Titan (TITC) Q2 2025 earnings summary

Executive summary

• H1 2025 sales rose 0.4% year-over-year to €1,329 million, with strong performance in the US, Greece, and Egypt despite adverse weather and FX headwinds.

• EBITDA increased 2% year-over-year to €287 million, with margin resilience from cost controls and operational efficiencies.

• Net profit after tax was €68.4 million, impacted by a €51.9 million one-off loss from the Adocim (Turkey) sale and higher minority interests.

• Robust liquidity with net debt at €137 million and leverage at 0.2x EBITDA, supported by IPO proceeds and divestments.

• Strategic investments advanced in digitalization, sustainability, and new technologies, including AI rollout and low-carbon initiatives.

Financial highlights

• H1 2025 sales: €1,328.6 million (+0.4% YoY); EBITDA: €286.9 million (+2.0% YoY); Net profit: €68.4 million (-54% YoY, adjusted: €120.3 million, -19%).

• Q2 2025 sales: €690.2 million (-1.3% YoY); EBITDA: €164.3 million (-4.2% YoY); Net profit: €24.7 million (-74.4% YoY, adjusted: €76.6 million, -20%).

• Operating free cash flow at €102 million in H1 2025; net debt decreased by €485 million to €137 million.

• Earnings per share (basic) for H1 2025: €0.92 (-54% YoY); adjusted EPS: €1.6 (-19% YoY).

• 12-month rolling EBITDA more than doubled since 2022, reaching €585.7 million with a 22.1% margin.

Outlook and guidance

• Maintains cautiously optimistic outlook for the remainder of 2025, expecting sales growth and EBITDA margin expansion from solid volumes, firm pricing, and efficiency gains.

• US market supported by infrastructure and commercial demand, with residential expected to stabilize in 2026.

• Greece and Southeast Europe to benefit from infrastructure projects and EU fund absorption, though risks from political instability and fund delays remain.

• Egypt expected to deliver improved performance, leveraging export growth, reforms, and public-private partnerships.

• Full-year CapEx expected between €250–300 million.