Titan America SA
NYSE:TTAM
Titan America SA
Titan America SA is a BE-based company operating in industry. The company is headquartered in Brussels, Bruxelles-Capitale. The company went IPO on 2025-02-07. Titan America SA is a Belgium-based company. The firm is a multi-regional manufacturer, vertically integrated, and supplier of heavy building materials and services. The company offers manufacturing, logistics and customer support capabilities that span across critical building materials and products. Its products are cement and aggregates, ready-mix concrete, concrete blocks, and other ancillary products. The firm is a provider of heavy building materials in Florida and the Mid-Atlantic and contributes to lower carbon emissions than traditional building materials and beneficial reuse of waste materials. The company contributes to lower carbon emissions than traditional building materials.
Titan America SA is a BE-based company operating in industry. The company is headquartered in Brussels, Bruxelles-Capitale. The company went IPO on 2025-02-07. Titan America SA is a Belgium-based company. The firm is a multi-regional manufacturer, vertically integrated, and supplier of heavy building materials and services. The company offers manufacturing, logistics and customer support capabilities that span across critical building materials and products. Its products are cement and aggregates, ready-mix concrete, concrete blocks, and other ancillary products. The firm is a provider of heavy building materials in Florida and the Mid-Atlantic and contributes to lower carbon emissions than traditional building materials and beneficial reuse of waste materials. The company contributes to lower carbon emissions than traditional building materials.
Results: Q4 revenue $406 million (up 4% YoY); Q4 adjusted EBITDA $94 million (up ~12% YoY); full-year revenue $1.66 billion (up 1.8% YoY) and adjusted EBITDA $390 million (up ~5% YoY).
Margins & Cash: Q4 adjusted EBITDA margin 23.1% (vs 21.4% prior year); full-year margin 23.4% (up 75 bps). Operating cash flow was $81 million in Q4 and a record $295 million for 2025; free cash flow $132 million for the year after $163 million net CapEx.
Guidance: 2026 outlook calls for low single-digit revenue growth vs 2025 and modest expansion in adjusted EBITDA margins; management expects residential recovery may be pushed into 2027.
M&A: Agreement signed to acquire Keystone Cement (Bath, PA) — ~990,000 short tons clinker capacity; transaction subject to regulatory approval and expected to expand Mid-Atlantic footprint and logistics synergies.
Segment dynamics: Florida delivered record results and strong margins (Q4 adjusted EBITDA $65 million; full-year segment EBITDA $279 million). Mid-Atlantic faced tariffs, weather and soft NYC/NJ demand (full-year segment EBITDA $121 million, down 10.6%).
Pricing actions: Announced price increases: $12/ton for cement, $10/yd for ready-mix, $3 for aggregates (announced for January and largely pushed into April).
Capital allocation: Board approved $0.04 per share distribution payable May 8, 2026; net leverage improved to 0.64x at year-end 2025 (next sizable debt maturity July 2027).
