Titan America (TTAM) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue increased 9.6% year-over-year to $471 million, with adjusted EBITDA up 1.3% to $101 million, driven by strong Mid-Atlantic performance and the Keystone Cement acquisition, despite Florida headwinds from maintenance outages and import disruptions.

• Net income declined 15.4% to $43 million, with EPS at $0.23 versus $0.28 in Q2 2025, reflecting higher costs and integration expenses.

• Keystone Cement acquisition completed, expanding geographic reach and targeting at least $30 million in annual run-rate synergies by 2029.

• Investments in fly ash recycling and data center construction support long-term growth strategy.

• Florida segment faced subdued residential demand, extended maintenance shutdowns, and import delays, negatively impacting results.

Financial highlights

• Q2 2026 revenue: $471 million (up 9.6% YoY); Keystone contributed $20 million.

• Adjusted EBITDA: $101 million (up 1.3% YoY); margin declined to 21.4% from 23.2% due to Pennsuco outage.

• Net income: $43 million (down from $51 million YoY); EPS $0.23 (vs. $0.28 YoY), with $0.03 of decline from Keystone-related items.

• Operating cash flow for H1 2026: $137 million (vs. $108 million H1 2025); free cash flow: $49.7 million (up 90% YoY).

• Net debt at June 30, 2026: $538 million; cash and equivalents: $36 million; total debt: $574 million; leverage ratio increased to 1.37x trailing 12 months adjusted EBITDA after Keystone acquisition.

Outlook and guidance

• Full year 2026 guidance updated to high single-digit revenue growth vs. 2025, including Keystone's contribution.

• Expect a modest decline in adjusted EBITDA margin (25-50 basis points lower YoY), mainly due to lower starting contribution from Keystone.

• Confidence in demand growth trends in infrastructure and private non-residential markets, and successful Keystone integration.