TITAN Group: Full Year Results 2025

Very strong performance delivers another record year

BRUSSELS–(BUSINESS WIRE)–Regulatory News:

Titan SA (Euronext Brussels, Euronext Paris and ATHEX, “TITC”) announces the fourth quarter and full year 2025 financial results.

2025 Highlights

• Fifth consecutive year of sales growth, at €2.67bn, up +6.4% (LfL¹), adjusted for (€136m) FX and scope change (sale of Adoçim), with improved volumes in the core materials and firm pricing. Sales (LfL¹) grew across all regions: US, Greece, Southeast Europe and Eastern Mediterranean.
• Record EBITDA of €606m, up 9.3% (LfL¹), adjusted for (€26m) FX and scope change (sale of Adoçim), with a 60bps margin expansion, driven by continued operational efficiencies, improved logistics, and lower solid fuel costs supported by record use of alternative fuels.
• Net profit after tax reached €236m and EPS at €3.2, representing a 7.4% growth YoY (LfL²), mainly due to adjustments for the one-off scope change (€51.9m, sale of Adoçim) and the non controlling interest of Titan America (€21.6m); ROACE stood at record 18.2%.
• Strong liquidity position, with year-end net debt at €214m and leverage ratio at 0.4x, notwithstanding the €224m 2025 dividend payment. Titan’s long-term issuer credit rating was upgraded, by both S&P and Fitch Credit Agencies, to “BB+ with positive outlook”.
• In 2025, Titan completed the IPO of Titan America on the NYSE, sold its stake in Adoçim (East Türkiye) and signed agreements to acquire Keystone Cement (Pennsylvania, USA), Traçim Cement (Greater Istanbul, Türkiye) and Vracs de l’ Estuaire (Le Havre, France), with the last two finalized early 2026.
• In 2025, the Group completed more bolt ons in aggregates in Greece, entered precast concrete via a JV in Western Balkans, secured approval for precast lintel production in Florida, and launched a strategic partnership in advanced mortars and insulation systems business.
• CapEx closed at €285m, in continuation of the CapEx acceleration program that started in 2022 and targets growth initiatives and cost efficiencies.
• November 2025 Investor Day marked the delivery of Strategy 2026 one year early and the unveiling of the Group’s new strategic growth plan TITAN Forward 2029, alongside refreshed strategic priorities and new mid term financial targets.
• Technological and AI-driven investments continue driving efficiencies in cement production. The Group has installed Real-Time Optimizers (RTOs) in assets of all cement plants, advancing toward its goal of digitalizing 100% of cement manufacturing by 2026.
• The Group continued lowering its CO₂ footprint and was recognised by the Financial Times as Europe’s Climate Leader, by TIME as one of the World’s Most Sustainable Companies and included on the 2025 CDP A List.
• Proposed dividend payment increased, in line with EBITDA growth, by 10% versus 2024, at €1.10 per share for 2025 (excluding the €2.00 special ad-hoc dividend component related to the IPO).
• New €10m share buyback program to commence at the end of March 2026, with a duration of 9 months.
• Cautiously optimistic outlook, for 2026, thanks to increased volumes and sustained pricing, along with inorganic growth from the transactions recently announced: Low-Single Digit sales growth & Mid-Single Digit EBITDA growth (LfL), expected.

¹ Like-for-Like (LfL): Constant exchange rates and scope

² Like-for-Like (LfL): Constant exchange rates and scope, adjusted for the non controlling interest of Titan America, the impact of the sale of Adoçim, the goodwill impairment in Türkiye in 2024, and a recognized deferred tax asset in Brazil in 2024

Marcel Cobuz, Chair of the Group Executive Committee

“2025 marked a milestone year for TITAN, delivering strong performance and successfully achieving in advance our 2026 strategic targets, showcasing the Group’s consistent ability to execute its strategy and deliver top-tier growth and returns in a volatile market environment. In 2025, we also completed the public listing of Titan America through an IPO on the NYSE and executed various portfolio transactions with 3 cement acquisitions signed and several aggregates bolt ons and cementitious and precast partnerships completed. Building on this momentum, we recently launched our new ‘Titan Forward 2029’ strategy, aimed at shaping a customer centric, future-ready TITAN, focused on growth of core heavy materials cement and aggregates, expand Alternative Cementitious business and invest in new technologies and platforms, delivering top-of-class growth and returns and pioneering a more digital and decarbonized business model. These achievements reflect the strength of our organization, where deep expertise and a results-driven mindset fuel innovation and long-term value creation, I warmly thank all our teams and partners for the outstanding job.”

John Ioannou, Group CFO

“Last year was a year of accelerated progress for Titan, as we delivered further growth in sales and profitability, strengthened our financial position, and enhanced our strategic flexibility. Building on a solid foundation, we achieved improved credit ratings and successfully raised new bond financing, reaffirming market confidence in our resilient cash flow generation and disciplined strategy execution. We continued to generate strong returns for our shareholders while investing decisively in our future – advancing our new 2029 strategic plans through both organic growth initiatives and value-accretive M&A. Our focus remains on operational excellence, capital allocation discipline and sustainable growth, ensuring Titan is well positioned to create long-term value.”

TITAN Group – Review of the year 2025

The Group continued its growth trajectory in 2025, with both sales and EBITDA increasing. Group sales grew by 6.4% (LfL¹), reaching €2,669 million, driven by strong momentum in Greece and Egypt, and improved performance in Southeast Europe while US operations also contributed positively, excluding the effects from the weaker US dollar for much of the year. The year was marked by heightened geopolitical uncertainty, including tariff pressures on cement in the U.S. and another year of a sluggish residential market, partially offset by robust infrastructure demand in the U.S., strong momentum in Greece and a turnaround in Egypt. Our operations in Southeast Europe also closed the year positively, consolidating performance after a more challenging first half, against a record first half of 2024. Group EBITDA profitability improved year-over-year, surpassing the €600 million threshold, to reach €606.1 million, a 9.3% (LfL¹) increase, adjusted for the lost contribution from Türkiye following the sale of Adoçim in May as well as the FX impact. This performance was driven by a resilient pricing environment across our global operations, including selective price increases in certain markets to counter inflationary pressures on electricity, raw materials and labor costs, alongside cement volume growth in Greece and Egypt, and higher export activity from Egypt. Significant growth has been recorded in downstream products, both in aggregates and ready-mix concrete. Ongoing investments in the digitalization of our end-to-end production and distribution processes, together with improvements in fuel substitution rates through increased use of alternative fuels, generated operational efficiencies that helped reduce total energy costs at Group level, effectively offsetting the rise in input costs. Group Net Profit After Taxes and Minority Interests attributable to shareholders reached €236.3 million for the year, growing by 7.4% year-on-year (LfL²), impacted by FX, scope change, the one-off €51.9 million impact from the divestment of the Group’s stake in Adoçim, the €21.6 million minority income in Titan America, following its IPO on February 2025, and a €5.9 million recognized deferred tax asset in Brazil in 4Q24. Earnings per share, reached €3.2/share, increased by +7.4% year-on-year (LfL²). The Group also continues to report very strong returns on capital, with a return on (average) capital employed (ROACE) of 18.2 % for 2025.

During a seasonally softer quarter for the industry, Group volumes in Q4 increased across all core products and in every region, supported by a particularly strong December. Sales in Q4 reached €656.5 million, up 8.1% (LfL¹) versus 2024. Profitability was also slightly improved, with Q4 EBITDA growing by 0.2% (LfL¹), reaching €132.5 million, adjusted for the divestment of Adoçim and the FX headwinds. Solid operational performance and healthy underlying demand trends towards these figures, with Egypt recording significant growth. Group Net Profit After Taxes and Minority Interests (LfL²) attributable to shareholders reached €70.3 million for the last quarter of the year.

In 2025, significant volume growth was achieved at Group level -continuing the positive trend of previous years- across our main product categories, both upstream and downstream. This performance was driven by solid demand, despite a slight drag on cement volumes in the first half of the year due to cold and rainy weather and the residential slowdown in the US. The Group’s cement sales ultimately closed the year at 18.0 million tonnes, representing a 1% increase year-over-year, LfL. This growth was underpinned by high single-digit growth in Greece, a strong second half in the US -given a softer comparable base in 2024 due to the hurricanes’ impact- , and a solid rebound in Egypt, while the Southeast Europe region ended the year at levels comparable to 2024. All Group exports from Greece were directed to TITAN’s own terminals -primarily to Titan America in the US- although volumes were lower year-over-year. Exports to our European terminals in France, the UK, and Italy also trailed last year’s performance. In contrast, Egypt recorded strong growth in cement exports. Ready-mix volumes increased by 6%, supported by the construction momentum in Greece and resilient demand in the US, reaching 6.4 million m³ at Group level by year-end, LfL. Aggregates volumes also grew by 9% to 23.7 million tonnes, driven by strong demand in Greece and increased demand in the US (Florida), supported by capital investments made in 2024. The Group’s building blocks volumes softened due to weaker residential demand in the US but showed a rebound in the fourth quarter. Volumes of cementitious materials, including fly ash and pozzolan, increased, alongside higher mortar volumes in Greece.

Cement sales in domestic markets and 3rd party exports, including clinker sales

Includes Brazil, does not include Associates

Financing & Investments

In 2025, the Group delivered strong Operating Free Cash Flow (OFCF) of €504 million, compared to €414 million in the prior year. This performance was supported by robust EBITDA growth, lower cash interest and tax payments, and disciplined operating cycle management, which resulted in a year-over-year reduction in working capital across most regions. In addition to recurring cash generation, the Group realized significant one-off inflows from milestone transactions, including the listing of a minority stake in Titan America on the NYSE in February 2025, raising $393 million in gross proceeds, and the divestment of Adoçim in Eastern Türkiye in May 2025. These actions enhanced financial flexibility and enabled the disciplined execution of the Group’s capital allocation priorities.

CapEx reached a record €285 million in 2025 (2024: €251 million), largely directed toward growth initiatives, including aggregates reserve expansion, stronger vertical integration, development of alternative cementitious materials (ACMs) platforms, and upgrades to digital, logistics and storage infrastructure. At the same time, capital resources were allocated to AI-powered logistics solutions aimed at improving operational efficiency and enhancing customer experience. Furthermore, IFESTOS, the Group’s carbon capture and storage (CCS) project, continued to progress through the development stage.

Targeted bolt-on acquisitions further expanded the Group’s aggregates footprint. In Greece, two quarries were acquired in Thessaly and Crete, the latter located near the new International Airport of Heraklion, currently under development. Together with similar investments completed in recent years, these additions secure aggregate reserves exceeding 200 million tonnes in the country. Vertical integration was further reinforced through ready-mix concrete investments, including a second unit at “The Ellinikon” development in Athens, a project-specific unit serving a gold mine in Northern Greece, and a newly inaugurated concrete plant in Southern Greece. Additionally, at the end of the year, a strategic partnership was established for the creation of a joint dry mortar company in Greece, strengthening the Group’s downstream presence.

In line with the Group’s Strategic Directions 2026 and further reinforced under the TITAN Forward 2029 Strategy, the expansion of ACM platforms remained a key priority. Building on earlier partnerships in Greece and Türkiye to secure pozzolan reserves, the Group advanced its fly ash strategy through the establishment of a joint venture in India to secure access to fly ash and a joint venture in the UK for the beneficiation of ponded fly ash, leveraging proprietary technology from ST Equipment & Technology enabling the efficient extraction and processing of previously unused materials. In early 2026, TITAN signed a 10-year agreement with Electric Power of Serbia securing access to approximately 5 million tonnes of fresh fly ash. These investments enhance supply security, support decarbonization targets, and strengthen cost competitiveness. The Group also expanded into structural precast, a business adjacent to its core heavy materials activities. Through a partnership with Molins, TITAN acquired an 80% stake in Baupartner, a leading precast concrete and steel structure specialist in Bosnia and Herzegovina. In the United States, Titan America accelerated its expansion into the precast and prestressed lintel market in Florida, securing key Miami-Dade approvals for more than 40 SKUs. Engineering and site development are underway for its first state-of-the-art lintel manufacturing facility. These initiatives broaden the Group’s product offering and enhance value creation across the construction value chain.

At the end of the year, TITAN announced milestone acquisitions that further expanded its core cement platform and production capacity. In November 2025, the Group announced the acquisition of the Vraçs de l’ Estuaire cementitious business in France, including a grinding plant at the port of Le Havre, with the transaction completed in January 2026. In December 2025, TITAN signed an agreement to acquire Traçim Cement in the Greater Istanbul market of Türkiye, operating a modern integrated plant with annual capacity of 2.5 million tonnes, with the transaction completed in early 2026. In January 2026, the Group also signed an agreement to acquire Keystone Cement Company in Pennsylvania, which operates an integrated cement plant with annual clinker capacity of approximately 1 million short tonnes, subject to regulatory approval and customary closing conditions.

The Group’s liquidity position strengthened significantly within 2025, reaching a low net debt level in the first half of the year at €137 million following the receipt of proceeds from the IPO of Titan America and the divestment of Adoçim. Notwithstanding the special and much higher dividend payment compared with the 2024 distribution, including a dividend amount of €224 million, net debt at year end stood at €214 million. This reduction in net debt contributed to a further decrease in the leverage ratio to 0.4x (2024: 1.1x). In January 2026, the Group, through its subsidiary Titan Global Finance Plc, issued senior unsecured notes with an aggregate principal amount of €350 million, bearing a fixed coupon of 3.5% per annum and maturing in 2031.

Resolutions of the Board of Directors – Dividend payout

The Board of Directors will propose to the Annual General Assembly of Shareholders, scheduled for 7 May 2026, the distribution of a dividend of €1.10 per share. This represents an increase of 10% compared to last year’s dividend of €1.00 (excluding the 2025 one-off special dividend of €2.00, related to the IPO), consistent with the Group’s commitment to increase shareholder returns at a double-digit annual rate, in line with profitability growth as confirmed at TITAN Forward 2029 Investor Day.

Additionally, the Board of Directors at its meeting on March 18, 2026, decided the initiation of a new share buyback program for a total value of up to €10 million, which will commence after the termination of the current one, at the end of March 2026, and is expected to be completed by December 31, 2026.

Regional review of the year 2025

USA

In 2025, the Group’s North American operations delivered record level revenue, profitability and operating cash flow despite a market backdrop marked by softer demand and economic uncertainty. This performance underscored the ability of the local business to deliver organic growth and outperform across the cycle. The year was marked by higher sales volumes in aggregates and fly ash, while volumes of ready-mix remained at the high levels of 2024. Cement and block volumes declined slightly reflecting the downturn in residential construction. Cement pricing remained broadly stable, while prices for aggregates, ready mix and fly ash continued to improve. Our strategic investments in aggregates capacity, logistics, and efficiency coupled with our strong participation in public sector activity (linked to the IIJA), private non residential construction (linked to data centers, manufacturing and logistics) as well as resilient pricing and self-help cost initiatives enabled our record performance. The Florida segment delivered record strong results, with increased aggregates capabilities and strong participation in the infrastructure and private non residential construction sectors more than offsetting weaker residential demand. In the Mid Atlantic, improved ready mix pricing, growth in infrastructure and private non residential construction (including data center demand), and cost initiatives partially mitigated the headwinds from inclement weather, tariffs and softer demand headwinds in NJ and NY metro area.

Overall, construction in the US was mixed in 2025, with divergence across end markets. Elevated interest rates and affordability continued to weigh on residential construction, although renovation and remodeling segments showed resilience. Infrastructure and public works provided a stabilizing base supported by federal and state funding. Non residential activity showed strength in data centers, power, logistics and manufacturing while traditional commercial and office construction slowed. In this mixed demand environment, the Group’s North American operations capitalized on its proven strengths: its strategic positioning and capital allocation, its integrated and interconnected business model, its unwavering focus on serving its customers, and its disciplined cost management. This allowed the Group to leverage opportunities in pockets of market growth, especially in infrastructure and large project activity where our diverse product mix and prior investments continued to drive performance – reinforcing our position as a leader in the markets we serve. Sales for Titan’s North American operations increased by 2% (LfL¹), reaching €1.48 billion, while EBITDA reached €334.5 million, an increase of 5.6% (LfL¹).

Greece & W. Europe & Corporate

In 2025, Titan’s operations in Greece sustained their upward trajectory, delivering robust double-digit revenue growth underpinned by favorable market conditions and enhanced operational performance. Cement consumption in Greece increased by a high single digit, with Group cement sales performing at par with the market. Domestic demand remained strong across all product categories, with notable double-digit increases in ready-mix concrete, aggregates, and dry mortars—underscoring the Group’s strategic emphasis on vertical integration and its evolution into a comprehensive solutions provider through the expansion of its value-added offerings. Sustained pricing strength was maintained across all product lines, offsetting a persistently higher cost base. The Group is embedded in all major projects currently underway in the country, such as the Ellinikon urban development, the new Airport in Crete, the expansion of the Athens Airport, the Thessaloniki Flyover where it is sole supplier, the extension of the Athens metro and in flooding repair in Thessaly. Reinforcing its commitment to high-growth regions, in the course of the year, Titan commissioned a modern concrete facility in Kalamata, Peloponnese—an asset acquired in 2024 and subsequently upgraded—and deployed a mobile ready-mix unit to support infrastructure development at a copper-gold mining site in Northern Greece. In a further move to consolidate its regional footprint, the Group acquired an aggregates and ready-mix firm in Crete, facilitating participation in major projects on the island through ensuring logistical efficiency gains and streamlined project cost management. Bolt-on acquisitions in Crete and Thessaly augment Titan’s raw material reserves and reinforced its integrated market presence. Moreover, TITAN entered into a strategic alliance in the mortars and external thermal insulation segment, aimed at broadening its geographic reach and securing a leadership position in this rapidly expanding market. The domestic Greek market was the main driver of sales and profitability offsetting the performance of export sales to the US.

Contacts

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