Earnings call transcript: Titan Cement Q3 2025 sees net profit surge

Titan Cement International SA reported a robust performance for the third quarter of 2025, with significant increases in profitability and revenue. The company’s net profit rose 35% to €102.4 million, supported by a 20% growth in EBITDA to €186.6 million. Titan’s stock responded positively, with a 3.45% increase, reflecting investor optimism about its strategic initiatives and market expansion.

Key Takeaways

• Titan Cement’s Q3 net profit increased by 35% to €102.4 million.
• EBITDA grew 20% year-over-year, reaching €186.6 million.
• The company’s stock price rose by 3.45% following the earnings announcement.
• Titan reduced its net debt significantly, improving its leverage ratio.
• Positive outlook for continued growth in the U.S. infrastructure sector.

Company Performance

Titan Cement demonstrated strong financial health in the third quarter of 2025, with notable improvements across several key metrics. The company expanded its market presence through strategic acquisitions and continued innovation in low-carbon cement technologies. Titan’s performance was bolstered by robust infrastructure demand in the U.S. and strong domestic sales growth in Greece.

Financial Highlights

• Revenue: Surpassed €2 billion for the nine-month period, up 1.4% year-over-year.
• EBITDA: Increased by 20% to €186.6 million in Q3.
• Net Profit: Rose 35% to €102.4 million.
• Margin Expansion: Improved by 400 basis points to 27.3%.
• Net Debt: Reduced to €302 million from €622 million in December 2024.

Market Reaction

Following the earnings release, Titan Cement’s stock price climbed by 3.45%, closing at €40.50. This movement reflects investor confidence in the company’s strategic direction and financial performance. The stock remains within its 52-week range, with a high of €46.35 and a low of €32.35, indicating steady investor interest.

Outlook & Guidance

Titan Cement maintains a positive outlook for the remainder of 2025, expecting continued growth in the U.S. infrastructure and commercial segments. The company is focusing on energy efficiency and cost optimization, with plans to announce updated targets for 2029 at its upcoming Investor Day. Titan is also preparing for a potential rebound in the housing market in 2026.

Executive Commentary

Marcel Cobus, CEO of Titan Cement, highlighted the company’s growth prospects, stating, "This year remains another record profitability year for Titan." He also emphasized the robust growth in Greece, noting, "We continue seeing robust growth in Greece." These comments underline the company’s strong performance and strategic focus.

Risks and Challenges

• Supply Chain Issues: Potential disruptions could impact production and delivery timelines.
• Market Saturation: Increasing competition in key markets may pressure market share.
• Macroeconomic Pressures: Global economic uncertainties could affect demand.
• Tariff Impacts: Export tariffs may influence profitability and market dynamics.
• Energy Costs: Rising energy prices could affect operational costs.

Q&A

During the earnings call, analysts inquired about Titan’s acquisition strategy, particularly the negotiations for a purchase in northern France. The company also addressed challenges in the U.S. residential market and detailed its energy efficiency strategies, highlighting its commitment to sustainable growth.

Full transcript - Titan Cement International SA (TITC) Q3 2025:

Geli, Conference Call Operator: Ladies and gentlemen, thank you for standing by. I am Geli, your chorus call operator. Welcome and thank you for joining the Titan Group conference call and live webcast to present and discuss the nine months 2025 results. Please note this call and presentation is intended for analysts and investors only. All participants will be in listen only mode and the conference is being recorded. The presentation will be followed by a question and answer session. Should anyone need assistance during the conference call, you may signal an operator by pressing Star, Star and zero on your telephone. At this time I would like to turn the conference over to Mr. Marcel Cobus, Chair of the Group Executive Committee, Mr. John Ioannou, Group CFO and Mr. Michael Kolakides, Managing Director, Group CFO until the end of October. Mr. Cobus, you may now proceed.

Marcel Cobus, Chair of Group Executive Committee, Titan Group: Thank you. Thank you and hello everyone. Very happy to be here to present once again a very strong set of quarterly results which confirm our value growth trajectory of Titan. I’m with two CFOs today and that’s another testimony of an excellent continuation and renewal we are doing at the group. Michael Kolakides will continue working with me for the next years, particularly focused on M&A projects as well as on strategic issues. He remains a very valued board member. Thank you. Thank you, Michael, for all these years at the helm of our financial function and for staying with an iron twist the trajectory of the group. Would you like to say a few words, Michael?

Michael Kolakides, Group CFO (Outgoing), Titan Group: Thank you. Thanks, Marcel. Well, I would like to thank everybody for staying with us. It’s been now 10 years that I’ve been handling the investor calls and having close relationships with many of you, with investors and analysts and I would like to thank you for that. I’m very glad that we have picked a record quarter to hand over to John. John, you all have read his CV and you will see him on Tuesday at the Investor Day. I’m very happy to be passing on the baton to him for the CFO role as we have quite a job to do to satisfy to meet the targets that we will be setting on Tuesday.

John Ioannou, Group CFO (Incoming), Titan Group: So thank you all.

Michael Kolakides, Group CFO (Outgoing), Titan Group: And now I’m passing on to John.

Marcel Cobus, Chair of Group Executive Committee, Titan Group: You will all see Michael on Tuesday on the stage as well as mingling with you all at the Investor’s Day. So this quarter is in the good tradition of the past three years, overperforming the markets by Titan. Excellent performance in delivering growth. Yes, we have been helped a bit by the better weather in us, but we have registered a record quarter with positive growth in sales, more than 3.4% and that doesn’t include the forest impact, an over proportional EBITDA growth of more than 20% before forex impact, net profit of more than 35%. And that’s what is not in the press release is is also that the margin expansion is by more than 400 basis points.

So we have reached 27.3% for the quarter as well as Roche which remains top of the class in our industry at more than 17% now for the second year in a row. This quarter is also marked by a lot of activity on the inorganic growth. We have completed three bolt on acquisitions here in Greece, two in aggregates, one in ready mix. The one we have announced yesterday is in Crete. And overall we have added through the boltons more than 200 million tons of aggregates, an essential material particularly for the infrastructure as well as the concrete works around the country and channel capacity building. We have entered the precast joint venture in Western Balkans, which is a very promising market, together with Molins. And we have announced our investment in Bosnia Herzegovina with ramifications in all the neighboring markets.

We have announced one hour ago, after the due or customary announcements to the employees that we have also entered into exclusive negotiation in France for an acquisition in northern France, a very promising market for cement issues where we have acquired the business comprising a terminal, a grinding capacity, a state of the art business. We continue our transformation and capabilities building and the execution of our strategy 2026 at a fast pace backed by a very strong balance sheet given our low leverage over the strategy execution years. We have strengthened the core in cement and aggregates by promoting long clinker solutions. We have invested in cementitious platforms and adjacencies and this is a topic we will discuss more at the time of the investor day.

But also we are among the early adopters of new technologies as we have entered the development stage for our carbon capture project in the plant near Athens. We are progressing at a fast pace with our calcined clay project in our plant in US in Roanoke. And we have announced recently pioneering another revolutionary technology which is Mecca Clay and activating a new generation of cement issues together with Policius, where the first pilot will be in Greece. On the customer innovation front, we are well balanced, exposed to infrastructure, data centers, the commercial segment as well as to residential end market in all our markets. Another element which features our strategy execution is the profitable decarbonization trajectory.

As a reminder, we are long on our CO2 rides beyond 2030 and we have for the first time reduced the CO2 emissions below 600, reaching 588 not to forget the good results have led to a strong balance sheet with low leverage and a significant dry powder which we can deploy for further growth capex and Bolt ONS acquisitions on the culture and organization. I would like once again to thank you all our teams for the excellent performance and dedication in achieving this and also to share the news that we have recently set up a dedicated organization for developing at fast pace a business on alternative cementitious materials. We also continue on innovation front with more partnerships and corporate venture capital investments.

Now for more details on the quarterly results as well as granularity on the regions, I’ll pass the floor to John John, maybe you want to say also how this month of onboarding happened to you and then please dive into the results.

John Ioannou, Group CFO (Incoming), Titan Group: Thank you Marcel and thank you Mikhaili as well. And good morning, good afternoon everyone from my side. I’ve taken officially the role on November 1st, but I’ve been on board since July 1st where we had a very detail and maticulate onboarding procedure the Titan way and I’m very happy now to stand in front of you present to you our Quarter three results. I’m also very excited because these results and our performance of this quarter are exceptionally good on many fronts. So moving to the highlights page, the group continued its upward trajectory in the third quarter, delivering robust sales and growth in profitability. For the nine month sales surpassed the 2 billion mark, up 1.4% year on year, EBITDA for the quarter three grew by 20% while on a year to date basis we reached 474 million plus 8.4% versus prior year.

If we were to adjust for the sale of ATOGYM and the Forex translation impact, the growth would have been plus 13%. NOPAT for the quarter increased by 35% and for the nine months we closed at 223 million, adjusted for the one off loss of 52 million from the sale of Atogym, which was recognized in the second quarter of 2025. Group’s liquidity remains strong with net debt standing at 302 million as of September 25, down from 622 million in December 24, a significant reduction primarily driven by proceeds from the US IPO and the disposal of Atogym. As a result of that, leverage decreased to 0.5 times EBITDA even after accounting for the dividends paid last July. It should be noted that in October FIDS upgraded Titan’s credit rating to BB with positive outlook from Stable outlook.

Recognizing the group’s improving performance, our CapEx reached 185 million versus 181 million in the same period last year, underscoring the group’s continued focus on key strategic priorities to drive operational efficiencies and cost optimization. On a year to date basis we completed three strategic bolt on investments as MARCEL also shared in Greece and a JV with a precast company in Southeast Europe and we’re evaluating some attractive growth investments. Our outlook for the remainder of the year is positive, supported by solid volume growth, resilient pricing, cost initiatives and efficiency gains. Moving to the next slide at the top you can see the group’s continued upward trajectory in the third quarter, delivering robust sales and profitability growth. Quarterly sales reached 684 million up 3.4 year over year.

EBITDA closed at 186.6 million up 19.9% versus per year while NOPAT closed at 102.4 million versus 75.9 million last year and grew by 35% supported by this strong performance in Q3. At the bottom charts you can see the group sales year to date increased by 1.4 driven by increased volumes and overall firm pricing levels. In Greece, the US and Egypt group EBITDA grew by 8.5% driven by cost discipline and energy efficiencies while nopat for the nine months closed 222.7 million adjusted for the one off loss of 51.9 million from the sale of Atogym. This performance is effectively at about last year’s levels despite the increased minorities due to the IPO of Titan America.

On slide 3 you can see the 12 month rolling our sales and profitability EBITDA of the last 12 months reached 617 million and reflects improved margins by more than 100 basis points. Our NOPAT reached 304 million. This figure excludes scope changes related to ATOGYM and minority interest due to the ipo. Looking now at the detailed P and L you can see that both in Q3 and on a year to date basis we not only grew in sales but we have also reduced cost of goods sold, enhancing in this way our margins and we also kept SGA flat on a year to date basis on the volumes front. For the nine months period domestic cement volumes reached 13.2 million tonnes, up 1.7% after adjusting for the sale of Atogen. Aggregate volumes rose across all regions with an overall strong growth of 11%.

This growth was fueled by strategic investments in the US and Greece. Ready mix concrete volume grew by 4%. Looking at the third quarter volumes were higher in all products, with domestic cement sales up 5%, aggregates plus 7% and ready mix plus 2%. Our strong volumes contribute to serving customers across diverse geographies and market segments. The next slide presents a sample of projects where our products are used throughout our value chain. In Greece, we participate in numerous infrastructure and construction projects including the Thessaloniki Flyover and the Elinicon, the largest urban redevelopment project in Europe. In the US we support clients investing in data centers. In Virginia, one of the world’s leading hubs for data center development, infrastructure activity remains robust across the US and in Miami we’re involved in a wide range of projects spanning residential, hospitality and infrastructure sectors.

Moving to the next slide Our capital investments here today reach 185 million versus 181 last year, underscoring the Group’s continued focus on maintaining a world class asset base and supporting key strategic priorities including capacity and logistics, infrastructure enhancements, energy efficiency improvements and digital transformation projects. Year to date. The Group also advanced with targeted bolt on transactions and has a strong pipeline of M and A projects. Looking now at our operating free cash flow, you may notice a difference versus the previous reporting cycles. We have included the finance and tax expenses, while we have excluded from the operating free cash flow the capex. In this way we want to highlight and emphasize the Group’s funding capacity for growth investments, organic and inorganic and return to our shareholders.

You can see that year to date the Group’s operating free cash flow reached 307 million compared to 275 million in 2015, reflecting the improved EBITDA performance. Additionally, proceeds from the US IPO and ATOGYMS divestments have compensated for the high CAPEX levels and the extraordinary dividend paid earlier in July, leading eventually to a reduction of the Group’s net debt by 320 million euro. As a result of this, in the next slide you can see on the left graph that the Group’s net Debt stood at 302 million as of September 25th. Leverage decreased to 0.49 times EBITDA and additionally in October, as I’ve mentioned before, FIJ upgraded Titan’s credit rating to BB with positive outlook. On the right graph you can see that we have limited upcoming bond maturities in the next two years. In fact, more than 80% of our debt is long term.

Our robust financial position provides the Group with significant financial flexibility and dry powder to pursue additional M and A. I will now provide you with an overview of our market performance by region, starting with the US where our operations delivered a strong performance in Q3 and as a result, on a year to date basis, sales in US terms increased by 1.1% while EBITDA hiked by 7.6% to 290.1 million. In euro term, sales in the US reached 1.1 billion and EBITDA grew by 3.6% reaching 257.5 million. Volumes in cement ready mix aggregates and fly ash all increased in Q3 supported by favorable weather conditions. Despite subdued housing market dynamics in Florida, robust aggregates performance offset the slowdown in the residential sector in the Mid Atlantic, higher cement and ready mix volumes contributed to the great toll top line performance.

Infrastructure activity remained robust driven by sustained federal and state investments and in the commercial segment, data center construction continued to grow while population migration to suburban areas and trends such as onshoring further supported momentum across commercial categories. Furthermore, In September our US operations received certification for over 40 new Lindsay products in Florida. Moving on to Greece, the Greek domestic market continued to perform robustly, maintaining the strong momentum seen throughout the year. Total sales for the region grew year to date by 14.7% to 384.8 million and EBITDA increased by 19.2% to 56.6 million. Strong domestic sales volumes were recorded across all product segments, with notable growth in ready mix reflecting our high degree of vertical integration. Aggregate sales also grew by double digits, as did the group’s mortars business supported by the introduction of new products.

Sustained pricing strength was maintained across all product lines, offsetting a higher cost base driven by increased electricity and production costs. Moving to Southeast Europe where market conditions remain broadly stable throughout the year. Performance comps were impacted though as we were lapping exceptionally strong volumes in the early months of 2024, which created a high comparison base. The market activity has since normalized. This moderation coincided with increased import competition in certain countries, resulting in heightened pressure on pricing. Despite this, Southeast Europe grew volumes in most markets in Q3 and and sustained very high EBITDA margins and profitability. Sales for the region in the first nine months of 25 stood at 313 million and EBITDA reached 1 14.5 million. Overall, regional fundamentals remain solid, underpinned by continued infrastructure and residential construction activity as well as the implementation of major cross border transport projects.

As stated already, titan formed the JV to acquire an 80% stake in a precast concrete and steel structure business in Bosnia and Herzegovina operating across Bosnia, Croatia and Serbia. Now moving to the East Mediterranean region where as a reminder, the Group divested its 75% stake in Atochim in May 2024. Hence most of the Q3 performance is attributed to Egypt. While we continue to operate in Turkey with a grinding plant and a pozolanai quarry. Egypt continued on the growth path started this year with higher domestic and export volumes. This combined with improved pricing led to a significantly stronger performance. Commercial and tourism related construction remained the fastest growing segments in Egypt supported by Gulf backed fdi. The group is investing in additional storage capacity to enhance flexibility, allowing our operations to efficiently serve both domestic and export markets.

In Turkey, market activity continues to be supported by large scale reconstruction works in the country south following recent earthquakes. Finally a word on Brazil which we consolidate on an equity basis. Domestic cement construction in Brazil grew by 3% in the nine months of 2025. In the Northeast region where we operate, consumption rose by 6.4% driven by increased public works and growth in the residential segment. Apodi posted year to date sales of 78.3 million plus 5.9% in local currency while EBITDA increased to 20.3 million which is a growth of 21.2% in local currency and now let me pass the word back to Marcel for a couple.

Marcel Cobus, Chair of Group Executive Committee, Titan Group: Of words on the outlook we remain positive on our outlook in the US Infrastructure and private non residential remain the key growth drivers given our unmatched logistics capability and strengthened by the recent investments. We continue seeing robust growth in Greece as John mentioned here, supported by the EU funded infrastructure but also a very good balance on the end markets between commercial infrastructure and residential which is fueled by strong private consumption. Southeastern Europe the story continues with stable growth and high margins supported by public investment, foreign remittances as well as increasingly EU funding. So construction and tourism remain key value drivers there.

Egypt it’s markedly an improved market where we are equally balanced between domestic markets which is benefiting from increased public investment as well as regional export opportunities in markets which are in boom of reconstruction as well as Turkey which is still improving its its market demand post earthquake of last year. While economic growth is expected to be moderate, however, we maintain a long term strategic presence following recent portfolio adjustments. So overall a positive outlook that also illustrates the profile of the group which is with an exposure to attractive markets, well balanced portfolio mix which now presents a strong backlog, strong order book resilient pricing including for aggregates and ready mix.

We continue our performance initiatives as we prepare 2026 in pricing but also cost improvements and these are mainly energy related whether it’s substitution of fossil fuels by by lower cost alternative fuels or mitigating Increasing electricity costs and lowering consumptions. We continue our growth capex and inorganic investments. The growth capex goes mainly into grinding storage. John just mentioned that in us to increase our exposure to the precast industries. In addition to the blocks we are now having the regulator approval to launch in the market lintels. These are important precast elements used to strengthen the windows and doors. And given the favorable legislation as well as the increased penetration of concrete for durability of housing. This is another way of preparing for the housing rebound.

So this year remains another record profitability year for Titan which is marked by transformative moves like the investments in cement tissues boltons on aggregates. As a reminder, this is the year we also had the IPO in us. We had a record shareholder return with a special dividend at €3 per share. We are delivering top of class Roche. We are portfolio reshuffling including the recent moving in Turkey. And we continue the shares buyback as previously announced. Maybe I will finish to what you should expect from us at the investor day on Tuesday. Look, we’ll make the case for delivering in advance all the relevant Financial targets one year in advance to our Strategy 2020. While we are outperforming the markets for consistently for the past three years in terms of growth, we will share with you our views in pursuing value growth.

Our views on strong markets with attractive value growth in Europe and US. And we spend time together with all executives on displaying the value drivers going forward. Our cementitious platform, our advanced AI and adoption of new technologies which is continuously fueling industrial gains. And of course our expectations on continuing and building the funnel for inorganic growth and M and A. And together with our CFO and Michael here, we will also provide you the financial trajectory and the upgraded target for 2029. So this will be a very interesting day. Looking forward to having you all there and discussing all these excitement news. I think that ends our formal presentation. Happy to take some questions for the remaining time.

Geli, Conference Call Operator: Thank you. Ladies and gentlemen. At this time we will begin the question and answer session. Anyone who wishes to ask a question may press STAR followed by one on their telephone. If you wish to remove yourself from the question queue then you may press star and 2. Please use your handset when asking your question for better quality. Anyone who has a question may press Star and one at this time. One moment for the first question please. The first question is from the line of Burazanes Marios with Europe Bank Equities. Please go ahead.

Marios Burazanes, Analyst, Europe Bank Equities: Good afternoon, I hope you can hear me. Yes, thank you for your Presentation and thank you for taking the time. Just a couple of questions from my side. I just wanted to maybe ask for a bit more color on the investment in France that you mentioned. If there is a timeline out for that. And also maybe some comments on the size of this deal, if you could comment on that. And also I just wanted to ask about the US as well. You know, you mentioned continuous strength in infrastructure and commercial, but a bit more weaker residential trends. Is this something that you also see continuing into 2026? And is this sort of new trend in profitability also expected to continue for Titan America going ahead?

Marcel Cobus, Chair of Group Executive Committee, Titan Group: Thank you for your question. So we did not announce an investment in France. We announced that we entered exclusive negotiation for the acquisition of Brac de l’. Estuer. That’s also in line with the regulation in France where employees are consulted. Then there are other customary approvals. So towards the completion, if everything goes well, this will take probably between three and six months, but we will keep you appraised. We are acquiring a business in northern France in the port of Le Havre, not far from one of the markets with the highest growth and profitability and future developments, which is the greater Paris and the central market of France. This complements our position which we already have in France, in southern France. And it’s a platform for us to further develop our position by promoting low carbon products, low clinker products, but also directly cement issues.

You may remember that over the past two years we have invested in pozolanic based cements. Pozolanic is an excellent cementitious which can reduce both the clinker as well as the carbon. In a market like France, which has specific regulations on the energy efficiency in the buildings and promotes this. We are not disclosing today the financials of this transaction. We may do it at a later stage. But we are very happy with this. We are very happy with this move now on us. Your reading is right. We are happy with the order backlog and we are happy with the volumes and pricing resilience across all our business lines. Cement aggregates and ready mix. We are seeing also nice pricing developments in aggregates and ready mix and fly ash in the market.

Our exposure to infrastructure markets which continue to be a key driver as well as commercial segment including data center. And I think at the time of the the investor day will provide you more granularity. And you will be happy to hear on how many projects of data centers our teams in US are exposed and they do. A new way of selling housing remains a challenging segment. While you will see that some of the housing indexes show a certain rebound. This we don’t yet see in the volumes and probably this will continue for a couple of months. There is always a time lag between the interest rates and the investments, the actual investment. So as we have communicated yesterday to the markets in us or this morning to the market in US this rebound is extremely now to be in the second half of next year.

However, the margins to your question, we believe that the margins will continue to be strong thanks to both self help measures on the industrial cost as well.

Geli, Conference Call Operator: As.

Marcel Cobus, Chair of Group Executive Committee, Titan Group: On the other cost categories, but also thanks to preparation of 2026 in terms of pricing.

Marios Burazanes, Analyst, Europe Bank Equities: That’s very clear. Thank you.

Marcel Cobus, Chair of Group Executive Committee, Titan Group: Thank you.

Geli, Conference Call Operator: Once again. To register for a question, please press star and one on your telephone. As a reminder, if you’d like to ask an audio question please press star and one on your telephone. Ladies and gentlemen, there are no audio questions at this time. I will now move on to our webcast participant written questions. The first question is from Agosta Derick with Kech and I quote high Congratulations on these excellent results. I have two questions if I may. First, first, EBITDA growth was largely supported by cost discipline and energy efficiencies. Could you provide more details on which specific efficiency measures delivered the largest impact? How sustainable these cost improvements are going into 2026 and is there still potential for further reduction optimization?

Marcel Cobus, Chair of Group Executive Committee, Titan Group: Yeah. Thank you. Thank you August for your question. Look, the usual suspects and we are doubling down on them. So it’s energy and materials and on the energy is on both fronts lowering our catalytical consumption and electricity consumption, but also doubling down in our investments in using alternative fuels. We have reached increasingly in two of our plants consistently usage of alternative fuels beyond 80%. The plant near Athens here is at more than 85% on a consistent basis. Just as a reminder, between 2021 and 2025 the gains from alternative fuels meaning replacing fossil fuels by waste shredded tires, used oils and similar fuels have already brought to Titan close to 100 million in gauge. So this will continue. The second is replacing part of the clinker with alternative cementitious materials. As we bring up more pozolan, more fly ash.

Increasingly we are securing flag and in the future we will have also clay. I’m sure at the time of the investor day since we will spend probably one third of the time with investors and the equity analysts on the efficiencies, we will provide more details on the industrial cost gains. We will announce a target on the industrial cost gains for the coming years which will continuously fuel the margin optimization.

Geli, Conference Call Operator: Thank you. And the second question from Mr. Auguste and I quote, do you consider it possible that the residential market in the US will recover by the end of half 1 26? If not, what measures can you take to cope with this trend?

Marcel Cobus, Chair of Group Executive Committee, Titan Group: I think we answered this question extensively for the live question.

Geli, Conference Call Operator: Thank you. The next question is from Ethan Cunningham with On Field Investment Research. How do the US tariffs work or impact your Greek business? What are the impacts of tariffs on your Greek exports and US imports?

Marcel Cobus, Chair of Group Executive Committee, Titan Group: We continue having a long supply chain from our operations to US from Turkey as we used to have it from Greece and we are building capacities now and capabilities to start and consistently deliver to us from Egypt. So we maintain an export mix of outlets where delivering good quality and at the same time at lowest cost is our mission now. Given the impact of tariffs today, the impact is rather limited. I think it’s seven to eight dollars per ton. Seven to eight dollars per ton. We have confirmed this morning as well in the. In the Titan America, Titan America phone call and this is not more than 6 million give or take for the year. So good mix of export outlets, limited impact for now and we continuously adapt to the situation.

Geli, Conference Call Operator: Thank you.

Michael Kolakides, Group CFO (Outgoing), Titan Group: Between Greece, Turkey and Egypt, the terms.

Marcel Cobus, Chair of Group Executive Committee, Titan Group: Are practically the same.

Geli, Conference Call Operator: Thank you. As a final reminder to register for a question, for an audio question, please press star and one on your telephone. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Mr. Cobus for any closing comments. Thank you.

Marcel Cobus, Chair of Group Executive Committee, Titan Group: Very well. Thank you. Very glad to be here with Michael and John and reporting these great results which show the strength of Titan Group, the strength of its portfolio. Well balanced, well balanced meeting mix on attractive markets which display nice value growth going forward. More to say on all these topics as well as new strategic priorities and targets for 2029 on 11th November for our investors Day in Athens. This will also be followed by a roadshow with equity analysts in London and Greece in the month of December.

So we are creating new opportunities to spend time with all of you and very happy to answer any questions and of course all these documents of today as well as the documents that we are going to publish on Tuesday will be made available to all of you and at any time for any questions we have here Spiros Camizulis to get your questions and to answer them. Thank you again and see you in few days.

Geli, Conference Call Operator: Ladies and gentlemen, the conference is now concluded and you may disconnect your telephone. Thank you for calling and have a good afternoon.

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