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 17^th). On Dec 11^th, Titan announced the 100% acquisition of Tracim Cement in Turkey (2.5 mtpa) for a cash consideration of

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 and 11–13% for EBITDA, with EPS reaching E5-E6 (from 9M LTM of E4.3); driven by…

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).

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).