Titan: nine-month sales up 8.8%, EBITDA down 9% in the third quarter
Titan published its nine-month accounts on 5 November 2026, in which sales and EBITDA moved at different rates. The cement maker's revenue rose 8.8% to €2,189 million. Over the same period, EBITDA increased 1.7% to €482 million, and fell 2.0% at constant scope and exchange rates.
The EBITDA margin thus contracted by 1.5 points to 22.0%. The third quarter widens this gap: sales rose 12.5% in the quarter, but EBITDA fell 9.0% to €170 million. The group cites higher energy and raw material costs, an unplanned shutdown in the United States and a high comparison base.
Acquisitions drive growth, EBITDA declines at constant scope
The gap between reported figures and figures at constant scope and exchange rates is due to the three acquisitions consolidated in 2026, in France, Turkey and the United States, which represent investments of around €700 million since the beginning of the year. They contributed more than €150 million in sales and €28 million in EBITDA over nine months.
At constant scope and exchange rates, sales growth stands at 5.0% over nine months and at 1.5% for the third quarter alone. EBITDA, meanwhile, fell 2.0% over nine months and 17.6% over the quarter.
The group reports additional energy and raw material costs of more than €40 million, excluding scope effects, concentrated in the third quarter. The Project Prime efficiency programme generated savings of around €40 million, which partly offset the increase in production and distribution costs.
With depreciation and amortisation rising to €153 million from €128 million, earnings before goodwill impairment, financial expenses and taxes fell from €345 million to €329 million. In the third quarter, the EBITDA margin dropped to 22.1%, compared with over 27% a year earlier.
The United States weigh on EBITDA, Greece and Eastern Mediterranean grow
The United States, which generate more than half of the group's sales, account for the decline. Revenue there rose 2.0% to €1,152 million, but EBITDA fell 11.4% to €228 million.
The group estimates the impact of one-off events at around €12 million, including a prolonged shutdown of the Pennsuco plant in Florida in the second quarter and an unplanned shutdown at Roanoke, Virginia, in the third quarter. Additionally, residential demand was curbed by mortgage rates in Florida and unfavourable weather in September.
To respond, price increases have been announced for cement, ready-mix concrete and aggregates, effective from January 2027.
Elsewhere, the regions are growing: in Greece and Western Europe, EBITDA increased 31.0% to €74 million (+19.1% at constant scope and exchange rates), on sales up 19.5% to €460 million.
In Eastern Mediterranean, EBITDA rose 40.8% to €63 million, including +17.9% at constant scope and exchange rates. South-Eastern Europe remains the group's second-largest contributor to EBITDA, with €116 million, up 1.5%, on sales growth of 6.4%.
Adjusted net income up 8.7%, net debt rises to €958 million
Net income attributable to the group rose 41.7% to €242 million, and 8.7% on an adjusted basis, as the previous year had borne an impact of €51.9 million related to the disposal of Adoçim in May 2025. The increase relies on the share of associates' profits and on net monetary gains linked to hyperinflation in Turkey.
In the third quarter, net income fell 13.2% to €89 million. Over nine months, operating free cash flow declined to €297 million, compared with €307 million, mainly due to higher working capital requirements, including those of the acquired companies.
Net debt reached €958 million at the end of September, driven by the three acquisitions and the dividend paid in July, for a leverage ratio of 1.56 times. In the meantime, S&P upgraded the group's long-term rating from BB+ to BBB-, within investment grade.
For 2026, Titan anticipates high single-digit sales growth, mid single-digit EBITDA growth and investments of around €300 million, after €248 million over nine months. Before the publication, analysts had expected annual revenue of €2.92 billion, compared with €2.67 billion in 2025.
The EBITDA target assumes a pace faster than that of the first nine months. The group partly relies on acquisitions to support it, whose contribution is expected to rise from around €28 million at the end of September to around €45 million for the financial year, and then exceed €100 million in 2029.
