| EXHIBIT NO. | DESCRIPTION | ||||
| 99.1 | |||||
Date: July 28, 2026 | Titan America SA | ||||||||||||||||||||||||||||
| By: | s/ Larry Wilt | ||||||||||||||||||||||||||||
| Name: | Larry Wilt | ||||||||||||||||||||||||||||
| Title: | Chief Financial Officer | ||||||||||||||||||||||||||||
Exhibit 99.1 | ||
| Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | $ Change | % Change | 2026 | 2025 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
| (all amounts in thousands of US$) | |||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | $ | 470,626 | $ | 429,239 | $ | 41,387 | 9.6 | % | $ | 869,047 | $ | 821,678 | $ | 47,369 | 5.8 | % | |||||||||||||||||||||||||||||||
| Net Income | $ | 43,271 | $ | 51,132 | $ | (7,861) | (15.4) | % | $ | 76,288 | $ | 84,505 | $ | (8,217) | (9.7) | % | |||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 100,733 | $ | 99,459 | $ | 1,274 | 1.3 | % | $ | 183,270 | $ | 179,243 | $ | 4,027 | 2.2 | % | |||||||||||||||||||||||||||||||
| Cashflow provided by operating activities | $ | 75,034 | $ | 72,901 | $ | 2,133 | 2.9 | % | $ | 136,601 | $ | 108,094 | $ | 28,507 | 26.4 | % | |||||||||||||||||||||||||||||||
| Free cash flow | $ | 20,001 | $ | 23,399 | $ | (3,398) | (14.5) | % | $ | 49,708 | $ | 26,094 | $ | 23,614 | 90.5 | % | |||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||
| (all amounts in thousands of US$) | ||||||||||||||||||||||||||||||||
| Florida | $ | 256,663 | $ | 260,753 | (1.6) | % | $ | 510,057 | $ | 513,996 | (0.8) | % | ||||||||||||||||||||
| Mid-Atlantic | 213,963 | 168,486 | 27.0 | % | 358,990 | 307,682 | 16.7 | % | ||||||||||||||||||||||||
| Consolidated | $ | 470,626 | $ | 429,239 | 9.6 | % | $ | 869,047 | $ | 821,678 | 5.8 | % | ||||||||||||||||||||
Segment Adjusted EBITDA | ||||||||||||||||||||||||||||||||
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||
| (all amounts in thousands of US$) | ||||||||||||||||||||||||||||||||
| Florida | $ | 50,613 | $ | 62,160 | (18.6) | % | $ | 123,188 | $ | 132,952 | (7.3) | % | ||||||||||||||||||||
| Mid-Atlantic | $ | 52,794 | $ | 40,613 | 30.0 | % | $ | 65,436 | $ | 51,515 | 27.0 | % | ||||||||||||||||||||
(1) As used throughout this release, the terms Adjusted EBITDA, Adjusted EBITDA Margin, Net Income Margin, free cash flow, net debt and the Ratio of Net Debt to Adjusted EBITDA are non-IFRS financial metrics. See “Reconciliation of IFRS to Non-IFRS” for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure. See “Financial Measures (Non-IFRS)” for further discussion on these non-IFRS measures and why we believe they are useful. | ||
(all amounts in thousands of US$ except for earnings per share) | Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | $ | 470,626 | $ | 429,239 | $ | 869,047 | $ | 821,678 | |||||||||||||||
| Cost of goods sold | (357,480) | (316,550) | (664,017) | (617,583) | |||||||||||||||||||
| Gross profit | 113,146 | 112,689 | 205,030 | 204,095 | |||||||||||||||||||
| Selling expense | (9,750) | (8,611) | (18,059) | (16,851) | |||||||||||||||||||
| General and administrative expense | (38,751) | (33,285) | (71,543) | (64,201) | |||||||||||||||||||
Net impairment (loss)/gain on financial assets | (191) | (130) | (335) | 150 | |||||||||||||||||||
| Fair value loss on sale of accounts receivable, net | (1,303) | (1,139) | (2,349) | (2,102) | |||||||||||||||||||
| Other operating (loss)/income, net | (417) | 196 | (226) | 382 | |||||||||||||||||||
| Operating income | 62,734 | 69,720 | 112,518 | 121,473 | |||||||||||||||||||
| Finance cost, net | (3,499) | (5,571) | (8,244) | (12,153) | |||||||||||||||||||
Foreign exchange gain/(loss), net | 6,714 | (30,706) | 14,722 | (44,519) | |||||||||||||||||||
Derivative financial instrument (loss)/gain, net | (3,703) | 33,906 | (12,485) | 44,810 | |||||||||||||||||||
| Other non-operating income | — | — | — | 2,552 | |||||||||||||||||||
| Income before income taxes | 62,246 | 67,349 | 106,511 | 112,163 | |||||||||||||||||||
| Income tax expense | (18,975) | (16,217) | (30,223) | (27,658) | |||||||||||||||||||
| Net Income | $ | 43,271 | $ | 51,132 | $ | 76,288 | $ | 84,505 | |||||||||||||||
| Earnings per share of common stock: | |||||||||||||||||||||||
| Basic earnings per share | $ | 0.23 | $ | 0.28 | $ | 0.41 | $ | 0.46 | |||||||||||||||
| Diluted earnings per share | $ | 0.23 | $ | 0.28 | $ | 0.41 | $ | 0.46 | |||||||||||||||
| Weighted average number of common stock - basic | 184,373,341 | 184,362,465 | 184,367,993 | 182,323,791 | |||||||||||||||||||
| Weighted average number of common stock - diluted | 184,611,105 | 184,362,465 | 184,587,296 | 182,323,791 | |||||||||||||||||||
| June 30, | December 31, | ||||||||||
| (all amounts in thousands of US$) | 2026 | 2025 | |||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 36,382 | $ | 211,750 | |||||||
| Trade receivables, net | 79,827 | 54,308 | |||||||||
| Other receivables, net | 94,170 | 58,096 | |||||||||
| Inventories | 231,929 | 226,414 | |||||||||
| Prepaid expenses and other current assets | 16,967 | 18,051 | |||||||||
| Income taxes receivable | 41,342 | 41,319 | |||||||||
Short term investments, net | 29,349 | — | |||||||||
| Derivatives and credit support payments | 637 | 17 | |||||||||
| Total current assets | 530,603 | 609,955 | |||||||||
| Noncurrent assets: | |||||||||||
| Property, plant, equipment and mineral deposits, net | 1,239,473 | 930,012 | |||||||||
| Right-of-use assets | 65,892 | 66,158 | |||||||||
| Other assets | 14,641 | 9,139 | |||||||||
| Intangible assets, net | 31,576 | 29,020 | |||||||||
| Goodwill | 260,854 | 221,562 | |||||||||
| Derivatives and credit support payments | 21,851 | 28,029 | |||||||||
| Total noncurrent assets | 1,634,287 | 1,283,920 | |||||||||
| Total assets | $ | 2,164,890 | $ | 1,893,875 | |||||||
| Current liabilities: | |||||||||||
| Accounts and related party payables | $ | 192,741 | $ | 144,681 | |||||||
| Accrued expenses | 26,717 | 22,122 | |||||||||
| Provisions | 9,202 | 8,897 | |||||||||
| Income taxes payable | 20 | 2,189 | |||||||||
| Short term borrowing, including accrued interest | 4,716 | 5,387 | |||||||||
| Lease liabilities | 11,413 | 11,168 | |||||||||
| Derivatives and credit support receipts | 610 | 17 | |||||||||
| Other current liabilities | 9,270 | 6,763 | |||||||||
| Total current liabilities | 254,689 | 201,224 | |||||||||
| Non-current liabilities: | |||||||||||
| Long-term borrowings | 502,042 | 390,438 | |||||||||
| Lease liabilities | 55,910 | 55,420 | |||||||||
Provisions | 73,243 | 61,440 | |||||||||
| Deferred income tax liability | 142,104 | 115,556 | |||||||||
| Derivatives and credit support receipts | 23,356 | 28,300 | |||||||||
| Other noncurrent liabilities | 24,997 | 7,431 | |||||||||
| Total noncurrent liabilities | 821,652 | 658,585 | |||||||||
| Total liabilities | 1,076,341 | 859,809 | |||||||||
| Stockholders’ equity | 1,088,549 | 1,034,066 | |||||||||
| Total liabilities and stockholders’ equity | $ | 2,164,890 | $ | 1,893,875 | |||||||
(all amounts in thousands of US$) | Six Months Ended June 30 | ||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Income before income taxes | $ | 106,511 | $ | 112,163 | |||||||
| Adjustments for: | |||||||||||
| Depreciation, depletion and amortization | 59,861 | 51,686 | |||||||||
| Gain on divestiture | — | (2,552) | |||||||||
| Finance cost | 11,333 | 14,432 | |||||||||
| Finance income | (3,089) | (2,279) | |||||||||
| Foreign exchange (gain)/loss, net | (14,721) | 44,519 | |||||||||
| Derivative financial instrument loss/(gain), net | 12,485 | (44,810) | |||||||||
| Changes in net operating assets and liabilities | (14,275) | (29,366) | |||||||||
| Other | (5,346) | (4,159) | |||||||||
| Cash generated from operations before income taxes | 152,759 | 139,634 | |||||||||
| Income taxes, net | (16,158) | (31,540) | |||||||||
| Net cash provided by operating activities | 136,601 | 108,094 | |||||||||
| Cash flows from investing activities | |||||||||||
| Investments in property, plant and equipment | (86,057) | (80,838) | |||||||||
| Investments in intangible assets | (900) | (1,196) | |||||||||
| Acquisition, net of cash acquired | (275,972) | — | |||||||||
| Short term investments, net | (29,267) | — | |||||||||
| Interest received | 3,355 | 2,091 | |||||||||
| Proceeds from the sale of assets, net of disposition costs | 64 | 34 | |||||||||
| Proceeds from sale of investment | — | 5,368 | |||||||||
| Net cash used in investing activities | (388,777) | (74,541) | |||||||||
| Cash flows from financing activities | |||||||||||
| Repayment of affiliated party borrowings | — | (15,002) | |||||||||
| Borrowings from affiliated party | 128,770 | 4,976 | |||||||||
| Offering costs associated with borrowings | (2,042) | — | |||||||||
| Repayment of third party line of credit | — | (25,000) | |||||||||
| Lease payments | (5,176) | (4,773) | |||||||||
| Share premium distribution | (7,374) | (14,749) | |||||||||
| Proceeds from IPO | — | 144,000 | |||||||||
| Related party recharge for stock-based compensation | (8,006) | — | |||||||||
| Derivative credit support (payments)/receipts and settlements | (11,278) | 33,564 | |||||||||
| Interest paid | (11,454) | (10,602) | |||||||||
| IPO Costs | — | (9,321) | |||||||||
| Net cash provided by financing activities | 83,440 | 103,093 | |||||||||
| Net (decrease)/increase in cash and cash equivalents | (168,736) | 136,646 | |||||||||
| Cash and cash equivalents at: | |||||||||||
| Beginning of period prior to adjustment on initial application of amendments to IFRS 9, effective January 1, 2026 | 211,750 | 12,124 | |||||||||
| Adjustment on initial application of amendments to IFRS 9 effective January 1, 2026 | (6,449) | — | |||||||||
| Beginning of period | 205,301 | 12,124 | |||||||||
| Effects of exchange rate changes | (183) | — | |||||||||
| End of period | $ | 36,382 | $ | 148,770 | |||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| (all amounts in thousands of US$) | |||||||||||||||||||||||
| Net income | $ | 43,271 | $ | 51,132 | $ | 76,288 | $ | 84,505 | |||||||||||||||
| Finance cost, net | 3,499 | 5,571 | 8,244 | 12,153 | |||||||||||||||||||
| Income tax expense | 18,975 | 16,217 | 30,223 | 27,658 | |||||||||||||||||||
| Depreciation, depletion and amortization | 31,049 | 27,270 | 59,861 | 51,686 | |||||||||||||||||||
Loss/(gain) on disposal of fixed assets | 38 | 338 | 89 | 301 | |||||||||||||||||||
Foreign exchange (gain)/loss, net | (6,714) | 30,706 | (14,722) | 44,519 | |||||||||||||||||||
Derivative financial instrument loss/(gain), net | 3,703 | (33,906) | 12,485 | (44,810) | |||||||||||||||||||
| Fair value loss on sale of accounts receivable, net | 1,303 | 1,139 | 2,349 | 2,102 | |||||||||||||||||||
| Share-based compensation | 2,541 | 897 | 4,183 | 1,671 | |||||||||||||||||||
| IPO transaction costs | — | 298 | — | 2,182 | |||||||||||||||||||
Acquisition related expenses | 2,598 | — | 4,002 | — | |||||||||||||||||||
| Other | 470 | (203) | 268 | (2,724) | |||||||||||||||||||
| Adjusted EBITDA | $ | 100,733 | $ | 99,459 | $ | 183,270 | $ | 179,243 | |||||||||||||||
| Revenue | $ | 470,626 | $ | 429,239 | $ | 869,047 | $ | 821,678 | |||||||||||||||
Net Income Margin(1) | 9.2% | 11.9% | 8.8% | 10.3% | |||||||||||||||||||
Adjusted EBITDA Margin(2) | 21.4% | 23.2% | 21.1% | 21.8% | |||||||||||||||||||
| Twelve Months Ended | |||||||||||
| June 30, 2026 | December 31, 2025 | ||||||||||
| (all amounts in thousands of US$) | |||||||||||
| Net Income | $ | 177,222 | $ | 185,439 | |||||||
| Finance cost, net | 18,652 | 22,561 | |||||||||
| Income tax expense | 61,968 | 59,403 | |||||||||
| Depreciation, depletion and amortization | 116,891 | 108,716 | |||||||||
| Loss on disposal of fixed assets | (216) | (4) | |||||||||
| Foreign exchange loss/(gain), net | (14,140) | 45,101 | |||||||||
| Derivative financial instrument (gain)/loss, net | 15,454 | (41,841) | |||||||||
| Fair value loss on sale of accounts receivable, net | 4,259 | 4,012 | |||||||||
| Share-based compensation | 6,304 | 3,792 | |||||||||
| IPO transaction costs | 111 | 2,293 | |||||||||
| Acquisition related expenses | 6,663 | 2,661 | |||||||||
| Other | 523 | (2,469) | |||||||||
| Adjusted EBITDA | $ | 393,691 | $ | 389,664 | |||||||
| Six Months Ended June 30 | |||||||||||
| 2026 | 2025 | ||||||||||
| (all amounts in thousands of US$) | |||||||||||
| Net cash provided by operating activities | $ | 136,601 | $ | 108,094 | |||||||
| Adjusted by: | |||||||||||
| Investments in property, plant and equipment | (86,057) | (80,838) | |||||||||
| Investments in identifiable intangible assets | (900) | (1,196) | |||||||||
| Proceeds from the sale of assets, net of disposition costs | 64 | 34 | |||||||||
| Net Capital Expenditures | (86,893) | (82,000) | |||||||||
| Free Cash Flow | $ | 49,708 | $ | 26,094 | |||||||
| As of | |||||||||||
| June 30, 2026 | December 31, 2025 | ||||||||||
| (all amounts in thousands of US$) | |||||||||||
| IFRS: | |||||||||||
| Short-term borrowings, including accrued interest | $ | 4,716 | $ | 5,387 | |||||||
| Long-term borrowings | 502,042 | 390,438 | |||||||||
| Short-term lease liabilities | 11,413 | 11,168 | |||||||||
| Long-term lease liabilities | 55,910 | 55,420 | |||||||||
| Total Debt | $ | 574,081 | $ | 462,413 | |||||||
| Less: | |||||||||||
| Cash and cash equivalents | $ | (36,382) | $ | (211,750) | |||||||
| Net Debt | $ | 537,699 | $ | 250,663 | |||||||
| Trailing Twelve Months Net Income | $ | 177,222 | $ | 185,439 | |||||||
| Ratio of Total Debt to Net Income | 3.24 | 2.49 | |||||||||
| Non-IFRS: | |||||||||||
| Trailing Twelve Months Adjusted EBITDA | $ | 393,691 | $ | 389,664 | |||||||
| Ratio of Net Debt to Adjusted EBITDA | 1.37 | 0.64 | |||||||||
| Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||||||||||||||||||||||||||||||||
Volumes (in thousands) (1)(2)(3) | 2026 | 2025 | Change | % Change | 2026 | 2025 | Change | % Change | |||||||||||||||||||||||||||||||||||||||
| Total cement volumes | 1,582 | 1,438 | 144 | 10.0 | % | 2,865 | 2,734 | 131 | 4.8 | % | |||||||||||||||||||||||||||||||||||||
| Cement consumed internally | (311) | (341) | (640) | (685) | |||||||||||||||||||||||||||||||||||||||||||
| External cement volumes | 1,271 | 1,097 | 174 | 15.9 | % | 2,225 | 2,049 | 176 | 8.6 | % | |||||||||||||||||||||||||||||||||||||
| Total aggregates volumes | 2,070 | 2,097 | (27) | (1.3) | % | 4,130 | 4,153 | (23) | (0.6) | % | |||||||||||||||||||||||||||||||||||||
| Aggregates consumed internally | (782) | (914) | (1,670) | (1,898) | |||||||||||||||||||||||||||||||||||||||||||
| External aggregates volumes | 1,288 | 1,183 | 105 | 8.9 | % | 2,460 | 2,255 | 205 | 9.1 | % | |||||||||||||||||||||||||||||||||||||
| External ready-mix concrete volumes | 1,198 | 1,168 | 30 | 2.6 | % | 2,291 | 2,284 | 7 | 0.3 | % | |||||||||||||||||||||||||||||||||||||
| External concrete block volumes | 17,861 | 16,494 | 1,367 | 8.3 | % | 34,289 | 31,469 | 2,820 | 9.0 | % | |||||||||||||||||||||||||||||||||||||
| Total fly ash volumes | 207 | 185 | 22 | 11.9 | % | 359 | 319 | 40 | 12.5 | % | |||||||||||||||||||||||||||||||||||||
| Fly ash consumed internally | (44) | (38) | (81) | (78) | |||||||||||||||||||||||||||||||||||||||||||
| External fly ash volumes | 163 | 147 | 16 | 10.9 | % | 278 | 241 | 37 | 15.4 | % | |||||||||||||||||||||||||||||||||||||
| (1) Sales volumes are shown in tons for cement, aggregates and fly ash; in cubic yards for ready-mix concrete; and in 8-inch equivalent units for concrete blocks. | |||||||||||||||||||||||||||||||||||||||||||||||
(2) Cement, aggregates and fly ash consumed internally represents the quantity of those materials transferred to our ready-mix concrete and concrete block product lines for use in the production process. These amounts are eliminated at the operating segment level or in consolidation, as appropriate. | |||||||||||||||||||||||||||||||||||||||||||||||
| (3) Aggregate volumes exclude by-products. | |||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||||||||||||||||||||||||||||||||
Average External Selling Price (1) | 2026 | 2025 | $ Change | % Change | 2026 | 2025 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||
| Cement | $ | 147.55 | $ | 149.75 | $ | (2.20) | (1.5) | % | $ | 148.45 | $ | 149.65 | $ | (1.20) | (0.8) | % | |||||||||||||||||||||||||||||||
| Aggregates | $ | 24.61 | $ | 25.41 | $ | (0.80) | (3.1) | % | $ | 24.99 | $ | 25.17 | $ | (0.18) | (0.7) | % | |||||||||||||||||||||||||||||||
| Ready-mix concrete | $ | 168.39 | $ | 161.28 | $ | 7.11 | 4.4 | % | $ | 167.19 | $ | 162.32 | $ | 4.87 | 3.0 | % | |||||||||||||||||||||||||||||||
| Concrete block | $ | 2.27 | $ | 2.33 | $ | (0.06) | (2.6) | % | $ | 2.30 | $ | 2.35 | $ | (0.05) | (2.1) | % | |||||||||||||||||||||||||||||||
| Fly ash | $ | 55.25 | $ | 55.13 | $ | 0.12 | 0.2 | % | $ | 54.99 | $ | 55.46 | $ | (0.47) | (0.8) | % | |||||||||||||||||||||||||||||||
| (1) Average external selling prices are shown on a per ton basis for cement, aggregates and fly ash; on a per cubic yard basis for ready-mix concrete; and on a per 8-inch equivalent unit for concrete blocks. | |||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, 2026 compared to June 30, 2025 | Six Months Ended June 30, 2026 compared to June 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||
| Florida | Mid-Atlantic | Florida | Mid-Atlantic | ||||||||||||||||||||||||||||||||||||||||||||
| % Change | % Change | % Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||
| Volume | Average Price | Volume | Average Price | Volume | Average Price | Volume | Average Price | ||||||||||||||||||||||||||||||||||||||||
| Cement | (2.5) | % | (0.3) | % | 24.0 | % | (2.0) | % | (1.4) | % | (0.2) | % | 12.0 | % | (1.0) | % | |||||||||||||||||||||||||||||||
| Aggregates | (0.9) | % | (1.3) | % | (5.0) | % | 2.0 | % | 1.4 | % | 1.2 | % | (21.0) | % | (4.0) | % | |||||||||||||||||||||||||||||||
| Ready-mix concrete | (5.7) | % | 0.2 | % | 16.0 | % | 10.0 | % | (4.7) | % | (1.0) | % | 9.0 | % | 9.0 | % | |||||||||||||||||||||||||||||||
| Concrete block | 8.3 | % | (2.6) | % | N/A | N/A | 9.0 | % | (2.1) | % | N/A | N/A | |||||||||||||||||||||||||||||||||||
| Fly ash | 13.9 | % | (2.2) | % | 11.0 | % | 2.0 | % | 13.0 | % | (2.3) | % | 12.0 | % | (1.0) | % | |||||||||||||||||||||||||||||||
| (1) Percent changes in volume include internal trading activity. | |||||||||||||||||||||||||||||||||||||||||||||||
| (2) Percent changes in prices include the consumption of internally sourced materials at a transfer price approximating market price. | |||||||||||||||||||||||||||||||||||||||||||||||
(3) Internal trading activity represents the consumption of internally sourced materials at a transfer price approximating market prices. These amounts are eliminated at the operating segment level or in consolidation, as appropriate. | |||||||||||||||||||||||||||||||||||||||||||||||