Titan (TITC) Q2 2025 earnings summary

Executive summary

• Sales reached €1,328.6 million in H1 2025, up 0.4% year-over-year, with strong performance in the US, Greece, and Egypt despite adverse weather and FX headwinds.

• EBITDA grew 2.0% to €286.9 million, with margin resilience from cost controls, energy savings, and operational efficiencies.

• Net profit after tax was €68.4 million, impacted by a €51.9 million one-off loss from the Adocim sale and higher minority interests post-Titan America IPO.

• Robust liquidity with net debt at €137 million and leverage at 0.2x EBITDA, supported by IPO proceeds and divestments.

• Strategic initiatives advanced, including the IPO of Titan America, Adocim divestment, record €3/share dividend, and investments in digitalization and sustainability.

Financial highlights

• H1 2025 sales: €1,328.6 million (+0.4% YoY); EBITDA: €286.9 million (+2.0% YoY); Net profit: €68.4 million (-54% YoY, adjusted: €120.3 million, -19%).

• Q2 2025 sales: €690.2 million (-1.3% YoY); EBITDA: €164.3 million (-4.2% YoY); Net profit: €24.7 million (-74.4% YoY, adjusted: €76.6 million, -20%).

• Operating free cash flow at €102 million; CapEx at €127 million, focused on energy, technology, and sustainability.

• Net debt reduced to €137 million at June-end, down from €622 million at 2024 year-end; leverage at 0.2x EBITDA pre-dividend, 0.6x post-dividend.

• Basic EPS for H1 2025: €0.92 (vs. €2.00 in H1 2024); dividend of €3.00/share paid in July 2025.

Outlook and guidance

• Cautiously optimistic outlook for H2 2025, expecting improved yearly performance from solid volumes, firm pricing, and efficiency gains.

• US market supported by infrastructure and commercial demand, with residential expected to stabilize in 2026.

• Greece and Southeast Europe to benefit from infrastructure projects and EU fund absorption, though risks from political instability and fund delays remain.

• Egypt expected to deliver improved performance, leveraging export growth and public-private partnerships; Türkiye's outlook is moderate.

• Full-year CapEx expected between €250–300 million, with focus on digitalization and decarbonization.