Increased sales volumes for all of our products and firm pricing levels made Q1 2024 a strong start to the year. In the US, positive pricing trends and healthy volume levelswere seen for another quarter, while domestic sales in Greece grew at double-digit levels.

Although East Med sales increased while profitability suffered due to currency devaluations, Southeast Europe started the year with increased volumes and higher profitability margins. Volume increases were recorded across all the group’s products, with domestic cement volumes growing by 3%, ready mix by 7%, and aggregates by 2%.

In a seasonal, for the industry, low quarter, the Group exhibited 6.1% sales growth on a year-over-year basis, registering sales of €623.7m. EBITDA in Q1 2024 reached €109.8 million, increasing by 2.5% compared to a record Q1 2023, despite higher electricity costs in Greece and East Mediterranean, earlier planned maintenance outages in the US and devaluation of the currencies in the East Mediterranean. Net profit after taxes and minorities rose considerably to €52.4m, up by 18.4%, supported by increased EBITDA results, decreased finance costs, and a better foreign exchange result.

The Group continued to execute its growth-related investments with €52.5 million in CapEx. As planned by the Group, investments have kept going into making the energy mix even better by using more alternative fuels and raw materials and more supplementary cementitious materials (SCMs), which lower the ratio of clinker to cement. Digitalization initiatives have also progressed as planned, targeting the further roll-out of digital systems in the group’s plants, resulting in further improved performance. Within 2024, and for a second consecutive year,

Titan received the top 'A' score on climate action from CDP and the 'Prime' status in the ISS ESG Corporate Rating, while also being recently recognized as one of Europe’s Climate Leaders in the list published by the Financial Times. We are also accelerating the execution of our Strategy 2026 by increasing access to reserves of supplementary cementitious materials (SCMs) by completing acquisitions and partnerships in Greece and Turkey and by signing a quarry acquisition in the US. Operating Free Cash Flow posted seasonal quarterly inflows of €14 million. Group net debt closed at €684 versus €660 at the end of 2023, and the leverage ratio is 1.2x. Titan’s stock (“TITC”) was added to the FTSE Russell Large Cap index in March 2024.