Titan (TITC) Q3 2026 earnings summary

Executive summary

• 9M sales rose 8.8% to €2,189.2m (+5.0% like-for-like); EBITDA increased 1.7% to €481.7m, while adjusted net profit rose 8.7% to €242m.

• Q3 sales grew 12.5% to €769.5m (+1.5% like-for-like), but EBITDA declined 9.0% to €169.8m as U.S. cost pressures, outages and one-offs weighed on results.

• Regional growth, acquisitions and PRIME savings supported results; FY26 guidance remains high-single-digit sales growth and mid-single-digit EBITDA growth.

Financial highlights

• 9M gross profit was €577m, up 3%; like-for-like EBITDA declined 2.0% to €454m, and 9M EBITDA margin was 22.0% versus 23.5% in 2025.

• Reported 9M net profit after taxes and minorities rose 41.7% to €242m; EPS was €3.25, up 9% adjusted.

• Q3 net profit was €89m, down 13%; Q3 EBITDA margin was 22.1% versus 27.3% in 2025.

• 9M cement volumes rose 10% to 14.8m tons, aggregates and blocks each grew 6%; ready-mix volumes fell 4% reported and 1% like-for-like.

Outlook and guidance

• FY26 guidance calls for high-single-digit sales growth and mid-single-digit EBITDA growth, supported by pricing, acquisitions and self-help, despite elevated costs and one-offs.

• PRIME targets ~€60m of FY26 benefits, with ~€40m delivered year-to-date; FY26 CapEx is expected at ~€300m.

• Acquisitions are expected to contribute €45m EBITDA in FY26 and more than €100m by 2029, versus €28m year-to-date.

• U.S. infrastructure and data-center investment and demand in Greece and regional markets are expected to support activity; residential weakness and financing costs remain constraints.