TITAN CEMENT INTERNATIONAL: Nine-Month 2023 Results

Record earnings backed by robust sales in main markets

• Group Sales increased by 14% to €1,892m year-to-date driven by increased volumes in all our regions and by solid pricing levels.
• Group EBITDA at €397m year-to-date, up by 72% as Group’s margins restored. All regions recorded double-digit profitability growth on the back of increased sales volumes and pricing momentum, operational efficiencies including digitalization in manufacturing, improved energy mix and contained energy costs.
• Net profit more than doubled year-to-date, to €198m. EPS (9 months) at € 2.64.
• Leverage ratio at 1.5x and S&P credit rating revised upwards to “BB” with positive outlook. Rated “BB+” by Fitch.
• CapEx at €158m focusing on growth, energy efficiencies, and logistics infrastructure projects.
• New €20m share-buyback program to start upon the termination of the existing one.
• In Q3 the Group achieved a lower clinker-to-cement ratio (76.9% vs 78.4% last year) and a record high alternative fuel utilization (19.1%, +2 ppts) leading to a reduction of 2.1% in net specific CO2 emissions y-o-y.
• MSCI recognized again TITAN as a leader in ESG, granting for 3rd year the ESG rating of “AA”.
• Positive outlook maintained for the year, given the demand levels across our strategic geographical footprint along with firm pricing and further cost performance improvements.

To discover the full press release here

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About Titan Cement International SA

TITAN Group is a leading international business in the building and infrastructure materials industry, with passionate teams committed to providing innovative solutions for a better world. With most of its activity in the USA, the Group employs over 5,000 people and operates in more than 25 countries, holding prominent positions in the USA, Greece, the Balkans, and the Eastern Mediterranean. The Group also has a joint venture in Brazil. With a 120-year history, TITAN has always fostered a family- and entrepreneurial-oriented culture for its employees and works tirelessly with its customers to meet the modern needs of society while promoting sustainable growth with responsibility and integrity. TITAN has set a net-zero goal for 2050 and has its CO₂ reduction targets validated by the Science Based Targets initiative (SBTi). The company is listed on Euronext and the Athens Exchange. For more information, visit our website at www.titan-cement.com.