Titan S.a. · EURONEXT:TITC
Titan — H1 2025 Earnings Presentation
23 slides from Titan's earnings presentation, Jul 31, 2025
Slide 1: Financial Results - H1 2025
Financial Results - H1 2025 Titan Group Investors’ & Analysts’ Presentation Athens, 31 July 2025
Slide 2: First Half 2025 Highlights
First Half 2025 Highlights Increasing profitability levels supported by solid sales performance ❑ Sales reached €1,328.6m, up by 0.4% y-o-y. Strong performance in the US, Greece and Egypt. Overall sustained volumes and pricing, despite headwinds due to adverse weather in the US and in Southeast Euro
Slide 3: H1 2025 and 2Q 2025 Sales, EBITDA and NPAT
Improved Sales and EBITDA performance despite FX headwinds and adverse weather. NPAT impacted by Adocim’s disposal and minorities interest in Titan America. Group Sales (€m) Group EBITDA (€m) Group NPAT (€m) +0.4% €120.3m 1,500 450 300 (-19%) * 1,323.0 5.6 1,328.6 1st Half 2025 +2.0% 1,000 300 281.4
Slide 4: 12-Month Rolling growth trajectory
Resilient 12-month rolling growth trajectory. EBITDA growth trajectory, doubled in 2022-2025. Group Sales (€m) Group EBITDA (€m) 4,500 1,000 +37.4% 750 >x2 12-Month Rolling 3,000 2,640.9 8.8 2,649.7 580.5 5.2 585.7 1,929.1 500 1,500 268.9 250 0 0 12 MR Sales 12 MR Sales Variance 12 MR Sales 12 MR EB
Slide 5: Group Income Statement – H1 2025
Group Income Statement – H1 2025 *NPAT & EPS adjusted for the impact of the sale of Adocim (€51.9m) First Half 2025 Results – Investors’ & Analysts’ Presentation 5
Slide 6: Market Overview- Critical Cost Factors
Market Overview- Critical Cost Factors Favourable fuel cost. Rising electricity charges in Europe. US Natural Gas (USD/Mmbtu) Coal API2 Index (USD/ton) PACE Index >50 HGI; 4.5% Sulfur (USD/MT) 6 200 200 5 175 150 4 150 3 125 100 2 100 50 1 75 0 50 0 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1
Slide 7: Sustained cement volumes. Significant growth in downstream products.
Sustained cement volumes. Significant growth in downstream products. H1 2025 Sales Volume Q2 2025 Sales Volume Excluding Excluding Adocim Adocim 2024 2025 0% +2% -1% 0% 8.7 8.6 4.6 4.6 +5% 3.1 3.3 +14% +3% 11.7 +14% 1.6 1.7 10.2 0.5 5.1 5.9 0.7 0.6 0.3 Cement 3rd Party Aggregates Ready-mix Cement 3r
Slide 8: CapEx at €127m focused on growth, energy and cost savings.
CapEx at €127m focused on growth, energy and cost savings. 2025 CapEx (€ m) Major 2025 CapEx Projects US RCC Quarry Expansion 76.3 2025 US Type IT development, UFL, Alt Fuels USA US New Mixer Trucks 60.1 2024 US New RMC Plants: Fixed and Portable US New Block Plants 26.8 US Norfolk Kovako Barge Refu
Slide 9: Operating Free Cash Flow at €102m in H1 2025
Operating Free Cash Flow at €102m in H1 2025 Net Debt decreased by €485m to €137m. Leverage ratio at 0.2x 2025 Operating Free Cash Flow 432 (70) 21 485 €102 m 14 (127) 287 (72) EBITDA 2025 Non-Cash CapEx Operating Disposals Interest, Tax, FX Impact Decrease in Items WC (Net) Dividend, Other on Net D
Slide 10: Debt and Liquidity Profile - June 2025
Debt and Liquidity Profile - 30 June 2025 Net Debt/ EBITDA ratio at 0.2x. Group Net and Gross Debt Evolution Maturity Profile (€m) 1,200 Gross Debt 6 Net Debt 1,000 Net Debt/EBITDA 934 5 882 903 902 Bank Debt 869 853 867 861 870 827 Bond 912 427 800 838 745 728 4 Leases 797 694 57 795 670 758 762 76
Slide 11: Overview of Markets Performance
Overview of Markets Performance
Slide 12: Resilient US performance in soft market conditions
Resilient US performance in soft market conditions supported by operational excellence, logistics and disciplined cost management. Firm prices. • US Sales and EBITDA dropped by 1.3% in local currency in H1 2025 to $825m and $175m, respectively. • Stable profitability margin. Firm pricing in cement,
Slide 13: Continued growth across all products in Greece. Improved profitability.
Continued growth across all products in Greece. Improved profitability. • Sales in Greece and its EU Terminals in H1 2025 rose by 14.0% to €258m supported by volume growth across all products. Robust pricing in all product lines reflecting the positive market momentum. • EBITDA reached €38.7m, up by
Slide 14: SEE performance in H1 2025 above 2023 levels
SEE performance in H1 2025 above 2023 levels however lagging the exceptionally high results last year. • SEE Sales dropped by 5.0% in H1 2025 to €197.2m, affected by adverse weather in Q1. • EBITDA at €66.5m (-18.3%) also impacted by rising electricity cost. • No significant shifts in market dynamic
Slide 15: Strong growth in EMED, following turnaround results in Egypt.
Strong growth in EMED, following turnaround results in Egypt. • Sales increased by 5.0% to €120.2m following a construction boom in Egypt. EBITDA six-fold expansion to €23.0m despite the sale of Adocim. • In Egypt, domestic demand rose as foreign investment is channeled to mega tourism-related devel
Slide 16: Brazil - Joint Venture: Cimento Apodi profitability improves
Brazil - Joint Venture: Cimento Apodi profitability improves H1 2025 Apodi (100%) In million Euro 2025 2024 Sales 50.0 55.2 EBITDA 12.2 8.8 * Consolidated on an equity basis • In H1 2025, cement demand in Brazil grew by +3.5% in the first half of 2025. In the Northeast region, Apodi’s natural market
Slide 17: Decarbonization - Digitalization
Decarbonization - Digitalization
Slide 18: Significant CO2 reduction by 11% since 2020
Significant CO2 reduction by 11% since 2020 Record-high use of alternative fuels and low clinker content in cement Alternative fuels (%) % heat basis Specific net CO2 emissions (Scope 1) kg/t cementitious product 20.5 22.6 672 17.5 19.6 15.5 652 12.8 619 618 2020 2021 2022 2023 H1 2024 Η1 2025 608 6
Slide 19: Digital transformation
Digital transformation Applying the tools of the fourth industrial revolution to our business Manufacturing Digital Plant of the Future: Productivity, Reliability Factor and Quality Improvements • AI-based Real-Time Optimizers (RTOs) o Already deployed in most plants of TITAN’s footprint (US, Greece
Slide 20: Outlook
Outlook Titan reiterates a cautiously optimistic outlook for the rest of the year, anticipating an improved yearly performance thanks to solid volumes, firm pricing & greater efficiencies via capital investments in cost competitiveness, digitalization and decarbonization. ➢ In the US, infrastructure
Slide 21: APPENDIX
APPENDIX
Slide 22: Group Balance Sheet – H1 2025
Group Balance Sheet – H1 2025 First Half 2025 Results – Investors’ & Analysts’ Presentation 22
Slide 23: Q2 Sales and Profitability per Region
Q2 Sales and Profitability per Region SALES USA GREECE & WE SEE EMED 600 600 600 600 -5.8% 404.1 -23.5 400 380.6 400 400 400 +12.3% -1.9% 200 200 200 200 14.5 133.1 +3.3% 118.6 116.8 -2.2 114.6 59.9 2.0 61.9 0 0 0 0 2024 Variance 2025 2024 Variance 2025 2024 Variance 2025 2024 Variance 2025 EBITDA U