Titan International (TWI) investor relations material

Executive summary

• Q4 2025 delivered revenue, gross margin, and adjusted EBITDA above guidance, capping a positive year despite sector headwinds, with EMC leading growth and management transitions including Tony Eheli as CFO and David as Chief Transformation Officer.

• The company is a global leader in off-highway tires, wheels, and undercarriage equipment, reporting FY'25 revenue of $1.83 billion and adjusted EBITDA of $102 million, with improved margins and strong segment performance.

• Carlstar acquisition in 2024 expanded product offerings, distribution, and aftermarket stability, supporting margin gains.

• Full-year 2025 net loss attributable to shareholders was $63.5 million, mainly due to a $40 million non-cash deferred tax valuation allowance.

Financial highlights

• Q4 2025 sales grew 7% year-over-year to $410 million; EMC segment up 21%, Ag up 2.6%, Consumer down 1.5%.

• Q4 gross margin expanded to 10.9%; adjusted EBITDA up 17% to $11 million; Q4 adjusted EBITDA margin was 2.6%.

• FY'25 revenue was $1.83 billion, adjusted EBITDA $102 million, free cash flow negative $25 million, net debt $383 million, leverage ratio 3.8x.

• Adjusted gross margin for FY'25 was 13.9%, up ~430bps from the 2019/2020 cyclical low.

• Capital expenditures for 2025 were $54.6 million, down from $65.6 million in 2024.

Outlook and guidance

• Q1 2026 guidance: revenue $490–510 million, adjusted EBITDA $28–33 million.

• FY 2026 guidance: revenue $1.85–1.95 billion, adjusted EBITDA $105–150 million, reflecting improvement over 2025.

• CapEx for 2026 expected at $55 million, with maintenance CapEx at $30–35 million.

• Path to $250 million midcycle adjusted EBITDA based on revenue growth, synergies, and incremental margin of 25%.

• Working capital expected to be a use in 2026 to support anticipated growth in 2027.