Titan Completion of acquisition of Traçim Cement

Titan has completed the earlier announced acquisition of Traçim Cement. The acquisition complements Titan's Turkish footprint and also fits well within TITAN's Forward 2029 Strategic plan which was presented in November 2025, and which targets to grow EBITDA by 62% to € 1bn by 2029 on a combination of organic growth initiatives and M&A in regions where the company has an established footprint and acquisitions offer sizeable synergies potential. Overall, TITAN is seeking growth in the coming years in both its core heavy materials businesses as well as through growing its alternative cementitious materials platform and enlarging the product portfolio (eg in precast solutions). Prior to the recent acquisitions (Vracs de L'Estuaire and Turkish Traçim cement), TITAN had a rock solid balance sheet with a net debt/EBITDA of only 0.5x. We estimate that even after including recently acquisitions in our 2026 forecasts, net debt/EBITDA will increase to c. 1.1x, leaving TITAN still sizeable firepower for other growth initiatives. We continue to remain optimistic on TITAN's prospects in most geographies, not at least in the US, which is TITAN's largest market. The US remains a net-import market in which approximately one quarter of consumption is imported, implying that, over the short to medium-term, local production alone will not allow to suffice demand. In light of the attractive valuation we reiterate our Accumulate rating.