Equity Snap: Titan America (TTAM US): 2Q26 results: miss on subdued Florida performance

Research evidence excerpt

Equity Snap: Titan America (TTAM US): 2Q26 results: miss on subdued Florida performance

28 July 2026

Equity Snap: Titan America Equities Construction Materials

(TTAM US)

2Q26 results: miss on subdued Florida performance United States

◆ Maintenance activities impacted Florida operations, offsetting Wesley Brooks, CFA

higher volumes from Keystone in Mid-Atlantic SeniorHSBC SecuritiesAnalyst, Industrials(USA) Inc. and Autos

wesley.brooks@us.hsbc.com

◆ Acquisition raises FY revenue outlook to high-single-digit +1 212 525 0337

growth but erodes margins; now expects modest contraction Laisha Zaack*

Analyst, Industrials and Autos

HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo

Titan America (TTAM US, USD17.62, Hold, TP USD18.50) Financiero HSBC

laisha.zaack@hsbc.com.mx

(Priced as of 28 Jul 2026)

+52 55 8551 3796

The numbers: Revenues increased 10% y-o-y and were 4% ahead of Visible Alpha

consensus and 2% ahead of us due to the acquisition of Keystone Cement’s * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

operations. Excluding this, revenues would have increased 5% y-o-y and would’ve

been in line with consensus but 3% below our figure. EBITDA grew by 1% y-o-y to

USD101m and was 5% short of consensus and 8% below our estimate as Florida

experienced an extended maintenance outage at Pennsuco, offsetting the Mid-

Atlantic beat. EPS of USD0.23 declined 16% y-o-y and was 19% below consensus

due to the operating miss, coupled with a USD0.03 impact attributable to Keystone

transaction costs (higher D&A, transaction expenses, and share-based comp) and a

one-time tax impact related to the post reorganization.

Operational metrics: Consolidated cement volumes rose by 16% y-o-y, aggregates