Titan America Announces Third Quarter 2025 Results

NORFOLK, Virginia--( BUSINESS WIRE)--Titan America SA (NYSE: TTAM), a leading fully-integrated producer and supplier of building materials, services and solutions in the construction industry operating along the U.S. East Coast, today announced its third quarter 2025 financial results. Titan America SA, including its wholly-owned operating subsidiary, Titan America LLC, shall be referred to herein as “Titan America.”

Third-Quarter 2025 Highlights

“Titan America reported robust third quarter results, reflecting the benefits of our integrated business model despite ongoing economic uncertainties and continued softness in residential end markets,” said Bill Zarkalis, President & CEO. “We saw year-over-year volume growth in cement and ready-mix for the first time this year coupled with continued strength in our Florida aggregates operations, while margins improved through focused operational and cost management initiatives. We continue to benefit from recent investments in upstream and downstream capacity and remain focused on executing our growth agenda through long-term strategic investments. Our Eastern Seaboard presence and unique logistics capabilities allowed us to respond to demand in infrastructure and commercial construction markets - meeting peak demand with peak supply. Given our market positions and vertically integrated model, we are poised to deliver long-term value for shareholders.”

Third Quarter 2025 Results (unaudited)

Three Months Ended September 30

Nine Months Ended September 30

2025

2024

$ Change

% Change

2025

2024

$ Change

% Change

(all amounts in thousands of US$)

Revenue

436,849

411,426

25,423

6.2

1,258,526

1,244,578

13,948

1.1

Net Income

57,423

39,694

17,729

44.7

141,928

129,546

12,382

9.6

Adjusted EBITDA

116,669

98,645

18,024

18.3

295,925

286,878

9,047

3.2

Capital Expenditures

38,432

49,464

(11,032

)

(22.3

120,432

113,347

7,085

6.3

Revenues for the three months ended September 30, 2025 were $436.8 million an increase of 6.2% compared to $411.4 million in the prior year quarter. Revenues were positively impacted by increased aggregates production capacity and more favorable weather conditions in the quarter as compared to Q3 2024.

Net income for the three months ended September 30, 2025 was $57.4 million, an increase of 44.7% compared to $39.7 million in the prior year quarter, while Adjusted EBITDA was $116.7 million, an increase of 18.3% compared to $98.6 million in the prior year period. The increase in both Net Income and Adjusted EBITDA was primarily driven by increased revenues, sales mix and improved margins from lower costs. The increase in Net Income was also driven by lower financing costs and reduced foreign exchange and related derivative losses. Net Income Margin and Adjusted EBITDA Margin in the three months ended September 30, 2025 were 13.1% and 26.7%, respectively, compared to 9.6% and 24.0%, respectively, in the same period of 2024.

Cash Flow and Capital Resources

For the nine months ended September 30, 2025, cash flow provided by operations was $214.8 million and capital expenditures, net were $120.4 million, resulting in free cash flow of $94.4 million.

As of September 30, 2025, Titan America had $195.6 million in cash and cash equivalents and $464.5 million total debt. Net debt was $268.8 million, representing a ratio of 0.71x trailing twelve-month Adjusted EBITDA.

Revenue and Adjusted EBITDA by Reportable Segment

Revenue

Three Months Ended September 30

Nine Months Ended September 30

2025

2024

% Change

2025

2024

% Change

(all amounts in thousands of US$)

Florida

263,325

252,391

4.3

777,321

762,373

2.0

Mid-Atlantic

173,524

158,588

9.4

481,205

481,041

—

Other (1)

—

447

(2)

—

1,164

(2)

Consolidated

436,849

411,426

6.2

1,258,526

1,244,578

1.1

(1) Other includes equipment, related services and miscellaneous revenue

(2) Not meaningful

Segment adjusted EBITDA

Three Months Ended September 30

Nine Months Ended September 30

2025

2024

% Change

2025

2024

% Change

(all amounts in thousands of US$)

Florida

81,147

69,809

16.2

214,099

196,962

8.7

Mid-Atlantic

36,618

33,123

10.6

88,134

100,537

(12.3

The Florida segment generated revenues of $263.3 million in the third quarter of 2025, compared to $252.4 million in the prior year quarter. The 4.3% year-over-year increase was primarily due to higher aggregates and cement sales volumes due to our strong presence in the infrastructure and private non-residential sectors, and increased aggregates production capacity. Segment adjusted EBITDA for the quarter increased to $81.1 million, compared to $69.8 million in the prior year quarter, primarily due to the impact of higher sales volumes and operational efficiencies.

The Mid-Atlantic segment generated revenues of $173.5 million in the third quarter, compared to $158.6 million in the prior year quarter. The 9.4% year-over-year increase in revenue was driven by higher sales volumes and prices as compared to the prior year quarter. Higher sales volumes in cement, fly ash, and ready-mix concrete in the current quarter were driven by the release of project backlog and more favorable weather conditions when compared to the hurricane disrupted prior year quarter. Segment adjusted EBITDA was $36.6 million, compared to $33.1 million in the prior year quarter primarily due to the impact of higher sales volumes partially offset by higher raw material costs.

2025 Outlook

Regarding Titan America’s outlook, President & CEO Bill Zarkalis stated, “We are revising our full-year 2025 outlook based on our Q3 year-to-date results and outlook into the balance of the year. We now expect full-year 2025 revenue growth to be in a range of two to three percent when compared to the prior year. We continue to expect modest improvement in our Adjusted EBITDA Margin compared to 2024.”

Conference Call

Titan America will host a conference call at 5:00 p.m. ET on November 5, 2025. The conference call will be broadcast live over the Internet. Additionally, a slide presentation will accompany the conference call. To listen to the call and view the slides, please visit the Investors section of Titan America’s website at https://www.titanamerica.com/. For those who are unable to listen to the live broadcast, an audio replay of the conference call will be available on the Titan America website for 30 days.

About Titan America SA

Titan America is a leading vertically-integrated producer of cement and building materials in the high-growth economic mega-regions of the U.S. East Coast, with operations and leading market positions across Florida, the Mid-Atlantic, and Metro New York/New Jersey. Titan America’s family of company brands includes Essex Cement, Roanoke Cement, Titan Florida, Titan Virginia Ready-Mix, S&W Ready-Mix, Powhatan Ready Mix, Titan Mid-Atlantic Aggregates, and Separation Technologies. Titan America’s operations include cement plants, construction aggregates and sand mines, ready-mix concrete plants, concrete block plants, fly ash production facilities, marine import and rail terminals, and distribution hubs.

Forward-Looking Statements

This press release may include forward-looking statements. Forward-looking statements are statements regarding or based upon our management’s current intentions, beliefs or expectations relating to, among other things, Titan America’s future results of operations, financial condition, liquidity, prospects, growth, strategies, developments in the industry in which we operate and the proposed offering. In some cases, you can identify forward-looking statements by terminology such as “believe,” “anticipate,” “continue,” “could,” “expect,” “goal,” “may,” “plan,” “predict,” “propose,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. By their nature, forward-looking statements are subject to risks, including the risks detailed in our 2024 Annual Report filed on Form 20-F on April 4, 2025, as well as the risk of a prolonged government shutdown negatively affecting infrastructure spending, uncertainties and assumptions that could cause actual results or future events to differ materially from those expressed or implied thereby. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this report regarding trends or current activities should not be taken as a report that such trends or activities will continue in the future. Titan America undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such forward-looking statements, which speak only as of the date of this report. The information contained in this report is subject to change without notice. No re-report or warranty, express or implied, is made as to the fairness, accuracy, reasonableness or completeness of the information contained herein and no reliance should be placed on it.

Financial Measures (Non-IFRS)

In addition to the financial information presented in accordance with International Financial Reporting Standards (“IFRS”), this press release includes the following Non-IFRS financial measures: Adjusted EBITDA, Adjusted EBITDA Margin, Net Income Margin, free cash flow, net debt and the ratio of net debt to Adjusted EBITDA. We define Adjusted EBITDA as net income before finance cost, net, income tax expense, depreciation, depletion and amortization, further adjusted to remove the impact of additional items such as (gain)/loss on disposal of fixed assets, asset impairment (recovery)/loss, foreign exchange (gain)/loss, net, derivative financial instrument (gain)/loss, net, fair value loss on sale of accounts receivable, net, share-based compensation and other non-recurring items, including certain transaction costs related to our initial public offering. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenues. We define Net Income Margin as net income divided by revenue. We define free cash flow as net cash provided by operating activities, less net payments for capital expenditures, which includes (i) investments in property, plant and equipment, (ii) investments in identifiable intangible assets and (iii) proceeds from the sale of assets, net of disposition costs. We define net debt as the sum of short and long-term borrowings, including accrued interest and short-term and long-term lease liabilities less cash and cash equivalents. We define the ratio of net debt to Adjusted EBITDA as the ratio derived by dividing net debt by Adjusted EBITDA. See “Reconciliation of IFRS to Non-IFRS” section for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure.

We believe that in addition to our results determined in accordance with IFRS, these Non-IFRS financial measures provide useful information to both management and investors in measuring our financial performance and highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures.

Non-IFRS financial information is presented for supplemental informational purposes only and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. Our presentation of Non-IFRS measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. Other companies in our industry may calculate these measures differently, which may limit their usefulness as comparative measures.

(1) As used throughout this release, the terms Adjusted EBITDA, Adjusted EBITDA Margin, Net Income Margin, free cash flow, net debt and the ratio of net debt to Adjusted EBITDA are non-IFRS financial metrics. See “Reconciliation of IFRS to Non-IFRS” for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure. See “Financial Measures (Non-IFRS)” for further discussion on these non-IFRS measures and why we believe they are useful.

Condensed Consolidated Statements of Income (Unaudited)

(all amounts in thousands of US$ except for earnings per share)

Three Months Ended

September 30

Nine Months Ended

September 30

2025

2024

2025

2024

Revenue

436,849

411,426

1,258,526

1,244,578

Cost of goods sold

(309,209

)

(299,224

)

(926,794

)

(923,653

)

Gross profit

127,640

112,202

331,732

320,925

Selling expense

(8,719

)

(9,066

)

(25,570

)

(24,913

)

General and administrative expense

(31,655

)

(35,558

)

(95,854

)

(91,823

)

Net impairment gain/(loss) on financial assets

141

(101

)

291

(251

)

Fair value loss on sale of accounts receivable, net

(1,292

)

(1,142

)

(3,394

)

(4,050

)

Other operating income, net

505

1,227

883

1,341

Operating income

86,620

67,562

208,088

201,229

Finance cost, net

(5,440

)

(7,384

)

(17,591

)

(18,835

)

Foreign exchange (loss)/gain, net

(830

)

(18,350

)

(45,348

)

(7,467

)

Derivative financial instrument gain/(loss), net

(2,010

)

12,523

42,800

(1,482

)

Other non-operating income

—

2,552

—

Income before income taxes

78,340

54,351

190,501

173,445

Income tax expense

(20,917

)

(14,657

)

(48,573

)

(43,899

)

Net income

57,423

39,694

141,928

129,546

Earnings per share of common stock:

Basic earnings per share

0.31

0.23

0.78

0.74

Diluted earnings per share

0.31

0.23

0.78

0.74

Weighted average number of common stock - basic

184,362,465

175,362,465

183,010,817

175,362,465

Weighted average number of common stock - diluted

184,402,038

175,362,465

183,050,390

175,362,465

Condensed Consolidated Balance Sheet (Unaudited)

September 30,

December 31,

(all amounts in thousands of US$)

2025

2024

Current assets:

Cash and cash equivalents

195,640

12,124

Trade and other receivables, net

136,475

106,056

Inventories

216,215

227,638

Prepaid expenses and other current assets

10,613

14,308

Income taxes receivable

30,192

22,802

Derivatives and credit support payments

829

1,328

Total current assets

589,964

384,256

Noncurrent assets:

Property, plant, equipment and mineral deposits, net

903,794

851,733

Right-of-use assets

69,018

64,688

Other assets

9,430

10,076

Intangible assets, net

28,825

30,167

Goodwill

221,562

Derivatives and credit support payments

28,807

3,770

Total noncurrent assets

1,261,436

1,181,996

Total assets

1,851,400

1,566,252

Current liabilities:

Accounts and related party payables

134,038

148,558

Accrued expenses

30,528

24,879

Provisions

9,173

10,081

Income taxes payable

228

1,872

Short term borrowing, including accrued interest

6,183

33,608

Lease liabilities

11,364

12,386

Derivatives and credit support receipts

795

1,318

Other current liabilities

7,558

6,344

Total current liabilities

199,867

239,046

Non-current liabilities:

Long-term borrowings

390,084

358,222

Lease liabilities

56,847

55,967

Provisions

60,215

50,926

Deferred income tax liability

115,082

98,212

Derivatives and credit support receipts

27,692

8,418

Other noncurrent liabilities

7,008

5,447

Total noncurrent liabilities

656,928

577,192

Total liabilities

856,795

816,238

Stockholders’ equity

994,605

750,014

Total liabilities and stockholders’ equity

1,851,400

1,566,252

Condensed Consolidated Statements of Cash Flows (Unaudited)

(all amounts in thousands of US$)

Nine Months Ended September 30

2025

2024

Cash flows from operating activities

Income before income taxes

190,501

173,445

Adjustments for:

Depreciation, depletion and amortization

79,762

69,024

Gain on divestiture

(2,552

)

—

Finance cost

21,543

20,060

Finance income

(3,952

)

(1,225

)

Foreign exchange loss/(gain), net

45,348

7,467

Derivative financial instrument (gain)/loss, net

(42,800

)

1,482

Changes in net operating assets and liabilities

(27,939

)

(24,712

)

Other

(7,723

)

652

Cash generated from operations before income taxes

252,188

246,193

Income taxes, net

(37,361

)

(49,050

)

Net cash provided by operating activities

214,827

197,143

Cash flows from investing activities

Investments in property, plant and equipment

(119,081

)

(113,213

)

Investments in intangible assets

(2,399

)

(333

)

Interest received

3,738

1,226

Proceeds from the sale of assets, net of disposition costs

1,048

199

Proceeds from sale of investment

5,368

—

Net cash used in investing activities

(111,326

)

(112,121

)

Cash flows from financing activities

Repayment of affiliated party borrowings

(21,084

)

(32,563

)

Borrowings from affiliated party

—

48,964

Offering costs associated with borrowings

—

(682

)

Borrowings from third party line of credit

—

20,000

Repayment of third party line of credit

(25,000

)

(20,000

)

Lease payments

(7,502

)

(7,300

)

Share premium distribution

(14,749

)

(85,068

)

Contribution from related party

—

200

Proceeds from IPO

144,000

—

Related party recharge for stock-based compensation

(6,459

)

(2,830

)

Derivative credit support receipts/(payments) and settlements

37,018

(4,254

)

Interest paid

(16,781

)

(13,053

)

IPO Costs

(9,428

)

(628

)

Net cash provided by/(used in) financing activities

80,015

(97,214

)

Net increase/(decrease) in cash and cash equivalents

183,516

(12,192

)

Cash and cash equivalents at:

Beginning of period

12,124

22,036

Effects of exchange rate changes

—

2,305

End of period

195,640

12,149

Reconciliation of IFRS to Non-IFRS

Reconciliation of IFRS Net Income to Non-IFRS Adjusted EBITDA and IFRS Net Income Margin to Non-IFRS Adjusted EBITDA Margin

Three Months Ended

September 30

Nine Months Ended

September 30

2025

2024

2025

2024

(all amounts in thousands of US$)

Net income

57,423

39,694

141,928

129,546

Finance cost, net

5,440

7,384

17,591

18,835

Income tax expense

20,917

14,657

48,573

43,899

Depreciation, depletion and amortization

28,058

22,769

79,762

69,024

Loss on disposal of fixed assets

(602

)

573

(301

)

1,454

Foreign exchange loss/(gain), net

830

18,350

45,348

7,467

Derivative financial instrument (gain)/loss, net

2,010

(12,523

)

(42,800

)

1,482

Fair value loss on sale of accounts receivable, net

1,292

1,142

3,394

4,050

Share-based compensation

586

969

2,257

2,875

IPO transaction costs

146

6,178

2,328

9,512

Other

569

(548

)

(2,155

)

(1,266

)

Adjusted EBITDA

116,669

98,645

295,925

286,878

Revenue

436,849

411,426

1,258,526

1,244,578

Net Income Margin (1)

13.1

9.6

11.3

10.4

Adjusted EBITDA Margin (2)

26.7

24.0

23.5

23.1

(1) Net Income Margin is calculated as net income divided by revenues.

(2) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by revenues.

Twelve Months Ended

September 30, 2025

December 31, 2024

(all amounts in thousands of US$)

Net income

178,456

166,074

Finance cost, net

24,931

26,175

Income tax expense

62,218

57,544

Depreciation, depletion and amortization

110,679

99,941

Loss on disposal of fixed assets

656

2,411

Foreign exchange loss/(gain), net

17,035

(20,846

)

Derivative financial instrument (gain)/loss, net

(21,841

)

22,441

Fair value loss on sale of accounts receivable, net

3,964

4,620

Share-based compensation

3,223

3,841

IPO transaction costs

4,632

11,816

Other

(4,506

)

(3,617

)

Adjusted EBITDA

379,447

370,400

Reconciliation of Free Cash Flow

Nine Months Ended

September 30

2025

2024

(all amounts in thousands of US$)

Net cash provided by operating activities

214,827

197,143

Adjusted by:

Investments in property, plant and equipment

(119,081

)

(113,213

)

Investments in identifiable intangible assets

(2,399

)

(333

)

Proceeds from the sale of assets, net of disposition costs

1,048

199

Net Capital Expenditures

(120,432

)

(113,347

)

Free Cash Flow

94,395

83,796

Reconciliation of Net Debt

As of

September 30, 2025

December 31, 2024

(all amounts in thousands of US$)

Short-term borrowings, including accrued interest

6,183

33,608

Long-term borrowings

390,084

358,222

Short-term lease liabilities

11,364

12,386

Long-term lease liabilities

56,847

55,967

Less:

Cash and cash equivalents

(195,640

)

(12,124

)

Net Debt

268,838

448,059

Net Debt to Adjusted EBITDA

As of

September 30, 2025

December 31, 2024

(all amounts in thousands of US$)

IFRS:

Short-term borrowings, including accrued interest

6,183

33,608

Long-term borrowings

390,084

358,222

Short-term lease liabilities

11,364

12,386

Long-term lease liabilities

56,847

55,967

Total Debt

464,478

460,183

Trailing Twelve Months Net Income

178,456

166,074

Ratio of Total Debt to Net Income

2.60

2.77

Non-IFRS:

Net Debt

268,838

448,059

Trailing Twelve Months Adjusted EBITDA

379,447

370,400

Ratio of Net Debt to Adjusted EBITDA

0.71

1.21

Product Volumes and External Pricing

Three Months Ended September 30

Nine Months Ended September 30

Volumes (in thousands) (1)(2)(3)

2025

2024

Change

2025

2024

Change

Total cement volumes

1,461

1,424

4,195

4,336

Cement consumed internally

(345

)

(353

)

(1,030

)

(1,079

)

External cement volumes

1,116

1,071

4.2

3,165

3,257

(92

)

(2.8

Total aggregates volumes

2,150

1,922

6,303

5,363

Aggregates consumed internally

(904

)

(1,015

)

(2,801

)

(2,860

)

External aggregates volumes

1,246

907

339

37.4

3,502

2,503

999

39.9

External ready-mix concrete volumes

1,198

1,151

4.1

3,482

3,479

0.1

External concrete block volumes

16,032

16,139

(107

)

(0.7

47,501

50,260

(2,759

)

(5.5

Total fly ash volumes

201

162

520

433

Fly ash consumed internally

(42

)

(41

)

(120

)

(103

)

External fly ash volumes

159

121

31.4

400

330

21.2

(1) Sales volumes are shown in tons for cement, aggregates and fly ash; in cubic yards for ready-mix concrete; and in 8-inch equivalent units for concrete blocks.

(2) Cement, aggregates and fly ash consumed internally represents the quantity of those materials transferred to our ready-mix concrete and concrete block product lines for use in the production process. Internal trading activity represents the consumption of internally sourced materials at a transfer price approximating market prices. These amounts are eliminated at the operating segment level or in consolidation, as appropriate.

(3) Aggregate volumes exclude by-products.

Three Months Ended September 30

Nine Months Ended September 30

Average External Selling Price (1)

2025

2024

Change

2025

2024

Change

Cement

149.07

149.48

(0.41

)

(0.3

149.44

150.19

(0.75

)

(0.5

Aggregates

24.30

23.52

0.78

3.3

24.86

24.13

0.73

3.0

Ready-mix concrete

162.23

160.43

1.80

1.1

162.29

160.17

2.12

1.3

Concrete block

2.33

2.37

(0.04

)

(1.7

2.35

2.38

(0.03

)

(1.3

Fly ash

51.86

53.25

(1.39

)

(2.6

54.03

49.90

4.13

8.3

(1) Average external selling prices are shown on a per ton basis for cement, aggregates and fly ash; on a per cubic yard basis for ready-mix concrete; and on a per 8-inch equivalent unit for concrete blocks.

Segment Volume and Pricing Trends (1)(2)

Three Months Ended September 30

Nine Months Ended September 30

Florida

Mid-Atlantic

Florida

Mid-Atlantic

% Change

Volume

Average Price

Volume

Average Price

Volume

Average Price

Volume

Average Price

Cement

1.8

(0.8

3.6

0.8

(2.3

(0.7

(4.3

0.4

Aggregates

20.4

1.4

(40.3

24.2

23.9

2.8

(25.4

26.7

Ready-mix concrete

1.1

(1.4

9.8

4.5

(0.5

1.0

1.3

2.2

Concrete block

(0.7

(1.7

N/A

(5.5

(1.5

N/A

Fly ash

(6.5

0.4

43.8

1.6

14.2

0.5

23.3

11.0

(1) Percent changes in volume include internal trading activity.

(2) Percent changes in prices include the consumption of internally sourced materials at a transfer price approximating market price.