reports
- Wim Hoste
Titan FY25 EBITDA +9.3% LFL, FY26 guidance of mid single digit LFL gro...
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 yea...
- Wim Hoste
Titan Solid FY25 results from Titan America
Titan's US subsidiary Titan America released solid FY25 results, with revenue up 1.8% and adjusted EBITDA up 5.2%. Titan America anticipates low single revenue growth and a modest expansion of adjusted EBITDA margins in 2026. We remind that Titan Group will release its FY25 results tomorrow (19 March). We remind as well 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...
- Wim Hoste
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 year...
- Wim Hoste
Titan Completion of acquisition of Vracs de L'Estuaire
Titan has completed the earlier announced acquisition of the cementitious business of Vracs de l'Estuaire. The acquisition complements Titan's European 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 ...
- Wim Hoste
Titan Titan America acquires Keystone Cement Company for c. $ 310m
Titan America announced an agreement to acquire Keystone for $310m, which will further expand its US operations and provides an attractive fit with the existing US footprint. The acquisition 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 p...
- Wim Hoste
Titan New strategic partnership in advanced mortars
Titan announced a new strategic partnership in advanced mortars, which fits well within the Forward 2029 Strategic plan which was presented last month, 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 i...
- Wim Hoste
Titan Acquisition of Traçim Cement
The acquisition of Turkish Traçim Cement for c. $ 190m equity value complements TITAN's existing Turkish footprint and increases flexibility in export possibilities, ao to the US. The acquisition also fits well within the Forward 2029 Strategic plan which was presented last month, 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 potent...
- Wim Hoste
Titan Firing on all cylinders – upping Target Price
After having achieved solid earnings growth in the past four years, TITAN recently announced new, ambitious mid-term targets which call for a € 1bn EBITDA by 2029, which represents 62% growth from the current EBITDA. TITAN is seeking growth 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). The rock solid balance sheet with a net debt/EBITDA of only 0.5x gives TITAN ...
- Wim Hoste
Titan Feedback CMD
Yesterday TITAN announced its 2029 financial ambitions which call for a € 1bn EBITDA by 2029, which was well above our and consensus forecasts of respectively € 723m and € 735m. The group explained in its CMD that, starting from a strong balance sheet, it can deploy up to €3bn in growth investments until 2029 and aims to spend about half of that amount on M&A and the remainder on organic growth projects. Growing US cement capacity, decarbonization initiatives (mainly in Europe), growing the alte...
- Wim Hoste
Titan Ambitious € 1bn EBITDA target for 2029 set at the occasion of th...
TITAN's 2029 financial ambitions call for an 11-13% EBITDA CAGR to reach € 1bn by 2029, which is well above our and consensus forecasts of respectively € 723m and € 735m. Whilst the ambitions are above our forecasts, the roadmap itself is no key surprise, with ao a focus on growing US cement capacity, decarbonization initiatives (mainly in Europe), growing the alternative cementitious platform and enlarging the product portfolio (eg in precast solutions). We await more clarity and explanation at...
- Wim Hoste
Titan Exclusive negotiations to acquire Vracs de L'Estuaire
TITAN entered into exclusive negotiations to acquire Vracs de L'Estuaire, which operates a grinding plant in France and which we roughly value at around € 50m. We remind that TITAN reported strong 3Q results yesterday with 3Q EBITDA up 20%. 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...
- Wim Hoste
Titan Better than expected 3Q results and positive outlook. All eyes o...
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 n...
- Wim Hoste
Titan Titan America receives qualification for lintel products
Titan America received Miami-Dade County's Notice of Acceptance for lintel products, which paves the way for Titan America to further extend its vertical integration into the lintel market. We remind that Titan recently reported resilient 1H25 results with EBITDA up 2% y/y, which was about 1% better than our forecast. We continue to remain optimistic on TITAN's prospects in the US and remind that only one third of Titan America's sales is imported in the US (with future tariff rate settled at 15...
- Wim Hoste
Titan Titan & Molins complete joint acquisition of majority stake in B...
Following the initial announcement on August 4th, Molins and Titan have now successfully closed the joint acquisition of an 80% stake in Baupartner, a leading provider of precast concrete solutions in Southeastern Europe. The transaction closed in line with previously communicated expectations, with the companies having guided for completion by the end of Q3 2025. Strategically, the acquisition aligns with Titan's current regional presence. Titan also mentioned that it is are actively evaluatin...
- Wim Hoste
Titan Teaming up with Molins for the joint acquisition of Baupartner
The proposed joint acquisition of Baupartner further enlarges TITAN's product portfolio with value-added concrete-based structural solutions in Southeast Europe, a region where TITAN is already well established. We remind that Titan recently reported resilient 1H25 results with EBITDA up 2% y/y, which was about 1% better than our forecast. We continue to remain optimistic on TITAN's prospects in the US and remind that only one third of Titan America's sales is imported in the US (with future tar...
- Wim Hoste
Titan 1H25 results show underlying strength, despite US headwinds
Titan reported resilient 1H25 results with EBITDA up 2% y/y, which was about 1% better than our forecast. We continue to remain optimistic on TITAN's prospects in the US and remind that only one third of Titan America's sales is imported in the US (with future tariff rate settled at 15%). Additionally, the US remains a net-import market in which c. 24% of consumption is imported, implying that, over the short to medium-term, local production alone will not allow to suffice demand. In light of th...
- Wim Hoste
Titan New sustainable UK facility and CFO succession plan
TITAN announced to invest £20m in a new sustainable construction materials platform in the UK whilst last week it also announced a CFO succession plan. We continue to remain optimistic on TITAN's prospects in the US and remind that only one third of Titan America's sales is imported in the US (currently at a 10% tariff). Additionally, the US remains a net-import market in which c. 24% of consumption is imported, implying that, over the short to medium-term, local production alone will not allow ...
- Wim Hoste
Titan Memorandum to explore the use of Carbon Upcycling's technology
TITAN signed a Memorandum of Agreement to explore the commercial deployment of Carbon Upcycling's low-carbon production technology. The collaboration is part of TITAN's agenda to double sales of low carbon products between 2022 and 2026 and the ultimate ambition to reach net zero by 2050. We continue to remain optimistic on TITAN's prospects in the US given the recent tariff negotiations and because only one third of Titan America's sales is imported in the US (10% tariff). Additionally, the US ...
- Sharad Kumar S.P
Titan Cement Completion of divestment of 75% stake in Adocim (Eastern ...
Titan Cement International (TCI) announced that it has completed the divestment of its 75% stake in Adocim Cimento Beton Sanayi ve Ticaret A.S. in Eastern Türkiye. TCI announced this transaction on 19th February 2025. The group will continue to operate its cement grinding and cementitious assets across other regions of Turkey, continuing to have a presence in the region which could become a high growth market. This transaction forms part of the group's broader strategy of strengthening its portf...
- Sharad Kumar S.P
Titan Cement 1Q FY25: US Tariff Impact Could Be Muted
During 1Q FY25, Sales came in at €638.4m, up 2.4% YoY thanks to sustained volumes and pricing. EBITDA came in at €122.6m, up 11.7% YoY thanks to strong performance across the US, Greece and Egypt and as a result of Capex driven incremental op. efficiencies. However, net result was down -16.6% and came in at €46.7m due to incremental taxes of €7.0m and €4.2m attributable to minorities at Titan America. We remind that Titan America was listed on the NYSE during Feb'25 which yielded in $393.0m of g...
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