Q1 revenues/clean EBITDA/net grew by +2%/+12%/-17% yoy. Aggregates and RMC volume up with cement sales flat. Strong Greece and East Med were weighed down by flattish US and weak SEE. Bottom line declined on higher taxes and minorities from the US (13.3%). Cautiously optimistic. In line with peers, Titan management shared a cautiously optimistic outlook for 2025 based on adverse weather conditions (US, SEE) normalizing, solid US pricing & infrastructure spending, and signs of stabilization in Egypt (strong exports).

Management confirmed it is experiencing several positive catalysts YTD: Q1 sales are +8% yoy; freight rates are down (and should be heading lower); the EUR/USD rate is +10% stronger; and Chinese products should be getting cheaper for non-US buyers. This explains why it will propose not to pay a dividend out of 2024, favoring buying back shares and/or stocking up inventory as an alternative use of money for shareholders. We expect the second option will be the main use of cash given shares are trading above the max buy-back limit of E27.2, and management has no intention of raising it.

Q4 sales rose by +23% yoy thanks to strong foreign yogurt growth (+41%). But a combination of elevated raw material & payroll costs, along with lower yogurt prices in Greece, resulted in EBITDA and net losses of E1.4m and E1.8m, respectively. DPS at E0.40 on a 38% payout. Kri-Kri exceeded its FY sales guidance (E256m vs E245m) but fell short of its EBIT target (E37m vs E39m) as the EBIT margin settled 100bps lower than projected. Management anticipated maintaining a 14%-15% EBIT margin in 2025, implying +15%-20% EBIT growth, on +17% higher sales to E300m.

Q4 sales/EBITDA/net grew by +13%/+11%/+22% yoy on ADV of E169m (+25% yoy) but higher costs (+15% yoy, third party consulting fees) made sure EBITDA came in -7% below our estimates. DPS at E0.29 reflects a 100% payout and a 5.6% yield. The above is old news. 2025 has started off remarkably well with Q1 ADV at E187m (+26% yoy), on avg market cap at E112bn (+18% yoy), or 45% against GDP, driven mainly by banks re-rating towards 1.0x P/TBV 2025, and velocity at 40%.

FY 2024 retail sales and EBITDA OPR** came in at E530m and E42m vs guidance for E550m and E41m respectively. Management said it lost E15m in sales due to the Cyber-attack in Q4. DPS at E0.15 is +25% higher yoy with payout at 40% (from 33%). the dividend payment of E6.3m, additional buy-back of c. E1m and capex of E6.5m.