Q2 sales/EBITDA/net increased +13.5%/+6.0%/+14.5% yoy on a reported basis or +8.7%/+3.4%/+8.7% yoy on a L4L basis, i.e. excluding the E61m/E9m sales/EBITDA contribution from recent acquisitions (TUR-FRA-US). Net debt at E877m (from E213m in 2025) reflecting E216m op cash flow, E156m capex and E675m EV for acquisitions.
Shares have underperformed the Athens Index (-14.6% vs -9.3%) in the last month and ever since the US-ISR-IRAN conflict. We believe due to a combination of Q4/FY numbers and geopolitically induced cost inflation concerns. Titan’s nearest ‘physical’ exposure in the region (Turkey, Egypt – East Med) contributed 10% of EBITDA in 2025.
One month ago, Titan unveiled its 2029 Forward Strategy (Investor Day, Nov 11th), centered on leveraging plant proximity to ports and urban areas and expanding the use of ACMs, both organically and via M&A (see our note ‘Who Said Cement Companies Are Boring? On Nov 17th). On Dec 11th, Titan announced the 100% acquisition of Tracim…
Q3 results were strong (trading update Nov 6) with revenues/EBITDA/net income up +3%/+20%/+33% yoy, supported by strong sales growth in Greece (W. Europe) and a remarkable margin uplift in the US & East Med. But this was overshadowed by management’s guidance in the Investor Day (Nov 11), which targets 2025-29 CAGR of 6–8% for revenues…
There seems to be >30% upside in Titan Cement’s share price. Shares are at 5.2x EV/EBITDA 2026 (minorities @ market value) and at 9.1x P/E 2026. With EUR peers at 6.7x EBITDA and 11.7x P/E 2026 (source: Visible Alpha).