TITAN Group recorded strong sales growth and higher net profit in the first nine months of 2026, with positive performances in Greece, south-eastern Europe and the eastern Mediterranean, despite pressure from higher energy and raw material costs.
Group sales rose by 9% in the nine-month period, or 5% on a like-for-like basis. Growth accelerated to 13% in the third quarter, or 2% on a like-for-like basis, reflecting organic growth across all regions and the positive contribution of recent acquisitions.
EBITDA came to €482m, up 2% on the same period in 2025, while it fell 2% on a like-for-like basis. Third-quarter EBITDA was €170m.
Profitability improved in Greece, south-eastern Europe and the eastern Mediterranean, with cost-saving initiatives under the Prime programme partly offsetting higher energy and raw material expenses.
By contrast, performance in the US was affected by exceptional operational difficulties, including a prolonged shutdown at the Pennsuco plant and an unplanned shutdown at Roanoke. Adverse weather conditions, weaker demand in the housing market and the inability to implement planned price increases, particularly in Florida, also weighed on results.
The Group delivered a particularly strong performance in net profit, which reached €242m, up 42% year on year. Excluding the impact of the sale of Adoçim in 2025, the increase was 9% on an adjusted basis. Third-quarter net profit was €89m.
A further significant development was the upgrade of the Group’s long-term credit rating by S&P Global Ratings to investment grade, at “BBB-”. According to the company, the upgrade reflects its strong financial position and disciplined balance-sheet management. The net debt-to-EBITDA ratio remained at a healthy 1.56x.
Investment programme
Capital expenditure in the first nine months came to €248m, in line with the TITAN Forward 2029 strategy. Projects include mobile ready-mix concrete units to serve the needs of data centres, expanded capacity in fly ash and aggregates, electricity generation for own use in Turkey, and the construction of specialised silos in Egypt to improve the efficiency of cement exports.
Meanwhile, the integration of the three recent acquisitions is progressing smoothly. They represent investments of about €700m since the start of the year. Their contribution to EBITDA came to around €28m in the nine-month period and is expected to reach €45m for 2026 as a whole and exceed €100m by 2029.
Synergies from the acquisitions are expected to generate around €60m by 2029, with operational improvements progressing in line with the original plan.
Major investment projects are also under way, including the construction of a second production line at the Traçim plant in Turkey, a thermally activated clay production unit in Virginia, US, and the iFESTOS carbon dioxide capture project in Athens, which is under evaluation.
2026 outlook
For 2026 as a whole, management maintains its forecast for sales growth in the high single digits and EBITDA growth in the mid-single digits. Recent acquisitions are expected to make a key contribution, alongside the Prime programme’s efforts to optimise costs and improve operational efficiency.
Capital expenditure for the full year is expected to come to around €300m.
Marcel Cobuz, chairman of the Group’s Executive Committee, said that ‘growth continued in the first nine months, despite inflationary pressures and exceptional events’, adding that ‘investment and the integration of acquisitions are strengthening the Group and accelerating the implementation of the TITAN Forward 2029 strategy’.
Group CFO Giannis Ioannou said that ‘the nine-month performance and the upgrade to investment grade confirm TITAN’s financial strength’, expressing optimism about ‘the period ahead and the prospect of achieving another record year’.
*See the detailed results in the “Supporting Material” column on the right.