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Titan America Q3 2026 Results November 4 , 202 6
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This presentation and the accompanying oral presentation include “forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that reflect our current expectations and views of future events. These forward-looking statements are intended to be covered 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 and future guidance, targeted run-rate benefits of our cost reduction and continuous improvement initiatives, capital expenditures and growth projects, product development, business strategy and plans and market trends, opportunities and positioning. 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 integration of the Keystone Cement Company, including the expected benefits, synergies, costs and timing of the Keystone acquisition. 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,” “guidance,” “plan,” “continue,” “would,” “run-rate,” “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, uncertainties and assumptions, both known and unknown, that could cause actual results or future events to differ materially from those expressed or implied thereby. Important factors that could cause such differences include, among others: general economic conditions and the level of residential, commercial and public infrastructure construction activity in our markets; interest rates and the availability of financing; the cost and availability of energy, raw materials, imported cement and freight; job site labor availability; tariffs and other trade measures; weather conditions and natural disasters; unplanned outages or other operational disruptions at our facilities; our ability to successfully integrate the Keystone Cement Company and realize the anticipated benefits and synergies of the acquisition; our ability to achieve the targeted benefits of our cost reduction and continuous improvement initiatives; changes in environmental and other laws and regulations; and geopolitical developments, including the effects of a prolonged conflict involving Iran on energy prices, supply chains and infrastructure spending. Additional risks are detailed in our Annual Report for the fiscal year ended December 31, 2025, filed on Form 20-F with the U.S. Securities and Exchange Commission (the “SEC”) on March 24, 2026, including under “Item 3.D. Risk Factors,” and in our other filings with and submissions to the SEC, including on Form 6-K. Any inaccuracy in our assumptions and estimates could affect the realization of the expectations or forecasts in these forward-looking statements. 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. 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. Recipients are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation and should not be construed as statements of fact. Except as required by applicable law, we undertake no obligation to update or revise 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. 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. While we believe these sources are reliable, we have not independently verified the industry data generated by independent parties and contained in this presentation. 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 as issued by the International Accounting Standards Board (“IFRS”), this presentation includes the following Non-IFRS financial measures: Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Net Debt and Ratio of Net Debt to Adjusted EBITDA (also referred to as Net Leverage). 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 the following items, as applicable: (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 certain transaction costs (including IPO transaction costs and acquisition-related expenses) and other items that management does not consider indicative of our ongoing operating performance, as detailed in the reconciliation in the Appendix. Net income is the IFRS measure most directly comparable to Adjusted EBITDA. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. The most directly comparable measure to Adjusted EBITDA Margin is Net Income Margin, which we calculate as net income divided by revenue, each as determined in accordance with IFRS. We define Free Cash Flow as net cash provided by operating activities less net payments for capital expenditures, which consists of (i) investments in property, plant and equipment, and (ii) investments in identifiable intangible assets, less (iii) proceeds from the sale of assets, net of disposition costs, and (iv) proceeds from grants related to property, plant and equipment. 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-term and long-term borrowings, including accrued interest, and current and non-current lease liabilities less cash and cash equivalents. Net Debt is used by management to measure the effective level of our indebtedness. The most directly comparable IFRS measure to Net Debt is total debt, calculated as the sum of the IFRS line items described above. We define Ratio of Net Debt to Adjusted EBITDA as Net Debt as of the applicable reporting date divided by Adjusted EBITDA for the trailing twelve-month period ended on that date. The IFRS measure most directly comparable to Ratio of Net Debt to Adjusted EBITDA is the Ratio of Total Debt to Net Income, calculated as total debt divided by net income for the trailing twelve-month period, each as determined in accordance with IFRS. See the reconciliations in the Appendix to this presentation for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measures. This presentation also includes Adjusted EBITDA Margin on a forward-looking basis. We are not able to provide a reconciliation of forward-looking Adjusted EBITDA Margin to forward-looking Net Income Margin without unreasonable efforts because of the inherent difficulty in forecasting and quantifying certain amounts necessary for such reconciliation, including foreign exchange and derivative financial instrument gains and losses, acquisition-related expenses, income tax expense and other items excluded from Adjusted EBITDA. The unavailable information could have a significant impact on our IFRS results. 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, non-cash charges and other items that we do not consider indicative of our ongoing operating performance. 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 the items excluded from these measures, and we may incur similar expenses in the future. Other companies in our industry may calculate these measures differently, which may limit their usefulness as comparative measures. Disclaimer 2
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Today’s Presenters Bill Zarkalis President & CEO Larry Wilt Chief Financial Officer 3
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4 Key Messages Q3’26 performance reflects the impact of increasingly challenging market conditions, higher energy costs, and adverse weather Mid-Atlantic segment resilient in Q3’26 despite impact from unplanned maintenance outage at Roanoke, exacerbated by import supply disruptions Florida segment impacted by deteriorating residential and commercial demand, project delays, job site labor shortages, and adverse weather Keystone integration on schedule, with demonstrated early successes in reliability, quality, and market synergies Updating 2026 full year guidance for recent market dynamics
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2026 2027 2028 2029 Project Cornerstone Targeted Annual Run-Rate Benefits ($ millions) 5 Project Cornerstone – Building a Stronger Foundation for Sustainable Growth and Operational Excellence Targeting Annual Run-Rate Benefits of >$50 million by 2029 + >$50 million ~ $20 million Manufacturing Plants of the Future Operational Efficiencies Enabled by Proprietary Digital Solutions Excellence in Cost-to-Serve Improved Distribution Network, Port, Rail, and Truck Fleet Efficiency Buy-Less, Buy-Better Embed Procurement in Strategic Planning; Capitalize on AI Analytics & Demand Management
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6 Completion of New Second Berth at Our Tampa Bay Multi-Product Mega Marine Terminal Expands Capacity and Capabilities Opened new multi-product berth, reflecting more than two decades of successful partnership with Port Tampa Bay Enhances our ability to source efficiently heavy upstream construction materials: cement, cementitious, and aggregates Constructed adjacent to company’s active cement import terminal and existing berth Enhances operational efficiency with improved material flow and priority berthing rights Complements previous investments to support secular long-term growth trends
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Adjusted EBITDA $95m in Q3’26 v. $117m in Q3’25 $278m in YTD’26 v. $296m in YTD’25 Free Cash Flow $67m in YTD ’26 v. $94m YTD’25 Notes: Amounts disclosed subject to independent rounding. Adjusted EBITDA, Free Cash Flow, and Net Debt are non-IFRS financial measures. Further detail on Adjusted EBITDA, Free Cash Flow, and Net Debt, as well as reconciliations to the most comparable IFRS measures, are included in the Appendix. See Glossary of Terms in the Appendix for definitions. 2026 Q3 & YTD Financial Highlights 7 Net Income $40m in Q3’26 v. $57m in Q3’25 $116m in YTD’26 v. $142m in YTD’25 Free Cash Flow reflects increased investments in selective growth projects Net Debt / Adjusted EBITDA 1.43x Sep’26 v. 0.64x Dec’25 Leverage ratio remains low following Keystone acquisition, providing continued financial flexibility Market headwinds coupled with jobsite labor shortages in Florida and unplanned outage in Roanoke weigh on Q3’26 Heightened Market Headwinds, Unfavorable Weather Conditions, Higher Energy Costs, and Unplanned Maintenance Outage at Roanoke Plant Significantly Pressured Margins in Q3’26 Operating Cash Flow $220m in YTD’26 v. $215m in YTD’25 Revenue $462m in Q3’26 v. $437m in Q3’25 $1,331m in YTD’26 v. $1,259m in YTD’25 Solid Q3’26 revenue growth in Mid-Atlantic, including contribution from Keystone, offsets Florida softness Operating Cash Flow reflects lower cash tax payments $0.22/share in Q3’26 vs $0.31/share in Q3’25 $0.63/share in YTD’26 vs $0.78/share in YTD’25
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4.20 4.47 6.30 6.28 0.52 0.56 3.48 3.43 47.50 50.44 YTD '25 YTD '26 YTD '25 YTD '26 YTD '25 YTD '26 YTD '25 YTD '26 YTD '25 YTD '26 Cement1 (MMST) Aggregates (MMST) Fly Ash (MMST) RMC (MMCYDs) Block (MM8” EU) 6.5% (0.3)% (1.6)% 8.5% YTD Product Volumes YTD ’26 External / Internal Volume 1.46 1.60 2.15 2.18 0.20 0.21 1.20 1.14 16.03 16.15 Q3 '25 Q3 '26 Q3 '25 Q3 '26 Q3 '25 Q3 '26 Q3 '25 Q3 '26 Q3 '25 Q3 '26 Q3 Volumes Mixed; Growth in Aggregates, Fly Ash, and Block, but declines in RMC and Cement (LFL) Cement1 (MMST) Aggregates (MMST) Fly Ash (MMST) RMC (MMCYDs) Block (MM8” EU) 9.6% 1.2% (5.2)% 2.0% Q3 Product Volumes Q3 ’26 External / Internal Volume Note: Amounts disclosed subject to independent rounding. Percentage change for Cement, Aggregates and Fly Ash includes both external and internal volumes. (1) Includes materials sourced from Titan S.A. and affiliates See Glossary of Terms in the Appendix for definitions. 0.7% 6.2% Q3 Commentary Cement volumes increased, driven by addition of Keystone partially offset by unplanned maintenance outage at Roanoke, import disruptions, and softer demand in Florida Aggregates volumes increased, supported by resilient infrastructure demand amid softer residential and non- residential activity in Florida Despite healthy growth in Mid-Atlantic, Ready-Mix volumes declined, reflecting a weaker environment in Florida Fly Ash and Block volumes increased despite challenging demand environment 8
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$149.44 $147.76 $24.86 $24.63 $54.03 $55.10 $162.29 $168.44 $2.35 $2.29 YTD '25 YTD '26 YTD '25 YTD '26 YTD '25 YTD '26 YTD '25 YTD '26 YTD '25 YTD '26 $149.07 $146.56 $24.30 $24.06 $51.86 $55.28 $162.23 $170.95 $2.33 $2.26 Q3 '25 Q3 '26 Q3 '25 Q3 '26 Q3 '25 Q3 '26 Q3 '25 Q3 '26 Q3 '25 Q3 '26 Q3 Commentary Cement pricing broadly resilient despite softer demand conditions in Florida and mix impact in Mid-Atlantic Stable Aggregates pricing reflected product and geographic mix Ready-Mix pricing improved, supported by differentiated high-performance product offerings in non-residential and infrastructure segments Fly Ash pricing benefited from strong demand Block pricing declined on softer residential demand Q3 Price Improvements in RMC and Fly Ash; Residential Weakness Affected Cement and Block 9 Q3 External Pricing (1.7)% (1.0)% 6.6% 5.4% (3.0)% (0.9)% 2.0% 3.8% Cement1 ($/ST) Aggregates ($/ST) Fly Ash ($/ST) RMC ($/CYD) Block ($/8” EU) Note: Amounts disclosed subject to independent rounding. (1) Includes materials sourced from Titan S.A. and affiliates (1.1)% (2.6)% YTD External Pricing Cement1 ($/ST) Aggregates ($/ST) Fly Ash ($/ST) RMC ($/CYD) Block ($/8” EU)
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88 14 102 YTD '25 Variance YTD '26 481 91 572 YTD '25 Variance YTD '26 37 0 37 Q3 '25 Variance Q3 '26 Q3 Commentary Strong underlying performance hampered by unplanned maintenance outage at Roanoke, resulting in loss of ~60K tons of production Revenue increased YoY due to addition of Keystone, as well as strong Ready-Mix volume and pricing execution Disciplined cost management supported performance partially offsetting higher energy and raw material costs Adjusted EBITDA flat YoY with addition of Keystone offsetting unplanned maintenance outage at Roanoke YTD External Revenue ($ Millions) +18.8% YTD Segment Adjusted EBITDA ($ Millions) +15.7% 10Note: Amounts disclosed subject to independent rounding. (1) Adjusted EBITDA is a non-IFRS financial measures. Further detail on Adjusted EBITDA as well as reconciliations to the most comparable IFRS measures, are included in the Appendix. See Glossary of Terms in the Appendix for definitions. 18.3% 17.8% Q3 External Revenue ($ Millions) +22.5% Q3 Segment Adjusted EBITDA ($ Millions) -0.3% 17.2%21.1% Adj. EBITDA Margin Mid-Atlantic Q3 2026 Segment Highlights Adj. EBITDA Margin 174 39 213 Q3 '25 Variance Q3 '26
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214 -30 184 YTD '25 Variance YTD '26 777 -18 759 YTD '25 Variance YTD '26 81 -20 61 Q3 '25 Variance Q3 '26 Q3 Commentary Worsening housing affordability and substantial labor shortage affecting construction job sites and commencement of new projects Solid infrastructure activity underpinning demand Record rainfall in key Southeast Florida markets during September added to segment challenges Adjusted EBITDA reflected continued cost pressures, lower volumes, and lingering effects from Q2 import disruptions, partially offset by cost control measures YTD External Revenue ($ Millions) -2.3% YTD Segment Adjusted EBITDA ($ Millions) -14.0% 11Note: Amounts disclosed subject to independent rounding. (1) Adjusted EBITDA is a non-IFRS financial measures. Further detail on Adjusted EBITDA as well as reconciliations to the most comparable IFRS measures, are included in the Appendix. See Glossary of Terms in the Appendix for definitions. 27.5% 24.2% Q3 External Revenue ($ Millions) -5.4% Q3 Segment Adjusted EBITDA ($ Millions) -25.0% 24.4%30.8% Adj. EBITDA Margin Florida Q3 2026 Segment Highlights Adj. EBITDA Margin -14 249263 Q3 '25 Variance Q3 '26
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Financial Flexibility with Low Leverage Profile 12 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 comparabl e IFRS measures are included in the Appendix. See Glossary of Terms in Appendix for definitions. (1) Amounts disclosed reflect the adoption of amendments to IFRS 9, effective January 1, 2026, which resulted in an increase in net debt of $6.4 million with a corresponding 2 bps increase in the Net Debt to Adjusted EBITDA ratio. Condensed Consolidated Statement of Cashflows is available in the press release issued November 4, 2026, regarding third quarter 2026 financial results. $ Millions Sept. 30, 2026 January 1, 20261 ∆ Net Debt $531.2 $257.1 $274.1 TTM Adjusted EBITDA $372.0 $389.7 Net Debt to Adj. EBITDA 1.43x 0.66x 0.77x September 30, 2026 YTD Free Cash Flow September 30, 2026 YTD Change in Net Debt Net Debt to Adjusted EBITDA at 1.43x 278 (46) (12) 220 (153) 67 67 (278) (21) (21) (15) (6) (274) Adjusted EBITDA Changes in Working Capital & Other Income Taxes Paid Operating Cash Flow CapEx, net Free Cash Flow Free Cash Flow Acquisitions (incl. Debt Assumed) ST Investments Leases & Other Shareholder Returns FX, Derivatives & Net Interest Decrease/ (Increase) in Net Debt
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CapEx Investments Aligned with Long-Term Growth Strategy 13 Segment Capital Expenditure($ in millions) Note: Amounts disclosed subject to independent rounding. See Glossary of Terms in Appendix for definitions. 13 Q3 Commentary Brunner Island Fly Ash expansion advances beneficiation of reclaimed cementitious materials, strengthening long-term supply Strategic Cement & Aggregates investments position the company to capitalize on secular growth trends RMC & Concrete investments (including capital-light portable plants) expand capacity to capture long-term non-residential and mega project opportunities Alternative fuels investments enhance resource flexibility, efficiency and sustainability Keystone resource development supports integration priorities and long-term value $120 $2 $48 $71 $153 $64 $89 Titan America Corporate & Other Mid-Atlantic Florida Q3 YTD 2026 Q3 YTD 2025
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Updated Full Year 2026 guidance to include impact from recent market dynamics Note: The Company’s 2026 outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company’s expectations may change. There can be no assurance that the Company will achieve the results expressed by this outlook. (1) Adjusted EBITDA Margin is a non-IFRS measure. Further detail on Adjusted EBITDA Margin, as well as reconciliations to the most comparable IFRS measures, are included in the Appendix. See Glossary of Terms in Appendix for definitions. A reconciliation of the forecast Adjusted EBITDA Margin to forecast Net Income Margin is unavailable without unreasonable effort because specified reconciling items are outside the company’s control, cannot be reasonably predicted and could materially affect the comparable IFRS measure. 14 Expect mid-single-digit revenue growth versus 2025 Expect decline in Adjusted EBITDA Margin1 of approximately 250 to 300 basis points versus 2025, reflecting recent deteriorating market conditions, impact of unplanned outages, and low pre- synergy contribution from legacy Keystone
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Appendix 15
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Condensed Consolidated Statements of Income (Unaudited) 16
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Condensed Consolidated Balance Sheet (Unaudited) 17
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Adjusted EBITDA Reconciliation 18 (all amounts in thousands of US$) 2026 2025 2026 2025 Net income 39,761 57,423 116,050 141,928 Income tax expense 12,113 20,917 42,335 48,573 Finance cost, net 6,002 5,440 14,246 17,591 Depreciation, depletion and amortization 30,621 28,058 90,482 79,762 IPO transaction expenses - 146 - 2,328 Loss / (gain) on disposal of fixed assets 373 (602) 462 (301) FX & derivatives, net (gain) / loss 2,835 2,840 598 2,548 Fair value loss on sale of accounts receivable, net 983 1,292 3,332 3,394 Share-based compensation 2,262 586 6,482 2,257 Acquisition related charges 475 - 4,477 - Other (437) 569 (168) (2,155) Adjusted EBITDA1 94,988$ 116,669$ 278,296$ 295,925$ Adjusted EBITDA Margin1 20.6% 26.7% 20.9% 23.5% Note: Amounts disclosed subject to independent rounding. (1) Adjusted EBITDA and Adjusted EBITDA Margin are non-IFRS financial measures. See Glossary of Terms in the Appendix for definitions. Nine Months Ended September 30Three Months Ended September 30
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Reconciliation of Free Cash Flow 19 (all amounts in thousands of US$) 2026 2025 Variance Net cash provided by operating activities 220,341$ 214,827$ 3% Adjusted by: Investments in property, plant and equipment (155,313) (119,081) 30% Investments in identifiable intangible assets (954) (2,399) (60)% Grants received 3,215 - N/A Proceeds from the sale of assets, net of disposition costs 85 1,048 (92)% Net Capital Expenditures (152,967) (120,432) 27% Free Cash Flow 67,374$ 94,395$ (29)% Note: Amounts disclosed subject to independent rounding. Free Cash Flow is a non-IFRS financial measure. See Glossary of Terms in the Appendix for definitions. Nine Months Ended September 30
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Reconciliation of Net Debt Note: Amounts disclosed are subject to independent rounding. (1) Amounts disclosed reflect the adoption of amendments to IFRS 9, effective January 1, 2026, which resulted in an increase in net debt of $6.4 million with a corresponding 2 bps increase in the Net Debt to Adjusted EBITDA ratio. Condensed Consolidated Statement of Cashflows is available in the press release issued November 4, 2026, regarding third quarter 2026 financial results. 20
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Product Volumes 21
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External Pricing 22
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Segment Volume and Pricing Trends(1)(2)(3) 23
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Glossary of Terms 24 Adjusted EBITDA (Non-IFRS Measure): as net income before finance cost, net, income tax expense, depreciation, depletion and amortization, further adjusted to remove the impact of the following items, as applicable: (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 certain transaction costs (including IPO transaction costs and acquisition-related expenses) and other items that management does not consider indicative of our ongoing operating performance, as detailed in the reconciliation in the AppendixNet 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. Free Cash Flow (“FCF”) (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,(iii) proceeds from the sale of assets, net of disposition costs, and (iv) grants received related to property, plant and equipment. 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 (Non-IFRS Measure): the ratio of Net Debt to Adjusted EBITDA 8” EU: 8” Equivalent Units BPS: refers to basis points where each basis point represents 0.01% CYD: Cubic Yards FX: Foreign Exchange FY: Full Year IPO: Initial Public Offering LFL: Like for Like M&A: Mergers & Acquisitions PP&E: Property, Plant & Equipment RMC: Ready-Mix Concrete SCM: Supplemental Cementitious Materials ST: Short Tons or “Tons” TTM: Trailing Twelve Months YoY: Year-over-Year