Titan America (NYSE:TTAM) executives said 2025 was a “historic transformative year,” highlighting the company’s first year trading on the New York Stock Exchange, record financial performance, and a pending acquisition designed to expand its footprint in the Mid-Atlantic. Management also offered a 2026 outlook that assumes ongoing softness in residential construction but continued strength in infrastructure and private non-residential demand.
Record 2025 results despite mixed demand and weather impacts
President and CEO Bill Zarkalis said Titan America produced all-time highs in revenue, Adjusted EBITDA, net income, and operating cash flow even as construction markets were “affected by soft demand and economic uncertainty.” He described a mixed demand environment in 2025, with residential construction challenged by elevated mortgage rates and affordability issues, while public-sector infrastructure projects and private non-residential activity—particularly data centers, manufacturing, logistics, and energy—supported results.
For the fourth quarter of 2025, Titan America reported:
- Revenue of $406 million, up 4% from $390 million in Q4 2024
- Net income of $44 million, up 19% from $37 million
- Adjusted EBITDA of $94 million, up 12% from $84 million
- Adjusted EBITDA margin of 23.1%, up from 21.4%
For the full year, the company reported:
- Revenue of $1.66 billion, up 1.8% from $1.63 billion in 2024
- Net income of $185 million, up 12% from $166 million
- Adjusted EBITDA of $390 million, up about 5% from $370 million
- Adjusted EBITDA margin of 23.4%, up 75 basis points from 22.7%
Wilt said revenue growth was driven primarily by pricing improvements in aggregates and ready-mixed concrete and higher aggregates volumes, partially offset by lower cement and concrete block volumes tied to residential weakness.
Volumes and pricing: aggregates led growth while cement volumes declined
In the fourth quarter, Titan America’s volumes improved versus the hurricane-impacted prior-year quarter. Cement volumes increased 0.2% year over year, aggregates volumes rose 10.3%, fly ash volumes increased 23.2%, ready-mix volumes grew 0.6%, and concrete block volumes rose 9.8%.
For full-year 2025, cement volumes decreased 2.4% and concrete block volumes declined 2.1%, which management tied to weakness in residential demand. Aggregates volumes increased 15.7% on expanded production capacity and prior strategic investments, while fly ash volumes rose 20.9% and ready-mix volumes increased 0.2%.
On pricing, Wilt said fourth-quarter cement pricing was essentially flat, aggregates pricing increased 2.1%, and ready-mix pricing improved 0.9%, while fly ash and concrete block pricing declined by about 2%. For the full year, like-for-like cement pricing declined 0.4% due to product and geographic mix, aggregates pricing increased 2.8%, fly ash pricing rose 5.6%, ready-mix pricing increased 1.2%, and concrete block pricing declined 1.7% amid single-family softness and elevated regional capacity.
Segment performance: Florida strength offset Mid-Atlantic headwinds
The Florida segment delivered what management described as outstanding results and record performance for the year. In Q4, Florida external revenue was $247 million, up 5.1%, and segment Adjusted EBITDA was $65 million, up 22.5%, with margin expanding to 26.1% from 22.4%. For the full year, Florida revenue rose 2.7% to $1.02 billion and segment Adjusted EBITDA increased 11.6% to $279 million, with margin expanding to 27.2% from 25%.
Wilt said Florida benefited from infrastructure and private non-residential demand, while residential remained challenged. Looking ahead, management pointed to long-term fundamentals including population growth, business migration, infrastructure spending supported by the Moving Florida Forward program and the Infrastructure Investment and Jobs Act (IIJA), and what the company described as a structural housing deficit that could support longer-term demand.
In the Mid-Atlantic segment, results were pressured by several factors. In Q4, Mid-Atlantic external revenue was $159 million, up 3%, but segment Adjusted EBITDA declined 5.4% to $32 million, with margin falling to 20.4% from 22.3%. For the full year, revenue increased 0.8% to $640 million, while segment Adjusted EBITDA declined 10.6% to $121 million and margin fell to 18.8% from 21.2%.
Management attributed Mid-Atlantic headwinds to soft demand in metro New York and New Jersey, adverse weather in the first half that reduced volumes across Virginia and the Carolinas, and higher raw material costs including tariff-related impacts that were not fully offset by price increases. Wilt said tariffs were expected to be a smaller year-over-year headwind in 2026 and that the company’s view for the region was constructive, supported by infrastructure and robust data center construction.
Keystone Cement acquisition agreement and capital allocation priorities
Zarkalis said the company concluded negotiations at year-end and signed an agreement in early January 2026 to acquire Keystone Cement Company in Bath, Pennsylvania, pending regulatory approval. He called the transaction a foundational investment that expands Titan America’s geographic reach and strengthens its vertically integrated footprint.
Management described Keystone as a modern cement facility with about 990,000 short tons of current clinker capacity serving an addressable market of more than 6 million short tons across Pennsylvania, Ohio, Maryland, and Delaware—areas where Titan America said it currently has limited presence. Executives said Keystone’s mineral assets are expected to support more than 50 years of cement production capacity and that the site could offer future commercial aggregates opportunities.
Zarkalis also highlighted logistics synergies, noting the Keystone plant is about 75 miles from Titan America’s Essex Marine hub and about 200 miles from the metro Washington, D.C. area. In response to an analyst question, management said Ohio and Pennsylvania are attractive markets due to manufacturing reshoring and onshoring trends and noted the company already has some customer relationships in the region through its fly ash business.
Balance sheet, shareholder distribution, and 2026 outlook
As of Dec. 31, 2025, Titan America reported $211.8 million in cash and cash equivalents and total debt of $462.4 million, for net debt of $250.7 million. Wilt said net leverage was 0.64x 2025 Adjusted EBITDA, improving from 0.71x at the end of the third quarter and 1.21x at the end of 2024. He also said the next meaningful debt maturity is in July 2027.
Operating cash flow was $81 million in Q4 and $295 million for the full year. Free cash flow was $38 million in Q4 and $132 million for the full year after $163 million in net capital expenditures. Wilt outlined 2025 capital spending priorities including cement plant capacity investments, vertical integration investments in ready-mix and concrete block, expanded limestone reserve access near the Roanoke cement plant, and additional dragline investments in Florida aggregates.
For 2026, management said planned organic growth investments include innovative mining approaches at an aggregates facility in Miami; development, permitting, and construction of a precast lintel manufacturing facility in Florida; completion of expanded processed engineered fuel investments at the Miami cement plant; investments in marine import terminal efficiency in Virginia and New Jersey; expansion of the rail terminal network in Florida; and additional cement grinding capacity investments in Pensacola, alongside continued ready-mix and concrete block investments.
Wilt also announced the board approved a share premium distribution of $0.04 per share, payable May 8, 2026, to shareholders of record on April 20, 2026.
Looking to 2026, Zarkalis said the company expects residential softness to continue, adding that higher oil and energy prices could increase inflation risks and keep mortgage rates elevated. Management’s guidance, on a like-for-like basis, calls for low single-digit revenue growth versus 2025 and “modest expansion” in adjusted EBITDA margins, driven by operational efficiencies and benefits from strategic investments. In the Q&A, management said it did not see a major change in expectations for infrastructure and private non-residential demand versus three months prior, noting that about 50% of IIJA funds have been spent and it expects continued momentum over the next several years.
About Titan America (NYSE:TTAM)
Titan America is a leading vertically integrated, multi-regional manufacturer and supplier of heavy building materials and services operating primarily on the Eastern Seaboard of the United States (the “Eastern Seaboard”). We are a leading provider of materials that contribute to lower carbon emissions than traditional building materials and/or beneficial reuse of waste materials. We are a leading provider of heavy building materials in Florida, the New York and New Jersey Metropolitan area (“Metro New York”), Virginia, North Carolina and South Carolina (Virginia and the Carolinas, together with Metro New York and their adjacent areas, the “Mid-Atlantic”).
