Titan America (TTAM) Registration Filing summary

Company overview and business model

• Vertically integrated manufacturer and supplier of heavy building materials, primarily serving 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, seven mines, 82 ready-mix locations, and eight block plants.

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

• Recent investments target decarbonization, digital transformation, and capacity expansion.

Financial performance and metrics

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

• Nine months ended September 30, 2024: revenue $1.24 billion, net income $129.5 million, Adjusted EBITDA $286.9 million.

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

• 2023–2024 growth driven by product price increases, improved gross profit, and lower energy costs, offset by higher G&A and IPO costs.

• Ratio of Net Debt to Adjusted EBITDA improved to 1.1x as of September 30, 2024.

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.

• Ongoing investments in capacity expansion, digitalization, and sustainability initiatives.