TITAN Group: Nine-Month 2025 Results
Titan SA announces the nine-month 2025 financial results.
The Group continued its upward trajectory in the third quarter, delivering robust sales and profitability growth. Quarterly sales reached €684m, up 3.4% year-over-year, reflecting positive trends across all regions. EBITDA closed at a high of €186.6m, up 19.9%, supported by firm pricing levels, effective cost management and operational improvements. In Greece, the Group achieved significant sales and EBITDA growth, driven by another quarter of double-digit volume increases across most product lines amid continued construction market expansion.
In the U.S., modestly improving market conditions and favorable weather compared with a hurricane-impacted 3Q24 supported volume growth across cement, ready-mix, aggregates, and fly ash. Combined with sustained pricing strength and operational synergies, this translated into higher sales and higher quarterly and YTD EBITDA in dollar terms. Southeast Europe recorded a strong third quarter, with cement volume increases across most countries and firm pricing, reversing the softer performance seen earlier in the year. In the Eastern Mediterranean, following the adjusted footprint after the sale of Adocim in Türkiye in May 2025, Egypt accounted for most of the revenue and profitability.
The country delivered a profound performance, with strong domestic and export sales supported by favorable pricing. Group NPAT for the quarter closed at €102.4m versus €75.9m last year, while NPAT for the nine months closed at €222.7m, adjusted for the one-off loss of €51.9m from the sale of Adocim, which was recognized in the second quarter of 2025, versus €224.6m at the same time last year. Thanks to a strong third-quarter performance, the Group delivered a robust nine-month result, with sales surpassing the €2 billion mark, closing at €2,012.5m, up 1.4% year-over-year.
EBITDA reached €473.6m, growing by 8.4% (+13% adjusting for the sale of Adocim and FX translation impact). For the nine-month period, domestic cement volumes reached 13.2 million tons, up 1.7% after adjusting for the sale of Adocim in May 2025 (-1% on a reported basis). Ready-mix concrete volumes grew by 4%, and aggregates volumes rose by a strong 11%, supported by strategic investments in the U.S. and Greece.
During the nine months of 2025, the Group’s Operating Free Cash Flow reached €307m compared to €275m in September 2024, reflecting the improved EBITDA performance. CapEx closed at a high of €185m versus €181m in the same period last year, underscoring the Group’s continued focus on key strategic priorities, including capacity and logistics infrastructure enhancements, energy mix efficiency improvements, and digital transformation acceleration, driving operational efficiencies and cost optimization. Year to date, the Group also advanced with targeted bolt-on transactions, acquiring aggregates and alternative cementitious materials quarries in Europe, and inaugurating a new ready mix concrete plant in Greece (bought in 2024) while continuing to supply key infrastructure projects with portable ready-mix units.
In the third quarter, Titan took a significant strategic step by entering the structural precast solutions market, partnering with Molins, to jointly acquire 80% of Baupartner – a leading precast concrete and steel structure specialist based in Bosnia and Herzegovina with operations extending to Croatia and Serbia.
This transaction broadens Titan’s geographic footprint in the region’s fast-growing construction market and expands its product portfolio with high-value structural solutions, tailored to regional growth opportunities. In parallel, Titan America is extending its products’ range after obtaining regulatory approval for the manufacturing of precast and prestressed lintel products in Florida. This achievement paves the way for accelerated growth through this new adjacent channel, complementing the company’s concrete blocks business.
On the financing side, Group’s Net Debt stood at €302m as of September 2025, down from €622m in December 2024, a significant reduction primarily driven by proceeds from the US IPO and the disposal of Adocim. Leverage decreased to 0.49x EBITDA, even after accounting for the dividend paid last July. In the last couple of weeks, Fitch upgraded Titan’s credit rating to “BB+ with positive outlook” (from “stable”), recognizing the Group’s improving performance. A new €10m share buyback program was launched in July 2025, following the completion of the previous one. As of today, Titan owns 5.0% of the company’s shares.
About Titan Group
TITAN Group is a Belgium-registered company and a leading international business in the building and infrastructure materials industry, with passionate teams committed to providing innovative solutions for a better world. With most of its activity in the developed markets, the Group employs more than 6,000 people and serves customers in over 25 markets, on four continents. It holds prominent positions in the United States, Europe – including Greece, the Balkans, the United Kingdom, Italy, and France – and the Eastern Mediterranean.
The Group also has joint ventures in Brazil and India. With more than 120 years of history, TITAN has always fostered a family-and entrepreneurial-oriented culture for its employees and works tirelessly with its customers to meet the modern needs of society while promoting sustainable growth with responsibility and integrity. TITAN has set a net-zero goal for 2050 and has its CO₂ reduction targets validated by the Science Based Targets initiative (SBTi). The Group is listed on Euronext Brussels and Paris, and the Athens Exchange, and its US business is listed on the NYSE.
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