Titan America Sa · NYSE:TTAM
Titan America Sa — Q3 2026 Earnings Presentation
24 slides from Titan America Sa's earnings presentation, Nov 4, 2026
Slide 1: Titan America Q3 2026 Results
Titan America Q3 2026 Results N o ve m b e r 4 , 2 0 2 6
Slide 2: Disclaimer
Disclaimer This presentation and the accompanying oral presentation include “forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that reflect our current expectations and views of
Slide 3: Today's Presenters
Today’s Presenters Bill Zarkalis President & CEO Larry Wilt Chief Financial Officer 3
Slide 4: Key Messages
Key Messages Q3’26 performance reflects the impact of increasingly challenging market conditions, higher energy costs, and adverse weather Mid-Atlantic segment resilient in Q3’26 despite impact from unplanned maintenance outage at Roanoke, exacerbated by import supply disruptions Florida segment imp
Slide 5: Project Cornerstone – Building a Stronger Foundation for Sustainable Growth
Project Cornerstone – Building a Stronger Foundation for Sustainable Growth and Operational Excellence Project Cornerstone Targeting Annual Run-Rate Benefits of >$50 million by 2029 Targeted Annual Run-Rate Benefits ($ millions) Manufacturing Plants of the Future Operational Efficiencies Enabled by
Slide 6: Completion of New Second Berth at Our Tampa Bay Marine Terminal
Completion of New Second Berth at Our Tampa Bay Multi-Product Mega Marine Terminal Expands Capacity and Capabilities Opened new multi-product berth, reflecting more than two decades of successful partnership with Port Tampa Bay Enhances our ability to source efficiently heavy upstream construction m
Slide 7: 2026 Q3 & YTD Financial Highlights
2026 Q3 & YTD Financial Highlights Heightened Market Headwinds, Unfavorable Weather Conditions, Higher Energy Costs, and Unplanned Maintenance Outage at Roanoke Plant Significantly Pressured Margins in Q3’26 Revenue Operating Cash Flow $462m in Q3’26 v. $437m in Q3’25 $220m in YTD’26 v. $215m in YTD
Slide 8: Q3 and YTD Product Volumes
Q3 Volumes Mixed; Growth in Aggregates, Fly Ash, and Q3 Commentary Block, but declines in RMC and Cement (LFL) Cement volumes increased, driven Q3 ’26 External / Internal Volume 1.60 by addition of Keystone partially offset 2.18 0.21 1.46 2.15 0.20 1.20 1.14 16.03 16.15 by unplanned maintenance outa
Slide 9: Q3 and YTD External Pricing
Q3 Price Improvements in RMC and Fly Ash; Q3 Commentary Residential Weakness Affected Cement and Block $55.28 Cement pricing broadly resilient $170.95 despite softer demand conditions in Florida and mix impact in Mid-Atlantic Q3 External Pricing $149.07 $24.30 $51.86 $162.23 $2.33 $24.06 $146.56 $2.
Slide 10: Mid-Atlantic Q3 2026 Segment Highlights
Mid-Atlantic Q3 2026 Segment Highlights Q3 Commentary Q3 External Revenue Q3 Segment Adjusted EBITDA Strong underlying performance ($ Millions) ($ Millions) hampered by unplanned maintenance +22.5% -0.3% outage at Roanoke, resulting in loss of 174 39 213 37 0 37 ~60K tons of production Adj. EBITDA R
Slide 11: Florida Q3 2026 Segment Highlights
Florida Q3 2026 Segment Highlights Q3 Commentary Q3 External Revenue Q3 Segment Adjusted EBITDA ($ Millions) ($ Millions) Worsening housing affordability and -5.4% substantial labor shortage affecting -25.0% 263 81 construction job sites and 249 -14 61 commencement of new projects -20 30.8% Adj. EBI
Slide 12: Financial Flexibility with Low Leverage Profile
Financial Flexibility with Low Leverage Profile Net Debt to Adjusted EBITDA at 1.43x September 30, 2026 YTD Free Cash Flow September 30, 2026 YTD Change in Net Debt $ Millions Sept. 30, 2026 January 1, 20261 ∆ Net Debt $531.2 $257.1 $274.1 TTM Adjusted EBITDA $372.0 $389.7 278 220 Net Debt to Adj. E
Slide 13: CapEx Investments Aligned with Long-Term Growth Strategy
CapEx Investments Aligned with Long-Term Q3 Commentary Growth Strategy Brunner Island Fly Ash expansion advances beneficiation of reclaimed cementitious ($ in millions) Segment Capital Expenditure materials, strengthening long-term supply Strategic Cement & Aggregates investments $89 position the co
Slide 14: Updated Full Year 2026 Guidance
Updated Full Year 2026 guidance to include impact from recent market dynamics Expect mid-single-digit revenue growth versus 2025 Expect decline in Adjusted EBITDA Margin1 of approximately 250 to 300 basis points versus 2025, reflecting recent deteriorating market conditions, impact of unplanned
Slide 15: Appendix
TITAN Z AMERICA Appendix
Slide 16: Condensed Consolidated Statements of Income (Unaudited)
Condensed Consolidated Statements of Income (Unaudited) 16
Slide 17: Condensed Consolidated Balance Sheet (Unaudited)
Condensed Consolidated Balance Sheet (Unaudited) 17
Slide 18: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended September 30 Nine Months Ended September 30 (all amounts in thousands of US$) 2026 2025 2026 2025 Net income 39,761 57,423 116,050 141,928 Income tax expense 12,113 20,917 42,335 48,573 Finance cost, net 6,002 5,440 14,246 17,591 Depreciation, deplet
Slide 19: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow Nine Months Ended September 30 (all amounts in thousands of US$) 2026 2025 Variance Net cash provided by operating activities $ 220,341 $ 214,827 3% Adjusted by: Investments in property, plant and equipment (155,313) (119,081) 30% Investments in identifiable intangib
Slide 20: Reconciliation of Net Debt
Reconciliation of Net Debt Note: Amounts disclosed are subject to independent rounding. (1) Amounts disclosed reflect the adoption of amendments to IFRS 9, effective January 1, 2026, which resulted in an increase in net debt of $6.4 million with a corresponding 2 bps increase in the Net Debt to Adju
Slide 21: Product Volumes
z Product Volumes Z TITAN Three Months Ended September 30 Nine Months Ended September 30 Volumes (in thousands) ?)(?) 2026 2025 Change % Change 2026 2025 Change % Change Total cement volumes 1,601 1,461 140 9.6% 4,466 4,195 271 6.5% Cement consumed internally (312) (345) (952) (1,030) External cemen
Slide 22: External Pricing
TITAN AMERICA W External Pricing Three Months Ended September 30 Nine Months Ended September 30 Average External Selling Price"? 2026 2025 Change % Change 2026 2025 Change %Change Cement $ 146.56 $ 149.07 $ (2.51) (1.7)% $ 147.76 S$ 149.44 $ (1.68) (1.1)% Aggregates $ 24.06 $ 24.30 § (0.24) (1.0)% =
Slide 23: Segment Volume and Pricing Trends
Segment Volume and Pricing Trends(1)(2)(3) 23
Slide 24: Glossary of Terms
Glossary of Terms Adjusted EBITDA (Non-IFRS Measure): as net income before finance cost, net, income tax expense, depreciation, depletion and amortization, further adjusted to remove the impact of the following items, as applicable: (gain)/loss on disposal of fixed assets, asset impairment 8” EU: 8”