Slides
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 Titan America Q3 2025 Results N o v e m b e r5 , 2 0 2 5 1
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 This presentation and the accompanying oral presentation include “forward-looking statements,” that reflect our current expectations and views of future events. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995 and include but are not limited to, statements regarding our financial outlook, future guidance, product development, business strategy and plans and market trends, opportunities and positioning. These statements are based on current expectations, assumptions, estimates, forecasts, projections and limited information available at the time they are made. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall,” “outlook,” “on track” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to a broad variety of risks and uncertainties, both known and unknown. Any inaccuracy in our assumptions and estimates could affect the realization of the expectations or forecasts in these forward-looking statements. For example, our business could be impacted by volatility and seasonality in the U.S. residential and non-residential construction markets; fluctuations in energy, fuel prices and transportation costs, significant changes in prices for or availability of commodities, labor or other production inputs; increased market demand for cement substitutes; decreases in infrastructure spending resulting from a prolonged government shutdow; and our ability to successfully implement our growth strategy. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Moreover, we operate in a highly competitive industry, and new risks may emerge from time to time. You should not rely upon forward-looking statements as predictions of future events. These statements are based on our historical performance and on our current plans, estimates and projections in light of information currently available to us, and therefore you should not place undue reliance on them. Although we believe that the expectations reflected in our statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward- looking statements will be achieved or occur. Moreover, neither we, nor any other person, assumes responsibility for the accuracy and completeness of these statements. Recipients are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statements are made and should not be construed as statements of fact. Except to the extent required by federal securities laws, we undertake no obligation to update any information or any forward-looking statements as a result of new information, subsequent events or any other circumstances after the date hereof, or to reflect the occurrence of unanticipated events. For a discussion of potential risks and uncertainties, please refer to the risk factors and cautionary statements in our 20-F and other reports filed with the Securities and Exchange Commission. Copies of our SEC filings are available on our Investor Relations website, ir.titanamerica.com, or from the SEC website, www.sec.gov. This presentation and the accompanying oral presentation also contain estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry and business. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We have not independently verified the industry data generated by independent parties and contained in this presentation and, accordingly, we cannot guarantee their accuracy or completeness. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we compete are necessarily subject to a high degree of uncertainty and risk. 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, Free Cash Flow, Net Debt and Ratio of Net Debt to Adjusted EBIDTA. 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 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 IPO transaction costs. Net income is the IFRS measure most directly comparable to Adjusted EBITDA. We define Free Cash Flow as net cash provided by operating activities adjusted by 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. Free Cash Flow is used by management to assess liquidity and quantify the amount of net cash provided by operating activities remaining after deducting the net amount of cash invested to maintain and expand the tangible and intangible assets used to support our business. The IFRS measure most directly comparable to Free Cash Flow is net cash provided by operating activities. We define Net Debt as the sum of short and long-term debt and short and long-term lease liabilities less cash and cash equivalents. Net Debt is used by management to measure the effective level of our indebtedness. We define Ratio of Net Debt to Adjusted EBIDTA as the ratio derived by dividing Net Debt by Adjusted EBITDA. The IFRS measure most directly comparable to Ratio of Net Debt to Adjusted EBIDTA is Net Income Margin. 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. These Non-IFRS financial measures provide supplemental information regarding our operating performance that excludes certain gains, losses and non-cash charges that occur relatively infrequently and/or that we consider to be unrelated to our core operations. 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. Disclaimer 2
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 Today’s Presenters Bill Zarkalis President & CEO Larry Wilt Chief Financial Officer 3
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42 45 107 117 183 67 172 200 55 85 96 167 126 127 127 61 167 161 9 97 170 0 0 0 Key Messages Titan America achieved 6% year-over-year revenue growth and 18% year-over-year Adjusted EBITDA growth in Q3 2025 Florida segment propelled by strong presence in infrastructure & private non-residential sectors and robust Aggregates performance Mid-Atlantic segment supported by release of project backlog, improved pricing, and more favorable weather conditions Operational excellence program drives margin expansion while targeted CapEx investments position us well to capitalize on secular growth trends ahead 2025 Outlook: revised revenue growth to between 2% - 3% vs 2024; modest improvement in Adjusted EBITDA Margin 4 Note: Adjusted EBITDA and Adjusted EBIITDA Margin are non-IFRS financial measures. Further detail on Adjusted EBITDA and Adjusted EBIITDA Margin as well as reconciliations to the most comparable IFRS measures are included in the Appendix. See Glossary of Terms for definitions in the Appendix.
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42 45 107 117 183 67 172 200 55 85 96 167 126 127 127 61 167 161 9 97 170 0 0 0 5 Mega-project activity continues to build with focus on infrastructure Policy tailwinds (IIJA and Bonus Depreciation) expected to provide further lift in 2026 Data-center build-out continues to expand with notable volume in Virginia & Carolinas Dodge Momentum Index at record high indicating growth in Private Non-Residential Investment Single family residential demand remains soft with rebound now expected no sooner than H2 2026 Strong Momentum Across Infrastructure & Private Non-Residential Markets while Residential Remains Soft
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 6 Precast Lintels Build On Vertically Integrated Business Model and Accelerate Growth Through New Adjacent Channels Engineering design, mix designs and intellectual property protections Miami-Dade approval and Florida Building Code Certification Miami-Dade approval of quality control plan Site and Plant Design expected Q4 2025 Site Permitting expected Q2 2026
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 7 Everglades Agricultural Area Reservoir Palm Beach County, Florida QTS Data Centers NOVA & Metro Richmond, Virginia Titan America Products Are Helping Shape the Future of Large-Scale Infrastructure and Private Non-Residential Projects Publix Cold Storage Warehouse Jacksonville, Florida Newark International Airport Terminal B Newark, NJ West Court Orlando Orlando, Florida I-74 Eastern Beltway Winston Salem, North Carolina
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 Notes: Amounts disclosed subject to independent rounding. Adjusted EBITDA, Free Clash Flow, ROACE and Net Debt are non-IFRS financial measures. Further detail on Adjusted EBITDA, Free Cash Flow, ROACE and Nebt Debt as well as reconciliations to the most comparable IFRS measures are included in the Appendix. See Glossary of Terms for definitions in the Appendix. 2025 Q3 & YTD Financial Highlights Revenue $437m in Q3’25 v. $411m in Q3’24 $1,259m in YTD’25 v. $1,245m in YTD’24 Improved weather lifts Q3 while residential weakness limits YTD Adjusted EBITDA $117m in Q3’25 v. $99m in Q3’24 $296m in YTD’25 v. $287m in YTD’24 Higher volumes in Q3 and operational efficiency buoy Q3 & YTD performance Net Income / EPS $57m in Q3’25 v. $40m in Q3’24 $142m in YTD’25 v. $130m in YTD’24 $0.31/share in Q3’25 vs $0.23/share in Q3’24 Net Income and EPS growth outpaces Adjusted EBITDA growth Free Cash Flow $68m in Q3’25 v. $34m Q3’24 $94m in YTD’25 v. $84m YTD’24 Higher Free Cash Flow conversion despite increased CapEx investment Net Debt / Adjusted EBITDA (TTM) 0.71x Sep’25 v. 1.21x Dec’24 Low leverage and financial flexibility ROACE (TTM) ~19.2% Sep’25 v. 21.3% Dec’24 IPO proceeds and FX impact on borrowings 8
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 Integrated Model Delivers Above-Market Volume Performance • Cement volumes rose 2.6% year- over-year, with improvements in both Florida and Mid-Atlantic regions • Aggregates volumes grew 11.9% year-over-year, benefitting from strategic investments in Florida capacity • Ready-Mix volumes improved 4.1% year-over-year, supported by strong participation in infrastructure & commercial end-markets • Block volumes resilient despite soft single family residential market • Product volumes benefit from improved year-over-year weather conditions 9 1.42 1.46 1.92 2.15 0.16 0.20 1.15 1.20 16.14 16.03 Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 Cement1 (MMST) Aggregates (MMST) Fly Ash (MMST) RMC (MMCYDs) Block (MM8” EU) 2.6% 11.9% 4.1% (0.7%) 23.7% Q3 Product Volumes External / Internal Volume Q3 Commentary Note: Amounts disclosed subject to independent rounding. (1) Includes materials sourced from Titan S.A. and affiliates 4.34 4.20 5.36 6.30 0.43 0.52 3.48 3.48 50.26 47.50 YTD'24 YTD'25 YTD'24 YTD'25 YTD'24 YTD'25 YTD'24 YTD'25 YTD'24 YTD'25 YTD Product Volumes Cement1 (MMST) Aggregates (MMST) Fly Ash (MMST) RMC (MMCYDs) Block (MM8” EU) (3.3%) 17.5% 20.1% 0.1% (5.5%) External / Internal Volume
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 Pricing Remains Resilient, Moderated by Mix Impacts and Residential Softness • Cement pricing remains resilient with change reflecting product & geographic mix • Aggregates pricing exhibits positive pricing momentum partially offset by product mix • Geographic mix negatively impacts Fly Ash pricing. Like-for-like comparisons remain favorable • Sustained upward momentum in Ready-Mix pricing • Block pricing marginally lower reflecting continued softness in the single-family residential market 10 Q3 External Pricing 7.5% 0.6% (2.5%) Cement Aggregates Fly Ash RMC Block (1.2%) 5.5% YTD External Pricing Cement Aggregates Fly Ash RMC Block (0.6%) 2.8% 15.6% 1.4% (1.7%) Q3 Commentary $149.48 $149.07 $23.52 $24.30 $53.25 $51.86 $160.43 $162.23 $2.37 $2.33 Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 (0.3%) 3.3% (2.6%) 1.1% (1.7%) $150.19 $149.44 $24.13 $24.86 $49.90 $54.03 $160.17 $162.29 $2.38 $2.35 SEP YTD 24 SEP YTD 25 SEP YTD 24 SEP YTD 25 SEP YTD 24 SEP YTD 25 SEP YTD 24 SEP YTD 25 SEP YTD 24 SEP YTD 25 (0.5%) 3.0% 1.3%8.3% (1.3%)
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 Florida Q3 & YTD 2025 Segment Highlights • Cement volumes outperformed in a market down 5.9%(1) YTD • Aggregates volumes grew >20% year-over-year, making Q3 2025 the strongest quarter on record • Florida Ready-Mix volumes rose 1.1% year-over-year, with new infrastructure and private non-residential projects offsetting single-family softness • Pricing resilient despite lower cement market volumes • Integrated model and operational efficiency drove strong margin gains 252 11 263 Q3 2024 Variance Q3 2025 Q3 External Revenue ($ millions) 4.3% 70 11 81 Q3 2024 Variance Q3 2025 Q3 Segment Adjusted EBITDA ($ millions) 16.2% 762 15 777 YTD 2024 Variance YTD 2025 YTD External Revenue ($ millions) 2.0% YTD Segment Adjusted EBITDA ($ millions) 8.7% 197 17 214 YTD 2024 Variance YTD 2025 Q3 Commentary 11 Note: Amounts disclosed subject to independent rounding. See Glossary of Terms for definitions in the Appendix. (1) American Cement Association Consumption Trends Summary : August 2025 30.8% 27.5% 27.7% 25.8% Adj. EBITDA Margin Adj. EBITDA Margin
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 Mid-Atlantic Q3 & YTD 2025 Segment Highlights • Improved Ready-Mix demand (~10% vs Q3 2024) driven by strong infrastructure and private non- residential construction activity under better weather conditions • Q3 2025 Cement volumes increased year-over-year driven by strong demand in both external and downstream channels to market • Increased Fly Ash availability supports attractive volume growth • Adjusted EBITDA Margins improved year-over-year in Q3 2025; YTD reflects impact of more challenging H1 159 15 174 Q3 2024 Variance Q3 2025 Q3 External Revenue ($ millions) 9.4% Q3 Segment Adjusted EBITDA ($ millions) 33 3 37 Q3 2024 Variance Q3 2025 10.6% YTD External Revenue ($ millions) 0% YTD Segment Adjusted EBITDA ($ millions) -12.3% 101 (12) 88 YTD 2024 Variance YTD 2025 481 0 481 Q3 2024 Variance Q3 2025 Q3 Commentary 12 Note: Amounts disclosed subject to independent rounding. See Glossary of Terms for definitions in the Appendix. Adj. EBITDA Margin Adj. EBITDA Margin 20.9% 21.1% 20.9% 18.3%
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 296 (2) (42) (37) (120) 94 94 135 (13) (12) (15) (10) 179 Adjusted EBITDA IPO Transaction Expenses Changes in Working Capital & Other Income Taxes Paid CapEx, net Free Cash Flow Free Cash Flow IPO Proceeds, Net of Capitalized Costs Interest, net Leases & Other Return of Share Premium FX & Derivatives Decrease in Net Debt Net Debt to Adjusted EBITDA at Attractive 0.71x Level 13 Note: Amounts disclosed subject to independent rounding. Net Debt, Adjusted EBITDA and Free Cash Flow are non-IFRS financial measures. Further detail on Net Debt, Adjusted EBITDA and Free Cash Flow as well as reconciliations to the most comparable IFRS measures are included in the Appendix. See Glossary of Terms for definitions in the Appendix. $ Millions Q3 2025 FY 2024 ∆ Net Debt $268.8 $448.1 ($179.3) TTM Adjusted EBITDA $379.4 $370.4 Net Debt to Adj. EBITDA 0.71x 1.21x (0.5) September 30, 2025 YTD Free Cash Flow September 30, 2025 YTD Change in Net Debt Decrease in Net Debt Driven by Strong Operating Cash Flow Performance & IPO Proceeds ($ in millions)
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 444 456 473 462 452 428 406 409 401 394 439 460 462 472 464 435 447 463 432 443 419 400 387 385 372 427 448 319 323 269 2.25 2.32 2.40 2.24 1.83 1.53 1.33 1.18 1.18 1.01 1.14 1.21 0.84 0.89 0.71 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Total and Net Debt Evolution Gross Debt Net Debt Net Debt/Adjusted EBITDA Debt and Liquidity Profile Net Debt/Adjusted EBITDA ratio at 0.71x; Next debt maturity July ‘27 14 $85M Dividend $52M Return of Capital $135M Net IPO Proceeds • Net debt was $269 million at September 30, 2025, representing a leverage ratio of 0.71 times trailing twelve-month Adjusted EBITDA • Low leverage ratio reflects strong Adjusted EBITDA & Operating Cash Flow performance & net proceeds from the February IPO • Conservative leverage profile supports strategic flexibility & investment capacity • Next debt maturity July 2027 (€183 million) Commentary Note: Amounts disclosed subject to independent rounding. Net Debt and Adjusted EBITDA are non-IFRS financial measures. Further detail on Net Debt and Adjusted EBITDA as well as reconciliations to the most comparable IFRS measures are included in the Appendix. See Glossary of Terms for definitions in the Appendix. ($ in millions)
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 Targeted CapEx Focused on Growth & Margins • Investments to support growth in cement capacity, reliability and output • Ready-Mix capacity grows with new mobile, fixed, and portable plants • Roanoke Cement Quarry expansion unlocks limestone reserves with new civil works and environmental upgrades • Additional dragline investments completed at Pennsuco Aggregates – driving reliability and operational excellence 15 Segment Capital Expenditure($ in millions) Note: Amounts disclosed subject to independent rounding. See Glossary of Terms for definitions in Appendix. (1) Corporate & Other includes net proceeds from the sale of assets and changes in accrued Capital Expenditures. 113 11 42 60 120 2 48 71 Capital Expenditures, net Corporate & Other Mid-Atlantic Florida YTD 2025A YTD 2024A (1) Commentary 15
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 Capital Allocation Strategy and Financial Policy (1) See Glossary of Terms for definitions in Appendix (2) Subject to the discretion of the Board of Directors Robust balance sheet enables strategic flexibility to support growth and execute on shareholder-value enhancing opportunities M&A § Opportunities to build upon and expand existing positions § Bolt-ons as well as value chain adjacencies § Expect to maintain healthy net leverage profile while making investments § Regular quarterly dividend(2) § Consider other avenues to return capital to shareholders in the medium term Shareholder ReturnsOrganic Growth / Greenfield § Capacity expansion and other growth capex(1) to enhance market leading positions § Robust pipeline of greenfield opportunities § Investment in technology and innovation § Maintenance capex(1) 16 Board of Directors approved a $0.04 per share return of share premium distribution payable on December 29, 2025, to shareholders of record as of December 17, 2025
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 Full-Year 2025 Outlook Note: The Company’s 2025 outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company’s expectations may change. There can be no assurance that the Company will achieve the results expressed by this outlook. (1) Adjusted EBITDA Margin is a non-IFRS measure. Further detail on Adjusted EBITDA Margin as well as reconciliations to the most comparable IFRS measures are included in the Appendix. See Glossary of Terms for definitions in the Appendix. . 17 • Revised revenue growth to between 2% - 3% as compared to full-year 2024 • Modest improvement in Adjusted EBITDA margin1 as compared to full-year 2024 Baccarat Residences Miami, FL
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42 45 107 117 183 67 172 200 55 85 96 167 126 127 127 61 167 161 9 97 170 0 0 0 Appendix 18
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 Condensed Consolidated Statements of Income (Unaudited) Note: Amounts disclosed subject to independent rounding. (1) Further detail on Adjusted EBITDA reconciliation in Appendix. 19 Three Months Ended September 30 Nine Months Ended September 30 (all amounts in thousands of US$) 2025 2024 Variance 2025 2024 Variance Revenue $ 436,849 $ 411,426 6 % $ 1,258,526 $ 1,244,578 1 % Cost of goods sold (309,209) (299,224) 3 % (926,794) (923,653) — % Gross profit 127,640 112,202 14 % 331,732 320,925 3 % SG&A (40,374) (44,624) (10) % (121,424) (116,736) 4 % Other Income / Expense (646) (16) NM__ (2,220) (2,960) (25) % Operating income 86,620 67,562 28 % 208,088 201,229 3 % Finance cost, net (5,440) (7,384) (26) % (17,591) (18,835) (7) % FX and Derivatives, net (2,840) (5,827) (51) % (2,548) (8,949) (72) % Other non-operating income — — — % 2,552 — — % Income before Income Taxes 78,340 54,351 44 % 190,501 173,445 10 % Income Tax Expense (20,917) (14,657) 43 % (48,573) (43,899) 11 % Net Income $ 57,423 $ 39,694 45 % $ 141,928 $ 129,546 10 % Adjusted EBITDA 1 $ 116,669 $ 98,645 18 % $ 295,925 $ 286,878 3 %
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 Condensed Consolidated Balance Sheet (Unaudited) Note: Amounts disclosed subject to independent rounding. 20 (all amounts in thousands of US$) September 30, 2025 December 31, 2024 Inventories $ 216,215 $ 227,638 Trade and other receivables, net 136,475 106,056 Other Current Assets 41,634 38,438 Cash and cash equivalents 195,640 12,124 Total Current Assets 589,964 384,256 Property, plant, equipment and mineral deposits, net 903,794 851,733 Other noncurrent assets 357,642 330,263 Total noncurrent assets 1,261,436 1,181,996 TOTAL ASSETS $ 1,851,400 $ 1,566,252 Short-term borrowings, including accrued interest $ 6,183 $ 33,608 Accounts and related party payables 134,038 148,558 Other current liabilities 59,646 56,880 Total current liabilities 199,867 239,046 Long-term borrowings 390,084 358,222 Deferred income tax liability 115,082 98,212 Other noncurrent liabilities 151,762 120,758 Total noncurrent liabilities 656,928 577,192 TOTAL LIABILITIES 856,795 816,238 Stockholders' equity 994,605 750,014 TOTAL LIABILITIES & TOTAL STOCKHOLDERS' EQUITY $ 1,851,400 $ 1,566,252
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 Adjusted EBITDA Reconciliation Note: Amounts disclosed subject to independent rounding. (1) See Glossary of Terms for definitions in Appendix. 21 Three Months Ended September 30 Nine Months Ended September 30 (all amounts in thousands of US$) 2025 2024 2025 2024 Net income $ 57,423 $ 39,694 $ 141,928 $ 129,546 Income tax expense 20,917 14,657 48,573 43,899 Finance cost, net 5,440 7,384 17,591 18,835 Depreciation, depletion and amortization 28,058 22,769 79,762 69,024 EBITDA $ 111,838 $ 84,504 $ 287,854 $ 261,304 IPO transaction expenses 146 6,178 2,328 9,512 Loss / (gain) on disposal of fixed assets (602) 573 (301) 1,454 FX & derivatives, net (gain) / loss 2,840 5,827 2,548 8,949 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 Other 569 (548) (2,155) (1,266) Adjusted EBITDA1 $ 116,669 $ 98,645 $ 295,925 $ 286,878 Adjusted EBITDA Margin1 26.7% 24.0% 23.5% 23.1%
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 Reconciliation of Free Cash Flow Note: Amounts disclosed subject to independent rounding. See Glossary of Terms for definitions in Appendix 22 Nine Months Ended September 30 2025 2024 Variance (all amounts in thousands of US$) Net cash provided by operating activities $ 214,827 $ 197,143 9% Adjusted by: Investments in property, plant and equipment (119,081) (113,213) 5% Investments in identifiable intangible assets (2,399) (333) 620% Proceeds from the sale of assets, net of disposition costs 1,048 199 427% Net Capital Expenditures (120,432) (113,347) 6% Free Cash Flow $ 94,395 $ $ 83,796 13%
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 Reconciliation of Net Debt Note: Amounts disclosed subject to independent rounding. 23 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
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 Net Debt to Adjusted EBITDA Note: Amounts disclosed subject to independent rounding. 24 As of (all amounts in thousands of US$) September 30, 2025 December 31, 2024 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
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 Product Volumes 25 Three Months Ended September 30 Nine Months Ended September 30 Volumes (in thousands) (1)(2)(3) 2025 2024 Change % Change 2025 2024 Change % 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 45 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 47 4.1 % 3,482 3,479 3 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 38 31.4 % 400 330 70 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 mark et prices. These amounts are eliminated at the operating segment level or in consolidation, as appropriate. (3) Aggregate volumes exclude by-products.
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 External Pricing 26 Three Months Ended September 30 Nine Months Ended September 30 Average External Selling Price (1) 2025 2024 $ Change % Change 2025 2024 $ Change % 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 basi s for ready-mix concrete; and on a per 8-inch equivalent unit for concrete blocks.
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 Segment Volume and Pricing Trends(1)(2) 27 Three Months Ended September 30 Nine Months Ended September 30 Florida Mid-Atlantic Florida Mid-Atlantic % Change % Change % Change % 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 N/A (5.5) % (1.5) % N/A 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.
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42 45 107 117 183 67 172 200 55 85 96 167 Keep all text and images (other than full slide backgrounds) .25” from the LH/RH sides of the slide to avoid being cut off when printed 126 127 127 61 167 161 9 97 170 0 0 0 Glossary of Terms 28 Adjusted EBITDA (Non-IFRS Measure): 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. Net income is the IFRS measure most directly comparable to Adjusted EBITDA. Adjusted EBITDA Margin (Non-IFRS Measure): Adjusted EBITDA divided by revenue. The IFRS measure most directly comparable to Adjusted EBITDA Margin is Net Income Margin. Capital Expenditures ("CapEx"): represents investments in Property, Plant & Equipment and Intangible Assets net of proceeds for disposal of fixed assets. Capital Employed: total stockholders’ equity plus short-term debt, long-term debt, short-term lease liabilities and long-term lease liabilities. Average capital employed is calculated by taking the average of capital employed values at the beginning, mid-point and end of the latest twelve-month period. Free Cash Flow (Non-IFRS Measure): 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. Net Assets: Total Assets less Total Liabilities Net Debt (Non-IFRS Measure): the sum of short and long-term borrowings, including accrued interest and current and non-current lease liabilities less cash and cash equivalents. Net Leverage: the ratio of Net Debt to TTM Adjusted EBITDA Return on Average Capital Employed ("ROACE") (Non-IFRS Measure): calculated by dividing TTM operating income by average capital employed FX: Foreign Exchange Impact IIJA: Infrastructure Investment and Jobs Act MM: Millions NM: Not meaningful TTM: Trailing twelve months 8” EU: 8” Equivalent Units CYD: Cubic Yards RMC: Ready-Mix Concrete ST: Short Tons or “Tons”