Titan America (TTAM) Registration Filing summary

Company overview and business model

• Vertically integrated manufacturer and supplier of heavy building materials, operating mainly on the Eastern Seaboard of the U.S., with leading positions in Florida and the Mid-Atlantic.

• Product portfolio includes cement, aggregates, ready-mix concrete, concrete block, and fly ash, with a focus on lower carbon and sustainable solutions.

• Operates over 100 facilities, including two cement plants, three import terminals, mines, ready-mix plants, and block production lines.

• Business benefits from population growth, infrastructure investment, and technology trends in core markets.

• Vertically integrated model provides strategic flexibility, reliable production, and customer proximity.

Financial performance and metrics

• FY 2023 revenue: $1.6 billion; net income: $155.2 million; Adjusted EBITDA: $328.4 million.

• For the nine months ended September 30, 2024: revenue $1.2 billion, net income $129.5 million, Adjusted EBITDA $286.9 million.

• Revenue grew 17% in 2023 vs. 2022, driven by price increases across all product lines.

• Adjusted EBITDA margin improved, with net debt to Adjusted EBITDA ratio at 1.1x as of September 30, 2024.

• Free cash flow for the nine months ended September 30, 2024: $83.8 million.

• Preliminary 2024 guidance: revenue $1.625–$1.635 billion, net income $159–$169 million, Adjusted EBITDA $365–$372 million.

Use of proceeds and capital allocation

• Net proceeds of ~$130.7 million (at $16.50/share) to be used for capital expenditures, general corporate purposes, and potential acquisitions.

• No proceeds from shares sold by the selling shareholder.

• Capital allocation priorities include capacity expansion, digital transformation, and sustainability initiatives.