Slides
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Financial Results - H1 2025 Titan Group Investors’ & Analysts’ Presentation Athens, 31 July 2025
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Increasing profitability levels supported by solid sales performance 2First Half 2025 Results – Investors’ & Analysts’ Presentation ❑ Sales reached €1,328.6m, up by 0.4% y-o-y. Strong performance in the US, Greece and Egypt. Overall sustained volumes and pricing, despite headwinds due to adverse weather in the US and in Southeast Europe. ❑ EBITDA grew by 2.0% y-o-y to €286.9m, with margin resilience attributed to cost performance and operational efficiencies. ❑ Net profit reached €68.4m after recording a one-off scope change (€51.9m) due to the sale of operations in Eastern Turkey - Adocim - (including €39m recognized FX losses reclassified through P&L) and increased minority interest in Titan America S.A. (€10.1m), as well as higher depreciation costs and incremental taxes. ❑ Strong liquidity position with net debt at €137m and debt leverage ratio at 0.2x EBITDA, strengthened by the proceeds of the IPO of a minority stake in Titan America and Adocim’s divestment. Following the €3 dividend/share (July 3rd), the Group’s leverage ratio stands at ca. 0.6x EBITDA. A new €10m share-buyback program was launched on July 1, 2025. ❑ High CapEx at €127m strategically invested in improved energy mix, new technologies, sustainability and storage expansion to support the Group’s growth strategic initiatives. ❑ Progressed TITAN 2026 Growth Strategy with the formation of partnerships in alternative cementitious materials (beneficiation of ponded fly-ash in the UK and development of new low-carbon construction materials in the EU). Completed the bolt-on acquisitions of two more aggregate quarries in Greece. ❑ Advancing in decarbonizing the footprint: specific CO2 emissions declined by 18kg from 618kg/t to 600 kg/t cementitious and thermal substitution rate reached a new high at 22.6%, while clinker/cement ratio is at 76.6%. ❑ Titan Group was recognized by TIME magazine for a 2nd consecutive year as one of the world’s most sustainable companies. ❑ The outlook for the rest of the year remains cautiously optimistic, due to robust volumes and firm pricing, supported by efficiency gains through continuous investments in digitalization and decarbonization. First Half 2025 Highlights
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Improved Sales and EBITDA performance despite FX headwinds and adverse weather. NPAT impacted by Adocim’s disposal and minorities interest in Titan America. First Half 2025 Results – Investors’ & Analysts’ Presentation 3 Group Sales (€m) Group EBITDA (€m) Group NPAT (€m) 1st Half 20252Q 2025 1,323.0 1,328.65.6 0 500 1,000 1,500 2024 Variance 2025 +0.4% -€41.2m FX impact 281.4 286.95.5 0 150 300 450 2024 Variance 2025 +2.0% -€8.3m FX impact 21.3% EBITDA Margin 21.6% 148.7 68.4 0 100 200 300 2024 -80.3 Variance 2025 -54.0% 699.3 690.2 0 500 1,000 1,500 2024 -9.1 Variance 2025 -1.3% 171.6 164.3 0 150 300 450 2024 -7.3 Variance 2025 -4.2% 96.3 24.7 0 100 200 300 2024 -71.6 Variance 2025 -74.4% 24.5% EBITDA Margin 23.8% €120.3m (-19%) * *NPAT excluding the impact of the sale of Adocim (€51.9m) €76.6m (-20%) *
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Resilient 12-month rolling growth trajectory. EBITDA growth trajectory, doubled in 2022-2025. 4First Half 2025 Results – Investors’ & Analysts’ Presentation Group Sales (€m) Group EBITDA (€m) 12-Month Rolling 1,929.1 2,640.9 2,649.78.8 0 1,500 3,000 4,500 12 MR Sales June 2024 Variance 12 MR Sales June 2025 12 MR Sales June 2022 +37.4% 268.9 580.5 585.75.2 0 250 500 750 1,000 12 MR EBITDA June 2022 12 MR EBITDA June 2024 Variance 12 MR EBITDA June 2025 >x2 13.9% 22.0% EBITDA Margin 22.1%
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Group Income Statement – H1 2025 5First Half 2025 Results – Investors’ & Analysts’ Presentation *NPAT & EPS adjusted for the impact of the sale of Adocim (€51.9m)
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0 1 2 3 4 5 6 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 50 60 70 80 90 100 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Crude Oil (USD/bbl.) Actual Futures / Forecasts as of 17/07/2025 US Natural Gas (USD/Mmbtu) 50 75 100 125 150 175 200 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Coal API2 Index (USD/ton) 0 50 100 150 200 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 PACE Index >50 HGI; 4.5% Sulfur (USD/MT) 50 100 150 200 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Hungarian Baseload Electricity (EUR/Mwh) 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Freight Baltic Dry (USD/day) BRENT WTI Favourable fuel cost. Rising electricity charges in Europe. First Half 2025 Results – Investors’ & Analysts’ Presentation 6 Market Overview- Critical Cost Factors
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*Intragroup product sales for processing are included in Sales Volumes (1) Cement Sales include clinker and cementitious materials (2) All product lines above include Brazil % represents performance versus last year Sustained cement volumes. Significant growth in downstream products. 7First Half 2025 Results – Investors’ & Analysts’ Presentation H1 2025 Sales Volume 8.7 0.7 8.6 0.6 Cement Domestic (tn m) 3rd Party Cement Exports (tn m) -1% 2024 2025 10.2 11.7 Aggregates (tn m) +14% 3.1 3.3 Ready-mix (m3 m) +5% 4.6 0.5 4.6 0.3 Cement Domestic (tn m) 3rd Party Cement Exports (tn m) 0% 5.1 5.9 Aggregates (tn m) +14% 1.6 1.7 Ready-mix (m3 m) +3% Q2 2025 Sales Volume Excluding Adocim 0% Excluding Adocim +2%
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CapEx at €127m focused on growth, energy and cost savings. 8First Half 2025 Results – Investors’ & Analysts’ Presentation 2025 CapEx (€ m) Major 2025 CapEx Projects 76.3 26.8 11.5 12.5 60.1 29.5 14.1 5.0 USA GREECE SEE E.MED GROUP 127.1 108.8 2025 2024 US RCC Quarry Expansion US Type IT development, UFL, Alt Fuels US New Mixer Trucks US New RMC Plants: Fixed and Portable US New Block Plants US Norfolk Kovako Barge Refurbish US Haul Trucks, Loadout/Distribution GR Ifestos CCS GR Silos GR PTR Biomass GR TSN Alternative Fuels GR Pumps & Trucks CR IT & Digital (Cloud, Customer Apps, RTOs etc) SEE Antea TAD SEE USJE Clinker Silo EMED APCC New Silos EMED BSF Cement Mill Close Circuit EMED Egypt Alternative Fuels Concessions
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H1 2024 281 4 (109) (66) (11) (63) (16) 20 €110m Operating Free Cash Flow at €102m in H1 2025 Net Debt decreased by €485m to €137m. Leverage ratio at 0.2x First Half 2025 Results – Investors’ & Analysts’ Presentation 9 *All figures in € millions 2025 Operating Free Cash Flow €102 m 287 485 14 432 21 EBITDA 2025 Non-Cash Items (127) CapEx (72) Operating WC Disposals (Net) (70) Interest, Tax, Dividend, Other FX Impact on Net Debt Decrease in Net Debt
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**Bonds include unamortized borrowing fees; Dec’25 includes interest accruals Debt and Liquidity Profile - 30 June 2025 Net Debt/ EBITDA ratio at 0.2x. First Half 2025 Results – Investors’ & Analysts’ Presentation 10 758 795 912 797 838 762 765 660 684 640 670 622 137 827 882 1,000 903 902 869 853 934 867 861 870 745 728 694 2.85 2.93 2.37 2.12 1.71 1.51 1.18 1.24 1.07 1.12 1.02 0.47 0 400 800 1,200 0 1 2 3 4 5 6 Q1 2022 Q2 2022 3.13 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 280 Q1 2025 0.23 Q2 2025 Gross Debt Net Debt Net Debt/EBITDA 21 80 121 150 2 249 57 <Dec’25 15 <Dec’26 <Dec’27 <Dec’28 <Dec’29 >Dec’30 95 427 Bank Debt Bond Leases * All figures in € millions Group Net and Gross Debt Evolution Maturity Profile (€m)
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Overview of Markets Performance
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$794.5 $836.0 $146.3 $177.0 12First Half 2025 Results – Investors’ & Analysts’ Presentation Resilient US performance in soft market conditions supported by operational excellence, logistics and disciplined cost management. Firm prices. USA Sales (€ m) USA EBITDA (€ m) 774.6 753.2 0 300 600 900 2024 -21.4 Variance 2025 -2.8% €-11.1m fx impact 164.0 158.7 0 100 200 300 2024 -5.3 Variance 2025 -3.3% €-3.2m fx impact 21.2% EBITDA Margin 21.1% $836 $825 $177 $175 $ -1.3% $ -1.3% • US Sales and EBITDA dropped by 1.3% in local currency in H1 2025 to $825m and $175m, respectively. • Stable profitability margin. Firm pricing in cement, while gains were recorded further down the value chain in aggregates, ready-mix and fly ash. • Volumes in cement and ready-mix were weaker due to persistent unfavorable weather conditions and softness in the residential market. Public works and heavy non-residential spending remain strong. Backlog at high levels. Aggregates and Fly-Ash growth. • CAPEX focus on growth and cost efficiencies, including new & upgraded Ready-Mix plants, fleet expansion/modernization, quarries expansion etc. • Digitalization transforming the business (breakthroughs in logistics, customer portal, manufacturing AI).
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First Half 2025 Results – Investors’ & Analysts’ Presentation 13 Continued growth across all products in Greece. Improved profitability. Greece & WE Sales (€ m) Greece & Corporate EBITDA (€ m) 226.4 258.031.6 0 300 600 900 2024 Variance 2025 +14.0% 32.3 38.76.4 0 100 200 300 2024 Variance 2025 +20.1% 14.3% EBITDA Margin 15.0% • Sales in Greece and its EU Terminals in H1 2025 rose by 14.0% to €258m supported by volume growth across all products. Robust pricing in all product lines reflecting the positive market momentum. • EBITDA reached €38.7m, up by 20.1%. Stable energy cost as lower fuel cost was offset by increased electricity charges. • High single-digit increase in market demand driven by key projects, tourism, warehousing and logistics sectors. • Improved thermal substitution rate following investments in green initiatives. Clinker to cement ratio stabilized at low levels. • Significant investments in Aggregates expansion, Ready-Mix growth (plants, pumps, trucks), logistics and cost saving initiatives.
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SEE performance in H1 2025 above 2023 levels however lagging the exceptionally high results last year. First Half 2025 Results – Investors’ & Analysts’ Presentation 14 SEE Sales (€ m) SEE EBITDA (€ m) 207.5 197.2 0 300 600 900 2024 -10.3 Variance 2025 -5.0% 81.4 66.5 0 100 200 300 2024 -14.9 Variance 2025 -18.3% 39.2% EBITDA Margin 33.7% • SEE Sales dropped by 5.0% in H1 2025 to €197.2m, affected by adverse weather in Q1. • EBITDA at €66.5m (-18.3%) also impacted by rising electricity cost. • No significant shifts in market dynamics, as infrastructure and housing projects continue to provide a stable demand base, complemented by the rollout of trans-regional transport initiatives. • Price adjustments reflect intensified competitive dynamics in some markets and rising production costs in other.
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Strong growth in EMED, following turnaround results in Egypt. 15First Half 2025 Results – Investors’ & Analysts’ Presentation EMED Sales (€ m) EMED EBITDA (€ m) 114.5 120.25.7 0 300 600 900 2024 Variance 2025 +5.0% 3.7 23.019.3 0 100 200 300 2024 Variance 2025 +530.5% 3.2% EBITDA Margin 19.1% €-31.4m fx impact €-5.6m fx impact • Sales increased by 5.0% to €120.2m following a construction boom in Egypt. EBITDA six-fold expansion to €23.0m despite the sale of Adocim. • In Egypt, domestic demand rose as foreign investment is channeled to mega tourism-related developments and public activity in basic infrastructure such as hospitals, schools and transportation resumed. Prices in both EGP and € terms grew substantially. Strong cement exports, substituting clinker exports at a higher margin unleashed by recent investments. • Egypt EBITDA increased by €20m, reflecting strong domestic and export performance. • In Turkey, the Group finalized the divestment of its 75% share in Adocim. YTD performance reflects the Group’s revised footprint in Turkey, with operations as of June comprising a grinding unit in the Marmara region and a pozzolana quarry in Vezirhan, in East Marmara.
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* Consolidated on an equity basis Brazil - Joint Venture: Cimento Apodi profitability improves First Half 2025 Results – Investors’ & Analysts’ Presentation 16 H1 2025 Apodi (100%) In million Euro 2025 2024 Sales 50.0 55.2 EBITDA 12.2 8.8 • In H1 2025, cement demand in Brazil grew by +3.5% in the first half of 2025. In the Northeast region, Apodi’s natural market demand expanded even further, by +7.4%. • Apodi sales rose in local terms (-€7m fx impact), following stronger pricing and increased sales volumes. • EBITDA improved by +€3.4m, also benefitting from lower energy & freight cost.
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Decarbonization - Digitalization
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✓ TITAN invested in a SCM platform at Fiddler’s Ferry (UK) to process ponded fly ash into high-quality material using STET’s proprietary technology. ✓ A strategic agreement with Ecocem was signed to develop low-carbon cement in Greece, targeting 70% CO₂ reduction. ✓ Strengthened partnership with Carbon Upcycling Technologies to commercialize CO₂-based cementitious products. 672 652 619 608 618 600 2020 2021 2022 2023 H1 2024 H1 2025 kg/t cementitious product Specific net CO2 emissions (Scope 1) 12.8 15.5 17.5 19.6 20.5 22.6 2020 2021 2022 2023 H1 2024 Η1 2025 % heat basis Alternative fuels (%) 81.9 81.0 78.4 76.9 76.6 76.6 2020 2021 2022 2023 H1 2024 Η1 2025 Clinker-to-cement ratio (%) ✓ TITAN was included in the CDP A List for climate-focused supplier engagement. ✓ TITAN recognized as one of Europe’s Climate Leaders by the Financial Times (2nd year), awarded Best Corporate Governance in Greece 2025 (World Finance Awards) and received the Research Innovation Award (Athens Chamber of Commerce and Industry). Significant CO2 reduction by 11% since 2020 Record-high use of alternative fuels and low clinker content in cement First Half 2025 Results – Investors’ & Analysts’ Presentation 18
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• “Customer 4.0” - Core pillar of the Group’s digital transformation strategy for Logistics and Customer Experience o AI-enabled Dynamic Logistics solution for RMC • Deployed in all Titan America operations. • ~9% productivity uplift in Florida, with some areas recording up to ~20% o Proactive customer experience tools • SMS push notifications: RMC deliveries live in all Florida • Customer App (web portals and mobile apps) o Live in all BUs in SEE, France and Greece (bulk cement); customer usage 90% in most implementations o Launched in Egypt & Turkey; customer onboarding in Q3 • AI-based Real-Time Optimizers (RTOs) o Already deployed in most plants of TITAN’s footprint (US, Greece, SE Europe, Egypt) o Six TITAN plants with end-to-end RTOs (US, SEE, GR); 37 assets commissioned o Up to 10%-15% improvement in throughput and 5%-10% reduction in energy consumption • Failure prediction systems with the use of Machine Learning o Deployed in all TITAN plants. Significant savings from failures cost avoidance and downtime reduction (>28,000 hrs) • Quality prediction & optimization o Implemented AI real-time cement quality prediction solution in US plant; initiated roll out to 2 more plants • 1st Digital Service business “CemAI”: providing Failure Prediction and RTO services to 8 external customers’ plants • Estimated 2025 H1 benefit from manufacturing digital applications is ~€11m Digital transformation Applying the tools of the fourth industrial revolution to our business Digital Plant of the Future: Productivity, Reliability Factor and Quality Improvements Digital Customer Excellence: Dynamic Logistics and Customer Apps rolling outSupply Chain & Customer Experience Manufacturing First Half 2025 Results – Investors’ & Analysts’ Presentation 19
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20Full Year 2023 Results – Investors’ and Analysts’ Presentation 0 ➢ In the US, infrastructure and commercial construction are expected to drive demand. Growth in aggregates mitigates the volume impact from downstream products; improved (YoY) performance expected in 2H 2025. ➢ Greece is expected to continue growing, driven by robust investment activity, which is supported by EU-related funding, fueling infrastructure, energy and construction projects. Strong performance is expected for the FY 2025. ➢ In Southeast Europe, markets are poised for steady growth, driven by strong domestic demand, infrastructure investment and recovering trade. Risks from political instability and EU fund delays may affect execution. High margins and performance, but below record 2024 level. ➢ Egypt’s economy is set to continue its recovery, supported by reforms, external funding and a strong construction activity driven by public-private investments. Domestic cement demand and exports both contribute to strong performance turnaround in the country. In Turkey, economic growth is expected to moderate with Titan maintaining a long-term strategic presence following recent portfolio adjustments. Outlook First Half 2025 Results – Investors’ & Analysts’ Presentation 20 Titan reiterates a cautiously optimistic outlook for the rest of the year, anticipating an improved yearly performance thanks to solid volumes, firm pricing & greater efficiencies via capital investments in cost competitiveness, digitalization and decarbonization.
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APPENDIX
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Group Balance Sheet – H1 2025 First Half 2025 Results – Investors’ & Analysts’ Presentation 22
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23 Q2 Sales and Profitability per Region SALES USA GREECE & WE SEE EMED EBITDA USA GREECE & CORP SEE EMED 404.1 380.6 0 200 400 600 2024 -23.5 Variance 2025 -5.8% 118.6 133.114.5 0 200 400 600 2024 Variance 2025 +12.3% 116.8 114.6 0 200 400 600 2024 -2.2 Variance 2025 -1.9% 59.9 61.92.0 0 200 400 600 2024 Variance 2025 +3.3% 101.9 85.8 0 100 200 300 2024 -16.1 Variance 2025 -15.8% 25.2% EBITDA Margin 22.5% 19.6 19.4 0 100 200 300 2024 -0.2 Variance 2025 -1.3% 49.4 44.9 0 100 200 300 2024 -4.5 Variance 2025 -9.0% 0.7 14.213.5 0 100 200 300 2024 Variance 2025 +1,843.6% 16.5% EBITDA Margin 14.5% 42.3% EBITDA Margin 39.2% 1.2% EBITDA Margin 23.0%