Titan SA Announces Strong Fourth Quarter and Full Year 2025 Financial Results
TITAN Group: Full Year Results 2025
Titan SA reported its fifth consecutive year of sales growth, reaching €2.67 billion, representing a 6.4% increase on a like-for-like basis, adjusted for €136 million foreign exchange and scope changes, including the sale of Adoçim, supported by improved volumes in core materials and firm pricing across markets
Sales growth was recorded across all regions including the United States, Greece, Southeast Europe, and the Eastern Mediterranean, reflecting resilient demand and strong operational execution
The Group achieved a record EBITDA of €606 million, marking a 9.3% increase on a like-for-like basis, supported by operational efficiencies, improved logistics, and lower solid fuel costs driven by increased use of alternative fuels, alongside a 60 basis points margin expansion
Net profit after tax reached €236 million, while earnings per share stood at €3.2, representing a 7.4% year-on-year increase on a like-for-like basis, supported by adjustments related to the Adoçim divestment and non-controlling interest of Titan America, with return on average capital employed reaching a record 18.2%
The Group maintained a strong liquidity position, with net debt at €214 million and a leverage ratio of 0.4x at year-end, despite distributing €224 million in dividends during 2025, while its long-term issuer credit rating was upgraded by S&P and Fitch to BB+ with a positive outlook
During 2025, Titan completed the IPO of Titan America on the NYSE, divested its stake in Adoçim in East Türkiye, and signed agreements to acquire Keystone Cement in Pennsylvania, Traçim Cement in Greater Istanbul, and Vracs de l’Estuaire in Le Havre, with the latter two finalized in early 2026
The Group expanded its footprint through bolt-on acquisitions in aggregates in Greece, entered the precast concrete segment via a joint venture in the Western Balkans, secured approval for precast lintel production in Florida, and launched a strategic partnership in advanced mortars and insulation systems
Capital expenditure reached €285 million, continuing the acceleration program initiated in 2022, focused on growth initiatives and cost efficiencies
At the November 2025 Investor Day, Titan announced the early delivery of its Strategy 2026 targets and introduced its new strategic plan “Titan Forward 2029,” outlining refreshed priorities and mid-term financial targets
The Group continued investing in digitalization and AI technologies, installing Real-Time Optimizers across all cement plants and progressing toward full digitalization of cement manufacturing by 2026
Sustainability efforts remained a priority, with continued reduction in CO2 emissions and recognition as Europe’s Climate Leader by the Financial Times, inclusion among the World’s Most Sustainable Companies by TIME, and placement on the CDP A List for 2025
The proposed dividend increased by 10% to €1.10 per share for 2025, excluding a €2.00 special dividend related to the IPO, while a new €10 million share buyback program is set to begin at the end of March 2026 with a duration of nine months
The outlook for 2026 remains cautiously optimistic, with expectations of low single-digit sales growth and mid single-digit EBITDA growth on a like-for-like basis, supported by increased volumes, stable pricing, and contributions from recent acquisitions
Financial Performance Overview
For the full year 2025, sales on a like-for-like basis reached €2,669 million compared to €2,507.7 million in 2024, reflecting a 6.4% increase, while reported sales stood at €2,669 million compared to €2,644 million, representing a 0.9% increase
EBITDA on a like-for-like basis rose to €606.1 million from €554.3 million, marking a 9.3% increase, while reported EBITDA reached €606.1 million compared to €580.1 million, up 4.5%
Net profit after taxes and minorities on a like-for-like basis increased to €309.8 million from €288.5 million, representing a 7.4% rise, while reported net profit declined to €236.3 million from €289.2 million due to one-off impacts
Earnings per share on a like-for-like basis increased to €4.2 from €3.9, while reported EPS stood at €3.2
Fourth Quarter 2025 Performance
In the fourth quarter of 2025, sales on a like-for-like basis reached €656.5 million, up 8.1% compared to €607.3 million in Q4 2024, while reported sales slightly declined to €656.5 million from €659.5 million
EBITDA on a like-for-like basis remained stable at €132.5 million compared to €132.2 million, representing a marginal increase of 0.2%, while reported EBITDA declined to €132.5 million from €143.1 million
Net profit after taxes and minorities on a like-for-like basis reached €70.3 million compared to €70.8 million, while reported net profit increased to €65.5 million from €64.6 million
Leadership Commentary
Marcel Cobuz, Chair of the Group Executive Committee, highlighted that 2025 marked a milestone year for Titan, with strong financial performance and early achievement of Strategy 2026 targets, alongside the successful IPO of Titan America and execution of key portfolio transactions, while emphasizing the launch of the “Titan Forward 2029” strategy focused on growth, innovation, and sustainability
John Ioannou, Group CFO, noted that 2025 was a year of accelerated progress, with growth in sales and profitability, strengthened financial position, improved credit ratings, and successful bond financing, reinforcing market confidence and supporting continued investment in strategic initiatives and long-term value creation
Operational and Market Performance
Titan continued its growth trajectory in 2025, with sales increasing to €2,669 million driven by strong demand in Greece and Egypt, improved performance in Southeast Europe, and positive contributions from the United States despite currency headwinds
The year was characterized by geopolitical uncertainty, including tariff pressures in the US and a sluggish residential market, partially offset by strong infrastructure demand, particularly in the US, robust growth in Greece, and a recovery in Egypt
EBITDA surpassed €600 million, supported by resilient pricing, selective price increases to offset inflationary pressures, and volume growth in key markets, alongside increased export activity from Egypt
Downstream products, including aggregates and ready-mix concrete, recorded significant growth, supported by strong construction activity and strategic investments
Operational efficiencies were achieved through digitalization initiatives and increased use of alternative fuels, reducing overall energy costs despite rising input costs
Profitability and Returns
Net profit after taxes and minority interests reached €236.3 million, impacted by foreign exchange effects, scope changes, the divestment of Adoçim, minority income from Titan America, and tax-related adjustments, while still delivering strong underlying growth on a like-for-like basis
Earnings per share reached €3.2, reflecting sustained profitability, while return on average capital employed stood at a strong 18.2%, highlighting efficient capital utilization and value creation
Volume Growth and Product Performance
The Group achieved significant volume growth across its product portfolio, with cement sales reaching 18.0 million tonnes, representing a 1% increase year-on-year, supported by strong growth in Greece, recovery in Egypt, and improved performance in the US during the second half of the year
Exports from Greece were directed primarily to Titan’s own terminals, especially in the United States, although volumes declined year-on-year, while exports to European terminals also softened
Egypt recorded strong growth in cement exports, contributing positively to overall performance
Ready-mix concrete volumes increased by 6% to 6.4 million cubic meters, driven by strong construction activity in Greece and stable demand in the US
Aggregates volumes grew by 9% to 23.7 million tonnes, supported by demand in Greece and increased activity in Florida following prior capital investments
Building materials volumes faced pressure due to weaker residential demand in the US but showed signs of recovery in the fourth quarter, while cementitious materials and mortar volumes increased, reflecting growing demand in Greece
Outlook for 2026
Titan remains cautiously optimistic for 2026, expecting continued growth supported by stable pricing, increased volumes, and contributions from recent acquisitions, with low single-digit sales growth and mid single-digit EBITDA growth anticipated on a like-for-like basis, as the Group continues to focus on operational excellence, strategic expansion, digital transformation, and sustainability initiatives
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