Titan S.a. · EURONEXT:TITC
Titan — Titan Cement International — 9M 2024 Earnings Presentation
21 slides from Titan's earnings presentation, Nov 7, 2024
Slide 1: Financial Results - 9 Months 2024
Financial Results- 9 Months 2024 TCI Investors’ & Analysts’ Presentation Athens, 7 November 2024 Roanoke cement plant, Virginia, USA
Slide 2: 9M 2024 Highlights – Robust performance and positive outlook
9M 2024 Highlights – Robust performance and positive outlook ❑ Group Sales in 9M 2024 increased by +4.9% to €1,985m. Growth recorded across all regions. Higher volumes in all products and overall improved pricing. ❑ Group EBITDA reached €455m, up by +14.6% like-for-like*, adjusted for €18m non-recur
Slide 3: 9 Months Sales growth across all regions. Further EBITDA growth.
9 Months Sales growth across all regions. Further EBITDA growth. Sales EBITDA NPAT 3,000 600 +14.6% +10.2% 300 +20.3% +13.6% +4.9% 40.2 237.8 57.8 454.5 437.0 224.6 9 Months 1,892.2 92.3 1,984.5 396.7 197.6 2,000 400 200 1,000 200 100 0 0 0 2023 Variance 2024 2023 Variance @-2024 2024 2023 Variance
Slide 4: Sustained 12-month rolling growth trajectory
Sustained 12-month rolling growth trajectory Sales EBITDA NPAT +5.0% 900 450 3,000 126.7 2,639.3 +39.5% 2,512.6 +20.5% 101.8 598.1 87.4 308.8 600 300 2,000 496.3 YTD 221.4 1,000 300 150 0 0 0 12MR Sep 2023 Variance 12MR Sep 2024 12MR Sep 2023 Variance @-12MR 12MR-Sep 2023 Variance @-12MR Sep 2024 Se
Slide 5: Group Income Statement – 9M 2024
Group Income Statement – 9M 2024 *@-EBITDA excludes non-recurring costs : YTD : Q3 : €17.5m €8.1m *@: denotes adjusted EBITDA and NPAT 9M 2024 Results – Investors’ & Analysts’ Presentation 5
Slide 6: Market Overview – Critical cost factors
Market Overview – Critical cost factors Further drop in solid fuel cost US Natural Gas (USD/Mmbtu) Coal API2 Index (USD/ton) PACE Index >50 HGI; 4.5% Sulfur (USD/MT) 10 450 300 9 400 250 8 350 7 200 6 300 5 250 150 4 200 100 3 150 2 50 1 100 0 50 0 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’
Slide 7: Growth across all product line
Growth across all product line 9M 2024 Sales Volume Q3 2024 Sales Volume +3% 2023 +2% 2023 13.4 2024 12.9 2024 4.6 4.7 +7% +6% 4.7 1.6 4.4 1.5 +8% +19% 15.9 5.7 14.8 4.8 0.9 0.3 0.2 0.5 Cement 3rd Party Aggregates Ready-mix Cement 3rd Party Aggregates Ready-mix Domestic Cement (tn m) (m3 m) Domestic
Slide 8: Operating Free Cash Flow at €186m
Operating Free Cash Flow at €186m 2024 Operating Free Cash Flow 10 (181) 437 €186 (81) (12) (177) (6) (10) EBITDA 2024 Non-Cash CapEx Operating Acquisitions Interest, Tax, FX Impact Increase in Items WC (Net) Dividend, Other on Net Debt Net Debt €160 2023 397 24 -158 -103 -2 -128 2 32 *All figures i
Slide 9: Investments in energy efficiency, logistics and digitization continue
Investments in energy efficiency, logistics and digitization continue 2024 Capital Expenditure Major 2024 CAPEX Projects CapEx Region 84.7 USA 106.4 RMC Trucks USA 40.8 RMC Plants USA GREECE 45.6 Quarry expansion USA 23.8 SEE RMC Plants & Pumps Greece 21.1 New Silos Greece 8.8 E.MED 7.5 Alternative
Slide 10: Debt and Liquidity Profile September 2024
Debt and Liquidity Profile 30 September 2024 Net Debt/ EBITDA ratio at 1.1x. Group Net and Gross Debt Evolution Maturity Profile Gross Debt Leases Net Debt Bond 371 1,200 Net Debt/EBITDA 6 Bank Debt 1,000 934 5 882 903 902 869 853 867 861 870 793 912 253 800 838 4 795 797 670 758 762 765 660 684 357
Slide 11: Overview of Markets Performance
Overview of Markets Performance Zlatna cement plant, Bulgaria
Slide 12: Sales and margin growth in the US
Sales and margin growth in the US USA Sales USA EBITDA +19.8% +13.6% (€m) 1,500 (€m) 300 +4.2% 43.3 262.3 248.7 1,104.7 46.6 1,151.3 219.0 1,000 200 $1,196 $1,250 $237 $283 $270 500 $ +4.5% 100 $ +19.8% 0 0 2023 Variance 2024 2023 Variance @-2024 2024 19.8% EBITDA Margin 22.8% 21.6% • US Sales rose
Slide 13: In Greece robust domestic Sales growth across all products
In Greece robust domestic Sales growth across all products Greece & WE Sales Greece & Corporate EBITDA (€m) 1,500 (€m) 300 1,000 200 +8.4% 500 100 -4.5% -12.0% 299.0 25.0 324.0 52.0 -2.3 49.7 45.8 0 0 2023 Variance 2024 2023 Variance @-2024 2024 17.4% EBITDA Margin 15.3% 14.1% • Sales in Greece and
Slide 14: Robust EBITDA growth in SEE despite a Q3 Sales slowdown
Robust EBITDA growth in SEE despite a Q3 Sales slowdown SEE Sales SEE EBITDA (€m) 1,500 (€m) 300 1,000 200 +19.2% 20.7 128.3 +3.9% 107.6 500 100 314.5 12.3 326.8 0 0 2023 Variance 2024 2023 Variance 2024 34.2% EBITDA Margin 39.2% • SEE Sales increased by 3.9% in 9M 2024 to €327m, backed by strong re
Slide 15: Challenges in EMED persist with high inflation, currency devaluation and deficits
Challenges in EMED persist with high inflation, currency devaluation and deficits EMED Sales EMED EBITDA (€m) 1,500 (€m) 300 1,000 200 500 +4.8% 100 -21.2% 174.0 8.5 182.5 18.1 -3.8 14.3 0 0 2023 Variance 2024 2023 Variance 2024 10.4% EBITDA Margin 7.8% • EMED Sales rose by 4.8% to €182.5m. Growth i
Slide 16: Brazil - Joint Venture: Cimento Apodi profitability improves
Brazil - Joint Venture: Cimento Apodi profitability improves 9M 2024 Apodi (100%) In million Euro 2024 2023 Sales 86.4 96.9 EBITDA 18.1 15.4 * Consolidated on an equity basis • In 9M 2024, cement demand in Brazil rose by 4.1% y-o-y supported by government housing and infrastructure projects. In the
Slide 17: Outlook
Outlook The global economic outlook remains challenged by tight monetary policies, inflationary pressures and geopolitical uncertainties. Growth is supported by sectors like technology, green energy and infrastructure. • Titan maintains a positive outlook for the rest of the year, driven by overall
Slide 18: Appendix
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Slide 19: Group Balance Sheet – 9M 2024
Group Balance Sheet – 9M 2024 9M 2024 Results – Investors’ & Analysts’ Presentation 19
Slide 20: Q3 2024 Sales and Profitability per Region
Q3 2024 Sales and Profitability per Region SALES USA GREECE & WE SEE EMED 600 600 600 600 +2.0% 400 369.1 7.5 376.6 400 400 400 +3.7% -6.7% 200 $402 $414 200 200 200 $ +2.9% -6.9% 101.7 3.8 105.5 119.4 -8.0 111.4 73.0 -5.0 68.0 0 0 0 0 2023 Variance 2024 2023 Variance 2024 2023 Variance 2024 2023 Va
Slide 21: Disclaimer
DISCLAIMER This presentation (“the Presentation”) has been prepared by Titan Cement International S.A (the “Company” and together with its subsidiaries, “the Group”) and is general background information about the activities of the Group at the date of the Presentation. The information in the Presen
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