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 solutions and beneficial reuse of waste.

• Operates more than 100 facilities, including two major cement plants, import terminals, mines, and production lines.

• Business benefits from population growth, infrastructure investment, and technology trends in high-growth U.S. regions.

• Vertically integrated model provides strategic flexibility, supply chain reliability, and customer proximity.

Financial performance and metrics

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

• 9M 2024 revenue: $1.24 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.

• Net income margin improved from negative 12% in 2013 to positive 10% in 2023.

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

• Free Cash Flow for 9M 2024: $83.8 million; for FY 2023: $108.5 million.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used for capital expenditures, general corporate purposes, and potential acquisitions, with no current commitments.

• Management has broad discretion over use of proceeds; focus on growth, technology investment, and strategic flexibility.