CTP NV : Q3 2025 results: Minor slowdown in development deliveries in Q3, albeit with a reiterated guidance

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 11/06/2025

Titan Better than expected 3Q results and positive outlook. All eyes on CMD.

TITAN's 3Q EBITDA jumped by 20% and came in 4% above our forecast and 8% above consensus. Importantly, the outlook for the remainder of the year is said to be positive. We look forward to the upcoming CMD (11 November) where we hope to get more clarity on the group's medium term ambitions. We continue to remain optimistic on TITAN's prospects in most geographies, not at least in the US. We remind that only one third of Titan America's sales is imported in the US. Additionally, the US remains a net-import market in which c. 24% of consumption is imported, implying that, over the short to medium...

Solvay FIRST LOOK: 3Q underl. EBITDA supported by sale of CO2 emission rights

3Q underlying EBITDA was 12% better than our forecast and 14% above consensus but was supported by the sale of CO2 emission rights. Excluding this impact, 3Q underlying EBITDA would have been 8% below our forecast and 5% below consensus. Whilst future sales of CO2 emission rights are a possibility, this will mainly depend on future soda ash production levels in Europe and the overall competitive pressures within the soda ash market. Solvay reiterated the FY25 underlying EBITDA guidance of € 880-930m. Solvay also maintained FCF guidance of c. € 300m which however still means that almost all FCF...