The year 2024 marked another record year for the Titan Group, exceeding the results achieved in 2023 with both Titan’s sales and profitability growing. Group sales in 2024 totalled EUR2644m, a 3.8 per cent increase YoY, with all regions contributing to this growth, with the US and Europe leading the way for another year.
EBITDA (LfL) closed at EUR592.1m, up by 9.6 per cent, excluding one-off non-recurring costs of EUR12m, driven by a combination of higher sales volumes, sustained pricing, and gains from operational efficiencies in the areas of energy cost management and digitalisation. Increased usage of alternative fuels, which reached record levels of above 24 per cent in December 2024, and reduced solid fuel costs added to the improvement of our profitability margins.
Significant volume growth was achieved at group level in 2024 across all product categories, upstream and downstream, on the back of solid demand and despite the unfavourable weather in the US for most of the 2H24 and the decline of the construction activity in western Europe.
The group’s domestic cement sales increased by two per cent to 17.8Mt. All group exports were directed to Titan’s own terminals, mainly to Titan America in the US, with lower YoY volumes directed to its European terminals in France, UK, and Italy, reflecting the slowdown in construction activity in western Europe during 2024. While exports from Türkiye to the Titan US operations slowed, exports to third parties from Egypt picked up significantly. Ready-mix volumes exhibited positive momentum for another year with increased demand from both the US and Greece, growing at six per cent and reaching 6.3Mm3 at group level. Aggregates were up by a significant 10 per cent to 21.9Mt, driven by substantial demand for infrastructure projects in Greece. The group’s building blocks and fly ash volumes have also increased compared to 2023.
Regional performance
Titan America sales increased for another consecutive year by three per cent, reaching US$1.64bn, while EBITDA (LfL) for the year reached US$368m, up by 15 per cent compared to US$319m in 2023, adjusting for US$9m one-off costs related to the US IPO preparations. In euro terms, sales increased to EUR1.52bn, and EBITDA (LfL) reached EUR341m, adjusting for the US IPO preparation costs, versus EUR296m in 2023.
Overall, sales for Greece and western Europe in 2024 increased by nine per cent to EUR444m, while EBITDA (LfL) reached EUR58.2m versus EUR65.4m last year, as a result of increased electricity and raw materials costs, as well as on account of lower export prices and adjusting for an early retirement programme in Greece incurring one-off costs of EUR4m.
Alternative fuel consumption also doubled in the year in North Macedonia, with a second line having come on-stream over the year. The group’s solar facility in Bulgaria which entered operation in July will cover approximately 13 per cent of the group’s electricity consumption needs in the country. Sales in the southern European region increased by two per cent compared to 2023, to EUR432m, while EBITDA grew by 15 per cent, closing the year at EUR167.6m, compared with EUR145.8m in 2023.
Eastern Europe recorded FY24 sales of EUR250m, up by 4.4 per cent versus 2023, thanks to increased domestic volumes in both Egypt and Türkiye, and much higher exports from Egypt. EBITDA reached EUR25.7m, compared to EUR33.2m in 2023, due to the devaluation of both currencies, impacting profitability (nine per cent growth in local currencies). In 2024 the Brazilian subsidiary Apodi achieved sales reached EUR115m versus EUR128m in 2023, down by 10.2 per cent mainly due to pricing pressures, while EBITDA reached EUR29.5m versus EUR24.4m, 20.9 per cent up YoY, driven by energy efficiencies and decarbonisation cost-reduction initiatives.
