Titan International (TWI) Investor presentation summary

Business overview and strategy

• Manufactures off-highway tires, wheels, and undercarriage equipment for agriculture, earthmoving/construction, and consumer markets, serving global OEMs and aftermarket customers.

• Operates a 'One Stop Shop' strategy, expanding product offerings and leveraging joint ventures, strategic sourcing, and in-house manufacturing to strengthen market leadership.

• Acquired Carlstar, enhancing aftermarket presence and product diversity, and enabling cross-selling and distribution synergies.

• Maintains a global footprint with manufacturing and distribution across North America, Europe, Latin America, Asia, and Australia.

• Focuses on innovation, with flagship products like LSW tires and new launches in rubber tracks and specialty tires.

Financial performance and targets

• Achieved $1.8B in revenues and $102M adjusted EBITDA for the trailing twelve months ending March 2026.

• Gross margin improved to 13.9%, up ~430bps from the prior cyclical trough, despite production volumes being over 15% below previous lows.

• Free cash flow for the period was ($31M), with a net debt leverage ratio of 4.3x.

• Targets midcycle adjusted EBITDA of $250M through volume recovery, Carlstar synergies, and growth initiatives, assuming a 25% incremental contribution margin.

• Sustained focus on managing working capital and CAPEX to drive free cash flow.

Segment highlights

• Agriculture: Supplies wheels, tires, and undercarriage for a wide range of equipment; LSW technology offers less soil compaction and cost savings versus tracks; segment revenue $789M with 13% gross margin.

• EMC: Provides undercarriage solutions under the ITM brand, with strong OEM and aftermarket presence; segment revenue $583M with 10% gross margin.

• Consumer: Expanded by Carlstar acquisition, leading in power sports, outdoor equipment, and high-speed trailers; segment revenue $474M with 20% gross margin.