Titan FY25 EBITDA +9.3% LFL, FY26 guidance of mid single digit LFL growth

FY25 EBITDA increased by 9.3% on a LFL basis and Titan guides for mid-single digit LFL EBITDA growth in FY26, which compares to our +4% forecast. We remind that Titan presented its Forward 2029 Strategic plan 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, TITAN had a rock solid balance sheet with a net debt/EBITDA of only 0.4x (year-end 2025). We estimate that even after including recently announced 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 structurally 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 and € 56 TP.