RMC plants R
Slide 14: Titan America is a Supplier of Choice to the Iconic Infrastructure and Private Non-Residential Projects
02 Titan America is a Supplier of Choice to the Iconic Infrastructure and Private Non-Residential Projects in our Markets Everglades Agricultural Area Reservoir Data Centers I-40/I-77 Interchange Rebuild Palm Beach County, Florida Northern and Central Virginia Statesville, North Carolina Newark Inte
Slide 15: Innovating Across Four Transformational Megatrends
02 Innovating Across Four Transformational Megatrends High Performing Materials New Construction Circular Climate with Low Carbon Content Technologies Economy Adaptation High performing cementitious 3D concrete printing Alternative raw materials Blue-green nature-based products – Type IL and calcine
Slide 16: Targeting Adjacent Products and Markets for Strategic Growth
02 Targeting Adjacent Products and Markets for Strategic Growth New Businesses Complementing and Enhancing our Current offerings Lintels Mortars The missing supporting component to our Near Term Continuing to expand into new high- strong block presence performance products SCM/White Cement Heavy Ind
Slide 17: Driving Growth in Supplementary Cementitious Materials
02 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 prod
Slide 18: M&A and Greenfield Investments a Core Part of Titan America's Playbook
03 M&A and Greenfield Investments a Core Part of Titan America’s Playbook Disciplined Strategy and Strong Pipeline Clear Strategic Financial Actionable Priorities Discipline Universe Primarily target bolt-ons Accretive to margin Aggregates Supporting Our Markets Bolster core operations Strong synerg
Slide 19: Acquisition of Keystone Cement Company (Q2 2026)
03 Acquisition of Keystone Cement Company (Q2 2026) 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
Slide 20: Reinvent Operations Across Value Chain
04 Accelerate Transformation through Proprietary Digital Platform Reinvent Operations Manufacturing Supply Chain & Customer Across Value Chain Real Time Asset Optimizers Dynamic Logistics (AI-based) Failure Spare Parts Inventory Prediction Optimization Quality Prediction Digitized S&OP1 Manufacturin
Slide 21: Financial Overview
Financial Overview 21
Slide 22: Full Year 2025 Financial Highlights
Full Year 2025 Financial Highlights 2025 Was a Record Year Defined by Disciplined Execution and Strong Financial Results Across Both Segments Revenue Operating Cash Flow $1,664m in FY’25 v. $1,634m in FY’24 $295m in FY’25 v. $248m in FY’24 H1 weather & residential weakness adversely impacted full ye
Slide 23: Strong Financial Track Record with Attractive Cash Flow Generation, Top Line Growth and Margin Expansion
Strong Financial Track Record with Attractive Cash Flow Generation, Top Line Growth and Margin Expansion Revenue Adjusted EBITDA(1) Operating and Free Cash Flow(2) ($ in billions) ($ in millions) ($ in millions) ’21 FY - ’25 FY ’21 FY - ’25 FY Operating cash flow CAGR: 10% CAGR: 22% $390 Capital exp
Slide 24: 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 $1
Slide 25: Capital Allocation Strategy and Financial Policy
Capital Allocation Strategy and Financial Policy Robust balance sheet provides strategic flexibility to support growth and execute on shareholder-value enhancing opportunities Organic Growth / Greenfield M&A Shareholder Returns Capacity expansion and other Opportunities to build upon and Value
Slide 26: Key Takeaways
Key Takeaways A Leading, Integrated Building Materials Producer Serving the High Growth U.S. East Coast Leading Market Positions in the U.S. Eastern Seaboard Mega-Regions Powerful Multi-Year Growth Phase in the United States Strategic Flexibility from a Vertically Integrated Model In-Place Capacit
Slide 27: Appendix A (Q2 2026)
Appendix A (Q2 2026) 27
Slide 28: Condensed Consolidated Statements of Income (Unaudited)
Condensed Consolidated Statements of Income (Unaudited) Three Months Ended June 30 Six Months Ended June 30 (all amounts in thousands of US$) 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 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: Appendix B (2025)
Appendix B (2025) 36
Slide 37: Condensed Consolidated Statements of Income (Unaudited)
Condensed Consolidated Statements of Income (Unaudited) Note: Amounts disclosed subject to independent rounding. (1) Further detail on Adjusted EBITDA reconciliation in Appendix. 37
Slide 38: Condensed Consolidated Balance Sheet (Unaudited)
Condensed Consolidated Balance Sheet (Unaudited) Note: Amounts disclosed subject to independent rounding. 38
Slide 39: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Twelve Months Ended December 31 (all amounts in thousands of US$) 2025 2024 Net income $ 185,439 $ 166,074 Income tax expense 59,403 57,544 Finance cost, net 22,561 26,175 Depreciation, depletion and amortization 108,716 99,941 EBITDA $ 376,119 $ 349,734 IPO transactio
Slide 40: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow Twelve Months Ended December 31 2025 2024 Variance (all amounts in thousands of US$) $ 295,414 $ 248,037 Net cash provided by operating activities 19% Adjusted by: (160,545) (135,421) Investments in property, plant and equipment 19% (3,837) Investments in identifiabl
Slide 41: 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 $ 33,608 390,438 358,222 Long-term borrowings Short-term lease liabilities 11,168 12,386 Long-term lease liabilities 55,420 55,967 Gross de
Slide 42: Net Debt to Adjusted EBITDA
Net Debt to Adjusted EBITDA As of December 31, December 31, (all amounts in thousands of US$) 2025 2024 IFRS: Short-term borrowings, including accrued interest $ 5,387 $ 33,608 390,438 358,222 Long-term borrowings Short-term lease liabilities 11,168 12,386 Long-term lease liabilities 55,420 55,967 T
Slide 43: Product Volumes
Product Volumes Twelve Months Ended December 31 Volumes (in thousands) (1)(2)(3) 2025 2024 Change % Change Total cement volumes 5,545 5,682 Cement consumed internally (1,348) (1,418) External cement volumes 4,197 4,264 (67) (1.6)% Total aggregates volumes 8,359 7,229 Aggregates consumed internally (
Slide 44: External Pricing
External Pricing Twelve Months Ended December 31 Average External Selling Price (1) 2025 2024 $ Change % Change Cement $ 149.29 $ 149.93 $ (0.64) (0.4)% Aggregates $ 24.82 $ 24.15 $ 0.67 2.8 % Ready-mix concrete $ 162.36 $ 160.41 $ 1.95 1.2 % Concrete block $ 2.33 $ 2.37 $ (0.04) (1.7)% Fly ash $ 53
Slide 45: Segment Volume and Pricing Trends
Segment Volume and Pricing Trends(1)(2) Twelve Months Ended December 31 Florida Mid-Atlantic % Change % Change Volume Average Price Volume Average Price Cement (1.3)% (0.7)% (3.8)% 0.4 % Aggregates 21.6 % 2.2 % (24.6)% 21.3 % Ready-mix concrete 0.1% 0.9 % 0.7 % 3.1 % Concrete block (2.1)% (1.7)% N/A
Slide 46: Glossary of Terms
Glossary of Terms Adjusted EBITDA (Non-IFRS Measure): net income before finance cost, net, income Net Debt (Non-IFRS Measure): the sum of short and long-term borrowings, including tax expense, depreciation, depletion and amortization, further adjusted to remove the accrued interest and current and n