Titan (TITC) Q1 2025 earnings summary

Executive summary

• Sales increased by 2.4% year-over-year to €638.4m, driven by firm pricing and resilient cement volumes despite adverse weather in the US and Southeast Europe.

• EBITDA rose 11.7% to €122.6m, with strong contributions from the US, Greece, and Egypt, reflecting operational efficiencies and strategic investments.

• Net profit after tax and minorities declined 16.6% to €43.7m, impacted by higher taxes and increased minority interest following the Titan America IPO.

• Titan America IPO on NYSE improved leverage to 0.5x EBITDA and reduced net debt to €280m, enhancing capital allocation flexibility.

• Corporate identity refreshed with a new name and visual identity.

Financial highlights

• Q1 sales reached €638 million, up 2.4% year-over-year, with firm pricing and sustained volumes in core products.

• EBITDA margin expanded to 19.2% from 17.6% in Q1 2024.

• Operating free cash flow was positive at €10m for the quarter.

• Cash and liquid assets rose sharply to €448.6m, up 264% from year-end 2024.

• CapEx remained stable at €53m, focused on sustainability and alternative materials.

Outlook and guidance

• Cautiously optimistic outlook for 2025, expecting continued sales growth and EBITDA margin expansion.

• US market to benefit from infrastructure and commercial demand, offsetting residential softness.

• Greece and Southeast Europe to see growth from infrastructure and EU-funded projects; Egypt to benefit from export growth and private projects.

• Turkey remains resilient post-divestment, with focus on Western region, but faces inflation and taxation challenges.

• Political and global economic risks persist, especially in Southeast Europe and Egypt.