- Q3 Results Reflect Strong Operational Performance and Volume Growth Driven by Infrastructure and Private Non-Residential End Markets -
- 2025 Revenue Guidance Revised -
Titan America SA (NYSE: TTAM), a leading fully-integrated producer and supplier of building materials, services and solutions in the construction industry operating along the U.S. East Coast, today announced its third quarter 2025 financial results. Titan America SA, including its wholly-owned operating subsidiary, Titan America LLC, shall be referred to herein as “Titan America.”
Third-Quarter 2025 Highlights
- Revenue of $436.8 million, an increase of 6.2% as compared to $411.4 million in Q3 2024
- Net Income of $57.4 million, an increase of 44.7% as compared to $39.7 million in Q3 2024
- Earnings per share of $0.31, compared to $0.23 in Q3 2024
- Adjusted EBITDA(1) of $116.7 million, an increase of 18.3% as compared to $98.6 million in Q3 2024, while Adjusted EBITDA Margin improved to 26.7% as compared to 24.0% in Q3 2024.
“Titan America reported robust third quarter results, reflecting the benefits of our integrated business model despite ongoing economic uncertainties and continued softness in residential end markets,” said Bill Zarkalis, President & CEO. “We saw year-over-year volume growth in cement and ready-mix for the first time this year coupled with continued strength in our Florida aggregates operations, while margins improved through focused operational and cost management initiatives. We continue to benefit from recent investments in upstream and downstream capacity and remain focused on executing our growth agenda through long-term strategic investments. Our Eastern Seaboard presence and unique logistics capabilities allowed us to respond to demand in infrastructure and commercial construction markets - meeting peak demand with peak supply. Given our market positions and vertically integrated model, we are poised to deliver long-term value for shareholders.”
Third Quarter 2025 Results (unaudited)
|
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
|||||||||||||||||||||
|
|
2025 |
|
2024 |
|
$ Change |
|
% Change |
|
2025 |
|
2024 |
|
$ Change |
|
% Change |
|||||||||
(all amounts in thousands of US$) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Revenue |
|
$ |
436,849 |
|
$ |
411,426 |
|
$ |
25,423 |
|
|
6.2 |
% |
|
$ |
1,258,526 |
|
$ |
1,244,578 |
|
$ |
13,948 |
|
1.1 |
% |
Net Income |
|
$ |
57,423 |
|
$ |
39,694 |
|
$ |
17,729 |
|
|
44.7 |
% |
|
$ |
141,928 |
|
$ |
129,546 |
|
$ |
12,382 |
|
9.6 |
% |
Adjusted EBITDA |
|
$ |
116,669 |
|
$ |
98,645 |
|
$ |
18,024 |
|
|
18.3 |
% |
|
$ |
295,925 |
|
$ |
286,878 |
|
$ |
9,047 |
|
3.2 |
% |
Capital Expenditures |
|
$ |
38,432 |
|
$ |
49,464 |
|
$ |
(11,032 |
) |
|
(22.3 |
)% |
|
$ |
120,432 |
|
$ |
113,347 |
|
$ |
7,085 |
|
6.3 |
% |
Revenues for the three months ended September 30, 2025 were $436.8 million an increase of 6.2% compared to $411.4 million in the prior year quarter. Revenues were positively impacted by increased aggregates production capacity and more favorable weather conditions in the quarter as compared to Q3 2024.
Net income for the three months ended September 30, 2025 was $57.4 million, an increase of 44.7% compared to $39.7 million in the prior year quarter, while Adjusted EBITDA was $116.7 million, an increase of 18.3% compared to $98.6 million in the prior year period. The increase in both Net Income and Adjusted EBITDA was primarily driven by increased revenues, sales mix and improved margins from lower costs. The increase in Net Income was also driven by lower financing costs and reduced foreign exchange and related derivative losses. Net Income Margin and Adjusted EBITDA Margin in the three months ended September 30, 2025 were 13.1% and 26.7%, respectively, compared to 9.6% and 24.0%, respectively, in the same period of 2024.
Cash Flow and Capital Resources
For the nine months ended September 30, 2025, cash flow provided by operations was $214.8 million and capital expenditures, net were $120.4 million, resulting in free cash flow of $94.4 million.
As of September 30, 2025, Titan America had $195.6 million in cash and cash equivalents and $464.5 million total debt. Net debt was $268.8 million, representing a ratio of 0.71x trailing twelve-month Adjusted EBITDA.
Revenue and Adjusted EBITDA by Reportable Segment
|
Revenue |
|||||||||||||||||
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
|||||||||||||||
|
2025 |
|
2024 |
|
% Change |
|
2025 |
|
2024 |
|
% Change |
|||||||
(all amounts in thousands of US$) |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Florida |
$ |
263,325 |
|
$ |
252,391 |
|
4.3 |
% |
|
$ |
777,321 |
|
$ |
762,373 |
|
2.0 |
% |
|
Mid-Atlantic |
|
173,524 |
|
|
158,588 |
|
9.4 |
% |
|
|
481,205 |
|
|
481,041 |
|
— |
% |
|
Other(1) |
|
— |
|
|
447 |
|
NM |
(2) |
|
|
— |
|
|
1,164 |
|
NM |
(2) |
|
Consolidated |
$ |
436,849 |
|
$ |
411,426 |
|
6.2 |
% |
|
$ |
1,258,526 |
|
$ |
1,244,578 |
|
1.1 |
% |
|
(1) Other includes equipment, related services and miscellaneous revenue |
||||||||||||||||||
(2) Not meaningful |
||||||||||||||||||
|
Segment adjusted EBITDA |
|||||||||||||||||
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
|||||||||||||||
|
2025 |
|
2024 |
|
% Change |
|
2025 |
|
2024 |
|
% Change |
|||||||
(all amounts in thousands of US$) |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Florida |
$ |
81,147 |
|
$ |
69,809 |
|
16.2 |
% |
|
$ |
214,099 |
|
$ |
196,962 |
|
8.7 |
% |
|
Mid-Atlantic |
$ |
36,618 |
|
$ |
33,123 |
|
10.6 |
% |
|
$ |
88,134 |
|
$ |
100,537 |
|
(12.3 |
)% |
|
The Florida segment generated revenues of $263.3 million in the third quarter of 2025, compared to $252.4 million in the prior year quarter. The 4.3% year-over-year increase was primarily due to higher aggregates and cement sales volumes due to our strong presence in the infrastructure and private non-residential sectors, and increased aggregates production capacity. Segment adjusted EBITDA for the quarter increased to $81.1 million, compared to $69.8 million in the prior year quarter, primarily due to the impact of higher sales volumes and operational efficiencies.
The Mid-Atlantic segment generated revenues of $173.5 million in the third quarter, compared to $158.6 million in the prior year quarter. The 9.4% year-over-year increase in revenue was driven by higher sales volumes and prices as compared to the prior year quarter. Higher sales volumes in cement, fly ash, and ready-mix concrete in the current quarter were driven by the release of project backlog and more favorable weather conditions when compared to the hurricane disrupted prior year quarter. Segment adjusted EBITDA was $36.6 million, compared to $33.1 million in the prior year quarter primarily due to the impact of higher sales volumes partially offset by higher raw material costs.
2025 Outlook
Regarding Titan America’s outlook, President & CEO Bill Zarkalis stated, “We are revising our full-year 2025 outlook based on our Q3 year-to-date results and outlook into the balance of the year. We now expect full-year 2025 revenue growth to be in a range of two to three percent when compared to the prior year. We continue to expect modest improvement in our Adjusted EBITDA Margin compared to 2024.”
Conference Call
Titan America will host a conference call at 5:00 p.m. ET on November 5, 2025. The conference call will be broadcast live over the Internet. Additionally, a slide presentation will accompany the conference call. To listen to the call and view the slides, please visit the Investors section of Titan America’s website at https://www.titanamerica.com/. For those who are unable to listen to the live broadcast, an audio replay of the conference call will be available on the Titan America website for 30 days.
About Titan America SA
Titan America is a leading vertically-integrated producer of cement and building materials in the high-growth economic mega-regions of the U.S. East Coast, with operations and leading market positions across Florida, the Mid-Atlantic, and Metro New York/New Jersey. Titan America’s family of company brands includes Essex Cement, Roanoke Cement, Titan Florida, Titan Virginia Ready-Mix, S&W Ready-Mix, Powhatan Ready Mix, Titan Mid-Atlantic Aggregates, and Separation Technologies. Titan America’s operations include cement plants, construction aggregates and sand mines, ready-mix concrete plants, concrete block plants, fly ash production facilities, marine import and rail terminals, and distribution hubs.
Forward-Looking Statements
This press release may include forward-looking statements. Forward-looking statements are statements regarding or based upon our management’s current intentions, beliefs or expectations relating to, among other things, Titan America’s future results of operations, financial condition, liquidity, prospects, growth, strategies, developments in the industry in which we operate and the proposed offering. In some cases, you can identify forward-looking statements by terminology such as “believe,” “anticipate,” “continue,” “could,” “expect,” “goal,” “may,” “plan,” “predict,” “propose,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. By their nature, forward-looking statements are subject to risks, including the risks detailed in our 2024 Annual Report filed on Form 20-F on April 4, 2025, as well as the risk of a prolonged government shutdown negatively affecting infrastructure spending, uncertainties and assumptions that could cause actual results or future events to differ materially from those expressed or implied thereby. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this report regarding trends or current activities should not be taken as a report that such trends or activities will continue in the future. Titan America undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such forward-looking statements, which speak only as of the date of this report. The information contained in this report is subject to change without notice. No re-report or warranty, express or implied, is made as to the fairness, accuracy, reasonableness or completeness of the information contained herein and no reliance should be placed on it.
Financial Measures (Non-IFRS)
In addition to the financial information presented in accordance with International Financial Reporting Standards (“IFRS”), this press release includes the following Non-IFRS financial measures: Adjusted EBITDA, Adjusted EBITDA Margin, Net Income Margin, free cash flow, net debt and the ratio of net debt to Adjusted EBITDA. We define Adjusted EBITDA as net income before finance cost, net, income tax expense, depreciation, depletion and amortization, further adjusted to remove the impact of additional items such as (gain)/loss on disposal of fixed assets, asset impairment (recovery)/loss, foreign exchange (gain)/loss, net, derivative financial instrument (gain)/loss, net, fair value loss on sale of accounts receivable, net, share-based compensation and other non-recurring items, including certain transaction costs related to our initial public offering. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenues. We define Net Income Margin as net income divided by revenue. We define free cash flow as net cash provided by operating activities, less net payments for capital expenditures, which includes (i) investments in property, plant and equipment, (ii) investments in identifiable intangible assets and (iii) proceeds from the sale of assets, net of disposition costs. We define net debt as the sum of short and long-term borrowings, including accrued interest and short-term and long-term lease liabilities less cash and cash equivalents. We define the ratio of net debt to Adjusted EBITDA as the ratio derived by dividing net debt by Adjusted EBITDA. See “Reconciliation of IFRS to Non-IFRS” section for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure.
We believe that in addition to our results determined in accordance with IFRS, these Non-IFRS financial measures provide useful information to both management and investors in measuring our financial performance and highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures.
Non-IFRS financial information is presented for supplemental informational purposes only and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. Our presentation of Non-IFRS measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. Other companies in our industry may calculate these measures differently, which may limit their usefulness as comparative measures.
(1) As used throughout this release, the terms Adjusted EBITDA, Adjusted EBITDA Margin, Net Income Margin, free cash flow, net debt and the ratio of net debt to Adjusted EBITDA are non-IFRS financial metrics. See “Reconciliation of IFRS to Non-IFRS” for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure. See “Financial Measures (Non-IFRS)” for further discussion on these non-IFRS measures and why we believe they are useful. |
Condensed Consolidated Statements of Income (Unaudited) |
||||||||||||||||
|
|
|
|
|
||||||||||||
(all amounts in thousands of US$ except for earnings per share) |
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
|||||||||
Revenue |
$ |
436,849 |
|
|
$ |
411,426 |
|
|
$ |
1,258,526 |
|
|
$ |
1,244,578 |
|
|
Cost of goods sold |
|
(309,209 |
) |
|
|
(299,224 |
) |
|
|
(926,794 |
) |
|
|
(923,653 |
) |
|
Gross profit |
|
127,640 |
|
|
|
112,202 |
|
|
|
331,732 |
|
|
|
320,925 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Selling expense |
|
(8,719 |
) |
|
|
(9,066 |
) |
|
|
(25,570 |
) |
|
|
(24,913 |
) |
|
General and administrative expense |
|
(31,655 |
) |
|
|
(35,558 |
) |
|
|
(95,854 |
) |
|
|
(91,823 |
) |
|
Net impairment gain/(loss) on financial assets |
|
141 |
|
|
|
(101 |
) |
|
|
291 |
|
|
|
(251 |
) |
|
Fair value loss on sale of accounts receivable, net |
|
(1,292 |
) |
|
|
(1,142 |
) |
|
|
(3,394 |
) |
|
|
(4,050 |
) |
|
Other operating income, net |
|
505 |
|
|
|
1,227 |
|
|
|
883 |
|
|
|
1,341 |
|
|
Operating income |
|
86,620 |
|
|
|
67,562 |
|
|
|
208,088 |
|
|
|
201,229 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Finance cost, net |
|
(5,440 |
) |
|
|
(7,384 |
) |
|
|
(17,591 |
) |
|
|
(18,835 |
) |
|
Foreign exchange (loss)/gain, net |
|
(830 |
) |
|
|
(18,350 |
) |
|
|
(45,348 |
) |
|
|
(7,467 |
) |
|
Derivative financial instrument gain/(loss), net |
|
(2,010 |
) |
|
|
12,523 |
|
|
|
42,800 |
|
|
|
(1,482 |
) |
|
Other non-operating income |
|
— |
|
|
|
— |
|
|
|
2,552 |
|
|
|
— |
|
|
Income before income taxes |
|
78,340 |
|
|
|
54,351 |
|
|
|
190,501 |
|
|
|
173,445 |
|
|
Income tax expense |
|
(20,917 |
) |
|
|
(14,657 |
) |
|
|
(48,573 |
) |
|
|
(43,899 |
) |
|
Net income |
$ |
57,423 |
|
|
$ |
39,694 |
|
|
$ |
141,928 |
|
|
$ |
129,546 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Earnings per share of common stock: |
|
|
|
|
|
|
|
|||||||||
Basic earnings per share |
$ |
0.31 |
|
|
$ |
0.23 |
|
|
$ |
0.78 |
|
|
$ |
0.74 |
|
|
Diluted earnings per share |
$ |
0.31 |
|
|
$ |
0.23 |
|
|
$ |
0.78 |
|
|
$ |
0.74 |
|
|
Weighted average number of common stock - basic |
|
184,362,465 |
|
|
|
175,362,465 |
|
|
|
183,010,817 |
|
|
|
175,362,465 |
|
|
Weighted average number of common stock - diluted |
|
184,402,038 |
|
|
|
175,362,465 |
|
|
|
183,050,390 |
|
|
|
175,362,465 |
|
|
Condensed Consolidated Balance Sheet (Unaudited) |
||||||
|
||||||
|
|
September 30, |
|
December 31, |
||
(all amounts in thousands of US$) |
|
2025 |
|
2024 |
||
Current assets: |
|
|
||||
Cash and cash equivalents |
$ |
195,640 |
$ |
12,124 |
||
Trade and other receivables, net |
|
136,475 |
|
106,056 |
||
Inventories |
|
216,215 |
|
227,638 |
||
Prepaid expenses and other current assets |
|
10,613 |
|
14,308 |
||
Income taxes receivable |
|
30,192 |
|
22,802 |
||
Derivatives and credit support payments |
|
829 |
|
1,328 |
||
Total current assets |
|
589,964 |
|
384,256 |
||
|
|
|
||||
Noncurrent assets: |
|
|
||||
Property, plant, equipment and mineral deposits, net |
|
903,794 |
|
851,733 |
||
Right-of-use assets |
|
69,018 |
|
64,688 |
||
Other assets |
|
9,430 |
|
10,076 |
||
Intangible assets, net |
|
28,825 |
|
30,167 |
||
Goodwill |
|
221,562 |
|
221,562 |
||
Derivatives and credit support payments |
|
28,807 |
|
3,770 |
||
Total noncurrent assets |
|
1,261,436 |
|
1,181,996 |
||
Total assets |
$ |
1,851,400 |
$ |
1,566,252 |
||
|
|
|
||||
Current liabilities: |
|
|
||||
Accounts and related party payables |
$ |
134,038 |
$ |
148,558 |
||
Accrued expenses |
|
30,528 |
|
24,879 |
||
Provisions |
|
9,173 |
|
10,081 |
||
Income taxes payable |
|
228 |
|
1,872 |
||
Short term borrowing, including accrued interest |
|
6,183 |
|
33,608 |
||
Lease liabilities |
|
11,364 |
|
12,386 |
||
Derivatives and credit support receipts |
|
795 |
|
1,318 |
||
Other current liabilities |
|
7,558 |
|
6,344 |
||
Total current liabilities |
|
199,867 |
|
239,046 |
||
|
|
|
||||
Non-current liabilities: |
|
|
||||
Long-term borrowings |
|
390,084 |
|
358,222 |
||
Lease liabilities |
|
56,847 |
|
55,967 |
||
Provisions |
|
60,215 |
|
50,926 |
||
Deferred income tax liability |
|
115,082 |
|
98,212 |
||
Derivatives and credit support receipts |
|
27,692 |
|
8,418 |
||
Other noncurrent liabilities |
|
7,008 |
|
5,447 |
||
Total noncurrent liabilities |
|
656,928 |
|
577,192 |
||
|
|
|
||||
Total liabilities |
|
856,795 |
|
816,238 |
||
|
|
|
||||
Stockholders’ equity |
|
994,605 |
|
750,014 |
||
|
|
|
||||
Total liabilities and stockholders’ equity |
$ |
1,851,400 |
$ |
1,566,252 |
||
Condensed Consolidated Statements of Cash Flows (Unaudited) |
||||||||
(all amounts in thousands of US$) |
Nine Months Ended September 30 |
|||||||
|
|
2025 |
|
|
|
2024 |
|
|
Cash flows from operating activities |
|
|
|
|||||
Income before income taxes |
$ |
190,501 |
|
|
$ |
173,445 |
|
|
Adjustments for: |
|
|
|
|||||
Depreciation, depletion and amortization |
|
79,762 |
|
|
|
69,024 |
|
|
Gain on divestiture |
|
(2,552 |
) |
|
|
— |
|
|
Finance cost |
|
21,543 |
|
|
|
20,060 |
|
|
Finance income |
|
(3,952 |
) |
|
|
(1,225 |
) |
|
Foreign exchange loss/(gain), net |
|
45,348 |
|
|
|
7,467 |
|
|
Derivative financial instrument (gain)/loss, net |
|
(42,800 |
) |
|
|
1,482 |
|
|
Changes in net operating assets and liabilities |
|
(27,939 |
) |
|
|
(24,712 |
) |
|
Other |
|
(7,723 |
) |
|
|
652 |
|
|
Cash generated from operations before income taxes |
|
252,188 |
|
|
|
246,193 |
|
|
Income taxes, net |
|
(37,361 |
) |
|
|
(49,050 |
) |
|
Net cash provided by operating activities |
|
214,827 |
|
|
|
197,143 |
|
|
|
|
|
|
|||||
Cash flows from investing activities |
|
|
|
|||||
Investments in property, plant and equipment |
|
(119,081 |
) |
|
|
(113,213 |
) |
|
Investments in intangible assets |
|
(2,399 |
) |
|
|
(333 |
) |
|
Interest received |
|
3,738 |
|
|
|
1,226 |
|
|
Proceeds from the sale of assets, net of disposition costs |
|
1,048 |
|
|
|
199 |
|
|
Proceeds from sale of investment |
|
5,368 |
|
|
|
— |
|
|
Net cash used in investing activities |
|
(111,326 |
) |
|
|
(112,121 |
) |
|
|
|
|
|
|||||
Cash flows from financing activities |
|
|
|
|||||
Repayment of affiliated party borrowings |
|
(21,084 |
) |
|
|
(32,563 |
) |
|
Borrowings from affiliated party |
|
— |
|
|
|
48,964 |
|
|
Offering costs associated with borrowings |
|
— |
|
|
|
(682 |
) |
|
Borrowings from third party line of credit |
|
— |
|
|
|
20,000 |
|
|
Repayment of third party line of credit |
|
(25,000 |
) |
|
|
(20,000 |
) |
|
Lease payments |
|
(7,502 |
) |
|
|
(7,300 |
) |
|
Share premium distribution |
|
(14,749 |
) |
|
|
(85,068 |
) |
|
Contribution from related party |
|
— |
|
|
|
200 |
|
|
Proceeds from IPO |
|
144,000 |
|
|
|
— |
|
|
Related party recharge for stock-based compensation |
|
(6,459 |
) |
|
|
(2,830 |
) |
|
Derivative credit support receipts/(payments) and settlements |
|
37,018 |
|
|
|
(4,254 |
) |
|
Interest paid |
|
(16,781 |
) |
|
|
(13,053 |
) |
|
IPO Costs |
|
(9,428 |
) |
|
|
(628 |
) |
|
Net cash provided by/(used in) financing activities |
|
80,015 |
|
|
|
(97,214 |
) |
|
|
|
|
|
|||||
Net increase/(decrease) in cash and cash equivalents |
|
183,516 |
|
|
|
(12,192 |
) |
|
|
|
|
|
|||||
Cash and cash equivalents at: |
|
|
|
|||||
Beginning of period |
|
12,124 |
|
|
|
22,036 |
|
|
Effects of exchange rate changes |
|
— |
|
|
|
2,305 |
|
|
End of period |
$ |
195,640 |
|
|
$ |
12,149 |
|
|
Reconciliation of IFRS to Non-IFRS |
||||||||||||||||
|
||||||||||||||||
Reconciliation of IFRS Net Income to Non-IFRS Adjusted EBITDA and IFRS Net Income Margin to Non-IFRS Adjusted EBITDA Margin |
||||||||||||||||
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
|||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
(all amounts in thousands of US$) |
|
|
|
|
|
|
|
|||||||||
Net income |
$ |
57,423 |
|
|
$ |
39,694 |
|
|
$ |
141,928 |
|
|
$ |
129,546 |
|
|
Finance cost, net |
|
5,440 |
|
|
|
7,384 |
|
|
|
17,591 |
|
|
|
18,835 |
|
|
Income tax expense |
|
20,917 |
|
|
|
14,657 |
|
|
|
48,573 |
|
|
|
43,899 |
|
|
Depreciation, depletion and amortization |
|
28,058 |
|
|
|
22,769 |
|
|
|
79,762 |
|
|
|
69,024 |
|
|
Loss on disposal of fixed assets |
|
(602 |
) |
|
|
573 |
|
|
|
(301 |
) |
|
|
1,454 |
|
|
Foreign exchange loss/(gain), net |
|
830 |
|
|
|
18,350 |
|
|
|
45,348 |
|
|
|
7,467 |
|
|
Derivative financial instrument (gain)/loss, net |
|
2,010 |
|
|
|
(12,523 |
) |
|
|
(42,800 |
) |
|
|
1,482 |
|
|
Fair value loss on sale of accounts receivable, net |
|
1,292 |
|
|
|
1,142 |
|
|
|
3,394 |
|
|
|
4,050 |
|
|
Share-based compensation |
|
586 |
|
|
|
969 |
|
|
|
2,257 |
|
|
|
2,875 |
|
|
IPO transaction costs |
|
146 |
|
|
|
6,178 |
|
|
|
2,328 |
|
|
|
9,512 |
|
|
Other |
|
569 |
|
|
|
(548 |
) |
|
|
(2,155 |
) |
|
|
(1,266 |
) |
|
Adjusted EBITDA |
$ |
116,669 |
|
|
$ |
98,645 |
|
|
$ |
295,925 |
|
|
$ |
286,878 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Revenue |
$ |
436,849 |
|
|
$ |
411,426 |
|
|
$ |
1,258,526 |
|
|
$ |
1,244,578 |
|
|
Net Income Margin(1) |
|
13.1 |
% |
|
|
9.6 |
% |
|
|
11.3 |
% |
|
|
10.4 |
% |
|
Adjusted EBITDA Margin(2) |
|
26.7 |
% |
|
|
24.0 |
% |
|
|
23.5 |
% |
|
|
23.1 |
% |
|
(1) Net Income Margin is calculated as net income divided by revenues. |
||||||||||||||||
(2) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by revenues. |
||||||||||||||||
|
Twelve Months Ended |
|||||||
|
September 30, 2025 |
|
December 31, 2024 |
|||||
(all amounts in thousands of US$) |
|
|
|
|||||
Net income |
$ |
178,456 |
|
|
$ |
166,074 |
|
|
Finance cost, net |
|
24,931 |
|
|
|
26,175 |
|
|
Income tax expense |
|
62,218 |
|
|
|
57,544 |
|
|
Depreciation, depletion and amortization |
|
110,679 |
|
|
|
99,941 |
|
|
Loss on disposal of fixed assets |
|
656 |
|
|
|
2,411 |
|
|
Foreign exchange loss/(gain), net |
|
17,035 |
|
|
|
(20,846 |
) |
|
Derivative financial instrument (gain)/loss, net |
|
(21,841 |
) |
|
|
22,441 |
|
|
Fair value loss on sale of accounts receivable, net |
|
3,964 |
|
|
|
4,620 |
|
|
Share-based compensation |
|
3,223 |
|
|
|
3,841 |
|
|
IPO transaction costs |
|
4,632 |
|
|
|
11,816 |
|
|
Other |
|
(4,506 |
) |
|
|
(3,617 |
) |
|
Adjusted EBITDA |
$ |
379,447 |
|
|
$ |
370,400 |
|
|
Reconciliation of Free Cash Flow |
||||||||
|
|
|
||||||
|
|
Nine Months Ended September 30 |
||||||
|
|
|
2025 |
|
|
|
2024 |
|
(all amounts in thousands of US$) |
|
|
|
|||||
Net cash provided by operating activities |
$ |
214,827 |
|
|
$ |
197,143 |
|
|
Adjusted by: |
|
|
|
|||||
Investments in property, plant and equipment |
|
(119,081 |
) |
|
|
(113,213 |
) |
|
Investments in identifiable intangible assets |
|
(2,399 |
) |
|
|
(333 |
) |
|
Proceeds from the sale of assets, net of disposition costs |
|
1,048 |
|
|
|
199 |
|
|
Net Capital Expenditures |
|
(120,432 |
) |
|
|
(113,347 |
) |
|
Free Cash Flow |
$ |
94,395 |
|
|
$ |
83,796 |
|
|
Reconciliation of Net Debt |
||||||||
|
|
|
||||||
|
|
As of |
||||||
|
|
September 30, 2025 |
|
December 31, 2024 |
||||
(all amounts in thousands of US$) |
|
|
|
|||||
Short-term borrowings, including accrued interest |
$ |
6,183 |
|
|
$ |
33,608 |
|
|
Long-term borrowings |
|
390,084 |
|
|
|
358,222 |
|
|
Short-term lease liabilities |
|
11,364 |
|
|
|
12,386 |
|
|
Long-term lease liabilities |
|
56,847 |
|
|
|
55,967 |
|
|
Less: |
|
|
|
|||||
Cash and cash equivalents |
|
(195,640 |
) |
|
|
(12,124 |
) |
|
Net Debt |
$ |
268,838 |
|
|
$ |
448,059 |
|
|
Net Debt to Adjusted EBITDA |
||||||||
|
As of |
|||||||
|
September 30, 2025 |
|
December 31, 2024 |
|||||
(all amounts in thousands of US$) |
|
|
|
|||||
IFRS: |
|
|
|
|||||
Short-term borrowings, including accrued interest |
$ |
6,183 |
|
$ |
33,608 |
|||
Long-term borrowings |
|
390,084 |
|
|
358,222 |
|||
Short-term lease liabilities |
|
11,364 |
|
|
12,386 |
|||
Long-term lease liabilities |
|
56,847 |
|
|
55,967 |
|||
Total Debt |
$ |
464,478 |
|
$ |
460,183 |
|||
Trailing Twelve Months Net Income |
$ |
178,456 |
|
$ |
166,074 |
|||
Ratio of Total Debt to Net Income |
|
2.60 |
|
|
2.77 |
|||
Non-IFRS: |
|
|
|
|||||
Net Debt |
$ |
268,838 |
|
$ |
448,059 |
|||
Trailing Twelve Months Adjusted EBITDA |
$ |
379,447 |
|
$ |
370,400 |
|||
Ratio of Net Debt to Adjusted EBITDA |
|
0.71 |
|
|
1.21 |
|||
Product Volumes and External Pricing |
||||||||||||||||||||||||
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
|||||||||||||||||||||
Volumes (in thousands) (1)(2)(3) |
2025 |
|
2024 |
|
Change |
|
% Change |
|
2025 |
|
2024 |
|
Change |
|
% Change |
|||||||||
Total cement volumes |
1,461 |
|
|
1,424 |
|
|
|
|
|
|
4,195 |
|
|
4,336 |
|
|
|
|
|
|||||
Cement consumed internally |
(345 |
) |
|
(353 |
) |
|
|
|
|
|
(1,030 |
) |
|
(1,079 |
) |
|
|
|
|
|||||
External cement volumes |
1,116 |
|
|
1,071 |
|
|
45 |
|
|
4.2 |
% |
|
3,165 |
|
|
3,257 |
|
|
(92 |
) |
|
(2.8 |
)% |
|
Total aggregates volumes |
2,150 |
|
|
1,922 |
|
|
|
|
|
|
6,303 |
|
|
5,363 |
|
|
|
|
|
|||||
Aggregates consumed internally |
(904 |
) |
|
(1,015 |
) |
|
|
|
|
|
(2,801 |
) |
|
(2,860 |
) |
|
|
|
|
|||||
External aggregates volumes |
1,246 |
|
|
907 |
|
|
339 |
|
|
37.4 |
% |
|
3,502 |
|
|
2,503 |
|
|
999 |
|
|
39.9 |
% |
|
External ready-mix concrete volumes |
1,198 |
|
|
1,151 |
|
|
47 |
|
|
4.1 |
% |
|
3,482 |
|
|
3,479 |
|
|
3 |
|
|
0.1 |
% |
|
External concrete block volumes |
16,032 |
|
|
16,139 |
|
|
(107 |
) |
|
(0.7 |
)% |
|
47,501 |
|
|
50,260 |
|
|
(2,759 |
) |
|
(5.5 |
)% |
|
Total fly ash volumes |
201 |
|
|
162 |
|
|
|
|
|
|
520 |
|
|
433 |
|
|
|
|
|
|||||
Fly ash consumed internally |
(42 |
) |
|
(41 |
) |
|
|
|
|
|
(120 |
) |
|
(103 |
) |
|
|
|
|
|||||
External fly ash volumes |
159 |
|
|
121 |
|
|
38 |
|
|
31.4 |
% |
|
400 |
|
|
330 |
|
|
70 |
|
|
21.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(1) Sales volumes are shown in tons for cement, aggregates and fly ash; in cubic yards for ready-mix concrete; and in 8-inch equivalent units for concrete blocks. |
||||||||||||||||||||||||
(2) Cement, aggregates and fly ash consumed internally represents the quantity of those materials transferred to our ready-mix concrete and concrete block product lines for use in the production process. Internal trading activity represents the consumption of internally sourced materials at a transfer price approximating market prices. These amounts are eliminated at the operating segment level or in consolidation, as appropriate. |
||||||||||||||||||||||||
(3) Aggregate volumes exclude by-products. |
||||||||||||||||||||||||
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
|||||||||||||||||||||||
Average External Selling Price (1) |
2025 |
|
2024 |
|
$ Change |
|
% Change |
|
2025 |
|
2024 |
|
$ Change |
|
% Change |
|||||||||||
Cement |
$ |
149.07 |
|
$ |
149.48 |
|
$ |
(0.41 |
) |
|
(0.3 |
)% |
|
$ |
149.44 |
|
$ |
150.19 |
|
$ |
(0.75 |
) |
|
(0.5 |
)% |
|
Aggregates |
$ |
24.30 |
|
$ |
23.52 |
|
$ |
0.78 |
|
|
3.3 |
% |
|
$ |
24.86 |
|
$ |
24.13 |
|
$ |
0.73 |
|
|
3.0 |
% |
|
Ready-mix concrete |
$ |
162.23 |
|
$ |
160.43 |
|
$ |
1.80 |
|
|
1.1 |
% |
|
$ |
162.29 |
|
$ |
160.17 |
|
$ |
2.12 |
|
|
1.3 |
% |
|
Concrete block |
$ |
2.33 |
|
$ |
2.37 |
|
$ |
(0.04 |
) |
|
(1.7 |
)% |
|
$ |
2.35 |
|
$ |
2.38 |
|
$ |
(0.03 |
) |
|
(1.3 |
)% |
|
Fly ash |
$ |
51.86 |
|
$ |
53.25 |
|
$ |
(1.39 |
) |
|
(2.6 |
)% |
|
$ |
54.03 |
|
$ |
49.90 |
|
$ |
4.13 |
|
|
8.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
(1) Average external selling prices are shown on a per ton basis for cement, aggregates and fly ash; on a per cubic yard basis for ready-mix concrete; and on a per 8-inch equivalent unit for concrete blocks. |
||||||||||||||||||||||||||
Segment Volume and Pricing Trends(1)(2) |
||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||
|
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
||||||||||||||||||||
|
|
Florida |
|
Mid-Atlantic |
|
Florida |
|
Mid-Atlantic |
||||||||||||||||
|
|
% Change |
|
% Change |
|
% Change |
|
% Change |
||||||||||||||||
|
|
Volume |
|
Average Price |
|
Volume |
|
Average Price |
|
Volume |
|
Average Price |
|
Volume |
|
Average Price |
||||||||
Cement |
1.8 |
% |
|
(0.8 |
)% |
|
3.6 |
% |
|
0.8 |
% |
|
(2.3 |
)% |
|
(0.7 |
)% |
|
(4.3 |
)% |
|
0.4 |
% |
|
Aggregates |
20.4 |
% |
|
1.4 |
% |
|
(40.3 |
)% |
|
24.2 |
% |
|
23.9 |
% |
|
2.8 |
% |
|
(25.4 |
)% |
|
26.7 |
% |
|
Ready-mix concrete |
1.1 |
% |
|
(1.4 |
)% |
|
9.8 |
% |
|
4.5 |
% |
|
(0.5 |
)% |
|
1.0 |
% |
|
1.3 |
% |
|
2.2 |
% |
|
Concrete block |
(0.7 |
)% |
|
(1.7 |
)% |
|
N/A |
|
|
N/A |
|
|
(5.5 |
)% |
|
(1.5 |
)% |
|
N/A |
|
|
N/A |
|
|
Fly ash |
(6.5 |
)% |
|
0.4 |
% |
|
43.8 |
% |
|
1.6 |
% |
|
14.2 |
% |
|
0.5 |
% |
|
23.3 |
% |
|
11.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(1) Percent changes in volume include internal trading activity. |
||||||||||||||||||||||||
(2) Percent changes in prices include the consumption of internally sourced materials at a transfer price approximating market price. |
||||||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20251105436554/en/
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