Titan (TITC) Q4 2025 earnings summary

Executive summary

• Achieved record sales and EBITDA in 2025, marking five consecutive years of growth, with expansion across all regions and core product lines.

• Strategic acquisitions in Turkey, France, Greece, and the US, plus multiple bolt-on deals and JVs, expanded the portfolio and core cement and aggregates footprint.

• Delivered previous strategic plan a year ahead of schedule and launched TITAN Forward 2029 with a focus on above-market growth, alternative materials, and digital/low carbon innovation.

• Strong operating free cash flow enabled significant debt reduction and shareholder returns.

• Continued digital transformation and decarbonization, earning recognition for climate leadership and sustainability.

Financial highlights

• 2025 sales reached €2.669 billion, up 6.4% like-for-like; EBITDA hit a record €606 million, up 9.3% like-for-like.

• Net profit after tax and minorities was €236 million; EPS grew 7.4% like-for-like to €4.2/share.

• Operating free cash flow at €504 million; net debt reduced to €214 million, leverage ratio at 0.4x.

• CapEx of €285 million focused on growth and efficiency, mainly in the US and Greece.

• Dividend proposed at €1.10/share for 2025, up 10%, with a €10 million buyback launching.

Outlook and guidance

• 2026 guidance: low single-digit sales growth like-for-like, mid-single-digit EBITDA growth, CapEx €350–400 million.

• Recent acquisitions to contribute on top of guidance; first two months of 2026 ahead of prior year.

• Margin expansion to be supported by cost initiatives, digitalization, and integration of acquisitions.

• Monitoring geopolitical risks, especially in the Middle East, with hedging and cost discipline in place.