Positive outlook and a 400-million-euro business plan
Titan Group is entering the new financial year with a 350-400 million euro investment program amid cautiously positive expectations.
More specifically, Titan has forecast low sales growth and a moderate increase in EBITDA.
The management described its outlook as positive but measured, noting that despite resilient demand in key markets, significant uncertainties persist. These include geopolitical risks, pressure from energy costs, rising logistics expenses and supply chain risks. In the US, the housing market continues to be weighed down by high mortgage rates.
Investments
This year’s investments will be primarily directed towards development projects, expanding production capacity, improving logistics and further enhancing efficiency. For 2026, the Group expects resilient demand in the US, particularly in infrastructure and industrial construction, despite high financing costs and continued weakness in residential construction.
In Greece, management anticipates moderate growth in the construction market, supported by resilient private demand and strong public investment. Housing is expected to remain robust due to limited supply, while public infrastructure projects—alongside transport, energy and natural disaster recovery works—are set to be key growth drivers.
Against this backdrop, 2025 marked another year of growth for the Group. Sales rose by 6.4% on a comparable basis to 2.669 billion euros, while EBITDA (earnings before interest, taxes, depreciation and amortisation) exceeded the 600 million euro threshold for the first time, reaching 606.1 million, up 9.3%. Net profit after tax and minority interests attributable to shareholders amounted to 236.3 million, up 7.4%, with earnings per share at 3.2 euros. Return on average capital employed stood at 18.2%.
This performance was primarily driven by strong momentum in Greece and Egypt, improved performance in Southeast Europe and a positive contribution from the US, despite the negative impact of a weaker US dollar.
Cash flow, investments and leverage also showed strong performance. Free cash flow rose to 504 million euros from 414 million in 2024, supported by higher operating profitability, lower outflows for interest and taxes, and improved working capital management. Investments reached a record 285 million euros, up from 251 million in 2024, focusing on growth initiatives, vertical integration, alternative cementitious materials, digitalisation, logistics and storage infrastructure. Net debt stood at 214 million at year-end, with the net debt-to-EBITDA ratio declining to 0.4x from 1.1x in 2024.
Financial flexibility was further strengthened by two milestone transactions: the IPO of Titan America in New York and the sale of Adoçim in eastern Turkey.
The board of directors will propose to the annual general meeting on May 7, 2026, a dividend of 1.10 euros per share, up 10% compared to last year’s ordinary dividend.
Greece also played a key role in the group’s 2025 performance, acting as a major driver of sales and profitability growth. Sales increased by 12.9% to 518.8 million euros, while EBITDA rose by 10.3% to 61.2 million euros. Domestic demand remained strong across all key product categories—including cement, ready-mix concrete, aggregates and dry mortars—reflecting the Group’s strategic focus on vertical integration and expanding its portfolio of value-added products.
