Titan Group recorded a strong performance, with sales increasing by 4.9% to €1.985 billion in the first nine months of the year, while all geographic segments recorded growth, thanks to increased sales volumes of key products and improved price levels.

EBITDA for the nine months increased by 14.6% to €455 million on a comparable basis, adjusted for non-recurring charges of €18 million, of which €8 million in the third quarter. Profitability margins increased as a result of improved operating efficiency, an improved energy mix, and lower fuel costs.

Group EBITDA for the third quarter amounted to €164 million, up 5% on a comparable basis. A strong contribution from Titan America, which recorded a 2% increase in sales and a 10% increase in EBITDA, despite adverse weather conditions.

Net profit increased by 20% in the nine months to €238 million on a comparable basis, and earnings per share for the same period were €3.19.

The Net Debt to EBITDA ratio was 1.1x, and Titan's credit rating was upgraded by S&P to "BB+.". The group announced the creation of a sustainability-linked financing framework.

Capital expenditure remained at a high level of €181 million. In the context of the Green Growth Strategy 2026, the Group signed in September a contract for a Basic Engineering Design (FEED) study for the IFESTOS carbon capture project in Greece.

To date, the group has agreed to acquisitions of 3 aggregate quarries, 1 clay quarry and 1 ready-mix concrete plant.

The process of listing Titan America's operations on the New York Stock Exchange is proceeding according to schedule. Significant milestones have been completed, and we are targeting to complete the process and a listing in the first quarter of 2025.

Positive outlook for the remainder of the year thanks to stable price levels and high sales volumes.