H1 2024 Highlights
- H1 2024 sales grew by 7.6% to €1,323.0m with all regions posting increased sales, with overall volume growth across Group’s product lines. EBITDA reached €281.4m, up 16.7% y-o-y (20% like-for-like adjusted for non-recurring costs), supported by stable pricing and operational cost performance. Net profit increased by 34.1% y-o-y, to €148.7m.
- Q2 2024 sales reached €699.3m, up 9.1% versus Q2 2023, with solid demand levels in the US and elevated activity in Europe. Second quarter’s EBITDA performance of €171.6m marked the 9th consecutive quarter of EBITDA growth.
- Further reduction of net debt translated to low debt leverage ratio of 1.1x EBITDA.
- Group’s growth CapEx in H1 2024 was channeled to improved energy mix performance, digitalization projects, the expansion of quarry reserves and increased logistics and storage capacity.
- TITAN 2026 Green Growth Strategy execution is well on track, with 4 new bolt-on acquisitions completed in the first half and achieving new performance level in alternative fuels substitution & clinker substitution in blended cements. The new family of Titan Edge and Titan Premier brands is launched targeting to double sales of sustainable products and solutions by 2026. The CCS project in Athens and newly awarded Calcined Clay Project in US enter their feasibility assessment phase.
- End-to-end digital tools of Real-Time Optimizers (RTOs) completed in another two plants, achieving productivity and energy reduction gains.
- The Group’s plan to list its US operations in a New York exchange is progressing according to schedule with the listing expected to take place in Q1 2025.
- A new €20m share-buyback program will start upon the termination of the existing one, while the €0.85 dividend/share was paid on July 3rd, 2024.
- Titan’s stock (“TITC”) was included in the FTSE Russell Large Cap Index in Q1 and in the FTSE4Good Index Series at the end of Q2 2024.
- The outlook for the rest of the year remains positive, driven by volume growth and resilient pricing in the US and Europe. Our decarbonization and digitalization initiatives further enhance operational efficiencies.
Click here to read the full press release.
