Titan America S.A. Q4 FY2025 earnings call

• 2025 was a historic transformative year with joining NYSE, achieving all-time high revenue, adjusted EBITDA, net income, and operating cash flows. • Joined in negotiations to acquire Keystone Cement Company in early Jan 2026, expanding geographic reach and vertically integrated footprint. • Showcased key projects in fourth quarter across business segments. • Discussed financial highlights for fourth quarter and full year 2025, including revenue, net income, adjusted EBITDA, operating cash flow, free cash flow, and net leverage ratio. • Outlined capital allocation strategy focusing on investing in business, strategic M&A, and providing returns to shareholders. • Board of Directors approved an issue premium distribution of $0.04 per share.

Florida business segment: Fourth quarter external revenue $247 million, up 5.1% y-o-y; adjusted EBITDA $65 million, up 22.5% y-o-y. Full year revenue $1.02 billion, up 2.7% y-o-y; adjusted EBITDA $279 million, up 11.6% y-o-y. Mid-Atlantic business segment: Fourth quarter external revenue $159 million, up 3% y-o-y; adjusted EBITDA $32 million, down 5.4% y-o-y. Full year revenue $640 million, up 0.8% y-o-y; adjusted EBITDA $121 million, down 10.6% y-o-y

• 2026 guidance anticipates low single-digit revenue growth compared to 2025 on a like-for-like basis with modest expansion in adjusted EBITDA margins. • Softness in residential sector expected to continue, with mortgage rates likely remaining elevated and residential sector inflection point potentially pushed to 2027. • Infrastructure and private non-residential sectors expected to continue strong, with 50% of IIJA funds spent and rest expected to be spent in next three years.

• Residential sector softness continuing. • Surge in oil and energy prices introducing additional risks in economic backdrop, potentially fueling inflation and keeping mortgage rates high. • Tariffs remaining in effect as a headwind in the Mid-Atlantic business segment.

Q: Walk through puts and takes driving the guide for 2026, compare expectations now vs three months ago for infrastructure and private non-residential, and break out revenue guide between price and volume.

A: Softness in residential sector expected to continue with inflection point pushed to 2027. Infrastructure and private non-residential expected to continue strong with 50% of IIJA funds spent and rest expected in next three years. No major change in expectations for these sectors. On revenue, low single-digit growth on like-for-like basis.

Q: What makes Ohio and Pennsylvania markets attractive compared to existing markets?

A: Territory familiar as they deal with some customers through fly ash element. Attractive due to manufacturing reshoring opportunities. Facility benefits in serving Washington, D.C. area and logistics synergies.

Q: On cement pricing, sequential decline and 2026 announcements progress.

A: Sequential decline due to mix of geography, packaging, and delivery mix. Announced $12 per tonne for cement, $10 per cubic yard for ready-mix concrete, $3 for aggregate finished goods. Increases largely pushed into April, with recent events potentially giving additional impetus.

Q: Share of fuel cost in cost of sales and impact on guide.

A: Fuel energy broadly represents about 8% of cost of sales. Have initiatives to mitigate costs like multi-fuel sourcing, alternative fuel investments, and automatic surcharges for diesel costs.

Q: Margin cadence and seasonality.

A: Participate in infrastructure and major projects. Have operational excellence and cost reduction initiatives, including digital transformation. Expect modest expansion in EBITDA margins with various factors like tariff headwinds, fuel costs, and price increases offsetting each other.

Q: On cement capacity expansion and aggregate capacity growth.

A: Capacity expansion from grinding capacity investments like Pensuko and reliability factors. Aggregate capacity expected to have continued growth with new investments, but not at same levels as last year, with next wave of increased capacity likely towards second half of 2027.