Titan America Q2 Revenue Climbs 9.6% to $471M, but Net Income Slips 15% on Acquisition Costs and Florida Headwinds

summarizeSummary

Titan America reported Q2 2026 revenue of $470.6 million (+9.6% YoY) and Adjusted EBITDA of $100.7 million (+1.3%), but net income fell 15.4% to $43.3 million. The company updated its full-year outlook to include the Keystone acquisition, guiding for high single-digit revenue growth and a modest margin decline.

check_boxKey Events · Earnings and Guidance · TTAM

• Q2 Revenue Up 9.6% to $470.6M

  Revenue increased 9.6% year-over-year to $470.6 million, including approximately $20 million from the acquired Keystone Cement operations. Organic growth was driven by higher aggregates and concrete block volumes and ready-mix concrete pricing.

• Net Income Drops 15.4% to $43.3M

  Net income fell to $43.3 million from $51.1 million a year ago, pressured by $2 million in after-tax acquisition costs, $3 million in higher depreciation, and $4 million in additional tax expense from the Keystone reorganization.

• Adjusted EBITDA Edges Up 1.3% to $100.7M

  Adjusted EBITDA rose 1.3% to $100.7 million, with Mid-Atlantic segment EBITDA surging 30% to $52.8 million, offsetting an 18.6% decline in Florida to $50.6 million due to extended maintenance and supply chain disruptions.

• Full-Year Outlook Updated for Keystone

  Management now expects high single-digit revenue growth for 2026, including Keystone, but a modest decline in Adjusted EBITDA margin versus 2025, reflecting the lower starting contribution from the acquired business.

auto_awesomeAnalysis · TTAM · Energy & Transportation

Titan America's second quarter painted a mixed picture. Revenue grew 9.6% to $470.6 million, fueled by the Keystone acquisition and robust Mid-Atlantic volumes, yet net income fell 15.4% to $43.3 million as acquisition expenses, higher depreciation, and operational disruptions in Florida squeezed margins. Adjusted EBITDA edged up 1.3% to $100.7 million. With the Keystone deal now factored in, the company updated its full-year outlook, guiding for high single-digit revenue growth but a modest decline in Adjusted EBITDA margin—reflecting the lower starting contribution from the acquired assets. The balance sheet shows net debt of $537.7 million and a leverage ratio of 1.37x, manageable but up from 0.64x at year-end 2025 due to the acquisition. The Florida segment remains a near-term drag, with Adjusted EBITDA down 18.6% on extended maintenance and supply chain issues, while the Mid-Atlantic segment posted a 30% EBITDA jump. Investors will focus on the pace of Keystone integration and whether Florida headwinds ease in the second half.