A maker of cement, ready-mixed concrete, aggregates, and concrete block for homes, roads, and infrastructure across the Eastern United States, from New York to Florida. The company is the American arm of TITAN Cement Group, founded in 1902 in Elefsina, Greece, where its founders built the country's first cement plant and named the business after the mythological Titans. Titan America began trading on the New York Stock Exchange in 2025.
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
Titan America used IPO proceeds to slash net debt to $251M, cutting leverage to 0.6x, while net income rose 12% to $185M.
The balance sheet transformed after the February 2025 IPO. rose 1.8% to $1.66 billion and grew 11.7% to $185.4 million as higher aggregates volumes and pricing offset cement volume declines and new tariff costs. The company enters 2026 with nearly halved and a 29% cement capacity expansion underway.
Key takeaways
fell to $250.7 million from $448.1 million, driven by $144 million in IPO proceeds that pushed cash to $211.8 million; the net debt to ratio dropped to 0.6x from 1.2x.
rose 1.8% to $1,664.2 million, as a 37% increase in aggregates external volumes and 3% higher aggregates pricing were partly offset by 2% declines in cement and concrete block volumes.
rose 9.5% to $244.8 million, with the widening 1.0 point to 14.7%; cost of goods sold included $8.3 million in IEEPA tariffs.
rose 19% to $132.1 million, supported by of $295.4 million, up 19.1%, and partially offset by $163.3 million in net .
The Florida grew external 3% to $1,024 million on aggregates and ready-mix strength, while Mid-Atlantic revenue edged up 1% to $640 million as ready-mix and fly ash gains were largely offset by lower cement volumes.
The company stated remediation of the material weaknesses in internal controls over financial reporting, first disclosed in the prior year, is underway.
What changed
The balance sheet flagged last year resolved decisively: to fell to 0.6x from 1.2x, after the IPO injected $144 million of cash.
Cement and aggregates volume trends diverged: cement volumes declined 2% while aggregates external volumes rose 37%, shifting the growth mix toward downstream products.
Post-IPO G&A expenses did not normalize as hoped; cost of goods sold absorbed $8.3 million in new IEEPA tariffs, a not present in FY2024.
What to watch
Cement volume trajectory and whether the 2% decline stabilizes or deepens as capacity expansion spending ramps.
Tariff impact on input costs beyond the $8.3 million already absorbed, and any pricing actions to recover them.
Remediation completion of the material weaknesses in internal controls over financial reporting.
Capital expenditure run-rate against the 4.9 million ton capacity target, and any upward revisions to the total project cost.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
See “Item 5. Operating and Financial Review and Prospects.”
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See “Item 5. Operating and Financial Review and Prospects.”
Titan America faces material risks from construction market cyclicality, input cost inflation, operational hazards, and evolving environmental regulations.
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Demand is highly dependent on volatile U.S. residential and non-residential construction markets, with seasonality and adverse weather, particularly in the Mid-Atlantic, causing significant quarterly fluctuations.
The 29% cement capacity expansion to 4.9 million tons by 2030 remains on track, with rising to $163.3 million from $137.3 million.
Profitability is sensitive to fluctuations in energy, fuel, and transportation costs, which are not hedged, and to the availability and cost of key raw materials like limestone and labor.
Operations are concentrated in Florida (~60%) and the Eastern Seaboard, exposing the business to regional economic downturns, severe weather, and climate change impacts.
The company is subject to extensive and increasingly stringent environmental, health, and safety regulations, with specific risks from cement kiln dust regulation, silica dust standards, and potential greenhouse gas legislation.
As a controlled company (87% voting power held by Titan SA), reliance on the parent for critical services, materials, and credit support creates significant operational and financial dependency risks.
The company identified material weaknesses in its internal control over financial reporting, which could affect the accuracy of its financial statements and investor confidence.
Titan America is a vertically integrated heavy building materials supplier operating in Florida and the Mid-Atlantic, serving construction markets with cement, aggregates, ready-mix concrete, and fly ash.
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The company operates through two reportable segments: Florida and Mid-Atlantic, with Florida generating $1,024 million in external and Mid-Atlantic generating $640 million in fiscal 2025.
It runs two cement plants (Pennsuco in Florida and Roanoke in Virginia) with a combined capacity of 3.9 million tons, and is investing to expand total capacity to 4.9 million tons by 2030.
The company emphasizes lower-carbon products, with over 95% of its Ordinary Portland Cement replaced by Lower-Carbon Cement, and it operates plants using proprietary electrostatic technology.
Key growth strategies include promoting a circular economy through alternative fuels and recycled aggregates, advancing digital transformation with AI/ML logistics, and developing high-performance and 3D-printed concrete products.
Operations are subject to seasonality, with Mid-Atlantic typically lower in the first and fourth quarters due to weather, while Florida and the Carolinas face intermittent hurricane impacts.
The company completed its IPO on the NYSE in February 2025, and its parent, Titan SA, retains approximately 87% ownership.
Revenue rose 2% to $1.66B on aggregates volume/pricing gains; net income grew 12% to $185M as operating leverage and lower finance costs offset FX headwinds.
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Consolidated increased $29.8M (2%) to $1,664.2M, driven by a 37% surge in aggregates external volumes and 3% higher aggregates pricing, partially offset by 2% declines in cement and concrete block volumes.
rose 7% to $268.1M as $29.8M growth and lower contract labor/repair costs more than offset an $11.5M increase in cost of goods sold, which included $8.3M in IEEPA tariffs.
grew 12% to $185.4M, benefiting from a $3.6M decline in net finance costs due to higher interest income on IPO proceeds and a 147bps lower (24.3%).
increased 5% to $389.7M; rose 19% to $132.1M, driven by higher of $295.4M, partially offset by $163.3M in net .
improved sharply to $250.7M from $448.1M, reducing the Net Debt to ratio to 0.6x from 1.2x, primarily due to $144M in IPO proceeds boosting cash to $211.8M.
Florida external grew 3% on strong aggregates and ready-mix performance, while Mid-Atlantic revenue edged up 1% as ready-mix and fly ash gains were largely offset by lower cement volumes.