Titan (TITC) Q2 2026 earnings summary

Executive summary

• Sales reached €1.42 billion in H1 2026, up 7% year-over-year, driven by higher volumes, improved pricing, and contributions from three strategic acquisitions in the US, Türkiye, and France.

• EBITDA rose 8.7% to €312 million, with margin expansion of 40 basis points, supported by operational performance and cost-saving initiatives.

• Net profit after taxes and minorities surged 124% to €153 million, or 16% higher on a like-for-like basis.

• Project Prime delivered €20 million in cost savings in H1, targeting at least €50 million for the full year.

• A new €20 million share buyback program was launched, doubling the previous program's size, and a €1.10/share dividend was paid.

Financial highlights

• H1 2026 sales reached €1.42 billion, up 7% year-over-year; Q2 sales at €784 million, up 14% year-over-year.

• EBITDA for H1 was €312 million, up 9% year-over-year, with a margin of 22%.

• Net profit after taxes and minorities was €153 million, up 124% year-over-year; basic EPS doubled to €2.06.

• Operating free cash flow reached €192 million, up €22 million year-over-year.

• Net debt rose to €877 million, mainly due to €700 million spent on acquisitions; leverage at 1.4x EBITDA.

Outlook and guidance

• Upgraded 2026 guidance: high single-digit sales growth and over-proportional EBITDA growth with further margin expansion.

• Acquisitions expected to contribute €45–50 million EBITDA for the full year.

• Project Prime on track to deliver at least €50 million in cost savings in 2026.

• CapEx for 2026 projected at €300–350 million, focused on growth and strategic investments.

• Continued resilience expected in the US, Greece, and Eastern Mediterranean, with infrastructure and digitalization as key drivers.