TITAN posts strong H1 results as sales reach €1.42B and EBITDA €312M

Group sales reached €1.42 billion, representing a 7% year-on-year increase. Approximately €80 million of the increase was generated by the recently acquired businesses, while organic growth contributed a further €86 million, with sales rising across all geographical regions for the second consecutive quarter.

The increase was driven by higher sales volumes of aggregates and ready-mix concrete, consistently strong cement volumes, and improved pricing.

Higher profitability

Group EBITDA increased by 8.7% to €312 million, with the recently completed acquisitions contributing €13 million on a progressive basis. The EBITDA margin expanded by 40 basis points, as efficiency improvement initiatives and the Project Prime programme largely offset the impact of temporary and non-recurring factors.

Net profit after tax and non-controlling interests rose to €153 million, an increase of 124% year-on-year. On a comparable basis, net profit increased by 16%, despite higher depreciation charges and a greater tax burden, supported by the improved contribution from the Group’s Brazilian joint venture.

Performance across markets

In the United States, performance remained strong in local currency despite varying trends across regional markets. Softer demand in Florida was offset by robust activity in the Mid-Atlantic region, while higher sales volumes were primarily driven by ready-mix concrete, concrete blocks and fly ash. The acquisition of Keystone, completed during the first half, has been consolidated into the Group’s financial results since May.

In Greece, growth momentum remained strong, supported by increasing demand across all major product categories, a favourable pricing environment, and an extensive pipeline of infrastructure and commercial development projects. The Group is also pursuing new growth initiatives, including its entry into the mortar market through the joint venture established at the end of 2025.

In Western Europe, the Group focused on integrating Vracs de l’Estuaire in France while accelerating the transition towards lower-clinker cement products, against a backdrop of continued weakness in construction activity across most regional markets.

Southeastern Europe continued to deliver strong performance, supported by higher sales volumes and resilient pricing, allowing the region to maintain the highest profitability margins within the Group.

The Eastern Mediterranean was another key growth driver, with strong domestic demand and favourable pricing conditions in Egypt supporting results. A significant milestone during the period was the commencement of cement exports from Egypt to the United States.

In Türkiye, performance benefited from higher sales volumes following the integration of Traçim, combined with improved operating performance across the Group’s existing operations in the country.

Higher sales volumes

Total cement sales volumes reached 9.5 million tonnes during the first half of 2026, an increase of 7%, primarily reflecting the contribution of recent acquisitions. On a like-for-like basis, volumes remained broadly stable, with growth in Greece, Egypt and most Southeastern European markets offsetting slightly lower volumes in the United States.

Ready-mix concrete sales volumes increased by 1% on a like-for-like basis, supported by strong demand in Greece and improved market conditions in the United States during the second quarter. Aggregate volumes rose by 7%, accelerating to 10% growth in the second quarter, driven by robust demand in Greece and Florida.

Concrete block sales volumes increased by 9%, recovering from 2025 levels. In contrast, sales volumes of Alternative Cementitious Materials (ACMs) declined, as higher fly ash sales in the United States were offset by lower volumes in Greece following the temporary suspension of operations at the pozzolan quarry to facilitate upgrade works.

Challenges and resilience

The Group’s first-half performance was also affected by several temporary headwinds, including the extended shutdown of its Florida plant following scheduled maintenance, delays in cement imports into the United States caused by supply chain disruptions linked to the conflict in Iran, and higher production costs in Greece due to reduced pozzolan output.

Despite these challenges, TITAN’s first-half results underscore the resilience of its business model. Organic growth, improved operational efficiency and the successful integration of recent acquisitions have strengthened the Group’s prospects for further growth during the remainder of 2026.