Business
Titan America Announces Fourth Quarter and Full Year 2025 Results
NORFOLK, Virginia, March 17, 2026--Titan America SA (NYSE: TTAM), a leading fully-integrated producer and supplier of building materials, services and solutions in the construction industry operating along the U.S. East Coast, today announced its fourth quarter and full year 2025 financial results. Titan America SA, including its wholly-owned operating subsidiary, Titan America LLC, shall be referred to herein as "Titan America."
About this update from Titan America Sa
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Titan America SA, including its wholly-owned operating subsidiary, Titan America LLC, shall be referred to herein as "Titan America."","length":460,"tagName":"p"},{"type":"text","content":" Fourth-Quarter 2025 Highlights ","length":30,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Revenue of $405.7 million increased 4.1% from $389.8 million in Q4 2024","length":71,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Net Income of $43.5 million increased 19.1% from $36.5 million in Q4 2024, while Net Income Margin improved to 10.7% from 9.4% in Q4 2024","length":137,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Earnings per share grew to $0.24, up from $0.21 in Q4 2024","length":58,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Adjusted EBITDA (1) of $93.7 million increased 12.2% from $83.5 million in Q4 2024, while Adjusted EBITDA Margin improved to 23.1% from 21.4% in Q4 2024","length":151,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":417,"olType":false},{"type":"text","content":" Full Year 2025 Highlights ","length":25,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Revenue of $1,664.2 million increased 1.8% from $1,634.4 million in 2024","length":72,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Net Income of $185.4 million increased 11.7% from $166.1 million in 2024, while Net Income Margin improved to 11.1% from 10.2% in 2024","length":134,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Earnings per share grew to $1.01, up from $0.95 in 2024","length":55,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Adjusted EBITDA (1) of $389.7 million increased 5.2% from $370.4 million in 2024, while Adjusted EBITDA Margin improved to 23.4% from 22.7% in 2024","length":146,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":407,"olType":false},{"type":"text","content":"Bill Zarkalis, President and Chief Executive Officer, commented, "In a construction materials market affected by soft demand and economic uncertainty, Titan America delivered all time high revenue, Net Income, Adjusted EBITDA and operating cash flow in 2025. This achievement reflects the strength of our business model, disciplined decision-making, skillful execution across our operations, and an unwavering focus on serving our customers. It showcases once again Titan America’s ability to grow organically and deliver strong results, even in challenging environments. Our Florida segment delivered a robust performance with strong penetration in infrastructure and private non-residential construction segments offsetting a soft residential end-market. Our investments in increased aggregates capacity, expanded capabilities, and self-help operational excellence initiatives delivered record full year revenue and Adjusted EBITDA in 2025. Our Mid-Atlantic segment was impacted by a combination of soft demand in Metro New York and New Jersey, the introduction of tariffs, and weather affecting Virginia and the Carolinas. 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The 5.1% year-over-year increase was primarily due to higher aggregates, concrete block and cement sales volumes due to our strong presence in the infrastructure and private non-residential sectors, and increased aggregates production capacity. Segment adjusted EBITDA for the quarter increased to $64.6 million, compared to $52.7 million in the prior year quarter, primarily due to the impact of higher sales volumes and operational efficiencies.","length":589,"tagName":"p"},{"type":"text","content":"The Mid-Atlantic segment generated revenues of $158.6 million in the fourth quarter, compared to $153.9 million in the prior year quarter. The 3.0% year-over-year increase in revenue was driven by higher prices as compared to the prior year quarter. Segment adjusted EBITDA was $32.4 million, compared to $34.3 million in the prior year quarter, primarily due to higher cost of goods sold for ready-mix concrete and cement.","length":423,"tagName":"p"},{"type":"text","content":" Full Year 2025 Results by Reporting Segment ","length":43,"tagName":"p"},{"type":"text","content":"The Florida segment generated revenues of $1,024.4 million, reflecting a 2.7% increase from $997.6 million in 2024. Growth was driven by increases in the aggregates, ready-mix concrete and fly ash product lines due to increased aggregates production capacity, an increase in fly ash volumes and higher average price for ready-mix concrete and fly ash. Segment adjusted EBITDA increased 11.6% to $278.7 million from $249.7 million in the prior year, primarily due to the increase in revenue and lower production costs which offset higher general and administrative expenses.","length":573,"tagName":"p"},{"type":"text","content":"The Mid-Atlantic segment generated revenues of $639.8 million, reflecting a 0.8% increase from $634.9 million in 2024. Growth was driven by increases in the ready-mix concrete and fly ash product lines partially offset by lower cement revenue. Segment adjusted EBITDA was $120.5 million in 2025 as compared to $134.8 million in the prior year, primarily due to lower cement sales volume, increases in raw material unit costs in the ready-mix concrete product line, tariffs on imported cement and higher general and administrative expenses.","length":539,"tagName":"p"},{"type":"text","content":" 2026 Outlook ","length":12,"tagName":"p"},{"type":"text","content":"Regarding Titan America’s outlook, President & CEO Bill Zarkalis stated, "In 2026, we expect softness in the residential sector to continue. The recent surge in oil and energy prices introduces additional risks in an already complex and uncertain economic backdrop. Based on current market dynamics, with concerns of additional inflation fueled by higher energy costs, we believe mortgage rates are likely to remain broadly at current elevated levels with house affordability remaining low. As a result, we believe investment in the residential sector may be stabilizing at current lower levels with the much anticipated residential sector inflection point being potentially pushed into 2027. With continued residential softness in mind, our guidance for 2026, on a like-for-like basis, anticipates low single digit revenue growth compared to 2025, with modest expansion in our Adjusted EBITDA margins."","length":917,"tagName":"p"},{"type":"text","content":"Mr. Zarkalis continued, "Robust operating cash flows and a strong balance sheet reinforce our capacity to act on strategic opportunities including, for example, our recently announced acquisition of the Keystone Cement Company in Pennsylvania. The proposed acquisition, subject to regulatory approval, will expand our geographic footprint, add substantial domestic cement production capacity to our portfolio, and strengthen our presence in the Mid-Atlantic region."","length":476,"tagName":"p"},{"type":"text","content":"Mr. Zarkalis concluded, "As we look to 2026 and beyond, we are excited about the strong growth opportunities ahead. The markets where we operate are the beneficiaries of significant tailwinds, including infrastructure investments, manufacturing reshoring and emerging trends in resilient urbanization and construction technology. We continue to execute on our strategic plan - innovating and expanding our product offerings, particularly focusing on meeting the evolving needs of our customers for sustainable, high-performance products, services and solutions."","length":572,"tagName":"p"},{"type":"text","content":" Conference Call ","length":15,"tagName":"p"},{"type":"text","content":"Titan America will host a conference call at 5:00 p.m. ET on March 17, 2026. The conference call will be broadcast live over the Internet. Additionally, a slide presentation will accompany the conference call. To listen to the call and view the slides, please visit the Investors section of Titan America’s website at https://www.titanamerica.com/ . For those who are unable to listen to the live broadcast, an audio replay of the conference call will be available on the Titan America website for 30 days.","length":505,"tagName":"p"},{"type":"text","content":" About Titan America SA ","length":22,"tagName":"p"},{"type":"text","content":"Titan America is a leading vertically-integrated producer of cement and building materials in the high-growth economic mega-regions of the U.S. East Coast, with operations and leading market positions across Florida, the Mid-Atlantic, and Metro New York/New Jersey. Titan America’s family of company brands includes Essex Cement, Roanoke Cement, Titan Florida, Titan Virginia Ready-Mix, S&W Ready-Mix, Powhatan Ready Mix, Titan Mid-Atlantic Aggregates, and Separation Technologies. Titan America’s operations include cement plants, construction aggregates and sand mines, ready-mix concrete plants, concrete block plants, fly ash production facilities, marine import and rail terminals, and distribution hubs.","length":713,"tagName":"p"},{"type":"text","content":" Forward-Looking Statements ","length":26,"tagName":"p"},{"type":"text","content":"This press release may include forward-looking statements. Forward-looking statements are statements regarding or based upon our management’s current intentions, beliefs or expectations relating to, among other things, Titan America’s future results of operations, financial condition, liquidity, prospects, growth, strategies, developments in the industry in which we operate and the proposed offering. In some cases, you can identify forward-looking statements by terminology such as "believe," "anticipate," "continue," "could," "expect," "goal," "may," "plan," "predict," "propose," "should," "target," "will," "would" and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. By their nature, forward-looking statements are subject to risks, including the risks detailed in our 2024 Annual Report filed on Form 20-F on April 4, 2025, as well as the risk of a prolonged government shutdown negatively affecting infrastructure spending, uncertainties and assumptions that could cause actual results or future events to differ materially from those expressed or implied thereby. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this report regarding trends or current activities should not be taken as a report that such trends or activities will continue in the future. Titan America undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such forward-looking statements, which speak only as of the date of this report. The information contained in this report is subject to change without notice. No re-report or warranty, express or implied, is made as to the fairness, accuracy, reasonableness or completeness of the information contained herein and no reliance should be placed on it.","length":2202,"tagName":"p"},{"type":"text","content":" Financial Measures (Non-IFRS) ","length":29,"tagName":"p"},{"type":"text","content":"In addition to the financial information presented in accordance with International Financial Reporting Standards ("IFRS"), this press release includes the following Non-IFRS financial measures: Adjusted EBITDA, Adjusted EBITDA Margin, Net Income Margin, free cash flow, net debt and the ratio of net debt to Adjusted EBITDA. We define Adjusted EBITDA as net income before finance cost, net, income tax expense, depreciation, depletion and amortization, further adjusted to remove the impact of additional items such as (gain)/loss on disposal of fixed assets, asset impairment (recovery)/loss, foreign exchange (gain)/loss, net, derivative financial instrument (gain)/loss, net, fair value loss on sale of accounts receivable, net, share-based compensation and other non-recurring items, including certain transaction costs related to our initial public offering and merger and acquisition costs. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenues. We define Net Income Margin as net income divided by revenue. We define free cash flow as net cash provided by operating activities, less net payments for capital expenditures, which includes (i) investments in property, plant and equipment, (ii) investments in identifiable intangible assets and (iii) proceeds from the sale of assets, net of disposition costs. We define net debt as the sum of short and long-term borrowings, including accrued interest and short-term and long-term lease liabilities less cash and cash equivalents. We define the ratio of net debt to Adjusted EBITDA as the ratio derived by dividing net debt by Adjusted EBITDA. See "Reconciliation of IFRS to Non-IFRS" section for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure.","length":1793,"tagName":"p"},{"type":"text","content":"We believe that in addition to our results determined in accordance with IFRS, these Non-IFRS financial measures provide useful information to both management and investors in measuring our financial performance and highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures.","length":321,"tagName":"p"},{"type":"text","content":"Non-IFRS financial information is presented for supplemental informational purposes only and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. Our presentation of Non-IFRS measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. Other companies in our industry may calculate these measures differently, which may limit their usefulness as comparative measures.","length":497,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;border-top:solid black 1.0pt;padding-left:0.0px;","val":[{"type":"text","content":"(1) As used throughout this release, the terms Adjusted EBITDA, Adjusted EBITDA Margin, Net Income Margin, free cash flow, net debt and the ratio of net debt to Adjusted EBITDA are non-IFRS financial metrics. See "Reconciliation of IFRS to Non-IFRS" for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure. 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