Titan S.a. · EURONEXT:TITC
Titan — FY2025 Earnings Presentation
42 slides from Titan's earnings presentation, Mar 19, 2026
Slide 1: Financial Results Full Year 2025
T I TA N G R O U P Financial Results Full Year 2025 Investors’ & Analysts’ Presentation Athens, March 19th, 2026 FY 2025 Results – Investors’ & Analysts’ Presentation 1
Slide 2: Today's Presenters
Today’s Presenters Marcel Cobuz Chair Group ExCo John Ioannou Group CFO FY 2025 Results – Investors’ & Analysts’ Presentation 2
Slide 3: Investor Day November 2025
01 Investor Day November 2025 FY 2025 Results – Investors’ & Analysts’ Presentation 3
Slide 4: Building a future-ready TITAN to deliver top of class growth and returns
2029 Building a future- ready TITAN to deliver top of class growth and returns 4
Slide 5: 2025-2029: Strategic Priorities for Capturing Growth and Sustain Returns
2025-2029: Strategic Priorities for Capturing Growth and Sustain Returns 01. Deliver 02. Expand 03. Invest Superior Growth in Core Business Alternative Cementitious And Scale Up New (Cement and Aggregates) Materials Platform Technologies and Platforms Expand capacity and export mix (US) Accelerate s
Slide 6: Growth-Oriented Capital Allocation
Growth-Oriented Capital Allocation Updates since the Investor Day Uses of Capital for 2026 - 2029 Shareholder Returns Completion of the acquisition of 14% Tracim, Türkiye Maintenance CAPEX 14% Signed agreement for the acquisition of € 3 - 4 bn Keystone, Pennsylvania, US Up to Growth CAPEX Completion
Slide 7: €3-4bn Capital to deploy: Growth Targets 2029
Continue delivering top returns and margin expansion as key Growth Targets 2029 Sales Growth EBITDA Growth EPS ROCE1 Net Debt / EBITDA 6-8% p.a. 11-13% p.a. €5-6/share 15-17% p.a. 1.5x-2.0x Alternative Investments in Operational Specific net direct Cementitious Materials Innovation2 efficiencies CO2
Slide 8: FY 2025 Results
02 FY 2025 Results FY 2025 Results – Investors’ & Analysts’ Presentation 8
Slide 9: 2025 FY Highlights - Continuous Strategic activity across markets
2025 FY Highlights - Continuous Strategic activity across markets Robust portfolio developments towards “TITAN Forward 2029” 02 04 03 05 07 09 11 13 Titan America Quarry acquisition Adocim Miami-Dade (FL) Vracs de L’ Estuaire Dry Mortar JV Fly-Ash IPO - NYSE Thessaly disposal Lintel approval Acquisi
Slide 10: 2025 Q4 & FY Highlights
2025 Q4 & FY Highlights Very strong performance delivers another record year Q4 ’25 FY ’25 Sales €656m €2,669m Liquidity & Leverage €214m 0.4x BB+ with Net debt Net Debt/ EBITDA Positive Outlook ratio Liquidity position Leverage ratio Improved credit rating: €607m LfL Q4’24 | +8.1% €2,508m LfL YTD’2
Slide 11: Another record sales year; growth recorded in all regions
Another record sales year; growth recorded in all regions FY 2025 EUR m SALES Like-for-Like +6.4% 2,669 2,644 (48) 103 (89) 2,508 58 Reported +0.9% 2024 Scope FX 2024 Volume Price 2025 effect LfL effect effect Like-for-Like (LfL): Constant exchange rates and scope FY 2025 Results – Investors’ & Anal
Slide 12: FY 2025 EBITDA growth
FY 2025 EBITDA growth Positive price over cost drives EBITDA margin expansion by 60bps EUR m EBITDA Like-for-Like +9.3% 103 (80) 606 580 (9) (17) 554 28 Reported +4.5% 2024 Scope FX 2024 Volume Price Cost 2025 effect LfL effect effect effect 22.1% EBITDA Margin 22.7% Like-for-Like (LfL): Constant ex
Slide 13: Sales Volume performance
Sales Volume performance Volume growth across all core product lines, both upstream and downstream Q4 2025 Highlights +10% Another year of volume growth across our +2% +9% +5% +4% main products, both upstream & downstream. 4.4 4.5 0.29 0.32 5.9 6.1 1.5 1.6 15.8 ✓ Cement at +1%: 14.4 • Strong growth
Slide 14: Strong Operating Free Cash Flow generation
Strong Operating Free Cash Flow generation Operating Free Cash Flow at €504m and Debt decrease by €409m EUR m 2025 Operating Free Cash Flow US IPO: €347m Special Dividend: €149m Annual Dividend: €75m €504m Adocim disposal: €92m Share Buy-backs: €15m 606 30 (25) (107) (149) 404 (90) 409 23 (285) (239
Slide 15: Strong Debt and Liquidity profile provide ample funding capacity for growth
Strong Debt and Liquidity profile provide ample funding capacity for growth Reduction in Net Debt and continued deleveraging EUR m Net Debt/ EBITDA ratio at 0.4x >80% of Debt is long-term Group Net and Gross Debt Evolution Gross Debt Maturity Profile Bank Debt Net Debt Bond Net Debt/EBITDA Leases 1,
Slide 16: CapEx investments aligned with long-term growth strategic priorities
CapEx investments aligned with long-term growth strategic priorities Deployed €285m - Majority of investments in USA &Greece EUR m Major 20252025 Major CapEx Projects CapEx Projects 2025 CapEx USA • Expansion of Roanoke Quarry; mine life extension of > 40 years 285 • 125 Mixer Trucks in Florida & in
Slide 17: M&A Focused Capital Allocation
M&A Focused Capital Allocation Active portfolio management in 2025/2026 Tracim Cement (closed in 1Q26) ✓ Cement plant in Marmara, with cement production capacity of 2.5m MT p.a. ✓ Serves one of the biggest cities in Europe (Istanbul), being close to the port. ✓ Synergies with our assets: grinding pl
Slide 18: Overview of Markets Performance
03 Overview of Markets Performance FY 2025 Results – Investors’ & Analysts’ Presentation 18
Slide 19: Providing essential products and materials for marquee customer projects
Providing essential products and materials for marquee customer projects Thessaloniki Flyover | Greece QTS Data centers | Virginia, USA Bentley residencies | Florida, USA Riviera Galleria, The Ellinikon | Greece Belgrade-Budapest railway | Serbia El Dabaa power plant | Egypt FY 2025 Results – Invest
Slide 20: Sales and EBITDA by region
Sales growth in all regions supported by downstream products Profitability further improved driven by internal initiatives; SEE faced record comparables EUR m SALES EBITDA €251m €62m +44% +321% 9% 10% €418m 16% €149m +0% -11% €2.67bn 25% €606m +6.4% 55% €1,481m +2% +9.3% 55% €334m +6% 19% €519m €61m
Slide 21: USA
USA Operational improvements, pricing discipline & overperformance of vertically integrated products Highlights Sales (€ m) +2% • Strategic positioning and integrated business model 1,518 1,481 allowed to leverage opportunities in pockets of growth (63) 1,455 26 • Sales up 2%, at €1.48bn and EBITDA
Slide 22: Greece, Western Europe (& Corporate)
Greece, Western Europe (& Corporate) Sustained growth trajectory - robust double-digit growth Highlights Sales (€ m) +13% • Favorable market conditions as domestic demand 519 460 460 59 remained strong in Greece across all products. 0 • Sales increased by 13% to €519 million, while EBITDA reached €6
Slide 23: Southeastern Europe
Southeastern Europe Stable revenues despite headwinds from imports Sales (€ m) Highlights +0.03% • Overall, the market remained flat and pricing trends 418 418 varied across the region. Higher increases in Bulgaria 416 2 0 while softer pricing conditions in Albania. • Residential construction remain
Slide 24: Eastern Mediterranean
Eastern Mediterranean Strong growth in Egypt - EBITDA quadrupled Sales (€ m) Highlights +44% 250 251 • Sales reached €251m up by +44%, while EBITDA (28) quadrupled reaching €62m driven by Egypt's 76 performance. (48) 175 • In Egypt, improving demand conditions & regulatory oversight along with a gra
Slide 25: Brazil
Brazil EBITDA margin expansion - commercial execution and pricing discipline Sales (€ m) Highlights +7% 111 109 • In 2025, domestic cement consumption in Brazil grew (8) 103 7 by 3.7%. • In the Northeast region, where we operate, consumption rose by +7.2% (highest regional performance). 2024 FX 2024
Slide 26: Digitalization, Sustainability & Innovation
04 Digitalization, Sustainability & Innovation FY 2025 Results – Investors’ & Analysts’ Presentation 26
Slide 27: Digital transformation
Digital transformation Applying the tools of the 4th industrial revolution, while expanding our solutions space AI-based Real-Time Failure prediction 1st Digital Service New AI use cases Optimizers (RTOs) systems using ML business “CemAI” Manufacturing EBITDA Digital Plant of the Future: Cement qual
Slide 28: Significant CO2 reduction by 12% since 2020
Significant CO2 reduction by 12% since 2020 Historically low in CO2 and high in alternative fuels Specific net CO2 emissions (Scope 1) Alternative fuels (%) Clinker-to-cement ratio (%) kg/t cementitious product % heat basis 81.0 652 22.3 21.3 78.4 619 19.6 76.9 76.6 76.9 608 598 594 17.5 15.5 2021 2
Slide 29: Investments in Innovation, Adjacent Product Platforms & New Technologies
Investments in Innovation, Adjacent Product Platforms & New Technologies are well on track as per strategic direction New Product Carbon Capture Platforms & Storage Precast product platform Completed FEED studies in Europe & US for CCS in Kamari plant for Products for building zero-carbon clinker in
Slide 30: Outlook
05 Outlook FY 2025 Results – Investors’ & Analysts’ Presentation 30
Slide 31: Outlook: Cautiously optimistic outlook for 2026
Outlook Cautiously optimistic outlook for 2026 • The ongoing conflict in the Middle East creates USA Greece & Western Europe geopolitical uncertainties with macroeconomic • Construction market to remain broadly • EU’s RRF investments in construction implications. stable in 2026, amid elevated financ
Slide 32: TITAN: A Differentiated Investment Proposition
TITAN: A Differentiated Investment Proposition Strong cash generation Acquisitions Dividends ✓ €0.5bn OFCF in 2025 ✓ ~ €700m Acquisitions announced (TRK, FR, USA) ✓ > €220m in 2025 ✓ €2bn OFCF since 2021 ✓ > 17 Bolt-ons & JVs, since 2021 ✓ > €400m in since 2021 ✓ €400m Debt reduction ✓ Investing in
Slide 33: Appendix
06 Appendix FY 2025 Results – Investors’ & Analysts’ Presentation 33
Slide 34: Group Income Statement – FY 2025
Group Income Statement – FY 2025 Reconciliation of reported and LfL figures EUR m FY FY YoY Q4 Q4 QoQ 2025 2024 Delta 2025 2024 Delta Sales 2,669.0 2,644.0 0.9% 656.5 659.5 (0.5%) FX (88.6) (33.5) Scope (Adocim) (47.8) (18.7) Sales LfL1 2,669.0 2,507.7 6.4% 656.5 607.3 8.1% EBITDA 606.1 580.1 4.5% 1
Slide 35: Condensed Group Income Statement – FY 2025
Condensed Group Income Statement – FY 2025 Robust financial performance driving EPS growth of 7% (LfL) EUR m FY FY YoY Q4 Q4 QoQ 2025 2024 Delta 2025 2024 Delta Sales 2,669.0 2,644.0 1% 656.5 659.5 0% Sales LfL1 2,669.0 2,507.7 6% 656.5 607.3 8% Cost of Goods Sold -1,779.4 -1,793.0 1% -444.4 -448.8
Slide 36: Sales growth in Q4 across regions
Sales growth in Q4 across regions Q4 2025 EUR m SALES Like-for-Like +8.1% 660 656 (19) (34) 607 49 Reported -0.5% 2024 Scope FX 2024 Organic Growth 2025 effect LfL Like-for-Like (LfL): Constant exchange rates and scope FY 2025 Results – Investors’ & Analysts’ Presentation 36
Slide 37: Sustained profitability in Q4
Sustained profitability in Q4 Q4 2025 EUR m EBITDA 143 (3) Like-for-Like +0.2% (8) 132 133 0 Reported -7.4% 2024 Scope FX 2024 Organic Growth 2025 effect LfL 21.8% EBITDA Margin 20.2% Like-for-Like (LfL): Constant exchange rates and scope FY 2025 Results – Investors’ & Analysts’ Presentation 37
Slide 38: Q4 Overview: Sales per Region
Q4 Overview Sales per Region EUR m Like-for-Like Like-for-Like +5% +8% Greece, W. Europe 367 352 337 (& Corporate) (30) 15 134 124 124 10 0 USA Reported Reported -4% +8% 2024 FX 2024 Organic 2025 2024 FX 2024 Organic 2025 LfL Growth LfL Growth Like-for-Like Like-for-Like Eastern Mediterranean Southe
Slide 39: Q4 Overview: EBITDA per Region
Q4 Overview EBITDA per Region EUR m 0% -42% 84 8 8 (7) 77 77 0 Greece, W. Europe 0 (& Corporate) (3) 5 USA Reported Reported -8% -42% 2024 FX 2024 Organic 2025 2024 FX 2024 Organic 2025 LfL Growth LfL Growth 22.8% EBITDA Margin 21.9% 6.4% EBITDA Margin 3.4% -14% +117% Eastern Mediterranean 40 40 17
Slide 40: Glossary
Glossary Abbreviations Definitions Sales (LfL): Sales adjusted for foreign exchange effects (based on prior-period exchange rates) and scope CapEx: Capital Expenditures changes. In 2025, scope effects include the sale of Adocim CCS: Carbon Capture & Storage EBITDA: Profit before impairment losses on
Slide 41: Calendar & IR contacts
Calendar & IR contacts Financial Calendar Thank you For more information, please visit our website at https://ir.titanmaterials.com/en 27 March 2026 Integrated Annual Report 2025 publication Contacts 7 May 2026 Annual General Meeting of Shareholders Spyros Kamizoulis 7 May 2026 First quarter 2026 re
Slide 42: Disclaimer
Disclaimer By accessing this presentation, you acknowledge that you have read, understood and accepted the terms of this disclaimer. This presentation (“the Presentation”) has been prepared by Titan SA (the “Company” and together with its subsidiaries, “the Group”) is being provided for informationa