{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "tit": "http://titan-cement.com/20251231", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://titan-cement.com/20251231/213800H2CDP9I374WH83-2025-12-31.xsd" ] }, "facts": { "f-1": { "value": "
The yearly 2025 audit fees for the statutory accounts of the
Company were set at \u20ac183,750 (plus VAT and out-of-pocket
expenses) (\u20ac185,500 in 2024).
The audit fees for the Group and statutory audit of the Company\u2019s
subsidiaries and affiliates in 2025 amount to \u20ac3,233,237
(\u20ac10,307,083 in 2024).
Non-audit fees (for the Company, subsidiaries, and affiliates) paid
or\u00a0accrued in 2025 amount to \u20ac1,225,380 (\u20ac801,228 in 2024)
and\u00a0include:
\u2022 Audit-related fees (assurance services for the Company,
its\u00a0subsidiaries and affiliates): \u20ac916,980 (\u20ac332,500 in 2024);
\u2022 Tax advisory, other advisory and compliance services: \u20ac308,400
(\u20ac468,728 in 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-2": { "value": "
Going concern disclosure
The Board of Directors having taken into account:
a. the Company\u2019s financial position;
b. the risks facing the Company that could impact on its business
model and capital adequacy; and
c. the fact that no material uncertainties are identified to the
Company\u2019s ability to continue as a going concern in the
foreseeable future and in any event over a period of at least
12\u00a0months from the date of approval of the financial statements
states that they consider it appropriate for the Company to
continue to adopt the going concern basis in preparing its
financial statements and that no material uncertainties are
identified to the Company's ability to continue to adopt the going
concern basis in preparing its Financial Statements in the
foreseeable future and in any event over a period of at least
twelve months from the date of approval of the Financial
Statements for the fiscal year 2025.
Viability statement
The Board of Directors have assessed the prospects of the
Company having regard on its current position and the major risks
facing the Company over a period of five years, which was
considered as appropriate to draw conclusions. The Board of
Directors have a reasonable expectation that the Company will be
able to continue in operation and meet its liabilities as they fall due
over the period of their assessment.
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"ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-565": { "value": "
1. Corporate information and basis of preparation
Following the approval of the Extraordinary Meeting of
Shareholders held on 5 May 2025, the Company changed its legal
name from Titan Cement International S.A. to Titan S.A. (hereinafter
referred to as the \u201cParent\u201d or the \u201cCompany\u201d).
The Company\u2019s corporate registration number is 0699.936.657 and
its registered address is at 14 Place Sainte Gudule, 1000 Brussels,
Belgium, while its management seat is located in the Republic of
Cyprus at 12, Andrea Zakou and Michail Paridi str, MC Building,
2404 Egkomi, Nicosia, Cyprus.
The Company\u2019s shares are traded on Euronext Brussels, with a
parallel listing on Athens Stock exchange and Euronext Paris. The
Company and its subsidiaries (collectively the Group) operate
internationally in the building and infrastructure materials industry,
producing, trading and distributing a broad range of construction
materials, including cement, concrete, aggregates, cement blocks,
dry mortars and fly ash. The Group operates primarily in Greece,
the Balkans, Egypt, T\u00fcrkiye, the USA and Brazil.
Information on the Group\u2019s structure is provided in note 4.
These consolidated financial statements were authorized for issue
by the Board of Directors on 18 March 2026.
The official language of these consolidated financial statements is
French. They are presented in euros, all values are rounded to the
nearest thousand (\u20ac000), except when otherwise indicated, and
the financial period is the calendar year starting on 1 January 2025
and ending on 31 December 2025.
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each entity in the
Group are measured in the functional currency, which is the
currency of the primary economic environment in which each
Group entity operates. The consolidated financial statements
are presented in Euros.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-566": { "value": "Following the approval of the Extraordinary Meeting of Shareholders held on 5 May 2025, the Company changed its legal name from Titan Cement International S.A. to Titan S.A. (hereinafter referred to as the \u201cParent\u201d or the \u201cCompany\u201d).", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-567": { "value": "Titan S.A.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-568": { "value": "S.A.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-569": { "value": "14 Place Sainte Gudule, 1000 Brussels, Belgium, while", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-570": { "value": "Belgium, while", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-571": { "value": "Belgium, while", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-572": { "value": "12, Andrea Zakou and Michail Paridi str, MC Building, 2404 Egkomi, Nicosia, Cyprus.The Group operates primarily in Greece, the Balkans, Egypt, T\u00fcrkiye, the USA and Brazil.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-573": { "value": "The Company and its subsidiaries (collectively the Group) operate internationally in the building and infrastructure materials industry, producing, trading and distributing a broad range of construction materials, including cement, concrete, aggregates, cement blocks, dry mortars and fly ash.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-574": { "value": "
These consolidated financial statements were authorized for issue
by the Board of Directors on 18 March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-575": { "value": "
Basis of preparation
These consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRS),
as issued by the International Accounting Standards Board (IASB)
and as adopted by the European Union and interpretations (IFRIC)
issued by the IFRS Interpretations Committee.
The preparation of financial statements, in conformity with IFRS,
requires the use of certain critical accounting estimates. It also
requires management to exercise its judgment in the process of
applying the accounting policies. The areas involving a higher
degree of judgment or complexity, or areas where assumptions and
estimates are significant to the financial statements are disclosed in
critical estimates and judgments in note 3. They have also been
prepared on historical cost basis, except for investment properties,
certain financial assets and liabilities (including derivative
instruments) and plan assets of defined benefit pension plans
measured at fair value.
The official language of these consolidated financial statements is
French. They are presented in euros, all values are rounded to the
nearest thousand (\u20ac000), except when otherwise indicated, and
the financial period is the calendar year starting on 1 January 2025
and ending on 31 December 2025.
In addition, they have been prepared with the same accounting
policies of the prior financial year, except for the application of the
new or revised standards, amendments and/or interpretations that
are mandatory for the periods beginning on or after 1 January 2025", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-576": { "value": "
These consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRS),
as issued by the International Accounting Standards Board (IASB)
and as adopted by the European Union and interpretations (IFRIC)
issued by the IFRS Interpretations Committee.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-578": { "value": "
1.1 The following new amendments to standards\u00a0are mandatory
for the first time for the financial year\u00a0beginning 1 January 2025
and have been endorsed by the\u00a0European Union:
Amendments to IAS 21 \u2018The Effects of Changes in Foreign
Exchange Rates: Lack of Exchangeability\u2019 (effective 1 January
2025). IAS 21 previously did not cover how to determine exchange
rates in case there is long-term lack of exchangeability and the spot
rate to be applied by the company is not observable. The narrow
scope amendments add specific requirements on:
\u2022 Determining when a currency is exchangeable into another and
when it is not;
\u2022 Determining the exchange rate to apply in case a currency is not
exchangeable;
\u2022 Additional disclosures to provide when a currency is not
exchangeable.
The Group has adopted the amendments in the consolidated
financial statements of 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-577": { "value": "
1.1 The following new amendments to standards\u00a0are mandatory
for the first time for the financial year\u00a0beginning 1 January 2025
and have been endorsed by the\u00a0European Union:
Amendments to IAS 21 \u2018The Effects of Changes in Foreign
Exchange Rates: Lack of Exchangeability\u2019 (effective 1 January
2025). IAS 21 previously did not cover how to determine exchange
rates in case there is long-term lack of exchangeability and the spot
rate to be applied by the company is not observable. The narrow
scope amendments add specific requirements on:
\u2022 Determining when a currency is exchangeable into another and
when it is not;
\u2022 Determining the exchange rate to apply in case a currency is not
exchangeable;
\u2022 Additional disclosures to provide when a currency is not
exchangeable.
The Group has adopted the amendments in the consolidated
financial statements of 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-579": { "value": "
2. Summary of other material accounting policies
Accounting policy information that is material and specific to the
Group is disclosed along with other relevant information, mainly
in each particular note to the Financial Statements (section
\"Accounting Policy\"), while other material accounting policies are
set out below:
Consolidation
The consolidated financial statements comprise the financial
statements of the Company and its subsidiaries. Subsidiaries are
all entities (including special purpose entities) over which the Group
has control. The Group controls an entity when the Group is
exposed to, or has rights to, variable returns from its involvement
with the entity and has the ability to affect those returns through its
power over the entity. Subsidiaries are fully consolidated from the
date on which control is transferred to the Group. They are de-
consolidated from the date that control ceases.
The subsidiaries\u2019 financial statements are prepared as of the same
reporting date and using the same accounting policies as the
parent company. Intragroup transactions, balances and unrealized
gains/losses on transactions between Group companies are
eliminated.
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each entity in the
Group are measured in the functional currency, which is the
currency of the primary economic environment in which each
Group entity operates. The consolidated financial statements
are presented in Euros.
Transactions and balances
Foreign currency transactions are translated into the functional
currency using the exchange rates (i.e. spot rates) prevailing at the
dates of the transactions or valuation where items are re-measured.
Foreign exchange gains and losses, resulting from the settlement of
such transactions and from the translation at year-end exchange
rates of monetary assets and liabilities denominated in foreign
currencies, are recognized under the finance function in the
account \u201cgain/(loss) from foreign exchange differences\u201d of the
income statement, except when deferred in other comprehensive
income as qualifying net investment hedges. When the related
investment is disposed of, the cumulative amount is reclassified to
profit or loss.
Exchange differences arising from intragroup long-term loans and
receivables that are designated as part of a reporting entity's net
investment in a foreign operation are recognized in profit or loss in
the separate financial statements of the reporting entity, or, of the
individual financial statements of the foreign operation, as
appropriate. In the consolidated financial statements, such
exchange differences are recognized in other comprehensive
income and included in \u201ccurrency translation differences reserve
on transactions designated as part of net investment in foreign
operation\u201d in other reserves. Where settlement of these intragroup
long-term loans and receivables is planned or is likely to occur in
the foreseeable future, then these transactions cease to form part
of the net investment in the foreign operation. The exchange
differences arising up to cessation date are recognized in other
comprehensive income and after that date, they are recognized
in profit or loss. On disposal of the net investment in a foreign
operation, the accumulated in other reserves exchange differences
are reclassified from equity to profit or loss.
Translation differences on non-monetary financial assets and
liabilities, such as equity investments held at fair value are included
in the income statement. Translation differences on non-monetary
financial assets, such as equities classified at fair value through
other comprehensive income, are included in other
comprehensive\u00a0income.
Group companies
The financial statements of all Group entities (none of which
operate in a hyperinflationary economy with the exception of the
Turkish subsidiaries) that have a functional currency different from
the presentation currency are translated into the presentation
currency as follows:
\u2022 Assets and liabilities for each balance sheet presented are
translated at the closing rate at the date of the balance sheet.
\u2022 Income and expenses for each statement of profit or loss and
statement of comprehensive income are translated at average
exchange rates, excluding foreign entities in hyperinflationary
economies.
\u2022 All exchange differences resulting from the above are
recognized in other comprehensive income and subsequently
included in \u201cforeign currency translation reserve\u201d.
\u2022 On the disposal of a foreign operation (partially or fully
disposed), the cumulative exchange differences relating to that
particular foreign operation, recognized in the \u201cforeign currency
translation reserve\u201d within equity, are recognized in the income
statement as part of the gain or loss on sale. On the partial
disposal of a foreign subsidiary, the proportionate share of the
cumulative amount is re-attributed to the non-controlling interest
in that operation.
On consolidation, exchange differences arising from the translation
of borrowings designated as hedges of investments in foreign
entities, are taken to other comprehensive income and included
under \u201ccurrency translation differences on derivative hedging
position\u201d in other reserves.
Goodwill and fair value adjustments arising on the acquisition of
a foreign entity are treated as assets and liabilities of the foreign
entity and translated at the closing rate. Exchange differences
arising are recognized in other comprehensive income.
Principal Exchange Rates
The table below presents the principal exchange rates in the key
markets where the Group operates:
Year-end spot rate
Average Rate
Euro
2025
2024
2025
2024
USD
1.175
1.039
1.126
1.082
EGP
56.009
52.649
55.649
49.077
ALL
96.770
98.150
97.839
100.691
TRY
50.331
36.737
44.785
35.582
BRL
6.436
6.433
6.310
5.836
RSD
117.282
117.015
117.201
117.086
Deferred stripping costs
Stripping costs comprise the removal of overburden and other
waste products. Stripping costs incurred in the development of a
quarry before production commences are capitalized as follows:
\u2022 Where such costs are incurred on quarry land that is owned by
the Group, these are included within the carrying amount of the
related quarry, under PPE and subsequently depreciated over
the life of the quarry on a units-of-production basis.
\u2022 Where such costs are incurred on non-owned quarries, these
are included under \u201cDevelopment expenditure\u201d under Intangible
assets and amortized over the shorter of the contract term and
the estimated life of the quarry reserve.
Impairment of non-financial assets other
than\u00a0Goodwill
Assets that have an indefinite useful life (land not related to
quarries) are not subject to amortization and are tested annually for
impairment. Assets that are subject to amortization are reviewed for
impairment whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable. An impairment
loss is recognized, as an expense immediately, for the amount by
which the asset\u2019s carrying amount exceeds its recoverable amount.
For the purposes of assessing impairment, assets are grouped at
the lowest levels for which there are separately identifiable cash
flows (CGU). Non-financial assets other than goodwill that suffered
impairment are reviewed for possible reversal of the impairment at
each reporting date. An asset\u2019s recoverable amount is the higher of
an asset or CGU fair value less costs of sell and its value-in-use.
CO\u2082 Emission rights
Emission rights are accounted for under the net liability method.
Allocated allowances that are granted free of charge are
recognized as an intangible asset at cost, which is nil. Emission
rights purchased in excess of those required to cover shortages
are recognized as an intangible asset, at cost. To the extent that
emissions generated to date exceed the volume of allowances
held, the Group recognizes a liability. If emissions do not exceed
allowances held, there is no obligation to purchase additional
allowances and, therefore, no liability to provide for additional
emission allowances required. The Group has chosen to measure
the net liability on the basis of the period for which the irrevocable
right to the cumulative emissions rights have been received.
Proceeds from the sale of granted emission rights are recorded
as a reduction to cost of sales.
Financial assets
Classification and measurement
The Group classifies its financial assets in the following
measurement categories:
\u2022 those to be measured subsequently at fair value (either through
other comprehensive income (OCI) or through profit or loss (PL));
and
\u2022 those to be measured at amortized cost.
The classification depends on the entity\u2019s business model for
managing the financial assets and the contractual terms of the
cash\u00a0flows.
The Group initially measures a financial asset at its fair value plus, in
the case of a financial asset not at fair value through profit or loss,
transaction costs. Transaction costs of financial assets carried at fair
value through profit or loss are expenses. Trade receivables are
initially measured at their transaction price.
Financial assets with embedded derivatives are considered in their
entirety when determining whether their cash flows are solely
payment of principal and interest.
Under IFRS 9, debt financial instruments are subsequently
measured at amortized cost, fair value through other
comprehensive income (FVOCI) or fair value through profit or loss
(FVPL). The classification is based on two criteria: a) the business
model for managing the assets and b) whether the instruments\u2019
contractual cash flows represent \u201csolely payments of principal and
interest\u201d on the principal amount outstanding (the \u2018SPPI criterion\u2019).
The new classification and measurement of the Group\u2019s debt
financial assets are, as follows:
I. Debt instruments at amortized cost for financial assets that are
held within a business model with the objective to hold the financial
assets, in order to collect contractual cash flows that meet the SPPI
criterion. Interest income from these financial assets is included in
finance income using the effective interest rate method. Any gain
or\u00a0loss arising on derecognition is recognized directly in the
income\u00a0statement.
II. Debt instruments at FVOCI, with gains or losses recycled to profit
or loss on derecognition. Financial assets in this category are debt
instruments that meet the SPPI criterion and are held within a
business model both to collect and sell cash flows. Movements in
the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest revenue and
foreign exchange gains or losses which are recognized in profit or
loss. Interest income from these financial assets is included in
finance income using the effective interest rate method.
III. Financial assets at FVPL comprise derivative instruments and
equity instruments, which the Group had not irrevocably elected, at
initial recognition or transition, to classify at FVOCI. This category
would also include debt instruments whose cash flow
characteristics fail the SPPI criterion or are not held within a
business model whose objective is either to collect contractual
cash flows, or to both collect and sell contractual cash flows. A gain
or loss on financial assets that subsequently measures at FVPL is
recognized in income statement.
Other financial assets are classified and subsequently measured,
as\u00a0follows:
IV. Equity instruments at FVOCI, with no recycling of gains or losses
to profit or loss on derecognition. This category only includes equity
instruments, which the Group intends to hold for the foreseeable
future and which the Group (or the Company) has irrevocably
elected to so classify upon initial recognition or transition. Equity
instruments at FVOCI are not subject to any impairment accounting.
Dividends from such investments continue to be recognized in profit
or loss, when the right to receive the payment is established, unless
they represent a recovery of part of the cost of the investment.
V. Financial assets designated as measured at FVPL at initial
recognition that would otherwise be measured subsequently at
amortized cost or at FVOCI. Such a designation can only be made,
if it eliminates or significantly reduces an \u201caccounting mismatch\u201d
that would otherwise arise.
De-recognition of financial assets and liabilities
Financial assets
A financial asset (or, where applicable a part of a financial asset or
part of a group of similar financial assets) is derecognized when:
\u2022 the rights to receive cash flows from the asset have expired;
\u2022 the Group retains the right to receive cash flows from the asset,
but has assumed an obligation to pay them in full without
material delay to a third party under a \u201cpass-through\u201d
arrangement; or
\u2022 the Group has transferred its rights to receive cash flows from
the asset and either (a) has transferred substantially all the risks
and rewards of the assets, or (b) has neither transferred nor
retained substantially all the risks and rewards of the asset, but
has transferred control of the asset.
Where the Group has transferred its rights to receive cash flows
from an asset and has neither transferred nor retained substantially
all the risks and rewards of the asset nor transferred control of the
asset, the asset is recognized to the extent of the Group\u2019s
continuing involvement in the asset. A respective liability is
also\u00a0recognized.
Continuing involvement that takes the form of a guarantee over the
transferred asset is measured at the lower of the original carrying
amount of the asset and the maximum amount of consideration that
the Group could be required to repay.
Financial liabilities
A financial liability is derecognized when the obligation under the
liability is discharged, cancelled or expires. Where an existing
financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated
as a derecognition of the original liability and the recognition of a
new liability. The difference in the respective carrying amounts is
recognized in the consolidated statement of income.
Accounting Policy
Subsidiaries
The Group uses the full acquisition method of accounting to account for business combinations. The consideration transferred for
the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by
the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration
arrangement. Acquisition related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured initially at their fair value at the acquisition date. The Group recognizes any non-
controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s
proportionate share of the acquiree\u2019s net assets.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest
in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are
recognized in the income statement.
Any contingent consideration to be transferred by the Group is recognized at fair value at the acquisition date. Subsequent changes
to the fair value of the contingent consideration that is deemed to be an asset or liability is recognized in accordance with IFRS 9 in
profit or loss. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for
within equity.
Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments.
Changes in ownership interests in subsidiaries without change of control
Transactions with non-controlling interests that do not result in loss of control are accounted for as transactions with the owners in
their capacity as owners. The difference between consideration paid and the relevant share acquired of the carrying value of net
assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
Any profit or loss and any item of the Statement of Other Comprehensive Income is allocated between the shareholders of the
parent and the non-controlling interest, even if the allocation results in a deficit balance of the non-controlling interest.
Disposal of subsidiaries
When the Group ceases to have control in a subsidiary, any retained interest in the entity is re-measured to its fair value at the date
when control is lost, with the change in carrying amount recognized in profit or loss. The fair value becomes the initial carrying
amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In
addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the
Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other
comprehensive income are reclassified to profit or loss.
Accounting Policy
Hyperinflation
IAS 29 requires to report the results of the Group\u2019s operations in T\u00fcrkiye, as if these were highly inflationary as of 1 January 2022.
Specifically, IAS 29 requires:
\u2022 adjustment of the historical cost of the non-monetary assets and liabilities for the change in purchasing power caused by inflation
from the date of\u00a0 initial recognition to the end of the reporting date;
\u2022 non-adjustment of the monetary assets and liabilities, as they are already expressed in the measuring unit current at the end of
the reporting period;
\u2022 adjustment of the income statement for inflation and its translation with the closing exchange rate instead of an average rate; and
\u2022 recognition of gain or loss on net monetary position in profit or loss in order to reflect the impact of inflation and exchange rate
movement on holding monetary assets and liabilities in local currency.
The financial statements of Group subsidiaries, whose functional currency is the currency of a hyperinflationary economy, are adjusted
for inflation and then translated into euros. The difference between the closing balance of Group\u2019s equity on 31.12.2021 and its
opening balance on 01.01.2022 was recognized in equity. Any difference from the ongoing application of re-translation to closing
exchange rates and hyperinflation adjustments will be recognized in other comprehensive income. In the consolidated income
statement ended on 31.12.2025, the Group recognized a total gain on net monetary position of \u20ac1.4 million (31.12.2024: \u20ac8.3 million) in
net finance cost (note 7). On the application of IAS 29, the Group used the conversion coefficient derived from the consumer price
index published by TurkStat (TUIK). The conversion coefficient was 3,513.87 and 2,684.55 on 31.12.2025 and 31.12.2024 respectively.
Accounting Policy
Joint arrangements
Investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and
obligations each investor has rather than the legal structure of the joint arrangement. The Group has assessed the nature of its joint
arrangement and determined it to be a joint venture. Joint ventures are consolidated with the equity method of accounting.
Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to
recognize the Group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. When the
Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long- term interests
that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognize further losses, unless
it has incurred obligations or made payments on behalf of the joint ventures.
Unrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the
joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset
transferred. Accounting policies of joint ventures have been adjusted where necessary to ensure consistency with the policies
adopted by the Group. The financial statements of the joint venture are prepared as of the same reporting date with the parent
company.
Accounting Policy
Associates
Associates are entities over which the Group has significant influence (holds directly or indirectly 20% or more of the voting power of
the entity) but which it does not control. Investments in associates are accounted for using the equity method of accounting and are
initially recognized at cost. The Group\u2019s investment in associates includes goodwill (net of any cumulative impairments losses)
identified on acquisition.
Under the equity method the Group\u2019s share of the post-acquisition profits or losses is recognized in the income statement and its
share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a
corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses in an associate equals or
exceeds its interest in the associate, the Group does not recognize further losses, unless the Group has incurred legal or
constructive obligations or made payments on behalf of the associates.
If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amount
previously recognized in other comprehensive income is reclassified to profit or loss where appropriate.
The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is
impaired. If this is the case, the Group calculates the amount of the impairment as the difference between the recoverable amount of
the associate and the carrying value of the investment in the associate and recognizes the amount adjacent to \u201cshare of profit/(loss)
of associates and joint ventures\u201d in the income statement.
Profit and losses resulting from upstream and downstream transactions between the Group and its associate are recognized in the
Group\u2019s financial statements only to the extent of unrelated investor\u2019s interests in the associates. Unrealized gains on transactions
between the Group and its associates are eliminated to the extent of the Group\u2019s interest in the associates; unrealized losses are
also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the
Group. The financial statements of the associates are prepared as of the same reporting date with the parent company.
Accounting Policy
Revenue
Throughout these consolidated financial statements, the term \"sales\" has been used for \"revenue\".
Revenue is the amount of consideration expected to be received in exchange for transferring promised goods or services to
a\u00a0customer, excluding amounts collected on behalf of third parties (value-added tax, other sales taxes etc.).
Revenue is recognized when (or as) a performance obligation is satisfied by transferring the control of a promised good or service to
the customer. A customer obtains control of a good or service if it has the ability to direct the use of and obtain substantially all of the
remaining benefits from that good or service. Control is transferred over time or at a point in time.
Revenue from the sale of goods is recognized when: a) control of the good is transferred to the customer, usually upon delivery, and
b) there is no unfulfilled obligation that could affect the customer\u2019s acceptance of the products. The main products of the Group are
cement, clinker, ready-mix, fly ash and other cementitious products.
Revenue arising from services is recognized in the accounting period in which the services are rendered, and it is measured using
either output methods or input methods, depending on the nature of the service provided.
A receivable is recognized when there is an unconditional right to consideration for the performance obligations to the customer that
are satisfied.
A contract asset is recognized when the performance obligation to the customer is satisfied before the customers pays or before
payment is due, usually when goods or services are transferred to the customer before the Group has a right to invoice.
A contract liability is recognized when there is an obligation to transfer goods or services to a customer for which the Group has
received consideration from the customer (prepayments) or there is an unconditional right to receive consideration before the Group
transfers a good or a service (deferred income). The contract liability is derecognized when the promise is fulfilled and revenue is
recorded in the profit or loss statement.
Information by operating segment
For management information purposes, the Group is structured in five operating segments: Greece and Western Europe, North
America, South Eastern Europe, Eastern Mediterranean and Joint Ventures. Each operating segment is a set of countries. The
aggregation of countries is based mainly on geographic position.
Each region has a regional Chief Executive Officer (CEO) who is a member of the Group Executive Committee and reports to
the\u00a0Group's CEO. In addition, the Group\u2019s finance department is organized by region for effective financial control and
performance\u00a0monitoring.
Management monitors the operating results of its business units separately for the purpose of making decisions, allocating
resources and assessing performance. Segment performance is evaluated based on earnings before interest, taxes, depreciation,
amortization & impairment (EBITDA). EBITDA calculation includes the operating profit plus depreciation, amortization and impairment
of tangible and intangible assets and amortization of government grands.
Information by business activities
The cement activity includes cement and cementitious materials. The business activities that are common to all segments of the
Group are the production and trade of cement, ready-mix concrete, aggregates and transportation services.
Greece and Western Europe segment is also engaged in the production and trade of dry mortars. North America segment includes
the production and trade of building blocks and the processing of fly ash. Finally, Southeastern Europe and Eastern Mediterranean
segments are engaged in the processing of alternative fuels.
Other activities include, among others, transportation services. None of these activities have the prerequisite magnitude to be
presented separately. At Group level, \"Sales\" is derived from a set of customers none of which separately represents greater than
or\u00a0equal to 10%.
Accounting Policy
Gains/losses on disposal of non-current assets, restructuring costs and other significant gains/losses are disclosed separately in the
financial statements where it is necessary to do so to provide further understanding of the financial performance of the group. They
are material items of income or expense that have been shown separately due to the significance of their nature or amount.
Accounting Policy
Basic EPS are calculated by dividing the net profit attributable to shareholders for the year by the weighted average number of
shares in issue during the year, excluding shares purchased by the Group and held as treasury shares.
Accounting Policy
Diluted EPS are calculated by dividing the profit attributable to equity holders of the parent by the weighted average number of\u00a0
shares outstanding during the year plus the weighted average number of shares that would be issued on conversion of all the
dilutive potential shares into shares (note 12).
Accounting Policy
Pension and other retirement obligations
The Group operates various pension and other retirement schemes, including both defined benefit and defined contribution pension
plans in accordance with the local conditions and practices in the countries in which it operates. A defined contribution plan is a
pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive
obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to
employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined contribution plan.
Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent
on one or more factors such as age, years of service and compensation.
The liability recognized in the statement of financial position in respect of defined benefit pension or retirement plans is the present
value of the defined benefit obligation at the reporting date less the fair value of plan assets.
The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest
rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms
approximating to the terms of the related obligation. In countries where there is no deep market in such bonds, the market rates on
government bonds are used.
Past service costs are recognized in profit or loss on the earlier of:
\u2022 the date of the plan amendment or curtailment
\u2022 the date that the Group recognizes restructuring-related costs
\u2022 Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the
following changes in the net defined benefit obligation:
\u2022 Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements
under other operating expenses/income
\u2022 Net interest expense or income under finance expenses
\u2022 Re-measurements, comprising of the actuarial gains and losses, the effect of the asset ceiling (excluding net interest - not
applicable to the Group) and the return on plan assets (excluding net interest), are recognized immediately in the statement of
financial position with a corresponding debit or credit to retained earnings through other comprehensive income (OCI) in the
period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent periods.
For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a
mandatory, contractual or voluntary basis. Once the contributions have been paid, the Group has no further payment obligations.
The regular contributions constitute net periodic costs for the year in which they are due and as such are included in staff costs.
Termination benefits are payable when employment is terminated by the group before the normal retirement date, or when an
employee accepts voluntary redundancy in exchange for these benefits.
The Group recognizes termination benefits at the earlier of the following dates: (a) when the group can no longer withdraw the offer
of those benefits; and (b) when the entity recognizes costs for a restructuring that is within the scope of IAS 37 and involves the
payment of termination benefits. The obligating event is the termination and not the service. In the case of an offer made to
encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the
offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their present value.
Accounting Policy
Share-based payments
Share-based compensation benefits are provided to members of senior management via Group share schemes that cover several
subsidiaries.
Equity-settled transactions
The fair value of instruments (options or awards) granted under share schemes is recognized as an employee benefits expense in
the Income Statement, with a corresponding increase in equity. The fair value is determined at the grant date and is recognized on a
straight-line basis over the vesting period, which is the period during which all specified vesting conditions must be satisfied. At the
end of each reporting period, the Group revises its estimates of the number of instruments expected to vest based on service
conditions and any non-market performance conditions. Any impact from revising these estimates is recognized in profit or loss so
that the cumulative expense reflects the revised estimate, with a corresponding adjustment to reserves.
Share options are exercised at predetermined prices, typically at a discount to the market price at the grant date. Awards are
granted for nil consideration. When options are exercised or awards are settled, the Company either issues new shares or the Group
settles them using existing treasury shares. In the case of options, any proceeds received, net of directly attributable transaction
costs, are credited to share capital (nominal value) and the share premium reserve.
Cash-settled transactions
The fair value of the awards granted to employees for nil consideration under the Long-term Incentive Plans is measured initially and
at each reporting date up to and including the settlement date, at the fair value of the liability with changes in fair value recognized
as employee benefits expense in the Income Statement. At each reporting date, the Group revises its estimation of the number of
the awards that they will vest and it recognizes the impact of the revised estimates in the Income Statement.
If a cash-settled share-based payment is modified to become equity-settled, it is accounted for as such from the modification date:
a) The equity-settled transaction is measured at the fair value of the equity instruments on the modification date and recognized in
equity to the extent that\u00a0 services have been received.
b) The liability for the cash-settled transaction is derecognized on the modification date.
c) Any difference between the derecognized liability and the recognized equity is immediately recorded in profit or loss.
Accounting Policy
The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent
that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other
comprehensive income or directly in equity.
Current income tax is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries
where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken
in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where
appropriate on the basis of amounts expected to be paid to the tax authorities.
In addition, the management reassess uncertain tax positions at the end of each reporting period. Liabilities are recorded for income
tax positions that are determined as more likely than not to result in additional taxes being levied if the positions were to be
challenged by the tax authorities. The assessment is based on the interpretation of tax laws that have been enacted or substantively
enacted by the end of the reporting period, and any known court or other rulings on such issues. Adjustments for uncertain income
tax positions are recorded within the income tax charge.
Deferred income tax is recognized using the liability method, on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements. However, if the deferred income tax arises from initial recognition of
an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting
nor taxable profit and loss, it is not accounted for.
Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused
tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the
deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.
Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries, joint arrangements
and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the
temporary difference will not reverse in the foreseeable future. Deferred income tax is determined using tax rates (and laws) that
have been enacted or substantively enacted at the reporting date and are expected to apply when the related deferred income tax
asset is realized or the related deferred income tax liability is settled.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against
current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation
authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a
net\u00a0basis.
Deferred income taxes are calculated in full on temporary differences under the liability method using the principal tax rates that
apply to the countries in which the companies of the Group operate.
Accounting Policy
Property, plant and equipment (PPE) is stated at historical cost less accumulated depreciation and impairment losses, except for land
(excluding land improvements and quarries), which is shown at cost less impairment losses.
Cost includes expenditure that is directly attributable to the acquisition of the items and any environmental rehabilitation costs to
the\u00a0extent that they have been recognized as a provision (refer to note 30). Subsequent costs are included in the asset\u2019s carrying
amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with
the\u00a0item will flow to the entity and the cost of the item can be measured reliably. The carrying amount of the replaced part is
derecognized. All other repairs and maintenance are charged to the income statement as incurred. Subsequent costs are
depreciated over the remaining useful life of the related asset or to the date of the next major subsequent cost whichever
is\u00a0the\u00a0sooner.
Depreciation, with the exception of quarries and land, is calculated using the straight-line method to allocate the cost of the assets
to\u00a0their residual values over their estimated useful lives as follows:
Category of PPE
Indicative useful lives
Buildings
Up to 50 years
Plant and equipment
Up to 40 years
Motor vehicles
5 to 20 years
Office equipment furniture and fittings (including computer
equipment and software integral to the operation of the
hardware)
2 to 10 years
Minor value assets
Up to 2 years
Land on which owned quarries are located is depreciated on a depletion basis. This depletion is recorded as the material extraction
process advances based on the unit-of-production method. Other land is not depreciated. The cost of the exploration of non-owned
quarries is recognized as operating cost in profit or loss as incurred .
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. Where the carrying
amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount (refer
to note 2 - Impairment of non-financial assets other than Goodwill).
An item of PPE and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are
expected from its use or disposal. Gains and losses on disposals are determined by comparing proceeds with carrying amount and
are included in profit or loss.
Interest costs on borrowings specifically used to finance the construction of PPE are capitalized during the construction period
if\u00a0recognition criteria are met.
For the accounting policy regarding right-of-use assets, refer to note 16 \u201cLeases\u201d.
Accounting Policy
Lessees
Leases are recognized as a right-of-use (ROU) asset and a corresponding lease liability at the date at which the leased asset is
available for use. Each lease payment is allocated between the lease liability and interest, which is charged to profit or loss over the
lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The ROU asset
is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis, unless there is a transfer of
ownership or purchase option which is reasonably certain to be exercised at the end of the lease term. In this case, the lessee
depreciates the ROU asset over the useful life of the underlying asset.
The Group presents ROU assets that do not meet the definition of investment property in the account \u201cproperty, plant and
equipment\u201d, in the same line item as it presents underlying assets of the same nature that it owns. ROU assets that meet the
definition of investment property are presented with investment property.
The lease liability is initially measured at the commencement date at the present value of the lease payments during the lease term
that are not yet paid. It is discounted by using the interest rate implicit in the lease or, if that rate cannot be readily determined, the
incremental borrowing rate (IBR). The IBR is the rate that the lessee would have to pay to borrow the funds necessary to obtain an
asset of a similar value in a similar economic environment with similar terms and condition. In order to determine IBR, the Group
usually uses third-party financing that it is received by the individual lessee and makes adjustments to reflect changes in financing
conditions, since third-party financing was received. Also, it makes judgements specific to the lease, such as term, country, currency
and security.
The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is re-
measured when there is a modification that is not accounted for as a separate lease; a change in future lease payments arising from
a change in an index or rate; a change in the estimate of the amount expected to be payable under a residual value guarantee; and
if the Group changes its assessment of whether a purchase or extension option is reasonably certain to be exercised or a
termination option is reasonably certain not to be exercised.
Lease liabilities include the net present value of the following lease payments:
\u2022 Fixed payments (including in-substance fixed payments)
\u2022 Variable lease payments that are based on an index or a rate
\u2022 Amounts expected to be payable by the lessee under residual value guarantees
\u2022 The exercise price of a purchase option if the lessee is reasonably certain to exercise that option
\u2022 Payments of penalties for terminating the lease if the lessee will exercise that option
The ROU asset is initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses, and
adjusted for certain re-measurements of the lease liability. When an ROU asset meets the definition of investment property is initially
measured at cost, and subsequently is measured at fair value, in accordance with the Group\u2019s accounting policy.
The initial measurement of the ROU asset is comprised by:
\u2022 the amount of the initial measurement of lease liability;
\u2022 any lease payments made at or before the commencement; date less any lease incentives received
\u2022 any initial direct costs; and
\u2022 restoration costs.
For short-term leases and certain leases of low-value assets, the Group has elected not to recognize ROU assets and lease liabilities.
It recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.
For leases that contain both lease and non-lease components, the Group has chosen not to separate them, except for terminals in
which non-lease components are separated from lease components.
Group as a lessor
Leases in which the Group does not transfer substantially all the risks and benefits of ownership of an asset are classified as
operating leases. Operating leases of PPE are recognized according to their nature in the statement of financial position.
Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Initial direct
costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized
over the lease term on the same basis as rental income.
Contingent rents are recognized as revenue in the period in which they are earned.
Leases in which the Group transfers substantially all the risks and benefits of ownership of an asset are classified as finance leases.
The Group presents a receivable at an amount equal to the net investment in the lease. The net investment of a lease agreement is
the gross investment, discounted at the interest rate implicit in the lease.
Accounting Policy
Investment property is property held for long-term rental yields or for capital appreciation or both and that is not occupied by any
of\u00a0the subsidiaries of the Group. Owner-occupied properties are held for production and administrative purposes. This distinguishes
owner-occupied property from investment property.
Investment property is measured initially at cost, including related transaction costs and where applicable borrowing costs. After
initial recognition, investment property is carried at fair value.
A gain or loss arising from a change in the fair value of investment property is recognized in the period in which it arises in the
income statement within \u201cother income\u201d or \u201cother expense\u201d as appropriate.
Subsequent expenditure is capitalized to the asset\u2019s carrying amount only when it is probable that future economic benefits
associated with the expenditure will flow to the Group and the cost of the item can be measured reliably. All other repairs and
maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the
replaced part is derecognized.
The fair value of investment property does not reflect future capital expenditure that will improve or enhance the property and does
not reflect the related future benefits from this future expenditure other than those a rational market participant would take into
account when determining the value of the property.
Where the Group disposes of a property at fair value in an arm\u2019s length transaction, the carrying value immediately prior to the sale
is\u00a0adjusted to the transaction price, and the adjustment is recorded in the income statement within the gain or loss from fair value
adjustment on investment property. Investment properties are derecognized when they have been disposed.
If an investment property becomes owner-occupied, it is reclassified as PPE. Its fair value at the date of reclassification becomes
its\u00a0deemed cost for subsequent measurement purposes.
If an item of owner-occupied property becomes an investment property because its use has changed, IAS 16 is applied up to the
date of transfer, since investment property is measured at fair value. The property is fair valued at the date of transfer and any
revaluation gain or loss, being the difference between fair value and the previous carrying amount, is accounted for as a revaluation
surplus or deficit in equity in accordance with IAS 16. Revaluation surplus is recognized directly in equity through other
comprehensive income, unless there was an impairment loss recognized for the same property in prior years. In this case, the
surplus up to the extent of this impairment loss is recognized in profit or loss and any further increase is recognized directly in equity
through other comprehensive income. Any revaluation deficit is recognized in profit or loss.
Property that is leased among Group subsidiaries is not included in investment property but in PPE in the consolidated statement
of\u00a0financial position.
Accounting Policy
Goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred and
the amount recognized for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the excess of
the aggregate of the consideration transferred and the amount recognized for non-controlling interest over the net identifiable
assets acquired and liabilities assumed is smaller than the fair value of the net assets of the acquired subsidiary, the difference is
recognized in the profit or loss. Goodwill represents the future economic benefits arising from assets that are not capable of being
individually identified and separately recognized in a business combination.
Goodwill is not amortized. After initial recognition, it is measured at cost less any accumulated impairment losses.
Accounting Policy
Impairment testing of goodwill
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each
cash-generating-unit (CGU) that is expected to benefit from the synergies of the combination. Each unit or group of units to which
the\u00a0goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal
management\u00a0purposes.
Impairment reviews are undertaken annually (even if there is no indication of impairment) or more frequently if events or changes in
circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the
higher of the value-in-use and the fair value less costs to sell. Any impairment is recognized immediately as an expense and is not
subsequently reversed.
Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated
with\u00a0the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal.
Goodwill dispose d in these circumstances is measured based on the relative values of the disposed operation and the portion
of\u00a0the\u00a0CGU retained.
Key assumptions
Group cash-generating-units (CGUs) are defined generally as a country or Group area on the basis of the sales and management
structure. The recoverable amount of all CGUs has been determined based on value-in-use calculations. These calculations use
post-tax cash flow projections based on financial budgets approved by management covering generally a five-year period. Forecasts
rely on a combination of internal and external factors that influence each CGU operations, such as the macroeconomic environment
and sustainability matters. Furthermore, in specific circumstances, when recent results of a CGU do not reflect historical performance
and most external economic variables provide confidence that a reasonably determinable improvement is expected in the mid-term,
management uses cash flow projections over a period up to ten years, to reflect sufficiently the cyclical nature of the industry.\u00a0
Volume assumptions are provided by local management and reflect its best estimates taking into consideration past performance,
local market growth estimates, infrastructure projects, etc. Sales volume growth rates are also based on published industry research
and consider demographic trends including population growth, household formation, and economic output (among other factors) in
the countries where the Group operates.
Price assumptions are also the best estimates of local management and they factor in historical trends, inflation, brand loyalty,
growth rate of the regional economy, competition, production cost increases, etc.
Input costs that mainly consist of thermal and electrical energy, transportation costs, and raw material costs, are determined
by\u00a0forecasted projections provided by international agencies and institutions.
Furthermore, digital transformation efforts for driving business efficiencies, and actions for the curtailment of the Group\u2019s
environmental footprint and mitigating supply chain disruption are factored in.
Terminal value cash flows are based on the long-term growth expectations for the industry in the country of operation. It is calculated
based on sustainable sales volumes, capacity utilization, EBITDA margin and CapEx, to reflect sustainable cash flows in perpetuity.
Perpetuity growth rates are in line with the nominal economic growth. Rates are reasonably compared to long-term inflation
expectations, adjusted for per capita consumption expectations and capacity utilization. Inputs that have been taken into
consideration are estimates from international agencies\u2019 or banks\u2019 forecasts.
Discount rates are according to post-tax weighted average cost of capital (WACC) for each CGUs, deriving from Group\u2019s current
market risk assessment, applicable local tax rates and local currency risk-free rates.
Accounting Policy
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business
combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any
accumulated amortization and accumulated impairment losses.
The Group\u2019s intangible assets have a finite useful life.
Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an
indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset
with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected
pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or
method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with
finite lives is recognized in the income statement as the expense category that is consistent with the function of the intangible assets.
Acquired computer software programs and licenses are capitalized on the basis of costs incurred to acquire and bring to use the
specific software when these are expected to generate economic benefits beyond one year. Costs associated with developing or
maintaining computer software programs are recognized as an expense as incurred.
The amortization methods used for the Group\u2019s intangibles are as follows:
Category of intangible assets
Amortization Method
Indicative useful lives
Patents, trademarks and customer
relationships
straight-line basis
up to 20 years
Licenses (mining permits)
straight-line basis
depletion method
shorter of: the permit period and the estimated life of the
underlying quarry
unit-of-production method
Development costs (non-owned quarries)
note 2
note 2
Computer software
straight-line basis
3 to 10 years
Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds
and the carrying amount of the asset and are recognized in the income statement when the asset is derecognized.
Accounting Policy
Inventories are stated at the lower of cost and net realizable value. Cost is determined using the weighted average cost method.
The cost of finished goods and work in progress comprises raw materials, direct labor, other direct costs and related production
overheads (based on normal operating capacity), but excludes borrowing costs. Net realizable value is the estimated selling price
in the ordinary course of business, less the estimated costs of completion and selling expenses.
Appropriate allowance is made for damaged, obsolete and slow-moving items. Write-downs to net realizable value and inventory
losses are expensed in cost of sales in the period in which the write-downs or losses occur.
Accounting Policy
The Group applies the IFRS 9 simplified approach for measuring expected credit losses. The approach uses a lifetime expected
loss allowance for all trade and other receivables. On that basis, an impairment analysis is performed at the end of the year, using
provisional rates that are based on days past due for groupings of various customer segments with similar characteristics. The
calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that
is available at the reporting date about past events, current conditions, forecasts of future economic conditions, in addition with
specific information for individual receivables. In addition, the Group holds collaterals to secure trade receivables, which at the end
of 2025 amounted to \u20ac15,242 thousand (31 December 2024: \u20ac29,442 thousand) (note 35).
Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a
repayment plan with the Group.\u00a0 Where receivables have been written off, the Group continues to engage in enforcement activity
to attempt to recover the receivable due. Where recoveries are made, these are recognized in the income statement.
Accounting Policy
In the statement of cash flows, cash and cash equivalents comprise cash on hand, deposits held at call with banks, other short-term
highly liquid investments with a maturity of normally three months or less from the date of acquisition, and bank overdrafts, if they
exist. Bank overdrafts are included within borrowings in current liabilities in the consolidated statement of financial positions. The
components of cash and cash equivalents have a negligible risk of change in value.
Bank term deposits consist of deposits with maturities over three months from the date of acquisition, which are available prior to
short notice.
Accounting Policy
Borrowings are recognized initially at fair value, net of transactions costs incurred. In subsequent periods, borrowings are carried at
amortized cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption
value is recognized in the income statement over the period of the borrowings using the effective interest method.
Fees paid on the establishment of loan facilities are recognized as transactions costs of the loan to the extent that it is probable that
some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no
evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity
services and amortized over the period of the facility to which it relates.
Borrowings are classified as current liabilities unless the Group entity has an unconditional right to defer settlement for at least
12\u00a0months after the balance sheet date.
Accounting Policy
Derivative financial instruments and hedging activities
Initially, derivatives are recognized at fair value at commencement date and subsequently, they are re-measured at their fair value at
each reporting date. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair
value is negative.
Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective
portion of cash flow hedges, which is recognized in OCI and is later reclassified to profit or loss when the hedge item affects profit
or loss.
For the purpose of hedge accounting, hedges are classified as:
\u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized
firm commitment.
\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated
with a recognized asset or liability, a highly probable forecast transaction, or the foreign currency risk in an unrecognized firm
commitment.
\u2022 Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to
apply hedge accounting and the risk management objective and strategy for undertaking the hedge.
The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and
how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis
of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting
if it meets all of the following effectiveness requirements:
\u2022 There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.
\u2022 The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group
actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
The full fair value of a hedging derivative is classified as a non- current asset or liability when the remaining hedged item is more
than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.
Hedges that meet the strict criteria for hedge accounting are accounted for, as described below.
Fair value hedges
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement,
together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss
relating both to the effective and ineffective portion of interest rate swaps hedging fixed rate borrowings is recognized in the income
statement within \u201cFinance income/expense\u201d.
Cash flow hedges
The effective portion of gains or losses from measuring cash flow hedging instruments is recognized in OCI and accumulated in
reserves, in the account \u201chedging reserve from cash flow hedges\u201d. The gain or loss relating to the ineffective portion is recognized
immediately in the income statement within \u201cFinance income/expenses\u201d.
Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.
When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction is ultimately
recognized in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was
reported in equity is immediately reclassified to profit or loss.
Net investment hedge
Hedges of net investments in foreign entities are accounted for similarly to cash flow hedges. Where the hedging instrument is
a\u00a0derivative, any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in currency
translation differences on derivative hedging position in other reserves. The gain or loss relating to the ineffective portion is
recognized immediately in other income/expenses in the income statement. However, where the hedging instrument is not a
derivative (for example, a foreign currency borrowing), all foreign exchange gains or losses arising on the translation of a borrowing
that hedges such an investment (including any ineffective portion of the hedge) are recognized in equity in \u201ctranslation differences
on derivative hedging position\u201d in \u201cother reserves\u201d.
Gains or losses accumulated in equity are included in the income statement when the foreign operation is (partially or fully) disposed
of. The Group\u2019s \u201cother reserves\u201d include gains that have resulted from such hedging activities carried out in the past.
Derivatives that are not part of a hedging relationship
Any gains or losses arising from changes in the fair value of financial instruments that are not part of a hedging relationship are
included in finance income / (expenses), gain / (loss) from foreign exchange differences and cost of sales in the income statement for
the period in which they arise, depending on their nature.
Financial risk factors
The Group, by nature of its business and geographical positioning, is exposed to market, credit and liquidity risk. The Group's senior
management oversees the management of these risks.
The Group's senior management is supported by the Group finance, the Treasury and the Risk Committee that advise on risks
and\u00a0the appropriate risk governance framework for the Group. The Risk Committee provides assurance to the Group's senior
management that the Group's financial risk activities are governed by appropriate policies and procedures and that financial
risks\u00a0are identified, measured and managed in accordance with the Group's policies and risk objectives. All derivative activities
for\u00a0risk management purposes are carried out by specialist teams and Treasury that have the appropriate skills, experience and
supervision. It is the Group's policy that no trading in derivatives for speculative purposes may be undertaken. The Board of
Directors has overall responsibility for determining the nature and extent of the principal risks that the Group is willing to assume
in\u00a0achieving its strategic objectives.
Accounting Policy
Provisions and contingencies
Provisions represent liabilities of uncertain timing or amount and are recognized when the Group has a present legal or constructive
obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable
estimate of the amount can be made. Where the Group expects a provision to be reimbursed, for example under an insurance
contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense
relating to any provision is presented in the income statement net of any reimbursement.
Provisions are not recognized for future operating losses. The Group recognizes a provision for onerous contracts when the
economic benefits to be derived from a contract are less than the unavoidable costs of meeting the obligations under the contract.
Restructuring provisions comprise lease termination penalties and employee termination payments, and are recognized in the
period in which the Group becomes legally or constructively committed to payment. Costs related to the ongoing activities of the
Group are not provided for in advance.
Where the effect of the time value of money is material, provisions are measured at the present value of the expenditure expected to
be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the
risks specific to the obligation. The increase in the provision due the passage of time is recognized as a finance expense.
Site restoration, quarry rehabilitation and environmental costs
Companies within the Group are generally required to restore the land used for quarries and processing sites at the end of their
producing lives to a condition acceptable to the relevant authorities and consistent with the Group\u2019s environmental policies.
Provisions for environmental restoration are recognized when the Group has a present legal or constructive obligation as a result
of\u00a0past events and, it is probable that an outflow of resources will be required to settle the obligation and the amount has been
reliably estimated.
Provisions associated with environmental damage represent the estimated future cost of remediation. Estimating the future costs
of\u00a0these obligations is complex and requires management to use judgment.
The estimation of these costs is based on an evaluation of currently available facts with respect to each individual site and considers
factors such as existing technology, currently enacted laws and regulations and prior experience in remediation of sites. Inherent
uncertainties exist in such evaluations primarily due to unknown conditions, changing governmental regulations and legal standards
regarding liability, the protracted length of the clean-up periods and evolving technologies. The environmental and remediation
liabilities provided to reflect the information available to management at the time of determination of the liability and are adjusted
periodically as remediation efforts progress or as additional technical or legal information becomes available.
Estimated costs associated with such rehabilitation activities are measured at the present value of future cash outflows expected to
be incurred. When the effect of the passage of time is not significant, the provision is calculated based on undiscounted cash flows.
Where a closure and environmental obligation arises from quarry/mine development activities or relate to the decommissioning PPE
the provision can be capitalized as part of the cost of the associated asset (intangible or tangible). The capitalized cost is depreciated
over the useful life of the asset and any change in the net present value of the expected liability is included in finance costs, unless is
arises from changes in accounting estimates of valuation.
Accounting Policy
Government grants
Government grants are recognized at their fair value where there is a reasonable assurance that the grant will be received and the
Group will comply with all attached conditions.
Government grants are recognized in profit or loss on a systematic basis over the periods in which the Group recognizes as expenses
the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the
Group should purchase, construct or otherwise acquire non-current assets are recognized as deferred revenue in the statement of
financial position and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets.
Accounting Policy
Possible obligations and present obligations which do not meet the recognition criteria of a provision are not recognized on the
statement of financial position, but are disclosed as contingent liabilities. Contingent liabilities are current obligations arising from
past events that might, but will probably not, require an outflow of resources embodying economic benefits, or the obligations
cannot be reliably estimated. Contingent assets usually arise from unplanned or other unexpected events that give rise to the
possibility of an inflow of economic benefits to a reporting entity. Contingent assets are disclosed only when an inflow of economic
benefits is probable. A contingent asset is not recognized, because it might result in the recognition of income that is never realized.
When it becomes virtually certain that an inflow of economic benefits will arise, then the asset should be recognized.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-581": { "value": "
Consolidation
The consolidated financial statements comprise the financial
statements of the Company and its subsidiaries. Subsidiaries are
all entities (including special purpose entities) over which the Group
has control. The Group controls an entity when the Group is
exposed to, or has rights to, variable returns from its involvement
with the entity and has the ability to affect those returns through its
power over the entity. Subsidiaries are fully consolidated from the
date on which control is transferred to the Group. They are de-
consolidated from the date that control ceases.
The subsidiaries\u2019 financial statements are prepared as of the same
reporting date and using the same accounting policies as the
parent company. Intragroup transactions, balances and unrealized
gains/losses on transactions between Group companies are
eliminated.
Subsidiaries
The Group uses the full acquisition method of accounting to account for business combinations. The consideration transferred for
the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by
the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration
arrangement. Acquisition related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured initially at their fair value at the acquisition date. The Group recognizes any non-
controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s
proportionate share of the acquiree\u2019s net assets.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest
in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are
recognized in the income statement.
Any contingent consideration to be transferred by the Group is recognized at fair value at the acquisition date. Subsequent changes
to the fair value of the contingent consideration that is deemed to be an asset or liability is recognized in accordance with IFRS 9 in
profit or loss. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for
within equity.
Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments.
Changes in ownership interests in subsidiaries without change of control
Transactions with non-controlling interests that do not result in loss of control are accounted for as transactions with the owners in
their capacity as owners. The difference between consideration paid and the relevant share acquired of the carrying value of net
assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
Any profit or loss and any item of the Statement of Other Comprehensive Income is allocated between the shareholders of the
parent and the non-controlling interest, even if the allocation results in a deficit balance of the non-controlling interest.
Disposal of subsidiaries
When the Group ceases to have control in a subsidiary, any retained interest in the entity is re-measured to its fair value at the date
when control is lost, with the change in carrying amount recognized in profit or loss. The fair value becomes the initial carrying
amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In
addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the
Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other
comprehensive income are reclassified to profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-580": { "value": "
Consolidation
The consolidated financial statements comprise the financial
statements of the Company and its subsidiaries. Subsidiaries are
all entities (including special purpose entities) over which the Group
has control. The Group controls an entity when the Group is
exposed to, or has rights to, variable returns from its involvement
with the entity and has the ability to affect those returns through its
power over the entity. Subsidiaries are fully consolidated from the
date on which control is transferred to the Group. They are de-
consolidated from the date that control ceases.
The subsidiaries\u2019 financial statements are prepared as of the same
reporting date and using the same accounting policies as the
parent company. Intragroup transactions, balances and unrealized
gains/losses on transactions between Group companies are
eliminated.
Subsidiaries
The Group uses the full acquisition method of accounting to account for business combinations. The consideration transferred for
the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by
the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration
arrangement. Acquisition related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured initially at their fair value at the acquisition date. The Group recognizes any non-
controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s
proportionate share of the acquiree\u2019s net assets.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest
in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are
recognized in the income statement.
Any contingent consideration to be transferred by the Group is recognized at fair value at the acquisition date. Subsequent changes
to the fair value of the contingent consideration that is deemed to be an asset or liability is recognized in accordance with IFRS 9 in
profit or loss. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for
within equity.
Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments.
Changes in ownership interests in subsidiaries without change of control
Transactions with non-controlling interests that do not result in loss of control are accounted for as transactions with the owners in
their capacity as owners. The difference between consideration paid and the relevant share acquired of the carrying value of net
assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
Any profit or loss and any item of the Statement of Other Comprehensive Income is allocated between the shareholders of the
parent and the non-controlling interest, even if the allocation results in a deficit balance of the non-controlling interest.
Disposal of subsidiaries
When the Group ceases to have control in a subsidiary, any retained interest in the entity is re-measured to its fair value at the date
when control is lost, with the change in carrying amount recognized in profit or loss. The fair value becomes the initial carrying
amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In
addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the
Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other
comprehensive income are reclassified to profit or loss.
Joint arrangements
Investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and
obligations each investor has rather than the legal structure of the joint arrangement. The Group has assessed the nature of its joint
arrangement and determined it to be a joint venture. Joint ventures are consolidated with the equity method of accounting.
Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to
recognize the Group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. When the
Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long- term interests
that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognize further losses, unless
it has incurred obligations or made payments on behalf of the joint ventures.
Unrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the
joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset
transferred. Accounting policies of joint ventures have been adjusted where necessary to ensure consistency with the policies
adopted by the Group. The financial statements of the joint venture are prepared as of the same reporting date with the parent
company.
Associates
Associates are entities over which the Group has significant influence (holds directly or indirectly 20% or more of the voting power of
the entity) but which it does not control. Investments in associates are accounted for using the equity method of accounting and are
initially recognized at cost. The Group\u2019s investment in associates includes goodwill (net of any cumulative impairments losses)
identified on acquisition.
Under the equity method the Group\u2019s share of the post-acquisition profits or losses is recognized in the income statement and its
share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a
corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses in an associate equals or
exceeds its interest in the associate, the Group does not recognize further losses, unless the Group has incurred legal or
constructive obligations or made payments on behalf of the associates.
If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amount
previously recognized in other comprehensive income is reclassified to profit or loss where appropriate.
The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is
impaired. If this is the case, the Group calculates the amount of the impairment as the difference between the recoverable amount of
the associate and the carrying value of the investment in the associate and recognizes the amount adjacent to \u201cshare of profit/(loss)
of associates and joint ventures\u201d in the income statement.
Profit and losses resulting from upstream and downstream transactions between the Group and its associate are recognized in the
Group\u2019s financial statements only to the extent of unrelated investor\u2019s interests in the associates. Unrealized gains on transactions
between the Group and its associates are eliminated to the extent of the Group\u2019s interest in the associates; unrealized losses are
also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the
Group. The financial statements of the associates are prepared as of the same reporting date with the parent company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-583": { "value": "The Group controls an entity when the Group is
exposed to, or has rights to, variable returns from its involvement
with the entity and has the ability to affect those returns through its
power over the entity. Subsidiaries are fully consolidated from the
date on which control is transferred to the Group. They are de-
consolidated from the date that control ceases.
The Group uses the full acquisition method of accounting to account for business combinations. The consideration transferred for
the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by
the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration
arrangement. Acquisition related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured initially at their fair value at the acquisition date. The Group recognizes any non-
controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s
proportionate share of the acquiree\u2019s net assets.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest
in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are
recognized in the income statement.
Any contingent consideration to be transferred by the Group is recognized at fair value at the acquisition date. Subsequent changes
to the fair value of the contingent consideration that is deemed to be an asset or liability is recognized in accordance with IFRS 9 in
profit or loss. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for
within equity.
Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments.
Goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred and
the amount recognized for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the excess of
the aggregate of the consideration transferred and the amount recognized for non-controlling interest over the net identifiable
assets acquired and liabilities assumed is smaller than the fair value of the net assets of the acquired subsidiary, the difference is
recognized in the profit or loss. Goodwill represents the future economic benefits arising from assets that are not capable of being
individually identified and separately recognized in a business combination.
Goodwill is not amortized. After initial recognition, it is measured at cost less any accumulated impairment losses.
Impairment testing of goodwill
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each
cash-generating-unit (CGU) that is expected to benefit from the synergies of the combination. Each unit or group of units to which
the\u00a0goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal
management\u00a0purposes.
Impairment reviews are undertaken annually (even if there is no indication of impairment) or more frequently if events or changes in
circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the
higher of the value-in-use and the fair value less costs to sell. Any impairment is recognized immediately as an expense and is not
subsequently reversed.
Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated
with\u00a0the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal.
Goodwill dispose d in these circumstances is measured based on the relative values of the disposed operation and the portion
of\u00a0the\u00a0CGU retained.
Key assumptions
Group cash-generating-units (CGUs) are defined generally as a country or Group area on the basis of the sales and management
structure. The recoverable amount of all CGUs has been determined based on value-in-use calculations. These calculations use
post-tax cash flow projections based on financial budgets approved by management covering generally a five-year period. Forecasts
rely on a combination of internal and external factors that influence each CGU operations, such as the macroeconomic environment
and sustainability matters. Furthermore, in specific circumstances, when recent results of a CGU do not reflect historical performance
and most external economic variables provide confidence that a reasonably determinable improvement is expected in the mid-term,
management uses cash flow projections over a period up to ten years, to reflect sufficiently the cyclical nature of the industry.\u00a0
Volume assumptions are provided by local management and reflect its best estimates taking into consideration past performance,
local market growth estimates, infrastructure projects, etc. Sales volume growth rates are also based on published industry research
and consider demographic trends including population growth, household formation, and economic output (among other factors) in
the countries where the Group operates.
Price assumptions are also the best estimates of local management and they factor in historical trends, inflation, brand loyalty,
growth rate of the regional economy, competition, production cost increases, etc.
Input costs that mainly consist of thermal and electrical energy, transportation costs, and raw material costs, are determined
by\u00a0forecasted projections provided by international agencies and institutions.
Furthermore, digital transformation efforts for driving business efficiencies, and actions for the curtailment of the Group\u2019s
environmental footprint and mitigating supply chain disruption are factored in.
Terminal value cash flows are based on the long-term growth expectations for the industry in the country of operation. It is calculated
based on sustainable sales volumes, capacity utilization, EBITDA margin and CapEx, to reflect sustainable cash flows in perpetuity.
Perpetuity growth rates are in line with the nominal economic growth. Rates are reasonably compared to long-term inflation
expectations, adjusted for per capita consumption expectations and capacity utilization. Inputs that have been taken into
consideration are estimates from international agencies\u2019 or banks\u2019 forecasts.
Discount rates are according to post-tax weighted average cost of capital (WACC) for each CGUs, deriving from Group\u2019s current
market risk assessment, applicable local tax rates and local currency risk-free rates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-582": { "value": "The Group controls an entity when the Group is
exposed to, or has rights to, variable returns from its involvement
with the entity and has the ability to affect those returns through its
power over the entity. Subsidiaries are fully consolidated from the
date on which control is transferred to the Group. They are de-
consolidated from the date that control ceases.
The Group uses the full acquisition method of accounting to account for business combinations. The consideration transferred for
the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by
the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration
arrangement. Acquisition related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured initially at their fair value at the acquisition date. The Group recognizes any non-
controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s
proportionate share of the acquiree\u2019s net assets.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest
in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are
recognized in the income statement.
Any contingent consideration to be transferred by the Group is recognized at fair value at the acquisition date. Subsequent changes
to the fair value of the contingent consideration that is deemed to be an asset or liability is recognized in accordance with IFRS 9 in
profit or loss. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for
within equity.
Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-585": { "value": "
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each entity in the
Group are measured in the functional currency, which is the
currency of the primary economic environment in which each
Group entity operates. The consolidated financial statements
are presented in Euros.
Transactions and balances
Foreign currency transactions are translated into the functional
currency using the exchange rates (i.e. spot rates) prevailing at the
dates of the transactions or valuation where items are re-measured.
Foreign exchange gains and losses, resulting from the settlement of
such transactions and from the translation at year-end exchange
rates of monetary assets and liabilities denominated in foreign
currencies, are recognized under the finance function in the
account \u201cgain/(loss) from foreign exchange differences\u201d of the
income statement, except when deferred in other comprehensive
income as qualifying net investment hedges. When the related
investment is disposed of, the cumulative amount is reclassified to
profit or loss.
Exchange differences arising from intragroup long-term loans and
receivables that are designated as part of a reporting entity's net
investment in a foreign operation are recognized in profit or loss in
the separate financial statements of the reporting entity, or, of the
individual financial statements of the foreign operation, as
appropriate. In the consolidated financial statements, such
exchange differences are recognized in other comprehensive
income and included in \u201ccurrency translation differences reserve
on transactions designated as part of net investment in foreign
operation\u201d in other reserves. Where settlement of these intragroup
long-term loans and receivables is planned or is likely to occur in
the foreseeable future, then these transactions cease to form part
of the net investment in the foreign operation. The exchange
differences arising up to cessation date are recognized in other
comprehensive income and after that date, they are recognized
in profit or loss. On disposal of the net investment in a foreign
operation, the accumulated in other reserves exchange differences
are reclassified from equity to profit or loss.
Translation differences on non-monetary financial assets and
liabilities, such as equity investments held at fair value are included
in the income statement. Translation differences on non-monetary
financial assets, such as equities classified at fair value through
other comprehensive income, are included in other
comprehensive\u00a0income.
Group companies
The financial statements of all Group entities (none of which
operate in a hyperinflationary economy with the exception of the
Turkish subsidiaries) that have a functional currency different from
the presentation currency are translated into the presentation
currency as follows:
\u2022 Assets and liabilities for each balance sheet presented are
translated at the closing rate at the date of the balance sheet.
\u2022 Income and expenses for each statement of profit or loss and
statement of comprehensive income are translated at average
exchange rates, excluding foreign entities in hyperinflationary
economies.
\u2022 All exchange differences resulting from the above are
recognized in other comprehensive income and subsequently
included in \u201cforeign currency translation reserve\u201d.
\u2022 On the disposal of a foreign operation (partially or fully
disposed), the cumulative exchange differences relating to that
particular foreign operation, recognized in the \u201cforeign currency
translation reserve\u201d within equity, are recognized in the income
statement as part of the gain or loss on sale. On the partial
disposal of a foreign subsidiary, the proportionate share of the
cumulative amount is re-attributed to the non-controlling interest
in that operation.
On consolidation, exchange differences arising from the translation
of borrowings designated as hedges of investments in foreign
entities, are taken to other comprehensive income and included
under \u201ccurrency translation differences on derivative hedging
position\u201d in other reserves.
Goodwill and fair value adjustments arising on the acquisition of
a foreign entity are treated as assets and liabilities of the foreign
entity and translated at the closing rate. Exchange differences
arising are recognized in other comprehensive income.
Principal Exchange Rates
The table below presents the principal exchange rates in the key
markets where the Group operates:
Year-end spot rate
Average Rate
Euro
2025
2024
2025
2024
USD
1.175
1.039
1.126
1.082
EGP
56.009
52.649
55.649
49.077
ALL
96.770
98.150
97.839
100.691
TRY
50.331
36.737
44.785
35.582
BRL
6.436
6.433
6.310
5.836
RSD
117.282
117.015
117.201
117.086
Hyperinflation
IAS 29 requires to report the results of the Group\u2019s operations in T\u00fcrkiye, as if these were highly inflationary as of 1 January 2022.
Specifically, IAS 29 requires:
\u2022 adjustment of the historical cost of the non-monetary assets and liabilities for the change in purchasing power caused by inflation
from the date of\u00a0 initial recognition to the end of the reporting date;
\u2022 non-adjustment of the monetary assets and liabilities, as they are already expressed in the measuring unit current at the end of
the reporting period;
\u2022 adjustment of the income statement for inflation and its translation with the closing exchange rate instead of an average rate; and
\u2022 recognition of gain or loss on net monetary position in profit or loss in order to reflect the impact of inflation and exchange rate
movement on holding monetary assets and liabilities in local currency.
The financial statements of Group subsidiaries, whose functional currency is the currency of a hyperinflationary economy, are adjusted
for inflation and then translated into euros. The difference between the closing balance of Group\u2019s equity on 31.12.2021 and its
opening balance on 01.01.2022 was recognized in equity. Any difference from the ongoing application of re-translation to closing
exchange rates and hyperinflation adjustments will be recognized in other comprehensive income. In the consolidated income
statement ended on 31.12.2025, the Group recognized a total gain on net monetary position of \u20ac1.4 million (31.12.2024: \u20ac8.3 million) in
net finance cost (note 7). On the application of IAS 29, the Group used the conversion coefficient derived from the consumer price
index published by TurkStat (TUIK). The conversion coefficient was 3,513.87 and 2,684.55 on 31.12.2025 and 31.12.2024 respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-584": { "value": "
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each entity in the
Group are measured in the functional currency, which is the
currency of the primary economic environment in which each
Group entity operates. The consolidated financial statements
are presented in Euros.
Transactions and balances
Foreign currency transactions are translated into the functional
currency using the exchange rates (i.e. spot rates) prevailing at the
dates of the transactions or valuation where items are re-measured.
Foreign exchange gains and losses, resulting from the settlement of
such transactions and from the translation at year-end exchange
rates of monetary assets and liabilities denominated in foreign
currencies, are recognized under the finance function in the
account \u201cgain/(loss) from foreign exchange differences\u201d of the
income statement, except when deferred in other comprehensive
income as qualifying net investment hedges. When the related
investment is disposed of, the cumulative amount is reclassified to
profit or loss.
Exchange differences arising from intragroup long-term loans and
receivables that are designated as part of a reporting entity's net
investment in a foreign operation are recognized in profit or loss in
the separate financial statements of the reporting entity, or, of the
individual financial statements of the foreign operation, as
appropriate. In the consolidated financial statements, such
exchange differences are recognized in other comprehensive
income and included in \u201ccurrency translation differences reserve
on transactions designated as part of net investment in foreign
operation\u201d in other reserves. Where settlement of these intragroup
long-term loans and receivables is planned or is likely to occur in
the foreseeable future, then these transactions cease to form part
of the net investment in the foreign operation. The exchange
differences arising up to cessation date are recognized in other
comprehensive income and after that date, they are recognized
in profit or loss. On disposal of the net investment in a foreign
operation, the accumulated in other reserves exchange differences
are reclassified from equity to profit or loss.
Translation differences on non-monetary financial assets and
liabilities, such as equity investments held at fair value are included
in the income statement. Translation differences on non-monetary
financial assets, such as equities classified at fair value through
other comprehensive income, are included in other
comprehensive\u00a0income.
Group companies
The financial statements of all Group entities (none of which
operate in a hyperinflationary economy with the exception of the
Turkish subsidiaries) that have a functional currency different from
the presentation currency are translated into the presentation
currency as follows:
\u2022 Assets and liabilities for each balance sheet presented are
translated at the closing rate at the date of the balance sheet.
\u2022 Income and expenses for each statement of profit or loss and
statement of comprehensive income are translated at average
exchange rates, excluding foreign entities in hyperinflationary
economies.
\u2022 All exchange differences resulting from the above are
recognized in other comprehensive income and subsequently
included in \u201cforeign currency translation reserve\u201d.
\u2022 On the disposal of a foreign operation (partially or fully
disposed), the cumulative exchange differences relating to that
particular foreign operation, recognized in the \u201cforeign currency
translation reserve\u201d within equity, are recognized in the income
statement as part of the gain or loss on sale. On the partial
disposal of a foreign subsidiary, the proportionate share of the
cumulative amount is re-attributed to the non-controlling interest
in that operation.
On consolidation, exchange differences arising from the translation
of borrowings designated as hedges of investments in foreign
entities, are taken to other comprehensive income and included
under \u201ccurrency translation differences on derivative hedging
position\u201d in other reserves.
Goodwill and fair value adjustments arising on the acquisition of
a foreign entity are treated as assets and liabilities of the foreign
entity and translated at the closing rate. Exchange differences
arising are recognized in other comprehensive income.
Principal Exchange Rates
The table below presents the principal exchange rates in the key
markets where the Group operates:
Year-end spot rate
Average Rate
Euro
2025
2024
2025
2024
USD
1.175
1.039
1.126
1.082
EGP
56.009
52.649
55.649
49.077
ALL
96.770
98.150
97.839
100.691
TRY
50.331
36.737
44.785
35.582
BRL
6.436
6.433
6.310
5.836
RSD
117.282
117.015
117.201
117.086
Deferred stripping costs
Stripping costs comprise the removal of overburden and other
waste products. Stripping costs incurred in the development of a
quarry before production commences are capitalized as follows:
\u2022 Where such costs are incurred on quarry land that is owned by
the Group, these are included within the carrying amount of the
related quarry, under PPE and subsequently depreciated over
the life of the quarry on a units-of-production basis.
\u2022 Where such costs are incurred on non-owned quarries, these
are included under \u201cDevelopment expenditure\u201d under Intangible
assets and amortized over the shorter of the contract term and
the estimated life of the quarry reserve.
Hyperinflation
IAS 29 requires to report the results of the Group\u2019s operations in T\u00fcrkiye, as if these were highly inflationary as of 1 January 2022.
Specifically, IAS 29 requires:
\u2022 adjustment of the historical cost of the non-monetary assets and liabilities for the change in purchasing power caused by inflation
from the date of\u00a0 initial recognition to the end of the reporting date;
\u2022 non-adjustment of the monetary assets and liabilities, as they are already expressed in the measuring unit current at the end of
the reporting period;
\u2022 adjustment of the income statement for inflation and its translation with the closing exchange rate instead of an average rate; and
\u2022 recognition of gain or loss on net monetary position in profit or loss in order to reflect the impact of inflation and exchange rate
movement on holding monetary assets and liabilities in local currency.
The financial statements of Group subsidiaries, whose functional currency is the currency of a hyperinflationary economy, are adjusted
for inflation and then translated into euros. The difference between the closing balance of Group\u2019s equity on 31.12.2021 and its
opening balance on 01.01.2022 was recognized in equity. Any difference from the ongoing application of re-translation to closing
exchange rates and hyperinflation adjustments will be recognized in other comprehensive income. In the consolidated income
statement ended on 31.12.2025, the Group recognized a total gain on net monetary position of \u20ac1.4 million (31.12.2024: \u20ac8.3 million) in
net finance cost (note 7). On the application of IAS 29, the Group used the conversion coefficient derived from the consumer price
index published by TurkStat (TUIK). The conversion coefficient was 3,513.87 and 2,684.55 on 31.12.2025 and 31.12.2024 respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-586": { "value": "
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each entity in the
Group are measured in the functional currency, which is the
currency of the primary economic environment in which each
Group entity operates. The consolidated financial statements
are presented in Euros.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-587": { "value": "
Deferred stripping costs
Stripping costs comprise the removal of overburden and other
waste products. Stripping costs incurred in the development of a
quarry before production commences are capitalized as follows:
\u2022 Where such costs are incurred on quarry land that is owned by
the Group, these are included within the carrying amount of the
related quarry, under PPE and subsequently depreciated over
the life of the quarry on a units-of-production basis.
\u2022 Where such costs are incurred on non-owned quarries, these
are included under \u201cDevelopment expenditure\u201d under Intangible
assets and amortized over the shorter of the contract term and
the estimated life of the quarry reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForStrippingCostsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-589": { "value": "
Impairment of non-financial assets other
than\u00a0Goodwill
Assets that have an indefinite useful life (land not related to
quarries) are not subject to amortization and are tested annually for
impairment. Assets that are subject to amortization are reviewed for
impairment whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable. An impairment
loss is recognized, as an expense immediately, for the amount by
which the asset\u2019s carrying amount exceeds its recoverable amount.
For the purposes of assessing impairment, assets are grouped at
the lowest levels for which there are separately identifiable cash
flows (CGU). Non-financial assets other than goodwill that suffered
impairment are reviewed for possible reversal of the impairment at
each reporting date. An asset\u2019s recoverable amount is the higher of
an asset or CGU fair value less costs of sell and its value-in-use.
Goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred and
the amount recognized for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the excess of
the aggregate of the consideration transferred and the amount recognized for non-controlling interest over the net identifiable
assets acquired and liabilities assumed is smaller than the fair value of the net assets of the acquired subsidiary, the difference is
recognized in the profit or loss. Goodwill represents the future economic benefits arising from assets that are not capable of being
individually identified and separately recognized in a business combination.
Goodwill is not amortized. After initial recognition, it is measured at cost less any accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each
cash-generating-unit (CGU) that is expected to benefit from the synergies of the combination. Each unit or group of units to which
the\u00a0goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal
management\u00a0purposes.
Impairment reviews are undertaken annually (even if there is no indication of impairment) or more frequently if events or changes in
circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the
higher of the value-in-use and the fair value less costs to sell. Any impairment is recognized immediately as an expense and is not
subsequently reversed.
Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated
with\u00a0the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal.
Goodwill dispose d in these circumstances is measured based on the relative values of the disposed operation and the portion
of\u00a0the\u00a0CGU retained.
Key assumptions
Group cash-generating-units (CGUs) are defined generally as a country or Group area on the basis of the sales and management
structure. The recoverable amount of all CGUs has been determined based on value-in-use calculations. These calculations use
post-tax cash flow projections based on financial budgets approved by management covering generally a five-year period. Forecasts
rely on a combination of internal and external factors that influence each CGU operations, such as the macroeconomic environment
and sustainability matters. Furthermore, in specific circumstances, when recent results of a CGU do not reflect historical performance
and most external economic variables provide confidence that a reasonably determinable improvement is expected in the mid-term,
management uses cash flow projections over a period up to ten years, to reflect sufficiently the cyclical nature of the industry.\u00a0
Volume assumptions are provided by local management and reflect its best estimates taking into consideration past performance,
local market growth estimates, infrastructure projects, etc. Sales volume growth rates are also based on published industry research
and consider demographic trends including population growth, household formation, and economic output (among other factors) in
the countries where the Group operates.
Price assumptions are also the best estimates of local management and they factor in historical trends, inflation, brand loyalty,
growth rate of the regional economy, competition, production cost increases, etc.
Input costs that mainly consist of thermal and electrical energy, transportation costs, and raw material costs, are determined
by\u00a0forecasted projections provided by international agencies and institutions.
Furthermore, digital transformation efforts for driving business efficiencies, and actions for the curtailment of the Group\u2019s
environmental footprint and mitigating supply chain disruption are factored in.
Terminal value cash flows are based on the long-term growth expectations for the industry in the country of operation. It is calculated
based on sustainable sales volumes, capacity utilization, EBITDA margin and CapEx, to reflect sustainable cash flows in perpetuity.
Perpetuity growth rates are in line with the nominal economic growth. Rates are reasonably compared to long-term inflation
expectations, adjusted for per capita consumption expectations and capacity utilization. Inputs that have been taken into
consideration are estimates from international agencies\u2019 or banks\u2019 forecasts.
Discount rates are according to post-tax weighted average cost of capital (WACC) for each CGUs, deriving from Group\u2019s current
market risk assessment, applicable local tax rates and local currency risk-free rates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-588": { "value": "
Impairment of non-financial assets other
than\u00a0Goodwill
Assets that have an indefinite useful life (land not related to
quarries) are not subject to amortization and are tested annually for
impairment. Assets that are subject to amortization are reviewed for
impairment whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable. An impairment
loss is recognized, as an expense immediately, for the amount by
which the asset\u2019s carrying amount exceeds its recoverable amount.
For the purposes of assessing impairment, assets are grouped at
the lowest levels for which there are separately identifiable cash
flows (CGU). Non-financial assets other than goodwill that suffered
impairment are reviewed for possible reversal of the impairment at
each reporting date. An asset\u2019s recoverable amount is the higher of
an asset or CGU fair value less costs of sell and its value-in-use.
Goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred and
the amount recognized for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the excess of
the aggregate of the consideration transferred and the amount recognized for non-controlling interest over the net identifiable
assets acquired and liabilities assumed is smaller than the fair value of the net assets of the acquired subsidiary, the difference is
recognized in the profit or loss. Goodwill represents the future economic benefits arising from assets that are not capable of being
individually identified and separately recognized in a business combination.
Goodwill is not amortized. After initial recognition, it is measured at cost less any accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each
cash-generating-unit (CGU) that is expected to benefit from the synergies of the combination. Each unit or group of units to which
the\u00a0goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal
management\u00a0purposes.
Impairment reviews are undertaken annually (even if there is no indication of impairment) or more frequently if events or changes in
circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the
higher of the value-in-use and the fair value less costs to sell. Any impairment is recognized immediately as an expense and is not
subsequently reversed.
Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated
with\u00a0the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal.
Goodwill dispose d in these circumstances is measured based on the relative values of the disposed operation and the portion
of\u00a0the\u00a0CGU retained.
Key assumptions
Group cash-generating-units (CGUs) are defined generally as a country or Group area on the basis of the sales and management
structure. The recoverable amount of all CGUs has been determined based on value-in-use calculations. These calculations use
post-tax cash flow projections based on financial budgets approved by management covering generally a five-year period. Forecasts
rely on a combination of internal and external factors that influence each CGU operations, such as the macroeconomic environment
and sustainability matters. Furthermore, in specific circumstances, when recent results of a CGU do not reflect historical performance
and most external economic variables provide confidence that a reasonably determinable improvement is expected in the mid-term,
management uses cash flow projections over a period up to ten years, to reflect sufficiently the cyclical nature of the industry.\u00a0
Volume assumptions are provided by local management and reflect its best estimates taking into consideration past performance,
local market growth estimates, infrastructure projects, etc. Sales volume growth rates are also based on published industry research
and consider demographic trends including population growth, household formation, and economic output (among other factors) in
the countries where the Group operates.
Price assumptions are also the best estimates of local management and they factor in historical trends, inflation, brand loyalty,
growth rate of the regional economy, competition, production cost increases, etc.
Input costs that mainly consist of thermal and electrical energy, transportation costs, and raw material costs, are determined
by\u00a0forecasted projections provided by international agencies and institutions.
Furthermore, digital transformation efforts for driving business efficiencies, and actions for the curtailment of the Group\u2019s
environmental footprint and mitigating supply chain disruption are factored in.
Terminal value cash flows are based on the long-term growth expectations for the industry in the country of operation. It is calculated
based on sustainable sales volumes, capacity utilization, EBITDA margin and CapEx, to reflect sustainable cash flows in perpetuity.
Perpetuity growth rates are in line with the nominal economic growth. Rates are reasonably compared to long-term inflation
expectations, adjusted for per capita consumption expectations and capacity utilization. Inputs that have been taken into
consideration are estimates from international agencies\u2019 or banks\u2019 forecasts.
Discount rates are according to post-tax weighted average cost of capital (WACC) for each CGUs, deriving from Group\u2019s current
market risk assessment, applicable local tax rates and local currency risk-free rates.
Accounting Policy
The Group applies the IFRS 9 simplified approach for measuring expected credit losses. The approach uses a lifetime expected
loss allowance for all trade and other receivables. On that basis, an impairment analysis is performed at the end of the year, using
provisional rates that are based on days past due for groupings of various customer segments with similar characteristics. The
calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that
is available at the reporting date about past events, current conditions, forecasts of future economic conditions, in addition with
specific information for individual receivables. In addition, the Group holds collaterals to secure trade receivables, which at the end
of 2025 amounted to \u20ac15,242 thousand (31 December 2024: \u20ac29,442 thousand) (note 35).
Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a
repayment plan with the Group.\u00a0 Where receivables have been written off, the Group continues to engage in enforcement activity
to attempt to recover the receivable due. Where recoveries are made, these are recognized in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-590": { "value": "
CO\u2082 Emission rights
Emission rights are accounted for under the net liability method.
Allocated allowances that are granted free of charge are
recognized as an intangible asset at cost, which is nil. Emission
rights purchased in excess of those required to cover shortages
are recognized as an intangible asset, at cost. To the extent that
emissions generated to date exceed the volume of allowances
held, the Group recognizes a liability. If emissions do not exceed
allowances held, there is no obligation to purchase additional
allowances and, therefore, no liability to provide for additional
emission allowances required. The Group has chosen to measure
the net liability on the basis of the period for which the irrevocable
right to the cumulative emissions rights have been received.
Proceeds from the sale of granted emission rights are recorded
as a reduction to cost of sales.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-591": { "value": "
Financial assets
Classification and measurement
The Group classifies its financial assets in the following
measurement categories:
\u2022 those to be measured subsequently at fair value (either through
other comprehensive income (OCI) or through profit or loss (PL));
and
\u2022 those to be measured at amortized cost.
The classification depends on the entity\u2019s business model for
managing the financial assets and the contractual terms of the
cash\u00a0flows.
The Group initially measures a financial asset at its fair value plus, in
the case of a financial asset not at fair value through profit or loss,
transaction costs. Transaction costs of financial assets carried at fair
value through profit or loss are expenses. Trade receivables are
initially measured at their transaction price.
Financial assets with embedded derivatives are considered in their
entirety when determining whether their cash flows are solely
payment of principal and interest.
Under IFRS 9, debt financial instruments are subsequently
measured at amortized cost, fair value through other
comprehensive income (FVOCI) or fair value through profit or loss
(FVPL). The classification is based on two criteria: a) the business
model for managing the assets and b) whether the instruments\u2019
contractual cash flows represent \u201csolely payments of principal and
interest\u201d on the principal amount outstanding (the \u2018SPPI criterion\u2019).
The new classification and measurement of the Group\u2019s debt
financial assets are, as follows:
I. Debt instruments at amortized cost for financial assets that are
held within a business model with the objective to hold the financial
assets, in order to collect contractual cash flows that meet the SPPI
criterion. Interest income from these financial assets is included in
finance income using the effective interest rate method. Any gain
or\u00a0loss arising on derecognition is recognized directly in the
income\u00a0statement.
II. Debt instruments at FVOCI, with gains or losses recycled to profit
or loss on derecognition. Financial assets in this category are debt
instruments that meet the SPPI criterion and are held within a
business model both to collect and sell cash flows. Movements in
the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest revenue and
foreign exchange gains or losses which are recognized in profit or
loss. Interest income from these financial assets is included in
finance income using the effective interest rate method.
III. Financial assets at FVPL comprise derivative instruments and
equity instruments, which the Group had not irrevocably elected, at
initial recognition or transition, to classify at FVOCI. This category
would also include debt instruments whose cash flow
characteristics fail the SPPI criterion or are not held within a
business model whose objective is either to collect contractual
cash flows, or to both collect and sell contractual cash flows. A gain
or loss on financial assets that subsequently measures at FVPL is
recognized in income statement.
Other financial assets are classified and subsequently measured,
as\u00a0follows:
IV. Equity instruments at FVOCI, with no recycling of gains or losses
to profit or loss on derecognition. This category only includes equity
instruments, which the Group intends to hold for the foreseeable
future and which the Group (or the Company) has irrevocably
elected to so classify upon initial recognition or transition. Equity
instruments at FVOCI are not subject to any impairment accounting.
Dividends from such investments continue to be recognized in profit
or loss, when the right to receive the payment is established, unless
they represent a recovery of part of the cost of the investment.
V. Financial assets designated as measured at FVPL at initial
recognition that would otherwise be measured subsequently at
amortized cost or at FVOCI. Such a designation can only be made,
if it eliminates or significantly reduces an \u201caccounting mismatch\u201d
that would otherwise arise.
De-recognition of financial assets and liabilities
Financial assets
A financial asset (or, where applicable a part of a financial asset or
part of a group of similar financial assets) is derecognized when:
\u2022 the rights to receive cash flows from the asset have expired;
\u2022 the Group retains the right to receive cash flows from the asset,
but has assumed an obligation to pay them in full without
material delay to a third party under a \u201cpass-through\u201d
arrangement; or
\u2022 the Group has transferred its rights to receive cash flows from
the asset and either (a) has transferred substantially all the risks
and rewards of the assets, or (b) has neither transferred nor
retained substantially all the risks and rewards of the asset, but
has transferred control of the asset.
Where the Group has transferred its rights to receive cash flows
from an asset and has neither transferred nor retained substantially
all the risks and rewards of the asset nor transferred control of the
asset, the asset is recognized to the extent of the Group\u2019s
continuing involvement in the asset. A respective liability is
also\u00a0recognized.
Continuing involvement that takes the form of a guarantee over the
transferred asset is measured at the lower of the original carrying
amount of the asset and the maximum amount of consideration that
the Group could be required to repay.
Financial liabilities
A financial liability is derecognized when the obligation under the
liability is discharged, cancelled or expires. Where an existing
financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated
as a derecognition of the original liability and the recognition of a
new liability. The difference in the respective carrying amounts is
recognized in the consolidated statement of income.
The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is re-
measured when there is a modification that is not accounted for as a separate lease; a change in future lease payments arising from
a change in an index or rate; a change in the estimate of the amount expected to be payable under a residual value guarantee; and
if the Group changes its assessment of whether a purchase or extension option is reasonably certain to be exercised or a
termination option is reasonably certain not to be exercised.
Lease liabilities include the net present value of the following lease payments:
\u2022 Fixed payments (including in-substance fixed payments)
\u2022 Variable lease payments that are based on an index or a rate
\u2022 Amounts expected to be payable by the lessee under residual value guarantees
\u2022 The exercise price of a purchase option if the lessee is reasonably certain to exercise that option
\u2022 Payments of penalties for terminating the lease if the lessee will exercise that option
Accounting Policy
The Group applies the IFRS 9 simplified approach for measuring expected credit losses. The approach uses a lifetime expected
loss allowance for all trade and other receivables. On that basis, an impairment analysis is performed at the end of the year, using
provisional rates that are based on days past due for groupings of various customer segments with similar characteristics. The
calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that
is available at the reporting date about past events, current conditions, forecasts of future economic conditions, in addition with
specific information for individual receivables. In addition, the Group holds collaterals to secure trade receivables, which at the end
of 2025 amounted to \u20ac15,242 thousand (31 December 2024: \u20ac29,442 thousand) (note 35).
Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a
repayment plan with the Group.\u00a0 Where receivables have been written off, the Group continues to engage in enforcement activity
to attempt to recover the receivable due. Where recoveries are made, these are recognized in the income statement.
In the statement of cash flows, cash and cash equivalents comprise cash on hand, deposits held at call with banks, other short-term
highly liquid investments with a maturity of normally three months or less from the date of acquisition, and bank overdrafts, if they
exist. Bank overdrafts are included within borrowings in current liabilities in the consolidated statement of financial positions. The
components of cash and cash equivalents have a negligible risk of change in value.
Bank term deposits consist of deposits with maturities over three months from the date of acquisition, which are available prior to
short notice.
Borrowings are recognized initially at fair value, net of transactions costs incurred. In subsequent periods, borrowings are carried at
amortized cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption
value is recognized in the income statement over the period of the borrowings using the effective interest method.
Fees paid on the establishment of loan facilities are recognized as transactions costs of the loan to the extent that it is probable that
some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no
evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity
services and amortized over the period of the facility to which it relates.
Borrowings are classified as current liabilities unless the Group entity has an unconditional right to defer settlement for at least
12\u00a0months after the balance sheet date.
Derivative financial instruments and hedging activities
Initially, derivatives are recognized at fair value at commencement date and subsequently, they are re-measured at their fair value at
each reporting date. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair
value is negative.
Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective
portion of cash flow hedges, which is recognized in OCI and is later reclassified to profit or loss when the hedge item affects profit
or loss.
For the purpose of hedge accounting, hedges are classified as:
\u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized
firm commitment.
\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated
with a recognized asset or liability, a highly probable forecast transaction, or the foreign currency risk in an unrecognized firm
commitment.
\u2022 Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to
apply hedge accounting and the risk management objective and strategy for undertaking the hedge.
The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and
how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis
of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting
if it meets all of the following effectiveness requirements:
\u2022 There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.
\u2022 The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group
actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
The full fair value of a hedging derivative is classified as a non- current asset or liability when the remaining hedged item is more
than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.
Hedges that meet the strict criteria for hedge accounting are accounted for, as described below.
Fair value hedges
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement,
together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss
relating both to the effective and ineffective portion of interest rate swaps hedging fixed rate borrowings is recognized in the income
statement within \u201cFinance income/expense\u201d.
Cash flow hedges
The effective portion of gains or losses from measuring cash flow hedging instruments is recognized in OCI and accumulated in
reserves, in the account \u201chedging reserve from cash flow hedges\u201d. The gain or loss relating to the ineffective portion is recognized
immediately in the income statement within \u201cFinance income/expenses\u201d.
Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.
When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction is ultimately
recognized in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was
reported in equity is immediately reclassified to profit or loss.
Net investment hedge
Hedges of net investments in foreign entities are accounted for similarly to cash flow hedges. Where the hedging instrument is
a\u00a0derivative, any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in currency
translation differences on derivative hedging position in other reserves. The gain or loss relating to the ineffective portion is
recognized immediately in other income/expenses in the income statement. However, where the hedging instrument is not a
derivative (for example, a foreign currency borrowing), all foreign exchange gains or losses arising on the translation of a borrowing
that hedges such an investment (including any ineffective portion of the hedge) are recognized in equity in \u201ctranslation differences
on derivative hedging position\u201d in \u201cother reserves\u201d.
Gains or losses accumulated in equity are included in the income statement when the foreign operation is (partially or fully) disposed
of. The Group\u2019s \u201cother reserves\u201d include gains that have resulted from such hedging activities carried out in the past.
Derivatives that are not part of a hedging relationship
Any gains or losses arising from changes in the fair value of financial instruments that are not part of a hedging relationship are
included in finance income / (expenses), gain / (loss) from foreign exchange differences and cost of sales in the income statement for
the period in which they arise, depending on their nature.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-592": { "value": "
Financial assets
Classification and measurement
The Group classifies its financial assets in the following
measurement categories:
\u2022 those to be measured subsequently at fair value (either through
other comprehensive income (OCI) or through profit or loss (PL));
and
\u2022 those to be measured at amortized cost.
The classification depends on the entity\u2019s business model for
managing the financial assets and the contractual terms of the
cash\u00a0flows.
The Group initially measures a financial asset at its fair value plus, in
the case of a financial asset not at fair value through profit or loss,
transaction costs. Transaction costs of financial assets carried at fair
value through profit or loss are expenses. Trade receivables are
initially measured at their transaction price.
Financial assets with embedded derivatives are considered in their
entirety when determining whether their cash flows are solely
payment of principal and interest.
Under IFRS 9, debt financial instruments are subsequently
measured at amortized cost, fair value through other
comprehensive income (FVOCI) or fair value through profit or loss
(FVPL). The classification is based on two criteria: a) the business
model for managing the assets and b) whether the instruments\u2019
contractual cash flows represent \u201csolely payments of principal and
interest\u201d on the principal amount outstanding (the \u2018SPPI criterion\u2019).
The new classification and measurement of the Group\u2019s debt
financial assets are, as follows:
I. Debt instruments at amortized cost for financial assets that are
held within a business model with the objective to hold the financial
assets, in order to collect contractual cash flows that meet the SPPI
criterion. Interest income from these financial assets is included in
finance income using the effective interest rate method. Any gain
or\u00a0loss arising on derecognition is recognized directly in the
income\u00a0statement.
II. Debt instruments at FVOCI, with gains or losses recycled to profit
or loss on derecognition. Financial assets in this category are debt
instruments that meet the SPPI criterion and are held within a
business model both to collect and sell cash flows. Movements in
the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest revenue and
foreign exchange gains or losses which are recognized in profit or
loss. Interest income from these financial assets is included in
finance income using the effective interest rate method.
III. Financial assets at FVPL comprise derivative instruments and
equity instruments, which the Group had not irrevocably elected, at
initial recognition or transition, to classify at FVOCI. This category
would also include debt instruments whose cash flow
characteristics fail the SPPI criterion or are not held within a
business model whose objective is either to collect contractual
cash flows, or to both collect and sell contractual cash flows. A gain
or loss on financial assets that subsequently measures at FVPL is
recognized in income statement.
Other financial assets are classified and subsequently measured,
as\u00a0follows:
IV. Equity instruments at FVOCI, with no recycling of gains or losses
to profit or loss on derecognition. This category only includes equity
instruments, which the Group intends to hold for the foreseeable
future and which the Group (or the Company) has irrevocably
elected to so classify upon initial recognition or transition. Equity
instruments at FVOCI are not subject to any impairment accounting.
Dividends from such investments continue to be recognized in profit
or loss, when the right to receive the payment is established, unless
they represent a recovery of part of the cost of the investment.
V. Financial assets designated as measured at FVPL at initial
recognition that would otherwise be measured subsequently at
amortized cost or at FVOCI. Such a designation can only be made,
if it eliminates or significantly reduces an \u201caccounting mismatch\u201d
that would otherwise arise.
De-recognition of financial assets and liabilities
Financial assets
A financial asset (or, where applicable a part of a financial asset or
part of a group of similar financial assets) is derecognized when:
\u2022 the rights to receive cash flows from the asset have expired;
\u2022 the Group retains the right to receive cash flows from the asset,
but has assumed an obligation to pay them in full without
material delay to a third party under a \u201cpass-through\u201d
arrangement; or
\u2022 the Group has transferred its rights to receive cash flows from
the asset and either (a) has transferred substantially all the risks
and rewards of the assets, or (b) has neither transferred nor
retained substantially all the risks and rewards of the asset, but
has transferred control of the asset.
Where the Group has transferred its rights to receive cash flows
from an asset and has neither transferred nor retained substantially
all the risks and rewards of the asset nor transferred control of the
asset, the asset is recognized to the extent of the Group\u2019s
continuing involvement in the asset. A respective liability is
also\u00a0recognized.
Continuing involvement that takes the form of a guarantee over the
transferred asset is measured at the lower of the original carrying
amount of the asset and the maximum amount of consideration that
the Group could be required to repay.
Accounting Policy
The Group applies the IFRS 9 simplified approach for measuring expected credit losses. The approach uses a lifetime expected
loss allowance for all trade and other receivables. On that basis, an impairment analysis is performed at the end of the year, using
provisional rates that are based on days past due for groupings of various customer segments with similar characteristics. The
calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that
is available at the reporting date about past events, current conditions, forecasts of future economic conditions, in addition with
specific information for individual receivables. In addition, the Group holds collaterals to secure trade receivables, which at the end
of 2025 amounted to \u20ac15,242 thousand (31 December 2024: \u20ac29,442 thousand) (note 35).
Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a
repayment plan with the Group.\u00a0 Where receivables have been written off, the Group continues to engage in enforcement activity
to attempt to recover the receivable due. Where recoveries are made, these are recognized in the income statement.
In the statement of cash flows, cash and cash equivalents comprise cash on hand, deposits held at call with banks, other short-term
highly liquid investments with a maturity of normally three months or less from the date of acquisition, and bank overdrafts, if they
exist. Bank overdrafts are included within borrowings in current liabilities in the consolidated statement of financial positions. The
components of cash and cash equivalents have a negligible risk of change in value.
Bank term deposits consist of deposits with maturities over three months from the date of acquisition, which are available prior to
short notice.
Derivative financial instruments and hedging activities
Initially, derivatives are recognized at fair value at commencement date and subsequently, they are re-measured at their fair value at
each reporting date. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair
value is negative.
Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective
portion of cash flow hedges, which is recognized in OCI and is later reclassified to profit or loss when the hedge item affects profit
or loss.
For the purpose of hedge accounting, hedges are classified as:
\u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized
firm commitment.
\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated
with a recognized asset or liability, a highly probable forecast transaction, or the foreign currency risk in an unrecognized firm
commitment.
\u2022 Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to
apply hedge accounting and the risk management objective and strategy for undertaking the hedge.
The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and
how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis
of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting
if it meets all of the following effectiveness requirements:
\u2022 There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.
\u2022 The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group
actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
The full fair value of a hedging derivative is classified as a non- current asset or liability when the remaining hedged item is more
than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.
Hedges that meet the strict criteria for hedge accounting are accounted for, as described below.
Fair value hedges
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement,
together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss
relating both to the effective and ineffective portion of interest rate swaps hedging fixed rate borrowings is recognized in the income
statement within \u201cFinance income/expense\u201d.
Cash flow hedges
The effective portion of gains or losses from measuring cash flow hedging instruments is recognized in OCI and accumulated in
reserves, in the account \u201chedging reserve from cash flow hedges\u201d. The gain or loss relating to the ineffective portion is recognized
immediately in the income statement within \u201cFinance income/expenses\u201d.
Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.
When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction is ultimately
recognized in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was
reported in equity is immediately reclassified to profit or loss.
Net investment hedge
Hedges of net investments in foreign entities are accounted for similarly to cash flow hedges. Where the hedging instrument is
a\u00a0derivative, any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in currency
translation differences on derivative hedging position in other reserves. The gain or loss relating to the ineffective portion is
recognized immediately in other income/expenses in the income statement. However, where the hedging instrument is not a
derivative (for example, a foreign currency borrowing), all foreign exchange gains or losses arising on the translation of a borrowing
that hedges such an investment (including any ineffective portion of the hedge) are recognized in equity in \u201ctranslation differences
on derivative hedging position\u201d in \u201cother reserves\u201d.
Gains or losses accumulated in equity are included in the income statement when the foreign operation is (partially or fully) disposed
of. The Group\u2019s \u201cother reserves\u201d include gains that have resulted from such hedging activities carried out in the past.
Derivatives that are not part of a hedging relationship
Any gains or losses arising from changes in the fair value of financial instruments that are not part of a hedging relationship are
included in finance income / (expenses), gain / (loss) from foreign exchange differences and cost of sales in the income statement for
the period in which they arise, depending on their nature.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-593": { "value": "
Financial assets
Classification and measurement
The Group classifies its financial assets in the following
measurement categories:
\u2022 those to be measured subsequently at fair value (either through
other comprehensive income (OCI) or through profit or loss (PL));
and
\u2022 those to be measured at amortized cost.
The classification depends on the entity\u2019s business model for
managing the financial assets and the contractual terms of the
cash\u00a0flows.
The Group initially measures a financial asset at its fair value plus, in
the case of a financial asset not at fair value through profit or loss,
transaction costs. Transaction costs of financial assets carried at fair
value through profit or loss are expenses. Trade receivables are
initially measured at their transaction price.
Financial assets with embedded derivatives are considered in their
entirety when determining whether their cash flows are solely
payment of principal and interest.
Under IFRS 9, debt financial instruments are subsequently
measured at amortized cost, fair value through other
comprehensive income (FVOCI) or fair value through profit or loss
(FVPL). The classification is based on two criteria: a) the business
model for managing the assets and b) whether the instruments\u2019
contractual cash flows represent \u201csolely payments of principal and
interest\u201d on the principal amount outstanding (the \u2018SPPI criterion\u2019).
The new classification and measurement of the Group\u2019s debt
financial assets are, as follows:
I. Debt instruments at amortized cost for financial assets that are
held within a business model with the objective to hold the financial
assets, in order to collect contractual cash flows that meet the SPPI
criterion. Interest income from these financial assets is included in
finance income using the effective interest rate method. Any gain
or\u00a0loss arising on derecognition is recognized directly in the
income\u00a0statement.
II. Debt instruments at FVOCI, with gains or losses recycled to profit
or loss on derecognition. Financial assets in this category are debt
instruments that meet the SPPI criterion and are held within a
business model both to collect and sell cash flows. Movements in
the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest revenue and
foreign exchange gains or losses which are recognized in profit or
loss. Interest income from these financial assets is included in
finance income using the effective interest rate method.
III. Financial assets at FVPL comprise derivative instruments and
equity instruments, which the Group had not irrevocably elected, at
initial recognition or transition, to classify at FVOCI. This category
would also include debt instruments whose cash flow
characteristics fail the SPPI criterion or are not held within a
business model whose objective is either to collect contractual
cash flows, or to both collect and sell contractual cash flows. A gain
or loss on financial assets that subsequently measures at FVPL is
recognized in income statement.
Other financial assets are classified and subsequently measured,
as\u00a0follows:
IV. Equity instruments at FVOCI, with no recycling of gains or losses
to profit or loss on derecognition. This category only includes equity
instruments, which the Group intends to hold for the foreseeable
future and which the Group (or the Company) has irrevocably
elected to so classify upon initial recognition or transition. Equity
instruments at FVOCI are not subject to any impairment accounting.
Dividends from such investments continue to be recognized in profit
or loss, when the right to receive the payment is established, unless
they represent a recovery of part of the cost of the investment.
V. Financial assets designated as measured at FVPL at initial
recognition that would otherwise be measured subsequently at
amortized cost or at FVOCI. Such a designation can only be made,
if it eliminates or significantly reduces an \u201caccounting mismatch\u201d
that would otherwise arise.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-594": { "value": "
De-recognition of financial assets and liabilities
Financial assets
A financial asset (or, where applicable a part of a financial asset or
part of a group of similar financial assets) is derecognized when:
\u2022 the rights to receive cash flows from the asset have expired;
\u2022 the Group retains the right to receive cash flows from the asset,
but has assumed an obligation to pay them in full without
material delay to a third party under a \u201cpass-through\u201d
arrangement; or
\u2022 the Group has transferred its rights to receive cash flows from
the asset and either (a) has transferred substantially all the risks
and rewards of the assets, or (b) has neither transferred nor
retained substantially all the risks and rewards of the asset, but
has transferred control of the asset.
Where the Group has transferred its rights to receive cash flows
from an asset and has neither transferred nor retained substantially
all the risks and rewards of the asset nor transferred control of the
asset, the asset is recognized to the extent of the Group\u2019s
continuing involvement in the asset. A respective liability is
also\u00a0recognized.
Continuing involvement that takes the form of a guarantee over the
transferred asset is measured at the lower of the original carrying
amount of the asset and the maximum amount of consideration that
the Group could be required to repay.
Financial liabilities
A financial liability is derecognized when the obligation under the
liability is discharged, cancelled or expires. Where an existing
financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated
as a derecognition of the original liability and the recognition of a
new liability. The difference in the respective carrying amounts is
recognized in the consolidated statement of income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-595": { "value": "
Financial liabilities
A financial liability is derecognized when the obligation under the
liability is discharged, cancelled or expires. Where an existing
financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated
as a derecognition of the original liability and the recognition of a
new liability. The difference in the respective carrying amounts is
recognized in the consolidated statement of income.
The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is re-
measured when there is a modification that is not accounted for as a separate lease; a change in future lease payments arising from
a change in an index or rate; a change in the estimate of the amount expected to be payable under a residual value guarantee; and
if the Group changes its assessment of whether a purchase or extension option is reasonably certain to be exercised or a
termination option is reasonably certain not to be exercised.
Lease liabilities include the net present value of the following lease payments:
\u2022 Fixed payments (including in-substance fixed payments)
\u2022 Variable lease payments that are based on an index or a rate
\u2022 Amounts expected to be payable by the lessee under residual value guarantees
\u2022 The exercise price of a purchase option if the lessee is reasonably certain to exercise that option
\u2022 Payments of penalties for terminating the lease if the lessee will exercise that option
Borrowings are recognized initially at fair value, net of transactions costs incurred. In subsequent periods, borrowings are carried at
amortized cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption
value is recognized in the income statement over the period of the borrowings using the effective interest method.
Fees paid on the establishment of loan facilities are recognized as transactions costs of the loan to the extent that it is probable that
some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no
evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity
services and amortized over the period of the facility to which it relates.
Borrowings are classified as current liabilities unless the Group entity has an unconditional right to defer settlement for at least
12\u00a0months after the balance sheet date.
Derivative financial instruments and hedging activities
Initially, derivatives are recognized at fair value at commencement date and subsequently, they are re-measured at their fair value at
each reporting date. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair
value is negative.
Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective
portion of cash flow hedges, which is recognized in OCI and is later reclassified to profit or loss when the hedge item affects profit
or loss.
For the purpose of hedge accounting, hedges are classified as:
\u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized
firm commitment.
\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated
with a recognized asset or liability, a highly probable forecast transaction, or the foreign currency risk in an unrecognized firm
commitment.
\u2022 Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to
apply hedge accounting and the risk management objective and strategy for undertaking the hedge.
The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and
how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis
of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting
if it meets all of the following effectiveness requirements:
\u2022 There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.
\u2022 The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group
actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
The full fair value of a hedging derivative is classified as a non- current asset or liability when the remaining hedged item is more
than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.
Hedges that meet the strict criteria for hedge accounting are accounted for, as described below.
Fair value hedges
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement,
together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss
relating both to the effective and ineffective portion of interest rate swaps hedging fixed rate borrowings is recognized in the income
statement within \u201cFinance income/expense\u201d.
Cash flow hedges
The effective portion of gains or losses from measuring cash flow hedging instruments is recognized in OCI and accumulated in
reserves, in the account \u201chedging reserve from cash flow hedges\u201d. The gain or loss relating to the ineffective portion is recognized
immediately in the income statement within \u201cFinance income/expenses\u201d.
Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.
When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction is ultimately
recognized in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was
reported in equity is immediately reclassified to profit or loss.
Net investment hedge
Hedges of net investments in foreign entities are accounted for similarly to cash flow hedges. Where the hedging instrument is
a\u00a0derivative, any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in currency
translation differences on derivative hedging position in other reserves. The gain or loss relating to the ineffective portion is
recognized immediately in other income/expenses in the income statement. However, where the hedging instrument is not a
derivative (for example, a foreign currency borrowing), all foreign exchange gains or losses arising on the translation of a borrowing
that hedges such an investment (including any ineffective portion of the hedge) are recognized in equity in \u201ctranslation differences
on derivative hedging position\u201d in \u201cother reserves\u201d.
Gains or losses accumulated in equity are included in the income statement when the foreign operation is (partially or fully) disposed
of. The Group\u2019s \u201cother reserves\u201d include gains that have resulted from such hedging activities carried out in the past.
Derivatives that are not part of a hedging relationship
Any gains or losses arising from changes in the fair value of financial instruments that are not part of a hedging relationship are
included in finance income / (expenses), gain / (loss) from foreign exchange differences and cost of sales in the income statement for
the period in which they arise, depending on their nature.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-597": { "value": "
3. Critical estimates and judgements
The preparation of the financial statements requires management
to make estimations and judgments that affect the reported
disclosures. They are based on historical experience and other
factors, including expectations of future events that are believed to
be reasonable under the circumstances. In addition, they form the
basis for making judgments about the carrying value of assets and
liabilities that are not readily available from other sources. The
resulting accounting estimates will seldom equal the related actual
results by definition.
The estimates and assumptions that have a risk of causing a
material adjustment to the carrying amounts of assets and liabilities
within the next financial year are discussed below.
Impairment of goodwill
Impairment tests for goodwill use the recoverable amounts of CGUs
that are determined based on value-in-use calculations. These
calculations require the use of estimates, which mainly relate to
future earnings and discount rates applied future cash flow forecast.
Impairment of joint venture
The determination of the recoverable amount for each joint venture
requires significant judgments regarding the assumptions of the
future results of the business and the discount rates applied to
future cash flow forecasts (note 4).
Power Purchase Agreements
The accounting treatment of the Group\u2019s Power Purchase
Agreements (PPAs) requireds significant judgement. In assessing
the contractual arrangements, the Group evaluated the appropriate
accounting framework, including whether the agreements:
\u2022 give rise to consolidation under IFRS\u202f10, constitute an associate
under IAS\u202f28, a joint arrangement under IFRS\u202f11, or a service
concession under IFRIC\u202f12;
\u2022 contain a lease in the scope of IFRS\u202f16; and
\u2022 fall within or outside the \u201cown\u2011use\u201d exemption of IFRS\u202f9.
During 2023, the Group\u2019s subsidiary in Greece, Titan Cement
Company S.A., entered into a 10\u2011year Power Purchase Agreement
(PPA), together with a supplementary guarantees of origin (GoOs)
agreement, structured into two periods: an initial period (Period A)
involving the physical purchase of fixed electricity quantities at
predetermined prices, and a subsequent period (Period B) originally
designed as a virtual purchase of the output of specific photovoltaic
parks. In 2024, the Group signed a supplementary agreement
modifying the original PPA, extending Period A and Period B,
adjusting purchase quantities and prices, and converting the
planned virtual delivery in Period B into physical delivery.
The Group concluded that the PPA and the associated GoOs
agreement form a single arrangement, with Period A and Period B
treated as separate units of account due to their distinct contractual
characteristics. Period A qualifies for the IFRS\u202f9 \u201cown\u2011use\u201d
exemption and is accounted for as an executory contract. Following
the contractual amendments, the electricity to be purchased in
Period B also meets the \u201cown\u2011use\u201d criteria, and is likewise
accounted for as an executory contract.
During April 2024, the Group\u2019s subsidiary in Greece, Interbeton
Construction Materials S.A., entered into three PPAs with identical
terms and conditions for the procurement of electricity generated
by three specific wind parks. The agreements have a duration of
ten years, during which the subsidiary will purchase the entire
electricity output and the associated GoOs. The supply period will
commence upon the commercial operation date of the Ifestos
Carbon Capture Project. The PPAs are not recognized neither in the
2024 nor in the 2025 financial statements, as their execution is
contingent upon the completion and operational commencement
of\u00a0Ifestos Carbon Capture Project, which serves as a condition
precedent to the agreements.
There were no new developments in 2025 requiring reassessment
of the Group\u2019s existing PPAs.
Assessment of control and consolidation scope
Determining whether the Group controls another entity or
arrangement requires significant judgment. In making this
assessment, the Group considers the requirements of IFRS\u202f10,
including whether it has power over the investee, exposure or
rights to variable returns, and the ability to use its power to affect
those returns. The analysis involves evaluating substantive rights,
contractual terms, the purpose and design of the arrangement, and
whether decision\u2011making rights are held directly by the Group or by
third parties. These assessments determine whether an investee is
classified as a subsidiary, joint arrangement or associate and have a
material impact on the Group\u2019s consolidated financial statements.
For acquisition arrangements that are subject to conditions
precedent, the Group concludes that control is obtained only on
closing, when the transfer of substantive rights becomes effective
and the Group is able to direct the relevant activities.
Vracs de l\u2019Estuaire
On 31 October 2025, the Group entered into exclusive negotiations
to acquire a cementitious materials business in Northern France,
operating a grinding facility at the port of Le Havre. On 2 December
2025, the Group signed a share purchase agreement for the
acquisition of 100% of the shares in Vracs de l\u2019Estuaire and its
subsidiary, SHGTE. Completion of the transaction is subject to the
fulfillment of customary conditions precedent.
The Group concluded that control will be obtained only upon
satisfaction of the conditions precedent and transfer of ownership,
which occurred subsequent to the reporting date, in January 2026
(note\u202f37).
Caba \u00c7imento Sanayi ve Ticaret A.\u015e.
On 11 December 2025, the Group entered into a share purchase
agreement to acquire 100% of Caba \u00c7imento Sanayi ve Ticaret A.\u015e.,
a holding company that owns the Tra\u00e7im cement operations in the
greater Istanbul market, subject to conditions precedent and
regulatory approvals.
The Group concluded that control will be obtained only upon
satisfaction of the conditions precedent and transfer of legal
ownership of the shares; accordingly, Caba \u00c7imento and its
subsidiaries, including Tra\u00e7im \u00c7imento Sanayi ve Ticaret A.\u015e.,
will\u00a0be consolidated from completion in Q1.2026 (note\u202f37).
Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused
tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the
deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.
On 31 December 2025, certain Group entities had tax carryforward losses of \u20ac18.5 million (2024: \u20ac32.8 million). These entities have
recognized deferred tax assets amounting to \u20ac1.7 million (2024: \u20ac5.2 million), attributable to losses amounting to \u20ac7.6 million
(2024:\u00a0\u20ac22.4\u00a0million), as these deferred tax assets will be recoverable using the estimated future taxable income based on approved
business plans.
For the remaining tax losses carried forward of \u20ac10.9 million, no deferred tax asset has been recognized as they do not meet the
recognition criteria under IAS 12. These tax losses have an indefinite expiration period.
Depreciation, with the exception of quarries and land, is calculated using the straight-line method to allocate the cost of the assets
to\u00a0their residual values over their estimated useful lives as follows:
Category of PPE
Indicative useful lives
Buildings
Up to 50 years
Plant and equipment
Up to 40 years
Motor vehicles
5 to 20 years
Office equipment furniture and fittings (including computer
equipment and software integral to the operation of the
hardware)
2 to 10 years
Minor value assets
Up to 2 years
Impairment testing of goodwill
Group cash-generating-units (CGUs) are defined generally as a country or Group area on the basis of the sales and management
structure. The recoverable amount of all CGUs has been determined based on value-in-use calculations. These calculations use
post-tax cash flow projections based on financial budgets approved by management covering generally a five-year period. Forecasts
rely on a combination of internal and external factors that influence each CGU operations, such as the macroeconomic environment
and sustainability matters. Furthermore, in specific circumstances, when recent results of a CGU do not reflect historical performance
and most external economic variables provide confidence that a reasonably determinable improvement is expected in the mid-term,
management uses cash flow projections over a period up to ten years, to reflect sufficiently the cyclical nature of the industry.\u00a0
Volume assumptions are provided by local management and reflect its best estimates taking into consideration past performance,
local market growth estimates, infrastructure projects, etc. Sales volume growth rates are also based on published industry research
and consider demographic trends including population growth, household formation, and economic output (among other factors) in
the countries where the Group operates.
Price assumptions are also the best estimates of local management and they factor in historical trends, inflation, brand loyalty,
growth rate of the regional economy, competition, production cost increases, etc.
Input costs that mainly consist of thermal and electrical energy, transportation costs, and raw material costs, are determined
by\u00a0forecasted projections provided by international agencies and institutions.
Furthermore, digital transformation efforts for driving business efficiencies, and actions for the curtailment of the Group\u2019s
environmental footprint and mitigating supply chain disruption are factored in.
Terminal value cash flows are based on the long-term growth expectations for the industry in the country of operation. It is calculated
based on sustainable sales volumes, capacity utilization, EBITDA margin and CapEx, to reflect sustainable cash flows in perpetuity.
Perpetuity growth rates are in line with the nominal economic growth. Rates are reasonably compared to long-term inflation
expectations, adjusted for per capita consumption expectations and capacity utilization. Inputs that have been taken into
consideration are estimates from international agencies\u2019 or banks\u2019 forecasts.
Discount rates are according to post-tax weighted average cost of capital (WACC) for each CGUs, deriving from Group\u2019s current
market risk assessment, applicable local tax rates and local currency risk-free rates.
Carrying amount of goodwill and key assumptions used for value in use calculations
2025
(all amounts in Euro thousands)
Carrying amount of
goodwill
Perpetual Growth
rates
Discount rates
North America
186,147
2.4%
12.3%
Bulgaria
44,810
1.1%
7.9%
Serbia
5,715
1.1%
8.9%
Kosovo
2,238
1.1%
8.6%
Greece
9,581
2.0%
7.9%
Total
248,491
2024
(all amounts in Euro thousands)
Carrying amount of
goodwill
Perpetual Growth
rates
Discount rates
North America
210,524
2.4%
9.8%
Bulgaria
45,440
1.1%
6.8%
Serbia
5,699
1.0%
7.4%
Kosovo
2,238
1.1%
7.7%
Greece
9,581
2.0%
6.7%
Total
273,482
Titan SA, in May 2025 has completed the divestment of its 75% share in Ado\u00e7im Cimento Beton Sanayi ve Ticaret A.S. (note 4). In 2024, an
impairment loss of 17.0 million was recognized. For all other CGUs, the impairment tests conducted in 2025 did not result in the recognition
of any impairment of goodwill.
Sensitivity of recoverable amounts
On 31 December 2025, the Group analyzed the sensitivity of the recoverable amounts to the reasonably possible change in key
assumptions. For all CGUs, sensitivity analysis did not present a situation in which the carrying value of the CGU would exceed their
recoverable amount.
The amortization methods used for the Group\u2019s intangibles are as follows:
Category of intangible assets
Amortization Method
Indicative useful lives
Patents, trademarks and customer
relationships
straight-line basis
up to 20 years
Licenses (mining permits)
straight-line basis
depletion method
shorter of: the permit period and the estimated life of the
underlying quarry
unit-of-production method
Development costs (non-owned quarries)
note 2
note 2
Computer software
straight-line basis
3 to 10 years
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-596": { "value": "
3. Critical estimates and judgements
The preparation of the financial statements requires management
to make estimations and judgments that affect the reported
disclosures. They are based on historical experience and other
factors, including expectations of future events that are believed to
be reasonable under the circumstances. In addition, they form the
basis for making judgments about the carrying value of assets and
liabilities that are not readily available from other sources. The
resulting accounting estimates will seldom equal the related actual
results by definition.
The estimates and assumptions that have a risk of causing a
material adjustment to the carrying amounts of assets and liabilities
within the next financial year are discussed below.
Impairment of goodwill
Impairment tests for goodwill use the recoverable amounts of CGUs
that are determined based on value-in-use calculations. These
calculations require the use of estimates, which mainly relate to
future earnings and discount rates applied future cash flow forecast.
Impairment of joint venture
The determination of the recoverable amount for each joint venture
requires significant judgments regarding the assumptions of the
future results of the business and the discount rates applied to
future cash flow forecasts (note 4).
Power Purchase Agreements
The accounting treatment of the Group\u2019s Power Purchase
Agreements (PPAs) requireds significant judgement. In assessing
the contractual arrangements, the Group evaluated the appropriate
accounting framework, including whether the agreements:
\u2022 give rise to consolidation under IFRS\u202f10, constitute an associate
under IAS\u202f28, a joint arrangement under IFRS\u202f11, or a service
concession under IFRIC\u202f12;
\u2022 contain a lease in the scope of IFRS\u202f16; and
\u2022 fall within or outside the \u201cown\u2011use\u201d exemption of IFRS\u202f9.
During 2023, the Group\u2019s subsidiary in Greece, Titan Cement
Company S.A., entered into a 10\u2011year Power Purchase Agreement
(PPA), together with a supplementary guarantees of origin (GoOs)
agreement, structured into two periods: an initial period (Period A)
involving the physical purchase of fixed electricity quantities at
predetermined prices, and a subsequent period (Period B) originally
designed as a virtual purchase of the output of specific photovoltaic
parks. In 2024, the Group signed a supplementary agreement
modifying the original PPA, extending Period A and Period B,
adjusting purchase quantities and prices, and converting the
planned virtual delivery in Period B into physical delivery.
The Group concluded that the PPA and the associated GoOs
agreement form a single arrangement, with Period A and Period B
treated as separate units of account due to their distinct contractual
characteristics. Period A qualifies for the IFRS\u202f9 \u201cown\u2011use\u201d
exemption and is accounted for as an executory contract. Following
the contractual amendments, the electricity to be purchased in
Period B also meets the \u201cown\u2011use\u201d criteria, and is likewise
accounted for as an executory contract.
During April 2024, the Group\u2019s subsidiary in Greece, Interbeton
Construction Materials S.A., entered into three PPAs with identical
terms and conditions for the procurement of electricity generated
by three specific wind parks. The agreements have a duration of
ten years, during which the subsidiary will purchase the entire
electricity output and the associated GoOs. The supply period will
commence upon the commercial operation date of the Ifestos
Carbon Capture Project. The PPAs are not recognized neither in the
2024 nor in the 2025 financial statements, as their execution is
contingent upon the completion and operational commencement
of\u00a0Ifestos Carbon Capture Project, which serves as a condition
precedent to the agreements.
There were no new developments in 2025 requiring reassessment
of the Group\u2019s existing PPAs.
Assessment of control and consolidation scope
Determining whether the Group controls another entity or
arrangement requires significant judgment. In making this
assessment, the Group considers the requirements of IFRS\u202f10,
including whether it has power over the investee, exposure or
rights to variable returns, and the ability to use its power to affect
those returns. The analysis involves evaluating substantive rights,
contractual terms, the purpose and design of the arrangement, and
whether decision\u2011making rights are held directly by the Group or by
third parties. These assessments determine whether an investee is
classified as a subsidiary, joint arrangement or associate and have a
material impact on the Group\u2019s consolidated financial statements.
For acquisition arrangements that are subject to conditions
precedent, the Group concludes that control is obtained only on
closing, when the transfer of substantive rights becomes effective
and the Group is able to direct the relevant activities.
Vracs de l\u2019Estuaire
On 31 October 2025, the Group entered into exclusive negotiations
to acquire a cementitious materials business in Northern France,
operating a grinding facility at the port of Le Havre. On 2 December
2025, the Group signed a share purchase agreement for the
acquisition of 100% of the shares in Vracs de l\u2019Estuaire and its
subsidiary, SHGTE. Completion of the transaction is subject to the
fulfillment of customary conditions precedent.
The Group concluded that control will be obtained only upon
satisfaction of the conditions precedent and transfer of ownership,
which occurred subsequent to the reporting date, in January 2026
(note\u202f37).
Caba \u00c7imento Sanayi ve Ticaret A.\u015e.
On 11 December 2025, the Group entered into a share purchase
agreement to acquire 100% of Caba \u00c7imento Sanayi ve Ticaret A.\u015e.,
a holding company that owns the Tra\u00e7im cement operations in the
greater Istanbul market, subject to conditions precedent and
regulatory approvals.
The Group concluded that control will be obtained only upon
satisfaction of the conditions precedent and transfer of legal
ownership of the shares; accordingly, Caba \u00c7imento and its
subsidiaries, including Tra\u00e7im \u00c7imento Sanayi ve Ticaret A.\u015e.,
will\u00a0be consolidated from completion in Q1.2026 (note\u202f37).
c. Investments in joint ventures
On 31 December 2025, the Group incorporates in its financial statements the following joint ventures with the equity method of accounting:
a) Companhia Industrial de Cimento Apodi, a company based in Brazil and engaged in cement production, held by the Group with a 50%
ownership interest (31 December 2024: 50%).
b) Apodi Distribui\u00e7\u00e3o e Logistica Ltda, a trading company based in Brazil, held by the Group with an ownership interest of 50%
(31\u00a0December 2024: 50%).
None of the aforementioned companies are listed on a public exchange market.
Summarized financial information of the joint ventures, based on their IFRS financial statements, and reconciliation with carrying amount of
the investment in consolidated financial statements are set out below:
(all amounts in Euro thousands)
Companhia Industrial De Cimento Apodi -
Consolidated *
2025
2024
Summarized statement of financial position as at 31 December
Non-current assets
149,949
151,299
Deferred income tax asset
11,244
11,706
Other current assets
41,932
53,675
Cash and cash equivalents
12,226
3,307
Total assets
215,351
219,987
Long-term borrowings
54,565
49,727
Other non-current liabilities
1,105
891
Short-term borrowings
34,651
45,868
Other current liabilities
36,492
41,772
Total liabilities
126,813
138,258
Equity
88,538
81,729
Summarized income statement and statement of comprehensive income for the year ended 31 December
Sales
109,384
110,553
Depreciation, amortization and impairments of assets
-15,700
-15,540
Finance income
1,666
1,165
Finance expense
-9,118
-12,888
Income tax
-915
11,755
Profit after taxes
7,147
14,978
Total comprehensive profit for the year net of tax
7,147
14,978
Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA)
32,798
29,466
Reconciliation to carrying amounts:
Opening net assets 1 January
81,729
80,105
Profit for the year
7,147
14,978
Foreign exchange differences
-338
-13,354
Closing net assets 31 December
88,538
81,729
Group's share in %
50%
50%
Group's share in '000 \u20ac
44,269
40,865
Goodwill
48,655
48,684
Carrying amount of the investment as at 31 of December
92,924
89,549
* Consolidated figures before elimination with the broader Group
On 31 December 2025, the Group carried out an impairment test for the carrying value of the Brazilian CGU. The recoverable amount,
which has been determined based on value-in-use calculations with a discount rate of 17.1% and a perpetual growth rate of 4.0%, exceeds
the carrying value. Additional sensitivity analysis has been performed to assess the changes either in the operational plan used for cash
flow estimates or the discount rate, which would cause the carrying amount to be equal to the recoverable amount:
\u2022 Increase in the discount rate by 3.5%.
\u2022 Decrease in the operating margin (EBITDA margin) for each year of planning as well as in the terminal value of around 7.8%.
This sensitivity analysis did not present a situation in which the carrying value of this CGU would exceed its recoverable amount.
As of 31 December 2025, the company had recognized an amount of \u20ac19.5 million (recognized amount in 2024: \u20ac19.8 million),
related to deferred tax assets on accumulated tax losses. In 2025, given its continuing profitable operations, the company meets the
criteria for the recognition of the deferred tax asset. In accordance with the Brazilian tax legislation, these credits do not expire.
11. Pensions and other post-employment benefit plans (continued)
Greece
The Group grants retirement indemnities which exceed the legal requirements. These retirement indemnities are unfunded and the
liabilities arising from such obligations are valued by an independent firm of actuaries. The last actuarial valuation was undertaken in
December 2025.
The principal actuarial assumptions used were as follows:
\u2022 a discount rate of 2.916% as of 31 December 2024 with time-weighted average duration 8.04 years according to the market conditions
as of 31 December 2024, and a discount rate of 3.49% as of 31 December 2025 with time-weighted average duration 7.85 years
according to the market conditions as of 31 December 2025;
\u2022 future salary increases of 2% (2024: 2%); and
\u2022 the average turnover rate for permanent employees aged up to 45 years is 2% for voluntary resignation and 1% for dismissal; for
employees aged 46-50 years it is 0% for both voluntary resignation and dismissal; and for employees over 51 years it is 0% for both
voluntary resignation and dismissal.
USA
The Group's US subsidiaries operate defined benefit plans and other post-retirement benefit plans.\u00a0 The method of accounting for the
latter, as well as the valuation assumptions and the frequency of valuations are similar to those used for defined benefit plans.
All of the Group's US subsidiaries' defined benefit pension plans and all but one of its other post-retirement plans have been frozen as to
new participants and credited service. One post-retirement benefit plan exists (for certain active and former employees) whereby eligible
retirees receive benefits consisting primarily of assistance with medical insurance costs between the dates of early retirement and
Medicare eligibility.
On 31 December 2025 the plan assets of the Group's subsidiaries in the US have invested approximately 0% (2024: 0%) in equity
instruments quoted in US and international stock markets, 95% (2024: 95%) in fixed investments (US and international bonds) and 5% on
other investments. The discount rate that has been adopted for the study of the pension plans of the Group's subsidiaries in the US was
5.02% (2024: 5.35%).
Non-qualified deferred compensation plan
This plan is intended to constitute an unfunded plan of deferred compensation for a selected group of highly compensated employees
under the Employee Income Security Act of 1974 (\"ERISA\"). For this purpose the Group's US subsidiary created an irrevocable trust to
facilitate the payment of deferred compensation to participants under this plan. Under this plan the participants are eligible to defer from
0% to 20% of eligible compensation for the applicable plan year. On 31 December 2025 and 2024, plan assets totaled \u20ac3,922 thousand
and \u20ac3,886\u00a0 thousand, respectively, and are classified as other non-current assets in the accompanying consolidated statement of
financial position (note 5, 20). There were no costs for the plan for the year ended 31 December 2025 or 2024.
The amounts relating to defined benefit pension plans and other post-retirement and termination benefits (defined benefit plans)
recognized in the income statement and the statements of comprehensive income are as follows:
(all amounts in Euro thousands)
2025
2024
Current service cost
3,067
3,629
Interest cost
965
1,079
Provision of past service cost for the following year due to the voluntary resignation plans
6,155
5,757
Interest income
-406
-455
Provision for retirement and termination benefit obligations (note 33)
9,781
10,010
Additional post retirement and termination benefits paid out, not provided for
589
5,877
Post retirement and termination benefits paid out, not provided for due to the voluntary resignation plans
378
\u2013
10,748
15,887
Amounts recognized in profit before interest, taxes, depreciation, amortization and impairment
10,189
15,263
Amounts recognized in finance cost (note 7)
559
624
Amounts recognized in the income statement
10,748
15,887
Actuarial gains recognized in \u03bfther comprehensive income
326
1,553
Amount charged to statement of total comprehensive income
11,074
17,440
Present value of the liability at the end of the period
36,982
36,938
Minus fair value of US plans assets
-11,812
-13,063
25,170
23,875
11. Pensions and other post-employment benefit plans (continued)
Change in the present value of the defined benefit obligation
(all amounts in Euro thousands)
2025
2024
Opening balance
23,875
21,371
Total expense
10,748
15,887
Re-measurement losses recognized immediately in \u03bfther comprehensive income
326
1,553
Additions due to acquisition of subsidiary
4
\u2013
Disposal of subsidiary
-266
\u2013
Exchange differences
-647
266
Benefits paid during the year
-8,870
-15,202
Ending balance
25,170
23,875
Changes in the fair value of US plan assets:
(all amounts in Euro thousands)
2025
2024
Fair value of plan assets at the beginning of the period
13,063
12,569
Expected return
564
69
Company contributions
598
620
Administrative expenses
-110
-83
Benefits paid
-789
-910
Exchange difference
-1,514
798
Fair value of plan assets at the end of the period
11,812
13,063
A quantitative sensitivity analysis for significant assumptions is shown below:
(all amounts in Euro thousands)
Year ended 31 December 2025
Year ended 31 December 2024
Assumptions
1.0% increase
1.0% decrease
1.0% increase
1.0% decrease
Impact on the net defined benefit obligation:
Discount rate
-1,192
1,341
-1,310
1,468
Salary
739
-685
751
-693
Health care costs
72
-67
84
-79
Impact on the current service costs:
Discount rate
-105
117
-100
112
Salary
140
-127
134
-121
Healthcare costs
3
-3
3
-3
The sensitivity analyses above have been determined based on a method that extrapolates the impact on net defined benefit obligation as
a result of reasonable changes in key assumptions occurring at the end of the reporting period.
The following payments are expected payments to be made in the future years out of the undiscounted defined benefit plan obligation:
(all amounts in Euro thousands)
2025
2024
Not later than 1 year
5,707
5,318
Later than 1 year and not later than 5 years
9,543
9,822
Later than 5 years and not later than 10 years
9,540
9,417
Beyond 10 years
16,978
18,116
Total expected payments
41,768
42,673
11. Pensions and other post-employment benefit plans (continued)
The components of actuarial losses that re-calculated and recognized immediately in the other comprehensive income for the years ended
December 31, 2025 and 2024 are as follows:
(all amounts in Euro thousands)
2025
2024
Due to experience
957
699
Due to assumptions (financial)
-437
548
Due to assumptions (demographic)
-36
-80
Re-measurement losses on DBO
484
1,167
Re-measurement losses/(gains) on plan assets
-158
386
Re-measurement losses/(gains) for the period
326
1,553
Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused
tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the
deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.
Deferred income taxes are calculated in full on temporary differences under the liability method using the principal tax rates that
apply to the countries in which the companies of the Group operate.
The following table provides the reconciliation of prima facie tax payable to income tax expense:
(all amounts in Euro thousands)
2025
2024
Profit before tax
350,976
375,571
Loss on disposal of subsidiaries and Impairment of goodwill
52,080
17,004
Profit before tax, disposal of subsidiaries and impairment of goodwill
403,056
392,575
Tax calculated at the parent company tax rate of 12.5% (2024 : 12.5%)
50,382
49,072
Effect of different tax rates in the countries that the Group operates
35,449
31,669
Tax calculated at weighted average tax rate of 21.3% (2024 : 20.6%)
85,831
80,741
Tax adjustments in respect of:
Income not subject to tax
-2,405
-2,249
Expenses not deductible for tax purposes
3,771
2,552
Effect of de-recognized/(unrecognized) deferred tax asset on tax carryforward losses
7,196
5,249
Tax incentives
-6,895
-5,507
Top up income tax - Pillar 2
2,898
3,552
Utilization of prior years unrecognized losses
\u2013
-113
Sundry items
2,954
1,091
Effective tax charge
93,350
85,316
The Group has determined that the global minimum top-up tax \u2013 which it is required to pay under Pillar Two legislation \u2013 is an income tax
in the scope of IAS 12.
Titan Group operates in multiple jurisdictions and is subject to the global minimum top-up tax under Pillar 2 tax legislation. The Pillar 2
legislation has been substantively enacted in certain jurisdictions where the Group is active, including Cyprus where the ultimate parent
company is tax resident. The Group has assessed the impact of Pillar Two rules on its financial statements for the year ended 31 December
2025. The Group has applied the transitional Country-by-Country Reporting (CbCR) Safe Harbour rules introduced under the Pillar 2
framework. In addition, the Group applies the IAS 12 exception to recognising and disclosing information about deferred tax assets and
liabilities related to Pillar 2 income tax and accounts for it as a current tax when it is incurred.
The Group's assessment indicates that:
\u2022 The Group is in scope of the Pillar 2 legislation due to the fact that its consolidated revenues exceed the 750 million Euros threshold.
\u2022 In most of the jurisdictions where the Group operates, the Simplified Pillar 2 effective tax rate is above 15% and/or at least one of the
other Transitional CbCR Safe Harbour tests is met and as a result, no additional top-up tax has been recognized in those jurisdictions.
\u2022 There is a limited number of jurisdictions where the Transitional CbCR Safe Harbour relief is not applicable the effective tax rate (ETR)
falls below the 15% minimum threshold.
Furthermore, the Group, using professional advice from suitable external tax advisors, continues to monitor the developments of Pillar 2
legislation in all jurisdictions where it operates and has made all possible preparations to comply with the local Pillar 2 requirements.
On 31 December 2025, certain Group entities had tax carryforward losses of \u20ac18.5 million (2024: \u20ac32.8 million). These entities have
recognized deferred tax assets amounting to \u20ac1.7 million (2024: \u20ac5.2 million), attributable to losses amounting to \u20ac7.6 million
(2024:\u00a0\u20ac22.4\u00a0million), as these deferred tax assets will be recoverable using the estimated future taxable income based on approved
business plans.
For the remaining tax losses carried forward of \u20ac10.9 million, no deferred tax asset has been recognized as they do not meet the
recognition criteria under IAS 12. These tax losses have an indefinite expiration period.
(all amounts in Euro thousands)
2025
2024
Deferred tax assets to be recovered:
after more than 12 months
-51,226
-75,158
within 12 months
-11,772
-13,693
Deferred tax liabilities to be used:
after more than 12 months
197,248
228,243
within 12 months
5,418
5,482
Deferred tax liability (net)
139,668
144,874
The movement in the deferred income tax account after set-offs is as follows:
(all amounts in Euro thousands)
2025
2024
Opening balance, net deferred liability
144,874
124,209
Income statement charge
22,048
6,491
Disposal of subsidiary (note 4)
-23,587
\u2013
Tax charged to equity through other comprehensive income
4,012
-2,225
Hyperinflation adjustment
3,876
7,883
Tax charged to equity
5,442
8,026
Exchange differences
-16,997
490
Ending balance, net deferred liability
139,668
144,874
Net deferred tax liability
139,668
144,874
Deferred tax assets (after set - offs)
5,035
4,732
Deferred tax liabilities (after set - offs)
144,703
149,606
Net deferred tax liability
139,668
144,874
The movement in deferred tax assets and liabilities (prior to offsetting balances within the same tax jurisdiction) during the year is as follows:
(all amounts in Euro thousands)
January 1 ,
2025
Debit/(Credit)
to equity
Debit/(Credit)
to net profit
Debit/(Credit)
to equity
through
statement OCI
Hyperinflation
adjustments
Exchange
differences
Disposal of
subsidiary
(note 4a)
December 31 ,
2025
Deferred tax liabilities (before set - offs)
Property, plant and equipment
158,205
\u2013
20,382
\u2013
3,872
-17,523
-32,963
131,973
Mineral deposits
18,540
\u2013
599
\u2013
\u2013
-2,163
\u2013
16,976
Intangible assets
48,371
\u2013
323
\u2013
\u2013
-5,407
\u2013
43,287
Unrealized foreign exchange differences
3,689
\u2013
-3,297
\u2013
\u2013
-278
\u2013
114
Inventories
504
\u2013
\u2013
\u2013
4
-89
-403
16
Other non-current receivables
1,013
\u2013
-185
\u2013
\u2013
\u2013
\u2013
828
Receivables and prepayments
1,220
\u2013
275
\u2013
\u2013
\u2013
\u2013
1,495
Trade and other payables
114
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
114
Prepaid expenses
3,150
\u2013
43
\u2013
\u2013
-365
\u2013
2,828
Other
-1,081
\u2013
6,399
\u2013
\u2013
-283
\u2013
5,035
233,725
\u2013
24,539
\u2013
3,876
-26,108
-33,366
202,666
Deferred tax assets (before set - offs)
Property, plant and equipment
-12,851
118
-265
\u2013
\u2013
2,169
8,900
-1,929
Intangible assets
-78
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-78
Investments & other non-current receivables
-101
\u2013
107
\u2013
\u2013
\u2013
\u2013
6
Treasury Shares
13,806
6,746
\u2013
\u2013
\u2013
\u2013
\u2013
20,552
Unrealized foreign exchange differences
-9,498
\u2013
3,301
4,063
\u2013
558
\u2013
-1,576
Inventories
-4,219
\u2013
458
\u2013
\u2013
332
388
-3,041
Post-employment and termination benefits
-4,953
\u2013
-242
-51
\u2013
185
117
-4,944
Receivables and prepayments
-5,719
\u2013
-838
\u2013
\u2013
261
149
-6,147
Tax losses carried forward
-5,192
\u2013
3,111
\u2013
\u2013
337
\u2013
-1,744
Interest expense tax carried forward
-5,470
\u2013
615
\u2013
\u2013
\u2013
\u2013
-4,855
Deferred income
-1,552
\u2013
-97
\u2013
\u2013
184
\u2013
-1,465
Long-term debt/lease obligations
-17,530
\u2013
442
\u2013
\u2013
1,928
\u2013
-15,160
Provisions and accrued expenses
-28,029
\u2013
-2,968
\u2013
\u2013
2,556
225
-28,216
Trade and other payables
-203
\u2013
-5,773
\u2013
\u2013
231
\u2013
-5,745
Other
-7,262
-1,422
-342
\u2013
\u2013
370
\u2013
-8,656
-88,851
5,442
-2,491
4,012
\u2013
9,111
9,779
-62,998
Net deferred tax liability
144,874
5,442
22,048
4,012
3,876
-16,997
-23,587
139,668
The movement in deferred tax assets and liabilities (prior to offsetting balances within the same tax jurisdiction) during the prior year is as follows:
(all amounts in Euro thousands)
January 1 , 2024
Debit to equity
Debit/(Credit) to
net profit
Debit/(Credit) to
equity through
statement OCI
Hyperinflation
adjustments
Exchange
differences
December 31 , 2024
Deferred tax liabilities (before set - offs)
Property, plant and equipment
142,514
\u2013
15,891
\u2013
\u2013
8,280
-8,480
158,205
Mineral deposits
17,410
\u2013
46
\u2013
\u2013
\u2013
1,084
18,540
Intangible assets
45,355
\u2013
280
\u2013
\u2013
\u2013
2,736
48,371
Unrealized foreign exchange differences
6,044
\u2013
-2,678
\u2013
\u2013
\u2013
323
3,689
Inventories
1,014
\u2013
\u2013
\u2013
\u2013
-397
-113
504
Other non-current receivables
1,169
\u2013
-156
\u2013
\u2013
\u2013
\u2013
1,013
Receivables and prepayments
1,106
\u2013
114
\u2013
\u2013
\u2013
\u2013
1,220
Trade and other payables
87
\u2013
27
\u2013
\u2013
\u2013
\u2013
114
Prepaid expenses
2,557
\u2013
417
\u2013
\u2013
\u2013
176
3,150
Other
-878
\u2013
-217
\u2013
\u2013
\u2013
14
-1,081
216,378
\u2013
\u2013
13,724
\u2013
\u2013
7,883
\u2013
-4,260
233,725
Deferred tax assets (before set - offs)
Property, plant and equipment
-12,006
\u2013
-2,143
\u2013
\u2013
1,298
-12,851
Intangible assets
-78
\u2013
\u2013
\u2013
\u2013
\u2013
-78
Investments & other non-current receivables
-1,435
\u2013
1,334
\u2013
\u2013
\u2013
-101
Treasury Shares
3,374
10,432
\u2013
\u2013
\u2013
\u2013
13,806
Unrealized foreign exchange differences
-5,241
\u2013
-4,062
-1,940
\u2013
1,745
-9,498
Inventories
-3,189
\u2013
-907
\u2013
\u2013
-123
-4,219
Post-employment and termination benefits
-4,349
\u2013
-256
-285
\u2013
-63
-4,953
Receivables and prepayments
-7,850
\u2013
2,286
\u2013
\u2013
-155
-5,719
Tax losses carried forward
-10,060
\u2013
1,724
\u2013
\u2013
3,144
-5,192
Interest expense tax carried forward
-4,638
\u2013
-832
\u2013
\u2013
\u2013
-5,470
Deferred income
-444
\u2013
-1,036
\u2013
\u2013
-72
-1,552
Long-term debt/lease obligations
-15,340
\u2013
-1,209
\u2013
\u2013
-981
-17,530
Provisions and accrued expenses
-26,176
\u2013
-1,976
\u2013
\u2013
123
-28,029
Trade and other payables
-126
\u2013
-77
\u2013
\u2013
\u2013
-203
Other
-4,611
-2,406
-79
\u2013
\u2013
-166
-7,262
-92,169
8,026
-7,233
-2,225
\u2013
4,750
-88,851
Net deferred tax liability
124,209
8,026
6,491
-2,225
7,883
490
144,874
15. Property, plant and equipment (continued)
(all amounts in Euro thousands)
Year ended 31 December 2024
Land & Land
Improvements
Quarries
Buildings
Plant &
equipment
Motor vehicles
Office furniture,
fixtures and
equipment
Assets under
construction
Total
Opening balance
233,929
121,897
208,367
796,185
89,665
12,164
159,268
1,621,475
Additions
219
12,094
697
7,362
2,647
1,139
191,222
215,380
Hyperinflation adjustments
2,077
\u2013
13,893
31,580
43
88
92
47,773
Additions due to acquisition (note 4)
700
\u2013
77
17
\u2013
3
\u2013
797
Disposals (NBV)
-594
-1,130
-295
-1,121
-1,008
-20
-363
-4,531
Reclassification of assets from/to other PPE categories
9,033
820
52,739
124,670
58,924
4,544
-250,730
\u2013
Transfer to other ROU's categories
\u2013
\u2013
-113
12
-2,448
\u2013
\u2013
-2,549
Transfers from/to other accounts
-16
2,542
82
113
\u2013
15
-475
2,261
Depreciation charge (note 33)
-3,437
-12,815
-12,723
-80,721
-23,838
-3,393
\u2013
-136,927
Exchange differences
1,011
6,406
-5,368
-18,033
5,683
103
3,672
-6,526
Ending balance
242,922
129,814
257,356
860,064
129,668
14,643
102,686
1,737,153
Right of use assets
Opening balance
15,381
\u2013
22,938
323
28,762
\u2013
\u2013
67,404
Additions
2,567
\u2013
10,934
442
5,437
51
\u2013
19,431
Disposals (NBV)
\u2013
\u2013
\u2013
\u2013
-218
\u2013
\u2013
-218
Transfers from/to other accounts
\u2013
\u2013
-28
\u2013
-53
\u2013
\u2013
-81
Transfers from other PPE categories
\u2013
\u2013
113
-12
2,448
\u2013
\u2013
2,549
Depreciation charge (note 33, 16)
-2,084
\u2013
-4,352
-285
-8,899
-5
\u2013
-15,625
Exchange differences
1,015
\u2013
1,266
19
1,247
3
\u2013
3,550
Ending balance (note 16)
16,879
\u2013
30,871
487
28,724
49
\u2013
77,010
At 31 December 2024
Cost
347,030
294,935
592,925
2,291,077
425,469
71,727
102,686
4,125,849
Accumulated depreciation
-83,525
-164,154
-303,659
-1,423,733
-267,077
-57,023
\u2013
-2,299,171
Accumulated losses of impairment of PPE
-3,704
-967
-1,039
-6,793
\u2013
-12
\u2013
-12,515
Net book value
259,801
129,814
288,227
860,551
158,392
14,692
102,686
1,814,163
(all amounts in Euro thousands)
Year ended 31 December 2025
Land & Land
Improvements
Quarries
Buildings
Plant &
equipment
Motor vehicles
Office furniture,
fixtures and
equipment
Assets under
construction
Total
Opening balance
242,922
129,814
257,356
860,064
129,668
14,643
102,686
1,737,153
Additions
1,290
6,518
2,116
9,179
760
1,425
234,910
256,198
Hyperinflation adjustments
1,392
\u2013
6,291
13,728
15
18
-61
21,383
Additions due to acquisition (note 4)
\u2013
\u2013
2,778
618
260
5
2
3,663
Interest capitalization
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,104
1,104
Disposals (NBV)
-803
\u2013
-98
-521
-435
-20
-1,962
-3,839
Derecognition on subsidiary disposal (net book value)
-2,433
\u2013
-41,009
-94,321
-160
-335
-3,137
-141,395
Reclassification of assets from/to other PPE categories
6,072
3,822
14,728
66,214
66,207
6,028
-163,071
\u2013
Transfers from/to other accounts
21
885
-141
-256
\u2013
\u2013
-3,709
-3,200
Depreciation charge (note 33)
-3,038
-8,960
-13,734
-85,630
-28,750
-3,860
\u2013
-143,972
Exchange differences
-20,578
-12,921
-19,927
-57,593
-13,402
-795
-9,073
-134,289
Ending balance
224,845
119,158
208,360
711,482
154,163
17,109
157,689
1,592,806
Right of use assets
Opening balance
16,879
\u2013
30,871
487
28,724
49
\u2013
77,010
Additions
902
\u2013
7,318
212
9,611
\u2013
\u2013
18,043
Hyperinflation adjustments
\u2013
\u2013
28
370
350
\u2013
\u2013
748
Disposals (NBV)
\u2013
\u2013
-13
-140
-857
\u2013
\u2013
-1,010
Derecognition on subsidiary disposal (net book value)
\u2013
\u2013
-266
\u2013
-176
\u2013
\u2013
-442
Transfers to other accounts
\u2013
\u2013
-468
\u2013
\u2013
\u2013
\u2013
-468
Additions for restoration provisions
\u2013
\u2013
\u2013
\u2013
5,874
\u2013
\u2013
5,874
Depreciation charge (note 33, 16)
-2,078
\u2013
-4,501
-116
-10,843
-12
\u2013
-17,550
Exchange differences
-1,825
\u2013
-2,659
-29
-2,846
-6
\u2013
-7,365
Ending balance (note 16)
13,878
\u2013
30,310
784
29,837
31
\u2013
74,840
At 31 December 2025
Cost
321,258
275,804
542,614
2,104,628
437,168
74,631
157,689
3,913,792
Accumulated depreciation
-79,054
-155,791
-302,905
-1,385,924
-253,168
-57,479
\u2013
-2,234,321
Accumulated losses of impairment of PPE
-3,481
-855
-1,039
-6,438
\u2013
-12
\u2013
-11,825
Net book value
238,723
119,158
238,670
712,266
184,000
17,140
157,689
1,667,646
The Group evaluates each CapEx project based on its contribution to the Group's decarbonization targets and assesses the risk that its
financial returns will be affected by rising CO 2 prices. The useful life of existing technology is not affected by the new CapEx, as these are
complementary and involve energy-saving projects allowing higher use of lower-cost alternative fuels, improving cement production
efficiency through digital technology, expanding warehouse capacity to serve higher production volumes, optimizing logistics and reducing
the carbon footprint mainly in the USA and EU. The aforementioned projects account for 47.4%% of total CapEx in 2025 (2024: 43.9%).
During 2025, the Group received \u20ac5,279 thousand (2024: \u20ac3,156 thousand) from the disposal of tangible, intangible assets and
investment property with total net book value of \u20ac5,358 thousand (2024: \u20ac4,755 thousand). Thus, the Group recognized a loss of
\u20ac79\u00a0thousand (2024: loss of \u20ac1,599 thousand) on disposal of PPE in the consolidated income statement (note 6, 33).
(all amounts in Euro thousands)
Initial goodwill
Goodwill impairment
Total goodwill
Balance at 1 January 2024
377,565
-103,537
274,028
Hyperinflation adjustments
14,360
-8,958
5,402
Impairment (note 33)
\u2013
-17,004
-17,004
Exchange differences
15,916
-4,860
11,056
Balance at 31 December 2024
407,841
-134,359
273,482
Balance at 1 January 2025
407,841
-134,359
273,482
Disposal of subsidiary
-37,321
37,321
\u2013
Reduced due to liquidation
-630
\u2013
-630
Exchange differences
-31,371
7,010
-24,361
Balance at 31 December 2025
338,519
-90,028
248,491
Impairment testing of goodwill
Key assumptions
Group cash-generating-units (CGUs) are defined generally as a country or Group area on the basis of the sales and management
structure. The recoverable amount of all CGUs has been determined based on value-in-use calculations. These calculations use
post-tax cash flow projections based on financial budgets approved by management covering generally a five-year period. Forecasts
rely on a combination of internal and external factors that influence each CGU operations, such as the macroeconomic environment
and sustainability matters. Furthermore, in specific circumstances, when recent results of a CGU do not reflect historical performance
and most external economic variables provide confidence that a reasonably determinable improvement is expected in the mid-term,
management uses cash flow projections over a period up to ten years, to reflect sufficiently the cyclical nature of the industry.\u00a0
Volume assumptions are provided by local management and reflect its best estimates taking into consideration past performance,
local market growth estimates, infrastructure projects, etc. Sales volume growth rates are also based on published industry research
and consider demographic trends including population growth, household formation, and economic output (among other factors) in
the countries where the Group operates.
Price assumptions are also the best estimates of local management and they factor in historical trends, inflation, brand loyalty,
growth rate of the regional economy, competition, production cost increases, etc.
Input costs that mainly consist of thermal and electrical energy, transportation costs, and raw material costs, are determined
by\u00a0forecasted projections provided by international agencies and institutions.
Furthermore, digital transformation efforts for driving business efficiencies, and actions for the curtailment of the Group\u2019s
environmental footprint and mitigating supply chain disruption are factored in.
Terminal value cash flows are based on the long-term growth expectations for the industry in the country of operation. It is calculated
based on sustainable sales volumes, capacity utilization, EBITDA margin and CapEx, to reflect sustainable cash flows in perpetuity.
Perpetuity growth rates are in line with the nominal economic growth. Rates are reasonably compared to long-term inflation
expectations, adjusted for per capita consumption expectations and capacity utilization. Inputs that have been taken into
consideration are estimates from international agencies\u2019 or banks\u2019 forecasts
Carrying amount of goodwill and key assumptions used for value in use calculations
2025
(all amounts in Euro thousands)
Carrying amount of
goodwill
Perpetual Growth
rates
Discount rates
North America
186,147
2.4%
12.3%
Bulgaria
44,810
1.1%
7.9%
Serbia
5,715
1.1%
8.9%
Kosovo
2,238
1.1%
8.6%
Greece
9,581
2.0%
7.9%
Total
248,491
2024
(all amounts in Euro thousands)
Carrying amount of
goodwill
Perpetual Growth
rates
Discount rates
North America
210,524
2.4%
9.8%
Bulgaria
45,440
1.1%
6.8%
Serbia
5,699
1.0%
7.4%
Kosovo
2,238
1.1%
7.7%
Greece
9,581
2.0%
6.7%
Total
273,482
Titan SA, in May 2025 has completed the divestment of its 75% share in Ado\u00e7im Cimento Beton Sanayi ve Ticaret A.S. (note 4). In 2024, an
impairment loss of 17.0 million was recognized. For all other CGUs, the impairment tests conducted in 2025 did not result in the recognition
of any impairment of goodwill.
Sensitivity of recoverable amounts
On 31 December 2025, the Group analyzed the sensitivity of the recoverable amounts to the reasonably possible change in key
assumptions. For all CGUs, sensitivity analysis did not present a situation in which the carrying value of the CGU would exceed their
recoverable amount.
In 2025, licenses increased by \u20ac4,772 thousand following the acquisition of Latekat Sourlas S.A., an established aggregates quarry
business located in the Thessaly region of Central Greece, and Cooperative Niki IKE, a private limited company located in Athens. This
acquisition is part of the broader strategy to expand the Group\u2019s aggregates reserves base in regions of Greece with strong development
potential and supports the further development of its vertically integrated aggregates and construction materials activities.
In 2024, licenses increased by \u20ac11,158 thousand due to the acquisition of Xirorema Quarries S.A., a privately held company based in
Greece specializing in the production of recycled aggregates. This acquisition aligns with the Group\u2019s strategy to expand its presence
in\u00a0the recycled aggregates sector, particularly in the processing of construction and demolition waste.
Additionally, assets under construction include costs associated with major IT initiatives. Upon completion, the respective costs are
reclassified under \"computer\u00a0software.\"
(all amounts in Euro thousands)
Licences
Trademarks
Computer
software
Other intangible
assets
Assets under
construction
Total
Balance at 1 January 2024
22,675
13,203
24,471
2,842
16,444
79,635
Additions
146
\u2013
2,296
4,591
8,776
15,809
Disposals (NBV)
\u2013
\u2013
-1
\u2013
-5
-6
Hyperinflation adjustments
195
\u2013
6
1
\u2013
202
Additions due to acquisition
11,158
\u2013
\u2013
\u2013
\u2013
11,158
Reclassification of assets from/to other intangible assets categories
\u2013
\u2013
1,613
1,935
-3,548
\u2013
Transfers from/(to) other accounts
\u2013
\u2013
695
-323
-23
349
Amortization charge (note 33)
-1,147
-185
-5,784
-237
\u2013
-7,353
Exchange differences
-4,010
805
923
-210
-70
-2,562
Balance at 31 December 2024
29,017
13,823
24,219
8,599
21,574
97,232
Balance at 1 January 2025
29,017
13,823
24,219
8,599
21,574
97,232
Additions
151
\u2013
1,582
38
8,938
10,709
Disposals (NBV)
-9
\u2013
\u2013
\u2013
-500
-509
Hyperinflation adjustments
376
\u2013
26
1
\u2013
403
Additions due to acquisition (note 4a)
4,772
\u2013
\u2013
15
\u2013
4,787
Derecognition on subsidiary disposal (net book value)
-521
\u2013
\u2013
-2
\u2013
-523
Reclassification of assets from/to other intangible assets categories
14
\u2013
2,325
6,954
-9,293
\u2013
Transfers from/(to) other accounts
\u2013
\u2013
88
2,241
1,289
3,618
Amortization charge (note 33)
-813
-185
-6,532
-147
\u2013
-7,677
Exchange differences
-641
-1,560
-1,552
-44
-211
-4,008
Balance at 31 December 2025
32,346
12,078
20,156
17,655
21,797
104,032
30. Provisions (continued)
(all amounts in Euro thousands)
January 1
2025
Reclassifi-
cations
Additions
for the year
Unused
amounts
reversed
Unwinding
of discount
(note 7)
Utilized
Acquisition of
business
(note 4a)
Exchange
differences
31
December
2025
Provisions for restorations
a
37,959
\u2013
858
-120
1,272
-3,149
127
-3,000
33,947
Insurance reserves
b
23,029
\u2013
44,527
\u2013
676
-43,857
\u2013
-2,577
21,798
Provisions for other taxes
c
1,037
\u2013
593
\u2013
\u2013
-18
\u2013
-56
1,556
Litigation provisions
d
1,535
\u2013
855
\u2013
\u2013
-832
\u2013
-236
1,322
Provisions for restorations of
leased equipment
e
9,780
\u2013
6,236
\u2013
494
\u2013
\u2013
-1,105
15,405
Other provisions
f
10,945
\u2013
1,850
-7,060
\u2013
-3,115
-397
2,223
84,285
\u2013
54,919
-7,180
2,442
-50,971
127
-7,371
76,251
(all amounts in Euro thousands)
January 1
2024
Reclassifi-
cations
Additions
for the year
Unused
amounts
reversed
Unwinding
of discount
(note 7)
Utilized
Acquisition of
business
(note 4a)
Exchange
differences
31
December
2024
Provisions for restorations
a
40,609
-555
5,014
-4,638
1,611
-6,158
144
1,932
37,959
Insurance reserves
b
22,616
\u2013
39,143
-1,470
745
-39,326
\u2013
1,321
23,029
Provisions for other taxes
c
1,601
\u2013
26
\u2013
\u2013
-116
\u2013
-474
1,037
Litigation provisions
d
230
1,361
\u2013
\u2013
\u2013
-17
\u2013
-39
1,535
Provisions for restorations of
leased equipment
e
5,871
\u2013
3,278
\u2013
256
\u2013
\u2013
375
9,780
Other provisions
f
13,717
\u2013
5,859
-6,488
\u2013
-1,948
\u2013
-195
10,945
84,644
806
53,320
-12,596
2,612
-47,565
144
2,920
84,285
(all amounts in Euro thousands)
2025
2024
Non-current provisions
66,046
65,994
Current provisions
10,205
18,291
76,251
84,285
a. The provision for restoration is the present value of the estimated cost to rehabilitate quarry sites and other similar liabilities after closure.
An annual review of the scope of reclamation work is conducted by plant management and environmental teams and focuses on
estimated costs, updated regulations, and changes in contractual obligations. More technical quarry and sand mine rehabilitation
assessments are carried out periodically and include an accurate assessment of quarry conditions, exploration of new technologies and
consultation with third-party experts.\u00a0 It is expected that the amount of the restoration provision will be used over the next 1 to 50 years.
b.This provision represents the expected costs of claim payments related to risk and workers\u2019 compensation claims, excluding any
potential recoveries from insurance coverage in the Group\u2019s subsidiary Titan America S.A. (TASA), as well as the Company-sponsored
health insurance costs. TASA estimates its ultimate liability with the assistance of third-party experts who consider both the amount and
timing of the expected future cash flows. The present value of these future cash flows is determined by applying discount rates consistent
with the time horizons of the expected payments. The discount rates are based on government treasury bonds with maturities similar to
the duration of the underlying obligation.
c. Provision of other taxes represents future obligations for taxes such as stamp duties, sales tax, employee payroll tax etc. It is expected
that this amount will be fully utilized in the next 5 years.
d. Litigation provisions have been recognized for claims made against certain Group companies by third parties. These provisions
represent financial reserves set aside to cover potential legal costs, settlements, or damages arising from lawsuits related to defective
materials, contractual disputes, labor compensation claims, cases concerning prior years' employee benefits and dues, and claims for
share revaluation. The majority of these provisions are expected to be utilized within the next 1 to 5 years.
e. This provision represents the amount of expected costs to bring leased equipment to return conditions and/or locations required in
lease agreement. The Group estimates its ultimate liability using its best estimate that considers the amount and timing of the future cash
flows.\u00a0
f. Other provisions include amounts for various risks. The expected timing of future cash outflows is over the next 1 to 10 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-598": { "value": "3. Critical estimates and judgementsThe preparation of the financial statements requires management to make estimations and judgments that affect the reported disclosures. They are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In addition, they form the basis for making judgments about the carrying value of assets and liabilities that are not readily available from other sources. The resulting accounting estimates will seldom equal the related actual results by definition. The estimates and assumptions that have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Impairment of goodwillImpairment tests for goodwill use the recoverable amounts of CGUs that are determined based on value-in-use calculations. These calculations require the use of estimates, which mainly relate to future earnings and discount rates applied future cash flow forecast.Impairment of joint ventureThe determination of the recoverable amount for each joint venture requires significant judgments regarding the assumptions of the future results of the business and the discount rates applied to future cash flow forecasts (note 4).Power Purchase AgreementsThe accounting treatment of the Group\u2019s Power Purchase Agreements (PPAs) requireds significant judgement. In assessing the contractual arrangements, the Group evaluated the appropriate accounting framework, including whether the agreements:\u2022 give rise to consolidation under IFRS\u202f10, constitute an associate under IAS\u202f28, a joint arrangement under IFRS\u202f11, or a service concession under IFRIC\u202f12; \u2022 contain a lease in the scope of IFRS\u202f16; and \u2022 fall within or outside the \u201cown\u2011use\u201d exemption of IFRS\u202f9.During 2023, the Group\u2019s subsidiary in Greece, Titan Cement Company S.A., entered into a 10\u2011year Power Purchase Agreement (PPA), together with a supplementary guarantees of origin (GoOs) agreement, structured into two periods: an initial period (Period A) involving the physical purchase of fixed electricity quantities at predetermined prices, and a subsequent period (Period B) originally designed as a virtual purchase of the output of specific photovoltaic parks. In 2024, the Group signed a supplementary agreement modifying the original PPA, extending Period A and Period B, adjusting purchase quantities and prices, and converting the planned virtual delivery in Period B into physical delivery. The Group concluded that the PPA and the associated GoOs agreement form a single arrangement, with Period A and Period B treated as separate units of account due to their distinct contractual characteristics. Period A qualifies for the IFRS\u202f9 \u201cown\u2011use\u201d exemption and is accounted for as an executory contract. Following the contractual amendments, the electricity to be purchased in Period B also meets the \u201cown\u2011use\u201d criteria, and is likewise accounted for as an executory contract. During April 2024, the Group\u2019s subsidiary in Greece, Interbeton Construction Materials S.A., entered into three PPAs with identical terms and conditions for the procurement of electricity generated by three specific wind parks. The agreements have a duration of ten years, during which the subsidiary will purchase the entire electricity output and the associated GoOs. The supply period will commence upon the commercial operation date of the Ifestos Carbon Capture Project. The PPAs are not recognized neither in the 2024 nor in the 2025 financial statements, as their execution is contingent upon the completion and operational commencement of\u00a0Ifestos Carbon Capture Project, which serves as a condition precedent to the agreements.There were no new developments in 2025 requiring reassessment of the Group\u2019s existing PPAs.Assessment of control and consolidation scopeDetermining whether the Group controls another entity or arrangement requires significant judgment. In making this assessment, the Group considers the requirements of IFRS\u202f10, including whether it has power over the investee, exposure or rights to variable returns, and the ability to use its power to affect those returns. The analysis involves evaluating substantive rights, contractual terms, the purpose and design of the arrangement, and whether decision\u2011making rights are held directly by the Group or by third parties. These assessments determine whether an investee is classified as a subsidiary, joint arrangement or associate and have a material impact on the Group\u2019s consolidated financial statements.For acquisition arrangements that are subject to conditions precedent, the Group concludes that control is obtained only on closing, when the transfer of substantive rights becomes effective and the Group is able to direct the relevant activities.Vracs de l\u2019Estuaire On 31 October 2025, the Group entered into exclusive negotiations to acquire a cementitious materials business in Northern France, operating a grinding facility at the port of Le Havre. On 2 December 2025, the Group signed a share purchase agreement for the acquisition of 100% of the shares in Vracs de l\u2019Estuaire and its subsidiary, SHGTE. Completion of the transaction is subject to the fulfillment of customary conditions precedent.The Group concluded that control will be obtained only upon satisfaction of the conditions precedent and transfer of ownership, which occurred subsequent to the reporting date, in January 2026 (note\u202f37).Caba \u00c7imento Sanayi ve Ticaret A.\u015e.On 11 December 2025, the Group entered into a share purchase agreement to acquire 100% of Caba \u00c7imento Sanayi ve Ticaret A.\u015e., a holding company that owns the Tra\u00e7im cement operations in the greater Istanbul market, subject to conditions precedent and regulatory approvals.The Group concluded that control will be obtained only upon satisfaction of the conditions precedent and transfer of legal ownership of the shares; accordingly, Caba \u00c7imento and its subsidiaries, including Tra\u00e7im \u00c7imento Sanayi ve Ticaret A.\u015e., will\u00a0be consolidated from completion in Q1.2026 (note\u202f37).GreeceThe Group grants retirement indemnities which exceed the legal requirements. These retirement indemnities are unfunded and the liabilities arising from such obligations are valued by an independent firm of actuaries. The last actuarial valuation was undertaken in December 2025. The principal actuarial assumptions used were as follows: \u2022 a discount rate of 2.916% as of 31 December 2024 with time-weighted average duration 8.04 years according to the market conditions as of 31 December 2024, and a discount rate of 3.49% as of 31 December 2025 with time-weighted average duration 7.85 years according to the market conditions as of 31 December 2025;\u2022 future salary increases of 2% (2024: 2%); and\u2022 the average turnover rate for permanent employees aged up to 45 years is 2% for voluntary resignation and 1% for dismissal; for employees aged 46-50 years it is 0% for both voluntary resignation and dismissal; and for employees over 51 years it is 0% for both voluntary resignation and dismissal.USAThe Group's US subsidiaries operate defined benefit plans and other post-retirement benefit plans.\u00a0 The method of accounting for the latter, as well as the valuation assumptions and the frequency of valuations are similar to those used for defined benefit plans.All of the Group's US subsidiaries' defined benefit pension plans and all but one of its other post-retirement plans have been frozen as to new participants and credited service. One post-retirement benefit plan exists (for certain active and former employees) whereby eligible retirees receive benefits consisting primarily of assistance with medical insurance costs between the dates of early retirement and Medicare eligibility.On 31 December 2025 the plan assets of the Group's subsidiaries in the US have invested approximately 0% (2024: 0%) in equity instruments quoted in US and international stock markets, 95% (2024: 95%) in fixed investments (US and international bonds) and 5% on other investments. The discount rate that has been adopted for the study of the pension plans of the Group's subsidiaries in the US was 5.02% (2024: 5.35%).Non-qualified deferred compensation planThis plan is intended to constitute an unfunded plan of deferred compensation for a selected group of highly compensated employees under the Employee Income Security Act of 1974 (\"ERISA\"). For this purpose the Group's US subsidiary created an irrevocable trust to facilitate the payment of deferred compensation to participants under this plan. Under this plan the participants are eligible to defer from 0% to 20% of eligible compensation for the applicable plan year. On 31 December 2025 and 2024, plan assets totaled \u20ac3,922 thousand and \u20ac3,886\u00a0 thousand, respectively, and are classified as other non-current assets in the accompanying consolidated statement of financial position (note 5, 20). There were no costs for the plan for the year ended 31 December 2025 or 2024. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.On 31 December 2025, certain Group entities had tax carryforward losses of \u20ac18.5 million (2024: \u20ac32.8 million). These entities have recognized deferred tax assets amounting to \u20ac1.7 million (2024: \u20ac5.2 million), attributable to losses amounting to \u20ac7.6 million (2024:\u00a0\u20ac22.4\u00a0million), as these deferred tax assets will be recoverable using the estimated future taxable income based on approved business plans.For the remaining tax losses carried forward of \u20ac10.9 million, no deferred tax asset has been recognized as they do not meet the recognition criteria under IAS 12. These tax losses have an indefinite expiration period.Depreciation, with the exception of quarries and land, is calculated using the straight-line method to allocate the cost of the assets to\u00a0their residual values over their estimated useful lives as follows: Category of PPE Indicative useful lives Buildings Up to 50 years Plant and equipment Up to 40 years Motor vehicles 5 to 20 years Office equipment furniture and fittings (including computer equipment and software integral to the operation of the hardware)2 to 10 years Minor value assets Up to 2 years Impairment testing of goodwillKey assumptionsGroup cash-generating-units (CGUs) are defined generally as a country or Group area on the basis of the sales and management structure. The recoverable amount of all CGUs has been determined based on value-in-use calculations. These calculations use post-tax cash flow projections based on financial budgets approved by management covering generally a five-year period. Forecasts rely on a combination of internal and external factors that influence each CGU operations, such as the macroeconomic environment and sustainability matters. Furthermore, in specific circumstances, when recent results of a CGU do not reflect historical performance and most external economic variables provide confidence that a reasonably determinable improvement is expected in the mid-term, management uses cash flow projections over a period up to ten years, to reflect sufficiently the cyclical nature of the industry.\u00a0 Volume assumptions are provided by local management and reflect its best estimates taking into consideration past performance, local market growth estimates, infrastructure projects, etc. Sales volume growth rates are also based on published industry research and consider demographic trends including population growth, household formation, and economic output (among other factors) in the countries where the Group operates.Price assumptions are also the best estimates of local management and they factor in historical trends, inflation, brand loyalty, growth rate of the regional economy, competition, production cost increases, etc. Input costs that mainly consist of thermal and electrical energy, transportation costs, and raw material costs, are determined by\u00a0forecasted projections provided by international agencies and institutions. Furthermore, digital transformation efforts for driving business efficiencies, and actions for the curtailment of the Group\u2019s environmental footprint and mitigating supply chain disruption are factored in.Terminal value cash flows are based on the long-term growth expectations for the industry in the country of operation. It is calculated based on sustainable sales volumes, capacity utilization, EBITDA margin and CapEx, to reflect sustainable cash flows in perpetuity. Perpetuity growth rates are in line with the nominal economic growth. Rates are reasonably compared to long-term inflation expectations, adjusted for per capita consumption expectations and capacity utilization. Inputs that have been taken into consideration are estimates from international agencies\u2019 or banks\u2019 forecasts.Discount rates are according to post-tax weighted average cost of capital (WACC) for each CGUs, deriving from Group\u2019s current market risk assessment, applicable local tax rates and local currency risk-free rates.Carrying amount of goodwill and key assumptions used for value in use calculations2025 (all amounts in Euro thousands) Carrying amount of goodwillPerpetual Growth ratesDiscount rates North America 186,147 2.4%12.3%Bulgaria 44,810 1.1%7.9%Serbia 5,715 1.1%8.9%Kosovo 2,238 1.1%8.6%Greece 9,581 2.0%7.9%Total 248,491 2024(all amounts in Euro thousands) Carrying amount of goodwillPerpetual Growth ratesDiscount rates North America 210,524 2.4%9.8%Bulgaria 45,440 1.1%6.8%Serbia 5,699 1.0%7.4%Kosovo 2,238 1.1%7.7%Greece 9,581 2.0%6.7%Total 273,482 Titan SA, in May 2025 has completed the divestment of its 75% share in Ado\u00e7im Cimento Beton Sanayi ve Ticaret A.S. (note 4). In 2024, an impairment loss of 17.0 million was recognized. For all other CGUs, the impairment tests conducted in 2025 did not result in the recognition of any impairment of goodwill.Sensitivity of recoverable amounts On 31 December 2025, the Group analyzed the sensitivity of the recoverable amounts to the reasonably possible change in key assumptions. For all CGUs, sensitivity analysis did not present a situation in which the carrying value of the CGU would exceed their recoverable amount.The amortization methods used for the Group\u2019s intangibles are as follows: Category of intangible assets Amortization Method Indicative useful lives Patents, trademarks and customer relationshipsstraight-line basis up to 20 years Licenses (mining permits) straight-line basis depletion method shorter of: the permit period and the estimated life of the underlying quarry unit-of-production method Development costs (non-owned quarries) note 2 note 2 Computer software straight-line basis 3 to 10 years ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-600": { "value": "
4. Investments in subsidiaries, joint ventures and associates
Accounting Policy
Subsidiaries
The Group uses the full acquisition method of accounting to account for business combinations. The consideration transferred for
the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by
the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration
arrangement. Acquisition related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured initially at their fair value at the acquisition date. The Group recognizes any non-
controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s
proportionate share of the acquiree\u2019s net assets.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest
in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are
recognized in the income statement.
Any contingent consideration to be transferred by the Group is recognized at fair value at the acquisition date. Subsequent changes
to the fair value of the contingent consideration that is deemed to be an asset or liability is recognized in accordance with IFRS 9 in
profit or loss. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for
within equity.
Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments.
Changes in ownership interests in subsidiaries without change of control
Transactions with non-controlling interests that do not result in loss of control are accounted for as transactions with the owners in
their capacity as owners. The difference between consideration paid and the relevant share acquired of the carrying value of net
assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
Any profit or loss and any item of the Statement of Other Comprehensive Income is allocated between the shareholders of the
parent and the non-controlling interest, even if the allocation results in a deficit balance of the non-controlling interest.
Disposal of subsidiaries
When the Group ceases to have control in a subsidiary, any retained interest in the entity is re-measured to its fair value at the date
when control is lost, with the change in carrying amount recognized in profit or loss. The fair value becomes the initial carrying
amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In
addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the
Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other
comprehensive income are reclassified to profit or loss.
2025
2024
% of investment (*)
% of investment (*)
Country of
incorporation
Nature of business
Direct
Indirect
Direct
Indirect
Full consolidation method
Titan S.A.
Belgium
Investment holding company
Parent company
Parent company
(2)
Titan America S.A.
Belgium
Investment holding company
86.667
\u2013
100.000
\u2013
\u03a4itan Cement Company S.A.
Greece
Cement producer
100.000
\u2013
100.000
\u2013
Aitolika Quarries S.A.
Greece
Quarries & aggregates
\u2013
100.000
\u2013
99.760
Business Park Titan Elefsinas S.A.
Greece
Provision of technical and business
services
\u2013
100.000
\u2013
100.000
Interbeton Construction Materials S.A.
Greece
Ready-mix & aggregates
\u2013
100.000
\u2013
100.000
Intertitan Trading International S.A.
Greece
Trading company
\u2013
100.000
\u2013
100.000
Gournon Quarries S.A.
Greece
Quarries & aggregates
\u2013
100.000
\u2013
100.000
Quarries of Tagaradon Community S.A.
Greece
Quarries & aggregates
\u2013
67.587
\u2013
67.587
Vahou Quarries S.A.
Greece
Quarries & aggregates
\u2013
100.000
\u2013
100.000
Sigma Beton S.A.
Greece
Quarries & aggregates
\u2013
100.000
\u2013
100.000
Titan Atlantic Cement Industrial &
Commercial S.A.
Greece
Investment holding company
\u2013
86.667
\u2013
100.000
Xirorema Quarries S.A.
Greece
Quarries & aggregates
\u2013
90.000
\u2013
90.000
(1)
Cooperative Niki IKE
Greece
Quarries & aggregates
\u2013
100.000
\u2013
\u2013
(1)
Latekat Sourlas S.A.
Greece
Quarries & aggregates
\u2013
100.000
\u2013
\u2013
(1)
Standard Ipodomon S.A.
Greece
Ready mix & aggregates
\u2013
100.000
\u2013
\u2013
Brazcem Participacoes S.A.
Brazil
Investment holding company
\u2013
100.000
\u2013
100.000
(4)
Double W & Co OOD
Bulgaria
Port
\u2013
\u2013
\u2013
99.989
Granitoid AD
Bulgaria
Trading company
\u2013
99.760
\u2013
99.760
Gravel & Sand PIT AD
Bulgaria
Quarries & aggregates
\u2013
99.989
\u2013
99.989
Zlatna Panega Cement AD
Bulgaria
Cement producer
\u2013
99.989
\u2013
99.989
Green Alternative Energy Assets EAD
Bulgaria
Alternative fuels
\u2013
100.000
\u2013
100.000
Cementi ANTEA SRL
Italy
Trading company
\u2013
100.000
\u2013
100.000
Cementi Crotone S.R.L.
Italy
Import & distribution of Cement
\u2013
100.000
\u2013
100.000
Fintitan SRL
Italy
Import & distribution of cement
\u2013
100.000
\u2013
100.000
Separation Technologies Canada Ltd
Canada
Processing of fly ash
\u2013
100.000
\u2013
100.000
Alexandria Development Co. Ltd
Cyprus
Investment holding company
\u2013
100.000
\u2013
100.000
Alvacim Ltd
Cyprus
Investment holding company
\u2013
100.000
\u2013
100.000
Feronia Holding Ltd
Cyprus
Investment holding company
\u2013
100.000
\u2013
100.000
Iapetos Ltd
Cyprus
Investment holding company
\u2013
100.000
\u2013
100.000
Rea Cement Investments Limited
Cyprus
Investment holding company
\u2013
100.000
\u2013
100.000
Themis Holdings Ltd
Cyprus
Investment holding company
\u2013
100.000
\u2013
100.000
Titan Cement Cyprus Limited
Cyprus
Investment holding company
\u2013
100.000
\u2013
100.000
Tithys Holdings Limited
Cyprus
Investment holding company
100.000
\u2013
100.000
\u2013
(1)
Titan Workforce Solutions Limited
Cyprus
Investment holding company
\u2013
100.000
\u2013
\u2013
Alexandria Portland Cement Co. S.A.E
Egypt
Cement producer
\u2013
99.609
\u2013
99.609
Beni Suef Cement Co.S.A.E.
Egypt
Cement producer
\u2013
100.000
\u2013
100.000
GAEA -Green Alternative Energy Assets
Egypt
Alternative fuels
\u2013
99.996
\u2013
99.996
Titan Beton & Aggregate Egypt LLC
Egypt
Quarries & aggregates
\u2013
99.615
\u2013
99.615
Sharr Beteiligungs GmbH
Germany
Investment holding company
\u2013
100.000
\u2013
100.000
Titan Cimento Beton Sanayi ve Ticaret
A.S.
T\u00fcrkiye
Processing and trading of cement
\u2013
100.000
\u2013
100.000
(3)
Ado\u00e7im Cimento Beton Sanayi ve Ticaret
A.S.
T\u00fcrkiye
Cement producer
\u2013
\u2013
\u2013
75.000
Titan Cement U.K. Ltd
U.K.
Import & distribution of cement
\u2013
100.000
\u2013
100.000
Titan Global Finance PLC
U.K.
Financial services
100.000
\u2013
100.000
\u2013
Carolinas Cement Company LLC
U.S.A.
Own/develop real estate
\u2013
86.667
\u2013
100.000
CemAI Inc.
U.S.A.
Preventing maintenance
\u2013
100.000
\u2013
100.000
Essex Cement Co. LLC
U.S.A.
Trading company
\u2013
86.667
\u2013
100.000
Massey Sand and Rock Co
U.S.A.
Quarries & aggregates
\u2013
86.667
\u2013
100.000
Mechanicsville Concrete LLC
U.S.A.
Ready-mix
\u2013
86.667
\u2013
100.000
Metro Redi-Mix LLC
U.S.A.
Ready-mix
\u2013
86.667
\u2013
100.000
Miami Valley Ready Mix of Florida LLC
U.S.A.
Ready-mix
\u2013
86.667
\u2013
100.000
* Percentage of investment represents both percentage of shareholding and percentage of control.
2025
2024
% of investment (*)
% of investment (*)
Country of
incorporation
Nature of business
Direct
Indirect
Direct
Indirect
Full consolidation method
Pennsuco Cement Co. LLC
U.S.A.
Cement producer
\u2013
86.667
\u2013
100.000
Norfapeake Terminal LLC
U.S.A.
Trading company
\u2013
86.667
\u2013
100.000
Roanoke Cement Co. LLC
U.S.A.
Cement producer
\u2013
86.667
\u2013
100.000
S&W Ready Mix Concrete Co. Inc.
U.S.A.
Ready-mix
\u2013
86.667
\u2013
100.000
S&W Ready Mix LLC
U.S.A.
Ready-mix
\u2013
86.667
\u2013
100.000
Separation Technologies LLC
U.S.A.
Processing of fly ash
\u2013
86.667
\u2013
100.000
Silver Sand Transportation LLC
U.S.A.
Transportation
\u2013
86.667
\u2013
100.000
Standard Concrete LLC
U.S.A.
Trading company
\u2013
86.667
\u2013
100.000
ST Equipment & Technology LLC
U.S.A.
Sales of fly ash processing equipment
\u2013
86.667
\u2013
100.000
Summit Ready-Mix LLC
U.S.A.
Ready-mix
\u2013
86.667
\u2013
100.000
Titan Florida LLC
U.S.A.
Cement producer
\u2013
86.667
\u2013
100.000
Titan Florida Concrete Products LLC
U.S.A.
Ready mix
\u2013
86.667
\u2013
100.000
Titan Florida Aggregates LLC
U.S.A.
Quarries & aggregates
\u2013
86.667
\u2013
100.000
Titan Florida Cement LLC
U.S.A.
Cement producer
\u2013
86.667
\u2013
100.000
Titan Florida Holdings LLC
U.S.A.
Investment holding company
\u2013
86.667
\u2013
100.000
Titan Mid-Atlantic Aggregates LLC
U.S.A.
Quarries & aggregates
\u2013
86.667
\u2013
100.000
Titan Virginia Ready Mix\u00a0 LLC
U.S.A.
Ready-mix
\u2013
86.667
\u2013
100.000
\u03a4itan \u0391merica LLC
U.S.A.
Investment holding company
\u2013
86.667
\u2013
100.000
Trusa Realty LLC
U.S.A.
Real estate brokerage
\u2013
86.667
\u2013
100.000
D.M. Conner LLC
U.S.A.
Quarries & aggregates
\u2013
86.667
\u2013
100.000
Daleville Development LLC
U.S.A.
Real estate holding company
\u2013
86.667
\u2013
100.000
Nestor Timber Development LLC
U.S.A.
Real estate holding company
\u2013
86.667
\u2013
100.000
SEI LLC
U.S.A.
Real estate holding company
\u2013
86.667
\u2013
100.000
(1)
Maple Holding Company LLC
U.S.A.
Investment holding company
\u2013
86.667
\u2013
\u2013
(1)
Titan Mid Atlantic LLC
U.S.A.
Investment holding company
\u2013
86.667
\u2013
\u2013
Cementara Kosjeric AD
Serbia
Cement producer
\u2013
100.000
\u2013
100.000
TCK Montenegro DOO
Montenegro
Trading company
\u2013
100.000
\u2013
100.000
Esha Material DOOEL
North
Macedonia
Quarries & aggregates
\u2013
100.000
\u2013
100.000
MILLCO-PCM DOOEL
North
Macedonia
Renting and leasing of machines,
equipment and material goods
\u2013
100.000
\u2013
100.000
Rudmak DOOEL
North
Macedonia
Trading company
\u2013
100.000
\u2013
100.000
Usje Cementarnica AD
North
Macedonia
Cement producer
\u2013
95.000
\u2013
95.000
Cement Plus LTD
Kosovo
Trading company
\u2013
64.999
\u2013
64.999
Esha Material LLC
Kosovo
Quarries & aggregates
\u2013
100.000
\u2013
100.000
(4)
Kosovo Construction Materials L.L.C.
Kosovo
Quarries & aggregates
\u2013
\u2013
\u2013
100.000
Sharrcem SH.P.K.
Kosovo
Cement producer
\u2013
100.000
\u2013
100.000
Antea Cement SHA
Albania
Cement producer
\u2013
100.000
\u2013
100.000
(4)
Colombus Properties B.V.
Holland
Investment holding company
\u2013
\u2013
\u2013
100.000
Salentijn Properties1 B.V.
Holland
Investment holding company
\u2013
100.000
\u2013
100.000
Titan Cement Netherlands BV
Holland
Investment holding company
\u2013
100.000
\u2013
100.000
1. In 2025, Interbeton Construction Materials S.A., acquired Latekat Sourlas S.A. and Standard Ipodomon S.A. In addition, Aitolika Quarries S.A. acquired Cooperative Niki IKE,
while Tithys Holdings Limited established Titan Workforce Solutions Limited. During the same year, Titan America LLC established Maple Holding Company LLC and Titan
Mid Atlantic LLC. All of the above subsidiaries were incorporated into the Group\u2019s Financial Statements using the full consolidation method.
2. Change in ownership percentage of Titan America S.A..
3. On 19 May 2025, the Group announced that it finalized the divestment of its 75% share in Ado\u00e7im Cimento Beton Sanayi ve Ticaret A.S.
4. In 2025, the Group dissolved the subsidiaries Double W & Co OOD, Colombus Properties B.V. and Kosovo Construction Materials L.L.C..
. Subsidiaries with significant percentage of non-controlling interests
On 31 December 2025, the Group's non-controlling interest amounted to \u20ac129.3 million (2024: \u20ac37.4 million), derived from the
following\u00a0subsidiaries:
\u2022 Ado\u00e7im Cimento Beton Sanayi ve T\u00fcrkiye A.S.: \u20ac nil (2024: \u20ac31.6 million), following the full disposal in May 2025 (note 4a)
\u2022 Titan America S.A.: \u20ac122.5 million (2024: nil), following the partial disposal in February 2025 (note 4a)
\u2022 Usje Cementarnica AD: \u20ac4.4 million (2024: \u20ac3.6 million)
\u2022 Cement Plus LTD: \u20ac1.0 million (2024: \u20ac1.0 million)
\u2022 Xirorema Quarries S.A.: \u20ac0.9 million (2024: \u20ac1.0 million)
\u2022 Alexandria Portland Cement Co. S.A.E.: \u20ac0.4 million (2024: \u20ac0.2 million)
Since June 2022, the Turkish economy has been classified as hyperinflationary. Accordingly, IAS 29 Financial Reporting in
Hyperinflationary Economies has been applied to the Group\u2019s subsidiaries operating in T\u00fcrkiye (Ado\u00e7im Cimento Beton Sanayi ve Ticaret
A.S. and Ado\u00e7im Marmara Cimento Beton Sanayi ve Ticaret A.S.), whose functional currency is the Turkish Lira. These subsidiaries prepare
their financial statements based on a historical cost approach, adjusted for the effects of hyperinflation.
The table below provides a summary of the financial information for Ado\u00e7im Cimento Beton Sanayi ve Ticaret A.S., a subsidiary with
significant non\u2011controlling interests, for the year ended 31 December 2024. During 2025, the Group completed the full disposal of Ado\u00e7im
and, accordingly, no non\u2011controlling interests related to this subsidiary were recognized thereafter (note 4a).
For the year ended 31 December 2025, the table provides a summary of the financial information for Titan America S.A., following the
partial disposal of the subsidiary during the year, which resulted in the recognition of a significant non\u2011controlling interest (note 4a).
(all amounts in Euro thousands)
Titan America S.A.*
Ado\u00e7im Cimento
Beton Sanayi ve
Ticaret A.S.*
2025
2024
Summarized statement of financial position as at 31 December
Non-current assets
1,089,731
161,450
Current assets
519,471
36,438
Total assets
1,609,202
197,888
Non-current liabilities
560,499
39,485
Current liabilities
171,254
31,830
Total liabilities
731,753
71,315
Equity
877,449
126,573
Attributable to:
Equity holders of the parent
761,341
94,930
Non-controlling interest (1)
116,108
31,643
Summarized income statement and statement of comprehensive income for the year ended 31
December
Sales
1,472,168
76,383
Profit/(loss) after taxes
162,061
-2,392
Other comprehensive income for the year
-99,636
28,687
Total comprehensive income for the year net of tax
62,425
26,295
Total comprehensive income attributable to non-controlling interests
8,278
6,573
Summarized cash flow information
Cash flows from operating activities
251,416
4,210
Cash flows used in investing activities
-129,511
-3,326
Cash flows from/(used in) financing activities
47,990
-446
Net increase in cash and cash equivalents
169,895
438
Cash and cash equivalents at beginning of the period
11,669
2,402
Effects of exchange rate changes
-1,351
-82
Cash and cash equivalents at end of the year
180,213
2,758
* Figures before elimination with the broader Group.
(1) The non\u2011controlling interest balance of \u20ac116 million shown in the table above excludes \u20ac6.4 million relating to the non\u2011controlling
interest\u2019s 13.333% share of the \u201cCurrency Translation Differences on Derivative Hedging Position Reserve\u201d. This amount was allocated to
non\u2011controlling interests following the partial disposal of Titan America S.A. and relates to net investment hedges accumulated at Group
level in prior years (note 25).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-599": { "value": "
4. Investments in subsidiaries, joint ventures and associates
Accounting Policy
Subsidiaries
The Group uses the full acquisition method of accounting to account for business combinations. The consideration transferred for
the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by
the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration
arrangement. Acquisition related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured initially at their fair value at the acquisition date. The Group recognizes any non-
controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s
proportionate share of the acquiree\u2019s net assets.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest
in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are
recognized in the income statement.
Any contingent consideration to be transferred by the Group is recognized at fair value at the acquisition date. Subsequent changes
to the fair value of the contingent consideration that is deemed to be an asset or liability is recognized in accordance with IFRS 9 in
profit or loss. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for
within equity.
Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments.
Changes in ownership interests in subsidiaries without change of control
Transactions with non-controlling interests that do not result in loss of control are accounted for as transactions with the owners in
their capacity as owners. The difference between consideration paid and the relevant share acquired of the carrying value of net
assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
Any profit or loss and any item of the Statement of Other Comprehensive Income is allocated between the shareholders of the
parent and the non-controlling interest, even if the allocation results in a deficit balance of the non-controlling interest.
Disposal of subsidiaries
When the Group ceases to have control in a subsidiary, any retained interest in the entity is re-measured to its fair value at the date
when control is lost, with the change in carrying amount recognized in profit or loss. The fair value becomes the initial carrying
amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In
addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the
Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other
comprehensive income are reclassified to profit or loss.
4. Investments in subsidiaries, joint ventures and associates (continued)
Set out below is a list of the Group subsidiaries:
2025
2024
% of investment (*)
% of investment (*)
Country of
incorporation
Nature of business
Direct
Indirect
Direct
Indirect
Full consolidation method
Titan S.A.
Belgium
Investment holding company
Parent company
Parent company
(2)
Titan America S.A.
Belgium
Investment holding company
86.667
\u2013
100.000
\u2013
\u03a4itan Cement Company S.A.
Greece
Cement producer
100.000
\u2013
100.000
\u2013
Aitolika Quarries S.A.
Greece
Quarries & aggregates
\u2013
100.000
\u2013
99.760
Business Park Titan Elefsinas S.A.
Greece
Provision of technical and business
services
\u2013
100.000
\u2013
100.000
Interbeton Construction Materials S.A.
Greece
Ready-mix & aggregates
\u2013
100.000
\u2013
100.000
Intertitan Trading International S.A.
Greece
Trading company
\u2013
100.000
\u2013
100.000
Gournon Quarries S.A.
Greece
Quarries & aggregates
\u2013
100.000
\u2013
100.000
Quarries of Tagaradon Community S.A.
Greece
Quarries & aggregates
\u2013
67.587
\u2013
67.587
Vahou Quarries S.A.
Greece
Quarries & aggregates
\u2013
100.000
\u2013
100.000
Sigma Beton S.A.
Greece
Quarries & aggregates
\u2013
100.000
\u2013
100.000
Titan Atlantic Cement Industrial &
Commercial S.A.
Greece
Investment holding company
\u2013
86.667
\u2013
100.000
Xirorema Quarries S.A.
Greece
Quarries & aggregates
\u2013
90.000
\u2013
90.000
(1)
Cooperative Niki IKE
Greece
Quarries & aggregates
\u2013
100.000
\u2013
\u2013
(1)
Latekat Sourlas S.A.
Greece
Quarries & aggregates
\u2013
100.000
\u2013
\u2013
(1)
Standard Ipodomon S.A.
Greece
Ready mix & aggregates
\u2013
100.000
\u2013
\u2013
Brazcem Participacoes S.A.
Brazil
Investment holding company
\u2013
100.000
\u2013
100.000
(4)
Double W & Co OOD
Bulgaria
Port
\u2013
\u2013
\u2013
99.989
Granitoid AD
Bulgaria
Trading company
\u2013
99.760
\u2013
99.760
Gravel & Sand PIT AD
Bulgaria
Quarries & aggregates
\u2013
99.989
\u2013
99.989
Zlatna Panega Cement AD
Bulgaria
Cement producer
\u2013
99.989
\u2013
99.989
Green Alternative Energy Assets EAD
Bulgaria
Alternative fuels
\u2013
100.000
\u2013
100.000
Cementi ANTEA SRL
Italy
Trading company
\u2013
100.000
\u2013
100.000
Cementi Crotone S.R.L.
Italy
Import & distribution of Cement
\u2013
100.000
\u2013
100.000
Fintitan SRL
Italy
Import & distribution of cement
\u2013
100.000
\u2013
100.000
Separation Technologies Canada Ltd
Canada
Processing of fly ash
\u2013
100.000
\u2013
100.000
Alexandria Development Co. Ltd
Cyprus
Investment holding company
\u2013
100.000
\u2013
100.000
Alvacim Ltd
Cyprus
Investment holding company
\u2013
100.000
\u2013
100.000
Feronia Holding Ltd
Cyprus
Investment holding company
\u2013
100.000
\u2013
100.000
Iapetos Ltd
Cyprus
Investment holding company
\u2013
100.000
\u2013
100.000
Rea Cement Investments Limited
Cyprus
Investment holding company
\u2013
100.000
\u2013
100.000
Themis Holdings Ltd
Cyprus
Investment holding company
\u2013
100.000
\u2013
100.000
Titan Cement Cyprus Limited
Cyprus
Investment holding company
\u2013
100.000
\u2013
100.000
Tithys Holdings Limited
Cyprus
Investment holding company
100.000
\u2013
100.000
\u2013
(1)
Titan Workforce Solutions Limited
Cyprus
Investment holding company
\u2013
100.000
\u2013
\u2013
Alexandria Portland Cement Co. S.A.E
Egypt
Cement producer
\u2013
99.609
\u2013
99.609
Beni Suef Cement Co.S.A.E.
Egypt
Cement producer
\u2013
100.000
\u2013
100.000
GAEA -Green Alternative Energy Assets
Egypt
Alternative fuels
\u2013
99.996
\u2013
99.996
Titan Beton & Aggregate Egypt LLC
Egypt
Quarries & aggregates
\u2013
99.615
\u2013
99.615
Sharr Beteiligungs GmbH
Germany
Investment holding company
\u2013
100.000
\u2013
100.000
Titan Cimento Beton Sanayi ve Ticaret
A.S.
T\u00fcrkiye
Processing and trading of cement
\u2013
100.000
\u2013
100.000
(3)
Ado\u00e7im Cimento Beton Sanayi ve Ticaret
A.S.
T\u00fcrkiye
Cement producer
\u2013
\u2013
\u2013
75.000
Titan Cement U.K. Ltd
U.K.
Import & distribution of cement
\u2013
100.000
\u2013
100.000
Titan Global Finance PLC
U.K.
Financial services
100.000
\u2013
100.000
\u2013
Carolinas Cement Company LLC
U.S.A.
Own/develop real estate
\u2013
86.667
\u2013
100.000
CemAI Inc.
U.S.A.
Preventing maintenance
\u2013
100.000
\u2013
100.000
Essex Cement Co. LLC
U.S.A.
Trading company
\u2013
86.667
\u2013
100.000
Massey Sand and Rock Co
U.S.A.
Quarries & aggregates
\u2013
86.667
\u2013
100.000
Mechanicsville Concrete LLC
U.S.A.
Ready-mix
\u2013
86.667
\u2013
100.000
Metro Redi-Mix LLC
U.S.A.
Ready-mix
\u2013
86.667
\u2013
100.000
Miami Valley Ready Mix of Florida LLC
U.S.A.
Ready-mix
\u2013
86.667
\u2013
100.000
* Percentage of investment represents both percentage of shareholding and percentage of control.
4. Investments in subsidiaries, joint ventures and associates (continued)
2025
2024
% of investment (*)
% of investment (*)
Country of
incorporation
Nature of business
Direct
Indirect
Direct
Indirect
Full consolidation method
Pennsuco Cement Co. LLC
U.S.A.
Cement producer
\u2013
86.667
\u2013
100.000
Norfapeake Terminal LLC
U.S.A.
Trading company
\u2013
86.667
\u2013
100.000
Roanoke Cement Co. LLC
U.S.A.
Cement producer
\u2013
86.667
\u2013
100.000
S&W Ready Mix Concrete Co. Inc.
U.S.A.
Ready-mix
\u2013
86.667
\u2013
100.000
S&W Ready Mix LLC
U.S.A.
Ready-mix
\u2013
86.667
\u2013
100.000
Separation Technologies LLC
U.S.A.
Processing of fly ash
\u2013
86.667
\u2013
100.000
Silver Sand Transportation LLC
U.S.A.
Transportation
\u2013
86.667
\u2013
100.000
Standard Concrete LLC
U.S.A.
Trading company
\u2013
86.667
\u2013
100.000
ST Equipment & Technology LLC
U.S.A.
Sales of fly ash processing equipment
\u2013
86.667
\u2013
100.000
Summit Ready-Mix LLC
U.S.A.
Ready-mix
\u2013
86.667
\u2013
100.000
Titan Florida LLC
U.S.A.
Cement producer
\u2013
86.667
\u2013
100.000
Titan Florida Concrete Products LLC
U.S.A.
Ready mix
\u2013
86.667
\u2013
100.000
Titan Florida Aggregates LLC
U.S.A.
Quarries & aggregates
\u2013
86.667
\u2013
100.000
Titan Florida Cement LLC
U.S.A.
Cement producer
\u2013
86.667
\u2013
100.000
Titan Florida Holdings LLC
U.S.A.
Investment holding company
\u2013
86.667
\u2013
100.000
Titan Mid-Atlantic Aggregates LLC
U.S.A.
Quarries & aggregates
\u2013
86.667
\u2013
100.000
Titan Virginia Ready Mix\u00a0 LLC
U.S.A.
Ready-mix
\u2013
86.667
\u2013
100.000
\u03a4itan \u0391merica LLC
U.S.A.
Investment holding company
\u2013
86.667
\u2013
100.000
Trusa Realty LLC
U.S.A.
Real estate brokerage
\u2013
86.667
\u2013
100.000
D.M. Conner LLC
U.S.A.
Quarries & aggregates
\u2013
86.667
\u2013
100.000
Daleville Development LLC
U.S.A.
Real estate holding company
\u2013
86.667
\u2013
100.000
Nestor Timber Development LLC
U.S.A.
Real estate holding company
\u2013
86.667
\u2013
100.000
SEI LLC
U.S.A.
Real estate holding company
\u2013
86.667
\u2013
100.000
(1)
Maple Holding Company LLC
U.S.A.
Investment holding company
\u2013
86.667
\u2013
\u2013
(1)
Titan Mid Atlantic LLC
U.S.A.
Investment holding company
\u2013
86.667
\u2013
\u2013
Cementara Kosjeric AD
Serbia
Cement producer
\u2013
100.000
\u2013
100.000
TCK Montenegro DOO
Montenegro
Trading company
\u2013
100.000
\u2013
100.000
Esha Material DOOEL
North
Macedonia
Quarries & aggregates
\u2013
100.000
\u2013
100.000
MILLCO-PCM DOOEL
North
Macedonia
Renting and leasing of machines,
equipment and material goods
\u2013
100.000
\u2013
100.000
Rudmak DOOEL
North
Macedonia
Trading company
\u2013
100.000
\u2013
100.000
Usje Cementarnica AD
North
Macedonia
Cement producer
\u2013
95.000
\u2013
95.000
Cement Plus LTD
Kosovo
Trading company
\u2013
64.999
\u2013
64.999
Esha Material LLC
Kosovo
Quarries & aggregates
\u2013
100.000
\u2013
100.000
(4)
Kosovo Construction Materials L.L.C.
Kosovo
Quarries & aggregates
\u2013
\u2013
\u2013
100.000
Sharrcem SH.P.K.
Kosovo
Cement producer
\u2013
100.000
\u2013
100.000
Antea Cement SHA
Albania
Cement producer
\u2013
100.000
\u2013
100.000
(4)
Colombus Properties B.V.
Holland
Investment holding company
\u2013
\u2013
\u2013
100.000
Salentijn Properties1 B.V.
Holland
Investment holding company
\u2013
100.000
\u2013
100.000
Titan Cement Netherlands BV
Holland
Investment holding company
\u2013
100.000
\u2013
100.000
1. In 2025, Interbeton Construction Materials S.A., acquired Latekat Sourlas S.A. and Standard Ipodomon S.A. In addition, Aitolika Quarries S.A. acquired Cooperative Niki IKE,
while Tithys Holdings Limited established Titan Workforce Solutions Limited. During the same year, Titan America LLC established Maple Holding Company LLC and Titan
Mid Atlantic LLC. All of the above subsidiaries were incorporated into the Group\u2019s Financial Statements using the full consolidation method.
2. Change in ownership percentage of Titan America S.A..
3. On 19 May 2025, the Group announced that it finalized the divestment of its 75% share in Ado\u00e7im Cimento Beton Sanayi ve Ticaret A.S.
4. In 2025, the Group dissolved the subsidiaries Double W & Co OOD, Colombus Properties B.V. and Kosovo Construction Materials L.L.C..
a. Acquisitions and disposals
Disposals in 2025
Partial Disposal of Titan America SA
On 10 February 2025, the Group\u2019s Belgian subsidiary, Titan America S.A. (\u201cTitan America\u201d), which is the parent company of the Group\u2019s U.S.
operations, successfully completed its initial public offering (IPO) in New York Stock Exchange. The offering included 9,000,000 new
common shares issued and sold by Titan America and 15,000,000 existing common shares sold by Titan S.A., at a public offering price of
USD 16.00 per share.
To accommodate the over-allotment, the greenshoe option was partially exercised, resulting in an additional 580,756 shares being offered
by Titan S.A. Following the IPO and the greenshoe exercise, the free float reached 13.333%.
The Group raised total gross proceeds of \u20ac378 million ($393 million) and proceeds, net of disposal costs of \u20ac347 million. On 11 March
2025, upon completion of the transaction, the Group holds 159,781,709 common shares of Titan America, representing 86.667% of its total
outstanding common shares.
The transaction has been accounted for as a partial disposal of the Group\u2019s interest in Titan America, without loss of control. Accordingly,
no gain or loss has been recognized in the Consolidated Income Statement. The carrying amounts of the controlling and non-controlling
interests have been adjusted to reflect the changes in their relative ownership interests. The key impacts of the transaction are
summarized below:
(all amounts in Euro thousands)
Net proceeds from sale of 13.333% ownership interest
346,957
Net assets attributable to non-controlling interest
-117,456
Increase in equity attributable to parent
229,501
Represented by:
Decrease in other reserves (note 25)
-28,298
Increase in retained earnings
257,799
229,501
Disposal of Ado\u00e7im Cimento Beton Sanayi ve Ticaret A.S.
On 19 May 2025, the Group announced that it finalized the divestment of its 75% share in Ado\u00e7im Cimento Beton Sanayi ve Ticaret A.S.,
which includes cement assets located in the Eastern Region of T\u00fcrkiye. This transaction is consistent with the Group\u2019s long-term strategic
objectives in the Turkish market. The Group will continue to operate cement grinding and supplementary cementitious material assets in
other regions of T\u00fcrkiye. The transaction resulted in total net proceeds o f \u20ac71.5 million. The Group recognized a loss of \u20ac51.9 million
included in \"Loss on disposal of subsidiaries\" in the consolidated Income Statement.
(all amounts in Euro thousands)
Property, plant and equipment
141,837
Intangible assets
523
Other non-current assets
630
Cash and cash equivalents
621
Other current assets
29,516
Total assets
173,127
Long-term borrowings
7,732
Other non-current liabilities
603
Deferred tax liability
23,587
Short-term borrowings
12,814
Other current liabilities
14,557
Total liabilities
59,293
Net assets
113,834
Non-controlling interest
-28,353
Net assets disposed of
85,481
Cumulative other comprehensive income reclassified to income statement
38,518
Loss on disposal, net of disposal costs
-51,911
Total disposal consideration, net of disposal costs
72,088
Disposed cash and cash equivalents
-621
Cash flow on disposals, net of disposal cost
71,467
4. Investments in subsidiaries, joint ventures and associates (continued)
Acquisitions in 2025
On 1 April 2025, the Group acquired 100% of the share capital of Latekat Sourlas S.A., an established aggregates quarry business located
in the Thessaly region of Central Greece. The acquisition strengthens the Group\u2019s long\u2011term aggregates reserves base in Greece and
supports the further development of its vertically integrated aggregates and construction materials activities.
Assets acquired and liabilities assumed
The fair values of the identifiable assets and liabilities of Latekat Sourlas S.A. as of the acquisition date were as follows:
(all amounts in Euro thousands)
Fair value on
acquisition
Latekat Sourlas S.A.
Assets
Property, plant and equipment (note 15)
376
Intangible assets (note 19)
3,419
Other non-current assets
38
Inventories
165
Receivables and prepayments
991
Cash and cash equivalents
81
Total assets
5,070
Liabilities
Long-term borrowings
229
Other non-current liabilities
121
Provisions
131
Short-term borrowings
402
Income tax payable
65
Trade and other payables
793
Total liabilities
1,741
Total identifiable net assets at fair value
3,329
Total investment
3,329
Cash flow on acquisition:
Purchase consideration for 100% interest
3,329
Net cash acquired with the subsidiary
-81
Net cash outflow on acquisition
3,248
On 30 October 2025, the Group acquired 100% interest on Standard Ypodomon S.A., an aggregates quarry and ready mix concrete
business located in the island of Crete, Greece. The process of finalizing the fair value measurement of the acquired assets and liabilities
is\u00a0ongoing and is expected to be completed within a period of twelve (12) months from the acquisition date.
The total consideration for the acquisition amounted to \u20ac12 thousand.
On 10 January 2025, the Group acquired 100% of the Cooperative Niki IKE, a private limited company located in Athens. The total
consideration for the acquisition amounted to \u20ac5 thousand.
The amounts arising from the above acquisitions are not considered to be material to the Group\u2019s consolidated financial statements and,
accordingly, no separate detailed disclosure is presented.
4. Investments in subsidiaries, joint ventures and associates (continued)
Acquisitions 2024
On 23 January 2024, the Group acquired a 90% stake in Xirorema Quarries S.A., a privately held company based in Greece specializing in
the production of recycled aggregates. This acquisition aligns with the Group\u2019s strategy to expand its presence in the recycled aggregates
sector, particularly in the processing of construction and demolition waste.
Assets acquired and liabilities assumed
The fair values of the identifiable assets and liabilities of Xirorema Quaries S.A. as of the acquisition date were as follows:
(all amounts in Euro thousands)
Fair value on
acquisition
Assets
Property, plant and equipment (note 15)
797
Intangible assets (note 19)
11,158
Other non-current assets
304
Inventories
79
Receivables and prepayments
670
Cash and cash equivalents
33
Total assets
13,041
Liabilities
Provisions
144
Trade and other payables
3,771
Total liabilities
3,915
Total identifiable net assets at fair value
9,126
Non-controlling interest
-913
Total investment
8,213
Cash flow on acquisition:
Purchase consideration for 90% stake\u00a0
8,213
Deferred payments
-557
Net cash acquired with the subsidiary
-33
Net cash flow on acquisition
7,623
4. Investments in subsidiaries, joint ventures and associates (continued)
b. Subsidiaries with significant percentage of non-controlling interests
Accounting Policy
Hyperinflation
IAS 29 requires to report the results of the Group\u2019s operations in T\u00fcrkiye, as if these were highly inflationary as of 1 January 2022.
Specifically, IAS 29 requires:
\u2022 adjustment of the historical cost of the non-monetary assets and liabilities for the change in purchasing power caused by inflation
from the date of\u00a0 initial recognition to the end of the reporting date;
\u2022 non-adjustment of the monetary assets and liabilities, as they are already expressed in the measuring unit current at the end of
the reporting period;
\u2022 adjustment of the income statement for inflation and its translation with the closing exchange rate instead of an average rate; and
\u2022 recognition of gain or loss on net monetary position in profit or loss in order to reflect the impact of inflation and exchange rate
movement on holding monetary assets and liabilities in local currency.
The financial statements of Group subsidiaries, whose functional currency is the currency of a hyperinflationary economy, are adjusted
for inflation and then translated into euros. The difference between the closing balance of Group\u2019s equity on 31.12.2021 and its
opening balance on 01.01.2022 was recognized in equity. Any difference from the ongoing application of re-translation to closing
exchange rates and hyperinflation adjustments will be recognized in other comprehensive income. In the consolidated income
statement ended on 31.12.2025, the Group recognized a total gain on net monetary position of \u20ac1.4 million (31.12.2024: \u20ac8.3 million) in
net finance cost (note 7). On the application of IAS 29, the Group used the conversion coefficient derived from the consumer price
index published by TurkStat (TUIK). The conversion coefficient was 3,513.87 and 2,684.55 on 31.12.2025 and 31.12.2024 respectively.
On 31 December 2025, the Group's non-controlling interest amounted to \u20ac129.3 million (2024: \u20ac37.4 million), derived from the
following\u00a0subsidiaries:
\u2022 Ado\u00e7im Cimento Beton Sanayi ve T\u00fcrkiye A.S.: \u20ac nil (2024: \u20ac31.6 million), following the full disposal in May 2025 (note 4a)
\u2022 Titan America S.A.: \u20ac122.5 million (2024: nil), following the partial disposal in February 2025 (note 4a)
\u2022 Usje Cementarnica AD: \u20ac4.4 million (2024: \u20ac3.6 million)
\u2022 Cement Plus LTD: \u20ac1.0 million (2024: \u20ac1.0 million)
\u2022 Xirorema Quarries S.A.: \u20ac0.9 million (2024: \u20ac1.0 million)
\u2022 Alexandria Portland Cement Co. S.A.E.: \u20ac0.4 million (2024: \u20ac0.2 million)
Since June 2022, the Turkish economy has been classified as hyperinflationary. Accordingly, IAS 29 Financial Reporting in
Hyperinflationary Economies has been applied to the Group\u2019s subsidiaries operating in T\u00fcrkiye (Ado\u00e7im Cimento Beton Sanayi ve Ticaret
A.S. and Ado\u00e7im Marmara Cimento Beton Sanayi ve Ticaret A.S.), whose functional currency is the Turkish Lira. These subsidiaries prepare
their financial statements based on a historical cost approach, adjusted for the effects of hyperinflation.
4. Investments in subsidiaries, joint ventures and associates (continued)
The table below provides a summary of the financial information for Ado\u00e7im Cimento Beton Sanayi ve Ticaret A.S., a subsidiary with
significant non\u2011controlling interests, for the year ended 31 December 2024. During 2025, the Group completed the full disposal of Ado\u00e7im
and, accordingly, no non\u2011controlling interests related to this subsidiary were recognized thereafter (note 4a).
For the year ended 31 December 2025, the table provides a summary of the financial information for Titan America S.A., following the
partial disposal of the subsidiary during the year, which resulted in the recognition of a significant non\u2011controlling interest (note 4a).
(all amounts in Euro thousands)
Titan America S.A.*
Ado\u00e7im Cimento
Beton Sanayi ve
Ticaret A.S.*
2025
2024
Summarized statement of financial position as at 31 December
Non-current assets
1,089,731
161,450
Current assets
519,471
36,438
Total assets
1,609,202
197,888
Non-current liabilities
560,499
39,485
Current liabilities
171,254
31,830
Total liabilities
731,753
71,315
Equity
877,449
126,573
Attributable to:
Equity holders of the parent
761,341
94,930
Non-controlling interest (1)
116,108
31,643
Summarized income statement and statement of comprehensive income for the year ended 31
December
Sales
1,472,168
76,383
Profit/(loss) after taxes
162,061
-2,392
Other comprehensive income for the year
-99,636
28,687
Total comprehensive income for the year net of tax
62,425
26,295
Total comprehensive income attributable to non-controlling interests
8,278
6,573
Summarized cash flow information
Cash flows from operating activities
251,416
4,210
Cash flows used in investing activities
-129,511
-3,326
Cash flows from/(used in) financing activities
47,990
-446
Net increase in cash and cash equivalents
169,895
438
Cash and cash equivalents at beginning of the period
11,669
2,402
Effects of exchange rate changes
-1,351
-82
Cash and cash equivalents at end of the year
180,213
2,758
* Figures before elimination with the broader Group.
(1) The non\u2011controlling interest balance of \u20ac116 million shown in the table above excludes \u20ac6.4 million relating to the non\u2011controlling
interest\u2019s 13.333% share of the \u201cCurrency Translation Differences on Derivative Hedging Position Reserve\u201d. This amount was allocated to
non\u2011controlling interests following the partial disposal of Titan America S.A. and relates to net investment hedges accumulated at Group
level in prior years (note 25).
4. Investments in subsidiaries, joint ventures and associates (continued)
c. Investments in joint ventures
Accounting Policy
Joint arrangements
Investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and
obligations each investor has rather than the legal structure of the joint arrangement. The Group has assessed the nature of its joint
arrangement and determined it to be a joint venture. Joint ventures are consolidated with the equity method of accounting.
Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to
recognize the Group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. When the
Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long- term interests
that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognize further losses, unless
it has incurred obligations or made payments on behalf of the joint ventures.
Unrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the
joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset
transferred. Accounting policies of joint ventures have been adjusted where necessary to ensure consistency with the policies
adopted by the Group. The financial statements of the joint venture are prepared as of the same reporting date with the parent
company.
On 31 December 2025, the Group incorporates in its financial statements the following joint ventures with the equity method of accounting:
a) Companhia Industrial de Cimento Apodi, a company based in Brazil and engaged in cement production, held by the Group with a 50%
ownership interest (31 December 2024: 50%).
b) Apodi Distribui\u00e7\u00e3o e Logistica Ltda, a trading company based in Brazil, held by the Group with an ownership interest of 50%
(31\u00a0December 2024: 50%).
None of the aforementioned companies are listed on a public exchange market.
4. Investments in subsidiaries, joint ventures and associates (continued)
Summarized financial information of the joint ventures, based on their IFRS financial statements, and reconciliation with carrying amount of
the investment in consolidated financial statements are set out below:
(all amounts in Euro thousands)
Companhia Industrial De Cimento Apodi -
Consolidated *
2025
2024
Summarized statement of financial position as at 31 December
Non-current assets
149,949
151,299
Deferred income tax asset
11,244
11,706
Other current assets
41,932
53,675
Cash and cash equivalents
12,226
3,307
Total assets
215,351
219,987
Long-term borrowings
54,565
49,727
Other non-current liabilities
1,105
891
Short-term borrowings
34,651
45,868
Other current liabilities
36,492
41,772
Total liabilities
126,813
138,258
Equity
88,538
81,729
Summarized income statement and statement of comprehensive income for the year ended 31 December
Sales
109,384
110,553
Depreciation, amortization and impairments of assets
-15,700
-15,540
Finance income
1,666
1,165
Finance expense
-9,118
-12,888
Income tax
-915
11,755
Profit after taxes
7,147
14,978
Total comprehensive profit for the year net of tax
7,147
14,978
Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA)
32,798
29,466
Reconciliation to carrying amounts:
Opening net assets 1 January
81,729
80,105
Profit for the year
7,147
14,978
Foreign exchange differences
-338
-13,354
Closing net assets 31 December
88,538
81,729
Group's share in %
50%
50%
Group's share in '000 \u20ac
44,269
40,865
Goodwill
48,655
48,684
Carrying amount of the investment as at 31 of December
92,924
89,549
* Consolidated figures before elimination with the broader Group
On 31 December 2025, the Group carried out an impairment test for the carrying value of the Brazilian CGU. The recoverable amount,
which has been determined based on value-in-use calculations with a discount rate of 17.1% and a perpetual growth rate of 4.0%, exceeds
the carrying value. Additional sensitivity analysis has been performed to assess the changes either in the operational plan used for cash
flow estimates or the discount rate, which would cause the carrying amount to be equal to the recoverable amount:
\u2022 Increase in the discount rate by 3.5%.
\u2022 Decrease in the operating margin (EBITDA margin) for each year of planning as well as in the terminal value of around 7.8%.
This sensitivity analysis did not present a situation in which the carrying value of this CGU would exceed its recoverable amount.
As of 31 December 2025, the company had recognized an amount of \u20ac19.5 million (recognized amount in 2024: \u20ac19.8 million),
related to deferred tax assets on accumulated tax losses. In 2025, given its continuing profitable operations, the company meets the
criteria for the recognition of the deferred tax asset. In accordance with the Brazilian tax legislation, these credits do not expire.
4. Investments in subsidiaries, joint ventures and associates (continued)
d. Investments in associates
Accounting Policy
Associates
Associates are entities over which the Group has significant influence (holds directly or indirectly 20% or more of the voting power of
the entity) but which it does not control. Investments in associates are accounted for using the equity method of accounting and are
initially recognized at cost. The Group\u2019s investment in associates includes goodwill (net of any cumulative impairments losses)
identified on acquisition.
Under the equity method the Group\u2019s share of the post-acquisition profits or losses is recognized in the income statement and its
share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a
corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses in an associate equals or
exceeds its interest in the associate, the Group does not recognize further losses, unless the Group has incurred legal or
constructive obligations or made payments on behalf of the associates.
If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amount
previously recognized in other comprehensive income is reclassified to profit or loss where appropriate.
The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is
impaired. If this is the case, the Group calculates the amount of the impairment as the difference between the recoverable amount of
the associate and the carrying value of the investment in the associate and recognizes the amount adjacent to \u201cshare of profit/(loss)
of associates and joint ventures\u201d in the income statement.
Profit and losses resulting from upstream and downstream transactions between the Group and its associate are recognized in the
Group\u2019s financial statements only to the extent of unrelated investor\u2019s interests in the associates. Unrealized gains on transactions
between the Group and its associates are eliminated to the extent of the Group\u2019s interest in the associates; unrealized losses are
also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the
Group. The financial statements of the associates are prepared as of the same reporting date with the parent company.
The Group financial statements incorporate the following companies with the equity method of consolidation:
a) Karierni Materiali Plovdiv AD, with an ownership interest of 48.711% (31 December 2024: 48.711%), and Karierni Materiali AD, with
an\u00a0ownership interest of 48.764% (31 December 2024: 48.764%). Both companies are incorporated in Bulgaria and operate in the
aggregates sector.
b) Ecorecovery S.A., with an ownership interest of 48% (31 December 2024: 48%). Ecorecovery S.A. is incorporated in Greece and is
engaged in the processing, management and trading of solid waste for the production of alternative fuels.
c) Aegean Perlites S.A., with an ownership interest of 45% (31 December 2024: 45%). Aegean Perlites S.A. is incorporated in Greece and
operates perlite and pozzolan quarries on the Greek island of Yali.
d) ASV Azure Shiptrade Ventures Limited and its subsidiaries, Pelargos Shipping Inc. and Areti Navigation Inc., in which the Group holds
an\u00a0ownership interest of 49% (31 December 2024: 49%).
e) On 3 July 2025, the Group\u2019s subsidiary ASV Azure Shiptrade Ventures Limited acquired a 49% equity interest in the newly established
companies Amaltheia Shipping Inc. and Anassa Shipping Inc.. ASV Azure Shiptrade Ventures Limited is an investment holding company
incorporated in Cyprus, whose subsidiaries operate in the shipping industry.
f) On 22 July 2025, the Group\u2019s subsidiary Iapetos acquired a 49% equity interest in the newly established company M+T Precast Partners
Limited, incorporated in Cyprus.
On 4 August 2025, M+T Precast Partners Limited acquired an 80% equity interest in Baupartner d.o.o., a leading provider of precast
concrete solutions operating in Southeastern Europe and incorporated in Bosnia and Herzegovina. As a result of these transactions,
the\u00a0Group holds an indirect equity interest of 39.20% in Baupartner d.o.o. The total consideration for these acquisitions amounted to
\u20ac19.6\u00a0million.
None of the aforementioned companies are publicly listed.
4. Investments in subsidiaries, joint ventures and associates (continued)
Considering their contribution to profit before taxes, the Group has determined that each of the aforementioned associates is individually
immaterial. As a result, it discloses its interests in these associates in aggregate as follows:
(all amounts in Euro thousands)
2025
2024
Summarized statement of financial position as at 31 December
Non-current assets
95,489
51,848
Current assets
28,275
9,883
Total assets
123,764
61,731
Non-current liabilities
20,307
14,917
Current liabilities
16,941
12,006
Total liabilities
37,248
26,923
Equity
86,516
34,808
Summarized income statement and statement of comprehensive income for the year ended 31
December
Sales
29,560
20,168
Profit after taxes
6,345
1,004
Other comprehensive income for the year
\u2013
4
Total comprehensive income for the year net of tax
6,345
1,008
Reconciliation to carrying amounts:
Opening net assets 1 January
34,808
23,680
New acquisitions
40,101
12,144
Profit after taxes
6,345
1,004
Other comprehensive income for the year
\u2013
4
Share capital increase
9,512
\u2013
Dividends paid
-2,806
-2,692
Foreign exchange differences
-1,444
668
Closing net assets 31 December
86,516
34,808
Group's carrying amount of the investment after adjustments
41,622
16,294
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-601": { "value": "
Accounting Policy
Subsidiaries
The Group uses the full acquisition method of accounting to account for business combinations. The consideration transferred for
the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by
the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration
arrangement. Acquisition related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured initially at their fair value at the acquisition date. The Group recognizes any non-
controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s
proportionate share of the acquiree\u2019s net assets.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest
in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are
recognized in the income statement.
Any contingent consideration to be transferred by the Group is recognized at fair value at the acquisition date. Subsequent changes
to the fair value of the contingent consideration that is deemed to be an asset or liability is recognized in accordance with IFRS 9 in
profit or loss. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for
within equity.
Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments.
Changes in ownership interests in subsidiaries without change of control
Transactions with non-controlling interests that do not result in loss of control are accounted for as transactions with the owners in
their capacity as owners. The difference between consideration paid and the relevant share acquired of the carrying value of net
assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
Any profit or loss and any item of the Statement of Other Comprehensive Income is allocated between the shareholders of the
parent and the non-controlling interest, even if the allocation results in a deficit balance of the non-controlling interest.
Disposal of subsidiaries
When the Group ceases to have control in a subsidiary, any retained interest in the entity is re-measured to its fair value at the date
when control is lost, with the change in carrying amount recognized in profit or loss. The fair value becomes the initial carrying
amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In
addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the
Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other
comprehensive income are reclassified to profit or loss.
c. Investments in joint ventures
Accounting Policy
Joint arrangements
Investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and
obligations each investor has rather than the legal structure of the joint arrangement. The Group has assessed the nature of its joint
arrangement and determined it to be a joint venture. Joint ventures are consolidated with the equity method of accounting.
Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to
recognize the Group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. When the
Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long- term interests
that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognize further losses, unless
it has incurred obligations or made payments on behalf of the joint ventures.
Unrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the
joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset
transferred. Accounting policies of joint ventures have been adjusted where necessary to ensure consistency with the policies
adopted by the Group. The financial statements of the joint venture are prepared as of the same reporting date with the parent
company.
On 31 December 2025, the Group incorporates in its financial statements the following joint ventures with the equity method of accounting:
a) Companhia Industrial de Cimento Apodi, a company based in Brazil and engaged in cement production, held by the Group with a 50%
ownership interest (31 December 2024: 50%).
b) Apodi Distribui\u00e7\u00e3o e Logistica Ltda, a trading company based in Brazil, held by the Group with an ownership interest of 50%
(31\u00a0December 2024: 50%).
None of the aforementioned companies are listed on a public exchange market.
Summarized financial information of the joint ventures, based on their IFRS financial statements, and reconciliation with carrying amount of
the investment in consolidated financial statements are set out below:
(all amounts in Euro thousands)
Companhia Industrial De Cimento Apodi -
Consolidated *
2025
2024
Summarized statement of financial position as at 31 December
Non-current assets
149,949
151,299
Deferred income tax asset
11,244
11,706
Other current assets
41,932
53,675
Cash and cash equivalents
12,226
3,307
Total assets
215,351
219,987
Long-term borrowings
54,565
49,727
Other non-current liabilities
1,105
891
Short-term borrowings
34,651
45,868
Other current liabilities
36,492
41,772
Total liabilities
126,813
138,258
Equity
88,538
81,729
Summarized income statement and statement of comprehensive income for the year ended 31 December
Sales
109,384
110,553
Depreciation, amortization and impairments of assets
-15,700
-15,540
Finance income
1,666
1,165
Finance expense
-9,118
-12,888
Income tax
-915
11,755
Profit after taxes
7,147
14,978
Total comprehensive profit for the year net of tax
7,147
14,978
Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA)
32,798
29,466
Reconciliation to carrying amounts:
Opening net assets 1 January
81,729
80,105
Profit for the year
7,147
14,978
Foreign exchange differences
-338
-13,354
Closing net assets 31 December
88,538
81,729
Group's share in %
50%
50%
Group's share in '000 \u20ac
44,269
40,865
Goodwill
48,655
48,684
Carrying amount of the investment as at 31 of December
92,924
89,549
* Consolidated figures before elimination with the broader Group
On 31 December 2025, the Group carried out an impairment test for the carrying value of the Brazilian CGU. The recoverable amount,
which has been determined based on value-in-use calculations with a discount rate of 17.1% and a perpetual growth rate of 4.0%, exceeds
the carrying value. Additional sensitivity analysis has been performed to assess the changes either in the operational plan used for cash
flow estimates or the discount rate, which would cause the carrying amount to be equal to the recoverable amount:
\u2022 Increase in the discount rate by 3.5%.
\u2022 Decrease in the operating margin (EBITDA margin) for each year of planning as well as in the terminal value of around 7.8%.
This sensitivity analysis did not present a situation in which the carrying value of this CGU would exceed its recoverable amount.
As of 31 December 2025, the company had recognized an amount of \u20ac19.5 million (recognized amount in 2024: \u20ac19.8 million),
related to deferred tax assets on accumulated tax losses. In 2025, given its continuing profitable operations, the company meets the
criteria for the recognition of the deferred tax asset. In accordance with the Brazilian tax legislation, these credits do not expire.
d. Investments in associates
Accounting Policy
Associates
Associates are entities over which the Group has significant influence (holds directly or indirectly 20% or more of the voting power of
the entity) but which it does not control. Investments in associates are accounted for using the equity method of accounting and are
initially recognized at cost. The Group\u2019s investment in associates includes goodwill (net of any cumulative impairments losses)
identified on acquisition.
Under the equity method the Group\u2019s share of the post-acquisition profits or losses is recognized in the income statement and its
share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a
corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses in an associate equals or
exceeds its interest in the associate, the Group does not recognize further losses, unless the Group has incurred legal or
constructive obligations or made payments on behalf of the associates.
If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amount
previously recognized in other comprehensive income is reclassified to profit or loss where appropriate.
The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is
impaired. If this is the case, the Group calculates the amount of the impairment as the difference between the recoverable amount of
the associate and the carrying value of the investment in the associate and recognizes the amount adjacent to \u201cshare of profit/(loss)
of associates and joint ventures\u201d in the income statement.
Profit and losses resulting from upstream and downstream transactions between the Group and its associate are recognized in the
Group\u2019s financial statements only to the extent of unrelated investor\u2019s interests in the associates. Unrealized gains on transactions
between the Group and its associates are eliminated to the extent of the Group\u2019s interest in the associates; unrealized losses are
also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the
Group. The financial statements of the associates are prepared as of the same reporting date with the parent company.
The Group financial statements incorporate the following companies with the equity method of consolidation:
a) Karierni Materiali Plovdiv AD, with an ownership interest of 48.711% (31 December 2024: 48.711%), and Karierni Materiali AD, with
an\u00a0ownership interest of 48.764% (31 December 2024: 48.764%). Both companies are incorporated in Bulgaria and operate in the
aggregates sector.
b) Ecorecovery S.A., with an ownership interest of 48% (31 December 2024: 48%). Ecorecovery S.A. is incorporated in Greece and is
engaged in the processing, management and trading of solid waste for the production of alternative fuels.
c) Aegean Perlites S.A., with an ownership interest of 45% (31 December 2024: 45%). Aegean Perlites S.A. is incorporated in Greece and
operates perlite and pozzolan quarries on the Greek island of Yali.
d) ASV Azure Shiptrade Ventures Limited and its subsidiaries, Pelargos Shipping Inc. and Areti Navigation Inc., in which the Group holds
an\u00a0ownership interest of 49% (31 December 2024: 49%).
e) On 3 July 2025, the Group\u2019s subsidiary ASV Azure Shiptrade Ventures Limited acquired a 49% equity interest in the newly established
companies Amaltheia Shipping Inc. and Anassa Shipping Inc.. ASV Azure Shiptrade Ventures Limited is an investment holding company
incorporated in Cyprus, whose subsidiaries operate in the shipping industry.
f) On 22 July 2025, the Group\u2019s subsidiary Iapetos acquired a 49% equity interest in the newly established company M+T Precast Partners
Limited, incorporated in Cyprus.
On 4 August 2025, M+T Precast Partners Limited acquired an 80% equity interest in Baupartner d.o.o., a leading provider of precast
concrete solutions operating in Southeastern Europe and incorporated in Bosnia and Herzegovina. As a result of these transactions,
the\u00a0Group holds an indirect equity interest of 39.20% in Baupartner d.o.o. The total consideration for these acquisitions amounted to
\u20ac19.6\u00a0million.
None of the aforementioned companies are publicly listed.
Considering their contribution to profit before taxes, the Group has determined that each of the aforementioned associates is individually
immaterial. As a result, it discloses its interests in these associates in aggregate as follows:
(all amounts in Euro thousands)
2025
2024
Summarized statement of financial position as at 31 December
Non-current assets
95,489
51,848
Current assets
28,275
9,883
Total assets
123,764
61,731
Non-current liabilities
20,307
14,917
Current liabilities
16,941
12,006
Total liabilities
37,248
26,923
Equity
86,516
34,808
Summarized income statement and statement of comprehensive income for the year ended 31
December
Sales
29,560
20,168
Profit after taxes
6,345
1,004
Other comprehensive income for the year
\u2013
4
Total comprehensive income for the year net of tax
6,345
1,008
Reconciliation to carrying amounts:
Opening net assets 1 January
34,808
23,680
New acquisitions
40,101
12,144
Profit after taxes
6,345
1,004
Other comprehensive income for the year
\u2013
4
Share capital increase
9,512
\u2013
Dividends paid
-2,806
-2,692
Foreign exchange differences
-1,444
668
Closing net assets 31 December
86,516
34,808
Group's carrying amount of the investment after adjustments
41,622
16,294
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-602": { "value": "The Group recognizes any non-
controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s
proportionate share of the acquiree\u2019s net assets.
Changes in ownership interests in subsidiaries without change of control
Transactions with non-controlling interests that do not result in loss of control are accounted for as transactions with the owners in
their capacity as owners. The difference between consideration paid and the relevant share acquired of the carrying value of net
assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
Any profit or loss and any item of the Statement of Other Comprehensive Income is allocated between the shareholders of the
parent and the non-controlling interest, even if the allocation results in a deficit balance of the non-controlling interest.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-603": { "value": "
Acquisitions in 2025
On 1 April 2025, the Group acquired 100% of the share capital of Latekat Sourlas S.A., an established aggregates quarry business located
in the Thessaly region of Central Greece. The acquisition strengthens the Group\u2019s long\u2011term aggregates reserves base in Greece and
supports the further development of its vertically integrated aggregates and construction materials activities.
Assets acquired and liabilities assumed
The fair values of the identifiable assets and liabilities of Latekat Sourlas S.A. as of the acquisition date were as follows:
(all amounts in Euro thousands)
Fair value on
acquisition
Latekat Sourlas S.A.
Assets
Property, plant and equipment (note 15)
376
Intangible assets (note 19)
3,419
Other non-current assets
38
Inventories
165
Receivables and prepayments
991
Cash and cash equivalents
81
Total assets
5,070
Liabilities
Long-term borrowings
229
Other non-current liabilities
121
Provisions
131
Short-term borrowings
402
Income tax payable
65
Trade and other payables
793
Total liabilities
1,741
Total identifiable net assets at fair value
3,329
Total investment
3,329
Cash flow on acquisition:
Purchase consideration for 100% interest
3,329
Net cash acquired with the subsidiary
-81
Net cash outflow on acquisition
3,248
On 30 October 2025, the Group acquired 100% interest on Standard Ypodomon S.A., an aggregates quarry and ready mix concrete
business located in the island of Crete, Greece. The process of finalizing the fair value measurement of the acquired assets and liabilities
is\u00a0ongoing and is expected to be completed within a period of twelve (12) months from the acquisition date.
The total consideration for the acquisition amounted to \u20ac12 thousand.
On 10 January 2025, the Group acquired 100% of the Cooperative Niki IKE, a private limited company located in Athens. The total
consideration for the acquisition amounted to \u20ac5 thousand.
The amounts arising from the above acquisitions are not considered to be material to the Group\u2019s consolidated financial statements and,
accordingly, no separate detailed disclosure is presented.
4. Investments in subsidiaries, joint ventures and associates (continued)
Acquisitions 2024
On 23 January 2024, the Group acquired a 90% stake in Xirorema Quarries S.A., a privately held company based in Greece specializing in
the production of recycled aggregates. This acquisition aligns with the Group\u2019s strategy to expand its presence in the recycled aggregates
sector, particularly in the processing of construction and demolition waste.
Assets acquired and liabilities assumed
The fair values of the identifiable assets and liabilities of Xirorema Quaries S.A. as of the acquisition date were as follows:
(all amounts in Euro thousands)
Fair value on
acquisition
Assets
Property, plant and equipment (note 15)
797
Intangible assets (note 19)
11,158
Other non-current assets
304
Inventories
79
Receivables and prepayments
670
Cash and cash equivalents
33
Total assets
13,041
Liabilities
Provisions
144
Trade and other payables
3,771
Total liabilities
3,915
Total identifiable net assets at fair value
9,126
Non-controlling interest
-913
Total investment
8,213
Cash flow on acquisition:
Purchase consideration for 90% stake\u00a0
8,213
Deferred payments
-557
Net cash acquired with the subsidiary
-33
Net cash flow on acquisition
7,623
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-604": { "value": ". Subsidiaries with significant percentage of non-controlling interests
On 31 December 2025, the Group's non-controlling interest amounted to \u20ac129.3 million (2024: \u20ac37.4 million), derived from the
following\u00a0subsidiaries:
\u2022 Ado\u00e7im Cimento Beton Sanayi ve T\u00fcrkiye A.S.: \u20ac nil (2024: \u20ac31.6 million), following the full disposal in May 2025 (note 4a)
\u2022 Titan America S.A.: \u20ac122.5 million (2024: nil), following the partial disposal in February 2025 (note 4a)
\u2022 Usje Cementarnica AD: \u20ac4.4 million (2024: \u20ac3.6 million)
\u2022 Cement Plus LTD: \u20ac1.0 million (2024: \u20ac1.0 million)
\u2022 Xirorema Quarries S.A.: \u20ac0.9 million (2024: \u20ac1.0 million)
\u2022 Alexandria Portland Cement Co. S.A.E.: \u20ac0.4 million (2024: \u20ac0.2 million)
Since June 2022, the Turkish economy has been classified as hyperinflationary. Accordingly, IAS 29 Financial Reporting in
Hyperinflationary Economies has been applied to the Group\u2019s subsidiaries operating in T\u00fcrkiye (Ado\u00e7im Cimento Beton Sanayi ve Ticaret
A.S. and Ado\u00e7im Marmara Cimento Beton Sanayi ve Ticaret A.S.), whose functional currency is the Turkish Lira. These subsidiaries prepare
their financial statements based on a historical cost approach, adjusted for the effects of hyperinflation.
The table below provides a summary of the financial information for Ado\u00e7im Cimento Beton Sanayi ve Ticaret A.S., a subsidiary with
significant non\u2011controlling interests, for the year ended 31 December 2024. During 2025, the Group completed the full disposal of Ado\u00e7im
and, accordingly, no non\u2011controlling interests related to this subsidiary were recognized thereafter (note 4a).
For the year ended 31 December 2025, the table provides a summary of the financial information for Titan America S.A., following the
partial disposal of the subsidiary during the year, which resulted in the recognition of a significant non\u2011controlling interest (note 4a).
(all amounts in Euro thousands)
Titan America S.A.*
Ado\u00e7im Cimento
Beton Sanayi ve
Ticaret A.S.*
2025
2024
Summarized statement of financial position as at 31 December
Non-current assets
1,089,731
161,450
Current assets
519,471
36,438
Total assets
1,609,202
197,888
Non-current liabilities
560,499
39,485
Current liabilities
171,254
31,830
Total liabilities
731,753
71,315
Equity
877,449
126,573
Attributable to:
Equity holders of the parent
761,341
94,930
Non-controlling interest (1)
116,108
31,643
Summarized income statement and statement of comprehensive income for the year ended 31
December
Sales
1,472,168
76,383
Profit/(loss) after taxes
162,061
-2,392
Other comprehensive income for the year
-99,636
28,687
Total comprehensive income for the year net of tax
62,425
26,295
Total comprehensive income attributable to non-controlling interests
8,278
6,573
Summarized cash flow information
Cash flows from operating activities
251,416
4,210
Cash flows used in investing activities
-129,511
-3,326
Cash flows from/(used in) financing activities
47,990
-446
Net increase in cash and cash equivalents
169,895
438
Cash and cash equivalents at beginning of the period
11,669
2,402
Effects of exchange rate changes
-1,351
-82
Cash and cash equivalents at end of the year
180,213
2,758
* Figures before elimination with the broader Group.
(1) The non\u2011controlling interest balance of \u20ac116 million shown in the table above excludes \u20ac6.4 million relating to the non\u2011controlling
interest\u2019s 13.333% share of the \u201cCurrency Translation Differences on Derivative Hedging Position Reserve\u201d. This amount was allocated to
non\u2011controlling interests following the partial disposal of Titan America S.A. and relates to net investment hedges accumulated at Group
level in prior years (note 25).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-606": { "value": "
Hyperinflation
IAS 29 requires to report the results of the Group\u2019s operations in T\u00fcrkiye, as if these were highly inflationary as of 1 January 2022.
Specifically, IAS 29 requires:
\u2022 adjustment of the historical cost of the non-monetary assets and liabilities for the change in purchasing power caused by inflation
from the date of\u00a0 initial recognition to the end of the reporting date;
\u2022 non-adjustment of the monetary assets and liabilities, as they are already expressed in the measuring unit current at the end of
the reporting period;
\u2022 adjustment of the income statement for inflation and its translation with the closing exchange rate instead of an average rate; and
\u2022 recognition of gain or loss on net monetary position in profit or loss in order to reflect the impact of inflation and exchange rate
movement on holding monetary assets and liabilities in local currency.
The financial statements of Group subsidiaries, whose functional currency is the currency of a hyperinflationary economy, are adjusted
for inflation and then translated into euros. The difference between the closing balance of Group\u2019s equity on 31.12.2021 and its
opening balance on 01.01.2022 was recognized in equity. Any difference from the ongoing application of re-translation to closing
exchange rates and hyperinflation adjustments will be recognized in other comprehensive income. In the consolidated income
statement ended on 31.12.2025, the Group recognized a total gain on net monetary position of \u20ac1.4 million (31.12.2024: \u20ac8.3 million) in
net finance cost (note 7). On the application of IAS 29, the Group used the conversion coefficient derived from the consumer price
index published by TurkStat (TUIK). The conversion coefficient was 3,513.87 and 2,684.55 on 31.12.2025 and 31.12.2024 respectively.
Since June 2022, the Turkish economy has been classified as hyperinflationary. Accordingly, IAS 29 Financial Reporting in
Hyperinflationary Economies has been applied to the Group\u2019s subsidiaries operating in T\u00fcrkiye (Ado\u00e7im Cimento Beton Sanayi ve Ticaret
A.S. and Ado\u00e7im Marmara Cimento Beton Sanayi ve Ticaret A.S.), whose functional currency is the Turkish Lira. These subsidiaries prepare
their financial statements based on a historical cost approach, adjusted for the effects of hyperinflation.
Reconciliation of profit
Group financing (including financing costs and financing income) and income taxes are managed on a Group basis and are not allocated to
any operating segment. Segment revenues and segment results include transfers between segments. Those transfers are eliminated on
consolidation. Net finance costs are not allocated to individual segments as the underlying instruments are managed on a Group basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-605": { "value": "
Hyperinflation
IAS 29 requires to report the results of the Group\u2019s operations in T\u00fcrkiye, as if these were highly inflationary as of 1 January 2022.
Specifically, IAS 29 requires:
\u2022 adjustment of the historical cost of the non-monetary assets and liabilities for the change in purchasing power caused by inflation
from the date of\u00a0 initial recognition to the end of the reporting date;
\u2022 non-adjustment of the monetary assets and liabilities, as they are already expressed in the measuring unit current at the end of
the reporting period;
\u2022 adjustment of the income statement for inflation and its translation with the closing exchange rate instead of an average rate; and
\u2022 recognition of gain or loss on net monetary position in profit or loss in order to reflect the impact of inflation and exchange rate
movement on holding monetary assets and liabilities in local currency.
The financial statements of Group subsidiaries, whose functional currency is the currency of a hyperinflationary economy, are adjusted
for inflation and then translated into euros. The difference between the closing balance of Group\u2019s equity on 31.12.2021 and its
opening balance on 01.01.2022 was recognized in equity. Any difference from the ongoing application of re-translation to closing
exchange rates and hyperinflation adjustments will be recognized in other comprehensive income. In the consolidated income
statement ended on 31.12.2025, the Group recognized a total gain on net monetary position of \u20ac1.4 million (31.12.2024: \u20ac8.3 million) in
net finance cost (note 7). On the application of IAS 29, the Group used the conversion coefficient derived from the consumer price
index published by TurkStat (TUIK). The conversion coefficient was 3,513.87 and 2,684.55 on 31.12.2025 and 31.12.2024 respectively.
6. Other income and expense items
Accounting Policy
Gains/losses on disposal of non-current assets, restructuring costs and other significant gains/losses are disclosed separately in the
financial statements where it is necessary to do so to provide further understanding of the financial performance of the group. They
are material items of income or expense that have been shown separately due to the significance of their nature or amount.
Other income and expenses
(all amounts in Euro thousands)
2025
2024
Scrap sales
3,268
905
Reimbursements
1,235
2,926
Income from services
2,027
3,009
Rental income
3,070
2,798
Fair value gain from investment property (note 17, 33)
145
88
Other income
1,028
1,540
Other income total
10,773
11,266
Losses on disposals of PPE, intangible assets and investment property (note 15, 19, 33)
-79
-1,599
Restructuring cost
-118
-152
Other expenses
-166
-44
Other expenses total
-363
-1,795
The restructuring cost is related to voluntary retirement incentive programs in all Group operating segments and is included in note 10
\u201cEmployee Benefits Expense\u201d .
7. Net finance costs and foreign exchange differences
(all amounts in Euro thousands)
2025
2024
i) Finance income
Interest income and related income (note 33)
12,101
7,352
Fair value gains on financial instruments (note 20, 28, 33)
1,650
2,802
Finance income
13,751
10,154
ii) Finance expenses
Interest expense and related expenses (note 33)
-31,574
-38,698
Finance costs of actuarial studies (note 11)
-559
-624
Unwinding of discount of rehabilitation and other provisions (note 30)
-2,442
-2,612
Interest expense on lease liabilities (note 16)
-4,276
-4,200
Fair value losses on financial instruments (note 28, 33)
-3,998
-378
Finance expense
-42,849
-46,512
iii) Loss from foreign exchange differences
Net exchange (losses)/gains (note 33)
-55,627
22,028
Fair value gains/(losses) on financial instruments (note 28)
45,799
-23,657
Losses from foreign exchange differences
-9,828
-1,629
iv) Gain on net monetary position in hyperinflationary economies
Gain on net monetary position in hyperinflationary economies (note 4b)
1,384
8,293
Losses from foreign exchange differences mainly arise from: 1) the effects of changes in foreign exchange rates of intragroup loans mainly
between the Group subsidiary in USA, Titan America LLC, and Titan Global Finance LLC (note 28a), and 2) the fair value of derivatives that
hedge the volatility of foreign currencies associated with these intragroup loans (note 28a) . In 2025, this line item also includes a gain of
\u20ac4.3 million from derivatives hedging foreign\u2011currency cash positions.
Finance costs of actuarial studies are included in note 10 \u201cEmployee Benefits Expense\u201d.
8. Expenses by nature
(all amounts in Euro thousands)
2025
2024
Staff costs and related expenses (note 10)
-469,303
-463,855
Raw materials and consumables used
-684,842
-690,698
Energy cost
-339,401
-368,240
Changes in inventory of finished goods and work in progress
1,951
37,207
Distribution expenses
-249,292
-267,391
Third party fees
-216,528
-215,369
Depreciation, amortization and impairment of tangible, intangible assets and government grants (note 15,
19, 31, 33)
-172,147
-165,842
Other expenses
-114,172
-105,423
Total expenses by nature
-2,243,734
-2,239,611
Included in:
Cost of sales
-1,934,721
-1,942,187
Administrative expenses
-269,497
-257,419
Selling and marketing expenses
-39,516
-40,005
-2,243,734
-2,239,611
The total operating expenditure corresponding to taxonomy-eligible products based on climate change mitigation criteria economic
activities in 2025 amounts to \u20ac103.7 million (2024: \u20ac 111.5 million).
The above expenses include the amount of \u20ac7.1 million (2024: \u20ac8.8 million) for research and development activities aimed at advancing
innovation within the context of climate change mitigation and sustainable construction.
10. Employee Benefits Expense
(all amounts in Euro thousands)
2025
2024
Wages, salaries and related expenses
409,235
391,656
Social security costs
38,584
36,924
Share-based payment expense (note 12)
11,413
20,166
Other post retirement and termination benefits - defined benefit plans (note 11)
10,748
15,887
Total staff costs
469,980
464,633
The average number of Group employees for the fiscal year 2025 was 5,916 (2024: 5,876).
The increase in salaries, wages, and related expenses is due to a rise in the total number of the Group's personnel, along with
corresponding salary growth.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-607": { "value": "
c. Investments in joint ventures
Accounting Policy
Joint arrangements
Investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and
obligations each investor has rather than the legal structure of the joint arrangement. The Group has assessed the nature of its joint
arrangement and determined it to be a joint venture. Joint ventures are consolidated with the equity method of accounting.
Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to
recognize the Group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. When the
Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long- term interests
that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognize further losses, unless
it has incurred obligations or made payments on behalf of the joint ventures.
Unrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the
joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset
transferred. Accounting policies of joint ventures have been adjusted where necessary to ensure consistency with the policies
adopted by the Group. The financial statements of the joint venture are prepared as of the same reporting date with the parent
company.
On 31 December 2025, the Group incorporates in its financial statements the following joint ventures with the equity method of accounting:
a) Companhia Industrial de Cimento Apodi, a company based in Brazil and engaged in cement production, held by the Group with a 50%
ownership interest (31 December 2024: 50%).
b) Apodi Distribui\u00e7\u00e3o e Logistica Ltda, a trading company based in Brazil, held by the Group with an ownership interest of 50%
(31\u00a0December 2024: 50%).
None of the aforementioned companies are listed on a public exchange market.
Summarized financial information of the joint ventures, based on their IFRS financial statements, and reconciliation with carrying amount of
the investment in consolidated financial statements are set out below:
(all amounts in Euro thousands)
Companhia Industrial De Cimento Apodi -
Consolidated *
2025
2024
Summarized statement of financial position as at 31 December
Non-current assets
149,949
151,299
Deferred income tax asset
11,244
11,706
Other current assets
41,932
53,675
Cash and cash equivalents
12,226
3,307
Total assets
215,351
219,987
Long-term borrowings
54,565
49,727
Other non-current liabilities
1,105
891
Short-term borrowings
34,651
45,868
Other current liabilities
36,492
41,772
Total liabilities
126,813
138,258
Equity
88,538
81,729
Summarized income statement and statement of comprehensive income for the year ended 31 December
Sales
109,384
110,553
Depreciation, amortization and impairments of assets
-15,700
-15,540
Finance income
1,666
1,165
Finance expense
-9,118
-12,888
Income tax
-915
11,755
Profit after taxes
7,147
14,978
Total comprehensive profit for the year net of tax
7,147
14,978
Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA)
32,798
29,466
Reconciliation to carrying amounts:
Opening net assets 1 January
81,729
80,105
Profit for the year
7,147
14,978
Foreign exchange differences
-338
-13,354
Closing net assets 31 December
88,538
81,729
Group's share in %
50%
50%
Group's share in '000 \u20ac
44,269
40,865
Goodwill
48,655
48,684
Carrying amount of the investment as at 31 of December
92,924
89,549
* Consolidated figures before elimination with the broader Group
On 31 December 2025, the Group carried out an impairment test for the carrying value of the Brazilian CGU. The recoverable amount,
which has been determined based on value-in-use calculations with a discount rate of 17.1% and a perpetual growth rate of 4.0%, exceeds
the carrying value. Additional sensitivity analysis has been performed to assess the changes either in the operational plan used for cash
flow estimates or the discount rate, which would cause the carrying amount to be equal to the recoverable amount:
\u2022 Increase in the discount rate by 3.5%.
\u2022 Decrease in the operating margin (EBITDA margin) for each year of planning as well as in the terminal value of around 7.8%.
This sensitivity analysis did not present a situation in which the carrying value of this CGU would exceed its recoverable amount.
As of 31 December 2025, the company had recognized an amount of \u20ac19.5 million (recognized amount in 2024: \u20ac19.8 million),
related to deferred tax assets on accumulated tax losses. In 2025, given its continuing profitable operations, the company meets the
criteria for the recognition of the deferred tax asset. In accordance with the Brazilian tax legislation, these credits do not expire.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-609": { "value": "
Joint arrangements
Investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and
obligations each investor has rather than the legal structure of the joint arrangement. The Group has assessed the nature of its joint
arrangement and determined it to be a joint venture. Joint ventures are consolidated with the equity method of accounting.
Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to
recognize the Group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. When the
Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long- term interests
that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognize further losses, unless
it has incurred obligations or made payments on behalf of the joint ventures.
Unrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the
joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset
transferred. Accounting policies of joint ventures have been adjusted where necessary to ensure consistency with the policies
adopted by the Group. The financial statements of the joint venture are prepared as of the same reporting date with the parent
company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-608": { "value": "
Joint arrangements
Investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and
obligations each investor has rather than the legal structure of the joint arrangement. The Group has assessed the nature of its joint
arrangement and determined it to be a joint venture. Joint ventures are consolidated with the equity method of accounting.
Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to
recognize the Group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. When the
Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long- term interests
that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognize further losses, unless
it has incurred obligations or made payments on behalf of the joint ventures.
Unrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the
joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset
transferred. Accounting policies of joint ventures have been adjusted where necessary to ensure consistency with the policies
adopted by the Group. The financial statements of the joint venture are prepared as of the same reporting date with the parent
company.
Associates
Associates are entities over which the Group has significant influence (holds directly or indirectly 20% or more of the voting power of
the entity) but which it does not control. Investments in associates are accounted for using the equity method of accounting and are
initially recognized at cost. The Group\u2019s investment in associates includes goodwill (net of any cumulative impairments losses)
identified on acquisition.
Under the equity method the Group\u2019s share of the post-acquisition profits or losses is recognized in the income statement and its
share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a
corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses in an associate equals or
exceeds its interest in the associate, the Group does not recognize further losses, unless the Group has incurred legal or
constructive obligations or made payments on behalf of the associates.
If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amount
previously recognized in other comprehensive income is reclassified to profit or loss where appropriate.
The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is
impaired. If this is the case, the Group calculates the amount of the impairment as the difference between the recoverable amount of
the associate and the carrying value of the investment in the associate and recognizes the amount adjacent to \u201cshare of profit/(loss)
of associates and joint ventures\u201d in the income statement.
Profit and losses resulting from upstream and downstream transactions between the Group and its associate are recognized in the
Group\u2019s financial statements only to the extent of unrelated investor\u2019s interests in the associates. Unrealized gains on transactions
between the Group and its associates are eliminated to the extent of the Group\u2019s interest in the associates; unrealized losses are
also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the
Group. The financial statements of the associates are prepared as of the same reporting date with the parent company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-610": { "value": "
d. Investments in associates
Accounting Policy
Associates
Associates are entities over which the Group has significant influence (holds directly or indirectly 20% or more of the voting power of
the entity) but which it does not control. Investments in associates are accounted for using the equity method of accounting and are
initially recognized at cost. The Group\u2019s investment in associates includes goodwill (net of any cumulative impairments losses)
identified on acquisition.
Under the equity method the Group\u2019s share of the post-acquisition profits or losses is recognized in the income statement and its
share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a
corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses in an associate equals or
exceeds its interest in the associate, the Group does not recognize further losses, unless the Group has incurred legal or
constructive obligations or made payments on behalf of the associates.
If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amount
previously recognized in other comprehensive income is reclassified to profit or loss where appropriate.
The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is
impaired. If this is the case, the Group calculates the amount of the impairment as the difference between the recoverable amount of
the associate and the carrying value of the investment in the associate and recognizes the amount adjacent to \u201cshare of profit/(loss)
of associates and joint ventures\u201d in the income statement.
Profit and losses resulting from upstream and downstream transactions between the Group and its associate are recognized in the
Group\u2019s financial statements only to the extent of unrelated investor\u2019s interests in the associates. Unrealized gains on transactions
between the Group and its associates are eliminated to the extent of the Group\u2019s interest in the associates; unrealized losses are
also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the
Group. The financial statements of the associates are prepared as of the same reporting date with the parent company.
The Group financial statements incorporate the following companies with the equity method of consolidation:
a) Karierni Materiali Plovdiv AD, with an ownership interest of 48.711% (31 December 2024: 48.711%), and Karierni Materiali AD, with
an\u00a0ownership interest of 48.764% (31 December 2024: 48.764%). Both companies are incorporated in Bulgaria and operate in the
aggregates sector.
b) Ecorecovery S.A., with an ownership interest of 48% (31 December 2024: 48%). Ecorecovery S.A. is incorporated in Greece and is
engaged in the processing, management and trading of solid waste for the production of alternative fuels.
c) Aegean Perlites S.A., with an ownership interest of 45% (31 December 2024: 45%). Aegean Perlites S.A. is incorporated in Greece and
operates perlite and pozzolan quarries on the Greek island of Yali.
d) ASV Azure Shiptrade Ventures Limited and its subsidiaries, Pelargos Shipping Inc. and Areti Navigation Inc., in which the Group holds
an\u00a0ownership interest of 49% (31 December 2024: 49%).
e) On 3 July 2025, the Group\u2019s subsidiary ASV Azure Shiptrade Ventures Limited acquired a 49% equity interest in the newly established
companies Amaltheia Shipping Inc. and Anassa Shipping Inc.. ASV Azure Shiptrade Ventures Limited is an investment holding company
incorporated in Cyprus, whose subsidiaries operate in the shipping industry.
f) On 22 July 2025, the Group\u2019s subsidiary Iapetos acquired a 49% equity interest in the newly established company M+T Precast Partners
Limited, incorporated in Cyprus.
On 4 August 2025, M+T Precast Partners Limited acquired an 80% equity interest in Baupartner d.o.o., a leading provider of precast
concrete solutions operating in Southeastern Europe and incorporated in Bosnia and Herzegovina. As a result of these transactions,
the\u00a0Group holds an indirect equity interest of 39.20% in Baupartner d.o.o. The total consideration for these acquisitions amounted to
\u20ac19.6\u00a0million.
None of the aforementioned companies are publicly listed.
Considering their contribution to profit before taxes, the Group has determined that each of the aforementioned associates is individually
immaterial. As a result, it discloses its interests in these associates in aggregate as follows:
(all amounts in Euro thousands)
2025
2024
Summarized statement of financial position as at 31 December
Non-current assets
95,489
51,848
Current assets
28,275
9,883
Total assets
123,764
61,731
Non-current liabilities
20,307
14,917
Current liabilities
16,941
12,006
Total liabilities
37,248
26,923
Equity
86,516
34,808
Summarized income statement and statement of comprehensive income for the year ended 31
December
Sales
29,560
20,168
Profit after taxes
6,345
1,004
Other comprehensive income for the year
\u2013
4
Total comprehensive income for the year net of tax
6,345
1,008
Reconciliation to carrying amounts:
Opening net assets 1 January
34,808
23,680
New acquisitions
40,101
12,144
Profit after taxes
6,345
1,004
Other comprehensive income for the year
\u2013
4
Share capital increase
9,512
\u2013
Dividends paid
-2,806
-2,692
Foreign exchange differences
-1,444
668
Closing net assets 31 December
86,516
34,808
Group's carrying amount of the investment after adjustments
41,622
16,294
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-611": { "value": "
Associates
Associates are entities over which the Group has significant influence (holds directly or indirectly 20% or more of the voting power of
the entity) but which it does not control. Investments in associates are accounted for using the equity method of accounting and are
initially recognized at cost. The Group\u2019s investment in associates includes goodwill (net of any cumulative impairments losses)
identified on acquisition.
Under the equity method the Group\u2019s share of the post-acquisition profits or losses is recognized in the income statement and its
share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a
corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses in an associate equals or
exceeds its interest in the associate, the Group does not recognize further losses, unless the Group has incurred legal or
constructive obligations or made payments on behalf of the associates.
If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amount
previously recognized in other comprehensive income is reclassified to profit or loss where appropriate.
The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is
impaired. If this is the case, the Group calculates the amount of the impairment as the difference between the recoverable amount of
the associate and the carrying value of the investment in the associate and recognizes the amount adjacent to \u201cshare of profit/(loss)
of associates and joint ventures\u201d in the income statement.
Profit and losses resulting from upstream and downstream transactions between the Group and its associate are recognized in the
Group\u2019s financial statements only to the extent of unrelated investor\u2019s interests in the associates. Unrealized gains on transactions
between the Group and its associates are eliminated to the extent of the Group\u2019s interest in the associates; unrealized losses are
also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the
Group. The financial statements of the associates are prepared as of the same reporting date with the parent company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-612": { "value": "
Accounting Policy
Revenue
Throughout these consolidated financial statements, the term \"sales\" has been used for \"revenue\".
Revenue is the amount of consideration expected to be received in exchange for transferring promised goods or services to
a\u00a0customer, excluding amounts collected on behalf of third parties (value-added tax, other sales taxes etc.).
Revenue is recognized when (or as) a performance obligation is satisfied by transferring the control of a promised good or service to
the customer. A customer obtains control of a good or service if it has the ability to direct the use of and obtain substantially all of the
remaining benefits from that good or service. Control is transferred over time or at a point in time.
Revenue from the sale of goods is recognized when: a) control of the good is transferred to the customer, usually upon delivery, and
b) there is no unfulfilled obligation that could affect the customer\u2019s acceptance of the products. The main products of the Group are
cement, clinker, ready-mix, fly ash and other cementitious products.
Revenue arising from services is recognized in the accounting period in which the services are rendered, and it is measured using
either output methods or input methods, depending on the nature of the service provided.
A receivable is recognized when there is an unconditional right to consideration for the performance obligations to the customer that
are satisfied.
A contract asset is recognized when the performance obligation to the customer is satisfied before the customers pays or before
payment is due, usually when goods or services are transferred to the customer before the Group has a right to invoice.
A contract liability is recognized when there is an obligation to transfer goods or services to a customer for which the Group has
received consideration from the customer (prepayments) or there is an unconditional right to receive consideration before the Group
transfers a good or a service (deferred income). The contract liability is derecognized when the promise is fulfilled and revenue is
recorded in the profit or loss statement.
(all amounts in Euro thousands)
For the year ended 31 December 2025
Greece and Western
Europe
North America
South Eastern
Europe
Eastern
Mediterranean
Total
Sales
590,468
1,481,712
429,408
257,976
2,759,564
Inter-segment sales
-71,623
-816
-10,920
-7,199
-90,558
Sales to external customers
518,845
1,480,896
418,488
250,777
2,669,006
Earnings before interest, taxes, depreciation,
amortization and impairment (EBITDA)
61,179
334,476
148,841
61,584
606,080
Depreciation, amortization and impairment of
tangible and intangible assets
-34,047
-96,791
-31,869
-9,440
-172,147
Profit before impairment losses on goodwill,
net finance costs and taxes
27,131
237,686
116,972
52,144
433,933
ASSETS
Property, plant & equipment
383,203
853,996
313,152
117,295
1,667,646
Intangible assets and goodwill
68,109
210,971
62,691
10,752
352,523
Other non-current assets
55,900
31,156
32,853
470
120,379
Current assets
442,780
529,837
127,827
162,108
1,262,552
Total assets of segments excluding joint
ventures
949,992
1,625,960
536,523
290,625
3,403,100
Investment in joint ventures (note 4)
92,924
Total assets
3,496,024
LIABILITIES
Non-current liabilities
240,409
565,028
28,834
19,909
854,180
Current liabilities
272,914
165,230
61,113
58,849
558,106
Total liabilities
513,323
730,258
89,947
78,758
1,412,286
Capital expenditures (note 15, 17, 19)
-62,164
-164,306
-27,069
-31,437
-284,976
Allowance/(reversal of allowance) for doubtful
debtors (note 22)
-2,103
433
-35
-44
-1,749
Investment in associates
16,667
\u2013
24,955
\u2013
41,622
Non-qualified deferred compensation plans
(note 20)
\u2013
3,922
\u2013
\u2013
3,922
Non-current assets excluding financial
instruments, deferred tax assets and post
employment benefit assets
473,302
1,064,945
405,700
128,053
2,072,000
Summarized financial information of the joint ventures, based on their IFRS financial statements, is disclosed in note 4.c.
Capital expenditures consist of additions of property, plant and equipment and intangible assets.
Impairment charges are included in the income statement.
There are sales between operating segments. Total assets and capital expenditures are presented in the operating segment of the company that owns the assets.
(all amounts in Euro thousands)
For the year ended 31 December 2025
Cement
Ready-mix concrete, aggregates
and building blocks
Other activities
Total
Sales
1,485,140
1,182,241
1,625
2,669,006
(all amounts in Euro thousands)
For the year ended 31 December 2024
Cement
Ready-mix concrete, aggregates
and building blocks
Other activities
Total
Sales
1,504,965
1,136,771
2,304
2,644,040
Reconciliation of profit
Group financing (including financing costs and financing income) and income taxes are managed on a Group basis and are not allocated to
any operating segment. Segment revenues and segment results include transfers between segments. Those transfers are eliminated on
consolidation. Net finance costs are not allocated to individual segments as the underlying instruments are managed on a Group basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-613": { "value": "
Revenue
Throughout these consolidated financial statements, the term \"sales\" has been used for \"revenue\".
Revenue is the amount of consideration expected to be received in exchange for transferring promised goods or services to
a\u00a0customer, excluding amounts collected on behalf of third parties (value-added tax, other sales taxes etc.).
Revenue is recognized when (or as) a performance obligation is satisfied by transferring the control of a promised good or service to
the customer. A customer obtains control of a good or service if it has the ability to direct the use of and obtain substantially all of the
remaining benefits from that good or service. Control is transferred over time or at a point in time.
Revenue from the sale of goods is recognized when: a) control of the good is transferred to the customer, usually upon delivery, and
b) there is no unfulfilled obligation that could affect the customer\u2019s acceptance of the products. The main products of the Group are
cement, clinker, ready-mix, fly ash and other cementitious products.
Revenue arising from services is recognized in the accounting period in which the services are rendered, and it is measured using
either output methods or input methods, depending on the nature of the service provided.
A receivable is recognized when there is an unconditional right to consideration for the performance obligations to the customer that
are satisfied.
A contract asset is recognized when the performance obligation to the customer is satisfied before the customers pays or before
payment is due, usually when goods or services are transferred to the customer before the Group has a right to invoice.
A contract liability is recognized when there is an obligation to transfer goods or services to a customer for which the Group has
received consideration from the customer (prepayments) or there is an unconditional right to receive consideration before the Group
transfers a good or a service (deferred income). The contract liability is derecognized when the promise is fulfilled and revenue is
recorded in the profit or loss statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-615": { "value": "
Information by operating segment
For management information purposes, the Group is structured in five operating segments: Greece and Western Europe, North
America, South Eastern Europe, Eastern Mediterranean and Joint Ventures. Each operating segment is a set of countries. The
aggregation of countries is based mainly on geographic position.
Each region has a regional Chief Executive Officer (CEO) who is a member of the Group Executive Committee and reports to
the\u00a0Group's CEO. In addition, the Group\u2019s finance department is organized by region for effective financial control and
performance\u00a0monitoring.
Management monitors the operating results of its business units separately for the purpose of making decisions, allocating
resources and assessing performance. Segment performance is evaluated based on earnings before interest, taxes, depreciation,
amortization & impairment (EBITDA). EBITDA calculation includes the operating profit plus depreciation, amortization and impairment
of tangible and intangible assets and amortization of government grands.
Information by business activities
The cement activity includes cement and cementitious materials. The business activities that are common to all segments of the
Group are the production and trade of cement, ready-mix concrete, aggregates and transportation services.
Greece and Western Europe segment is also engaged in the production and trade of dry mortars. North America segment includes
the production and trade of building blocks and the processing of fly ash. Finally, Southeastern Europe and Eastern Mediterranean
segments are engaged in the processing of alternative fuels.
Other activities include, among others, transportation services. None of these activities have the prerequisite magnitude to be
presented separately. At Group level, \"Sales\" is derived from a set of customers none of which separately represents greater than
or\u00a0equal to 10%.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-614": { "value": "
Information by operating segment
For management information purposes, the Group is structured in five operating segments: Greece and Western Europe, North
America, South Eastern Europe, Eastern Mediterranean and Joint Ventures. Each operating segment is a set of countries. The
aggregation of countries is based mainly on geographic position.
Each region has a regional Chief Executive Officer (CEO) who is a member of the Group Executive Committee and reports to
the\u00a0Group's CEO. In addition, the Group\u2019s finance department is organized by region for effective financial control and
performance\u00a0monitoring.
Management monitors the operating results of its business units separately for the purpose of making decisions, allocating
resources and assessing performance. Segment performance is evaluated based on earnings before interest, taxes, depreciation,
amortization & impairment (EBITDA). EBITDA calculation includes the operating profit plus depreciation, amortization and impairment
of tangible and intangible assets and amortization of government grands.
(all amounts in Euro thousands)
For the year ended 31 December 2025
Greece and Western
Europe
North America
South Eastern
Europe
Eastern
Mediterranean
Total
Sales
590,468
1,481,712
429,408
257,976
2,759,564
Inter-segment sales
-71,623
-816
-10,920
-7,199
-90,558
Sales to external customers
518,845
1,480,896
418,488
250,777
2,669,006
Earnings before interest, taxes, depreciation,
amortization and impairment (EBITDA)
61,179
334,476
148,841
61,584
606,080
Depreciation, amortization and impairment of
tangible and intangible assets
-34,047
-96,791
-31,869
-9,440
-172,147
Profit before impairment losses on goodwill,
net finance costs and taxes
27,131
237,686
116,972
52,144
433,933
ASSETS
Property, plant & equipment
383,203
853,996
313,152
117,295
1,667,646
Intangible assets and goodwill
68,109
210,971
62,691
10,752
352,523
Other non-current assets
55,900
31,156
32,853
470
120,379
Current assets
442,780
529,837
127,827
162,108
1,262,552
Total assets of segments excluding joint
ventures
949,992
1,625,960
536,523
290,625
3,403,100
Investment in joint ventures (note 4)
92,924
Total assets
3,496,024
LIABILITIES
Non-current liabilities
240,409
565,028
28,834
19,909
854,180
Current liabilities
272,914
165,230
61,113
58,849
558,106
Total liabilities
513,323
730,258
89,947
78,758
1,412,286
Capital expenditures (note 15, 17, 19)
-62,164
-164,306
-27,069
-31,437
-284,976
Allowance/(reversal of allowance) for doubtful
debtors (note 22)
-2,103
433
-35
-44
-1,749
Investment in associates
16,667
\u2013
24,955
\u2013
41,622
Non-qualified deferred compensation plans
(note 20)
\u2013
3,922
\u2013
\u2013
3,922
Non-current assets excluding financial
instruments, deferred tax assets and post
employment benefit assets
473,302
1,064,945
405,700
128,053
2,072,000
Summarized financial information of the joint ventures, based on their IFRS financial statements, is disclosed in note 4.c.
Capital expenditures consist of additions of property, plant and equipment and intangible assets.
Impairment charges are included in the income statement.
There are sales between operating segments. Total assets and capital expenditures are presented in the operating segment of the company that owns the assets.
Information by operating segment
(all amounts in Euro thousands)
For the year ended 31 December 2024
Greece and
Western
Europe
North America
South Eastern
Europe
Eastern
Mediterranean
Total
Sales
562,236
1,517,907
416,374
255,239
2,751,756
Inter-segment sales
-102,490
\u2013
-311
-4,915
-107,716
Sales to external customers
459,746
1,517,907
416,063
250,324
2,644,040
Earnings before interest, taxes, depreciation, amortization and
impairment (EBITDA)
55,469
332,625
166,323
25,708
580,125
Depreciation, amortization and impairment of tangible and intangible
assets
-30,219
-92,828
-29,205
-13,590
-165,842
Profit before impairment losses on goodwill, net finance costs and
taxes
25,249
239,798
137,118
12,118
414,283
ASSETS
Property, plant & equipment
359,837
882,743
315,229
256,354
1,814,163
Intangible assets and goodwill
58,610
239,561
63,999
8,544
370,714
Other non-current assets
36,052
9,582
10,298
1,686
57,618
Current assets
332,443
384,800
125,649
107,641
950,533
Total assets of segments excluding joint ventures
786,942
1,516,686
515,175
374,225
3,193,028
Investment in joint ventures (note 4)
89,549
Total assets
3,282,577
LIABILITIES
Non-current liabilities
258,215
555,440
36,027
70,850
920,532
Current liabilities
169,062
223,024
72,222
73,224
537,532
Total liabilities
427,277
778,464
108,249
144,074
1,458,064
Capital expenditures (note 15, 17, 19)
-63,080
-144,181
-31,872
-11,487
-250,620
Impairment of Goodwill (note 18)
\u2013
\u2013
\u2013
-17,004
-17,004
Allowance for doubtful debtors (note 22)
1,044
-381
-231
-49
383
Investment in associates
12,304
\u2013
3,990
\u2013
16,294
Non-qualified deferred compensation plans (note 20)
\u2013
3,886
\u2013
\u2013
3,886
Non-current assets excluding financial instruments, deferred tax
assets and post employment benefit assets
435,090
1,122,283
387,988
264,905
2,210,266
Summarised financial information of the joint ventures, based on their IFRS financial statements, is disclosed in note 4.c.
Capital expenditures consist of additions of PPE, intangible assets and investment property.
Impairment charges are included in the income statement.
Sales refer to the sale of goods and services. There are sales between operating segments. Total assets and capital expenditures are presented in the operating segment of the
company that owns the assets.
In 2025, the Group\u2019s subsidiaries Cementi ANTEA S.R.L. and Titan Atlantic Cement Industrial & Commercial S.A. changed their operating segment classification. As a result,
comparative information for 2024 has been reclassified between operating segments for comparative purposes.
Information by business activities
The cement activity includes cement and cementitious materials. The business activities that are common to all segments of the
Group are the production and trade of cement, ready-mix concrete, aggregates and transportation services.
Greece and Western Europe segment is also engaged in the production and trade of dry mortars. North America segment includes
the production and trade of building blocks and the processing of fly ash. Finally, Southeastern Europe and Eastern Mediterranean
segments are engaged in the processing of alternative fuels.
Other activities include, among others, transportation services. None of these activities have the prerequisite magnitude to be
presented separately. At Group level, \"Sales\" is derived from a set of customers none of which separately represents greater than
or\u00a0equal to 10%.
(all amounts in Euro thousands)
For the year ended 31 December 2025
Cement
Ready-mix concrete, aggregates
and building blocks
Other activities
Total
Sales
1,485,140
1,182,241
1,625
2,669,006
(all amounts in Euro thousands)
For the year ended 31 December 2024
Cement
Ready-mix concrete, aggregates
and building blocks
Other activities
Total
Sales
1,504,965
1,136,771
2,304
2,644,040
Reconciliation of profit
Group financing (including financing costs and financing income) and income taxes are managed on a Group basis and are not allocated to
any operating segment. Segment revenues and segment results include transfers between segments. Those transfers are eliminated on
consolidation. Net finance costs are not allocated to individual segments as the underlying instruments are managed on a Group basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-617": { "value": "
(all amounts in Euro thousands)
For the year ended 31 December 2025
Greece and Western
Europe
North America
South Eastern
Europe
Eastern
Mediterranean
Total
Sales
590,468
1,481,712
429,408
257,976
2,759,564
Inter-segment sales
-71,623
-816
-10,920
-7,199
-90,558
Sales to external customers
518,845
1,480,896
418,488
250,777
2,669,006
Earnings before interest, taxes, depreciation,
amortization and impairment (EBITDA)
61,179
334,476
148,841
61,584
606,080
Depreciation, amortization and impairment of
tangible and intangible assets
-34,047
-96,791
-31,869
-9,440
-172,147
Profit before impairment losses on goodwill,
net finance costs and taxes
27,131
237,686
116,972
52,144
433,933
ASSETS
Property, plant & equipment
383,203
853,996
313,152
117,295
1,667,646
Intangible assets and goodwill
68,109
210,971
62,691
10,752
352,523
Other non-current assets
55,900
31,156
32,853
470
120,379
Current assets
442,780
529,837
127,827
162,108
1,262,552
Total assets of segments excluding joint
ventures
949,992
1,625,960
536,523
290,625
3,403,100
Investment in joint ventures (note 4)
92,924
Total assets
3,496,024
LIABILITIES
Non-current liabilities
240,409
565,028
28,834
19,909
854,180
Current liabilities
272,914
165,230
61,113
58,849
558,106
Total liabilities
513,323
730,258
89,947
78,758
1,412,286
Capital expenditures (note 15, 17, 19)
-62,164
-164,306
-27,069
-31,437
-284,976
Allowance/(reversal of allowance) for doubtful
debtors (note 22)
-2,103
433
-35
-44
-1,749
Investment in associates
16,667
\u2013
24,955
\u2013
41,622
Non-qualified deferred compensation plans
(note 20)
\u2013
3,922
\u2013
\u2013
3,922
Non-current assets excluding financial
instruments, deferred tax assets and post
employment benefit assets
473,302
1,064,945
405,700
128,053
2,072,000
Summarized financial information of the joint ventures, based on their IFRS financial statements, is disclosed in note 4.c.
Capital expenditures consist of additions of property, plant and equipment and intangible assets.
Impairment charges are included in the income statement.
There are sales between operating segments. Total assets and capital expenditures are presented in the operating segment of the company that owns the assets.
(all amounts in Euro thousands)
For the year ended 31 December 2025
Cement
Ready-mix concrete, aggregates
and building blocks
Other activities
Total
Sales
1,485,140
1,182,241
1,625
2,669,006
(all amounts in Euro thousands)
For the year ended 31 December 2024
Cement
Ready-mix concrete, aggregates
and building blocks
Other activities
Total
Sales
1,504,965
1,136,771
2,304
2,644,040
Government grants received in respect of expenses are reflected in the income statement when the related expense is incurred, so that
the expense is matched to the income received.
(all amounts in Euro thousands)
2025
2024
Customer down payments/advances
13,690
18,868
Deferred Income
9,872
105
Current contract liabilities
23,562
18,973
The amount of \u20ac15,991 thousand, wh ich was included in current contract liabilities balance at the beginning of 2025, is recognized as sales
during the current fiscal year (related amount of 2024: \u20ac13,451 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-616": { "value": "
(all amounts in Euro thousands)
For the year ended 31 December 2025
Greece and Western
Europe
North America
South Eastern
Europe
Eastern
Mediterranean
Total
Sales
590,468
1,481,712
429,408
257,976
2,759,564
Inter-segment sales
-71,623
-816
-10,920
-7,199
-90,558
Sales to external customers
518,845
1,480,896
418,488
250,777
2,669,006
Earnings before interest, taxes, depreciation,
amortization and impairment (EBITDA)
61,179
334,476
148,841
61,584
606,080
Depreciation, amortization and impairment of
tangible and intangible assets
-34,047
-96,791
-31,869
-9,440
-172,147
Profit before impairment losses on goodwill,
net finance costs and taxes
27,131
237,686
116,972
52,144
433,933
ASSETS
Property, plant & equipment
383,203
853,996
313,152
117,295
1,667,646
Intangible assets and goodwill
68,109
210,971
62,691
10,752
352,523
Other non-current assets
55,900
31,156
32,853
470
120,379
Current assets
442,780
529,837
127,827
162,108
1,262,552
Total assets of segments excluding joint
ventures
949,992
1,625,960
536,523
290,625
3,403,100
Investment in joint ventures (note 4)
92,924
Total assets
3,496,024
LIABILITIES
Non-current liabilities
240,409
565,028
28,834
19,909
854,180
Current liabilities
272,914
165,230
61,113
58,849
558,106
Total liabilities
513,323
730,258
89,947
78,758
1,412,286
Capital expenditures (note 15, 17, 19)
-62,164
-164,306
-27,069
-31,437
-284,976
Allowance/(reversal of allowance) for doubtful
debtors (note 22)
-2,103
433
-35
-44
-1,749
Investment in associates
16,667
\u2013
24,955
\u2013
41,622
Non-qualified deferred compensation plans
(note 20)
\u2013
3,922
\u2013
\u2013
3,922
Non-current assets excluding financial
instruments, deferred tax assets and post
employment benefit assets
473,302
1,064,945
405,700
128,053
2,072,000
Summarized financial information of the joint ventures, based on their IFRS financial statements, is disclosed in note 4.c.
Capital expenditures consist of additions of property, plant and equipment and intangible assets.
Impairment charges are included in the income statement.
There are sales between operating segments. Total assets and capital expenditures are presented in the operating segment of the company that owns the assets.
Information by operating segment
(all amounts in Euro thousands)
For the year ended 31 December 2024
Greece and
Western
Europe
North America
South Eastern
Europe
Eastern
Mediterranean
Total
Sales
562,236
1,517,907
416,374
255,239
2,751,756
Inter-segment sales
-102,490
\u2013
-311
-4,915
-107,716
Sales to external customers
459,746
1,517,907
416,063
250,324
2,644,040
Earnings before interest, taxes, depreciation, amortization and
impairment (EBITDA)
55,469
332,625
166,323
25,708
580,125
Depreciation, amortization and impairment of tangible and intangible
assets
-30,219
-92,828
-29,205
-13,590
-165,842
Profit before impairment losses on goodwill, net finance costs and
taxes
25,249
239,798
137,118
12,118
414,283
ASSETS
Property, plant & equipment
359,837
882,743
315,229
256,354
1,814,163
Intangible assets and goodwill
58,610
239,561
63,999
8,544
370,714
Other non-current assets
36,052
9,582
10,298
1,686
57,618
Current assets
332,443
384,800
125,649
107,641
950,533
Total assets of segments excluding joint ventures
786,942
1,516,686
515,175
374,225
3,193,028
Investment in joint ventures (note 4)
89,549
Total assets
3,282,577
LIABILITIES
Non-current liabilities
258,215
555,440
36,027
70,850
920,532
Current liabilities
169,062
223,024
72,222
73,224
537,532
Total liabilities
427,277
778,464
108,249
144,074
1,458,064
Capital expenditures (note 15, 17, 19)
-63,080
-144,181
-31,872
-11,487
-250,620
Impairment of Goodwill (note 18)
\u2013
\u2013
\u2013
-17,004
-17,004
Allowance for doubtful debtors (note 22)
1,044
-381
-231
-49
383
Investment in associates
12,304
\u2013
3,990
\u2013
16,294
Non-qualified deferred compensation plans (note 20)
\u2013
3,886
\u2013
\u2013
3,886
Non-current assets excluding financial instruments, deferred tax
assets and post employment benefit assets
435,090
1,122,283
387,988
264,905
2,210,266
Summarised financial information of the joint ventures, based on their IFRS financial statements, is disclosed in note 4.c.
Capital expenditures consist of additions of PPE, intangible assets and investment property.
Impairment charges are included in the income statement.
Sales refer to the sale of goods and services. There are sales between operating segments. Total assets and capital expenditures are presented in the operating segment of the
company that owns the assets.
In 2025, the Group\u2019s subsidiaries Cementi ANTEA S.R.L. and Titan Atlantic Cement Industrial & Commercial S.A. changed their operating segment classification. As a result,
comparative information for 2024 has been reclassified between operating segments for comparative purposes.
(all amounts in Euro thousands)
For the year ended 31 December 2025
Cement
Ready-mix concrete, aggregates
and building blocks
Other activities
Total
Sales
1,485,140
1,182,241
1,625
2,669,006
(all amounts in Euro thousands)
For the year ended 31 December 2024
Cement
Ready-mix concrete, aggregates
and building blocks
Other activities
Total
Sales
1,504,965
1,136,771
2,304
2,644,040
6. Other income and expense items
Accounting Policy
Gains/losses on disposal of non-current assets, restructuring costs and other significant gains/losses are disclosed separately in the
financial statements where it is necessary to do so to provide further understanding of the financial performance of the group. They
are material items of income or expense that have been shown separately due to the significance of their nature or amount.
Other income and expenses
(all amounts in Euro thousands)
2025
2024
Scrap sales
3,268
905
Reimbursements
1,235
2,926
Income from services
2,027
3,009
Rental income
3,070
2,798
Fair value gain from investment property (note 17, 33)
145
88
Other income
1,028
1,540
Other income total
10,773
11,266
Losses on disposals of PPE, intangible assets and investment property (note 15, 19, 33)
-79
-1,599
Restructuring cost
-118
-152
Other expenses
-166
-44
Other expenses total
-363
-1,795
The restructuring cost is related to voluntary retirement incentive programs in all Group operating segments and is included in note 10
\u201cEmployee Benefits Expense\u201d .
8. Expenses by nature
(all amounts in Euro thousands)
2025
2024
Staff costs and related expenses (note 10)
-469,303
-463,855
Raw materials and consumables used
-684,842
-690,698
Energy cost
-339,401
-368,240
Changes in inventory of finished goods and work in progress
1,951
37,207
Distribution expenses
-249,292
-267,391
Third party fees
-216,528
-215,369
Depreciation, amortization and impairment of tangible, intangible assets and government grants (note 15,
19, 31, 33)
-172,147
-165,842
Other expenses
-114,172
-105,423
Total expenses by nature
-2,243,734
-2,239,611
Included in:
Cost of sales
-1,934,721
-1,942,187
Administrative expenses
-269,497
-257,419
Selling and marketing expenses
-39,516
-40,005
-2,243,734
-2,239,611
The total operating expenditure corresponding to taxonomy-eligible products based on climate change mitigation criteria economic
activities in 2025 amounts to \u20ac103.7 million (2024: \u20ac 111.5 million).
The above expenses include the amount of \u20ac7.1 million (2024: \u20ac8.8 million) for research and development activities aimed at advancing
innovation within the context of climate change mitigation and sustainable construction.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-620": { "value": "
6. Other income and expense items
Accounting Policy
Gains/losses on disposal of non-current assets, restructuring costs and other significant gains/losses are disclosed separately in the
financial statements where it is necessary to do so to provide further understanding of the financial performance of the group. They
are material items of income or expense that have been shown separately due to the significance of their nature or amount.
Other income and expenses
(all amounts in Euro thousands)
2025
2024
Scrap sales
3,268
905
Reimbursements
1,235
2,926
Income from services
2,027
3,009
Rental income
3,070
2,798
Fair value gain from investment property (note 17, 33)
145
88
Other income
1,028
1,540
Other income total
10,773
11,266
Losses on disposals of PPE, intangible assets and investment property (note 15, 19, 33)
-79
-1,599
Restructuring cost
-118
-152
Other expenses
-166
-44
Other expenses total
-363
-1,795
The restructuring cost is related to voluntary retirement incentive programs in all Group operating segments and is included in note 10
\u201cEmployee Benefits Expense\u201d .
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-619": { "value": "
6. Other income and expense items
Accounting Policy
Gains/losses on disposal of non-current assets, restructuring costs and other significant gains/losses are disclosed separately in the
financial statements where it is necessary to do so to provide further understanding of the financial performance of the group. They
are material items of income or expense that have been shown separately due to the significance of their nature or amount.
Other income and expenses
(all amounts in Euro thousands)
2025
2024
Scrap sales
3,268
905
Reimbursements
1,235
2,926
Income from services
2,027
3,009
Rental income
3,070
2,798
Fair value gain from investment property (note 17, 33)
145
88
Other income
1,028
1,540
Other income total
10,773
11,266
Losses on disposals of PPE, intangible assets and investment property (note 15, 19, 33)
-79
-1,599
Restructuring cost
-118
-152
Other expenses
-166
-44
Other expenses total
-363
-1,795
The restructuring cost is related to voluntary retirement incentive programs in all Group operating segments and is included in note 10
\u201cEmployee Benefits Expense\u201d .
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-618": { "value": "
6. Other income and expense items
Accounting Policy
Gains/losses on disposal of non-current assets, restructuring costs and other significant gains/losses are disclosed separately in the
financial statements where it is necessary to do so to provide further understanding of the financial performance of the group. They
are material items of income or expense that have been shown separately due to the significance of their nature or amount.
Other income and expenses
(all amounts in Euro thousands)
2025
2024
Scrap sales
3,268
905
Reimbursements
1,235
2,926
Income from services
2,027
3,009
Rental income
3,070
2,798
Fair value gain from investment property (note 17, 33)
145
88
Other income
1,028
1,540
Other income total
10,773
11,266
Losses on disposals of PPE, intangible assets and investment property (note 15, 19, 33)
-79
-1,599
Restructuring cost
-118
-152
Other expenses
-166
-44
Other expenses total
-363
-1,795
The restructuring cost is related to voluntary retirement incentive programs in all Group operating segments and is included in note 10
\u201cEmployee Benefits Expense\u201d .
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-623": { "value": "
7. Net finance costs and foreign exchange differences
(all amounts in Euro thousands)
2025
2024
i) Finance income
Interest income and related income (note 33)
12,101
7,352
Fair value gains on financial instruments (note 20, 28, 33)
1,650
2,802
Finance income
13,751
10,154
ii) Finance expenses
Interest expense and related expenses (note 33)
-31,574
-38,698
Finance costs of actuarial studies (note 11)
-559
-624
Unwinding of discount of rehabilitation and other provisions (note 30)
-2,442
-2,612
Interest expense on lease liabilities (note 16)
-4,276
-4,200
Fair value losses on financial instruments (note 28, 33)
-3,998
-378
Finance expense
-42,849
-46,512
iii) Loss from foreign exchange differences
Net exchange (losses)/gains (note 33)
-55,627
22,028
Fair value gains/(losses) on financial instruments (note 28)
45,799
-23,657
Losses from foreign exchange differences
-9,828
-1,629
iv) Gain on net monetary position in hyperinflationary economies
Gain on net monetary position in hyperinflationary economies (note 4b)
1,384
8,293
Losses from foreign exchange differences mainly arise from: 1) the effects of changes in foreign exchange rates of intragroup loans mainly
between the Group subsidiary in USA, Titan America LLC, and Titan Global Finance LLC (note 28a), and 2) the fair value of derivatives that
hedge the volatility of foreign currencies associated with these intragroup loans (note 28a) . In 2025, this line item also includes a gain of
\u20ac4.3 million from derivatives hedging foreign\u2011currency cash positions.
Finance costs of actuarial studies are included in note 10 \u201cEmployee Benefits Expense\u201d.
29. Financial instruments and fair value measurement
Set out below is a comparison by category of carrying amounts and fair values of the Group\u2019s financial instruments.
(all amounts in Euro thousands)
Carrying amount
Fair value
2025
2024
2025
2024
Financial assets
At amortised cost
Other non-current financial assets
14,682
2,883
14,682
2,883
Trade receivables
213,189
218,141
213,189
218,141
Cash and cash equivalents
483,558
123,283
483,558
123,283
Other current financial assets
47,567
66,269
47,567
66,269
Fair value through profit and loss
Derivative financial instruments - non current
23,855
\u2013
23,855
\u2013
Receivables from interim settlement of derivatives - non current
\u2013
3,628
\u2013
3,628
Other non-current financial assets
13,452
8,475
13,452
8,475
Derivative financial instruments - current
15
683
15
683
Receivables from interim settlement of derivatives - current
\u2013
596
\u2013
596
Other current financial assets
30
30
30
30
Financial liabilities
At amortised cost
Long term borrowings
520,055
597,021
522,728
599,680
Other non-current financial liabilities
16
18
16
18
Short term borrowings
100,534
66,415
100,534
66,415
Other current financial liabilities
359,284
370,773
359,284
370,773
Fair value through profit and loss
Derivative financial instruments - non current
\u2013
8,103
\u2013
8,103
Payables from interim settlement of derivatives - non current
24,086
\u2013
24,086
\u2013
Derivative financial instruments - current
\u2013
976
\u2013
976
Payables from interim settlement of derivatives - current
14
305
14
305
Management assessed that the cash and cash equivalents, trade receivables, trade payables, bank overdrafts and other current assets
and liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of the assets and liabilities by valuation method:
Level 1: based on quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: based on valuation techniques whereby all inputs having a significant effect on the fair value are observable, either directly or
indirectly, and include quoted prices for identical or similar assets or liabilities in markets that are not so much actively traded.
Level 3: based on valuation techniques whereby all inputs having a significant effect on the fair value are not observable market data.
The following table provides the fair value measurement hierarchy of the Group's assets and liabilities.
(all amounts in Euro thousands)
Fair value
Fair value hierarchy
2025
2024
Assets
Investment property
11,184
11,025
Level 3
Other financial assets at fair value through profit and loss
13,482
8,505
Level 3
Derivative financial instruments
23,870
683
Level 2
Receivables from interim settlement of derivatives
\u2013
4,224
Level 2
Liabilities
Long-term borrowings
401,182
599,680
Level 2
Long-term borrowings
121,546
\u2013
Level 3
Short-term borrowings
100,534
66,415
Level 3
Derivative financial instruments
\u2013
9,079
Level 2
Payables from interim settlement of derivatives
24,100
305
Level 2
There were no transfers between level 1 and 2 fair value measurements during the period and no transfers into or out of level 3 fair value
measurements during 2025.
The fair value of level 3 investment property is estimated by the Group by external, independent, certified evaluators. The fair value
measurement of the investment property has been mainly conducted in accordance with the comparative method, or the current market
values of similar properties. The main factors that were taken into consideration, are the property location, the surface area, the local urban
planning, the bordering road networks, the regional infrastructure, the property maintenance status and merchantability, the technical
construction standards in the case of buildings and the impact of environmental issues if any.
The fair value of the financial assets and liabilities is the amount at which the instrument could be exchanged in a current transaction
between willing parties, other than a forced liquidation or sale. The following methods and assumptions were used to estimate the
fair values:
For long- and short-term borrowings in level 2, the evaluation of their fair value is based on parameters such as interest rates, specific
country risk factors, or price quotations at the reporting date. Specifically, quoted market prices, or dealer quotes for the specific or similar
instruments are used.
For the majority of the borrowings in level 3, the fair values are not materially different from their carrying amounts, since the interest
payable on those borrowings is either close to current market rates, or the borrowings are of a short-term nature. The fair values of non-
current borrowings in level 3 are based on discounted cash flows using a borrowing rate prevailing in current market condition.
Level 2 derivative financial instruments comprise FX forwards, cross-currency interest rate swaps, interest rate swaps, natural gas forwards,
forward freight agreement. The Group uses a variety of methods and makes assumptions that are based on market conditions as at each
reporting date. The aforementioned contracts have been fair-valued using: a) forward exchange rates that are quoted in the active market,
b) forward interest rates extracted from observable yield curves, c) US Natural Gas Henry Hub futures prices that are quoted in the active
market and d) Baltic Supramax 10TC 58kt Forward Freight prices that are quoted in the active market.
Level 3 other financial assets at fair value through profit and loss refer mainly to investments in foreign property funds and in
decarbonization and electrification technology companies that transform renewable electricity into heat, in which the Group owns an
insignificant percentage. Their valuation is made based on their financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-622": { "value": "
7. Net finance costs and foreign exchange differences
(all amounts in Euro thousands)
2025
2024
i) Finance income
Interest income and related income (note 33)
12,101
7,352
Fair value gains on financial instruments (note 20, 28, 33)
1,650
2,802
Finance income
13,751
10,154
ii) Finance expenses
Interest expense and related expenses (note 33)
-31,574
-38,698
Finance costs of actuarial studies (note 11)
-559
-624
Unwinding of discount of rehabilitation and other provisions (note 30)
-2,442
-2,612
Interest expense on lease liabilities (note 16)
-4,276
-4,200
Fair value losses on financial instruments (note 28, 33)
-3,998
-378
Finance expense
-42,849
-46,512
iii) Loss from foreign exchange differences
Net exchange (losses)/gains (note 33)
-55,627
22,028
Fair value gains/(losses) on financial instruments (note 28)
45,799
-23,657
Losses from foreign exchange differences
-9,828
-1,629
iv) Gain on net monetary position in hyperinflationary economies
Gain on net monetary position in hyperinflationary economies (note 4b)
1,384
8,293
Losses from foreign exchange differences mainly arise from: 1) the effects of changes in foreign exchange rates of intragroup loans mainly
between the Group subsidiary in USA, Titan America LLC, and Titan Global Finance LLC (note 28a), and 2) the fair value of derivatives that
hedge the volatility of foreign currencies associated with these intragroup loans (note 28a) . In 2025, this line item also includes a gain of
\u20ac4.3 million from derivatives hedging foreign\u2011currency cash positions.
Finance costs of actuarial studies are included in note 10 \u201cEmployee Benefits Expense\u201d.
(all amounts in Euro thousands)
Legal
reserve
Non-
Distributable
reserve
Distributable
reserve
Re-
organization
reserve
Contingency
reserves
Tax exempt
reserves under
special laws
Revaluation
reserve
Actuarial
differences
reserve
Hedging
reserve from
cash flow
hedges
Currency
translation
differences
on derivative
hedging
position
Hyperinflation
reserve
Foreign
currency\u00a0
translation
reserve
Total other
reserves
Balance at 1 January 2024
162,854
56,736
352,086
-1,188,374
56,454
63,470
38,127
1,433
28,630
41,115
111,162
-612,840
-889,147
Other comprehensive income/(loss)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-1,258
-3,707
\u2013
36,527
-28,257
3,305
Deferred tax on treasury shares held
by subsidiary
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-10,432
\u2013
\u2013
\u2013
\u2013
\u2013
-10,432
Transfer from/(to) retained earnings
46,721
\u2013
\u2013
\u2013
9
4,646
-1,863
\u2013
\u2013
\u2013
\u2013
-1,376
48,137
Transfer from share options
\u2013
\u2013
\u2013
\u2013
543
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
543
Transfer among reserves
\u2013
13,514
-13,514
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Balance at 31 December 2024
209,575
70,250
338,572
-1,188,374
57,006
68,116
25,832
175
24,923
41,115
147,689
-642,473
-847,594
Balance at 1 January 2025
209,575
70,250
338,572
-1,188,374
57,006
68,116
25,832
175
24,923
41,115
147,689
-642,473
-847,594
Other comprehensive income/(loss)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-270
-3,618
\u2013
-88,584
25,289
-67,183
Change in ownership interest
without loss of control
-448
\u2013
\u2013
\u2013
\u2013
\u2013
-293
\u2013
\u2013
-6,446
\u2013
-21,111
-28,298
Change in ownership interest with
loss of control
-1,676
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-30,687
\u2013
-32,363
Deferred tax on treasury shares held
by subsidiary
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-6,746
\u2013
\u2013
\u2013
\u2013
\u2013
-6,746
Deferred tax adjustment on
revaluation reserves (note 14)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-118
\u2013
\u2013
\u2013
\u2013
\u2013
-118
Transfer from/(to) retained earnings
\u2013
\u2013
5,647
\u2013
\u2013
-18,750
-871
\u2013
\u2013
\u2013
\u2013
\u2013
-13,974
Transfer from share options
\u2013
\u2013
\u2013
\u2013
626
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
626
Transfer among reserves
\u2013
3,147
-3,147
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
7,232
\u2013
-7,232
\u2013
Balance at 31 December 2025
207,451
73,397
341,072
-1,188,374
57,632
49,366
17,804
-95
21,305
41,901
28,418
-645,527
-995,650
The \"Foreign Currency Translation Reserve\" is used to record exchange differences arising from the translation of the financial statements
of foreign subsidiaries. Moreover, it includes the currency translation differences\u00a0 on transactions designated as part of net investment in
foreign operations. During the last quarter of 2016, the Group's subsidiary in Egypt, Alexandria Portland Cement Co. S.A.E. renewed the
\u20ac76.9 million loan it entered into with its parent company in 2010. According to its accounting policy, the Group recognizes in its
consolidated financial statements the aforementioned intra-group loan as part of the net investment in the Egyptian operation. On 31
December 2025, this reserve has a debit balance of \u20ac25.8 million (2024: \u20ac22.0 million).
The \"Currency Translation Differences on Derivative Hedging Position Reserve\" illustrates the exchange differences arising from the
translation into euro of loans in foreign currency, which have been designated as net investment hedges for the Group subsidiaries in USA.
In 2025 an amount of \u20ac6.4 million, representing 13.333% of the reserve, was attributed to non-controlling interest following the completion
of the initial public offering (IPO) of the Group\u2019s subsidiary, Titan America S.A., on the New York Stock Exchange.
Titan America S.A. is the parent company of the Group\u2019s U.S. operations (see Note 4).
The \u201cHedging reserve from cash flow hedges\u201d represents the exchange differences arising from the valuation of financial instruments used
as cash flow hedges for transactions in foreign currencies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-621": { "value": "
7. Net finance costs and foreign exchange differences
(all amounts in Euro thousands)
2025
2024
i) Finance income
Interest income and related income (note 33)
12,101
7,352
Fair value gains on financial instruments (note 20, 28, 33)
1,650
2,802
Finance income
13,751
10,154
ii) Finance expenses
Interest expense and related expenses (note 33)
-31,574
-38,698
Finance costs of actuarial studies (note 11)
-559
-624
Unwinding of discount of rehabilitation and other provisions (note 30)
-2,442
-2,612
Interest expense on lease liabilities (note 16)
-4,276
-4,200
Fair value losses on financial instruments (note 28, 33)
-3,998
-378
Finance expense
-42,849
-46,512
iii) Loss from foreign exchange differences
Net exchange (losses)/gains (note 33)
-55,627
22,028
Fair value gains/(losses) on financial instruments (note 28)
45,799
-23,657
Losses from foreign exchange differences
-9,828
-1,629
iv) Gain on net monetary position in hyperinflationary economies
Gain on net monetary position in hyperinflationary economies (note 4b)
1,384
8,293
Losses from foreign exchange differences mainly arise from: 1) the effects of changes in foreign exchange rates of intragroup loans mainly
between the Group subsidiary in USA, Titan America LLC, and Titan Global Finance LLC (note 28a), and 2) the fair value of derivatives that
hedge the volatility of foreign currencies associated with these intragroup loans (note 28a) . In 2025, this line item also includes a gain of
\u20ac4.3 million from derivatives hedging foreign\u2011currency cash positions.
Finance costs of actuarial studies are included in note 10 \u201cEmployee Benefits Expense\u201d.
Balances of right-of-use assets (note 15)
(all amounts in Euro thousands)
2025
2024
Land
13,878
16,879
Buildings
30,310
30,871
Plant & equipment
784
487
Motor vehicle
29,837
28,724
Office furniture, fixtures and equipment
31
49
74,840
77,010
Balances of lease liabilities
(all amounts in Euro thousands)
2025
2024
Long-term lease liabilities
62,253
65,175
Short-term lease liabilities
14,247
16,720
76,500
81,895
The following amounts that related to leases are recognized in the consolidated income statement:
(all amounts in Euro thousands)
2025
2024
Depreciation charge of ROU assets (note 15)
17,550
15,625
Interest expense\u00a0 (note 7)
4,276
4,200
Expense relating to short-term leases
22,723
25,286
Expense relating to low-value leases that are not shown as short-term leases
180
190
Expenses relating to variable lease payments not included in lease liabilities
2,034
2,092
The total cash outflow for the leases in 2025 was \u20ac44,185 thous and (2024: \u20ac47,240 thousand).
22. Receivables and prepayments (continued)
(all amounts in Euro thousands)
2025
2024
Trade receivables
192,576
184,468
Cheques receivables
47,259
61,835
Allowance for doubtful trade receivables
-26,646
-28,162
Total trade receivables
213,189
218,141
Creditors advances
11,838
10,410
V.A.T. and other tax receivables
11,992
14,964
Prepayments
23,695
20,609
Notes receivable
42,842
50,176
Cost of partial disposal of subsidiary
\u2013
9,505
Receivables from authorities
8,974
10,401
Other receivables
24,036
25,007
Allowance for doubtful debtors
-5,497
-5,039
Total other receivables
117,880
136,033
331,069
354,174
Trade receivables are non-interest bearing and are normally settled in 30-170 days.
The balance of notes receivable refers mainly to the sales of trade accounts receivable by Titan America LLC (TALLC) to an unrelated
Special Purpose Entity (SPE). Specifically, TALLC entered into an account receivable sale agreement with an unrelated SPE in 2014,
whereby trade accounts receivable were sold by TALLC to the SPE in exchange for cash and interest-bearing notes receivable.
The balances of trade receivables and impairments are as follows:
(all amounts in Euro thousands)
Expected credit loss
rate
Trade receivables
Impairments
As at 31 December 2025
Current
0.48%
137,964
663
More than 30 days past due
2.69%
42,466
1,141
More than 60 days past due
11.32%
10,791
1,222
More than 120 days past due
48.59%
48,614
23,620
239,835
26,646
As at 31 December 2024
Current
0.57%
142,111
812
More than 30 days past due
1.52%
48,366
733
More than 60 days past due
2.29%
15,600
357
More than 120 days past due
65.28%
40,226
26,260
246,303
28,162
Allowance for doubtful and other debtors analysis
2025
2024
Balance at 1 January
33,201
33,754
Charge for the year (note 33)
3,323
2,637
Unused amounts reversed (note 33)
-1,574
-3,020
Utilized
-2,179
-781
Reclassification from/to other receivables/payables
120
162
Additions due to acquisitions (note 4)
132
26
Reduction due to disposal (note 4)
-339
\u2013
Exchange differences
-541
423
Balance at 31 December
32,143
33,201
The individually impaired receivables mainly relate to wholesalers facing unexpectedly difficult economic conditions. A portion of these
receivables is expected to be recovered.
23. Cash, cash equivalents and bank deposits
Accounting Policy
In the statement of cash flows, cash and cash equivalents comprise cash on hand, deposits held at call with banks, other short-term
highly liquid investments with a maturity of normally three months or less from the date of acquisition, and bank overdrafts, if they
exist. Bank overdrafts are included within borrowings in current liabilities in the consolidated statement of financial positions. The
components of cash and cash equivalents have a negligible risk of change in value.
Bank term deposits consist of deposits with maturities over three months from the date of acquisition, which are available prior to
short notice.
(all amounts in Euro thousands)
2025
2024
Cash on hand
81
78
Cash at bank
483,477
123,205
483,558
123,283
Accounting Policy
Borrowings are recognized initially at fair value, net of transactions costs incurred. In subsequent periods, borrowings are carried at
amortized cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption
value is recognized in the income statement over the period of the borrowings using the effective interest method.
Fees paid on the establishment of loan facilities are recognized as transactions costs of the loan to the extent that it is probable that
some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no
evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity
services and amortized over the period of the facility to which it relates.
Borrowings are classified as current liabilities unless the Group entity has an unconditional right to defer settlement for at least
12\u00a0months after the balance sheet date.
(all amounts in Euro thousands)
2025
2024
Current
Bank borrowings
80,006
4,368
Bank borrowings in non euro currency
14,789
56,281
Interest payable
5,739
5,766
100,534
66,415
Non-current
Bank borrowings
121,358
194,649
Bank borrowings in non euro currency
74
4,446
Debentures
398,623
397,926
520,055
597,021
Total borrowings
620,589
663,436
Maturity of non-current borrowings:
2025
2024
Between 1 and 2 years
369,083
82,077
Between 2 and 3 years
\u2013
364,224
Between 3 and 4 years
149,615
\u2013
Between 4 and 5 years
\u2013
149,945
Over 5 years
1,357
775
520,055
597,021
The fair value of the Group\u2019s borrowing is disclosed in note 29.
In July 2025, TGF renewed the revolving facility agreement of \u20ac230 million with new maturity in January 2030, guaranteed by Titan S.A..
On 31 December 2025 the revolving facility agreement had zero utilization.
The weighted average effective interest rates that affect the Income Statement are as follows:
2025
2024
Borrowings (\u20ac)
3.30%
3.02%
Borrowings (USD)
6.67%
7.54%
Borrowings (LEK)
4.77%
5.11%
Borrowings (EGP)
28.05%
29.73%
Borrowings (TRY)
28.03%
26.18%
The Group\u2019s exposure to interest rate risk is disclosed in note 28.
The Group has the following undrawn borrowing facilities:
(all amounts in Euro thousands)
2025
2024
Floating rate:
- Expiring within one year
214,457
190,877
- Expiring beyond one year
256,149
278,463
Accounting Policy
Derivative financial instruments and hedging activities
Initially, derivatives are recognized at fair value at commencement date and subsequently, they are re-measured at their fair value at
each reporting date. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair
value is negative.
Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective
portion of cash flow hedges, which is recognized in OCI and is later reclassified to profit or loss when the hedge item affects profit
or loss.
For the purpose of hedge accounting, hedges are classified as:
\u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized
firm commitment.
\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated
with a recognized asset or liability, a highly probable forecast transaction, or the foreign currency risk in an unrecognized firm
commitment.
\u2022 Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to
apply hedge accounting and the risk management objective and strategy for undertaking the hedge.
The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and
how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis
of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting
if it meets all of the following effectiveness requirements:
\u2022 There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.
\u2022 The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group
actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
The full fair value of a hedging derivative is classified as a non- current asset or liability when the remaining hedged item is more
than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.
Hedges that meet the strict criteria for hedge accounting are accounted for, as described below.
Fair value hedges
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement,
together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss
relating both to the effective and ineffective portion of interest rate swaps hedging fixed rate borrowings is recognized in the income
statement within \u201cFinance income/expense\u201d.
Cash flow hedges
The effective portion of gains or losses from measuring cash flow hedging instruments is recognized in OCI and accumulated in
reserves, in the account \u201chedging reserve from cash flow hedges\u201d. The gain or loss relating to the ineffective portion is recognized
immediately in the income statement within \u201cFinance income/expenses\u201d.
Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.
When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction is ultimately
recognized in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was
reported in equity is immediately reclassified to profit or loss.
Net investment hedge
Hedges of net investments in foreign entities are accounted for similarly to cash flow hedges. Where the hedging instrument is
a\u00a0derivative, any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in currency
translation differences on derivative hedging position in other reserves. The gain or loss relating to the ineffective portion is
recognized immediately in other income/expenses in the income statement. However, where the hedging instrument is not a
derivative (for example, a foreign currency borrowing), all foreign exchange gains or losses arising on the translation of a borrowing
that hedges such an investment (including any ineffective portion of the hedge) are recognized in equity in \u201ctranslation differences
on derivative hedging position\u201d in \u201cother reserves\u201d.
Gains or losses accumulated in equity are included in the income statement when the foreign operation is (partially or fully) disposed
of. The Group\u2019s \u201cother reserves\u201d include gains that have resulted from such hedging activities carried out in the past.
Derivatives that are not part of a hedging relationship
Any gains or losses arising from changes in the fair value of financial instruments that are not part of a hedging relationship are
included in finance income / (expenses), gain / (loss) from foreign exchange differences and cost of sales in the income statement for
the period in which they arise, depending on their nature.
Financial risk factors
The Group, by nature of its business and geographical positioning, is exposed to market, credit and liquidity risk. The Group's senior
management oversees the management of these risks.
The Group's senior management is supported by the Group finance, the Treasury and the Risk Committee that advise on risks
and\u00a0the appropriate risk governance framework for the Group. The Risk Committee provides assurance to the Group's senior
management that the Group's financial risk activities are governed by appropriate policies and procedures and that financial
risks\u00a0are identified, measured and managed in accordance with the Group's policies and risk objectives. All derivative activities
for\u00a0risk management purposes are carried out by specialist teams and Treasury that have the appropriate skills, experience and
supervision. It is the Group's policy that no trading in derivatives for speculative purposes may be undertaken. The Board of
Directors has overall responsibility for determining the nature and extent of the principal risks that the Group is willing to assume
in\u00a0achieving its strategic objectives.
The Group has the following derivative financial instruments in the following line items in the consolidated statement of financial position:
(all amounts in Euro thousands)
31/12/2025
31/12/2024
Non-current assets
Cross currency swaps - trading derivatives
23,855
\u2013
23,855
\u2013
Current assets
Interest rate swap - trading derivatives
\u2013
683
Forwards - trading derivatives
15
\u2013
15
683
Non-current liabilities
Cross currency swaps - trading derivatives
\u2013
8,103
\u2013
8,103
Current liabilities
Forwards - trading derivatives
\u2013
976
\u2013
976
Where all relevant criteria are met, hedge accounting is applied to remove the accounting mismatch between the hedging instrument and
the hedged item. However, where derivatives do not meet the hedge accounting criteria, or the Group chooses not to designate a hedging
relationship between a derivative and a hedged item, they are classified as trading derivatives for accounting purposes and are accounted
for at fair value through profit or loss.
The next table shows the gross amounts of the aforementioned derivative financial instruments in relation with their interim settlement, that
is received or paid, as they are presenting in the consolidated statements of financial position on 31 December 2025 and 31 December
2024, in order to summarize the total net position of the Group.
(all amounts in Euro thousands)
Net position - Asset /(Liability)
Fair value of
derivatives
Interim settlement of
derivatives
Net balance
Balance at 31 December 2025
Forwards - expiring 2026
15
-14
1
Cross currency swaps - expiring 2027
13,169
-13,296
-127
Cross currency swaps - expiring 2029
10,686
-10,790
-104
23,870
-24,100
-230
Balance at 31 December 2024
Forwards - expiring 2025
-976
596
-380
Interest rate swaps - expiring 2025
683
-293
390
Forward freight agreements - expiring 2024
\u2013
-12
-12
Cross currency swaps - expiring 2027
-2,847
1,274
-1,573
Cross currency swaps - expiring 2029
-5,256
2,354
-2,902
-8,396
3,919
-4,477
a) Market risk
Market risk comprises three main types of risk: currency risk, price risk and interest rate risk.
Currency risk
The Group operates internationally and is exposed to foreign exchange risk (FX). FX risk arises from future commercial transactions,
recognized assets and liabilities, mainly borrowings, denominated in a currency that is not the functional currency of the relevant Group
entity and international investments.
Currency risks are managed through natural hedges, (i.e. borrowings denominated in the same currency as the assets that are being
financed create a natural hedge for investments in foreign subsidiaries exposed to FX conversion risk) as well as entering in currency
swaps and forward foreign currency contracts.
However, part of the financing for the Group's activities in the USA, Albania, and other countries where its subsidiaries operate is
denominated in currencies different from their functional ones, for example Euro. The refinancing of these amounts in local currencies,
along with FX hedging transactions, is reviewed at regular intervals.
The table below presents the financing balances of Group activities as of 31 December 2025 and 2024, in Euro, for Group subsidiaries with
functional currencies of:
(all amounts in Euro thousands)
2025
2024
USD
332,800
345,600
LEK
19,129
18,058
TRY
\u2013
10,413
MKD
12,000
\u2013
EGP
\u2013
28,920
During 2025, the borrowing exposure in the USA was hedged with derivatives classified as trading (1 and 2 below).
1) In April 2024, TITAN America LLC (TALLC) entered into cross\u2011currency interest rate swap agreements, maturing in June 2029, to hedge
interest payments and foreign currency exposure related to a \u20ac150 million loan obtained from TITAN Global Finance Plc. In 2025, these
CCSs resulted in a net gain of \u20ac16.0 million, comprising foreign exchange gains of \u20ac18.3 million recognized under \u201cLoss from foreign
exchange differences\u201d and a loss of \u20ac2.2 million recognized under \u201cFinance expenses\u201d in the consolidated income statement. The related
foreign exchange loss on the loan, arising from the opposite movement of the loan and the CCSs, amounted to \u20ac18.3 million and was
recognized under the same account, \u201cLoss from foreign exchange differences\u201d.
Subsequently, in November 2024, TALLC entered into another cross\u2011currency interest rate swap agreements, with a termination date in
July 2027, as part of its ongoing strategy to hedge interest payments and foreign currency exposure related to the \u20ac150 million financing
arrangement with TITAN Global Finance Plc. For the year, these CCSs resulted in a net gain of \u20ac16.5 million. This net gain comprised
foreign exchange gains of \u20ac18.3 million recognized under \u201cLoss from foreign exchange differences,\u201d which were fully offset by a
corresponding \u20ac18.3 million foreign exchange loss on the related loan, recorded in the same account. The remaining loss of the derivative
amounted to \u20ac1.8 million, representing the difference between the foreign exchange gains and the net gain of \u20ac16.5 million, was
recognized under \u201cFinance expenses\u201d in the consolidated income statement.
2) Moreover, in 2025, TALLC entered into various short\u2011term foreign exchange forward contracts to hedge foreign currency risk arising
from financial liabilities denominated in euros. Specifically, the company executed EUR/USD forward contracts with multiple maturities
throughout 2025 and the first quarter of 2026 to hedge loan agreements with a total notional amount of \u20ac32.8 million. In 2025, these
forward contracts resulted in foreign exchange gains of \u20ac4.9 million, which were recognized under \u201cLoss from foreign exchange
differences\u201d in the consolidated income statement. These gains were partially offset by foreign exchange losses of \u20ac5.6 million arising
from the related loans, reflecting the opposite movement of the loans and the forward contracts. The foreign exchange losses on the loans
were also recognized under \u201cLoss from foreign exchange differences\u201d.
3) Furthermore, in 2025, the Group\u2019s subsidiary TITAN Global Finance Plc entered into additional short\u2011term EUR/USD forward foreign
exchange contracts, all of which expired during the year, in order to hedge the Group\u2019s cash positions denominated in U.S. dollars. For the
year ended 31 December 2025, these positions resulted in a net foreign exchange gain of \u20ac4.4 million, which was recognized under \u201cLoss
from foreign exchange differences\u201d in the consolidated income statement.
In 2025, the total net foreign exchange losses recognized in the consolidated income statement amounted to \u20ac9.8 million (2024:
\u20ac1.6\u00a0million). These losses are further analyzed into net exchange losses of \u20ac55.6 million (2024: gains of \u20ac22.0 million) and fair value gains
on derivatives of \u20ac45.8 million (2024: losses of \u20ac23.7 million) (note 7).
Addit ionally, the Group recognized exchange losses on the translation of foreign operations amounting to \u20ac111.3 million in the consolidated
statement of comprehensive income. These losses were primarily attributable to the depreciation of the US dollar against the euro (loss of
\u20ac101.8 million) and the depreciation of the Turkish lira against the euro (net loss of \u20ac6.2 million), reflecting gross exchange losses of \u20ac28.3
million partially offset by a gain of \u20ac22.1 million recognized in other comprehensive income from the indexation of Turkish subsidiaries\u2019
equity under IAS 29 \u2013 Financial Reporting in Hyperinflationary Economies.
In the prior year, exchange gains on the translation of foreign operations amounted to \u20ac22.0 million. These gains were primarily
attributable to the depreciation of the euro against the US dollar (gain of \u20ac42.5 million) and the Albanian Lek (gain of \u20ac7.3 million), partly
offset by the appreciation of the euro against the Egyptian pound (loss of \u20ac43.3 million), the Brazilian real (loss of \u20ac15.9 million) and the
Turkish lira (loss of \u20ac15.6 million). In addition, a gain of \u20ac46.8 million was recognized under exchange gains/(losses) on the translation of
foreign operations in other comprehensive income, arising from the indexation of Turkish subsidiaries\u2019 equity in accordance with IAS 29 \u2013
Financial Reporting in Hyperinflationary Economies.
Sensitivity analysis in foreign exchange rate changes
The following table demonstrates the sensitivity of the Group\u2019s profit before tax and the Group\u2019s equity to reasonable changes in the
various floating exchange rates, with all other variables held constant. The calculation of \"Effect on Profit before tax\" is based on year
average FX rates and the calculation of \"Effect on Equity\" is based on year-end FX rate changes.
(all amounts in Euro thousands)
Foreign Currency
Increase/ Decrease
of Foreign Currency
vs. \u20ac
Effect on Profit
Before Tax
Effect on equity
Year ended 31 December 2025
USD
5%
11,050
191,142
-5%
-9,998
-172,938
RSD
5%
1,317
1,786
-5%
-1,192
-1,616
EGP
5%
2,819
6,276
-5%
-2,551
-5,678
TRY
5%
-124
829
-5%
112
-750
ALL
5%
844
6,738
-5%
-764
-6,096
MKD
5%
1,797
4,897
-5%
-1,626
-4,431
BRL
5%
414
8,970
-5%
-375
-8,116
Year ended 31 December 2024
USD
5%
11,208
37,847
-5%
-10,141
-34,243
RSD
5%
1,576
1,672
-5%
-1,426
-1,513
EGP
5%
-138
3,896
-5%
125
-3,525
TRY
5%
-92
7,618
-5%
83
-6,892
ALL
5%
1,285
6,550
-5%
-1,162
-5,927
BRL
5%
98
6,462
-5%
-89
-5,846
Price risk
In prior periods, the Group used derivative financial instruments to hedge part of its exposure to natural gas, freight and electricity prices.
During the year ended 31 December 2025, the Group did not enter into any derivative contracts for the purpose of hedging such risks, and
no derivative financial instruments were outstanding at the reporting date. The Group continues to monitor market developments closely
and may use derivative instruments in the future should it consider such arrangements appropriate.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt
obligations with floating interest rates.
The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The ratio of
fixed to floating rates of the Group\u2019s net borrowings is determined by market conditions, Group strategy and financing requirements.
Occasionally interest rate derivatives may be used to mitigate the relevant risk and balance the mix of fixed and floating rates of the
Group\u2019s borrowings.
On 31 December 2025, the Group\u2019s ratio of fixed to floating interest rates, taking into account outstanding cross-currency swaps and
interest rate swaps, stood at 68%/32% (31 December 2024: 67%/33%). Interest rate trends and the duration of the Group\u2019s financing needs
are monitored on a forward-looking basis. Consequently, decisions about the duration and the mix between fixed and floating rate debt
are taken on an ad-hoc basis.
1) In June 2021, TITAN Global Finance Plc entered into a forward\u2011starting interest rate swap in order to partially hedge the risk of an
increase in future mid\u2011swap interest rates associated with a highly probable forecasted debt issuance. At inception, TITAN Global Finance
Plc formally designated a cash flow hedge relationship between the interest rate swap and the highly probable forecasted debt issuance.
The forward\u2011starting fixed\u2011for\u2011floating EURIBOR\u2011based five\u2011year interest rate swap, with a notional amount of \u20ac250 million and a forward
start date up to October 2023, was designated as the hedging instrument for a 100% hedge of the forecasted interest payments arising
from the highly probable debt issuance expected to occur in 2023.
During 2022, TITAN Global Finance Plc terminated the forward\u2011starting interest rate swap and locked in a total gain of \u20ac29 million, which
was recognized in equity within the cash flow hedge reserve (note 25).
In December 2023, TITAN Global Finance Plc issued \u20ac150 million of notes bearing a fixed coupon of 4.25%. As a result, amounts of
\u20ac3.6\u00a0million (\u20ac3.7 million in 2024) were reclassified from the cash flow hedge reserve to the income statement during 2025, in order to
offset the related interest expense (note 25). The remaining balance in the cash flow hedge reserve will be retained until the occurrence
of\u00a0the corresponding hedged cash flows.
2) In May 2022, in response to heightened inflation and rising interest rates in the U.S. market, TALLC entered into fixed\u2011for\u2011floating
interest rate swaps to hedge its exposure to increases in floating interest rates on its short\u2011term USD\u2011denominated debt and to mitigate
future volatility in finance costs. The fixed\u2011for\u2011floating interest rate swap, with a notional amount of USD 100 million, hedged the daily
compounded Secured Overnight Financing Rate (SOFR), with quarterly settlements, for a three\u2011year period.
In Q1 2023, TALLC proceeded to the exact opposite transaction, i.e. TALLC pays a floating interest rate and receives a fixed interest rate at
higher level than paying from the initial transaction in 2022. The two trades resulted in TALLC paying a floating interest rate at lower cost.
During 2025, the swaps expired and TALLC recognized a gain of \u20ac7 thousand (2024: gain of \u20ac70 thousand) related to these transactions,
which was presented within \u201cfinance income\u201d in the consolidated income statement.
The impact of interest rate volatility is limited in the income statement and cash flow from operating activities of the Group, as shown in the
sensitivity analysis table below:
Sensitivity analysis of Group's borrowings due to interest rate changes
(all amounts in Euro thousands)
Interest rate variation
Effect on profit
before tax
(+/-)
(-/+)
Year ended 31 December 2025
EUR
1.0%
2,031
USD
1.0%
18
ALL
1.0%
1
Year ended 31 December 2024
EUR
1.0%
1,947
USD
1.0%
301
ALL
1.0%
161
TRY
1.0%
\u2013
BGN
1.0%
\u2013
Note: Table above excludes the positive impact of interest received from deposits.
b) Credit risk\u00a0
The Group has no significant concentrations of credit risk. Trade accounts receivable consist mainly of a large, widespread customer base.
All Group companies monitor the financial position of their debtors on an on-going basis. When considered necessary, additional collateral
is requested to secure credit. Provisions for impairment losses are made for special credit risks. On 31 December 2025, there are no
outstanding doubtful significant credit risks which are not already covered by a provision for doubtful receivables.
Credit risk arising from financial institutions\u2019 inability to meet their obligations towards the Group deriving from placements, investments
and derivatives, is mitigated by pre-set limits on the degree of exposure to each individual financial institution as well as by utilizing the
collateral mechanism of credit support agreements (ISDA CSA Agreements). These pre-set limits are set in accordance to the Group
Treasury policies. At 31 December 2025, the Group\u2019s majority financial assets and derivative financial instruments were held with
investment grade financial institutions with pre-agreed credit support agreements.
c) Liquidity risk
The Group, in addition to its operating cash flows, maintains sufficient cash and other liquid assets, as well as extensive committed credit
lines with several international banks to ensure the fulfillment of its financial obligations. Group Treasury controls Group funding as well as
the management of liquid assets.
The table below summarizes the maturity profile of financial and lease liabilities at 31 December 2025 and 31 December 2024 based
on\u00a0contractual undiscounted payments.\u00a0
(all amounts in Euro thousands)
Year ended at December 31 2025
< 1 month
1 to 6 months
6 to 12 months
1 to 5 years
>5years
Total
Borrowings
5,906
15,810
102,891
624,416
1,921
750,944
Lease liabilities
1,902
7,075
8,459
43,039
36,627
97,102
Payables from interim settlement of
derivatives
14
\u2013
\u2013
24,086
\u2013
24,100
Other non-current liabilities
\u2013
\u2013
\u2013
6,489
\u2013
6,489
Trade and other payables
291,157
63,729
20,180
\u2013
\u2013
375,066
298,979
86,614
131,530
698,030
38,548
1,253,701
Year ended at December 31 2024
Borrowings
18,433
22,283
37,827
653,133
1,921
733,597
Lease liabilities
1,849
7,071
8,369
42,841
28,812
88,942
Derivative financial instruments
\u2013
976
\u2013
8,103
\u2013
9,079
Payables from interim settlement of
derivatives
12
293
\u2013
\u2013
\u2013
305
Other non-current liabilities
\u2013
\u2013
\u2013
4,296
\u2013
4,296
Trade and other payables
227,362
137,503
18,546
\u2013
\u2013
383,411
247,656
168,126
64,742
708,373
30,733
1,219,630
d) Capital management
The primary objective of the Group\u2019s capital management is to ensure that it maintains healthy capital ratios in order to support its
operations and maximize shareholder value.
The Group manages its capital structure conservatively with the leverage ratio, as this is shown from the relationship between total
liabilities and total equity as well as net debt and EBITDA. The Group\u2019s policy is to maintain leverage ratios in line with an investment
grade profile.
The Group includes within net debt the following items: a) interest-bearing loans, b) borrowings and c) lease liabilities, less a) cash and b)
cash equivalents.
(all amounts in Euro thousands)
2025
2024
Long-term borrowings (note 27)
520,055
597,021
Long-term lease liabilities (note 16)
62,253
65,175
Short-term borrowings (note 27)
100,534
66,415
Short-term lease liabilities (note 16)
14,247
16,720
Debt
697,089
745,331
Less: cash and cash equivalents (note 23)
483,558
123,283
Net Debt
213,531
622,048
Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA)
606,080
580,125
Total liabilities
1,412,286
1,458,064
Total equity
2,083,738
1,824,513
29. Financial instruments and fair value measurement
Set out below is a comparison by category of carrying amounts and fair values of the Group\u2019s financial instruments.
(all amounts in Euro thousands)
Carrying amount
Fair value
2025
2024
2025
2024
Financial assets
At amortised cost
Other non-current financial assets
14,682
2,883
14,682
2,883
Trade receivables
213,189
218,141
213,189
218,141
Cash and cash equivalents
483,558
123,283
483,558
123,283
Other current financial assets
47,567
66,269
47,567
66,269
Fair value through profit and loss
Derivative financial instruments - non current
23,855
\u2013
23,855
\u2013
Receivables from interim settlement of derivatives - non current
\u2013
3,628
\u2013
3,628
Other non-current financial assets
13,452
8,475
13,452
8,475
Derivative financial instruments - current
15
683
15
683
Receivables from interim settlement of derivatives - current
\u2013
596
\u2013
596
Other current financial assets
30
30
30
30
Financial liabilities
At amortised cost
Long term borrowings
520,055
597,021
522,728
599,680
Other non-current financial liabilities
16
18
16
18
Short term borrowings
100,534
66,415
100,534
66,415
Other current financial liabilities
359,284
370,773
359,284
370,773
Fair value through profit and loss
Derivative financial instruments - non current
\u2013
8,103
\u2013
8,103
Payables from interim settlement of derivatives - non current
24,086
\u2013
24,086
\u2013
Derivative financial instruments - current
\u2013
976
\u2013
976
Payables from interim settlement of derivatives - current
14
305
14
305
Management assessed that the cash and cash equivalents, trade receivables, trade payables, bank overdrafts and other current assets
and liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of the assets and liabilities by valuation method:
Level 1: based on quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: based on valuation techniques whereby all inputs having a significant effect on the fair value are observable, either directly or
indirectly, and include quoted prices for identical or similar assets or liabilities in markets that are not so much actively traded.
Level 3: based on valuation techniques whereby all inputs having a significant effect on the fair value are not observable market data.
The following table provides the fair value measurement hierarchy of the Group's assets and liabilities.
(all amounts in Euro thousands)
Fair value
Fair value hierarchy
2025
2024
Assets
Investment property
11,184
11,025
Level 3
Other financial assets at fair value through profit and loss
13,482
8,505
Level 3
Derivative financial instruments
23,870
683
Level 2
Receivables from interim settlement of derivatives
\u2013
4,224
Level 2
Liabilities
Long-term borrowings
401,182
599,680
Level 2
Long-term borrowings
121,546
\u2013
Level 3
Short-term borrowings
100,534
66,415
Level 3
Derivative financial instruments
\u2013
9,079
Level 2
Payables from interim settlement of derivatives
24,100
305
Level 2
There were no transfers between level 1 and 2 fair value measurements during the period and no transfers into or out of level 3 fair value
measurements during 2025.
The fair value of level 3 investment property is estimated by the Group by external, independent, certified evaluators. The fair value
measurement of the investment property has been mainly conducted in accordance with the comparative method, or the current market
values of similar properties. The main factors that were taken into consideration, are the property location, the surface area, the local urban
planning, the bordering road networks, the regional infrastructure, the property maintenance status and merchantability, the technical
construction standards in the case of buildings and the impact of environmental issues if any.
The fair value of the financial assets and liabilities is the amount at which the instrument could be exchanged in a current transaction
between willing parties, other than a forced liquidation or sale. The following methods and assumptions were used to estimate the
fair values:
For long- and short-term borrowings in level 2, the evaluation of their fair value is based on parameters such as interest rates, specific
country risk factors, or price quotations at the reporting date. Specifically, quoted market prices, or dealer quotes for the specific or similar
instruments are used.
For the majority of the borrowings in level 3, the fair values are not materially different from their carrying amounts, since the interest
payable on those borrowings is either close to current market rates, or the borrowings are of a short-term nature. The fair values of non-
current borrowings in level 3 are based on discounted cash flows using a borrowing rate prevailing in current market condition.
Level 2 derivative financial instruments comprise FX forwards, cross-currency interest rate swaps, interest rate swaps, natural gas forwards,
forward freight agreement. The Group uses a variety of methods and makes assumptions that are based on market conditions as at each
reporting date. The aforementioned contracts have been fair-valued using: a) forward exchange rates that are quoted in the active market,
b) forward interest rates extracted from observable yield curves, c) US Natural Gas Henry Hub futures prices that are quoted in the active
market and d) Baltic Supramax 10TC 58kt Forward Freight prices that are quoted in the active market.
Level 3 other financial assets at fair value through profit and loss refer mainly to investments in foreign property funds and in
decarbonization and electrification technology companies that transform renewable electricity into heat, in which the Group owns an
insignificant percentage. Their valuation is made based on their financial statements.
31. Other non-current liabilities and non-current contract liabilities
Accounting Policy
Government grants
Government grants are recognized at their fair value where there is a reasonable assurance that the grant will be received and the
Group will comply with all attached conditions.
Government grants are recognized in profit or loss on a systematic basis over the periods in which the Group recognizes as expenses
the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the
Group should purchase, construct or otherwise acquire non-current assets are recognized as deferred revenue in the statement of
financial position and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets.
(all amounts in Euro thousands)
2025
2024
Government grants
2,855
2,910
Top up Income Tax - Pillar2 (note 14)
2,898
3,552
Other non-current liabilities
6,114
4,296
11,867
10,758
Analysis of Government grants:
Non - current
2,855
2,910
Current (note 32)
69
69
2,924
2,979
Opening balance
2,979
3,149
Addition due to acquisition (note 4)
122
\u2013
Amortization (note 33)
-177
-170
Ending balance
2,924
2,979
Government grants relating to CapEx are reflected as long-term liabilities and are amortized on a straight-line basis, based on the
estimated useful life of the asset for which the grant was received.
Government grants received in respect of expenses are reflected in the income statement when the related expense is incurred, so that
the expense is matched to the income received.
32. Trade payables, other liabilities and current contract liabilities
(all amounts in Euro thousands)
2025
2024
Trade payables
301,606
321,282
Other payables
23,549
22,668
Accrued expenses
49,809
39,351
Social security
4,048
4,004
Dividends payable
102
110
Government grants (note 31)
69
69
Other taxes
13,328
13,090
Trade and other payables
392,511
400,574
Trade payables are non-interest bearing and are normally settled in 10-160 days. Other payables are non-interest bearing and have an
average term of one month.
(all amounts in Euro thousands)
2025
2024
Customer down payments/advances
13,690
18,868
Deferred Income
9,872
105
Current contract liabilities
23,562
18,973
The amount of \u20ac15,991 thousand, wh ich was included in current contract liabilities balance at the beginning of 2025, is recognized as sales
during the current fiscal year (related amount of 2024: \u20ac13,451 thousand).
34. Changes in liabilities arising from financing activities
(all amounts in Euro thousands)
Long-term
borrowings
Short-term
borrowings
Lease liabilities
Derivatives* and
interim settlements
Total
Year ended 31 December 2024
Opening balance
484,362
377,847
72,180
-1,086
933,303
Cash flows from financing activities
110,517
-273,689
-15,472
-19,281
-197,925
Acquisition of leases
\u2013
\u2013
21,492
\u2013
21,492
Changes in fair value
\u2013
\u2013
\u2013
21,205
21,205
Transfer among financial liabilities
-458
575
-117
\u2013
\u2013
Charged in the finance expenses
1,321
40,898
\u2013
\u2013
42,219
Bank term deposit
\u2013
-80,000
\u2013
\u2013
-80,000
Cash flow hedge
\u2013
\u2013
\u2013
3,709
3,709
Currency translation differences on transactions designated as part of net investment in foreign operation
8,613
\u2013
\u2013
\u2013
8,613
Exchange differences
-7,334
784
3,812
-82
-2,820
Ending balance
597,021
66,415
81,895
4,465
749,796
Year ended 31 December 2025
Opening balance
597,021
66,415
81,895
4,465
749,796
Cash flows from financing activities
22,207
-81,357
-14,972
34,012
-40,110
Acquisition of leases
\u2013
\u2013
17,551
\u2013
17,551
Changes in fair value
\u2013
\u2013
\u2013
-41,801
-41,801
Transfer among financial liabilities
-94,642
94,642
\u2013
\u2013
\u2013
Charged in the finance expenses
1,062
35,688
\u2013
\u2013
36,750
Acquisition of subsidiaries
2,779
402
\u2013
\u2013
3,181
Disposal of subsidiaries
-7,524
-12,432
-591
\u2013
-20,547
Cash flow hedge
\u2013
\u2013
\u2013
3,618
3,618
Currency translation differences on transactions designated as part of net investment in foreign operation
1,077
\u2013
\u2013
\u2013
1,077
Exchange differences
-1,925
-2,824
-7,383
-64
-12,196
Ending balance
520,055
100,534
76,500
230
697,319
* Derivatives of financing activities
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-630": { "value": "
7. Net finance costs and foreign exchange differences
(all amounts in Euro thousands)
2025
2024
i) Finance income
Interest income and related income (note 33)
12,101
7,352
Fair value gains on financial instruments (note 20, 28, 33)
1,650
2,802
Finance income
13,751
10,154
ii) Finance expenses
Interest expense and related expenses (note 33)
-31,574
-38,698
Finance costs of actuarial studies (note 11)
-559
-624
Unwinding of discount of rehabilitation and other provisions (note 30)
-2,442
-2,612
Interest expense on lease liabilities (note 16)
-4,276
-4,200
Fair value losses on financial instruments (note 28, 33)
-3,998
-378
Finance expense
-42,849
-46,512
iii) Loss from foreign exchange differences
Net exchange (losses)/gains (note 33)
-55,627
22,028
Fair value gains/(losses) on financial instruments (note 28)
45,799
-23,657
Losses from foreign exchange differences
-9,828
-1,629
iv) Gain on net monetary position in hyperinflationary economies
Gain on net monetary position in hyperinflationary economies (note 4b)
1,384
8,293
Losses from foreign exchange differences mainly arise from: 1) the effects of changes in foreign exchange rates of intragroup loans mainly
between the Group subsidiary in USA, Titan America LLC, and Titan Global Finance LLC (note 28a), and 2) the fair value of derivatives that
hedge the volatility of foreign currencies associated with these intragroup loans (note 28a) . In 2025, this line item also includes a gain of
\u20ac4.3 million from derivatives hedging foreign\u2011currency cash positions.
Finance costs of actuarial studies are included in note 10 \u201cEmployee Benefits Expense\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-629": { "value": "
7. Net finance costs and foreign exchange differences
(all amounts in Euro thousands)
2025
2024
i) Finance income
Interest income and related income (note 33)
12,101
7,352
Fair value gains on financial instruments (note 20, 28, 33)
1,650
2,802
Finance income
13,751
10,154
ii) Finance expenses
Interest expense and related expenses (note 33)
-31,574
-38,698
Finance costs of actuarial studies (note 11)
-559
-624
Unwinding of discount of rehabilitation and other provisions (note 30)
-2,442
-2,612
Interest expense on lease liabilities (note 16)
-4,276
-4,200
Fair value losses on financial instruments (note 28, 33)
-3,998
-378
Finance expense
-42,849
-46,512
iii) Loss from foreign exchange differences
Net exchange (losses)/gains (note 33)
-55,627
22,028
Fair value gains/(losses) on financial instruments (note 28)
45,799
-23,657
Losses from foreign exchange differences
-9,828
-1,629
iv) Gain on net monetary position in hyperinflationary economies
Gain on net monetary position in hyperinflationary economies (note 4b)
1,384
8,293
Losses from foreign exchange differences mainly arise from: 1) the effects of changes in foreign exchange rates of intragroup loans mainly
between the Group subsidiary in USA, Titan America LLC, and Titan Global Finance LLC (note 28a), and 2) the fair value of derivatives that
hedge the volatility of foreign currencies associated with these intragroup loans (note 28a) . In 2025, this line item also includes a gain of
\u20ac4.3 million from derivatives hedging foreign\u2011currency cash positions.
Finance costs of actuarial studies are included in note 10 \u201cEmployee Benefits Expense\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-628": { "value": "
7. Net finance costs and foreign exchange differences
(all amounts in Euro thousands)
2025
2024
i) Finance income
Interest income and related income (note 33)
12,101
7,352
Fair value gains on financial instruments (note 20, 28, 33)
1,650
2,802
Finance income
13,751
10,154
ii) Finance expenses
Interest expense and related expenses (note 33)
-31,574
-38,698
Finance costs of actuarial studies (note 11)
-559
-624
Unwinding of discount of rehabilitation and other provisions (note 30)
-2,442
-2,612
Interest expense on lease liabilities (note 16)
-4,276
-4,200
Fair value losses on financial instruments (note 28, 33)
-3,998
-378
Finance expense
-42,849
-46,512
iii) Loss from foreign exchange differences
Net exchange (losses)/gains (note 33)
-55,627
22,028
Fair value gains/(losses) on financial instruments (note 28)
45,799
-23,657
Losses from foreign exchange differences
-9,828
-1,629
iv) Gain on net monetary position in hyperinflationary economies
Gain on net monetary position in hyperinflationary economies (note 4b)
1,384
8,293
Losses from foreign exchange differences mainly arise from: 1) the effects of changes in foreign exchange rates of intragroup loans mainly
between the Group subsidiary in USA, Titan America LLC, and Titan Global Finance LLC (note 28a), and 2) the fair value of derivatives that
hedge the volatility of foreign currencies associated with these intragroup loans (note 28a) . In 2025, this line item also includes a gain of
\u20ac4.3 million from derivatives hedging foreign\u2011currency cash positions.
Finance costs of actuarial studies are included in note 10 \u201cEmployee Benefits Expense\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-627": { "value": "
7. Net finance costs and foreign exchange differences
(all amounts in Euro thousands)
2025
2024
i) Finance income
Interest income and related income (note 33)
12,101
7,352
Fair value gains on financial instruments (note 20, 28, 33)
1,650
2,802
Finance income
13,751
10,154
ii) Finance expenses
Interest expense and related expenses (note 33)
-31,574
-38,698
Finance costs of actuarial studies (note 11)
-559
-624
Unwinding of discount of rehabilitation and other provisions (note 30)
-2,442
-2,612
Interest expense on lease liabilities (note 16)
-4,276
-4,200
Fair value losses on financial instruments (note 28, 33)
-3,998
-378
Finance expense
-42,849
-46,512
iii) Loss from foreign exchange differences
Net exchange (losses)/gains (note 33)
-55,627
22,028
Fair value gains/(losses) on financial instruments (note 28)
45,799
-23,657
Losses from foreign exchange differences
-9,828
-1,629
iv) Gain on net monetary position in hyperinflationary economies
Gain on net monetary position in hyperinflationary economies (note 4b)
1,384
8,293
Losses from foreign exchange differences mainly arise from: 1) the effects of changes in foreign exchange rates of intragroup loans mainly
between the Group subsidiary in USA, Titan America LLC, and Titan Global Finance LLC (note 28a), and 2) the fair value of derivatives that
hedge the volatility of foreign currencies associated with these intragroup loans (note 28a) . In 2025, this line item also includes a gain of
\u20ac4.3 million from derivatives hedging foreign\u2011currency cash positions.
Finance costs of actuarial studies are included in note 10 \u201cEmployee Benefits Expense\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-626": { "value": "
7. Net finance costs and foreign exchange differences
(all amounts in Euro thousands)
2025
2024
i) Finance income
Interest income and related income (note 33)
12,101
7,352
Fair value gains on financial instruments (note 20, 28, 33)
1,650
2,802
Finance income
13,751
10,154
ii) Finance expenses
Interest expense and related expenses (note 33)
-31,574
-38,698
Finance costs of actuarial studies (note 11)
-559
-624
Unwinding of discount of rehabilitation and other provisions (note 30)
-2,442
-2,612
Interest expense on lease liabilities (note 16)
-4,276
-4,200
Fair value losses on financial instruments (note 28, 33)
-3,998
-378
Finance expense
-42,849
-46,512
iii) Loss from foreign exchange differences
Net exchange (losses)/gains (note 33)
-55,627
22,028
Fair value gains/(losses) on financial instruments (note 28)
45,799
-23,657
Losses from foreign exchange differences
-9,828
-1,629
iv) Gain on net monetary position in hyperinflationary economies
Gain on net monetary position in hyperinflationary economies (note 4b)
1,384
8,293
Losses from foreign exchange differences mainly arise from: 1) the effects of changes in foreign exchange rates of intragroup loans mainly
between the Group subsidiary in USA, Titan America LLC, and Titan Global Finance LLC (note 28a), and 2) the fair value of derivatives that
hedge the volatility of foreign currencies associated with these intragroup loans (note 28a) . In 2025, this line item also includes a gain of
\u20ac4.3 million from derivatives hedging foreign\u2011currency cash positions.
Finance costs of actuarial studies are included in note 10 \u201cEmployee Benefits Expense\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-625": { "value": "
7. Net finance costs and foreign exchange differences
(all amounts in Euro thousands)
2025
2024
i) Finance income
Interest income and related income (note 33)
12,101
7,352
Fair value gains on financial instruments (note 20, 28, 33)
1,650
2,802
Finance income
13,751
10,154
ii) Finance expenses
Interest expense and related expenses (note 33)
-31,574
-38,698
Finance costs of actuarial studies (note 11)
-559
-624
Unwinding of discount of rehabilitation and other provisions (note 30)
-2,442
-2,612
Interest expense on lease liabilities (note 16)
-4,276
-4,200
Fair value losses on financial instruments (note 28, 33)
-3,998
-378
Finance expense
-42,849
-46,512
iii) Loss from foreign exchange differences
Net exchange (losses)/gains (note 33)
-55,627
22,028
Fair value gains/(losses) on financial instruments (note 28)
45,799
-23,657
Losses from foreign exchange differences
-9,828
-1,629
iv) Gain on net monetary position in hyperinflationary economies
Gain on net monetary position in hyperinflationary economies (note 4b)
1,384
8,293
Losses from foreign exchange differences mainly arise from: 1) the effects of changes in foreign exchange rates of intragroup loans mainly
between the Group subsidiary in USA, Titan America LLC, and Titan Global Finance LLC (note 28a), and 2) the fair value of derivatives that
hedge the volatility of foreign currencies associated with these intragroup loans (note 28a) . In 2025, this line item also includes a gain of
\u20ac4.3 million from derivatives hedging foreign\u2011currency cash positions.
Finance costs of actuarial studies are included in note 10 \u201cEmployee Benefits Expense\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-624": { "value": "
7. Net finance costs and foreign exchange differences
(all amounts in Euro thousands)
2025
2024
i) Finance income
Interest income and related income (note 33)
12,101
7,352
Fair value gains on financial instruments (note 20, 28, 33)
1,650
2,802
Finance income
13,751
10,154
ii) Finance expenses
Interest expense and related expenses (note 33)
-31,574
-38,698
Finance costs of actuarial studies (note 11)
-559
-624
Unwinding of discount of rehabilitation and other provisions (note 30)
-2,442
-2,612
Interest expense on lease liabilities (note 16)
-4,276
-4,200
Fair value losses on financial instruments (note 28, 33)
-3,998
-378
Finance expense
-42,849
-46,512
iii) Loss from foreign exchange differences
Net exchange (losses)/gains (note 33)
-55,627
22,028
Fair value gains/(losses) on financial instruments (note 28)
45,799
-23,657
Losses from foreign exchange differences
-9,828
-1,629
iv) Gain on net monetary position in hyperinflationary economies
Gain on net monetary position in hyperinflationary economies (note 4b)
1,384
8,293
Losses from foreign exchange differences mainly arise from: 1) the effects of changes in foreign exchange rates of intragroup loans mainly
between the Group subsidiary in USA, Titan America LLC, and Titan Global Finance LLC (note 28a), and 2) the fair value of derivatives that
hedge the volatility of foreign currencies associated with these intragroup loans (note 28a) . In 2025, this line item also includes a gain of
\u20ac4.3 million from derivatives hedging foreign\u2011currency cash positions.
Finance costs of actuarial studies are included in note 10 \u201cEmployee Benefits Expense\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-633": { "value": "
8. Expenses by nature
(all amounts in Euro thousands)
2025
2024
Staff costs and related expenses (note 10)
-469,303
-463,855
Raw materials and consumables used
-684,842
-690,698
Energy cost
-339,401
-368,240
Changes in inventory of finished goods and work in progress
1,951
37,207
Distribution expenses
-249,292
-267,391
Third party fees
-216,528
-215,369
Depreciation, amortization and impairment of tangible, intangible assets and government grants (note 15,
19, 31, 33)
-172,147
-165,842
Other expenses
-114,172
-105,423
Total expenses by nature
-2,243,734
-2,239,611
Included in:
Cost of sales
-1,934,721
-1,942,187
Administrative expenses
-269,497
-257,419
Selling and marketing expenses
-39,516
-40,005
-2,243,734
-2,239,611
The total operating expenditure corresponding to taxonomy-eligible products based on climate change mitigation criteria economic
activities in 2025 amounts to \u20ac103.7 million (2024: \u20ac 111.5 million).
The above expenses include the amount of \u20ac7.1 million (2024: \u20ac8.8 million) for research and development activities aimed at advancing
innovation within the context of climate change mitigation and sustainable construction.
10. Employee Benefits Expense
(all amounts in Euro thousands)
2025
2024
Wages, salaries and related expenses
409,235
391,656
Social security costs
38,584
36,924
Share-based payment expense (note 12)
11,413
20,166
Other post retirement and termination benefits - defined benefit plans (note 11)
10,748
15,887
Total staff costs
469,980
464,633
The average number of Group employees for the fiscal year 2025 was 5,916 (2024: 5,876).
The increase in salaries, wages, and related expenses is due to a rise in the total number of the Group's personnel, along with
corresponding salary growth.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-632": { "value": "
8. Expenses by nature
(all amounts in Euro thousands)
2025
2024
Staff costs and related expenses (note 10)
-469,303
-463,855
Raw materials and consumables used
-684,842
-690,698
Energy cost
-339,401
-368,240
Changes in inventory of finished goods and work in progress
1,951
37,207
Distribution expenses
-249,292
-267,391
Third party fees
-216,528
-215,369
Depreciation, amortization and impairment of tangible, intangible assets and government grants (note 15,
19, 31, 33)
-172,147
-165,842
Other expenses
-114,172
-105,423
Total expenses by nature
-2,243,734
-2,239,611
Included in:
Cost of sales
-1,934,721
-1,942,187
Administrative expenses
-269,497
-257,419
Selling and marketing expenses
-39,516
-40,005
-2,243,734
-2,239,611
The total operating expenditure corresponding to taxonomy-eligible products based on climate change mitigation criteria economic
activities in 2025 amounts to \u20ac103.7 million (2024: \u20ac 111.5 million).
The above expenses include the amount of \u20ac7.1 million (2024: \u20ac8.8 million) for research and development activities aimed at advancing
innovation within the context of climate change mitigation and sustainable construction.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-631": { "value": "
8. Expenses by nature
(all amounts in Euro thousands)
2025
2024
Staff costs and related expenses (note 10)
-469,303
-463,855
Raw materials and consumables used
-684,842
-690,698
Energy cost
-339,401
-368,240
Changes in inventory of finished goods and work in progress
1,951
37,207
Distribution expenses
-249,292
-267,391
Third party fees
-216,528
-215,369
Depreciation, amortization and impairment of tangible, intangible assets and government grants (note 15,
19, 31, 33)
-172,147
-165,842
Other expenses
-114,172
-105,423
Total expenses by nature
-2,243,734
-2,239,611
Included in:
Cost of sales
-1,934,721
-1,942,187
Administrative expenses
-269,497
-257,419
Selling and marketing expenses
-39,516
-40,005
-2,243,734
-2,239,611
The total operating expenditure corresponding to taxonomy-eligible products based on climate change mitigation criteria economic
activities in 2025 amounts to \u20ac103.7 million (2024: \u20ac 111.5 million).
The above expenses include the amount of \u20ac7.1 million (2024: \u20ac8.8 million) for research and development activities aimed at advancing
innovation within the context of climate change mitigation and sustainable construction.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-634": { "value": "
(all amounts in Euro thousands)
2025
2024
Staff costs and related expenses (note 10)
-469,303
-463,855
Raw materials and consumables used
-684,842
-690,698
Energy cost
-339,401
-368,240
Changes in inventory of finished goods and work in progress
1,951
37,207
Distribution expenses
-249,292
-267,391
Third party fees
-216,528
-215,369
Depreciation, amortization and impairment of tangible, intangible assets and government grants (note 15,
19, 31, 33)
-172,147
-165,842
Other expenses
-114,172
-105,423
Total expenses by nature
-2,243,734
-2,239,611
Included in:
Cost of sales
-1,934,721
-1,942,187
Administrative expenses
-269,497
-257,419
Selling and marketing expenses
-39,516
-40,005
-2,243,734
-2,239,611
Accounting Policy
Property, plant and equipment (PPE) is stated at historical cost less accumulated depreciation and impairment losses, except for land
(excluding land improvements and quarries), which is shown at cost less impairment losses.
Cost includes expenditure that is directly attributable to the acquisition of the items and any environmental rehabilitation costs to
the\u00a0extent that they have been recognized as a provision (refer to note 30). Subsequent costs are included in the asset\u2019s carrying
amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with
the\u00a0item will flow to the entity and the cost of the item can be measured reliably. The carrying amount of the replaced part is
derecognized. All other repairs and maintenance are charged to the income statement as incurred. Subsequent costs are
depreciated over the remaining useful life of the related asset or to the date of the next major subsequent cost whichever
is\u00a0the\u00a0sooner.
Depreciation, with the exception of quarries and land, is calculated using the straight-line method to allocate the cost of the assets
to\u00a0their residual values over their estimated useful lives as follows:
Category of PPE
Indicative useful lives
Buildings
Up to 50 years
Plant and equipment
Up to 40 years
Motor vehicles
5 to 20 years
Office equipment furniture and fittings (including computer
equipment and software integral to the operation of the
hardware)
2 to 10 years
Minor value assets
Up to 2 years
Land on which owned quarries are located is depreciated on a depletion basis. This depletion is recorded as the material extraction
process advances based on the unit-of-production method. Other land is not depreciated. The cost of the exploration of non-owned
quarries is recognized as operating cost in profit or loss as incurred .
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. Where the carrying
amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount (refer
to note 2 - Impairment of non-financial assets other than Goodwill).
An item of PPE and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are
expected from its use or disposal. Gains and losses on disposals are determined by comparing proceeds with carrying amount and
are included in profit or loss.
Interest costs on borrowings specifically used to finance the construction of PPE are capitalized during the construction period
if\u00a0recognition criteria are met.
For the accounting policy regarding right-of-use assets, refer to note 16 \u201cLeases\u201d.
(all amounts in Euro thousands)
Year ended 31 December 2024
Land & Land
Improvements
Quarries
Buildings
Plant &
equipment
Motor vehicles
Office furniture,
fixtures and
equipment
Assets under
construction
Total
Opening balance
233,929
121,897
208,367
796,185
89,665
12,164
159,268
1,621,475
Additions
219
12,094
697
7,362
2,647
1,139
191,222
215,380
Hyperinflation adjustments
2,077
\u2013
13,893
31,580
43
88
92
47,773
Additions due to acquisition (note 4)
700
\u2013
77
17
\u2013
3
\u2013
797
Disposals (NBV)
-594
-1,130
-295
-1,121
-1,008
-20
-363
-4,531
Reclassification of assets from/to other PPE categories
9,033
820
52,739
124,670
58,924
4,544
-250,730
\u2013
Transfer to other ROU's categories
\u2013
\u2013
-113
12
-2,448
\u2013
\u2013
-2,549
Transfers from/to other accounts
-16
2,542
82
113
\u2013
15
-475
2,261
Depreciation charge (note 33)
-3,437
-12,815
-12,723
-80,721
-23,838
-3,393
\u2013
-136,927
Exchange differences
1,011
6,406
-5,368
-18,033
5,683
103
3,672
-6,526
Ending balance
242,922
129,814
257,356
860,064
129,668
14,643
102,686
1,737,153
Right of use assets
Opening balance
15,381
\u2013
22,938
323
28,762
\u2013
\u2013
67,404
Additions
2,567
\u2013
10,934
442
5,437
51
\u2013
19,431
Disposals (NBV)
\u2013
\u2013
\u2013
\u2013
-218
\u2013
\u2013
-218
Transfers from/to other accounts
\u2013
\u2013
-28
\u2013
-53
\u2013
\u2013
-81
Transfers from other PPE categories
\u2013
\u2013
113
-12
2,448
\u2013
\u2013
2,549
Depreciation charge (note 33, 16)
-2,084
\u2013
-4,352
-285
-8,899
-5
\u2013
-15,625
Exchange differences
1,015
\u2013
1,266
19
1,247
3
\u2013
3,550
Ending balance (note 16)
16,879
\u2013
30,871
487
28,724
49
\u2013
77,010
At 31 December 2024
Cost
347,030
294,935
592,925
2,291,077
425,469
71,727
102,686
4,125,849
Accumulated depreciation
-83,525
-164,154
-303,659
-1,423,733
-267,077
-57,023
\u2013
-2,299,171
Accumulated losses of impairment of PPE
-3,704
-967
-1,039
-6,793
\u2013
-12
\u2013
-12,515
Net book value
259,801
129,814
288,227
860,551
158,392
14,692
102,686
1,814,163
(all amounts in Euro thousands)
Year ended 31 December 2025
Land & Land
Improvements
Quarries
Buildings
Plant &
equipment
Motor vehicles
Office furniture,
fixtures and
equipment
Assets under
construction
Total
Opening balance
242,922
129,814
257,356
860,064
129,668
14,643
102,686
1,737,153
Additions
1,290
6,518
2,116
9,179
760
1,425
234,910
256,198
Hyperinflation adjustments
1,392
\u2013
6,291
13,728
15
18
-61
21,383
Additions due to acquisition (note 4)
\u2013
\u2013
2,778
618
260
5
2
3,663
Interest capitalization
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,104
1,104
Disposals (NBV)
-803
\u2013
-98
-521
-435
-20
-1,962
-3,839
Derecognition on subsidiary disposal (net book value)
-2,433
\u2013
-41,009
-94,321
-160
-335
-3,137
-141,395
Reclassification of assets from/to other PPE categories
6,072
3,822
14,728
66,214
66,207
6,028
-163,071
\u2013
Transfers from/to other accounts
21
885
-141
-256
\u2013
\u2013
-3,709
-3,200
Depreciation charge (note 33)
-3,038
-8,960
-13,734
-85,630
-28,750
-3,860
\u2013
-143,972
Exchange differences
-20,578
-12,921
-19,927
-57,593
-13,402
-795
-9,073
-134,289
Ending balance
224,845
119,158
208,360
711,482
154,163
17,109
157,689
1,592,806
Right of use assets
Opening balance
16,879
\u2013
30,871
487
28,724
49
\u2013
77,010
Additions
902
\u2013
7,318
212
9,611
\u2013
\u2013
18,043
Hyperinflation adjustments
\u2013
\u2013
28
370
350
\u2013
\u2013
748
Disposals (NBV)
\u2013
\u2013
-13
-140
-857
\u2013
\u2013
-1,010
Derecognition on subsidiary disposal (net book value)
\u2013
\u2013
-266
\u2013
-176
\u2013
\u2013
-442
Transfers to other accounts
\u2013
\u2013
-468
\u2013
\u2013
\u2013
\u2013
-468
Additions for restoration provisions
\u2013
\u2013
\u2013
\u2013
5,874
\u2013
\u2013
5,874
Depreciation charge (note 33, 16)
-2,078
\u2013
-4,501
-116
-10,843
-12
\u2013
-17,550
Exchange differences
-1,825
\u2013
-2,659
-29
-2,846
-6
\u2013
-7,365
Ending balance (note 16)
13,878
\u2013
30,310
784
29,837
31
\u2013
74,840
At 31 December 2025
Cost
321,258
275,804
542,614
2,104,628
437,168
74,631
157,689
3,913,792
Accumulated depreciation
-79,054
-155,791
-302,905
-1,385,924
-253,168
-57,479
\u2013
-2,234,321
Accumulated losses of impairment of PPE
-3,481
-855
-1,039
-6,438
\u2013
-12
\u2013
-11,825
Net book value
238,723
119,158
238,670
712,266
184,000
17,140
157,689
1,667,646
Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an
indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset
with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected
pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or
method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with
finite lives is recognized in the income statement as the expense category that is consistent with the function of the intangible assets.
The amortization methods used for the Group\u2019s intangibles are as follows:
Category of intangible assets
Amortization Method
Indicative useful lives
Patents, trademarks and customer
relationships
straight-line basis
up to 20 years
Licenses (mining permits)
straight-line basis
depletion method
shorter of: the permit period and the estimated life of the
underlying quarry
unit-of-production method
Development costs (non-owned quarries)
note 2
note 2
Computer software
straight-line basis
3 to 10 years
(all amounts in Euro thousands)
Licences
Trademarks
Computer
software
Other intangible
assets
Assets under
construction
Total
Balance at 1 January 2024
22,675
13,203
24,471
2,842
16,444
79,635
Additions
146
\u2013
2,296
4,591
8,776
15,809
Disposals (NBV)
\u2013
\u2013
-1
\u2013
-5
-6
Hyperinflation adjustments
195
\u2013
6
1
\u2013
202
Additions due to acquisition
11,158
\u2013
\u2013
\u2013
\u2013
11,158
Reclassification of assets from/to other intangible assets categories
\u2013
\u2013
1,613
1,935
-3,548
\u2013
Transfers from/(to) other accounts
\u2013
\u2013
695
-323
-23
349
Amortization charge (note 33)
-1,147
-185
-5,784
-237
\u2013
-7,353
Exchange differences
-4,010
805
923
-210
-70
-2,562
Balance at 31 December 2024
29,017
13,823
24,219
8,599
21,574
97,232
Balance at 1 January 2025
29,017
13,823
24,219
8,599
21,574
97,232
Additions
151
\u2013
1,582
38
8,938
10,709
Disposals (NBV)
-9
\u2013
\u2013
\u2013
-500
-509
Hyperinflation adjustments
376
\u2013
26
1
\u2013
403
Additions due to acquisition (note 4a)
4,772
\u2013
\u2013
15
\u2013
4,787
Derecognition on subsidiary disposal (net book value)
-521
\u2013
\u2013
-2
\u2013
-523
Reclassification of assets from/to other intangible assets categories
14
\u2013
2,325
6,954
-9,293
\u2013
Transfers from/(to) other accounts
\u2013
\u2013
88
2,241
1,289
3,618
Amortization charge (note 33)
-813
-185
-6,532
-147
\u2013
-7,677
Exchange differences
-641
-1,560
-1,552
-44
-211
-4,008
Balance at 31 December 2025
32,346
12,078
20,156
17,655
21,797
104,032
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-635": { "value": "
9. Earnings per share
Accounting Policy
Basic EPS are calculated by dividing the net profit attributable to shareholders for the year by the weighted average number of
shares in issue during the year, excluding shares purchased by the Group and held as treasury shares.
(all amounts in Euro thousands unless otherwise stated)
2025
2024
Net profit for the year attributable to equity holders of the parent
236,291
289,160
Weighted average number of ordinary shares in issue
74,386,715
74,415,158
Basic earnings per ordinary share (in \u20ac)
3.1765
3.8858
Accounting Policy
Diluted EPS are calculated by dividing the profit attributable to equity holders of the parent by the weighted average number of\u00a0
shares outstanding during the year plus the weighted average number of shares that would be issued on conversion of all the
dilutive potential shares into shares (note 12).
(all amounts in Euro thousands unless otherwise stated)
2025
2024
Net profit for the year attributable to equity holders of the parent
236,291
289,160
Weighted average number of ordinary shares for diluted earnings per share
74,386,715
74,415,158
Share options and awards
563,479
559,866
Total weighted average number of shares in issue for diluted earnings per share
74,950,194
74,975,024
Diluted earnings per ordinary share (in \u20ac)
3.1526
3.8568
Adjustment in the calculation of diluted EPS
On 1 July 2024, the Group removed the cash settlement option from the LTI-RS, LTI-PS and DCP schemes (note 12), requiring vested
awards to be settled exclusively in the Company\u2019s shares. Consequently, the schemes were reclassified from cash-settled to equity-settled
share-based payments and should have been included in the diluted EPS calculation from that date. In the first half of 2025, the Group
identified that this change had not been reflected in the 2024 diluted EPS calculation, resulting in an understatement of the weighted
average number of ordinary shares and an overstatement of diluted EPS. This adjustment reduced diluted EPS by \u20ac0.0283 per share
compared to 2024 published respective figure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-636": { "value": "
Accounting Policy
Basic EPS are calculated by dividing the net profit attributable to shareholders for the year by the weighted average number of
shares in issue during the year, excluding shares purchased by the Group and held as treasury shares.
Accounting Policy
Diluted EPS are calculated by dividing the profit attributable to equity holders of the parent by the weighted average number of\u00a0
shares outstanding during the year plus the weighted average number of shares that would be issued on conversion of all the
dilutive potential shares into shares (note 12).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-637": { "value": "
10. Employee Benefits Expense
(all amounts in Euro thousands)
2025
2024
Wages, salaries and related expenses
409,235
391,656
Social security costs
38,584
36,924
Share-based payment expense (note 12)
11,413
20,166
Other post retirement and termination benefits - defined benefit plans (note 11)
10,748
15,887
Total staff costs
469,980
464,633
The average number of Group employees for the fiscal year 2025 was 5,916 (2024: 5,876).
The increase in salaries, wages, and related expenses is due to a rise in the total number of the Group's personnel, along with
corresponding salary growth.
Greece
The Group grants retirement indemnities which exceed the legal requirements. These retirement indemnities are unfunded and the
liabilities arising from such obligations are valued by an independent firm of actuaries. The last actuarial valuation was undertaken in
December 2025.
The principal actuarial assumptions used were as follows:
\u2022 a discount rate of 2.916% as of 31 December 2024 with time-weighted average duration 8.04 years according to the market conditions
as of 31 December 2024, and a discount rate of 3.49% as of 31 December 2025 with time-weighted average duration 7.85 years
according to the market conditions as of 31 December 2025;
\u2022 future salary increases of 2% (2024: 2%); and
\u2022 the average turnover rate for permanent employees aged up to 45 years is 2% for voluntary resignation and 1% for dismissal; for
employees aged 46-50 years it is 0% for both voluntary resignation and dismissal; and for employees over 51 years it is 0% for both
voluntary resignation and dismissal.
USA
The Group's US subsidiaries operate defined benefit plans and other post-retirement benefit plans.\u00a0 The method of accounting for the
latter, as well as the valuation assumptions and the frequency of valuations are similar to those used for defined benefit plans.
All of the Group's US subsidiaries' defined benefit pension plans and all but one of its other post-retirement plans have been frozen as to
new participants and credited service. One post-retirement benefit plan exists (for certain active and former employees) whereby eligible
retirees receive benefits consisting primarily of assistance with medical insurance costs between the dates of early retirement and
Medicare eligibility.
On 31 December 2025 the plan assets of the Group's subsidiaries in the US have invested approximately 0% (2024: 0%) in equity
instruments quoted in US and international stock markets, 95% (2024: 95%) in fixed investments (US and international bonds) and 5% on
other investments. The discount rate that has been adopted for the study of the pension plans of the Group's subsidiaries in the US was
5.02% (2024: 5.35%).
Non-qualified deferred compensation plan
This plan is intended to constitute an unfunded plan of deferred compensation for a selected group of highly compensated employees
under the Employee Income Security Act of 1974 (\"ERISA\"). For this purpose the Group's US subsidiary created an irrevocable trust to
facilitate the payment of deferred compensation to participants under this plan. Under this plan the participants are eligible to defer from
0% to 20% of eligible compensation for the applicable plan year. On 31 December 2025 and 2024, plan assets totaled \u20ac3,922 thousand
and \u20ac3,886\u00a0 thousand, respectively, and are classified as other non-current assets in the accompanying consolidated statement of
financial position (note 5, 20). There were no costs for the plan for the year ended 31 December 2025 or 2024.
The amounts relating to defined benefit pension plans and other post-retirement and termination benefits (defined benefit plans)
recognized in the income statement and the statements of comprehensive income are as follows:
(all amounts in Euro thousands)
2025
2024
Current service cost
3,067
3,629
Interest cost
965
1,079
Provision of past service cost for the following year due to the voluntary resignation plans
6,155
5,757
Interest income
-406
-455
Provision for retirement and termination benefit obligations (note 33)
9,781
10,010
Additional post retirement and termination benefits paid out, not provided for
589
5,877
Post retirement and termination benefits paid out, not provided for due to the voluntary resignation plans
378
\u2013
10,748
15,887
Amounts recognized in profit before interest, taxes, depreciation, amortization and impairment
10,189
15,263
Amounts recognized in finance cost (note 7)
559
624
Amounts recognized in the income statement
10,748
15,887
Actuarial gains recognized in \u03bfther comprehensive income
326
1,553
Amount charged to statement of total comprehensive income
11,074
17,440
Present value of the liability at the end of the period
36,982
36,938
Minus fair value of US plans assets
-11,812
-13,063
25,170
23,875
Change in the present value of the defined benefit obligation
(all amounts in Euro thousands)
2025
2024
Opening balance
23,875
21,371
Total expense
10,748
15,887
Re-measurement losses recognized immediately in \u03bfther comprehensive income
326
1,553
Additions due to acquisition of subsidiary
4
\u2013
Disposal of subsidiary
-266
\u2013
Exchange differences
-647
266
Benefits paid during the year
-8,870
-15,202
Ending balance
25,170
23,875
Changes in the fair value of US plan assets:
(all amounts in Euro thousands)
2025
2024
Fair value of plan assets at the beginning of the period
13,063
12,569
Expected return
564
69
Company contributions
598
620
Administrative expenses
-110
-83
Benefits paid
-789
-910
Exchange difference
-1,514
798
Fair value of plan assets at the end of the period
11,812
13,063
A quantitative sensitivity analysis for significant assumptions is shown below:
(all amounts in Euro thousands)
Year ended 31 December 2025
Year ended 31 December 2024
Assumptions
1.0% increase
1.0% decrease
1.0% increase
1.0% decrease
Impact on the net defined benefit obligation:
Discount rate
-1,192
1,341
-1,310
1,468
Salary
739
-685
751
-693
Health care costs
72
-67
84
-79
Impact on the current service costs:
Discount rate
-105
117
-100
112
Salary
140
-127
134
-121
Healthcare costs
3
-3
3
-3
The sensitivity analyses above have been determined based on a method that extrapolates the impact on net defined benefit obligation as
a result of reasonable changes in key assumptions occurring at the end of the reporting period.
The following payments are expected payments to be made in the future years out of the undiscounted defined benefit plan obligation:
(all amounts in Euro thousands)
2025
2024
Not later than 1 year
5,707
5,318
Later than 1 year and not later than 5 years
9,543
9,822
Later than 5 years and not later than 10 years
9,540
9,417
Beyond 10 years
16,978
18,116
Total expected payments
41,768
42,673
11. Pensions and other post-employment benefit plans (continued)
The components of actuarial losses that re-calculated and recognized immediately in the other comprehensive income for the years ended
December 31, 2025 and 2024 are as follows:
(all amounts in Euro thousands)
2025
2024
Due to experience
957
699
Due to assumptions (financial)
-437
548
Due to assumptions (demographic)
-36
-80
Re-measurement losses on DBO
484
1,167
Re-measurement losses/(gains) on plan assets
-158
386
Re-measurement losses/(gains) for the period
326
1,553
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-638": { "value": "The average number of Group employees for the fiscal year 2025 was 5,916 (2024: 5,876).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-639": { "value": "
Accounting Policy
Pension and other retirement obligations
The Group operates various pension and other retirement schemes, including both defined benefit and defined contribution pension
plans in accordance with the local conditions and practices in the countries in which it operates. A defined contribution plan is a
pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive
obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to
employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined contribution plan.
Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent
on one or more factors such as age, years of service and compensation.
The liability recognized in the statement of financial position in respect of defined benefit pension or retirement plans is the present
value of the defined benefit obligation at the reporting date less the fair value of plan assets.
The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest
rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms
approximating to the terms of the related obligation. In countries where there is no deep market in such bonds, the market rates on
government bonds are used.
Past service costs are recognized in profit or loss on the earlier of:
\u2022 the date of the plan amendment or curtailment
\u2022 the date that the Group recognizes restructuring-related costs
\u2022 Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the
following changes in the net defined benefit obligation:
\u2022 Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements
under other operating expenses/income
\u2022 Net interest expense or income under finance expenses
\u2022 Re-measurements, comprising of the actuarial gains and losses, the effect of the asset ceiling (excluding net interest - not
applicable to the Group) and the return on plan assets (excluding net interest), are recognized immediately in the statement of
financial position with a corresponding debit or credit to retained earnings through other comprehensive income (OCI) in the
period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent periods.
For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a
mandatory, contractual or voluntary basis. Once the contributions have been paid, the Group has no further payment obligations.
The regular contributions constitute net periodic costs for the year in which they are due and as such are included in staff costs.
Termination benefits are payable when employment is terminated by the group before the normal retirement date, or when an
employee accepts voluntary redundancy in exchange for these benefits.
The Group recognizes termination benefits at the earlier of the following dates: (a) when the group can no longer withdraw the offer
of those benefits; and (b) when the entity recognizes costs for a restructuring that is within the scope of IAS 37 and involves the
payment of termination benefits. The obligating event is the termination and not the service. In the case of an offer made to
encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the
offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their present value.
Greece
The Group grants retirement indemnities which exceed the legal requirements. These retirement indemnities are unfunded and the
liabilities arising from such obligations are valued by an independent firm of actuaries. The last actuarial valuation was undertaken in
December 2025.
The principal actuarial assumptions used were as follows:
\u2022 a discount rate of 2.916% as of 31 December 2024 with time-weighted average duration 8.04 years according to the market conditions
as of 31 December 2024, and a discount rate of 3.49% as of 31 December 2025 with time-weighted average duration 7.85 years
according to the market conditions as of 31 December 2025;
\u2022 future salary increases of 2% (2024: 2%); and
\u2022 the average turnover rate for permanent employees aged up to 45 years is 2% for voluntary resignation and 1% for dismissal; for
employees aged 46-50 years it is 0% for both voluntary resignation and dismissal; and for employees over 51 years it is 0% for both
voluntary resignation and dismissal.
USA
The Group's US subsidiaries operate defined benefit plans and other post-retirement benefit plans.\u00a0 The method of accounting for the
latter, as well as the valuation assumptions and the frequency of valuations are similar to those used for defined benefit plans.
All of the Group's US subsidiaries' defined benefit pension plans and all but one of its other post-retirement plans have been frozen as to
new participants and credited service. One post-retirement benefit plan exists (for certain active and former employees) whereby eligible
retirees receive benefits consisting primarily of assistance with medical insurance costs between the dates of early retirement and
Medicare eligibility.
On 31 December 2025 the plan assets of the Group's subsidiaries in the US have invested approximately 0% (2024: 0%) in equity
instruments quoted in US and international stock markets, 95% (2024: 95%) in fixed investments (US and international bonds) and 5% on
other investments. The discount rate that has been adopted for the study of the pension plans of the Group's subsidiaries in the US was
5.02% (2024: 5.35%).
Non-qualified deferred compensation plan
This plan is intended to constitute an unfunded plan of deferred compensation for a selected group of highly compensated employees
under the Employee Income Security Act of 1974 (\"ERISA\"). For this purpose the Group's US subsidiary created an irrevocable trust to
facilitate the payment of deferred compensation to participants under this plan. Under this plan the participants are eligible to defer from
0% to 20% of eligible compensation for the applicable plan year. On 31 December 2025 and 2024, plan assets totaled \u20ac3,922 thousand
and \u20ac3,886\u00a0 thousand, respectively, and are classified as other non-current assets in the accompanying consolidated statement of
financial position (note 5, 20). There were no costs for the plan for the year ended 31 December 2025 or 2024.
The amounts relating to defined benefit pension plans and other post-retirement and termination benefits (defined benefit plans)
recognized in the income statement and the statements of comprehensive income are as follows:
(all amounts in Euro thousands)
2025
2024
Current service cost
3,067
3,629
Interest cost
965
1,079
Provision of past service cost for the following year due to the voluntary resignation plans
6,155
5,757
Interest income
-406
-455
Provision for retirement and termination benefit obligations (note 33)
9,781
10,010
Additional post retirement and termination benefits paid out, not provided for
589
5,877
Post retirement and termination benefits paid out, not provided for due to the voluntary resignation plans
378
\u2013
10,748
15,887
Amounts recognized in profit before interest, taxes, depreciation, amortization and impairment
10,189
15,263
Amounts recognized in finance cost (note 7)
559
624
Amounts recognized in the income statement
10,748
15,887
Actuarial gains recognized in \u03bfther comprehensive income
326
1,553
Amount charged to statement of total comprehensive income
11,074
17,440
Present value of the liability at the end of the period
36,982
36,938
Minus fair value of US plans assets
-11,812
-13,063
25,170
23,875
Change in the present value of the defined benefit obligation
(all amounts in Euro thousands)
2025
2024
Opening balance
23,875
21,371
Total expense
10,748
15,887
Re-measurement losses recognized immediately in \u03bfther comprehensive income
326
1,553
Additions due to acquisition of subsidiary
4
\u2013
Disposal of subsidiary
-266
\u2013
Exchange differences
-647
266
Benefits paid during the year
-8,870
-15,202
Ending balance
25,170
23,875
Changes in the fair value of US plan assets:
(all amounts in Euro thousands)
2025
2024
Fair value of plan assets at the beginning of the period
13,063
12,569
Expected return
564
69
Company contributions
598
620
Administrative expenses
-110
-83
Benefits paid
-789
-910
Exchange difference
-1,514
798
Fair value of plan assets at the end of the period
11,812
13,063
A quantitative sensitivity analysis for significant assumptions is shown below:
(all amounts in Euro thousands)
Year ended 31 December 2025
Year ended 31 December 2024
Assumptions
1.0% increase
1.0% decrease
1.0% increase
1.0% decrease
Impact on the net defined benefit obligation:
Discount rate
-1,192
1,341
-1,310
1,468
Salary
739
-685
751
-693
Health care costs
72
-67
84
-79
Impact on the current service costs:
Discount rate
-105
117
-100
112
Salary
140
-127
134
-121
Healthcare costs
3
-3
3
-3
The sensitivity analyses above have been determined based on a method that extrapolates the impact on net defined benefit obligation as
a result of reasonable changes in key assumptions occurring at the end of the reporting period.
The following payments are expected payments to be made in the future years out of the undiscounted defined benefit plan obligation:
(all amounts in Euro thousands)
2025
2024
Not later than 1 year
5,707
5,318
Later than 1 year and not later than 5 years
9,543
9,822
Later than 5 years and not later than 10 years
9,540
9,417
Beyond 10 years
16,978
18,116
Total expected payments
41,768
42,673
11. Pensions and other post-employment benefit plans (continued)
The components of actuarial losses that re-calculated and recognized immediately in the other comprehensive income for the years ended
December 31, 2025 and 2024 are as follows:
(all amounts in Euro thousands)
2025
2024
Due to experience
957
699
Due to assumptions (financial)
-437
548
Due to assumptions (demographic)
-36
-80
Re-measurement losses on DBO
484
1,167
Re-measurement losses/(gains) on plan assets
-158
386
Re-measurement losses/(gains) for the period
326
1,553
30. Provisions
Accounting Policy
Provisions and contingencies
Provisions represent liabilities of uncertain timing or amount and are recognized when the Group has a present legal or constructive
obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable
estimate of the amount can be made. Where the Group expects a provision to be reimbursed, for example under an insurance
contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense
relating to any provision is presented in the income statement net of any reimbursement.
Provisions are not recognized for future operating losses. The Group recognizes a provision for onerous contracts when the
economic benefits to be derived from a contract are less than the unavoidable costs of meeting the obligations under the contract.
Restructuring provisions comprise lease termination penalties and employee termination payments, and are recognized in the
period in which the Group becomes legally or constructively committed to payment. Costs related to the ongoing activities of the
Group are not provided for in advance.
Where the effect of the time value of money is material, provisions are measured at the present value of the expenditure expected to
be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the
risks specific to the obligation. The increase in the provision due the passage of time is recognized as a finance expense.
Site restoration, quarry rehabilitation and environmental costs
Companies within the Group are generally required to restore the land used for quarries and processing sites at the end of their
producing lives to a condition acceptable to the relevant authorities and consistent with the Group\u2019s environmental policies.
Provisions for environmental restoration are recognized when the Group has a present legal or constructive obligation as a result
of\u00a0past events and, it is probable that an outflow of resources will be required to settle the obligation and the amount has been
reliably estimated.
Provisions associated with environmental damage represent the estimated future cost of remediation. Estimating the future costs
of\u00a0these obligations is complex and requires management to use judgment.
The estimation of these costs is based on an evaluation of currently available facts with respect to each individual site and considers
factors such as existing technology, currently enacted laws and regulations and prior experience in remediation of sites. Inherent
uncertainties exist in such evaluations primarily due to unknown conditions, changing governmental regulations and legal standards
regarding liability, the protracted length of the clean-up periods and evolving technologies. The environmental and remediation
liabilities provided to reflect the information available to management at the time of determination of the liability and are adjusted
periodically as remediation efforts progress or as additional technical or legal information becomes available.
Estimated costs associated with such rehabilitation activities are measured at the present value of future cash outflows expected to
be incurred. When the effect of the passage of time is not significant, the provision is calculated based on undiscounted cash flows.
Where a closure and environmental obligation arises from quarry/mine development activities or relate to the decommissioning PPE
the provision can be capitalized as part of the cost of the associated asset (intangible or tangible). The capitalized cost is depreciated
over the useful life of the asset and any change in the net present value of the expected liability is included in finance costs, unless is
arises from changes in accounting estimates of valuation.
30. Provisions (continued)
(all amounts in Euro thousands)
January 1
2025
Reclassifi-
cations
Additions
for the year
Unused
amounts
reversed
Unwinding
of discount
(note 7)
Utilized
Acquisition of
business
(note 4a)
Exchange
differences
31
December
2025
Provisions for restorations
a
37,959
\u2013
858
-120
1,272
-3,149
127
-3,000
33,947
Insurance reserves
b
23,029
\u2013
44,527
\u2013
676
-43,857
\u2013
-2,577
21,798
Provisions for other taxes
c
1,037
\u2013
593
\u2013
\u2013
-18
\u2013
-56
1,556
Litigation provisions
d
1,535
\u2013
855
\u2013
\u2013
-832
\u2013
-236
1,322
Provisions for restorations of
leased equipment
e
9,780
\u2013
6,236
\u2013
494
\u2013
\u2013
-1,105
15,405
Other provisions
f
10,945
\u2013
1,850
-7,060
\u2013
-3,115
-397
2,223
84,285
\u2013
54,919
-7,180
2,442
-50,971
127
-7,371
76,251
(all amounts in Euro thousands)
January 1
2024
Reclassifi-
cations
Additions
for the year
Unused
amounts
reversed
Unwinding
of discount
(note 7)
Utilized
Acquisition of
business
(note 4a)
Exchange
differences
31
December
2024
Provisions for restorations
a
40,609
-555
5,014
-4,638
1,611
-6,158
144
1,932
37,959
Insurance reserves
b
22,616
\u2013
39,143
-1,470
745
-39,326
\u2013
1,321
23,029
Provisions for other taxes
c
1,601
\u2013
26
\u2013
\u2013
-116
\u2013
-474
1,037
Litigation provisions
d
230
1,361
\u2013
\u2013
\u2013
-17
\u2013
-39
1,535
Provisions for restorations of
leased equipment
e
5,871
\u2013
3,278
\u2013
256
\u2013
\u2013
375
9,780
Other provisions
f
13,717
\u2013
5,859
-6,488
\u2013
-1,948
\u2013
-195
10,945
84,644
806
53,320
-12,596
2,612
-47,565
144
2,920
84,285
(all amounts in Euro thousands)
2025
2024
Non-current provisions
66,046
65,994
Current provisions
10,205
18,291
76,251
84,285
a. The provision for restoration is the present value of the estimated cost to rehabilitate quarry sites and other similar liabilities after closure.
An annual review of the scope of reclamation work is conducted by plant management and environmental teams and focuses on
estimated costs, updated regulations, and changes in contractual obligations. More technical quarry and sand mine rehabilitation
assessments are carried out periodically and include an accurate assessment of quarry conditions, exploration of new technologies and
consultation with third-party experts.\u00a0 It is expected that the amount of the restoration provision will be used over the next 1 to 50 years.
b.This provision represents the expected costs of claim payments related to risk and workers\u2019 compensation claims, excluding any
potential recoveries from insurance coverage in the Group\u2019s subsidiary Titan America S.A. (TASA), as well as the Company-sponsored
health insurance costs. TASA estimates its ultimate liability with the assistance of third-party experts who consider both the amount and
timing of the expected future cash flows. The present value of these future cash flows is determined by applying discount rates consistent
with the time horizons of the expected payments. The discount rates are based on government treasury bonds with maturities similar to
the duration of the underlying obligation.
c. Provision of other taxes represents future obligations for taxes such as stamp duties, sales tax, employee payroll tax etc. It is expected
that this amount will be fully utilized in the next 5 years.
d. Litigation provisions have been recognized for claims made against certain Group companies by third parties. These provisions
represent financial reserves set aside to cover potential legal costs, settlements, or damages arising from lawsuits related to defective
materials, contractual disputes, labor compensation claims, cases concerning prior years' employee benefits and dues, and claims for
share revaluation. The majority of these provisions are expected to be utilized within the next 1 to 5 years.
e. This provision represents the amount of expected costs to bring leased equipment to return conditions and/or locations required in
lease agreement. The Group estimates its ultimate liability using its best estimate that considers the amount and timing of the future cash
flows.\u00a0
f. Other provisions include amounts for various risks. The expected timing of future cash outflows is over the next 1 to 10 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-641": { "value": "
Pension and other retirement obligations
The Group operates various pension and other retirement schemes, including both defined benefit and defined contribution pension
plans in accordance with the local conditions and practices in the countries in which it operates. A defined contribution plan is a
pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive
obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to
employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined contribution plan.
Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent
on one or more factors such as age, years of service and compensation.
The liability recognized in the statement of financial position in respect of defined benefit pension or retirement plans is the present
value of the defined benefit obligation at the reporting date less the fair value of plan assets.
The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest
rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms
approximating to the terms of the related obligation. In countries where there is no deep market in such bonds, the market rates on
government bonds are used.
Past service costs are recognized in profit or loss on the earlier of:
\u2022 the date of the plan amendment or curtailment
\u2022 the date that the Group recognizes restructuring-related costs
\u2022 Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the
following changes in the net defined benefit obligation:
\u2022 Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements
under other operating expenses/income
\u2022 Net interest expense or income under finance expenses
\u2022 Re-measurements, comprising of the actuarial gains and losses, the effect of the asset ceiling (excluding net interest - not
applicable to the Group) and the return on plan assets (excluding net interest), are recognized immediately in the statement of
financial position with a corresponding debit or credit to retained earnings through other comprehensive income (OCI) in the
period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent periods.
For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a
mandatory, contractual or voluntary basis. Once the contributions have been paid, the Group has no further payment obligations.
The regular contributions constitute net periodic costs for the year in which they are due and as such are included in staff costs.
Termination benefits are payable when employment is terminated by the group before the normal retirement date, or when an
employee accepts voluntary redundancy in exchange for these benefits.
The Group recognizes termination benefits at the earlier of the following dates: (a) when the group can no longer withdraw the offer
of those benefits; and (b) when the entity recognizes costs for a restructuring that is within the scope of IAS 37 and involves the
payment of termination benefits. The obligating event is the termination and not the service. In the case of an offer made to
encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the
offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their present value.
Provisions and contingencies
Provisions represent liabilities of uncertain timing or amount and are recognized when the Group has a present legal or constructive
obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable
estimate of the amount can be made. Where the Group expects a provision to be reimbursed, for example under an insurance
contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense
relating to any provision is presented in the income statement net of any reimbursement.
Provisions are not recognized for future operating losses. The Group recognizes a provision for onerous contracts when the
economic benefits to be derived from a contract are less than the unavoidable costs of meeting the obligations under the contract.
Restructuring provisions comprise lease termination penalties and employee termination payments, and are recognized in the
period in which the Group becomes legally or constructively committed to payment. Costs related to the ongoing activities of the
Group are not provided for in advance.
Where the effect of the time value of money is material, provisions are measured at the present value of the expenditure expected to
be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the
risks specific to the obligation. The increase in the provision due the passage of time is recognized as a finance expense.
Site restoration, quarry rehabilitation and environmental costs
Companies within the Group are generally required to restore the land used for quarries and processing sites at the end of their
producing lives to a condition acceptable to the relevant authorities and consistent with the Group\u2019s environmental policies.
Provisions for environmental restoration are recognized when the Group has a present legal or constructive obligation as a result
of\u00a0past events and, it is probable that an outflow of resources will be required to settle the obligation and the amount has been
reliably estimated.
Provisions associated with environmental damage represent the estimated future cost of remediation. Estimating the future costs
of\u00a0these obligations is complex and requires management to use judgment.
The estimation of these costs is based on an evaluation of currently available facts with respect to each individual site and considers
factors such as existing technology, currently enacted laws and regulations and prior experience in remediation of sites. Inherent
uncertainties exist in such evaluations primarily due to unknown conditions, changing governmental regulations and legal standards
regarding liability, the protracted length of the clean-up periods and evolving technologies. The environmental and remediation
liabilities provided to reflect the information available to management at the time of determination of the liability and are adjusted
periodically as remediation efforts progress or as additional technical or legal information becomes available.
Estimated costs associated with such rehabilitation activities are measured at the present value of future cash outflows expected to
be incurred. When the effect of the passage of time is not significant, the provision is calculated based on undiscounted cash flows.
Where a closure and environmental obligation arises from quarry/mine development activities or relate to the decommissioning PPE
the provision can be capitalized as part of the cost of the associated asset (intangible or tangible). The capitalized cost is depreciated
over the useful life of the asset and any change in the net present value of the expected liability is included in finance costs, unless is
arises from changes in accounting estimates of valuation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-640": { "value": "
Pension and other retirement obligations
The Group operates various pension and other retirement schemes, including both defined benefit and defined contribution pension
plans in accordance with the local conditions and practices in the countries in which it operates. A defined contribution plan is a
pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive
obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to
employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined contribution plan.
Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent
on one or more factors such as age, years of service and compensation.
The liability recognized in the statement of financial position in respect of defined benefit pension or retirement plans is the present
value of the defined benefit obligation at the reporting date less the fair value of plan assets.
The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest
rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms
approximating to the terms of the related obligation. In countries where there is no deep market in such bonds, the market rates on
government bonds are used.
Past service costs are recognized in profit or loss on the earlier of:
\u2022 the date of the plan amendment or curtailment
\u2022 the date that the Group recognizes restructuring-related costs
\u2022 Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the
following changes in the net defined benefit obligation:
\u2022 Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements
under other operating expenses/income
\u2022 Net interest expense or income under finance expenses
\u2022 Re-measurements, comprising of the actuarial gains and losses, the effect of the asset ceiling (excluding net interest - not
applicable to the Group) and the return on plan assets (excluding net interest), are recognized immediately in the statement of
financial position with a corresponding debit or credit to retained earnings through other comprehensive income (OCI) in the
period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent periods.
For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a
mandatory, contractual or voluntary basis. Once the contributions have been paid, the Group has no further payment obligations.
The regular contributions constitute net periodic costs for the year in which they are due and as such are included in staff costs.
Termination benefits are payable when employment is terminated by the group before the normal retirement date, or when an
employee accepts voluntary redundancy in exchange for these benefits.
The Group recognizes termination benefits at the earlier of the following dates: (a) when the group can no longer withdraw the offer
of those benefits; and (b) when the entity recognizes costs for a restructuring that is within the scope of IAS 37 and involves the
payment of termination benefits. The obligating event is the termination and not the service. In the case of an offer made to
encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the
offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their present value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-642": { "value": "
Termination benefits are payable when employment is terminated by the group before the normal retirement date, or when an
employee accepts voluntary redundancy in exchange for these benefits.
The Group recognizes termination benefits at the earlier of the following dates: (a) when the group can no longer withdraw the offer
of those benefits; and (b) when the entity recognizes costs for a restructuring that is within the scope of IAS 37 and involves the
payment of termination benefits. The obligating event is the termination and not the service. In the case of an offer made to
encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the
offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their present value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-643": { "value": "
12. Share-based payments to employees
Accounting Policy
Share-based payments
Share-based compensation benefits are provided to members of senior management via Group share schemes that cover several
subsidiaries.
Equity-settled transactions
The fair value of instruments (options or awards) granted under share schemes is recognized as an employee benefits expense in
the Income Statement, with a corresponding increase in equity. The fair value is determined at the grant date and is recognized on a
straight-line basis over the vesting period, which is the period during which all specified vesting conditions must be satisfied. At the
end of each reporting period, the Group revises its estimates of the number of instruments expected to vest based on service
conditions and any non-market performance conditions. Any impact from revising these estimates is recognized in profit or loss so
that the cumulative expense reflects the revised estimate, with a corresponding adjustment to reserves.
Share options are exercised at predetermined prices, typically at a discount to the market price at the grant date. Awards are
granted for nil consideration. When options are exercised or awards are settled, the Company either issues new shares or the Group
settles them using existing treasury shares. In the case of options, any proceeds received, net of directly attributable transaction
costs, are credited to share capital (nominal value) and the share premium reserve.
Cash-settled transactions
The fair value of the awards granted to employees for nil consideration under the Long-term Incentive Plans is measured initially and
at each reporting date up to and including the settlement date, at the fair value of the liability with changes in fair value recognized
as employee benefits expense in the Income Statement. At each reporting date, the Group revises its estimation of the number of
the awards that they will vest and it recognizes the impact of the revised estimates in the Income Statement.
If a cash-settled share-based payment is modified to become equity-settled, it is accounted for as such from the modification date:
a) The equity-settled transaction is measured at the fair value of the equity instruments on the modification date and recognized in
equity to the extent that\u00a0 services have been received.
b) The liability for the cash-settled transaction is derecognized on the modification date.
c) Any difference between the derecognized liability and the recognized equity is immediately recorded in profit or loss.
12. Share-based payments to employees (continued)
A) Plans granted by Titan S.A. (settled in Titan S.A. shares)
The movements in the number of share options and awards outstanding are as follows:
LTI-PS
DCP
LTI-RS
2017 scheme
Balance at 1 January 2024
\u2013
155,058
1,568,017
71,617
Granted
148,600
23,814
235,898
\u2013
Exercised
\u2013
-63,504
-407,315
-44,088
Cancelled
-2,690
\u2013
-19,429
-5,528
Balance at 31 December 2024
145,910
115,368
1,377,171
22,001
Granted
85,553
33,512
155,419
\u2013
Exercised
\u2013
-95,575
-414,205
-17,090
Cancelled
-5,355
\u2013
-55,504
-4,911
Balance at 31 December 2025
226,108
53,305
1,062,881
\u2013
Share options and awards outstanding at the end of the year have the following terms:
LTI-PS
DCP
LTI-RS
2017 scheme
Exercise price
nil
nil
nil
\u20ac 10
2025
2024
2025
2024
2025
2024
2025
2024
Expiration date
2025
\u2013
\u2013
\u2013
62,063
\u2013
413,495
\u2013
22,001
2026
\u2013
\u2013
53,305
53,305
461,481
489,897
\u2013
\u2013
2027
140,618
145,910
\u2013
\u2013
337,447
358,968
\u2013
\u2013
2028
85,490
\u2013
\u2013
\u2013
263,953
114,811
\u2013
\u2013
226,108
145,910
53,305
115,368
1,062,881
1,377,171
\u2013
22,001
2025
Fair Value at
Grant Date
2024
Fair Value at
Grant Date
LTI-PS
140,618
28.7
145,910
28.7
85,490
37.4
\u2013
226,108
145,910
DCP
53,305
28.7
115,368
28.7
53,305
115,368
LTI-RS
907,515
28.7
1,377,171
28.7
155,366
37.4
\u2013
1,062,881
1,377,171
2017 scheme
\u2013
22,001
17.72
\u2013
22,001
1) 2017 Programme
The 2017 Restricted Stock Option Plan (RSIP 2017) expired during the current year.
Under the three-year plan, the Board of Directors was entitled to grant up to 1,000,000 stock options at an exercise price equal to \u20ac10.00
per share. The vesting period of the stock options was three years provided that the beneficiaries remained employed (or retired) within
the Group. After the completion of the three-year vesting period, the Board of Directors determined the final number of options that the
beneficiaries had the right to exercise, based on the following criteria:
a) by 50% on the average three-year Return on Average Capital Employed (ROACE) of the Group against the target for each three-year
period; and
b) by 50% on the overall performance of TITAN stock compared to the average performance of the shares of the predefined international
cement producing companies.
The Beneficiaries were entitled to exercise their stock option rights, either in whole or in part, paying the relevant amounts until the
expiration date of their stock options, i.e. until December of the third year after these stock options have been vested.
The Extraordinary General Meeting of Shareholders of Titan S.A. approved on 13.5.2019 the amendment of the existing stock option plans,
namely to replace the stock options on TITAN Cement Company S.A. shares by stock options on shares of Titan S.A., without otherwise
amending the terms and conditions of the plans. TITAN Cement Company S.A. had the obligation to settle the share-based payment
transaction, using the treasury shares of the Company.
The Group accounts for the 2017 plan as an equity-settled transactions settled in shares of Titan S.A. owned by its subsidiary TITAN
Cement Company S.A.. During 2025, the cash received from the exercise of stock options amounted to \u20ac171 thousand (2024: \u20ac488
thousand) and the loss caused by this transaction and recognized in equity amounted to \u20ac102 thousand (2024: \u20ac293 thousand).
2) Long-Term Incentive \u2013 Restricted Stock (LTI-RS)
The Long-Term Incentive \u2013 Restricted Stock plan (LTI-RS) was first applied in 2020, under the name \u201cThe Long-Term Incentive Plan (LTIP)\u201d.
Participants of the plan are the executive members of the Board of Directors of Titan S.A., the Group Executive Committee and
Management Committee Members Titan S.A., as well as employees who hold positions equivalent to grades 20 or higher in other
companies of Titan Group. The awards may also be granted selectively to a limited number of employees who stand out on a continuous
basis for their performance and potential for development.
Under the plan, participants are granted awards in the form of a conditional grant of a number of Titan S.A. shares in April (or later) of each
year. Until vested and released, the awards have no dividend or voting rights. The number of shares granted to each participant is
determined by the award amount and the value of the restricted stock at the time of grant. The value of share is equal to the average Titan
S.A. share closing price on Euronext Brussels during the last seven trading days of March of the grant year.
Awards granted prior to 2025 vest in two tranches, with 50% vesting after three years and the remaining 50% after four years. Awards
granted in 2025 vest in full upon completion of a single three\u2011year vesting period, subject to the same continued employment or Board
service conditions. No performance conditions apply to Restricted Stock awards granted in 2025. The awards vest at the designated
dates, provided that the participants are still working in Titan S.A. or in any other employer company of the Group, or are still serving as an
executive Director in the Board of Directors of the Company.
3) Long-Term Incentive \u2013 Performance Shares (LTI-PS)
The Long\u2011Term Incentive \u2013 Performance Shares plan (LTI\u2011PS) (LTI-PS is actually the rebranded DCP) was approved by the General Meeting
of Titan S.A. on 9 May 2024. As in LTI\u2011RS, the participants of the plan are the executive members of the Board of Directors of Titan S.A., the
Group Executive Committee and Management Committee Members Titan S.A., as well as employees who hold positions equivalent to
grades 20 or higher in other companies of Titan Group. The awards may also be granted selectively to a limited number of employees who
stand out on a continuous basis for their performance and potential for development.
Under the plan, participants are granted awards in the form of Titan S.A. performance shares. The number of the Company performance
shares is determined by the award amount and the value of the restricted stock at the time of grant. The value of each performance share
is equal to the average Company share closing price on Euronext Brussels during the last seven trading days of March of the grant year.
The awards do not carry dividend or voting rights prior to vesting and are settled in shares following the end of the performance period.
The performance period is three years and the number of vesting LTI\u2011PS is linked to actual performance against predefined KPIs. For
awards granted in 2024, performance was assessed with equal weighting of 50% on Earnings per Share (EPS) and 50% on a
sustainability\u2011related KPI linked to net CO\u2082 emissions per ton of cementitious material. For awards granted in 2025, performance is
assessed with a weighting of 80% on EPS and 20% on the sustainability\u2011related KPI, with each KPI evaluated independently.
Payout at threshold performance is 50%, target payout is 100% and, in case of over\u2011achievement (stretch), payout is capped at 150%, with
linear calculation of payout between these levels of achievement. If performance does not reach the threshold level, no awards vest.
The awards vest at the designated dates, provided that the participants are still working in Titan S.A. or in any other employer company of
the Group, or are still serving as an executive Director in the Board of Directors of the Company.
4) Deferred Compensation Plan (DCP)
The Deferred Compensation Plan (DCP), launched on 22 March 2021 by the Board of Directors of Titan S.A., will remain active until vesting
in March 2026, with the final awards granted in 2023, except for awards granted and vested in the year of vesting, as to cover for the
additional awards that vested due to over-achievement.
12. Share-based payments to employees (continued)
Under the plan, participants are granted awards for nil consideration in the form of a conditional grant of Titan S.A. shares. Until vested and
released, the awards have no dividend or voting rights. The number of the awards granted to each participant is determined by the award
amount and the value of the shadow share. The value of the instrument is equal to the average Titan S.A. share closing price on Euronext
Brussels during the last seven trading days of March of the grant year. The vesting period of the awards is at the completion of a three-year
period. The awards vest at the designated dates, provided that the participants are still working in Titan S.A. or in any other employer
company of the Group, or are still serving as an executive Director in the Board of Directors of the Company. After the completion of the
three-year vesting period, the final number of instruments that will vest depends on two criteria, both of which contribute equally (50%) to it.
In case of over-achievement, the DCP 2021 is capped at 160% of target. The two criteria are the following:
a) Sustainability KPI: a three-year CO\u2082 target supporting the decarbonization priority of the Group; reduction of net direct CO\u2082 emissions
per ton of cementitious product.
b) The comparison of the Total Shareholder Return (TSR) performance to the average total performance of the share of a Peer Group Index.
The peer group which formulates the index is the following (as set by the Board of Directors and may be changed, if required): 1) Lafarge-
Holcim, 2) Heidelberg, 3) Cemex, 4) Cementir, 5) CRH, 6) Buzzi, 7) Argos and 8) Vicat.
Accounting Treatment of LTI-RS, LTI-PS and DCP
The Group\u2019s long\u2011term incentive schemes are accounted for as equity\u2011settled share\u2011based payment arrangements. This classification
reflects a modification effective 1 July 2024, pursuant to which awards are settled solely in equity instruments of Titan S.A..
In 2025, the total expense recognized in the Consolidated Income Statement in respect of the LTI\u2011RS, LTI\u2011PS and DCP schemes amounted
to \u20ac10.0 million (2024: \u20ac20.2 million) and is presented within employee benefits expense (note 10).
B) Plans granted by Titan America S.A. (settled in Titan America S.A. shares)
The 2025 Omnibus Incentive Plan (the \u201cOmnibus Plan\u201d) permits Titan America S.A. to grant up to 2.5 million shares of its common stock to
employees and directors of Titan America S.A. and its subsidiaries. Awards may be granted in the form of stock options, stock appreciation
rights, restricted stock, restricted stock units (\u201cRSUs\u201d), performance stock units (\u201cPSUs\u201d), other stock\u2011based awards, or cash awards.
RSUs and PSUs are subject to certain restrictions. Such awards may not be sold, transferred, pledged, or otherwise disposed of until the
applicable vesting conditions have lapsed or been removed in accordance with the Omnibus Plan. Unvested RSUs and PSUs are forfeited
upon termination of employment.
Titan America S.A. accounts for stock\u2011based compensation at the grant\u2011date fair value and recognizes compensation expense over the
requisite service period. The grant\u2011date fair value is used for RSUs and PSUs, which do not carry dividend or voting rights. Compensation
expense is recognized net of estimated forfeitures on a straight\u2011line basis over the vesting period, which is generally three years, or over a
shorter period based on the retirement eligibility of the grantee. Compensation expense for performance\u2011based awards is recognized
when achievement of the performance conditions is considered probable and is reassessed at each reporting date, with cumulative
expense adjusted based on the probability of achieving the performance targets. Compensation expense is recorded within administrative
expenses, with a corresponding increase to equity during the vesting period. The estimated fair value of RSUs and PSUs is determined
using a discounted cash flow methodology to adjust for dividends over the vesting period.
No such equity awards were granted prior to 2025.
The Group recorded \u20ac1.4 million of expense related to the aforementioned RSUs and PSUs, which is presented within employee benefits
expense (note 10).
The following table summarizes the PSUs (with fair value at grant date of $14.07) and RSUs (with fair value at grant date of $14.11) as of
31\u00a0December 2025 and the changes during the year then ended:
PSUs
RSUs
Balance at 31 December 2024
\u2013
\u2013
Granted
168,612
450,310
Cancelled
-5,378
-12,550
Balance at 31 December 2025
163,234
437,760
PSUs
RSUs
Exercise price
$0.01
$0.01
Expiration date: 2028
163,234
437,760
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-644": { "value": "
Share-based payments
Share-based compensation benefits are provided to members of senior management via Group share schemes that cover several
subsidiaries.
Equity-settled transactions
The fair value of instruments (options or awards) granted under share schemes is recognized as an employee benefits expense in
the Income Statement, with a corresponding increase in equity. The fair value is determined at the grant date and is recognized on a
straight-line basis over the vesting period, which is the period during which all specified vesting conditions must be satisfied. At the
end of each reporting period, the Group revises its estimates of the number of instruments expected to vest based on service
conditions and any non-market performance conditions. Any impact from revising these estimates is recognized in profit or loss so
that the cumulative expense reflects the revised estimate, with a corresponding adjustment to reserves.
Share options are exercised at predetermined prices, typically at a discount to the market price at the grant date. Awards are
granted for nil consideration. When options are exercised or awards are settled, the Company either issues new shares or the Group
settles them using existing treasury shares. In the case of options, any proceeds received, net of directly attributable transaction
costs, are credited to share capital (nominal value) and the share premium reserve.
Cash-settled transactions
The fair value of the awards granted to employees for nil consideration under the Long-term Incentive Plans is measured initially and
at each reporting date up to and including the settlement date, at the fair value of the liability with changes in fair value recognized
as employee benefits expense in the Income Statement. At each reporting date, the Group revises its estimation of the number of
the awards that they will vest and it recognizes the impact of the revised estimates in the Income Statement.
If a cash-settled share-based payment is modified to become equity-settled, it is accounted for as such from the modification date:
a) The equity-settled transaction is measured at the fair value of the equity instruments on the modification date and recognized in
equity to the extent that\u00a0 services have been received.
b) The liability for the cash-settled transaction is derecognized on the modification date.
c) Any difference between the derecognized liability and the recognized equity is immediately recorded in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-646": { "value": "
13. Related party transactions and compensation of key management personnel
The Group may enter into various transactions with related parties. During 2025 and 2024, the Group did not record material transactions
with related parties.
Directors
2025
2024
Executive members on the Board of Directors
4
6
Non-executive members on the Board of Directors
8
10
Key management compensation
2025
2024
Short-term employee benefits
8,181
8,048
Share-based payments
4,676
6,575
Post-employment benefits
365
328
13,222
14,951
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-645": { "value": "
13. Related party transactions and compensation of key management personnel
The Group may enter into various transactions with related parties. During 2025 and 2024, the Group did not record material transactions
with related parties.
Directors
2025
2024
Executive members on the Board of Directors
4
6
Non-executive members on the Board of Directors
8
10
Key management compensation
2025
2024
Short-term employee benefits
8,181
8,048
Share-based payments
4,676
6,575
Post-employment benefits
365
328
13,222
14,951
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-648": { "value": "
14. Income taxes
Accounting Policy
The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent
that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other
comprehensive income or directly in equity.
Current income tax is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries
where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken
in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where
appropriate on the basis of amounts expected to be paid to the tax authorities.
In addition, the management reassess uncertain tax positions at the end of each reporting period. Liabilities are recorded for income
tax positions that are determined as more likely than not to result in additional taxes being levied if the positions were to be
challenged by the tax authorities. The assessment is based on the interpretation of tax laws that have been enacted or substantively
enacted by the end of the reporting period, and any known court or other rulings on such issues. Adjustments for uncertain income
tax positions are recorded within the income tax charge.
Deferred income tax is recognized using the liability method, on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements. However, if the deferred income tax arises from initial recognition of
an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting
nor taxable profit and loss, it is not accounted for.
Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused
tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the
deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.
Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries, joint arrangements
and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the
temporary difference will not reverse in the foreseeable future. Deferred income tax is determined using tax rates (and laws) that
have been enacted or substantively enacted at the reporting date and are expected to apply when the related deferred income tax
asset is realized or the related deferred income tax liability is settled.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against
current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation
authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a
net\u00a0basis.
Deferred income taxes are calculated in full on temporary differences under the liability method using the principal tax rates that
apply to the countries in which the companies of the Group operate.
(all amounts in Euro thousands)
2025
2024
Current tax
67,898
76,041
Top up income tax-Pillar 2
2,898
3,552
Deferred tax
22,048
6,491
Non deductible taxes and differences from tax audit
506
-768
Income taxes (note 33)
93,350
85,316
Tax Reconciliation
The profit before tax of the Group companies is taxed at the applicable rate corresponding to the country in which each company is
domiciled. The local income tax rates vary, thus resulting in corresponding tax rate differentials. A weighted average tax rate is determined
by taking tax rate differentials into account.
The following table provides the reconciliation of prima facie tax payable to income tax expense:
(all amounts in Euro thousands)
2025
2024
Profit before tax
350,976
375,571
Loss on disposal of subsidiaries and Impairment of goodwill
52,080
17,004
Profit before tax, disposal of subsidiaries and impairment of goodwill
403,056
392,575
Tax calculated at the parent company tax rate of 12.5% (2024 : 12.5%)
50,382
49,072
Effect of different tax rates in the countries that the Group operates
35,449
31,669
Tax calculated at weighted average tax rate of 21.3% (2024 : 20.6%)
85,831
80,741
Tax adjustments in respect of:
Income not subject to tax
-2,405
-2,249
Expenses not deductible for tax purposes
3,771
2,552
Effect of de-recognized/(unrecognized) deferred tax asset on tax carryforward losses
7,196
5,249
Tax incentives
-6,895
-5,507
Top up income tax - Pillar 2
2,898
3,552
Utilization of prior years unrecognized losses
\u2013
-113
Sundry items
2,954
1,091
Effective tax charge
93,350
85,316
The Group has determined that the global minimum top-up tax \u2013 which it is required to pay under Pillar Two legislation \u2013 is an income tax
in the scope of IAS 12.
Titan Group operates in multiple jurisdictions and is subject to the global minimum top-up tax under Pillar 2 tax legislation. The Pillar 2
legislation has been substantively enacted in certain jurisdictions where the Group is active, including Cyprus where the ultimate parent
company is tax resident. The Group has assessed the impact of Pillar Two rules on its financial statements for the year ended 31 December
2025. The Group has applied the transitional Country-by-Country Reporting (CbCR) Safe Harbour rules introduced under the Pillar 2
framework. In addition, the Group applies the IAS 12 exception to recognising and disclosing information about deferred tax assets and
liabilities related to Pillar 2 income tax and accounts for it as a current tax when it is incurred.
The Group's assessment indicates that:
\u2022 The Group is in scope of the Pillar 2 legislation due to the fact that its consolidated revenues exceed the 750 million Euros threshold.
\u2022 In most of the jurisdictions where the Group operates, the Simplified Pillar 2 effective tax rate is above 15% and/or at least one of the
other Transitional CbCR Safe Harbour tests is met and as a result, no additional top-up tax has been recognized in those jurisdictions.
\u2022 There is a limited number of jurisdictions where the Transitional CbCR Safe Harbour relief is not applicable the effective tax rate (ETR)
falls below the 15% minimum threshold.
Furthermore, the Group, using professional advice from suitable external tax advisors, continues to monitor the developments of Pillar 2
legislation in all jurisdictions where it operates and has made all possible preparations to comply with the local Pillar 2 requirements.
On 31 December 2025, certain Group entities had tax carryforward losses of \u20ac18.5 million (2024: \u20ac32.8 million). These entities have
recognized deferred tax assets amounting to \u20ac1.7 million (2024: \u20ac5.2 million), attributable to losses amounting to \u20ac7.6 million
(2024:\u00a0\u20ac22.4\u00a0million), as these deferred tax assets will be recoverable using the estimated future taxable income based on approved
business plans.
For the remaining tax losses carried forward of \u20ac10.9 million, no deferred tax asset has been recognized as they do not meet the
recognition criteria under IAS 12. These tax losses have an indefinite expiration period.
(all amounts in Euro thousands)
2025
2024
Deferred tax assets to be recovered:
after more than 12 months
-51,226
-75,158
within 12 months
-11,772
-13,693
Deferred tax liabilities to be used:
after more than 12 months
197,248
228,243
within 12 months
5,418
5,482
Deferred tax liability (net)
139,668
144,874
The movement in the deferred income tax account after set-offs is as follows:
(all amounts in Euro thousands)
2025
2024
Opening balance, net deferred liability
144,874
124,209
Income statement charge
22,048
6,491
Disposal of subsidiary (note 4)
-23,587
\u2013
Tax charged to equity through other comprehensive income
4,012
-2,225
Hyperinflation adjustment
3,876
7,883
Tax charged to equity
5,442
8,026
Exchange differences
-16,997
490
Ending balance, net deferred liability
139,668
144,874
Net deferred tax liability
139,668
144,874
Deferred tax assets (after set - offs)
5,035
4,732
Deferred tax liabilities (after set - offs)
144,703
149,606
Net deferred tax liability
139,668
144,874
The movement in deferred tax assets and liabilities (prior to offsetting balances within the same tax jurisdiction) during the year is as follows:
(all amounts in Euro thousands)
January 1 ,
2025
Debit/(Credit)
to equity
Debit/(Credit)
to net profit
Debit/(Credit)
to equity
through
statement OCI
Hyperinflation
adjustments
Exchange
differences
Disposal of
subsidiary
(note 4a)
December 31 ,
2025
Deferred tax liabilities (before set - offs)
Property, plant and equipment
158,205
\u2013
20,382
\u2013
3,872
-17,523
-32,963
131,973
Mineral deposits
18,540
\u2013
599
\u2013
\u2013
-2,163
\u2013
16,976
Intangible assets
48,371
\u2013
323
\u2013
\u2013
-5,407
\u2013
43,287
Unrealized foreign exchange differences
3,689
\u2013
-3,297
\u2013
\u2013
-278
\u2013
114
Inventories
504
\u2013
\u2013
\u2013
4
-89
-403
16
Other non-current receivables
1,013
\u2013
-185
\u2013
\u2013
\u2013
\u2013
828
Receivables and prepayments
1,220
\u2013
275
\u2013
\u2013
\u2013
\u2013
1,495
Trade and other payables
114
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
114
Prepaid expenses
3,150
\u2013
43
\u2013
\u2013
-365
\u2013
2,828
Other
-1,081
\u2013
6,399
\u2013
\u2013
-283
\u2013
5,035
233,725
\u2013
24,539
\u2013
3,876
-26,108
-33,366
202,666
Deferred tax assets (before set - offs)
Property, plant and equipment
-12,851
118
-265
\u2013
\u2013
2,169
8,900
-1,929
Intangible assets
-78
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-78
Investments & other non-current receivables
-101
\u2013
107
\u2013
\u2013
\u2013
\u2013
6
Treasury Shares
13,806
6,746
\u2013
\u2013
\u2013
\u2013
\u2013
20,552
Unrealized foreign exchange differences
-9,498
\u2013
3,301
4,063
\u2013
558
\u2013
-1,576
Inventories
-4,219
\u2013
458
\u2013
\u2013
332
388
-3,041
Post-employment and termination benefits
-4,953
\u2013
-242
-51
\u2013
185
117
-4,944
Receivables and prepayments
-5,719
\u2013
-838
\u2013
\u2013
261
149
-6,147
Tax losses carried forward
-5,192
\u2013
3,111
\u2013
\u2013
337
\u2013
-1,744
Interest expense tax carried forward
-5,470
\u2013
615
\u2013
\u2013
\u2013
\u2013
-4,855
Deferred income
-1,552
\u2013
-97
\u2013
\u2013
184
\u2013
-1,465
Long-term debt/lease obligations
-17,530
\u2013
442
\u2013
\u2013
1,928
\u2013
-15,160
Provisions and accrued expenses
-28,029
\u2013
-2,968
\u2013
\u2013
2,556
225
-28,216
Trade and other payables
-203
\u2013
-5,773
\u2013
\u2013
231
\u2013
-5,745
Other
-7,262
-1,422
-342
\u2013
\u2013
370
\u2013
-8,656
-88,851
5,442
-2,491
4,012
\u2013
9,111
9,779
-62,998
Net deferred tax liability
144,874
5,442
22,048
4,012
3,876
-16,997
-23,587
139,668
The movement in deferred tax assets and liabilities (prior to offsetting balances within the same tax jurisdiction) during the prior year is as follows:
(all amounts in Euro thousands)
January 1 , 2024
Debit to equity
Debit/(Credit) to
net profit
Debit/(Credit) to
equity through
statement OCI
Hyperinflation
adjustments
Exchange
differences
December 31 , 2024
Deferred tax liabilities (before set - offs)
Property, plant and equipment
142,514
\u2013
15,891
\u2013
\u2013
8,280
-8,480
158,205
Mineral deposits
17,410
\u2013
46
\u2013
\u2013
\u2013
1,084
18,540
Intangible assets
45,355
\u2013
280
\u2013
\u2013
\u2013
2,736
48,371
Unrealized foreign exchange differences
6,044
\u2013
-2,678
\u2013
\u2013
\u2013
323
3,689
Inventories
1,014
\u2013
\u2013
\u2013
\u2013
-397
-113
504
Other non-current receivables
1,169
\u2013
-156
\u2013
\u2013
\u2013
\u2013
1,013
Receivables and prepayments
1,106
\u2013
114
\u2013
\u2013
\u2013
\u2013
1,220
Trade and other payables
87
\u2013
27
\u2013
\u2013
\u2013
\u2013
114
Prepaid expenses
2,557
\u2013
417
\u2013
\u2013
\u2013
176
3,150
Other
-878
\u2013
-217
\u2013
\u2013
\u2013
14
-1,081
216,378
\u2013
\u2013
13,724
\u2013
\u2013
7,883
\u2013
-4,260
233,725
Deferred tax assets (before set - offs)
Property, plant and equipment
-12,006
\u2013
-2,143
\u2013
\u2013
1,298
-12,851
Intangible assets
-78
\u2013
\u2013
\u2013
\u2013
\u2013
-78
Investments & other non-current receivables
-1,435
\u2013
1,334
\u2013
\u2013
\u2013
-101
Treasury Shares
3,374
10,432
\u2013
\u2013
\u2013
\u2013
13,806
Unrealized foreign exchange differences
-5,241
\u2013
-4,062
-1,940
\u2013
1,745
-9,498
Inventories
-3,189
\u2013
-907
\u2013
\u2013
-123
-4,219
Post-employment and termination benefits
-4,349
\u2013
-256
-285
\u2013
-63
-4,953
Receivables and prepayments
-7,850
\u2013
2,286
\u2013
\u2013
-155
-5,719
Tax losses carried forward
-10,060
\u2013
1,724
\u2013
\u2013
3,144
-5,192
Interest expense tax carried forward
-4,638
\u2013
-832
\u2013
\u2013
\u2013
-5,470
Deferred income
-444
\u2013
-1,036
\u2013
\u2013
-72
-1,552
Long-term debt/lease obligations
-15,340
\u2013
-1,209
\u2013
\u2013
-981
-17,530
Provisions and accrued expenses
-26,176
\u2013
-1,976
\u2013
\u2013
123
-28,029
Trade and other payables
-126
\u2013
-77
\u2013
\u2013
\u2013
-203
Other
-4,611
-2,406
-79
\u2013
\u2013
-166
-7,262
-92,169
8,026
-7,233
-2,225
\u2013
4,750
-88,851
Net deferred tax liability
124,209
8,026
6,491
-2,225
7,883
490
144,874
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-647": { "value": "
14. Income taxes
Accounting Policy
Deferred income tax is recognized using the liability method, on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements. However, if the deferred income tax arises from initial recognition of
an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting
nor taxable profit and loss, it is not accounted for.
Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused
tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the
deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.
Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries, joint arrangements
and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the
temporary difference will not reverse in the foreseeable future. Deferred income tax is determined using tax rates (and laws) that
have been enacted or substantively enacted at the reporting date and are expected to apply when the related deferred income tax
asset is realized or the related deferred income tax liability is settled.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against
current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation
authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a
net\u00a0basis.
Deferred income taxes are calculated in full on temporary differences under the liability method using the principal tax rates that
apply to the countries in which the companies of the Group operate.
(all amounts in Euro thousands)
2025
2024
Current tax
67,898
76,041
Top up income tax-Pillar 2
2,898
3,552
Deferred tax
22,048
6,491
Non deductible taxes and differences from tax audit
506
-768
Income taxes (note 33)
93,350
85,316
On 31 December 2025, certain Group entities had tax carryforward losses of \u20ac18.5 million (2024: \u20ac32.8 million). These entities have
recognized deferred tax assets amounting to \u20ac1.7 million (2024: \u20ac5.2 million), attributable to losses amounting to \u20ac7.6 million
(2024:\u00a0\u20ac22.4\u00a0million), as these deferred tax assets will be recoverable using the estimated future taxable income based on approved
business plans.
For the remaining tax losses carried forward of \u20ac10.9 million, no deferred tax asset has been recognized as they do not meet the
recognition criteria under IAS 12. These tax losses have an indefinite expiration period.
(all amounts in Euro thousands)
2025
2024
Deferred tax assets to be recovered:
after more than 12 months
-51,226
-75,158
within 12 months
-11,772
-13,693
Deferred tax liabilities to be used:
after more than 12 months
197,248
228,243
within 12 months
5,418
5,482
Deferred tax liability (net)
139,668
144,874
The movement in the deferred income tax account after set-offs is as follows:
(all amounts in Euro thousands)
2025
2024
Opening balance, net deferred liability
144,874
124,209
Income statement charge
22,048
6,491
Disposal of subsidiary (note 4)
-23,587
\u2013
Tax charged to equity through other comprehensive income
4,012
-2,225
Hyperinflation adjustment
3,876
7,883
Tax charged to equity
5,442
8,026
Exchange differences
-16,997
490
Ending balance, net deferred liability
139,668
144,874
Net deferred tax liability
139,668
144,874
Deferred tax assets (after set - offs)
5,035
4,732
Deferred tax liabilities (after set - offs)
144,703
149,606
Net deferred tax liability
139,668
144,874
The movement in deferred tax assets and liabilities (prior to offsetting balances within the same tax jurisdiction) during the year is as follows:
(all amounts in Euro thousands)
January 1 ,
2025
Debit/(Credit)
to equity
Debit/(Credit)
to net profit
Debit/(Credit)
to equity
through
statement OCI
Hyperinflation
adjustments
Exchange
differences
Disposal of
subsidiary
(note 4a)
December 31 ,
2025
Deferred tax liabilities (before set - offs)
Property, plant and equipment
158,205
\u2013
20,382
\u2013
3,872
-17,523
-32,963
131,973
Mineral deposits
18,540
\u2013
599
\u2013
\u2013
-2,163
\u2013
16,976
Intangible assets
48,371
\u2013
323
\u2013
\u2013
-5,407
\u2013
43,287
Unrealized foreign exchange differences
3,689
\u2013
-3,297
\u2013
\u2013
-278
\u2013
114
Inventories
504
\u2013
\u2013
\u2013
4
-89
-403
16
Other non-current receivables
1,013
\u2013
-185
\u2013
\u2013
\u2013
\u2013
828
Receivables and prepayments
1,220
\u2013
275
\u2013
\u2013
\u2013
\u2013
1,495
Trade and other payables
114
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
114
Prepaid expenses
3,150
\u2013
43
\u2013
\u2013
-365
\u2013
2,828
Other
-1,081
\u2013
6,399
\u2013
\u2013
-283
\u2013
5,035
233,725
\u2013
24,539
\u2013
3,876
-26,108
-33,366
202,666
Deferred tax assets (before set - offs)
Property, plant and equipment
-12,851
118
-265
\u2013
\u2013
2,169
8,900
-1,929
Intangible assets
-78
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-78
Investments & other non-current receivables
-101
\u2013
107
\u2013
\u2013
\u2013
\u2013
6
Treasury Shares
13,806
6,746
\u2013
\u2013
\u2013
\u2013
\u2013
20,552
Unrealized foreign exchange differences
-9,498
\u2013
3,301
4,063
\u2013
558
\u2013
-1,576
Inventories
-4,219
\u2013
458
\u2013
\u2013
332
388
-3,041
Post-employment and termination benefits
-4,953
\u2013
-242
-51
\u2013
185
117
-4,944
Receivables and prepayments
-5,719
\u2013
-838
\u2013
\u2013
261
149
-6,147
Tax losses carried forward
-5,192
\u2013
3,111
\u2013
\u2013
337
\u2013
-1,744
Interest expense tax carried forward
-5,470
\u2013
615
\u2013
\u2013
\u2013
\u2013
-4,855
Deferred income
-1,552
\u2013
-97
\u2013
\u2013
184
\u2013
-1,465
Long-term debt/lease obligations
-17,530
\u2013
442
\u2013
\u2013
1,928
\u2013
-15,160
Provisions and accrued expenses
-28,029
\u2013
-2,968
\u2013
\u2013
2,556
225
-28,216
Trade and other payables
-203
\u2013
-5,773
\u2013
\u2013
231
\u2013
-5,745
Other
-7,262
-1,422
-342
\u2013
\u2013
370
\u2013
-8,656
-88,851
5,442
-2,491
4,012
\u2013
9,111
9,779
-62,998
Net deferred tax liability
144,874
5,442
22,048
4,012
3,876
-16,997
-23,587
139,668
The movement in deferred tax assets and liabilities (prior to offsetting balances within the same tax jurisdiction) during the prior year is as follows:
(all amounts in Euro thousands)
January 1 , 2024
Debit to equity
Debit/(Credit) to
net profit
Debit/(Credit) to
equity through
statement OCI
Hyperinflation
adjustments
Exchange
differences
December 31 , 2024
Deferred tax liabilities (before set - offs)
Property, plant and equipment
142,514
\u2013
15,891
\u2013
\u2013
8,280
-8,480
158,205
Mineral deposits
17,410
\u2013
46
\u2013
\u2013
\u2013
1,084
18,540
Intangible assets
45,355
\u2013
280
\u2013
\u2013
\u2013
2,736
48,371
Unrealized foreign exchange differences
6,044
\u2013
-2,678
\u2013
\u2013
\u2013
323
3,689
Inventories
1,014
\u2013
\u2013
\u2013
\u2013
-397
-113
504
Other non-current receivables
1,169
\u2013
-156
\u2013
\u2013
\u2013
\u2013
1,013
Receivables and prepayments
1,106
\u2013
114
\u2013
\u2013
\u2013
\u2013
1,220
Trade and other payables
87
\u2013
27
\u2013
\u2013
\u2013
\u2013
114
Prepaid expenses
2,557
\u2013
417
\u2013
\u2013
\u2013
176
3,150
Other
-878
\u2013
-217
\u2013
\u2013
\u2013
14
-1,081
216,378
\u2013
\u2013
13,724
\u2013
\u2013
7,883
\u2013
-4,260
233,725
Deferred tax assets (before set - offs)
Property, plant and equipment
-12,006
\u2013
-2,143
\u2013
\u2013
1,298
-12,851
Intangible assets
-78
\u2013
\u2013
\u2013
\u2013
\u2013
-78
Investments & other non-current receivables
-1,435
\u2013
1,334
\u2013
\u2013
\u2013
-101
Treasury Shares
3,374
10,432
\u2013
\u2013
\u2013
\u2013
13,806
Unrealized foreign exchange differences
-5,241
\u2013
-4,062
-1,940
\u2013
1,745
-9,498
Inventories
-3,189
\u2013
-907
\u2013
\u2013
-123
-4,219
Post-employment and termination benefits
-4,349
\u2013
-256
-285
\u2013
-63
-4,953
Receivables and prepayments
-7,850
\u2013
2,286
\u2013
\u2013
-155
-5,719
Tax losses carried forward
-10,060
\u2013
1,724
\u2013
\u2013
3,144
-5,192
Interest expense tax carried forward
-4,638
\u2013
-832
\u2013
\u2013
\u2013
-5,470
Deferred income
-444
\u2013
-1,036
\u2013
\u2013
-72
-1,552
Long-term debt/lease obligations
-15,340
\u2013
-1,209
\u2013
\u2013
-981
-17,530
Provisions and accrued expenses
-26,176
\u2013
-1,976
\u2013
\u2013
123
-28,029
Trade and other payables
-126
\u2013
-77
\u2013
\u2013
\u2013
-203
Other
-4,611
-2,406
-79
\u2013
\u2013
-166
-7,262
-92,169
8,026
-7,233
-2,225
\u2013
4,750
-88,851
Net deferred tax liability
124,209
8,026
6,491
-2,225
7,883
490
144,874
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-650": { "value": "
The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent
that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other
comprehensive income or directly in equity.
Current income tax is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries
where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken
in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where
appropriate on the basis of amounts expected to be paid to the tax authorities.
In addition, the management reassess uncertain tax positions at the end of each reporting period. Liabilities are recorded for income
tax positions that are determined as more likely than not to result in additional taxes being levied if the positions were to be
challenged by the tax authorities. The assessment is based on the interpretation of tax laws that have been enacted or substantively
enacted by the end of the reporting period, and any known court or other rulings on such issues. Adjustments for uncertain income
tax positions are recorded within the income tax charge.
Deferred income tax is recognized using the liability method, on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements. However, if the deferred income tax arises from initial recognition of
an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting
nor taxable profit and loss, it is not accounted for.
Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused
tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the
deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.
Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries, joint arrangements
and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the
temporary difference will not reverse in the foreseeable future. Deferred income tax is determined using tax rates (and laws) that
have been enacted or substantively enacted at the reporting date and are expected to apply when the related deferred income tax
asset is realized or the related deferred income tax liability is settled.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against
current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation
authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a
net\u00a0basis.
Deferred income taxes are calculated in full on temporary differences under the liability method using the principal tax rates that
apply to the countries in which the companies of the Group operate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-649": { "value": "
The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent
that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other
comprehensive income or directly in equity.
Deferred income tax is recognized using the liability method, on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements. However, if the deferred income tax arises from initial recognition of
an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting
nor taxable profit and loss, it is not accounted for.
Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused
tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the
deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.
Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries, joint arrangements
and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the
temporary difference will not reverse in the foreseeable future. Deferred income tax is determined using tax rates (and laws) that
have been enacted or substantively enacted at the reporting date and are expected to apply when the related deferred income tax
asset is realized or the related deferred income tax liability is settled.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against
current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation
authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a
net\u00a0basis.
Deferred income taxes are calculated in full on temporary differences under the liability method using the principal tax rates that
apply to the countries in which the companies of the Group operate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-651": { "value": "
15. Property, plant and equipment
Property, plant and equipment (PPE) is stated at historical cost less accumulated depreciation and impairment losses, except for land
(excluding land improvements and quarries), which is shown at cost less impairment losses.
Cost includes expenditure that is directly attributable to the acquisition of the items and any environmental rehabilitation costs to
the\u00a0extent that they have been recognized as a provision (refer to note 30). Subsequent costs are included in the asset\u2019s carrying
amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with
the\u00a0item will flow to the entity and the cost of the item can be measured reliably. The carrying amount of the replaced part is
derecognized. All other repairs and maintenance are charged to the income statement as incurred. Subsequent costs are
depreciated over the remaining useful life of the related asset or to the date of the next major subsequent cost whichever
is\u00a0the\u00a0sooner.
Depreciation, with the exception of quarries and land, is calculated using the straight-line method to allocate the cost of the assets
to\u00a0their residual values over their estimated useful lives as follows:
Category of PPE
Indicative useful lives
Buildings
Up to 50 years
Plant and equipment
Up to 40 years
Motor vehicles
5 to 20 years
Office equipment furniture and fittings (including computer
equipment and software integral to the operation of the
hardware)
2 to 10 years
Minor value assets
Up to 2 years
Land on which owned quarries are located is depreciated on a depletion basis. This depletion is recorded as the material extraction
process advances based on the unit-of-production method. Other land is not depreciated. The cost of the exploration of non-owned
quarries is recognized as operating cost in profit or loss as incurred .
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. Where the carrying
amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount (refer
to note 2 - Impairment of non-financial assets other than Goodwill).
An item of PPE and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are
expected from its use or disposal. Gains and losses on disposals are determined by comparing proceeds with carrying amount and
are included in profit or loss.
Interest costs on borrowings specifically used to finance the construction of PPE are capitalized during the construction period
if\u00a0recognition criteria are met.
For the accounting policy regarding right-of-use assets, refer to note 16 \u201cLeases\u201d.
(all amounts in Euro thousands)
Year ended 31 December 2024
Land & Land
Improvements
Quarries
Buildings
Plant &
equipment
Motor vehicles
Office furniture,
fixtures and
equipment
Assets under
construction
Total
Opening balance
233,929
121,897
208,367
796,185
89,665
12,164
159,268
1,621,475
Additions
219
12,094
697
7,362
2,647
1,139
191,222
215,380
Hyperinflation adjustments
2,077
\u2013
13,893
31,580
43
88
92
47,773
Additions due to acquisition (note 4)
700
\u2013
77
17
\u2013
3
\u2013
797
Disposals (NBV)
-594
-1,130
-295
-1,121
-1,008
-20
-363
-4,531
Reclassification of assets from/to other PPE categories
9,033
820
52,739
124,670
58,924
4,544
-250,730
\u2013
Transfer to other ROU's categories
\u2013
\u2013
-113
12
-2,448
\u2013
\u2013
-2,549
Transfers from/to other accounts
-16
2,542
82
113
\u2013
15
-475
2,261
Depreciation charge (note 33)
-3,437
-12,815
-12,723
-80,721
-23,838
-3,393
\u2013
-136,927
Exchange differences
1,011
6,406
-5,368
-18,033
5,683
103
3,672
-6,526
Ending balance
242,922
129,814
257,356
860,064
129,668
14,643
102,686
1,737,153
Right of use assets
Opening balance
15,381
\u2013
22,938
323
28,762
\u2013
\u2013
67,404
Additions
2,567
\u2013
10,934
442
5,437
51
\u2013
19,431
Disposals (NBV)
\u2013
\u2013
\u2013
\u2013
-218
\u2013
\u2013
-218
Transfers from/to other accounts
\u2013
\u2013
-28
\u2013
-53
\u2013
\u2013
-81
Transfers from other PPE categories
\u2013
\u2013
113
-12
2,448
\u2013
\u2013
2,549
Depreciation charge (note 33, 16)
-2,084
\u2013
-4,352
-285
-8,899
-5
\u2013
-15,625
Exchange differences
1,015
\u2013
1,266
19
1,247
3
\u2013
3,550
Ending balance (note 16)
16,879
\u2013
30,871
487
28,724
49
\u2013
77,010
At 31 December 2024
Cost
347,030
294,935
592,925
2,291,077
425,469
71,727
102,686
4,125,849
Accumulated depreciation
-83,525
-164,154
-303,659
-1,423,733
-267,077
-57,023
\u2013
-2,299,171
Accumulated losses of impairment of PPE
-3,704
-967
-1,039
-6,793
\u2013
-12
\u2013
-12,515
Net book value
259,801
129,814
288,227
860,551
158,392
14,692
102,686
1,814,163
(all amounts in Euro thousands)
Year ended 31 December 2025
Land & Land
Improvements
Quarries
Buildings
Plant &
equipment
Motor vehicles
Office furniture,
fixtures and
equipment
Assets under
construction
Total
Opening balance
242,922
129,814
257,356
860,064
129,668
14,643
102,686
1,737,153
Additions
1,290
6,518
2,116
9,179
760
1,425
234,910
256,198
Hyperinflation adjustments
1,392
\u2013
6,291
13,728
15
18
-61
21,383
Additions due to acquisition (note 4)
\u2013
\u2013
2,778
618
260
5
2
3,663
Interest capitalization
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,104
1,104
Disposals (NBV)
-803
\u2013
-98
-521
-435
-20
-1,962
-3,839
Derecognition on subsidiary disposal (net book value)
-2,433
\u2013
-41,009
-94,321
-160
-335
-3,137
-141,395
Reclassification of assets from/to other PPE categories
6,072
3,822
14,728
66,214
66,207
6,028
-163,071
\u2013
Transfers from/to other accounts
21
885
-141
-256
\u2013
\u2013
-3,709
-3,200
Depreciation charge (note 33)
-3,038
-8,960
-13,734
-85,630
-28,750
-3,860
\u2013
-143,972
Exchange differences
-20,578
-12,921
-19,927
-57,593
-13,402
-795
-9,073
-134,289
Ending balance
224,845
119,158
208,360
711,482
154,163
17,109
157,689
1,592,806
Right of use assets
Opening balance
16,879
\u2013
30,871
487
28,724
49
\u2013
77,010
Additions
902
\u2013
7,318
212
9,611
\u2013
\u2013
18,043
Hyperinflation adjustments
\u2013
\u2013
28
370
350
\u2013
\u2013
748
Disposals (NBV)
\u2013
\u2013
-13
-140
-857
\u2013
\u2013
-1,010
Derecognition on subsidiary disposal (net book value)
\u2013
\u2013
-266
\u2013
-176
\u2013
\u2013
-442
Transfers to other accounts
\u2013
\u2013
-468
\u2013
\u2013
\u2013
\u2013
-468
Additions for restoration provisions
\u2013
\u2013
\u2013
\u2013
5,874
\u2013
\u2013
5,874
Depreciation charge (note 33, 16)
-2,078
\u2013
-4,501
-116
-10,843
-12
\u2013
-17,550
Exchange differences
-1,825
\u2013
-2,659
-29
-2,846
-6
\u2013
-7,365
Ending balance (note 16)
13,878
\u2013
30,310
784
29,837
31
\u2013
74,840
At 31 December 2025
Cost
321,258
275,804
542,614
2,104,628
437,168
74,631
157,689
3,913,792
Accumulated depreciation
-79,054
-155,791
-302,905
-1,385,924
-253,168
-57,479
\u2013
-2,234,321
Accumulated losses of impairment of PPE
-3,481
-855
-1,039
-6,438
\u2013
-12
\u2013
-11,825
Net book value
238,723
119,158
238,670
712,266
184,000
17,140
157,689
1,667,646
The Group evaluates each CapEx project based on its contribution to the Group's decarbonization targets and assesses the risk that its
financial returns will be affected by rising CO 2 prices. The useful life of existing technology is not affected by the new CapEx, as these are
complementary and involve energy-saving projects allowing higher use of lower-cost alternative fuels, improving cement production
efficiency through digital technology, expanding warehouse capacity to serve higher production volumes, optimizing logistics and reducing
the carbon footprint mainly in the USA and EU. The aforementioned projects account for 47.4%% of total CapEx in 2025 (2024: 43.9%).
During 2025, the Group received \u20ac5,279 thousand (2024: \u20ac3,156 thousand) from the disposal of tangible, intangible assets and
investment property with total net book value of \u20ac5,358 thousand (2024: \u20ac4,755 thousand). Thus, the Group recognized a loss of
\u20ac79\u00a0thousand (2024: loss of \u20ac1,599 thousand) on disposal of PPE in the consolidated income statement (note 6, 33).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-653": { "value": "
Property, plant and equipment (PPE) is stated at historical cost less accumulated depreciation and impairment losses, except for land
(excluding land improvements and quarries), which is shown at cost less impairment losses.
Cost includes expenditure that is directly attributable to the acquisition of the items and any environmental rehabilitation costs to
the\u00a0extent that they have been recognized as a provision (refer to note 30). Subsequent costs are included in the asset\u2019s carrying
amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with
the\u00a0item will flow to the entity and the cost of the item can be measured reliably. The carrying amount of the replaced part is
derecognized. All other repairs and maintenance are charged to the income statement as incurred. Subsequent costs are
depreciated over the remaining useful life of the related asset or to the date of the next major subsequent cost whichever
is\u00a0the\u00a0sooner.
Depreciation, with the exception of quarries and land, is calculated using the straight-line method to allocate the cost of the assets
to\u00a0their residual values over their estimated useful lives as follows:
Category of PPE
Indicative useful lives
Buildings
Up to 50 years
Plant and equipment
Up to 40 years
Motor vehicles
5 to 20 years
Office equipment furniture and fittings (including computer
equipment and software integral to the operation of the
hardware)
2 to 10 years
Minor value assets
Up to 2 years
Land on which owned quarries are located is depreciated on a depletion basis. This depletion is recorded as the material extraction
process advances based on the unit-of-production method. Other land is not depreciated. The cost of the exploration of non-owned
quarries is recognized as operating cost in profit or loss as incurred .
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. Where the carrying
amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount (refer
to note 2 - Impairment of non-financial assets other than Goodwill).
An item of PPE and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are
expected from its use or disposal. Gains and losses on disposals are determined by comparing proceeds with carrying amount and
are included in profit or loss.
Interest costs on borrowings specifically used to finance the construction of PPE are capitalized during the construction period
if\u00a0recognition criteria are met.
For the accounting policy regarding right-of-use assets, refer to note 16 \u201cLeases\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-652": { "value": "
Property, plant and equipment (PPE) is stated at historical cost less accumulated depreciation and impairment losses, except for land
(excluding land improvements and quarries), which is shown at cost less impairment losses.
Cost includes expenditure that is directly attributable to the acquisition of the items and any environmental rehabilitation costs to
the\u00a0extent that they have been recognized as a provision (refer to note 30). Subsequent costs are included in the asset\u2019s carrying
amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with
the\u00a0item will flow to the entity and the cost of the item can be measured reliably. The carrying amount of the replaced part is
derecognized. All other repairs and maintenance are charged to the income statement as incurred. Subsequent costs are
depreciated over the remaining useful life of the related asset or to the date of the next major subsequent cost whichever
is\u00a0the\u00a0sooner.
Depreciation, with the exception of quarries and land, is calculated using the straight-line method to allocate the cost of the assets
to\u00a0their residual values over their estimated useful lives as follows:
Category of PPE
Indicative useful lives
Buildings
Up to 50 years
Plant and equipment
Up to 40 years
Motor vehicles
5 to 20 years
Office equipment furniture and fittings (including computer
equipment and software integral to the operation of the
hardware)
2 to 10 years
Minor value assets
Up to 2 years
Land on which owned quarries are located is depreciated on a depletion basis. This depletion is recorded as the material extraction
process advances based on the unit-of-production method. Other land is not depreciated. The cost of the exploration of non-owned
quarries is recognized as operating cost in profit or loss as incurred
Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an
indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset
with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected
pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or
method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with
finite lives is recognized in the income statement as the expense category that is consistent with the function of the intangible assets.
The amortization methods used for the Group\u2019s intangibles are as follows:
Category of intangible assets
Amortization Method
Indicative useful lives
Patents, trademarks and customer
relationships
straight-line basis
up to 20 years
Licenses (mining permits)
straight-line basis
depletion method
shorter of: the permit period and the estimated life of the
underlying quarry
unit-of-production method
Development costs (non-owned quarries)
note 2
note 2
Computer software
straight-line basis
3 to 10 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-654": { "value": "
Cost includes expenditure that is directly attributable to the acquisition of the items and any environmental rehabilitation costs to
the\u00a0extent that they have been recognized as a provision (refer to note 30). Subsequent costs are included in the asset\u2019s carrying
amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with
the\u00a0item will flow to the entity and the cost of the item can be measured reliably. The carrying amount of the replaced part is
derecognized. All other repairs and maintenance are charged to the income statement as incurred. Subsequent costs are
depreciated over the remaining useful life of the related asset or to the date of the next major subsequent cost whichever
is\u00a0the\u00a0sooner.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-655": { "value": "
15. Property, plant and equipment (continued)
(all amounts in Euro thousands)
Year ended 31 December 2024
Land & Land
Improvements
Quarries
Buildings
Plant &
equipment
Motor vehicles
Office furniture,
fixtures and
equipment
Assets under
construction
Total
Opening balance
233,929
121,897
208,367
796,185
89,665
12,164
159,268
1,621,475
Additions
219
12,094
697
7,362
2,647
1,139
191,222
215,380
Hyperinflation adjustments
2,077
\u2013
13,893
31,580
43
88
92
47,773
Additions due to acquisition (note 4)
700
\u2013
77
17
\u2013
3
\u2013
797
Disposals (NBV)
-594
-1,130
-295
-1,121
-1,008
-20
-363
-4,531
Reclassification of assets from/to other PPE categories
9,033
820
52,739
124,670
58,924
4,544
-250,730
\u2013
Transfer to other ROU's categories
\u2013
\u2013
-113
12
-2,448
\u2013
\u2013
-2,549
Transfers from/to other accounts
-16
2,542
82
113
\u2013
15
-475
2,261
Depreciation charge (note 33)
-3,437
-12,815
-12,723
-80,721
-23,838
-3,393
\u2013
-136,927
Exchange differences
1,011
6,406
-5,368
-18,033
5,683
103
3,672
-6,526
Ending balance
242,922
129,814
257,356
860,064
129,668
14,643
102,686
1,737,153
Right of use assets
Opening balance
15,381
\u2013
22,938
323
28,762
\u2013
\u2013
67,404
Additions
2,567
\u2013
10,934
442
5,437
51
\u2013
19,431
Disposals (NBV)
\u2013
\u2013
\u2013
\u2013
-218
\u2013
\u2013
-218
Transfers from/to other accounts
\u2013
\u2013
-28
\u2013
-53
\u2013
\u2013
-81
Transfers from other PPE categories
\u2013
\u2013
113
-12
2,448
\u2013
\u2013
2,549
Depreciation charge (note 33, 16)
-2,084
\u2013
-4,352
-285
-8,899
-5
\u2013
-15,625
Exchange differences
1,015
\u2013
1,266
19
1,247
3
\u2013
3,550
Ending balance (note 16)
16,879
\u2013
30,871
487
28,724
49
\u2013
77,010
At 31 December 2024
Cost
347,030
294,935
592,925
2,291,077
425,469
71,727
102,686
4,125,849
Accumulated depreciation
-83,525
-164,154
-303,659
-1,423,733
-267,077
-57,023
\u2013
-2,299,171
Accumulated losses of impairment of PPE
-3,704
-967
-1,039
-6,793
\u2013
-12
\u2013
-12,515
Net book value
259,801
129,814
288,227
860,551
158,392
14,692
102,686
1,814,163
(all amounts in Euro thousands)
Year ended 31 December 2025
Land & Land
Improvements
Quarries
Buildings
Plant &
equipment
Motor vehicles
Office furniture,
fixtures and
equipment
Assets under
construction
Total
Opening balance
242,922
129,814
257,356
860,064
129,668
14,643
102,686
1,737,153
Additions
1,290
6,518
2,116
9,179
760
1,425
234,910
256,198
Hyperinflation adjustments
1,392
\u2013
6,291
13,728
15
18
-61
21,383
Additions due to acquisition (note 4)
\u2013
\u2013
2,778
618
260
5
2
3,663
Interest capitalization
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,104
1,104
Disposals (NBV)
-803
\u2013
-98
-521
-435
-20
-1,962
-3,839
Derecognition on subsidiary disposal (net book value)
-2,433
\u2013
-41,009
-94,321
-160
-335
-3,137
-141,395
Reclassification of assets from/to other PPE categories
6,072
3,822
14,728
66,214
66,207
6,028
-163,071
\u2013
Transfers from/to other accounts
21
885
-141
-256
\u2013
\u2013
-3,709
-3,200
Depreciation charge (note 33)
-3,038
-8,960
-13,734
-85,630
-28,750
-3,860
\u2013
-143,972
Exchange differences
-20,578
-12,921
-19,927
-57,593
-13,402
-795
-9,073
-134,289
Ending balance
224,845
119,158
208,360
711,482
154,163
17,109
157,689
1,592,806
Right of use assets
Opening balance
16,879
\u2013
30,871
487
28,724
49
\u2013
77,010
Additions
902
\u2013
7,318
212
9,611
\u2013
\u2013
18,043
Hyperinflation adjustments
\u2013
\u2013
28
370
350
\u2013
\u2013
748
Disposals (NBV)
\u2013
\u2013
-13
-140
-857
\u2013
\u2013
-1,010
Derecognition on subsidiary disposal (net book value)
\u2013
\u2013
-266
\u2013
-176
\u2013
\u2013
-442
Transfers to other accounts
\u2013
\u2013
-468
\u2013
\u2013
\u2013
\u2013
-468
Additions for restoration provisions
\u2013
\u2013
\u2013
\u2013
5,874
\u2013
\u2013
5,874
Depreciation charge (note 33, 16)
-2,078
\u2013
-4,501
-116
-10,843
-12
\u2013
-17,550
Exchange differences
-1,825
\u2013
-2,659
-29
-2,846
-6
\u2013
-7,365
Ending balance (note 16)
13,878
\u2013
30,310
784
29,837
31
\u2013
74,840
At 31 December 2025
Cost
321,258
275,804
542,614
2,104,628
437,168
74,631
157,689
3,913,792
Accumulated depreciation
-79,054
-155,791
-302,905
-1,385,924
-253,168
-57,479
\u2013
-2,234,321
Accumulated losses of impairment of PPE
-3,481
-855
-1,039
-6,438
\u2013
-12
\u2013
-11,825
Net book value
238,723
119,158
238,670
712,266
184,000
17,140
157,689
1,667,646
Impairment testing of goodwill
Impairment reviews are undertaken annually (even if there is no indication of impairment) or more frequently if events or changes in
circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the
higher of the value-in-use and the fair value less costs to sell. Any impairment is recognized immediately as an expense and is not
subsequently reversed.
Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated
with\u00a0the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal.
Goodwill dispose d in these circumstances is measured based on the relative values of the disposed operation and the portion
of\u00a0the\u00a0CGU retained
Group cash-generating-units (CGUs) are defined generally as a country or Group area on the basis of the sales and management
structure. The recoverable amount of all CGUs has been determined based on value-in-use calculations. These calculations use
post-tax cash flow projections based on financial budgets approved by management covering generally a five-year period. Forecasts
rely on a combination of internal and external factors that influence each CGU operations, such as the macroeconomic environment
and sustainability matters. Furthermore, in specific circumstances, when recent results of a CGU do not reflect historical performance
and most external economic variables provide confidence that a reasonably determinable improvement is expected in the mid-term,
management uses cash flow projections over a period up to ten years, to reflect sufficiently the cyclical nature of the industry.\u00a0
Volume assumptions are provided by local management and reflect its best estimates taking into consideration past performance,
local market growth estimates, infrastructure projects, etc. Sales volume growth rates are also based on published industry research
and consider demographic trends including population growth, household formation, and economic output (among other factors) in
the countries where the Group operates.
Price assumptions are also the best estimates of local management and they factor in historical trends, inflation, brand loyalty,
growth rate of the regional economy, competition, production cost increases, etc.
Input costs that mainly consist of thermal and electrical energy, transportation costs, and raw material costs, are determined
by\u00a0forecasted projections provided by international agencies and institutions.
Furthermore, digital transformation efforts for driving business efficiencies, and actions for the curtailment of the Group\u2019s
environmental footprint and mitigating supply chain disruption are factored in.
Terminal value cash flows are based on the long-term growth expectations for the industry in the country of operation. It is calculated
based on sustainable sales volumes, capacity utilization, EBITDA margin and CapEx, to reflect sustainable cash flows in perpetuity.
Perpetuity growth rates are in line with the nominal economic growth. Rates are reasonably compared to long-term inflation
expectations, adjusted for per capita consumption expectations and capacity utilization. Inputs that have been taken into
consideration are estimates from international agencies\u2019 or banks\u2019 forecasts.
Discount rates are according to post-tax weighted average cost of capital (WACC) for each CGUs, deriving from Group\u2019s current
market risk assessment, applicable local tax rates and local currency risk-free rates.
Carrying amount of goodwill and key assumptions used for value in use calculations
2025
(all amounts in Euro thousands)
Carrying amount of
goodwill
Perpetual Growth
rates
Discount rates
North America
186,147
2.4%
12.3%
Bulgaria
44,810
1.1%
7.9%
Serbia
5,715
1.1%
8.9%
Kosovo
2,238
1.1%
8.6%
Greece
9,581
2.0%
7.9%
Total
248,491
2024
(all amounts in Euro thousands)
Carrying amount of
goodwill
Perpetual Growth
rates
Discount rates
North America
210,524
2.4%
9.8%
Bulgaria
45,440
1.1%
6.8%
Serbia
5,699
1.0%
7.4%
Kosovo
2,238
1.1%
7.7%
Greece
9,581
2.0%
6.7%
Total
273,482
Titan SA, in May 2025 has completed the divestment of its 75% share in Ado\u00e7im Cimento Beton Sanayi ve Ticaret A.S. (note 4). In 2024, an
impairment loss of 17.0 million was recognized. For all other CGUs, the impairment tests conducted in 2025 did not result in the recognition
of any impairment of goodwill.
Sensitivity of recoverable amounts
On 31 December 2025, the Group analyzed the sensitivity of the recoverable amounts to the reasonably possible change in key
assumptions. For all CGUs, sensitivity analysis did not present a situation in which the carrying value of the CGU would exceed their
recoverable amount.
(all amounts in Euro thousands)
2025
2024
Inventories
Raw materials-maintenance stores
248,801
261,685
Work in progress
70,420
77,978
Finished goods
96,198
113,704
Provision for obsolete inventories
-10,211
-11,181
405,208
442,186
Analysis of provision for impairment of inventories
Balance at 1 January
11,181
10,764
Charge for the year (note 33)
633
1,941
Unused amounts reversed (note 33)
-1,121
-1,310
Utilized
-179
-277
Exchange differences
-303
63
Balance at 31 December
10,211
11,181
Accounting Policy
The Group applies the IFRS 9 simplified approach for measuring expected credit losses. The approach uses a lifetime expected
loss allowance for all trade and other receivables. On that basis, an impairment analysis is performed at the end of the year, using
provisional rates that are based on days past due for groupings of various customer segments with similar characteristics. The
calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that
is available at the reporting date about past events, current conditions, forecasts of future economic conditions, in addition with
specific information for individual receivables. In addition, the Group holds collaterals to secure trade receivables, which at the end
of 2025 amounted to \u20ac15,242 thousand (31 December 2024: \u20ac29,442 thousand) (note 35).
Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a
repayment plan with the Group.\u00a0 Where receivables have been written off, the Group continues to engage in enforcement activity
to attempt to recover the receivable due. Where recoveries are made, these are recognized in the income statement.
The balances of trade receivables and impairments are as follows:
(all amounts in Euro thousands)
Expected credit loss
rate
Trade receivables
Impairments
As at 31 December 2025
Current
0.48%
137,964
663
More than 30 days past due
2.69%
42,466
1,141
More than 60 days past due
11.32%
10,791
1,222
More than 120 days past due
48.59%
48,614
23,620
239,835
26,646
As at 31 December 2024
Current
0.57%
142,111
812
More than 30 days past due
1.52%
48,366
733
More than 60 days past due
2.29%
15,600
357
More than 120 days past due
65.28%
40,226
26,260
246,303
28,162
Allowance for doubtful and other debtors analysis
2025
2024
Balance at 1 January
33,201
33,754
Charge for the year (note 33)
3,323
2,637
Unused amounts reversed (note 33)
-1,574
-3,020
Utilized
-2,179
-781
Reclassification from/to other receivables/payables
120
162
Additions due to acquisitions (note 4)
132
26
Reduction due to disposal (note 4)
-339
\u2013
Exchange differences
-541
423
Balance at 31 December
32,143
33,201
The individually impaired receivables mainly relate to wholesalers facing unexpectedly difficult economic conditions. A portion of these
receivables is expected to be recovered.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-656": { "value": "
16. Leases
Accounting Policy
Lessees
Leases are recognized as a right-of-use (ROU) asset and a corresponding lease liability at the date at which the leased asset is
available for use. Each lease payment is allocated between the lease liability and interest, which is charged to profit or loss over the
lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The ROU asset
is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis, unless there is a transfer of
ownership or purchase option which is reasonably certain to be exercised at the end of the lease term. In this case, the lessee
depreciates the ROU asset over the useful life of the underlying asset.
The Group presents ROU assets that do not meet the definition of investment property in the account \u201cproperty, plant and
equipment\u201d, in the same line item as it presents underlying assets of the same nature that it owns. ROU assets that meet the
definition of investment property are presented with investment property.
The lease liability is initially measured at the commencement date at the present value of the lease payments during the lease term
that are not yet paid. It is discounted by using the interest rate implicit in the lease or, if that rate cannot be readily determined, the
incremental borrowing rate (IBR). The IBR is the rate that the lessee would have to pay to borrow the funds necessary to obtain an
asset of a similar value in a similar economic environment with similar terms and condition. In order to determine IBR, the Group
usually uses third-party financing that it is received by the individual lessee and makes adjustments to reflect changes in financing
conditions, since third-party financing was received. Also, it makes judgements specific to the lease, such as term, country, currency
and security.
The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is re-
measured when there is a modification that is not accounted for as a separate lease; a change in future lease payments arising from
a change in an index or rate; a change in the estimate of the amount expected to be payable under a residual value guarantee; and
if the Group changes its assessment of whether a purchase or extension option is reasonably certain to be exercised or a
termination option is reasonably certain not to be exercised.
Lease liabilities include the net present value of the following lease payments:
\u2022 Fixed payments (including in-substance fixed payments)
\u2022 Variable lease payments that are based on an index or a rate
\u2022 Amounts expected to be payable by the lessee under residual value guarantees
\u2022 The exercise price of a purchase option if the lessee is reasonably certain to exercise that option
\u2022 Payments of penalties for terminating the lease if the lessee will exercise that option
The ROU asset is initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses, and
adjusted for certain re-measurements of the lease liability. When an ROU asset meets the definition of investment property is initially
measured at cost, and subsequently is measured at fair value, in accordance with the Group\u2019s accounting policy.
The initial measurement of the ROU asset is comprised by:
\u2022 the amount of the initial measurement of lease liability;
\u2022 any lease payments made at or before the commencement; date less any lease incentives received
\u2022 any initial direct costs; and
\u2022 restoration costs.
For short-term leases and certain leases of low-value assets, the Group has elected not to recognize ROU assets and lease liabilities.
It recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.
For leases that contain both lease and non-lease components, the Group has chosen not to separate them, except for terminals in
which non-lease components are separated from lease components.
Group as a lessor
Leases in which the Group does not transfer substantially all the risks and benefits of ownership of an asset are classified as
operating leases. Operating leases of PPE are recognized according to their nature in the statement of financial position.
Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Initial direct
costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized
over the lease term on the same basis as rental income.
Contingent rents are recognized as revenue in the period in which they are earned.
Leases in which the Group transfers substantially all the risks and benefits of ownership of an asset are classified as finance leases.
The Group presents a receivable at an amount equal to the net investment in the lease. The net investment of a lease agreement is
the gross investment, discounted at the interest rate implicit in the lease.
Group as a lessee
The Group has various lease contracts for offices, terminals, machinery, vehicles, computer hardware and other equipment. Rental
contracts are typically made for fixed periods of 1 to 30 years, but may have extension or termination options. Lease terms are
negotiated on an individual basis and contain a wide range of different terms and conditions. There are leases with fixed increases
and others where the increase is based on changes in price indices.
The consolidated statement of financial position includes the following balances related to lease contracts:
Balances of right-of-use assets (note 15)
(all amounts in Euro thousands)
2025
2024
Land
13,878
16,879
Buildings
30,310
30,871
Plant & equipment
784
487
Motor vehicle
29,837
28,724
Office furniture, fixtures and equipment
31
49
74,840
77,010
Balances of lease liabilities
(all amounts in Euro thousands)
2025
2024
Long-term lease liabilities
62,253
65,175
Short-term lease liabilities
14,247
16,720
76,500
81,895
The following amounts that related to leases are recognized in the consolidated income statement:
(all amounts in Euro thousands)
2025
2024
Depreciation charge of ROU assets (note 15)
17,550
15,625
Interest expense\u00a0 (note 7)
4,276
4,200
Expense relating to short-term leases
22,723
25,286
Expense relating to low-value leases that are not shown as short-term leases
180
190
Expenses relating to variable lease payments not included in lease liabilities
2,034
2,092
The total cash outflow for the leases in 2025 was \u20ac44,185 thous and (2024: \u20ac47,240 thousand).
Extension and termination options
In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise extension
options and the extension options are only included in the lease term if the lease is reasonably certain to be extended. Extension options
which are reasonably certain to be exercised mainly concern assets which are of strategic importance for the operations of the Group and
are not easily replaceable, without incurring significant relocation costs and disruption of the business such as terminals, ready-mix sites
and heavy equipment. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances
occurs, which affects this assessment, and is within the control of the lessee.
On 31 December 2025, the undiscounted potential future cash flows outlined below were excluded from the lease liability, as the
extension of the leases is not considered reasonably certain. The timing of these payments would be as follows:
(all amounts in Euro thousands)
2025
2024
Within 10 years
8,682
9,104
From 10 to 20 years
16,551
21,071
In more than 20 years
8,428
9,963
33,661
40,138
(all amounts in Euro thousands)
Year ended at December 31 2025
< 1 month
1 to 6 months
6 to 12 months
1 to 5 years
>5years
Total
Borrowings
5,906
15,810
102,891
624,416
1,921
750,944
Lease liabilities
1,902
7,075
8,459
43,039
36,627
97,102
Payables from interim settlement of
derivatives
14
\u2013
\u2013
24,086
\u2013
24,100
Other non-current liabilities
\u2013
\u2013
\u2013
6,489
\u2013
6,489
Trade and other payables
291,157
63,729
20,180
\u2013
\u2013
375,066
298,979
86,614
131,530
698,030
38,548
1,253,701
Year ended at December 31 2024
Borrowings
18,433
22,283
37,827
653,133
1,921
733,597
Lease liabilities
1,849
7,071
8,369
42,841
28,812
88,942
Derivative financial instruments
\u2013
976
\u2013
8,103
\u2013
9,079
Payables from interim settlement of
derivatives
12
293
\u2013
\u2013
\u2013
305
Other non-current liabilities
\u2013
\u2013
\u2013
4,296
\u2013
4,296
Trade and other payables
227,362
137,503
18,546
\u2013
\u2013
383,411
247,656
168,126
64,742
708,373
30,733
1,219,630
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-657": { "value": "
Lessees
Leases are recognized as a right-of-use (ROU) asset and a corresponding lease liability at the date at which the leased asset is
available for use. Each lease payment is allocated between the lease liability and interest, which is charged to profit or loss over the
lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The ROU asset
is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis, unless there is a transfer of
ownership or purchase option which is reasonably certain to be exercised at the end of the lease term. In this case, the lessee
depreciates the ROU asset over the useful life of the underlying asset.
The Group presents ROU assets that do not meet the definition of investment property in the account \u201cproperty, plant and
equipment\u201d, in the same line item as it presents underlying assets of the same nature that it owns. ROU assets that meet the
definition of investment property are presented with investment property.
The lease liability is initially measured at the commencement date at the present value of the lease payments during the lease term
that are not yet paid. It is discounted by using the interest rate implicit in the lease or, if that rate cannot be readily determined, the
incremental borrowing rate (IBR). The IBR is the rate that the lessee would have to pay to borrow the funds necessary to obtain an
asset of a similar value in a similar economic environment with similar terms and condition. In order to determine IBR, the Group
usually uses third-party financing that it is received by the individual lessee and makes adjustments to reflect changes in financing
conditions, since third-party financing was received. Also, it makes judgements specific to the lease, such as term, country, currency
and security.
The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is re-
measured when there is a modification that is not accounted for as a separate lease; a change in future lease payments arising from
a change in an index or rate; a change in the estimate of the amount expected to be payable under a residual value guarantee; and
if the Group changes its assessment of whether a purchase or extension option is reasonably certain to be exercised or a
termination option is reasonably certain not to be exercised.
Lease liabilities include the net present value of the following lease payments:
\u2022 Fixed payments (including in-substance fixed payments)
\u2022 Variable lease payments that are based on an index or a rate
\u2022 Amounts expected to be payable by the lessee under residual value guarantees
\u2022 The exercise price of a purchase option if the lessee is reasonably certain to exercise that option
\u2022 Payments of penalties for terminating the lease if the lessee will exercise that option
The ROU asset is initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses, and
adjusted for certain re-measurements of the lease liability. When an ROU asset meets the definition of investment property is initially
measured at cost, and subsequently is measured at fair value, in accordance with the Group\u2019s accounting policy.
The initial measurement of the ROU asset is comprised by:
\u2022 the amount of the initial measurement of lease liability;
\u2022 any lease payments made at or before the commencement; date less any lease incentives received
\u2022 any initial direct costs; and
\u2022 restoration costs.
For short-term leases and certain leases of low-value assets, the Group has elected not to recognize ROU assets and lease liabilities.
It recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.
For leases that contain both lease and non-lease components, the Group has chosen not to separate them, except for terminals in
which non-lease components are separated from lease components.
Group as a lessor
Leases in which the Group does not transfer substantially all the risks and benefits of ownership of an asset are classified as
operating leases. Operating leases of PPE are recognized according to their nature in the statement of financial position.
Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Initial direct
costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized
over the lease term on the same basis as rental income.
Contingent rents are recognized as revenue in the period in which they are earned.
Leases in which the Group transfers substantially all the risks and benefits of ownership of an asset are classified as finance leases.
The Group presents a receivable at an amount equal to the net investment in the lease. The net investment of a lease agreement is
the gross investment, discounted at the interest rate implicit in the lease.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-658": { "value": "
17. Investment property
Accounting Policy
Investment property is property held for long-term rental yields or for capital appreciation or both and that is not occupied by any
of\u00a0the subsidiaries of the Group. Owner-occupied properties are held for production and administrative purposes. This distinguishes
owner-occupied property from investment property.
Investment property is measured initially at cost, including related transaction costs and where applicable borrowing costs. After
initial recognition, investment property is carried at fair value.
A gain or loss arising from a change in the fair value of investment property is recognized in the period in which it arises in the
income statement within \u201cother income\u201d or \u201cother expense\u201d as appropriate.
Subsequent expenditure is capitalized to the asset\u2019s carrying amount only when it is probable that future economic benefits
associated with the expenditure will flow to the Group and the cost of the item can be measured reliably. All other repairs and
maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the
replaced part is derecognized.
The fair value of investment property does not reflect future capital expenditure that will improve or enhance the property and does
not reflect the related future benefits from this future expenditure other than those a rational market participant would take into
account when determining the value of the property.
Where the Group disposes of a property at fair value in an arm\u2019s length transaction, the carrying value immediately prior to the sale
is\u00a0adjusted to the transaction price, and the adjustment is recorded in the income statement within the gain or loss from fair value
adjustment on investment property. Investment properties are derecognized when they have been disposed.
If an investment property becomes owner-occupied, it is reclassified as PPE. Its fair value at the date of reclassification becomes
its\u00a0deemed cost for subsequent measurement purposes.
If an item of owner-occupied property becomes an investment property because its use has changed, IAS 16 is applied up to the
date of transfer, since investment property is measured at fair value. The property is fair valued at the date of transfer and any
revaluation gain or loss, being the difference between fair value and the previous carrying amount, is accounted for as a revaluation
surplus or deficit in equity in accordance with IAS 16. Revaluation surplus is recognized directly in equity through other
comprehensive income, unless there was an impairment loss recognized for the same property in prior years. In this case, the
surplus up to the extent of this impairment loss is recognized in profit or loss and any further increase is recognized directly in equity
through other comprehensive income. Any revaluation deficit is recognized in profit or loss.
Property that is leased among Group subsidiaries is not included in investment property but in PPE in the consolidated statement
of\u00a0financial position.
After initial recognition, investment property is carried at fair value. Fair value reflects market conditions at the reporting date and is
determined internally on an annual basis mainly by external, independent, certified evaluators that are members of the institute of
the certified evaluators and certified from the European Group of Valuers' Associations (TEGoVA) and RICS (Royal Institution of
Chartered Surveyors). The best evidence of fair value is provided by current prices in an active market for similar property in the
same location and condition and subject to the same lease terms and other conditions (comparable transactions). When such
identical conditions are not present, the Group takes account of, and makes allowances for, differences from the comparable
properties in location, nature and condition of the property or in contractual terms of leases and other contracts relating to
the\u00a0property.
(all amounts in Euro thousands)
2025
2024
Opening balance
11,025
11,018
Additions
26
\u2013
Net profit from measurement at fair value (note 6, 33)
145
88
Transfer to property, plant and equipment
-16
-81
Exchange differences
4
\u2013
Ending balance
11,184
11,025
(all amounts in Euro thousands)
2025
2024
Rental income derived from investment property
481
468
Direct operating expenses (including repair and maintenance) generating rental income
18
\u2013
Direct operating expenses (including repair and maintenance) that did not generate rental income
14
23
Net profit/(loss) arising from investment properties carried at fair value (note 6)
145
88
Investment property is measured at fair value on a yearly basis. The fair value measurement of the investment property of the Group has
been mainly conducted in accordance with the comparative method or the current market values of similar properties. The main factors
that were taken into consideration, are the property location, the surface area, the local urban planning, the bordering road networks, the
regional infrastructure, the property maintenance status and merchantability, the technical construction standards in the case of buildings
and the impact of environmental issues if any.
The investment properties are leased to tenants under operating leases with rentals payable monthly, quarterly or yearly. Lease payments
for some contracts include Consumer Price Index (CPI) increases, but there are no other variable lease payments that depend on an index
or rate.
Minimum lease payments receivable on leases of investment properties are as follows:
(all amounts in Euro thousands)
2025
2024
Within one year
602
598
Between 1 and 2 years
548
567
Between 2 and 3 years
520
532
Between 3 and 4 years
351
512
Between 4 and 5 years
256
352
Later than five years
786
346
3,063
2,907
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-659": { "value": "
Investment property is property held for long-term rental yields or for capital appreciation or both and that is not occupied by any
of\u00a0the subsidiaries of the Group. Owner-occupied properties are held for production and administrative purposes. This distinguishes
owner-occupied property from investment property.
Investment property is measured initially at cost, including related transaction costs and where applicable borrowing costs. After
initial recognition, investment property is carried at fair value.
A gain or loss arising from a change in the fair value of investment property is recognized in the period in which it arises in the
income statement within \u201cother income\u201d or \u201cother expense\u201d as appropriate.
Subsequent expenditure is capitalized to the asset\u2019s carrying amount only when it is probable that future economic benefits
associated with the expenditure will flow to the Group and the cost of the item can be measured reliably. All other repairs and
maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the
replaced part is derecognized.
The fair value of investment property does not reflect future capital expenditure that will improve or enhance the property and does
not reflect the related future benefits from this future expenditure other than those a rational market participant would take into
account when determining the value of the property.
Where the Group disposes of a property at fair value in an arm\u2019s length transaction, the carrying value immediately prior to the sale
is\u00a0adjusted to the transaction price, and the adjustment is recorded in the income statement within the gain or loss from fair value
adjustment on investment property. Investment properties are derecognized when they have been disposed.
If an investment property becomes owner-occupied, it is reclassified as PPE. Its fair value at the date of reclassification becomes
its\u00a0deemed cost for subsequent measurement purposes.
If an item of owner-occupied property becomes an investment property because its use has changed, IAS 16 is applied up to the
date of transfer, since investment property is measured at fair value. The property is fair valued at the date of transfer and any
revaluation gain or loss, being the difference between fair value and the previous carrying amount, is accounted for as a revaluation
surplus or deficit in equity in accordance with IAS 16. Revaluation surplus is recognized directly in equity through other
comprehensive income, unless there was an impairment loss recognized for the same property in prior years. In this case, the
surplus up to the extent of this impairment loss is recognized in profit or loss and any further increase is recognized directly in equity
through other comprehensive income. Any revaluation deficit is recognized in profit or loss.
Property that is leased among Group subsidiaries is not included in investment property but in PPE in the consolidated statement
of\u00a0financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-661": { "value": "
18. Goodwill
Accounting Policy
Goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred and
the amount recognized for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the excess of
the aggregate of the consideration transferred and the amount recognized for non-controlling interest over the net identifiable
assets acquired and liabilities assumed is smaller than the fair value of the net assets of the acquired subsidiary, the difference is
recognized in the profit or loss. Goodwill represents the future economic benefits arising from assets that are not capable of being
individually identified and separately recognized in a business combination.
Goodwill is not amortized. After initial recognition, it is measured at cost less any accumulated impairment losses.
(all amounts in Euro thousands)
Initial goodwill
Goodwill impairment
Total goodwill
Balance at 1 January 2024
377,565
-103,537
274,028
Hyperinflation adjustments
14,360
-8,958
5,402
Impairment (note 33)
\u2013
-17,004
-17,004
Exchange differences
15,916
-4,860
11,056
Balance at 31 December 2024
407,841
-134,359
273,482
Balance at 1 January 2025
407,841
-134,359
273,482
Disposal of subsidiary
-37,321
37,321
\u2013
Reduced due to liquidation
-630
\u2013
-630
Exchange differences
-31,371
7,010
-24,361
Balance at 31 December 2025
338,519
-90,028
248,491
Impairment testing of goodwill
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each
cash-generating-unit (CGU) that is expected to benefit from the synergies of the combination. Each unit or group of units to which
the\u00a0goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal
management\u00a0purposes.
Impairment reviews are undertaken annually (even if there is no indication of impairment) or more frequently if events or changes in
circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the
higher of the value-in-use and the fair value less costs to sell. Any impairment is recognized immediately as an expense and is not
subsequently reversed.
Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated
with\u00a0the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal.
Goodwill dispose d in these circumstances is measured based on the relative values of the disposed operation and the portion
of\u00a0the\u00a0CGU retained.
Carrying amount of goodwill and key assumptions used for value in use calculations
2025
(all amounts in Euro thousands)
Carrying amount of
goodwill
Perpetual Growth
rates
Discount rates
North America
186,147
2.4%
12.3%
Bulgaria
44,810
1.1%
7.9%
Serbia
5,715
1.1%
8.9%
Kosovo
2,238
1.1%
8.6%
Greece
9,581
2.0%
7.9%
Total
248,491
2024
(all amounts in Euro thousands)
Carrying amount of
goodwill
Perpetual Growth
rates
Discount rates
North America
210,524
2.4%
9.8%
Bulgaria
45,440
1.1%
6.8%
Serbia
5,699
1.0%
7.4%
Kosovo
2,238
1.1%
7.7%
Greece
9,581
2.0%
6.7%
Total
273,482
Titan SA, in May 2025 has completed the divestment of its 75% share in Ado\u00e7im Cimento Beton Sanayi ve Ticaret A.S. (note 4). In 2024, an
impairment loss of 17.0 million was recognized. For all other CGUs, the impairment tests conducted in 2025 did not result in the recognition
of any impairment of goodwill.
Sensitivity of recoverable amounts
On 31 December 2025, the Group analyzed the sensitivity of the recoverable amounts to the reasonably possible change in key
assumptions. For all CGUs, sensitivity analysis did not present a situation in which the carrying value of the CGU would exceed their
recoverable amount.
Accounting Policy
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business
combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any
accumulated amortization and accumulated impairment losses.
The Group\u2019s intangible assets have a finite useful life.
Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an
indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset
with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected
pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or
method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with
finite lives is recognized in the income statement as the expense category that is consistent with the function of the intangible assets.
Acquired computer software programs and licenses are capitalized on the basis of costs incurred to acquire and bring to use the
specific software when these are expected to generate economic benefits beyond one year. Costs associated with developing or
maintaining computer software programs are recognized as an expense as incurred.
The amortization methods used for the Group\u2019s intangibles are as follows:
Category of intangible assets
Amortization Method
Indicative useful lives
Patents, trademarks and customer
relationships
straight-line basis
up to 20 years
Licenses (mining permits)
straight-line basis
depletion method
shorter of: the permit period and the estimated life of the
underlying quarry
unit-of-production method
Development costs (non-owned quarries)
note 2
note 2
Computer software
straight-line basis
3 to 10 years
Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds
and the carrying amount of the asset and are recognized in the income statement when the asset is derecognized.
In 2025, licenses increased by \u20ac4,772 thousand following the acquisition of Latekat Sourlas S.A., an established aggregates quarry
business located in the Thessaly region of Central Greece, and Cooperative Niki IKE, a private limited company located in Athens. This
acquisition is part of the broader strategy to expand the Group\u2019s aggregates reserves base in regions of Greece with strong development
potential and supports the further development of its vertically integrated aggregates and construction materials activities.
In 2024, licenses increased by \u20ac11,158 thousand due to the acquisition of Xirorema Quarries S.A., a privately held company based in
Greece specializing in the production of recycled aggregates. This acquisition aligns with the Group\u2019s strategy to expand its presence
in\u00a0the recycled aggregates sector, particularly in the processing of construction and demolition waste.
Additionally, assets under construction include costs associated with major IT initiatives. Upon completion, the respective costs are
reclassified under \"computer\u00a0software.\"
(all amounts in Euro thousands)
Licences
Trademarks
Computer
software
Other intangible
assets
Assets under
construction
Total
Balance at 1 January 2024
22,675
13,203
24,471
2,842
16,444
79,635
Additions
146
\u2013
2,296
4,591
8,776
15,809
Disposals (NBV)
\u2013
\u2013
-1
\u2013
-5
-6
Hyperinflation adjustments
195
\u2013
6
1
\u2013
202
Additions due to acquisition
11,158
\u2013
\u2013
\u2013
\u2013
11,158
Reclassification of assets from/to other intangible assets categories
\u2013
\u2013
1,613
1,935
-3,548
\u2013
Transfers from/(to) other accounts
\u2013
\u2013
695
-323
-23
349
Amortization charge (note 33)
-1,147
-185
-5,784
-237
\u2013
-7,353
Exchange differences
-4,010
805
923
-210
-70
-2,562
Balance at 31 December 2024
29,017
13,823
24,219
8,599
21,574
97,232
Balance at 1 January 2025
29,017
13,823
24,219
8,599
21,574
97,232
Additions
151
\u2013
1,582
38
8,938
10,709
Disposals (NBV)
-9
\u2013
\u2013
\u2013
-500
-509
Hyperinflation adjustments
376
\u2013
26
1
\u2013
403
Additions due to acquisition (note 4a)
4,772
\u2013
\u2013
15
\u2013
4,787
Derecognition on subsidiary disposal (net book value)
-521
\u2013
\u2013
-2
\u2013
-523
Reclassification of assets from/to other intangible assets categories
14
\u2013
2,325
6,954
-9,293
\u2013
Transfers from/(to) other accounts
\u2013
\u2013
88
2,241
1,289
3,618
Amortization charge (note 33)
-813
-185
-6,532
-147
\u2013
-7,677
Exchange differences
-641
-1,560
-1,552
-44
-211
-4,008
Balance at 31 December 2025
32,346
12,078
20,156
17,655
21,797
104,032
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-660": { "value": "
18. Goodwill
Accounting Policy
Goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred and
the amount recognized for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the excess of
the aggregate of the consideration transferred and the amount recognized for non-controlling interest over the net identifiable
assets acquired and liabilities assumed is smaller than the fair value of the net assets of the acquired subsidiary, the difference is
recognized in the profit or loss. Goodwill represents the future economic benefits arising from assets that are not capable of being
individually identified and separately recognized in a business combination.
Goodwill is not amortized. After initial recognition, it is measured at cost less any accumulated impairment losses.
(all amounts in Euro thousands)
Initial goodwill
Goodwill impairment
Total goodwill
Balance at 1 January 2024
377,565
-103,537
274,028
Hyperinflation adjustments
14,360
-8,958
5,402
Impairment (note 33)
\u2013
-17,004
-17,004
Exchange differences
15,916
-4,860
11,056
Balance at 31 December 2024
407,841
-134,359
273,482
Balance at 1 January 2025
407,841
-134,359
273,482
Disposal of subsidiary
-37,321
37,321
\u2013
Reduced due to liquidation
-630
\u2013
-630
Exchange differences
-31,371
7,010
-24,361
Balance at 31 December 2025
338,519
-90,028
248,491
Accounting Policy
Impairment testing of goodwill
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each
cash-generating-unit (CGU) that is expected to benefit from the synergies of the combination. Each unit or group of units to which
the\u00a0goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal
management\u00a0purposes.
Impairment reviews are undertaken annually (even if there is no indication of impairment) or more frequently if events or changes in
circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the
higher of the value-in-use and the fair value less costs to sell. Any impairment is recognized immediately as an expense and is not
subsequently reversed.
Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated
with\u00a0the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal.
Goodwill dispose d in these circumstances is measured based on the relative values of the disposed operation and the portion
of\u00a0the\u00a0CGU retained.
Key assumptions
Group cash-generating-units (CGUs) are defined generally as a country or Group area on the basis of the sales and management
structure. The recoverable amount of all CGUs has been determined based on value-in-use calculations. These calculations use
post-tax cash flow projections based on financial budgets approved by management covering generally a five-year period. Forecasts
rely on a combination of internal and external factors that influence each CGU operations, such as the macroeconomic environment
and sustainability matters. Furthermore, in specific circumstances, when recent results of a CGU do not reflect historical performance
and most external economic variables provide confidence that a reasonably determinable improvement is expected in the mid-term,
management uses cash flow projections over a period up to ten years, to reflect sufficiently the cyclical nature of the industry.\u00a0
Volume assumptions are provided by local management and reflect its best estimates taking into consideration past performance,
local market growth estimates, infrastructure projects, etc. Sales volume growth rates are also based on published industry research
and consider demographic trends including population growth, household formation, and economic output (among other factors) in
the countries where the Group operates.
Price assumptions are also the best estimates of local management and they factor in historical trends, inflation, brand loyalty,
growth rate of the regional economy, competition, production cost increases, etc.
Input costs that mainly consist of thermal and electrical energy, transportation costs, and raw material costs, are determined
by\u00a0forecasted projections provided by international agencies and institutions.
Furthermore, digital transformation efforts for driving business efficiencies, and actions for the curtailment of the Group\u2019s
environmental footprint and mitigating supply chain disruption are factored in.
Terminal value cash flows are based on the long-term growth expectations for the industry in the country of operation. It is calculated
based on sustainable sales volumes, capacity utilization, EBITDA margin and CapEx, to reflect sustainable cash flows in perpetuity.
Perpetuity growth rates are in line with the nominal economic growth. Rates are reasonably compared to long-term inflation
expectations, adjusted for per capita consumption expectations and capacity utilization. Inputs that have been taken into
consideration are estimates from international agencies\u2019 or banks\u2019 forecasts.
Carrying amount of goodwill and key assumptions used for value in use calculations
2025
(all amounts in Euro thousands)
Carrying amount of
goodwill
Perpetual Growth
rates
Discount rates
North America
186,147
2.4%
12.3%
Bulgaria
44,810
1.1%
7.9%
Serbia
5,715
1.1%
8.9%
Kosovo
2,238
1.1%
8.6%
Greece
9,581
2.0%
7.9%
Total
248,491
2024
(all amounts in Euro thousands)
Carrying amount of
goodwill
Perpetual Growth
rates
Discount rates
North America
210,524
2.4%
9.8%
Bulgaria
45,440
1.1%
6.8%
Serbia
5,699
1.0%
7.4%
Kosovo
2,238
1.1%
7.7%
Greece
9,581
2.0%
6.7%
Total
273,482
Titan SA, in May 2025 has completed the divestment of its 75% share in Ado\u00e7im Cimento Beton Sanayi ve Ticaret A.S. (note 4). In 2024, an
impairment loss of 17.0 million was recognized. For all other CGUs, the impairment tests conducted in 2025 did not result in the recognition
of any impairment of goodwill.
Sensitivity of recoverable amounts
On 31 December 2025, the Group analyzed the sensitivity of the recoverable amounts to the reasonably possible change in key
assumptions. For all CGUs, sensitivity analysis did not present a situation in which the carrying value of the CGU would exceed their
recoverable amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-663": { "value": "
Goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred and
the amount recognized for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the excess of
the aggregate of the consideration transferred and the amount recognized for non-controlling interest over the net identifiable
assets acquired and liabilities assumed is smaller than the fair value of the net assets of the acquired subsidiary, the difference is
recognized in the profit or loss. Goodwill represents the future economic benefits arising from assets that are not capable of being
individually identified and separately recognized in a business combination.
Goodwill is not amortized. After initial recognition, it is measured at cost less any accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each
cash-generating-unit (CGU) that is expected to benefit from the synergies of the combination. Each unit or group of units to which
the\u00a0goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal
management\u00a0purposes.
Impairment reviews are undertaken annually (even if there is no indication of impairment) or more frequently if events or changes in
circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the
higher of the value-in-use and the fair value less costs to sell. Any impairment is recognized immediately as an expense and is not
subsequently reversed.
Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated
with\u00a0the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal.
Goodwill dispose d in these circumstances is measured based on the relative values of the disposed operation and the portion
of\u00a0the\u00a0CGU retained.
Key assumptions
Group cash-generating-units (CGUs) are defined generally as a country or Group area on the basis of the sales and management
structure. The recoverable amount of all CGUs has been determined based on value-in-use calculations. These calculations use
post-tax cash flow projections based on financial budgets approved by management covering generally a five-year period. Forecasts
rely on a combination of internal and external factors that influence each CGU operations, such as the macroeconomic environment
and sustainability matters. Furthermore, in specific circumstances, when recent results of a CGU do not reflect historical performance
and most external economic variables provide confidence that a reasonably determinable improvement is expected in the mid-term,
management uses cash flow projections over a period up to ten years, to reflect sufficiently the cyclical nature of the industry.\u00a0
Volume assumptions are provided by local management and reflect its best estimates taking into consideration past performance,
local market growth estimates, infrastructure projects, etc. Sales volume growth rates are also based on published industry research
and consider demographic trends including population growth, household formation, and economic output (among other factors) in
the countries where the Group operates.
Price assumptions are also the best estimates of local management and they factor in historical trends, inflation, brand loyalty,
growth rate of the regional economy, competition, production cost increases, etc.
Input costs that mainly consist of thermal and electrical energy, transportation costs, and raw material costs, are determined
by\u00a0forecasted projections provided by international agencies and institutions.
Furthermore, digital transformation efforts for driving business efficiencies, and actions for the curtailment of the Group\u2019s
environmental footprint and mitigating supply chain disruption are factored in.
Terminal value cash flows are based on the long-term growth expectations for the industry in the country of operation. It is calculated
based on sustainable sales volumes, capacity utilization, EBITDA margin and CapEx, to reflect sustainable cash flows in perpetuity.
Perpetuity growth rates are in line with the nominal economic growth. Rates are reasonably compared to long-term inflation
expectations, adjusted for per capita consumption expectations and capacity utilization. Inputs that have been taken into
consideration are estimates from international agencies\u2019 or banks\u2019 forecasts.
Discount rates are according to post-tax weighted average cost of capital (WACC) for each CGUs, deriving from Group\u2019s current
market risk assessment, applicable local tax rates and local currency risk-free rates.
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business
combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any
accumulated amortization and accumulated impairment losses.
The Group\u2019s intangible assets have a finite useful life.
Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an
indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset
with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected
pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or
method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with
finite lives is recognized in the income statement as the expense category that is consistent with the function of the intangible assets.
Acquired computer software programs and licenses are capitalized on the basis of costs incurred to acquire and bring to use the
specific software when these are expected to generate economic benefits beyond one year. Costs associated with developing or
maintaining computer software programs are recognized as an expense as incurred.
The amortization methods used for the Group\u2019s intangibles are as follows:
Category of intangible assets
Amortization Method
Indicative useful lives
Patents, trademarks and customer
relationships
straight-line basis
up to 20 years
Licenses (mining permits)
straight-line basis
depletion method
shorter of: the permit period and the estimated life of the
underlying quarry
unit-of-production method
Development costs (non-owned quarries)
note 2
note 2
Computer software
straight-line basis
3 to 10 years
Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds
and the carrying amount of the asset and are recognized in the income statement when the asset is derecognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-662": { "value": "
Goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred and
the amount recognized for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the excess of
the aggregate of the consideration transferred and the amount recognized for non-controlling interest over the net identifiable
assets acquired and liabilities assumed is smaller than the fair value of the net assets of the acquired subsidiary, the difference is
recognized in the profit or loss. Goodwill represents the future economic benefits arising from assets that are not capable of being
individually identified and separately recognized in a business combination.
Goodwill is not amortized. After initial recognition, it is measured at cost less any accumulated impairment losses
For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each
cash-generating-unit (CGU) that is expected to benefit from the synergies of the combination. Each unit or group of units to which
the\u00a0goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal
management\u00a0purposes.
Impairment reviews are undertaken annually (even if there is no indication of impairment) or more frequently if events or changes in
circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the
higher of the value-in-use and the fair value less costs to sell. Any impairment is recognized immediately as an expense and is not
subsequently reversed.
Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated
with\u00a0the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal.
Goodwill dispose d in these circumstances is measured based on the relative values of the disposed operation and the portion
of\u00a0the\u00a0CGU retained.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-664": { "value": "
19. Intangible assets
Accounting Policy
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business
combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any
accumulated amortization and accumulated impairment losses.
The Group\u2019s intangible assets have a finite useful life.
Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an
indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset
with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected
pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or
method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with
finite lives is recognized in the income statement as the expense category that is consistent with the function of the intangible assets.
Acquired computer software programs and licenses are capitalized on the basis of costs incurred to acquire and bring to use the
specific software when these are expected to generate economic benefits beyond one year. Costs associated with developing or
maintaining computer software programs are recognized as an expense as incurred.
The amortization methods used for the Group\u2019s intangibles are as follows:
Category of intangible assets
Amortization Method
Indicative useful lives
Patents, trademarks and customer
relationships
straight-line basis
up to 20 years
Licenses (mining permits)
straight-line basis
depletion method
shorter of: the permit period and the estimated life of the
underlying quarry
unit-of-production method
Development costs (non-owned quarries)
note 2
note 2
Computer software
straight-line basis
3 to 10 years
Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds
and the carrying amount of the asset and are recognized in the income statement when the asset is derecognized.
In 2025, licenses increased by \u20ac4,772 thousand following the acquisition of Latekat Sourlas S.A., an established aggregates quarry
business located in the Thessaly region of Central Greece, and Cooperative Niki IKE, a private limited company located in Athens. This
acquisition is part of the broader strategy to expand the Group\u2019s aggregates reserves base in regions of Greece with strong development
potential and supports the further development of its vertically integrated aggregates and construction materials activities.
In 2024, licenses increased by \u20ac11,158 thousand due to the acquisition of Xirorema Quarries S.A., a privately held company based in
Greece specializing in the production of recycled aggregates. This acquisition aligns with the Group\u2019s strategy to expand its presence
in\u00a0the recycled aggregates sector, particularly in the processing of construction and demolition waste.
Additionally, assets under construction include costs associated with major IT initiatives. Upon completion, the respective costs are
reclassified under \"computer\u00a0software.\"
(all amounts in Euro thousands)
Licences
Trademarks
Computer
software
Other intangible
assets
Assets under
construction
Total
Balance at 1 January 2024
22,675
13,203
24,471
2,842
16,444
79,635
Additions
146
\u2013
2,296
4,591
8,776
15,809
Disposals (NBV)
\u2013
\u2013
-1
\u2013
-5
-6
Hyperinflation adjustments
195
\u2013
6
1
\u2013
202
Additions due to acquisition
11,158
\u2013
\u2013
\u2013
\u2013
11,158
Reclassification of assets from/to other intangible assets categories
\u2013
\u2013
1,613
1,935
-3,548
\u2013
Transfers from/(to) other accounts
\u2013
\u2013
695
-323
-23
349
Amortization charge (note 33)
-1,147
-185
-5,784
-237
\u2013
-7,353
Exchange differences
-4,010
805
923
-210
-70
-2,562
Balance at 31 December 2024
29,017
13,823
24,219
8,599
21,574
97,232
Balance at 1 January 2025
29,017
13,823
24,219
8,599
21,574
97,232
Additions
151
\u2013
1,582
38
8,938
10,709
Disposals (NBV)
-9
\u2013
\u2013
\u2013
-500
-509
Hyperinflation adjustments
376
\u2013
26
1
\u2013
403
Additions due to acquisition (note 4a)
4,772
\u2013
\u2013
15
\u2013
4,787
Derecognition on subsidiary disposal (net book value)
-521
\u2013
\u2013
-2
\u2013
-523
Reclassification of assets from/to other intangible assets categories
14
\u2013
2,325
6,954
-9,293
\u2013
Transfers from/(to) other accounts
\u2013
\u2013
88
2,241
1,289
3,618
Amortization charge (note 33)
-813
-185
-6,532
-147
\u2013
-7,677
Exchange differences
-641
-1,560
-1,552
-44
-211
-4,008
Balance at 31 December 2025
32,346
12,078
20,156
17,655
21,797
104,032
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-665": { "value": "
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business
combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any
accumulated amortization and accumulated impairment losses.
The Group\u2019s intangible assets have a finite useful life.
Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an
indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset
with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected
pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or
method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with
finite lives is recognized in the income statement as the expense category that is consistent with the function of the intangible assets.
Acquired computer software programs and licenses are capitalized on the basis of costs incurred to acquire and bring to use the
specific software when these are expected to generate economic benefits beyond one year. Costs associated with developing or
maintaining computer software programs are recognized as an expense as incurred.
The amortization methods used for the Group\u2019s intangibles are as follows:
Category of intangible assets
Amortization Method
Indicative useful lives
Patents, trademarks and customer
relationships
straight-line basis
up to 20 years
Licenses (mining permits)
straight-line basis
depletion method
shorter of: the permit period and the estimated life of the
underlying quarry
unit-of-production method
Development costs (non-owned quarries)
note 2
note 2
Computer software
straight-line basis
3 to 10 years
Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds
and the carrying amount of the asset and are recognized in the income statement when the asset is derecognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-667": { "value": "
20. Other non-current assets
(all amounts in Euro thousands)
2025
2024
Utility deposits
614
424
Excess benefit plan assets (note 5)
3,922
3,886
Equity instruments
13,452
8,475
Other non-current assets
20,695
9,154
38,683
21,939
The Group\u2019s equity investments focus on venture capital initiatives aimed at fostering innovation within the construction ecosystem.
Through direct investments in start\u2011ups and participations in venture capital funds, the Group seeks to establish strategic partnerships that
provide early exposure to disruptive technologies while supporting sustainable construction, decarbonization, circular economy solutions,
and digitalization. In this context, the Group has committed to investing up to \u20ac36.5 million in the medium term as part of its long\u2011term
growth strategy.
In 2023, the Group invested \u20ac1.1 million in Zacua Ventures I, an early\u2011stage venture capital fund focused on the built environment. During
the same year, the Group expanded its existing investment in Rondo Energy by \u20ac1.9 million, a company developing zero\u2011carbon industrial
heat solutions. In addition, investments of \u20ac0.2 million each were made in Carbon Upcycling, a company specializing in carbon capture
and utilization technologies for cement and concrete production, and in Natrx Inc., a company developing nature\u2011based and circular
construction solutions.
In 2024, the Group accelerated its venture capital activities by making additional direct investments and expanding existing participations.
The Group invested \u20ac1.7 million in Optimitive, a company providing AI\u2011driven solutions for real\u2011time industrial optimization, \u20ac1.0 million in
C2CA, a company focused on upcycling end\u2011of\u2011life concrete into recycled aggregates and supplementary cementitious materials, and
\u20ac0.2 million in Concrete.ai, a platform for optimizing concrete mix designs. During the same year, the Group also increased its existing
investments by \u20ac0.7 million in Zacua Ventures I and by \u20ac0.1 million in Natrx Inc.
In 2025, the Group continues progress by expanding significantly its investment portfolio. Following its strategy the Group established
strategic partnerships with two additional funds: Fifth Wall React Fund and Zacua Ventures II Fund and by increasing its investment to the
existing investments to Concrete AI, New Energy Capital A.K.E.S., Optimitive and Zacua Ventures I.
The Group invested \u20ac1.2 million in Fifth Wall React Fund, a venture capital fund managed by Fifth Wall Ventures, L.P., focused on early-
stage and growth investments in technology-enabled companies operating within or adjacent to the global real estate (\u201cPropTech\u201d)
ecosystem. The fund targets investments that support innovation across real estate, infrastructure, construction, energy, and related
industries, primarily in North America and other developed markets.
Furthermore, the Group invested \u20ac0.6 million in Zacua Ventures Fund II L.P, a venture capital fund managed by Zacua Ventures, L.P.,
focused on early-stage investments in technology-driven companies developing solutions for mobility, transportation, logistics, and
industrial sectors. The fund targets businesses supporting innovation across electric vehicles, autonomous systems, connectivity, and
related infrastructure, primarily in North America and other selected markets.
Lastly, the Group expanded its existing investment by \u20ac0.3 million in Optimitive and \u20ac0.6 million in Zacua Ventures I.
Following year end valuation of the Group\u2019s equity instruments, there was an overall gain of \u20ac1.6 million.
During 2025, the Group prepaid \u20ac9.5 million in order to acquire, subject to specific terms and conditions, 100% of the share capital of
unrelated companies. This amount is included in other non-current assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-666": { "value": "
20. Other non-current assets
(all amounts in Euro thousands)
2025
2024
Utility deposits
614
424
Excess benefit plan assets (note 5)
3,922
3,886
Equity instruments
13,452
8,475
Other non-current assets
20,695
9,154
38,683
21,939
The Group\u2019s equity investments focus on venture capital initiatives aimed at fostering innovation within the construction ecosystem.
Through direct investments in start\u2011ups and participations in venture capital funds, the Group seeks to establish strategic partnerships that
provide early exposure to disruptive technologies while supporting sustainable construction, decarbonization, circular economy solutions,
and digitalization. In this context, the Group has committed to investing up to \u20ac36.5 million in the medium term as part of its long\u2011term
growth strategy.
In 2023, the Group invested \u20ac1.1 million in Zacua Ventures I, an early\u2011stage venture capital fund focused on the built environment. During
the same year, the Group expanded its existing investment in Rondo Energy by \u20ac1.9 million, a company developing zero\u2011carbon industrial
heat solutions. In addition, investments of \u20ac0.2 million each were made in Carbon Upcycling, a company specializing in carbon capture
and utilization technologies for cement and concrete production, and in Natrx Inc., a company developing nature\u2011based and circular
construction solutions.
In 2024, the Group accelerated its venture capital activities by making additional direct investments and expanding existing participations.
The Group invested \u20ac1.7 million in Optimitive, a company providing AI\u2011driven solutions for real\u2011time industrial optimization, \u20ac1.0 million in
C2CA, a company focused on upcycling end\u2011of\u2011life concrete into recycled aggregates and supplementary cementitious materials, and
\u20ac0.2 million in Concrete.ai, a platform for optimizing concrete mix designs. During the same year, the Group also increased its existing
investments by \u20ac0.7 million in Zacua Ventures I and by \u20ac0.1 million in Natrx Inc.
In 2025, the Group continues progress by expanding significantly its investment portfolio. Following its strategy the Group established
strategic partnerships with two additional funds: Fifth Wall React Fund and Zacua Ventures II Fund and by increasing its investment to the
existing investments to Concrete AI, New Energy Capital A.K.E.S., Optimitive and Zacua Ventures I.
The Group invested \u20ac1.2 million in Fifth Wall React Fund, a venture capital fund managed by Fifth Wall Ventures, L.P., focused on early-
stage and growth investments in technology-enabled companies operating within or adjacent to the global real estate (\u201cPropTech\u201d)
ecosystem. The fund targets investments that support innovation across real estate, infrastructure, construction, energy, and related
industries, primarily in North America and other developed markets.
Furthermore, the Group invested \u20ac0.6 million in Zacua Ventures Fund II L.P, a venture capital fund managed by Zacua Ventures, L.P.,
focused on early-stage investments in technology-driven companies developing solutions for mobility, transportation, logistics, and
industrial sectors. The fund targets businesses supporting innovation across electric vehicles, autonomous systems, connectivity, and
related infrastructure, primarily in North America and other selected markets.
Lastly, the Group expanded its existing investment by \u20ac0.3 million in Optimitive and \u20ac0.6 million in Zacua Ventures I.
Following year end valuation of the Group\u2019s equity instruments, there was an overall gain of \u20ac1.6 million.
During 2025, the Group prepaid \u20ac9.5 million in order to acquire, subject to specific terms and conditions, 100% of the share capital of
unrelated companies. This amount is included in other non-current assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-668": { "value": "
21. Inventories
Accounting Policy
Inventories are stated at the lower of cost and net realizable value. Cost is determined using the weighted average cost method.
The cost of finished goods and work in progress comprises raw materials, direct labor, other direct costs and related production
overheads (based on normal operating capacity), but excludes borrowing costs. Net realizable value is the estimated selling price
in the ordinary course of business, less the estimated costs of completion and selling expenses.
Appropriate allowance is made for damaged, obsolete and slow-moving items. Write-downs to net realizable value and inventory
losses are expensed in cost of sales in the period in which the write-downs or losses occur.
(all amounts in Euro thousands)
2025
2024
Inventories
Raw materials-maintenance stores
248,801
261,685
Work in progress
70,420
77,978
Finished goods
96,198
113,704
Provision for obsolete inventories
-10,211
-11,181
405,208
442,186
Analysis of provision for impairment of inventories
Balance at 1 January
11,181
10,764
Charge for the year (note 33)
633
1,941
Unused amounts reversed (note 33)
-1,121
-1,310
Utilized
-179
-277
Exchange differences
-303
63
Balance at 31 December
10,211
11,181
The Group's subsidiaries have not pledged their inventories as collateral.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-669": { "value": "
Inventories are stated at the lower of cost and net realizable value. Cost is determined using the weighted average cost method.
The cost of finished goods and work in progress comprises raw materials, direct labor, other direct costs and related production
overheads (based on normal operating capacity), but excludes borrowing costs. Net realizable value is the estimated selling price
in the ordinary course of business, less the estimated costs of completion and selling expenses.
Appropriate allowance is made for damaged, obsolete and slow-moving items. Write-downs to net realizable value and inventory
losses are expensed in cost of sales in the period in which the write-downs or losses occur.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-674": { "value": "
22. Receivables and prepayments
Accounting Policy
The Group applies the IFRS 9 simplified approach for measuring expected credit losses. The approach uses a lifetime expected
loss allowance for all trade and other receivables. On that basis, an impairment analysis is performed at the end of the year, using
provisional rates that are based on days past due for groupings of various customer segments with similar characteristics. The
calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that
is available at the reporting date about past events, current conditions, forecasts of future economic conditions, in addition with
specific information for individual receivables. In addition, the Group holds collaterals to secure trade receivables, which at the end
of 2025 amounted to \u20ac15,242 thousand (31 December 2024: \u20ac29,442 thousand) (note 35).
Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a
repayment plan with the Group.\u00a0 Where receivables have been written off, the Group continues to engage in enforcement activity
to attempt to recover the receivable due. Where recoveries are made, these are recognized in the income statement.
32. Trade payables, other liabilities and current contract liabilities
(all amounts in Euro thousands)
2025
2024
Trade payables
301,606
321,282
Other payables
23,549
22,668
Accrued expenses
49,809
39,351
Social security
4,048
4,004
Dividends payable
102
110
Government grants (note 31)
69
69
Other taxes
13,328
13,090
Trade and other payables
392,511
400,574
Trade payables are non-interest bearing and are normally settled in 10-160 days. Other payables are non-interest bearing and have an
average term of one month.
(all amounts in Euro thousands)
2025
2024
Customer down payments/advances
13,690
18,868
Deferred Income
9,872
105
Current contract liabilities
23,562
18,973
The amount of \u20ac15,991 thousand, wh ich was included in current contract liabilities balance at the beginning of 2025, is recognized as sales
during the current fiscal year (related amount of 2024: \u20ac13,451 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-673": { "value": "
22. Receivables and prepayments
Accounting Policy
The Group applies the IFRS 9 simplified approach for measuring expected credit losses. The approach uses a lifetime expected
loss allowance for all trade and other receivables. On that basis, an impairment analysis is performed at the end of the year, using
provisional rates that are based on days past due for groupings of various customer segments with similar characteristics. The
calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that
is available at the reporting date about past events, current conditions, forecasts of future economic conditions, in addition with
specific information for individual receivables. In addition, the Group holds collaterals to secure trade receivables, which at the end
of 2025 amounted to \u20ac15,242 thousand (31 December 2024: \u20ac29,442 thousand) (note 35).
Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a
repayment plan with the Group.\u00a0 Where receivables have been written off, the Group continues to engage in enforcement activity
to attempt to recover the receivable due. Where recoveries are made, these are recognized in the income statement.
22. Receivables and prepayments (continued)
(all amounts in Euro thousands)
2025
2024
Trade receivables
192,576
184,468
Cheques receivables
47,259
61,835
Allowance for doubtful trade receivables
-26,646
-28,162
Total trade receivables
213,189
218,141
Creditors advances
11,838
10,410
V.A.T. and other tax receivables
11,992
14,964
Prepayments
23,695
20,609
Notes receivable
42,842
50,176
Cost of partial disposal of subsidiary
\u2013
9,505
Receivables from authorities
8,974
10,401
Other receivables
24,036
25,007
Allowance for doubtful debtors
-5,497
-5,039
Total other receivables
117,880
136,033
331,069
354,174
Trade receivables are non-interest bearing and are normally settled in 30-170 days.
The balance of notes receivable refers mainly to the sales of trade accounts receivable by Titan America LLC (TALLC) to an unrelated
Special Purpose Entity (SPE). Specifically, TALLC entered into an account receivable sale agreement with an unrelated SPE in 2014,
whereby trade accounts receivable were sold by TALLC to the SPE in exchange for cash and interest-bearing notes receivable.
The balances of trade receivables and impairments are as follows:
(all amounts in Euro thousands)
Expected credit loss
rate
Trade receivables
Impairments
As at 31 December 2025
Current
0.48%
137,964
663
More than 30 days past due
2.69%
42,466
1,141
More than 60 days past due
11.32%
10,791
1,222
More than 120 days past due
48.59%
48,614
23,620
239,835
26,646
As at 31 December 2024
Current
0.57%
142,111
812
More than 30 days past due
1.52%
48,366
733
More than 60 days past due
2.29%
15,600
357
More than 120 days past due
65.28%
40,226
26,260
246,303
28,162
Allowance for doubtful and other debtors analysis
2025
2024
Balance at 1 January
33,201
33,754
Charge for the year (note 33)
3,323
2,637
Unused amounts reversed (note 33)
-1,574
-3,020
Utilized
-2,179
-781
Reclassification from/to other receivables/payables
120
162
Additions due to acquisitions (note 4)
132
26
Reduction due to disposal (note 4)
-339
\u2013
Exchange differences
-541
423
Balance at 31 December
32,143
33,201
The individually impaired receivables mainly relate to wholesalers facing unexpectedly difficult economic conditions. A portion of these
receivables is expected to be recovered.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-672": { "value": "
22. Receivables and prepayments
Accounting Policy
The Group applies the IFRS 9 simplified approach for measuring expected credit losses. The approach uses a lifetime expected
loss allowance for all trade and other receivables. On that basis, an impairment analysis is performed at the end of the year, using
provisional rates that are based on days past due for groupings of various customer segments with similar characteristics. The
calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that
is available at the reporting date about past events, current conditions, forecasts of future economic conditions, in addition with
specific information for individual receivables. In addition, the Group holds collaterals to secure trade receivables, which at the end
of 2025 amounted to \u20ac15,242 thousand (31 December 2024: \u20ac29,442 thousand) (note 35).
Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a
repayment plan with the Group.\u00a0 Where receivables have been written off, the Group continues to engage in enforcement activity
to attempt to recover the receivable due. Where recoveries are made, these are recognized in the income statement.
22. Receivables and prepayments (continued)
(all amounts in Euro thousands)
2025
2024
Trade receivables
192,576
184,468
Cheques receivables
47,259
61,835
Allowance for doubtful trade receivables
-26,646
-28,162
Total trade receivables
213,189
218,141
Creditors advances
11,838
10,410
V.A.T. and other tax receivables
11,992
14,964
Prepayments
23,695
20,609
Notes receivable
42,842
50,176
Cost of partial disposal of subsidiary
\u2013
9,505
Receivables from authorities
8,974
10,401
Other receivables
24,036
25,007
Allowance for doubtful debtors
-5,497
-5,039
Total other receivables
117,880
136,033
331,069
354,174
Trade receivables are non-interest bearing and are normally settled in 30-170 days.
The balance of notes receivable refers mainly to the sales of trade accounts receivable by Titan America LLC (TALLC) to an unrelated
Special Purpose Entity (SPE). Specifically, TALLC entered into an account receivable sale agreement with an unrelated SPE in 2014,
whereby trade accounts receivable were sold by TALLC to the SPE in exchange for cash and interest-bearing notes receivable.
The balances of trade receivables and impairments are as follows:
(all amounts in Euro thousands)
Expected credit loss
rate
Trade receivables
Impairments
As at 31 December 2025
Current
0.48%
137,964
663
More than 30 days past due
2.69%
42,466
1,141
More than 60 days past due
11.32%
10,791
1,222
More than 120 days past due
48.59%
48,614
23,620
239,835
26,646
As at 31 December 2024
Current
0.57%
142,111
812
More than 30 days past due
1.52%
48,366
733
More than 60 days past due
2.29%
15,600
357
More than 120 days past due
65.28%
40,226
26,260
246,303
28,162
Allowance for doubtful and other debtors analysis
2025
2024
Balance at 1 January
33,201
33,754
Charge for the year (note 33)
3,323
2,637
Unused amounts reversed (note 33)
-1,574
-3,020
Utilized
-2,179
-781
Reclassification from/to other receivables/payables
120
162
Additions due to acquisitions (note 4)
132
26
Reduction due to disposal (note 4)
-339
\u2013
Exchange differences
-541
423
Balance at 31 December
32,143
33,201
The individually impaired receivables mainly relate to wholesalers facing unexpectedly difficult economic conditions. A portion of these
receivables is expected to be recovered.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-671": { "value": "
22. Receivables and prepayments
Accounting Policy
The Group applies the IFRS 9 simplified approach for measuring expected credit losses. The approach uses a lifetime expected
loss allowance for all trade and other receivables. On that basis, an impairment analysis is performed at the end of the year, using
provisional rates that are based on days past due for groupings of various customer segments with similar characteristics. The
calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that
is available at the reporting date about past events, current conditions, forecasts of future economic conditions, in addition with
specific information for individual receivables. In addition, the Group holds collaterals to secure trade receivables, which at the end
of 2025 amounted to \u20ac15,242 thousand (31 December 2024: \u20ac29,442 thousand) (note 35).
Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a
repayment plan with the Group.\u00a0 Where receivables have been written off, the Group continues to engage in enforcement activity
to attempt to recover the receivable due. Where recoveries are made, these are recognized in the income statement.
22. Receivables and prepayments (continued)
(all amounts in Euro thousands)
2025
2024
Trade receivables
192,576
184,468
Cheques receivables
47,259
61,835
Allowance for doubtful trade receivables
-26,646
-28,162
Total trade receivables
213,189
218,141
Creditors advances
11,838
10,410
V.A.T. and other tax receivables
11,992
14,964
Prepayments
23,695
20,609
Notes receivable
42,842
50,176
Cost of partial disposal of subsidiary
\u2013
9,505
Receivables from authorities
8,974
10,401
Other receivables
24,036
25,007
Allowance for doubtful debtors
-5,497
-5,039
Total other receivables
117,880
136,033
331,069
354,174
Trade receivables are non-interest bearing and are normally settled in 30-170 days.
The balance of notes receivable refers mainly to the sales of trade accounts receivable by Titan America LLC (TALLC) to an unrelated
Special Purpose Entity (SPE). Specifically, TALLC entered into an account receivable sale agreement with an unrelated SPE in 2014,
whereby trade accounts receivable were sold by TALLC to the SPE in exchange for cash and interest-bearing notes receivable.
The balances of trade receivables and impairments are as follows:
(all amounts in Euro thousands)
Expected credit loss
rate
Trade receivables
Impairments
As at 31 December 2025
Current
0.48%
137,964
663
More than 30 days past due
2.69%
42,466
1,141
More than 60 days past due
11.32%
10,791
1,222
More than 120 days past due
48.59%
48,614
23,620
239,835
26,646
As at 31 December 2024
Current
0.57%
142,111
812
More than 30 days past due
1.52%
48,366
733
More than 60 days past due
2.29%
15,600
357
More than 120 days past due
65.28%
40,226
26,260
246,303
28,162
Allowance for doubtful and other debtors analysis
2025
2024
Balance at 1 January
33,201
33,754
Charge for the year (note 33)
3,323
2,637
Unused amounts reversed (note 33)
-1,574
-3,020
Utilized
-2,179
-781
Reclassification from/to other receivables/payables
120
162
Additions due to acquisitions (note 4)
132
26
Reduction due to disposal (note 4)
-339
\u2013
Exchange differences
-541
423
Balance at 31 December
32,143
33,201
The individually impaired receivables mainly relate to wholesalers facing unexpectedly difficult economic conditions. A portion of these
receivables is expected to be recovered.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-670": { "value": "
22. Receivables and prepayments
Accounting Policy
The Group applies the IFRS 9 simplified approach for measuring expected credit losses. The approach uses a lifetime expected
loss allowance for all trade and other receivables. On that basis, an impairment analysis is performed at the end of the year, using
provisional rates that are based on days past due for groupings of various customer segments with similar characteristics. The
calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that
is available at the reporting date about past events, current conditions, forecasts of future economic conditions, in addition with
specific information for individual receivables. In addition, the Group holds collaterals to secure trade receivables, which at the end
of 2025 amounted to \u20ac15,242 thousand (31 December 2024: \u20ac29,442 thousand) (note 35).
Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a
repayment plan with the Group.\u00a0 Where receivables have been written off, the Group continues to engage in enforcement activity
to attempt to recover the receivable due. Where recoveries are made, these are recognized in the income statement.
22. Receivables and prepayments (continued)
(all amounts in Euro thousands)
2025
2024
Trade receivables
192,576
184,468
Cheques receivables
47,259
61,835
Allowance for doubtful trade receivables
-26,646
-28,162
Total trade receivables
213,189
218,141
Creditors advances
11,838
10,410
V.A.T. and other tax receivables
11,992
14,964
Prepayments
23,695
20,609
Notes receivable
42,842
50,176
Cost of partial disposal of subsidiary
\u2013
9,505
Receivables from authorities
8,974
10,401
Other receivables
24,036
25,007
Allowance for doubtful debtors
-5,497
-5,039
Total other receivables
117,880
136,033
331,069
354,174
Trade receivables are non-interest bearing and are normally settled in 30-170 days.
The balance of notes receivable refers mainly to the sales of trade accounts receivable by Titan America LLC (TALLC) to an unrelated
Special Purpose Entity (SPE). Specifically, TALLC entered into an account receivable sale agreement with an unrelated SPE in 2014,
whereby trade accounts receivable were sold by TALLC to the SPE in exchange for cash and interest-bearing notes receivable.
The balances of trade receivables and impairments are as follows:
(all amounts in Euro thousands)
Expected credit loss
rate
Trade receivables
Impairments
As at 31 December 2025
Current
0.48%
137,964
663
More than 30 days past due
2.69%
42,466
1,141
More than 60 days past due
11.32%
10,791
1,222
More than 120 days past due
48.59%
48,614
23,620
239,835
26,646
As at 31 December 2024
Current
0.57%
142,111
812
More than 30 days past due
1.52%
48,366
733
More than 60 days past due
2.29%
15,600
357
More than 120 days past due
65.28%
40,226
26,260
246,303
28,162
Allowance for doubtful and other debtors analysis
2025
2024
Balance at 1 January
33,201
33,754
Charge for the year (note 33)
3,323
2,637
Unused amounts reversed (note 33)
-1,574
-3,020
Utilized
-2,179
-781
Reclassification from/to other receivables/payables
120
162
Additions due to acquisitions (note 4)
132
26
Reduction due to disposal (note 4)
-339
\u2013
Exchange differences
-541
423
Balance at 31 December
32,143
33,201
The individually impaired receivables mainly relate to wholesalers facing unexpectedly difficult economic conditions. A portion of these
receivables is expected to be recovered.
b) Credit risk\u00a0
The Group has no significant concentrations of credit risk. Trade accounts receivable consist mainly of a large, widespread customer base.
All Group companies monitor the financial position of their debtors on an on-going basis. When considered necessary, additional collateral
is requested to secure credit. Provisions for impairment losses are made for special credit risks. On 31 December 2025, there are no
outstanding doubtful significant credit risks which are not already covered by a provision for doubtful receivables.
Credit risk arising from financial institutions\u2019 inability to meet their obligations towards the Group deriving from placements, investments
and derivatives, is mitigated by pre-set limits on the degree of exposure to each individual financial institution as well as by utilizing the
collateral mechanism of credit support agreements (ISDA CSA Agreements). These pre-set limits are set in accordance to the Group
Treasury policies. At 31 December 2025, the Group\u2019s majority financial assets and derivative financial instruments were held with
investment grade financial institutions with pre-agreed credit support agreements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-675": { "value": "
23. Cash, cash equivalents and bank deposits
Accounting Policy
In the statement of cash flows, cash and cash equivalents comprise cash on hand, deposits held at call with banks, other short-term
highly liquid investments with a maturity of normally three months or less from the date of acquisition, and bank overdrafts, if they
exist. Bank overdrafts are included within borrowings in current liabilities in the consolidated statement of financial positions. The
components of cash and cash equivalents have a negligible risk of change in value.
Bank term deposits consist of deposits with maturities over three months from the date of acquisition, which are available prior to
short notice.
(all amounts in Euro thousands)
2025
2024
Cash on hand
81
78
Cash at bank
483,477
123,205
483,558
123,283
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-677": { "value": "
In the statement of cash flows, cash and cash equivalents comprise cash on hand, deposits held at call with banks, other short-term
highly liquid investments with a maturity of normally three months or less from the date of acquisition, and bank overdrafts, if they
exist. Bank overdrafts are included within borrowings in current liabilities in the consolidated statement of financial positions. The
components of cash and cash equivalents have a negligible risk of change in value.
Bank term deposits consist of deposits with maturities over three months from the date of acquisition, which are available prior to
short notice.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-676": { "value": "
In the statement of cash flows, cash and cash equivalents comprise cash on hand, deposits held at call with banks, other short-term
highly liquid investments with a maturity of normally three months or less from the date of acquisition, and bank overdrafts, if they
exist. Bank overdrafts are included within borrowings in current liabilities in the consolidated statement of financial positions. The
components of cash and cash equivalents have a negligible risk of change in value.
Bank term deposits consist of deposits with maturities over three months from the date of acquisition, which are available prior to
short notice.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-680": { "value": "
24. Share capital and premium
(all amounts are shown in Euro thousands unless otherwise stated)
Ordinary shares
Share premium
Total
Number of
shares
\u20ac'000
\u20ac'000
Number of
shares
\u20ac'000
Shares issued and fully paid
Balance at 1 January 2024
78,325,475
959,348
5,974
78,325,475
965,322
Balance at 31 December 2024
78,325,475
959,348
5,974
78,325,475
965,322
Balance at 31 December 2025
78,325,475
959,348
5,974
78,325,475
965,322
Treasury shares
Number of
shares
\u20ac'000
Balance at 1 January 2024
3,881,995
63,138
Treasury shares purchased
757,721
22,443
Treasury shares sold
-48,758
-823
Treasury shares used to settle share-based payment
-493,336
-8,261
Balance at 31 December 2024
4,097,622
76,497
Treasury shares purchased
379,204
15,337
Treasury shares sold
-17,090
-348
Treasury shares used to settle share-based payment
-509,389
-9,866
Balance at 31 December 2025
3,950,347
81,620
The average market price of TITAN S.A.\u2019s ordinary shares for the period from January 1 to December 31, 2025, was \u20ac40.23 (2024: \u20ac30.35)
on Euronext Brussels and \u20ac40.42 (2024: \u20ac30.36) on the Athens Stock Exchange.
As of December 31, 2025, the closing share price stood at \u20ac52.70 (2024: \u20ac39.90) on Euronext\u00a0 Brussels and \u20ac52.50 (2024: \u20ac40.20) on
the Athens Stock Exchange.
On 30 June 2025, the \u20ac20 million share buy\u2011back programme, which was launched on 28 August 2024, was completed. Following its
completion, a new share buy-back programme of up to \u20ac10 million was initiated and is expected to conclude by 31 March 2026. Shares
repurchased under these programmes are either held as treasury shares or used for the purposes of share-based remuneration for the
Group\u2019s employees and directors.
In implementation of these programs, during the period from 1 January 2025 until 31 December 2025, the Company acquired directly
379,204\u00a0 (2024: 757,721 ) own shares, representing 0.48% (2024: 1.0%) of the share capital of the Company. The total value of these
transactions amounted to \u20ac15,337 (2024: \u20ac22,443) thousand. On December 31, 2025 the Company held 1,423,028 (2024: 1,553,213) own
shares representing 1.82% (2024: 1.98%) of the Company\u2019s share capital and TITAN Cement Company S.A., a direct subsidiary of the
Company, held 2,527,319 (2024: 2,544,409) shares of the Company, representing 3.22% (2024: 3.25%)\u00a0 of the Company\u2019s voting rights.
TITAN Cement Company S.A. disposed in 2025 to TITAN Group employees, in implementation of existing stock option plans, 17,090
(2024: 48,758)\u00a0 shares of the Company, representing approximately 0.02% (2024: 0.06%)\u00a0 of the share capital of the Company, for a total
amount of \u20ac170,900 (2024: 487,580)\u00a0 (i.e.\u20ac10/Company share).
TITAN S.A. used 509,389 (2024: 493,336) shares to settle the awards of TITAN Group employees in 2025 as part of the implementation
of\u00a0share-based payment plans.
(all amounts in Euro thousands)
Legal
reserve
Non-
Distributable
reserve
Distributable
reserve
Re-
organization
reserve
Contingency
reserves
Tax exempt
reserves under
special laws
Revaluation
reserve
Actuarial
differences
reserve
Hedging
reserve from
cash flow
hedges
Currency
translation
differences
on derivative
hedging
position
Hyperinflation
reserve
Foreign
currency\u00a0
translation
reserve
Total other
reserves
Balance at 1 January 2024
162,854
56,736
352,086
-1,188,374
56,454
63,470
38,127
1,433
28,630
41,115
111,162
-612,840
-889,147
Other comprehensive income/(loss)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-1,258
-3,707
\u2013
36,527
-28,257
3,305
Deferred tax on treasury shares held
by subsidiary
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-10,432
\u2013
\u2013
\u2013
\u2013
\u2013
-10,432
Transfer from/(to) retained earnings
46,721
\u2013
\u2013
\u2013
9
4,646
-1,863
\u2013
\u2013
\u2013
\u2013
-1,376
48,137
Transfer from share options
\u2013
\u2013
\u2013
\u2013
543
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
543
Transfer among reserves
\u2013
13,514
-13,514
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Balance at 31 December 2024
209,575
70,250
338,572
-1,188,374
57,006
68,116
25,832
175
24,923
41,115
147,689
-642,473
-847,594
Balance at 1 January 2025
209,575
70,250
338,572
-1,188,374
57,006
68,116
25,832
175
24,923
41,115
147,689
-642,473
-847,594
Other comprehensive income/(loss)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-270
-3,618
\u2013
-88,584
25,289
-67,183
Change in ownership interest
without loss of control
-448
\u2013
\u2013
\u2013
\u2013
\u2013
-293
\u2013
\u2013
-6,446
\u2013
-21,111
-28,298
Change in ownership interest with
loss of control
-1,676
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-30,687
\u2013
-32,363
Deferred tax on treasury shares held
by subsidiary
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-6,746
\u2013
\u2013
\u2013
\u2013
\u2013
-6,746
Deferred tax adjustment on
revaluation reserves (note 14)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-118
\u2013
\u2013
\u2013
\u2013
\u2013
-118
Transfer from/(to) retained earnings
\u2013
\u2013
5,647
\u2013
\u2013
-18,750
-871
\u2013
\u2013
\u2013
\u2013
\u2013
-13,974
Transfer from share options
\u2013
\u2013
\u2013
\u2013
626
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
626
Transfer among reserves
\u2013
3,147
-3,147
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
7,232
\u2013
-7,232
\u2013
Balance at 31 December 2025
207,451
73,397
341,072
-1,188,374
57,632
49,366
17,804
-95
21,305
41,901
28,418
-645,527
-995,650
Under the requirements of the Belgian Law, the \"Non-distributable reserve\" represents a reserve equivalent to the value of the treasury
shares held by TITAN S.A. and its subsidiary TITAN Cement Company S.A.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-679": { "value": "
24. Share capital and premium
(all amounts are shown in Euro thousands unless otherwise stated)
Ordinary shares
Share premium
Total
Number of
shares
\u20ac'000
\u20ac'000
Number of
shares
\u20ac'000
Shares issued and fully paid
Balance at 1 January 2024
78,325,475
959,348
5,974
78,325,475
965,322
Balance at 31 December 2024
78,325,475
959,348
5,974
78,325,475
965,322
Balance at 31 December 2025
78,325,475
959,348
5,974
78,325,475
965,322
Treasury shares
Number of
shares
\u20ac'000
Balance at 1 January 2024
3,881,995
63,138
Treasury shares purchased
757,721
22,443
Treasury shares sold
-48,758
-823
Treasury shares used to settle share-based payment
-493,336
-8,261
Balance at 31 December 2024
4,097,622
76,497
Treasury shares purchased
379,204
15,337
Treasury shares sold
-17,090
-348
Treasury shares used to settle share-based payment
-509,389
-9,866
Balance at 31 December 2025
3,950,347
81,620
The average market price of TITAN S.A.\u2019s ordinary shares for the period from January 1 to December 31, 2025, was \u20ac40.23 (2024: \u20ac30.35)
on Euronext Brussels and \u20ac40.42 (2024: \u20ac30.36) on the Athens Stock Exchange.
As of December 31, 2025, the closing share price stood at \u20ac52.70 (2024: \u20ac39.90) on Euronext\u00a0 Brussels and \u20ac52.50 (2024: \u20ac40.20) on
the Athens Stock Exchange.
On 30 June 2025, the \u20ac20 million share buy\u2011back programme, which was launched on 28 August 2024, was completed. Following its
completion, a new share buy-back programme of up to \u20ac10 million was initiated and is expected to conclude by 31 March 2026. Shares
repurchased under these programmes are either held as treasury shares or used for the purposes of share-based remuneration for the
Group\u2019s employees and directors.
In implementation of these programs, during the period from 1 January 2025 until 31 December 2025, the Company acquired directly
379,204\u00a0 (2024: 757,721 ) own shares, representing 0.48% (2024: 1.0%) of the share capital of the Company. The total value of these
transactions amounted to \u20ac15,337 (2024: \u20ac22,443) thousand. On December 31, 2025 the Company held 1,423,028 (2024: 1,553,213) own
shares representing 1.82% (2024: 1.98%) of the Company\u2019s share capital and TITAN Cement Company S.A., a direct subsidiary of the
Company, held 2,527,319 (2024: 2,544,409) shares of the Company, representing 3.22% (2024: 3.25%)\u00a0 of the Company\u2019s voting rights.
TITAN Cement Company S.A. disposed in 2025 to TITAN Group employees, in implementation of existing stock option plans, 17,090
(2024: 48,758)\u00a0 shares of the Company, representing approximately 0.02% (2024: 0.06%)\u00a0 of the share capital of the Company, for a total
amount of \u20ac170,900 (2024: 487,580)\u00a0 (i.e.\u20ac10/Company share).
TITAN S.A. used 509,389 (2024: 493,336) shares to settle the awards of TITAN Group employees in 2025 as part of the implementation
of\u00a0share-based payment plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-678": { "value": "
24. Share capital and premium
(all amounts are shown in Euro thousands unless otherwise stated)
Ordinary shares
Share premium
Total
Number of
shares
\u20ac'000
\u20ac'000
Number of
shares
\u20ac'000
Shares issued and fully paid
Balance at 1 January 2024
78,325,475
959,348
5,974
78,325,475
965,322
Balance at 31 December 2024
78,325,475
959,348
5,974
78,325,475
965,322
Balance at 31 December 2025
78,325,475
959,348
5,974
78,325,475
965,322
Treasury shares
Number of
shares
\u20ac'000
Balance at 1 January 2024
3,881,995
63,138
Treasury shares purchased
757,721
22,443
Treasury shares sold
-48,758
-823
Treasury shares used to settle share-based payment
-493,336
-8,261
Balance at 31 December 2024
4,097,622
76,497
Treasury shares purchased
379,204
15,337
Treasury shares sold
-17,090
-348
Treasury shares used to settle share-based payment
-509,389
-9,866
Balance at 31 December 2025
3,950,347
81,620
The average market price of TITAN S.A.\u2019s ordinary shares for the period from January 1 to December 31, 2025, was \u20ac40.23 (2024: \u20ac30.35)
on Euronext Brussels and \u20ac40.42 (2024: \u20ac30.36) on the Athens Stock Exchange.
As of December 31, 2025, the closing share price stood at \u20ac52.70 (2024: \u20ac39.90) on Euronext\u00a0 Brussels and \u20ac52.50 (2024: \u20ac40.20) on
the Athens Stock Exchange.
On 30 June 2025, the \u20ac20 million share buy\u2011back programme, which was launched on 28 August 2024, was completed. Following its
completion, a new share buy-back programme of up to \u20ac10 million was initiated and is expected to conclude by 31 March 2026. Shares
repurchased under these programmes are either held as treasury shares or used for the purposes of share-based remuneration for the
Group\u2019s employees and directors.
In implementation of these programs, during the period from 1 January 2025 until 31 December 2025, the Company acquired directly
379,204\u00a0 (2024: 757,721 ) own shares, representing 0.48% (2024: 1.0%) of the share capital of the Company. The total value of these
transactions amounted to \u20ac15,337 (2024: \u20ac22,443) thousand. On December 31, 2025 the Company held 1,423,028 (2024: 1,553,213) own
shares representing 1.82% (2024: 1.98%) of the Company\u2019s share capital and TITAN Cement Company S.A., a direct subsidiary of the
Company, held 2,527,319 (2024: 2,544,409) shares of the Company, representing 3.22% (2024: 3.25%)\u00a0 of the Company\u2019s voting rights.
TITAN Cement Company S.A. disposed in 2025 to TITAN Group employees, in implementation of existing stock option plans, 17,090
(2024: 48,758)\u00a0 shares of the Company, representing approximately 0.02% (2024: 0.06%)\u00a0 of the share capital of the Company, for a total
amount of \u20ac170,900 (2024: 487,580)\u00a0 (i.e.\u20ac10/Company share).
TITAN S.A. used 509,389 (2024: 493,336) shares to settle the awards of TITAN Group employees in 2025 as part of the implementation
of\u00a0share-based payment plans.
25. Other reserves
(all amounts in Euro thousands)
Legal
reserve
Non-
Distributable
reserve
Distributable
reserve
Re-
organization
reserve
Contingency
reserves
Tax exempt
reserves under
special laws
Revaluation
reserve
Actuarial
differences
reserve
Hedging
reserve from
cash flow
hedges
Currency
translation
differences
on derivative
hedging
position
Hyperinflation
reserve
Foreign
currency\u00a0
translation
reserve
Total other
reserves
Balance at 1 January 2024
162,854
56,736
352,086
-1,188,374
56,454
63,470
38,127
1,433
28,630
41,115
111,162
-612,840
-889,147
Other comprehensive income/(loss)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-1,258
-3,707
\u2013
36,527
-28,257
3,305
Deferred tax on treasury shares held
by subsidiary
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-10,432
\u2013
\u2013
\u2013
\u2013
\u2013
-10,432
Transfer from/(to) retained earnings
46,721
\u2013
\u2013
\u2013
9
4,646
-1,863
\u2013
\u2013
\u2013
\u2013
-1,376
48,137
Transfer from share options
\u2013
\u2013
\u2013
\u2013
543
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
543
Transfer among reserves
\u2013
13,514
-13,514
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Balance at 31 December 2024
209,575
70,250
338,572
-1,188,374
57,006
68,116
25,832
175
24,923
41,115
147,689
-642,473
-847,594
Balance at 1 January 2025
209,575
70,250
338,572
-1,188,374
57,006
68,116
25,832
175
24,923
41,115
147,689
-642,473
-847,594
Other comprehensive income/(loss)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-270
-3,618
\u2013
-88,584
25,289
-67,183
Change in ownership interest
without loss of control
-448
\u2013
\u2013
\u2013
\u2013
\u2013
-293
\u2013
\u2013
-6,446
\u2013
-21,111
-28,298
Change in ownership interest with
loss of control
-1,676
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-30,687
\u2013
-32,363
Deferred tax on treasury shares held
by subsidiary
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-6,746
\u2013
\u2013
\u2013
\u2013
\u2013
-6,746
Deferred tax adjustment on
revaluation reserves (note 14)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-118
\u2013
\u2013
\u2013
\u2013
\u2013
-118
Transfer from/(to) retained earnings
\u2013
\u2013
5,647
\u2013
\u2013
-18,750
-871
\u2013
\u2013
\u2013
\u2013
\u2013
-13,974
Transfer from share options
\u2013
\u2013
\u2013
\u2013
626
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
626
Transfer among reserves
\u2013
3,147
-3,147
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
7,232
\u2013
-7,232
\u2013
Balance at 31 December 2025
207,451
73,397
341,072
-1,188,374
57,632
49,366
17,804
-95
21,305
41,901
28,418
-645,527
-995,650
Certain Group companies are obliged according to the applicable commercial law to retain a percentage of their annual net profits as
\u201cLegal Reserve\u201d. This reserve cannot be distributed during the operational life of the Group companies.
The \"Contingency Reserves\" include, among others, reserves formed by certain Group subsidiaries by applying developmental laws.
These reserves have exhausted their tax liability or have been permanently exempted from taxation. As a result, their distribution does
not incur any additional tax liability for the Group or the Company.
The \"Tax Exempt Reserves under Special Laws\", according to the tax legislation, are exempt from income tax, provided that they are not
distributed to the shareholders. The distribution of the remaining aforementioned reserves can be carried out after the approval of the
shareholders at the Annual General Meeting and the payment of the applicable tax. Depending on whether they are capitalized or
distributed, some of these reserves have different tax charge. The Group has no intention to distribute the remaining amount of these
reserves and consequently, has not calculated the income tax that would arise from such distribution.
The \"Distributable reserve\" was created both by reducing the TITAN S.A. share capital and transferring from retained earnings. This
reserve may be distributed in the future, subject to the approval of the relevant competent body.
Under the requirements of the Belgian Law, the \"Non-distributable reserve\" represents a reserve equivalent to the value of the treasury
shares held by TITAN S.A. and its subsidiary TITAN Cement Company S.A.
The \"Revaluation Reserves\" include, among others, \u20ac43.6 million (2024: \u20ac44.1 million) representing\u00a0 the fair value of tangible and
intangible assets that the Group had in Egypt through its participation in the joint venture Lafarge-TITAN Egyptian Investments Ltd,
until it fully acquired the joint venture.
The \"Actuarial Differences Reserve\" reflects the re-measurement gains and losses (actuarial gains and losses) arising from actuarial studies
conducted by the Group's subsidiaries for various benefit, pension, or other retirement schemes (note 11).
The \"Foreign Currency Translation Reserve\" is used to record exchange differences arising from the translation of the financial statements
of foreign subsidiaries. Moreover, it includes the currency translation differences\u00a0 on transactions designated as part of net investment in
foreign operations. During the last quarter of 2016, the Group's subsidiary in Egypt, Alexandria Portland Cement Co. S.A.E. renewed the
\u20ac76.9 million loan it entered into with its parent company in 2010. According to its accounting policy, the Group recognizes in its
consolidated financial statements the aforementioned intra-group loan as part of the net investment in the Egyptian operation. On 31
December 2025, this reserve has a debit balance of \u20ac25.8 million (2024: \u20ac22.0 million).
The \"Currency Translation Differences on Derivative Hedging Position Reserve\" illustrates the exchange differences arising from the
translation into euro of loans in foreign currency, which have been designated as net investment hedges for the Group subsidiaries in USA.
In 2025 an amount of \u20ac6.4 million, representing 13.333% of the reserve, was attributed to non-controlling interest following the completion
of the initial public offering (IPO) of the Group\u2019s subsidiary, Titan America S.A., on the New York Stock Exchange.
Titan America S.A. is the parent company of the Group\u2019s U.S. operations (see Note 4).
The \u201cHedging reserve from cash flow hedges\u201d represents the exchange differences arising from the valuation of financial instruments used
as cash flow hedges for transactions in foreign currencies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-681": { "value": "
25. Other reserves
(all amounts in Euro thousands)
Legal
reserve
Non-
Distributable
reserve
Distributable
reserve
Re-
organization
reserve
Contingency
reserves
Tax exempt
reserves under
special laws
Revaluation
reserve
Actuarial
differences
reserve
Hedging
reserve from
cash flow
hedges
Currency
translation
differences
on derivative
hedging
position
Hyperinflation
reserve
Foreign
currency\u00a0
translation
reserve
Total other
reserves
Balance at 1 January 2024
162,854
56,736
352,086
-1,188,374
56,454
63,470
38,127
1,433
28,630
41,115
111,162
-612,840
-889,147
Other comprehensive income/(loss)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-1,258
-3,707
\u2013
36,527
-28,257
3,305
Deferred tax on treasury shares held
by subsidiary
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-10,432
\u2013
\u2013
\u2013
\u2013
\u2013
-10,432
Transfer from/(to) retained earnings
46,721
\u2013
\u2013
\u2013
9
4,646
-1,863
\u2013
\u2013
\u2013
\u2013
-1,376
48,137
Transfer from share options
\u2013
\u2013
\u2013
\u2013
543
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
543
Transfer among reserves
\u2013
13,514
-13,514
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Balance at 31 December 2024
209,575
70,250
338,572
-1,188,374
57,006
68,116
25,832
175
24,923
41,115
147,689
-642,473
-847,594
Balance at 1 January 2025
209,575
70,250
338,572
-1,188,374
57,006
68,116
25,832
175
24,923
41,115
147,689
-642,473
-847,594
Other comprehensive income/(loss)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-270
-3,618
\u2013
-88,584
25,289
-67,183
Change in ownership interest
without loss of control
-448
\u2013
\u2013
\u2013
\u2013
\u2013
-293
\u2013
\u2013
-6,446
\u2013
-21,111
-28,298
Change in ownership interest with
loss of control
-1,676
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-30,687
\u2013
-32,363
Deferred tax on treasury shares held
by subsidiary
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-6,746
\u2013
\u2013
\u2013
\u2013
\u2013
-6,746
Deferred tax adjustment on
revaluation reserves (note 14)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
-118
\u2013
\u2013
\u2013
\u2013
\u2013
-118
Transfer from/(to) retained earnings
\u2013
\u2013
5,647
\u2013
\u2013
-18,750
-871
\u2013
\u2013
\u2013
\u2013
\u2013
-13,974
Transfer from share options
\u2013
\u2013
\u2013
\u2013
626
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
626
Transfer among reserves
\u2013
3,147
-3,147
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
7,232
\u2013
-7,232
\u2013
Balance at 31 December 2025
207,451
73,397
341,072
-1,188,374
57,632
49,366
17,804
-95
21,305
41,901
28,418
-645,527
-995,650
Certain Group companies are obliged according to the applicable commercial law to retain a percentage of their annual net profits as
\u201cLegal Reserve\u201d. This reserve cannot be distributed during the operational life of the Group companies.
The \"Contingency Reserves\" include, among others, reserves formed by certain Group subsidiaries by applying developmental laws.
These reserves have exhausted their tax liability or have been permanently exempted from taxation. As a result, their distribution does
not incur any additional tax liability for the Group or the Company.
The \"Tax Exempt Reserves under Special Laws\", according to the tax legislation, are exempt from income tax, provided that they are not
distributed to the shareholders. The distribution of the remaining aforementioned reserves can be carried out after the approval of the
shareholders at the Annual General Meeting and the payment of the applicable tax. Depending on whether they are capitalized or
distributed, some of these reserves have different tax charge. The Group has no intention to distribute the remaining amount of these
reserves and consequently, has not calculated the income tax that would arise from such distribution.
The \"Distributable reserve\" was created both by reducing the TITAN S.A. share capital and transferring from retained earnings. This
reserve may be distributed in the future, subject to the approval of the relevant competent body.
Under the requirements of the Belgian Law, the \"Non-distributable reserve\" represents a reserve equivalent to the value of the treasury
shares held by TITAN S.A. and its subsidiary TITAN Cement Company S.A.
The \"Revaluation Reserves\" include, among others, \u20ac43.6 million (2024: \u20ac44.1 million) representing\u00a0 the fair value of tangible and
intangible assets that the Group had in Egypt through its participation in the joint venture Lafarge-TITAN Egyptian Investments Ltd,
until it fully acquired the joint venture.
The \"Actuarial Differences Reserve\" reflects the re-measurement gains and losses (actuarial gains and losses) arising from actuarial studies
conducted by the Group's subsidiaries for various benefit, pension, or other retirement schemes (note 11).
The \"Foreign Currency Translation Reserve\" is used to record exchange differences arising from the translation of the financial statements
of foreign subsidiaries. Moreover, it includes the currency translation differences\u00a0 on transactions designated as part of net investment in
foreign operations. During the last quarter of 2016, the Group's subsidiary in Egypt, Alexandria Portland Cement Co. S.A.E. renewed the
\u20ac76.9 million loan it entered into with its parent company in 2010. According to its accounting policy, the Group recognizes in its
consolidated financial statements the aforementioned intra-group loan as part of the net investment in the Egyptian operation. On 31
December 2025, this reserve has a debit balance of \u20ac25.8 million (2024: \u20ac22.0 million).
The \"Currency Translation Differences on Derivative Hedging Position Reserve\" illustrates the exchange differences arising from the
translation into euro of loans in foreign currency, which have been designated as net investment hedges for the Group subsidiaries in USA.
In 2025 an amount of \u20ac6.4 million, representing 13.333% of the reserve, was attributed to non-controlling interest following the completion
of the initial public offering (IPO) of the Group\u2019s subsidiary, Titan America S.A., on the New York Stock Exchange.
Titan America S.A. is the parent company of the Group\u2019s U.S. operations (see Note 4).
The \u201cHedging reserve from cash flow hedges\u201d represents the exchange differences arising from the valuation of financial instruments used
as cash flow hedges for transactions in foreign currencies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-682": { "value": "
26. Dividends and return of capital
For the year ended 31 December 2025
Proposed dividends not recognized at the end of the reporting period
The Board of Directors will propose to the Annual General Assembly of Shareholders, scheduled to take place on May 7, 2026, the
distribution of dividend \u20ac1.10\u00a0 (one euro and ten cent) per share.
Dividends paid
Following the strong profitability achieved in 2024 and the enhanced liquidity resulting from the successful IPO of Titan America, the
Annual General Assembly of Shareholders, held on May 8, 2025, approved an ad-hoc increase of the annual dividend by \u20ac2.00 per share.
As a result, the total dividend distribution for the year amounts to \u20ac3.00 per share, to all the Shareholders of the Company on record on\u00a0
30 June 2025.
For the year ended 31 December 2024
Dividends paid
The Annual General Meeting of Shareholders,\u00a0 held on May 9, 2024, approved a gross dividend distribution of \u20ac0.85 per share to all the
Shareholders of the Company on record on 25 June 2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-683": { "value": "1.10", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-684": { "value": "3.0", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-685": { "value": "0.85", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800H2CDP9I374WH83", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-687": { "value": "
27. Borrowings
Accounting Policy
Borrowings are recognized initially at fair value, net of transactions costs incurred. In subsequent periods, borrowings are carried at
amortized cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption
value is recognized in the income statement over the period of the borrowings using the effective interest method.
Fees paid on the establishment of loan facilities are recognized as transactions costs of the loan to the extent that it is probable that
some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no
evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity
services and amortized over the period of the facility to which it relates.
Borrowings are classified as current liabilities unless the Group entity has an unconditional right to defer settlement for at least
12\u00a0months after the balance sheet date.
(all amounts in Euro thousands)
2025
2024
Current
Bank borrowings
80,006
4,368
Bank borrowings in non euro currency
14,789
56,281
Interest payable
5,739
5,766
100,534
66,415
Non-current
Bank borrowings
121,358
194,649
Bank borrowings in non euro currency
74
4,446
Debentures
398,623
397,926
520,055
597,021
Total borrowings
620,589
663,436
Maturity of non-current borrowings:
2025
2024
Between 1 and 2 years
369,083
82,077
Between 2 and 3 years
\u2013
364,224
Between 3 and 4 years
149,615
\u2013
Between 4 and 5 years
\u2013
149,945
Over 5 years
1,357
775
520,055
597,021
The fair value of the Group\u2019s borrowing is disclosed in note 29.
In July 2025, TGF renewed the revolving facility agreement of \u20ac230 million with new maturity in January 2030, guaranteed by Titan S.A..
On 31 December 2025 the revolving facility agreement had zero utilization.
The weighted average effective interest rates that affect the Income Statement are as follows:
2025
2024
Borrowings (\u20ac)
3.30%
3.02%
Borrowings (USD)
6.67%
7.54%
Borrowings (LEK)
4.77%
5.11%
Borrowings (EGP)
28.05%
29.73%
Borrowings (TRY)
28.03%
26.18%
The Group\u2019s exposure to interest rate risk is disclosed in note 28.
The Group has the following undrawn borrowing facilities:
(all amounts in Euro thousands)
2025
2024
Floating rate:
- Expiring within one year
214,457
190,877
- Expiring beyond one year
256,149
278,463
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-686": { "value": "
27. Borrowings
Accounting Policy
Borrowings are recognized initially at fair value, net of transactions costs incurred. In subsequent periods, borrowings are carried at
amortized cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption
value is recognized in the income statement over the period of the borrowings using the effective interest method.
Fees paid on the establishment of loan facilities are recognized as transactions costs of the loan to the extent that it is probable that
some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no
evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity
services and amortized over the period of the facility to which it relates.
Borrowings are classified as current liabilities unless the Group entity has an unconditional right to defer settlement for at least
12\u00a0months after the balance sheet date.
(all amounts in Euro thousands)
2025
2024
Current
Bank borrowings
80,006
4,368
Bank borrowings in non euro currency
14,789
56,281
Interest payable
5,739
5,766
100,534
66,415
Non-current
Bank borrowings
121,358
194,649
Bank borrowings in non euro currency
74
4,446
Debentures
398,623
397,926
520,055
597,021
Total borrowings
620,589
663,436
Maturity of non-current borrowings:
2025
2024
Between 1 and 2 years
369,083
82,077
Between 2 and 3 years
\u2013
364,224
Between 3 and 4 years
149,615
\u2013
Between 4 and 5 years
\u2013
149,945
Over 5 years
1,357
775
520,055
597,021
The fair value of the Group\u2019s borrowing is disclosed in note 29.
In July 2025, TGF renewed the revolving facility agreement of \u20ac230 million with new maturity in January 2030, guaranteed by Titan S.A..
On 31 December 2025 the revolving facility agreement had zero utilization.
The weighted average effective interest rates that affect the Income Statement are as follows:
2025
2024
Borrowings (\u20ac)
3.30%
3.02%
Borrowings (USD)
6.67%
7.54%
Borrowings (LEK)
4.77%
5.11%
Borrowings (EGP)
28.05%
29.73%
Borrowings (TRY)
28.03%
26.18%
The Group\u2019s exposure to interest rate risk is disclosed in note 28.
The Group has the following undrawn borrowing facilities:
(all amounts in Euro thousands)
2025
2024
Floating rate:
- Expiring within one year
214,457
190,877
- Expiring beyond one year
256,149
278,463
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-688": { "value": "
Borrowings are recognized initially at fair value, net of transactions costs incurred. In subsequent periods, borrowings are carried at
amortized cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption
value is recognized in the income statement over the period of the borrowings using the effective interest method.
Fees paid on the establishment of loan facilities are recognized as transactions costs of the loan to the extent that it is probable that
some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no
evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity
services and amortized over the period of the facility to which it relates.
Borrowings are classified as current liabilities unless the Group entity has an unconditional right to defer settlement for at least
12\u00a0months after the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-689": { "value": "
28. Financial risk management objectives and policies
Accounting Policy
Derivative financial instruments and hedging activities
Initially, derivatives are recognized at fair value at commencement date and subsequently, they are re-measured at their fair value at
each reporting date. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair
value is negative.
Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective
portion of cash flow hedges, which is recognized in OCI and is later reclassified to profit or loss when the hedge item affects profit
or loss.
For the purpose of hedge accounting, hedges are classified as:
\u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized
firm commitment.
\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated
with a recognized asset or liability, a highly probable forecast transaction, or the foreign currency risk in an unrecognized firm
commitment.
\u2022 Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to
apply hedge accounting and the risk management objective and strategy for undertaking the hedge.
The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and
how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis
of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting
if it meets all of the following effectiveness requirements:
\u2022 There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.
\u2022 The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group
actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
The full fair value of a hedging derivative is classified as a non- current asset or liability when the remaining hedged item is more
than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.
Hedges that meet the strict criteria for hedge accounting are accounted for, as described below.
Fair value hedges
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement,
together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss
relating both to the effective and ineffective portion of interest rate swaps hedging fixed rate borrowings is recognized in the income
statement within \u201cFinance income/expense\u201d.
Cash flow hedges
The effective portion of gains or losses from measuring cash flow hedging instruments is recognized in OCI and accumulated in
reserves, in the account \u201chedging reserve from cash flow hedges\u201d. The gain or loss relating to the ineffective portion is recognized
immediately in the income statement within \u201cFinance income/expenses\u201d.
Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.
When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction is ultimately
recognized in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was
reported in equity is immediately reclassified to profit or loss.
28. Financial risk management objectives and policies (continued)
Net investment hedge
Hedges of net investments in foreign entities are accounted for similarly to cash flow hedges. Where the hedging instrument is
a\u00a0derivative, any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in currency
translation differences on derivative hedging position in other reserves. The gain or loss relating to the ineffective portion is
recognized immediately in other income/expenses in the income statement. However, where the hedging instrument is not a
derivative (for example, a foreign currency borrowing), all foreign exchange gains or losses arising on the translation of a borrowing
that hedges such an investment (including any ineffective portion of the hedge) are recognized in equity in \u201ctranslation differences
on derivative hedging position\u201d in \u201cother reserves\u201d.
Gains or losses accumulated in equity are included in the income statement when the foreign operation is (partially or fully) disposed
of. The Group\u2019s \u201cother reserves\u201d include gains that have resulted from such hedging activities carried out in the past.
Derivatives that are not part of a hedging relationship
Any gains or losses arising from changes in the fair value of financial instruments that are not part of a hedging relationship are
included in finance income / (expenses), gain / (loss) from foreign exchange differences and cost of sales in the income statement for
the period in which they arise, depending on their nature.
Financial risk factors
The Group, by nature of its business and geographical positioning, is exposed to market, credit and liquidity risk. The Group's senior
management oversees the management of these risks.
The Group's senior management is supported by the Group finance, the Treasury and the Risk Committee that advise on risks
and\u00a0the appropriate risk governance framework for the Group. The Risk Committee provides assurance to the Group's senior
management that the Group's financial risk activities are governed by appropriate policies and procedures and that financial
risks\u00a0are identified, measured and managed in accordance with the Group's policies and risk objectives. All derivative activities
for\u00a0risk management purposes are carried out by specialist teams and Treasury that have the appropriate skills, experience and
supervision. It is the Group's policy that no trading in derivatives for speculative purposes may be undertaken. The Board of
Directors has overall responsibility for determining the nature and extent of the principal risks that the Group is willing to assume
in\u00a0achieving its strategic objectives.
28. Financial risk management objectives and policies (continued)
The Group has the following derivative financial instruments in the following line items in the consolidated statement of financial position:
(all amounts in Euro thousands)
31/12/2025
31/12/2024
Non-current assets
Cross currency swaps - trading derivatives
23,855
\u2013
23,855
\u2013
Current assets
Interest rate swap - trading derivatives
\u2013
683
Forwards - trading derivatives
15
\u2013
15
683
Non-current liabilities
Cross currency swaps - trading derivatives
\u2013
8,103
\u2013
8,103
Current liabilities
Forwards - trading derivatives
\u2013
976
\u2013
976
Where all relevant criteria are met, hedge accounting is applied to remove the accounting mismatch between the hedging instrument and
the hedged item. However, where derivatives do not meet the hedge accounting criteria, or the Group chooses not to designate a hedging
relationship between a derivative and a hedged item, they are classified as trading derivatives for accounting purposes and are accounted
for at fair value through profit or loss.
The next table shows the gross amounts of the aforementioned derivative financial instruments in relation with their interim settlement, that
is received or paid, as they are presenting in the consolidated statements of financial position on 31 December 2025 and 31 December
2024, in order to summarize the total net position of the Group.
(all amounts in Euro thousands)
Net position - Asset /(Liability)
Fair value of
derivatives
Interim settlement of
derivatives
Net balance
Balance at 31 December 2025
Forwards - expiring 2026
15
-14
1
Cross currency swaps - expiring 2027
13,169
-13,296
-127
Cross currency swaps - expiring 2029
10,686
-10,790
-104
23,870
-24,100
-230
Balance at 31 December 2024
Forwards - expiring 2025
-976
596
-380
Interest rate swaps - expiring 2025
683
-293
390
Forward freight agreements - expiring 2024
\u2013
-12
-12
Cross currency swaps - expiring 2027
-2,847
1,274
-1,573
Cross currency swaps - expiring 2029
-5,256
2,354
-2,902
-8,396
3,919
-4,477
28. Financial risk management objectives and policies (continued)
a) Market risk
Market risk comprises three main types of risk: currency risk, price risk and interest rate risk.
Currency risk
The Group operates internationally and is exposed to foreign exchange risk (FX). FX risk arises from future commercial transactions,
recognized assets and liabilities, mainly borrowings, denominated in a currency that is not the functional currency of the relevant Group
entity and international investments.
Currency risks are managed through natural hedges, (i.e. borrowings denominated in the same currency as the assets that are being
financed create a natural hedge for investments in foreign subsidiaries exposed to FX conversion risk) as well as entering in currency
swaps and forward foreign currency contracts.
However, part of the financing for the Group's activities in the USA, Albania, and other countries where its subsidiaries operate is
denominated in currencies different from their functional ones, for example Euro. The refinancing of these amounts in local currencies,
along with FX hedging transactions, is reviewed at regular intervals.
The table below presents the financing balances of Group activities as of 31 December 2025 and 2024, in Euro, for Group subsidiaries with
functional currencies of:
(all amounts in Euro thousands)
2025
2024
USD
332,800
345,600
LEK
19,129
18,058
TRY
\u2013
10,413
MKD
12,000
\u2013
EGP
\u2013
28,920
During 2025, the borrowing exposure in the USA was hedged with derivatives classified as trading (1 and 2 below).
1) In April 2024, TITAN America LLC (TALLC) entered into cross\u2011currency interest rate swap agreements, maturing in June 2029, to hedge
interest payments and foreign currency exposure related to a \u20ac150 million loan obtained from TITAN Global Finance Plc. In 2025, these
CCSs resulted in a net gain of \u20ac16.0 million, comprising foreign exchange gains of \u20ac18.3 million recognized under \u201cLoss from foreign
exchange differences\u201d and a loss of \u20ac2.2 million recognized under \u201cFinance expenses\u201d in the consolidated income statement. The related
foreign exchange loss on the loan, arising from the opposite movement of the loan and the CCSs, amounted to \u20ac18.3 million and was
recognized under the same account, \u201cLoss from foreign exchange differences\u201d.
Subsequently, in November 2024, TALLC entered into another cross\u2011currency interest rate swap agreements, with a termination date in
July 2027, as part of its ongoing strategy to hedge interest payments and foreign currency exposure related to the \u20ac150 million financing
arrangement with TITAN Global Finance Plc. For the year, these CCSs resulted in a net gain of \u20ac16.5 million. This net gain comprised
foreign exchange gains of \u20ac18.3 million recognized under \u201cLoss from foreign exchange differences,\u201d which were fully offset by a
corresponding \u20ac18.3 million foreign exchange loss on the related loan, recorded in the same account. The remaining loss of the derivative
amounted to \u20ac1.8 million, representing the difference between the foreign exchange gains and the net gain of \u20ac16.5 million, was
recognized under \u201cFinance expenses\u201d in the consolidated income statement.
2) Moreover, in 2025, TALLC entered into various short\u2011term foreign exchange forward contracts to hedge foreign currency risk arising
from financial liabilities denominated in euros. Specifically, the company executed EUR/USD forward contracts with multiple maturities
throughout 2025 and the first quarter of 2026 to hedge loan agreements with a total notional amount of \u20ac32.8 million. In 2025, these
forward contracts resulted in foreign exchange gains of \u20ac4.9 million, which were recognized under \u201cLoss from foreign exchange
differences\u201d in the consolidated income statement. These gains were partially offset by foreign exchange losses of \u20ac5.6 million arising
from the related loans, reflecting the opposite movement of the loans and the forward contracts. The foreign exchange losses on the loans
were also recognized under \u201cLoss from foreign exchange differences\u201d.
3) Furthermore, in 2025, the Group\u2019s subsidiary TITAN Global Finance Plc entered into additional short\u2011term EUR/USD forward foreign
exchange contracts, all of which expired during the year, in order to hedge the Group\u2019s cash positions denominated in U.S. dollars. For the
year ended 31 December 2025, these positions resulted in a net foreign exchange gain of \u20ac4.4 million, which was recognized under \u201cLoss
from foreign exchange differences\u201d in the consolidated income statement.
28. Financial risk management objectives and policies (continued)
In 2025, the total net foreign exchange losses recognized in the consolidated income statement amounted to \u20ac9.8 million (2024:
\u20ac1.6\u00a0million). These losses are further analyzed into net exchange losses of \u20ac55.6 million (2024: gains of \u20ac22.0 million) and fair value gains
on derivatives of \u20ac45.8 million (2024: losses of \u20ac23.7 million) (note 7).
Addit ionally, the Group recognized exchange losses on the translation of foreign operations amounting to \u20ac111.3 million in the consolidated
statement of comprehensive income. These losses were primarily attributable to the depreciation of the US dollar against the euro (loss of
\u20ac101.8 million) and the depreciation of the Turkish lira against the euro (net loss of \u20ac6.2 million), reflecting gross exchange losses of \u20ac28.3
million partially offset by a gain of \u20ac22.1 million recognized in other comprehensive income from the indexation of Turkish subsidiaries\u2019
equity under IAS 29 \u2013 Financial Reporting in Hyperinflationary Economies.
In the prior year, exchange gains on the translation of foreign operations amounted to \u20ac22.0 million. These gains were primarily
attributable to the depreciation of the euro against the US dollar (gain of \u20ac42.5 million) and the Albanian Lek (gain of \u20ac7.3 million), partly
offset by the appreciation of the euro against the Egyptian pound (loss of \u20ac43.3 million), the Brazilian real (loss of \u20ac15.9 million) and the
Turkish lira (loss of \u20ac15.6 million). In addition, a gain of \u20ac46.8 million was recognized under exchange gains/(losses) on the translation of
foreign operations in other comprehensive income, arising from the indexation of Turkish subsidiaries\u2019 equity in accordance with IAS 29 \u2013
Financial Reporting in Hyperinflationary Economies.
Sensitivity analysis in foreign exchange rate changes
The following table demonstrates the sensitivity of the Group\u2019s profit before tax and the Group\u2019s equity to reasonable changes in the
various floating exchange rates, with all other variables held constant. The calculation of \"Effect on Profit before tax\" is based on year
average FX rates and the calculation of \"Effect on Equity\" is based on year-end FX rate changes.
(all amounts in Euro thousands)
Foreign Currency
Increase/ Decrease
of Foreign Currency
vs. \u20ac
Effect on Profit
Before Tax
Effect on equity
Year ended 31 December 2025
USD
5%
11,050
191,142
-5%
-9,998
-172,938
RSD
5%
1,317
1,786
-5%
-1,192
-1,616
EGP
5%
2,819
6,276
-5%
-2,551
-5,678
TRY
5%
-124
829
-5%
112
-750
ALL
5%
844
6,738
-5%
-764
-6,096
MKD
5%
1,797
4,897
-5%
-1,626
-4,431
BRL
5%
414
8,970
-5%
-375
-8,116
Year ended 31 December 2024
USD
5%
11,208
37,847
-5%
-10,141
-34,243
RSD
5%
1,576
1,672
-5%
-1,426
-1,513
EGP
5%
-138
3,896
-5%
125
-3,525
TRY
5%
-92
7,618
-5%
83
-6,892
ALL
5%
1,285
6,550
-5%
-1,162
-5,927
BRL
5%
98
6,462
-5%
-89
-5,846
28. Financial risk management objectives and policies (continued)
Price risk
In prior periods, the Group used derivative financial instruments to hedge part of its exposure to natural gas, freight and electricity prices.
During the year ended 31 December 2025, the Group did not enter into any derivative contracts for the purpose of hedging such risks, and
no derivative financial instruments were outstanding at the reporting date. The Group continues to monitor market developments closely
and may use derivative instruments in the future should it consider such arrangements appropriate.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt
obligations with floating interest rates.
The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The ratio of
fixed to floating rates of the Group\u2019s net borrowings is determined by market conditions, Group strategy and financing requirements.
Occasionally interest rate derivatives may be used to mitigate the relevant risk and balance the mix of fixed and floating rates of the
Group\u2019s borrowings.
On 31 December 2025, the Group\u2019s ratio of fixed to floating interest rates, taking into account outstanding cross-currency swaps and
interest rate swaps, stood at 68%/32% (31 December 2024: 67%/33%). Interest rate trends and the duration of the Group\u2019s financing needs
are monitored on a forward-looking basis. Consequently, decisions about the duration and the mix between fixed and floating rate debt
are taken on an ad-hoc basis.
1) In June 2021, TITAN Global Finance Plc entered into a forward\u2011starting interest rate swap in order to partially hedge the risk of an
increase in future mid\u2011swap interest rates associated with a highly probable forecasted debt issuance. At inception, TITAN Global Finance
Plc formally designated a cash flow hedge relationship between the interest rate swap and the highly probable forecasted debt issuance.
The forward\u2011starting fixed\u2011for\u2011floating EURIBOR\u2011based five\u2011year interest rate swap, with a notional amount of \u20ac250 million and a forward
start date up to October 2023, was designated as the hedging instrument for a 100% hedge of the forecasted interest payments arising
from the highly probable debt issuance expected to occur in 2023.
During 2022, TITAN Global Finance Plc terminated the forward\u2011starting interest rate swap and locked in a total gain of \u20ac29 million, which
was recognized in equity within the cash flow hedge reserve (note 25).
In December 2023, TITAN Global Finance Plc issued \u20ac150 million of notes bearing a fixed coupon of 4.25%. As a result, amounts of
\u20ac3.6\u00a0million (\u20ac3.7 million in 2024) were reclassified from the cash flow hedge reserve to the income statement during 2025, in order to
offset the related interest expense (note 25). The remaining balance in the cash flow hedge reserve will be retained until the occurrence
of\u00a0the corresponding hedged cash flows.
28. Financial risk management objectives and policies (continued)
2) In May 2022, in response to heightened inflation and rising interest rates in the U.S. market, TALLC entered into fixed\u2011for\u2011floating
interest rate swaps to hedge its exposure to increases in floating interest rates on its short\u2011term USD\u2011denominated debt and to mitigate
future volatility in finance costs. The fixed\u2011for\u2011floating interest rate swap, with a notional amount of USD 100 million, hedged the daily
compounded Secured Overnight Financing Rate (SOFR), with quarterly settlements, for a three\u2011year period.
In Q1 2023, TALLC proceeded to the exact opposite transaction, i.e. TALLC pays a floating interest rate and receives a fixed interest rate at
higher level than paying from the initial transaction in 2022. The two trades resulted in TALLC paying a floating interest rate at lower cost.
During 2025, the swaps expired and TALLC recognized a gain of \u20ac7 thousand (2024: gain of \u20ac70 thousand) related to these transactions,
which was presented within \u201cfinance income\u201d in the consolidated income statement.
The impact of interest rate volatility is limited in the income statement and cash flow from operating activities of the Group, as shown in the
sensitivity analysis table below:
Sensitivity analysis of Group's borrowings due to interest rate changes
(all amounts in Euro thousands)
Interest rate variation
Effect on profit
before tax
(+/-)
(-/+)
Year ended 31 December 2025
EUR
1.0%
2,031
USD
1.0%
18
ALL
1.0%
1
Year ended 31 December 2024
EUR
1.0%
1,947
USD
1.0%
301
ALL
1.0%
161
TRY
1.0%
\u2013
BGN
1.0%
\u2013
Note: Table above excludes the positive impact of interest received from deposits.
b) Credit risk\u00a0
The Group has no significant concentrations of credit risk. Trade accounts receivable consist mainly of a large, widespread customer base.
All Group companies monitor the financial position of their debtors on an on-going basis. When considered necessary, additional collateral
is requested to secure credit. Provisions for impairment losses are made for special credit risks. On 31 December 2025, there are no
outstanding doubtful significant credit risks which are not already covered by a provision for doubtful receivables.
Credit risk arising from financial institutions\u2019 inability to meet their obligations towards the Group deriving from placements, investments
and derivatives, is mitigated by pre-set limits on the degree of exposure to each individual financial institution as well as by utilizing the
collateral mechanism of credit support agreements (ISDA CSA Agreements). These pre-set limits are set in accordance to the Group
Treasury policies. At 31 December 2025, the Group\u2019s majority financial assets and derivative financial instruments were held with
investment grade financial institutions with pre-agreed credit support agreements.
c) Liquidity risk
The Group, in addition to its operating cash flows, maintains sufficient cash and other liquid assets, as well as extensive committed credit
lines with several international banks to ensure the fulfillment of its financial obligations. Group Treasury controls Group funding as well as
the management of liquid assets.
28. Financial risk management objectives and policies (continued)
The table below summarizes the maturity profile of financial and lease liabilities at 31 December 2025 and 31 December 2024 based
on\u00a0contractual undiscounted payments.\u00a0
(all amounts in Euro thousands)
Year ended at December 31 2025
< 1 month
1 to 6 months
6 to 12 months
1 to 5 years
>5years
Total
Borrowings
5,906
15,810
102,891
624,416
1,921
750,944
Lease liabilities
1,902
7,075
8,459
43,039
36,627
97,102
Payables from interim settlement of
derivatives
14
\u2013
\u2013
24,086
\u2013
24,100
Other non-current liabilities
\u2013
\u2013
\u2013
6,489
\u2013
6,489
Trade and other payables
291,157
63,729
20,180
\u2013
\u2013
375,066
298,979
86,614
131,530
698,030
38,548
1,253,701
Year ended at December 31 2024
Borrowings
18,433
22,283
37,827
653,133
1,921
733,597
Lease liabilities
1,849
7,071
8,369
42,841
28,812
88,942
Derivative financial instruments
\u2013
976
\u2013
8,103
\u2013
9,079
Payables from interim settlement of
derivatives
12
293
\u2013
\u2013
\u2013
305
Other non-current liabilities
\u2013
\u2013
\u2013
4,296
\u2013
4,296
Trade and other payables
227,362
137,503
18,546
\u2013
\u2013
383,411
247,656
168,126
64,742
708,373
30,733
1,219,630
d) Capital management
The primary objective of the Group\u2019s capital management is to ensure that it maintains healthy capital ratios in order to support its
operations and maximize shareholder value.
The Group manages its capital structure conservatively with the leverage ratio, as this is shown from the relationship between total
liabilities and total equity as well as net debt and EBITDA. The Group\u2019s policy is to maintain leverage ratios in line with an investment
grade profile.
The Group includes within net debt the following items: a) interest-bearing loans, b) borrowings and c) lease liabilities, less a) cash and b)
cash equivalents.
(all amounts in Euro thousands)
2025
2024
Long-term borrowings (note 27)
520,055
597,021
Long-term lease liabilities (note 16)
62,253
65,175
Short-term borrowings (note 27)
100,534
66,415
Short-term lease liabilities (note 16)
14,247
16,720
Debt
697,089
745,331
Less: cash and cash equivalents (note 23)
483,558
123,283
Net Debt
213,531
622,048
Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA)
606,080
580,125
Total liabilities
1,412,286
1,458,064
Total equity
2,083,738
1,824,513
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-690": { "value": "
Accounting Policy
Derivative financial instruments and hedging activities
Initially, derivatives are recognized at fair value at commencement date and subsequently, they are re-measured at their fair value at
each reporting date. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair
value is negative.
Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective
portion of cash flow hedges, which is recognized in OCI and is later reclassified to profit or loss when the hedge item affects profit
or loss.
For the purpose of hedge accounting, hedges are classified as:
\u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized
firm commitment.
\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated
with a recognized asset or liability, a highly probable forecast transaction, or the foreign currency risk in an unrecognized firm
commitment.
\u2022 Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to
apply hedge accounting and the risk management objective and strategy for undertaking the hedge.
The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and
how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis
of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting
if it meets all of the following effectiveness requirements:
\u2022 There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.
\u2022 The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group
actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
The full fair value of a hedging derivative is classified as a non- current asset or liability when the remaining hedged item is more
than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.
Hedges that meet the strict criteria for hedge accounting are accounted for, as described below.
Fair value hedges
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement,
together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss
relating both to the effective and ineffective portion of interest rate swaps hedging fixed rate borrowings is recognized in the income
statement within \u201cFinance income/expense\u201d.
Cash flow hedges
The effective portion of gains or losses from measuring cash flow hedging instruments is recognized in OCI and accumulated in
reserves, in the account \u201chedging reserve from cash flow hedges\u201d. The gain or loss relating to the ineffective portion is recognized
immediately in the income statement within \u201cFinance income/expenses\u201d.
Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.
When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction is ultimately
recognized in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was
reported in equity is immediately reclassified to profit or loss.
Net investment hedge
Hedges of net investments in foreign entities are accounted for similarly to cash flow hedges. Where the hedging instrument is
a\u00a0derivative, any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in currency
translation differences on derivative hedging position in other reserves. The gain or loss relating to the ineffective portion is
recognized immediately in other income/expenses in the income statement. However, where the hedging instrument is not a
derivative (for example, a foreign currency borrowing), all foreign exchange gains or losses arising on the translation of a borrowing
that hedges such an investment (including any ineffective portion of the hedge) are recognized in equity in \u201ctranslation differences
on derivative hedging position\u201d in \u201cother reserves\u201d.
Gains or losses accumulated in equity are included in the income statement when the foreign operation is (partially or fully) disposed
of. The Group\u2019s \u201cother reserves\u201d include gains that have resulted from such hedging activities carried out in the past.
Derivatives that are not part of a hedging relationship
Any gains or losses arising from changes in the fair value of financial instruments that are not part of a hedging relationship are
included in finance income / (expenses), gain / (loss) from foreign exchange differences and cost of sales in the income statement for
the period in which they arise, depending on their nature.
Financial risk factors
The Group, by nature of its business and geographical positioning, is exposed to market, credit and liquidity risk. The Group's senior
management oversees the management of these risks.
The Group's senior management is supported by the Group finance, the Treasury and the Risk Committee that advise on risks
and\u00a0the appropriate risk governance framework for the Group. The Risk Committee provides assurance to the Group's senior
management that the Group's financial risk activities are governed by appropriate policies and procedures and that financial
risks\u00a0are identified, measured and managed in accordance with the Group's policies and risk objectives. All derivative activities
for\u00a0risk management purposes are carried out by specialist teams and Treasury that have the appropriate skills, experience and
supervision. It is the Group's policy that no trading in derivatives for speculative purposes may be undertaken. The Board of
Directors has overall responsibility for determining the nature and extent of the principal risks that the Group is willing to assume
in\u00a0achieving its strategic objectives.
The Group has the following derivative financial instruments in the following line items in the consolidated statement of financial position:
(all amounts in Euro thousands)
31/12/2025
31/12/2024
Non-current assets
Cross currency swaps - trading derivatives
23,855
\u2013
23,855
\u2013
Current assets
Interest rate swap - trading derivatives
\u2013
683
Forwards - trading derivatives
15
\u2013
15
683
Non-current liabilities
Cross currency swaps - trading derivatives
\u2013
8,103
\u2013
8,103
Current liabilities
Forwards - trading derivatives
\u2013
976
\u2013
976
Where all relevant criteria are met, hedge accounting is applied to remove the accounting mismatch between the hedging instrument and
the hedged item. However, where derivatives do not meet the hedge accounting criteria, or the Group chooses not to designate a hedging
relationship between a derivative and a hedged item, they are classified as trading derivatives for accounting purposes and are accounted
for at fair value through profit or loss.
The next table shows the gross amounts of the aforementioned derivative financial instruments in relation with their interim settlement, that
is received or paid, as they are presenting in the consolidated statements of financial position on 31 December 2025 and 31 December
2024, in order to summarize the total net position of the Group.
(all amounts in Euro thousands)
Net position - Asset /(Liability)
Fair value of
derivatives
Interim settlement of
derivatives
Net balance
Balance at 31 December 2025
Forwards - expiring 2026
15
-14
1
Cross currency swaps - expiring 2027
13,169
-13,296
-127
Cross currency swaps - expiring 2029
10,686
-10,790
-104
23,870
-24,100
-230
Balance at 31 December 2024
Forwards - expiring 2025
-976
596
-380
Interest rate swaps - expiring 2025
683
-293
390
Forward freight agreements - expiring 2024
\u2013
-12
-12
Cross currency swaps - expiring 2027
-2,847
1,274
-1,573
Cross currency swaps - expiring 2029
-5,256
2,354
-2,902
-8,396
3,919
-4,477
a) Market risk
Market risk comprises three main types of risk: currency risk, price risk and interest rate risk.
Currency risk
The Group operates internationally and is exposed to foreign exchange risk (FX). FX risk arises from future commercial transactions,
recognized assets and liabilities, mainly borrowings, denominated in a currency that is not the functional currency of the relevant Group
entity and international investments.
Currency risks are managed through natural hedges, (i.e. borrowings denominated in the same currency as the assets that are being
financed create a natural hedge for investments in foreign subsidiaries exposed to FX conversion risk) as well as entering in currency
swaps and forward foreign currency contracts.
However, part of the financing for the Group's activities in the USA, Albania, and other countries where its subsidiaries operate is
denominated in currencies different from their functional ones, for example Euro. The refinancing of these amounts in local currencies,
along with FX hedging transactions, is reviewed at regular intervals.
The table below presents the financing balances of Group activities as of 31 December 2025 and 2024, in Euro, for Group subsidiaries with
functional currencies of:
(all amounts in Euro thousands)
2025
2024
USD
332,800
345,600
LEK
19,129
18,058
TRY
\u2013
10,413
MKD
12,000
\u2013
EGP
\u2013
28,920
During 2025, the borrowing exposure in the USA was hedged with derivatives classified as trading (1 and 2 below).
1) In April 2024, TITAN America LLC (TALLC) entered into cross\u2011currency interest rate swap agreements, maturing in June 2029, to hedge
interest payments and foreign currency exposure related to a \u20ac150 million loan obtained from TITAN Global Finance Plc. In 2025, these
CCSs resulted in a net gain of \u20ac16.0 million, comprising foreign exchange gains of \u20ac18.3 million recognized under \u201cLoss from foreign
exchange differences\u201d and a loss of \u20ac2.2 million recognized under \u201cFinance expenses\u201d in the consolidated income statement. The related
foreign exchange loss on the loan, arising from the opposite movement of the loan and the CCSs, amounted to \u20ac18.3 million and was
recognized under the same account, \u201cLoss from foreign exchange differences\u201d.
Subsequently, in November 2024, TALLC entered into another cross\u2011currency interest rate swap agreements, with a termination date in
July 2027, as part of its ongoing strategy to hedge interest payments and foreign currency exposure related to the \u20ac150 million financing
arrangement with TITAN Global Finance Plc. For the year, these CCSs resulted in a net gain of \u20ac16.5 million. This net gain comprised
foreign exchange gains of \u20ac18.3 million recognized under \u201cLoss from foreign exchange differences,\u201d which were fully offset by a
corresponding \u20ac18.3 million foreign exchange loss on the related loan, recorded in the same account. The remaining loss of the derivative
amounted to \u20ac1.8 million, representing the difference between the foreign exchange gains and the net gain of \u20ac16.5 million, was
recognized under \u201cFinance expenses\u201d in the consolidated income statement.
2) Moreover, in 2025, TALLC entered into various short\u2011term foreign exchange forward contracts to hedge foreign currency risk arising
from financial liabilities denominated in euros. Specifically, the company executed EUR/USD forward contracts with multiple maturities
throughout 2025 and the first quarter of 2026 to hedge loan agreements with a total notional amount of \u20ac32.8 million. In 2025, these
forward contracts resulted in foreign exchange gains of \u20ac4.9 million, which were recognized under \u201cLoss from foreign exchange
differences\u201d in the consolidated income statement. These gains were partially offset by foreign exchange losses of \u20ac5.6 million arising
from the related loans, reflecting the opposite movement of the loans and the forward contracts. The foreign exchange losses on the loans
were also recognized under \u201cLoss from foreign exchange differences\u201d.
3) Furthermore, in 2025, the Group\u2019s subsidiary TITAN Global Finance Plc entered into additional short\u2011term EUR/USD forward foreign
exchange contracts, all of which expired during the year, in order to hedge the Group\u2019s cash positions denominated in U.S. dollars. For the
year ended 31 December 2025, these positions resulted in a net foreign exchange gain of \u20ac4.4 million, which was recognized under \u201cLoss
from foreign exchange differences\u201d in the consolidated income statement.
In 2025, the total net foreign exchange losses recognized in the consolidated income statement amounted to \u20ac9.8 million (2024:
\u20ac1.6\u00a0million). These losses are further analyzed into net exchange losses of \u20ac55.6 million (2024: gains of \u20ac22.0 million) and fair value gains
on derivatives of \u20ac45.8 million (2024: losses of \u20ac23.7 million) (note 7).
Addit ionally, the Group recognized exchange losses on the translation of foreign operations amounting to \u20ac111.3 million in the consolidated
statement of comprehensive income. These losses were primarily attributable to the depreciation of the US dollar against the euro (loss of
\u20ac101.8 million) and the depreciation of the Turkish lira against the euro (net loss of \u20ac6.2 million), reflecting gross exchange losses of \u20ac28.3
million partially offset by a gain of \u20ac22.1 million recognized in other comprehensive income from the indexation of Turkish subsidiaries\u2019
equity under IAS 29 \u2013 Financial Reporting in Hyperinflationary Economies.
In the prior year, exchange gains on the translation of foreign operations amounted to \u20ac22.0 million. These gains were primarily
attributable to the depreciation of the euro against the US dollar (gain of \u20ac42.5 million) and the Albanian Lek (gain of \u20ac7.3 million), partly
offset by the appreciation of the euro against the Egyptian pound (loss of \u20ac43.3 million), the Brazilian real (loss of \u20ac15.9 million) and the
Turkish lira (loss of \u20ac15.6 million). In addition, a gain of \u20ac46.8 million was recognized under exchange gains/(losses) on the translation of
foreign operations in other comprehensive income, arising from the indexation of Turkish subsidiaries\u2019 equity in accordance with IAS 29 \u2013
Financial Reporting in Hyperinflationary Economies.
Sensitivity analysis in foreign exchange rate changes
The following table demonstrates the sensitivity of the Group\u2019s profit before tax and the Group\u2019s equity to reasonable changes in the
various floating exchange rates, with all other variables held constant. The calculation of \"Effect on Profit before tax\" is based on year
average FX rates and the calculation of \"Effect on Equity\" is based on year-end FX rate changes.
(all amounts in Euro thousands)
Foreign Currency
Increase/ Decrease
of Foreign Currency
vs. \u20ac
Effect on Profit
Before Tax
Effect on equity
Year ended 31 December 2025
USD
5%
11,050
191,142
-5%
-9,998
-172,938
RSD
5%
1,317
1,786
-5%
-1,192
-1,616
EGP
5%
2,819
6,276
-5%
-2,551
-5,678
TRY
5%
-124
829
-5%
112
-750
ALL
5%
844
6,738
-5%
-764
-6,096
MKD
5%
1,797
4,897
-5%
-1,626
-4,431
BRL
5%
414
8,970
-5%
-375
-8,116
Year ended 31 December 2024
USD
5%
11,208
37,847
-5%
-10,141
-34,243
RSD
5%
1,576
1,672
-5%
-1,426
-1,513
EGP
5%
-138
3,896
-5%
125
-3,525
TRY
5%
-92
7,618
-5%
83
-6,892
ALL
5%
1,285
6,550
-5%
-1,162
-5,927
BRL
5%
98
6,462
-5%
-89
-5,846
Price risk
In prior periods, the Group used derivative financial instruments to hedge part of its exposure to natural gas, freight and electricity prices.
During the year ended 31 December 2025, the Group did not enter into any derivative contracts for the purpose of hedging such risks, and
no derivative financial instruments were outstanding at the reporting date. The Group continues to monitor market developments closely
and may use derivative instruments in the future should it consider such arrangements appropriate.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt
obligations with floating interest rates.
The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The ratio of
fixed to floating rates of the Group\u2019s net borrowings is determined by market conditions, Group strategy and financing requirements.
Occasionally interest rate derivatives may be used to mitigate the relevant risk and balance the mix of fixed and floating rates of the
Group\u2019s borrowings.
On 31 December 2025, the Group\u2019s ratio of fixed to floating interest rates, taking into account outstanding cross-currency swaps and
interest rate swaps, stood at 68%/32% (31 December 2024: 67%/33%). Interest rate trends and the duration of the Group\u2019s financing needs
are monitored on a forward-looking basis. Consequently, decisions about the duration and the mix between fixed and floating rate debt
are taken on an ad-hoc basis.
1) In June 2021, TITAN Global Finance Plc entered into a forward\u2011starting interest rate swap in order to partially hedge the risk of an
increase in future mid\u2011swap interest rates associated with a highly probable forecasted debt issuance. At inception, TITAN Global Finance
Plc formally designated a cash flow hedge relationship between the interest rate swap and the highly probable forecasted debt issuance.
The forward\u2011starting fixed\u2011for\u2011floating EURIBOR\u2011based five\u2011year interest rate swap, with a notional amount of \u20ac250 million and a forward
start date up to October 2023, was designated as the hedging instrument for a 100% hedge of the forecasted interest payments arising
from the highly probable debt issuance expected to occur in 2023.
During 2022, TITAN Global Finance Plc terminated the forward\u2011starting interest rate swap and locked in a total gain of \u20ac29 million, which
was recognized in equity within the cash flow hedge reserve (note 25).
In December 2023, TITAN Global Finance Plc issued \u20ac150 million of notes bearing a fixed coupon of 4.25%. As a result, amounts of
\u20ac3.6\u00a0million (\u20ac3.7 million in 2024) were reclassified from the cash flow hedge reserve to the income statement during 2025, in order to
offset the related interest expense (note 25). The remaining balance in the cash flow hedge reserve will be retained until the occurrence
of\u00a0the corresponding hedged cash flows.
2) In May 2022, in response to heightened inflation and rising interest rates in the U.S. market, TALLC entered into fixed\u2011for\u2011floating
interest rate swaps to hedge its exposure to increases in floating interest rates on its short\u2011term USD\u2011denominated debt and to mitigate
future volatility in finance costs. The fixed\u2011for\u2011floating interest rate swap, with a notional amount of USD 100 million, hedged the daily
compounded Secured Overnight Financing Rate (SOFR), with quarterly settlements, for a three\u2011year period.
In Q1 2023, TALLC proceeded to the exact opposite transaction, i.e. TALLC pays a floating interest rate and receives a fixed interest rate at
higher level than paying from the initial transaction in 2022. The two trades resulted in TALLC paying a floating interest rate at lower cost.
During 2025, the swaps expired and TALLC recognized a gain of \u20ac7 thousand (2024: gain of \u20ac70 thousand) related to these transactions,
which was presented within \u201cfinance income\u201d in the consolidated income statement.
The impact of interest rate volatility is limited in the income statement and cash flow from operating activities of the Group, as shown in the
sensitivity analysis table below:
Sensitivity analysis of Group's borrowings due to interest rate changes
(all amounts in Euro thousands)
Interest rate variation
Effect on profit
before tax
(+/-)
(-/+)
Year ended 31 December 2025
EUR
1.0%
2,031
USD
1.0%
18
ALL
1.0%
1
Year ended 31 December 2024
EUR
1.0%
1,947
USD
1.0%
301
ALL
1.0%
161
TRY
1.0%
\u2013
BGN
1.0%
\u2013
Note: Table above excludes the positive impact of interest received from deposits.
b) Credit risk\u00a0
The Group has no significant concentrations of credit risk. Trade accounts receivable consist mainly of a large, widespread customer base.
All Group companies monitor the financial position of their debtors on an on-going basis. When considered necessary, additional collateral
is requested to secure credit. Provisions for impairment losses are made for special credit risks. On 31 December 2025, there are no
outstanding doubtful significant credit risks which are not already covered by a provision for doubtful receivables.
Credit risk arising from financial institutions\u2019 inability to meet their obligations towards the Group deriving from placements, investments
and derivatives, is mitigated by pre-set limits on the degree of exposure to each individual financial institution as well as by utilizing the
collateral mechanism of credit support agreements (ISDA CSA Agreements). These pre-set limits are set in accordance to the Group
Treasury policies. At 31 December 2025, the Group\u2019s majority financial assets and derivative financial instruments were held with
investment grade financial institutions with pre-agreed credit support agreements.
c) Liquidity risk
The Group, in addition to its operating cash flows, maintains sufficient cash and other liquid assets, as well as extensive committed credit
lines with several international banks to ensure the fulfillment of its financial obligations. Group Treasury controls Group funding as well as
the management of liquid assets.
The table below summarizes the maturity profile of financial and lease liabilities at 31 December 2025 and 31 December 2024 based
on\u00a0contractual undiscounted payments.\u00a0
(all amounts in Euro thousands)
Year ended at December 31 2025
< 1 month
1 to 6 months
6 to 12 months
1 to 5 years
>5years
Total
Borrowings
5,906
15,810
102,891
624,416
1,921
750,944
Lease liabilities
1,902
7,075
8,459
43,039
36,627
97,102
Payables from interim settlement of
derivatives
14
\u2013
\u2013
24,086
\u2013
24,100
Other non-current liabilities
\u2013
\u2013
\u2013
6,489
\u2013
6,489
Trade and other payables
291,157
63,729
20,180
\u2013
\u2013
375,066
298,979
86,614
131,530
698,030
38,548
1,253,701
Year ended at December 31 2024
Borrowings
18,433
22,283
37,827
653,133
1,921
733,597
Lease liabilities
1,849
7,071
8,369
42,841
28,812
88,942
Derivative financial instruments
\u2013
976
\u2013
8,103
\u2013
9,079
Payables from interim settlement of
derivatives
12
293
\u2013
\u2013
\u2013
305
Other non-current liabilities
\u2013
\u2013
\u2013
4,296
\u2013
4,296
Trade and other payables
227,362
137,503
18,546
\u2013
\u2013
383,411
247,656
168,126
64,742
708,373
30,733
1,219,630
29. Financial instruments and fair value measurement
Set out below is a comparison by category of carrying amounts and fair values of the Group\u2019s financial instruments.
(all amounts in Euro thousands)
Carrying amount
Fair value
2025
2024
2025
2024
Financial assets
At amortised cost
Other non-current financial assets
14,682
2,883
14,682
2,883
Trade receivables
213,189
218,141
213,189
218,141
Cash and cash equivalents
483,558
123,283
483,558
123,283
Other current financial assets
47,567
66,269
47,567
66,269
Fair value through profit and loss
Derivative financial instruments - non current
23,855
\u2013
23,855
\u2013
Receivables from interim settlement of derivatives - non current
\u2013
3,628
\u2013
3,628
Other non-current financial assets
13,452
8,475
13,452
8,475
Derivative financial instruments - current
15
683
15
683
Receivables from interim settlement of derivatives - current
\u2013
596
\u2013
596
Other current financial assets
30
30
30
30
Financial liabilities
At amortised cost
Long term borrowings
520,055
597,021
522,728
599,680
Other non-current financial liabilities
16
18
16
18
Short term borrowings
100,534
66,415
100,534
66,415
Other current financial liabilities
359,284
370,773
359,284
370,773
Fair value through profit and loss
Derivative financial instruments - non current
\u2013
8,103
\u2013
8,103
Payables from interim settlement of derivatives - non current
24,086
\u2013
24,086
\u2013
Derivative financial instruments - current
\u2013
976
\u2013
976
Payables from interim settlement of derivatives - current
14
305
14
305
Management assessed that the cash and cash equivalents, trade receivables, trade payables, bank overdrafts and other current assets
and liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of the assets and liabilities by valuation method:
Level 1: based on quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: based on valuation techniques whereby all inputs having a significant effect on the fair value are observable, either directly or
indirectly, and include quoted prices for identical or similar assets or liabilities in markets that are not so much actively traded.
Level 3: based on valuation techniques whereby all inputs having a significant effect on the fair value are not observable market data.
The following table provides the fair value measurement hierarchy of the Group's assets and liabilities.
(all amounts in Euro thousands)
Fair value
Fair value hierarchy
2025
2024
Assets
Investment property
11,184
11,025
Level 3
Other financial assets at fair value through profit and loss
13,482
8,505
Level 3
Derivative financial instruments
23,870
683
Level 2
Receivables from interim settlement of derivatives
\u2013
4,224
Level 2
Liabilities
Long-term borrowings
401,182
599,680
Level 2
Long-term borrowings
121,546
\u2013
Level 3
Short-term borrowings
100,534
66,415
Level 3
Derivative financial instruments
\u2013
9,079
Level 2
Payables from interim settlement of derivatives
24,100
305
Level 2
There were no transfers between level 1 and 2 fair value measurements during the period and no transfers into or out of level 3 fair value
measurements during 2025.
The fair value of level 3 investment property is estimated by the Group by external, independent, certified evaluators. The fair value
measurement of the investment property has been mainly conducted in accordance with the comparative method, or the current market
values of similar properties. The main factors that were taken into consideration, are the property location, the surface area, the local urban
planning, the bordering road networks, the regional infrastructure, the property maintenance status and merchantability, the technical
construction standards in the case of buildings and the impact of environmental issues if any.
The fair value of the financial assets and liabilities is the amount at which the instrument could be exchanged in a current transaction
between willing parties, other than a forced liquidation or sale. The following methods and assumptions were used to estimate the
fair values:
For long- and short-term borrowings in level 2, the evaluation of their fair value is based on parameters such as interest rates, specific
country risk factors, or price quotations at the reporting date. Specifically, quoted market prices, or dealer quotes for the specific or similar
instruments are used.
For the majority of the borrowings in level 3, the fair values are not materially different from their carrying amounts, since the interest
payable on those borrowings is either close to current market rates, or the borrowings are of a short-term nature. The fair values of non-
current borrowings in level 3 are based on discounted cash flows using a borrowing rate prevailing in current market condition.
Level 2 derivative financial instruments comprise FX forwards, cross-currency interest rate swaps, interest rate swaps, natural gas forwards,
forward freight agreement. The Group uses a variety of methods and makes assumptions that are based on market conditions as at each
reporting date. The aforementioned contracts have been fair-valued using: a) forward exchange rates that are quoted in the active market,
b) forward interest rates extracted from observable yield curves, c) US Natural Gas Henry Hub futures prices that are quoted in the active
market and d) Baltic Supramax 10TC 58kt Forward Freight prices that are quoted in the active market.
Level 3 other financial assets at fair value through profit and loss refer mainly to investments in foreign property funds and in
decarbonization and electrification technology companies that transform renewable electricity into heat, in which the Group owns an
insignificant percentage. Their valuation is made based on their financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-693": { "value": "
Derivative financial instruments and hedging activities
Initially, derivatives are recognized at fair value at commencement date and subsequently, they are re-measured at their fair value at
each reporting date. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair
value is negative.
Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective
portion of cash flow hedges, which is recognized in OCI and is later reclassified to profit or loss when the hedge item affects profit
or loss.
For the purpose of hedge accounting, hedges are classified as:
\u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized
firm commitment.
\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated
with a recognized asset or liability, a highly probable forecast transaction, or the foreign currency risk in an unrecognized firm
commitment.
\u2022 Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to
apply hedge accounting and the risk management objective and strategy for undertaking the hedge.
The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and
how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis
of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting
if it meets all of the following effectiveness requirements:
\u2022 There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.
\u2022 The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group
actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
The full fair value of a hedging derivative is classified as a non- current asset or liability when the remaining hedged item is more
than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.
Hedges that meet the strict criteria for hedge accounting are accounted for, as described below.
Fair value hedges
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement,
together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss
relating both to the effective and ineffective portion of interest rate swaps hedging fixed rate borrowings is recognized in the income
statement within \u201cFinance income/expense\u201d.
Cash flow hedges
The effective portion of gains or losses from measuring cash flow hedging instruments is recognized in OCI and accumulated in
reserves, in the account \u201chedging reserve from cash flow hedges\u201d. The gain or loss relating to the ineffective portion is recognized
immediately in the income statement within \u201cFinance income/expenses\u201d.
Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.
When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction is ultimately
recognized in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was
reported in equity is immediately reclassified to profit or loss.
Net investment hedge
Hedges of net investments in foreign entities are accounted for similarly to cash flow hedges. Where the hedging instrument is
a\u00a0derivative, any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in currency
translation differences on derivative hedging position in other reserves. The gain or loss relating to the ineffective portion is
recognized immediately in other income/expenses in the income statement. However, where the hedging instrument is not a
derivative (for example, a foreign currency borrowing), all foreign exchange gains or losses arising on the translation of a borrowing
that hedges such an investment (including any ineffective portion of the hedge) are recognized in equity in \u201ctranslation differences
on derivative hedging position\u201d in \u201cother reserves\u201d.
Gains or losses accumulated in equity are included in the income statement when the foreign operation is (partially or fully) disposed
of. The Group\u2019s \u201cother reserves\u201d include gains that have resulted from such hedging activities carried out in the past.
Derivatives that are not part of a hedging relationship
Any gains or losses arising from changes in the fair value of financial instruments that are not part of a hedging relationship are
included in finance income / (expenses), gain / (loss) from foreign exchange differences and cost of sales in the income statement for
the period in which they arise, depending on their nature.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-692": { "value": "
Derivative financial instruments and hedging activities
Initially, derivatives are recognized at fair value at commencement date and subsequently, they are re-measured at their fair value at
each reporting date. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair
value is negative.
Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective
portion of cash flow hedges, which is recognized in OCI and is later reclassified to profit or loss when the hedge item affects profit
or loss.
For the purpose of hedge accounting, hedges are classified as:
\u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized
firm commitment.
\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated
with a recognized asset or liability, a highly probable forecast transaction, or the foreign currency risk in an unrecognized firm
commitment.
\u2022 Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to
apply hedge accounting and the risk management objective and strategy for undertaking the hedge.
The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and
how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis
of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting
if it meets all of the following effectiveness requirements:
\u2022 There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.
\u2022 The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group
actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
The full fair value of a hedging derivative is classified as a non- current asset or liability when the remaining hedged item is more
than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.
Hedges that meet the strict criteria for hedge accounting are accounted for, as described below.
Fair value hedges
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement,
together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss
relating both to the effective and ineffective portion of interest rate swaps hedging fixed rate borrowings is recognized in the income
statement within \u201cFinance income/expense\u201d.
Cash flow hedges
The effective portion of gains or losses from measuring cash flow hedging instruments is recognized in OCI and accumulated in
reserves, in the account \u201chedging reserve from cash flow hedges\u201d. The gain or loss relating to the ineffective portion is recognized
immediately in the income statement within \u201cFinance income/expenses\u201d.
Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.
When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction is ultimately
recognized in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was
reported in equity is immediately reclassified to profit or loss.
Net investment hedge
Hedges of net investments in foreign entities are accounted for similarly to cash flow hedges. Where the hedging instrument is
a\u00a0derivative, any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in currency
translation differences on derivative hedging position in other reserves. The gain or loss relating to the ineffective portion is
recognized immediately in other income/expenses in the income statement. However, where the hedging instrument is not a
derivative (for example, a foreign currency borrowing), all foreign exchange gains or losses arising on the translation of a borrowing
that hedges such an investment (including any ineffective portion of the hedge) are recognized in equity in \u201ctranslation differences
on derivative hedging position\u201d in \u201cother reserves\u201d.
Gains or losses accumulated in equity are included in the income statement when the foreign operation is (partially or fully) disposed
of. The Group\u2019s \u201cother reserves\u201d include gains that have resulted from such hedging activities carried out in the past.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-691": { "value": "
Derivative financial instruments and hedging activities
Initially, derivatives are recognized at fair value at commencement date and subsequently, they are re-measured at their fair value at
each reporting date. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair
value is negative.
Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective
portion of cash flow hedges, which is recognized in OCI and is later reclassified to profit or loss when the hedge item affects profit
or loss.
For the purpose of hedge accounting, hedges are classified as:
\u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized
firm commitment.
\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated
with a recognized asset or liability, a highly probable forecast transaction, or the foreign currency risk in an unrecognized firm
commitment.
\u2022 Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to
apply hedge accounting and the risk management objective and strategy for undertaking the hedge.
The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and
how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis
of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting
if it meets all of the following effectiveness requirements:
\u2022 There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.
\u2022 The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group
actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
The full fair value of a hedging derivative is classified as a non- current asset or liability when the remaining hedged item is more
than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.
Hedges that meet the strict criteria for hedge accounting are accounted for, as described below.
Fair value hedges
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement,
together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss
relating both to the effective and ineffective portion of interest rate swaps hedging fixed rate borrowings is recognized in the income
statement within \u201cFinance income/expense\u201d.
Cash flow hedges
The effective portion of gains or losses from measuring cash flow hedging instruments is recognized in OCI and accumulated in
reserves, in the account \u201chedging reserve from cash flow hedges\u201d. The gain or loss relating to the ineffective portion is recognized
immediately in the income statement within \u201cFinance income/expenses\u201d.
Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.
When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction is ultimately
recognized in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was
reported in equity is immediately reclassified to profit or loss.
Net investment hedge
Hedges of net investments in foreign entities are accounted for similarly to cash flow hedges. Where the hedging instrument is
a\u00a0derivative, any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in currency
translation differences on derivative hedging position in other reserves. The gain or loss relating to the ineffective portion is
recognized immediately in other income/expenses in the income statement. However, where the hedging instrument is not a
derivative (for example, a foreign currency borrowing), all foreign exchange gains or losses arising on the translation of a borrowing
that hedges such an investment (including any ineffective portion of the hedge) are recognized in equity in \u201ctranslation differences
on derivative hedging position\u201d in \u201cother reserves\u201d.
Gains or losses accumulated in equity are included in the income statement when the foreign operation is (partially or fully) disposed
of. The Group\u2019s \u201cother reserves\u201d include gains that have resulted from such hedging activities carried out in the past.
Derivatives that are not part of a hedging relationship
Any gains or losses arising from changes in the fair value of financial instruments that are not part of a hedging relationship are
included in finance income / (expenses), gain / (loss) from foreign exchange differences and cost of sales in the income statement for
the period in which they arise, depending on their nature.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-696": { "value": "
The Group has the following derivative financial instruments in the following line items in the consolidated statement of financial position:
(all amounts in Euro thousands)
31/12/2025
31/12/2024
Non-current assets
Cross currency swaps - trading derivatives
23,855
\u2013
23,855
\u2013
Current assets
Interest rate swap - trading derivatives
\u2013
683
Forwards - trading derivatives
15
\u2013
15
683
Non-current liabilities
Cross currency swaps - trading derivatives
\u2013
8,103
\u2013
8,103
Current liabilities
Forwards - trading derivatives
\u2013
976
\u2013
976
1) In April 2024, TITAN America LLC (TALLC) entered into cross\u2011currency interest rate swap agreements, maturing in June 2029, to hedge
interest payments and foreign currency exposure related to a \u20ac150 million loan obtained from TITAN Global Finance Plc. In 2025, these
CCSs resulted in a net gain of \u20ac16.0 million, comprising foreign exchange gains of \u20ac18.3 million recognized under \u201cLoss from foreign
exchange differences\u201d and a loss of \u20ac2.2 million recognized under \u201cFinance expenses\u201d in the consolidated income statement. The related
foreign exchange loss on the loan, arising from the opposite movement of the loan and the CCSs, amounted to \u20ac18.3 million and was
recognized under the same account, \u201cLoss from foreign exchange differences\u201d.
Subsequently, in November 2024, TALLC entered into another cross\u2011currency interest rate swap agreements, with a termination date in
July 2027, as part of its ongoing strategy to hedge interest payments and foreign currency exposure related to the \u20ac150 million financing
arrangement with TITAN Global Finance Plc. For the year, these CCSs resulted in a net gain of \u20ac16.5 million. This net gain comprised
foreign exchange gains of \u20ac18.3 million recognized under \u201cLoss from foreign exchange differences,\u201d which were fully offset by a
corresponding \u20ac18.3 million foreign exchange loss on the related loan, recorded in the same account. The remaining loss of the derivative
amounted to \u20ac1.8 million, representing the difference between the foreign exchange gains and the net gain of \u20ac16.5 million, was
recognized under \u201cFinance expenses\u201d in the consolidated income statement.
2) Moreover, in 2025, TALLC entered into various short\u2011term foreign exchange forward contracts to hedge foreign currency risk arising
from financial liabilities denominated in euros. Specifically, the company executed EUR/USD forward contracts with multiple maturities
throughout 2025 and the first quarter of 2026 to hedge loan agreements with a total notional amount of \u20ac32.8 million. In 2025, these
forward contracts resulted in foreign exchange gains of \u20ac4.9 million, which were recognized under \u201cLoss from foreign exchange
differences\u201d in the consolidated income statement. These gains were partially offset by foreign exchange losses of \u20ac5.6 million arising
from the related loans, reflecting the opposite movement of the loans and the forward contracts. The foreign exchange losses on the loans
were also recognized under \u201cLoss from foreign exchange differences\u201d.
3) Furthermore, in 2025, the Group\u2019s subsidiary TITAN Global Finance Plc entered into additional short\u2011term EUR/USD forward foreign
exchange contracts, all of which expired during the year, in order to hedge the Group\u2019s cash positions denominated in U.S. dollars. For the
year ended 31 December 2025, these positions resulted in a net foreign exchange gain of \u20ac4.4 million, which was recognized under \u201cLoss
from foreign exchange differences\u201d in the consolidated income statement.
In 2025, the total net foreign exchange losses recognized in the consolidated income statement amounted to \u20ac9.8 million (2024:
\u20ac1.6\u00a0million). These losses are further analyzed into net exchange losses of \u20ac55.6 million (2024: gains of \u20ac22.0 million) and fair value gains
on derivatives of \u20ac45.8 million (2024: losses of \u20ac23.7 million) (note 7).
Addit ionally, the Group recognized exchange losses on the translation of foreign operations amounting to \u20ac111.3 million in the consolidated
statement of comprehensive income. These losses were primarily attributable to the depreciation of the US dollar against the euro (loss of
\u20ac101.8 million) and the depreciation of the Turkish lira against the euro (net loss of \u20ac6.2 million), reflecting gross exchange losses of \u20ac28.3
million partially offset by a gain of \u20ac22.1 million recognized in other comprehensive income from the indexation of Turkish subsidiaries\u2019
equity under IAS 29 \u2013 Financial Reporting in Hyperinflationary Economies.
In the prior year, exchange gains on the translation of foreign operations amounted to \u20ac22.0 million. These gains were primarily
attributable to the depreciation of the euro against the US dollar (gain of \u20ac42.5 million) and the Albanian Lek (gain of \u20ac7.3 million), partly
offset by the appreciation of the euro against the Egyptian pound (loss of \u20ac43.3 million), the Brazilian real (loss of \u20ac15.9 million) and the
Turkish lira (loss of \u20ac15.6 million). In addition, a gain of \u20ac46.8 million was recognized under exchange gains/(losses) on the translation of
foreign operations in other comprehensive income, arising from the indexation of Turkish subsidiaries\u2019 equity in accordance with IAS 29 \u2013
Financial Reporting in Hyperinflationary Economies.
(all amounts in Euro thousands)
Carrying amount
Fair value
2025
2024
2025
2024
Financial assets
At amortised cost
Other non-current financial assets
14,682
2,883
14,682
2,883
Trade receivables
213,189
218,141
213,189
218,141
Cash and cash equivalents
483,558
123,283
483,558
123,283
Other current financial assets
47,567
66,269
47,567
66,269
Fair value through profit and loss
Derivative financial instruments - non current
23,855
\u2013
23,855
\u2013
Receivables from interim settlement of derivatives - non current
\u2013
3,628
\u2013
3,628
Other non-current financial assets
13,452
8,475
13,452
8,475
Derivative financial instruments - current
15
683
15
683
Receivables from interim settlement of derivatives - current
\u2013
596
\u2013
596
Other current financial assets
30
30
30
30
Financial liabilities
At amortised cost
Long term borrowings
520,055
597,021
522,728
599,680
Other non-current financial liabilities
16
18
16
18
Short term borrowings
100,534
66,415
100,534
66,415
Other current financial liabilities
359,284
370,773
359,284
370,773
Fair value through profit and loss
Derivative financial instruments - non current
\u2013
8,103
\u2013
8,103
Payables from interim settlement of derivatives - non current
24,086
\u2013
24,086
\u2013
Derivative financial instruments - current
\u2013
976
\u2013
976
Payables from interim settlement of derivatives - current
14
305
14
305
Level 3 other financial assets at fair value through profit and loss refer mainly to investments in foreign property funds and in
decarbonization and electrification technology companies that transform renewable electricity into heat, in which the Group owns an
insignificant percentage. Their valuation is made based on their financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-695": { "value": "
The Group has the following derivative financial instruments in the following line items in the consolidated statement of financial position:
(all amounts in Euro thousands)
31/12/2025
31/12/2024
Non-current assets
Cross currency swaps - trading derivatives
23,855
\u2013
23,855
\u2013
Current assets
Interest rate swap - trading derivatives
\u2013
683
Forwards - trading derivatives
15
\u2013
15
683
Non-current liabilities
Cross currency swaps - trading derivatives
\u2013
8,103
\u2013
8,103
Current liabilities
Forwards - trading derivatives
\u2013
976
\u2013
976
During 2025, the borrowing exposure in the USA was hedged with derivatives classified as trading (1 and 2 below).
1) In April 2024, TITAN America LLC (TALLC) entered into cross\u2011currency interest rate swap agreements, maturing in June 2029, to hedge
interest payments and foreign currency exposure related to a \u20ac150 million loan obtained from TITAN Global Finance Plc. In 2025, these
CCSs resulted in a net gain of \u20ac16.0 million, comprising foreign exchange gains of \u20ac18.3 million recognized under \u201cLoss from foreign
exchange differences\u201d and a loss of \u20ac2.2 million recognized under \u201cFinance expenses\u201d in the consolidated income statement. The related
foreign exchange loss on the loan, arising from the opposite movement of the loan and the CCSs, amounted to \u20ac18.3 million and was
recognized under the same account, \u201cLoss from foreign exchange differences\u201d.
Subsequently, in November 2024, TALLC entered into another cross\u2011currency interest rate swap agreements, with a termination date in
July 2027, as part of its ongoing strategy to hedge interest payments and foreign currency exposure related to the \u20ac150 million financing
arrangement with TITAN Global Finance Plc. For the year, these CCSs resulted in a net gain of \u20ac16.5 million. This net gain comprised
foreign exchange gains of \u20ac18.3 million recognized under \u201cLoss from foreign exchange differences,\u201d which were fully offset by a
corresponding \u20ac18.3 million foreign exchange loss on the related loan, recorded in the same account. The remaining loss of the derivative
amounted to \u20ac1.8 million, representing the difference between the foreign exchange gains and the net gain of \u20ac16.5 million, was
recognized under \u201cFinance expenses\u201d in the consolidated income statement.
2) Moreover, in 2025, TALLC entered into various short\u2011term foreign exchange forward contracts to hedge foreign currency risk arising
from financial liabilities denominated in euros. Specifically, the company executed EUR/USD forward contracts with multiple maturities
throughout 2025 and the first quarter of 2026 to hedge loan agreements with a total notional amount of \u20ac32.8 million. In 2025, these
forward contracts resulted in foreign exchange gains of \u20ac4.9 million, which were recognized under \u201cLoss from foreign exchange
differences\u201d in the consolidated income statement. These gains were partially offset by foreign exchange losses of \u20ac5.6 million arising
from the related loans, reflecting the opposite movement of the loans and the forward contracts. The foreign exchange losses on the loans
were also recognized under \u201cLoss from foreign exchange differences\u201d.
3) Furthermore, in 2025, the Group\u2019s subsidiary TITAN Global Finance Plc entered into additional short\u2011term EUR/USD forward foreign
exchange contracts, all of which expired during the year, in order to hedge the Group\u2019s cash positions denominated in U.S. dollars. For the
year ended 31 December 2025, these positions resulted in a net foreign exchange gain of \u20ac4.4 million, which was recognized under \u201cLoss
from foreign exchange differences\u201d in the consolidated income statement.
In 2025, the total net foreign exchange losses recognized in the consolidated income statement amounted to \u20ac9.8 million (2024:
\u20ac1.6\u00a0million). These losses are further analyzed into net exchange losses of \u20ac55.6 million (2024: gains of \u20ac22.0 million) and fair value gains
on derivatives of \u20ac45.8 million (2024: losses of \u20ac23.7 million) (note 7).
Addit ionally, the Group recognized exchange losses on the translation of foreign operations amounting to \u20ac111.3 million in the consolidated
statement of comprehensive income. These losses were primarily attributable to the depreciation of the US dollar against the euro (loss of
\u20ac101.8 million) and the depreciation of the Turkish lira against the euro (net loss of \u20ac6.2 million), reflecting gross exchange losses of \u20ac28.3
million partially offset by a gain of \u20ac22.1 million recognized in other comprehensive income from the indexation of Turkish subsidiaries\u2019
equity under IAS 29 \u2013 Financial Reporting in Hyperinflationary Economies.
In the prior year, exchange gains on the translation of foreign operations amounted to \u20ac22.0 million. These gains were primarily
attributable to the depreciation of the euro against the US dollar (gain of \u20ac42.5 million) and the Albanian Lek (gain of \u20ac7.3 million), partly
offset by the appreciation of the euro against the Egyptian pound (loss of \u20ac43.3 million), the Brazilian real (loss of \u20ac15.9 million) and the
Turkish lira (loss of \u20ac15.6 million). In addition, a gain of \u20ac46.8 million was recognized under exchange gains/(losses) on the translation of
foreign operations in other comprehensive income, arising from the indexation of Turkish subsidiaries\u2019 equity in accordance with IAS 29 \u2013
Financial Reporting in Hyperinflationary Economies.
(all amounts in Euro thousands)
Carrying amount
Fair value
2025
2024
2025
2024
Financial assets
At amortised cost
Other non-current financial assets
14,682
2,883
14,682
2,883
Trade receivables
213,189
218,141
213,189
218,141
Cash and cash equivalents
483,558
123,283
483,558
123,283
Other current financial assets
47,567
66,269
47,567
66,269
Fair value through profit and loss
Derivative financial instruments - non current
23,855
\u2013
23,855
\u2013
Receivables from interim settlement of derivatives - non current
\u2013
3,628
\u2013
3,628
Other non-current financial assets
13,452
8,475
13,452
8,475
Derivative financial instruments - current
15
683
15
683
Receivables from interim settlement of derivatives - current
\u2013
596
\u2013
596
Other current financial assets
30
30
30
30
Financial liabilities
At amortised cost
Long term borrowings
520,055
597,021
522,728
599,680
Other non-current financial liabilities
16
18
16
18
Short term borrowings
100,534
66,415
100,534
66,415
Other current financial liabilities
359,284
370,773
359,284
370,773
Fair value through profit and loss
Derivative financial instruments - non current
\u2013
8,103
\u2013
8,103
Payables from interim settlement of derivatives - non current
24,086
\u2013
24,086
\u2013
Derivative financial instruments - current
\u2013
976
\u2013
976
Payables from interim settlement of derivatives - current
14
305
14
305
Level 3 other financial assets at fair value through profit and loss refer mainly to investments in foreign property funds and in
decarbonization and electrification technology companies that transform renewable electricity into heat, in which the Group owns an
insignificant percentage. Their valuation is made based on their financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-694": { "value": "
The Group has the following derivative financial instruments in the following line items in the consolidated statement of financial position:
(all amounts in Euro thousands)
31/12/2025
31/12/2024
Non-current assets
Cross currency swaps - trading derivatives
23,855
\u2013
23,855
\u2013
Current assets
Interest rate swap - trading derivatives
\u2013
683
Forwards - trading derivatives
15
\u2013
15
683
Non-current liabilities
Cross currency swaps - trading derivatives
\u2013
8,103
\u2013
8,103
Current liabilities
Forwards - trading derivatives
\u2013
976
\u2013
976
During 2025, the borrowing exposure in the USA was hedged with derivatives classified as trading (1 and 2 below).
1) In April 2024, TITAN America LLC (TALLC) entered into cross\u2011currency interest rate swap agreements, maturing in June 2029, to hedge
interest payments and foreign currency exposure related to a \u20ac150 million loan obtained from TITAN Global Finance Plc. In 2025, these
CCSs resulted in a net gain of \u20ac16.0 million, comprising foreign exchange gains of \u20ac18.3 million recognized under \u201cLoss from foreign
exchange differences\u201d and a loss of \u20ac2.2 million recognized under \u201cFinance expenses\u201d in the consolidated income statement. The related
foreign exchange loss on the loan, arising from the opposite movement of the loan and the CCSs, amounted to \u20ac18.3 million and was
recognized under the same account, \u201cLoss from foreign exchange differences\u201d.
Subsequently, in November 2024, TALLC entered into another cross\u2011currency interest rate swap agreements, with a termination date in
July 2027, as part of its ongoing strategy to hedge interest payments and foreign currency exposure related to the \u20ac150 million financing
arrangement with TITAN Global Finance Plc. For the year, these CCSs resulted in a net gain of \u20ac16.5 million. This net gain comprised
foreign exchange gains of \u20ac18.3 million recognized under \u201cLoss from foreign exchange differences,\u201d which were fully offset by a
corresponding \u20ac18.3 million foreign exchange loss on the related loan, recorded in the same account. The remaining loss of the derivative
amounted to \u20ac1.8 million, representing the difference between the foreign exchange gains and the net gain of \u20ac16.5 million, was
recognized under \u201cFinance expenses\u201d in the consolidated income statement.
2) Moreover, in 2025, TALLC entered into various short\u2011term foreign exchange forward contracts to hedge foreign currency risk arising
from financial liabilities denominated in euros. Specifically, the company executed EUR/USD forward contracts with multiple maturities
throughout 2025 and the first quarter of 2026 to hedge loan agreements with a total notional amount of \u20ac32.8 million. In 2025, these
forward contracts resulted in foreign exchange gains of \u20ac4.9 million, which were recognized under \u201cLoss from foreign exchange
differences\u201d in the consolidated income statement. These gains were partially offset by foreign exchange losses of \u20ac5.6 million arising
from the related loans, reflecting the opposite movement of the loans and the forward contracts. The foreign exchange losses on the loans
were also recognized under \u201cLoss from foreign exchange differences\u201d.
3) Furthermore, in 2025, the Group\u2019s subsidiary TITAN Global Finance Plc entered into additional short\u2011term EUR/USD forward foreign
exchange contracts, all of which expired during the year, in order to hedge the Group\u2019s cash positions denominated in U.S. dollars. For the
year ended 31 December 2025, these positions resulted in a net foreign exchange gain of \u20ac4.4 million, which was recognized under \u201cLoss
from foreign exchange differences\u201d in the consolidated income statement.
In 2025, the total net foreign exchange losses recognized in the consolidated income statement amounted to \u20ac9.8 million (2024:
\u20ac1.6\u00a0million). These losses are further analyzed into net exchange losses of \u20ac55.6 million (2024: gains of \u20ac22.0 million) and fair value gains
on derivatives of \u20ac45.8 million (2024: losses of \u20ac23.7 million) (note 7).
Addit ionally, the Group recognized exchange losses on the translation of foreign operations amounting to \u20ac111.3 million in the consolidated
statement of comprehensive income. These losses were primarily attributable to the depreciation of the US dollar against the euro (loss of
\u20ac101.8 million) and the depreciation of the Turkish lira against the euro (net loss of \u20ac6.2 million), reflecting gross exchange losses of \u20ac28.3
million partially offset by a gain of \u20ac22.1 million recognized in other comprehensive income from the indexation of Turkish subsidiaries\u2019
equity under IAS 29 \u2013 Financial Reporting in Hyperinflationary Economies.
In the prior year, exchange gains on the translation of foreign operations amounted to \u20ac22.0 million. These gains were primarily
attributable to the depreciation of the euro against the US dollar (gain of \u20ac42.5 million) and the Albanian Lek (gain of \u20ac7.3 million), partly
offset by the appreciation of the euro against the Egyptian pound (loss of \u20ac43.3 million), the Brazilian real (loss of \u20ac15.9 million) and the
Turkish lira (loss of \u20ac15.6 million). In addition, a gain of \u20ac46.8 million was recognized under exchange gains/(losses) on the translation of
foreign operations in other comprehensive income, arising from the indexation of Turkish subsidiaries\u2019 equity in accordance with IAS 29 \u2013
Financial Reporting in Hyperinflationary Economies.
(all amounts in Euro thousands)
Carrying amount
Fair value
2025
2024
2025
2024
Financial assets
At amortised cost
Other non-current financial assets
14,682
2,883
14,682
2,883
Trade receivables
213,189
218,141
213,189
218,141
Cash and cash equivalents
483,558
123,283
483,558
123,283
Other current financial assets
47,567
66,269
47,567
66,269
Fair value through profit and loss
Derivative financial instruments - non current
23,855
\u2013
23,855
\u2013
Receivables from interim settlement of derivatives - non current
\u2013
3,628
\u2013
3,628
Other non-current financial assets
13,452
8,475
13,452
8,475
Derivative financial instruments - current
15
683
15
683
Receivables from interim settlement of derivatives - current
\u2013
596
\u2013
596
Other current financial assets
30
30
30
30
Financial liabilities
At amortised cost
Long term borrowings
520,055
597,021
522,728
599,680
Other non-current financial liabilities
16
18
16
18
Short term borrowings
100,534
66,415
100,534
66,415
Other current financial liabilities
359,284
370,773
359,284
370,773
Fair value through profit and loss
Derivative financial instruments - non current
\u2013
8,103
\u2013
8,103
Payables from interim settlement of derivatives - non current
24,086
\u2013
24,086
\u2013
Derivative financial instruments - current
\u2013
976
\u2013
976
Payables from interim settlement of derivatives - current
14
305
14
305
Level 3 other financial assets at fair value through profit and loss refer mainly to investments in foreign property funds and in
decarbonization and electrification technology companies that transform renewable electricity into heat, in which the Group owns an
insignificant percentage. Their valuation is made based on their financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-697": { "value": "
a) Market risk
Market risk comprises three main types of risk: currency risk, price risk and interest rate risk.
Currency risk
The Group operates internationally and is exposed to foreign exchange risk (FX). FX risk arises from future commercial transactions,
recognized assets and liabilities, mainly borrowings, denominated in a currency that is not the functional currency of the relevant Group
entity and international investments.
Currency risks are managed through natural hedges, (i.e. borrowings denominated in the same currency as the assets that are being
financed create a natural hedge for investments in foreign subsidiaries exposed to FX conversion risk) as well as entering in currency
swaps and forward foreign currency contracts.
However, part of the financing for the Group's activities in the USA, Albania, and other countries where its subsidiaries operate is
denominated in currencies different from their functional ones, for example Euro. The refinancing of these amounts in local currencies,
along with FX hedging transactions, is reviewed at regular intervals.
The table below presents the financing balances of Group activities as of 31 December 2025 and 2024, in Euro, for Group subsidiaries with
functional currencies of:
(all amounts in Euro thousands)
2025
2024
USD
332,800
345,600
LEK
19,129
18,058
TRY
\u2013
10,413
MKD
12,000
\u2013
EGP
\u2013
28,920
During 2025, the borrowing exposure in the USA was hedged with derivatives classified as trading (1 and 2 below).
1) In April 2024, TITAN America LLC (TALLC) entered into cross\u2011currency interest rate swap agreements, maturing in June 2029, to hedge
interest payments and foreign currency exposure related to a \u20ac150 million loan obtained from TITAN Global Finance Plc. In 2025, these
CCSs resulted in a net gain of \u20ac16.0 million, comprising foreign exchange gains of \u20ac18.3 million recognized under \u201cLoss from foreign
exchange differences\u201d and a loss of \u20ac2.2 million recognized under \u201cFinance expenses\u201d in the consolidated income statement. The related
foreign exchange loss on the loan, arising from the opposite movement of the loan and the CCSs, amounted to \u20ac18.3 million and was
recognized under the same account, \u201cLoss from foreign exchange differences\u201d.
Subsequently, in November 2024, TALLC entered into another cross\u2011currency interest rate swap agreements, with a termination date in
July 2027, as part of its ongoing strategy to hedge interest payments and foreign currency exposure related to the \u20ac150 million financing
arrangement with TITAN Global Finance Plc. For the year, these CCSs resulted in a net gain of \u20ac16.5 million. This net gain comprised
foreign exchange gains of \u20ac18.3 million recognized under \u201cLoss from foreign exchange differences,\u201d which were fully offset by a
corresponding \u20ac18.3 million foreign exchange loss on the related loan, recorded in the same account. The remaining loss of the derivative
amounted to \u20ac1.8 million, representing the difference between the foreign exchange gains and the net gain of \u20ac16.5 million, was
recognized under \u201cFinance expenses\u201d in the consolidated income statement.
2) Moreover, in 2025, TALLC entered into various short\u2011term foreign exchange forward contracts to hedge foreign currency risk arising
from financial liabilities denominated in euros. Specifically, the company executed EUR/USD forward contracts with multiple maturities
throughout 2025 and the first quarter of 2026 to hedge loan agreements with a total notional amount of \u20ac32.8 million. In 2025, these
forward contracts resulted in foreign exchange gains of \u20ac4.9 million, which were recognized under \u201cLoss from foreign exchange
differences\u201d in the consolidated income statement. These gains were partially offset by foreign exchange losses of \u20ac5.6 million arising
from the related loans, reflecting the opposite movement of the loans and the forward contracts. The foreign exchange losses on the loans
were also recognized under \u201cLoss from foreign exchange differences\u201d.
3) Furthermore, in 2025, the Group\u2019s subsidiary TITAN Global Finance Plc entered into additional short\u2011term EUR/USD forward foreign
exchange contracts, all of which expired during the year, in order to hedge the Group\u2019s cash positions denominated in U.S. dollars. For the
year ended 31 December 2025, these positions resulted in a net foreign exchange gain of \u20ac4.4 million, which was recognized under \u201cLoss
from foreign exchange differences\u201d in the consolidated income statement.
In 2025, the total net foreign exchange losses recognized in the consolidated income statement amounted to \u20ac9.8 million (2024:
\u20ac1.6\u00a0million). These losses are further analyzed into net exchange losses of \u20ac55.6 million (2024: gains of \u20ac22.0 million) and fair value gains
on derivatives of \u20ac45.8 million (2024: losses of \u20ac23.7 million) (note 7).
Addit ionally, the Group recognized exchange losses on the translation of foreign operations amounting to \u20ac111.3 million in the consolidated
statement of comprehensive income. These losses were primarily attributable to the depreciation of the US dollar against the euro (loss of
\u20ac101.8 million) and the depreciation of the Turkish lira against the euro (net loss of \u20ac6.2 million), reflecting gross exchange losses of \u20ac28.3
million partially offset by a gain of \u20ac22.1 million recognized in other comprehensive income from the indexation of Turkish subsidiaries\u2019
equity under IAS 29 \u2013 Financial Reporting in Hyperinflationary Economies.
In the prior year, exchange gains on the translation of foreign operations amounted to \u20ac22.0 million. These gains were primarily
attributable to the depreciation of the euro against the US dollar (gain of \u20ac42.5 million) and the Albanian Lek (gain of \u20ac7.3 million), partly
offset by the appreciation of the euro against the Egyptian pound (loss of \u20ac43.3 million), the Brazilian real (loss of \u20ac15.9 million) and the
Turkish lira (loss of \u20ac15.6 million). In addition, a gain of \u20ac46.8 million was recognized under exchange gains/(losses) on the translation of
foreign operations in other comprehensive income, arising from the indexation of Turkish subsidiaries\u2019 equity in accordance with IAS 29 \u2013
Financial Reporting in Hyperinflationary Economies.
Sensitivity analysis in foreign exchange rate changes
The following table demonstrates the sensitivity of the Group\u2019s profit before tax and the Group\u2019s equity to reasonable changes in the
various floating exchange rates, with all other variables held constant. The calculation of \"Effect on Profit before tax\" is based on year
average FX rates and the calculation of \"Effect on Equity\" is based on year-end FX rate changes.
(all amounts in Euro thousands)
Foreign Currency
Increase/ Decrease
of Foreign Currency
vs. \u20ac
Effect on Profit
Before Tax
Effect on equity
Year ended 31 December 2025
USD
5%
11,050
191,142
-5%
-9,998
-172,938
RSD
5%
1,317
1,786
-5%
-1,192
-1,616
EGP
5%
2,819
6,276
-5%
-2,551
-5,678
TRY
5%
-124
829
-5%
112
-750
ALL
5%
844
6,738
-5%
-764
-6,096
MKD
5%
1,797
4,897
-5%
-1,626
-4,431
BRL
5%
414
8,970
-5%
-375
-8,116
Year ended 31 December 2024
USD
5%
11,208
37,847
-5%
-10,141
-34,243
RSD
5%
1,576
1,672
-5%
-1,426
-1,513
EGP
5%
-138
3,896
-5%
125
-3,525
TRY
5%
-92
7,618
-5%
83
-6,892
ALL
5%
1,285
6,550
-5%
-1,162
-5,927
BRL
5%
98
6,462
-5%
-89
-5,846
Price risk
In prior periods, the Group used derivative financial instruments to hedge part of its exposure to natural gas, freight and electricity prices.
During the year ended 31 December 2025, the Group did not enter into any derivative contracts for the purpose of hedging such risks, and
no derivative financial instruments were outstanding at the reporting date. The Group continues to monitor market developments closely
and may use derivative instruments in the future should it consider such arrangements appropriate.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt
obligations with floating interest rates.
The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The ratio of
fixed to floating rates of the Group\u2019s net borrowings is determined by market conditions, Group strategy and financing requirements.
Occasionally interest rate derivatives may be used to mitigate the relevant risk and balance the mix of fixed and floating rates of the
Group\u2019s borrowings.
On 31 December 2025, the Group\u2019s ratio of fixed to floating interest rates, taking into account outstanding cross-currency swaps and
interest rate swaps, stood at 68%/32% (31 December 2024: 67%/33%). Interest rate trends and the duration of the Group\u2019s financing needs
are monitored on a forward-looking basis. Consequently, decisions about the duration and the mix between fixed and floating rate debt
are taken on an ad-hoc basis.
1) In June 2021, TITAN Global Finance Plc entered into a forward\u2011starting interest rate swap in order to partially hedge the risk of an
increase in future mid\u2011swap interest rates associated with a highly probable forecasted debt issuance. At inception, TITAN Global Finance
Plc formally designated a cash flow hedge relationship between the interest rate swap and the highly probable forecasted debt issuance.
The forward\u2011starting fixed\u2011for\u2011floating EURIBOR\u2011based five\u2011year interest rate swap, with a notional amount of \u20ac250 million and a forward
start date up to October 2023, was designated as the hedging instrument for a 100% hedge of the forecasted interest payments arising
from the highly probable debt issuance expected to occur in 2023.
During 2022, TITAN Global Finance Plc terminated the forward\u2011starting interest rate swap and locked in a total gain of \u20ac29 million, which
was recognized in equity within the cash flow hedge reserve (note 25).
In December 2023, TITAN Global Finance Plc issued \u20ac150 million of notes bearing a fixed coupon of 4.25%. As a result, amounts of
\u20ac3.6\u00a0million (\u20ac3.7 million in 2024) were reclassified from the cash flow hedge reserve to the income statement during 2025, in order to
offset the related interest expense (note 25). The remaining balance in the cash flow hedge reserve will be retained until the occurrence
of\u00a0the corresponding hedged cash flows.
2) In May 2022, in response to heightened inflation and rising interest rates in the U.S. market, TALLC entered into fixed\u2011for\u2011floating
interest rate swaps to hedge its exposure to increases in floating interest rates on its short\u2011term USD\u2011denominated debt and to mitigate
future volatility in finance costs. The fixed\u2011for\u2011floating interest rate swap, with a notional amount of USD 100 million, hedged the daily
compounded Secured Overnight Financing Rate (SOFR), with quarterly settlements, for a three\u2011year period.
In Q1 2023, TALLC proceeded to the exact opposite transaction, i.e. TALLC pays a floating interest rate and receives a fixed interest rate at
higher level than paying from the initial transaction in 2022. The two trades resulted in TALLC paying a floating interest rate at lower cost.
During 2025, the swaps expired and TALLC recognized a gain of \u20ac7 thousand (2024: gain of \u20ac70 thousand) related to these transactions,
which was presented within \u201cfinance income\u201d in the consolidated income statement.
The impact of interest rate volatility is limited in the income statement and cash flow from operating activities of the Group, as shown in the
sensitivity analysis table below:
Sensitivity analysis of Group's borrowings due to interest rate changes
(all amounts in Euro thousands)
Interest rate variation
Effect on profit
before tax
(+/-)
(-/+)
Year ended 31 December 2025
EUR
1.0%
2,031
USD
1.0%
18
ALL
1.0%
1
Year ended 31 December 2024
EUR
1.0%
1,947
USD
1.0%
301
ALL
1.0%
161
TRY
1.0%
\u2013
BGN
1.0%
\u2013
Note: Table above excludes the positive impact of interest received from deposits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-698": { "value": "
c) Liquidity risk
The Group, in addition to its operating cash flows, maintains sufficient cash and other liquid assets, as well as extensive committed credit
lines with several international banks to ensure the fulfillment of its financial obligations. Group Treasury controls Group funding as well as
the management of liquid assets.
The table below summarizes the maturity profile of financial and lease liabilities at 31 December 2025 and 31 December 2024 based
on\u00a0contractual undiscounted payments.\u00a0
(all amounts in Euro thousands)
Year ended at December 31 2025
< 1 month
1 to 6 months
6 to 12 months
1 to 5 years
>5years
Total
Borrowings
5,906
15,810
102,891
624,416
1,921
750,944
Lease liabilities
1,902
7,075
8,459
43,039
36,627
97,102
Payables from interim settlement of
derivatives
14
\u2013
\u2013
24,086
\u2013
24,100
Other non-current liabilities
\u2013
\u2013
\u2013
6,489
\u2013
6,489
Trade and other payables
291,157
63,729
20,180
\u2013
\u2013
375,066
298,979
86,614
131,530
698,030
38,548
1,253,701
Year ended at December 31 2024
Borrowings
18,433
22,283
37,827
653,133
1,921
733,597
Lease liabilities
1,849
7,071
8,369
42,841
28,812
88,942
Derivative financial instruments
\u2013
976
\u2013
8,103
\u2013
9,079
Payables from interim settlement of
derivatives
12
293
\u2013
\u2013
\u2013
305
Other non-current liabilities
\u2013
\u2013
\u2013
4,296
\u2013
4,296
Trade and other payables
227,362
137,503
18,546
\u2013
\u2013
383,411
247,656
168,126
64,742
708,373
30,733
1,219,630
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-699": { "value": "
d) Capital management
The primary objective of the Group\u2019s capital management is to ensure that it maintains healthy capital ratios in order to support its
operations and maximize shareholder value.
The Group manages its capital structure conservatively with the leverage ratio, as this is shown from the relationship between total
liabilities and total equity as well as net debt and EBITDA. The Group\u2019s policy is to maintain leverage ratios in line with an investment
grade profile.
The Group includes within net debt the following items: a) interest-bearing loans, b) borrowings and c) lease liabilities, less a) cash and b)
cash equivalents.
(all amounts in Euro thousands)
2025
2024
Long-term borrowings (note 27)
520,055
597,021
Long-term lease liabilities (note 16)
62,253
65,175
Short-term borrowings (note 27)
100,534
66,415
Short-term lease liabilities (note 16)
14,247
16,720
Debt
697,089
745,331
Less: cash and cash equivalents (note 23)
483,558
123,283
Net Debt
213,531
622,048
Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA)
606,080
580,125
Total liabilities
1,412,286
1,458,064
Total equity
2,083,738
1,824,513
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-701": { "value": "
29. Financial instruments and fair value measurement
Set out below is a comparison by category of carrying amounts and fair values of the Group\u2019s financial instruments.
(all amounts in Euro thousands)
Carrying amount
Fair value
2025
2024
2025
2024
Financial assets
At amortised cost
Other non-current financial assets
14,682
2,883
14,682
2,883
Trade receivables
213,189
218,141
213,189
218,141
Cash and cash equivalents
483,558
123,283
483,558
123,283
Other current financial assets
47,567
66,269
47,567
66,269
Fair value through profit and loss
Derivative financial instruments - non current
23,855
\u2013
23,855
\u2013
Receivables from interim settlement of derivatives - non current
\u2013
3,628
\u2013
3,628
Other non-current financial assets
13,452
8,475
13,452
8,475
Derivative financial instruments - current
15
683
15
683
Receivables from interim settlement of derivatives - current
\u2013
596
\u2013
596
Other current financial assets
30
30
30
30
Financial liabilities
At amortised cost
Long term borrowings
520,055
597,021
522,728
599,680
Other non-current financial liabilities
16
18
16
18
Short term borrowings
100,534
66,415
100,534
66,415
Other current financial liabilities
359,284
370,773
359,284
370,773
Fair value through profit and loss
Derivative financial instruments - non current
\u2013
8,103
\u2013
8,103
Payables from interim settlement of derivatives - non current
24,086
\u2013
24,086
\u2013
Derivative financial instruments - current
\u2013
976
\u2013
976
Payables from interim settlement of derivatives - current
14
305
14
305
Management assessed that the cash and cash equivalents, trade receivables, trade payables, bank overdrafts and other current assets
and liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of the assets and liabilities by valuation method:
Level 1: based on quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: based on valuation techniques whereby all inputs having a significant effect on the fair value are observable, either directly or
indirectly, and include quoted prices for identical or similar assets or liabilities in markets that are not so much actively traded.
Level 3: based on valuation techniques whereby all inputs having a significant effect on the fair value are not observable market data.
29. Financial instruments and fair value measurement (continued)
The following table provides the fair value measurement hierarchy of the Group's assets and liabilities.
(all amounts in Euro thousands)
Fair value
Fair value hierarchy
2025
2024
Assets
Investment property
11,184
11,025
Level 3
Other financial assets at fair value through profit and loss
13,482
8,505
Level 3
Derivative financial instruments
23,870
683
Level 2
Receivables from interim settlement of derivatives
\u2013
4,224
Level 2
Liabilities
Long-term borrowings
401,182
599,680
Level 2
Long-term borrowings
121,546
\u2013
Level 3
Short-term borrowings
100,534
66,415
Level 3
Derivative financial instruments
\u2013
9,079
Level 2
Payables from interim settlement of derivatives
24,100
305
Level 2
There were no transfers between level 1 and 2 fair value measurements during the period and no transfers into or out of level 3 fair value
measurements during 2025.
The fair value of level 3 investment property is estimated by the Group by external, independent, certified evaluators. The fair value
measurement of the investment property has been mainly conducted in accordance with the comparative method, or the current market
values of similar properties. The main factors that were taken into consideration, are the property location, the surface area, the local urban
planning, the bordering road networks, the regional infrastructure, the property maintenance status and merchantability, the technical
construction standards in the case of buildings and the impact of environmental issues if any.
The fair value of the financial assets and liabilities is the amount at which the instrument could be exchanged in a current transaction
between willing parties, other than a forced liquidation or sale. The following methods and assumptions were used to estimate the
fair values:
For long- and short-term borrowings in level 2, the evaluation of their fair value is based on parameters such as interest rates, specific
country risk factors, or price quotations at the reporting date. Specifically, quoted market prices, or dealer quotes for the specific or similar
instruments are used.
For the majority of the borrowings in level 3, the fair values are not materially different from their carrying amounts, since the interest
payable on those borrowings is either close to current market rates, or the borrowings are of a short-term nature. The fair values of non-
current borrowings in level 3 are based on discounted cash flows using a borrowing rate prevailing in current market condition.
Level 2 derivative financial instruments comprise FX forwards, cross-currency interest rate swaps, interest rate swaps, natural gas forwards,
forward freight agreement. The Group uses a variety of methods and makes assumptions that are based on market conditions as at each
reporting date. The aforementioned contracts have been fair-valued using: a) forward exchange rates that are quoted in the active market,
b) forward interest rates extracted from observable yield curves, c) US Natural Gas Henry Hub futures prices that are quoted in the active
market and d) Baltic Supramax 10TC 58kt Forward Freight prices that are quoted in the active market.
Level 3 other financial assets at fair value through profit and loss refer mainly to investments in foreign property funds and in
decarbonization and electrification technology companies that transform renewable electricity into heat, in which the Group owns an
insignificant percentage. Their valuation is made based on their financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-700": { "value": "
29. Financial instruments and fair value measurement
Set out below is a comparison by category of carrying amounts and fair values of the Group\u2019s financial instruments.
(all amounts in Euro thousands)
Carrying amount
Fair value
2025
2024
2025
2024
Financial assets
At amortised cost
Other non-current financial assets
14,682
2,883
14,682
2,883
Trade receivables
213,189
218,141
213,189
218,141
Cash and cash equivalents
483,558
123,283
483,558
123,283
Other current financial assets
47,567
66,269
47,567
66,269
Fair value through profit and loss
Derivative financial instruments - non current
23,855
\u2013
23,855
\u2013
Receivables from interim settlement of derivatives - non current
\u2013
3,628
\u2013
3,628
Other non-current financial assets
13,452
8,475
13,452
8,475
Derivative financial instruments - current
15
683
15
683
Receivables from interim settlement of derivatives - current
\u2013
596
\u2013
596
Other current financial assets
30
30
30
30
Financial liabilities
At amortised cost
Long term borrowings
520,055
597,021
522,728
599,680
Other non-current financial liabilities
16
18
16
18
Short term borrowings
100,534
66,415
100,534
66,415
Other current financial liabilities
359,284
370,773
359,284
370,773
Fair value through profit and loss
Derivative financial instruments - non current
\u2013
8,103
\u2013
8,103
Payables from interim settlement of derivatives - non current
24,086
\u2013
24,086
\u2013
Derivative financial instruments - current
\u2013
976
\u2013
976
Payables from interim settlement of derivatives - current
14
305
14
305
Management assessed that the cash and cash equivalents, trade receivables, trade payables, bank overdrafts and other current assets
and liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of the assets and liabilities by valuation method:
Level 1: based on quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: based on valuation techniques whereby all inputs having a significant effect on the fair value are observable, either directly or
indirectly, and include quoted prices for identical or similar assets or liabilities in markets that are not so much actively traded.
Level 3: based on valuation techniques whereby all inputs having a significant effect on the fair value are not observable market data.
29. Financial instruments and fair value measurement (continued)
The following table provides the fair value measurement hierarchy of the Group's assets and liabilities.
(all amounts in Euro thousands)
Fair value
Fair value hierarchy
2025
2024
Assets
Investment property
11,184
11,025
Level 3
Other financial assets at fair value through profit and loss
13,482
8,505
Level 3
Derivative financial instruments
23,870
683
Level 2
Receivables from interim settlement of derivatives
\u2013
4,224
Level 2
Liabilities
Long-term borrowings
401,182
599,680
Level 2
Long-term borrowings
121,546
\u2013
Level 3
Short-term borrowings
100,534
66,415
Level 3
Derivative financial instruments
\u2013
9,079
Level 2
Payables from interim settlement of derivatives
24,100
305
Level 2
There were no transfers between level 1 and 2 fair value measurements during the period and no transfers into or out of level 3 fair value
measurements during 2025.
The fair value of level 3 investment property is estimated by the Group by external, independent, certified evaluators. The fair value
measurement of the investment property has been mainly conducted in accordance with the comparative method, or the current market
values of similar properties. The main factors that were taken into consideration, are the property location, the surface area, the local urban
planning, the bordering road networks, the regional infrastructure, the property maintenance status and merchantability, the technical
construction standards in the case of buildings and the impact of environmental issues if any.
The fair value of the financial assets and liabilities is the amount at which the instrument could be exchanged in a current transaction
between willing parties, other than a forced liquidation or sale. The following methods and assumptions were used to estimate the
fair values:
For long- and short-term borrowings in level 2, the evaluation of their fair value is based on parameters such as interest rates, specific
country risk factors, or price quotations at the reporting date. Specifically, quoted market prices, or dealer quotes for the specific or similar
instruments are used.
For the majority of the borrowings in level 3, the fair values are not materially different from their carrying amounts, since the interest
payable on those borrowings is either close to current market rates, or the borrowings are of a short-term nature. The fair values of non-
current borrowings in level 3 are based on discounted cash flows using a borrowing rate prevailing in current market condition.
Level 2 derivative financial instruments comprise FX forwards, cross-currency interest rate swaps, interest rate swaps, natural gas forwards,
forward freight agreement. The Group uses a variety of methods and makes assumptions that are based on market conditions as at each
reporting date. The aforementioned contracts have been fair-valued using: a) forward exchange rates that are quoted in the active market,
b) forward interest rates extracted from observable yield curves, c) US Natural Gas Henry Hub futures prices that are quoted in the active
market and d) Baltic Supramax 10TC 58kt Forward Freight prices that are quoted in the active market.
Level 3 other financial assets at fair value through profit and loss refer mainly to investments in foreign property funds and in
decarbonization and electrification technology companies that transform renewable electricity into heat, in which the Group owns an
insignificant percentage. Their valuation is made based on their financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-702": { "value": "
30. Provisions
Accounting Policy
Provisions and contingencies
Provisions represent liabilities of uncertain timing or amount and are recognized when the Group has a present legal or constructive
obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable
estimate of the amount can be made. Where the Group expects a provision to be reimbursed, for example under an insurance
contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense
relating to any provision is presented in the income statement net of any reimbursement.
Provisions are not recognized for future operating losses. The Group recognizes a provision for onerous contracts when the
economic benefits to be derived from a contract are less than the unavoidable costs of meeting the obligations under the contract.
Restructuring provisions comprise lease termination penalties and employee termination payments, and are recognized in the
period in which the Group becomes legally or constructively committed to payment. Costs related to the ongoing activities of the
Group are not provided for in advance.
Where the effect of the time value of money is material, provisions are measured at the present value of the expenditure expected to
be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the
risks specific to the obligation. The increase in the provision due the passage of time is recognized as a finance expense.
Site restoration, quarry rehabilitation and environmental costs
Companies within the Group are generally required to restore the land used for quarries and processing sites at the end of their
producing lives to a condition acceptable to the relevant authorities and consistent with the Group\u2019s environmental policies.
Provisions for environmental restoration are recognized when the Group has a present legal or constructive obligation as a result
of\u00a0past events and, it is probable that an outflow of resources will be required to settle the obligation and the amount has been
reliably estimated.
Provisions associated with environmental damage represent the estimated future cost of remediation. Estimating the future costs
of\u00a0these obligations is complex and requires management to use judgment.
The estimation of these costs is based on an evaluation of currently available facts with respect to each individual site and considers
factors such as existing technology, currently enacted laws and regulations and prior experience in remediation of sites. Inherent
uncertainties exist in such evaluations primarily due to unknown conditions, changing governmental regulations and legal standards
regarding liability, the protracted length of the clean-up periods and evolving technologies. The environmental and remediation
liabilities provided to reflect the information available to management at the time of determination of the liability and are adjusted
periodically as remediation efforts progress or as additional technical or legal information becomes available.
Estimated costs associated with such rehabilitation activities are measured at the present value of future cash outflows expected to
be incurred. When the effect of the passage of time is not significant, the provision is calculated based on undiscounted cash flows.
Where a closure and environmental obligation arises from quarry/mine development activities or relate to the decommissioning PPE
the provision can be capitalized as part of the cost of the associated asset (intangible or tangible). The capitalized cost is depreciated
over the useful life of the asset and any change in the net present value of the expected liability is included in finance costs, unless is
arises from changes in accounting estimates of valuation.
30. Provisions (continued)
(all amounts in Euro thousands)
January 1
2025
Reclassifi-
cations
Additions
for the year
Unused
amounts
reversed
Unwinding
of discount
(note 7)
Utilized
Acquisition of
business
(note 4a)
Exchange
differences
31
December
2025
Provisions for restorations
a
37,959
\u2013
858
-120
1,272
-3,149
127
-3,000
33,947
Insurance reserves
b
23,029
\u2013
44,527
\u2013
676
-43,857
\u2013
-2,577
21,798
Provisions for other taxes
c
1,037
\u2013
593
\u2013
\u2013
-18
\u2013
-56
1,556
Litigation provisions
d
1,535
\u2013
855
\u2013
\u2013
-832
\u2013
-236
1,322
Provisions for restorations of
leased equipment
e
9,780
\u2013
6,236
\u2013
494
\u2013
\u2013
-1,105
15,405
Other provisions
f
10,945
\u2013
1,850
-7,060
\u2013
-3,115
-397
2,223
84,285
\u2013
54,919
-7,180
2,442
-50,971
127
-7,371
76,251
(all amounts in Euro thousands)
January 1
2024
Reclassifi-
cations
Additions
for the year
Unused
amounts
reversed
Unwinding
of discount
(note 7)
Utilized
Acquisition of
business
(note 4a)
Exchange
differences
31
December
2024
Provisions for restorations
a
40,609
-555
5,014
-4,638
1,611
-6,158
144
1,932
37,959
Insurance reserves
b
22,616
\u2013
39,143
-1,470
745
-39,326
\u2013
1,321
23,029
Provisions for other taxes
c
1,601
\u2013
26
\u2013
\u2013
-116
\u2013
-474
1,037
Litigation provisions
d
230
1,361
\u2013
\u2013
\u2013
-17
\u2013
-39
1,535
Provisions for restorations of
leased equipment
e
5,871
\u2013
3,278
\u2013
256
\u2013
\u2013
375
9,780
Other provisions
f
13,717
\u2013
5,859
-6,488
\u2013
-1,948
\u2013
-195
10,945
84,644
806
53,320
-12,596
2,612
-47,565
144
2,920
84,285
(all amounts in Euro thousands)
2025
2024
Non-current provisions
66,046
65,994
Current provisions
10,205
18,291
76,251
84,285
a. The provision for restoration is the present value of the estimated cost to rehabilitate quarry sites and other similar liabilities after closure.
An annual review of the scope of reclamation work is conducted by plant management and environmental teams and focuses on
estimated costs, updated regulations, and changes in contractual obligations. More technical quarry and sand mine rehabilitation
assessments are carried out periodically and include an accurate assessment of quarry conditions, exploration of new technologies and
consultation with third-party experts.\u00a0 It is expected that the amount of the restoration provision will be used over the next 1 to 50 years.
b.This provision represents the expected costs of claim payments related to risk and workers\u2019 compensation claims, excluding any
potential recoveries from insurance coverage in the Group\u2019s subsidiary Titan America S.A. (TASA), as well as the Company-sponsored
health insurance costs. TASA estimates its ultimate liability with the assistance of third-party experts who consider both the amount and
timing of the expected future cash flows. The present value of these future cash flows is determined by applying discount rates consistent
with the time horizons of the expected payments. The discount rates are based on government treasury bonds with maturities similar to
the duration of the underlying obligation.
c. Provision of other taxes represents future obligations for taxes such as stamp duties, sales tax, employee payroll tax etc. It is expected
that this amount will be fully utilized in the next 5 years.
d. Litigation provisions have been recognized for claims made against certain Group companies by third parties. These provisions
represent financial reserves set aside to cover potential legal costs, settlements, or damages arising from lawsuits related to defective
materials, contractual disputes, labor compensation claims, cases concerning prior years' employee benefits and dues, and claims for
share revaluation. The majority of these provisions are expected to be utilized within the next 1 to 5 years.
e. This provision represents the amount of expected costs to bring leased equipment to return conditions and/or locations required in
lease agreement. The Group estimates its ultimate liability using its best estimate that considers the amount and timing of the future cash
flows.\u00a0
f. Other provisions include amounts for various risks. The expected timing of future cash outflows is over the next 1 to 10 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-704": { "value": "
Site restoration, quarry rehabilitation and environmental costs
Companies within the Group are generally required to restore the land used for quarries and processing sites at the end of their
producing lives to a condition acceptable to the relevant authorities and consistent with the Group\u2019s environmental policies.
Provisions for environmental restoration are recognized when the Group has a present legal or constructive obligation as a result
of\u00a0past events and, it is probable that an outflow of resources will be required to settle the obligation and the amount has been
reliably estimated.
Provisions associated with environmental damage represent the estimated future cost of remediation. Estimating the future costs
of\u00a0these obligations is complex and requires management to use judgment.
The estimation of these costs is based on an evaluation of currently available facts with respect to each individual site and considers
factors such as existing technology, currently enacted laws and regulations and prior experience in remediation of sites. Inherent
uncertainties exist in such evaluations primarily due to unknown conditions, changing governmental regulations and legal standards
regarding liability, the protracted length of the clean-up periods and evolving technologies. The environmental and remediation
liabilities provided to reflect the information available to management at the time of determination of the liability and are adjusted
periodically as remediation efforts progress or as additional technical or legal information becomes available.
Estimated costs associated with such rehabilitation activities are measured at the present value of future cash outflows expected to
be incurred. When the effect of the passage of time is not significant, the provision is calculated based on undiscounted cash flows.
Where a closure and environmental obligation arises from quarry/mine development activities or relate to the decommissioning PPE
the provision can be capitalized as part of the cost of the associated asset (intangible or tangible). The capitalized cost is depreciated
over the useful life of the asset and any change in the net present value of the expected liability is included in finance costs, unless is
arises from changes in accounting estimates of valuation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-703": { "value": "
Site restoration, quarry rehabilitation and environmental costs
Companies within the Group are generally required to restore the land used for quarries and processing sites at the end of their
producing lives to a condition acceptable to the relevant authorities and consistent with the Group\u2019s environmental policies.
Provisions for environmental restoration are recognized when the Group has a present legal or constructive obligation as a result
of\u00a0past events and, it is probable that an outflow of resources will be required to settle the obligation and the amount has been
reliably estimated.
Provisions associated with environmental damage represent the estimated future cost of remediation. Estimating the future costs
of\u00a0these obligations is complex and requires management to use judgment.
The estimation of these costs is based on an evaluation of currently available facts with respect to each individual site and considers
factors such as existing technology, currently enacted laws and regulations and prior experience in remediation of sites. Inherent
uncertainties exist in such evaluations primarily due to unknown conditions, changing governmental regulations and legal standards
regarding liability, the protracted length of the clean-up periods and evolving technologies. The environmental and remediation
liabilities provided to reflect the information available to management at the time of determination of the liability and are adjusted
periodically as remediation efforts progress or as additional technical or legal information becomes available.
Estimated costs associated with such rehabilitation activities are measured at the present value of future cash outflows expected to
be incurred. When the effect of the passage of time is not significant, the provision is calculated based on undiscounted cash flows.
Where a closure and environmental obligation arises from quarry/mine development activities or relate to the decommissioning PPE
the provision can be capitalized as part of the cost of the associated asset (intangible or tangible). The capitalized cost is depreciated
over the useful life of the asset and any change in the net present value of the expected liability is included in finance costs, unless is
arises from changes in accounting estimates of valuation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-708": { "value": "
31. Other non-current liabilities and non-current contract liabilities
Accounting Policy
Government grants
Government grants are recognized at their fair value where there is a reasonable assurance that the grant will be received and the
Group will comply with all attached conditions.
Government grants are recognized in profit or loss on a systematic basis over the periods in which the Group recognizes as expenses
the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the
Group should purchase, construct or otherwise acquire non-current assets are recognized as deferred revenue in the statement of
financial position and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets.
(all amounts in Euro thousands)
2025
2024
Government grants
2,855
2,910
Top up Income Tax - Pillar2 (note 14)
2,898
3,552
Other non-current liabilities
6,114
4,296
11,867
10,758
Analysis of Government grants:
Non - current
2,855
2,910
Current (note 32)
69
69
2,924
2,979
Opening balance
2,979
3,149
Addition due to acquisition (note 4)
122
\u2013
Amortization (note 33)
-177
-170
Ending balance
2,924
2,979
Government grants relating to CapEx are reflected as long-term liabilities and are amortized on a straight-line basis, based on the
estimated useful life of the asset for which the grant was received.
Government grants received in respect of expenses are reflected in the income statement when the related expense is incurred, so that
the expense is matched to the income received.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-707": { "value": "
31. Other non-current liabilities and non-current contract liabilities
Accounting Policy
Government grants
Government grants are recognized at their fair value where there is a reasonable assurance that the grant will be received and the
Group will comply with all attached conditions.
Government grants are recognized in profit or loss on a systematic basis over the periods in which the Group recognizes as expenses
the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the
Group should purchase, construct or otherwise acquire non-current assets are recognized as deferred revenue in the statement of
financial position and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets.
(all amounts in Euro thousands)
2025
2024
Government grants
2,855
2,910
Top up Income Tax - Pillar2 (note 14)
2,898
3,552
Other non-current liabilities
6,114
4,296
11,867
10,758
Analysis of Government grants:
Non - current
2,855
2,910
Current (note 32)
69
69
2,924
2,979
Opening balance
2,979
3,149
Addition due to acquisition (note 4)
122
\u2013
Amortization (note 33)
-177
-170
Ending balance
2,924
2,979
Government grants relating to CapEx are reflected as long-term liabilities and are amortized on a straight-line basis, based on the
estimated useful life of the asset for which the grant was received.
Government grants received in respect of expenses are reflected in the income statement when the related expense is incurred, so that
the expense is matched to the income received.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-706": { "value": "
31. Other non-current liabilities and non-current contract liabilities
Accounting Policy
Government grants
Government grants are recognized at their fair value where there is a reasonable assurance that the grant will be received and the
Group will comply with all attached conditions.
Government grants are recognized in profit or loss on a systematic basis over the periods in which the Group recognizes as expenses
the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the
Group should purchase, construct or otherwise acquire non-current assets are recognized as deferred revenue in the statement of
financial position and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets.
(all amounts in Euro thousands)
2025
2024
Government grants
2,855
2,910
Top up Income Tax - Pillar2 (note 14)
2,898
3,552
Other non-current liabilities
6,114
4,296
11,867
10,758
Analysis of Government grants:
Non - current
2,855
2,910
Current (note 32)
69
69
2,924
2,979
Opening balance
2,979
3,149
Addition due to acquisition (note 4)
122
\u2013
Amortization (note 33)
-177
-170
Ending balance
2,924
2,979
Government grants relating to CapEx are reflected as long-term liabilities and are amortized on a straight-line basis, based on the
estimated useful life of the asset for which the grant was received.
Government grants received in respect of expenses are reflected in the income statement when the related expense is incurred, so that
the expense is matched to the income received.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-705": { "value": "
31. Other non-current liabilities and non-current contract liabilities
Accounting Policy
Government grants
Government grants are recognized at their fair value where there is a reasonable assurance that the grant will be received and the
Group will comply with all attached conditions.
Government grants are recognized in profit or loss on a systematic basis over the periods in which the Group recognizes as expenses
the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the
Group should purchase, construct or otherwise acquire non-current assets are recognized as deferred revenue in the statement of
financial position and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets.
(all amounts in Euro thousands)
2025
2024
Government grants
2,855
2,910
Top up Income Tax - Pillar2 (note 14)
2,898
3,552
Other non-current liabilities
6,114
4,296
11,867
10,758
Analysis of Government grants:
Non - current
2,855
2,910
Current (note 32)
69
69
2,924
2,979
Opening balance
2,979
3,149
Addition due to acquisition (note 4)
122
\u2013
Amortization (note 33)
-177
-170
Ending balance
2,924
2,979
Government grants relating to CapEx are reflected as long-term liabilities and are amortized on a straight-line basis, based on the
estimated useful life of the asset for which the grant was received.
Government grants received in respect of expenses are reflected in the income statement when the related expense is incurred, so that
the expense is matched to the income received.
32. Trade payables, other liabilities and current contract liabilities
(all amounts in Euro thousands)
2025
2024
Trade payables
301,606
321,282
Other payables
23,549
22,668
Accrued expenses
49,809
39,351
Social security
4,048
4,004
Dividends payable
102
110
Government grants (note 31)
69
69
Other taxes
13,328
13,090
Trade and other payables
392,511
400,574
Trade payables are non-interest bearing and are normally settled in 10-160 days. Other payables are non-interest bearing and have an
average term of one month.
(all amounts in Euro thousands)
2025
2024
Customer down payments/advances
13,690
18,868
Deferred Income
9,872
105
Current contract liabilities
23,562
18,973
The amount of \u20ac15,991 thousand, wh ich was included in current contract liabilities balance at the beginning of 2025, is recognized as sales
during the current fiscal year (related amount of 2024: \u20ac13,451 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-709": { "value": "
Government grants
Government grants are recognized at their fair value where there is a reasonable assurance that the grant will be received and the
Group will comply with all attached conditions.
Government grants are recognized in profit or loss on a systematic basis over the periods in which the Group recognizes as expenses
the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the
Group should purchase, construct or otherwise acquire non-current assets are recognized as deferred revenue in the statement of
financial position and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-712": { "value": "
32. Trade payables, other liabilities and current contract liabilities
(all amounts in Euro thousands)
2025
2024
Trade payables
301,606
321,282
Other payables
23,549
22,668
Accrued expenses
49,809
39,351
Social security
4,048
4,004
Dividends payable
102
110
Government grants (note 31)
69
69
Other taxes
13,328
13,090
Trade and other payables
392,511
400,574
Trade payables are non-interest bearing and are normally settled in 10-160 days. Other payables are non-interest bearing and have an
average term of one month.
(all amounts in Euro thousands)
2025
2024
Customer down payments/advances
13,690
18,868
Deferred Income
9,872
105
Current contract liabilities
23,562
18,973
The amount of \u20ac15,991 thousand, wh ich was included in current contract liabilities balance at the beginning of 2025, is recognized as sales
during the current fiscal year (related amount of 2024: \u20ac13,451 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-711": { "value": "
32. Trade payables, other liabilities and current contract liabilities
(all amounts in Euro thousands)
2025
2024
Trade payables
301,606
321,282
Other payables
23,549
22,668
Accrued expenses
49,809
39,351
Social security
4,048
4,004
Dividends payable
102
110
Government grants (note 31)
69
69
Other taxes
13,328
13,090
Trade and other payables
392,511
400,574
Trade payables are non-interest bearing and are normally settled in 10-160 days. Other payables are non-interest bearing and have an
average term of one month.
(all amounts in Euro thousands)
2025
2024
Customer down payments/advances
13,690
18,868
Deferred Income
9,872
105
Current contract liabilities
23,562
18,973
The amount of \u20ac15,991 thousand, wh ich was included in current contract liabilities balance at the beginning of 2025, is recognized as sales
during the current fiscal year (related amount of 2024: \u20ac13,451 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-710": { "value": "
32. Trade payables, other liabilities and current contract liabilities
(all amounts in Euro thousands)
2025
2024
Trade payables
301,606
321,282
Other payables
23,549
22,668
Accrued expenses
49,809
39,351
Social security
4,048
4,004
Dividends payable
102
110
Government grants (note 31)
69
69
Other taxes
13,328
13,090
Trade and other payables
392,511
400,574
Trade payables are non-interest bearing and are normally settled in 10-160 days. Other payables are non-interest bearing and have an
average term of one month.
(all amounts in Euro thousands)
2025
2024
Customer down payments/advances
13,690
18,868
Deferred Income
9,872
105
Current contract liabilities
23,562
18,973
The amount of \u20ac15,991 thousand, wh ich was included in current contract liabilities balance at the beginning of 2025, is recognized as sales
during the current fiscal year (related amount of 2024: \u20ac13,451 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-713": { "value": "
33. Cash generated from operations
(all amounts in Euro thousands)
2025
2024
Profit after taxes
257,626
290,255
Adjustments for:
Income taxes (note 14)
93,350
85,316
Depreciation (note 15)
164,647
158,659
Amortization of intangibles (note 19)
7,677
7,353
Amortization of government grants received (note 31)
-177
-170
Impairment of assets (note 15, 18, 19)
\u2013
17,004
Net gain on disposals of tangible and intangible assets (note 6)
79
1,599
Provision for impairment of debtors charged to income statement (note 22)
1,749
-383
Cost of inventory obsolescence (note 21)
-488
631
Provision for restoration (note 30a)
694
-1,432
Provision for litigation (note 30d)
855
\u2013
Other provisions (note 30e)
7,172
4,050
Provision for retirement and termination benefit obligations (note 11)
9,781
10,010
Increase of investment property (note 6, 17)
-145
-88
Fair value losses on financial instruments (note 7)
2,348
378
Losses on disposal of subsidiaries
52,080
\u2013
Interest income and related income (note 7)
-12,101
-7,352
Interest expense and related expenses (note 7)
35,850
42,898
Losses/(gains) on financial instruments (note 7)
-45,799
20,871
(Gains)/losses from foreign exchange differences (note 7)
55,627
-22,028
Share-based payment expense (note 10)
11,413
20,166
Share in gain of associates and joint ventures (note 4)
-6,665
-7,986
Hyperinflation adjustments
446
-4,575
Changes in working capital:
Increase in inventories
-2,171
-49,838
Increase in trade and other receivables
-9,974
-36,546
Increase in operating long-term payables and receivables
-7,438
9,833
(Decrease)/increase in trade payables
-5,003
11,457
Cash generated from operations
611,433
550,082
In the cash flow statement, proceeds from the disposals of tangible and intangible assets, and investment property are as follows:
Net book amount
5,358
4,755
Net loss on disposals (note 6)
-79
-1,599
Net proceeds from disposals
5,279
3,156
Operating free cash flow calculation:
Cash generated from operations
611,433
550,082
Plus interest received, minus interest, taxes and other related charges paid
-107,027
-135,989
Operating free cash flow
504,406
414,093
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-715": { "value": "
35. Contingencies and commitments
Accounting Policy
Possible obligations and present obligations which do not meet the recognition criteria of a provision are not recognized on the
statement of financial position, but are disclosed as contingent liabilities. Contingent liabilities are current obligations arising from
past events that might, but will probably not, require an outflow of resources embodying economic benefits, or the obligations
cannot be reliably estimated. Contingent assets usually arise from unplanned or other unexpected events that give rise to the
possibility of an inflow of economic benefits to a reporting entity. Contingent assets are disclosed only when an inflow of economic
benefits is probable. A contingent asset is not recognized, because it might result in the recognition of income that is never realized.
When it becomes virtually certain that an inflow of economic benefits will arise, then the asset should be recognized.
Contingent liabilities
(all amounts in Euro thousands)
2025
2024
Bank guarantee letters
28,345
31,215
28,345
31,215
1.In 2007, Beni Suef Cement Company SAE (\u201cBSCC\u201d) obtained the license for a second production line at the company\u2019s plant in Beni Suef
through a bidding process run by the Egyptian Trading and Industrial Authority (\u201cIDA\u201d) for a license fee of EGP 134.5 million. IDA
subsequently unilaterally raised the license fee to EGP 251 million. In October 2008 BSCC filed a case before the administrative courts
challenging the price increase and requesting the license price to be set at EGP 500, or, alternatively, that the price be set at EGP 134.5
million, as had been originally determined through the bidding process. Upon further progress the case was rejected on 20 February 2024
and ended unfavourable to BSCC and is no longer in deliberation.
BSCC has also lodged an action against IDA requesting that the calculation of the interest accruing on the EGP 251 million license fee
claimed by IDA be based on the statutory interest rate of 4 per cent. per annum rather than the Central Bank of Egypt interest rate (ranging
from 9 per cent. to 19%). A first-instance judgment was issued on 25 November 2025 dismissing BSCC\u2019s claim.\u00a0 BSCC has filed an appeal
against that judgment.
2.In late August 2023, the Egyptian Competition Authority (\u201cECA\u201d) launched an investigation into the cement production and distribution
market in Egypt. The investigation was initiated on account of a complaint filed against Alexandria Portland Cement Co. S.A.E. (\u201cAPCC\u201d) by
a cement distributor alleging preferential treatment in favor of other distributors. On 20 August 2025, the Board of Directors of the ECA
dismissed the case, concluding that APCC had not committed any violation.
Contingent tax assets and liabilities
The financial years, referred to in note 36, have not been audited by the tax authorities and therefore the tax obligations of the Company
and its subsidiaries for those years have not yet been finalized.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-714": { "value": "
35. Contingencies and commitments
Accounting Policy
Possible obligations and present obligations which do not meet the recognition criteria of a provision are not recognized on the
statement of financial position, but are disclosed as contingent liabilities. Contingent liabilities are current obligations arising from
past events that might, but will probably not, require an outflow of resources embodying economic benefits, or the obligations
cannot be reliably estimated. Contingent assets usually arise from unplanned or other unexpected events that give rise to the
possibility of an inflow of economic benefits to a reporting entity. Contingent assets are disclosed only when an inflow of economic
benefits is probable. A contingent asset is not recognized, because it might result in the recognition of income that is never realized.
When it becomes virtually certain that an inflow of economic benefits will arise, then the asset should be recognized.
Contingent liabilities
(all amounts in Euro thousands)
2025
2024
Bank guarantee letters
28,345
31,215
28,345
31,215
1.In 2007, Beni Suef Cement Company SAE (\u201cBSCC\u201d) obtained the license for a second production line at the company\u2019s plant in Beni Suef
through a bidding process run by the Egyptian Trading and Industrial Authority (\u201cIDA\u201d) for a license fee of EGP 134.5 million. IDA
subsequently unilaterally raised the license fee to EGP 251 million. In October 2008 BSCC filed a case before the administrative courts
challenging the price increase and requesting the license price to be set at EGP 500, or, alternatively, that the price be set at EGP 134.5
million, as had been originally determined through the bidding process. Upon further progress the case was rejected on 20 February 2024
and ended unfavourable to BSCC and is no longer in deliberation.
BSCC has also lodged an action against IDA requesting that the calculation of the interest accruing on the EGP 251 million license fee
claimed by IDA be based on the statutory interest rate of 4 per cent. per annum rather than the Central Bank of Egypt interest rate (ranging
from 9 per cent. to 19%). A first-instance judgment was issued on 25 November 2025 dismissing BSCC\u2019s claim.\u00a0 BSCC has filed an appeal
against that judgment.
2.In late August 2023, the Egyptian Competition Authority (\u201cECA\u201d) launched an investigation into the cement production and distribution
market in Egypt. The investigation was initiated on account of a complaint filed against Alexandria Portland Cement Co. S.A.E. (\u201cAPCC\u201d) by
a cement distributor alleging preferential treatment in favor of other distributors. On 20 August 2025, the Board of Directors of the ECA
dismissed the case, concluding that APCC had not committed any violation.
Contingent tax assets and liabilities
The financial years, referred to in note 36, have not been audited by the tax authorities and therefore the tax obligations of the Company
and its subsidiaries for those years have not yet been finalized.
Contingent assets
(all amounts in Euro thousands)
2025
2024
Bank guarantee letters for securing trade receivables (note 22)
14,021
24,317
Other collaterals against trade receivables (note 22)
1,221
5,125
15,242
29,442
Collaterals against other receivables
13,928
4,716
29,170
34,158
Commitments
Capital commitments
Capital commitments contracted for at the balance sheet date but not recognized in the financial statements are as follows:
(all amounts in Euro thousands)
2025
2024
Property, plant and equipment
5,171
6,240
Purchase commitments
TITAN America LLC (TALLC) has entered into various contracts to purchase raw materials and manufacturing supplies. Specifically, TALLC
entered into a multi-year agreement to purchase construction aggregates in Florida at prevailing market prices. In 2025 and 2024, TALLC
accepted delivery of approximately 664 and 531 tons of construction aggregates from the supplier, respectively. The remaining
commitment under the supply agreement is 3,609 and 4,273 tons at December 31, 2025 and December 31, 2024, respectively. Under the
terms of the supply agreement, purchases are made at current market prices, subject to periodic adjustments. For the annual periods
ended on 31 December 2025 and 2024, prices, excluding taxes and fees, are \u20ac21.27 ($24.99) and \u20ac21.87 ($22.72) per ton, respectively.
Moreover, TALLC has also entered into capacity supply agreements with a natural gas marketer annually since 2020. On December 31,
2025, there are 900 MMBtus of committed capacity remaining through March 31, 2026. Pricing under the capacity contract is based on the
front-month Florida Gas Transmission Zone 3 natural gas price settlements, plus a variable basis component.
Equity Investment Commitment
On 31.12.2025, the Group\u2019s subsidiary, Tithys Holding Limited, is committed to subscribe a total amount of \u20ac11.3 million to Zacua Ventures I,\u00a0
Zacua Ventures II, New Energy Capital A.K.E.S. and Fifth Wall React Fund L.P (note 20).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-716": { "value": "
Possible obligations and present obligations which do not meet the recognition criteria of a provision are not recognized on the
statement of financial position, but are disclosed as contingent liabilities. Contingent liabilities are current obligations arising from
past events that might, but will probably not, require an outflow of resources embodying economic benefits, or the obligations
cannot be reliably estimated. Contingent assets usually arise from unplanned or other unexpected events that give rise to the
possibility of an inflow of economic benefits to a reporting entity. Contingent assets are disclosed only when an inflow of economic
benefits is probable. A contingent asset is not recognized, because it might result in the recognition of income that is never realized.
When it becomes virtually certain that an inflow of economic benefits will arise, then the asset should be recognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-717": { "value": "
Contingent assets
(all amounts in Euro thousands)
2025
2024
Bank guarantee letters for securing trade receivables (note 22)
14,021
24,317
Other collaterals against trade receivables (note 22)
1,221
5,125
15,242
29,442
Collaterals against other receivables
13,928
4,716
29,170
34,158
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-718": { "value": "
Purchase commitments
TITAN America LLC (TALLC) has entered into various contracts to purchase raw materials and manufacturing supplies. Specifically, TALLC
entered into a multi-year agreement to purchase construction aggregates in Florida at prevailing market prices. In 2025 and 2024, TALLC
accepted delivery of approximately 664 and 531 tons of construction aggregates from the supplier, respectively. The remaining
commitment under the supply agreement is 3,609 and 4,273 tons at December 31, 2025 and December 31, 2024, respectively. Under the
terms of the supply agreement, purchases are made at current market prices, subject to periodic adjustments. For the annual periods
ended on 31 December 2025 and 2024, prices, excluding taxes and fees, are \u20ac21.27 ($24.99) and \u20ac21.87 ($22.72) per ton, respectively.
Moreover, TALLC has also entered into capacity supply agreements with a natural gas marketer annually since 2020. On December 31,
2025, there are 900 MMBtus of committed capacity remaining through March 31, 2026. Pricing under the capacity contract is based on the
front-month Florida Gas Transmission Zone 3 natural gas price settlements, plus a variable basis component.
Equity Investment Commitment
On 31.12.2025, the Group\u2019s subsidiary, Tithys Holding Limited, is committed to subscribe a total amount of \u20ac11.3 million to Zacua Ventures I,\u00a0
Zacua Ventures II, New Energy Capital A.K.E.S. and Fifth Wall React Fund L.P (note 20).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-719": { "value": "
37. Events after the reporting period
On 8 January 2026, the Group\u2019s subsidiary, Titan America SA, listed on the New York Stock Exchange, announced that it had entered into
an agreement to acquire Keystone Cement Company, a Pennsylvania\u2011based cement manufacturer and aggregates producer, from the
Fortaleza, Uniland and Tritadura Groups. The transaction consideration amounts to USD 310 million, subject to customary post\u2011closing
adjustments. Completion of the transaction is subject to regulatory approvals and other customary conditions.
In January 2026, the Group completed the acquisition of the Vracs de l\u2019Estuaire cementitious materials business in Northern France,
following the satisfaction of all conditions precedent and the transfer of ownership. The business will be consolidated from that date.
In March 2026, the Group announced that, following all customary approvals, it had completed the acquisition of Caba \u00c7imento Sanayi ve
Ticaret A.\u015e. for a consideration of approximately USD 190 million. Caba \u00c7imento and its subsidiaries, including Tra\u00e7im \u00c7imento Sanayi ve
Ticaret A.\u015e., will be included in the consolidated financial statements in Q1 2026.
The Group is assessing the financial effects of the aforementioned transactions; it is not practicable at this stage to quantify their impact on
the consolidated financial statements.
On 28 January 2026, the Group\u2019s subsidiary Titan Global Finance Plc successfully priced an offering of \u20ac350\u202fmillion senior unsecured
notes due 2031, guaranteed by Titan SA, with a fixed coupon of 3.50% per annum. Settlement of the transaction occurred on 4 February
2026, and the notes are admitted to trading on Euronext Dublin.
The ongoing conflict in the Middle East creates geopolitical uncertainties with macroeconomic implications. TITAN has no direct exposure
to the affected regions. However, conflict-driven implications, including higher energy prices, may impact market trends and increase
inflationary risks. We are closely monitoring the developments and planning actions to mitigate and/or eliminate potential impact.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800H2CDP9I374WH83", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }