Titan (TITC) Q4 2024 earnings summary

Executive summary

• Achieved record profitability in 2024 with group sales up 3.8% to €2,644m and EBITDA up 9.6% to €592.1m, driven by strong US and European performance, margin expansion, and operational efficiencies.

• Net profit after taxes and minorities increased 17.3% to €315.3m; EPS rose to €4.2/share; ROACE reached 17.8%.

• Board proposes a special dividend increase to €3 per share, reflecting high profitability and liquidity from the US IPO.

• Major strategic moves included Titan America's IPO on NYSE ($393m raised), divestment of 75% share in Adocim (Turkey), and new JVs in India and Europe.

• Continued high investment pace with accelerated execution of Strategy 2026, digitalization, decarbonization, and innovation initiatives.

Financial highlights

• Group sales rose 3.8% to €2,644m; EBITDA reached €592.1m (+9.6% like-for-like); margin expanded to 22.4%.

• Net profit after taxes and minorities increased 17.3% to €315.3m; EPS up to €4.2/share.

• Operating free cash flow reached €299m; CapEx at €251m (15-year high), focused on growth, digitalization, and decarbonization.

• Net debt reduced by €38m to €622m; leverage ratio improved to 1.02x EBITDA; S&P upgraded credit rating to BB+ (stable outlook).

• Adjusted figures exclude €12m in one-off IPO and retirement costs and €17m goodwill impairment in Turkey.

Outlook and guidance

• Positive outlook for 2025, expecting growth in sales and profitability through volume growth, resilient pricing, and cost control.

• US growth driven by infrastructure spending and manufacturing onshoring; Greece to benefit from EU Recovery and Resilience Facility.

• Southeast Europe and Eastern Mediterranean forecasted for stable to moderate growth, with infrastructure and housing as key drivers.

• Group CapEx expected to exceed €300m in 2025.