TTAM · Titan America S.A.

Titan America delivered solid Q1 2026 results with revenue up 1.5% to $398.4 million, driven by higher volumes in aggregates, fly ash, and concrete block, alongside ready-mix concrete price increases, though partially offset by lower ready-mix volumes and concrete block prices. Adjusted EBITDA grew 3.4% to $82.5 million, benefiting from revenue gains and operational excellence programs that reduced costs, yielding a margin expansion to 20.7% from 20.3%. Net income dipped slightly to $33.0 million due to higher finance costs and derivative losses, but EPS remained stable at $0.18. Segment performance showed Florida revenues flat at $253.4 million with 2.5% EBITDA growth from volumes and efficiencies despite energy costs, while Mid-Atlantic revenues rose 4.2% to $145.0 million on value-added mix and pricing, with EBITDA up 16.0% to $12.6 million. Cash generation was strong at $61.6 million operating cash flow, yielding $29.7 million free cash flow after $31.9 million capex, supporting a healthy balance sheet with $228.2 million cash, $455.2 million debt, and net debt at 0.58x TTM Adjusted EBITDA. The May 1 completion of the Keystone Cement acquisition adds complementary cement capacity in the Mid-Atlantic, expected to drive topline growth and margin improvement via synergies. Management reaffirmed full-year guidance for low single-digit revenue growth and modest EBITDA margin expansion on a like-for-like basis, citing strategic investments, vertical integration, and market agility amid residential sector stabilization delayed to 2027.