Titan America Sa · NYSE:TTAM
Titan America Sa — Q1 2026 Earnings Presentation
26 slides from Titan America Sa's earnings presentation, May 6, 2026
Slide 1: Titan America Q1 2026 Results
Titan America Q1 2026 Results M ay 6 , 2 0 2 6
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 Achieved solid Q1 2026 financial performance, with 1.5% YoY revenue growth and 3.4% YoY increase in Adjusted EBITDA Mid-Atlantic segment delivered strong YoY growth, boosted by infrastructure and commercial project work Florida’s performance underpinned by strong participation in infras
Slide 5: Closed Acquisition of Keystone Cement Company
Closed Acquisition of Keystone Cement Company Strengthens Long-Term Strategic Position in Mid-Atlantic Transaction Highlights & Expected Benefits Modern assets with 990K short tons of clinker capacity. Well positioned to serve a >6 million short ton addressable market in PA, OH, MD, and DE Subst
Slide 6: Launched Innovation Hub for Next-Generation Construction
Launched Innovation Hub for Next-Generation Construction Our South Florida Center Advances Collaboration on Smart Materials, Digital Construction Technologies, and Resilient Infrastructure 6
Slide 7: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights Solid Financial Performance Despite Increased Macroeconomic and Geopolitical Uncertainty Revenue Operating Cash Flow $398m in Q1’26 v. $392m in Q1’25 $62m in Q1’26 v. $35m in Q1’25 Revenue growth driven by Aggregates and Concrete Block Lower working capital drove operati
Slide 8: Q1 Product Volumes
Volume Performance Resilient Supported by Q1 Commentary Infrastructure and Private Non-Residential Cement volumes broadly stable, with infrastructure and private non-residential demand Q1’25 External / Internal Volume offsetting weather impacts and continued Q1’26 External / Internal Volume softness
Slide 9: Sequential External Pricing
Q1 Commentary YoY Pricing Remains Resilient with Sequential Improvements from Q4 2025 Selling prices increased sequentially from Q4 $165.88 2025 across all product lines $149.53 $149.65 $24.89 $55.96 $163.41 $2.38 Cement prices broadly stable YoY despite lower Q1 External Pricing $24.73 $54.60 marke
Slide 10: Q1 2026 Segment Highlights
Q1 2026 Segment Highlights Florida Q1 Commentary Sustained strength in infrastructure and Q1 External Revenue Q1 Segment Adjusted EBITDA private non-residential end markets offset ($ Millions) ($ Millions) continued softness in residential demand Florida Segment +0.1% +2.5% Revenue growth from Aggre
Slide 11: Net Debt to Adjusted EBITDA at Attractive 0.58x Level
Net Debt to Adjusted EBITDA at Attractive 0.58x Level Q1 2026 Operating and Free Cash Flow Q1 2026 Change in Net Debt ($ Millions) $ Millions Q1 2026 FY 2025 ∆ Net Debt $227.0 $250.7 ($23.7) TTM Adjusted EBITDA $392.4 $389.7 2.7 (18) Net Debt to Adj. EBITDA 0.58x 0.64x (0.06) (2) (32) 83 62 (4) (4)
Slide 12: Strong Debt and Liquidity Profile Provides Strategic Flexibility
Strong Debt and Liquidity Profile Provides Strategic Commentary Flexibility Significant Decrease in Net Debt Driven by Total and Net Debt Evolution $52m $135m Strong Operating Cash Flow Performance Return of Net IPO ($ Millions) Capital Proceeds $85m Dividend 473 472 444 456 462 452 439 460 462 464
Slide 13: CapEx Investments Aligned with Long-Term Growth Strategy
Commentary CapEx Investments Aligned with Long-Term Growth Strategy Growth CapEx remains tightly aligned ($ in millions) Segment Capital Expenditure with strategy, balancing near-term returns with longer-term opportunities in 16 Florida precast, logistics, and vertical integration 17 14 Mid-Atlantic
Slide 14: 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 15: Reaffirming Full Year 2026 Outlook on a Like-For-Like Basis
Reaffirming Full Year 2026 Outlook on a Like-For-Like Basis Low single-digit revenue growth guidance versus 2025 Modest expansion in Adjusted EBITDA Margin1 Note: The Company’s 2026 outlook is based on a number of assumptions that are subject to change and many of which are outside the control o
Slide 16: Appendix
Appendix \y TITAN AMERICA 16
Slide 17: Condensed Consolidated Statements of Income (Unaudited)
Condensed Consolidated Statements of Income (Unaudited) Three Months Ended March 31 (all amounts in thousands of US$) 2026 2025 Variance Revenue $ 398,421 $ 392,438 2% Cost of goods sold (306,537) (301,035) 2% Gross profit 91,884 91,403 1% SG&A (41,101) (39,154) 5% Other Income / Expense (999) (501)
Slide 18: Condensed Consolidated Balance Sheet (Unaudited)
Condensed Consolidated Balance Sheet (Unaudited) (all amounts in thousands of US$) March 31, 2026 March 31, 2025 Inventories $ 222,102 $ 226,414 Trade and other receivables, net 141,994 112,404 Other current assets 55,704 59,387 Cash and cash equivalents 228,248 211,750 Total current assets 648,048
Slide 19: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended March 31 (all amounts in thousands of US$) 2026 2025 Net income $ 33,018 $ 33,373 Income tax expense 11,247 11,439 Finance cost, net 4,745 6,580 Depreciation, depletion and amortization 28,812 24,434 EBITDA $ 77,822 $ 75,826 IPO transaction expenses
Slide 20: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow Three Months Ended March 31 (all amounts in thousands of US$) 2026 2025 Variance Net cash provided by operating activities $ 61,567 $ 35,193 75% Adjusted by: Investments in property, plant and equipment (31,400) (31,915) (2%) Investments in identifiable intangible as
Slide 21: Reconciliation of Net Debt
Reconciliation of Net Debt As of March 31, 2026 March 31, 2025 (all amounts in thousands of US$) Short-term borrowings, including accrued interest $ 5,869 $ 5,387 Long-term borrowings 382,107 390,438 Short-term lease liabilities 10,741 11,168 Long-term lease liabilities 56,519 55,420 Total debt $ 45
Slide 22: Net Debt to Adjusted EBITDA
Net Debt to Adjusted EBITDA As of (all amounts in thousands of US$) March 31, 2026 March 31, 2025 IFRS: Short-term borrowings, including accrued interest $ 5,869 $ 5,387 Long-term borrowings 382,107 390,438 Short-term lease liabilities 10,741 11,168 Long-term lease liabilities 56,519 55,420 Total de
Slide 23: Product Volumes
Product Volumes Three Months Ended March 31 Volumes (in thousands) (1)(2)(3) 2026 2025 Change % Change Total Cement volumes 1,283 1,295 (12) (0.9)% Cement consumed internally (329) (343) External Cement volumes 954 952 2 0.2 % Total Aggregates volumes 2,092 2,056 36 1.8 % Aggregates consumed interna
Slide 24: External Pricing
External Pricing Three Months Ended March 31 Average External Selling Price (1) 2026 2025 $ Change % Change Cement $ 149.65 $ 149.53 $ 0.12 0.1 % Aggregates $ 24.73 $ 24.89 $ (0.16) (0.6) % Ready-Mix Concrete $ 165.88 $ 163.41 $ 2.47 1.5 % Concrete Block $ 2.33 $ 2.38 $ (0.05) (2.1) % Fly Ash $ 54.6
Slide 25: Segment Volume and Pricing Trends
Segment Volume and Pricing Trends(1)(2) Three Months Ended December 31 Florida Mid-Atlantic % Change % Change Volume Average Price Volume Average Price Cement (0.3) % (0.1) % (1.8)% 0.8 % Aggregates 3.7 % 3.6 % (18.6) % (22.6) % Ready-mix concrete (3.7) % (2.2) % 0.5 % 8.1 % Concrete block 9.7 % (1.
Slide 26: Glossary of Terms
Glossary of Terms Adjusted EBITDA (Non-IFRS Measure): net income before finance cost, net, income tax 8” EU: 8” Equivalent Units expense, depreciation, depletion and amortization, further adjusted to remove the impact of CYD: Cubic Yards additional items such as (gain)/loss on disposal of fixed asse
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