Titan America reported record revenue, profitability and operating cash flow in 2025, supported by volume growth in infrastructure and private non-residential construction markets, along with disciplined cost management.
In the fourth quarter of 2025, the US-based producer posted revenue of US$405.7m, up 4.1 per cent YoY from US$389.8m, while net income rose 19.1 per cent to US$43.5m. Adjusted EBITDA increased by 12.2 per cent to US$93.7m.
For the full year, revenue increased by 1.8 per cent to US$1.66bn, while net income rose 11.7 per cent to US$185.4m. Adjusted EBITDA improved by 5.2 per cent to US$389.7m, with the adjusted EBITDA margin rising to 23.4 per cent from 22.7 per cent in 2024.
Titan America said its Florida business delivered a strong performance, benefiting from infrastructure and private non-residential demand, while its Mid-Atlantic operations were affected by weaker demand in Metro New York and New Jersey, tariffs on imported cement and adverse weather in Virginia and the Carolinas.
External cement sales volumes increased by 2.4 per cent in the fourth quarter to 1.03Mt, although full-year external cement volumes declined by 1.6 per cent to 4.20Mt. External aggregates volumes rose sharply by 36.5 per cent to 4.65Mt in 2025.
Operating cash flow reached US$295.4m in 2025, while free cash flow totalled US$132.1m. At the end of December 2025, Titan America held US$211.8m in cash and cash equivalents, with net debt of US$250.7m, equivalent to 0.64x adjusted EBITDA.
The company also highlighted its previously announced agreement to acquire Keystone Cement Co in Pennsylvania, subject to regulatory approval. Titan America said the deal will expand its geographic footprint, add domestic cement production capacity and strengthen its position in the Mid-Atlantic region.
Looking ahead, the company expects low single-digit revenue growth in 2026 on a like-for-like basis, with modest expansion in adjusted EBITDA margins.
