TITAN Group Q3 2022 results

In the first nine months of 2022, all of TITAN Group’s markets recorded strong sales growth, stemming from solid volumes, especially in cement, and from the realization of strong price increases.

The price increases were able to offset the persistent rise in energy and transportation costs. The strong sales performance was supported by the robust demand drivers in the markets in the US where we operate, and the continuing recovery of the construction activity in Greece. In Southeast Europe, very high energy costs have hit the region impacting demand and profitability in some markets. The macroeconomic volatility in Turkey persisted with stronger local pricing and increased exports from our operations, volumes increased in Egypt while Brazil recorded a decline this year. As a result, Group consolidated sales for the first nine months of 2022 reached €1,661.8m posting a 31.6% increase. Energy costs have seen their highest levels during the early part of the 3rd quarter of 2022. However, the Group was able to both increase prices as well as work on improving the energy mix achieving EBITDA improvement. In Q3 EBITDA recorded a strong increase of 23.9% vs 2021 to €95.4m, while year-to-date EBITDA increased to €234.5m, 6.8% above 2021. The Group’s nine-month 2022 net result after taxes and minority interests was up to €89.1m compared to a profit of €81.9m in the same period of 2021, higher by 8.7%