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NORFOLK, Virginia--(BUSINESS WIRE)--March 17, 2026--
Titan America SA (NYSE: TTAM), a leading fully-integrated producer and supplier of building materials, services and solutions in the construction industry operating along the U.S. East Coast, today announced its fourth quarter and full year 2025 financial results. Titan America SA, including its wholly-owned operating subsidiary, Titan America LLC, shall be referred to herein as "Titan America."
Fourth-Quarter 2025 Highlights
-- Revenue of $405.7 million increased 4.1% from $389.8 million in Q4
2024
-- Net Income of $43.5 million increased 19.1% from $36.5 million in Q4
2024, while Net Income Margin improved to 10.7% from 9.4% in Q4 2024
-- Earnings per share grew to $0.24, up from $0.21 in Q4 2024
-- Adjusted EBITDA(1) of $93.7 million increased 12.2% from $83.5 million
in Q4 2024, while Adjusted EBITDA Margin improved to 23.1% from 21.4% in
Q4 2024
Full Year 2025 Highlights
-- Revenue of $1,664.2 million increased 1.8% from $1,634.4 million in
2024
-- Net Income of $185.4 million increased 11.7% from $166.1 million in
2024, while Net Income Margin improved to 11.1% from 10.2% in 2024
-- Earnings per share grew to $1.01, up from $0.95 in 2024
-- Adjusted EBITDA(1) of $389.7 million increased 5.2% from $370.4 million
in 2024, while Adjusted EBITDA Margin improved to 23.4% from 22.7% in
2024
Bill Zarkalis, President and Chief Executive Officer, commented, "In a construction materials market affected by soft demand and economic uncertainty, Titan America delivered all time high revenue, Net Income, Adjusted EBITDA and operating cash flow in 2025. This achievement reflects the strength of our business model, disciplined decision-making, skillful execution across our operations, and an unwavering focus on serving our customers. It showcases once again Titan America's ability to grow organically and deliver strong results, even in challenging environments. Our Florida segment delivered a robust performance with strong penetration in infrastructure and private non-residential construction segments offsetting a soft residential end-market. Our investments in increased aggregates capacity, expanded capabilities, and self-help operational excellence initiatives delivered record full year revenue and Adjusted EBITDA in 2025. Our Mid-Atlantic segment was impacted by a combination of soft demand in Metro New York and New Jersey, the introduction of tariffs, and weather affecting Virginia and the Carolinas. Resilient pricing, and continued growth in infrastructure, private non-residential construction, including data centers, and cost containment initiatives partially mitigated the impact from the headwinds in the region."
Three Months Ended December 31 Year ended December 31
------------------------------------------ ----------------------------------------------
2025 2024 $ Change % Change 2025 2024 $ Change % Change
-------- -------- ---------- ---------- ---------- ---------- ---------- ----------
(all amounts in
thousands of
US$)
Revenue $405,662 $389,815 $ 15,847 4.1% $1,664,188 $1,634,393 $ 29,795 1.8%
Net Income $ 43,511 $ 36,528 $ 6,983 19.1% $ 185,439 $ 166,074 $ 19,365 11.7%
Adjusted EBITDA $ 93,739 $ 83,522 $ 10,217 12.2% $ 389,664 $ 370,400 $ 19,264 5.2%
Capital
Expenditures $ 42,884 $ 23,924 $ 18,960 79.3% $ 163,316 $ 137,271 $ 26,045 19.0%
Fourth Quarter 2025 Results
Revenue for the three months ended December 31, 2025 was $405.7 million, an increase of 4.1% from $389.8 million in the prior year quarter. Revenues were positively impacted by increased aggregates production capacity, cement volumes and ready-mix concrete volumes compared to Q4 2024.
Net Income for the three months ended December 31, 2025 was $43.5 million, an increase of 19.1% from $36.5 million in the prior year quarter, while Adjusted EBITDA was $93.7 million, an increase of 12.2% from $83.5 million in the prior year period. The increase in both Net Income and Adjusted EBITDA was primarily driven by increased revenue, sales mix and improved margins from lower costs and improved productivity. The increase in Net Income was also driven by lower financing costs and reduced impacts from foreign exchange and related derivatives, partially offset by higher general and administrative expenses. Net Income Margin and Adjusted EBITDA Margin in the three months ended December 31, 2025 were 10.7% and 23.1%, respectively, up from 9.4% and 21.4%, respectively, in the same period of 2024.
Full Year 2025 Results
Revenue for the full year 2025 was $1.66 billion, an increase of 1.8% compared to $1.63 billion in 2024, primarily as a result of increases in product pricing for aggregates and ready-mix concrete and an increase in aggregates sales volumes, partially offset by decreases in sales volumes for cement and concrete block.
Net Income for the full year 2025 was $185.4 million, an increase of 11.7% compared to $166.1 million in 2024, while Adjusted EBITDA was $389.7 million, an increase of 5.2% compared to $370.4 million in 2024. The increase in both Net Income and Adjusted EBITDA was primarily driven by improved margins from lower costs. Net Income also benefitted from lower financing costs and a lower effective tax rate. Net Income Margin and Adjusted EBITDA Margin for the full year 2025 were 11.1% and 23.4%, respectively, compared to 10.2% and 22.7%, respectively, for the full year 2024.
Cash Flow and Capital Resources
For the twelve months ended December 31, 2025, cash flow provided by operations was $295.4 million, and net capital expenditures were $163.3 million, resulting in free cash flow of $132.1 million.
As of December 31, 2025, Titan America had $211.8 million in cash and cash equivalents and $462.4 million total debt. Net debt was $250.7 million, representing a ratio of 0.64x 2025 Adjusted EBITDA.
Revenue and Adjusted EBITDA by Reportable Segment
Revenue
------------------------------------------------------------------
Three Months Ended December 31 Year ended December 31
------------------------------ ----------------------------------
2025 2024 % Change 2025 2024 % Change
-------- -------- ---------- ---------- ---------- ----------
(all amounts in
thousands of
US$)
Florida $247,094 $235,202 5.1% $1,024,415 $ 997,575 2.7%
Mid-Atlantic 158,568 153,905 3.0% 639,773 634,946 0.8%
Other(1) -- 708 NM(2) -- 1,872 NM(2)
------- ------- --------- ---------
Consolidated $405,662 $389,815 4.1% $1,664,188 $1,634,393 1.8%
------- ------- --------- ---------
(1) Other includes equipment, related services and miscellaneous revenue
(2) Not meaningful
Segment adjusted EBITDA
------------------------------------------------------------
Three Months Ended December
31 Year ended December 31
---------------------------- ------------------------------
2025 2024 % Change 2025 2024 % Change
------- ------- ---------- -------- -------- ----------
(all amounts in
thousands of
US$)
Florida $64,565 $52,704 22.5% $278,663 $249,665 11.6%
Mid-Atlantic $32,403 $34,255 (5.4)% $120,537 $134,792 (10.6)%
Fourth Quarter 2025 Results by Reporting Segment
The Florida segment generated revenues of $247.1 million in the fourth quarter of 2025, compared to $235.2 million in the prior year quarter. The 5.1% year-over-year increase was primarily due to higher aggregates, concrete block and cement sales volumes due to our strong presence in the infrastructure and private non-residential sectors, and increased aggregates production capacity. Segment adjusted EBITDA for the quarter increased to $64.6 million, compared to $52.7 million in the prior year quarter, primarily due to the impact of higher sales volumes and operational efficiencies.
The Mid-Atlantic segment generated revenues of $158.6 million in the fourth quarter, compared to $153.9 million in the prior year quarter. The 3.0% year-over-year increase in revenue was driven by higher prices as compared to the prior year quarter. Segment adjusted EBITDA was $32.4 million, compared to $34.3 million in the prior year quarter, primarily due to higher cost of goods sold for ready-mix concrete and cement.
Full Year 2025 Results by Reporting Segment
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