213800H2CDP9I374WH83-2025-12-31-1-en

Employees
5,797

New hires
1,064

Lost time injuries
frequency rate (LTIFR)
0.60

Community
engagement initiatives
314

Specific net direct CO₂
emissions (Scope 1) (kg/t
cementitious product)
594 kg/t
-12% vs. 2020

Lower carbon
products*
as share of production
27.0%
*25% less specific CO2 vs. OPC

Scope 1 net CO2 intensity
3.51 kg/€
-42.6% vs. 2020

Understanding TITAN

About the Report

The 2025 TITAN Group Integrated

Annual Report (IAR 2025) was prepared

in accordance with Belgian law, the 2020

Belgian Code on Corporate Governance,

the Corporate Sustainability Reporting

Directive (EU) 2022/2464 (CSRD), the

European Sustainability Reporting Standards

(ESRS), the European Taxonomy Regulation

(EU) 2020/852, the International Financial

Reporting Standards (IFRS), and the

International Integrated Reporting Council

(IIRC) principles for integrated reporting.

Other reporting frameworks followed by TITAN Group include

the UN Sustainable Development Goals (SDGs) 2030, the UN

Global Compact Communication on Progress Guidelines, the

Charter and Guidelines of the Global Cement and Concrete

Association (GCCA), the Standards of the Sustainability

Accounting Standards Board (SASB), the CDP questionnaires

for climate change and water security, and the

recommendations of TCFD (Task Force on Climate-Related

Financial Disclosures) and TNFD (Task Force on Nature-related

Financial Disclosures). The report has also been prepared with

reference to the Global Reporting Initiative (GRI) standards.

The separate and consolidated financial statements of the IAR

2025 were audited by PricewaterhouseCoopers (PwC). In

addition, all information and data within the Sustainability

Statement were subject to verification by PwC in accordance

with the requirements of CSRD, as well as the Charter and

Guidelines of the Global Cement and Concrete Association

(GCCA). Further details can be found throughout the document

and in the assurance statement.

PwC’s independent auditor reports have been incorporated

into the IAR 2025 and can be viewed online at https://

On the cover: Lion Park Residence, Tirana, Albania

www.titanmaterials.com/newsroom/annualreports/. You may

access the IAR 2025 by scanning the QR code with your

mobile device. We welcome your feedback, which you can

send to us through the link above.

TITAN Group Integrated Annual Report 2025

Contents



Evergreen commercial transformation: Delivering customer value at scale	22
Alternative Cementitious Materials (ACMs)	26
Pioneering digital technologies and artificial intelligence	27
Fostering innovation	28

Performance highlights	30
Financial performance	32
Equity market information	35
ESG commitments: converting ambitions into performance outcomes	38
ESG performance recognized by world-leading rating agencies	42
Championing sustainable progress	43
Regional performance	44
Other business activities	53

Outlook 2026	55


Management report	56
Corporate governance and risk management	56
Corporate governance statement	58
Introduction	58
Corporate governance code	58
2025 Highlights	58
Board of Directors	59
Board Committees	67
Group Committees	69
External audit	73
Diversity and inclusion in the Board of Directors	73
Financial reporting process: internal audit and risk management systems	73
Internal audit	74
Remuneration report 2025	75
Capital, shares and shareholders	87
Amendment to the Company’s Articles of Association	88
Important agreements affected by a change of control following a public tender offer	88
Agreements providing compensation for Board Members or employees in case of resignation, or redundancy without valid reason, or employment termination due to a takeover bid	89
Investor’s information	89
Risk management	90
Group risk strategy	90
Risk management process	90
Risk management, governance, and controls	91
TITAN’s principal risks	91


Sustainability statement	98
General information	100
Environmental information	125
Social information	158
Governance information	188

Understanding TITAN

2025 highlights



Sales €2,669.0m	Sales LfL +6.4% (vs 2024)	Sales Reported +0.9% (vs 2024)
EBITDA €606.1m	EBITDA LfL +9.3% (vs 2024)	EBITDA Reported +4.5% (vs 2024)
EPS €3.2 (Earnings per share)	EPS LfL +7.4% (vs 2024)	EPS Reported -18.3% (vs 2024)
DPS €1.10/ share (Dividend per share)	ROCE 18.2%
CapEx €285m	Leverage 0.4x
Credit rating S&P	Credit rating FITCH
BB+ positive outlook	BB+ positive outlook
TITAN is listed on Euronext Brussels, Euronext Paris and the Athens Exchange
Sales, EBITDA and EPS are Like-for-Like (LfL): Constant exchange rates and scope, adjusted for the non controlling interest of Titan America, the impact of the sale of Adoçim, the goodwill impairment in Türkiye in 2024, and a recognized deferred tax asset in Brazil in 2024

Baccarat Residences, Miami, USA.

Employee in Drymos Quarry, Greece

TITAN Group Integrated Annual Report 2025

Message from the

Chair of the Board

of Directors

“The Board engaged with the

management team to shape

“TITAN Forward 2029”, our

new strategic growth plan,

which positions the Group for

its next phase of expansion,

while ensuring long-term value

creation.”

Dimitri Papalexopoulos

Chair of the Board of Directors

Dear Shareholders and Stakeholders,

2025 was, once again, a year of record sales and operating results for

TITAN. Based on disciplined execution, and supported by a broadly

positive macroeconomic context, we delivered on the goals of the

“Building for Green Growth 2026” plan one year ahead of schedule.

Building on this strong foundation, the Board engaged with the

management team to shape “TITAN Forward 2029”, our new

strategic growth plan, which positions the Group for its next phase

of expansion while ensuring long-term value creation. The plan

focuses on accelerating core business growth, advancing our

alternative cementitious materials platform, and investing in new

technologies and digital capabilities, all supported by an agile and

empowered organization.

Reflecting the Group’s strong performance and a cautiously

optimistic outlook, the Board recommends a dividend of €1.10 per

share, compared with €1 per share last year. Our recommendation

aims to balance attractive shareholder returns with continued

investment in future growth and our strategic priorities.

During the year, we simplified the parent company name to Titan

SA, replacing Titan Cement International SA. The change reflects

TITAN’s ongoing transformation into a provider of high-

performance, sustainable building materials and solutions while

honoring its heritage and strong brand recognition.

The successful IPO of Titan America on the New York Stock

Exchange early in the year marked another milestone. Following

the listing, we strengthened governance procedures between the

Boards of Titan SA and Titan America SA to reflect their distinct

roles while supporting effective cooperation.

The Board moved from three-year terms to annual mandates for all its

members, adopting what is widely considered best practice. In

February 2026, we welcomed former EU Commissioner Stella

Kyriakides as non-executive independent Director, succeeding Natalia

Nikolaidi, whom we thank for her valued contribution to TITAN.

We also marked a leadership transition: Michael Colakides stepped

down as Group Chief Financial Officer in November, having made

an invaluable contribution to the Group’s financial robustness and

growth over many years of distinguished service. We are grateful

that Michael has agreed to continue supporting TITAN at the

executive and Board levels going forward. At the same time, we

welcomed John Ioannou, an internationally accomplished senior

executive, as our new Group Chief Financial Officer. John will build

on strong foundations to help advance our growth ambitions.

Looking ahead, we remain mindful of geopolitical uncertainty, yet

we approach the future with confidence, supported by a clear

strategy, disciplined governance, and a sustained focus on

innovation, sustainability, and purpose.

On behalf of the Board, I would like to thank our shareholders,

employees, customers, and partners for their trust and collaboration.

Together, we remain committed to creating long-term value.

Dimitri Papalexopoulos

Chair of the Board of Directors

Understanding TITAN

Interview with

the Chair of the

Group Executive

Committee

“2025 was a year of real

progress for TITAN Group

everywhere we operate –

guided by a clear sense of

purpose. Through several bold

and forward-looking steps,

including a new strategic

growth plan, we elevated our

performance and enhanced the

value we create for our

customers, communities,

and shareholders.”

Marcel Cobuz

Chair of the Group Executive Committee

2025 was an important year for TITAN.

How would you describe it?

2025 was a year of real progress for TITAN Group everywhere we

operate – powered by our people and guided by a clear sense of

purpose and record achievements. We grew stronger financially,

expanded into new markets, advanced our decarbonization,

innovation, and digital agendas, and delivered increasing value to

customers, communities, and shareholders.

What stands out most is the collective effort behind these

achievements. Across our operations, teams brought energy, ideas,

and determination. Our Board of Directors offered a steady

perspective. And our core shareholding family continued to support

our long-term vision. This shared commitment is one of TITAN’s

defining strengths.

Our financial performance reflected this momentum, with resilient

results in the US and strong results across Greece and other main

markets, including a turnaround in Egypt, and with Group record

results in terms of sales of €2.67 billion and an EBITDA margin

expansion of 60 bps (LfL). Our ROCE performance is also one of the

best in class, in a year when we continued investments at a high

level of €285 million. Each result tells the same story: focused

execution and a company that continues to raise its ambitions while

creating value for customers. How proud we are to see the value of

our materials demonstrated in data centers in Virginia, in

demanding environments such as the Space Coast in Florida, and

in The Ellinikon urban regeneration project in Athens. I am very

thankful to all our teams for their outstanding effort.

Growth was central in 2025. What shaped

that progress?

Our “Building for Green Growth” strategy has been a strong engine

of performance over the past three years. In 2025, we elevated it

further through several bold and forward-looking steps while

continuing building our execution capabilities.

One highlight was the listing of Titan America on the New York

Stock Exchange. It marked a new chapter – one that strengthens

our position and opens new opportunities for the future in one of

the most promising building and infrastructure materials markets.

We also extended our heavy materials footprint in important

geographies, including Greece, the UK, India, France, and Türkiye.

Our capabilities in sales and marketing, logistics and supply chain,

as well as in operations and advanced technologies, developed

at a faster pace. This acceleration marks our solid steps in

transforming the Group and strengthening its readiness and agility

in a new geoeconomic context marked by macro disruptions, the

regionalization of the supply chain, and rising demand for more

innovative and sustainable materials in an increasingly

digitalized industry.

TITAN Group Integrated Annual Report 2025

TITAN is diversifying its portfolio.

How does this direction support future growth?

Construction needs are evolving quickly, and 2025 was a year

when we leaned into this shift.

We strengthened our positions in Türkiye, Western Europe, and the

US. We invested in our Alternative Cementitious Materials platform,

with new projects in India and the UK. And we added new

capabilities in precast and technical mortar solutions in

Southern Europe.

This is about creating a broader, more resilient business – but it’s

also about readiness. Customers and communities are seeking

materials that perform better and support a lower-carbon future.

We aim to meet those needs early and at scale.

At the heart of this evolution is our relationship with customers.

We are working more closely with them, understanding their

challenges, and designing solutions through our Edge and

Premium brands.

Innovation seems to be accelerating.

What’s driving this momentum?

Innovation at TITAN is becoming more open, more collaborative,

and more ambitious.

In 2025, we deepened partnerships in automation, carbon

management, and new materials. We advanced our Innovation

Hub in Florida and initiated the establishment of a Center for

Advanced Technologies in Patras – which will allow us to test

and scale new ideas.

We also expanded our venture portfolio, backing startups that are

pushing the boundaries of what is possible in building materials

both in the US and Europe.

And inside the organization, innovation is flourishing. Our

annual Ideation Challenge attracted more than 350 proposals

from colleagues across regions and disciplines. That level of

engagement is inspiring – it shows a workforce that is curious,

confident, and eager to shape the future of TITAN as a

learning organization.

Digital capabilities continue to evolve fast.

Where does TITAN stand today?

Digital technology is now a core part of how we run our business.

Two thirds of our plants operate with advanced digital systems that

help us optimize production, anticipate maintenance needs,

improve reliability, and transform our entire value chain.

Our AI-based optimization tools – now in use across more than

80% of our process assets – are delivering strong results in

efficiency and energy performance. In Florida, our new logistics

optimization platform has already increased customer satisfaction

and service levels.

Our partnership with UC Berkeley and the establishment of an

incubator in Thessaloniki are new catalysts, bringing cutting edge-

academic insight directly into our digital and innovation efforts. We

will continue investing in this area as digital tools become second

nature to our teams, enabling faster decisions, safer operations, and

a more agile way of working.

Sustainability performance received strong

recognition in 2025. What does that signify?

These recognitions reflect the steady progress our teams are

making every day. Our CO₂ emissions continue to decline, falling to

594 kg/t cementitious product, in line with external commitments.

Our water consumption metrics also remained well below target at

230 l/t, giving us the first ever “A” score in CDP Water Security.

Being recognized again among Europe’s Climate Leaders by the

Financial Times, featured for the second year by TIME magazine as

one of the world’s most sustainable companies, and achieving CDP

Leadership status for the fifth year in a row – all underscore our

consistent, measurable progress.

Sustainability is woven into how we produce, invest, innovate, and

partner with customers. A source of resilience and competitiveness,

it guides many of our choices as we look ahead.

People were central to TITAN’s progress in 2025.

What were the key developments?

Our teams are the heartbeat of TITAN. In 2025, nearly 1,000

new colleagues joined us, bringing fresh ideas, expertise,

and enthusiasm.

We have been challenged on safety performance in Greece and

are determined to step up. We are strengthening our safety

program with clearer expectations and more powerful systems,

aiming for an improved performance everywhere we operate. We

significantly expanded learning and leadership development –

launching a new learning hub focusing on industrial learning, as

well as sales and marketing playbooks, and enhancing digital

upskilling and coaching programs. The objective is simple: to help

our people grow and thrive in a rapidly changing industry.

What gives me the greatest optimism is the company spirit I witness

during my field visits. There is a strong sense of purpose and a

belief that each person can learn and contribute to shaping our

next chapter.

Looking ahead, what does

“TITAN Forward 2029” represent?

The “TITAN Forward 2029” strategy, developed with the

contribution of our local and central leadership, is our roadmap for

the future. It focuses on delivering superior performance, improving

our cost base, and strengthening our core business materials –

cement and aggregates – while continuing to invest in our routes to

the market. It also emphasizes our faster-paced expansion in

Alternative Cementitious Materials across the value chain – from

sourcing to bringing next-generation materials to the market. And it

provides for increased investments in advanced product platforms

and new technologies, but also in the continued development of

our people.

The strategy reflects our ambition to lead in the building materials

sector – creating solutions that support resiliency and a lower-

carbon future while delivering best-in-class returns and remaining

a preferred investment for our shareholders.

As we enter 2026, we carry strong momentum and a shared

sense of direction. TITAN is evolving, and the opportunities ahead

are exciting.

Understanding TITAN

Overview

TITAN Group Integrated Annual Report 2025

An overview of our company, including

our purpose and values, global

presence, and growth strategy. This

section also provides insight into how

we drive growth through innovation,

alternative cementitious materials, and

digital leadership.


Overview	6
TITAN at a glance	8
123 years of sustainable growth	10
A purpose-driven company with a strong set of core values	11
Global presence	12
Delivering value for all	14
Partnerships for sustainable development	15
Responding to the forces transforming our industry	16
Strategy 2026 delivered in advance: Record financials and sustained value performance	18
“TITAN Forward 2029”: Our new Growth Plan	20
Evergreen commercial transformation: Delivering customer value at scale	22
Alternative Cementitious Materials (ACMs)	26
Pioneering digital technologies and artificial intelligence	27
Fostering innovation	28

Baccarat Residences, Miami, USA

Understanding TITAN

Overview

TITAN at a glance

TITAN Group is a Belgium-registered company and

a leading international business in the building and

infrastructure materials industry, with passionate

teams committed to providing innovative solutions

for a better world.

The Group employs approximately 6,000 people and serves

customers in over 25 markets, on four continents. It holds prominent

positions in the United States, Europe – including Greece, the

Balkans, the United Kingdom, Italy, and France – and the Eastern

Mediterranean. The Group also has joint ventures in Brazil and India.

With more than 120 years of history, TITAN has always fostered a

family-and entrepreneurial-oriented culture for its employees. It

works tirelessly with its customers to meet the modern needs of

society while promoting sustainable growth with responsibility and

integrity. TITAN has set a net-zero goal for 2050 and its CO₂

reduction targets are validated by the Science Based Targets

initiative (SBTi).

The Group is listed on Euronext Brussels and Paris, and the Athens

Exchange, and its US business is listed on the New York Stock

Exchange (NYSE).

Principal products/activities:

TITAN Group Integrated Annual Report 2025

Thessaloniki cement plant, Greece



	Years of history 120+
	Operational units 240+
	Serving customers in 25+ markets, on 4 continents

Understanding TITAN

Overview

123 years of sustainable growth

Guided by our entrepreneurial spirit and steadfast dedication to sustainable growth,

we have expanded beyond our Greek origins to new geographies and horizons.

Our growth journey since 1902

Foundations (1902–1960)

• 1902 TITAN is founded with the opening of the first

cement plant in Elefsina, the first cement-producing unit

in Greece

• 1912 Listing on the Athens Stock Exchange

• 1951–1957 Rapid growth of exports, which during the

period account for over 50% of the Company’s sales and

approximately 50% of Greece’s total cement exports

Growth in Greece (1960–1990)

• 1962 Second plant in Thessaloniki

• 1968 Third cement plant in Drepano, Patras

• 1976 Fourth cement plant in Kamari, near Athens

International Expansion (1990–2020)

• 1992 60% in Roanoke Cement,

Virginia, USA

• 1998 Cementarnica Usje,

North Macedonia

• 1999 Beni Suef, Egypt (50% joint

venture)

• 2000 100% of Roanoke, Virginia, and

Pennsuco, Florida, USA

• 2002 Kosjeric, Serbia and Alexandria

PCC (APCC), Egypt (50% joint venture)

• 2003 Zlatna Panega, Bulgaria

• 2007 Greenfield investment, Antea

plant, Albania

• 2008 50% in Adoçim, Türkiye (joint

venture) and 100% of Beni Suef and

APCC Egypt

• 2010 Sharr plant, Kosovo

• 2016 50% in Cimento Apodi, Brazil

(joint venture)

• 2018 75% in Adoçim, Türkiye

• 2019 Titan Cement International SA

becomes TITAN Group’s parent

company and is listed on Euronext

Brussels, Euronext Paris, and the

Athens Exchange

Recent milestones (2020–2026)

2023

• Increased terminal capacity in Tampa,

Florida, and Norfolk, Virginia, USA

• Cementitious venture, Greece

(Aegean Perlites)

• Launch of Titan Ventures

2024

• Grant agreement with EU Innovation

Fund for IFESTOS carbon

capture project

• Acquisition of Vezirhan Pozzolana

Quarry, Türkiye

2025

• Titan America listed on NYSE

• Cementitious ventures in India and the UK

• Divestment of the 75% in Adoçim, Türkiye

• Titan Cement International SA becomes

Titan SA

• Joint acquisition with Molins of

Baupartner, a leading precast concrete

solutions provider in Southeastern Europe

2026

• Acquisition of Vracs de L’Estuaire

cementitious business, France

• Acquisition of Traçim Cement in the

Greater Istanbul market, Türkiye

• Strategic partnership in Greece to

create a joint dry mortar company

• Agreement to acquire

Keystone Cement Company,

Pennsylvania, USA

TITAN Group Integrated Annual Report 2025

A purpose-driven company

with a strong set of core values




	Making the world around us a safe, sustainable, and enjoyable place to live TITAN’s Purpose Statement underscores our capacity to contribute positively to society and improve individual lives, and it embodies the essence of our mission.

	At TITAN, our mission is to provide innovative construction materials, solutions, and services needed for safe and sustainable homes, buildings, and infrastructure that enable people to enjoy life. We approach every challenge with an entrepreneurial spirit, focusing on three key areas: ensuring low-carbon operations and supply chains, digitalizing our organization for ultimate efficiency, and delivering cutting-edge solutions to meet our customers’ needs. Together with all our stakeholders, we are committed to finding better ways to build and to enhance the quality of life. We act every day with integrity, empathy, and environmental accountability to shape a brighter future for all.
	The four core values that serve as the bedrock of our culture are:



We care For us, “care” isn’t just a word; it’s a responsibility that shapes how we engage with the world around us and the ethos that guides our every action.	We dare Challenges and ambitious goals don’t daunt us; they energize us.	We build to last We believe that true success is built on a foundation of enduring value.	We walk the talk At the heart of everything we do lies a simple but powerful belief: actions speak louder than words.

We care about: • Our people • Our customers • Our communities and the environment	We dare to: • Do challenging work • Be candid • Innovate • Learn	Building to last comes with: • A long-term, mid-term, and short-term perspective • Teamwork and collaboration • Continuous improvement	This value is underpinned by three elements: • We deliver results • We live our values • We keep our promises

Understanding TITAN

Overview

Global

presence

Activities across

four regions


Principal products/activities key:

	Cement, clinker
	Ready-mix concrete
	Aggregates, pozzolana, raw materials for cement
	Dry mortars


	Precast concrete, concrete blocks
	Waste management and alternative fuels
	Alternative cementitious materials (e.g., fly ash)



	USA
	Integrated cement plants 1. Roanoke, Virginia 2. Pennsuco, Florida 3. Keystone, Pennsylvania¹
	Terminals 4. Essex Port Newark 5. Tampa Port Complex 6. Norfolk Chesapeake
	In numbers
	3 82 8 2 7 3 8	integrated cement plants ready-mix plants concrete block plants quarries for cement quarries for aggregates import terminals fly-ash processing plants²



	Brazil (joint venture)
	Integrated cement plant 7. Quixeré
	Grinding plant 8. Pecém
	In numbers
	1 1 4 4	integrated cement plant cement grinding plant quarries for cement ready-mix plants



	Greece and Western Europe
	Integrated cement plants 9. Kamari, Greece 10. Thessaloniki, Greece 11. Patras, Greece

	Grinding plants 12. Elefsina, Greece 13. Le Havre, France
	Terminals
	14. InterTITAN, Marseille, France 15. FinTITAN, Venice, Italy 16. TITAN Cement UK, Hull, UK 17. Ortona, Italy
	In numbers
	3 2 11 14 4 34 4 2 1 1 1	integrated cement plants grinding plants cement quarries aggregate quarries pozzolana quarries ³ ready-mix plants terminals dry mortar plants alternative fuel plant C&DW unit fly-ash unit


	Sales		€1,480.9m
	EBITDA		€334.5m
	Assets		€1,626.0m


	Sales		€518.8m
	EBITDA		€61.2m
	Assets		€1,042.9m

TITAN Group Integrated Annual Report 2025



	Southeastern Europe
	Integrated cement plants 18. Kosjerić, Serbia 19. Zlatna Panega, Bulgaria 20. Sharr, Kosovo 21. Usje, North Macedonia 22. Antea, Albania
	In numbers
	5 15 2 4 1 2 1	integrated cement plants quarries for cement quarries for pozzolana ready-mix plants processed engineered fuel facility RES power generation plants precast concrete facility⁴



	Eastern Mediterranean
	Integrated cement plants 23. Traçim, Türkiye 24. Alexandria, Egypt 25. Beni Suef, Egypt
	Grinding plant 26. Marmara, Türkiye
	In numbers
	3 1 4 1 1 4 2	integrated cement plants cement grinding plant quarries for cement quarry for aggregates quarry for pozzolana ready-mix plants processed engineered fuel facilities



	India (joint venture)
	27. In early 2025, TITAN Group entered the South Asian market through a new joint venture in India focused on sourcing, processing, marketing, and distributing alternative cementitious materials (ACMs) globally.


	Sales		€418.5m
	EBITDA		€148.8m
	Assets		€536.5m


	Sales		€250.8m
	EBITDA		€61.6m
	Assets		€290.6m

1. Agreement to acquire

2. Includes one facility in Canada

3. Includes Aegean Perlites SA in Greece

4. Joint venture

Understanding TITAN

Overview

Delivering

value for all

We strive to create a world that is safe, sustainable, and enjoyable for all. By leveraging our

capital responsibly and efficiently, we generate and share long-term value. Our commitment

extends beyond business performance – we actively address global and local social and

environmental challenges, driving progress toward the UN SDGs 2030.



Financial capital We use our economic resources efficiently to support our business growth and safeguard our international competitiveness.	Manufacturing capital We manufacture our products using the best available technologies, and we distribute them reliably to our customers through dedicated terminals.	Intellectual capital We use our R&D capabilities, our core competencies, innovative ideas, and collaborations with experts and academia, and our deep knowledge of the building materials industry to enhance our offerings and further improve our performance.
Gross value added €1,091.3m	Capital expenditures €285m	Investments in research and innovation €21.8m

Human capital We value our people’s contribution and continuously support their professional development in a safe and healthy, engaging, inclusive, collaborative, and growth-enabling working environment.	Social & Relationship capital We engage with our stakeholders, building long-term relationships of trust and working together in collaborative projects to make a positive impact on society and local communities.	Natural capital We source materials responsibly, contributing to the circular economy, and we preserve natural resources and biodiversity in the areas where we operate and in our value chain.
Salaries, pensions and social benefits, including and beyond those provided by law €469.3m	Social investment for community engagement initiatives € 2.5 m	Waste utilization 2.3m tonnes
Internships 285	Local spend 74.1%	Climate change investments €36.3m

Note: For more information on our value creation indicators, see "Notes for Value creation indicators” of the ESG key performance statements (voluntary KPIs) on page 247.

TITAN Group Integrated Annual Report 2025

Partnerships for

sustainable development

Through active global collaboration and close cooperation with international bodies,

TITAN Group contributes to creating a safer, more sustainable world for future generations.



	Since 2002, we have been a participant of the UN Global Compact and regularly report through the UNGC’s online questionnaire on how we embed the Ten Principles into our strategy, culture, and everyday business practices.				We participate in the ERT’s Energy Transition and Climate Change Working Group to help advance the low‑carbon transition and support the goals of the Paris Agreement.


	We committed to the “Business Ambition for 1.5°C” to limit global warming to 1.5°C and reach net‑zero by 2050, and joined the UNFCCC “Race to Zero” campaign mobilizing organizations worldwide toward zero carbon emissions.				We participate in the European Cement Research Academy (ECRA) to support industry-oriented research activities, aimed at advancing innovation within the context of climate change mitigation and sustainable construction.


	We collaborate with the world’s most influential businesses within the nonprofit “We Mean Business Coalition” to ensure that the world economy is on track to avoid dangerous climate change while delivering sustainable growth and prosperity for all.				We have been a CSR Europe member since 2004 and a founding member of its national partners, supporting business efforts to drive social, environmental, and economic progress in Europe.


	We participate in the ITA, launched at COP28, to accelerate heavy‑industry decarbonization. We work with global partners to drive climate innovation and advance progress toward net‑zero, stimulating demand for green products.				In March 2023, we became a signatory of the United Nations Women’s Empowerment Principles (WEPs). Established by UN Women and the UN Global Compact, the principles will help enhance and expedite our efforts for the advancement of gender equality and women’s empowerment in the workplace.


	We work with the GCCA and its Innovandi Research Network to advance the 2050 Net Zero Roadmap, actively contributing to workstreams on Health and Safety, Policy, Net Zero, Innovation, and ESG.				We became a signatory of the Antwerp Declaration, now supported by over 1,300 parties from various sectors, seeking to align the EU’s new industrial policy with the Green Deal.


	We contribute to relevant working groups through our associations in Greece and Bulgaria, covering climate and energy, circular economy, biodiversity, health and safety, and product standards.				Titan America is a corporate member of the American Cement Association, collaborating on research, education, policy and market.

Understanding TITAN

Overview

Responding to the forces

transforming our industry

The building materials industry is being

reshaped by megatrends such as geopolitical

volatility, supply chain changes, digital

innovation, sustainability demands, and

evolving infrastructure needs. TITAN is

proactively adapting to these challenges to

strengthen its position in this dynamic

environment.

Megatrends



	Macroeconomic and geopolitical volatility
	ü Interest rates ü Trade policies ü Energy costs

	Macroeconomic and geopolitical volatility continues to create significant headwinds for our sector, with fluctuations in interest rates, evolving trade policies, and rising energy costs impacting global operations. Navigating these uncertainties requires adaptive strategies and proactive risk management. More specifically, TITAN is actively mitigating the effects of volatility through various levers such as investing in renewable energy and low-carbon fuels, strengthening its flexible operating model, and maintaining financial discipline.



	Regionalization of supply chains
	ü Shorter supply chains ü US onshoring ü EU enlargement

	The regionalization of supply chains has emerged as a pivotal megatrend, fundamentally reshaping how companies operate in an increasingly volatile global environment. By focusing on local operations and leveraging regional supply chains, TITAN is better positioned to manage disruptions and seize new opportunities arising from these shifting global dynamics. This approach not only allows for more agile responses to market changes but also creates opportunities for operational efficiencies and closer customer relationships.



	Alternative materials in increasing demand
	ü EU ETS and CBAM ü Supply/Demand dynamics ü Lead markets

	Alternative materials are increasingly shaping the cement industry as a key megatrend. This shift is driven by both regulatory pressures – like the upcoming implementation of the carbon border adjustment mechanism in the European Union – and the growing demand across regions for sustainable, innovative, and high-performance solutions. TITAN is responding by expanding the reserves of key alternative cementitious materials such as pozzolan, fly ash, slag, investing in logistics infrastructure, and improving product offerings to meet customer expectations.

TITAN Group Integrated Annual Report 2025

Employees in the Thessaloniki plant, Greece.



	Technology revolution and AI-driven demand
	ü End-user/customer experience ü Hyperscalers/data centers ü Next-gen manufacturing

	The technology revolution is rapidly transforming our industry. TITAN, a leader in digital transformation in the building materials sector, is adopting advanced digital and artificial intelligence solutions early and across all business levels, aiming to optimize manufacturing and business operations and better serve its customers. In addition, the tech and AI revolution have created new specialized high-growth market segments such as data centers. TITAN is responding to this trend by advancing its solutions portfolio for data centers, delivering high- performance, low-carbon materials to support the rapid expansion of digital infrastructure.



	Aging infrastructure, housing shortage, reconstruction
	ü Housing deficit ü Infrastructure US and EU stimulus ü Post-war reconstruction

	Building on strong business fundamentals, TITAN is well positioned to capitalize on the megatrend of aging infrastructure and the stimulus packages underway in both the EU and US. The significant housing deficit – measured in millions of units – across the eastern United States and Europe highlights the urgent need for new development. Additionally, postwar reconstruction efforts are creating demand in markets not far from TITAN’s supply capabilities. By proactively addressing these trends, TITAN continues to utilize its core competencies to strengthen its position within the evolving sector landscape.

Understanding TITAN

Overview

Strategy 2026 delivered in advance: Record

financials and sustained value performance

Over the past three years, TITAN has successfully implemented its “Building for Green Growth

2026” plan, focused on strengthening its portfolio and performance in core markets. The Group

has made significant progress, consistently outperforming the markets it operates in while

delivering best-in-class returns.

TITAN achieved the financial objectives set out in Strategy 2026

ahead of schedule, reaching a 7% annual growth rate in sales and

more than 10% in annual EBITDA growth, alongside EBITDA margin

expansion. TITAN’s solid performance creates a strong foundation

for the next wave of growth.

Through investments exceeding €700 million during this period,

TITAN enhanced operational performance, reached significant

sustainability milestones, and completed 15 bolt-on acquisitions and

joint venture partnerships. These initiatives included the increase of

alternative cementitious materials reserves and the entry into the

precast market, a first step toward diversification into adjacent

product platforms. In parallel, TITAN remained a leader in digital

transformation within the building materials sector, advanced

product innovation, and engaged in multiple venture capital

investments and technology collaborations. TITAN America’s

successful listing on the NYSE secured additional funds to support

future growth in the US, while ongoing portfolio optimization was

achieved through the asset sale in Türkiye. Over the same period,

the Group moved to strengthen teams, enhance capabilities, and

foster its local delivery model to ensure readiness for tackling future

challenges and driving TITAN forward.

Strategy 2026 targets

Achieved ahead of schedule, prompting the development of a new strategic growth plan with revised objectives



	Sales growth reach €3bn (7% p.a.) Progress as of Sep 2025 LTM³
	bn€ 7% CAGR²



	EBITDA growth >10% p.a. Progress as of Sep 2025 LTM ³
	m€ 23% CAGR



	ROCE¹ >12% Progress as of Sep 2025 LTM ³
	%

1. ROCE: EBIT/Average Capital Employed = Net Debt + Equity

2. CAGR since 2022 baseline adjusted for the sale of Adoçim and FX

3. 2024: EBITDA, ROACE and EPS adjusted for the one-off costs of the US IPO, a retirement program in Greece and Western Europe, and the goodwill impairment in Türkiye

2025: Sales and EBITDA include the impact of the sale of Adoçim in Türkiye in May 2025. EPS excludes the impact of the sale of Adoçim and of minorities of Titan America,

and the goodwill impairment in Türkiye in 2024.

TITAN Group Integrated Annual Report 2025



	IPO Titan America Unlocking funds for growth
	Investments (incl. 2 multi-material hubs in US and Europe, logistics in US) €700m+
	Bolt-ons and JVs 15 in Aggregates, Precast, RMC and Alternative Cementitious
	New products 30% Low clinker and high- performance products
	Diversification in new platforms Entry precast
	VC investments and technology partnerships 13
	Florida cement manufacturing and logistics and 6 rollouts End-to-end digital operations
	Innovation subsidies for new technologies €300m
	Alternative cementitious materials reserves 150mt
	Europe and East Mediterranean Portfolio optimization
	Note: Achieved since 2023

Astir Marina, Vouliagmeni, Greece



	EPS >€3/share Progress as of Sep 2025 LTM ³
	€/share



	Net debt/EBITDA 1.5x-2x Progress as of Sep 2025 LTM ³
	%ND/EBITDA

Understanding TITAN

Overview

“TITAN Forward 2029”:

Our new Growth Plan

TITAN’s new strategic growth plan, “TITAN Forward 2029”, focuses on building

a future-ready Group in a rapidly evolving world to deliver best-in-class growth

and returns while staying true to our values and contributing to making the

world a safer, more sustainable, and enjoyable place.

“TITAN Forward 2029” sets out the following strategic priorities:

Deliver

superior growth in

core business

Invest

in and scale up new

technologies and platforms

Expand

the Alternative Cementitious

Materials (ACMs) Platform

• Expand capacity and

export mix (US)

• Optimize footprint

• Operational efficiency

investments (industrial,

decarbonization, energy, digital)

• Accelerate bolt-ons (Aggregates)

• Accelerate sourcing/

trading capabilities

• Investments and partnerships

• Leverage in-house technologies

and partnerships

• Innovation in low clinker

products

• Precast platform

• Zero carbon clinker (CCS) and

Activated Cementitious

• Market based performance model

• Commercial and marketing excellence

• Strong safety culture and empowered learning organization

Strengthen

the Group’s operating

model and capabilities

Deliver superior growth in core business

TITAN aims to further strengthen its market positions in its core

business, allocating up to €2 billion for growth investments,

primarily focused on cement and aggregates, while maintaining

cost leadership through manufacturing efficiencies,

decarbonization, and digitalization.

TITAN’s US business is well prepared to participate in the next era

of growth of the US construction market which is driven by the

infrastructure rebuild, manufacturing reshoring and housing stock

deficit. By expanding its cement capacity, as well as leveraging its

vertically integrated model and logistics network, TITAN America is

poised to continue strengthening its position and outperforming the

market in the three economic mega regions of its footprint: Florida,

Mid-Atlantic, and New York/New Jersey.

Europe will act as the second growth engine for the Group,

benefiting from the infrastructure-led growth in Greece and

Bulgaria, the further economic convergence of the Western

Balkans, as well as the presence of multi-material hubs in key

markets in Western Europe that allow TITAN to drive

decarbonization through innovative low-carbon products. Building

on its vertically integrated model, TITAN will get closer to the

market by serving its customers with value-added products and

innovative solutions in different segments such as data centers,

industrial and logistics applications, and coastal protection.

In addition, TITAN will leverage and optimize its high-growth

positions in the Eastern Mediterranean as additional sources for

low-cost exports, in parallel to serving growing domestic demand.

TITAN Group Integrated Annual Report 2025

Expand the Alternative Cementitious Materials (ACMs) platform

TITAN is doubling down on ACMs as a strategic growth lever,

having secured 150 million tonnes of reserves and planning to add

another 100 million tonnes over the next four years. The Group will

deploy ca. €500 million throughout the period to scale an

integrated global platform of alternative low-carbon materials,

aiming for ACMs to reach 10% of Group sales by 2029, contributing

to revenue diversification. The expansion of the ACM platform

includes enhancing sourcing and trading capabilities,

pursuing targeted investments and partnerships across existing

and new geographies, creating multi-material hubs in the US and

Europe, leveraging proprietary beneficiation technology to reclaim

materials from landfills, and introducing innovative solutions that

broaden the Group’s offering both in cement and in downstream

concrete applications.

Invest in and scale up new technologies and platforms

TITAN aims to accelerate innovation in low-clinker, low-carbon

products, scale up its precast platform in both Europe and the US,

advance the exploration of zero-carbon clinker through Carbon

Capture and Storage value chain technologies, and develop a

future-ready organization through digital innovations and GenAI

applications. These initiatives address evolving customer needs,

support the transition toward new value pools, and reinforce

TITAN’s position as a pioneer in digital transformation and

sustainable building materials. Especially in precast and other

product adjacent platforms, TITAN aims to invest significant capital

to unlock new revenue streams and engage more closely with

customers, tapping into the macro trends of modular construction

and building renovation.

Strengthen the Group’s operating model and capabilities

Following the rejuvenation of its talent base, TITAN will further

reinforce its decentralized, market-based performance model to

ensure exceptional customer experience and sustained

shareholder value creation. At the same time, digitalization and AI-

driven innovations will enhance employee capabilities,

enabling TITAN to reach new levels of productivity and unlock

additional value.




“TITAN Forward 2029” targets

With a strong operating free cash flow and additional firepower thanks to a robust balance sheet, TITAN will be able to deploy up to €3 billion in growth CapEx and value accretive inorganic investments, while staying disciplined and following a clear capital allocation framework. These investments, coupled with a continuous focus on commercial and operational excellence, will allow the Group to achieve its ambition to reach €4 billion sales and deliver overproportionate EBITDA growth. On top of price over cost and product mix optimization, margin expansion will be fueled by industrial and digital cost efficiencies that are estimated to bring savings of €100 million by 2029. TITAN will maintain an industry- leading Return on Capital Employed (15%-17%), generating long-term value while simultaneously increasing shareholder returns.	Sales Growth¹ (p.a.) 6-8%	EBITDA growth¹ (p.a.) 11-13%	EPS (per share) €5-6
	ROCE² 15-17%	Net Debt / EBITDA 1.5-2.0x	Alternative Cementitious Materials 10% of group sales
	Investments in innovation ³ €100m	Operational efficiencies ⁴(p.a.) €100m	Specific net direct CO 2 emissions⁵ 500kg/tn
	Note: 1. Calculated as Compound Annual Growth Rate (CAGR) 2. Calculated by using average capital employed 3. CVC investments and R&D 4. At the end of the period vs. base year 5. 2030 target

Understanding TITAN

Overview

Evergreen commercial transformation:

Delivering customer value at scale

In 2025, TITAN’s Evergreen commercial transformation moved from design to

execution across business units, supporting the Group’s shift toward a more

customer-centric, data-driven and value-focused commercial model. Evergreen

is strengthening pricing discipline, expanding presence in attractive segments,

and accelerating the adoption of lower-carbon solutions across TITAN’s markets.

BU-owned Evergreen initiatives linked to value

and decarbonization

A portfolio of 28 Evergreen commercial initiatives is now active

across Europe and the Eastern Mediterranean, fully owned and

executed by local business units. This transition has increased

accountability, speed of execution, and market adaptability.

These initiatives are structured around three core value levers:

Margin optimization and pricing excellence

Strengthening value-based pricing, refining discount and

rebate structures, and improving customer and product mix

in priority segments.

Channel and segment strategies

Optimizing routes-to-market, deepening engagement with

attractive customer segments, and developing new channel models

where they create value.

Growth in lower-carbon and

high-performance solutions

Accelerating the adoption of innovative and lower-carbon products

that support customer decarbonization targets while improving

TITAN’s price-mix and differentiation.

Together, these initiatives delivered approximately €2.2 million

EBITDA improvement in 2024 and around €14.4 million EBITDA

in 2025, with the potential to scale to approximately €33 million

annual EBITDA impact by 2029 as initiatives mature across markets.

TITAN Group Integrated Annual Report 2025

Building a data-driven, customer-centric

commercial system

Evergreen is supported by stronger commercial capabilities and a

more integrated digital backbone across the Group. Key building

blocks include:

• Customer and opportunity visibility: Deployment of CRM

(Customer Relationship Management) systems and commercial

analytics tools that provide better customer insight, improve

opportunity prioritization and support more accurate forecasting.

• Pricing governance and performance management: Group-

wide pricing frameworks, tender approval processes and

commercial dashboards support disciplined decision-making

and transparent tracking of price, mix, and profitability.

• Capability building: TITAN continued to strengthen its

commercial capabilities and deepen customer-centric thinking

through targeted development initiatives and expanded access

to learning resources.

Marketing and innovation aligned with Evergreen

The TITAN Edge brand continues to strengthen its presence as the

Group’s platform for sustainable, high-performance construction

solutions, helping customers identify lower-carbon materials while

supporting improved price-mix and differentiation. Closer

collaboration between R&D, marketing, and commercial teams is

also helping bring new products to market faster and with clearer

customer applications.

Expanding into high-growth segments

Evergreen also supports TITAN’s expansion into attractive

segments such as data centers, where customers require high-

performance, reliable and increasingly lower-carbon construction

solutions. TITAN is advancing its position in this growing market in

both Europe and the United States through advanced materials, AI-

enabled mix optimization and integrated supply capabilities. In

Greece, TITAN serves approximately 80% of the data center

projects currently under construction, while in the United States

Titan America has supplied products to approximately 40% of the

250 data centers constructed in its served markets since 2022.

The road ahead: scaling Evergreen and

sustaining impact

Looking ahead, Evergreen will remain a central driver of TITAN’s

strategy. The next phase focuses on scaling proven initiatives

across markets, strengthening commercial capabilities, and

embedding more data-driven decision-making throughout the

organization. By combining local business-unit ownership with

Group-wide frameworks for pricing, segmentation and capability

building, TITAN continues to strengthen its position as a customer-

focused, innovative, and lower-carbon leader in construction

materials. Through Evergreen, TITAN is transforming commercial

excellence into a lasting competitive advantage and a driver of

sustainable, profitable growth.

INTERMIX, TITAN Group’s dedicated business unit for dry

mortars and external thermal insulation composite systems

(ETICS) solutions in Greece.

Understanding TITAN

Overview

Commercial transformation:

In action

Strengthening our commercial capabilities

A structured upskilling program for sales managers and sales

representatives across Europe and the Eastern Mediterranean was

launched to enhance core commercial capabilities. Through a

hybrid learning journey delivered in local languages, more than 140

participants across the sales organization are developing skills in

sales management, planning and activity management, and value-

based selling. The program supports sales teams in strengthening

customer engagement, articulating differentiated value

propositions, and improving performance in local markets.

Customer-centric thinking is embedded in TITAN’s leadership

development curricula, helping leaders across the organization

understand the strategic importance of placing the customer at

the center of how TITAN operates and creates value.

Iconic projects built with TITAN materials

CASE STUDY

TITAN Data Center

Solutions

TITAN is expanding low-carbon, high-

performance materials to support

digital infrastructure growth in Europe

and the US. TITAN Edge & Velter™

products reinforce leadership in

sustainable construction for hyperscale

and mission-critical facilities.

Through customer-facing exhibitions and exposure to the broader

construction value chain, leaders gain a deeper understanding of

customer needs, market dynamics, and the role TITAN’s products,

services and partnerships play in customer success.

At the same time, TITAN expanded access to customer-focused

learning through the Customer Experience Incubator, available to

all employees via HowzLearning, TITAN’s global learning hub. The

incubator offers curated courses and professional specializations in

areas such as pricing, customer centricity, marketing and

commercial strategy, as well as TITAN-designed learning pathways

tailored to business needs. This open-access environment

encourages self-directed development and makes customer

centricity and commercial capability building visible priorities.

In parallel, TITAN is strengthening its commercial organizations

across countries by onboarding technical support engineers,

marketing specialists, and sales performance analysts to support

and accelerate the Group’s commercial transformation.

CASE STUDY

Bentley concrete

pouring, USA

A landmark 62‑story luxury tower in

Sunny Isles Beach, supported by

TITAN’s high‑performance products.

• Record 14,150 m³ foundation

placement in Florida (2nd largest in

the USA)

• ≈6,880 m³ placed by Titan America

in 26 hours

• A new benchmark for large‑scale

luxury residential construction

TITAN Group Integrated Annual Report 2025

CASE STUDY

Miami Signature

Bridge, USA

A transformative $840 million,

six‑arch landmark replacing the

I‑395 corridor and improving mobility

in downtown Miami.

• First 100‑year‑design bridge

in Florida

• Six arches ≈99 m, new civic gateway

• Built entirely with Titan America

materials (PLC, aggregates, RMX,

fly ash)

• Reduces congestion, improves

evacuation routes, and reconnects

neighborhoods

CASE STUDY

Riviera Galleria, The

Ellinikon, Greece

• Designed by the award-winning

Japanese architect Kengo Kuma,

Riviera Galleria is a world‑class

retail and leisure destination at

The Ellinikon, Greece’s flagship

urban regeneration project.

• INTERBETON supplies engineered

concrete solutions tailored to

demanding structural and

environmental conditions.

CASE STUDY

Thessaloniki

flyover, Greece

A landmark infrastructure project to

enhance mobility across the

metropolitan area of Thessaloniki.

• TITAN/INTERBETON supplies

aggregates and value-added

concrete solutions, including

ANTAEUS™ High Performance

Concrete and GAIAFILL™ Controlled

Low Strength Material (CLSM).

Understanding TITAN

Overview

Alternative Cementitious Materials (ACMs):

A new business driving growth

Alternative Cementitious Materials (ACMs) sit at the heart of our 2025–2029 strategy. They

embody our push for innovation, sustainability, and future-ready growth. By 2029, ACMs are

expected to generate around 10% of Group sales, expanding our product portfolio, unlocking

new markets, and strengthening our resilience.

Alternative Cementitious Materials (ACMs) are innovative materials

that partially replace clinker in cement or concrete, delivering

equivalent performance while significantly reducing the

environmental footprint.

Common examples are:

• Fly ash (from power plants)

• Blast furnace slag (from steel production)

• Natural pozzolan (volcanic ash)

• Calcined clay (natural clay heated at high temperatures)

ACMs have long played a role in the cement and concrete industry,

primarily optimizing production costs. In recent years, the

landscape has shifted, entering a new era in which ACMs represent

a significant opportunity for growth and innovation.

This shift is driven by several factors:

• The role of ACMs as a key decarbonization lever (mainly in

Europe, due to the EU Green Deal)

• Rising ACM demand in Europe and the US

• The progressive phase out of traditional ACMs (i.e., fly ash, blast

furnace slag) in Europe and the US.

Introducing ACMs as a new business line

TITAN has launched a new ACM business line, strategically

designed to capture growth opportunities in this new era of

sustainable construction. To accelerate market penetration, TITAN

plans to deploy €0.5 billion to expand its reserves and pursue

targeted M&A initiatives. Our ambition is to handle 10 million tonnes

of ACMs in the 2025–2029 period, positioning ACMs to contribute

around 10% of total Group sales by 2029.

To develop this new ACM business line, we are focusing on:

• Sourcing: Securing long-term access to ACM sources

• Infrastructure: Investing in logistics, infrastructure and

partnerships (with 3-4 new multi-material hubs in Europe and the

US, adaptable delivery models/channels)

• Technology and innovation: Leveraging proprietary

technologies (ST Equipment & Technology) and cultivating the

next wave of solutions (10 technological partnerships in Europe

and the US).

Turning vision into action

By prioritizing the acquisition of essential raw material reserves,

establishing vital infrastructure, and fostering innovation, we have

set the standard for advancing ACM development and expansion.

These key initiatives lay the groundwork for rapid growth and

enable us to achieve our long-term strategic goals.

• Secured approximately 150 million tonnes reserves of pozzolan

in Greece and Türkiye

• Expanded capacity and flexibility at the Tampa terminal in

the US

• Leveraged proprietary technology (ST Equipment & Technology)

to recycle ponded ash (approximately 300,000 tonnes per year)

in the UK

• Accelerated research and development in low-carbon cements

We have established a robust pipeline of global initiatives to

advance our 2025–2029 ACM strategy. These initiatives will

enable TITAN to accelerate the integration of ACMs into building

materials, reinforcing our leadership in sustainable construction

and supporting long-term value creation.

Aegean Perlites, Yali island, Greece

TITAN Group Integrated Annual Report 2025

Pioneering digital technologies and

artificial intelligence

Digitalization is central to TITAN’s strategy. The Group is enhancing operations and customer

experience through advanced digital solutions and GenAI for greater efficiency and automation.

Our flagship solutions of real time optimizers and predictive

maintenance solutions for cement plants, as well as our dynamic

logistics solution for ready-mix and our customer portals, are

delivering measurable value and are in the process of being rolled

out across all our operations.

Building on our proven solutions, we aim to further increase EBITDA

margins through digital transformation, a new operating model, and

innovative GenAI initiatives.


Scaling up solutions, driving continuous operational excellence gains and future readiness

	Unique products and solutions

		Real time optimizers Quality optimization • 80% of assets covered • >10m p.a. benefit	Predictive maintenance • 100% of assets covered • >€15m p.a. benefit	Logistics Mix-design • 10% Productivity improvement • >$1/cy benefit • Rolling out in US and Greece	Customer portals Push notifications • 100% of business units with customer app • >90% user satisfaction¹ • 30% inbound call reduction²
	1. Where fully rolled out 2. Where push notification enabled


Operational efficiencies +50-100bps EBITDA margin uplift	Sales orders through digital channels >80%	Employees digitally upskilled 100%	Digital innovation/ R&D 2+ new GenAI solutions p.a.

ROI >5x

Understanding TITAN

Overview

Fostering innovation

By expanding ACMs, advancing decarbonization efforts, utilizing artificial intelligence, and

encouraging partnerships between industry and academia, TITAN establishes itself at the

forefront of innovation in the building materials sector.

TITAN is committed to accelerating innovation in sustainable

building materials, focusing on low-carbon products, and scaling

up its precast platform in Europe and the US. The company is

advancing zero-carbon clinker exploration through carbon capture

and storage technologies, particularly under the IFESTOS project in

Greece. These efforts address evolving customer needs, support

the transition to new value pools, and reinforce TITAN’s pioneering

role in sustainable construction. The company operates an

innovation hub in Miami, and is establishing a Center for Advanced

Technologies in Patras, Greece.

Growth through Alternative

Cementitious Materials (ACMs)

TITAN is collaborating with Thyssenkrupp Polysius to advance

meca®clay, a breakthrough technology designed to reduce CO₂

emissions from cement production. This partnership, formalized

by a memorandum of understanding, aims to scale sustainable

building materials across Europe. Without compromising

performance, meca®clay activates ACMs to partially replace

clinker, reducing emissions and energy consumption.

TITAN will implement this technology for the first time at its Patras

cement plant in Greece, where the TITAN Centre for Advanced

Technologies is currently being established, with pilot activities

planned for 2026 and further expansion to follow. The goal is to

produce low-carbon cement with a clinker-to-cement ratio below

40%, strengthening TITAN’s green cement portfolio.

Digital transformation and next-gen technologies

From a digital and technology perspective, TITAN is scaling up

next-generation technologies and manufacturing capacities to meet

emerging customer needs. The company continues to lead in

digital transformation within the building materials industry,

generating significant operational efficiencies.

The company has integrated thousands of sensors, digitalized all

plants, developed cloud-based data platforms, built a world-class

data science team, and invested in modern cybersecurity solutions.

These efforts have optimized energy usage, production throughput,

and logistics, resulting in significant improvements and reduced

CO₂ emissions.

Pivotal in these efforts is TITAN’s collaboration with leading

academic and research institutes. Following the launch of the

TITAN Digital Accelerator, the Company moved forward with

establishing the collaboration with UC Berkeley to accelerate digital

innovation and applied research for the building materials industry.

The partnership focuses on developing AI-powered digital twins for

cement plants – virtual models that simulate and optimize

production processes. This initiative bridges academia and industry,

aiming to create a more intelligent, sustainable, and data-driven

future for the sector.

Fostering a culture of innovation and creativity

Innovation drives engagement by giving employees a voice and

a sense of ownership in shaping the future of the organization; the

Group-wide Ideation Challenge ran for the second consecutive year,

creating space for employees to actively shape ideas and solutions.

Building on the momentum of its first cycle, the initiative has, since

its launch, generated more than 350 ideas and engaged over 10%

of our workforce through idea generation, review, and voting.

Finalist teams from TITAN’s second Ideation Challenge have

advanced to pilot-scale demonstrations, showcasing

groundbreaking solutions such as 3D printing with flying drones,

novel CO₂-free construction blocks, and adaptations of ultra-high-

performance concrete technology for new applications. At the same

time, two patent applications have been filed in the US, marking a

significant step toward commercialization. Supported by the entire

TITAN ecosystem, the Ideation Challenge finalists are a unique

example of TITAN’s creativity, providing inspiration to our people

across the globe.

Ideation Challenge 2024–2025 finalists.

TITAN Group Integrated Annual Report 2025

Our Venture Capital strategy

TITAN advances its Venture Capital

strategy through follow-on investments,

newly formed partnerships, and commercial

deployment initiatives

In 2025, we continued to invest through “TITAN Ventures”, our

Group Venture Capital initiative, with a commitment to support

innovative technologies and visionary entrepreneurs. This year,

we strengthened our commitment and engagement with existing

portfolio companies, deploying additional capital in Carbon

Upcycling and Zacua Ventures’ second fund, while developing

deeper collaborations beyond investments. A key milestone was

the partnership agreement with Carbon Upcycling to pilot its carbon

utilization technology on a larger scale and explore its commercial

feasibility based on feedstock materials available at selected TITAN

sites for producing local, low-carbon cementitious materials. We

also broadened our operational engagement with portfolio

companies, launching pilot projects and technology deployments

across new geographies, including the expansion of Concrete.ai’s

solution to an increased RMC plant base.

Since its launch in 2023, TITAN Ventures has invested in six

startups and two venture capital funds, building a focused

ecosystem of partners that aims to solve real challenges across

the construction materials value chain. By strengthening our

exposure to disruptive technologies, this initiative supports

TITAN’s objectives to integrate innovative products, services,

and materials into our operations and solutions, and to accelerate

our sustainability and digitalization goals.


Participations in startup companies

Transforming low-cost intermittent electricity to serve continuous demand via thermal energy storage	High-performance, nature-based solutions for coastal resilience and protection	Using CO2 emissions to transform industrial waste or natural materials into highly reactive SCMs



Al solution for industrial, real-time optimization	Upcycles end-of-life concrete to produce recycled aggregates and SCMs	Al solution for concrete mix design optimization


Participation in funds

Global early-stage VC focused on investments in the Built Environment	The largest asset manager investing at the intersection of real estate and technology

Understanding TITAN

Performance

highlights

TITAN Group Integrated Annual Report 2025

An overview of our Group’s overall

performance in 2025, highlighting our

financial and ESG pillars.


Performance highlights	30
Financial performance	32
Equity market information	35
ESG commitments: converting ambitions into performance outcomes	38
ESG performance recognized by world-leading rating agencies	42
Championing sustainable progress	43
Regional performance	44
Other business activities	53
Outlook 2026	55

Miami Signature Bridge, Florida, USA

Understanding TITAN

Performance highlights

Financial performance

Very strong performance delivers another record year

The Group continued its growth trajectory in 2025, with both sales

and EBITDA increasing. Group sales grew by 6.4% (LfL), reaching

€2,669 million, driven by strong momentum in Greece and Egypt

and improved performance in Southeastern Europe while US

operations also contributed positively, excluding the effects from

the weaker US dollar for much of the year. The year was marked

by heightened geopolitical uncertainty, including tariff pressures

on cement in the US and another year of a sluggish residential

market, partially offset by robust infrastructure demand in the US,

strong momentum in Greece and a turnaround in Egypt. Our

operations in Southeastern Europe also closed the year positively,

consolidating performance after a more challenging first half,

against a record first half of 2024. Group EBITDA profitability

improved year-over-year, surpassing the €600 million threshold,

to reach €606.1 million, a 9.3% (LfL) increase, adjusted for the lost

contribution from Türkiye following the sale of Adoçim in May as

well as the FX impact. This performance was driven by a resilient

pricing environment across our global operations, including

selective price increases in certain markets to counter inflationary

pressures on electricity, raw materials, and labor costs, alongside

cement volume growth in Greece and Egypt, and higher export

activity from Egypt. Significant growth has been recorded in

downstream products, both in aggregates and ready-mix

concrete. Ongoing investments in the digitalization of our end-to-

end production and distribution processes, together with

improvements in fuel substitution rates through increased use of

alternative fuels, generated operational efficiencies that helped

reduce total energy costs at Group level, effectively offsetting the

rise in input costs. Group Net Profit After Taxes and Minority

Interests attributable to shareholders reached €236.3 million for

the year, growing by 7.4% year-on-year (LfL), impacted by FX,

scope change, the one-off €51.9 million impact from the

divestment of the Group's stake in Adoçim, the €21.6 million

minority income in Titan America, following its IPO on February

2025, and a €5.9 million recognized deferred tax asset in Brazil in

4Q24. Earnings per share, reached €3.2/share, increased by

+7.4% year-on-year (LfL). The Group also continues to report very

strong returns on capital, with a return on (average) capital

employed (ROACE) of 18.2% for 2025.

2025 performance highlights

2025 marked another consecutive year of top-line growth and

record profitability for Titan Group. Improved performance has

been recorded in all our regions (in the USA, in local terms),

demonstrating the strength and resilience of its operational

model and highlighted by significant milestones that shape

the company’s geographical footprint and advance its

strategic evolution.

Our US operations achieved another year of record profitability,

demonstrating resilience in an environment of ongoing economic

uncertainties, softness in residential end markets, and currency

headwinds. We managed to outperform the broader market in the

core regions we operate, despite prevailing economic uncertainty

for much of the year and adverse weather conditions across both

Florida and the Mid-Atlantic, which resulted in a more challenging

first half of the year. Performance improved in the second half,

with volumes rebounding in the fourth quarter across all product

lines, and margins strengthening, supported by resilient pricing.

However, the impact of the US dollar’s devaluation was reflected

in the Group’s reported results. Our performance was

underpinned by robust infrastructure activity continuing to flow

from the IIJA and CHIPS and Science Act, particularly in Florida,

while major industrial and commercial developments, as well as

data center construction, were strong in the Mid-Atlantic.

However, the slowdown in the residential sector did not reverse

during 2025. Profitability was bolstered by the operational

efficiencies realized from the digitalization initiatives, as well as

disciplined cost‑management initiatives, delivering a positive

impact on the bottom line. Noteworthy was the contribution of

aggregates, which benefited from the strategic investments in

2024 in Florida. Overall, sales for Titan’s North American

operations increased by 2% (LfL) compared to 2024 to reach

€1.48 billion, while EBITDA reached €334.5 million, increasing

by 5.6% (LfL) year-over-year.

Our operations in Greece and Western Europe delivered another

strong year, achieving double-digit growth in both sales and

EBITDA, driven by robust cement volume growth and double-digit

expansion across all downstream products. In parallel, price

increases were implemented across cement, ready-mix concrete,

and aggregates, further supporting performance and mitigating

inflationary pressures across production and distribution. The

Greek domestic market was the primary growth driver in the

segment, while export volumes to the US declined year-over-year.

In Western Europe, cement shipments to the Group’s terminals in

France, Italy, and the UK were lower compared with the prior year,

reflecting the construction slowdown in these markets. The region

experienced higher production costs, primarily due to increases in

raw materials, electricity, and labor costs. However, this impact

was partially offset by lower solid fuel costs, supported both by

the increased use of alternative fuels, following continuous

investments, and by softer market conditions. During the year,

acquisitions were completed in Greece in the fields of aggregates,

ready-mix, and dry mortars. Overall, sales in Greece and Western

Europe increased by 12.9% (LfL) year-over-year to €518.8 while

EBITDA reached €61.2 million, growing by 10.3% (LfL) compared

to 2024.

Performance in Southeast Europe returned to more normalized

levels following the record results of 2024, which had set a high

comparative base. While both sales and cement volumes were

broadly in line with the prior year, growth was constrained by

intensified competition, primarily from imports in certain markets,

creating pricing pressures. Pricing across the region remained

resilient overall, with Bulgaria recording the largest increases,

while Albania experienced softer levels. EBITDA was affected by

higher raw material, electricity, and labor costs, as well as

temporary production disruptions. Despite these headwinds, the

region continued to deliver the highest margins across the Group.

Sales in the region slightly increased year-over-year (LfL) reaching

TITAN Group Integrated Annual Report 2025

€418.5 million, while EBITDA reached €148.8 million, down by 11%

(LfL), compared to 2024.

In the Eastern Mediterranean region, top-line performance was

maintained at levels comparable to 2024, reflecting the reduced

contribution in the second half of the year following the disposal

of Adoçim in Türkiye in May. Underlying growth was driven by

Egypt’s strong rebound, which began at the end of 2024, with

demand expanding in both domestic and export markets,

supported by price increases. Domestic demand grew at a strong

double-digit rate, with commercial and tourism-related

construction remaining the fastest-growing segments,

underpinned by Gulf-backed FDI and Egypt’s strategic positioning

as a tourism and logistics hub. During the year, the Group

invested in additional storage capacity to enhance operational

flexibility, enabling the Alexandria plant to efficiently serve both

domestic and export markets. These investments are expected to

become operational in 2026. In Türkiye, following the revised

footprint, our grinding operations performed well, sustaining the

positive sales volume growth achieved in the prior year, alongside

selective price increases aimed at mitigating the impact of

inflation. The region recorded sales of €250.8 million growing by

43.6% (LfL) year-over-year, thanks to the turnaround in Egypt.

EBITDA more than tripled, reaching €61.6 million, growing by

321% (LfL) compared to 2024.

In Brazil, Apodi – our joint venture in the country – increased its

sales volumes by 7% compared with 2024. Sales reached €109

million, an increase of 7% (LfL) (-1% reported) year-over-year while

EBITDA reached €32.8 million, an increase of 17.4% (LfL)

compared to 2024 (+11.3% reported), driven by sales optimization

initiatives and a reduction in operating expenses versus 2024.

Sales volume

Significant volume growth was achieved at Group level in 2025 –

continuing the positive trend of previous years – across our main

product categories, both upstream and downstream. This

performance was driven by solid demand, despite a slight drag on

cement volumes in the first half of the year due to cold and rainy

weather and the residential slowdown in the US. The Group’s

cement sales ultimately closed the year at 18 million tonnes,

representing a 1% increase year-over-year, adjusting for the sale

of Adoçim. This growth was underpinned by high single-digit year-

over-year growth in Greece, a strong second half in the US -given

a softer comparable base in 2024 due to the hurricanes’ impact-,

and a solid rebound in Egypt, while Southeast Europe ended the

year at levels comparable to 2024. All Group exports from Greece

were directed to TITAN’s own terminals – primarily to Titan

America in the US – although volumes were lower year-over-year.

Exports to our European terminals in France, the UK, and Italy also

trailed last year’s performance. In contrast, Egypt recorded strong

growth in cement exports. Ready-mix volumes increased by 6%,

supported by the construction momentum in Greece and resilient

demand in the US, reaching 6.4 million m³ at Group level by year-

end. Aggregates volumes also grew by 9% to 23.7 million tonnes,

driven by strong demand in Greece and increased demand in the

US (Florida), supported by capital investments made in 2024. The

Group’s building blocks volumes softened due to weaker

residential demand in the US but showed a rebound in the fourth

quarter. Cementitious materials, including fly ash and pozzolan,

increased compared with 2024, as did mortar volumes in Greece.


In million	2025	2024	+/-
Cement* ( tonnes) – LfL Cement* ( tonnes) – Reported	18	17.8 18.4	+1% -2%
Ready-mix concrete (m ³) – Lfl Ready-mix concrete (m³) – Reported	6.4	6.1 6.3	+6% +3%
Aggregates (tonnes)	23.7	21.8	+9%

Cement sales in domestic markets and third-party exports, including

clinker sales

Includes Brazil, does not include associates

Investments and Operating Free Cash Flow

In 2025, the Group delivered strong Operating Free Cash Flow

(OFCF) of €504 million, compared with €414 million in the prior

year. This performance was supported by robust EBITDA growth,

lower cash interest and tax payments, and disciplined operating

cycle management, which resulted in a year-over-year reduction

in working capital across most regions. In addition to recurring

cash generation, the Group realized significant one-off inflows

from milestone transactions, including the listing of a minority

stake in Titan America on the NYSE in February 2025, raising

$393 million in gross proceeds, and the divestment of Adoçim

in Türkiye in May 2025.

CapEx reached a record €285 million in 2025 (2024: €251

million), largely directed toward growth-related initiatives. Funds

were allocated to targeted bolt-on acquisitions, the strengthening

of vertical integration, the development of alternative cementitious

materials (ACMs) platforms, and upgrades in our logistics and

digital infrastructure. Furthermore, IFESTOS, the Group’s flagship

carbon capture and storage (CCS) project, continued to progress

through the development stage.

Targeted bolt-on acquisitions expanded the Group’s aggregates

footprint. In Greece, two quarries were acquired in Thessaly and

Crete. Together with similar investments completed in recent

years, these additions secure aggregate reserves exceeding 200

million tonnes in the country. Vertical integration was reinforced

through ready-mix concrete investments, including a second unit

at The Ellinikon development in Athens, a unit serving a gold mine

in northern Greece, and a newly inaugurated concrete plant in

southern Greece. In parallel, a partnership was established for the

creation of a dry mortar company in Greece.

In line with the “TITAN Forward 2029” strategy, the expansion

of ACM platforms remained a key priority.The Group established

a joint venture in India to secure access to fly ash and a joint

venture in the UK for the beneficiation of ponded fly ash. In early

2026, TITAN signed a 10-year agreement with Electric Power of

Serbia, securing access to approximately 5 million tonnes of fresh

fly ash. These investments enhance supply reserves, support

decarbonization targets, and strengthen cost competitiveness.

During the year, the Group also expanded into structural precast,

a business adjacent to its core heavy materials activities. Through

a partnership with Molins, TITAN acquired an 80% stake in

Baupartner, in Bosnia and Herzegovina. In the US, Titan America

accelerated its expansion into the precast and prestressed lintel

market in Florida, securing key Miami-Dade approvals for more than

40 SKUs. These initiatives broaden the Group’s product offering

and enhance value creation across the construction value chain.

Understanding TITAN

Performance highlights

At the end of the year, TITAN announced milestone acquisitions

that further expanded its core cement platform and increased

production capacity. In November 2025, the Group announced

the acquisition of the Vracs de l’Estuaire cementitious business in

France, including a grinding plant located at the port of Le Havre,

with the transaction being finalized in January 2026. In December

2025, the Group signed an agreement to acquire Traçim Cement

in the Greater Istanbul market of Türkiye, which operates a

modern integrated plant with an annual production capacity of

2.5 million tonnes, with the transaction being completed in early

2026. In January 2026, the Group signed an agreement to

acquire Keystone Cement Company in Pennsylvania, which

operates an integrated cement plant with an annual clinker

production capacity of approximately 1 million short tonnes, with

the transaction remaining subject to regulatory approval and

customary closing conditions.


	2025	2024
EBITDA	€606m	€580m
Capital Expenditure	€285m	€251m
Working Capital Increase	€25m	€65m
Operating Free Cash Flow¹	€504m	€414m

1. Net cash generated from operating activities plus interest received, minus

interest and other related charges paid

Group leverage

The Group’s liquidity position strengthened significantly in 2025,

reaching a low net debt level in the first half of the year at

€137 million following the receipt of proceeds from the IPO of

Titan America and the divestment of Adoçim. Notwithstanding the

special and much higher dividend payment compared with the

2024 distribution, including a total dividend amount of

€224 million, net debt at year end stood at €214 million. This

reduction in net debt contributed to a further decrease in the

leverage ratio to 0.4x (2024: 1.0x). The Group actively manages its

exposure to interest rate fluctuations, with floating-rate debt

accounting for approximately one third of total borrowings. As at

year-end 2025, 58% of Group debt consisted of bonds, 31% of

bank loans, and 11% of lease liabilities. In November, the Group’s

credit profile strengthened further, with both Standard & Poor’s

Global Ratings and Fitch revising TITAN’s outlook to “Positive”

while affirming its BB+ long-term issuer credit rating, reflecting the

Group’s consistently robust financial performance.

In January 2026, the Group, through its subsidiary Titan Global

Finance Plc, issued senior unsecured notes with an aggregate

principal amount of €350 million, bearing a fixed coupon of 3.5%

per annum and maturing in 2031.


	2025	2024
Net debt at year-end	€214m	€622m
Net debt/EBITDA	0.4x	1.1x


Bond repayment and debt maturity profile (€m) as of 31 December 2025
n Bank Debt n Bond n Leases

434

150

107

Outstanding bonds


ISIN	Amount outstanding	Coupon	Maturity
XS2199268470	€250,000,000	2.75%	09/07/2027
XS2731293168	€150,000,000	4.25%	13/06/2029

* The €350 million bond, issued in January 2026 and maturing on 04/02/2031

(ISIN: XS3263933049) is not included in the above graph and table

Proposed dividend distribution

The Board of Directors will propose to the Annual General

Assembly of Shareholders, scheduled for 7 May 2026, the

distribution of a dividend of €1.10 per share. This represents an

increase of 10% compared with last year’s base dividend of €1

(excluding the one-off special dividend of €2, related to the IPO),

consistent with the Group’s commitment to increase shareholder

returns at a double-digit annual rate, in line with profitability

growth, as confirmed at the “TITAN Forward 2029” Investor Day.

Sales & EBITDA Like-for-Like (LfL): Constant exchange rates and scope

NPAT & EPS Like-for-Like (LfL): Constant exchange rates and scope, adjusted for the non controlling interest of Titan America, the impact of the sale of Adoçim, the goodwill

impairment in Türkiye in 2024, and a recognized deferred tax asset in Brazil in 2024

TITAN Group Integrated Annual Report 2025

Equity market information

Strengthening engagement with capital market participants by proactively and timely

communicating TITAN’s financial and strategic updates.

Listings and indices

TITAN has a long and established presence on the Athens Stock

Exchange (ATHEX), having been among the very first companies to

be listed in 1912. Following the successful completion of a Voluntary

Share Exchange Offer in 2019 and the establishment of Titan SA in

Belgium, TITAN’s shares began trading on Euronext Brussels as its

primary listing, alongside a parallel listing on Euronext Paris and a

secondary listing on ATHEX. As of 31 December 2025, TITAN’s total

issued share capital amounted to €959,347,807.86, represented by

78,325,475 common shares.

The Group is a constituent of several major equity indices, such as

the FTSE All-World, the FTSE Russell Large Cap, the ATHEX Large

Cap, the BEL All Share, the CAC All Share, and the S&P European

Emerging Large MidCap. TITAN is also a constituent of prominent

ESG indices. TITAN’s stock has been included in the FTSE4Good

Index Series for a second consecutive year, reflecting an improved

score. TITAN is also a member of the ATHEX ESG Index, achieving

a 98% score, and remains and a constituent of the S&P Emerging

Large MidCap Scored & Screened Index (previously named S&P

Global Large MidCap ESG Index). As of February 2025, Titan

America, TITAN Group’s parent company for its US operations,

was listed on the New York Stock Exchange (NYSE), following the

completion of a successful initial public offering (IPO).

Share price evolution

TITAN’s strong financial performance was reflected for another year

in its share price in 2025, with the stock recording a 32% increase,

expanding the Group’s market capitalization above the €4bn

threshold. This marked the third consecutive year of share price

appreciation for TITAN’s stock (“TITC”), following gains of 77% in

2023 and 88% in 2024. In the final trading session of the year, TITC

closed at €52.7 on Euronext Brussels and at €52.5 on ATHEX,

while Titan America stock (“TTAM”) closed the year at $16.5 with a

market capitalization of $2.6 billion.

TITAN’s market capitalization at year-end 2025 increased

substantially compared with the end of 2024, surpassing the

€4 billion threshold, up from €3.0 billion a year earlier. For another

consecutive year, TITC outperformed most of its relevant

benchmark indices, including the STOXX Europe 600 Construction

& Materials Index, which advanced 22%, the S&P 500, which

gained 16%, and the Euronext Brussels Mid Index, which rose by

9%, while the ATHEX General Index increased by 44%.

TITC share price evolution vs. main indices (2025)

– Titan SA

– Titan America SA

– ATHEX Composite Share Price Index

– Euronext Brussels Mid Index

31 Dec

2024

31 Mar

2025

30 Jun

2025

30 Sep

2025

31 Dec

2025

Liquidity and market-making contracts

Titan maintains liquidity and market-making agreements in Belgium

and in Greece for its shares listed on Euronext Brussels/Paris and

ATHEX. On Euronext Brussels, KBC Securities serves as the

Company’s liquidity provider, while Piraeus Securities and Eurobank

Equities function as market makers on ATHEX.

Returns to shareholders

The Company has been increasing annual distributions of either

dividends or capital returns, pursuing a progressive year-over-year

dividend policy. At the same time, consecutive share buyback

programs implemented over the years further reinforce shareholder

returns. For 2025, the Board of Directors proposes to the Annual

General Assembly of Shareholders, scheduled to take place on

7 May 2026, a dividend distribution of €1.10 per share. This

represents an increase of 10% versus last year’s regular dividend

amount (excluding the special dividend component).

Returns per share (€)

n Dividend and/or Capital Return

n Special 2024 Dividend

0.20

2019, 2020 and 2021: capital returns

2022, 2023, 2024 and 2025: dividends

Understanding TITAN

Performance highlights

Share buyback and treasury shares

Since 2020, TITAN has implemented multiple share repurchase

programs on both Euronext Brussels and ATHEX, with the objective

of enhancing shareholder returns. Concerning 2025, a €20 million

share buy-back program was launched on 28 August 2024 and was

completed on 30 June 2025. Upon completion, a new share buy-

back program of €10 million was initiated and is expected to

conclude by 31 March 2026. Shares repurchased under these

program are either held as treasury shares or used for the purposes

of share-based remuneration for the Company’s employees and

directors. During 2025, a total of 379,204 shares were acquired for

a consideration of €15,336,893, and as a result, as of 31 December

2025, TITAN held a total of 3,950,347 treasury shares, representing

5.04% of the total voting rights. The Company provides regular

market updates on the progress of these transactions in

accordance with applicable rules and regulations.


	2021	2022	2023	2024	2025
Year-End share price	€13.26	€12.00	€21.25	€39.90	€52.70
Highest share price	€17.84	€14.98	€21.85	€39.90	€52.80
Lowest share price	€13.20	€10.42	€12.08	€21.10	€34.35
Share price %	-4%	-10%	+77%	+88%	+32%
Market capitalization	€1.1 bn	€0.9 bn	€1.7 bn	€3.1 bn	€4.1 bn
EPS	€1.23	€1.45	€3.60	€3.89	€3.18¹

Data from Euronext Brussels, based on the last trading day of the year.

1. EPS: €4.16, adjusted for the impact of the sale of Adoçim and the minorities to Titan America.

Shareholder structure

The Company’s significant shareholders, holding more than 5% of

the share capital, are summarized as follows, while details on

transparency notifications are available on the Company’s website:

https://ir.titanmaterials.com/en/shareholder-center/shareholder-

structure

Based on the transparency notifications made by the Company’s

shareholders on 21 May 2024, and 10 November 2025, the

reported shareholdings in the Company are the following:


Significant shareholders	Ownership %
E.D.Y.V.E.M. public company Ltd, Paul and Alexandra Canellopoulos Foundation, and Titan SA founders acting in concert	48.89 %
Titan SA	5.00 %

A comprehensive shareholder analysis was performed at year-end

2025 for the Company’s listings on Euronext Brussels and ATHEX.

This analysis identified the geographical distribution and

shareholder-type composition presented below. In 2025, the

proportions of institutional and retail investors remained broadly in

line with 2024 levels, while from a geographical perspective, the

share of European and UK-Irish investors recorded an increase.


Breakdown by geography
	n Greece and Cyprus 45% n North America 29% n Europe, UK and Ireland 23% n Rest of the World 3%

* Data excludes Reference Shareholders and Treasury Shares


Breakdown by shareholder type
	n Reference shareholders* 49% n Institutional investors 31% n Retail investors 14% n Treasury shares 5% n Capital unidentified 1%

* E.D.Y.V.E.M. public company Ltd, Paul and Alexandra Canellopoulos Foundation, and

Titan SA founders acting in concert hold 38,293,643, corresponding to 48.89% of the

Company’s voting rights.

TITAN Group Integrated Annual Report 2025


Returns to shareholders 2020–2025 (€m)
n Dividends and/or capital returns n Special 2024 dividend n Share buybacks

Interaction with investors and analysts

Throughout 2025, the Investor Relations team continued to

engage closely with existing institutional and retail shareholders

while also strengthening outreach to new potential investors in

Europe and North America. Communication efforts were tailored

through direct meetings as well as participation in roadshows and

conferences, supporting constructive exchanges with interested

stakeholders. Beyond the quarterly interactions following financial

disclosures, investors also received regular updates outside

reporting periods. In response to the growing emphasis on

sustainability in investment decision-making, TITAN carefully

addressed investor expectations and advanced its engagement

with independent ESG rating agencies.

On 11 November 2025, TITAN hosted an Investor Day in Athens,

Greece, bringing together representatives from the international and

local investor, analyst, and broker communities. The event offered a

platform for open dialogue with the Company’s executives and

management team, while the Group’s strategic growth plan “TITAN

Forward 2029” was unveiled. Following the successful execution of

the “Building for Green Growth 2026” strategy presented at the

September 2023 Capital Markets Day, “TITAN Forward 2029” sets

out a refreshed strategic framework for the Group. The strategy is

anchored around three core priorities: 1. Delivering Superior Growth

in Core Business, 2. Expanding the Alternative Cementitious

Materials Platform, and 3. Investing and Scaling Up New

Technologies and Platforms. This strategic roadmap is underpinned

by quantitative targets through 2029, including sales growth of 6–

8% CAGR, EBITDA growth of 11–13% CAGR, EPS reaching €5–6 per

share, ROCE of 15–17%, Net Debt/EBITDA of 1.5x-2.0x while

maintaining a credit rating of at least BB+, with the Group having

an overall total financial firepower of €3–4 billion.

Titan America listed on the NYSE at the beginning

of 2025

On 6 February 2025, Titan America, a Belgian subsidiary of Titan

SA, and parent company of the Group’s US operations, completed

its IPO on the New York Stock Exchange (NYSE) by listing a 13.3%

stake. The IPO consisted of a primary offering by Titan America as

well as a secondary sale by Titan SA, at the offering price of

$16.0 per share. Following the completion of the transaction, Titan

America’s outstanding shares stand at 184,362,465. Titan America

trades under the ticker symbol “TTAM” on the NYSE, and on

31 December 2025, TTAM closed at the price of $16.5 with a

market capitalization of $2.6 billion. Titan America is a constituent

of the Russell 2000 Index.

Understanding TITAN

Performance highlights

ESG COMMITMENTS

Converting ambitions into

performance outcomes

In 2025, we successfully achieved the majority of our ESG targets, reflecting our deep

commitment to sustainability and creating lasting value for all stakeholders.



	Committed to reducing carbon emissions in line with the 1.5°C scenario
Our track record and commitment in CO 2 emissions reduction		A whole new level of ambition with science-based targets for Scope 1, 2 and 3 emissions			Commitment to net zero Developing products and solutions for a carbon-neutral world.

Figures within the circles refer to Scope 1 net CO2 emissions (kgCO 2 / t cementitious product).
		We set our 2030 CO2 reduction targets in line with the 1.5 ^oC scenario
1990–2020		Scope 1 (gross), 2, 3*			Scope 1 (gross), 2, 3*	Other absolute Scope 3 GHG emissions
-13.7%		-25%			-95.6%	-90.0%
		vs.2020 level
		Scope 1	Scope 2	Scope 3**
		-22.8%	-58.1%	-80.9%
		vs. 2020 level	vs. 2020 level	vs. 2020 level
		vs. 2020 level	vs. 2020 level	vs. 2020 level

* Scope 1: direct CO2 emissions; Scope 2: indirect CO2 emissions from electricity; Scope 3: indirect CO 2 emissions of the supply chain (purchased cement and clinker is considered until 2030). ** Absolute Scope 3 GHG emissions from the use of sold fossil fuels.

778

672

594

500

TITAN Group Integrated Annual Report 2025




Investing in green innovation		Confidently progressing toward meeting our CO 2 targets
Front-End Engineering Design (FEED) contract signed with Thyssenkrupp Polysius for the large- scale carbon capture project IFESTOS.		Significant reduction of CO2 to 594 kg per tonne of cementitious product, an 12% decrease since 2020.
		(record high) alternative fuels thermal substitution rate of	clinker-to-cement ratio of
		22.3%	76.9%
		Specific net CO2 emissions (Scope 1)
More than 1.9m tonnes CO2 annual avoidance
Investments in R&I	Initiatives to accelerate decarbonization
€21.8m	100+	Alternative fuels substitution rate (%)
Climate change investments	The Group’s total clinker production covered by ISO 50001 or energy audits
€36.3m	90%
		Clinker-to-cement ratio (%)

2025

2024

2023

2022

2021

2025

2024

2023

2022

2021

2025

2024

2023

2022

2021

Understanding TITAN

Performance highlights


ESG COMMITMENTS CONTINUED

Accelerating digital deployment and adoption of new technologies
End-to-end digitalized manufacturing Driving efficiencies in flagship plants: The first end-to-end digital cement plant: Pennsuco, USA.
Pioneering “closed loop” AI optimizer in cement Real-time optimizers (RTOs) implemented in >80% of the cement production assets, with 8 cement plants end-to-end, by the end of 2025.
Predictive and prescriptive maintenance Only AI, end-to-end, failure prediction in cement supported by expert service centers; implemented in all cement plants since 2023.
Cutting-edge digital supply chain and “Customer 4.0” Dynamic logistics and customer digital channel (app)
AI-enabled dynamic logistics solution deployed in majority of RMC plants
Sales through app in the most mature regions)
>90%
Digital customer applications 100% of the business units are equipped with a digital customer application, with a target to have >80% of the orders coming through digital channels by 2029.




	Contributing to the prosperity of local communities
	Protecting the environment • Sustained strong performance in cement-related dust emissions and among the best in our peer group.
	Rehabilitated land		Quarries with rehabilitation plans
	22.0%		100%
	Sites in areas of high biodiversity value with Biodiversity Management Plans in place
	100%
	Engaging with our local stakeholders
	Community initiatives completed		Local spend
	314		74.1%
	Beneficiaries
	>278,000

TITAN Group Integrated Annual Report 2025




Preserving natural resources
Promoting the circular economy
Concrete waste recycling		Construction and demolition waste utilized by TITAN
96.2%		187,962t
Alternative raw materials in cement production		The Group’s total clinker production covered by zero-waste certification
7.2%		55.1%
Empowering a sustainable supply chain
Qualification of suppliers in place based on ESG criteria, across all countries of operation
Key suppliers meeting TITAN ESG standards
79.5%
Leadership status in water security




	Cultivating an inclusive culture with equal opportunities
	Committed to a safe and healthy workplace
	Lost Time Injuries Frequency Rate (employees) among the best in our peer group
	0.41
	Promoting diversity, equity, and inclusion
	Increase of female participation in management roles (vs. 2020)
	+30%

	Building talent and organizational capabilities
	Implementation of tailored blended learning experiences to empower our people across different roles and regions
	PIVOT, Rising leaders, SWIFT, WE COACH
	Well-being initiatives
	382

Understanding TITAN

Performance highlights

ESG performance recognized by

world-leading rating agencies

We remain dedicated to continuously improving our ESG performance and aligning

our objectives with the expectations of our stakeholders. As part of this commitment, we

regularly engage with and highly appreciate feedback from independent ESG rating agencies.



In 2026, Titan SA earned an “A” score from the CDP in Water Security and “A-” in Climate Change. In July 2025, Titan SA was recognized as a “Supplier Engagement Leader” for 2024 – the highest rating in CDP’s Supplier Engagement Rating. TITAN has been awarded Leadership Status on climate change by CDP for five consecutive years.			Titan SA holds an “AA” rating in the MSCI ESG assessment, underscoring its position as a leader among its industry peers. MSCI ESG Research rates companies on a scale from “AAA” (leader) to “CCC” (laggard), based on their exposure to industry‑specific ESG risks and how effectively they manage those risks.



In 2025, Titan SA received an improved ESG Risk Rating of 24.2 and was assessed by Sustainalytics to be at medium risk of experiencing material financial impacts from ESG factors. The score places us 18th out of 121 construction material companies.			In 2025, Titan SA retained its “Prime” status in the ISS ESG Corporate Rating, achieving a B- score with a performance score of 59.35, placing the Company in the top decile of the construction materials sector. Titan SA was assessed on the ISS QualityScore, receiving the following scores: G:6, Ε:1, S:2.



In 2025, Titan SA earned the Silver Badge from EcoVadis, following a strong performance improvement from 64 to 71/100. TITAN ranks in the top 7% of all companies rated in the manufacture of cement, lime, and plaster industry.			In 2025, Titan SA scored 70/100 in the S&P Global Corporate Sustainability Assessment, a 6-points improvement since 2024, ranking us in the top 10% of the construction materials industry. Notable sub-scores include 90 in Climate Strategy and 80 in Occupational Health and Safety.



According to the latest available assessment by LSEG Data & Analytics, Titan SA achieved an ESG score of 71/100, ranking 17th among 120 construction materials companies.			FTSE Russell (the trading name of FTSE International Ltd and Frank Russell Company) confirms that Titan SA has been independently assessed according to the FTSE4Good criteria and has satisfied the requirements to become a constituent of the FTSE4Good Index Series, with a 4.2 scoring. Created by the global index provider FTSE Russell, the FTSE4Good Index Series is designed to measure the performance of companies demonstrating strong Environmental, Social and Governance (ESG) practices.

TITAN Group Integrated Annual Report 2025

Championing sustainable progress

In 2025, TITAN earned multiple awards, showcasing our leadership and commitment

to positive change and the creation of lasting value for our stakeholders.

TIME’s World’s Most Sustainable

Companies

Ranked among the top 150 globally and

leading our peer group, TITAN achieved a

remarkable leap of 158 positions to secure

the 150th spot. This recognition makes

TITAN the highest-ranked building

materials company, underscoring our

leadership and commitment to

sustainability worldwide.

ESG Transparency Award (EUPD

Research)

Awarded Excellence Leading Status with a

95% disclosure quality score, up from 89%

last year. This achievement positions

TITAN as a benchmark for transparency

and responsible business conduct across

the sector.

Research & Innovation Award

(Athens Chamber of Commerce

and Industry)

TITAN was acknowledged for driving

transformation in the building materials

industry through sustainable, high-

performance products, advanced

technologies, and digital innovation,

supported by collaborations and

employee creativity initiatives.

Global Slag User of the Year

Awarded at the 17th Global Slag

Conference in Vienna, reflecting TITAN’s

leadership in resource efficiency and

commitment to expanding our green

product portfolio toward net zero.

Best Corporate Governance in

Greece (World Finance Awards)

The award is a testament to TITAN’s

robust and evolving governance

framework, reflecting the Group’s focus on

transparency, risk management,

sustainability integration, and shareholder

engagement. It highlights TITAN’s

alignment with the highest international

standards and best practices.

FT Europe’s Climate Leaders

For the second consecutive year, TITAN

was acknowledged for measurable

decarbonization progress, reaffirming the

Company's commitment to environmental

stewardship and sustainable business

practices. This distinction reflects our

accelerated journey toward net zero,

aligned with our Green Growth Strategy

2026.

Global Recognition for TITAN’s

Venture Capital initiative

(BuiltWorlds 2024 Global

Innovators list)

Recognition of TITAN’s Venture Capital

initiative, investing in and partnering with

startups that advance decarbonization,

circularity, and digital transformation in

construction and building materials.

Decarbonization project of the

Year Award (Global FutureCem)

TITAN was recognized for advancing

decarbonization through its Fiddler’s Ferry

ACM facility, applying innovative

beneficiation technology to produce

lower‑carbon materials and support the

“TITAN Forward 2029” strategy.

Understanding TITAN

REGIONAL PERFORMANCE

USA

2025 highlights


	FY2025	LfL	Reported
Sales	€1,480.9m 2024: €1,517.9m	+1.8%	-2.4%
EBITDA	€334.5m 2024: €332.6m	+5.6%	+0.6%
Assets	€1,626.0m 2024: €1,516.7m

Employees	2,564 2024: 2,730
Number of community engagement initiatives	26 2024: 17
Scope 1 net CO2 (kg/t cementitious product)	542.5 2024: 548.5
Alternative fuel substitution (% heat basis)	14.7 2024: 13.5
Clinker-to-cement ratio (%)	80.4 2024: 80.4
LTIFR (employees)	0.16 2024: 0.34
Like-for-Like (LfL): Constant exchange rates and scope

Titan America achieved another record

profitability, demonstrating resilience

despite ongoing economic uncertainties,

softness in residential end markets, and

currency headwinds.

Market overview

In 2025, the US economy demonstrated resilience amid uncertainty

and a series of disruptive events. The year’s backdrop included

new tariffs on imported commodities in the US, including cement,

adding cost pressures across the construction value chain, as well

as the longest US government shutdown in history, which

contributed to delayed federal activity and heightened

macroeconomic uncertainty. Despite these challenges, real GDP

rebounded after a soft first quarter, increasing by 3.8% in Q2, and

by 4.4% in Q3, while completing the year with 1.4% in Q4. Job

growth remained solid, keeping unemployment at 4.4%, while

wages rose by approximately 1%. In the second half of the year, the

Fed reduced benchmark interest rates to 3.7–4.3% in support of

price stability and maximum employment objectives, while inflation

eased to 2.7% by year‑end, its lowest level since 2022. Despite

tighter monetary conditions and global headwinds, the core

markets we serve continued to outperform the broader US

economy, buoyed by low unemployment, positive population trends

and healthy state budget surpluses. Within the construction sector,

rising material costs, labor shortages, and restrictive lending

conditions pushed total spending down 0.4% to approximately

$2.2 trillion. Non‑residential construction, supported by the

Infrastructure Investment and Jobs Act (IIJA) and CHIPS and

Science Act, grew 0.3% – including a 3.5% increase in public

construction – while residential construction declined 1.3% amid

elevated mortgage rates and affordability challenges. Cement

consumption in the US is estimated to have declined by 4.2% in

2025, to 99 million tonnes, underscoring the pressures facing the

sector while highlighting sustained demand in infrastructure and

public works channels.

Regional performance

In 2025, TITAN’s US operations underwent the most significant

transformation in their history, reshaping the future of our business

and redefining our strategic trajectory. The year began with a major

milestone: a successful IPO of Titan America, on 6 February 2025,

(ticker: TTAM), positioning it for accelerated growth for decades to

come. Throughout the year, a series of meaningful achievements

were delivered, underscoring the strength of our vertically

integrated model and the resilience of the core markets we serve.

These included continued expansion of data‑center infrastructure in

Virginia, entry into adjacent markets following the Florida and

Miami‑Dade certifications of our precast lintels, and participation in

the largest concrete placement in Florida’s history for the foundation

of the Bentley Residences in Miami. The year laid the groundwork

for successful negotiations to acquire the Keystone Cement

Company in Bath, Pennsylvania, further reinforcing our growth

agenda and broadening our operational footprint.

In 2025, and for another consecutive year, our operations in the US,

Pennsuco cement plant, USA

exceeded average market performance across the Group’s core US

regions, despite adverse weather conditions, starting the year with

record cold temperatures in the Mid-Atlantic region, followed by

heavy rainfall through midyear across both segments. Combined

with a backdrop of ongoing economic uncertainty and continued

TITAN Group Integrated Annual Report 2025

softness in the residential end market, this performance

underscores the strength of our integrated business model.

Throughout the year, we managed to improve margins through

focused operational efficiencies and disciplined cost management

initiatives, while continuing to benefit from long-term strategic

capital investments. We leveraged growth opportunities through

infrastructure and large project activity, supported by public policy

initiatives such as the IIJA and CHIPS and Science Act. The year

was marked by increased sales in aggregates and fly ash, while

volumes of ready-mix remained at the high levels of 2024. Cement

and block volumes slightly softened due to the residential market

downturn. Prices in cement have remained broadly at last year’s

levels, while those of aggregates, ready-mix, and fly ash have

increased. However, our diverse product mix and prior investments

continued to drive resilience and performance, reinforcing our

position as a leader in the markets we serve.

In 2025, Titan Florida delivered another strong year, supported by

our leading position in infrastructure and private non‑residential

markets and an increase in aggregate production capacity. The

business unit demonstrated disciplined cost management, strong

collections, and effective end‑market diversification, resulting in

improved margins and favorable free cash flow compared with the

prior year.

In the Mid‑Atlantic region, performance in 2025 was supported by

the release of project backlog, sustained pricing momentum, and

improved weather conditions in the second half of the year.

Profitability benefited from ongoing operational efficiency efforts as

well as continued investment, which enhanced our capability to

serve key growth corridors. Data‑center construction continued to

expand across Virginia and the Carolinas, complemented by

notable volumes from major industrial and commercial

developments, including the Charlotte‑Douglas International Airport

expansion and LEGO manufacturing facilities as well as other

infrastructure investments. Residential construction remained

pressured by elevated interest rates and affordability challenges;

however, industrial investment remained strong across the region,

reinforcing long‑term demand fundamentals.

Our sales in 2025 increased by 2% (LfL), compared to 2024,

to reach €1.48 billion, while EBITDA reached €334.5 million,

increasing by 5.6% (LfL) year-over-year.

ESG performance

In 2025, we expanded our development portfolio with a focus on

leadership, communication, teamwork, customer service, and digital

education. Key initiatives included the BUILD and LEAD leadership

programs, Manager Catalyst for new managers, and Customer

Excellence–ELEVATE for dispatch and CSR staff. Digital learning

participation increased by 130%, supported by the new Employee

Learning Hub. We also launched our sixth Employee Resource

Group for Hispanic and Latino colleagues and improved access to

health resources, emphasizing preventative care and overall well-

being. Healthbridge improved employee health and return-to-work

rates by promoting annual physicals, biometric screenings, and tele-

health consultations. Partnering with ActiveHealth, we also offered

personalized health coaching.

Safety was prioritized above all, with our Titan America safety

initiatives garnering recognition from leading organizations such as

the American Cement Association, National Ready-Mix Concrete

Association, and National Mining Association. Our incident and

serious injury rates consistently outperformed those recorded in

2024, solidifying our reputation as a safety leader within the industry.

By commencing in-depth engineering activities for a limestone-

calcined clay cement line, we sought to lower our carbon footprint.

In parallel, our significant digital transformation efforts enabled us

to renew key certifications – including ISO 50001 Energy

Management, TRUE Zero Waste, and Energy Star® – and earned us

accolades from various industry associations for excellence in both

environmental practices and innovative advancements.

CASE STUDY

SolarQuench: Solar-powered

water purification system

Access to clean water is increasingly challenging, especially in areas

with limited energy infrastructure. At Titan America’s Pennsuco plant,

the quality control lab previously depended on commercially sourced

distilled water, resulting in ongoing costs and waste. To solve this,

Titan collaborated with Florida International University engineering

students to create SolarQuench – a solar-powered, off-grid water

purifier using reverse osmosis. SolarQuench produces at least

120 gallons of deionized water per month, meeting lab needs for

cement and chloride testing. Titan funded the project, provided

specifications, and supported students through design and

testing to ensure quality standards. This initiative supports Titan’s

goals in water management, climate impact mitigation, and

sustainable innovation.

Understanding TITAN

REGIONAL PERFORMANCE

Greece &

Western Europe

2025 highlights


	FY2025	LfL	Reported
Sales	€518.8m 2024: €459.7m	+12.9%	+12.9%
EBITDA	€61.2m 2024: €55.5m	+10.3%	+10.3%
Assets	€1,042.9m 2024: €876.5m

Employees	1,492 2024: 1,395
Number of community engagement initiatives	115 2024: 125
Scope 1 net CO2 (kg/t cementitious product)	537.6 2024: 540.9
Alternative fuel substitution (% heat basis)	37.7 2024: 39.3
Clinker-to-cement ratio (%)	74.2 2024: 75.4
LTIFR (employees)	1.11 2024: 0.78
Like-for-Like (LfL): Constant exchange rates and scope

Increased sales and profitability thanks to the

robust domestic volume growth across all

products, outperforming market growth.

Market overview

Domestic market performed robustly for yet another year, with

cement consumption increasing by ca. 9% to reach ca. 4.4 million

tonnes. Growth was underpinned by numerous large-scale

infrastructure projects, including the Thessaloniki Flyover, Athens

Metro Line 4, the Olympia Odos extension to Pyrgos, as well as

ongoing works for The Ellinikon urban development project. At the

same time, private and commercial construction maintained a

growth momentum, largely thanks to an upsurge in tourism-related

and logistics investments. All Group exports from Greece were

directed to our operations in the US and to our terminals in France,

Italy, and the UK. Sales in Western Europe trailed last year due to a

construction slowdown in these markets. Looking ahead, Greece is

expected to sustain robust growth in 2026, with public and EU-

funded infrastructure projects being key growth levers. Residential

construction may face short-term headwinds due to housing

regulatory ambiguities, but medium-term prospects are positive,

supported by increased housing demand. Commercial construction

will be shaped by tourism, corporate investment, hospitality, data

centers, and logistics.

Regional performance

The Greek region continued to build momentum, achieving double-

digit top-line growth driven by positive market dynamics and

strengthened operational indicators. Strong domestic sales

volumes were recorded across all product segments, with double-

digit growth in ready-mix, aggregates, and dry mortars, reflecting

the Group’s high degree of vertical integration and its strategy of

becoming a full-service provider through the addition of new value-

added products. As part of TITAN’s focus on boosting the ready-

mix concrete sector in high-growth areas, the Group inaugurated

a state-of-the-art concrete plant in Kalamata, in the Peloponnese,

which was acquired in 2024 and fully modernized, as well as a

dedicated mobile ready-mix unit to support construction works at

a copper and gold mine in northern Greece. In November, an

aggregates and ready-mix company was acquired in Crete to

enable the development of projects in the region, near the New

Heraklion International Airport in Kasteli. Both bolt-on acquisitions

of aggregates in Crete and Thessaly, which had preceded earlier

in the year, expanded the Group’s reserves and strengthened its

integrated presence. To further increase the dry mortars segment,

TITAN entered a strategic partnership in the growing markets of

mortars and external thermal insulation systems.

Efforts toward decarbonization continued at a steady pace, as

reflected in the further decline of the specific net CO₂ emissions in

all Group plants in Greece. Key levers were the increased use of

Alternative Cementitious Materials (ACMs), like pozzolana, leading

to an improved clinker-to-cement ratio; and high levels of

alternative fuels usage, with the Kamari plant achieving record

levels of ca. 60% usage. Following its successful market entry in

2024, the CEM IV pozzolanic cement, with a much-reduced carbon

footprint compared to standard types, has been established as our

Patras cement plant , Greece

main cement type offer. To further develop pioneering low-carbon

cements, the Group forged strong innovation collaborations with

reputable international partners, with pilot projects underway in the

Greek cement plants. Progress was also made in TITAN’s flagship

TITAN Group Integrated Annual Report 2025

carbon capture project IFESTOS, at the Kamari plant, which was

designated a “Strategic Investment” by the Greek state and

proceeded with the technical feasibility study and licensing.

Investments toward operational efficiency, notably in automation,

transportation, logistics and alternative fuels, as well as value

pricing with new products and services across all product lines,

helped offset a higher cost base driven by increased electricity,

labor and raw materials costs. Sales for Greece and Western

Europe in 2025 increased by 12.9% (LfL) year-over-year to €518.8,

while EBITDA reached €61.2 million, growing by 10.3% (LfL)

compared to 2024.

ESG performance

In 2025, we remained focused on enhancing Health and Safety

awareness and engagement across our operations, including

contractors. Emphasis was placed on behavioral-based training,

with road safety trainings by a world-class consultant and on safety

essential rules, as well as the roll-out of custom software and AI

tools to report unsafe conditions and acts. Despite our unflagging

commitment to an accident-free workplace, we had two tragic fatal

incidents and eight LTIs among employees and contractors. We

regrouped and refocused on a series of actions including technical

upgrades in our facilities; extensive audits for hazards identification

and immediate risk-mitigation; and safety maturity assessments per

site. We promoted a stop-work culture in case of unsafe conditions

and reinforced our zero-tolerance approach with stricter

compliance and consequence management procedures. One of

our main social initiatives in the communities we operate was the

“Smart Move – Safe on the Move” educational program at the

Thessaloniki plant, in collaboration with the renowned Panos

Mylonas Road Safety Institute. The program has continued into

2026 with experiential training in safe mobility to students and local

community stakeholders.

Environmental performance continued at the same high standard.

Our flagship ready-mix concrete plant at The Ellinikon was awarded

certifications for its water management system and Platinum level

“Zero Waste to Landfill”. The same RMC plant was the first in

Southeastern Europe to receive Concrete Sustainability Council

(CSC) certification, confirming our commitment to responsibly

sourced concrete in support of a more resilient built environment.

Our digitalization efforts continued to advance in 2025, delivering

tangible improvements in process control, operational efficiency,

and customer experience. Following the successful implementation

at Kamari, RTO solutions were further expanded to raw mills, rotary

kilns, and cement mills at the Patras and Thessaloniki plants. The

enhanced use of a telematics system in the cement and aggregates

fleet, alongside the deployment of the TITAN UP customer

application, were important milestones in our digital journey.

Strengthening our organization and early-talent pipeline were

among our core priorities. To address the growing operational

demands, we redesigned our industrial and commercial structures

and enlarged our organization with new hires by 10% and numerous

internal promotions. We launched the revamped Employability

Forward Graduate Trainee Program, an experiential path for young

engineers, attracting high-potential talent and preparing them for

future roles in TITAN. All employees were trained in our Respect in

the Workplace Policy through a dedicated eLearning program for

recognizing, preventing, and addressing any form of violence or

harassment. To further enhance employee journey, we launched

TITAN FLOW, a digital, all-in-one platform for employees to access

company information.

CASE STUDY

“Bee-lding a Better World

Together” expanded to Kamari

limestone quarry

After launching a successful bee adoption program at the Agrinio

quarry with Bee for Planet, TITAN Greece expanded its biodiversity

efforts to the Kamari quarry in May 2025. Thirty bee colonies were

installed to support local pollination, and 2,000 m² of land was

seeded with 177,500 clay-coated seed balls to promote soil

enrichment and habitat restoration. This innovative approach

accelerates ecosystem recovery and demonstrates TITAN’s

commitment to environmental stewardship and sustainable

development. The program will be monitored to ensure lasting

impact and serve as a model for future initiatives.

Understanding TITAN

REGIONAL PERFORMANCE

Southeastern

Europe

2025 highlights


	FY2025	LfL	Reported
Sales	€418.5m 2024: €416.1m	+0.0%	+0.6%
EBITDA	€148.8m 2024: €166.3m	-11.0%	-10.5%
Assets	€536.5m 2024: €515.2m

Employees	1,131 2024: 1,116
Number of community engagement initiatives	153 2024: 131
Scope 1 net CO2 (kg/t cementitious product)	608.6 2024: 616.2
Alternative fuel substitution (% heat basis)	10.4 2024: 8.8
Clinker-to-cement ratio (%)	72.4 2024: 71.3
LTIFR (employees)	0.00 2024: 0.00
Like-for-Like (LfL): Constant exchange rates and scope

Firm volume sales despite import pressures.

Healthy profitability margins maintained,

following record 2024 levels.

Market overview

Sales in the region in 2025 slightly increased year-over-year,

reaching €418.5 million, with no major changes in pricing and

volumes overall, despite intensified competition, mainly from

imports. The residential segment drove demand in most countries,

while in Bulgaria and Serbia infrastructure had a stronger

contribution to cement consumption. Pricing across the region was

mixed, with Bulgaria recording the most significant increases, while

Albania experienced softer pricing. EBITDA in 2025 reached

€148.8 million, due to increased raw material and labor costs, as

well as temporary production issues that raised costs, compared

with the record performance in 2024. Nevertheless, the region

continued to deliver the highest margins across the Group.

Albania

In 2025, the Albanian economy grew by more than 3%. Cement

consumption in the country increased, as did our volumes, driven

by demand in the residential sector. Increased competition,

however, led to pricing pressure and impacted TITAN cement

volumes, which grew at a slower pace than the overall market.

Delays in the implementation of efficiency improvement initiatives

resulted in a temporary deterioration in operating reliability.

ESG performance

In 2025, TITAN Albania achieved zero Lost Time Incidents for

direct employees for the fourth year and for over a year for both

employees and contractors. Workforce development included

targeted upskilling and the Bright Minds Together program. TITAN

signed a declaration with the European Commission and AIDA for

potential waste-to-fuel and waste-heat recovery projects,

supporting decarbonization and energy efficiency. The Company

enhanced water and dust management, collaborated with

academia and engineers, and maintained transparency and

stakeholder engagement to support Albania’s EU integration.

Bulgaria

Bulgaria’s GDP increased by approximately 3% in 2025. The

domestic construction market expanded, driven mainly by

infrastructure and commercial projects in major cities, despite

political turbulence and the resignation of the government toward

the end of the year. TITAN’s sales grew year-over-year as a result

of higher pricing and increased volumes. Our ready-mix operations,

mainly in Sofia, recorded significant growth, supported by strong

local demand. The Group’s decarbonization efforts continued in

2025, building on the 2024 inauguration of the solar plant, which

supplies up to 13% of the plant’s electricity needs, while the

alternative fuels substitution rate exceeded 50%.

ESG performance

In 2025, TITAN Zlatna Panega improved its thermal substitution

rate to 56% (from 40% in 2024). The plant also began consistently

using 2% slag from local waste in its raw mix, enhancing clinker

Zlatna Panega cement plant, Bulgaria.

production and reducing gross CO₂ emissions by 4.1%. Safety

remained strong, marking a fourth year without accidents,

supported by upgraded fire protection, better safety controls, and

ongoing training. The traineeship program grew by 25% to 19

TITAN Group Integrated Annual Report 2025

participants, and community initiatives continued to support

education, biodiversity, and culture.

Kosovo

Kosovo’s economy grew for another year, with GDP increasing by

approximately 4%. Domestic cement demand rose by around 5%,

with the country continuing to benefit from EU-related remittances

and growing foreign direct investment. TITAN’s sales volumes did

not increase in 2025 due to heightened competitive pressure.

Demand was driven predominantly by the residential sector. Our

customers continued to benefit from the “one-stop shop” model,

linking them to all TITAN plants across the broader SEE region.

Thanks to changes in product mix, the clinker-to-cement ratio

declined further and remained the lowest among the Group’s

regional operations.

ESG performance

TITAN Sharrcem supported education and inclusion through

programs such as Young Engineers, math tutoring, and Intern for a

Day, while also enhancing community well-being with water

support, first-aid donations, and mental health activities. Sharrcem

fostered social cohesion through engagement with pensioners,

sports clubs, and children with special needs, and promoted

economic development by supporting farmers, small businesses,

and knowledge-sharing initiatives.

North Macedonia

North Macedonia’s GDP grew at a rate of ca. 3%. The construction

market has increased, driven by residential projects, while new

infrastructure projects are facing delays. TITAN’s cement sales

volumes in the country increased, with moderate upward pricing

adjustments, keeping profitability similar to the previous year’s

levels. TITAN partnered with two ready-mix units located close to

existing infrastructure projects and secured the efficient

continuation of its ready-mix activities.

ESG performance

Usje cement plant advanced its ESG goals by expanding its STEM

Innovatorium program for 7th graders, co-hosting the “New Eco

Concretes for a Sustainable World” conference, and supporting

new learning facilities at the Faculty of Civil Engineering. The

Company became North Macedonia’s first to earn the “Zero Waste

to Landfill” platinum certification, achieving a 99.86% recovery rate.

For the second consecutive year, our employees experienced zero

Lost Time Injuries, while our contractors reported only one incident,

demonstrating our continued commitment to maintaining a safe

working environment.

Serbia

In 2025, the Serbian economy continued to grow, with GDP

increasing by approximately 2.4%, at a slower pace than in 2024.

Cement consumption declined slightly after reaching record levels

in 2024, while political instability and protests did not appear to

have had a material impact on the market. Infrastructure projects –

mainly highways and projects related to Expo 2027 – continued to

support construction activity. TITAN’s domestic sales volumes have

slightly decreased while cement prices were under pressure, as

imports increased at a quite high pace versus 2024.

ESG performance

In 2025, the Kosjerić cement plant was named Best Safety Plant in

Southeastern Europe for 2024 and reached 1,700 days without a

Lost Time Injury, supported by the Leading Safety+ and Safety Care

Maturity initiatives. The plant recertified ISO 14001, reduced its

clinker-to-cement ratio by 1.5%, secured a CO₂ monitoring permit,

cut particulate emissions through preventive planning, and

promoted waste-management awareness locally. It also received

the Group Learning Champions award, donated a vehicle for

dialysis patients, and provided internships to 23 young people.

CASE STUDY

Safety Quest: Who said safety rules

are boring?

TITAN Albania launched Safety Quest in Fushe-Mamurras and

Borizana to promote a strong safety culture through engaging,

gamified learning. In partnership with ACMS and the Albanian Red

Cross, participants used a custom app, AR puzzles, and real-life

missions to learn hazard identification, emergency response, and

first aid. Expert-led workshops reinforced key safety skills. Over May

and June 2025, the program empowered 100 students, 10 teachers,

and 500 community members, who earned badges like “Fire Safety

Pro” and “First Aid Hero”. By involving parents, teachers, and local

authorities, Safety Quest fostered collaboration and preparedness,

reflecting TITAN’s commitment to community well-being and shared

responsibility for safety.

Understanding TITAN

REGIONAL PERFORMANCE

Eastern

Mediterranean

2025 highlights


	FY2025	LfL	Reported
Sales	€250.8m 2024: €250.3m	+43.6%	+0.2%
EBITDA	€61.6m 2024: €25.7m	+321.2%	+139.6%
Assets	€290.6m 2024: €374.2m

Employees	610 2024: 808
Number of community engagement initiatives	20 2024: 24
Scope 1 net CO2 (kg/t cementitious product)	670.1 2024: 666.1
Alternative fuel substitution (% heat basis)	25.2 2024: 22.9
Clinker-to-cement ratio (%)	81.5 2024: 80.6
LTIFR (employees)	0.69 2024: 0.00
Like-for-Like (LfL): Constant exchange rates and scope

Improved sales and profitability underpinned

by Egypt’s stronger domestic demand and

higher cement export volumes.

Market overview

In Egypt, during 2025, global conditions and regional geopolitical

tensions continued to present significant challenges, while the

recent de-escalation of regional conflicts supported investor

sentiment. Egypt’s economic policy aimed to advance localization

and promote the private sector while gradually reducing direct

government and government participation. Inflation eased from the

hyper rates seen in recent years, yet pressures from planned

subsidy reforms on fuels and power mean inflation at year end

reached 12%. The shift from a fixed to a market-led exchange rate

encouraged the inflow of both Foreign Direct Investments (FDI) as

well as portfolio investments, as witnessed in multiple executed

deals (i.e., North Coast, Red Sea). GDP growth for the year reached

ca. 4.5% as monetary conditions loosened, and overseas inflows

of capital and remittances supported fixed investment and

consumption. Growing foreign exchange reserves reached $50

billion and contributed to a more gradual depreciation of the local

currency with the EGP/USD settling at 47 Egyptian pounds, while

since April the Central Bank of Egypt cut its policy rate by a total of

725 basis points, to 20%. Within this improving macroeconomic

environment, cement domestic demand substantially increased by

13% versus last year, reaching 54 million tonnes, while exports from

Egypt grew significantly to 11 million tonnes.

In Türkiye, the government continued its medium-term economic

program with a major focus on reducing inflation and achieving

sustainable growth. The tight monetary policy pursued resulted in

disinflation, while the Central Bank of Türkiye cut interest rates to

38.0% from 47.5%. Additionally, the weaker lira increased the

competitiveness of Turkish products, therefore boosting export

activity. Tourism revenues continued to recover, while construction

activity remained strong, especially in areas affected by the 2023

earthquake. In 2025, the economy grew by 3.5%, despite the

devaluation of the local currency by 37% and inflation at 31%. Total

domestic cement demand for 2025 is estimated to have increased

by 9.7%, reaching a high of 78 million tonnes, higher than the 2017’s

peak of 72 million tonnes.

Regional performance

The Eastern Mediterranean region recorded sales of €250.8 million

growing by 43.6% (LfL) year-over-year, thanks to the turnaround in

Egypt. EBITDA more than tripled, reaching €61.6 million, growing by

321% (LfL), compared to 2024, most of which was attributed to the

strong performance in Egypt, thanks to strong domestic and export

volumes and positive pricing.

Egypt

In Egypt, the cement market regulation agreement, implemented by

the government in July 2021, was suspended, following sharp rises

in both domestic and export demand, with Egypt recording a

turnaround performance. Total cement sales for 2025 reached

65 million tonnes, representing a ca. +17% year-over-year increase,

compared with an effective capacity of ca. 69 million tonnes.

Beni Suef cement plant, Egypt

Domestic cement volumes grew by 13%, with bulk cement rising by

20% year-over-year, driven by demand from megaprojects. Bagged

cement volumes increased by 9%, supported by individual builders

TITAN Group Integrated Annual Report 2025

and finishing applications. Looking ahead, additional growth is

expected in 2026, underpinned by the completion of several major

projects in 2025 and the achievement of key governmental

deadlines, including the East Cairo, the New Capital Monorail as

well as the Borg Al Arab speed train stations. Export volumes have

also strengthened significantly, climbing by 46% year-on-year.

ESG performance

In 2025, health and safety showed progress, but two Lost Time

Injuries highlighted the need for better contractor safety integration.

Governance was strengthened through committees, training, and

seven strategic programs for 2025–2027, backed by MCM

sponsors and local champions. Ongoing audits focused on

improving safety. TITAN Egypt advanced efficiency, sustainability,

and digital transformation, achieving waste concessions in Khanka

and Abbis2, installing two shredders for alternative fuel, completing

the clinker cooler upgrade at the Alexandria plant, and planning the

cooler line 1 upgrade at the Beni Suef plant. Other achievements

included a new green belt using gray water at Beni Suef, publishing

EPDs, verifying GHG inventory to ISO 14064-1:2019, and

implementing AI-driven Real Time Optimizers for energy efficiency.

Employee development was prioritized through regular town halls,

the Top 60 platform, and the IGNITE talent pipeline for graduates,

along with an enhanced summer internship program.

Community engagement included equipping the Wady El Kamar

medical center, supporting students, honoring school leaders,

improving public spaces, and aiding flood response in Alexandria.

In Beni Suef, hospital upgrades, student support, and a partnership

with the Technological University were achieved. A donation to

oncology hospitals honored the former CEO.

Türkiye

Despite the absence of large-scale infrastructure projects in our

local markets, small and medium-sized private and public projects

have maintained overall consumption at the same levels as last

year, with our operations outperforming the overall market. While

price increases only partially mitigated the impact of rising

production costs caused by high inflation and the lira’s

depreciation, our modern local assets and strong balance sheet

enabled us to navigate these macroeconomic headwinds and meet

market demand effectively.

In May 2025, TITAN completed the divestment of its 75% share in

Adoçim Cement. The transaction aligned with the Group’s long-term

growth objectives in Türkiye and formed part of its broader strategy

to optimize its portfolio. The divested assets included an integrated

cement plant, a cement terminal, and related infrastructure while the

Group continued to operate cement grinding and supplementary

cementitious assets in the Marmara region.

In November 2025, and in line with the strategic priorities of “TITAN

Forward 2029”, TITAN announced the signing of an agreement to

acquire 100% of Traçim Çimento Sanayi ve Ticaret A.Ş., a company

active in the greater Istanbul market. The acquisition, which was

successfully completed in March 2026, includes an integrated

cement plant with an annual production capacity of approximately

2.5 million tonnes of cement.

ESG performance

In 2025, Adoçim enhanced its focus on employees, health and

safety, environmental performance, and community well-being.

The company organized events like Women’s Day, Ramadan iftar

dinners, birthday celebrations, and a farewell-to-summer picnic for

employees. In Tokat, Adoçim donated cement to public institutions

and hosted students for presentations on production and career

opportunities.

Health and safety was prioritized through the “Zero Accident” goal,

with improved training, audits, and a strengthened Health and

Safety Management System aligned with TITAN Group standards.

Key improvements included contractor management, fire safety,

LOTOTO procedures, and a robust permit-to-work system.

On the environmental side, Adoçim discontinued CEM I 42.5R

cement in favor of CEM II/A-L 42.5R in order to lower CO₂

emissions, increased alternative raw materials and additives, and

advanced ISO 14000 and zero waste management preparations.

Water management, including rainwater use, was also improved.

CASE STUDY

Beni Suef Limestone Quarry

Green Belt Project

In 2025, TITAN Egypt launched the “Beni Suef Limestone Quarry Green

Belt” project to address environmental challenges and promote

sustainability. Partnering with the Beni Suef governorate, TITAN used

treated wastewater for irrigation, creating a 2.5 km green belt with 5,500

trees. The project, supported by an 8.7 million EGP investment, reuses

22,000 m³ of wastewater annually, reduces CO₂ emissions by 20 tonnes

per year, and enhances biodiversity and community well-being.

Understanding TITAN

REGIONAL PERFORMANCE

Joint venture

in Brazil

Cement sales closed 2025 with strong performance.

Market overview

In 2025, domestic cement sales in Brazil reached 67 million tonnes,

representing a 3.7% year-over-year increase, according to the SNIC

(National Cement Association). This performance consolidated the

recovery trend initiated in 2024, although national consumption

still remains below the historical peak of 73 million tonnes recorded

in 2014. A robust labor market, characterized by record-low

unemployment, rising employment levels, and growth in real

income, supported cement demand. Conversely, economic

activity lost momentum, as GDP growth decelerated and a

restrictive monetary policy weighed on consumption. Brazil’s

benchmark interest rate remained at 15% throughout the year,

limiting mortgage credit availability and household spending

amid elevated indebtedness.

Housing construction continued to be a key demand driver,

supported by the federal housing program “Minha Casa, Minha

Vida”, which recorded solid growth, particularly in the North and

Southeast regions. In infrastructure, investments in sanitation

projects and the expansion of concrete pavement in highways

and urban roads advanced, driven by concrete’s durability and

sustainability benefits.

Brazil maintained one of the lowest carbon intensity levels globally,

increasing the use of alternative fuels in its energy mix to 30%.

These initiatives, supported by ongoing innovation and investment

plans, underpin a cautiously positive outlook for the sector in 2026,

despite persistent macroeconomic challenges.

Regional performance

Cement consumption in the Northeast, Apodi’s core market, grew

7.2% year-over-year, supported by strong housing activity and

infrastructure projects. Despite capacity constraints resulting from

production limitations, Apodi prioritized margin expansion by

optimizing its product mix, geographic allocation, and sales

strategy. As a result, sales volume increased by 7% year-over-year,

while Apodi achieved a significant increase in gross prices,

reflecting successful commercial execution and pricing discipline.

Apodi also continued to strengthen its differentiation strategy

through the development of special products focused on technical

sales. The Company further expanded its presence in the bulk

segment (+7.8% versus 2024), serving the precast industry, the

rapidly growing regional wind energy sector, and large-scale

infrastructure projects. In parallel, Apodi maintained a strong focus

on plant stabilization and reliability, supported by significant

investments aligned with the Resilient Operations pillar of its

strategic plan. In 2025, Apodi sales reached €109 million, an

increase of 7% (LfL), (-1% reported) while EBITDA reached

€32.8 million, an increase of 17.4% (LfL) compared to 2024

(+11.3% reported). This improvement was driven by sales

optimization initiatives and a reduction in operating expenses

compared with 2024.

ESG performance

In 2025, Cimento Apodi advanced its ESG commitments by

integrating operational excellence, community engagement, and

responsible governance. A major achievement was the Great

Maintenance Shutdown of the Quixeré Furnace, completed safely

and efficiently by over 500 people, earning 3rd place in the Unimed

“Companies that Care” Award for its focus on employee well-being.

The Refarda Project exemplified circular economy efforts by

repurposing 400 uniforms into new products, supporting a local

NGO, and fostering employee-driven innovation. The 2nd

Sustainability Trail saw a 17% rise in participation, with 23% of

attendees being external stakeholders, and introduced specialist-

led mini courses to enhance community learning.

Employee engagement increased, with 11.5% participating in

volunteer actions benefiting over 2,000 people, contributing to the

IEP Sustainability Seal award. The Company also completed its 2nd

Human Rights Assessment, involving all leaders and resulting in a

prioritized Action Plan integrated into the corporate risk map. These

initiatives underscore Apodi’s ongoing commitment to sustainable

value creation for people, communities, and the environment.

CASE STUDY

Project “Refarda”: Upcycling

industrial uniforms in Brazil

Before the Refarda project, thousands of industrial uniforms were

discarded each year. At the same time, skilled women in Quixeré

lacked income opportunities. Based on an internal waste diagnostic

and TITAN’s commitment to circular economy and local

development, the Company partnered with the Quixeré Beneficent

Community Association to launch a voluntary ESG‑aligned initiative.

The project upcycled uniforms into multifunctional kits, with TITAN

providing all materials, co‑designing products and purchasing the

kits for the 2nd Sustainability and ESG Congress. It reduced textile

waste, created stable income, empowered women entrepreneurs

and strengthened TITAN’s sustainability profile.

TITAN Group Integrated Annual Report 2025

Other business

activities

During 2025, we continued strengthening

our digital service business, CemAI, and

made significant advances in our GAEA,

Ecorecovery and ST Equipment and

Technology businesses.

Circular economy

GAEA

Green Alternative Energy Assets (GAEA), established in 2012 in

Bulgaria, provides waste‑to‑resource services and alternative

fuel production. Since entering Egypt in 2016, the company has

developed municipal solid waste solutions and supplies

refuse‑derived fuel (RDF) to cement plants. GAEA focuses on

long‑term government concessions that secure stable supply

and reduce volatility. It now holds major concessions in

Alexandria, Sharqia, Khanka, and Beni Suef, supporting a

scalable RDF output of over 400,000 tonnes. Continued

investments in operations and midstream infrastructure have

reinforced GAEA’s leading role.

Ecorecovery

Ecorecovery, founded in 2015 in Greece, converts non-

recyclable solid waste into high-quality solid recovered fuel

(SRF) for cement kilns. Leading the Greek waste utilization

market, Ecorecovery processes various waste streams, diverting

significant waste from the landfill. Its standardized production

ensures high-quality SRF, aiding the cement industry in reducing

its carbon footprint.

Employees in Thessaloniki plant, Greece.

Understanding TITAN


ACMs		Digital solutions

Aegean Perlites

In February 2023, TITAN acquired a share in Aegean Perlites to

enhance its green, low-carbon cement products. Aegean

Perlites, founded in 1994, operates quarries on Yali Island with

high-quality reserves and port-loading facilities. This partnership

secures TITAN’s long-term pozzolan needs, aiding in the

expansion of its low-carbon cement offerings. The company

serves the construction, agriculture, and fertilizer industries.

CemAI

CemAI, Inc. (CemAI), an affiliate company, provides AI solutions

for the cement industry. Since its launch in 2022, CemAI has

expanded globally with installations at all TITAN Group cement

plants and third-party customers. Its product portfolio comprises

two AI-based solutions, the CemAI Predictive Maintenance and

the CemAI Process Optimizer.

Its AI-based Predictive Maintenance solution leverages TITAN’s

manufacturing, maintenance, and digital expertise to help

cement companies improve reliability, energy efficiency, lower

maintenance costs, and reduce downtime. CemAI Predictive

Maintenance uses machine-learning technology to process real-

time operating data from entire cement plants. It generates

alerts analyzed by experienced experts who collaborate with

plant teams to resolve issues before they impact operations.

Remote monitoring centers collect and analyze data streams

from plant sensors 24/7. The CemAI Predictive Maintenance is

installed in all TITAN plants and several third-party customers.

The CemAI Process Optimizer solution combines AI, machine

learning, and industry expertise to significantly enhance

production volumes, energy efficiency, and reduce CO2

emissions. Leveraging real-time data analytics and predictive

optimization, the CemAI Process Optimizer has been installed in

several TITAN plants worldwide as well as third-party customers’

production assets.

STET

ST Equipment & Technology LLC (STET), a TITAN Group

subsidiary in Boston, designs, manufactures, and markets

separation equipment. Their patented technology processes

dry powders and recycles waste streams sustainably,

aiding the circular economy and climate change mitigation.

Applications include recycling coal combustion fly ash, water-

free mineral processing, and upgrading plant-derived proteins

for animal feed and human food.

In 2025, STET focused on recycling coal fly ash from historic

landfills to create low-carbon cementitious products. Their

separator, the only non-thermal solution for removing carbon

from fly ash, produces sustainable building materials with an

80% lower CO2 profile than Ordinary Portland cement. STET

offers utility partners a comprehensive solution to process and

use large volumes of fly ash through proprietary technology and

Titan America’s marketing channels. In 2025, Titan announced

a first-of-its-kind project to process up to 300,000 tonnes per

year of harvested coal ash using STET’s proprietary process at

the Fiddler’s Ferry power station in Warrington, UK.

STET also advanced its technical and commercial efforts in

upcycling co-products and side streams from human food and

animal feed production. Their goal is to create profitable

ventures by generating high-quality protein ingredients

from oilseed meal cakes and spent grains from distillers

and brewers. In minerals processing, STET expanded its

collaboration with large mining companies to enhance product

and process sustainability. They piloted STET’s water-free

fractionation technology for iron ore fines, potash,

and industrial minerals.

TITAN Group Integrated Annual Report 2025

Outlook 2026

In 2026, the global economy is expected to expand at a moderate

pace, extending the resilience seen in the previous year, though

geopolitical risks have increased. Inflation had been easing,

supporting expectations for gradual monetary policy normalization;

however, the escalation of the conflict in the Middle East has

introduced new risks in the form of higher energy prices, increased

logistics costs, and renewed supply chain uncertainty, which could

slow the pace of interest rate cuts. The regional prospects for our

markets remain mixed, with the US benefiting from resilient

domestic demand, in particular infrastructure, while Europe’s

recovery is likely to remain more fragile given its greater exposure

to energy price volatility.

The U.S. construction market is expected to remain broadly stable

in 2026, amid elevated financing costs, persistent input inflation

and ongoing labor constraints. Recent developments in energy

pricing add further uncertainty to an already complex

macroeconomic environment. Mortgage rates are expected to

remain at elevated levels, continuing to weigh on housing

affordability and residential activity, which is likely to remain

subdued. As a result, the anticipated inflection point in residential

construction may be pushed into 2027, with strong longer-term

support from a structural housing supply gap. Industrial construction

is expected to remain resilient in 2026, driven by manufacturing,

energy and tech investments, mainly in the South. Infrastructure is a

bright spot, with IIJA funding accelerating projects in Florida and the

Mid-Atlantic. Strong bipartisan support is expected to result in the

renewal of federal infrastructure funding at elevated levels later in

the year. Despite the near-term challenges, the markets where we

operate are the beneficiaries of significant long-term demand

tailwinds, including investments to replace and renew aging

infrastructure, investments in manufacturing reshoring, and

emerging trends in resilient urbanization and construction

technology. We see strong opportunities in high-demand markets

and are meeting these opportunities with targeted investments in

capacity expansion, logistics, and adjacencies. Finally, the

integration of Keystone acquisition (subject to regulatory approval),

later in 2026, will add substantial domestic cement production

capacity, expand our geographic reach and further strengthen our

position along the East Coast and inland.

Greece’s construction sector is set for moderate growth, supported

by resilient private demand and strong public investment. With GDP

expected to grow in 2026–27 at twice the EU average, the

momentum in Greece is underpinned by Recovery and Resilience

Facility (RRF) funding supporting investment activity. Residential

construction remains buoyant, driven by a housing shortage and

new supply-side policies. Public infrastructure will lead growth,

backed by EU-funded transport, energy, and post-disaster

reconstruction projects. Commercial and industrial segments are

also benefiting from robust investment, particularly in tourism,

manufacturing, and renewables.

In 2026, the construction sector across Southeastern European

markets is expected to stabilize at high levels, following several

years of robust expansion. Residential construction remains a key

driver of demand, supported by urbanization, housing shortages,

and diaspora-related investments; however, elevated financing

costs are tempering new homebuilding. Private non‑residential

construction is following a two speed trajectory. On the one hand,

strong foreign and domestic investment is driving industrial and

energy projects, including new manufacturing facilities and

large‑scale renewable power installations, particularly in North

Macedonia. On the other hand, marquee events such as Serbia’s

upcoming Expo 2027 are catalyzing a surge in related commercial

developments. Public infrastructure is expected to be the most

dynamic segment, underpinned by large‑scale transport and

energy projects supported by EU and multilateral funding, including

Bulgaria’s Recovery and Resilience Plan and Western Balkans

investment programs.

In 2026, Egypt and Türkiye’s construction sectors are set for

moderate growth, driven by expansive development pipelines –

Egypt’s alone exceeding $565 billion – despite ongoing affordability

and financing challenges. Easing inflation and improved FX stability

should support Egypt’s economy, while Türkiye benefits from

resilient domestic demand and a gradual policy shift. Residential

construction remains a key growth engine in both countries, fueled

by population growth, housing shortages, and large-scale

reconstruction (post-earthquake) and renewal programs, while cost

inflation and financing constraints persist. Industrial and energy

megaprojects, along with rising FDI and decarbonization efforts, are

boosting private non-residential activity. Public infrastructure will also

play a central role, supported by sustained government and public-

private investment programs in both countries.

Our regional teams have demonstrated agility through adaptive

pricing and strong cross functional coordination, supported by a

solid balance sheet and disciplined cost management. We continue

to embed AI across operations to enhance productivity, while our

inorganic growth strategy remains anchored to EBITDA margin and

ROCE targets. The current conflict in the Middle East has created

geopolitical uncertainties with macroeconomic implications, the full

extent of which remains difficult to assess. TITAN Group has no

exposure to the affected regions. Nevertheless, conflict-driven

developments, including higher energy prices, are anticipated to

impact market trends and further increase inflationary risks. Looking

ahead to 2026, we expect low single-digit (LfL) sales growth and

mid-single-digit (LfL) EBITDA growth, supported by resilient pricing,

and productivity and efficiency initiatives. Additionally, the

integration of our latest acquisitions will further drive growth. Capital

expenditures are projected at €350–400 million, focused on

growth and efficiency initiatives, consistent with recent years.

Management Report

Corporate

governance

and risk

management

TITAN Group Integrated Annual Report 2025

Our approach to corporate

governance and risk management.


Corporate governance and risk management	56
Corporate governance statement	58
Introduction	58
Corporate governance code	58
2025 highlights	58
Board of Directors	59
Board Committees	67
Group Committees	69
External audit	73
Diversity and inclusion in the Board of Directors	73
Financial reporting process: Internal audit and risk management systems	73
Internal audit	74
Remuneration report 2025	75
Capital, shares, and shareholders	87
Amendment to the Company’s Articles of Association	88
Important agreements affected by a change of control following a public tender offer	88
Agreements providing compensation for Board Members or employees in case of resignation, or redundancy without valid reason, or employment termination due to a takeover bid	89
Investors’ information	89
Risk management	90
Group risk strategy	90
Risk management process	90
Risk management, governance, and controls	91
TITAN’s principal risks	91

Thermaver autoclaved aerated concrete masonry units

in Greece.

Management Report

Corporate governance and risk management

Corporate governance statement

1. Introduction

Titan SA (the “Company”) is a public limited liability company

incorporated under Belgian law. The Company’s shares are listed

on the regulated markets of Euronext Brussels, Euronext Paris, and

the Athens Exchange.

The Company is committed to the highest governance principles,

seeking the consistent enhancement of its corporate governance

performance and promoting transparency, responsible

management, sustainability, and long-term value creation.

This Corporate Governance Statement has been prepared in

accordance with the applicable provisions of Belgian law, including

the Belgian Code of Companies and Associations (the “BCCA”) and

the 2020 Belgian Code on Corporate Governance (the “CG Code”). It

outlines the governance structure, principles, and practices through

which the Company manages its operations, ensures accountability,

and safeguards the interests of its shareholders and stakeholders.

2. Corporate Governance Code

2.1 Application of the 2020 Belgian Corporate Governance Code

The Company applies the principles of the CG Code, which is

publicly available on the website of the Belgian Corporate

Governance Committee: https://

corporategovernancecommittee.be/en/about-2020-code/2020-

belgian-code-corporate-governance.

The CG Code is structured around ten principles, which are further

detailed in several provisions/recommendations. The “comply or

explain” principle states that all Belgian listed companies are

expected to comply with all the provisions of the CG Code unless

they provide an adequate explanation for deviating from a provision.

The Board of Directors of the Company has adopted a Corporate

Governance Charter (the “CG Charter”). The CG Charter describes the

main aspects of the Company’s governance structure, defines the

terms of reference of the Board of Directors and those of its

Committees, and incorporates the Dealing Code, which establishes

the rules applicable to transactions in securities of the Company. The

CG Charter, as amended to reflect the corporate governance

development of the Company, is available on the Company’s website

(https://www.titanmaterials.com/about-us/corporate-governance/).

2.2 Deviations from the CG Code

The Company partially deviates from Principle 7.6 of the CG Code,

as share-based remuneration is currently granted only to the Non-

Executive Chair of the Board of Directors. This partial deviation is

explained by the fact that the interests of the non-executive

members of the Board of Directors are sufficiently aligned with the

creation of long-term value for the Company, even without any

portion of their remuneration being granted in the form of shares.

Nonetheless, the Company continues to review its governance

framework and to assess potential further alignment with Provision

7.6 of the CG Code, in line with the prior adaptation made for the

Non-Executive Chair.

2.3 Governance Structure

The Company has adopted a one-tier governance structure

consisting of the Board of Directors, vested with the authority to

carry out all actions that are necessary or beneficial to achieve the

Company’s purpose, excluding those explicitly granted to the

General Meeting of Shareholders by law.

At least once every five years, the Board of Directors shall reassess

whether the chosen governance structure is still appropriate and, if

not, it shall submit a proposal for a new governance structure to the

General Meeting of Shareholders. In 2023, the Board of Directors

assessed the one-tier governance structure and concluded that the

chosen governance structure remains appropriate.

3. 2025 highlights

3.1 In early 2025, TITAN Group achieved a significant milestone

toward its strategic objectives with the successful listing of Titan

America – the parent company of TITAN Group’s US operations –

on the New York Stock Exchange. This milestone reflects our

dedication to creating long-term value for our shareholders and

further solidifies our position in the global market.

The listing of Titan America led to changes in the composition of

the Company’s Board of Directors and Committees. To ensure

governance effectiveness and leadership stability, as of 7 February

2025, William J. Antholis, Sandra Santos and Vassilios (Bill) Zarkalis

transitioned from the Board of Directors of the Company to the

Board of Directors of Titan America. Additionally, Ioannis Paniaras,

Group Executive Director Europe, also stepped down from the

Company’s Board of Directors, as of 7 February 2025, to facilitate

a further streamlining of the Board.

During the year, both Boards operated in accordance with

established sound governance practices, maintaining a clear

division of responsibilities and exercising their duties

independently, ensuring no overlap or interference in each other’s

areas of oversight or decision-making.

3.2 As of 5 May 2025, and following the approval granted by the

Extraordinary General Meeting of Shareholders, the Company

changed its name from Titan Cement International SA to Titan SA,

adopting a name that better reflects its broader and more-forward

thinking vision, in line with its commitment to sustainability and the

delivery of value-added products and solutions for a sustainable

future. Furthermore, the Company’s domain name was changed to

“www.titanmaterials.com”.

3.3 At the Annual General Meeting of Shareholders on 8 May 2025,

shareholders confirmed their confidence in the Company’s

leadership by renewing the mandates of all members of the Board

of Directors for a one-year term, until the Annual General Meeting

of Shareholders to be held in 2026.

3.4 The Board of Directors, following the recommendation of the

Nomination Committee, appointed Ioannis Ioannou as the new Group

Chief Financial Officer, effective as of 1 November 2025, succeeding

Michael Colakides, who will continue to serve as Managing Director of

the Company and Chair of the Company’s Management Committee.

Moreover, the Board of Directors appointed Ioannis Ioannou as a

member of the Management Committee and of the Group Executive

Committee, and Michael Colakides as a member of the Strategy

Committee, effective as of 1 July 2025.

TITAN Group Integrated Annual Report 2025

4. Board of Directors

4.1 Graphical overview



Age distribution of board members	Men/women on board	Independence

n Under 45: 8% n 45–65: 59% n Over 65: 33%	n Men: 66.67% n Women: 33.33%	n Independent non-executive members: 59% n Non-executive non-independent members: 8% n Executive members: 33%
Board member tenure	Board expertise

n Less than 3 years: 17% n 3–5 years: 25% n More than 5 years: 58%	n Finance/economics: 19% n Business management: 19% n Industry: 13% n Engineering: 6% n Audit/legal and regulatory: 8% n Sustainability: 8% n International experience 19% n Digitalization: 8%


Average tenure of Board members
4.9 years

Board attendance
99.38%
99.38%

Board committees attendance
100%

Nationalities represented on Board
4
British, Cypriot, French, and Greek

Management Report

Corporate governance and risk management

4.2 Information on Directors




Dimitrios Papalexopoulos • Chair of the Board of Directors • Non-Executive Director • Member of the Remuneration Committee Born: 1962 Dimitrios Papalexopoulos started his career as a business consultant for McKinsey & Company Inc. in the US and Germany. He joined TITAN Group in 1989 and served as the Group’s CEO between 1996 and 2019. From 2019 until 2022, he served as Chair of the Group Executive Committee. Mandates in listed companies n/a Other mandates • Member of the European Round Table for Industry (ERT) and Co- Chair of its Energy Transition & Clean Industry Committee. • Deputy Chairman of the Board of the Foundation for Economic and Industrial Research (IOBE). • Member of the Board of the Hellenic Foundation for European and Foreign Policy (ELIAMEP). • Member of the Board of Endeavor Greece. • Member of the General Council of Bank of Greece (since April 2025). • Member of the Board of Carmeuse Group. Education Dimitrios Papalexopoulos holds a MSc in Electrical Engineering from the Swiss Federal Institute of Technology (ETHZ) and an MBA from Harvard Business School.	Kyriacos Riris • Vice-Chair of the Board of Directors • Independent Director • Chair of the Audit and Risk Committee Born: 1949 Kyriacos Riris completed his professional exams with the Association of Certified Chartered Accountants (ACCA) in the UK in 1975, becoming a fellow of the ACCA in 1985. Since 1976 he has worked mostly in Greece. He was a member of the executive committee of PwC Greece and became a partner in 1984. His responsibilities included that of managing partner of the audit and the advisory/consulting departments, and later deputy territory senior partner. In 2009, he was elected as chair of the board of PwC in Greece, retiring from that position in 2014. With a career spanning some 40 years, he has accumulated vast experience with both domestic and multinational entities in a variety of sectors and industries, including manufacturing, shipping, commerce, food and beverages, construction, pharmaceuticals, financial services, and information systems. Mandates in listed companies Member of the Board of Directors of Diana Shipping Inc. and chair of the audit committee and member of the nominating committee. Other mandates Senior Advisory Consultant at Alantra. Education: Kyriacos Riris completed his high school education in Cyprus, before continuing his higher education and professional qualifications at Birmingham Polytechnic.	Michael Colakides • Managing Director of the Company • Member of the Strategy Committee • Chair of the Management Committee Born: 1954 Michael Colakides started at Citibank Greece, where over time he held the positions of head of FIG and head of corporate finance and local corporate banking (1979-1993). In 1993, he was appointed executive vice-chairman of the National Bank of Greece responsible for the corporate and retail banking business, the domestic and international branch network. In 1994, he joined TITAN Cement Company SA, holding the position of Group CFO and member of the Board, and led cement acquisitions in Southeast Europe, Egypt, and the US. From 2000 to 2007, he served as vice-chair and managing director of Piraeus Bank SA, overseeing the domestic wholesale and retail banking and the group’s international network and activities. In 2007, he joined EFG Eurobank Ergasias SA, as deputy CEO–group risk executive (2007–2013), overseeing the risk management functions of the group in Greece and abroad. In January 2014, he returned to TITAN Group, assuming the position of Group CFO and Executive Member of the Board of Directors. Mandates in listed companies Member of the Board of the NYSE- listed Titan America SA. Other mandates Non-executive Chair of Alpha Bank Cyprus. Education Michael Colakides holds a BSc in Economics from the London School of Economics and an MBA from the London Business School.

TITAN Group Integrated Annual Report 2025




Marcel Cobuz • Executive Director • Member of the Strategy Committee • Chair of the Group Executive Committee Born: 1971 Marcel Cobuz has more than 20 years of experience in international leadership, innovation, and transformation roles. He started his career in the field of investment banking and as an entrepreneur in Romania. In 2000, he joined Lafarge, a major multinational company in building materials, where he served in various leadership roles in Europe, Asia, the Middle East, and Africa. His last role before joining TITAN was CEO Europe for LafargeHolcim. During his career, he has also served on boards of different businesses and not-for-profit education organizations. Mandates in listed companies Chair of the Board of the NYSE-listed Titan America SA. Other mandates • Member of the Board of Global Cement and Concrete Association. • Member of the Board of Governors of St. Catherine’s British School. Education Marcel Cobuz studied Law and Economics in Bucharest, completed the Harvard Business School Advanced Management Program, and attended executive programs at INSEAD, IMD, and Singularity Group.	Andreas Artemis • Independent Director • Chair of the Remuneration Committee • Member of the Audit and Risk Committee (since 1 January 2026) Born: 1954 Andreas Artemis has been an executive member of the board of Commercial General Insurance Group since 1985 and chair since 2002. He served on the Board of the Bank of Cyprus Group as a member (2000– 2005), vice-chair (2005–2012) and chair (2012–2013). He has also served as a member of the board of the Cyprus Telecommunications Authority (1988–1994) and as Honorary Consul General of South Africa in Cyprus (1996–2012). Mandates in listed companies n/a Other mandates • Chair of the Board of Commercial General Insurance Group. • Member of the Board of the Cyprus Employers and Industrialists Federation • Member of the Council of the Cyprus Red Cross Society. Education Andreas Artemis studied Civil Engineering at Queen Mary and Imperial College of the University of London and holds a BSc (Engineering) and an MSc degree.	Leonidas Canellopoulos • Executive Director • Member of the Strategy Committee Born: 1988 Leonidas Canellopoulos is the Chief Innovation and Sustainability Officer of TITAN Group and responsible for Group Corporate Affairs. Since 2012, he has covered various roles within the Group’s Finance and Strategic Planning functions and has served as Cement Operations Director of the Group’s Greek Region. Prior he worked for Separation Technologies LLC. Mandates in listed companies n/a Other mandates • Member of the Board of the Foundation for Economic and Industrial Research (ΙΟΒΕ). • Member of the Board of Junior Achievement Greece. Education Leonidas Canellopoulos holds a BA in Economics with Honors from Harvard University and an MBA from INSEAD, where he received the Henry Ford II Prize.

Management Report

Corporate governance and risk management




Haralambos (Harry) G. David • Independent Director • Member of the Nomination Committee Born: 1965 Harry David began his career as a certified investment advisor with Credit Suisse in New York. He then served in several executive positions within Leventis Group Companies in Nigeria, Greece, and Ireland. He has served on the boards of Alpha Finance, Greece’s Public Power Corporation and Emporiki Bank (Crédit Agricole). He has been honored with the rank of Taxiarches of the Greek Orthodox Patriarchate of Alexandria and with the Chieftaincy of Sulkin Keffi in Nigeria. Mandates in listed companies Non-Executive Chair of the Board of Frigoglass SA. Other mandates • Member of the Boards of A.G. Leventis (Nigeria) PLC, the Nigerian Bottling Company Ltd, Frigoglass Industries (Nigeria) Ltd, Pikwik (Nigeria) Ltd, Aristeus Financial Services Ltd, and Torval Investment Corporation. • Member of the Board of the A.G. Leventis Foundation, Cyprus. • Member of the Board of Cyprus Seeds for Technological Innovation. • Member of the Board of ANIMA Hellenic Wildlife Care Association. • Member of the TATE Modern’s African acquisitions committee. • Member of the global council of the Studio Museum in Harlem. • Chair of the A.G. Leventis Foundation’s Olympic Preparation Scholarship Committee. Education Harry David earned his BS from Providence College (US).	Lyn Grobler • Independent Director • Chair of the Nomination Committee Born: 1964 Lyn Grobler is an experienced executive with a strong track record in technology and IT roles. During her career, she has managed large-scale global technology projects and strategies within banking, insurance and trading based in both London and South Africa. She held multiple leadership positions at BP over a 10- year period, most recently as Vice President and CIO Corporate Functions. From 2016 to 2025, she served as group chief information officer (CIO) at Howden Group Holdings, delivering an IT strategy that supported the group’s growth ambitions. Currently, she is Chief Technology Officer at St. James’s Place. Mandates in listed companies Independent vice-chairperson of the Board of Bank of Cyprus. Other mandates n/a Education Lyn Grobler holds a Higher National Diploma in Computer Systems from Durban University (South Africa) and a National Diploma in Electronic Data Processing from Cape Peninsula University (South Africa).	Paula Hadjisotiriou • Independent Director • Member of the Remuneration Committee Born: 1957 Paula Hadjisotiriou has extensive and wide-ranging banking and managerial experience in Europe, with expertise in finance, strategy, governance, remuneration, and corporate transactions. Following qualification as a chartered accountant in London and working with PwC, she joined the Latsis Group in Greece as deputy group internal auditor and then embarked on a long banking career from 1990 to 2015 with Eurobank Ergasias (group CFO, head of strategy and governance and company secretary) and National Bank of Greece (group CFO and deputy group CEO also responsible for treasury and operations). She served as an independent member of the board, member of the audit, risk and technology committees, and chair of the risk committee of Bank of Cyprus from 2018 to 2023, and as an independent member of the board, member of the risk committee, and chair of the audit and remuneration committees of Credit Suisse (Europe) in Madrid until 2025. Mandates in listed companies n/a Other mandates • Non-executive member of the Board of EFG Private Bank Ltd (London) and member of the nominations committee. • Advisor to the Group CEO of EFG International, a company listed on the Swiss Stock Exchange. Education Paula Hadjisotiriou holds a Foundation Diploma from the North London Polytechnic and has been a member of the Institute of Chartered Accountants in England and Wales since 1981.

TITAN Group Integrated Annual Report 2025




Natalia Nikolaidi¹ • Independent Director • Member of the Audit and Risk Committee Born: 1965 Natalia Nikolaidi brings to the Board a deep risk management combination in governance, regulatory, and legal matters. Based in New York and London during her 30-year career, she has advised on international transactions, projects, and high-level regulatory relationships. She worked in Credit Suisse for 24 years, where she served as global general counsel for the investment banking and capital markets division. Prior, she was the head of risks and controls of Credit Suisse’s investment banking division. Her work in private practice in New York law firms from 1991 to 1996 focused on corporate finance. Mandates in listed companies • Independent non-executive member of the Board of Aegean Airlines SA and Chair of the remuneration and nominations committee, and of the sustainability committee. • Independent non-executive member of SMCP SA (French- listed) and member of the audit and sustainability committees. Other mandates Member of the Board of Cyprus Seeds, an innovation impact fund. Education Natalia Nikolaidi graduated in Economics from Yale University and has advanced degrees in Law (Juris Doctor) and International Affairs (master’s) from Georgetown University and in European Union Law from the College of Europe (Bruges, Belgium). ¹ Natalia Nikolaidi served as a member of the Board of Directors and the Audit and Risk Committee until 31 December 2025.	Alexandra Papalexopoulou • Executive Director • Chair of the Strategy Committee • Member of the Nomination Committee Born: 1966 Alexandra Papalexopoulou began her career as an analyst for the Organization for Economic Co- operation and Development (OECD) and later as an associate at the consulting firm Booz Allen Hamilton in Paris in the early 1990s. Joining TITAN Group in 1992, she started out in international trading and business development, then headed Strategic Planning, before becoming Deputy Chair of the Group Executive Committee. Mandates in listed companies Independent non-executive director of Aegean Airlines SA. Other mandates • Treasurer of the Paul and Alexandra Canellopoulos Foundation. • Member of the Board of Trustees of INSEAD Business School. Education Alexandra Papalexopoulou holds a BA in Economics from Swarthmore College (US) and an MBA from INSEAD (France).	Dimitris Tsitsiragos • Independent Director • Member of the Audit and Risk Committee • Member of the Strategy Committee Born: 1963 Dimitris Tsitsiragos has over 30 years of extensive international experience in emerging markets finance across industries, sectors, and products. He started his career in 1985 in New York as a corporate bond evaluator at Interactive Data Services (a former subsidiary of Chase Manhattan). In 1989, he joined the International Finance Group (IFC), a member of the World Bank Group, and retired in 2017 as vice-president, overseeing global business operations and stakeholder relations with governments, financial institutions, and private-sector clients, and chairing IFC’s corporate credit committee. During his career at IFC, he served as Vice-President for Europe, Central Asia, Middle East and North Africa (Istanbul), Director of Middle East, North Africa and Southern Europe (Cairo), Director of global manufacturing and services department, Director of South Asia (New Delhi), Manager, New Investments, Central and Eastern Europe, Manager Oil & Gas, along with earlier investment roles. From 2018 to 2022, he served as Senior Advisor for emerging markets at PIMCO. Mandates in listed companies Independent non-executive Chair of the Board of Alpha Bank (Greece). Other mandates n/a Education Dimitris Tsitsiragos holds an MBA (George Washington University) and a BA in Economics (Rutgers University), and has attended the World Bank Group executive development program at Harvard Business School.

Management Report

Corporate governance and risk management

4.3 Role and Powers of the Board of Directors

The Board of Directors, as a collegial body, pursues sustainable

value creation by the Company, by setting the Company’s strategy,

putting in place effective, responsible, and ethical leadership, and

monitoring the Company’s performance.

The Board of Directors is vested with the power to perform all acts

that are necessary or useful for the realization of the Company’s

purpose, except for those which the law or the Company’s Articles

of Association reserve to another corporate body.

The role, duties, and powers of the Board of Directors are outlined

in the Company’s Articles of Association and in the Company’s

CG Charter, which are both available on the Company’s website

(https://www.titanmaterials.com/about-us/corporate-governance/).

4.4 Appointment and Replacement of the Members of the

Board of Directors

Pursuant to Article 17 of the Company’s Articles of Association, the

Company is managed by a Board of Directors consisting of a

minimum of three directors appointed by the General Meeting of

Shareholders. The directors are appointed for a maximum term of

three years and may be reappointed. Their mandate may be

revoked at any time by the General Meeting of Shareholders.

Should any director’s mandate become vacant for any reason, the

remaining directors may temporarily fill the vacancy, subject to

confirmation of the appointment at the next General Meeting of

Shareholders. If there is no confirmation, the mandate of the

appointed director shall expire immediately after the General

Meeting of Shareholders, without prejudice to the validity of the

composition of the Board of Directors until that date.

Until such vacancy is filled by the General Meeting of Shareholders

or the Board of Directors, the directors whose mandate has expired

shall remain in office, provided that their continued service is

necessary to maintain the minimum number of directors required by

law or the Company’s Articles of Association.

4.5 Composition of the Board of Directors

As at 31 December 2025, the Board of Directors was composed

of twelve directors:

• The roles of Chair and Managing Director are separated.

• The majority of directors, namely eight out of twelve, including

the Chair, are non-executive directors.

• Seven out of the twelve directors, namely Andreas Artemis,

Haralambos David, Lyn Grobler, Paula Hadjisotiriou, Natalia

Nikolaidi, Kyriacos Riris, and Dimitris Tsitsiragos, met on their

appointment the independence criteria of Article 7:87 of the

BCCA and those of Provision 3.5 of the CG Code.

• Four out of the twelve directors, namely Leonidas

Canellopoulos, Marcel Cobuz, Michael Colakides, and Alexandra

Papalexopoulou, are executive directors.

• Four out of the twelve directors are women.

• The directors represent four different nationalities (British,

Cypriot, French, and Greek).


Composition of the Board of Directors as at 31 December 2025 ¹
Name	Position	Start date of first mandate	Start date of current mandate	End date of current mandate
Dimitrios Papalexopoulos	Chair, Non-Executive Director	July 2019	May 2025	May 2026
Kyriacos Riris	Vice-Chair, Independent Non-Executive Director	October 2018	May 2025	May 2026
Michael Colakides	Managing Director	July 2019	May 2025	May 2026
Marcel Cobuz	Executive Director	January 2023	May 2025	May 2026
Andreas Artemis	Independent Non-Executive Director	July 2019	May 2025	May 2026
Leonidas Canellopoulos	Executive Director	July 2019	May 2025	May 2026
Haralambos David	Independent Non-Executive Director	July 2019	May 2025	May 2026
Lyn Grobler	Independent Non-Executive Director	December 2021	May 2025	May 2026
Paula Hadjisotiriou	Independent Non-Executive Director	June 2023	May 2025	May 2026
Natalia Nikolaidi²	Independent Non-Executive Director	May 2022	May 2025	May 2026
Alexandra Papalexopoulou	Executive Director	July 2019	May 2025	May 2026
Dimitris Tsitsiragos	Independent Non-Executive Director	March 2020	May 2025	May 2026

1. William J. Antholis, Ioannis Paniaras, Sandra Santos, and Vassilios (Bill) Zarkalis served as members of the Board of Directors until 7 February 2025.

2. Natalia Nikolaidi served as a member of the Board of Directors until 31 December 2025.

In early 2026, following the resignation of Natalia Nikolaidi, the

Board of Directors decided to co-opt Stella Kyriakides as

independent non-executive director of the Company, for the

remainder of the initial mandate of Natalia Nikolaidi. This co-

optation is subject to confirmation by the next general meeting of

shareholders and took effect on 3 February 2026.

Stella Kyriakides

Born in 1956.

Stella Kyriakides has served as European Commissioner for Health

and Food Safety (December 2019–November 2024), playing a

central role in shaping European health policy. She brings over 40

years of experience in public health, cancer care, gender equality in

health, and patient-centered policy, combining clinical expertise

with political leadership and advocacy at national, European, and

global levels. She began her career in child and adolescent mental

health services before entering public life. From 2006 to 2019, she

TITAN Group Integrated Annual Report 2025

served as a Member of the House of Representatives of Cyprus

and, in 2017, was elected President of the Parliamentary Assembly

of the Council of Europe, the only Cypriot ever to hold the position.

She is the Founder and former President of Europa Donna Cyprus –

The European Breast Cancer Coalition. She also led the Cyprus

National Cancer Plan as President of the National Cancer

Committee of Cyprus. She has received international recognition

for her leadership in health and patient advocacy, including an

Honorary Doctorate from the University of Reading, the European

Cancer League (2024), and the Yvonne Lifetime Achievement

Award in Oncology (2025). She currently serves as Co-Chair of the

Advisory Board of the European School of Oncology, is a member

of the Board of the University of Cyprus, and a member of the

Global Alliance for Women’s Health Community of Champions of

the World Economic Forum.

4.6 Functioning of the Board of Directors

During 2025, the Board of Directors held eleven meetings: on

15 January, 7 February, 26 March, 7 May, 8 May, 10 June, 30 July,

29 October, 5 November, 25 November, and 30 December.

Pursuant to provisions 3.11 of the CG Code and 4.5.2 of Chapter 4

of the CG Charter, the non-executive members of the Board of

Directors held a meeting on 5 November 2025, in the absence of

the Managing Director and the other executive directors, achieving

an attendance rate of 100%.

In 2025, the members of the Board of Directors achieved an

attendance rate of 99.43% at the Board meetings, while the

Committees recorded full attendance at 100%.

The individual attendance rates of the members of the Board

of Directors for its meetings and for the meetings of the Board

Committees held in 2025 are included in the table below:


Directors’ individual attendance, 2025
Director	Board of Directors meetings	Individual attendance rate in Board meetings (%)	Non- Executive Directors meetings	Audit and Risk Committee meetings	Remuneration Committee meetings	Nomination Committee meetings	Strategy Committee meetings	Individual attendance rate in Committee meetings (%)
Dimitrios Papalexopoulos	11/11	100%	1/1	-	4/4	-	-	100%
Kyriacos Riris	11/11	100%	1/1	5/5	-	-	-	100%
Michael Colakides¹	11/11	100%	-	-	-	-	2/2	100%
Marcel Cobuz	11/11	100%	-	-	-	-	4/4	100%
William J. Antholis²	2/2	100%	-	-	-	-	-	100%
Andreas Artemis³	11/11	100%	1/1	-	4/4	-	-	100%
Leonidas Canellopoulos	11/11	100%	-	-	-	-	4/4	100%
Haralambos David⁴	11/11	100%	1/1	-	-	4/4	-	100%
Lyn Grobler⁵	11/11	100%	1/1	-	-	4/4	-	100%
Paula Hadjisotiriou	11/11	100%	1/1	-	4/4	-	-	100%
Natalia Nikolaidi	11/11	100%	1/1	5/5	-	-	-	100%
Ioannis Paniaras⁶	1/2	50%	-	-	-	-	-	-
Alexandra Papalexopoulou	11/11	100%	-	-	-	4/4	4/4	100%
Sandra Santos⁷	2/2	100%	-	-	-	-	1/1	100%
Dimitris Tsitsiragos	11/11	100%	1/1	5/5	-	-	4/4	100%
Vassilios (Bill) Zarkalis⁸	2/2	100%	-	-	-	-	-	-

1. Michael Colakides was appointed as a member of the Strategy Committee effective 1 July 2025. Consequently, he attended all meetings of the Strategy Committee convened

after his appointment.

2. William J. Antholis served as a member of the Board of Directors and the Nomination Committee until 7 February 2025. Consequently, he attended all meetings convened

prior to that date.

3. At the Board of Directors meeting held on 29 October 2025, Andreas Artemis was represented by Dimitrios Papalexopoulos.

4. At the Board of Directors meeting held on 5 November 2025, Haralambos David was represented by Kyriacos Riris.

5. At the Board of Directors meeting held on 7 February 2025, Lyn Grobler was represented by Kyriacos Riris.

6. Ioannis Paniaras served as a member of the Board of Directors until 7 February 2025. Consequently, he attended one of the two meetings convened prior to that date.

7. Sandra Santos served as a member of the Board of Directors and the Strategy Committee until 7 February 2025. Consequently, she attended all meetings convened prior to

that date.

8. Vassilios (Bill) Zarkalis served as a member of the Board of Directors until 7 February 2025. Consequently, he attended all meetings convened prior to that date.

Discussions and decisions

In 2025, the meetings of the Board of Directors were mainly

focused on, but were not limited to:

• Financial performance: approval of the annual budget, alignment

of financial goals with strategic objectives, monitoring of budget

execution and financial performance against targets, and review

and approval of financial statements;

• IPO of TITAN Group’s US business: discussions and decisions

on the completion of the listing on the New York Stock

Exchange of the Belgian Group company Titan America SA,

parent of the US operations.

• Strategic planning: approval of the “TITAN Forward 2029”

growth plan, monitoring of strategy execution, exploration of

new initiatives to drive sustainability and innovation, and

alignment of strategic goals with the evolving needs and

ambitions of TITAN Group;

• M&A and Business Development: review and approval of several

acquisition projects across the regions where the Group

operates (USA, Europe, East Med), as well as other strategic

transactions, including partnerships and divestments, assessing

their strategic fit, financial impact and associated risks;

• Finance Agreements: Review and approval of Titan Global

Finance Plc’s offering of €350 million Senior Notes due 2031

Management Report

Corporate governance and risk management

and review of corporate guarantees in favor of TITAN Group

companies to support operational and financing arrangements.

• Operational updates: progress on digital transformation and

major operational projects, key milestones achieved, challenges

affecting day-to-day operations, and discussions on

infrastructure improvements and investments aimed at

enhancing operational efficiency;

• ESG performance: review of CO2 emissions in line with the SBTi

1.5^oC target, quarterly updates and discussions on key

sustainability and green innovation matters and initiatives, and

quarterly information about ESG ratings;

• Internal Control and Risk Management: monitoring of the

framework of internal control and risk management, and review

of the strategies and actions implemented to mitigate identified

risks, including sustainability risks;

• Corporate Governance: post-IPO restructuring of the Board of

Directors and the Board Committees, discussions on post-IPO

corporate governance procedures, discussion on the

recommendation to the General Meeting to renew the mandates

of the members of the Board of Directors, review and approval

of amendments to the CG Charter and the Remuneration Policy;

• People agenda: discussions on the succession of the Group

Chief Financial Officer, succession planning for key roles,

building critical capabilities, enhancing employee engagement,

and aligning organizational structures for growth and

transformation.

4.7 Evaluation of the Board of Directors

In accordance with its terms of reference outlined in Chapter 4

of the CG Charter, the Board of Directors conducts, at least every

three years, an assessment of its performance, its interaction with

the executive management, as well as its size, composition, and

functioning, and that of its Committees. The evaluation is carried

out through a formal process, which may or may not involve

external facilitation.

In 2023, the Board of Directors carried out a formal Board

evaluation without external facilitation. The evaluation focused

primarily on the performance, composition, preparation, and

functioning of the Board of Directors and its Committees, and the

interaction between the Board of Directors and the executive

management of the Company.

The results revealed a comprehensive consensus regarding

the successful implementation of sound practices concerning

crucial governance objectives. No concerns were raised

regarding the performance, preparation, and functioning of the

Board of Directors.

The next evaluation of the Board of Directors is scheduled to take

place in 2026.

4.8 Code of Conduct

The Company has drawn up a Code of Conduct setting out the

anticipated standards of responsible and ethical behavior expected

from the members of the Board of Directors, as outlined in Chapter

11 of the CG Charter.

In accordance with the Code of Conduct, the members of the

Board of Directors should act with honesty, integrity, and probity,

and in the best interests of the Company, TITAN Group, and

its stakeholders. They should engage actively in their duties and

be able to make their own sound, objective, and independent

judgments while fulfilling their responsibilities.

The members of the Board of Directors, both during and after

their tenure, are required to handle all confidential information

with utmost care. They must not exploit such information for

personal benefit or any purpose beyond their official duties, nor

disclose it to anyone outside the Company or TITAN Group unless

legally required or expressly authorized for operational purposes.

The Code of Conduct also outlines the principles that each Board

member should adhere to when engaging in transactions with the

Company or TITAN Group, ensuring both transparency and

compliance with the relevant procedures.

Each member of the Board of Directors must manage their personal

affairs to avoid both actual and perceived conflicts of interest with

the Company or TITAN Group.

The members of the Board of Directors are required to inform the

Board of conflicts of interests as they arise. If a director has a direct

or indirect financial interest that conflicts with the interests of the

Company, he or she is required to inform the other directors before

the Board takes a decision and the Board is required to implement

the procedures set forth in Articles 7:96 and 7:97 of the BCCA.

During 2025, the following decisions were taken, without the

presence of one or more executive members of the Board

of Directors:

Resolution of the meeting of the Board of Directors held on

26 March 2025: Reporting of the Remuneration Committee

“Following the introduction of the subject matter, the executive

directors of the Company namely Leonidas Canellopoulos, Marcel

Cobuz, Michael Colakides, and Alexandra Papalexopoulou

declared that they have a possible conflict of interest, pursuant to

article 7:96 of the BCCA, regarding the items to be discussed and

withdrew from the meeting. The conflict of interest is related to the

fact that the above executive directors are potential beneficiaries

of the Short-Term and Long-Term Incentive Plans, the salary

increases for 2025, the bonus payout for 2024 and the LTIP

awards for 2025. Dimitris Katsaounis, Secretary to the Board of

Directors, also withdrew, while Alexandra Eleftheriou, the Chief

People Officer and Secretary of the Remuneration Committee, was

invited to participate in the meeting.

The present non-executive members of the Board of Directors,

following a thorough discussion on the recommendations of the

Remuneration Committee, which promote the Company’s interests

and align the interests of the executive management with the

interests of the shareholders, unanimously decided, through

separate votes:

(i) to approve the proposed changes to the Short-Term and Long-

Term Incentive Plans as presented by the Remuneration

Committee.

(ii) to approve annualized salaries for 2025, the bonus pay-out for

2024 and LTI awards for 2025 for the executive members of the

Board of Directors, the members of the Management Committee and

the Group Executive Committee, as well as for the Group Head of

Audit and Compliance, noting that the total value of the above

amounts to €18.5 million (rounded), including the ad hoc awards

listed below, and are granted subject to the achievement of personal

and collective targets provided in the Remuneration Policy.

TITAN Group Integrated Annual Report 2025

(iii) to approve the amendment of the Remuneration Policy as

proposed by the Remuneration Committee, which will be

submitted for approval to the annual general meeting of

shareholders to be held on May 8, 2025, and, if approved, will

apply as of January 1, 2025.

(iv) to approve the 2024 collective bonus payout rates based on

the actual collective performance vs target, as proposed by the

Remuneration Committee.

(v) to approve the number of vested shares granted in 2022 vs

targets within the framework of the Deferred Compensation Plan,

as proposed by the Remuneration Committee.

Further, the present non-executive members of the Board of

Directors, following a thorough discussion and based on the

recommendations of the Remuneration Committee, which promote

the Company’s interests and align the interests of the executive

management with the interests of the shareholders, unanimously

decided, through separate votes, the following:

(a) to grant an ad hoc award of a value of €840,000 in Company’s

Restricted Shares (“RS”) to Mr. Marcel Cobuz, Chair of the Group

Executive Committee, in recognition of his exceptional and

outstanding performance, which has contributed significantly to the

Company’s and Group’s strategic objectives. This decision reflects

the Board’s commitment to ensuring that the Company’s

leadership is rewarded for extraordinary contributions while

maintaining a strong and sustained alignment between leadership

and shareholder interests. This ad hoc grant shall be made under

the terms of the Long-Term Incentive Restricted Shares Policy (LTI-

RS Policy) and will vest in full after a period of three (3) years,

subject to the continued engagement of Mr. Cobuz with the

Company and the Group and in compliance with the terms and

conditions set forth in the LTI-RS Policy. In addition to the standard

vesting provisions, the Board of Directors confirms that this ad hoc

grant will be subject to a special mandatory holding requirement,

as follows: Vested shares under the LTI-RS Policy are subject to a

mandatory four-year holding period, during which participant

cannot sell or transfer the shares, ensuring continued alignment

with shareholder interests. Accordingly, Mr. Cobuz will be required

to hold the awarded shares in full for a period of four (4) years

following the vesting date, and no sale, transfer, pledge, or

disposal of such shares may occur during this holding period.

Furthermore, in the event of resignation or termination of

engagement of Mr. Cobuz, except in cases expressly provided for

under the terms of the LTI-RS Policy, any vested awards that are

still subject to the mandatory holding period will be subject to

forfeiture or claw-back, at the sole discretion of the Company and

in line with the terms and conditions set forth in the LTI-RS Policy

and the individual Participant Letter. This resolution is made in

accordance with Article 4.3 of the revised Remuneration Policy of

the Company and is subject to the latter's approval by the Annual

General Meeting of the Shareholders on May 8, 2025.

(b) to grant an ad hoc award of a value of €500,000 in Company’s

Restricted Shares (“RS”) to Mr. Michael Colakides, Managing

Director and Group Chief Finance Officer, in recognition of his

exceptional and outstanding performance, which has contributed

significantly to the Company’s and Group’s strategic objectives.

This decision reflects the Board’s commitment to ensuring that the

Company’s leadership is rewarded for extraordinary contributions

while maintaining a strong and sustained alignment between

leadership and shareholder interests. This ad hoc grant shall be

made under the terms of the Long-Term Incentive Restricted

Shares Policy (LTI-RS Policy) and will vest in full after a period of

three (3) years, subject to the continued engagement of Mr.

Colakides with the Company and the Group and in compliance

with the terms and conditions set forth in the LTI-RS Policy. This

resolution is made in accordance with Article 4.3 of the revised

Remuneration Policy of the Company and is subject to the latter’s

approval by the Annual General Meeting of the Shareholders on

May 8, 2025. [...]”

Resolution of the meeting of the Board of Directors held on

10 June 2025: Reporting of the Remuneration Committee

“At this point Mr. Michael Colakides declared a potential conflict of

interest and voluntarily withdrew from the meeting. The conflict

related to the upcoming deliberations of the Board of Directors

regarding his own remuneration and severance terms, in the

context of his planned retirement from the role of Group Chief

Financial Officer.

Ms. Alexandra Eleftheriou resumed the floor to present to the

Board of Directors the proposed severance package of Mr. Michael

Colakides, along with revised remuneration terms for his continued

service as Managing Director of the Company.

Subsequently, Mr. Andreas Artemis reported that the Remuneration

Committee had reviewed both the severance package and the

revised remuneration proposal during its recent meeting and

decided to recommend the approval of both items by the Board of

Directors.

Following the above deliberations and based on the positive

recommendations by the Nomination Committee and the

Remuneration Committee, the Board of Directors unanimously

decided, through separate votes, to:

[...]

(iii) approve the main terms and conditions of the amended

employment contract of Mr. Colakides with the Company, which

will take effect as of November 1, 2025, reflecting a reduction in his

remuneration in line with the revised scope of his responsibilities,

as presented.

(iv) approve that Mr. Michael Colakides, upon termination of his

employment contract with the Company, will be entitled to a

severance payment equal to 200% of his annual base salary, as

applicable in October 2025.”

4.9 Dealing Code

The Company has established a Dealing Code, which contains the

rules governing transactions in Company securities. The legal basis

for this Dealing Code is Regulation (EU) No 596/2014 on market

abuse, together with its implementing regulations and guidance.

The Dealing Code is included as Chapter 12 of the CG Charter

and is addressed to the Company’s directors, managers, and

officers, as well as to TITAN Group’s directors, managers, officers,

and employees, who are in possession of inside information

(the “Addressees”).

The Dealing Code is intended to ensure that the Addressees do not

misuse inside information, which is prohibited under EU market

abuse rules, and do not place themselves under suspicion of

misusing such inside information. The Dealing Code is also

intended to ensure that persons who possess inside information at

a given time maintain the confidentiality of such inside information

and refrain from market manipulation, either directly or indirectly.

5. Board Committees

5.1 Introduction

The Board of Directors has established the following Committees:

• Audit and Risk Committee;

• Remuneration Committee;

Management Report

Corporate governance and risk management

• Nomination Committee;

• Strategy Committee.

The terms of reference of the Board Committees defining the rules

governing their composition, tasks, and method of functioning are

laid down in Chapters 5–8 of the CG Charter, available on the

Company’s website (https://www.titanmaterials.com/about-us/

corporate-governance/).

The Board of Directors regularly reviews the composition of its

Committees to ensure alignment with legal requirements, the

evolving needs of the Company, and market expectations.

5.2 Audit and Risk Committee

5.2.1 Composition

Chair: Kyriacos Riris, independent director

Members:Natalia Nikolaidi, independent director

Dimitris Tsitsiragos, independent director

As of 1 January 2026, following the resignation of Natalia Nikolaidi

from the Board of Directors, the composition of the Audit and Risk

Committee is as follows:

Chair:Kyriacos Riris, independent director

Members:Andreas Artemis, independent director

Dimitris Tsitsiragos, independent director

With a career spanning some 40 years, the Chair of the Audit and

Risk Committee brings extensive experience in auditing and

accountancy, while the other members of the Audit and Risk

Committee, as a result of their education and professional

background, collectively contribute their expertise related to the

activities of the Company.

5.2.2 Role

The Audit and Risk Committee performs all the duties set out in

Article 7:99 of the BCCA and is entrusted with the development of

a long-term audit program encompassing all the activities of the

Company, including:

• monitoring the financial reporting process;

• monitoring the sustainability reporting process;

• monitoring the effectiveness of the Company’s internal control

and risk management systems;

• monitoring the internal audit function and its effectiveness;

• monitoring the statutory audit of the annual and consolidated

financial statements, including follow-up on any questions and

recommendations made by the External Auditor;

• reviewing and monitoring the independence of the External

Auditor, particularly with respect to the provision of additional

services to the Company.

5.2.3 Activities in 2025

In 2025, the Audit and Risk Committee held five meetings:

on 15 January, 26 March, 6 May, 30 July, and 4 November.

The members of the Audit and Risk Committee achieved

an attendance rate of 100% at all meetings.

In 2025, the discussions and decisions of the Audit and Risk

Committee were mainly focused on:

• the review of the Company’s annual and half-yearly consolidated

and stand-alone financial statements and quarterly results;

• the review of draft press releases for publication, and of the

annual report and the half-yearly report;

• the implementation of the Internal Audit Plan and the monitoring

of the internal audit organization, resources and competences;

• the review and monitoring of the Audit Plan presented by the

External Auditor;

• the review of the report of the External Auditor on the annual

consolidated and stand-alone financial statements and the

discussion on their findings;

• the review of the limited assurance of the External Auditor

on the sustainability statements and the discussion on

their findings;

• the review and approval of non-audit services;

• the review of the Group Risk Management Framework, including

climate- and ESG- related risks;

• the monitoring of implementation of the Group Compliance and

Anti-Fraud Program.

5.3 Remuneration Committee

5.3.1 Composition

Chair:Andreas Artemis, independent director

Members:Paula Hadjisotiriou, independent director

Dimitrios Papalexopoulos, non-executive director

5.3.2 Role

The Remuneration Committee has the duties set out in Article 7:100

of the BCCA, including the preparation and assessment of

proposals for the Board with regard to:

• the Company’s Remuneration Policy, and the remuneration

of directors, members of the Management Committee and the

Group Executive Committee, as well as arrangements

concerning early termination;

• the annual review of the executive management’s

performance; and

• the realization of the Company’s strategy against agreed

performance measures and targets.

5.3.3 Activities in 2025

In 2025, the Remuneration Committee held four meetings: on

7 March, 24 March, 5 May, and 3 June.

The members of the Remuneration Committee achieved an

attendance rate of 100% at all meetings.

In 2025, the discussions and decisions of the Remuneration

Committee were mainly focused on:

• the salary increases for 2025, the bonus payout for 2024 and

LTIP awards for 2025 for the executive members of the Board,

the members of the Management Committee, the members of

the Group Executive Committee, and the Head of Audit and

Compliance;

• the Remuneration Report for the year 2024;

• the review and revision of the Remuneration Policy;

• the setting and verification of performance targets;

• the review of the remuneration and severance packages of

executives across TITAN Group; and

• the review and amendment of the Terms of Reference of the

Remuneration Committee.

5.4 Nomination Committee

5.4.1 Composition

Chair:Lyn Grobler, independent director

Members:Haralambos David, independent director

Alexandra Papalexopoulou, executive director

TITAN Group Integrated Annual Report 2025

5.4.2 Role

The role of the Nomination Committee is to make

recommendations to the Board of Directors with regard to the

appointment of directors, the Managing Director of the Company,

the members and chairs of the Board Committees, the

Management Committee, and the Group Executive Committee,

along with their orderly succession planning.

The main duties of the Nomination Committee include:

• drafting appointment and reappointment procedures for

members of the Board of Directors, as well as members of the

Management Committee and the Group Executive Committee;

• nominating candidates for any vacant directorship positions,

subject to approval by the Board of Directors;

• preparing proposals for reappointments of existing members;

• periodically assessing the size and composition of the Board,

and making recommendations for any necessary changes; and

• ensuring that sufficient and ongoing attention is given to

executive succession, as well as the implementation of

appropriate talent development programs and initiatives

to promote diversity in leadership.

5.4.3 Activities in 2025

In 2025, the Nomination Committee held four meetings:

on 25 March, 2 June, 29 October, and 30 December.

The members of the Nomination Committee achieved an

attendance rate of 100% at all meetings.

In 2025, the discussions and decisions of the Nomination

Committee were mainly focused on:

• the discussion on the composition of the Board of Directors

and the qualifications of potential candidates;

• the assessment of multiple candidacies for the position of

member of the Board of Directors;

• the discussion on the succession planning for the members of

the Board of Directors; and

• the appointment of the new Group Chief Financial Officer and

subsequent changes to the composition of the Board

Committees, the Management Committee, and the Group

Executive Committee.

5.5 Strategy Committee

5.5.1 Composition

Chair: Alexandra Papalexopoulou, executive director

Members: Leonidas Canellopoulos, executive director

Marcel Cobuz, executive director

Michael Colakides, executive director

Dimitris Tsitsiragos, independent director

5.5.2 Role

The Strategy Committee, notwithstanding the legal powers of the

Board of Directors, assists the Board of Directors in reviewing and

monitoring TITAN Group’s strategy agenda and growth plan.

Additionally, the Strategy Committee supports the Board of

Directors in evaluating key strategic decisions on an ad hoc basis.

However, strategy formulation remains in all instances with the

Board of Directors.

The main duties of the Strategy Committee include:

• to review industry and market developments, as well as

governmental and legislative developments, in relation to the

objectives of TITAN Group’s strategy, and to recommend

corrective actions when necessary;

• to support the Board of Directors in reviewing the annual

strategic plan submitted by management, and to monitor its

alignment with the agreed strategy;

• to provide guidance to management in preparing the strategy-

related documents for review by the Board of Directors;

• to review ad hoc strategic transactions or initiatives proposed

by the Board of Directors, the Managing Director, or the Group

Executive Committee; and

• to monitor the progress of strategic projects and initiatives, as

well as the Company’s business plan, ensuring alignment with

the strategic objectives of TITAN Group.

5.5.3 Activities in 2025

In 2025, the Strategy Committee held four meetings: on 15 January,

23 April, 23 July and 22 October.

The members of the Strategy Committee achieved an attendance

rate of 100% at all meetings.

In 2025, the discussions and decisions of the Strategy Committee

were mainly focused on:

• the assessment of the divestment of the Group’s 75% share in

Adoçim Çimento Beton Sanayi ve Ticaret A.S. in eastern Türkiye

and the potential reinvestment opportunities;

• the review of the new Strategic Growth Plan “TITAN Forward

2029”, its key directions and its progress during the year;

• the market and competitive review, including benchmarking;

• the Business Development and the assessment of ad hoc

M&A projects;

• the review of the precast concrete strategy; and

• the assessment of reinvestment opportunities in Türkiye and

M&A opportunities in the US.

6. Group Committees

6.1 Introduction

The Board of Directors has also established the following

Committees with the participation of executive members of the

Board of Directors and members of the senior management of the

Company and the Group:

• Management Committee

• Group Executive Committee

The terms of reference of the Management Committee and the

Group Executive Committee defining the rules governing their

composition, tasks, and method of functioning are laid down in

Chapters 9 and 10 of the CG Charter, available on the Company’s

website (https://www.titanmaterials.com/about-us/corporate-

governance/).

Management Report

Corporate governance and risk management


6.2 Management Committee

	Michael Colakides Managing Director of the Company	Ioannis Ioannou Group Chief Financial Officer	Christos Panagopoulos Regional Director Eastern Mediterranean–Brazil

6.2.1 Composition

Chair: Michael Colakides, Managing Director of the Company

Members:Ioannis Ioannou, Group Chief Financial Officer

Grigorios Dikaios, Chief Financial Officer of the

Company

Christos Panagopoulos, Regional Director

Eastern Mediterranean–Brazil

As of 30 December 2025, following the resignation of Grigorios

Dikaios due to his retirement, the composition of the Management

Committee is as follows:

Chair:Michael Colakides, Managing Director of the Company

Members:Ioannis Ioannou, Group Chief Financial Officer

Christos Panagopoulos, Regional Director Eastern

Mediterranean–Brazil

6.2.2 Role and meetings

The Management Committee is entrusted with the daily

management of the Company.

The main duties of the Management Committee include

implementing and monitoring the Company’s strategy, preparing

and presenting the financial statements to the Board of Directors, in

accordance with the Company’s applicable accounting standards

and policies, preparing the Company’s required disclosures of the

financial statements and other material financial and non-financial

information, managing and assessing the Company’s internal

control systems, and supporting the Managing Director in the day-

to-day management of the Company and the performance of his

other duties.

The Management Committee meets whenever a meeting

is necessary to ensure its proper functioning.

TITAN Group Integrated Annual Report 2025


6.3 Group Executive Committee

	Marcel Cobuz Chair of the Group Executive Committee	Jean-Philippe Bénard Chief Executive Cementitious Business and Energy	Samir Cairae Chief Technology Officer
	Leonidas Canellopoulos Chief Innovation and Sustainability Officer	Alexandra Eleftheriou Chief People Officer	John Ioannou Group Chief Financial Officer
	Antonis Kyrkos Chief Digital and Strategy Officer	Christos Panagopoulos Regional Director Eastern Mediterranean–Brazil	Yanni Paniaras Executive Director Europe
	Alexandra Papalexopoulou Chair of the Board Strategy Committee	Bill Zarkalis President and CEO of Titan America and Chair of STET

Management Report

Corporate governance and risk management

6.3.1 Composition

Chair:Marcel Cobuz

Members¹:Jean Philippe Bénard, Chief Executive Cementitious

Business and Energy

Samir Cairae, Chief Technology Officer

Leonidas Canellopoulos, Chief Innovation

and Sustainability Officer

Alexandra Eleftheriou, Chief People Officer

Ioannis Ioannou, Group Chief Financial Officer

Antonios Kyrkos, Chief Digital and Strategy Officer

Christos Panagopoulos, Regional Director

Eastern Mediterranean–Brazil

Ioannis Paniaras, Executive Director Europe

Alexandra Papalexopoulou, Chair of the Board

Strategy Committee

Vassilios (Bill) Zarkalis, President and CEO of Titan

America and Chair of STET

¹Michael Colakides, Managing Director of the Company, served as a member

of the Group Executive Committee until 1 November 2025.

6.3.2 Role and meetings

The role of the Group Executive Committee is to facilitate

the supervision of TITAN Group’s operations, promote cooperation

and coordination among TITAN Group’s subsidiaries, monitor the

performance of TITAN Group’s management, and ensure the

implementation of decisions along with associated accountability.

The Group Executive Committee meets whenever a meeting

is required for its proper functioning. During its meetings in 2025,

the Group Executive Committee covered a variety of coordination

topics, including strategy, quarterly results, TITAN Group’s budget,

business development initiatives, Health and Safety reviews,

sustainability issues, HR issues, procurement, progress of key

projects (decarbonization, digitalization, etc.), trading activities,

diversification, risk, etc.

TITAN Group Integrated Annual Report 2025

7. External Audit

The audit of the Company’s financial statements was entrusted,

by virtue of the resolution of the Annual General Meeting of

Shareholders dated 8 May 2025, to PricewaterhouseCoopers,

Réviseurs d’Entreprises SRL, with its registered office located at

1831 Diegem, Culliganlaan 5, Brussels, represented by Didier

Delanoye, for a term of three years, expiring at the end of the

Annual General Meeting of Shareholders to be held in 2028,

related to the approval of the annual accounts for the financial

year ending on 31 December 2027.

The responsibilities and powers of the External Auditor are set

by law.

The Audit and Risk Committee monitors and assesses the

effectiveness, independence, and objectivity of the external

auditor having regard to the:

• content, quality, and insights on key external auditor plans

and reports;

• engagement with the external auditor during committee

meetings;

• robustness of the external auditor in handling key accounting

principles; and

• provision of non-audit services.

The yearly 2025 audit fees for the statutory accounts of the

Company were set at €183,750 (plus VAT and out-of-pocket

expenses) (€185,500 in 2024).

The audit fees for the Group and statutory audit of the Company’s

subsidiaries and affiliates in 2025 amount to €3,233,237

(€10,307,083 in 2024).

Non-audit fees (for the Company, subsidiaries, and affiliates) paid

or accrued in 2025 amount to €1,225,380 (€801,228 in 2024)

and include:

• Audit-related fees (assurance services for the Company,

its subsidiaries and affiliates): €916,980 (€332,500 in 2024);

• Tax advisory, other advisory and compliance services: €308,400

(€468,728 in 2024).

8. Diversity and inclusion in the Board of Directors

Diversity, equity and inclusion are fundamental to the culture,

strategy, and everyday working practices of TITAN Group. The

commitment is to foster an environment where all differences are

valued and where everyone has the opportunity to flourish and

experience a sense of belonging.

TITAN Group embraces diversity across various dimensions,

including gender, age, ethnicity and race, disability, national origin,

sexual orientation, culture, education and professional background.

To this end, TITAN Group’s Diversity, Equity, and Inclusion (DE&I)

Policy outlines the principles, definitions, scope, and approach to

diversity and inclusion. By promoting diversity throughout the

organizational hierarchy, the goal is to build an inclusive ecosystem

where a variety of perspectives and talents come together to

achieve collective success.

In this framework, the Board of Directors is dedicated to fostering

diversity both within its composition and across its Committees,

recognizing that diversity contributes to effective decision-making

and enhances the ability to adapt to the evolving business

landscape and better serve the needs of stakeholders. The

commitment to diversity is also embedded in the terms of reference

of the Board of Directors as outlined in Chapter 4 of the CG Charter.

Currently, the representation of women on the Board of Directors

aligns with the one-third gender diversity requirements provided by

Belgian law. Moreover, the Board of Directors has reinforced its

commitment to gender diversity with two women currently serving as

Chairs of the Nomination Committee and the Strategy Committee.

Diversity at Board level has also been promoted through a

balanced mixture of academic and professional skills,

encompassing expertise in banking and insurance, audit, finance,

legal, and corporate matters, the cement sector, sustainability,

information technology, engineering, and various industry-

specific domains.

As far as residence is concerned, six Board members have their

permanent residence in Cyprus, five in Greece, and one in the UK.

9. Financial reporting process: internal audit and risk

management systems

The key elements of the system of internal controls utilized to avoid

errors in the preparation of the financial statements and to provide

reliable financial information are the following:

The assurance mechanism regarding the integrity of the Group’s

financial statements consists of a combination of embedded risk

management processes, applied financial control activities, the

utilization of the relevant information technology, and the

preparation, communication and monitoring of the financial

information.

Each month the Group’s subsidiaries submit financial and non-

financial data to the Group’s consolidation department and provide

explanatory information where necessary.

In consolidating the financial results and statements, the Group

utilizes specialized consolidation software and specialized software

for reconciling intercompany transactions. These tools come with

built-in control mechanisms and have been parametrized in

accordance with the Group’s needs. Finally, the above tools use

best practices regarding the consolidation process, which the

Group has, to a very large extent, adopted.

The Group’s management reviews the consolidated financial

statements and the Group’s Management Information (MI) on

a monthly basis. Both sets of information are prepared in

accordance with IFRS and in a manner that facilitates their

understanding.

The monthly monitoring of the financial statements and Group MI

and their analysis by the relevant departments are key elements

of the controlling mechanism regarding the quality and integrity

of financial results.

The Group’s external auditors review the mid-year financial

statements of the Group and its material subsidiaries and audit their

full-year financial statements. Moreover, they audit the full-year

financial statements of the Company. In addition, the Group’s

external auditors inform the Audit and Risk Committee about the

outcome of their reviews and audits.

Management Report

Corporate governance and risk management

During its quarterly meetings prior to the financial reporting, the

Audit and Risk Committee is informed about the performance of the

Group by the Managing Director and Group CFO, and also by the

other competent officers of the Company and the Group. It also

monitors the consolidated accounts and the financial reporting

process, and reports accordingly to the Board of Directors. The

Audit and Risk Committee monitors the financial reporting process

and the effectiveness of the Group’s and the Company’s internal

control and risk management systems.

The approval of the financial statements (Company and

Consolidated) by the Board of Directors is made after the relevant

recommendation of the Audit and Risk Committee.

10. Internal audit

The internal audit is carried out by the Group Internal Audit function.

Since January 2020, the function assumed a broader role, taking

over responsibility for compliance in addition to the internal audit.

Internal Audit is an independent department with its own written

regulation, reporting directly to the Audit and Risk Committee.

The Group Internal Audit workforce consists of 19 executives

duly trained and having the appropriate experience to carry out

their work.

The primary role of Internal Audit is to monitor the effectiveness

of the internal control environment. Its scope also includes:

• monitoring implementation and compliance with the Company’s

Internal Regulation, Code of Conduct, Articles of Association and

applicable laws in all jurisdictions in which the Group operates;

• providing advisory services (e.g., review of new procedures,

post-implementation reviews of new IT systems);

• undertaking special assignments (e.g., fraud investigations).

During the year, the Audit and Risk Committee received in total

36 internal audit reports. Likewise, the Audit and Risk Committee

received all progress reports referring to the most important audit

findings in 2025.

The Head of the Group’s Internal Audit and Compliance

Department participated in all meetings held by the Audit and Risk

Committee and had a number of meetings with its Chair, pertaining

to the further improvement of the preparation of the Audit and Risk

Committee meetings with regard to the Internal Audit.

Following the relevant recommendation of the Audit and Risk

Committee, the Board of Directors approved the Internal Audit

Plan for 2026 and specified the functions and areas on which the

internal audit should primarily focus.

TITAN Group Integrated Annual Report 2025

11. Remuneration report 2025

In accordance with the applicable provisions, this Remuneration

Report describes the remuneration paid on an individual basis to

the members of the Board of Directors and the members of the

Management Committee, who are in charge of the daily

management.

11.1 Year in overview

2025 was a defining year for TITAN. The successful US IPO, strong

operational delivery, and financial performance marked a period of

accelerated value creation and structural strengthening of the

Group’s long-term positioning.

The executive remuneration outcomes for 2025 reflect: strong

financial results, the successful US IPO execution with strong

investor demand and valuation metrics above sector benchmarks;

a strengthened alignment between compensation and long-term

shareholder value; delivery of key operational efficiency targets;

and continued progress on decarbonization and ESG commitments.

Financial Performance Highlights

The Group has once again showcased a remarkable performance

in the past year, demonstrating its adeptness in executing its

strategic objectives while maintaining resilience amidst a rapidly

changing and unpredictable market landscape. The year was

marked by heightened geopolitical uncertainty, including tariff

pressures on cement and another year of a sluggish residential

market in the US, which was counterbalanced by robust demand in

infrastructure projects in the US and strong dynamics in Greece and

Egypt. Group sales grew driven by strong momentum in Greece

and Egypt and improved performance in Southeastern Europe. US

operations also contributed positively, though results were partially

offset by the weaker US dollar for much of the year. Group EBITDA

profitability improved year-over-year as well, despite the reduced

contribution from Türkiye following the sale of Adoçim. Overall, this

strong performance can be attributed to a blend of increased sales

volumes, stable pricing, and enhanced operational efficiencies,

especially in energy management and digitalization.

Pay-for-Performance Alignment in 2025

TITAN’s remuneration framework is built around competitive fixed

remuneration, performance-linked annual incentives (STI), and long-

term value creation incentives (LTI).

For 2025, the Pay for Performance correlation was assessed by the

Board to be very positive based on the results achieved: record

financial performance, successful transformative projects, and

improved people agenda.

11.2 Remuneration of the Board of Directors

The Company's Directors are remunerated in line with the

Remuneration Policy. The Remuneration Committee, set up by the

Board, is responsible for outlining a remuneration policy for the

executive and non-executive directors, taking into account the

overall remuneration framework of the Company, as set out in

Chapter 7 of the Corporate Governance Charter. The level of

remuneration for the Chair of the Board of Directors is decided by

the General Meeting, following respective recommendations of the

Board of Directors and of the Remuneration Committee. The

Remuneration Committee also recommends the levels of

remuneration of Non-Executive Directors on the basis of their time

commitment and responsibilities.

TITAN’s Non-Executive Chair of the Board plays a central role in

ensuring continuity, stability, and maintaining strategic focus

without assuming executive functions. The role is also critical in

preserving institutional memory, providing context and long-term

perspective to inform Board deliberations and decision-making.

In addition, the Non-Executive Chair provides institutional

representation, engaging with key stakeholders and reinforcing

the Company’s standing.

According to the Remuneration Policy:

• The Non-Executive Chair is paid a fixed fee which recognizes

the breadth, time commitment, and stewardship responsibilities

inherent in this strengthened governance role.

• Non-executive directors are paid a fixed fee that covers the time

required to perform their duties and where it applies: i)

committee chair fees, ii) committee membership fees, and iii)

travel allowance for non-Greece and non-Cyprus based Non-

Executive Directors.

• Non-Executive Directors do not receive variable compensation

linked to results or other performance criteria. Neither are they

entitled to any supplemental pension scheme nor termination

payment.

• The Company provides customary insurance policies covering

Board of Directors’ activities in carrying out their duties.

• The Company covers all board-related travel and

accommodation expenses of the Board members.

• Fees are reviewed but not necessarily increased annually to

ensure they remain appropriate and aligned to best practices

and the market.

Management Report

Corporate governance and risk management

11.2.1 Board of Directors’ individual remuneration

The remuneration of the members of the Board of Directors

approved by the Annual General Meeting of Shareholders of

8 May 2025, effective 1 January 2025, is as follows:


Chair’s fee	€850,000 gross per annum received in part as gross cash and in part as fixed share-based fee. The share- based compensation is granted in the form of Company restricted shares and may extend up to 50% of the annual total remuneration of the non-Executive Chair.
Vice-Chair’s fee	€40,000 gross per annum received as fixed fee in addition to Independent Director’s fee.
Independent directors	€50,000 gross per annum, per independent director.
Executive directors	€30,000 gross per annum, per executive director.

Likewise, the remuneration of the members of the Board

Committees approved by the Annual General Meeting of

Shareholders of 8 May 2025 is as follows:


Audit and Risk Committee	Chair €40,000 gross per annum Members €20,000 gross per annum, per member
Nomination Committee	Chair €15,000 gross per annum Members €10,000 gross per annum, per member
Remuneration Committee	Chair €15,000 gross per annum Members €10,000 gross per annum, per member
Strategy Committee	Chair €30,000 gross per annum Members €20,000 gross per annum, per member

Executive Directors are not entitled to a fee due to their

membership of the Board Committees.

TITAN Group Integrated Annual Report 2025

Table 11.2.1 Fees to the members of the Board of Directors as on 31 December 2025 and last year’s

total amounts


Name	Role	2025			2025 Total fees gross amount	2024 Total fees gross amount
Name	Role	Board fees	Committee fees ¹	Travel allowance	2025 Total fees gross amount	2024 Total fees gross amount
Dimitrios Papalexopoulos	Chair Non-Executive Director Member of the Remuneration Committee	€850,000*	n/a	n/a	€850,000	€850,000
William Antholis ²	Independent Director Member of the Nomination Committee	€5,206	€1,041	€0	€6,247	€70,000
Andreas Artemis	Independent Director Chair of the Remuneration Committee	€50,000	€15,000	n/a	€65,000	€65,000
Leonidas Canellopoulos	Executive Director Member of the Strategy Committee	€30,000	n/a	n/a	€30,000	€30,000
Marcel Cobuz	Executive Director Member of the Strategy Committee Chair of the Group Executive Committee	€30,000	n/a	n/a	€30,000	€30,000
Michael Colakides	Managing Director Chair of the Management Committee Member of the Strategy Committee	€45,408**	n/a	n/a	€45,408	€45,408
Haralambos David	Independent Non-Executive Director Member of the Nomination Committee ³	€50,000	€10,000	n/a	€60,000	€60,000
Lyn Grobler	Independent Non-Executive Director Chair of the Nomination Committee	€50,000	€15,000	€10,000	€75,000	€75,000
Paula Hadjisotiriou	Independent Non-Executive Director Member of the Remuneration Committee	€50,000	€10,000	€5,000	€65,000	€70,000
Natalia Nikolaidi⁷	Independent Non-Executive Director Member of the Audit and Risk Committee	€50,000	€20,000	n/a	€70,000	€70,000
Ioannis Paniaras ⁴	Executive Director	€3,123	n/a	n/a	€3,123	€30,000
Alexandra Papalexopoulou	Executive Director Chair of the Strategy Committee Member of the Nomination Committee	€30,000	n/a	n/a	€30,000	€30,000
Kyriacos Riris	Vice-Chair Independent Non-Executive Director Chair of the Audit and Risk Committee	€90,000	€40,000	n/a	€130,000	€130,000
Sandra Soares Santos ⁵	Independent Non-Executive Director Member of the Strategy Committee	€5,206	€2,082	€0	€7,288	€45,710
Dimitris Tsitsiragos	Independent Non-Executive Director Member of the Audit and Risk Committee Member of the Strategy Committee	€50,000	€40,000	€10,000	€100,000	€100,000
Vassilios (Bill) Zarkalis⁶	Executive Director	€3,123	n/a	n/a	€3,123	€30,000

* Received in part as cash (€525,000) and in part as fixed share-based fees (8,127 TITAN shares with value of €325,000).

** Including subsidiary fees as follows: Tithys Holding Ltd €10,272.22 and Iapetos Ltd €5,136.08.

1. In line with the Remuneration Policy, the Chair and the Executive members of the Board of Directors are not entitled to fees for their participation in Board Committees.

2. William Antholis served as a member of the Board of Directors and member of the Nomination Committee until 7 February 2025.

3. Haralambos David served as a member of the Remuneration Committee until 7 February 2025. As of the same date, he transitioned to the Nomination Committee.

4. Ioannis Paniaras served as a member of the Board of Directors until 7 February 2025.

5. Sandra Soares Santos served as a member of the Board of Directors and member of the Strategy Committee until 7 February 2025.

6. Vassilios (Bill) Zarkalis served as a member of the Board of Directors until 7 February 2025.

7. Natalia Nikolaidi served as a member of the Board of Directors until 31 December 2025.

Management Report

Corporate governance and risk management

11.3 Remuneration of the Executive Directors of the Board and

the members of the Management Committee

11.3.1 Remuneration Principles and Policy

The 2025 Remuneration Policy ensures that the Company

remunerates executives and management committee members on

the basis of performance in delivering its short and long-term

business plan, so as to continue creating value for all stakeholders.

The 2025 Remuneration Policy was approved by the Annual

General Meeting of Shareholders held on 8 May 2025 and is

aligned with the implementation of the European Shareholder

Rights Directive II (“SRD II”).

The total amount of remuneration of the Executive Directors and

the members of the Management Committee is linked to strategy,

relevant performance measurement and contribution to the long-

term performance of the Company.

The main principles governing the Remuneration Policy and

contributing to the Company’s business strategy and

sustainability are:

• To establish a fair and appropriate level of fixed remuneration

aiming at attracting high caliber senior professionals who can

add value to TITAN.

• To maintain a balanced approach between fixed and variable

remuneration, so as to avoid over relying on variable pay and

undue risk taking.

• To establish a balanced approach between short- and long-term

incentives, to ensure there is focus on short-term objectives that

will ultimately contribute to long-term value creation.

• To employ long-term incentives where all or part of the reward

is delivered in shares which aligns executives to shareholder

interests and long-term value creation, as well as the stock

performance of TITAN over the longer term.

• To require executives to retain shares delivered under equity-

based incentives for a minimum holding period, strengthening

alignment with shareholders and discouraging short-term

risk taking.

• To avoid potential undue risk taking by introducing challenging

but realistic financial and non-financial performance metrics in

variable pay design.

In this context, performance targets are set with reference to the

approved annual budget and medium-term plan and are calibrated

considering (i) the Company’s starting point and cycle, (ii) external

market assumptions used in planning, and (iii) the level of

operational delivery required. The Remuneration Committee

reviews target calibration to ensure that “target” performance

requires delivery of the plan, and that “maximum” performance

requires a clear outperformance versus plan.

The level of remuneration for the Managing Director, the Executive

Directors of the Board and the members of the Management

Committee is set by the Board of Directors, following relevant

recommendations of the Remuneration Committee and in line

with the applicable Remuneration Policy.

The variable remuneration framework operates with threshold

(minimum), target and maximum performance outcomes. Payouts

are aligned to this structure, with no payout below threshold

performance and payouts capped at maximum performance.

The maximum annual variable remuneration that could be paid to

executive directors and management committee members in

respect of their performance in 2025 linked to Short-Term incentive

cannot exceed 165% of their respected base salaries.

The maximum long-term variable remuneration that could be

granted to executive directors and management committee

members in 2025 (excluding any extraordinary ad hoc awards) was

limited to 250% of their respective base salaries.

The Remuneration Committee regularly reviews the Remuneration

Policy, in order to ensure continuous alignment with its principles,

as well as market trends and best practices. On an annual basis, the

Remuneration Committee recommends the levels of the annual

remuneration of the Executive Directors and the members of the

Management Committee, as well as of all other Group Executive

Committee members on the basis of their performance and

responsibilities.

In setting the remuneration levels for the Managing Director, as well

as the other Executive Directors of the Board and the members of

the Management Committee, the Remuneration Committee gathers

data from various relevant markets. These reflect the relevant

industries for the Company (e.g., Construction Materials), the

relevant geographies (e.g., Europe, and for specific positions the

US), complexity of the business and also take into consideration the

size and the scope of the Company and the respective positions.

TITAN Group Integrated Annual Report 2025

The Company aims to remain competitive on total compensation target (the sum of fixed base remuneration and variable pay target).

In summary, key principles of the remuneration policy and the allocation between fixed and variable remuneration are as follows:

11.3.2 Remuneration opportunities and pay mix of Executive

Directors of the Board and members of the Management

Committee in 2025

The charts below show the pay mix (on target) of Total Direct

Compensation (fixed and variable remuneration) of the Executive

Directors of the Board and the members of the Management

Committee in 2025 (excluding the extraordinary LTI award).


Board Executive Directors (aggregate)		Management Committee (aggregate)

	n Fixed remuneration 35% n STI 25% n LTI 40%		n Fixed remuneration 41% n STI 26% n LTI 33%

Management Report

Corporate governance and risk management

Table 11.3.2 Total direct remuneration – Incentives’ opportunity on target (full year)

The table reflects the on-target annual remuneration based on the approved salary level for 2025.


		Variable remuneration
Name, Position	Fixed Remuneration¹ (on a full year basis)	Value measurement	Short Term Incentives (STI)	Long Term Incentives (LTI)*		Total direct remuneration pay mix
Name, Position	Fixed Remuneration¹ (on a full year basis)	Value measurement	Short Term Incentives (STI)	Award	Extraordinary Ad hoc award	Total direct remuneration pay mix
Michael Colakides,³ Managing Director	€596,130	Amount	€388,058	€601,002	€500,000	Fixed	38% (29% incl. ad hoc LTI)
Michael Colakides,³ Managing Director	€596,130	% of Annual Base Salary (ABS)	77,5%	120%		Variable	62% (71% incl. ad hoc LTI)
Marcel Cobuz, Chair of Group Executive Committee	€954,000	Amount	€840,000	€1,008,000	€840,000	Fixed	34% (26% incl. ad hoc LTI)
Marcel Cobuz, Chair of Group Executive Committee	€954,000	% of ABS	100%	120%		Variable	66% (74% incl. ad hoc LTI)
Alexandra Papalexopoulou, Board Executive Director	€499,062	Amount	€202,550	€298,494		Fixed	50%
Alexandra Papalexopoulou, Board Executive Director	€499,062	% of ABS	47.5%	70%		Variable	50%
Leonidas Canellopoulos, Board Executive Director	€327,888	Amount	€162,484	€216,646		Fixed	46%
Leonidas Canellopoulos, Board Executive Director	€327,888	% of ABS	60%	80%		Variable	54%
Ioannis Paniaras,⁴ Board Executive Director	€503,616	Amount	€365,976	€516,672		Fixed	36%
Ioannis Paniaras,⁴ Board Executive Director	€503,616	% of ABS	85%	120%		Variable	64%
Vassilios (Bill) Zarkalis ⁴ (in $), Board Executive Director	$1,101,876	Amount	$1,000,000	$2,000,000	$1,000,000	Fixed	27% (22% incl. ad hoc LTI)
	$1,101,876	% of ABS	100%	200%		Variable	73% (78% incl. ad hoc LTI)
Christos Panagopoulos, Management Committee	€332,940	Amount	€181,604	€211,871		Fixed	46%
Christos Panagopoulos, Management Committee	€332,940	% of ABS	60%	70%		Variable	54%
Grigorios Dikaios, Management Committee	€230,405	Amount	€76,077	€37,500		Fixed	67%
Grigorios Dikaios, Management Committee	€230,405	% of ABS	35%	17%		Variable	33%
Ioannis Ioannou,² Management Committee	€467,500	Amount	€361,250	€425,000		Fixed	37%
Ioannis Ioannou,² Management Committee	€467,500	% of ABS	85%	100%		Variable	63%

* The breakdown of LTI awards in restricted stocks and performance shares are presented in table 11.5.1

1. Fixed remuneration includes annualized base salary as of 31 December 2025, board fees and pension contributions.

2. Ioannis Ioannou served as a member of the Management Committee as of 1 July 2025

3. Michael Colakides’ percentage of STI was 85% for the period January–October and 50% for the period November-December

4. Ioannis Paniaras and Vassilios (Bill) Zarkalis served as a members of the Board of Directors until 7 February 2025

11.3.3 Fixed remuneration and benefits

Fixed pay

The fixed pay considers the level of responsibility, as well as the

knowledge and experience required to deliver upon expectations,

while ensuring that the Company pays no more than necessary,

always supporting its longer-term interests and sustainability. It is

reviewed annually, but not necessarily increased, taking into

consideration factors including:

• The performance and experience of the individual;

• The performance of the Company;

• The individual’s role and responsibilities;

• Pay and employment conditions elsewhere in the Company;

• Rates of inflation and market-wide increases across international

locations;

• The geographic location of the individual.

Retirement allowance and other benefits

The Company operates a defined contribution pension plan

in which Executive Directors may participate.

The maximum contribution is up to 10% of Annual Base Salary (first-

tier up to 8%, the second-tier adds up to 2% by matching employee

contribution by a ratio of 1:2).

In the event Executives leave the Company prior to vesting, any

contributions by the Company are forfeited (possible deviation is

subject to approval by the Managing Director and the Chair of the

Group Executive Committee or by the Board of Directors if the case

concerns executive members of the Board of Directors or senior

executives reporting directly to the Chair of the Group Executive

Committee).

TITAN Group Integrated Annual Report 2025

Benefits provided include, but are not limited to, company car, fuel,

medical and life insurance. Additional benefits, which are generally of

low value, may be provided from time to time if they are considered

appropriate and in line with market practice. All benefits may at any

time be recalled or amended at the Company’s discretion.

11.3.4 Variable pay (short-term, long-term)

The variable remuneration consists of short-term and long-term

variable pay schemes providing high degree of transparency by

linking targets to clearly defined indicators of earnings, value

creation and sustainable development. No variable remuneration

claw back mechanisms were put in use during FY2025.

Short-term variable pay (STI)

2025 performance criteria and outcomes/ Short-Term

Incentive (STI)

Following relevant recommendations by the Remuneration

Committee, the Board determines the most relevant performance

criteria for the short-term incentive plan, setting challenging, but

realistic target levels for each of those performance criteria.

These KPIs provide the framework for incentive schemes

throughout the company.

In 2025, the target opportunity provided by the STI was up to 100%

of the Annual Base Salary (ABS). STI performance was assessed

against the following criteria and weightings:

• Corporate-wide performance: ranging from 55–60%

• Financial: up to 55% of total STI

• EBITDA: up to 44% of total STI (80% of the financial component)

• OFCF: up to 5.5% of total STI (10% of the financial component)

• ROACE: up to 5.5% of total STI (10% of the financial component)

• Safety: 5% of total STI

• Individual: ranging from 40% to 55%

Corporate-wide targets, including safety, are set at Group, Regional/

business unit level, as appropriate per role.

Safety performance is measured against the Lost Time Injury

Frequency Rate target.

Individual performance is measured through an assessment within

the Group’s performance framework. The Committee considers a

balanced set of factors, including delivery against agreed

objectives, demonstration of leadership behaviors and values, and

the context in which performance was achieved.

For 2025, individual performance was assessed against the

following objectives:

• Achieve superior 2025 Financial and Operational performance

targets: strengthening financial performance through margin

improvement and enhanced capital efficiency, while driving top-

line growth and profitability, continued progress on reducing

carbon intensity and increasing the use of alternative inputs,

accelerating its digital and IT transformation, and reinforcing

cybersecurity capabilities to support long-term resilience

and performance.

• Accelerate the Execution of 2026 Growth Strategy: delivery of

key strategic milestones aligned with the Group’s medium-term

plan; expanding its development pipeline and advancing

strategic initiatives to strengthen its portfolio and sourcing

capabilities.

• Build up momentum of key transformative projects.

• Strengthen organizational capabilities: advancing the Group’s

people’s agenda by implementing targeted talent development

initiatives and reinforcing leadership capabilities, building

stronger commercial and business development capabilities;

rolling out programs to elevate digital skills across the

organization.

• Customer Centric Culture: drive customer-centric culture across

the Group.


Group financial and safety performance, 2025

Group EBITDA	Threshold 50% payout	Target 100% payout	Stretch 130% payout	Performance adjusted*
Group EBITDA	€480.0m	€640.0m	€736.0m	€670.8m 109.6% payout


Group ROACE	Threshold 50% payout	Target 100% payout	Stretch 130% payout	Performance adjusted*
Group ROACE	16.0%	18.0%	20.0%	21.0% 130% payout


Group OFCF	Threshold 50% payout	Target 100% payout	Stretch 130% payout	Performance adjusted*
Group OFCF	€230.1m	€306.8m	€352.8m	€378.9m 130% payout


Group LTIFR	Threshold 0% payout	Target 100% payout	Performance
Group LTIFR	100	0.51	0.60 82% payout qualified payout 50% of the above

* Adjustments related to US imposed Tariffs, M&A / IPO transaction costs and other

one-off unforeseeable items. Actual Group EBITDA (€606.1m), ROACE (19.01%) and

OFCF (€326.2m)

The final assessment is determined during the first quarter of the

following year, based on the audited financial results. Any potential

payout under the short-term incentive plan occurs annually during

the first semester of the next financial year. A minimum level of

performance must be achieved before any payment under the

plan is made. Payout is capped for stretch performance. The

Remuneration Committee makes the final proposal of the short-

term incentive plan payout to the Board of Directors for

decision making.

Management Report

Corporate governance and risk management

In 2025, TITAN Group achieved a record financial performance,

marked by revenue and profitability growth which resulted in

109.6% payout in the respective part of variable pay linked to

EBITDA. Group ROACE was also above target, resulting in 130%

payout in the respective part of variable pay. Operating Free Cash

Flow achievement was also above target resulting in 130% payout

in the respective part of variable pay.

Conversely, in 2025, at Group level the performance achieved

against the set target linked to safety (Lost Time Injuries Frequency

rate Index (LTIFR)) was below target, which resulted in 82% payout

in the respective part of variable pay. Due to overall safety

performance, the payout of the safety component of the variable

pay for the Group Executives Directors is reduced by 50%.

The Remuneration Committee considered the overall performance

and concluded to award the variable pay for 2025 according to the

adjusted results.

Long-Term variable pay (Long-Term incentives - LTI)

Long-term incentive grants were awarded according to the 2025

Remuneration Policy.

The aim of the long-term variable compensation is to incentivize

Group Executives to contribute to improving share performance in

the long term, in alignment with the interests of the shareholders

and to deliver sustainable performance for the company over the

long term. The individual award granted is based on each

participant’s position, fixed salary, individual performance and

potential for development, and is approved by the Board of

Directors following the relevant recommendation by the

Remuneration Committee.

The number of LTI grants vested in 2025 to the Executive Directors

of the Board and the members of the Management Committee are

disclosed in table 11.5 below.

The long-term incentive was up to 120% of the annual base salary

for the executive Directors of the Board and the members of the

Management Committee (excluding the extraordinary award).

Participants are expected to maintain in TITAN shares (in brokerage

accounts or Fund(s)) at a minimum 20% of the total vested awards

exercised or released during the last five (5) vesting years (rolling

basis). Company shares (as well as Fund(s) balance) already owned

by participants through previous long-term incentive plans are

taken into consideration.

Long-Term Incentive – Performance Shares (LTI-PS)

The aim of the LTI-PS (which has replaced the Deferred

Compensation Plan as of 2024) is to further align Executives’ long-

term interests with those of shareholders connecting the long-term

performance incentives to the Company’s profitability and

sustainable performance. The LTI-PS award granted in 2025 was

up to 60% of Annual Base Salary for the Executive Directors of the

Board and the members of the Management Committee.

LTI-PS awards are granted in the form of Company performance

shares. The number of Company performance shares is determined

based on the value of the Company’s share at the time of the grant.

The value of each performance share is equal to the average

Company share closing price on Euronext Brussels during the last 7

trading days of March of the grant year (the “grant value”).

The performance period is 3 years.

The number of vesting LTI-PS granted in 2025 is linked to

performance against set KPIs as follows:

• 80% on Earnings per Share 3-year target (2027 EPS target)

• 20% on a KPI linked to sustainability (net CO2 emissions/ton of

cementitious material – 2027 target).

Payout at threshold performance is 50%, target payout is 100% and

in case of overachievement (stretch) payout is capped at 150%, with

linear calculation of payout between these three levels of

achievement.

Vested shares are transferred to the participant. The benefit for the

participant is determined based on the value of the Company’s

share at the time of vesting.

Long-Term Incentive – Restricted Stock (LTI-RS)

The Long-Term Incentive – Restricted Stock plan (LTI-RS) was first

applied in 2020, under the name “The Long-Term Incentive Plan

(LTIP)”, which was renamed to LTI-RS in line with the 2024

Remuneration policy.

The LTI-RS award in 2025 was up to 60% of Annual Base Salary

(excluding the extraordinary award) for the Executive Directors of

the Board and the members of the Management Committee.

Awards are granted in the form of a conditional grant of a number

of Company shares. The value of each “conditionally granted

share” is equal to the average TITAN share closing price on

Euronext Brussels during the last 7 trading days of March of the

grant year (the “grant value”).

The vesting period is three (3) years.

The vested number of TITAN shares are transferred to the

participant. The benefit for the participant is determined based on

the value of the Company’s share at the time of vesting.

The 50% of the awards granted in 2021 and the 50% of the awards

granted in 2022 vested in March 2025, in accordance with the

grant’s terms. The Board of Directors decided the release of vested

shares to plan participants, provided they were still employed with

(or retired from) the Group.

TITAN Group Integrated Annual Report 2025

Extraordinary Long-Term Restricted Stock Award

In 2025, the Board of Directors approved an extraordinary, one-off

Long-Term Restricted Share Award to the Chair of the Group

Executive Committee, the Managing Director and the CEO of Titan

America SA in recognition of their leadership and execution of

major strategic milestones for the Group. These include:

• Creation of measurable and lasting shareholder value;

• Long-term capital markets positioning of the Group;

• Significant execution risk and exceptional leadership intensity;

• The US IPO, which represented a transformational

corporate event.

The award is equity-based, subject to multi-year vesting, and does

not represent a structural shift in LTI design.

The award consisted of restricted shares with a grant value

equivalent to 100% of Annual Base Salary for each beneficiary.

This award:

• is strictly exceptional and non-recurring in nature;

• does not form part of the regular Long-Term Incentive Plan (LTIP)

framework;

• is granted in recognition of a specific, completed strategic

milestone rather than annual financial performance; and

• is designed to reinforce long-term alignment with shareholders.

Malus and claw back provisions apply.

In addition, the restricted shares granted to the Chair of the Executive

Committee are subject to a mandatory four-year holding period,

further strengthening alignment with long-term shareholder interests

and ensuring continued exposure to share price performance. The

Managing Director’s and the CEO’s of Titan America SA awards are

subject to standard long-term retention provisions consistent with the

Group’s executive remuneration framework.

2021 Deferred Compensation Plan (DCP)

The Deferred Compensation Plan (DPC), launched in 2021, will

remain active until vesting (in March 2026), with the last awards

having been granted in 2023.

DCP awards were granted in the form of a conditional grant of a

number of TITAN shares. The value of each “conditionally granted

share” was equal to the average TITAN share closing price on

Euronext Brussels during the last 7 trading days of March of the

grant year.

DCP awards vest three years from the date of grant, as long as

certain, pre-set performance criteria are met. The number of vesting

awards ranges from 0% if threshold target is not met, to 40% if

threshold is achieved, to 100% for target performance, to a

maximum of 160% in case of over-achievement.

The DCP awards granted in 2022 vested in March 2025 based on

the following performance criteria:

• 50% linked to Sustainability KPI: 3-year CO₂ target supporting

the decarbonization priority of the Group; reduction of net direct

CO₂ emissions/tonne of cementitious product. Target is set for

the calendar year preceding the vesting date by the Board of

Directors as follows:


CO₂ emissions/ton of cementitious product – three (3)-year target


Threshold 40% vest	Target 100% payout	Stretch 160% vest	Performance adjusted*
620 kg/t	605 kg/t	575 kg/t	581 kg/t 148% payout

* Adjustments related to cover market needs in product mix

The three-year CO2 performance was above target but below stretch leading to

vesting of 148% linked to this specific KPI.

• 50% linked Total Shareholder Return (TSR) performance vs. a

Peer Group Index (PI). TSR is defined as the percentage change

(%) from (a) the average price of the company’s share in the

month of March of the grant year (starting price) to (b) the

average price of the share in the month of March of the vesting

year, increased by the sum of dividends per share or by any

other distribution made to shareholders (e.g., distribution of

free shares, return of capital, etc.) during the same period

(ending price).

The peer group which formulated the index is the following

(in parenthesis 3-year TSR result of each one):


1	Holcim (168.9%)	5	CRH (141.3%)
2	Heidelberg (242.7%)	6	Buzzi (212.5%)
3	Cemex (19.2%)	7	Argos (82.1%)
4	Cementir (117.3%)	8	Vicat (90.8%)


TSR performance vs. Peer Group Index three (3)-year target


Threshold 40% vest	Target 100% vest	Stretch 160% vest	Performance
TSR TITAN - TSR PI =-20%	TSR TITAN = TSR PI	TSR TITAN - TSR PI ≥ 20%	130.2% 160% payout

The 3-year TITAN TSR was 264.6%, while the 3-year PI TSR was

134.4%, leading to vesting of 160%.

Total vesting, after both performance criteria are considered,

is 154% of the conditionally granted shares.

The vested number of TITAN shares are transferred to the

participants.

Management Report

Corporate governance and risk management

2017 Stock Options Plan

Furthermore, the 2017 Restricted Stock Option Plan (RSIP 2017) is

currently under implementation since participants have the right to

exercise the vested options which were granted during the second

(2018) and third and final year (2019) of the plan.

According to this three-year plan, the Board of Directors was

entitled to grant up to 1,000,000 stock options at a sale price equal

to €10.00 per share.

The vesting period of the stock options was three years provided

that the beneficiaries were still employed (or retired) with the Group.

After the completion of the three-year vesting period, the Board of

Directors decided the final number of options that the beneficiaries

have the right to exercise, based on the following criteria:

• by 50%, based on the average 3-year Return on Average Capital

Employed (ROACE) compared to the target of each 3-year

period; and

• by 50%, based on the overall performance of the Company’s

TSR compared to the average overall performance of a

predefined international cement peer group:


1	Lafarge-Holcim	5	CRH
2	Heidelberg	6	Buzzi
3	Cemex (in US$)	7	Argos (in US$)
4	Cementir	8	Vicat

The timing of grant and vesting, as well as percentage (%) of vested

options based on the achievement against the above performance

criteria, is presented below:


Grant	Vested date	Vested options (%)	Expiration
2017	Dec 2019	49.80%	Dec 2023
2018	Dec 2020	35.88 %	Dec 2024
2019	Dec 2021	31.83 %	Dec 2025

Beneficiaries are entitled to exercise their vested stock option

rights, either in whole or in part, paying the Company the relevant

amounts until the expiration date as per the above table.

TITAN Group Integrated Annual Report 2025

11.4 Total Remuneration of the Executive Directors of the Board and the members of the Management Committee for 2025 – full

year (Fixed, STI and Benefits. LTI presented in §11.5)

The remuneration of the Executive Directors of the Board and the members of the Management Committee was approved by the Board

of Directors following the relevant recommendation of the Remuneration Committee and is in full compliance with the 2025 Remuneration

Policy and has as follows:


	Fixed Remuneration		Variable pay*	Benefits		Total remuneration	Proportion of fixed and variable remuneration
Name, Position	Annual Base Salary	Board Fees	STI (based on 2025 results paid in 2026)	Pension Contribution¹	Allowances and other benefits²	Fixed Remuneration + STI + Benefits
Michael Colakides, Managing Director	€496,528	€45,408	€452,339	€49,653	€10,262	€1,054,190	fixed	57%
							variable	43%
Marcel Cobuz, Chair of Group Executive Committee	€827,549	€30,000	€945,546	€82,380	€90,353	€1,975,828	fixed	52%
							variable	48%
Alexandra Papalexopoulou, Board Executive Director	€425,234	€30,000	€228,000	€42,333	€21,604	€747,171	fixed	69%
							variable	31%
Leonidas Canellopoulos, Board Executive Director	€269,252	€30,000	€182,900	€26,804	€14,901	€523,858	fixed	65%
							variable	35%
Ioannis Paniaras,³ Board Executive Director	€429,362	€3,123	€344,851	€42,744	€65,657	€885,737	fixed	61%
							variable	39%
Vassilios (Bill) Zarkalis⁴ (in $), Board Executive Director	$978,101	€3,123	$1,065,890	$66,003	$53,867	$2,167,532	fixed	51%
							variable	49%
Christos Panagopoulos, Management Committee	€300,178	—	€202,953	€30,018	€127,267	€660,416	fixed	69%
							variable	31%
Grigorios Dikaios,⁵ Management Committee	€215,918	—	€70,000	€11,092	€18,684	€315,694	fixed	78%
							variable	22%
Ioannis Ioannou,⁶ Management Committee	€212,500	—	€196,096	€21,250	€58,200	€488,045	fixed	60%
							variable	40%

1. Defined contribution

2. Includes benefits and allowances (such as travel, housing allowance), life insurance, medical plan, and company car

3. Ioannis Paniaras served as a member of the Board of Directors until 7 February 2025.

4. Vassilios (Bill) Zarkalis served as a member of the Board of Directors until 7 February 2025. BoD fees are incorporated in total remuneration based on a FX rate of

31 December 2025: €/$ 1,175.

5. Grigorios Dikaios served as a member of the Management Committee until his retirement on 29 December 2025. His short-term incentive was paid in December 2025 before

his retirement.

6. Ioannis Ioannou served as a member of the Management Committee as of 1 July 2025.

*The value of Long-Term Incentives that vested during the year are presented in table 11.5.2 in section 11.5.

11.5 Long-term variable pay in 2025

11.5.1 LTI: Awards granted in 2025


Name	Position	Number of LTI- Restricted Stock	Number of LTI- Performance Shares
Michael Colakides	Managing Director	20,017¹	7,514
Marcel Cobuz	Chair of Group Executive Committee	33,608²	12,603
Alexandra Papalexopoulou	Board Executive Director	3,732	3,732
Leonidas Canellopoulos	Board Executive Director	2,709	2,709
Ioannis Paniaras	Board Executive Director	6,460	6,460
Vassilios (Bill) Zarkalis³	Board Executive Director	11,567	11,567
Ioannis Ioannou	Management Committee member	2,657	2,657
Christos Panagopoulos	Management Committee member	2,649	2,649
Grigorios Dikaios	Management Committee member	656	281

Note: Ioannis Paniaras and Vassilios (Bill) Zarkalis served as Board Executive Directors until 7 February 2025.

*The number of awards granted in 2025 is based on the TITAN’s share average closing price during the last 7 trading days of March 2025, adjusted as per Remuneration

Committee decision (€39.99) to exclude the extraordinary dividend linked to the IPO.

1. Number of Restricted Stock awards include 12,503 restricted shares granted as extraordinary ad hoc award.

2. Number of Restricted Stock awards include 21,005 restricted shares granted as extraordinary ad hoc award.

3. Vassilios (Bill) Zarkalis received additionally 112,613 Titan America SA (TASA) Restricted Stock Units -RSUs (including 75,075 RSUs granted as extraordinary ad hoc award) and

37,538 TASA Performance Stock Units PSUs. The number of TASA RSUs and PSUs granted is based on the TASA’s share average closing price during the last 7 trading days

of March 2025 ($13.32).

Management Report

Corporate governance and risk management

11.5.2 LTI grants vested / exercised in 2025

The table below presents the number of LTI awards vested during 2025 at share price at the time of vesting, which is much higher than the

grant value reflecting the strong performance of the share in the last 3 years:

• the Fund units that were granted in 2021 at the then-prevailing share price of €9.18; the value of the Fund units is calculated based on

the average unit closing price during the last 7 trading days of March 2025 (€26.136)

• the 50% of the LTI-RS awards granted in 2021 (2nd tranche), with share price at grant €15.24; the value of the Restricted Stocks (LTI-RS)

is calculated based on the average Titan SA share closing price during the last 7 trading days of March 2025 (€41.99)

• the 50% of LTI-RS awards granted in 2022 (1st tranche) with share price at grant €12.89; the value of the Restricted Stocks (LTI-RS) is

calculated as above (€41.99)

• the DCP awards granted in 2022 with share price at grant €12.89; the value of the DCP awards presented below is calculated as above

(€41.99). In addition, a 154% of DCP granted in 2022 vested in 2025.


	Number of Vested award			Exercised	Value of Vested / Exercised awards
Name	Fund* Units	LTI-Restricted Stock grant	DCP	Stock Options	Fund Units	LTI-Restricted Stock grant	DCP	Stock Options
Michael Colakides	43,716.5	-	11,231	-	€1,142,600	-	€471,590	-
Marcel Cobuz	-	21,723	16,727	-	-	€912,149	€702,367	-
Alexandra Papalexopoulou	-	27,331	11,947	-	-	€1,147,629	€501,655	-
Leonidas Canellopoulos	-	6,710	3,346	-	-	€281,753	€140,499	-
Ioannis Paniaras	-	21,243	9,081	7,331	-	€891,994	€381,311	€268,315¹
Vassilios (Bill) Zarkalis	-	35,695	15,762	-	-	€1,498,833	€661,846	-
Ioannis Ioannou	-	-	-	-	-	-	-	-
Christos Panagopoulos	15,544.6	-	3,824	-	€406,282	-	€160,570	-
Grigorios Dikaios	4,253.3	-	-	-	€111,168	-	-	-

* Fund invests in Titan SA shares

Note: Ioannis Paniaras and Vassilios (Bill) Zarkalis served as Board Executive Directors until 7 February 2025.

Ioannis Ioannou served as a member of the Management Committee as of 1 July 2025.

1. The number of Stock Options exercised in 2025, which had vested in December 2021 and were granted in 2019. The value of the exercised Stock Options is calculated

based on the Titan SA closing price on the exercise date (€46.6) minus the exercise price (€10)

11.6 Comparative information on the evolution of remuneration and company performance

The table below shows the change in remuneration of the Board of Executive Directors and the Management Committee Members since

2021. Starting this year, the 2025 figures include vested LTIs at the value at the time of vesting (please see table 11.5.2 above for more

details linked to vested LTIs). In addition, the difference in remuneration between 2025 and 2024 also reflects the departure of Ioannis

Paniaras and Vassilis Zarkalis from the Board of Directors in February. As a result, the two years are not directly comparable. Additionally,

we also present 2025 including fixed compensation, STI and benefits components to ease the comparison with previous year. We will

keep the older data unchanged for traceability and comparability purposes.


Remuneration in €	2025 (revised)	2025	2024	2023	2022	2021
Remuneration of the Board Executive Directors	7,080,158⁶	3,394,107⁶	6,267,980³	5,893,734³	5,251,168⁵	4,358,643¹
Remuneration of the Managing Director, Michael Colakides, Board Executive Director, Chair of the Management Committee	2,668,380	1,054,190	1,118,949	1,046,162	969,116	909,647
Remuneration of the Management Committee Members	2,142,175⁷	1,464,155⁷	988,490 ²	926,463 ²	896,401 ²	859,554 ²
Ratio between the highest remuneration of management members and the lowest remuneration (in FTE) of Titan SA employees	72x	29x	26x	30x	41x	40x
Annual change in average remuneration⁴	22%	-12%	11%	13%	4%	4%


TITAN Group Performance
Earnings per share⁸	4.0466	4.0466	4.3598	3.6494	1.5879	1.1161
TITAN Group EBITDA adjusted (in m€)	670.8	670.8	615.4	544.4	342	269.2

1. Dimitrios Papalexopoulos, Alexandra Papalexopoulou, Leonidas Canellopoulos, Ioannis Paniaras (May–Dec), Vassilios (Bill) Zarkalis

2. Grigorios Dikaios, Christos Panagopoulos

3. Marcel Cobuz, Alexandra Papalexopoulou, Leonidas Canellopoulos, Ioannis Paniaras, Vassilios (Bill) Zarkalis

4. Expressed in FTE of Titan SA employees other than: Directors, Members of the Management Committee, other Directors and persons in charge of daily management

5. Dimitrios Papalexopoulos, Alexandra Papalexopoulou, Leonidas Canellopoulos, Ioannis Paniaras, Vassilios (Bill) Zarkalis

6. Marcel Cobuz, Alexandra Papalexopoulou, Leonidas Canellopoulos, Ioannis Paniaras (January–February), Vassilios (Bill) Zarkalis (January–February)

7. Grigorios Dikaios, Christos Panagopoulos, Ioannis Ioannou (July–December)

8. Based on TITAN Group EBITDA adjusted

TITAN Group Integrated Annual Report 2025

The remuneration of the Board Executive Directors, the Managing

Director and the Management Committee Members includes:

• Annual base salary paid

• Board fees

• Short Term Incentives

• Long Term Incentives (as of the 2025)

• Employer pension contribution

• Allowances and other benefits (such as travel, housing,

international assignment related allowance, life insurance,

medical plan, company car).

11.7 Executive Directors’ contracts

The employment contracts of the Managing Director of the

Company as well as of the other Executive Directors of the Board

and the members of the Management Committee are contracts of

indefinite duration.

In case of termination of the employment contract of the Managing

Director, the Executive Directors of the Board and the members of

the Management Committee, at the initiative of the Company,

severance termination payment, as provided in the 2025

Remuneration Policy, cannot exceed 18 months’ remuneration.

The Board of Directors may consider higher severance payment

further to unanimous recommendation by the Remuneration

Committee.

For the payment of additional compensation in case of retirement

or early termination of employment, Board approval is required

following respective recommendation of the Remuneration

Committee.

Notice periods are according to statutory law provisions and

contractual agreements.

Grigoris Dikaios was a member of the Management Committee

until his retirement in December 2025. In alignment with the

remuneration policy, a payment equivalent to 2025 12 months'

remuneration was offered to Mr. Dikaios acknowledging his long-

standing loyalty and contribution over the last 30 years.

12. Capital, shares, and shareholders

12.1 Share capital

On 31 December 2025, the share capital of the Company

amounted to €959,347,807.86 and was represented by 78,325,475

shares, without nominal value, with voting rights, each representing

an equal share of the capital.

12.2 Shares – restrictions on voting rights – special

control rights

The shares of the Company are of the same class and are either in

registered or dematerialized form. Holders of shares may elect to

have their registered shares converted to dematerialized shares,

and vice versa, at any time.

The Company’s Articles of Association do not impose any

restrictions on the transfer of the Company’s shares.

Each share of the Company corresponds to one vote at the

Shareholder’s Meeting.

Article 13 of the Company’s Articles of Association provides that in

the event shares are held by more than one owner or are pledged,

or if the rights attached to the shares are subject to joint ownership,

usufruct, or any other kind of split-up of such rights, the Board of

Directors may suspend the exercise of such voting rights until a

sole representative of the relevant shares is appointed.

The voting rights attached to the Company’s shares held by the

Company itself or by a directly controlled subsidiary are suspended,

in accordance with the provisions of Article 7:215 and seq. of

the BCCA.

None of the Company’s shares carry any special rights of control.

12.3 Shareholder structure – notification of major holdings

In accordance with Belgian legal requirements on transparency, the

Company’s shareholders must submit a transparency notification

whenever their voting rights either exceed or fall below the

thresholds of 5%, 10%, 15% and all other multiples of 5% of the total

voting rights.

The Company’s Articles of Association do not provide for

a notification threshold lower than 5%.

Based on the transparency notifications made by the Company’s

shareholders on 21 May 2024 and 10 November 2025, the reported

shareholdings in the Company are the following:

• E.D.Y.V.E.M. Public Company Ltd, Andreas Canellopoulos,

Leonidas Canellopoulos, Nellos-Panagiotis Canellopoulos,

Pavlos Canellopoulos, Trust Neptune, Alexandra

Papalexopoulou, Dimitrios Papalexopoulos, Eleni

Papalexopoulou, Alpha Trust, Delta Trust, Lamda Trust, and the

Paul and Alexandra Canellopoulos Foundation, who act in

concert, hold 38,293,643 shares, corresponding to 48.89% of

the Company’s voting rights.

• Titan SA and Titan Cement Company SA hold 3,917,259 shares,

corresponding to 5% of the Company’s voting rights.

The Company’s Shareholder Structure and the relevant

transparency notifications are available on the Company’s

website: https://ir.titanmaterials.com/en/shareholder-center/

shareholder-structure.

12.4 Shareholder agreements with transfer or voting restrictions

known to the Company

Following a transparency notification received on 21 May 2024, the

Company was informed that E.D.Y.V.E.M. Public Company Ltd,

Andreas Canellopoulos, Leonidas Canellopoulos, Nellos-Panagiotis

Canellopoulos, Pavlos Canellopoulos, Trust Neptune, Alexandra

Papalexopoulou, Dimitrios Papalexopoulos, Eleni Papalexopoulou,

Alpha Trust, Delta Trust, Lamda Trust, and the Paul and Alexandra

Canellopoulos Foundation, holding in total 38,293,643 shares,

which correspond to 48.89% of the Company’s voting rights, are

acting in concert.

12.5 Powers of the Board of Directors to issue and buy back

shares and increase the share capital

12.5.1 Pursuant to Article 6 of the Company’s Articles of Association

and the relevant resolution of the Extraordinary General Meeting of

Shareholders of 5 May 2025, the Board of Directors is authorized to

increase the share capital of the Company once or several times by

a (cumulated) amount not exceeding €959,347,807.86.

Management Report

Corporate governance and risk management

This authorization is valid for a period of five years from the date

of publication in the Annexes to the Belgian Official Gazette of the

amendment to the Company’s Articles of Association approved by the

Extraordinary General Meeting of Shareholders of 5 May 2025, and

may be renewed in accordance with the relevant legal provisions.

12.5.2 Pursuant to Article 6 of the Company’s Articles of

Association and the relevant resolution of the Extraordinary General

Meeting of Shareholders of 5 May 2025, the Board of Directors is

authorized to increase the share capital of the Company in any

form, including, but not limited to, a capital increase accompanied

by the restriction or withdrawal of preferential subscription rights,

following the receipt by the Company of notification by the

Financial Services and Markets Authority (FSMA – Autorité des

Services et Marchés Financiers/Autoriteit voor Financiële Diensten

en Markten) of a takeover bid for the Company’s shares. This

capital increase must comply with the additional terms and

conditions laid down in the BCCA.

This authorization is valid for a period of three years from the date

of the amendment to the Company’s Articles of Association

approved by the Extraordinary General Meeting of Shareholders

of 5 May 2025 and may be renewed for a further period of three

years. The amount of this increase will be deducted from the

remaining part of the authorized capital specified in the above

paragraph 12.5.1.

12.5.3 Pursuant to Article 15 of the Company’s Articles of

Association, the Company may, without any prior authorization of

the General Meeting, in accordance with Articles 7:215 and seq. of

the BCCA and within the limits set out in these provisions, acquire

its own shares, on or outside a regulated market, which correspond

to a maximum 20% of the issued shares, at a price respecting the

legal provisions, which, in any case, may not be more than 20%

below the lowest closing price during the last 30 trading days

preceding the transaction, nor more than 20% above the highest

closing price during the last 30 trading days preceding the

transaction.

This authorization is valid for a period of five years from the date of

publication in the Annexes to the Belgian Official Gazette of the

amendment to the Company’s Articles of Association approved by

the Extraordinary General Meeting of Shareholders of 5 May 2025.

This authorization covers acquisitions on or outside a regulated

market by a direct subsidiary within the meaning and limits set out

in Article 7:221 and seq. of the BCCA.

12.5.4 Pursuant to Article 15 of the Company’s Articles of

Association, the Board of Directors is authorized, subject to

compliance with the provisions of the BCCA, to acquire the

Company’s own shares on its behalf if such an acquisition is

necessary to prevent serious and imminent harm to the Company.

This authorization is valid for a period of three years from the date

of publication in the Annexes to the Belgian Official Gazette of the

amendment to the Company’s Articles of Association approved by

the Extraordinary General Meeting of Shareholders of 5 May 2025.

12.5.5 Pursuant to Article 15 of the Company’s Articles of

Association, the Board of Directors may dispose of part or all of the

Company’s shares at any time and under such pricing conditions as

it determines, on or outside the stock market, or within the

framework of its Remuneration Policy for employees or directors of

the Company or in order to prevent serious and imminent harm to

the Company. This authorization covers the disposal of the

Company’s own shares held by a direct subsidiary within the

meaning of the BCCA and is valid without any time limitation,

regardless of whether the disposal is made to prevent serious and

imminent harm to the Company or not.

12.6 Control mechanism of any employee scheme where the

control rights are not exercised by the employees

There is no employee scheme that incorporates such a mechanism.

13. Amendment to the Company’s Articles of

Association

Any amendment to the Company’s Articles of Association must be

approved by the Extraordinary General Meeting of Shareholders,

with at least 50% of the share capital present or represented. If

such quorum is not met at the first Extraordinary General Meeting, a

new Meeting of Shareholders may be convened, which shall validly

deliberate and resolve regardless of the share capital present

or represented.

An amendment to the Company’s Articles of Association shall

be adopted if it receives at least three-quarters of the votes

cast, excluding abstentions from both the numerator and

the denominator.

14. Important agreements affected by a change of

control following a public tender offer

The Company, either as a primary obligor or as a guarantor, has

entered into a number of financial agreements, which include, as it

is common practice in such agreements, a change of control clause.

This clause allows the Company’s counterparties to accelerate the

financing or terminate the agreement should a change in the

current control structure or ownership of the Company occur by

virtue of a public tender offer or otherwise.

On 31 December 2025, the Company had in place the following

important financial agreements, which include a change of

control clause:

1. a Multicurrency Revolving Facility Agreement of €230,000,000,

entered into among the Group’s subsidiary Titan Global Finance

PLC and a syndicate of lending banks, with the Company as

guarantor;

2. a €19,737,920 bond loan, dated 2 November 2022, between

Titan Cement Company SA as issuer, Alpha Bank as Bondholder

Agent and Paying Agent and the Company as guarantor;

3. a USD 40,000,000 facility agreement, dated 15 December 2021,

as amended, between Titan America LLC as borrower, HSBC

Bank USA as lender and the Company as guarantor;

4. a USD 45,000,000 facility agreement, dated 1 July 2014, as

amended, between Titan America LLC as borrower, Wells Fargo

Bank as lender and the Company as guarantor;

5. a USD 60,000,000 facility agreement, dated 8 July 2020, as

amended, between Titan America LLC as borrower, Citibank

N.A. as lender and the Company as guarantor;

6. €250,000,000 2.750% Guaranteed Notes due 2027 issued by

Titan Global Finance PLC and guaranteed by the Company;

7. €150,000,000 4.250% Guaranteed Notes due 2029 issued by

Titan Global Finance PLC and guaranteed by the Company;

8. a €120,000,000 bond loan, dated 27 July 2022, as amended,

between Titan Cement Company SA as issuer and Piraeus Bank

as Bondholder Agent and Paying Agent; and

TITAN Group Integrated Annual Report 2025

9. an up to 120,000,000 bond loan, dated 28 June 2024, as

amended, between Titan Cement Company SA as issuer and

Alpha Bank as bondholder and paying agent, guaranteed by

the Company.

Following the year-end, the Company has entered into the

following important financial agreements, which include a change

of control clause:

1. €350,000,000 3.50% Guaranteed Notes due 2031 issued by

Titan Global Finance PLC and guaranteed by the Company.

15. Agreements providing compensation for Board

Members or employees in case of resignation, or

redundancy without valid reason, or employment

termination due to a takeover bid

The Company has not entered into any agreement with members

of the Board of Directors or employees providing for the payment

of compensation upon their resignation or dismissal without valid

grounds or upon termination of their tenure or employment due

to a public tender offer.

16. Investors’ information

16.1 Interactions with institutional and individual investors

The Company has a long-standing track record of active

engagement with both institutional and retail investors. The Investor

Relations team, together with the various senior Group executives,

regularly holds in-person meetings with institutional investors and

participates in investor roadshows and industry conferences across

multiple countries. During these interactions, TITAN representatives

provide comprehensive updates on business performance, strategic

priorities, focus areas, outlook and progress against both financial

and non-financial objectives, including ESG targets, digitalization,

and innovation, while addressing investors’ questions and concerns.

In parallel, virtual meetings are also held, enabling more frequent

and timely communication with the investor community and

facilitating the efficient handling of ad hoc investor requests. The

Investor Relations team holds dedicated events, “Capital Markets

Day”, in connection with strategic updates, providing investors with

direct access to senior management, facilitating open dialogue, and

enhancing understanding of the Company’s strategic direction and

long-term value creation. An Investor Day took place on 11

November 2025, outlining the Group’s growth targets to 2029

under the “TITAN Forward 2029” framework.

The Investor Relations team ensures that all relevant information is

consistently updated and readily accessible through the Investor

Relations section of the Company’s website, where all relevant

information is presented in a structured form, including the

corporate calendar, press releases, ad hoc announcements,

corporate presentations, and regulatory disclosures, providing

timely, clear, transparent, and comprehensive communication.

The Company’s Shareholder Services Department, a part of the

Investor Relations team, handles all inquiries from retail

shareholders, ensures they receive timely information, and supports

their participation in General Meetings and the exercise of their

shareholders rights. Furthermore, it assists shareholders with day-

to-day matters.

16.2 Shareholder information and services

The Board of Directors collectively oversees the maintenance of a

constructive and effective dialogue with shareholders. The release

of the Group’s annual and interim quarterly results is accompanied

by webcasts and conference calls with analysts and investors.

All regulatory and non-regulatory announcements, together with

other Company-related information, are available on the Company’s

website (www.titanmaterials.com).

16.3 Investor Relations Department

The Investor Relations Department is tasked with overseeing the

Company’s relationships with shareholders and investors, ensuring

transparent, timely, and equitable communication regarding the

Company’s performance, strategy, and objectives. The department

strives to maintain longstanding, trusted relationships and to foster

new connections within the investment community, upholding the

high level of confidence that investors place in the Group.

Investor Relations Group e-mail: ir@titanmaterials.com

Investor Relations Director: Spyros Kamizoulis,

email: s.kamizoulis@titanmaterials.com

16.4 Shareholder Services Department

The Shareholder Services Department manages all inquiries from

retail shareholders. It supports their participation in General

Meetings, assists in exercising shareholder rights, and helps with

reclaiming shares from the Loan and Consignment Fund.

Additionally, the Department handles correspondence on a range

of matters, including inheritance issues, clarifications on

distributions, while also provides historical data upon request.

Shareholder Services Manager: Nitsa Kalesi,

email: n.kalesi@titanmaterials.com

16.5 Share Facts

16.5.1 Share basic data


Sector	5010 – Construction & Materials
Subsector	50101030 – Cement
Type	Common share
Stock Exchange	Euronext (Brussels and Paris), Athens Exchange
Number of shares	78,325,475
ISIN	BE0974338700
CFI code	ESVUFN

16.5.2 Tickers


	Oasis	Reuters	Bloomberg
Euronext	TITC	TITC.BR	TITC.BB
ATHEX	TITC	TITC.PA	TITC.GA

Management Report

Corporate governance and risk management

Risk management

Group risk strategy

TITAN Group is active in a diverse geographical business and

operational landscape, resulting in a multitude of potential risk

exposures, including strategic, operational, and financial risks,

with sustainability (ESG)-related risks spanning strategic and

operational categories.

In order to effectively identify and mitigate such exposures,

the Group manages its risks in accordance with established

international practices for industrial companies, embedding

key dimensions of Enterprise Risk Management (ERM) into its

processes, systems, and governance. In particular, the following

five main components of the ERM framework are supported

by a set of principles that provide the basis for the Group’s

understanding and management of risks associated with its

strategy and business objectives:

a. Governance and Culture, including oversight model, operating

structures, definition of desired cultural traits, and commitment

to core values and development of appropriate talent;

b. Strategy and Objective-setting, including definition of risk

appetite, analysis of context, evaluation of options, and

formulation of strategic objectives;

c. Performance, including risk identification, assessment, and

prioritization, implementation of responses, and development

of risk portfolio view;

d. Review and Revision, including reviews of risk and performance,

assessment of changes, and continuous improvement of

approach;

e. Information, Communication and Reporting, including

communication of risk information, use of IT, and reporting

of risk performance.

Risk management process

TITAN’s risk management approach encompasses a set of

management practices designed to proactively address risks,

thereby safeguarding the long-term sustainability of its business.

This approach comprises a management system that integrates

strategy-setting, organization, governance, policies, reporting,

communications with stakeholders, and measurement of

performance across all business units of the Group.

The Board has overall responsibility for determining the nature and

extent of the principal risks that the Group is willing to assume in

achieving its strategic objectives. Risks are addressed on a day-to-

day basis by Group management at various levels of the

organization, according to the nature of each risk. As a result, risks

are identified and quantified using multiple sources and are

reported in the course of the Group’s planning and performance

management cycle, ensuring a quick and effective response.

Complementing this risk management culture and approach, which

is integral to the Group’s business processes and decision-making

(both strategic and operational), the Group undertakes, on a regular

basis, a systematic exercise to assess all material risks faced by

the Group that could affect the Company’s business model,

performance, solvency, or liquidity. A team consisting of the Chair

of the Executive Committee and senior managers from the Group’s

Strategic Planning and Finance, which also considers input from

ESG and other functions, identifies the Group’s main risks and

categorizes them as “strategic”, “operational”, or “financial” risks.

“ESG” risks are categorized either as “strategic” risks or as

“operational” risks. All identified risks are then assessed along the

following three dimensions, in line with industry best practices:

a. Probability: scale from one (rare) to five (almost certain)

b. Impact: scale from one (incidental) to five (extreme)

c. Preparedness: scale from one (low) to five (high)

Risks are categorized using established risk taxonomies relevant

to the Group’s business. Risks are also assessed using a variety of

techniques, including benchmarking sector practices, supplemented

by advanced practices from other industries, qualitative and

quantitative assessment of the risk elements, evaluation of possible

outcomes against the Group’s strategic objectives, risk elaboration

of the Group’s material issues, evaluation of risk ownership, and the

recording of mitigating actions that are adopted or planned. To

ensure completeness, the initial assessment is complemented by an

assessment at the regional and business unit level to provide

bottom-up input focusing on the specifics of each market. For the

first time this year, following the NYSE listing, TITAN America

prepared a stand-alone risk assessment, which was provided as

input to the Group’s review exercise. Risks are cross-referenced

with the output of the Group’s materiality assessment exercise and

reviewed by the Group Executive Committee. Finally, the Board,

through the Audit and Risk Committee, validates the relevant risk

assessment and monitors TITAN’s risk management and internal

control systems, reviewing their effectiveness (covering all material

controls, including financial, operational, organizational, and

compliance controls). To that end, in November 2025 the Audit and

Risk Committee and the Board held a meeting specifically dedicated

to reviewing the Group’s risk assessment and respective mitigation

plans against the key business risks.

In 2025, the assessment of the Group’s climate change-related

risks and opportunities was updated through an exercise that

covered physical risks such as temperature, flooding, and water

stress, as well as transition risks such as carbon pricing, reputational

damage, and litigation. TITAN’s Group ESG performance

department initially engaged with climate risk experts to analyze

the risks stemming from climate change as well as opportunities

from the transition to a low-carbon economy, in alignment with the

TCFD and TNFD frameworks, as can be seen in the specific Climate

and Nature-Related Financial Disclosures (TCFD and TNFD) section

on page 204 and page 205. The results indicated that the Group’s

climate-related risks are in the same scale of magnitude as those

of its sectoral peers. In addition, opportunities related to climate

change were also analyzed and quantified. For example, product

portfolio, adaptation, and resource efficiency, and alternative

energy sourcing opportunities were assessed. Furthermore, TITAN

operations have a high level of dependency on ecosystem services,

particularly groundwater and surface water, and a moderate

dependency on mediation of sensory impacts.

Moreover, this year there was a focused strategy definition,

planning, and execution initiation for the migration of our

Cybersecurity risks, identified by the assessments performed both

internally by our CISO team and by external expert advisors.

TITAN Group Integrated Annual Report 2025

Risk management, governance, and controls

In TITAN Group, risk is managed at three levels, in line with

industry best practices. Risks are managed on a day-to-day basis

by Group management at various levels of the organization

according to the nature of each risk. TITAN’s risk governance

framework follows a customized approach that best addresses the

particularities of each risk area and ensures the optimum degree

of risk ownership and accountability for the appropriate mitigation

actions. Frontline management (business units and functions)

executes its risk management role in accordance with policies and

standards, monitors and mitigates risks as part of performance

management, and identifies and escalates risks as required. This

first level of management includes the integration with key business

processes (e.g., capital expenses review stage gates, M&A review,

budget and strategic planning).

At a second level of risk governance and control, Group Internal

Audit and Compliance ensures adherence to the ERM framework

and internal policies. The Group Executive Committee provides

strategic direction, an independent view of risks among all

operating units, and drives coordination among them as needed,

while various risk governance bodies provide oversight of specific

risk areas (e.g., CapEx Committee, Ventures Investment

Committee, etc.).

At the senior level, the Board has the overall responsibility for

determining the nature and extent of the principal risks that the

Group is willing to assume to achieve its strategic objectives. The

Board, through all its Committees, discusses and assesses on a

regular basis the main areas of risk to which the Group is exposed,

identifies new risks, defines the risk appetite of the Group, and

monitors the effectiveness of the risk management and internal

controls. The Board has delegated responsibility for the monitoring

of the effectiveness of the Group’s risk management and internal

control systems to the Audit and Risk Committee.

According to this framework, most strategic and financial risks are

managed mainly by the Group Executive Committee, the Group

functions, and other specific governance bodies such as the CapEx

Committee. The management of most operational and sustainability

risks is, to a large extent, embedded in the daily operation and

processes of the local business units. Various risks, including legal,

compliance, operational, and sustainability risks (such as

environmental risks, energy and fuel price fluctuations, workplace

safety, and labor issues), are managed at both Group level by the

Group Executive Committee and relevant Group functions (e.g.,

Internal Audit and Compliance, Group Legal, Group Procurement,

Group Engineering and Technology, Group ESG Performance,

Group IT and Digital, Group Communication, Group HR). These risks

are also managed at the local business unit level by respective

units (Legal, Procurement, Environment, Sustainability, HR). This

approach ensures that line management owns all the operational

and sustainability risks that occur at the level of individual

businesses and ensures that a strong risk culture is embedded in all

relevant decision-making. At the same time, all risks of higher

magnitude that are relevant at Group level are managed centrally,

where risk data points from multiple sources across the

organization are aggregated, insights are integrated, and mitigating

action plans are crafted and shared among all appropriate

organizational levels.

The Group Executive Committee is also responsible for setting

Group policies and ensuring that they are implemented throughout

the Group. To that end, a set of policies provides the necessary

framework and reference point for a number of risk areas. In

parallel, the ethics and compliance programs implemented

throughout TITAN’s operations ensure that the Group’s principles

and values are integrated in day-to-day operations and that the risk

management culture is reinforced across the Group.

The effectiveness of the systems and policies implemented at

Group and business unit level is systematically reviewed by the

Group Executive Committee and business unit management,

including assessments of compliance with relevant Group

standards. Whenever weaknesses are identified, corrective

measures are taken.

Group Internal Audit and Compliance reports on the effectiveness

of the risk management and internal control frameworks to the

Audit and Risk Committee on a regular basis.

The Board and the Audit and Risk Committee receive management

reports on the key risks to the business and the steps taken to

mitigate such risks on a regular basis, and consider whether the

significant risks faced by the Group are being properly identified,

evaluated, and managed.

TITAN’s principal risks

Strategic risks

Climate change

As the evidence of the effects attributed to climate change

becomes more apparent, regulatory activity aiming to reduce

greenhouse gas (GHG) emissions, especially CO2, has increased.

The production of cement is characterized by high CO2 intensity

and is therefore directly impacted by such regulatory changes,

including the revision of the EU Emissions Trading Scheme (ETS),

the Carbon Border Adjustment Mechanism (CBAM) regulation, and

national climate laws. Within TITAN’s geographical footprint, legally

binding climate change regulations are implemented in the EU

(Greece and Bulgaria) through the EU Emissions Trading System

(ETS), and in Egypt through a CO2 emissions cap. Gross Scope 1

emissions of our operations in these countries represent 54.0% of

our total Group Scope 1 emissions. Particularly in EU markets, the

gradual phase-out of free CO2 allowances from 2026 is expected to

increase production costs, potentially resulting in a loss of sales to

imports from non-CO2 constrained markets – a risk commonly

referred to as “carbon leakage”). Similarly, exports from markets

subject to CO2 taxation may be structurally disadvantaged

compared to exports from markets without comparable carbon

constraints. CBAM can help ensure a global level playing field and

prevent carbon leakage from the EU, provided an effective solution

for exports is established. Even if imports to Europe are subject to

CO 2 costs under CBAM, exports and therefore the competitiveness

of EU-based production will be adversely affected if no solution is

found to maintain competitiveness beyond 2025.

The Group closely monitors relevant regulatory developments

and takes proactive measures to mitigate potential negative

consequences. A scenario-modelling approach has been adopted

for the examination of possible outcomes and for the identification

of appropriate roadmaps of mitigating actions to safeguard the

Group’s business resilience. Such measures include the reduction

of the amount of clinker used in the production of cement, the use

of alternative fuels (AF) with a lower CO2 footprint, energy efficiency

measures, the development of new lower-carbon products, and

continuous innovation across the value chain.

Management Report

Corporate governance and risk management

Moreover, the climate agenda may promote the use of concrete

and cement substitutes for construction as being less carbon-

intensive, a fact that could negatively affect demand for the Group’s

core products. In addition, the CO2 footprint may pose a risk

regarding future funding opportunities and create a reputational

risk for our Group and the whole sector, which could also lead to

shifts in customer preferences. However, at the same time,

opportunities arise from the development and sale of new low-

carbon products and solutions. Differentiating our product offering

with low-carbon products that add value to the customer is a major

pillar of our decarbonization roadmap. Lower carbon products

r epresent 27.0% of our portfolio of cement and cementitious

products. The Group has committed to achieving a reduction in

emissions/tonnes cementitious material to the level of 500 kgCO2/t

cementitious products by 2030, offering its customers the products

and services that will shape the sustainable world of tomorrow.

TITAN is also investing in R&D with regards to the development of

low-carbon products (cement and concrete), based on the

application of either existing (e.g., low-carbon clinker), or new

technologies (e.g., new binders, calcined clays, recarbonated

materials, new types of concrete). The Group is also active in

advocating for the adoption of new building codes and building

material standards to promote green products.

The Group’s alternative fuels (AF) thermal substitution rate

increased to 22.3% in 2025, an increase of ca. 1.1 percentage points

compared with the previous year. Dried sewage sludge, refinery

sludge, tires, solid recovered fuel (SRF)/refuse-derived fuel (RDF),

and agricultural waste were used to substitute conventional solid

fuels in several of the Group’s plants. The increase has been the

result of (a) successful permitting, (b) sourcing efforts for new

alternative fuels in the local and international markets, and (c)

investments across several TITAN cement plants in AF processing

facilities and the plants’ feeding, storage, and combustion

infrastructure, as shown in the section “Alternative fuels (co-

processing)” on page 136.

Market conditions and cyclicality

The Group operates both in mature markets such as the US and

Western Europe, and in emerging markets such as Egypt, Türkiye,

and Brazil. Some of these markets contribute significantly to the

Group’s revenues and profitability. As a result, any negative

developments in these markets in terms of supply/demand balance,

pricing, and growth outlook could have a material adverse effect on

the Group’s business, operational results, and financial condition,

especially if that market contributes significantly to the Group’s

revenues and profitability, e.g., the US.

Moreover, the building materials industry is dependent on the level

of activity in the construction sector, which tends to be cyclical and

dependent on various factors, including, but not limited to, the level

of infrastructure spending, the demand for private and commercial

real estate, mortgage lending, local economic activity, inflation, and

interest rates. The Group’s business, operational results, or financial

condition could be adversely affected by a continued deterioration

of the global economic outlook or cyclical weakness in the

construction industry on a global scale or in a significant market in

which it operates. To mitigate such risks, the Group, in addition to

its geographical diversification, has established robust annual

budgeting, strategic, and risk review processes.

Political and economic uncertainty

The Group operates, and may seek new opportunities, in markets

with differing and, at times, volatile economic, social, and

geopolitical conditions. These conditions may include political

unrest, civil disturbance, strikes, currency devaluation, prohibition

of capital transfer, and other forms of instability, and may result in

sudden changes to the operating and regulatory environment.

Changes in these conditions may adversely affect the Group’s

business, operational results, financial performance and prospects,

especially if they concern multiple markets concurrently.

The annual budgeting and strategic review process, along with the

regular monitoring of financial results and forecasts, helps track

geopolitical and economic events that may create uncertainties

regarding financial performance. Where political tensions are

heightened, mitigation measures are in place to provide maximum

protection of TITAN’s people and assets.

Global systemic disruption

Global-level disruptions can affect the Group’s operations in diverse

and largely unpredictable ways, but they share a common feature:

unlike more localized impacts, they could impact almost all

business units and areas of operation. Such disruptions may arise

from a variety of causes, for example:

• global financial crises, resulting in loss of demand due to

widespread economic downturn;

• societal crises, e.g., pandemics, leading to a loss of demand due

to an economic downturn and the loss of production due to

health crises or crises of essential resources (food, water);

• large-scale conflicts, e.g., interstate conflicts, causing disruptions

to supply chains;

• global data infrastructure failures, e.g., nationwide cyberattacks

or global information and communication infrastructure

compromises, disrupting financial and trade networks at global

or regional levels.

To anticipate and mitigate the effects of such globally relevant

macro-level disruptions, the Group conducts risk assessments,

scenario evaluations, and contingency planning at strategic,

operational, and people-related (health and safety) levels. In

addition, disaster-control protocols to mitigate the effects of health

and safety-related crises are continuously updated, while financial

resilience measures to bolster the Group’s balance sheet and

insurance coverage are implemented. At a strategic level, the

Group’s geographical diversification can provide a high degree of

resilience against the impact of more regional disruptions.

Talent management

Cement companies, including ΤΙΤΑΝ, face a multitude of potential

risks related to their human resources and talent management.

Existing processes to recruit, develop, retain, and promote the

mobility of talented individuals, including top-level management,

may prove inadequate, thus potentially giving rise to the risks of

employee and management attrition, difficulties in succession

planning, and an inadequate pipeline of future talent, potentially

impeding the Group’s continued realization of high operational

performance and future growth. In addition, talent attraction could

be further affected if the sector is perceived as less attractive than

other industries, particularly among younger generations.

Moreover, the effective implementation of the Group’s Human

Rights and Diversity, Equity, and Inclusion Policies is increasingly

crucial in shaping perceptions among key stakeholders, such as

TITAN Group Integrated Annual Report 2025

current and prospective employees, consumers, and investors.

Greater diversity in the Group’s human capital enhances the

potential for innovation that contributes to business growth, while

higher degrees of inclusion foster better employee engagement,

productivity, and company loyalty, contributing to higher talent

retention rates and overall employee engagement.

ΤΙΤΑΝ is actively pursuing a rich agenda of actions to strengthen its

talent management, including the updating and diffusion of its

relevant HR policies (such as its Human Rights, Diversity, Equity,

and Inclusion, and Respect in the Workplace policies) and people

development processes.

Relevant measures include employee surveys and focus groups for

feedback, training, and capability-building programs, the adoption

of global best practices in diversity, equity and inclusion, the

provision of Group-wide access to the EthicsPoint reporting

platform, and the fostering of continuous dialogue on industrial

relations with all relevant stakeholders.

Financial risks

The Group, due to the nature of its business and its geographical

positioning, is exposed to financial risks associated with foreign

currency, interest rates, liquidity and leverage, as well as

counterparties. Financial risks are managed by Group Finance

and Treasury.

The Group does not engage in speculative transactions or

transactions which are not related to its commercial and

business activities.

Currency volatility

Group exposure in foreign currency derives from existing or

expected cash flows and from acquisitions and investments

denominated in currencies other than the euro. The Group’s net

foreign currency transaction risk mainly arises from USD, EGP, RSD,

LEK, GBP, BRL, and TRY. Natural hedges (equity invested in long-

term fixed assets and borrowings in the same currency as the

activities that are being financed), currency swaps, and forward

foreign currency contracts are used to manage currency exposures.

Interest rate risks

The Group’s exposure to interest rate changes and increased

borrowing costs are managed through employing a mix of fixed-

and floating-rate debt and interest rate derivatives, where

appropriate. The ratio of fixed to floating rates of the Group’s

borrowings is decided on the basis of market conditions, Group

strategy, and financing requirements.

As at 31 December 2025, the Group’s ratio of fixed to floating

interest rates stood at 68%/32% (31 December 2024: 67%/33%),

which takes into account outstanding interest rate swaps.

Liquidity and leverage risks

In order to manage liquidity risks and to ensure the fulfillment of

its financial obligations, the Group maintains sufficient cash and

other liquid assets, as well as extensive committed credit lines

with several international banks, which complement its operating

cash flows.

The Group’s financial position provides access to international

financial markets and the ability to raise needed funds.

Counterparty risks

Counterparty risk relates to the inability of one or more of the

Group’s counterparties, mainly financial institutions and customers,

to meet their obligations toward the Group. Exposure to the risk of

financial institutions failing to their obligations toward the Group

deriving from placements, investments, and derivatives is mitigated

through predefined exposure limits for each counterparty, as well as

the use of the collateral mechanism of credit support agreements

(ISDA CSA Agreement). As at 31 December 2025, the majority of

Group liquidity was held with investment-grade financial institutions.

The Group is also exposed to risks relating to customer receivables.

Customer receivables primarily derive from a large, widespread

customer base. The financial status of customers is constantly

monitored at business unit level and, where deemed necessary,

additional security is requested to cover credit exposure. As at

31 December 2025, all outstanding doubtful receivables were

adequately covered by relevant provisions.

Operational risks: Environmental, Social and Governance (ESG)

Health and safety

Cement production and the operation of quarries and ready-mix

facilities have inherent safety risks which could be influenced by

factors outside the Group’s control. Ensuring health and safety and

preventing accidents at work is a priority for TITAN. Excellence in

the area of health and safety is embedded in all TITAN operations

and activities. The Group has implemented detailed policies and

procedures promoting Health and Safety, including the presence

of health and safety engineers in all production units. Particular

emphasis is placed on training and raising safety awareness and

on the strict application of safety systems and processes.

TITAN’s Group Health and Safety Policy mandates assessment of

all incidents, proactive planning, the setting of specific targets,

safety training, and the monitoring of progress. Employee health

monitoring is conducted on a regular basis.

In parallel with other preventive measures, TITAN’s safety specialists

conduct regular audits of production and construction sites.

Environmental risks

The Group’s operations are subject to extensive environmental

and safety laws and regulations in the US, the EU, and other

jurisdictions, as interpreted by the relevant authorized agencies and

the courts. These frameworks may impose increasingly stringent

obligations and restrictions regarding, among other things, land use

and remediation, air emissions, waste and water management,

biodiversity, and occupational and community health and safety.

Compliance costs are therefore likely to increase over time. To

continuously manage the environmental impact of its operations,

TITAN applies environmental management systems to monitor and

report performance in all its plants. The Group’s Environment Policy

and ESG 2025 targets set goals for the reduction of air emissions,

the protection of biodiversity, water and waste management, quarry

rehabilitation, energy efficiency, and community engagement.

Management Report

Corporate governance and risk management

Regulatory compliance risk

As the Group operates across multiple jurisdictions, it is subject to a

wide range of local and international laws and regulations, including

those relating to competition law, corruption and fraud.

Consequently, it is exposed to changes to those laws and

regulations and to the outcomes of investigations conducted by

governmental, international, or other regulatory authorities.

Potential breaches of local and international laws and regulations in

the areas of competition law, corruption, and fraud, among others,

could lead to the imposition of significant fines and sanctions for

noncompliance, and may result in reputational damage.

Compliance risks are proactively addressed at Group level through

the TITAN Group Compliance Program, an integrated system of

relevant activities, mechanisms, and controls designed to ensure

that compliance risks are identified in a timely manner, properly

assessed, and effectively mitigated. In addition, all operations are

continuously monitored by the Group Legal and Group Internal

Audit and Compliance departments, while appropriate training is

conducted to ensure effective adherence to the Group’s Code of

Conduct and relevant Group Policies. In 2025, the Group’s US

listed subsidiary became subject to SOC regulations. Accordingly, a

dedicated program was developed to design and implement

Internal Controls over Financial Reporting.

It is our commitment to promote the UNGC Ten Principles and,

specifically, to prevent, avoid, and mitigate possible risks of

possible impacts on Human Rights, and including Labor Rights.

The new Corporate Sustainability Due Diligence Directive (CS3D)

is expected to start in 2028 (following delays under the Omnibus

Directives) and requires the assessment of such risks, and the

process in place for due diligence, building on policies, processes,

and management systems for preventing, avoiding, and mitigating

such risks as well as ensuring remediation plans where necessary.

TITAN already developed a two-year horizon roadmap to mitigate

the risk of compliance with the new directive.

Governance, transparency, and ethics

As a publicly listed company, Titan SA is required to comply with

strict governance and reporting obligations. Any performance or

non-financial commitment failure could result in a reduction of the

share price, reduced earnings, and potential reputational damage.

ESG disclosure in particular might pose a risk for future

sustainability-linked funding. To mitigate such risks, the Group

ensures compliance with the Belgian Corporate Governance Code,

the Non-Financial Reporting Directive 2014/95/EU, the European

Taxonomy Regulation (EU) 2020/852, the International Financial

Reporting Standards (IFRS), and the International Integrated

Reporting Council (IIRC) principles for integrated reporting.

Moreover, reporting frameworks followed include the UN

Sustainable Development Goals 2030, the UN Global Compact

Communication on Progress Guidelines, the Charter and Guidelines

of the Global Cement and Concrete Association (GCCA), the

Sustainability Accounting Standards Board (SASB) Standards, and

the Carbon Disclosure Project (CDP) questionnaires for climate

change and water security. The Group also ensures alignment with

GRI standards. Moreover, in 2021, it started reporting according

to the recommendations of the Task Force on Climate-Related

Financial Disclosures (TCFD). The separate and consolidated

financial statements of the IAR, as well as the ESG performance

and statements, are audited by independent verifiers.

In addition, any potential misconduct in the form of fraudulent

activity by employees, customers, suppliers, or third parties

affiliated with the Group could have a significant financial impact as

well as cause long-term damage to the Group’s reputation. The

Group is well prepared to address most corruption and fraud risks

that pose a material risk to its business. Business fraud risks are

effectively mitigated through the TITAN Group Anti-Fraud Program,

a modular and comprehensive system that incorporates dynamic

elements, risk assessment, proactive activities, and ongoing

monitoring. The program places emphasis on fraud prevention,

mainly through the Fraud Risk Assessment projects in high-risk

areas, as well as the early detection of any possible indications or

instances of occupational fraud through the EthicsPoint reporting

platform and anti-fraud analytics. In addition, the EthicsPoint

platform was expanded in 2025 to include complaints from

stakeholders beyond TITAN employees, such as contractors and

suppliers, customers and other business partners, and people in

communities.

Exposure to the risk of corruption is also systematically monitored

at local and Group levels. According to Transparency International’s

2025 Corruption Perceptions Index, the perception of corruption

showed a negative trend in 60% of the countries where TITAN

currently operates, and a positive trend in 20% of them, while the

ranking for 20% remained the same.

TITAN Group’s Code of Conduct and Anti-Bribery and Corruption

Policy define the principles, rules, and responsibilities, and provide

specific guidance, on the preventive and detective procedures to

mitigate these risks. Business fraud risks are effectively mitigated

through the TITAN Group Anti-Fraud Program, while risk

assessment associated with third parties is performed through the

Third-Party Due Diligence System.

Other operational risks

Energy volatility

The cost of energy (electricity, fuels) represents a significant part of

our overall production cost. Due to recent market volatility (prices

and availability), there is a risk that energy costs could exceed

anticipated costs, as accounted for in budgets, thereby adversely

affecting operating margins and profitability. In the longer term, as

the transition to a decarbonized energy landscape progresses,

there is a risk that traditional fossil kiln fuels (petcoke, coal, natural

gas) will become more expensive, while the price of alternative

fuels will increase simultaneously due to higher demand and

limited supply.

The results of operations (profitability) and liquidity may be

significantly affected if long-term contracts or fuel inventories are

not in place and revenue over cost cannot be achieved. Moreover,

disruptions in supply (or late deliveries) of electricity and fuels could

lead to downtime, impacting both the Group’s financial condition

and reputation.

We are making a continuous effort to increase energy efficiency in

our operations, to adapt our sourcing strategies, and to insource a

higher proportion of our energy needs (e.g., alternative fuels,

waste heat recovery, renewable energy sources).

TITAN Group Integrated Annual Report 2025

Physical impact of climate change and extreme natural disasters

and dependencies on nature

Natural disasters and extreme weather events, such as floods,

hurricanes, drought, extreme temperatures, wildfires, could disrupt

the continuity of our operations and put our employees in danger.

Appropriate infrastructure design and asset construction standards,

emergency plans, and adequate insurance coverage are among

the measures employed to address the impact of extreme

natural events.

In addition, the possible increase in physical risks (such as coastal

flooding, drought, wildfires, water stress, etc.) as a result of climate

change could disrupt our asset base and the continuity of our

operations (production and distribution) and put our people in

danger. The Group has engaged with climate change risk experts

to assess the physical risks stemming from climate change, at both

Group and country level, according to the Task Force on Climate-

Related Financial Disclosures (TCFD) recommendations. With

regards to the mitigation of the effects of possible physical impacts

on the Group’s assets from extreme natural events caused by

climate change, the Company is implementing a set of proactive

protective measures for its assets and is continuously updating

emergency plans. The Group also adheres to appropriate design

standards, maintains adequate insurance policies against physical

damage and business interruption, and ensures the availability of

sufficient liquidity to absorb potential impacts.

Moreover, nature-related risks (such as reputational and regulatory

risks, impact risks, and dependency risks) can affect our business

through supply chain disruptions, reputational damage, and

litigation. In 2024, the Group engaged with nature risk experts to

assess the relevant risks, according to the Task Force on Nature-

Related Financial Disclosures (TNFD) recommendations. Building

on this foundation, in 2025 we initiated a new collaboration with

The Landbanking Group to further broaden and deepen the scope

of our assessment, ensuring a more comprehensive understanding

of nature‑related impacts, dependencies, and risks across our value

chain. To mitigate the effects of possible impacts, the Group is

implementing management plans to address land rehabilitation and

biodiversity. Since 2010, the Group has developed and applied an

Integrated Water Management System (IWMS) at all operations to

monitor and optimize water consumption and to disclose water

data in a consistent way, according to international practices and to

cement sector guidelines. Furthermore, a Water Risk Assessment is

made on a regular basis (e.g., every five years) for all Group sites,

with the use of tools such as the Aqueduct (World Resources

Institute) and the Water Risk Filter (World Wildlife Fund). Finally, in

the event of a local production disruption, the Group is covered for

property damage and business interruption insurance and can

mobilize other Group business units to replenish product stocks

and meet the possible increased demand for repairs in the area.

Cybersecurity risks

Cyberattacks may compromise the Group’s IT (Information

Technology) and OT (Operations Technology) systems, data, and

operations. There is a variety of potential threat actors – from

internal staff to full-scale shadow organizations – with a diverse

level of motivation, sophistication of attack systems, skills, and

resources. Attacks could range in severity, from incidental events in

a minor location or domain, to plant-specific event, Group-wide

attacks and even attacks affecting the broader industry and its

external partners (suppliers, banks, customers). Loss, corruption,

or leakage of data may have significant consequences for:

• sales, purchases, or financial transactions (including

banking fraud);

• confidentiality and GDPR-related commitments;

• operations (e.g., plant operational data used by control systems).

The breakdown or corruption of IT systems could require lengthy

remediation action, while the breakdown or corruption of OT

systems could disrupt plant operations and result in

production losses.

The Group is taking a variety of measures to address such risks,

including the analytical understanding of such threats and the

creation of detailed mitigation plans, the development of

cybersecurity policies and procedures (including the Group

Information Security Policy), the strengthening of underlying

security of critical IT and OT assets, the development of operational

recovery plans, and the implementation of monitoring and reporting

protocols on identified potential risks.

As our IT and OT infrastructure and the digitalization of our

processes and operations moves forward, the Group evaluates

emerging risks related to cybersecurity on a constant basis.

Consequently, in 2025 the Group completed a detailed assessment

of its information security framework with the support of external

specialist advisors. As the risks posed by cyber threats continue to

expand, our mitigation actions and protective mechanisms are

continuously adapted as needed.

Supply chain disruption

The integrity and profitability of the Group’s production and

customer-facing operations depend on its ability to safeguard

critical resources for the uninterrupted manufacturing of its

products. Difficulties in securing an uninterrupted and cost-efficient

supply of internationally tradable goods (raw materials,

cementitious materials, production consumables, spare parts, etc.)

and services (e.g., specialized contractors), due to disruptions in

shipping, logistical constraints (port congestion, driver shortages),

or emerging trade barriers (e.g., tariffs), could have a materially

adverse effect on the Group’s costs and operational results.

Additionally, should existing suppliers cease operations or reduce

their production of key materials, sourcing costs for the Group

could increase significantly or necessitate the search for

alternatives.

To mitigate such risks, the Group constantly evaluates its supply

chain resilience and flexibility, develops strategic options for the

provision of its most critical supplies, and seeks to secure

production inputs through short- and long-term contracts to ensure

the necessary quantity, quality, and availability of required products.

It also strives to secure long-term raw material reserves for its most

critical production inputs. Finally, by deploying a scenario logic in its

planning processes, the Group is proactively developing flexible

and resilient sourcing strategies to withstand possible variability

in the supply markets.

TITAN’s risk management framework is presented on the

following page.

Management Report

Corporate governance and risk management


	Risk management
	Centrally-led	Hybrid	Business unit-led
Risks covered	Most strategic risks, e.g.: • Geopolitical and global disruptions • M&A and divestments • Climate change mitigation and adaptation, incl. carbon pricing • Talent management	Legal	Operational risks, e.g.: • Product quality • Operational disruptions (e.g., critical equipment failure)
	Financial risks, e.g.: • Currency volatility • Interest rates • Liquidity • Counterparty	Operational risks, e.g.: • Energy volatility • Cybersecurity • Health and safety • Environmental • Other ESG	Some strategic risks, e.g.: • Market conditions and cyclicality
Risk management approach	Led by Group functions and governance: • Executive Committee and annual planning process • CapEx Committee • Group Finance • Other Group functions (e.g., Procurement, IT, HR, ESG) • Group HR processes	• Higher central oversight vs. business unit-led risks • Executive Committee • Business unit and Group functions management	• Embedded in business and annual planning processes • Led by business unit management, as part of day-to- day operations
Internal Audit and Compliance Unit and Audit and Risk Committee

In 2025, the Group re-evaluated climate-related risks and opportunities according to the TCFD framework, as shown on page 204. The

exercise covered physical risks such as extreme temperatures, flooding, and water stress, as well as transition risks and opportunities such

as carbon pricing, alternative energy sourcing, and product portfolio adaptation. In addition, the Group evaluated for the first time the

nature risks according to the TNFD framework, as shown on page 205. The exercise covered key risk categories, focusing on three areas:

reputational and regulatory risks, impact risks, and dependency risks. It was accompanied by specific assessed metrics describing the

nature-related impact and dependency performance of the Group.

TITAN Group Integrated Annual Report 2025

Risk landscape for TITAN Group (2025)

The Group’s main risks and the respective probability vs. impact heatmap is presented below:


	Strategic	Operational	Financial
Key risks	Strategic drivers SR1. Talent Management SR2. License to Operate SR3. M&A, & Divestments SR4. Technology Innovation & Digitization SR5. Product Substitution & Adaptation¹ SR10. Strategic Materials and Circularity External Environment SR6. Global Systemic Disruption SR7. Geopolitical SR8. Market Conditions & Cyclicality	OR1. Energy Volatility OR2. Supply Chain Disruption OR3. Cybersecurity OR4. Product Quality OR5. Operational Disruptions	FR1. Currency Volatility FR2. Taxation FR3. Liquidity FR4. Interest Rates FR5. Counterparty
Key risks (ESG)	Climate Change SR9. Carbon Pricing & Regulation Other SR11. Human Rights	OR6. Physical Impacts from Climate Change & Extreme Natural Events OR7. Health and Safety OR8. Litigation OR9. Governance, Transparency & Ethics OR10. Regulatory Compliance OR11. Environmental Risks

1. Includes also the ESG driving forces that currently shape most of the changes in product portfolio.

Risk evaluation heatmap

Management Report

Sustainability

Statement

TITAN Group Integrated Annual Report 2025

Our ambitious ESG targets

demonstrate TITAN Group’s

commitment to sustainability and

value creation for all.


Sustainability Statement	98
General information	100
Environmental information	125
Social information	158
Governance information	188
Disclosure requirements that derive from other EU legislation	193

Employees of TITAN Albania.

100

Management Report

Sustainability Statement

General information

With a history spanning over four decades, TITAN has been sharing non-financial disclosures

since releasing its inaugural CSR report in 1983. Independent auditors have been validating our

data since 2007, and in 2016, we issued our first integrated annual report, which achieved the

highest level of assurance.

By fostering a culture of continuous improvement and investing

in capacity-building initiatives, we aim not only to comply with the EU

CSRD (Corporate Sustainability Reporting Directive) requirements

but also to leverage sustainability reporting as a strategic tool for

responsible corporate governance and transparent stakeholder

communication. In 2024, we conducted a new double materiality

assessment (DMA) according to the ESRS, as outlined in the relevant

sections “Material issues for TITAN and its stakeholders” and

“Integration of material issues with ESRSs”, on pages 107 and 120,

respectively, and we are now in the process of run impacts

materiality assessment in all the countries we operate.

Basis for preparation

For the reporting year ended 31 December 2025, Titan SA reports

its sustainability information for the second time in accordance

with article 3:32/2 of the Companies’ and Associations’ Code,

including compliance with the European Sustainability Reporting

Standards (ESRS).

This includes:

• compliance of the process carried out by the Company to

identify the information reported in the Sustainability Statement

(the “Process”) is in accordance with the description set out in

note “Impact, risk and opportunity management” section; on

page 113 and

• compliance of the disclosures under “EU Taxonomy Regulation”

on page 125 w ithin the directors’ report relating to

environmental matters of the Sustainability Statement with

Article 8 of EU Regulation 2020/852 (the “Taxonomy

Regulation”).

The contents of the Sustainability Statement were subject to a

limited assurance report in accordance with ISAE 3000. The

Independent Auditor’s Report on a Limited Assurance Engagement

can be found on page 351 . TITAN also receives regulatory

assurance for its CO₂ emissions in Europe under the EU Emissions

Trading System (EU ETS). Other than these, no additional assurance

has been obtained for the metrics included in the Sustainability

Statement unless explicitly stated in the relevant chapter.

The information that is published in the section “Voluntary

sustainability disclosures” on pages 197–247 relate to disclosures

that are not required by the ESRS but considered important by

TITAN for its stakeholders. This information is not part of TITAN’s

Sustainability Statement section. The “Voluntary sustainability

disclosures” section is not subject to a limited assurance report in

accordance with ISAE 3000.

BP-1

General basis for preparation of

sustainability statements

1.1.1 Basis of preparation

This Integrated Annual Report has been prepared in accordance

with the requirements of the Corporate Sustainability Reporting

Directive (CSRD) and the accompanying European Sustainability

Reporting Standards (ESRS). Where previously reported,

comparative metrics are presented to support transparency and

enhance the understanding of year‑on‑year performance. The

Company applies the transitional provisions set out in ESRS 1 –

including those introduced through the 2025 “Quick Fix” Directive

– for selected second‑year disclosures under the Sustainability

Statement. Further detail is provided in paragraph 1.2.5.

In preparing forward‑looking information in accordance with the

ESRS, Company management bases such information on clearly

disclosed assumptions regarding potential future events and

actions that the Company may undertake. These statements

inherently involve uncertainties, as future outcomes may differ from

those anticipated, and events expected or assumed today may not

occur as projected. Forward‑looking information therefore reflects

management’s best estimates at the time of reporting but relates to

events and actions that have not yet occurred and may ultimately

not materialize.

1.1.2 Consolidated reporting

The Sustainability Statement is prepared on a consolidated basis

and aligned with the scope of the financial statements. All

disclosures on strategies, policies, actions, metrics, and targets

apply to the consolidated group unless stated otherwise. The

consolidated Sustainability Statement forms part of the Company’s

directors’ report, which was authorized for issue by the Board

of Directors.

The consolidation of all quantitative ESG data follows the principles

above, unless otherwise specified in the accounting policy placed

next to each reported data point in the tables in sections E, S, and

G. No consolidated subsidiaries were exempted from the

Sustainability Statement.

1.1.3 Value chain information

Apart from the above, and in accordance with the ESRS, our

Sustainability Statement covers the information for the upstream

and downstream value chain regarding Scope 3 emissions.

Additional KPIs for upstream and downstream suppliers are specific

to: % share of local spend (under section S3), number of cases of

product recalls, customer satisfaction surveys, and customer

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TITAN Group Integrated Annual Report 2025

complaints (section S4) and information about key suppliers

meeting TITAN ESG standards (section G1).

We use the transitional period allowed under ESRS 1, 10.2

to progressively build full upstream and downstream

value‑chain reporting.

To obtain the necessary information, we reached out to key

suppliers for ESG and Scope 3‑related data and consolidated all

relevant information available through our internal procurement and

customer systems. The main challenges relate to the wide

geographical coverage of TITAN’s operations and the large number

of suppliers with varying levels of ESG data maturity. We continue

to expand supplier engagement and improve internal systems, and

we expect the coverage and completeness of value‑chain

indicators to gradually increase during the ESRS transition period.

1.1.4 Exclusion of information

No information required under the ESRS has been excluded on the

grounds of sensitivity, including information relating to: intellectual

property, know-how, or results of innovation, and impending

developments or matters in course of negotiation. Exclusions

have been applied only as described above in “1.1.3 Value

chain information”.

BP-2

Disclosures in relation to

specific circumstances

1.2.1 Time horizons

The time horizons are expressed as defined by ESRS 1 section 6.4:

• short-term time horizon: the period adopted by the undertaking

as the reporting period in its financial statements (Financial

Year 2025);

• medium-term time horizon: from the end of the short-term

reporting period defined in up to five years;

• and long-term time horizon: more than five years.

1.2.2 Value chain estimation

Regarding the estimation of metrics which are related to the value

chain, we mention: Scope 3 CO2 emissions (related to E1), (S1), KPIs

for performance about the ESG assessment of our key suppliers

(S2), and share of spend to local suppliers and initiatives for

community engagement (S3).

1.2.3 Sources of estimation and outcome uncertainty

We did not identify any quantitative metrics or monetary amounts

that may be subject to a high level of measurement uncertainty.

The necessary clarifications for the assumptions, approximations,

and judgments made in measuring the quantitative metrics are

provided in the sections of the Sustainability Statement where we

present the data points and related information.

1.2.4 Changes in preparation or presentation of

sustainability information

Where metrics have been reported previously, or were made

available, comparative information is presented.

Since the CSRD has now been implemented for a second year, the

Sustainability Statement includes comparative information along

with its related disclosures. The disclosures for 2024 have also

been reviewed as part of an assurance engagement.

The Company identified an error relating to the 2024 calculation of

the KPI “Gender pay gap” (under S1-16). The error related to the

exclusion of variable remuneration components from the total

remuneration as well as incomplete employee coverage in certain

countries. The 2024 comparative figure was restated accordingly.

Apart from this matter, the Company identified no other material

errors in the sustainability information reported in the annual report

for the year ended 31 December 2024.

1.2.5 Use of phase-in provisions in accordance with

Appendix C of ESRS 1

In this Sustainability Statement, TITAN has applied the option to

omit information required in accordance with Appendix C of ESRS 1,

as permitted also for the 2025 reporting year, pursuant to EU

Regulation EU 4812/2025, published on 11 July 2025.

List of phase-in Disclosure Requirements:

• ESRS 2, SBM-1 and SBM-3 (phase-in period applicable for

paragraph 48(e) (anticipated financial effects) for ESRS E2, E5);

• ESRS E2, E2-6;

• ESRS E5, E5-6;

• ESRS S1, S1-7, S1-8 (phase-in period applicable for non-EEA

countries), S1-11, S1-12, S1-14 (phase-in period applicable for work-

related ill health), and S1-15.

For other phase-in provisions related to the value chain, see

“1.1.3 Value chain information” on page 100.

1.2.6 Incorporation by reference

TITAN has utilized the ESRS “Incorporation by Reference” approach

to enhance the narrative and avoid redundancy in the Integrated

Annual Report. The disclosure information incorporated by

reference can be found in the following sections of the Integrated

Annual Report:

• ESRS2 GOV-1 and GOV-2, Group committees, on pages 65, 69,

composition and expertise of Board, on pages 58, 64;

• ESRS2 GOV-3, Remuneration Report, on page 75;

• ESRS2 SBM-1, “TITAN Forward 2029”:

Our new growth plan, on page 20, Evergreen commercial

transformation, on page 22, Global Presence, on page 12, and

Regional performance, on page 44;

• ESRS2 SBM-2, stakeholders, on page 107;

• ESRS E-1 ESRS 2 SBM-3 and E-1-4, “TITAN Forward 2029”:

Our new growth plan, on page 20, Strategic risks, Climate

change, on page 91;

• ESRS E-3, Water stressed areas, on page 220;

• ESRS E-4, sites with high biodiversity value are presented on

page 223, TNFD connections between disclosure and the

framework can be seen on page 205, “Provisions”, on

page 332;

• ESRS S-1 ESRS 2 SBM-3, “TITAN Forward 2029”:

Our new growth plan, on page 107;

• ESRS S-3, Key issues impacting the communities, on page 206;

• ESRS S-4, Responding to the forces transforming our industry,

on pages 16-17, Fostering innovation, on page 28, Other

business activities, on page 53, Risk management approach on

pages 90-91, and “TITAN Forward 2029”:

Our new growth plan, on page 20.

1.2.7 Actions requiring significant CapEx/OpEx

In accordance with ESRS requirements, TITAN assessed whether

actions undertaken or planned for its material topics required

significant CapEx, OpEx, or substantial internal or external financing

during the reporting period. No significant CapEx or OpEx was

102

Management Report

Sustainability Statement

identified, and no limitations related to access to capital or other

resources were noted. Unless otherwise stated in the relevant

chapter, no significant CapEx or OpEx has been recognized for

actions addressing TITAN’s material topics.

GOV-1. GOV-2

Sustainability governance

Sustainability is firmly embedded in our strategy through the regular

review of all issues that are material to the business and our

stakeholders, the definition of appropriate actions and targets, and

the adherence to environmental, social, and governance policies.

The Board of Directors has overall responsibility for the oversight of

the Group’s strategy, risk appetite, and internal control and risk

management framework, including sustainability-related impacts,

risks, and opportunities. Sustainability considerations are integrated

into strategic decision-making, operational planning, and risk

management processes.

The Board is supported by the Audit and Risk Committee, which

monitors the effectiveness of internal control and risk management

systems, including ESG-related matters, oversees the sustainability

reporting process and the assurance of sustainability reporting, and

reports regularly to the Board.

Moreover, the Group Executive Committee, in carrying out its

responsibilities, also monitors sustainability-related impacts,

risks and, opportunities at the operational level and ensures

they are addressed in line with the Group’s strategy and risk

management framework.

Acknowledging sustainability as a top priority of the Company,

the Group Executive Committee has established a Sustainability

Committee.

Executive Committee Sustainability Committee

Chair: Chairman of the Group Executive Committee

Convener: Chief Sustainability Officer

TITAN’s Executive Sustainability Committee comprises Executive

Directors of the Company, the Group ESG Performance Director,

and other senior managers of the Group, depending on the

agenda, and is convened by the Chief Innovation and Sustainability

Officer to monitor the performance and implementation of the

sustainability strategy set by the Board. In particular, its role is to:

• review the corporate materiality assessment;

• oversee the implementation of the sustainability strategy;

• monitor performance vs. targets on a quarterly basis based

on the Group ESG Performance Department dashboard; and

• decide on corrective actions, and set appropriate targets

dynamically.

For more information regarding the corporate governance, see

page 69 (“Group Committees”) and page 65. For more information

regarding the composition and expertise of Board, see page 58

and page 64.

Although employees are not formally represented on the Board of

Directors or the Group Executive Committee, their interests are

incorporated into strategic decisions through the Group Human

Resources department’s participation in the Group Executive

Committee.

Group ESG Performance Department and Network

The role of the Group ESG Performance Department is to monitor,

coordinate, and consolidate the sustainability actions undertaken

across the Group, ensuring that we collectively deliver the best

possible results against well-defined ESG criteria. It does so

through a network consisting of ESG liaison delegates from every

business unit and by coordinating the implementation of

sustainability commitments at regional level.

ΙΑR 2025 assurance audits at Kamari cement plant, Greece.

Conducting our business with respect, accountability

and responsibility

We are dedicated to conducting business with the highest levels of

transparency, accountability, and responsibility. Ethical conduct and

integrity are core elements of TITAN’s culture and shape how we

do business worldwide. Our Code of Conduct and Group Policies

define clear principles and standards across all strategic areas,

offering guidance to employees and external partners to ensure

compliance with internal requirements and applicable laws.

Our Group Policies cover key strategic compliance areas such as

Anti-Bribery and Corruption, Conflict of Interest, Competition Law,

Global Sanctions, Occupational Health and Safety, Environmental

and Climate Mitigation, Corporate Social Responsibility, Human

Rights, Whistleblowing, Protection of Personal Data, Information/

Cyber Security, Diversity, Equity, and Inclusion, Respect in the

Workplace, and Procurement topics, including a Group Code of

Conduct for Procurement. All Group Policies are readily accessible

to employees through the corporate intranet and are also published

on the Group’s official website (https://www.titanmaterials.com/

about-us/corporate-governance/group-policies).

Our strong culture of compliance and integrity demonstrates our

commitment to regulatory requirements and our unwavering

dedication to ethical business practices.

In 2025, we placed special emphasis on assurance activities and

systems to uphold compliance with regulatory requirements,

sustainability commitments, and other integrity-related risks. Our

Third-Party Due Diligence System continued to operate

consistently, enabling comprehensive corporate analysis,

compliance risk assessment, and enhanced screening of third

parties against sanctions and other integrity related risks. This

process also supports the identification of red flags related to

sanctions, as well as potential negative impacts on human rights

and environmental standards.

To further strengthen transparency and accountability, we revised

our Group Whistleblowing Policy, enhancing the mechanisms for

receiving and managing whistleblowing reports. The EthicsPoint

103

TITAN Group Integrated Annual Report 2025

platform remains a secure, anonymous, and strictly confidential

channel for reporting incidents of noncompliance. Open to all

Group employees, third parties, and stakeholders, EthicsPoint

underscores TITAN’s commitment to openness, good governance

and business ethics. Every reported incident is thoroughly

examined and, where necessary, addressed through a remedy

plan, ensuring integrity across our operations.

In 2025, regulatory compliance training emphasized the delivery

of specialized courses crafted for positions carrying greater

accountability for compliance risks. This approach featured

customized in-person workshops aimed at addressing the

unique challenges of each role, alongside digital learning

modules to promote understanding and proficiency in handling

regulatory duties.


Compliance training hours	Business transactions for which third-party Due Diligence was performed	Cases reported through EthicsPoint
4,986	200+	18

Sustainability-Linked Financing Framework

In 2024, we launched a Sustainability-Linked Financing Framework,

aligning TITAN Group’s financial strategy with GHG reduction

targets validated by the SBTi. This framework supports TITAN’s

Strategy by promoting sustainable growth and responsible

business practices. Future sustainability-linked notes will fund

general corporate needs, sustainable projects, and decarbonization

toward net-zero emissions. Sustainalytics confirmed the framework

aligns with key sustainability standards, noting the chosen KPI –

gross Scope 1 GHG emissions intensity – is “very strong,” and the

targets are “highly ambitious” and Paris Agreement-aligned. For

more information, see: https://ir.titanmaterials.com/Uploads/

debt_investors_files/TITAN-Cement-Group-Sustainability-Linked-

Financing-Framework-2024.pdf.

GOV-3

ESG criteria in

Remuneration Policy

The Group Board of Directors sets the Company’s sustainability

strategy and policies, with a strong focus on climate change, and

reviews climate performance annually. The Group Executive

Committee, led by the Chief Sustainability and Innovation Officer

(CSO), oversees implementation. ESG performance is integrated

with executive compensation to ensure accountability for meeting

ESG targets.

The Group ESG Performance Department tracks climate

performance, while the Decarbonization and Engineering and

Technology Departments update the decarbonization roadmap and

oversee related actions. The Executive Committee receive quarterly

ESG updates via the ESG Dashboard.

The Executive Committee reviews budgets, business plans, and

climate-related investments, with final oversight by the Board.

Climate risk experts assess physical risks per TCFD guidelines, and

the Company implements protective measures as needed. The

Board’s Audit and Risk Committee regularly reviews management’s

reports on key risks and mitigation actions.

TITAN’s Remuneration Policy, as can be seen in the Corporate

Governance Statement, provides a high degree of transparency by

linking targets to clearly defined indicators of earnings, value

creation, and sustainable development. The overall incentive

structure consists of short- and long-term variable components.

In 2025, the Short-Term Incentive (STI) plan included a target

opportunity of up to 100% of the Annual Base Salary (ABS). The STI

has collective and individual targets. Collective targets are

comprised of financial and safety targets. The safety target,

accounting for 5% of the total STI, was measured against the Lost

Time Injury Frequency Rate (LTIFR) target.

Long-Term Incentive – Performance Shares (LTI-PS) aim to align

executives’ long-term interests with shareholders, connecting the

long-term performance incentives to the Group’s profitability and

sustainability performance. LTI-PS awards can be up to 80% of the

total long-term incentive award, depending on the role. Payouts are

based on actual performance against a set of KPIs, including a KPI

linked to the Company’s share performance (three-year earnings

per share target) and to a KPI linked to sustainability (net CO2

emissions/tonne of cementitious material). The performance period

is three years. More information is available in the Remuneration

Report, page 75.

Additionally, the water target is part of the Chief Sustainability

Officer’s individual targets and is aligned with our published

ESG goals.

The reduction of net direct CO₂ emissions per tonne of

cementitious product is linked also to the business unit managers’

annual performance appraisal and reward system (salary/bonus). In

addition, 5% of the annual performance bonus of most employees

that receive performance appraisals is linked to LTIFR performance.

Furthermore, at the local level, TITAN has implemented a

performance-oriented operating module that encompasses ESG

performance targets.

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Management Report

Sustainability Statement

GOV-4

Due diligence process

The following table provides a concise overview of where the key

components of our due diligence process are presented across the

Sustainability Statement:


Core elements of due diligence	Paragraphs in the Sustainability Statement
Embedding due diligence in governance, strategy, and business model	GOV-5, E1-3, E2-2, E3-2, E4-3, E5-2, S1-4, S2-4, S3-3, S4-3, G1-2
Engaging with affected stakeholders in all key steps of due diligence	SBM-2, and Policies under E1-2, E2-2, E3-1, E4-1, E5-1, S1-1, S2-1, S2-2, S3-1, S3-2, S4-1, S4-2, G1-1, G1-2
Identifying and assessing adverse impacts	GOV-5, E1-ESRS 2 SBM-3, E3- ESRS 2 IRO-1, E4-ESRS 2 SBM-3, S1-SBM-3, S1-3, S2-ESRS 2 SBM-3, S3-ESRS 2 SBM-3, S3-3, S4-ESRS 2 SBM-3, S4-3, G1-1, G1-2
Taking actions to address those adverse impacts	E1-3, E2-2, E3-2, E4-3, E5-2, S1-4, S2-4, S3-3, S4-4, “Entity-specific: Innovation” – “Actions”, G1-3
Tracking the effectiveness of these efforts and communicating	E1-4–E1-9, E2-3–E2-4, E3-3–E3-5, E4-4, E5-3, S1-5–S1-17, S2-5, S3-5 – “Metrics and targets”, S4-4, G1-4–G1-6

IAR 2025 assurance audits at the Pennsuco cement plant,

USA.

GOV-5

Risk management and

internal controls over

sustainability reporting

The scope of TITAN Group’s risk assessment for sustainability

reporting covers all consolidated subsidiaries, business units, and

operational sites in every country in which we operate.

Our approach to risk management in relation to sustainability

reporting is fully embedded in the overall Group Enterprise Risk

Management (ERM) practices, and it described in the Risk

management chapter on page 91.

Internal controls are defined and implemented for each material

topic, mirroring the rigor of our financial reporting controls. These

controls include standardized procedures for collecting and

consolidating ESG KPIs, quarterly milestones, clear assignment of

responsibilities, and a robust data collection system accessible to

all countries of operation. Data is validated for consistency with

internal guidance, regulatory requirements, and sectoral standards

(e.g., GCCA).

To capture and manage ESG data, we continue to implement

advanced data collection and document management systems. In

our second year of CSRD implementation, we have further

enhanced these systems (e.g., Novisto, SAP, Success Factors,

Workiva) to gather the majority of the data points required by the

ESRS while ensuring accuracy, reliability, and consistency for

transparent reporting. These systems have been integrated within

our operational procedures for seamless monitoring and reporting.

The new ESG IT systems architecture for Group ESG Performance

is designed to enhance disclosure accuracy, timely delivery, and

process acceleration. This includes two cloud-based software

platforms for managing ESG data and collaboration within the

Integrated Annual Report framework.

During each assurance cycle, visits are conducted at selected

TITAN operational sites as well as at the Group Corporate Center,

involving subject-matter experts and management teams from both

the plants and the Group. For the assurance of the 2025 Integrated

Annual Report, audits were carried out at three plants – Kamari in

Greece, Pennsuco in the USA, and Beni Suef in Egypt – in addition

to an audit at TITAN’s Athens headquarters and at the Group

Corporate Center. In total, over 60 employees from across the

Group participated in these activities. Prior to these audits, internal

preparatory audits were performed.

These audits included walkthroughs of sustainability reporting

processes, conducted in collaboration with external auditors, to

verify the design and operating effectiveness of internal controls

over ESG data and disclosures.

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TITAN Group Integrated Annual Report 2025

Environmental audits

TITAN conducts regular internal environmental audits to evaluate

the impact of its operations on the environment. The aim is to

identify areas for improvement, ensuring compliance with

regulations, and our ESG targets. Table 7 “Audits” in the ESG key

performance statements (voluntary KPIs) offers insights into the

aspects covered during these audits. In addition, Group facilities

are subject to annual external certification audits. Regulatory

compliance is further assured through audits conducted by

competent authorities during permitting approval processes,

and periodically according to the local legislation. In 2025, 131

scheduled internal environmental audits, carried out by expert

teams at both the Group and regional level, contributed to

maintaining a strong performance and improving environmental

management practices. At the same time, 197 audits were

conducted by independent third parties.

IAR 2025 assurance audit at the Beni Suef cement plant, Egypt.

Health and safety audits

Group Safety conducted its annual audits across all 13 cement

plants and selected ready‑mix concrete and aggregates operations.

Key focus areas included contractor management, essential safety

rules, liquid fuel installations and protection against external fires.

Regional and business unit Health and Safety teams, national

authorities and independent organizations also conducted audits. In

total, 5,010 audits were completed in 2025, including 3,579 in

cement plants.

Social audits

In 2025, we expanded audits at the business-unit level by

conducting internal social audits as part of ESG-focused plant

reviews, further strengthening our internal control system. Overall,

we reinforced the social‑audit process across all regions,

completing 11 audits in total, 3 of which were conducted by external

third parties in the framework of the integrated annual report

assurance process. Internal audits assessed site‑level processes,

including the implementation of management systems such as

GHRMS (SuccessFactors), which is deployed across all subsidiaries.

In total, 4 internal audits were completed: 3 at cement plants

(Kamari, Pennsuco, and Beni Suef) and 1 at TITAN Egypt Business

Unit, conducted by the Group Internal Audit department. During the

audits, adherence to TITAN’s standard operating procedure for

monitoring, collecting, and consolidating ESG KPIs and disclosures

was evaluated to ensure accuracy and consistency.

Strategy

SBM-1

Strategy, business model

and value chain

TITAN’s strategy and business model are designed to deliver

sustainable growth while enabling the transition to a net‑zero and

circular built environment. In 2025, the Group launched its “TITAN

Forward 2029” strategy, structured around four strategic pillars:

1. Driving growth in core businesses,

2. Expanding the Alternative Cementitious Materials (ACM) platform,

3. Scaling new technologies and innovation, and

4. Strengthening and modernizing the operating model.

This strategic framework enhances the resilience of the Group’s

value chain through targeted investments in innovation,

digitalization, operational excellence, and circular economy

solutions. It positions TITAN to meet growing global demand for

sustainable construction materials while addressing regulatory,

environmental, and societal expectations.

TITAN’s business model integrates the full cement and concrete

value chain – from quarrying and clinker production to cement,

ready‑mix concrete, aggregates, and related building solutions. The

model is increasingly supported by proprietary technologies,

innovation hubs, and partnerships that accelerate low‑carbon

material development and industrial decarbonization.

To grow its core business, the Group is increasing cement capacity

– particularly in the United States, its largest and fastest‑growing

market – while progressing advanced carbon management and

decarbonization projects in Europe. Operational efficiency

initiatives, digital transformation of plants and logistics, and

selective acquisitions in aggregates aim to strengthen market

position, improve margins, and unlock long‑term value creation.

As a key pillar of “TITAN Forward 2029”, the Group is building a

global Alternative Cementitious Materials (ACM) platform as

explained in Chapter “TITAN Forward 2029” on page 20. This is

being achieved through enhanced sourcing, new strategic

partnerships, and deployment of proprietary processing

technologies. These initiatives broaden the Group’s portfolio of

low‑carbon products and support circularity across the value chain.

TITAN is also accelerating innovation by scaling its precast platform

in Europe and the US, and advancing zero‑carbon clinker pathways,

including carbon capture projects in Greece. These efforts are

supported by the Group’s innovation hubs in Miami, and the

newly established Center for Advanced Technologies in

Patras, strengthening TITAN’s leadership in sustainable

construction materials.

Details on TITAN’s principal product and service groups, as well as

the Group’s global market footprint, are presented in the Global

Presence chapter on page 13. Workforce distribution by region is

provided in the Regional Performance chapter on page 44.

Additional information on strategy and ACMs development is

available on pages 21 and 25, respectively.

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Management Report

Sustainability Statement

ESG targets

Since 2021, TITAN has maintained a comprehensive ESG strategy

with targets for 2025 and beyond, focused on:

• Decarbonization and Digitalization,

• A growth‑enabling and inclusive work environment,

• Positive impact on local communities, and

• Responsible sourcing grounded in robust governance

and ethics.

ESG performance is independently assured and transparently

disclosed in TITAN’s Integrated Annual Report. The Group’s climate

goals are aligned with the EU Green Deal’s 2050 climate‑neutrality

objective and the UN Sustainable Development Goals (SDGs). Its

Scope 1, 2, and 3 emissions reduction targets have been validated

by the Science Based Targets initiative (SBTi) in line with the 1.5°C

pathway and the ambition to achieve net‑zero emissions by 2050.

TITAN’s business model and strategy are informed by continuous

engagement with a broad set of stakeholders, including customers,

local communities, business partners, suppliers and contractors,

employees, NGOs, civil society, academia, regulators, authorities,

industry associations, shareholders, investors, financial analysts,

financial institutions, and ESG rating agencies.

The Group maintains structured and transparent channels for

engagement with stakeholders and feedback, such as:

• Stakeholder forums and dialogue platforms,

• Double materiality assessments,

• Surveys and consultation processes,

• Community engagement programs, and

• The EthicsPoint whistleblowing hotline.

This systematic engagement ensures that stakeholder

expectations, emerging risks, and sustainability‑related impacts are

integrated into strategic decision‑making and the continuous

evolution of TITAN’s business model.

A comprehensive table of our stakeholders, presenting a

summarized list of communication channels and process of

engagement, is provided below, along with a schematic

representation of TITAN’s value chain that incorporates the

identified impacts, risks, and opportunities (IROs) from the DMA,

shown on page 112.

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TITAN Group Integrated Annual Report 2025

The following table outlines our primary stakeholder groups alongside the methods employed to engage with them, illustrating the

integration of stakeholder viewpoints within our decision-making framework. By systematically factoring in stakeholder opinions and

priorities through the DMA process, we ensure these perspectives play a direct role in shaping the Group’s ESG objectives.


Stakeholder group		Engagement approach
Customers		• Customer satisfaction surveys • Marketing and technical consultations • Complaints management
Local communities		• Community engagement plans • Open door policy and stakeholder forums, awareness meetings, and campaigns • Volunteering and collaborative actions within communities • Complaints management
Business partners and suppliers and contractors		• Group Policies and Code of Conduct for Procurement • Qualification based on ESG Criteria • Health and Safety and Environmental Management training
Employees		• Training on Group Policies, continuous upskilling and reskilling • Employee performance evaluation and engagement surveys • Group intranet, communication days, webcasts • TITAN EthicsPoint platform for grievance management
NGOs, civil society, and youth		• Participation in global and local campaigns, stakeholder forums and conferences • Integrated Annual Report, corporate website, LinkedIn page • Internship programs • Regeneration Academy for Digital Acceleration, “Business days” with universities • Corporate website, LinkedIn page
NGOs, civil society, and youth
Academia and research		• Cooperation for research programs • Contribution to academic programs
Regulators, authorities		• Exchange ideas and collaborative actions bilaterally or through associations • Integrated Annual Report, website, press releases
Associations		• Active participation, volunteering, collaboration, exchange of good practices, joint projects
Media		• Open communication, meetings, events, and campaigns • Corporate website, LinkedIn page, press releases
Financial and investment community (shareholders, investors, financial analysts, financial institutions)		• Open communication, press releases, questionnaires and roadshows • Annual General Meeting of Shareholders, Investors’ Day • Integrated Annual Report, corporate website, quarterly webcasts, LinkedIn page
ESG rating agencies		• Integrated Annual Report, corporate website • Feedback on a request basis and unsolicited assessments

108

Management Report

Sustainability Statement

SBM-2

Interests and views

of stakeholders

Engaging with stakeholders remains central to TITAN’s process for

assessing double materiality and conducting ongoing due

diligence. In line with ESRS 1, our stakeholders are categorized into

two broad groups: (a) Affected stakeholders (employees and value

chain workers, suppliers, local communities, customers, future

users), and (b) Users of our sustainability statements (investors,

lenders/analysts, regulators, trade unions, NGOs, academia).

TITAN methodically uncovers and reviews actual and potential

impacts, risks, and opportunities, allowing for the prioritization of

the most significant material topics for our enterprise and

stakeholders. This process guarantees that our sustainability

strategy is rooted in solid evidence, consistent with stakeholder

needs, and agile in addressing emerging issues.

TITAN sustains open communication with a wide variety of

stakeholders along the value chain to grasp, incorporate, and

respond to their concerns and insights. As specified on page 120,

each material subject is linked to the corresponding stakeholder

groups, demonstrating their particular concerns and spheres

of influence.

TITAN maintains a structured and transparent approach to

stakeholder engagement, ensuring that the perspectives of

employees, customers, and investors are systematically captured

and integrated into decision‑making. For our employees, we

conduct company‑wide engagement surveys every two years to

assess workplace culture, well-being, and development needs. For

our customers, we run recurring customer satisfaction surveys to

understand expectations, enhance service quality, and strengthen

long-term relationships; additional insights can be found in the S4

section on page 181. With respect to our investors, we maintain an

open and proactive dialogue, including hosting our flagship

Investors Day event every two years to share strategic priorities,

performance updates, and emerging value‑creation opportunities.

Together, these mechanisms ensure that stakeholder feedback

continuously informs our strategy and supports sustainable growth.

TITAN maintains ongoing and well-organized engagement with a

diverse array of stakeholders, such as business collaborators,

industry associations, non-governmental organizations, and

neighboring communities. This interaction occurs both directly and

through participation in sector associations, promoting the sharing

of perspectives, joint efforts, and the establishment of best

practices. The company sustains robust connections with NGOs

and actively takes part in forums, community campaigns, and

conferences to ensure open communication and collaborative

projects that advance social and environmental objectives. On the

local front, TITAN encourages transparency and builds trust by

hosting open house events, arranging site tours, supporting

volunteer activities, and organizing meetings that involve multiple

stakeholders, thereby reinforcing community bonds and addressing

local issues. These initiatives are reinforced by the Group’s formal

grievance procedures, notably the TITAN EthicsPoint

whistleblowing system, which functions in every country where the

company operates, adheres to the Corporate Whistleblowing

Policy, and offers a confidential and secure avenue for stakeholders

to voice concerns and seek resolution.

These inputs are reflected in our “TITAN Forward 2029” strategy,

while commitments on climate and strong grievance and ethics

controls address investor and societal expectations. We monitor

regulatory developments continuously to ensure that our disclosure

decisions remain concise and useful for users of our statements.

SBM-3

Material impacts, risks, and

opportunities and their interaction

with strategy and business model

TITAN’s strategy remains resilient by integrating the material

Impacts, Risks and Opportunities (IROs) identified through its

Double Materiality Assessment (DMA) into long‑term planning and

decision‑making. The DMA – validated through expert review,

stakeholder engagement, and formal approvals by the Executive

Committee and the Board – identified 14 material sustainability

matters that influence both the Group’s societal and environmental

impacts and its future financial performance. These matters include

climate change mitigation, resource efficiency and circularity,

biodiversity, health and safety, business ethics, and innovation.

To ensure clarity on how these matters unfold across TITAN’s value

chain, the assessment considers impacts, risks, opportunities and

dependencies arising upstream, within operations, and

downstream, as well as their effects on different groups such as

value‑chain workers, contractors and local communities.

These material topics shape TITAN’s strategic priorities, such as

achieving net‑zero greenhouse gas emissions by 2050, expanding

the use of alternative fuels and raw materials, scaling circular

economy initiatives, and advancing digital process optimization

across operations. By assessing the financial effects associated

with these IROs – such as exposure to carbon pricing and

opportunities arising from increased demand for low‑carbon

products – TITAN reinforces the robustness and adaptability of its

business model.

Current financial effects arising from regulatory frameworks such as

the EU Taxonomy and the EU Emissions Trading System (EU ETS)

already influence TITAN’s financial position and cost structure.

Under Phase IV of the EU ETS, TITAN’s plants in Greece and

Bulgaria currently maintain a surplus of EU Allowances, limiting

short‑term carbon‑cost impacts while acknowledging that future

reductions in free allocations or increases in CO₂ prices could

materially affect production costs and competitiveness. Meanwhile,

the application of EU Taxonomy consolidation principles ensures

transparent reporting of CapEx, OpEx, and revenue associated

with environmentally sustainable activities, guiding capital

allocation toward decarbonization, efficiency improvements, and

product innovation.

The continuous integration of insights from business units and

stakeholders into future DMA cycles ensures that emerging risks

and opportunities are systematically captured. This ongoing

process supports the resilience of TITAN’s strategy and its ability

to adapt to evolving regulatory, market, technological, and

environmental conditions.

TITAN may experience significant adverse effects on both the

environment and individuals throughout its value chain. Such

effects encompass environmental issues like emissions, changes

in land use, and water consumption, as well as people-related

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TITAN Group Integrated Annual Report 2025

concerns such as employee and contractor health and safety, and

labor conditions within the value chain. Additionally, TITAN faces

risks connected to climate change, regulatory shifts, and market

trends, while also encountering opportunities in areas such as low-

carbon product development and digital transformation. The

reliance on essential natural resources further adds to these

considerations. The nature and extent of these impacts, risks, and

opportunities differ depending on whether they occur with

upstream suppliers, within TITAN’s operations, or during

downstream logistics and customer usage, and they also vary

among diverse worker categories and geographic locations.

Regarding the workforce, TITAN recognizes that vulnerability is not

limited to age or experience and may arise from factors such as

employment type, task criticality, particularly in quarrying and

clinker cement production. Vulnerable groups may include contract

workers, workers performing safety‑critical tasks, workers with

health conditions, and workers exposed to discrimination or

harassment, and these factors are considered in the design of

policies, training and preventive measures.

For the material impacts, risks and opportunities resulting from the

DMA, see the table “IROs identification”, page 116 , and for their

descriptions and the time horizons see table “IROs descriptions”

on page 113.

To provide clarity regarding the connection between these material

IROs and TITAN’s business model and operational presence, the

two-page value-chain diagram below illustrates the specific points –

upstream, within TITAN’s operations, or downstream – where each

material IRO arises. This diagram highlights variations by activity

(such as raw material extraction, cement manufacturing, ready-mix

processes, logistics, and distribution), by impacted stakeholders

(including the company’s workforce, contractors, value-chain

employees, and local communities), and by situational factors like

water scarcity or vulnerability to physical climate risks.

The diagram links the material issues identified through the

DMA to essential activities, such as the extraction of raw materials,

the production of cement and concrete, the processing of

alternative fuels and materials, logistics, distribution, and the end

use by customers.

110

Management Report

Sustainability Statement

Our value chain

Mapping 28 Material Impacts, Risks and

Opportunities across TITAN value chain

111

TITAN Group Integrated Annual Report 2025

112

Management Report

Sustainability Statement

Impact, risk and

opportunity management

IRO-1, IRO-2

Double materiality

assessment

TITAN Group utilizes a dynamic approach for material issue

assessment, integrating both top-down and bottom-up

methodologies over a five-year timeframe. In 2023, we designed

the methodology for implementing the Double Materiality

Assessment (DMA), which was applied in 2024. The outcomes of

the DMA, which received approval from both management and

stakeholders, are still valid for 2025, as there have been no major

changes in business activities necessitating a reassessment

according to ESRS 1.

Since 2021, TITAN Group has implemented the double materiality

concept, taking initial steps to identify risks and opportunities

related to climate change, incorporating the TCFD framework, and

disclosing financial impacts through CDP.

Description of the methodology

A systematic five-step methodology underpins our DMA process.

The initial phase involved setting the parameters and aims of the

assessment, which required delineating boundaries, detailing

essential activities, mapping the internal and external environments

and value chain, selecting stakeholder groups as per ESRS

guidance, and outlining communication strategies for effective

engagement. Next, we identified ESG matters and their

corresponding impacts, risks, and opportunities (IROs). This stage

entailed collecting information through desktop analysis, utilizing

internal sources such as sustainability plans, policy frameworks, risk

and supply chain documentation, climate and nature risk reviews

(TCFD and TNFD), whistleblower logs, audit records, and earlier

materiality evaluations, in addition to external materials like our

Annual Report, website, industry benchmarking, sector

recommendations, and publications from rating agencies.

Stakeholder feedback was also obtained through surveys,

interviews, employee focus groups, ESG Summit sessions, and

grievance evaluations. During the third step, we assessed the

materiality of each IRO using an ESRS-compatible framework

informed by our ERM protocols. Impact materiality was evaluated by

severity (factoring in scale, scope, ability to remedy, and duration)

and likelihood (described both qualitatively and by probability),

while financial materiality was assessed based on potential EBITDA

consequences and their probability, both using a five-level scale. All

relevant assumptions – including time periods, climate projections,

regulatory environments, geographic scope, and financial

benchmarks – were logged. Where direct evidence was

unavailable, we recorded estimates and the reasoning behind

them. Scores were standardized, combined, and measured against

established thresholds to determine material items. The DMA

results underwent review by internal and external experts and were

then presented to the Audit and Risk Committee and the Board of

Directors for endorsement.

Integrating the DMA with the broader corporate risk assessment

proved vital, strengthening both processes and ensuring alignment

on financial impact criteria.

To ensure a thorough and inclusive review of impacts, risks, and

opportunities, TITAN Group’s DMA featured:

• boundaries for TITAN’s subsidiaries aligned with the

boundaries for consolidation of Financial Statements in the

same reporting period;

• value chain analysis using supplier segmentation and customer

segmentation, supported by internal research, with an emphasis

on principal suppliers, key customers, and cement and concrete

products;

• stakeholder engagement that drew on internal and external

interactions, including feedback from the Board of Directors,

Executive Committee, and external entities to corroborate DMA

outcomes. External stakeholders included investors, raters such

as CDP, Sustainalytics, MSCI, ISS, Ecovadis, and ATHEX,

collaborative initiatives and associations such as CSR Europe

and GCCA, regulators such as ESMA and FSMA, experts such

S&P/Climanomics; also NGOs such as Bee for Planet. For more

information about the kind of feedback by external stakeholders,

see page 107.

• continuous involvement of senior management, with the

Executive Committee and Board of Directors engaged

throughout for input and validation of the methodology

and findings;

• prioritization of subjects based on scores for positive and

negative impacts, risks, and opportunities, with related issues

grouped according to TITAN’s governance approach;

• financial impact analysis performed quantitatively, linking the

scale of impacts to EBITDA, and ensuring alignment with

TITAN’s ERM system. Assumptions included timeframes (<1 year,

<5 years, >5 years), climate scenarios (IPCC SSP1–2.6 and

SSP2–4.5), and regulatory forecasts such as EU ETS and CBAM

implementation.

Impacts risks and opportunities identification process

For each identified impact, an analysis assessed the potential risks

and opportunities with a top-down and bottom-up strategies. The

Group-level assessment employed a top-down perspective, while

business unit input was incorporated via a bottom-up method,

providing a full-spectrum evaluation of impacts, risks, and

opportunities. The Group consulted Subject Matter Experts (SMEs)

familiar with TITAN’s operations, business nature, activities, and

stakeholder perceptions on human rights and environmental

impacts. Risks and opportunities affecting the environment or

human rights were examined with the aid of SMEs.

Assessments used consolidated group-level data from all entities.

Previous materiality assessments from 2019 and 2020 informed

granularity and ensured consistency across business units. This

approach reinforced TITAN’s top-down and bottom-up

methodology by providing necessary subsidiary-level detail. No

significant material (IROs) differences were found among

subsidiaries compared to Group-level findings. We identified topics

by reviewing the sustainability matters in the ESRS (page 26-AR 16).

We systematically recorded positive, negative, actual, and potential

impacts as well as risks and opportunities.

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TITAN Group Integrated Annual Report 2025

Consultation with affected stakeholders

The process starts with mapping our stakeholders in accordance

with ESRS definitions. Affected stakeholders are individuals or

groups whose interests may be affected – positively or negatively –

by our activities and by our direct and indirect relationships across

our value chain.

Engagement with affected stakeholders is central to our due

diligence and to the materiality exercise: we invited their input

at the outset and throughout the process, logged what they said

in our evaluation template, and fed their views back into

subsequent phases.

Internal stakeholders were engaged to assess and validate the

identified IROs. Their input as subject matter experts was crucial in

addressing ESRS topics and subtopics relevant to their areas of

responsibility. Key internal stakeholders, including the Board of

Directors, ESG Summit participants, and the Executive Committee,

participated in validating the DMA results, ensuring alignment with

the Group’s strategic objectives.

Feedback from external stakeholders, such as CSR Europe, GCCA,

and the Group Corporate Center Union of Employees, was

gathered on specific topics and the overall results of the DMA.

Additionally, Piraeus Bank, a Greek multinational financial services

company, and LAMDA Development, a real estate developer

involved in the iconic project of The Ellinikon, the largest urban

regeneration project in Europe, shared their perspectives and

priorities with the Group, participating in the Group ESG Summit on

30 September 2024 and providing important feedback on TITAN’s

DMA workshop with Group business units. These contributions

provided a comprehensive evaluation of material matters.

The feedback from all engaged stakeholders was evaluated and

incorporated into defining the final results of the DMA. Input from

the Board of Directors and Executive Committee was integrated

following a workshop with the ESG network.

Internal stakeholders assessed both impact and financial

materiality, while external stakeholders primarily focused on

evaluating impact, with some consideration given to financial

materiality at a higher level.

Dependencies on natural, human, and social

resources, as defined by the standards, were utilized

and included in the assessment of Risks and

Opportunities (ROs).

During the DMA process, dependencies on natural, human, and

social resources were assessed for financial materiality. Insights

from the Nature and Biodiversity Risk Assessment, TCFD, and

TNFD frameworks, as well as internal SME expertise, were utilized.

High-impact sites, where operations exert significant pressure on

ecosystems (high Ecosystem Footprint), and high-dependency

assets (Concrete Product Manufacturing), where operations rely

heavily on key ecosystem services such as water, were evaluated

through a structured process. The analysis and results of these

documents were essential for identifying and assessing relevant

impacts, risks, and opportunities (IROs).

A quantitative approach was used to evaluate the financial impact

of climate – and water-related risks and opportunities, following

TITAN’s ERM and CDP disclosures. The impact magnitude was

classified into five levels and correlated with EBITDA to determine

financial effects. Consistent thresholds between TITAN’s ERM and

IROs in DMA ensured a unified approach.

The identification and assessment of climate-related risks as well as

the screening of assets in regard to these topics are described in

more detail in page 135. For the climate and biodiversity risks and

opportunities, see the TCFD and TNFD analysis and see page 135

and 154. For the water risks and opportunities, see below.

For pollution of air and waste management, we benefited from the

results of environmental impact studies on our sites, in line with local

legislative requirements, sectoral standards and best practices,

taking into consideration feedback from the public consultation

process. Through such studies, we assessed at site-level the

pollution- and waste-related impacts, risks, and opportunities.

Additionally we took into consideration air emission dispersion

studies. Regular risk assessment studies are conducted to estimate

the lifespan of our quarries, ensuring sustainable resource inflows.

Water-related risks and opportunities were evaluated due to the

Group’s reliance on water for operations. Water is essential for

producing clinker, cement and concrete and is sourced from

groundwater, surface water, rainwater, and seawater. These

sources support both production and non-production activities.

Additionally, water is used for environmental management,

including dust suppression and irrigation at operational sites.

TITAN’s sustainable water management strategy involves regular

water risk assessments at all sites using tools like WRI’s Aqueduct.

These assessments identify water-stressed locations and climate-

related risks. TCFD-aligned scenario modeling confirms water

stress, coastal flooding, and drought as major physical risks for

cement manufacturing globally.

Based on our risk assessment process with Aqueduct, we

concluded that out of 168 Group sites assessed, 60% of the Group’s

cement and cement grinding plants, 81% of quarries for aggregates

and industrial minerals, and 67% of ready-mix concrete sites are

located in water-stressed areas. Water stressed areas are

presented in the table Table 1.3.b “TITAN Group Cement Plant Sites

within Water-stressed Areas” on page 216.

The Group is further strengthening its approach by exploring

additional methodologies for assessing nature‑related impacts and

dependencies, building on its Nature Risk Profile and applying

TNFD LEAP principles. Compliance with local water‑related

regulations is ensured through responsible water use and

discharge practices, supported by monitoring, environmental

impact studies, and collaboration with local stakeholders during

permitting processes.

Beyond environmental topics, the DMA also considered human and

social resource‑related impacts, risks and opportunities. Similarly, ROs

related to human and social resources were analyzed, with their

financial implications determined by internal experts. Negative

impacts on human rights were prioritized in the social pillar during

impact identification. The Group monitors its human rights

performance by tracking relevant data. SMEs comprehensively

assessed all the IROs. Each topic’s assessment included a review

of ESRS content to ensure context understanding.

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Management Report

Sustainability Statement

Material issues validation (internal control)

The DMA results were extensively reviewed and validated by

internal and external stakeholders, including associations, worker

representatives, the ESG Network summit, senior management, the

Executive Committee, and the Board of Directors.

Later in the year, a full presentation of the DMA – covering the

methodology, underlying assumptions, and identified material

issues – was delivered to the Board of Directors, which ultimately

approved the TITAN DMA 2024. As part of the governance

process, the Audit and Risk Committee also reviewed the DMA

outcomes before they were submitted for Board approval.

Materiality Assessment at business unit level

A major input of the double materiality assessment is the materiality

assessments at business unit level, which are conducted using a

systematic approach that aims to confirm the findings of the DMA in

partnership with each business unit’s stakeholders. The feedback

and insights collected during these assessments are methodically

fed into the subsequent double materiality assessment cycle,

guaranteeing that future evaluations consider changing stakeholder

priorities, perspectives, and expectations. This methodology

enhances the materiality process by improving its precision,

applicability, and alignment with stakeholder interests as

time progresses.

Integration with Enterprise Risk Management (ERM)

framework

The Enterprise Risk Management (ERM) framework was integrated

into the risk identification and assessment process, aligning it with

the DMA. This approach created a cohesive system rather than a

simple input/output method. The ERM framework enhanced risk

identification and consistent evaluation within the Group’s broader

risk assessment. Additional risks identified during the DMA were

incorporated into the overall risk management system, which is

revisited annually. Finally, the DMA was discussed within the BoD

together with the annual risk assessment.

Overall, the DMA has laid a robust foundation for TITAN’s ESG

strategy, guiding efforts to address material impacts, mitigate risks,

and seize opportunities in alignment with long-term sustainability

goals. The next step involves validating the Group material issues

at the local level and updating the matrix if necessary.

Formal review and approval

The results of the DMA are formally reviewed as part of TITAN’s

governance validation process, where they undergo examination

and approval by senior governing bodies, including the Audit

Committee. The assessment outcomes – covering identified

impacts, risks, and opportunities – are reviewed by upper

management through the Executive Committee and the Board

of Directors, ensuring that the Audit Committee is engaged in

overseeing the robustness, accuracy, and compliance of the

process. This governance step reinforces transparency,

strengthens internal controls, and ensures that the material

sustainability matters identified are appropriately integrated into

TITAN’s strategic decision‑making and reporting obligations.

Additional information on the role and the activities of the Audit

and Risk Committee is available on page 68.

DMA outcomes

Through the process described, we prioritized 14 sustainability

matters of material importance to TITAN, based on impact

materiality, financial materiality, or both. See below for the

Materiality matrix:

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TITAN Group Integrated Annual Report 2025

Impacts, Risks and Opportunities (IROs) prioritization

The assessment considered both impact materiality, evaluating

TITAN’s impact on the environment and society, and financial

materiality, assessing the potential financial impact on TITAN. The

DMA identified 14 key sustainability matters, including energy and

climate change mitigation, resource use and circular economy,

biodiversity, health and safety, and business ethics. These matters

are integrated into TITAN’s strategy to enhance resilience and

sustainability performance. For example, TITAN’s commitment to

net-zero greenhouse gas emissions by 2050 aligns with its climate

change mitigation strategy, while its focus on sustainable resource

use supports circular economy initiatives. The DMA process

involved extensive stakeholder engagement, ensuring the

identified IROs reflect the concerns and expectations of TITAN’s

key stakeholders. This comprehensive approach enables TITAN

to address material impacts, mitigate risks, and capitalize on

opportunities, enhancing long-term value creation and

sustainability transformation.

The process involved:

i. prioritizing topics with scores above defined thresholds for both

positive and negative impacts, risks, and opportunities;

ii. grouping related topics systematically to streamline and

categorize them effectively; and

iii. identifying non-prioritized topics with scores below the

defined threshold.

The assessment revealed significant impacts, both positive and

negative. Positively, TITAN’s climate change mitigation initiatives,

such as reducing greenhouse gas emissions and promoting

sustainable construction materials, contribute to global climate

efforts. Additionally, TITAN’s focus on health and safety ensures

a secure working environment, while its commitment to business

ethics fosters a culture of integrity and transparency. Negatively,

the assessment highlighted potential environmental impacts,

including land degradation from quarry activities and water

resource depletion. These impacts necessitate ongoing efforts to

minimize environmental harm and enhance sustainability practices.

In alignment with TITAN’s business model and approach to

sustainability, some topics were grouped to better reflect the

entity’s governance model. The following table illustrates the

aggregation process employed and includes the material issues

from the materiality matrix on page 121:

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Management Report

Sustainability Statement


IROs identification

Negative impacts	Positive impacts

Energy and climate change mitigation Energy and climate change mitigation Resources use and circular economy Resources inflows, including resource use Biodiversity and ecosystems Biodiversity and ecosystems (land degradation) Biodiversity and ecosystems (impacts on biodiversity) Impacts on the extent and condition of ecosystems Water Water Visual impact Communities’ economic, social, and cultural rights (visual impact)	Measures against violence and harassment in the workplace Equal treatment and opportunities for all (measures against violence and harassment in the workplace) Health and safety Health and safety Local communities development Contribution to economic and social development of local Product responsibility Personal safety and information of consumers and/or end-users (health and safety) Business ethics Business ethics and corporate culture Protection of whistleblowers Corruption and bribery Innovation of products and services Innovation of products and services	Working conditions (secure employment, working time, work-life balance) Working conditions (secure employment) Working conditions (working time) Working conditions (work-life balance) Equal treatment and diversity (Diversity and gender equality and equal pay for work of equal value) Equal treatment and opportunities for all (gender equality and equal pay for work of equal value) Training and skills development Equal treatment and opportunities for all (training and skills development) Low-carbon products Energy and climate change mitigation (low-carbon products) Water scarcity mitigation Water scarcity Climate change adaptation Climate change adaptation

Risks

Energy and climate change mitigation Energy and climate change mitigation Health and safety Health and safety Direct impact drivers of biodiversity loss (land-use change) Direct impact drivers of biodiversity loss (land-use change) Climate change adaptation (physical risks) Climate change adaptation (physical risks) Water scarcity Water scarcity Air pollution Air pollution
	Opportunities

	Energy & climate change mitigation Energy and climate change mitigation (low- carbon products and solutions in construction, digitalization, waste management, etc.) Climate change adaptation (resilient urbanization) Climate change adaptation (resilient urbanization)	Digitalization (enhanced operational performance, improved customer experience) Optimized operational performance Improved customer experience Resources use & circular economy Resources inflows, including resource use Innovation of products and services Innovation of products and services

$Impacts_Diagram.jpg$

All TITAN Group impacts are considered “Actual”

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TITAN Group Integrated Annual Report 2025

Upstream Own operations Downstream nnn Short-term nnn Medium-term nnn Long-term


IRO identification	IRO description	Value chain	Time horizon
Negative impacts
Energy and climate change mitigation	TITAN’s operations produce direct greenhouse gas emissions (Scope 1) from non-renewable fuels used in cement production. Indirect emissions arise from purchased electricity (Scope 2) and various supply chain activities, as well as from product distribution to customers (Scope 3).		nnn
Resources use and circular economy	Direct use of non-renewable raw materials (i.e. aggregates, limestone, clay, gypsum etc.) during the industrial processes.		nnn
Biodiversity and ecosystems	Upstream, TITAN’s quarry operations impact landscapes and ecosystems through noise, pollution, and dust from transporting raw materials. Quarrying also may cause land degradation and affect biodiversity. Within operations, cement production generates additional noise, pollution, and dust. Downstream, transportation of products further contributes to these environmental impacts.		nnn
Water	Water aquifer degradation may result from withdrawing water in stressed areas and its use in cement operations for cooling, emission controls, production processes and for environmental use. Water is also essential in making concrete, our final product.		nnn
Visual impact	Visual disturbance at local scale, on areas with quarries.		nnn
Positive impacts
Measures against violence and harassment in the workplace	Uphold zero tolerance for workplace harassment and violence by promoting awareness and enforcing the Respect in the Workplace Policy.		nnn
Health and safety	TITAN regularly audits and conducts due diligence to assess health and safety practices across its value chain. All contractors must meet specific health and safety requirements before and during their work with TITAN.		nnn
Local communities development	TITAN supports local suppliers and employment, contributes to community development, and prioritizes local sourcing to enhance value, strengthen supply chains, and reduce CO₂ emissions. Downstream, collaboration with local partners extends these benefits and mitigates supply chain risks.		nnn
Product responsibility	Constant offering of high quality and resilient products that contribute to the construction of durable, resilient, and safe infrastructure. Compliance with European Regulation on Chemicals (REACH) and Classification Labelling Packaging (CLP) Regulation. Existence of Safety Data sheets and Environmental Product Declarations (EPDs) for the products.		nnn
Business ethics	TITAN promotes an ethical corporate culture through its Code of Conduct, covering CSR, health and safety, and compliance, supported by regular employee training on key policies. Compliance is reinforced by an independent, confidential whistleblowing framework with Audit and Risk Committee oversight and applies across all entities, alongside strong anti-bribery, anti- corruption, and anti-fraud programs.		nnn
Innovation of products and services	Innovative, sustainable construction materials support long-term growth and competitiveness. Driven by consumer and regulatory trends, resource-efficient materials reduce lifecycle health impacts and create new revenue opportunities, while products requiring less energy or recycled inputs can also lower production costs.		nnn
Working conditions (secure employment, working time, work-life balance)	TITAN ensures a safe working environment with transparent reporting. Restructuring includes social protections, while policies uphold labor and human rights. Employee feedback is collected, and work-life balance is supported through competitive benefits including a robust well-being program.		nnn

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IRO identification	IRO description	Value chain	Time horizon
Equal treatment and diversity (Diversity and gender equality and equal pay for work of equal value)	Titan ensures our meritocracy-based culture promotes an inclusive, bias-free culture with equal opportunities for all employees for remuneration and growth and empowers engagement and innovation.		nnn
Training and skills development	TITAN supports its workforce through training on Group policies and continuous upskilling and reskilling in key areas such as health and safety, digitalization, decarbonization, and customer centricity. The Group also prioritizes leadership skills and talent development to enhance performance and unlock the potential of young people.		nnn
Low-carbon products	TITAN is committed to medium‑ and long‑term GHG reductions through its 2030 decarbonization roadmap, which leverages all conventional pathways, including: Reducing clinker content in cement, increasing thermal substitution of fossil fuels with alternative fuels, optimizing processes to lower specific heat consumption, using natural pozzolanic materials as cement constituents, and trading low‑carbon SCMs with equivalent hydraulic properties to traditional materials. The company targets net direct CO₂ emissions of 500 kg per tonne of cementitious product by 2030, aligned with the 1.5°C pathway and validated by the SBTi. TITAN reduces Scope 2 and 3 emissions by encouraging supplier decarbonization and securing 90% renewable electricity through a long-term agreement.		nnn
Water scarcity mitigation	TITAN reduces its impact on water resources by implementing efficient, sustainable water-management practices across its operations, including lowering water consumption and increasing the use of recycled water in cement manufacturing leading to lower withdrawals especially in the water stressed areas.		nnn
Climate change adaptation	Titan’s products are essential components in the construction of projects that contribute to climate change adaptation providing resilient infrastructure.		nnn
Risks
Energy and climate change mitigation	Changes in CO₂‑related regulation and societal expectations may increase capital needs and limit future growth, while higher CO₂ allowance costs could pose additional risks. Energy-market volatility, particularly in Europe, has also increased production costs through fluctuating energy prices and availability.		nnn
Health and safety	Potential impact of health and safety incidents include injury, illness, or fatalities, change the Group’s reputation, and potentially lead to temporary operational closures.		nnn
Direct impact drivers of biodiversity loss (land-use change)	Upstream, protected habitats can limit suppliers’ access to raw materials, disrupting TITAN’s supply chain and increasing costs. Within operations, quarrying may degrade land and ecosystems, creating financial and reputational risks, while stricter biodiversity regulations could restrict new quarries and complicate permitting.		nnn
Climate change adaptation (physical risks)	Climate-related risks – such as floods, droughts, extreme temperatures, and wildfires – can disrupt raw material supply, affect TITAN’s operations, and impact downstream logistics, delaying product deliveries.		nnn
Water scarcity	Limited visibility into suppliers’ water use and exposure to water- stressed areas can disrupt supply chains and increase costs. Water scarcity in TITAN’s operations may affect production, strain local aquifers, raise community concerns, and increase treatment or sourcing costs. Downstream, shortages may also disrupt customers’ concrete production, causing delays or losses.		nnn
Air pollution	Stricter air-pollution regulations can lead to higher costs for emission-control technologies. Cement plants inadequate emissions management could result in fines and remediation costs.		nnn

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IRO identification	IRO description	Value chain	Time horizon
Opportunities
Energy & climate change mitigation	TITAN’s decarbonization strategy focuses on low-carbon solutions, including a new calciner at Kamari reducing CO₂ by 150,000 tonnes annually and increased alternative fuel use. The company is expanding greener products, using 90% renewable electricity, and developing zero-carbon cement through the IFESTOS CCS project in Greece, aiming to capture 1.9 million tonnes of CO₂ and produce 3 million tonnes of zero-carbon cement, supported by a €234 million EU grant, while fostering partnerships to reduce Scope 3 emissions.		nnn
Climate change adaptation (resilient urbanization)	TITAN’s products support climate-resilient infrastructure, driving increased sales from growing demand.		nnn
Digitalization (enhanced operational performance, improved customer experience)	Digitizing cement production and concrete logistics enhances efficiency, drives scale economies, and increases revenue by offering innovative, service-oriented solutions. Adopting technologies like 3D printing also strengthens TITAN’s reputation as innovative and environmentally friendly.		nnn
Resources use & circular economy	Increased usage of alternative fuels (e.g., waste derived), alternative raw materials (such as construction & demolition waste) and renewable energy, altogether contribute to the increase of EBITDA.		nnn
Innovation of products and services	Innovative, sustainable construction materials drive TITAN’s growth, creating new opportunities while lowering production costs through energy-efficient, recycled products.		nnn

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Integration of material issues with ESRSs

The following table demonstrates how the material issues arising from our DMA align with the corresponding ESRS standards:


Material issues	Topical ESRS	Topic	Sub-topic	Sub-sub-topics	Key stakeholders
Energy and climate change mitigation	ESRS E1	Climate change	Climate change mitigation ¹		Customers, NGOs, academia, regulators, associations, media, investment community, ESG agencies
Energy and climate change mitigation			Energy²
Climate change adaptation (physical risks)			Climate change adaptation
Climate change adaptation (resilient urbanization)			Climate change adaptation
Air pollution	ESRS E2	Pollution	Pollution of air		Local communities, employees, NGOs, regulators
Water	ESRS E3	Water and marine resources	Water	Water consumption Water withdrawals	Local communities, NGOs, regulators
Biodiversity	ESRS E4	Biodiversity and ecosystems	Direct impact drivers of biodiversity loss	Land-use change	Local communities, NGOs, regulators
			Impacts on the extent and condition of ecosystems	Land degradation
			Impacts on the state of species
Resources use and circular economy	ESRS E5	Circular economy	Resources inflows, including resource use		Customers, academia, associations, authorities
Health and safety	ESRS S1	Own workforce	Working conditions	Working time Work-life balance Health and safety	Employees, NGOs, civil society, local communities, regulators
	ESRS S1	Own workforce	Working conditions	Working time Work-life balance Health and safety
	ESRS S2	Workers in the value chain	Working conditions	Health and safety	Business partners, contractors, NGOs, civil society and youth, regulators
Training and skills development	ESRS S1	Own workforce	Equal treatment and opportunities for all	Training and skills development	Employees, NGOs, civil society and youth, regulators
Diversity	ESRS S1	Own workforce	Equal treatment and opportunities for all	Gender equality and equal pay for work of equal value Diversity	Employees, NGOs, civil society and youth, regulators
Local communities development	ESRS S3	Affected communities	Communities’ economic, social and cultural rights	Contribution to economic and social development of local communities	Local communities, employees, NGOs, civil society and youth, authorities, media
Local communities development	ESRS S3	Affected communities	Communities’ economic, social and cultural rights	Land-related impacts³
Product responsibility	ESRS S4	Consumers and end-users	Information-related impacts for consumers and/or end-users		Customers, academia, regulators, associations
Product responsibility	ESRS S4	Consumers and end-users	Personal safety of consumers and/or end-users		Customers, academia, regulators, associations

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Material issues	Topical ESRS	Topic	Sub-topic	Sub-sub-topics	Key stakeholders
Business ethics	ESRS G1	Business conduct	Corporate culture Protection of whistleblowers		Local communities, business partners, employees, regulators
	ESRS G1	Business conduct	Corruption and bribery		Local communities, business partners, employees, regulators
	ESRS S1	Own workforce	Working conditions	Secure employment ⁵	Employees, NGOs, civil society and youth, regulators
	ESRS S1	Own workforce	Equal treatment and opportunities for all	Measures against violence and harassment in the workplace ⁶	Employees, NGOs, civil society and youth, regulators
Innovation	Entity- specific topic		Optimized operational performance⁴		Customers, business partners, NGOs, civil society and youth, academia and research, investment community
			Improved customer experience ⁴
			Innovation of products and services

1. Investments in new technologies and low-carbon products

2. Electrical, thermal and alternative fuels

3. Quarries’ visual impact

4. Digitalization

5. Connected with disclosures under S1-1 for Policies, also S1-4 and metric S1-10

6. Connected with disclosures under S1-1 and G1-1 related to TITAN’s Policies, and the metric under S1-17: “Incidents, complaints and severe human rights impacts”

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Sustainability Statement

Requirements in the ESRS covered by

TITAN’s Sustainability Statement

IRO-2


General information		100
ESRS 2
BP-1	General basis for preparation of Sustainability Statement	100
BP-2	Disclosures in relation to specific circumstances	101
GOV-1	The role of the administrative, management and supervisory bodies	102
GOV-2	Information provided to and sustainability matters addressed by the undertaking’s administrative, management, and supervisory bodies	102
GOV-3	Integration of sustainability-related performance in incentive schemes	103
GOV-4	Statement on due diligence	104
GOV-5	Risk management and internal controls over sustainability reporting	104
SBM-1	Strategy, business model, and value chain	105
SBM-2	Interests and views of stakeholders	108
SBM-3	Material impacts, risks, and opportunities and their interaction with strategy and business model	108
IRO-1	Description of the process to identify and assess material impacts, risks, and opportunities	112
IRO-2	Disclosure requirements in ESRS covered by TITAN’s Sustainability Statement	122
IRO-2	Disclosure requirements that derive from other EU legislation	193


Environmental information		125
E1 Climate change
E1-1	Transition plan for climate change mitigation	132
ESRS 2 SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	135
E1-2	Policies related to climate change mitigation and adaptation	135
E1-3	Actions and resources in relation to climate change policies	136
E1-4	Targets related to climate change	140
E1-5	Energy consumption and mix	143
E1-6	Gross Scopes 1, 2, 3 and total GHG emissions	144
E1-7	GHG removals and GHG mitigation projects financed through carbon credits	145
E1-8	Internal carbon pricing	145
E1-9	Anticipated financial effects from material physical and transition risks and potential climate-related opportunities	145
E2 Pollution
E2-1	Policies related to pollution	146
E2-2	Actions and resources related to pollution	146
E2-3	Targets related to pollution	147
E2-4	Pollution of air	148
E3 Water and marine resources
E3-1	Policies related to water and marine resources	149
E3-2	Actions and resources related to water and marine resources	149
E3-3	Targets related to water	151
E3-4	Water consumption	151
E3-5	Anticipated financial effects from water	152

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E4 Biodiversity and ecosystems
E4-1	Transition plan and consideration of biodiversity and ecosystems in strategy and business model	153
ESRS 2 SBM-3	Material impacts, risks, and opportunities and their interaction with strategy and business model	153
E4-2	Policies related to biodiversity and ecosystems	154
E4-3	Actions and resources related to biodiversity and ecosystems	154
E4-4	Targets related to biodiversity	155
E4-5	Impact metrics related to biodiversity and ecosystems change	155
E5 Resource use and circular economy
E5-1	Policies related to resource use and circular economy	156
E5-2	Actions and resources related to resource use and circular economy	156
E5-3	Targets related to resource use and circular economy	157
E5-4	Resource inflows	157

Social information		158
S1 Own workforce
ESRS 2 SBM-2	Interests and views of stakeholders	158
ESRS 2 SBM-3	Material impacts, risks, opportunities, and strategy alignment	158
S1-1	Policies related to own workforce	159
S1-2	Processes for engaging with own workforce and workers’ representatives about impacts	160
S1-3	Processes to remediate negative impacts and channels for own workforce to raise concerns	160
S1-4	Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions	161
S1-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	166
S1-6	Characteristics of the undertaking’s employees	167
S1-7	Characteristics of non-employees in the undertaking’s own workforce	167
S1-8	Collective bargaining coverage and social dialogue	168
S1-9	Diversity metrics	168
S1-10	Adequate wages	168
S1-11	Social protection	168
S1-12	Persons with disabilities	168
S1-13	Training and skills development metrics	169
S1-14	Health and safety metrics	169
S1-15	Work-life balance metrics	169
S1-16	Remuneration metrics (pay gap and total remuneration)	169
S1-17	Incidents, complaints and severe human rights impacts	170
S2 Workers in the value chain
ESRS 2 SBM-2	Interests and views of stakeholders	171
ESRS 2 SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	171
S2-1	Policies related to value chain workers	171
S2-2	Processes for engaging with value chain workers about impacts	172
S2-3	Processes to remediate negative impacts and channels for value chain workers to raise concerns	172
S2-4	Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those action	172
S2-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	174

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S3 Affected communities
ESRS 2 SBM-2	Interests and views of stakeholders	175
ESRS 2 SBM 3	Material impacts, risks, and opportunities and their interaction with strategy and business model	175
S3-1	Policies related to affected communities	175
S3-2	Processes for engaging with affected communities about impacts	176
S3-3	Processes to remediate negative impacts and channels for affected communities to raise concerns	176
S3-4	Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions	176
S3-5	Targets related to managing material negative impacts, advancing positive effectiveness of those actions	179
S4 Consumers and end-users
ESRS 2 SBM-2	Interests and views of stakeholders	181
ESRS 2 SBM-3	Material impacts, risks, and opportunities and their interaction with strategy and business model	181
S4-1	Policies related to consumers and end-users	182
S4-2	Processes for engaging with consumers and end-users about impacts	182
S4-3	Processes to remediate negative impacts and channels for consumers and end-users to raise concerns	183
S4-4	Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions	184
Entity-specific: Innovation		185

Governance information		188
G1 Business Conduct
G1-1	Business conduct policies and corporate culture	188
G1-2	Management of relationships with suppliers	189
G1-3	Prevention and detection of corruption and bribery	190
G1-4	Incidents of corruption or bribery	191
G1-5	Political influence and lobbying activities	191

The disclosure requirements derived from other EU legislation, including the relevant data points and their locations (if considered

material), can be found in the Appendix on page 193.

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Environmental information

EU Taxonomy Regulation

In 2025, following the Omnibus amendments to the EU Taxonomy

Regulation, TITAN applied the simplified reporting requirements.

TITAN did not adopt the new exemptions or opt‑outs introduced by

the amendments.

Regarding the scope of economic activities eligible for assessment:

In 2025, we reviewed the requirements for assessing all six

environmental objectives of the Taxonomy Regulation concerning

TITAN’s economic activities that were considered Taxonomy

eligible. There were no changes from previous years regarding the

requirements for Technical Screening Criteria (TSC) for our eligible

economic activities, specifically for the environmental objectives

of climate change mitigation and climate change adaptation, as

specified by Regulation (EU) 2021/2139. Details are provided in

the “General Notes for all Taxonomy KPIs” and specific Notes for

each Taxonomy KPI, below the respective tables. Furthermore, an

assessment for each eligible economic activity was made according

to the DNSH Criteria of the Regulation, as discussed in this section.

In 2025, consistent with the previous year and in accordance with

the Taxonomy Regulation, we addressed the manufacturing of

cement clinker, cement, or alternative binders (classified under

code 3.7. “Manufacture of cement” in the Taxonomy Regulation

(EU) 2021/2139), as well as the production and distribution of fly ash

(covered by code 5.9. “Material recovery from non-hazardous

waste”). Additionally, for 2025, we broadened our assessment to

include material recovery activities within the “Material recovery

from non-hazardous waste” category, specifically focusing on the

reclamation of materials for aggregate use from non-hazardous

waste inputs at all Group quarry locations where such processes

were active. This included the Malakasa aggregates quarry in

Greece and the T-Rex facility near our Pennsuco cement plant in

Florida, US.

We also reassessed our investments in the construction of solar

photovoltaic facilities (related to code 4.1. “Electricity generation

using solar photovoltaic technology” as per Taxonomy Regulation

(EU) 2021/2139), with our cement plants in Bulgaria, North

Macedonia, and Serbia being evaluated for Taxonomy-eligible

capital expenditures (CapEx). All the aforementioned economic

activities were classified as Transitional under the Regulation and

contribute to the environmental goal of mitigating climate change.

Last, in 2025 we considered again the economic activity of CemAI

Inc (CemAI) as Taxonomy eligible. CemAI is a TITAN subsidiary

company providing a next-generation predictive maintenance

solution based on Artificial Intelligence (AI) for the cement industry.

CemAI is associated with Taxonomy eligible activity code 4.1.

“Provision of IT/OT data-driven solutions”, according to Taxonomy

Regulation (EU) 2023/2486, which is related to the environmental

objective of transition to a circular economy. This activity is

associated with the development, installation, deployment,

maintenance, repairing and providing of professional services,

including technical consulting for design or monitoring of software

and information technology (IT) or operational technology (OT)

systems, including AI-based solutions, such as for automated

machine learning, built for the purpose of remote monitoring and

predictive maintenance for the cement industry and beyond.

In compliance with Article 8 of the Taxonomy Regulation,

we disclose that, based on the Group consolidated data,

€1,496.7 million, or 56.1% of the Group turnover in 2025, was

generated from the Taxonomy-eligible economic activities, while

the total respective CapEx corresponded to €135.3 million (47.5%

of total CapEx) and the total operating expenditures (OpEx)

corresponded to €103.7 million (57.0% of total OpEx).

In its reporting on Taxonomy-aligned figures related to the above

KPIs, TITAN conducted the review and assessment of turnover of all

eligible economic activities in 2025, and related expenditures

for CapEx and OpEx.

The assessment methodology adhered to the technical criteria

for making a substantial contribution to environmental objectives,

as outlined by the Regulation for climate change mitigation

and circular economy. The economic activities of cement

manufacturing, fly ash production and sale, recovery of materials

from non-hazardous waste at our quarry and facility sites, and

electricity generation using solar photovoltaic technology

specifically contribute to the environmental objective of climate

change mitigation. CemAI’s economic activity contributes to the

environmental objective of a transition to a circular economy.

The assessment for specific cement types ensured compliance with

the CO2 emissions threshold values, while the other two activities

were evaluated against specific criteria provided by the Regulation.

CemAI’s economic activity was considered as Taxonomy eligible,

but assessed as Taxonomy not-aligned due to not fully meeting the

criteria for a substantial contribution to the environmental objective.

The assessment ensured that each economic activity meets the Do

No Significant Harm (DNSH) principle requirements as outlined in

Articles 3(b), 3(d), and 17, and the “Minimum safeguards” referred to

in Article 18 of the Taxonomy Regulation. Specifically, regarding the

DNSH assessment under the technical criteria set out in Regulation

Annexes I and II, TITAN complies with all applicable EU regulations

and applies the Industrial Emissions Directive specifications and

Best Available Techniques (BAT) emission limits through the

environmental permitting process of cement plants (Directive

2010/75/EU).

As in the previous year, we leveraged our thorough Group-level

assessment, conducted periodically and with granularity per

country, for the protection of biodiversity, sustainable land

stewardship, and water, as fundamental elements of our

sustainability strategy. To mitigate the impacts of raw material

extraction on biodiversity and ecosystems, the Group has

developed standard practices for quarry rehabilitation and

biodiversity management at sites of high biodiversity value, in line

with GCCA Guidelines. The same applies to water, where we run

periodic assessments of water risk levels in areas in which we

operate and prioritize our investments and operating plans

accordingly, while aligning with GCCA Guidelines for measuring

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and reporting our performance on water efficiency. Regarding

the assessment of alignment with Technical Screening

Criteria for DNSH under the environmental objective of climate

change mitigation, and specifically for economic activities such as

the manufacture of cement, material recovery from non-hazardous

waste (production and sale of fly ash, and other/aggregates

materials), and generation of electricity using solar photovoltaic

technology, we adhered to the requirements of Regulation (EU)

2021/2139. We reviewed the requirements and ensured adherence

according to:

• Appendix A, “Generic Criteria for DNSH to Climate Change”:

TITAN adheres to TCFD requirements and implements its

internal decarbonization roadmap. In 2025, TITAN covered all

operating assets (cement plants and plants for processing fly ash

as well as recovery of materials from non-hazardous waste). We

conducted a comprehensive climate risk assessment.

• Appendix B, “Generic Criteria for DNSH to Sustainable Use and

Protection of Water and Marine Resources”: TITAN has

adequate measures in place across all operations to ensure

responsible water management. We comply with the respective

environmental permits conditions according to legislation in

each country and adhere to Group-wide guidance and

procedures to achieve operational excellence in decreasing

water consumption and withdrawal, minimizing discharges, and

abating pollution of water bodies and aquifers. We use tools like

Aqueduct to identify areas of water stress.

• Appendix C, “Generic Criteria for DNSH to Pollution Prevention

and Control regarding the Use of and Presence of Chemicals”:

TITAN does not have substances referred to in Appendix C in its

products, adhering to EU legislation.

• Appendix D, “Generic Criteria for DNSH to Protection and

Restoration of Biodiversity and Ecosystems”: TITAN has

programs in place for quarry rehabilitation to restore nature and

biodiversity management plans in areas of operations identified

as having high biodiversity value. The use of best available

methods, such as the Integrated Biodiversity Assessment Tool

(IBAT), ensures the proactive screening of all operations and

helps update our management plans based on the latest

scientific input. In 2025, TITAN followed TNFD requirements

for assessing dependencies on natural, human, and social

resources as part of our DMA assessment.

For the economic activity of generating electricity using solar

photovoltaic technology, we met the applicable requirements

according to Appendix A and Appendix D and complied with the

requirement for a transition to a circular economy (for high durability

and recyclability of equipment and the ease of dismantling and

refurbishing components).

The economic activity of providing IT/OT data-driven solutions

(TITAN’s subsidiary CemAI) was excluded from the scope of the

DNSH assessment because it was assessed as not meeting the

technical screening criteria for a substantial contribution to the

environmental objective of a transition to a circular economy,

adhering to the requirements of Regulation (EU) 2023/2486.

Therefore, the activity is not Taxonomy aligned.


Taxonomy-aligned turnover (based on climate change criteria)
	n Taxonomy-aligned 7.5% n Taxonomy eligible (not aligned) 48.6% n Taxonomy non-eligible 43.9%


Taxonomy-aligned CapEx (based on climate change criteria)
	n Taxonomy-aligned 12.7% n Taxonomy eligible (not aligned) 34.8% n Taxonomy non-eligible 52.5%


Taxonomy-aligned OpEx (based on climate change criteria)
	n Taxonomy-aligned 6.5% n Taxonomy eligible (not aligned) 50.5% n Taxonomy non-eligible 43.0%

We have set relevant targets for biodiversity and water under our

2025 ESG targets, underscoring our commitment to contribute to

the prosperity of our local communities and achieve a positive local

impact where possible. In terms of the circular economy, our

economic activity actively contributes to the shift from fossil fuels to

alternative fuels in the EU and internationally, as well as to the

substitution of raw materials with alternative ones, reducing the use

of raw materials. TITAN’s decarbonization strategy, which

addresses the co-processing of alternative fuels, is a crucial “lever”

and aligns with our circular economy model to promote waste

reduction, reuse, recycling, and recovery of materials, and energy

use as a key priority. Cement plants use alternative fuels in full

compliance with the EU 2010/75/EC Industrial Emissions Directive,

ensuring the protection of human health and the environment. Each

plant operates with a permit granted by the relevant authorities. Co-

processing helps us achieve our mitigation and circular economy

goals by reducing direct CO2 emissions from cement clinker

manufacturing, replacing fossil fuels, recycling minerals, and

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TITAN Group Integrated Annual Report 2025

avoiding landfill or incineration. The scope of our DNSH

assessment covered, as in the previous year, the subject area

of air pollution, in particular due to the co-processing of alternative

fuels (such as RDF, biomass, tires, etc.).

For all the above, we provide an assessment of our performance

and key priorities on page 129. Furthermore, TITAN set ambitious

goals for energy efficiency management and waste management

until 2025.

Regarding “Minimum safeguards”, TITAN ensures the alignment of

its economic activity with the UN Guiding Principles on Business

and Human Rights, including the principles and rights set out in the

Declaration of the International Labor Organization on Fundamental

Principles and Rights at Work and the International Bill of Human

Rights, by adhering to the implementation of Group Policies for

Human Rights, Corporate Social Responsibility, Code of Conduct,

Diversity, Equity, and Inclusion, Whistleblowing, and EthicsPoint for

receiving and assessing employees’ complaints, etc.

Concerning TITAN’s assessment for Minimum Social Safeguards,

the review in 2025 covered the main pillars of:

• Upholding of Human Rights, where TITAN has in place a Group

Human Rights Policy and Group Procurement Policy, as well as

the Code of Conduct for Business, and Code of Conduct for

Procurement, which are all embedded into our business

processes. The implementation of the Human Rights Policy,

which articulates our commitments to uphold human rights

including labor and consumer rights, is a requirement for

employees in own workforce, also for suppliers and business

partners along the value chain. The Policy is available to all

stakeholders, and annual training is in place for own workforce

in all countries. Detailed disclosures are provided on pages 159

and 170, including a statement on two incidents concerning

Human Rights violations and any related significant fines paid

in 2025.

• Ensuring Anti-Bribery and Corruption measures, in line with

TITAN’s Compliance program and Anti-fraud framework, and

implementing our enhanced Whistleblowing Policy. In 2025,

actions included internal controls, compliance training programs,

and measures to prevent, detect, and assess incidents and

concerns, in addition to the EthicsPoint whistleblowing platform

and other grievance mechanisms. Details are provided on pages

188-191, including information on bribery and corruption

incidents and any related significant fines paid in 2025.

• Tax Governance and Compliance. Both are considered

important elements of the Group’s oversight and broader risk

management systems. Details are provided on page 202.

No such incidents, related convictions, or fines were recorded

in 2025.

* Fair Competition. TITAN has in place a Group Competition

Policy, and implements adequate awareness and training

programs for all workforce employees with roles relevant to the

subject matter, with a special focus on top management in all

business units. No such incidents, related convictions, or fines

were recorded in 2025.

The turnover for Taxonomy-aligned economic activities based

on climate change mitigation criteria reached 7.5% of the Group’s

total turnover in 2025, while the proportions of CapEx and OpEx

reached 12.7% and 6.5%, respectively. The denominators used for

the calculation of KPIs for Taxonomy-aligned turnover and CapEx

were the Group’s total turnover and CapEx, which are disclosed in

the “Financial Statements”, under the sections “Financial

Performance Overview”, “Consolidated Income Statement”, and

“Consolidated Cash Flow Statement/Cash flows from investing

activities”, as well as under “Note 5. Operating segment

information”.

For the calculation of the denominator of the revenue, OpEx and

CapEx KPIs, we have extracted the figures directly from our internal

system, ensuring that the figures are only counted once in each KPI.

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Table a. Taxonomy KPIs of non-financial undertakings

KPI: Summary


Financial year 2025					Breakdown by environmental objectives of Taxonomy aligned activities
KPI (1)	Total (2)	Proportion of Taxonomy eligible activities (3)	Taxonomy aligned activities (4)	Proportion of Taxonomy aligned activities (5)	Climate change mitigation (6)	Climate change adaptation (7)	Water (8)	Circular economy (9)	Pollution (10)	Biodiversity (11)	Proportion of enabling activities (12)	Proportion of transitional activities (13)	Not assessed activities considered non- material (14)	Taxonomy aligned activities in previous financial year 2024 (15)	Proportion of Taxonomy aligned activities in previous financial year 2024 (16)
	mEUR	%	mEUR	%	%	%	%	%	%	%	%	%	%	mEUR	%

Turnover	2,669.0	56.1%	198.4	7.5%	7.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	7.5%	0.0%	129.8	4.9%
CapEx	285.0	47.5%	36.3	12.7%	12.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	12.7%	0.0%	19.4	7.7%
OpEX	181.9	57.0%	11.7	6.5%	6.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	6.5%	0.0%	7.0	3.5%

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Table b. Taxonomy KPIs of non-financial undertakings

KPI: Turnover


Financial year 2025					Environmental objective of Taxonomy aligned activities
Economic activities (1)	Code (2)	Taxonomy eligible KPI (Proportion of Taxonomy eligible Turnover) (3)	Taxonomy aligned KPI (monetary value of Turnover) (4)	Proportion of Taxonomy aligned activities (5)	Climate change mitigation (6)	Climate change adaptation (7)	Water (8)	Circular economy (9)	Pollution (10)	Biodiversity (11)	Enabling activity (12)	Transitional activity (13)	Proportion of Taxonomy aligned in Taxonomy eligible (14)
		%	mEUR	%	%	%	%	%	%	%	(E where applicable)	(T where applicable)	%

Activity 1: Manufacture of Cement	CCM 3.7	55.0%	169.6	6.4%	6.4%	0.0%	0.0%	0.0%	0.0%	0.0%		T	11.6%
Activity 2: Material recovery from non-hazardous waste	CCM 5.9	1.1%	28.8	1.1%	1.1%	0.0%	0.0%	0.0%	0.0%	0.0%		T	100.0%
Activity 3: Provision of IT/OT data-driven solutions	Circular Economy 4.1	0.0%	0.0	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	E		0.0%

Sum of alignment per objective					7.5%	0.0%	0.0%	0.0%	0.0%	0.0%
Total KPI		56.1%	198.4	7.5%	7.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	7.5%	13.3%

Specific notes on Turnover

• The calculation of turnover in the reporting period 2025 covered the revenue recognized pursuant to International Accounting Standard (IAS) 1, paragraph 82(a), as adopted by Commission Regulation (EC) No 1126/2008 (1), and as defined in Article 2, point (5), of

Directive 2013/34/EU. The turnover figures represent consolidated data at Group level, after eliminations for third-party transactions.

• In the disclosures for 2025, we included the economic activities of: “Manufacture of cement”, “Material recovery from non-hazardous waste” for the production and sale of fly ash, and recovery for reclamation of materials for aggregate use at our quarry and

facility sites, and “Electricity generation using solar photovoltaic technology” for the generation of electricity from solar panels installed inside and/or connected to TITAN’s cement plants. The above activities are associated with codes 3.7, 5.9, and 4.1

respectively, according to Taxonomy Regulation (EU) 2021/2139). We included also the economic activity of CemAI (code 4.1 “Provision of IT/OT data-driven solutions” according to Taxonomy Regulation (EU) 2023/2486), as subsidiary of TITAN.

• From the above activities, three were considered “Transitional” (manufacture of cement, production and sale of fly ash and recovery of materials, and generation of electricity from solar photovoltaic panels). The activity of solar panels was excluded from the

assessment of Taxonomy eligible and aligned Turnover, since there is no separable sales revenue for TITAN because of the generation of electricity. The electricity generated by TITAN’s solar photovoltaic panels is only internally consumed by the cement plants

which own and operate the panel installations. The cement and fly ash activities, also activities for recovery of materials, were assessed for turnover of their products, for meeting the Technical Screening Criteria for Substantial Contribution (TSC) to the

environmental objective of Climate Change Mitigation. The economic activities for recovery of materials from non-hazardous waste for aggregate use at our quarry and facility sites had zero turnover in 2025 according to EU Taxonomy requirements,

• The activity of CemAI is considered ‘Enabling’ and was assessed as being Taxonomy eligible for contribution to the environmental objective of Transition to a circular economy, but non-aligned, since it does not meet the TSC for Substantial Contribution.

• The activities of cement, fly ash, also recovery of materials, were also assessed for meeting the DNSH Criteria, and the Minimum Safeguards, according to requirements of the Taxonomy Regulation.

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Sustainability Statement

Table c. Taxonomy KPIs of non-financial undertakings

KPI: CapEx


Financial year 2025					Environmental objective of Taxonomy aligned activities
Economic activities (1)	Code (2)	Taxonomy eligible KPI (Proportion of Taxonomy eligible CapEx) (3)	Taxonomy aligned KPI (monetary value of CapEx) (4)	Proportion of Taxonomy aligned activities (5)	Climate change mitigation (6)	Climate change adaptation (7)	Water (8)	Circular economy (9)	Pollution (10)	Biodiversity (11)	Enabling activity (12)	Transitional activity (13)	Proportion of Taxonomy aligned in Taxonomy eligible (14)


Activity 1: Manufacture of Cement	CCM 3.7	46.8%	34.3	12.0%	12.0%	0.0%	0.0%	0.0%	0.0%	0.0%		T	25.7%
Activity 2: Material recovery from non-hazardous waste	CCM 5.9	0.7%	1.9	0.7%	0.7%	0.0%	0.0%	0.0%	0.0%	0.0%		T	100.0%
Activity 3: Provision of IT/OT data- driven solutions	Circular Economy 4.1	0.0%	0.0	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	E
Activity 4: Electricity generation using solar photovoltaic technology	CCM 4.1	0.0%	0.1	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		T	100.0%
Sum of alignment per objective					12.7%	0.0%	0.0%	0.0%	0.0%	0.0%
Total KPI		47.5%	36.3	12.7%	12.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	12.7%	26.8%

Specific notes on CapEx

• The CapEx covered additions to tangible and intangible assets in the reporting period 2025 considered before depreciation, amortization, and any re-measurements, including those resulting from revaluations and impairments, for the relevant financial year and

excluding fair value changes. Under the CapEx figure, we included costs that are accounted based on IAS 16.73 (e)(i)(iii), IAS 38.118 (e)(i), IAS 40.76 (a)(b), and IFRS 16.53(h).

• In the disclosures for 2025, we included the eligible and aligned economic activities of manufacture of cement, and production and sale of fly ash also recovery for reclamation of materials for aggregate use at our quarry and facility sites (with codes 3.7 and 5.9

according to Taxonomy Regulation (EU) 2021/2139), also the economic activity of “Electricity generation using solar photovoltaic technology” (code 4.1 according to Taxonomy Regulation (EU) 2021/2139).

• The economic activity of CemAI (code 4.1 “Provision of IT/OT data-driven solutions”, according to Taxonomy Regulation (EU) 2023/2486) had zero CapEx in 2025 (and 2024) and was excluded from the assessment.

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Table d. Taxonomy KPIs of non-financial undertakings

KPI: OpEx


Financial year 2025					Environmental objective of Taxonomy aligned activities
Economic activities (1)	Code (2)	Taxonomy eligible KPI (Proportion of Taxonomy eligible OpEx) (3)	Taxonomy aligned KPI (monetary value of OpEx) (4)	Proportion of Taxonomy aligned activities (5)	Climate change mitigation (6)	Climate change adaptation (7)	Water (8)	Circular economy (9)	Pollution (10)	Biodiversity (11)	Enabling activity (12)	Transitional activity (13)	Proportion of Taxonomy aligned in Taxonomy eligible (14)

		%	mEUR	%	%	%	%	%	%	%	(E where applicable)	(T where applicable)	%

Activity 1: Manufacture of Cement	CCM 3.7	56.8%	11.4	6.3%	6.3%	0.0%	0.0%	0.0%	0.0%	0.0%		T	11.0%
Activity 2: Material recovery from non-hazardous waste	CCM 5.9	0.2%	0.3	0.2%	0.2%	0.0%	0.0%	0.0%	0.0%	0.0%		T	100.0%
Activity 3: Provision of IT/OT data-driven solutions	Circular Economy 4.1	0.0%	0.0	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	E
Sum of alignment per objective					6.5%	0.0%	0.0%	0.0%	0.0%	0.0%
Total KPI		57.0%	11.7	6.5%	6.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	6.5%	11.3%

Specific notes on OpEx

• For calculating the figures of OpEx in the reporting period 2025, we considered all direct non-capitalized costs that relate to research and development (research and innovation investments), building renovation measures, short-term lease, maintenance and repair, and any

other direct expenditures relating to the day-to-day servicing of assets of property, plant, and equipment by TITAN or third party to whom activities are outsourced, that are necessary to ensure the continued and effective functioning of such assets.

• In more specific for the economic activities of manufacture of cement, and production and sale of fly ash (with codes 3.7 and 5.9 respectively according to Taxonomy Regulation (EU) 2021/2139) the calculation of OpEx was made according to the approach of

proportionality, using as proportional metric the amounts (tonnes) of products produced, related and connected with the calculation of figures for Taxonomy-eligible and Taxonomy-aligned as a proportion of total OpEx on Group level, per each activity. The

economic activities for recovery of materials from non-hazardous waste for aggregate use at our quarry and facility sites had zero OpEx in 2025 (and 2024) according to EU Taxonomy requirements,

• For the economic activity of CemAI (code 4.1 “Provision of IT/OT data-driven solutions”, Taxonomy Regulation (EU) 2023/2486) the total OpEx was considered as eligible, and zero % share of this activity’s OpEx was considered aligned (same as for Turnover).

• For the economic activity of “Electricity generation using solar photovoltaic technology” (code 4.1 according to Taxonomy Regulation (EU) 2021/2139) its OpEx was excluded from the assessment as eligible and aligned due to being inseparable part of the OpEx

of operations of the related cement plants which ‘host’ the solar panels, and which were covered by the assessment of the economic activity of manufacture of cement.

General Notes for all Taxonomy KPIs

TITAN as a parent undertaking presents the share of our group turnover, CapEx and OpEx for the reporting period 2025, which are associated with Taxonomy-eligible economic activities related to the environmental objectives of Climate Change Mitigation and

Climate Change Adaptation, also to the environmental objective of Transition to a Circular Economy. All above in accordance with Art. 8 Taxonomy Regulation and Art. 10 (2) of the Art. 8 Delegated Act. TITAN has adopted the definitions for the KPIs according to the

Commission Delegated Regulation (EU) 2021/2178 (Annex I: KPIs of non-financial undertakings).

1. About the economic activities in the scope of assessment for 2025:

• See the specific Notes for the KPIs of Turnover, CapEx, and OpΕx in previous Tables. TITAN’s reporting methodology on Taxonomy aligned KPIs for 2025: The assessment was aligned with the boundaries of the consolidation for TITAN’s Financial Statements.

We conducted the assessment of all economic activities (from the sales of products and services) and project activities’ expenditures, and the consolidation of figures for Group level followed the same rules as for other KPIs for ESG performance in this Report,

whereas the F/X rates for currencies of different countries were assumed as an average for 2025, consistent with TITAN’s practices for financial statements and adhering to IFRS principles.

2. Reporting for KPIs of Turnover, CapEx and OpEx followed the requirements of Annex II/Templates for the KPIs of Non-Financial Undertakings, according to: Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021, supplementing Regulation (EU)

2020/852. We followed the instructions provided by Annex V of the Commission Delegated Regulation (EU) 2023/2486 of 27 June 2023, amending Commission Delegated Regulation (EU) 2021/2178, and simplifications for these Templates as provided by

Omnibus I simplification package (new Delegated Act as of 4 July 2025), which was officially published on 8 January 2026.

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Sustainability Statement

ESRS E1 Climate change

Strategy

We are committed to climate action, supporting the COP21 Paris

Agreement’s 1.5°C target and the European Green Deal’s 2050

carbon neutrality goal. We also back the GCCA’s 2050 Climate

Ambition, collaborating with top cement and concrete producers.

Our Strategy is well embedded in our new “TITAN Forward 2029”

growth plan, as shown on page 20.

TITAN Group is one of the first three cement companies globally to

have its CO2 reduction targets validated by the SBTi as aligned with

limiting global warming to 1.5°C. These targets, part of the Company’s

Green Growth Strategy, focus on reducing clinker content, increasing

the use of alternative fuels, improving energy efficiency, and planning

for carbon capture, utilization, and storage (CCUS) technologies.

TITAN Group has joined the SBTi’s “Business Ambition for 1.5°C”

campaign, committing to limit global warming to 1.5°C and achieving

net-zero emissions by 2050. By signing, TITAN also became part of

the UNFCC “Race to Zero” initiative, which promotes collective action

for a zero-carbon future. Decarbonization offers opportunities for

innovation and growth, especially in the energy and construction

materials sectors.

TITAN joined the Industrial Transition Accelerator (ITA) at COP28,

committing to accelerate large-scale decarbonization of heavy

industries. By collaborating with global leaders, TITAN aims to

drive climate innovation and advance progress toward net-

zero emissions.

“TITAN Forward 2029” sets out the following strategic priorities:

1. Deliver above-market growth in our core business: TITAN aims to

drive robust growth in its core business by expanding cement

capacity – particularly in its growing US markets – while creating

value by advancing carbon management initiatives in Europe.

Additional investments in operational efficiency across industrial,

decarbonization, and digital domains, combined with accelerated

bolt-on acquisitions in aggregates, will further strengthen market

positions, expand margins, and support sustainable, long-term

value creation.

2. Expand the alternative cementitious materials platform: TITAN

will scale an integrated global platform of alternative materials by

enhancing sourcing and trading capabilities, pursuing targeted

investments and partnerships across existing and new

geographies, and leveraging proprietary technologies. This

expansion aims to broaden the Group’s offering both upstream in

cement as well as downstream in concrete applications and pivot

the business model.

3. Innovate in low-carbon products and scale next-generation

technologies and solutions: TITAN will accelerate innovation in low-

clinker, low-carbon products, scale up its precast platform in both

Europe and the US, and advance the exploration of zero-carbon

clinker through Carbon Capture Storage value chain technologies

through a project in Greece.

The possible increase in climate change-related physical risks,

such as flooding, drought, water stress, wildfires, and extreme

temperatures, could disrupt our asset base, and impair the

continuity of our operations (production and/or distribution). This

type of risk is assessed and mitigated through a risk assessment

process, conducted at a Group and local level, with an elevated

level of preparedness, following strict design standards,

emergency, and insurance coverage plans, and by incorporating

input from climate risk studies based on scenario analysis. TITAN

Group invests systematically in equipment and systems to prevent

or mitigate the physical risks of climate change and ensures

adequate insurance coverage against damage or temporary

business disruption as well as the availability of sufficient financial

resources to absorb any potential impacts.

TITAN has been recognized as one of Europe’s Climate Leaders in

the fifth edition of the prestigious list published by the Financial

Times. The list showcases companies that have achieved the

greatest reductions in their Scope 1 and 2 GHG emissions intensity

over a five-year period (2018–2023).

E1-1

Transition plan for climate change

mitigation

TITAN Group remains firmly committed to its science-based

decarbonization roadmap, driving tangible progress across all

business units through technical innovation, operational excellence,

and targeted investments. Addressing climate change remains a

top priority for the Group. In 2025, TITAN Group remained

committed to executing its Scope 1 roadmap period toward the

following decarbonization levers:

1. Reducing clinker content in the final product (Cl/Cem reduction)

2. Increasing the thermal substitution rate (TSR) from alternative

fuels (AF)

3. Energy efficiency

To achieve our 2030 target, we pursue several initiatives to reduce

Scope 2 emissions, including, renewable asset development or

acquisition, and green power purchase agreements to manage

electricity price risks.

In 2025, we achieved a record low performance reducing our

specific net emissions to 594 kg CO₂ per tonne of cementitious

product, achieving an 12% reduction compared with 2020 levels on

track with our SBTi trajectory. Our absolute net CO2 emissions

reduced in 2025 to 9,778kt, compared with 10,211kt in 2024.

Furthermore, our CO2 intensity decreased further to 3.51kgCO2/€,

representing a 42% reduction compared with 2020.

The Group’s clinker-to-cement ratio was 76.9%, while the average

Thermal Substitution Rate (TSR) reached 22.3%. In terms of energy

efficiency, the Group’s specific thermal energy consumption has

remained consistently at a level similar to the world average

published by the GCCA’s Getting the Numbers Right project in

recent years. This demonstrates TITAN’s ongoing commitment to

maintaining high operational standards and aligning with global

best practices, even as market and operational conditions fluctuate.

TITAN’s decarbonization strategy toward 2030 is underpinned by a

robust pipeline of capital investments, with approximately €160

million allocated to decarbonization-related projects between 2025

and 2029. The portfolio features sophisticated upgrades in

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TITAN Group Integrated Annual Report 2025

alternative fuels feeding systems and kilns, along with infrastructure

dedicated to manufacturing cements with reduced clinker and

lower carbon footprints. Additionally, it encompasses projects that

extend decarbonization efforts to both direct and indirect

emissions. Within this framework, TITAN has initiated waste heat

recovery ventures aimed at boosting energy efficiency. The

company is also making strides in renewable energy developments

and entering long-term Power Purchase Agreements (PPAs) to

ensure its operations are supplied with low-carbon electricity.

Collectively, these actions propel TITAN’s achievements in

emission reduction, enhance TSR, decrease clinker content in

cement, and minimize energy consumption across the Group.

To ensure transparency and accountability, TITAN has

implemented an internal unified dashboard and a straightforward,

outcome-focused measurement system for decarbonization

progress and cost savings. In line with this, the Group systematically

quantifies the benefits of its decarbonization actions by tracking key

indicators such as TSR, clinker ratio, energy consumption, and the

ratio of gross CO₂ emissions over revenue. As highlighted in the

Group’s strategy, the measurement approach focuses on tangible,

science-based reductions – demonstrating that TITAN’s actions are

delivering real, measurable progress in line with its long-term

climate commitments.

Looking ahead, TITAN Group’s decarbonization roadmap is fully

aligned with its growth strategy and stakeholder expectations. The

Group is actively developing a new platform in alternative

cementitious materials (ACMs), targeting ∼10% of Group revenue by

2029. With a strong pipeline of innovation, disciplined capital

allocation, and a culture of continuous improvement, TITAN is well

positioned to lead the industry in sustainable performance and

deliver long-term value to all stakeholders.

Sustainalytics, an esteemed independent ESG ratings, research,

and data organization, has published a Second-Party Opinion

report on the Sustainability-Linked Financing Framework. This

assessment finds that the Framework adheres to the five essential

criteria set forth in the 2023 Sustainability-Linked Bond Principles.

Sustainalytics has assessed TITAN’s energy transition strategy and

considers it to be aligned with the recommendations of the Climate

Transition Finance Handbook 2023. Sustainalytics notes that TITAN

intends to achieve carbon neutrality by 2050.

The cement industry is an energy intensive sector with Scope 1

and specifically process emissions as the major source. Therefore,

our plants’ locked-in GHG emissions have been assessed as part of

our transition plan and carefully considered.

Post‑2030 Decarbonization Pathway

Beyond 2030, TITAN expects deep decarbonization to be driven

primarily by the large‑scale deployment of carbon capture,

utilization and storage (CCUS) technologies, complemented by

continued innovation in low‑ and zero‑carbon products. A key pillar

of this pathway is the IFESTOS project in Greece, as further

described on page 137, which is expected to play a material role in

supporting both Greece’s and TITAN’s net‑zero ambitions.

In parallel, TITAN is advancing complementary CCUS solutions

through the HERCCULES pilot project and the SOMMER project,

targeting demonstration of the full CCUS chain and the

development of CO₂ utilization pathways.

Notwithstanding this progress, TITAN acknowledges that the

detailed post‑2030 roadmap toward its SBTi‑validated Net‑Zero

2050 target remains under development. The pace and scale of

deployment will depend on key external dependencies and

uncertainties, including technology readiness, permitting and

regulation, CO₂ transport and storage infrastructure, energy

availability and market conditions. The long‑term roadmap will

therefore be further refined building on the 2030 milestones and

disclosed transparently as these dependencies evolve.

Investments aligned with climate change mitigation under the

Taxonomy Regulation are explicitly mentioned on page 125. In

2024, the EU Taxonomy-aligned investments toward climate

change reached €36.3 million.

Validation of TITAN’s CO2 emissions reduction targets

by the Science Based Targets initiative (SBTi)

Aligning itself with the goal to limit global warming to 1.5 ^oC in

accordance with the goals of the Paris Agreement, TITAN Group

was one of the three pioneering cement companies to have its CO 2

reduction targets validated by the SBTi. Through these newly

established science-based targets, both for the near and long term,

the Group aims to comprehensively address not only its direct

(Scope 1) emissions and indirect emissions from purchased

electricity (Scope 2) but also other indirect emissions within its

supply chain (Scope 3). Leveraging the guidance and resources

provided by SBTi, our target setting is based on a decarbonization

trajectory aligned with the International Energy Agency’s (IEA) net-

zero scenario. Brazil was included in the boundaries by 50% during

the SBTi target setting, despite being a joint venture.

As a hard‑to‑abate sector with unavoidable process emissions from

calcination, TITAN has assessed its locked‑in emissions associated

with existing clinker production assets. The transition plan

addresses these through a combination of clinker substitution,

alternative fuels, renewable energy, and long‑term breakthrough

technologies such as carbon capture, storage and utilization (CCUS).

Progress depends on external factors including permitting for

alternative fuels, market availability of supplementary cementitious

materials, green electricity supply, waste‑management

infrastructure, and supportive regulatory conditions such as ETS

stability and approval of CCUS infrastructure.

The transition plan affects near‑term and long‑term financial

performance through changes in energy mix, CO₂‑cost exposure,

PPA pricing, procurement of SCMs, and efficiency gains.

Key transition risks include carbon‑price escalation, SCM supply

constraints, permitting delays for AFR and CCUS, and increasing

energy‑transition costs. Major opportunities include growth in

low‑carbon cements, ACM scaling, and efficiency gains from digital

optimization.

TITAN ensures transparency through a unified internal

decarbonization dashboard that tracks indicators such as TSR,

clinker ratio, energy performance, and emissions per revenue.

Progress is monitored quarterly by the Executive Committee, and

the Board Sustainability/ESG Committee maintains overall

oversight, including annual reviews of strategic alignment.

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Sustainability Statement

Overall net-zero target

TITAN is committed to reaching net-zero GHG emissions across the

value chain by 2050 from a 2020 base year.

2030 near-term targets validated by SBTi

TITAN is committed to:

• reducing gross Scope 1, 2, and 3 GHG emissions, covering

produced and purchased cement and clinker by 25.1% per tonne

of cementitious product sold by 2030 from a 2020 base year;

• reducing gross Scope 1 GHG emissions by 22.8% per tonne of

cementitious product by 2030 from a 2020 base year;

• reducing Scope 2 GHG emissions by 58.1% per tonne of

cementitious product from a 2020 base year; and

• reducing absolute Scope 3 GHG emissions from the use of sold

fossil fuels by 80.9% by 2030 from a 2020 base year.

2050 long-term validated targets

TITAN is committed to:

• reducing gross Scope 1, 2, and 3 GHG emissions, covering

produced and purchased cement and clinker by 95.6% per

tonne of cementitious product sold by 2050 from a 2020

base year; and

• reducing other absolute Scope 3 GHG emissions by

90.0% within the same timeframe.

The SBTi is a partnership between the Carbon Disclosure Project

(CDP), the United Nations Global Compact (UNGC), the World

Resources Institute (WRI), and the World Wide Fund for Nature

(WWF). It independently assesses and validates corporate emissions

reduction targets against the latest climate science.

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TITAN Group Integrated Annual Report 2025

ESRS 2, SBM-3

Material impacts, risks and

opportunities and their

interaction with strategy

and business model

TITAN aims to achieve net‑zero GHG emissions by 2050, aligned

with the Paris Agreement and the European Green Deal. The

company reduces emissions across its operations and value chain,

adapts to climate impacts, and follows science‑based targets

consistent with a 1.5°C pathway. Its growing range of lower‑carbon

and circular construction solutions supports customers in meeting

their own sustainability goals, while continuous ESG improvements

and open stakeholder engagement enhance overall resilience.

Climate change is considered a principal strategic risk for TITAN.

The Group evaluates climate‑related impacts – both physical and

transition – through its Double Materiality Assessment and

manages them within its Enterprise Risk Management framework, in

line with TCFD guidance. Physical risks relate to acute and chronic

climate hazards, while transition risks stem from regulatory, market,

and technological shifts associated with the low‑carbon transition.

Together, these risks and opportunities directly shape TITAN’s

strategic direction, business model evolution, and capital allocation.

More information is available in the chapter SBM-3 Material impacts,

risks, and opportunities and their interaction with strategy and

business model”chapter, which details our approach to managing

climate-related impacts, risks, and opportunities” (page 108).

Climate Change Risks Assessment: TCFD Framework

In accordance with the recommendations set forth by the Task

Force on Climate-Related Financial Disclosures (TCFD) –

established in 2017 by the G20’s Financial Sustainability Board

(FSB) – in 2025 the Group continued its collaboration with climate

risk specialists to further reevaluate the physical risks associated

with climate change at both the Group and individual country levels.

The FSB’s initiative called on both financial and non-financial

organizations to provide transparent disclosures about climate-

related risks and opportunities.

Acknowledged globally as authoritative guidance for reporting

financially significant climate-related information, the TCFD

recommendations have received the endorsement of the

European Commission, which advocates for their implementation

alongside the TCFD Construction and Building Materials Preparer

Forum Report.

Construction and building materials are vulnerable to climate-

related transition and physical risks. Transition risks, such as the

introduction of carbon pricing policies, have the potential to

increase operational costs throughout the value chain. Physical

risks, such as extreme weather events, could disrupt supply chains,

halt operations, and damage valuable assets.

The Board of Directors has the overall responsibility for setting the

Company’s sustainability strategy and taking policy decisions,

having placed climate change at the forefront of its sustainability

agenda. Under the supervision of TITAN’s main governance body

for climate-related issues (Executive Committee Sustainability) and

in collaboration with recognized climate risk experts, the Group has

worked on identifying, assessing, and managing the risks from

climate change, along with capitalizing on opportunities from the

transition to a low-carbon economy, in alignment with the TCFD

Framework, as illustrated on page 204.

In 2025, the Group’s climate change-related resilience was

assessed through a comprehensive exercise covering both

physical risks, such as temperature extremes, flooding, and water

stress, and transition risks, including carbon pricing, reputational

impacts, and potential litigation. This exercise, led by the Group

ESG Performance Department together with climate risk experts,

evaluated how the business model, operations, and financial

planning would perform under different climate scenarios. The

results of this assessment form the basis of the Group’s resilience

strategy, identifying vulnerabilities and opportunities that now

inform strategic decisions, investment planning, and operational

adaptation measures.

The main elements of the approach include:

• evaluating the exposure and vulnerability of assets to climate-

related hazards;

• assessing financial risks induced on assets by the hazards

and their relevant vulnerability; and

• measuring the impact of each hazard on assets using

specific metrics.

The methodology, based on catastrophe risk models, is propelled

by climate model and socioeconomic model data on climate-related

hazards, driving econometric models with hazard inputs and

business data, and translating risk into financial terms to provide

decision-relevant insights. Furthermore, opportunities linked to

climate change are subjected to analysis and quantification.

The analysis is based on the latest update of the Coupled Model

Intercomparison Project (CMIP6), which combines four climate

change scenarios based on the Representative Concentration

Pathways (RCPs – 21st-century pathways of greenhouse gas (GHG)

emissions and atmospheric concentrations, air pollutants and land

use) from the International Panel on Climate Change (IPCC) with a

complementary set of Shared Socioeconomic Pathways (SSPs)

scenarios focused on projecting socioeconomic changes. These

new scenarios include the “High Climate Change” scenario

(SSP5-8.5), which is tied to an anticipated increase in the global

mean surface temperature in 2100 in the range of 3.3 to 5.7°C, a

consequence of insufficient global efforts to limit greenhouse gas

(GHG) emissions. The Medium-High Climate Change Scenario

SSP3-7.0 is associated with an anticipated increase in the global

mean surface temperature in 2100 in the range of around 2.8 to

4.6°C due to lower GHG, while the Medium Climate Change

Scenario SSP2-4.5 is tied to an expected increase in the global

mean surface temperature in 2100 in the range of around 2.1 to

3.5°C as a result of GHG aligning with current pledges on reducing

emissions. Lastly, SSP1- 2.6, the “Low Climate Change” scenario, is

linked to an anticipated increase in the global mean surface

temperature in 2100 in the range of 1.3 to 2.4°C.

E1-2

Policies

Our Climate Change Policy (https://www.titanmaterials.com/about-

us/corporate-governance/group-policies/) highlights our

commitment to sustainability and addressing climate change.

Aligned with global initiatives like the COP21 Paris Agreement and

the European Green Deal, we aim for net-zero greenhouse gas

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Sustainability Statement

emissions by 2050. This policy applies to all TITAN Group

employees and operations. Business units may have local

environmental policies, but they must adhere to the Group Policy.

We are transforming processes and products to address

environmental challenges and build sustainable cities. We set near-

term (5–10-year) and long-term science-based targets (SBTs) to

reduce emissions within the Company value chain by 2050. We

establish KPIs along the clinker-cement-concrete-construction-

carbonation value chain and explore Beyond our Value Chain

Mitigation (BVCM) actions. Thermal efficiency and renewable

energy are part of this policy.

TITAN Group collaborates with global players to reshape the

industrial landscape, foster climate-related innovation, and

accelerate progress toward net-zero emissions.

We promote open dialogue with stakeholders and implement

sustainability initiatives in all countries for climate change

mitigation and adaptation. We are committed to finding better

ways to build and enhance the quality of life with integrity, empathy,

and environmental accountability.

The Group Board of Directors (BoD) sets the Company’s

sustainability strategic directions and reviews climate-related

performance annually. The Group Executive Committee, comprising

Executive Directors, Regional Directors, and senior managers,

monitors the implementation of the Group’s Sustainability strategy.

E1-3

Actions in relation to climate

change policies

Alternative fuels (co-processing)

TITAN Group advanced its sustainability efforts in 2025 by

embracing circular economy principles and accelerating the shift

from fossil fuels to alternative fuels (AF). Despite external

challenges, the Group significantly increased its Thermal

Substitution Rate (TSR) to 22.3%, up from 21.2% in 2024. This

achievement reflects TITAN’s leadership and commitment to

sustainability, achieved through strategic partnerships and

technical innovation in AF integration.

The Group's ability to withstand challenges and adjust to changing

conditions is evident in this progress, with multiple plants setting

new monthly TSR records. Kamari (KMR), in particular, surpassed

the 70% mark, thanks largely to the recently commissioned calciner,

a significant investment now actively contributing to operations.

The Group’s ongoing investments in infrastructure and supplier

partnerships have further strengthened AF deliveries and quality,

positioning TITAN at the forefront of sustainable cement production.

A number of business units have progressed in their AF

performance, with plants such as Alexandria, Thessaloniki, and

Zlatna Panega achieving TSR values ranging from 40% to 65%. The

Group’s proactive approach to expanding its AF supplier network,

including contracts with new recycling companies and targeted

training for sales teams, has enabled access to higher-quality and

more diverse AF streams. These efforts have contributed to a

substantial net benefit for the Group, both environmentally and

economically, with AF initiatives delivering significant cost savings

and CO₂ reductions.

Looking ahead, TITAN Group remains steadfast in its

decarbonization roadmap, with ambitious targets for further

increasing AF utilization and reducing the carbon footprint of its

cement products. In 2025, TITAN Group launched or continued

targeted capital investment projects of €36 million to further boost

AF utilization and TSR as well as other decarbonization initiatives.

These included AF feeding and pyroprocessing system upgrades at

Thessaloniki, phased RDF (Residual Derived Fuels) and TDF (Tire

Derived Fuels) installations at Antea, and AF feed transportation

and inlet improvements at Pennsuco. These investments reinforce

TITAN’s commitment to sustainable growth and position the Group

to achieve even higher levels of alternative fuel substitution in the

coming years.

Alternative fuels (% thermal substitution rate)

The above metric is entity (sector) specific.

Green products

A variety of alternative cementitious materials can be blended with

clinker, such as natural pozzolana, finely milled limestone, calcined

clays, and industrial by-products or waste materials like fly ash and

granulated blast furnace slag (GBFS). The characteristics of cement

are affected by the clinker-to-cement ratio, so regulatory standards

specify the permissible types and quantities of alternative materials

for use. Substituting clinker is a key strategy in the cement

industry’s efforts to reduce carbon emissions. Continued use of

these materials depends on the availability of local sources.

Differentiating our offering with low-carbon products to add value

to the customer is a major pillar of our decarbonization roadmap.

Products and services represent the most significant opportunity in

our decarbonization path, as has emerged from our climate change

opportunities assessment. A significant part of our cement product

portfolio includes products manufactured with a clinker content

significantly lower than that of Ordinary Portland cement, prepared

by valorizing materials such as fly ash, slag, limestone, and natural

pozzolan as main constituents. Such products allow for significant

carbon footprint reduction. Also, through its subsidiary Separation

Technologies LLC (ST), TITAN offers valorized fly ash for use in

concrete mix designs, a product with very low associated carbon

emissions, contributing to the further decarbonization of the entire

value chain.

As also presented in the section “Targets related to climate

change” on page 140, green (lower-carbon) products accounted for

27.0% of our cement and cementitious products portfolio in 2025.

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TITAN Group Integrated Annual Report 2025

“In 2025, TITAN Ventures moved from

investment to impact, deepening engagement

through follow‑on investments and collaboration,

launching pilots like carbon utilization with

Carbon Upcycling, and expanding technology

across new geographies to accelerate scalable,

low‑carbon solutions.”

Elli-Nikoletta Argyrou

Group Head of Ventures and Partnerships

The clinker-to-cement ratio rose to 76.9%, marking a 0.40%

increase compared with 2024. This change is primarily attributed to

cement market requirements, notably the transition toward CEM I

and Type I/II products for exports to the US, as well as the limited

supply of fly ash. The proportion of green products declined to

27.0%, down from 29.8% in 2024, mainly as a result of changes in

the market mix.

Velter truck (credit needed ©Schéma).jpg

In Greece, the Patras cement plant, after the successful roll-out

during 2024 of the pozzolanic cement CEM IV/B (P-W) 32.5R,

expanded the offering of gray resistant sulfate cement CEM IV/A (P)

42.5N-SR, with a low carbon footprint. This Portland pozzolanic

cement is used mainly in applications of prefabricated and ready-

mix concrete, as well as in dry-blended products with hydraulic

properties. It is ideal for use in prefabricated modules, prestressed

concrete modules, etc.

Zlatna Panega cement plant began offering blended Portland

cement CEM II/B-V 42.5N, which is rich in fly ash and has normal

early strength development, to both the bulk and bagged cement

market. It is suitable for the production of reinforced and non-

reinforced concrete, for various construction structures and

facilities, as well as for the manufacture of small concrete elements.

This cement class is also widely used in industrial production of

ready-mix concrete in batching plants, in accordance with the

requirements of BDS EN 206-1. Due to its slower development of

early strength, it is suitable for structures built at a normal

construction pace.

New lower-carbon cements were also launched in North

Macedonia. More precisely, Usje cement plant developed and

launched CEM II/B-M (P-L) 42.5N for the bagged market and the

Portland-pozzolan cement CEM II/B-P 42.5R for the bulk cement

market. The latter is a suitable replacement for CEM II/B-V 42.5R.

The presence of natural pozzolan has a positive effect in reaching

early and final strengths due to the pronounced pozzolanic activity.

With its reduced clinker content, this cement simultaneously has a

positive effect on global CO2 emissions. In order to meet end user

needs, the plant also developed CEM II/A-LL 42.5R, where the

presence of limestone enhances the plasticity and cohesion of

concrete mixes.

Furthermore, Titan America companies were recognized by the

National Ready Mix Concrete Association with a 2025 Concrete

Innovations Award for their design and paving project at

Norfapeake Terminal LLC, a marine terminal operated as an affiliate

of Roanoke Cement Company in Chesapeake, Virginia. The project,

which took place from 2023 to 2024, utilized Roanoke cement

plant’s Type IT cement in the concrete mix, which provides a

carbon impact reduction of more than 20% compared with Ordinary

Portland cement.

New lower-carbon cements were also certified in Kosovo and

Albania. More precisely, the Sharrcem cement plant in Kosovo

designed a normal hydraulic road binder, primarily for civil

engineering and road construction applications. In general this

binder is suitable for the treatment of materials used in bases, sub-

bases, capping layers, and earthworks across road, rail, airport and

other infrastructure types. The Antea cement plant in Albania added

CEM II/B-M (W-LL) 42.5R, a new cement type, with an approximately

8% lower carbon footprint, to its bulk market portfolio to gradually

replace CEM II/B-LL 42.5R. Antea cement plant also certified CEM

IV/A (W) 42.5R for exports as well as for niche domestic

applications. This cement type is ideal for durable concrete, mortars

and grouts, particularly where low heat of hydration, sulfate

resistance, and long-term strengths are required, making it great for

underground works, precast elements, large concrete-mass

structures, and projects exposed to aggressive environments.

TITAN Edge product line, featuring the low-carbon VELTER™

We continue developing products that support a net-zero future by

leveraging our expertise to create new alternative cementitious

products with very low and ultra-low carbon footprints. This

includes experimenting with new manufacturing methods and

chemical additives. Partnerships with Carbon Upcycling, Ecocem,

Thyssenkrupp Polysius, and GCCA members support these efforts.

Carbon Upcycling is a waste and carbon utilization company that

produces high-performing, low-carbon supplementary cementitious

products by utilizing and upcycling captured CO₂ emissions and

abundantly available local materials. These CO₂-enhanced

cementitious products are expected to strengthen construction

supply chains and significantly reduce the carbon footprint of

cement production.

Through our partnership with Ecocem, we aim to co-develop and

deploy a version of ACT, Ecocem’s scalable low-carbon cement

technology, optimized for application by TITAN. The new low-

carbon cement will be created by replacing a substantial portion of

clinker with alternative cementitious materials (ACMs). This new

product can reduce the carbon footprint of cement by up to 70%

while meeting materials performance targets.

A major advancement toward eco-friendly cement manufacturing is

underway as TITAN Group and Thyssenkrupp Polysius reveal their

strategic collaboration to further develop Polysius’ meca® clay – a

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Management Report

Sustainability Statement

cutting-edge technology engineered to minimize CO₂ emissions in

cement production. This joint endeavor signifies a key achievement

in TITAN’s strategy to expand the use of sustainable building

materials across Europe and internationally. By activating ACMs

through meca® clay, the process enables the partial substitution of

clinker, whose creation is the leading source of CO₂ emissions in

the sector. This substitution leads to lower emissions and energy

requirements, all while preserving the performance standards of the

cement. TITAN is set to deploy this innovation at its Patras cement

plant in Greece, where the new TITAN Centre for Advanced

Technologies is being established. Initial pilot operations are slated

for 2026, with plans for broader implementation. The target is to

manufacture low-carbon cement with a clinker-to-cement ratio

below 40%, as opposed to the 93% found in traditional Ordinary

Portland cement, further bolstering TITAN’s portfolio of

environmentally friendly cement products.

Cement is no longer a commodity. We aim to add value for our

customers by improving the way it is produced and used. We work

with our partners and stakeholders to meet the challenges of today

and stay ahead of future developments in the construction sector.

Clinker-to-cement ratio (%)

The above metric is entity (sector) specific.

Energy efficiency management

Improving energy efficiency is essential for tackling climate

change and conserving resources, enhancing energy security, and

reducing reliance on imported fossil fuels while optimizing the cost

of production. This commitment is a top priority for TITAN Group

since cement is an energy-intensive sector.

The Group pledged to certify 85% of its clinker production under

ISO 50001 or through energy audits, as part of its 2025 ESG

targets. In alignment with the industry’s decarbonization roadmap,

the Group invests in low-energy demand equipment and initiatives

promoting energy efficiency. Notable achievements include

reducing electrical consumption through advanced equipment

installation and maintaining commendable performance in thermal

energy consumption through regular inspections, maintenance, and

the adoption of new energy-efficient equipment. The Group began

implementing energy efficiency management systems in 2016, and

in 2025, 90.2% of its clinker production was covered by ISO 50001

or energy audits, surpassing the 85% target set for 2025.

In 2025, the Confederation of Indian Industry (CII) conducted

detailed energy efficiency audits at the Alexandria and Kamari

cement plants. Audits will be continued at all remaining European

plants to address energy inefficiencies.

In 2025, our initiative to deploy a state-of-the-art supervised

machine learning platform for predicting and enhancing the

efficiency of essential machinery – including rotary kilns, raw mills,

and cement mills – has been broadened to cover our integrated

cement facilities located in Patras and Thessaloniki (Greece), Antea

(Albania), Zlatna Panega (Bulgaria), and Alexandria and Beni Suef

(Egypt). This sophisticated technology empowers production teams

to precisely track and assess energy usage, which supports

process refinement, boosts energy conservation, and encourages

the creation of innovative products. The implementation of the

€1 million project resulted in a reduction of about 3.4% in electrical

energy consumption or an equivalent reduction of Scope 2

emissions by about 2,800 tonnes per year.

Titan America’s Roanoke cement plant, along with its sister plant

Pennsuco, have earned the US Environmental Protection Agency’s

(EPA) Energy Star certification. Energy Star signifies that these

cement plants perform in the top 25% nationwide for energy

efficiency and meet strict energy efficiency performance levels set

by the EPA. Both plants have earned the Energy Star for more than

17 years in a row, respectively, reflecting a legacy of continued

energy savings.

ES_CertPackage_SocialMediaGraphic_Opt1_facility_2025.png

Thermal energy efficiency

In 2025, TITAN Group maintained its commitment to monitoring

and improving energy efficiency. The Group’s thermal energy

consumption performance is sustained through regular equipment

inspections, maintenance practices, strategic fuel selection, and the

application of mineralizers and process optimization using in-house

and external expertise. Recognizing the inherent connection

between energy management, resource efficiency, and the

sector’s decarbonization roadmap, TITAN Group focuses on

energy efficiency.

Moreover, Real Time Optimizers are used to operate 36.8% of the

kilns, 65.2% of the raw mills and 42.9% of the cement mills at

optimum thermal and electrical energy efficiency.

The use of hydrogen (H2) to improve consumption efficiency is used

currently at four cement plants, up from three in 2024 (Kamari,

Zlatna Panega, Antea, and Quixere). An assessment program is

underway to enhance the efficiency of the existing hydrogen

generating units. Based on the assessment outcome, a plan to

expand the use of H2 to more cement plants in the Group will be

prepared and implemented. The initial results are promising,

indicating increased utilization of alternative fuels, and a reduction

in nitrogen oxides (NOx) emissions, in line with the Group’s

commitment to sustainable and environmentally friendly practices.

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TITAN Group Integrated Annual Report 2025

Carbon capture technologies

IFESTOS, our pioneering carbon capture and storage project

in Greece, represents the largest initiative of its kind in Europe,

marking an important leap forward in TITAN’s ambitious

decarbonization journey. This project involves the construction of

an innovative, industrial-scale carbon-capture facility at TITAN’s

flagship Kamari integrated cement plant near Athens. After capture,

the CO2 will be transported to an adjacent port for liquefaction and

then transported by ship to a permanent geological storage site.

Subject to permitting and regulation, this facility will capture

1.9 million tonnes of CO 2 per year, significantly contributing to

Greece’s net-zero roadmap. At the same time, the project will

enable the Group to produce approximately 3 million tonnes per

year of zero-carbon cement to cater to the growing needs for green

construction in the Athens metropolitan area and beyond.

IFESTOS is a complex project and we are aligning multiple

stakeholders across the value chain at a fast pace.

TITAN has signed a Grant Agreement with the EU Innovation Fund

for IFESTOS in the context of the Fund’s third call for large-scale

projects. The EU Innovation Fund will support TITAN’s project with

a grant of €234 million.

2025 was a very important year for IFESTOS as the project moved

into advanced development stage. The post-combustion FEED

(front-end engineering and design) studies were signed and

initiated. The project obtained environmental permit for pre-

combustion in Kamari, and was designated as a Strategic

Investment by the Greek State, eligible for permit fast-tracking.

Additionally, the project signed a connection terms agreement with

the Hellenic Transmission System Operator to ensure the

necessary infrastructure to supply IFESTOS’ energy requirements

will be in place.

In parallel, discussions with both the overseeing authorities and

potential partners across the value chain matured further. In

December the Greek Parliament passed Law 5261/2025, which

regulates the CCUS value chain in Greece, sets the principles for

user access to CO2 transport networks and storage, and provides

for a de-risking mechanism in the form of Carbon Contracts

for Difference.

Regarding the HERCCULES project, in 2025 we completed the

engineering design for the pilot oxyfuel reactor that will be

integrated in our Thessaloniki plant. The permitting process has

been initiated, and the environmental permit has been granted. In

2026 we will proceed with the procurement and construction

phases of the pilot oxyfuel reactor. This pilot reactor will form part of

a novel hybrid carbon capture technology that, in combination with

amine-based post-combustion capture (PCC) and CO2 purification

unit (CPU) pilots, will demonstrate the full CCUS chain. CO2 will be

collected, sequestered, and/or converted into sustainable, low-

carbon construction materials.

In our SOMMER project, a collaboration with leading chemical

industry partners, we aim to develop and demonstrate a novel

carbon-neutral pathway to produce feedstock for fuels and

chemical industries using solar energy and captured CO2. In 2025

significant progress was made in optimizing the process reactors

and defining the operational parameters.

Innovation with emphasis on decarbonization

With a new strategy in place, as well as new targets for growth and

innovation, TITAN continues to accelerate the creation of new

sustainable solutions for construction. Actively fostering a culture of

innovation throughout the Group, while partnering with an

extended array of researchers, academics, start-ups, and other

industry, we utilize our internal R&D and innovation engine to

deliver on growing our business through Alternative Cementitious

Materials (ACMs), the digital transformation, and new technologies.

In our ROBETARME project, in which we collaborate with leading

partners in construction, we demonstrated a first-of-its-kind,

autonomous robot capable of performing shotcrete application and

surface finishing.

As part of the Group’s second Ideation Challenge, finalist teams

have progressed to pilot-scale demonstrations of their solutions,

including 3D printing using flying drones, the development of novel

CO2-free construction blocks, and adapting ultra-high performance

concrete technology for new applications, while moving forward

with the filing of two patent applications in the US. Supported by

the entire TITAN ecosystem, the Ideation Challenge finalists are a

unique example of TITAN’s ethos and creativity, providing

inspiration to our people across the globe.

Referring to our growth plan with ACMs, in addition to our

partnerships with Thyssenkrupp Polysius and Ecocem, we continue

to explore novel materials and technologies for sustainable

construction, including biochar, industrial byproducts, and CO2

mineralization. Following the launch of more than 20 new initiatives

across the Group related to new materials in 2025, we expect to

demonstrate pilot-scale feasibility in 2026 for projects targeting

at least a 30% reduction in associated CO2 emissions. The

establishment of the TITAN Centre for Advanced Technologies at

our Patras plant will play a pivotal role in accelerating our efforts on

rolling out new products and services. Dedicated to testing and

developing at pilot scale, the goal is to produce low-carbon cement

with a clinker-to-cement ratio below 40%, ultimately strengthening

TITAN’s green cement portfolio.

TITAN’s digital transformation initiatives complement our activities

toward decarbonizing our product portfolio and offered services.

Spotlighted by the Harvard Business Review for its strategic

approach to leveraging data, empowering artificial intelligence,

boosting operational efficiency, and nurturing innovation, the Group

has implemented thousands of sensors, digitalized all its facilities,

established cloud-based data platforms, assembled a top-tier data

science team, and invested in advanced security technologies.

These comprehensive actions have optimized energy consumption,

increased production throughput, and streamlined logistics, leading

to substantial performance gains and a reduction in CO₂ emissions.

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Management Report

Sustainability Statement

Decarbonizing electricity supply

To meet our ambitious 2030 target, we explored various

opportunities to reduce Scope 2 emissions in Greece and the

Southeastern Europe region. Opportunities included the

implementation waste-heat recovery (WHR) systems, establishing or

acquiring renewable assets, and securing green power purchase

agreements (PPAs) to mitigate electricity consumption price risks.

Following the installation and operation of the first solar plant within

TITAN Group at Usje cement plant, North Macedonia, in 2022, and

a second one at Zlatna Panega cement plant, Bulgaria, in 2024,

TITAN Group is in the process of developing similar projects in

other operational facilities to significantly decarbonize the electricity

supplied to its operations. In 2025, at Kosjeric cement plant, Serbia,

a project to reduce electrical energy consumption from external

sources and the cost of electrical energy was initiated with an

estimated CapEx of €2 million. The solar power plant with a

capacity of 2.14MW will provide approximately 5% of the total

electrical energy consumption and reducing relevant Scope 2

emissions by about 2,500 tonnes per year, In addition, at Kamari

cement plant, Greece an initial study was performed on the

installation of a waste-heat recovery (WHR) system.

Metrics and targets

E1-4

Targets related to climate change toward 2030 and 2050


Material matters (grouped)	Sustainability matters included	ESG targets
Energy and climate change mitigation	Investments in new technologies	Annual investment in Research & Innovation to €20m by 2025
	Low-carbon products, clinker substitution	40% green products by 2026 and more than 60% by 2030 ¹
	GHG emissions	Net-zero target, 2030 near-term and 2050 long term validated targets ²
	Energy (electrical, thermal and alternative fuels)
Climate change adaptation (physical risks)	Climate change adaptation	Risk assessment covering all cement plants by 2030

1. Green (lower carbon) products refer to produced cement types with a carbon footprint that is at least 25.0% lower than that of a typical OPC type.

2. For overall net-zero targets, see section “Validation of TITAN’s CO2 emissions reduction targets by the Science Based Targets initiative (SBTi)”

The targets refer to Scope 1, 2, and 3 emissions are both absolute

and relative. For the relative ones, the baseline year in 2020. For

more information regarding the baseline value and the progress

measured, see the table in E1-6 below.

The ESG target limits set in 2021 contrast with the subsequently

released ESRS, given that Adoçim was counted at 75% and Brazil at

50%, following industry recommendations. Conversely, Adoçim was

fully incorporated into the financial boundaries at 100%, whereas

Brazil, as a joint venture, was omitted.

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TITAN Group Integrated Annual Report 2025


	Targets 2025 and beyond	2025	2024	Progress vs. targets
Decarbonization and digitalization	Near term (2030) SBTi targets validation	Targets validated since 2022 according to the 1.5^oC scenario		n
	Net zero (2050) SBTi targets validation Net-zero GHG emissions across the value chain ¹	Net-zero target validated by SBTi since 2022		n
	Scope 1, 2 and 3 GHG emissions (kg/t cementitious product) ^2,3	669.2	676.6
	• 25.1% by 2030 vs. 2020 level ¹ • 95.6% by 2050 vs. 2020 level ¹	-11.6%	-10.6%	n
	Scope 1
	Scope 1 gross GHG (kg/t cementitious product)	626.0	630.0	n
	-22.8% by 2030 (vs. 2020 level)¹	-9.9%	-9.3%	n
	Scope 1 net GHG (CO2)	594.3	598.4	n
	• 550kg/t cementitious product by 2026 (-18.1% vs. 2020 level) • 500kg/t cementitious product by 2030 (-25.6% vs. 2020 level)	-11.5%	-10.9%	n
	Scope 2 GHG (kg/t cementitious product) ⁵	38.1	42.8
	Scope 2 GHG -58.1% by 2030 (vs. 2020 level) ¹	-34.6%	-26.6%	n
	Scope 3 GHG (kg/t cementitious product) ⁴	117.2	128.1
	Scope 3 absolute GHG from the use of sold fossil fuels - 80.9% by 2030 (vs. 2020 level) ¹	-100.0%	-100.0%	n
	Scope 3 other absolute GHG - 90% by 2050 (vs. 2020 level) ¹	+5.4%	+23.1%	n
	Monitoring and independent verification of Scope 3 GHG	Independently verified	Independently verified	n
	Annual investment in Research & Innovation to €20m	21.8	22.6
	Green (lower-carbon) products 40% by 2026⁶	27.0%	29.8%


Progress key
n Achieved	n On track	n In progress

1. SBTi-validated targets

2. The target boundary as defined by the SBTi (incl. 75% Adoçim and 50% Brazil)

3. Scope 1: direct CO 2 emissions (gross); Scope 2: indirect CO2 emissions from electricity; Scope 3: indirect CO2 emissions (gross) of the supply chain, covering produced and

purchased cement and clinker

4. Emissions related to six categories (cat. 1. cat. 3, cat. 4, cat. 6, cat. 7 and cat. 9) considered relevant to cement production activities according to GCCA guidance

5. Location-based Scope 2 emissions

6. Green (lower carbon) products refer to produced cement types with a carbon footprint (kgCO2/t cement) that is at least 25.0% lower than that of a typical OPC type

TITAN’s Scope 1 CO2eq. emissions performance

Expanding on the progress made in direct CO2 reduction, in 2025

TITAN Group saw a notable improvement in its specific net

emissions ( 594.3 kgCO 2 per tonne of cementitious product),

resulting in a 23.6% reduction compared with 1990 levels.

This progress was driven by record-high use of alternative fuels

and historically low clinker content in our cement products. We are

on track to meet our targets, which have been validated by the

Science Based Targets initiative (SBTi). The lower-carbon products

and solutions offered to customers represent 27.0% of our total

cement production.

Scope 1 net CO2 emissions (kg/t cementitious product)

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Sustainability Statement

Scope 2 CO2 eq. emissions performance

In 2025, location-based Scope 2 emissions decreased by 34.6%

compared with 2020 (base year), reaching 38.1 kgCO2 per tonne

of cementitious product.

In recent years, our concerted efforts to lower electrical

consumption included the installation of advanced equipment

such as low-energy vertical roller mills, roller presses, dynamic

separators, and inverter-equipped motors. In addition, the

replacement of electrostatic precipitators (ESP) with more energy-

efficient bag filters also contributed significantly to our efforts.

Other measures include process optimization and the use of expert

systems to optimize control as well as the use of data analytics

and modeling. Specific electrical energy consumption, i.e., electrical

energy consumed per tonne of cement product, increased in 2025,

reaching 110.8 kWh per tonne of cement, compared with 112.9 kWh

per tonne in 2024.

In 2024, the Group revisited the ten-year Power Purchase

Agreement (PPA) with PPC for the purchase of electricity in Greece

as well as a supplementary agreement for the guarantees of the

origin (GoOs) of the electricity purchased. The agreement enables

the Group to gradually cover its Greek operations with carbon-free

electricity by 2027, resulting in an annual reduction of ca. 160,000

tonnes of CO2 compared with the average grid emission factor.

With this agreement, the Group is taking another big step toward

achieving its goal of carbon neutrality. For 2025, the market-based

emissions linked with GoOs were about 17.0% of the total

emissions. Biogenic CO2 emissions are excluded from Scope 2

emissions in both location-based and market-based approaches.

“In a constantly changing electricity market

environment, we are advancing our

investments in real assets and partnerships

in clean electricity generation and

procurement”

Lazaros Exarchakos

Group Power Director

Scope 3 CO 2eq. emissions performance

Scope 3 emissions constitute 15.0% of our total cement activity

GHG emissions, equating to 117.2kg of CO2 per tonne of

cementitious product. The primary contributor to these emissions

are fuel-related activities, representing 43.8% of the total Scope 3

emissions at Group level. Purchased goods and services rank as

the second most significant factor, contributing approximately 26.1%

to the total, while downstream transportation and distribution hold

the third spot, accounting for about 18.9%.

Our Scope 3 CO2 targets, endorsed by the SBTi, encompass:

• specific Scope 3 emissions related to purchased cement and

clinker (part of Category 1); and

• absolute Scope 3 emissions linked to the sales of fossil fuels

(part of Category 11), namely the sales of ground solid fuel, a

minor activity in a limited number of countries.

Specific operating conditions of each facility influence Scope 3

indirect emissions from the supply chain, including raw material

and fuel sourcing, product mix, market fragmentation, and

transportation logistics (e.g., trucks, trains, vessels). Categories 8, 13,

and 14 are considered not relevant to our activities, while Categories

2, 5, 10, 11, and 12 are considered to be not significant, accounting

for less than 1.5% of the total Scope 1, 2, and 3 emissions.

TITAN Group is currently exploring diverse strategies to minimize

supply chain environmental impacts. These strategies involve

optimizing the sourcing of raw materials and fuels, with a specific

focus on utilizing locally available resources.

The Group is also focusing on collaborations that improve the

precision of our methodology, one of which involved a proof of

concept project to develop customized, commercially available

applications to calculate our Scope 3 CO2 emissions. In addition,

the Group is proactively encouraging its suppliers to adopt net-zero

practices, and has implemented Environmental, Social, and

Governance (ESG) criteria to assess the sustainability practices

of its key suppliers.

Share of GHG emissions from cement activity


Scope 1		Scope 2	Scope 3
52.2%	27.9%	4.9%	15.0%
Process emissions	Fuel combustion	Electricity	Supply chain

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TITAN Group Integrated Annual Report 2025

E1-5

Energy consumption and mix

The energy consumption at our facilities is calculated using direct

measurements. Specifically, we utilize consumption of fuels

(conventional and alternative), invoices from our energy providers,

and data from the fuel mix of the country.

Our methodology adheres to the standards and guidelines set by

the Global Cement and Concrete Association (GCCA) protocol,

ensuring accuracy and consistency.

The below metrics are linked with the identified IROs and especially

with climate change mitigation.

The metric “Total energy consumption intensity (MWh/€)” is

reported because the Company is associated with activities in the

high-climate impact sector. For revenue, see page 2.


Group level (all operations)	2025	2024
Total energy consumption – fossil sources (MWh)	12,474,246	13,068,047
Share of fossil sources in total energy consumption (%)	86.5	87.0
Total energy consumption – coal and coal products (MWh)	2,971,607	4,437,584
Total energy consumption – crude oil and petroleum products (MWh)	5,268,526	4,269,696
Total energy consumption – natural gas (MWh)	2,578,748	2,488,736
Total energy consumption – other fossil sources (MWh)	1,655,365	1,872,031
Total energy consumption of purchased or acquired electricity, heat, steam, and cooling from fossil fuels (MWh)	1,201,659	1,200,404
Total energy consumption – nuclear (MWh)	113,990	124,985
Share of consumption from nuclear sources in total energy consumption (%)	0.8	0.8
Total energy consumption – renewable (MWh)	1,828,355	1,820,669
Share of consumption from renewable sources in total energy consumption (%)	12.7	12.1
Total renewable energy – biomass, biofuels, biogas, hydrogen (MWh)	1,246,554	1,205,255
Total energy consumption of purchased or acquired electricity, heat, steam, and cooling from renewable fuels (MWh)	577,899	613,097
Total renewable energy consumption (non-fuel, self-generated) (MWh)	9,067	6,701
Total non-renewable energy production (MWh)	0	0
Total renewable energy production (MWh)	9,067	6,701
Total energy consumption intensity (MWh/€)	0.0054	0.0057

144

Management Report

Sustainability Statement

E1-6

Gross Scopes 1, 2, 3 and Total

GHG emissions

The Gross Scope 1, 2, and 3 emissions at our facilities are

calculated using direct measurements and primary data.

Specifically, gross Scope 1 emissions are determined through a

mass balance calculation that includes process emissions and

combustion emissions, derived from raw materials and fuel

consumption, respectively. For Scope 2 emissions, we use invoices

from our energy providers and data from the country’s fuel mix.

At TITAN Group, we utilize various data sources to ensure

comprehensive and accurate reporting of Scope 3 emissions,

including the quantities used and distances of transportation.

Additionally, we utilize data from the Ecoinvent database, which

provides detailed information on the environmental impact of

various materials and processes.

Our methodology adheres to the standards and guidelines set by

the Global Cement and Concrete Association (GCCA) protocol,

ensuring accuracy and consistency. More specifically, according to

Cement Sector Scope 3 GHG Accounting and Reporting Guidance

(https://www.wbcsd.org/resources/cement-sector-scope-3-ghg-

accounting-and-reporting-guidance/) the following categories are

usually not considered relevant for typical cement companies:

Category 5, 8, 11, 12, 13, 14, 15. Categories 2, 10 are not material as

one can see in the inventory (year 2020). In our case we monitor

Category 15 since our Brazil cement plant emissions are included

as a joint venture.

The below metrics are linked with the identified IROs and especially with climate change mitigation.


		Retrospective			Milestones and target years**
Group level (all operations)	2020*	2024	2025	% N/N-1	2025	2030	2050	Annual % target/ Base year
Scope 1 GHG emissions
Gross Scope 1 GHG emissions (tCO2eq)	9,900,000	10,516,383	9,954,340	94.7		-22.8%
Net Scope 1 GHG emissions (tCO2 eq)	9,832,952	9,970,680	9,438,550	94.7
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%)	29.3	26.3	25.5	97.0
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions (tCO2eq)	800,000	771,562	664,030	86.1		-51.8%
Gross market-based Scope 2 GHG emissions (tCO2 eq)	800,000	783,384	670,357	85.6
Significant Scope 3 GHG emissions
Total indirect (Scope 3) GHG emissions (tCO2 eq)	2,060,814	2,651,087	2,400,645	90.6			-90.0%
1. Purchased goods and services	502,277	543,655	494,622	91.0
2. Capital goods	18,000	—	—
3. Fuel and energy related activities	798,887	908,226	762,408	83.9
4. Upstream transportation and distribution	367,592	196,494	197,627	100.6
5. Waste generated in operations	1,000	—	—
6. Business travels	131	1,006	630	62.6
7. Employee commuting	3,866	8,635	7,340	85.0
8. Upstream leased assets	—	—	—
9. Downstream transportation and distribution	221,128	346,491	328,549	94.8
10. Processing of sold products	12,000	—	—
11. Use of sold products	89,933	—	—			-80.9%
12. End-of-life treatment of sold products	46,000	—	—
13. Downstream leased assets	—	—	—
14. Franchises	—	—	—
15. Investments	—	646,581	609,469	94.3
Total GHG emissions
Total GHG emissions (location-based) (tCO2 eq)	12,760,814	13,939,033	13,019,015	93.4		-25.1%	-95.6%
Total GHG emissions (market-based) (tCO2 eq)	12,760,814	13,950,855	13,025,342	93.4
Total GHG emissions intensity (location-based) (t/€)	0.00794	0.00527	0.00488	92.6
Total GHG emissions intensity (market-based) (t/€)	0.00794	0.00528	0.00488	92.4
Scope 1 biogenic emissions (tCOe)	138,754	402,870	418,568	103.9

* Biogenic emissions are not included in total GHG emissions.The 2020 data for Scope 3 refer to the baseline values for our SBTi approved targets, which were set including

our operations in the joint venture in Brazil. Therefore, it cannot be directly compared with the data for 2024 and 2025, which do not include Brazil, following the scoping of

consolidation required by the ESRS.

** Figures presented for 2025, 2030, and 2050 and the annual % target/base year follow the boundaries of the SBTi, as presented in the table of the targets (E1-4) for Scope 1,

Scope 2, Scope 3, and Total GHG emissions (location-based).

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TITAN Group Integrated Annual Report 2025

E1-7

GHG removals and GHG mitigation

projects financed through

carbon credits


Group level (all operations)	2025	2024
Total amount of GHG removals (tCO2eq)	0	0
Total amount of GHG storage (tCO2eq)	0	0
Total amount of carbon credits (tCO2eq)	0	0

E1-8

Use of internal carbon pricing

in strategic planning

Carbon mechanisms based on market principles can motivate

organizations to decrease emissions. When a consistent and

adequate price is set for carbon, companies gain the confidence

needed for long-term planning and investment in emission-reducing

initiatives. Such systems focus financial efforts on those opportunities

that offer the greatest economic advantage for cutting emissions.

An internal pricing strategy acts as a valuable means for analyzing

diverse situations and discovering prospects for low-carbon

initiatives. By incorporating carbon pricing, organizations are

incentivized to invest in sustainable options, including alternative

fuel sources, energy-efficient technologies, innovative products,

and advanced methods like carbon capture and storage.Therefore,

TITAN is using internal carbon (Scope 1) pricing for its strategic

planning, especially for cement, cementitious, and waste

management projects. We stress test using various forecasts for

CO2 prices (€80–130/EUA until 2030) in the EU. Prices are based

on our analysts’ recent forecasts using low- and high-demand

scenarios and in correlation with the gas price forecast. This

approach allows us to assess the risks and opportunities arising

from the GHG regulatory environment and the transition to net zero.

TITAN uses “shadow” carbon pricing in its CapEx decisions to support

decarbonization goals and assess financial risks from rising CO2

prices, ensuring investments align with its sustainability commitments.

E1-9

Anticipated financial effects from

material physical and transition risks

and potential climate-related

opportunities

Within TITAN’s geographical footprint, legally binding climate

change regulations are predominantly implemented in the EU

(ETS) and in Egypt (CO 2 emissions cap), where the gross Scope 1

emissions of the Group’s operations constitute 54.0% of the total

TITAN Group Scope 1 gross emissions. Under the current phase of

the EU ETS, TITAN’s financial exposure to the ETS has been

minimized, as the Group has a surplus of EU Allowances (EUAs)

based on its existing optimized operating model. The Group’s

plants in Greece and Bulgaria, where the EU ETS is in force, are

entering Phase IVb (2026–2030) with a surplus of allowances,

which should last for at least five years, provided that there is no

significant change in the EU ETS rules.

The criticality of CO₂ rights pricing for the Group may arise if the

regulatory framework changes in a manner that results in a shortfall.

TITAN Egypt is closely monitoring the fuel-related emissions restrictions

imposed by the Egyptian government, taking proactive measures to

minimize emissions and avert adverse economic impacts. A similar CO2

trading system is in the development phase in Türkiye.

Particularly in EU markets, the potential increase of production

costs due to the gradual phasing out of free CO2 allowances from

2026 may lead to a loss of sales due to imports from non-CO2

constrained markets (a risk known as “carbon leakage”). Similarly,

exports from markets with CO2 taxation in place could be

structurally disadvantaged compared to exports from non-CO2

constrained markets. The CBAM (Carbon Border Adjustment

Mechanism) can play an important role in creating a global level

playing field, avoiding carbon leakage from the EU. However,

“water-tightness” to avoid circumvention and a proper solution for

exports to maintain competitiveness in the global markets are

prerequisites for the effective implementation of this EU Regulation.

The competitiveness of EU plants will be negatively affected if no

solution is found to maintain competitiveness post-2025.

On the physical risks, the climate-related scenario assessment on the

most material assets, encompasses TITAN’s cement manufacturing

facilities globally, encompassing all 17 integrated and cement grinding

facilities, as well as 13 selected sites including quarries, terminals, and

ready-mix units, in most vulnerable areas, across ten countries in

Greece, Albania, Bulgaria, North Macedonia, Kosovo, Serbia, Egypt,

Türkiye, the US, and Brazil. Facilities excluded from the analysis are

non-material either due to their production volume or their proximity to

vulnerable areas. In total, there were excluded 62 quarries and 125

ready-mix units. The primary physical risks identified to date for the

Group include drought, water stress, and extreme temperatures, with

water stress representing the highest physical risk and droughts

posing the second highest (e.g., for the the Medium Climate Change

Scenario SSP2-4.5) . The financial impact from these physical risks is

outlined in Chapter C3 of the CDP questionnaire (https://

www.titanmaterials.com/Titan-SA-CDP-questionnaire-climate-and-

water-2025.pdf).

With regards to the mitigation of the effects of possible physical

impacts on the Group’s assets from extreme natural events caused

by climate change, the Company is implementing a set of proactive

protective measures for its assets and is continuously developing

updated emergency plans. The Group also follows appropriate

design standards, ensures adequate insurance policies against

physical damage or temporary loss of business, and guarantees the

ready availability of sufficient liquidity to absorb any potential impacts.

Assessment of exposure to external fires continues to be a priority,

with mitigation measures implemented across operations. Even in

areas where wildfire risk is considered very low, good practices are

adopted to further strengthen fire‑prevention readiness. Originally

designed as a Group-wide initiative for the protection of cement

plants, the project has since expanded at the business unit level. In

addition, opportunities related to climate change were also analyzed

and quantified, such as product portfolio, adaptation and resource

efficiency, and alternative energy sourcing opportunities. More

information in the CDP questionnaire (https://www.titanmaterials.com/

Titan-SA-CDP-questionnaire-climate-and-water-2025.pdf).

146

Management Report

Sustainability Statement

ESRS E2 Pollution

E2-1

Policies

TITAN Group is committed to long-term value by operating

responsibly and supporting a sustainable world. Guided by our

Environmental Policy, we aim to reduce our environmental impact

and build strong stakeholder relationships for shared, lasting value.

Compliance with all applicable international, regional, and local

environmental laws and standards is a core requirement of our

operations. Beyond regulatory compliance, we actively participate

in voluntary commitments and industry initiatives that advance

environmental performance across our sector. TITAN Group

continuously invests in advanced technologies, innovative

processes, modern facilities, and robust management systems,

while fostering collaboration with key stakeholders to drive

continuous improvement. The Environmental Policy applies to all

TITAN Group employees, operations, and subsidiaries, covering all

activities under our operational control. While individual business

units may adopt locally tailored environmental policies to reflect

specific legislative or operational conditions, these must remain

fully aligned with the Group Environmental Policy and be effectively

integrated into their environmental management systems.

TITAN Group is committed to the continuous improvement of its

environmental performance through a due diligence management

system that enables top management to review and monitor the

effectiveness of programs and actions. This includes setting

corporate objectives and environmental targets, implementing best

practices, and investing in innovative solutions. TITAN Group aligns

its approach with the GCCA Sustainability Charter, which addresses

environmental and nature-related issues as well as circular

economy principles, including co-processing.

TITAN Group has adopted comprehensive management systems

in relation to, among others:

• monitoring and reporting on the overall environmental impact

on air, soil, water, and noise; and

• actively working on pollution and noise prevention and

mitigation and optimizing the use of raw materials, energy,

and water.

Our Environmental Policy (https://www.titanmaterials.com/about-us/

corporate-governance/group-policies/) reflects our commitment to

deploying and maintaining the most advanced techniques for

monitoring, controlling, and reducing emissions, ensuring strong

environmental performance while meeting regulatory requirements

and ambitious voluntary targets, positioning us among leading

industry performers.

Oversight of the policy and performance reviews is carried out by

the Group Executive Committee and the Chief Sustainability and

Innovation Officer, under the supervision of the Board of Directors.

Our performance-driven operating model incorporates local ESG

targets. The Group ESG Performance Department coordinates and

consolidates sustainability actions, supported by ESG

representatives in each business unit who contribute to regional

strategy development and implementation. All TITAN Group,

employees and affiliates are required to comply with this policy,

actively support its implementation, and report any violations.

Employees involved in environmental decision-making must be

familiar with applicable environmental legislation, identify and

address relevant environmental aspects, and ensure full legal

compliance while promoting TITAN’s values and environmental

principles. Contractors, suppliers, and business partners are

expected to comply with this policy and relevant laws and to pursue

continuous improvement.

We engage with key stakeholders in collaborative actions to foster

trust, deepen our understanding of the impacts of our operations,

address their environmental concerns, and develop applicable

solutions while sharing knowledge and best practices. Our key

stakeholders include employees, local communities, business

partners and suppliers, customers, NGOs, academia, and

regulators. Environmental impact assessments are conducted for

greenfield site selection or major site changes, in compliance with

local laws, industry standards, and best practices, with public input

considered through consultation processes. TITAN Group is

committed to stringent controls and mitigation strategies for both

stationary and fugitive emissions, employing active housekeeping

measures to ensure compliance. To prevent incidents and

emergency situations and, when they occur, to control and limit

their impact on people and the environment, procedures are

implemented in accordance with the local Environmental

Management System, including predefined Emergency Response

Plans and regular preparedness drills.

E2-2

Actions

Over the years, TITAN Group has invested in Best Available

Techniques (BAT), reaching and sustaining a strong environmental

performance that meets existing and potential new regulatory

requirements, as well as our own targets, which are often more

demanding, placing us among the top performers in our sector. The

Group implements environmental management systems across its

operations, realizing solutions that best fit local needs as well as

international commitments. The majority of the Group’s cement

plants have been certified according to ISO 14001 and the rest

follow local standards and Group policy.

Air emissions

TITAN Group implements targeted actions to prevent, reduce, and

control air pollutant emissions, with a particular focus on dust and

particulate matter, which are material impacts associated with

cement production activities. These actions are implemented

across the Group’s own operations and prioritize major emission

points and fugitive dust sources.

As part of this approach, TITAN has allocated capital expenditure to

install or upgrade advanced de‑dusting technologies at key process

points. This includes the systematic replacement of electrostatic

precipitators with bag house filters or hybrid filtration systems, which

combine the advantages of both technologies to achieve higher

particulate capture efficiency. At the Kamari plant in Greece, a

capital project has been approved to upgrade cement mill filtration

systems from ESPs to modern bag filters. In 2025, about €0.7 was

spent, with the project currently in the permitting phase, with

regulatory approvals underway prior to execution.

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TITAN Group Integrated Annual Report 2025

A project was launched at the Patras facility in Greece to upgrade

the cement loading system’s de-dusting process at the port by

installing a new bag filter to replace the outdated one. In 2025,

approximately €30,000 was allocated to preliminary design

studies. Furthermore, other minor initiatives totaling roughly

€80,000 were carried out at the same location to enhance de-

dusting in both cement loading and solid fuel feeding systems.

In parallel, TITAN has implemented operational and technical

measures at all facilities to address fugitive dust emissions. These

measures include enclosing conveyors, elevators, and storage

areas; reducing air leakage and material spillage; deploying water

misting systems and wind barriers; implementing road wetting,

paving where feasible, and enhanced housekeeping practices; and

conducting regular preventive maintenance using vacuum cleaning

methods. These actions are supported by ongoing monitoring and

surveillance of fugitive dust emissions.

Collectively, these actions are intended to reduce particulate

emissions to air, limit impacts on the surrounding environment,

ensure compliance with applicable regulatory requirements, and

protect the health and welfare of employees working in

dust‑exposed environments. The actions are integrated into routine

operational management and are subject to continuous

improvement as technologies, regulatory expectations and

operational practices evolve.

The Group remains committed to the optimal maintenance of

machinery and equipment and strictly adheres to stringent

regulations governing the transport of materials within its plants and

beyond. As part of our broader environmental stewardship, we

continuously monitor and report air emissions, ensuring compliance

with regulatory standards.

In accordance with legal and sectoral requirements, TITAN

diligently monitors and reports various emissions, including dust,

NOx (nitrogen oxides), SOx (sulfur oxides), TOC (Total Organic

Carbon), HCl (Hydrogen Chloride), HF (Hydrogen Fluoride), and NH₃

(Ammonia), primarily through continuous emissions monitoring

systems, while Hg (Mercury) and PCDD/Fs (Dioxins/Furans) are also

continuously monitored where needed. Trace elements are spot-

measured by accredited independent laboratories.

Metrics and targets

E2-3

Targets related to air pollution


Material matters (grouped)	Sustainability matters included	ESG targets 2025
Air pollution	Pollution of air	We will sustain and further improve our strong performance in cement production-related specific dust, NOx and SOx emissions

TITAN’s Environmental Policy is fully aligned with the Group’s ESG

targets to maintain the absolute performance of our emissions.

The company has implemented the best available techniques

to monitor, control, and mitigate emissions, ensuring strong

environmental performance. This commitment includes adhering

to strict regulations for both stationary and fugitive sources.

Additionally, air emission dispersion studies are being conducted

in collaboration with local experts to ensure that plant operations

do not adversely affect the air quality in adjacent areas. These

efforts position TITAN Group among the top performers in its

sector. Our performance is outlined below. The ESG target

boundaries established in 2021 differ from the later published

ESRS, as Adoçim was included at 75%, in line with sectoral

guidelines. In 2025 we achieved a notable progress in reducing the

specific dust emissions by about 9.7% compared with the previous

year, reflecting our ongoing commitment to environmental

improvement that positioned us among the best in our peer group.

While there were some challenges with NOₓ and SOₓ emissions,

mainly because of the kilns utilization, our performance in these

areas remained near our previous year performance, achieving the

ambitious. especially for dust, target set for 2025 as shown in the

table below. Overall, our results demonstrate strong adherence

to our environmental goals and continued dedication to

responsible operations.


Targets 2025		2025	2024	Progress vs. targets
Sustain and further improve strong performance in cement production- related specific emissions	Dust (g/t clinker)	19.6	21.7	n
	NOx (g/t clinker)	1,314	1,149	n
	SOx (g/t clinker)	246.3	233.7	n


Progress key
n Achieved	n On track	n In progress

148

Management Report

Sustainability Statement

E2-4

Pollution of air

Air emissions are measured using continuous monitoring devices

and periodic spot measurements to ensure accurate data

collection. The methodology follows the Global Cement and

Concrete Association (GCCA) protocol, ensuring consistency

and transparency in our emissions data. If measurements are not

available for every point source, total emissions are calculated by

extrapolating the weighted average of specific emissions from the

available point sources to cover the total production. The coverage

rate of production, which differs depending on the pollutant, can be

found in the ESG Key Performance Statement Section (Table 1.2

ESRS E2 - Pollution). This allows us to track environmental

performance and make informed decisions to minimize our impact

on air quality. All of these activities are part of our local

environmental management systems . Total NOx and CO emissions

increased compared with 2024 due to higher specific emissions,

which resulted, as mentioned, in E2-3 from changes in the fuel mix

and the mix of kilns used kilns to meet market needs.


Group level (all operations)	2025	2024
Dust emissions, PM10 (t)	322	232
SOx emissions, total (t)	2,900	2,911
NOx emissions, total (t)	15,566	14,547
N2O emissions, total (t)	62	214
NH3 emissions, total (t)	380	1,071
CO emissions, total (t)	24,165	21,905
HCl emissions, total (t)	188	179
HF emissions, total (t)	4	5
Hg emissions, total (kg)	253.0	365.0
Cd and Tl emissions (kg)	201	514
Sb+As+Pb+Cr+Co+Cu+Mn+Ni+V, total (kg)	4,814	3,140
PCDD/F (Diox & Furan, reported as I-TEQ) (mg)	454	312
PCB emissions, total (mg)	132,508	192,568
PAH emissions, total (kg)	1,426	2,171

Emissions monitoring system on the chimney, Greece

149

TITAN Group Integrated Annual Report 2025

ESRS E3 Water and marine resources

E3-1

Policies

The Group Executive Committee and the Chief Sustainability

and Innovation Officer have overall responsibility for the

Environmental Policy and performance reviews, while the Board

of Directors conducts oversight. For more information, see page

146. All TITAN Group policies are publicly accessible to

stakeholders through the company’s official website.

Our Environmental Policy (https://www.titanmaterials.com/about-us/

corporate-governance/group-policies/), which endorses our

commitment to conserve the quantity and sustain the quality of all

water resources (e.g., ground water, seawater) in all its facilities and

their neighboring areas (including water stressed areas), aims to

reduce freshwater extraction and use, mitigate downstream

impacts, and promote efficient water use and discharge through

recycling, water-saving technologies, and wastewater treatment

innovation. This policy is aligned with applicable environmental

legislation, the GCCA Sustainability Charter, and the UN SDGs.

The policy emphasizes water conservation, transparency in

environmental management, and clearly defines environmental

responsibilities across all TITAN Group business units and entities

as well as individual employee roles. Additionally, the policy sets

clear expectations for contractors, suppliers, and business partners

along the value chain, requiring them to be aware of and comply

with the policy.

We collaborate with key stakeholders through joint actions to build

trust, improve our understanding of the impacts of our operations,

address their environmental concerns, and develop applicable

solutions, while sharing knowledge and best practices. These

stakeholders include employees, local communities, business

partners, suppliers, customers, non-governmental organizations,

academic institutions, and regulatory authorities. The Group

allocates resources to international and community-based

partnerships, supports the development of sector-specific

standards and scientific methodologies, and contributes to a unified

industry approach to responsible environmental management.

When selecting new sites or planning significant updates to existing

ones, we conduct environmental impact evaluations in accordance

with local regulations, sector standards, and industry best practices,

and consider input gathered from the public consultation process.

We proactively anticipate and address our customers’ needs by

offering innovative, resilient, and cost-efficient materials and solutions.

Our goal is to minimize the environmental footprint associated with

buildings and infrastructure across the entire construction value chain.

We publish third-party verified Environmental Product Declarations for

our products, providing customers with the necessary information.

Potential impacts such as freshwater and marine eutrophication are

assessed according to EN 15804.

Each TITAN employee whose position involves material decision-

making on environment-related activities, as well as planning or

executing plans for managing environmental aspects, is required

to identify environmental aspects and potential issues when they

arise, as addressed in the systems for environmental management

and monitoring our legal compliance. Potential incidents are

managed, and their impact is minimized through our Environmental

Management Systems procedures.

The Group ESG Performance Department is responsible for the

administration and periodical update of this policy. Any revisions

that are submitted by the Group ESG Performance Department

require approval from the Group Executive Committee.

E3-2

Actions

All our operations consistently monitor and optimize water

consumption, reporting data according to international standards

and cement sector guidelines.

All actions undertaken in 2025 primarily relied on operational

resources – such as local technical teams, digital monitoring

systems and collaboration with academic and sector partners –

rather than significant capital expenditure. No substantial CapEx,

OpEx, or external financing was required, and no limitations related

to resource availability were identified. These actions directly

address TITAN’s material water‑related impacts and risks by

improving consumption efficiency, strengthening water‑stewardship

practices, and enhancing resilience in water‑stressed areas.

Over the past two decades, we have significantly improved water

management efficiency through targeted initiatives and investments

in advanced technologies for water use, recycling, and wastewater

treatment, which have resulted in a more than 50% reduction of the

specific water consumption in our Group cement plants.

In 2025, our Elliniko ready-mix concrete unit in Greece received

ISO 46001 certification for Water Efficiency Management Systems,

becoming the second Group site to do so, following the Agrinio

aggregates quarry. The certification reflects our commitment

to sustainable water use, reduced consumption, and water

quality preservation.

TITAN Group participates in global and local collaborative initiatives

to enhance its sustainability performance, including contributions to

sector‑specific guidelines, scientific methodologies, and standards.

At sector level, these initiatives primarily relate to environmental

stewardship, including water management, and are implemented

through participation in industry platforms such as the GCCA.

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Water sedimentation tanks at Zlatna Panega cement plant, Bulgaria.

These actions focus on TITAN’s own operations and, where

relevant, contribute to broader upstream and downstream

value‑chain practices through shared standards and guidance.

Following a Group‑level water risk assessment, a location‑specific

feasibility study was conducted in 2025 in collaboration with a local

university in Greece. The study focused on the Thriasio basin in

Attica, identified as a water‑stressed area, and covered the Kamari

cement plant operating within this basin. The scope of the study

included an assessment of current and future water availability

risks and the identification of potential conventional and

non‑conventional water supply solutions to address projected

climate‑related pressures and potential increases in water demand.

The feasibility study represents an initial, time‑bound action

completed in 2025. Any subsequent actions arising from its

findings, including the selection and implementation of specific

solutions, will be defined with clear scope, geographic coverage,

affected stakeholders, and implementation time horizons as part

of TITAN’s ongoing water stewardship planning and

decision‑making processes

Our efforts in water management were recognized in 2025 with the

achievement of our first-ever “A” score in the Carbon Disclosure

Project (CDP) water security questionnaire.

“At TITAN, we continue strengthening our

stewardship of water as a vital natural

resource. Guided by our ESG targets, we

fulfilled our 2025 water commitments and

through efficient management we safeguard

water and in parallel ensure resilience and

sustainability for our operations.”

Konstantinos Dragasakis

Group Head of Quarries for

Raw Materials & ACMs

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TITAN Group Integrated Annual Report 2025

Metrics and targets

E3-3

Targets related to water


Material matter	Sustainability matters included	ESG targets 2025
Water	Water consumption Water withdrawals	We commit to a water consumption of 280 l/t cementitious product and to covering 70% of our water demand with recycled water

Following the prior materiality review, in which our stakeholders

were engaged, we set voluntary targets in 2021 that emphasize

water use and recycling efforts. These objectives are pertinent to

our revised DMA, and we monitor our achievements every year.

The targets apply to all Group cement and cement‑grinding plants,

including their attached quarries. They support the Company’s

environmental objectives and reinforce our pledge to protect water

resources across all sites and nearby regions. Our actions to

achieve these targets include cutting back on water extraction and

usage, lessening downstream impacts by increasing recycling, and

fostering accountable and effective water consumption and

discharge methods. Water demand is defined as the sum of

withdrawn water and recycled water while water consumption is

defined as the water withdrawn minus the water discharged.

Performance metrics are calculated in accordance with the

guidelines provided by the GCCA. The calculation of specific water

consumption involves dividing the overall water usage by the total

output produced during the same timeframe. Similarly, the recycled

water rate is determined by dividing the volume of recycled water

by the overall water requirement. Water quantification is achieved

either through direct measurement using flowmeters or by

estimating values based on pump rated capacities, operating hours,

or empirical formulas with assumed parameters like evaporation

rates or collected rainwater. As many of our facilities operate in

water‑stressed areas, as identified through our annual water‑risk

assessments, the targets prioritize reducing freshwater withdrawals

and increasing recycling rates in these high‑risk locations to

support responsible water stewardship and resilience. The ESG

target boundaries established in 2021 differ from the later

published ESRS, as Adoçim was included at 75%, in line with

sectoral guidelines.


Targets 2025	2025	2024	Progress vs. targets
Water consumption of 280 l/t cementitious product	229.9	220.9	n
70% of water demand covered by recycled water (%)	72	73	n


Progress key
n Achieved	n On track	n In progress

In 2025, water consumption at the Group’s cement and grinding

plants and their attached quarries slightly increased by 4.1% to

reach 229.9 l/t cementitious product, but still remains well below

the target set for 2025 (280.0 l/t cementitious product). Similarly,

although the use of recycled water as a share of overall water

demand slightly decreased from last year to 72%, the target set for

2025 (70%) has been achieved. The marginal rise in water-specific

consumption and decrease in recycled water can be attributed to a

reduction in activity levels and respective production, whereas the

requirements for water usage related to environmental needs

stayed constant and could not be adjusted. Additionally, there is no

reserve of stored water available.

E3-4

Water consumption

Water consumption at our facilities is calculated using flowmeter

readings, supplier invoices, and estimations of rainwater collection

based on historical data and environmental conditions. Our

methodology adheres to the Global Cement and Concrete

Association (GCCA) protocol, ensuring accuracy and consistency in

our water management practices. These metrics are linked to the

identified IROs, particularly in mitigating water scarcity. The

decrease in total water consumption in water stressed areas

compared with last year is mainly due to lower production levels

at Titan America’s ready-mix sites.


Group level (all operations)	2025	2024
Total water consumption (million m³)	11.7	11.9
Total water consumption water stressed areas (million m ³)	5.2	6.1
Total water recycled/reused (million m³)	26.5	29.3
Water intensity (consumption in million m ³per million € net revenue)	0.0044	0.0045

Note: Total water stored and changes in storage (m³) are not relevant to TITAN’s

operational activities.

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E3-5

Anticipated financial effects

from water

Drought and water stress have been identified as critical risks

related to water. Excessive water use in drought-prone areas may

degrade freshwater resources, increasing costs, and causing

reputational risks. Water shortages could disrupt cement and

concrete production, affecting operations and customers. By 2030

five cement plants in Egypt, Greece, and Türkiye face drought risks,

and two plants face water-stress risks. The most vulnerable plants

are located in these regions.

Drought or water scarcity incidents could lead to a loss of cement

sales. During disruptions, the market could be served by unaffected

plants, but increased logistics costs would reduce profitability. Our

globally diversified business means drought incidents would likely

impact only a small fraction of our operations.

Methodology is based on catastrophe risk models, driven by

climate and socioeconomic data. CMIP6 datasets from NASA

enhance hazard analysis resolution. Hazard exposure is relative

to a historical baseline, with zero risk assumed at historical levels.

Climanomics estimates additional risk from climate change.

Scenarios include High (SSP5-8.5), Medium-High (SSP3-7.0),

Medium (SSP2-4.5), and Low (SSP1-2.6) Climate Change. Assets

examined include 14 integrated cement plants, three grinding

plants, and 13 quarries, ready-mix concrete plants, and terminals.

More details are available in the CDP questionnaire https://

www.titanmaterials.com/Titan-SA-CDP-questionnaire-climate-and-

water-2025.pdf).

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ESRS E4 Biodiversity and ecosystems

Strategy

E4-1

Transition plan and consideration

of biodiversity and ecosystems in

strategy and business model

The cement and aggregates industries may impact biodiversity and

ecosystems through raw material extraction, land use change, and

landscape modification. If not properly managed, these effects can

undermine long‑term operational continuity, permitting conditions,

and local ecological resilience. The cement and aggregates

industries can help protect and restore ecosystems by adopting

green infrastructure like vegetated walls and roofs, building wildlife

overpasses, and creating meadows and hedgerows. They can also

enhance and preserve aquatic and other natural environments,

supporting ecological resilience and sustainability.

In TITAN, we have incorporated biodiversity and ecosystem

considerations into our environmental strategy to ensure

responsible land use, mitigation of impacts, and long‑term

preservation of ecological value. Our biodiversity transition plan is

grounded in the mitigation hierarchy of avoid, minimize, restore,

and offset. This plan guides how biodiversity considerations shape

the Group’s strategy and business model. Restoration plans are in

place for all quarries, applying ecological design, progressive

rehabilitation, and native‑species planting to restore ecological

function over the lifecycle of extraction. Biodiversity Management

Plans are implemented at all sites located in areas of high

biodiversity value, aligned with GCCA guidance and local

regulatory requirements. These actions are informed by and

contribute to international and European biodiversity priorities,

including the Kunming‑Montreal Global Biodiversity Framework,

SDG 15, and the EU Biodiversity Strategy for 2030.

TITAN’s targets for the restoration of affected areas and biodiversity

management address selected objectives of these frameworks,

particularly those related to ecosystem restoration and nature

protection. Our commitment is embedded in our Group ESG

Targets for 2025 and reflects our ongoing contribution to a

nature‑positive future.

The Executive Committee and the Board of Directors have the

overall responsibility for defining the Company’s sustainability

strategy and making policy decisions, having placed nature and

biodiversity risks in their sustainability agenda. Under the

supervision of TITAN’s main governance body for nature-related

issues (Executive Committee Sustainability), and in collaboration

with recognized nature and biodiversity risk experts, the Group has

undertaken a nature‑related resilience analysis aligned with the

TNFD framework, assessing how nature‑related dependencies,

impacts, risks, and opportunities affect the resilience of the Group’s

strategy and business model, as described in the next session

ESRS 2 SBM-3 and illustrated on page 205.

Biodiversity and ecosystems are closely connected to other

environmental matters. Some of the main direct drivers of

biodiversity and ecosystems change are climate change, pollution,

land-use change, and freshwater-use change.

By the end of 2025, our plan was to ensure every quarry has a

restoration plan, rehabilitate 25% of affected areas, and implement

Biodiversity Management Plans at all sites in high biodiversity value

areas to protect local biodiversity.

ESRS 2 SBM-3

Material impacts, risks, opportunities,

and their interaction with strategy

and business model

In 2025, we advanced the ongoing process by intensifying our

evaluation of how our operations affect and rely on the natural

environment, alongside identifying associated risks and prospects.

To establish a higher benchmark for environmental stewardship,

the Group boldly collaborated with distinguished experts in nature

and biodiversity risk, undertaking comprehensive assessments of

nature-related risks and seizing opportunities at both global and

national levels. The primary components of this strategy involved:

• Evaluating risks originating from the Company’s influence on

nature, whether detrimental or beneficial;

• Analyzing risks stemming from the Company’s reliance on

natural resources; and

• Considering potential risks due to proximity to biodiversity-

rich areas.

The impact analysis explores how changes in ecosystems may

influence nature’s ability to deliver crucial social and economic

benefits. Meanwhile, the dependency analysis examines how much

our operations depend on ecosystem services and the

sustainability of those services over time.

The methodology, which utilizes the Nature Risk Profile

Methodology, determines key risk indicators through robust,

science-driven impact and dependency measurement instruments,

such as the ENCORE database and the evolving Ecosystem

Integrity Index (EII). In 2025, we initiated a strategic alliance aimed

at utilizing digital solutions to quantify and oversee natural capital

throughout our land assets.

This assessment, which is based on the principles of the Task Force

on Nature-related Financial Disclosures (TNFD) framework and the

LEAP process, covered approximately 100 Group facilities – including

14 cement plants, aggregates quarries, and ready-mix units – across

ten countries in the regions of Southeastern Europe, Eastern

Mediterranean and the US. Facilities were prioritized based on their

ecosystem footprint relative to total land use (impact ratio), and on

their reliance on key ecosystem services (dependency ratio) such as

water resources and sensory impact mediation. The analysis identified

priority sites with significant dependencies, impacts, risks, or

opportunities related to water and biodiversity, which will inform new

post-2025 targets under our biodiversity strategy. According to this

analysis, impact risks are driven by a small subset of assets, with 16

assets classified as Very High Impact, led by the Pennsuco quarry

(US), which has by far the largest ecosystem footprint and supports

highly significant biodiversity, implying a need for targeted mitigation

and stewardship. At the same time, the Group shows a high

dependency on ecosystem services especially groundwater and

surface water, with assets in Greece and Egypt most exposed,

highlighting water availability and ecosystem resilience as critical

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Sustainability Statement

factors for long-term operational continuity. Furthermore, the analysis

identified 10 sites that overlap with protected areas and another 2

sites with key biodiversity areas, mainly in Greece, the US, Egypt and

Bulgaria; however, operating in these sensitive areas – particularly in

Greece, where protected land coverage is significantly above the EU

average – creates elevated regulatory and reputational exposure.

In pursuit of this objective, we broadened our assessment in 2025

by including additional approaches for evaluating risks associated

with nature, utilizing corresponding analytics and valuation

mechanisms. These methodologies interpret critical environmental

factors – such as the presence of biodiversity or the availability of

water – into financial projections that are both site-specific and

adjusted for risk. The development of these initiatives is set for

2026, and they will help us achieve a deeper comprehension of

how both the threats and opportunities tied to nature influence our

business’s valuation. Our ultimate goal is to formulate a

reproducible model that enhances the integration of natural capital

data into strategic financial planning and decision-making activities,

and thus ensure the resilience of our strategy and business model.

Furthermore, a corporate high-level risk assessment is conducted

on a regular basis with the use of tools such as the Integrated

Biodiversity Assessment Tool (IBAT). To date, 12 sites of high

biodiversity value have been identified within our global operations,

as presented on page 223. Comprehensive biodiversity evaluations

are conducted at these locations, encompassing analyses of

possible consequences for habitats and endangered species, in

addition to examining implications for surrounding communities.

The visual effects resulting from quarrying operations are also

acknowledged and evaluated as major environmental issues,

influencing both the scenery and nearby populations. The visual

impact at quarries is a significant environmental concern that may

impact the surrounding landscape and communities. It refers to

the visual impact caused by quarrying activities, which can include

the alteration of natural landforms and the presence of large

excavation sites.

TNFD Adopter

By aligning with TNFD, the Group is not only safeguarding nature

but also future-proofing its business, demonstrating leadership and

vision that resonates with investors, stakeholders, and communities

worldwide. TITAN has been an adopter of the Taskforce on Nature-

related Financial Disclosures (TNFD) for the past two years, and one

of only three peers in our industry to report on nature-related issues

using TNFD recommendations since our 2024 financial year. The

TNFD Adopters list was announced by the TNFD at an event

hosted at the pre-COP30 in São Paulo, Brazil, in November 2025.

The TNFD recommendations have been implemented, and the

connections between disclosure and the framework are outlined

on page 205.

E4-2

Policies

The Group Executive Committee and the Chief Sustainability

and Innovation Officer have the overall responsibility for the

Environmental Policy and performance reviews, while the Board of

Directors conducts oversight. For more information, see page 146.

Our Environmental Policy (https://www.titanmaterials.com/about-us/

corporate-governance/group-policies/) reflects our commitment to

develop and conduct rehabilitation plans at all our quarry locations,

in line with following recognized best practices, considering the

interests and expectations of local communities, while setting a

standard in land stewardship. Additionally, we implement necessary

actions to conserve and, when possible, promote biodiversity,

including specialized biodiversity management strategies at

quarries located in areas with high biodiversity importance. The

Company also emphasizes open communication with stakeholders

and maintains transparency throughout its environmental

management processes.

The policy clearly defines environmental accountabilities for every

business unit and entity within TITAN Group, and outlines the

individual responsibilities of every TITAN employee.

E4-3

Actions

The Company is proactively addressing its environmental impact by

developing and implementing Quarry Rehabilitation and

Biodiversity Management Plans, particularly in areas of high

biodiversity value. Rehabilitation plans emphasize progressive

restoration throughout the quarry’s lifecycle and post-closure land

use, guided by clear objectives, measurable targets, regulatory

requirements, and stakeholder expectations. These plans also

consider local social, economic, and environmental factors for

future site use. Biodiversity Management Plans include targeted

actions based on baseline biodiversity assessments in sites of high

biodiversity value, with integrated monitoring to track progress

against objectives. All plans are tailored to local contexts and do

not involve biodiversity offsets.

Restoration at Artimes quarry, Greece.

In 2025, TITAN Group enhanced internal and external stakeholder

awareness of biodiversity through workshops, training programs,

and public discussions organized by the Group Corporate Center.

We are also actively participating in the activities of the GCCA’s

Nature Task Group, which was formed in 2025, and plans to

develop a high-level Guidance on nature governance in 2026,

having as baseline references the frameworks of TNFD and SBTN.

Our initiatives with pollinators were further expanded in 2025.

Following the successful installation of 20 beehives at the Agrinio

aggregates quarry in Greece, a new project was initiated to place

30 beehives at the limestone quarry of the Kamari cement plant in

Greece. Together, these two projects involve the adaption of

approximately 1 million bees, which are expected to pollinate over

4.3 billion flowers annually, supporting biodiversity at the quarries

and surrounding areas.

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TITAN Group Integrated Annual Report 2025

Metrics and targets

E4-4

Targets related to biodiversity and ecosystems


Material matters (grouped)	Sustainability matters included	ESG targets 2025
Biodiversity	Direct impact drivers of biodiversity loss	We will have quarry rehabilitation plans at 100% of our sites and will rehabilitate 25% of the affected areas
	Impacts on the extent and condition of ecosystems
	Impacts on the state of species	We will have quarry biodiversity management plans at 100% of our sites in high biodiversity value areas

These targets are closely aligned with TITAN’s Environmental Policy

and in line with the Mission of the Kunming-Montreal Global

Biodiversity Framework. We develop and implement rehabilitation

plans at all our quarry sites, following best practices and addressing

the needs and expectations of local stakeholders. We strive to lead

by example in land stewardship, taking necessary measures

to protect and, where possible, enhance biodiversity. Specific

biodiversity management plans are applied at all our quarry sites

in high biodiversity value areas.


Targets 2025	2025	2024	Progress vs. targets
100% of sites ¹with quarry rehabilitation plans (%)	100.0	100.0	n
Rehabilitation of 25% of affected areas (%)	22.0	22.8	n
Quarry biodiversity management plans at 100% of our sites ¹ in high biodiversity value areas (%)	100.0	100.0	n


Progress key
n Achieved	n On track	n In progress

1. Active wholly owned sites

In 2025, we maintained our relevant ESG target achieved in the

previous year, ensuring that all designated sites have a Biodiversity

Management Plan (BMP) in place.

We also maintained the other target under the positive local impact

focus area – to develop rehabilitation plans at 100% of our active

quarry sites in the Group – first achieved in 2024.

In 2025 the share of rehabilitated land over the affected land

remained at the level of 22.0%, a slightly decrease from last year,

mainly due to the inclusion of two acquired aggregates quarries in

Greece, which had very limited rehabilitated areas compared to the

open pit surface. Overall, since 2020 the total area that has

undergone rehabilitation grew by approximately 15%, but in the

same period the total affected area expanded at a faster pace of

about 21%, resulting in a decrease in the indicator.

E4-5

Impact metrics related to biodiversity

and ecosystems change

Biodiversity metrics within our facilities are tied to the identified

corresponding risks and impacts, based on both surveyor-led

measurements and the use of the Integrated Biodiversity

Assessment Tool (IBAT), alongside other tools for assessing nature-

related risks. These resources are employed to locate areas with

significant biodiversity and to analyze their closeness to regions

that hold ecological importance. For additional information, see

page 153.

By following the guidelines set forth by the Global Cement and

Concrete Association (GCCA), our method guarantees uniformity

and accuracy in handling biodiversity throughout every quarry.

The metrics below are linked to the identified IROs, particularly

concerning biodiversity and ecosystems (negative impact).


Group level (cement production and aggregates activities)	2025	2024
Active quarry sites with high biodiversity value (number)	12	12
Active quarry sites with high biodiversity value (ha)	3,348.4	3,348.4

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Sustainability Statement

ESRS E5 Resource use and circular economy

E5-1

Policies

The Group Executive Committee and the Chief Sustainability

and Innovation Officer have the overall responsibility for the

Environmental Policy and performance reviews, while the Board of

Directors conducts oversight. For more information, see page 146.

Our Environmental Policy (https://www.titanmaterials.com/about-us/

corporate-governance/group-policies/) endorses our commitment

to the principles of the circular economy, from developing new

products to applying advanced technical solutions that minimize,

reuse, recycle, or recover materials and energy, helping preserve

natural resources, reduce CO₂ emissions, and ensure responsible

waste management.

We strive to reduce conventional raw materials and fossil fuel

consumption, decreasing waste production from our operations,

reusing our own by-products, minimizing landfilling, and managing

any residual wastes, according to the waste management hierarchy.

Our goal is to incorporate by-products from other industries to

increase the use of alternative raw materials in clinker, cement, and

concrete production. Furthermore, we design and develop new

lower-carbon products to address the evolving needs of

sustainable construction.

The co-processing of waste in cement kilns as an alternative fuel

is an established and highly regulated waste management option.

Using residues from recycling processes or non-recyclable waste

in cement production is more sustainable than waste-to-energy,

incineration, or landfilling, as it enables full energy recovery and

material recycling. This approach supports the circular economy

while delivering benefits to both business units and local

communities.

E5-2

Actions

In alignment with the global shift toward a circular economy, TITAN

Group has made significant strides in diverting waste from landfill.

The Group continued its efforts to increase the use of alternative

raw materials in clinker, cement, and concrete production,

designing and developing new low-carbon cement products to

address the current and future needs of its customers. In 2025, the

use of alternative raw materials in the production of clinker and

cement was maintained at almost the same level as the previous

year ( 7.2% of total consumption vs. 7.8% in 2024).

TITAN Recycling Execution (T-Rex) concrete recycling initiative, USA

Driven by our commitment to sustainability, we are transforming

concrete returns and construction waste into valuable raw materials,

proving that buildings and concrete can be fully recycled. In 2025, our

Florida facility expanded recycling to meet growing market demand,

with the T-Rex initiative leading the way. Focusing on processing

returns from our own ready-mix sites for base-rock and clinker mix,

Florida started accepting returned concrete from external partners.

With an increased production in 2025 over 2024, we achieved total

sales for both years of about 170,000 tonnes.

The utilization of construction and demolition waste for the

production of recycled aggregates has been part of the Group’s

activities since 2024. In 2025, our facilities in Greece produced

more than 82,000 tonnes of recycled aggregates, an increase

compared with the previous year, with further expansion to

additional quarries across Greece planned for 2026. These

initiatives increase the use of secondary raw materials, extend

product life through circular design, and apply circular business

practices, including recycling and end-of-life management, while

reducing landfill disposal and preventing upstream and

downstream waste.

The steadfast commitment to sustainability is evident in the

consistent increase in the diversion of returned concrete from

landfills, with figures standing at over 85.0% for the past five years

and reaching 96.2% in 2025. Concrete returns were utilized both

at cement and concrete production as alternative raw materials.

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TITAN Group Integrated Annual Report 2025

Metrics and targets

E5-3

Targets related to resource use and circular economy


Material matters (grouped)	Sustainability matters included	ESG targets 2025
Resources use & circular economy	Resources inflows, including resource use	We will have 50% of our production covered by “Zero Waste to Landfill” certification

This above relative target is part of TITAN’s comprehensive strategy

to enhance its environmental performance by diverting almost 100%

of plant waste from landfills through initiatives aimed at waste

prevention and proper waste management. The “Zero Waste to

Landfill” certification, awarded by independent certification

companies, reaffirms TITAN’s dedication to the principles of the

circular economy, which include waste prevention, reduction, reuse,

recycling, and recovery of materials and energy. This target is

closely related to TITAN’s Environmental Policy, which prioritizes

minimizing adverse environmental impacts. The ESG target

boundaries established in 2021 differ from the later published ESRS,

as Adoçim was included at 75%, in line with sectoral guidelines.


Target 2025	2025	2024	Progress vs. targets
50% of production¹ covered by “Zero Waste to Landfill” certification (%)	55.1	51.1	n


Progress key
n Achieved	n On track	n In progress

1. Integrated clinker-cement plants

In 2025, the Usje integrated cement plant, North Macedonia,

became the country’s first company to earn the “Zero Waste to

Landfill” certificate. Across the Group, six integrated cement plants

now hold this certification, all achieving the Platinum rating by

diverting nearly all plant waste from landfills. These achievements

highlight the Group’s leadership in industrial sustainability and serve

as an inspiration for communities and partners worldwide. This

accomplishment has propelled the Group’s clinker production

covered by the “Zero Waste to Landfill” certification to 55.1% of its

total clinker production, surpassing the 2025 target of 50%. The

waste generated as part of the Group’s daily operations undergoes

collection, storage, and disposal through authorized contractors,

emphasizing reuse, recycling, or recovery to reduce reliance on

landfills. In 2025, the percentage of waste (externally managed) that

was diverted from landfills increased to 94.3%, compared with 88.6%

in 2024. At the same time, the percentage of total waste (internally

and externally managed) that was diverted from landfill was 73.7%

E5-4

Resource inflows

Resource inflows at our facilities are calculated using direct

measurements of weighted quantities from conventional and

alternative raw materials, Conventional raw materials include

limestone, clay, schist, sand, and pozzolana, while alternative raw

materials consist of industrial by-products such as fly ash, slag, and

concrete returns.

Our methodology adheres to the standards and guidelines set

by the Global Cement and Concrete Association (GCCA) protocol,

ensuring accuracy and consistency in our resource

management practices.

The following metrics are linked with the identified IROs, particularly

in resource use and circular economy (negative impact).


Group level (all operations)	2025	2024
Total consumed materials (tonnes)	36,946,910	37,800,865
Total secondary materials (tonnes)	1,905,650	2,078,665
Total secondary materials use (% dry)	5.2	5.5
Total concrete returns/demolition wastes (tonnes)	187,962	180,016

The reduction in materials used in 2025 compared with 2024

reflects production optimization measures, leading to lower activity

level, reduced raw material consumption and associated CO₂

emissions. Concrete returns are the unused excess concrete that

is typically sent back to the ready-mix plant after a construction

project. Instead of being discarded, this returned concrete is

recycled and repurposed in various ways to minimize waste and

promote sustainability. For example, TITAN Group has been using

concrete returns as an alternative raw material in the production

of cement clinker and concrete. This practice not only conserves

valuable, non-renewable resources but also reduces direct and

indirect CO2 emissions and minimizes the need for landfilling,

demonstrating the recyclability of our products.

In 2025, our operations in Greece utilized over 125,000 tonnes of

concrete returns, concrete production waste and construction and

demolition waste, from small and large projects of the public and

private sector, in cement production.

Titan America accepts customers’ unused concrete, which is

typically returned to the ready-mix plant, where it is recycled at a

100% rate. After the material hardens and a sufficient quantity is

stockpiled, material is crushed to the size of aggregates and reused

to replace raw materials, reducing landfill of waste at the same time.

Also, our operations in Bulgaria and North Macedonia recycle their

concrete returns internally or externally.

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Sustainability Statement

Social information

ESRS S1 Own workforce

Strategy

ESRS 2 SBM-2

Interests and views

of stakeholders

Engagement with stakeholders across our value chain is central to

TITAN’s due diligence and double materiality assessment. We

actively seek input from our workforce and other stakeholders to

identify and assess actual and potential impacts, risks, and

opportunities. This approach ensures that material issues are

prioritized and ESG targets are set in alignment with stakeholder

expectations.

Workforce views are integrated through consultations with

employee representatives and direct engagement channels,

including meetings with works councils and labor unions, in line

with national legislation and TITAN policies. These interactions

foster transparency and trust on workplace conditions, health and

safety, and sustainability topics.

Our 2024 Double Materiality Assessment incorporated workforce

perspectives when evaluating positive and negative impacts, risks,

and opportunities across operations. Employees are encouraged to

share views through established channels, including surveys, and

structured consultations. Feedback informs policy development,

well-being initiatives, and mitigation measures.

More information is available in the details under “Interests and

views of stakeholders: SBM-2” on page 115.

ESRS 2 SBM-3

Material impacts, risks, opportunities,

and strategy alignment

TITAN Group’s workforce comprises direct employees and

contractors involved in the Group’s operations. These workforce

categories may be subject to material impacts arising from the

nature of TITAN’s industrial activities, operational processes and

business relationships, particularly where work involves

safety‑critical tasks, operational interfaces or temporary and

task‑based arrangements.

Material impacts on the own workforce

The primary material impacts identified for TITAN’s workforce are

associated with occupational health and safety, maintaining

respectful workplace conduct, and safeguarding human rights. To

manage these issues, TITAN utilizes comprehensive Group-wide

policies, procedures, and management systems, such as its Code of

Conduct, Health and Safety Policy, Human Rights Policy, and

Respect in the Workplace Policy. Additional mechanisms like the

Whistleblowing Policy and the Stakeholder Engagement

Framework facilitate the recognition, escalation, and resolution of

specific incidents, including complaints about unethical actions or

workplace misconduct. Employment-related concerns are

addressed by TITAN through overarching Group employment

policies, which emphasize equal opportunity, non-discrimination,

diversity, inclusion, working conditions, and the preservation of

freedom of association and social dialogue. These guidelines are

enforced for all employees via internal processes, collective

agreements (when relevant), training programs, awareness

campaigns, and management supervision. The effectiveness and

application of these policies are evaluated through internal controls,

employee feedback and grievance systems, health and safety

reports, HR reporting, and ongoing management reviews.

Operations at significant risk of forced or

compulsory labor

TITAN conducts systematic risk assessments to identify and

mitigate risks related to forced or compulsory labor within its own

operations. The Group’s policies and procedures are designed to

ensure alignment with internationally recognized human rights

standards and to prevent such practices. Where relevant, these

risks are addressed through due diligence processes,

awareness‑raising and internal controls. Further information on

TITAN’s approach is provided in the section “Human rights

due diligence”.

Material risks and opportunities related to specific

groups of workers

TITAN’s material risks and opportunities arising from impacts and

dependencies on its own workforce are not uniformly distributed

across all workers. They vary primarily by role, task, employment

relationship and level of experience, rather than by geography or

individual facility.

Higher exposure to occupational health and safety risks is

associated with workers engaged in operational, quarrying and

clinker cement production activities, as well as with contractors and

temporary workers supporting these activities. Conversely,

opportunities are linked to fostering a safe, inclusive, and

growth‑enabling work environment, which supports employee

engagement, capability development and long‑term value creation.

These differentiations are reflected in TITAN’s policies, preventive

measures, training, and management focus.

In EU markets, the phase‑out of free CO₂ allowances from 2026 is

expected to increase production costs and weaken the

competitiveness of EU‑based production, potentially leading to

reduced output, loss of market share, and risks to employment.

While the Carbon Border Adjustment Mechanism (CBAM) may

mitigate carbon leakage for imports, the absence of an effective

solution for exports could further disadvantage EU producers

beyond 2025, with adverse implications for industrial activity and

workforce stability.

For the material impacts, risks and opportunities identified through

the materiality assessment, see the table “IRO identification”,

page 112.

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Interaction with strategy, values and long‑term

objectives

Growth‑enabling work environment

TITAN’s ESG targets for 2025 and beyond reflect its strategic

objective to cultivate an inclusive culture with equal opportunities

for all people to grow professionally within a safe and healthy work

environment. This objective directly addresses material

workforce‑related risks and supports opportunities linked to

employee engagement, retention and productivity.

Values

TITAN’s values guide collaboration, innovation, and shared success

and are embedded across the organization. Through ongoing

employee workshops and engagement initiatives, the Group

reinforces behaviors aligned with its values, supporting a culture

of respect, accountability, and continuous improvement.

Health and safety

Health and safety are central to TITAN’s business model and

operational resilience. Oversight spans from the Board and Group

Executive Committee to operational teams, supported by

certifications, audits, incident investigations, and the systematic

sharing of lessons learned. This focus is critical given the

concentration of risks in safety‑critical operational activities.

Human rights

TITAN is committed to respecting and protecting human rights

across its own workforce, guided by the Universal Declaration of

Human Rights and the International Covenants on Human Rights**.

Employees are encouraged to familiarize themselves with

international human rights standards, and the Group seeks to

ensure respect for rights such as non‑discrimination, freedom of

association, prohibition of child and forced labor, and human

dignity.

Employee well‑being

Since the introduction of its Health and Well‑being Framework,

TITAN has adopted an integrated approach to support physical,

mental, financial and social well‑being. This contributes to

mitigating workforce‑related risks and strengthening long‑term

performance and engagement.

Diversity, equity and inclusion

TITAN’s commitment to a diverse and inclusive workplace supports

both risk mitigation and opportunity creation. The renewal of its

status as a signatory to the UN Women’s Empowerment Principles

reinforces its focus on equal opportunity and gender equality.

Learning and development

Learning and development initiatives support strategic

transformation by embedding critical capabilities, future‑proofing

talent, and enabling sustainable careers. These initiatives enhance

workforce resilience and help mitigate risks related to skills

availability and employability.

Freedom of association

TITAN respects freedom of association and collective bargaining

across its operations. Collective agreements are viewed as a

strategic tool to foster engagement, mutual understanding, and

long‑term alignment between employees and the Group.

The above areas are adequately covered in this section by

quantitative and qualitative disclosures, in more specific under: S1-8

Collective bargaining coverage. and social dialogue, S1-9 Diversity

metrics, S1-13 Training and skills development metrics, S1-14 Health

and safety metrics, and S1-17 Incidents, complaints and severe

human rights impacts.

Our strategy is communicated at all business units to employees

through our existing channels of communication: training on Group

Policies, Group intranet, Communication days, and webcasts, as

depicted on page 107.

For details on TITAN’s approach for stakeholder engagement and

channels for receiving feedback, see table “Stakeholder

engagement”, page 104.

S1-1

Policies

TITAN Group has adopted a set of formal, group‑wide policies

governing the management of its own workforce, including the

Code of Conduct, the Occupational Health and Safety Policy, the

Human Rights Policy, the Diversity, Equity, and Inclusion (DE&I)

Policy, the Respect in the Workplace Policy, and the Artificial

Intelligence Framework and Principles.

These policies are approved at Group level and apply to Titan SA

and all entities over which the Group exercises control, while their

principles are also expected to be respected by contractors,

suppliers and other business partners. The policies define the

Group’s commitments to ethical conduct, the protection of human

rights, safe and healthy working conditions, equal opportunity,

non‑discrimination, dignity, and zero tolerance for harassment or

violence at work. They are aligned with internationally recognized

standards, including the Universal Declaration of Human Rights, the

International Covenants on Human Rights, and OECD principles,

and ensure compliance with applicable local legislation, applying

more stringent internal standards where relevant.

Responsibilities and accountabilities for policy implementation are

clearly defined across organizational levels, supported by unified

management systems, employee consultation mechanisms, and

continuous improvement processes. Policy implementation is

reinforced through training, awareness‑raising initiatives and

practical guidance, including dedicated learning programs

addressing health and safety, respectful workplace behavior,

inclusion, and the responsible use of artificial intelligence. Through

these policies, TITAN aims to safeguard the health, safety,

well‑being and rights of its workforce and to foster a culture of

trust, accountability, inclusivity and psychological safety across

all operations.

See more on https://www.titanmaterials.com/about-us/corporate-

governance/group-policies/

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S1-2

Processes for engaging with

own workforce and workers’

representatives about impacts

TITAN engages with its own workforce and workers’

representatives through structured and recurring processes

embedded at key decision‑making stages related to

workforce‑related impacts. Engagement supports the identification

and assessment of impacts through annual engagement surveys,

regular safety dialogues, and continuous insights derived from

People Analytics. Communication Days, webcasts, and

engagement surveys, informing decisions on well‑being initiatives,

skills development, DE&I actions, and workplace improvements.

Ongoing monitoring and remediation are ensured through

continuous access to the TITAN EthicsPoint grievance platform,

regular HR touchpoints, workforce consultations, and periodic

meetings with unions or workers’ representatives. These

engagement and communication mechanisms operate on a

continuous, periodic (e.g., monthly or quarterly), and annual basis,

ensuring transparency, two‑way dialogue, and the systematic

integration of workforce perspectives into the planning, approval,

implementation, and review of measures addressing actual and

potential impacts. Such emerging risks are addressed as first step

by the Group Executive Committee, and finally by the Board

(through the Audit and Risk Committee), to ensure that informed

decision making is made on the highest level in the organization.

The primary policy governing in general this process, the Group

Whistleblowing Policy, revised in 2025, applies to all business units.

TITAN’s approach to stakeholder engagement is shaped by its

Framework Guidance, which prioritizes education and encourages

stakeholders to safely and transparently communicate their

concerns. Our Whistleblowing platform EthicsPoint, managed by a

third-party independent provider, permits confidential report

submissions at any time, thereby ensuring accuracy, neutrality, and

reliability of the collected reporting incidents data.

People analytics

People analytics plays a critical role in enabling informed, objective,

and timely decision-making across our Company. Transforming

workforce data into actionable insights helps us strengthen talent

acquisition, enhance retention, and support strategic talent

decisions. It also empowers leaders to understand team dynamics,

identify development needs, monitor organizational health, and

ensure we are building the capabilities required for future growth.

Through people analytics, we create a more transparent, data-

driven HR ecosystem that supports better decisions, stronger

performance, and a more resilient and engaged workforce.

In 2025, we continued to advance our people analytics foundation

by improving data quality, standardization, and system usability

within our Group Human Resources Management System (GHRMS).

We further expanded People Stories, our interactive dashboard for

people managers, adding richer insights across performance,

learning, and talent to strengthen leadership accountability and

team development. We also designed and piloted a new people

analytics tool designed to consolidate data from multiple sources,

provide a clearer view of historical trends, and deliver insights

exactly when managers need them. Together, these enhancements

support a more holistic and proactive approach to workforce

management across the Group.

S1-3

Processes to remediate negative

impacts and channels for own

workforce to raise concerns

Whistleblowing platform EthicsPoint

TITAN already has systems in place for mitigating business ethics risks

and we remain vigilant in gathering information about complaints

about human rights, including cases of discrimination and harassment

in our workforce. We also continue to investigate possible incidents

related to our employees and third parties collected through our

Group whistleblowing platform EthicsPoint, which is available to all

employees across our subsidiaries in all countries.

The EthicsPoint platform serves as the central case‑management

system for monitoring all activities throughout the lifecycle of an

incoming report, from initial receipt to final resolution and

remediation. Reporting persons receive immediate confirmation

upon submission of a report and can securely access updates

through a fully confidential and anonymous channel. The work of

the Regional Whistleblowing Committees – responsible for

assessing and investigating reported concerns – is overseen by the

Group Whistleblowing Supervisory Committee, composed of senior

Group executives and the Chair of Audit and Risk Committee. In

line with the Group Whistleblowing Policy, the Group Audit and Risk

Committee supervises and ensures the effectiveness of the

investigation process and resolves potential conflicts of interest.

On a quarterly basis, the Group Compliance and Anti-Fraud Director

reports to the ExCom and the Audit and Risk Committee on overall

whistleblowing activity, including key metrics such as the nature

and characteristics of incoming reports, the number of open cases,

and substantiation rates. Remediation plans are also monitored

through the platform until their full implementation is verified.

The whistleblowing system is grounded in the principles of

confidentiality, anonymity, objectivity.

In line with our Group Whistleblowing Policy and Human Rights Due

Diligence Framework, TITAN applies a clear and structured approach

to determining whether the company has caused or contributed to a

negative impact. TITAN considers itself to have caused a negative

impact when the incident results directly from TITAN’s own actions or

omissions (e.g., inadequate controls, employee misconduct or failure

to provide a safe and respectful working environment). We consider

ourselves to have contributed to a negative impact when our

decisions, practices, or oversight gaps play a role alongside other

factors (e.g., third‑party behavior or local management failures). In

such cases, TITAN assumes joint responsibility to stop, prevent, and

mitigate the impact, consistent with the OECD Guidelines for

Multinational Enterprises on Responsible Business Conduct.

In 2025, out of the ten incidents that were reported or captured

through the EthicsPoint platform for the area of people diversity and

workplace respect, nine were related to discrimination or

harassment. Out of the cases where the investigation has been

completed, five were unsubstantiated and one was substantiated.

Remediation action plan was undertaken to enhance the controls

where needed, including specialized training sessions. Our

approach to human rights assessment at the local level for each

business unit follows the TITAN framework for human rights due

diligence, based on the OECD Guidelines.

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Culture and employee engagement

At TITAN, we recognize that a strong culture underpins sustainable

performance, and long-term success is driven by the engagement

and contribution of our people. In 2025, we deepened and

embedded actions initiated following the 2024 Group-wide

Employee Engagement Survey.

One of the key factors shaping employee experience is leadership

behaviors, making leadership engagement and development a key

strategic priority for us. At Group level, the three-day TITAN

Leadership Summit brought together over 250 senior leaders and

contributors for connection and strategic alignment. Leadership

development programs were implemented across all managerial

levels, enhancing people management skills, leadership confidence

and empowerment.

TITAN Leadership Summit: TITAN Forward.

Engagement grows when leadership is visible and open to

dialogue. Informal virtual sessions between the Chair of the Group

Executive Committee and early-career leaders encouraged

inclusive listening and exchange of perspectives. Leadership

Webcasts, Communication Days, and Town Hall meetings provided

clarity and alignment; TITAN Europe Webcasts connected over 450

participants, energizing teams and recognizing progress toward the

TITAN Forward Strategy.

Growth and career mobility remained key drivers of engagement.

Recognizing that different talent segments are motivated by

different development needs and aspirations, we continued to tailor

our initiatives accordingly. At Group level, Xpand, our internal talent

mobility framework, supported developmental international

assignments. The PIVOT – a career-development program for

individual contributors – supported individual contributors by

developing leadership capabilities outside managerial roles. In

parallel, HowzLearning, TITAN’s new learning hub that brings

everything our people need to learn and grow into one place,

empowered employees to shape their own development journey.

S1-4

Actions on material impacts, risks,

and opportunities related to the own

workforce, and the effectiveness

of those actions

In 2025, TITAN implemented action plans for each material matter

relating to the own workforce, each with defined owners, governance

and resources. Health and Safety action plans were led by the Group

Health and Safety Director and regional Health and Safety managers

and included Critical Risk Management, contractor‑management

controls, digital safety technologies, and the Safety Maturity

Assessment. These were resourced through dedicated Health and

Safety teams, capital investments, the Safety Support Squad (SSS),

and mandatory training hours. Well‑being action plans, governed by

Country HR Directors, were supported through local HR capacity, the

EAP, and defined budgets for mental, physical, and social well‑being.

DE&I action plans, overseen by the Group DE&I Council, focused on

gender equality, inclusive leadership and representation, supported

by DE&I staff, data dashboards, and training resources. Learning and

development action plans, owned by Group L&D, were resourced

through the global HowzLearning hub, Skills Incubators, digital

platforms and dedicated L&D budgets.

TITAN applies a structured decision process to select actions in

response to workforce impacts, using criteria such as severity,

likelihood, scale, and irremediability, with proposals evaluated by

the relevant function and informed by employee feedback, audits,

incident investigations, and grievance mechanisms.

Safeguards embedded in HR, Health and Safety, procurement and

data‑management practices ensure TITAN’s own practices do not

cause or contribute to negative impacts. Where tensions arise

between preventing impacts and business pressures, issues are

escalated to Group HR, Group Health and Safety or Compliance to

ensure people‑related risks take precedence.

Resources per material matter include dedicated head count,

functional budgets, defined time allocations, external expertise,

digital systems, and formal accountability structures at Group,

regional and BU level, enabling consistent management and

monitoring of impacts.

Health and Safety

TITAN remains committed to continuously improving health and

safety conditions across all operations. Our approach emphasizes

clear responsibilities, open collaboration with employees,

contractors and third parties, and systematic monitoring to identify

and manage risks. Incident investigations and the sharing of

learnings support prevention efforts.

Groupwide stand‑downs are conducted when needed to reinforce

attention to critical risks. In 2025, TITAN implemented a

Group‑wide program of Health and Safety actions to address

material occupational Health and Safety risks identified through its

assessment processes and to support continuous improvement

over the short, medium and long term. Key actions included

strengthening Critical Risk Management, with enhanced

contractor‑management practices, and conducting company‑wide

safety stand‑downs at all sites and offices to reinforce risk

awareness and employee engagement.

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The Group also advanced digital safety solutions, deploying

AI‑enabled hazard detection and smart safety devices at selected

locations in the US (including the Pennsuco cement plant, quarry

and ready‑mix units), as well as in Greece and Egypt. Automated

“Lock-out, Tag-out, Try-out” (LOTOTO) systems were introduced at

the Roanoke cement plant (US) and facilities in Egypt to strengthen

preventive controls and provide timely alerts for unsafe conditions.

Targeted engineering and infrastructure upgrades were

implemented to mitigate critical risks, including enhanced

fire‑protection measures at Kosjerić cement plant (Serbia),

access‑management systems at Zlatna Panega cement plant

(Bulgaria) to isolate hazardous kiln‑area zones, and improved

traffic‑management controls at Antea cement plant (Albania).

Finally, TITAN rolled out the Group Safety Maturity Assessment tool

across all operations to support consistent evaluation, prioritization

of actions and monitoring of safety performance. These actions

support sustained risk reduction and safety performance

improvement across all operations.

In 2025, the Group Safety Maturity Assessment tool was introduced

for the first time to support every business unit in developing their

safety enhancement strategies. Training sessions were provided

across all regions. Each cement plant carried out its initial yearly self-

assessment, evaluating progress in areas such as leadership

commitment, employee involvement, risk management, operational

safety, and resilience. Selected assessments were verified within the

regions. Complete implementation is scheduled to start in 2026.

Throughout 2025, TITAN further broadened the implementation of

digital technologies and launched targeted programs aimed at

reinforcing preventive controls. AI-powered cameras, piloted at

multiple locations, demonstrated promise in improving the

identification of hazards and enabling prompt intervention by

detecting unsafe actions and conditions. In the US, progress was

made in automating LOTOTO procedures, and artificial intelligence

was integrated into the management of heavy equipment and

ready-mix truck operations. Meanwhile, in Egypt, the company

continued to develop smart health and safety cameras, an

innovative LOTOTO system, and a personal tracking device, all

supported by wider digital transformation initiatives led by the

recently formed Safety Support Squad (SSS) team.

In Europe the transition to the Evotix digital Health and Safety

platform was completed across Greece, employee medical files

were digitalized, and a virtual‑reality safety training project

progressed toward a pilot in early 2026. SEE implemented

significant infrastructure‑based safety improvements, including

enhanced fire‑risk controls in Serbia, access‑management systems

in Bulgaria and upgraded traffic‑management controls in Albania.

Prioritizing the enhancement of safety capabilities continues to be a

central focus throughout all regions. In 2025, employees

participated in an average of 12.5 hours of health and safety

instruction. Within Europe, the SENTIS Leading Positive Safety

training was delivered to provide participants with a psychological

framework for understanding people, enabling them to assess how

best to lead a positive safety culture in their workplace, while

Greece implemented a Driving Behavior Safety Campaign as part of

its regional strategy. In Southeastern Europe, practical skills were

developed and attention to critical risks was heightened through

local initiatives such as the safety champion and driver ambassador

programs. In the US, training efforts targeted safe driving, electrical

safety, and process safety, complemented by an Awareness and

Focus Campaign and regional Safety Skills Competitions. Twenty-

two employees were acknowledged with Safety Champions

Awards for outstanding safety initiatives. In Egypt, a fresh

onboarding program for new hires was launched to bridge skill

gaps in vital roles, aided by the introduction of the Average

Individual Safety Score (AISS) metric. Across Europe, Egypt, and

Türkiye, every cement plant and over 86% of ready-mix concrete

and aggregates facilities have achieved ISO 45001 certification.

Our US operations adhere to all relevant OHS regulatory standards.

Pennsuco Quarry was honored with the National Mining

Association’s (NMA) 2024 Sentinels of Safety Award in the Large

Quarry Group, marking its eleventh overall and fifth consecutive

(2020–2024) accolade.

Well-being initiatives

At TITAN, caring for our people is a core value and a key driver of

sustainable, high performance. Guided by our Health and Well-

being Framework, which addresses physical, mental, social, and

financial well-being, we take an integrated approach to supporting

our people and creating the conditions for them to perform,

develop, and thrive. In 2025, all business units actively contributed

to well-being efforts, collectively implementing 382 initiatives

across the four dimensions of the framework.

TITAN Serbia welcomed employees and families to the Heart Open

Day initiative, strengthening community and connection in Serbia.

Across the Group, the TITAN Employee Assistance Program (EAP)

remained available to all employees and their families, providing

access to counseling, crisis support, and work-life resources. Mental

well-being continued to be a strong focus, reflecting our

commitment to psychological safety and open dialogue. On World

Mental Health Day, this year’s campaign highlighted the importance

of speaking openly and supporting one another under the message

“We share openly. We care deeply”. Throughout the year, mental

health awareness campaigns, trainings, and webinars engaged

more than 550 employees in countries such as North Macedonia,

Albania, Greece, and the US,equipping them with practical tools to

navigate an increasingly demanding and fast-changing environment.

Physical well-being was supported through targeted initiatives

tailored to local needs. Across Southeastern Europe and Egypt,

business units delivered first aid seminars, health and safety

workshops, awareness campaigns, and participated in local sports

events and tournaments, reinforcing preventive care and active

lifestyles. In Greece and the Group Corporate Center, initiatives

included webinars on parental support, stress management, and

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TITAN Group Integrated Annual Report 2025

psychological resilience, alongside expanded fitness opportunities,

on-site nutrition consultations, and office massage sessions aimed

at reducing stress and musculoskeletal discomfort.

Running together, the TITAN Usje marathon team showcased

teamwork and wellbeing in North Macedonia.

Titan America supported approximately 1,800 employees through a

holistic well-being approach that combined personalized and

group-based health coaching across mental, physical, emotional,

and social dimensions; free on-site health screenings to promote

prevention and early detection; and personalized digital well-being

engagement and support available 24/7. The Omada Health

program continued to support chronic condition prevention

and management.

Bringing people together through shared moments and

experiences was a key focus across the Company. In Southeastern

Europe, Communication Days, team-building activities, and local

gatherings supported alignment around shared priorities, while

family-focused initiatives such as the Family Day in North

Macedonia with over 300 participants and children’s events in

Albania and Serbia with more than 160 participants, strengthened

relationships beyond day-to-day work.

Drawing the future together: Family Day at TITAN Usje, North

Macedonia.

Diverse and inclusive workplace

At TITAN, Diversity, Equity, and Inclusion (DE&I) sit at the heart of

the workplace we cultivate: grounded in respect, fairness, and

equal opportunity, and informed by the recognition that diverse

perspectives strengthen collaboration, enrich decision-making, and

support sustainable performance.

We have already achieved our 2025 ESG target of having at least

one-third women on the Board of Directors, a milestone reached in

2022. Our focus remains on strengthening the representation of

the underrepresented gender across senior roles, talent pipelines,

and new hires. In 2025, representation in management reached

21.5%, compared with 16.5% in the 2020 baseline year, while

participation in our high-potential talent pool increased to 31.6%,

up from 13.0% in 2020.

As signatories of the United Nations Women’s Empowerment

Principles (WEPs) since 2023, we remain committed to advancing

gender equality and supporting women in the workplace.

“Through our Diversity, Equity, and Inclusion

agenda, we turn commitment into measurable

progress by strengthening gender

representation in leadership, expanding diverse

talent pipelines and empowering teams through

local initiatives that foster inclusion and

sustainable performance.”

Ellie Argyrou

Group Talent Director

Our DE&I Council, established in 2022, continues to guide the

Group’s DE&I agenda and ensure alignment with business

priorities. This year, we maintained our focus on consistent DE&I

reporting and monitoring, while laying the foundation for enhanced,

data-driven dashboards to support informed decision-making.

Business units across the Group implemented initiatives shaped by

the specific needs and priorities of their local teams. In Egypt,

focused efforts contributed to a marked 36% increase in female

head count across operations, alongside progress in leadership

representation, with women now accounting for 10% of senior

management roles, compared with no representation in 2024.

In Serbia, the GENFusion program addressed generational diversity

by fostering collaboration among multiple generations working side

by side. The program resulted in three complementary initiatives:

Mutual Mentoring, supporting two-way knowledge exchange

through structured workshops; Buddy Fusion, pairing colleagues

from different generations to share experiences and perspectives in

an informal setting; and Intergenerational Empathy Workshops,

raising awareness of generational differences and strengthening

collaboration across age groups.

At TITAN Sharrcem cement plant, 83% of female employees

participated in a Women Empowerment Program focused on

executive presence, public speaking, and leading with emotional

intelligence, strengthening confidence and emotional resilience.

In Greece, International Women’s Day was marked through plant-

level gatherings at Kamari and Thessaloniki, bringing together

women employees and plant leadership for engaging discussions

and recognition of women’s contributions across different roles

and levels.

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These collective efforts reflect TITAN’s ongoing commitment to

fostering inclusion and participation across our workplaces through

continuous, meaningful action.

HowzLearning: Democratizing Learning Across TITAN

In 2025, TITAN introduced HowzLearning, a global learning hub

designed to democratize access to learning and embed

development into everyday work across the Group. HowzLearning

serves as a single, clear entry point to learning, giving employees

visibility of opportunities.

Digital employee information board at cement plant, North

Macedonia.

The philosophy behind HowzLearning

HowzLearning’s purpose is not limited to being a learning platform,

but to drive the continuous learning culture of TITAN. By asking

“HowzLearning?”, people are invited to share experiences, reflect

on what they are learning, and connect it to their day-to-day work.

In this sense, HowzLearning acts as a mechanism for dialogue,

helping teams create shared meaning in an industry that is

constantly evolving.

Through HowzLearning, employees across the Group can see all

learning initiatives, programs, and experiences taking place at any

given moment. Even when an activity is not directly linked to their

role, employees can follow what others are learning, which skills

different teams are investing in, and what insights participants are

sharing. Learning shifts to a shared space, open to inspiration,

participation, and choice.

As TITAN’s strategy evolves, learning needs change rapidly and

new topics emerge continuously. HowzLearning addresses this

challenge through Skills Incubators: dynamic learning spaces that

evolve alongside the organization. Rather than fixed content, Skills

Incubators are continuously refreshed, shaped by emerging

priorities, business needs, and employee interest. These are:

• Safety and Ethics: learning includes the Safety Leadership

program for managers across Europe, alongside targeted

experiences on whistleblowing and respect in the workplace.

• Customer Experience: Evergreen in action supports sales

managers and sales representatives across Europe and then

Eastern Mediterranean, strengthening customer-centric

capabilities aligned with commercial priorities.

• Industrials: learning supports capability building across all

industrial roles while also addressing emerging skills such as

decarbonization through initiatives like the CCS IFESTOS

documentary.

• Digital Dexterity: learning is reinforced through PODD, TITAN’s

digital upskilling tool, which helps employees identify their digital

skill strengths and development areas and provides

personalized learning recommendations.

Learning impact and focus areas

Since 2023, learning activity at TITAN has followed a clear upward

trajectory, reflecting the expansion of roles, skills, and expertise

required to support growth and transformation. Since 2024, both

overall learning activity and the active learner base have expanded,

alongside a noticeable increase in learning depth.

In 2025, employees completed an average of 24 learning hours per

person, reinforcing learning as a sustained practice – powering

how we move forward. Learning activity shows a strong

concentration in mission-critical areas – industrials, digital, and

commercial – reflecting a deliberate shift toward learning that

directly supports strategy execution and performance outcomes.

While year-to-date data are still being consolidated, the overall

trend indicates increasing focus on capability areas with the

greatest business impact compared with previous years.

Finally, Health and Safety remained a non-negotiable priority in

2025, with a clear intent to sustain momentum and continuously

strengthen safe behavior on the ground.

Advancing Digital Dexterity through PODD

In 2025, PODD (Point of Digital Dexterity), which offers access to

digital upskilling in local languages across the Group, reached more

than 2,500 employees. Noticeably, our investment in digital

capability accelerated significantly, with a +153% increase in

learning hours. This sharp rise reflects our clear commitment to

building digital dexterity at scale and equipping our workforce with

the skills required for a more digital, data-driven organization.

PODD provides clear insight into digital dexterity levels across five

core areas, enabling targeted action by business units and HR

teams. Beyond personalized learning recommendations, PODD

plays a critical role in supporting employability and inclusion,

ensuring that digital upskilling is accessible not only to office-based

roles but also to field-based employees.

To reach populations with lower digital exposure, PODD is

complemented by preparatory learning focused on essential,

everyday digital skills, reinforcing TITAN’s commitment to inclusive

development and future-ready careers for all.

Leadership development: Building capability

with intent

Leadership development remains a strategic priority for TITAN, as

leaders play a critical role in translating strategy into performance,

shaping culture, and sustaining results over time.

In 2025, TITAN continued to intentionally invest in structured

leadership development programs, designed to support leaders at

different career stages and leadership contexts. These programs

provide clarity on expectations, strengthen critical leadership

capabilities, and ensure a consistent leadership experience across

the Group. TITAN has seen an increase of 17% in leadership

development hours and 16% in unique learners, indicating

sustained investment and expanding participation across

leadership populations.

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These indicators reflect both scale and impact, demonstrating that

leadership development at TITAN is closely linked to capability

growth and talent progression.

A structured portfolio across leadership levels

TITAN’s leadership development portfolio is deliberately structured

to address the needs of leaders at different moments in their journey.

• Rising Leaders continues to support first-time managers across

Europe and the Eastern Mediterranean, focusing on the

transition into people leadership and the development of

essential management and leadership skills.

• SWIFT targets senior people managers, offering a

comprehensive blended journey that strengthens leadership

effectiveness, execution capability, and team performance in

complex environments.

• In TITAN America, BUILD supports frontline supervisors,

reinforcing leadership mindset, accountability, and day-to-day

people management in operational settings.

• WE COACH, TITAN’s flagship Leader-as-Coach program,

continues for the Group Leadership Team in Europe and the

Eastern Mediterranean. It engaged 90 senior leaders,

embedding coaching behaviors that enable empowerment,

engagement, and sustained performance.

Expanding leadership development to senior

individual contributors

Stream 1 workshop_APB discussion no1_cropped.jpg

PIVOT Leadership Development Program.

In 2025, TITAN further expanded its leadership development

approach by introducing PIVOT – a new program designed for

senior individual contributors in Europe and the Eastern

Mediterranean.

PIVOT recognizes the critical influence of senior experts and

specialists who lead through impact rather than formal authority.

The program supports participants in shifting what matters and

leading with intention, with a strong focus on: Global collaboration,

agility and adaptability, critical thinking, communication with impact

and more.

PIVOT strengthens leadership capability beyond traditional

managerial roles and reinforces a broader, more inclusive

understanding of leadership at TITAN.

Scale and impact

Today, more than 250 employees across regions, roles, and

leadership levels are actively participating in leadership

development programs. More specifically, leadership and

management development learning hours increased by 17%

compared with 2024. This growing engagement reflects TITAN’s

commitment to building leadership capability systematically.

Together, these programs ensure that leadership at TITAN is

deliberately developed, consistently applied, and continuously

renewed, supporting both immediate business needs and long-

term strategic ambitions.

166

Management Report

Sustainability Statement

Metrics and targets

S1-5

Targets related to managing material negative impacts, advancing

positive impacts, and managing material risks and opportunities


Material matters (grouped)	Sustainability matters included	ESG targets 2025
Health and safety	Working time
	Work-life balance	We will implement initiatives addressing the physical, mental, social, and financial dimensions of well-being for our employees, in all countries and for all employees
	Health and safety (own operations and value chain)	We strive for zero fatalities and for an employee LTIFR performance which consistently places us among the three best in our peer group
Business ethics	Measures against violence and harassment in the workplace
Business ethics	Secure employment
Training and skills development	Training and skills development	We will offer upskilling and reskilling opportunities to 100% of our employees, especially in areas vital for sustainable growth, such as health and safety, digitalization, and decarbonization
Diversity	Gender equality and equal pay for work of equal value
Diversity	Diversity	We commit that one third of our BoD members will be women We will promote equal opportunities and inclusion and will grow by 20% the participation of women in senior roles, talent pools, and new hires

TITAN Group’s ESG targets for 2025 are grounded in a

comprehensive materiality assessment that incorporated extensive

consultation with employees across the organization. By actively

engaging its workforce in this process, the Group ensures that its

targets are not only aligned with strategic business priorities but

also informed by the perspectives, expectations, and lived

experiences of its people. This inclusive approach strengthens the

relevance and credibility of the targets, reinforcing a shared

commitment to sustainable progress.

All targets established for this period are absolute and directly

linked to two core policy pillars: Occupational Health and Safety,

and Diversity, Equity, and Inclusion (DE&I). These focus areas

reflect TITAN’s dedication to fostering a safe, respectful, and

equitable workplace.

All targets apply to every employee across the company. The 2020

baseline year applies to the diversity-related targets, with progress

evaluated against the 2020 figures for indicators such as the

proportion of women in management positions, talent pools, and

new hires. All other S1-S5 targets are absolute and assessed on an

annual basis rather than against a specific baseline year. Progress

toward all targets is evaluated annually and supported by quarterly

performance reviews and regular monitoring by the Executive

Committee. Tracking of results is conducted via established Group

data platforms, like the HR Information System (HRIS), Learning

Management System (LMS), and Health and Safety tracking

solutions, all underpinned by validated internal control mechanisms.

Group HR, Group Health and Safety, and the Sustainability

Committee carry out quarterly reviews of progress, while the

Executive Committee and Board CSR Committee provide

comprehensive oversight. Each goal is tied to designated Group-

wide initiatives, including well-being programs, leadership and

diversity schemes, safety education, digital skills development, and

decarbonization-related training, all of which are evaluated for their

impact on achieving targets.

167

TITAN Group Integrated Annual Report 2025


Targets 2025 and beyond		2025	2024	Progress vs. targets
Zero fatalities		2	0	Not achieved
LTIFR (employees) among the three best in peer group ¹		0.41	0.33	n
Well-being initiatives, addressing the physical, mental, social, and financial dimensions of our employees’ well-being, in all countries		100% (382 initiatives)	100% (368 initiatives)	n
One-third female participation in the Board of Directors		1/3	1/3	n
Promote equal opportunities and inclusion; increase by 20% female participation in senior roles, talent pools and new hires	% women in management	+30.3% vs. 2020 level ( 21.5 % share of women)	+28.4% vs. 2020 level (21.2 % share of women)	n
	% women in talent pools	+143.1% vs. 2020 level ( 31.6% share of women)	+107.7% vs. 2020 level ( 27.0% share of women)	n
	% women in new hires	+24.91% vs. 2020 level (16.7% share of women)	+16.0% vs. 2020 level (15.5% share of women)	n
100% of employees with access to upskilling and reskilling opportunities, especially in areas vital for sustainable growth, such as health and safety, digitalization, and decarbonization		100% (79,429 training hours)	100% (84,713 training hours)	n


Progress key
n Achieved	n On track	n In progress

1. Peer group definition: Cemex, Holcim, Argos, Heidelberg Materials, CRH, Cementir, Vicat, Buzzi. Comparison based on latest available information. LTIFR: Lost Time Injury

Frequency Rate per million hours worked

Metrics related to own

workforce

S1-6

Characteristics of the undertaking’s

employees


Group level	Number of employees (head count)
Gender	2025	2024
Females	873	857
Males	4,924	5,192
Other	—	—
Not reported	—	—
Total Employees	5,797	6,049

Note: We calculate the number of employees as head count at the

end of reporting period (on 31 December).


Group level	Number of employees (head count)
Countries	2025	2024
Albania	191	196
Bulgaria	254	241
Egypt	555	511
Greece	1,464	1,368
Kosovo	231	235
North Macedonia	249	247
Serbia	206	197
Türkiye	55	297
USA	2,564	2,730

Note: The above refer to countries with more than 50 employees


Group level	Females		Males
Number of employees (head count)	2025	2024	2025	2024
Permanent employees	844	835	4,848	5,310
Temporary employees	29	22	76	62
Non-guaranteed hours employees	—	—	—	—


Group level	2025	2024
Number of employees left	1,057	1,028
Rate of employee turnover (%)	18.2	17.0

We calculate the turnover rate as the % share of total number

of employees who left the Company for any reason during the

reporting period, over the total number of employees head count

at the end of the reporting period.

Change of total head count as end-year 2025 reported figure

compared with equivalent figure for 2024 is substantiated due to

the divestment of 75% stake of Adoçim Çimento Beton Sanayi ve

Ticaret A.S., which was completed in May 2025.The employee

head count presented here represents the end‑year number of

employees on the payroll as of 31 December, and is fully aligned

with the figure disclosed in the financial statements. It is important

to note that the financial statements also include an employee

number calculated under a different methodology, as presented in

Note 10: Employee Benefits Expense, which reflects average

employee‑related costs rather than the end‑year head count.

S1-7

Characteristics of non-employees

in the undertaking’s own workforce

We omitted the specific data point and related information in

accordance with ESRS 1, “10.4 Transitional provision: List of

Disclosure Requirements that are phase-in”, and the respective list

in Appendix C.

168

Management Report

Sustainability Statement

S1-8

Collective bargaining coverage and

social dialogue


Group level	Collective bargaining coverage				Social dialogue
	Employees				Workplace representation
Coverage Rate	2025		2024		2025		2024
Coverage Rate	Greece	Bulgaria	Greece	Bulgaria	Greece	Bulgaria	Greece	Bulgaria
0–19%
20–39%	22.3	36.2	23.9	35.7	32.3	35.8	36.9	35.7
40–59%
60–79%
80–100%

Note: The above refer to countries with at least 50 employees

Collective agreements are negotiated at company or sectoral level

between management and recognized employee representatives

and cover key employment conditions that influence fair

remuneration, employee well-being, and sustainable productivity.

In the context of evolving European labor regulations and increased

expectations regarding transparency and structured social

dialogue, our collective bargaining framework remains central to

responsible employment practices. Agreements typically address

wages, benefits, working time, occupational health and safety, skills

development, and equal treatment. Through constructive

engagement, we aim to balance employee protection with business

resilience and competitiveness.

We monitor the proportion of employees who are unionized,

covered by collective bargaining agreements, or participating in

formal social dialogue mechanisms. Data is collected directly from

business units through standardized internal reporting processes

and consolidated via our GHRMS system. The methodology applied

is consistent with disclosures under S1-6, ensuring alignment with

ESRS requirements, transparency, and year-over-year

comparability. The data reflects the status of employees during the

reporting period and supports audit-ready reporting.

In Greece, employees may join company-level unions represented

at sector level through the Federation of the Hellenic Cement

Workers. The Federation negotiates collective agreements with the

Hellenic Cement Industry Association, covering remuneration and

employment conditions. It is affiliated with the European Federation

of Building and Woodworkers, a member of the European Trade

Union Confederation.

In Bulgaria, employees participate in local unions affiliated with the

Federation of Construction, Industry and Water Supply, which is

also connected to the European Federation of Building and

Woodworkers and holds a permanent observer role at the

European Construction Industry Federation.

Consolidated figures are calculated based on data collected from

business units, reflecting local labor relations practices and

accurately capturing the proportion of employees covered by

collective bargaining agreements during the reporting period.

For social dialogue indicators, comprehensive country-level data on

trade union participation and employee representation is maintained

in the GHRMS system, ensuring 100% employee data coverage and

supporting robust governance and external assurance processes.

S1-9

Diversity metrics


Group level	Females		Males
	2025	2024	2025	2024
Number of employees at top management level	20	19	122	123
Percentage of employees at top	14.1	13.4	85.9	86.6

We define top management as employees at the “Senior

Managers” level and we provide data for this category of

employment under S1-6. The percentage share of females and

males was based on the total number of employees, female and

male, respectively.


Group level
Number of employees by age	2025	2024
Under 30 years old	585	605
30–50 years old	2,823	3,002
Over 50 years old	2,389	2,442

S1-10

Adequate wages

The analysis identified the lowest-paid employee in each country of

operation, based on gross base salary including guaranteed

allowances. These wages were benchmarked against applicable

statutory minimum wage levels. In 2025, TITAN Group ensured full

compliance with minimum wage requirements across all countries

of operation. The assessment confirmed that 100% of employees

were paid at or above the legally mandated minimum wage at

country level, reflecting our commitment to fair and responsible

remuneration practices.

S1-11

Social protection

All TITAN employees are covered by social protection against loss

of income due to major life events, in specific for sickness,

unemployment, employment injury, and acquired disability,

parental leave, and retirement. This applies to 100% of countries

of operation, with the exception of Egypt only for parental leave

and for male employees.

S1-12

Persons with disabilities

We omitted the specific data point and related information in

accordance with ESRS 1, “10.4 Transitional provision: List of

Disclosure Requirements that are phase-in”, and the respective list

in Appendix C.

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TITAN Group Integrated Annual Report 2025

S1-13

Training and skills development

metrics


	Females		Males
	2025	2024	2025	2024
Employees that participated in regular performance and career development reviews (%)	78.8	78.3	48.6	45.9


	Females		Males
	2025	2024	2025	2024
Average number of training hours	32.3	30.7	22.3	25.8


Training hours/category	2025	2024
Senior Managers	5,204	3,650
Managers	27,505	30,738
Administration/technical	51,272	52,269
Semi-skilled/unskilled	54,220	73,650

S1-14

Health and safety metrics


Group level (all operations)	2025	2024
Percentage of people covered by health and safety management system (%)	100	100
Number of fatalities as a result of work-related injuries (own employees)	1	0
Number of fatalities as a result of work-related injuries (contractors)	1	0
Number of recordable work-related accidents (own employees)	70	93
Number of recordable work-related accidents (contractors)	27	24
Rate of recordable work-related accidents (TRIFR) (own employees and contractors) (#/10 ⁶h)	4.48	5.41
Rate of lost time injuries (LTIFR ) (own employees and contractors) (#/10⁶h)	0.60	0.56

In 2025, the cumulative Lost Time Incident Frequency (LTIFR) for

employees and contractors was 0.60 LTIs per million hours worked,

compared with 0.56 in 2024. Employee LTIFR has decreased

strongly since 2017 and remains at low levels (0.41 LTIs per million

hours worked).

Contractor LTIFR, while lower than pre‑2023 levels, is higher than

the employee rate. Strengthening contractor management remains

a priority.

Regrettably, despite our efforts to identify appropriate accident

control measures and our focus on safety risk assessment, there

were two fatalities in 2025 (one employee and one contractor in

Greece). We continue strengthening our Critical Risk Management

aiming for an improved performance everywhere we operate.

Contractor management remains a key focus area given the

diverse conditions in the countries where we operate. The Group

contractor management guideline continued to guide expectations

for all business units in 2025 and was a focus area in Group

Safety Audits.

S1-15

Work-life balance metrics

We omitted the specific data point and related information in

accordance with ESRS 1, “10.4 Transitional provision: List of

Disclosure Requirements that are phase-in”, and the respective

list in Appendix C.

S1-16

Remuneration metrics (pay gap and

total remuneration)


Group level	2025	2024
Gender pay gap (%)	4.6	3.4
Annual total remuneration ratio of the highest paid individual to the median annual total remuneration for all employees (excluding the highest-paid individual)	93.3	68.9

* Figure 2024 for KPI “Gender pay gap” was recalculated. Improvements of the

approach compared with previous year were to incorporate in the total

remuneration all pay components (base salary and variable pay) plus to include in

the calculation employees in countries with less than 50 employees. The figure

originally reported for 2024 (prior to recalculation) was -6.7%.

Pay gap and total compensation ratio

The methodology for calculating the unadjusted gender pay gap

followed the requirements of ESRS S1 and covered all Group

employees. The pay included all payments made during 2025,

including fixed and variable remuneration, allowances, other benefits,

and long-term incentives (the latter valued by multiplying the granted

shares by the average TCI share closing price on Euronext Brussels

during the last seven trading days of March 2025). The gender pay

gap in TITAN, defined as the difference between average gross

hourly pay of male paid employees and of female paid employees,

expressed as a percentage of average gross hourly pay of male paid

employees, was 4.6%. This figure takes into consideration the

extraordinary once-off LTI award that was approved by the Board of

Directors and granted in 2025 (see Remuneration Report §11.3.4

“Extraordinary Long-Term Restricted Stock Award”), which was

exceptional and not recurring in nature. The gender pay gap without

taking into consideration the extraordinary LTI award was 4.07%.

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Management Report

Sustainability Statement

The annual total remuneration ratio for the highest-paid employee

compared with the median remuneration of all employees of TITAN

Group in 2025 was 93. The total compensation included all payments

made during 2025, including fixed and variable remuneration,

allowances, other benefits, and long-term incentives (the latter valued

by multiplying the granted shares by the average TCI share closing

price on Euronext Brussels during the last seven trading days of

March 2025). Above figure takes into consideration the extraordinary

once-off LTI award that was approved by the Board of Directors and

granted in 2025 (see Remuneration Report §11.3.4 “Extraordinary

Long-Term Restricted Stock Award”), which was exceptional and not

recurring in nature. The annual total remuneration ratio without taking

into consideration the extraordinary LTI award was 75.1.

S1-17

Incidents, complaints and severe

human rights impacts


Group level	2025	2024
Total number of incidents of discrimination (including harassment)	1	0
Number of complaints	11	21
Total amount of significant fines, penalties, and compensation for damages as a result of the incidents and complaints disclosed above	0	0
Number of severe human rights incidents	0	0
Total amount of significant fines, penalties, and compensation for damages as a result of the incidents refer to severe human rights*	0	0

* TITAN defines “significant” fines as those exceeding €100,000. Annual reports

include the monetary value of these fines and the total number of non-monetary

sanctions for noncompliance with laws and regulations. This includes areas such

as environmental issues, product and service usage, labor concerns, anti-

corruption, anti-competitive behavior, and anti-trust or monopoly practices. All

business units report all environmental fines, regardless of monetary level. The

total amount of all such fines paid in 2025 was €10,506.

Through the whistleblowing system and EthicsPoint – its core

reporting platform – TITAN collects and reviews whistleblowing

concerns, including work-related incidents and/or complaints and

severe human rights impacts within our own workforce in a

structured manner across the entire Company. Incidents that are

reported are formally logged, with detailed information available in

specific sections of the referenced reports. In addition to utilizing

EthicsPoint, business units compile extra complaint-related data to

ensure that reporting is both comprehensive and representative of

all ESG aspects.

In 2025, our whistleblowing system received a total of 10 reports

related to incidents and complaints involving People, Diversity, and

Workplace Respect. Out of these, 9 reports pertained to alleged acts

of discrimination or harassment, which were classified as

“complaints”. Following investigations by the designated committees,

only one report was substantiated; this case was not categorized as a

severe human rights violation but was recorded as an “incident”.

Additionally, two other relevant complaints emerged via alternative

collection and management methods at the business unit level;

however, neither was validated as an incident linked to human rights,

discrimination, or harassment. The sole incident involved workplace

disrespect and discrimination, and the remediation plan implemented

included refresher sessions on appropriate workplace behavior and

protocols for reporting incidents.

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TITAN Group Integrated Annual Report 2025

ESRS S2 Workers in the value chain

Strategy

ESRS 2 SBM-2

Interests and views of stakeholders

Interaction with workers in the value chain takes place through a

combination of policy‑based requirements, structured supplier

engagement, and direct awareness activities. TITAN requires

suppliers and contractors to comply with its Environmental, Health

and Safety, Human Rights, and Whistleblowing Policies, which are

embedded in the supplier ESG qualification and assessment

process. This includes ESG due diligence, health and safety and

environmental, audits, and ongoing monitoring, supported by the

Group’s collaboration with Avetta, which integrates ESG criteria into

supplier qualification.

Engagement is further supported through health, safety, and

environmental training initiatives that include value‑chain workers

alongside TITAN employees, as well as direct dialogue with

representatives of value‑chain workers through targeted awareness

and local engagement activities through NGOs. In addition,

value‑chain workers can raise concerns through supplier grievance

channels and the Group’s whistleblowing mechanism, which

provides confidential reporting and protection against retaliation.

More information is available in the details under “Interests and

views of stakeholders: SBM-2” on page 115.

ESRS 2 SBM-3

Material impacts, risks and

opportunities and their interaction

with strategy and business model

TITAN Group’s policies support the management of material

impacts, risks and opportunities across the value chain in line with

the intent of ESRS 2 SBM‑3, by defining standards, responsibilities,

and expectations that guide operational decision‑making and

supplier engagement.

The Environmental Policy sets requirements for water, waste, and

environmental management, supporting the prevention and

mitigation of environmental impacts. The Health and Safety Policy

establishes minimum safety standards applicable to employees and

contractors, enabling the identification, prevention, and

management of occupational health and safety risks across

operations and the value chain. The Whistleblowing Policy provides

secure and confidential channels for reporting concerns, supporting

early detection and remediation of ethical, human rights, and

compliance‑related risks, with safeguards against retaliation.

These policies apply beyond TITAN’s own workforce to contractors

and suppliers and are embedded in the supplier ESG qualification

and assessment process. They are informed by internationally

recognized frameworks, including the UN Global Compact’s Ten

Principles, and cover key areas such as legal compliance, human

and labor rights, health and safety, environmental protection,

anti‑corruption, and transparency. Through this policy framework,

TITAN integrates sustainability considerations into procurement and

value‑chain management, supporting consistent management of

material ESG impacts, risks, and opportunities.

For the material impacts, risks and opportunities resulting from the

materiality assessment, see the table “IRO identification, page 116.

S2-1

Policies

TITAN’s policies governing workers in the value chain are

grounded in internationally recognized human‑rights and

labor‑rights frameworks, including the UN Guiding Principles on

Business and Human Rights, the ILO Declaration on Fundamental

Principles and Rights at Work, and the OECD Guidelines for

Multinational Enterprises. These frameworks inform TITAN’s

human‑rights commitments and due‑diligence approach and are

embedded across the Group Procurement Policy, the Code of

Conduct for Procurement, the Human Rights Policy, the

Environmental Policy, the Health and Safety Policy, the Respect in

the Workplace Policy, the Information and Cyber Security Policy,

and the Whistleblowing Policy. All of these policies apply to

suppliers, contractors, and other business partners throughout

TITAN’s upstream and downstream value chain.

Across these policies, TITAN explicitly prohibits all forms of

trafficking in human beings, forced labor, compulsory labor and

child labor, and sets clear expectations regarding freedom of

association, non‑discrimination, safe and healthy working

conditions, environmental stewardship, responsible sourcing, and

ethical conduct. These expectations are communicated to suppliers

and contractors through qualification criteria, contractual clauses,

onboarding requirements, and capacity‑building and

awareness‑raising initiatives.

In line with the UN Guiding Principles and the OECD Due Diligence

Guidance for Responsible Business Conduct, TITAN monitors

compliance with these standards through a combination of

preventive, detective and corrective mechanisms, including:

• ESG-based supplier qualification and evaluation, aligned

with UN Global Compact principles and conducted with

external partners.

• Third-party due diligence screening for sanctions, integrity,

and human rights risks.

• Risk-based supplier self-assessments, ESG platform scores,

audits, and recertification.

• Accessible grievance channels, including the EthicsPoint

whistleblowing system for all value-chain workers.

• Human rights risk assessments aligned with OECD guidance,

addressing actual and potential impacts.

• Regular reviews at Group and Business Unit levels, overseen

by the Executive Committee and relevant functions (HR,

Procurement, Compliance, Anti-Fraud).

Where cases of non‑respect involving value‑chain workers are

identified in the upstream or downstream value chain, they are

addressed through TITAN’s grievance handling and due‑diligence

procedures. In recent years, reported and substantiated cases have

primarily related to non‑conformities identified during supplier

qualification or monitoring processes, such as missing or

incomplete documentation, insufficient ESG disclosures, or gaps in

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Management Report

Sustainability Statement

health and safety management practices. No confirmed cases of

trafficking, forced labor, compulsory labor or child labor have been

identified. The nature of these cases has resulted in

corrective‑action plans, enhanced monitoring, and, where

necessary, temporary suspension of suppliers from the approved

supplier list. All cases are documented, tracked, and followed up

until closure through the Group’s due‑diligence systems.

Through this integrated policy framework and associated

monitoring and remediation mechanisms, TITAN ensures that

respect for human rights and decent working conditions is

promoted across its value chain and that continuous improvement

is pursued in alignment with internationally recognized standards.

The policy applies to all employees of TITAN Group worldwide,

regardless of the legal basis of the working relationship and the

position or the function of the employee. Third parties who have

an ongoing relationship with TITAN may also rely on this policy to

report incidents.

In line with TITAN’s commitment to responsible supply chain

management, all policies outlined on page 158 extend to all value

chain workers.

S2-2

Processes for engaging with value

chain workers about impacts

TITAN maintains structured and ongoing processes to engage with

value chain workers and their representatives to identify, assess,

and address actual and potential workforce‑related impacts.

Engagement takes place through direct mechanisms – such as

supplier workshops, site‑level health, safety and environmental

trainings, targeted awareness sessions, and dialogue during ESG

supplier qualification and review processes – and through proxy

mechanisms, including external ESG platforms (Avetta, EcoVadis),

supplier self‑assessments, and third‑party audits incorporating

worker‑related insights.

Engagement is embedded at key stages of decision‑making: (i)

impact identification through ESG risk screenings, due‑diligence

checks, and supplier qualification assessments; (ii) design and

adjustment of mitigation measures through structured supplier

engagement and initiatives such as CSR Hellas activities; and (iii)

monitoring and follow‑up through continuous platform‑based data

updates, periodic procurement reviews, and grievance channels

accessible to value chain workers via EthicsPoint.

Engagement frequency varies by mechanism, ranging from

continuous grievance and monitoring processes, to periodic

supplier reviews and annual training and capacity‑building

activities, with ad hoc engagement triggered by elevated risk or

remediation needs.

Responsibility for value chain worker engagement is shared across

Group Procurement, Group ESG Performance, and Group

Compliance and Anti‑Fraud, with oversight by the Chief

Sustainability and Innovation Officer for ESG‑related due diligence.

Outcomes from engagement – including identified risks, recurring

issues, and improvement opportunities – inform updates to supplier

qualification criteria, training priorities, contractual requirements,

and country‑level action plans. To identify risks affecting vulnerable

or marginalized workers, TITAN applies enhanced due‑diligence

indicators for high‑risk geographies and contractor categories and

integrates sector‑specific risk guidance from the OECD and GCCA.

S2-3

Processes to remediate negative

impacts and channels for value

chain workers to raise concerns

TITAN maintains structured, risk‑based processes to engage with

value chain workers and their representatives to identify,

understand, and address actual and potential adverse impacts.

Engagement is conducted through both direct mechanisms,

including supplier workshops, site‑level safety and environmental

trainings, targeted awareness sessions and direct dialogue during

ESG qualification and review processes, and proxy mechanisms,

such as external certification and assessment platform (Avetta),

supplier self‑assessments and audits. Value chain workers also

have access to the Group’s EthicsPoint grievance mechanism,

which is available in all countries of operation and operates under

principles of confidentiality and non‑retaliation. Engagement takes

place at key stages of the value chain relationship, including impact

identification, design and revision of mitigation measures, and

ongoing monitoring and follow‑up, with continuous engagement

through grievance channels and platform monitoring, and periodic

or ad‑hoc engagement based on risk.

Responsibility for engagement processes is shared across Group

Procurement, Group ESG Performance, and Group Compliance and

Anti‑Fraud, with oversight by the Group Executive Committee.

Outcomes of engagement inform supplier qualification and

contracting decisions, training priorities, remediation actions and

country‑level action plans. Effectiveness is assessed through

supplier performance and qualification results, trends in

non‑conformities and grievances, and qualitative insights from

audits and training feedback. To gain insight into vulnerable or

marginalized value chain workers, TITAN applies targeted

due‑diligence indicators for high‑risk geographies and contractor

categories, incorporates worker‑voice elements through external

audits, and applies sector‑specific risk factors based on OECD and

GCCA guidance. Further information on EthicsPoint is provided in

section G1-1, while details on Group policies relating to value chain

workers are presented on page 159.

S2-4

Taking action on material impacts on

value chain workers, and approaches

to managing material risks and

pursuing material opportunities

related to value chain workers, and

effectiveness of those action

Health and Safety was identified as the most material impact area

for value chain workers. TITAN implements targeted actions to

prevent, mitigate and remediate adverse Health and Safety impacts

across its value chain, with a focus on contractors and suppliers

engaged in higher‑risk activities.

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TITAN Group Integrated Annual Report 2025

Preventive and Mitigation Actions

During 2025, TITAN strengthened Health and Safety performance

across suppliers and contractors through a structured set of

actions, including:

• Enhanced contractor‑management processes with clearer

Health and Safety requirements embedded in qualification,

onboarding and ongoing monitoring.

• Integration of Health and Safety expectations into contractual

arrangements and supplier assessments.

• Deployment of preventive measures at operational level,

including toolbox talks, on‑site briefings, and joint trainings

focused on critical risks, safe‑work practices and incident

prevention.

• In selected operations, inclusion of value chain workers in digital

safety initiatives such as AI‑enabled hazard detection and

enhanced LOTOTO procedures.

Capacity‑Building Actions

Targeted capacity‑building actions were expanded to address

identified Health and Safety risks in the value chain:

• Participation of suppliers in ESVE’s Atelier 6 (CSR Hellas’ “Pact

for Sustainability” initiative in Greece): “Health and Safety”,

supporting road‑safety risk management, ISO‑aligned

risk‑assessment approaches, and practical safety tools.

• Delivery of more than 850 training hours under the Pact for

Sustainable Industry/ESVE activities, supporting suppliers in

strengthening safety management and promoting safer

working conditions.

• Collaboration with over 19 businesses to deliver advanced

training to key suppliers on EU regulatory developments,

supplier qualification, ESG assessments and sustainable

supply‑chain practices, reaching almost 100 practitioners from

57 supplier companies in Greece.

Engagement and Grievance Handling

TITAN maintains ongoing dialogue with contractors and business

partners across all business units, in line with the Framework

Guidance for stakeholder engagement, to receive concerns, views,

and suggestions related to working conditions and safety.

Value chain workers and external stakeholders can raise Health

and Safety‑related concerns through established channels,

including the EthicsPoint platform. Reported issues are assessed

and addressed through corrective actions agreed with the relevant

contractor or supplier.

Remedy and corrective actions

Where adverse Health and Safety impacts involving value chain

workers are identified, TITAN:

• Requires contractors or suppliers to implement corrective action

plans with defined timelines.

• Verifies implementation through follow‑up reviews or site checks.

• Applies escalation measures in cases of repeated or severe

non‑compliance, including suspension of activities or contractual

consequences.

Severe incidents involving value chain workers are subject to

immediate reporting and investigation in line with Group

procedures, with root‑cause analysis and preventive measures

implemented to avoid recurrence.

Effectiveness of Actions

The effectiveness of these actions is monitored through:

• Contractor‑related Health and Safety performance indicators,

including incident data (see S1‑14).

• Completion and outcomes of corrective actions.

• Training participation levels and qualitative feedback from

suppliers and contractors.

Findings are used to continuously improve contractor‑management

practices and preventive measures.

Resources and Commercial Considerations

These actions are supported by dedicated Group and site‑level

Health and Safety resources, as well as financial resources

allocated to training, audits and safety‑related initiatives. TITAN

ensures that Health and Safety requirements for value chain

workers take precedence over commercial considerations, and

Health and Safety performance is a key factor in supplier and

contractor decisions.

CSR Hellas: Pact for Sustainable Industry meeting, Greece.

In addition, TITAN participated in the 17th Safety Gala, representing

CSR Hellas/ESVE initiative. Through this participation, TITAN helped

promote the integration of Health and Safety into ESG practices

and shared insights on technology‑enabled safety management –

strengthening awareness among suppliers and the wider business

community.

TITAN also strengthened its engagement with the Climate

Governance Initiative Greece (CGI Greece), incorporating relevant

climate‑ and safety‑governance insights into conversations with

suppliers to help them better understand risk‑assessment practices,

governance expectations, and evolving requirements that influence

responsible and safe value‑chain management.

Collectively, these actions enhanced contractor safety awareness,

supported safer work execution across operations and contributed

to mitigating Health and Safety risks for value chain workers.

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Sustainability Statement

Metrics and targets

S2-5

Targets related to managing material negative impacts, advancing positive

impacts, and managing material risks and opportunities


Material matters (grouped)	Sustainability matters included	ESG targets 2025
Health and safety	Workers in the value chain	We will ensure that 70% of our key suppliers meet TITAN ESG supplier standards

TITAN sets targets for managing material impacts, risks and

opportunities in the value chain through a structured, multi‑step

process that combines internal due diligence with engagement of

value‑chain workers, suppliers and their representatives. Target

setting begins with the annual assessment of ESG risks and

performance across our supply chain, informed by supplier

self‑assessments, audits, collaborative qualification processes, and

external certification platforms, which act as proxies for

worker‑level feedback regarding working conditions, labor rights,

and safety practices. Input from suppliers during qualification

reviews, ESG training sessions, and ongoing engagement provides

direct insight into feasibility, priorities and improvement areas,

which is incorporated into target formulation.

Once set, targets – such as the 70% threshold for key suppliers

meeting TITAN ESG standards – are governed by Group and

Business Units Procurement and Group ESG Performance

Departments, monitored through periodic supplier evaluations,

external platform scores, and country‑level procurement reviews.

Performance tracking occurs through quarterly dashboards and

annual consolidation, while lessons learned are derived from gaps

identified in assessments, supplier feedback, and trends in

non‑compliance findings, which inform updated targets, revised

criteria, and new support measures.

Through this process, engagement with value‑chain workers

(directly or via supplier representatives, audit feedback and

certification systems) forms an integral part of setting ambitious,

credible and improvement‑oriented targets that strengthen positive

impacts and reduce risks across TITAN’s value chain.

The ESG standards of TITAN are aligned with the Ten Principles of

the United Nations Global. The framework of our standards covers

the areas of Compliance with Laws, Regulations and Social

Customs, Respect for Human Rights, Labor Rights and promotion

of high Health and Safety Standards, Environmental Protection,

Robust Environmental Management Policies and Procedures,

Robust Anti-corruption Management Policies and Procedures, and

Transparency. In 2025 we exceeded our target for 70% of key

suppliers to meet TITAN ESG standards, with a strong performance

by the majority of countries. The most significant increase

compared with the previous year was recorded in Greece, Bulgaria,

Serbia, Türkiye, and Egypt, which was due to them intensifying their

engagement with suppliers toward meeting the target.


Targets 2025	2025	2024	Progress vs. targets
70% of key suppliers ¹meeting TITAN ESG supplier standards (%)	79.5	58.5	n


Progress key
n Achieved	n On track	n In progress

1. Key suppliers: critical suppliers according to GCCA Guidance for Sustainable Supply Chain management with a meaningful level of spend for TITAN as defined in the ESG key

performance statements (voluntary KPIs) Notes (page 241 )

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ESRS S3 Affected communities

Strategy

ESRS 2 SBM-2

Interests and views of stakeholders

TITAN Group maintains active involvement with impacted

communities to gain insight into and address their key concerns,

such as safeguarding the environment, fostering community

growth, promoting health and safety, creating job opportunities,

and ensuring clear communication. Through continuous

conversation and a forward-thinking stance on community

interaction, the Group guarantees that the voices of local residents

are heard, their issues resolved, and their perspectives

incorporated into organizational decisions. This dedication

strengthens trustful partnerships and contributes to the lasting

prosperity and resilience of the neighboring populations.

Drawing from the materiality assessment – which integrated

firsthand perspectives from community stakeholders during the

local validation of key topics – the targets in this field are firmly

established. This approach enables TITAN to ensure its

commitments are attuned to authentic community needs and

aspirations, further enhancing the pertinence and influence of its

sustainability initiatives.

More information is available in the details under “Interests and

views of stakeholders: SBM-2” on page 115.

ESRS 2 SBM-3

Material impacts, risks and

opportunities and their interaction

with strategy and business model

TITAN identifies and addresses community priorities through a

dynamic materiality assessment, focusing on environmental, social,

and economic topics such as natural resource protection, local

development, health and safety, employment, transparency, social

cohesion, and the visual and environmental impacts of quarry

operations (see page 112). These matters inform strategic decisions

on land use, licensing, quarry development, operational planning

and investment in local programs.

We implement tailored community engagement plans to avoid,

minimize, and mitigate adverse impacts, ensuring stakeholder

participation through ongoing dialogue and transparent

communication. This approach supports trust-building and aligns

with our sustainability objectives. In 2025, we enhanced our impact

measurement by introducing Social Return on Investment (SROI),

piloting this methodology for the TITAN ReGeneration Academy for

Digital Acceleration (RADA) in Greece, in partnership with the

Institute of Economic and Industrial Research (IOBE).

Most of the value from RADA accrues to program participants,

reflecting its strong focus on employability, skills development, and

well-being. Additional value is captured by the government, through

fiscal savings; by ReGeneration, through organizational

strengthening; and by TITAN, through internal engagement effects.

The pilot SROI assessment estimated that each €1 invested

generated approximately €4.66 in social and economic value. This

value is primarily linked to participants’ employment outcomes

(including transitions into paid work and income improvements),

self-reported changes in confidence and wellbeing, and quantified

fiscal effects such as reduced unemployment benefits and

increased tax and social security contributions. These findings help

TITAN refine its local development strategy and prioritize initiatives

that respond to the specific needs of affected communities.

Addressing the visual impact of quarries – a key material issue – we

conduct early-stage impact assessments, apply mitigation

measures such as progressive rehabilitation and landscaping, and

promote biodiversity to integrate sites into their surroundings.

Further information is available under the “visual impact”

sustainability matter on page 153.

For a comprehensive overview of material impacts, risks, and

opportunities, refer to the “IRO identification” table on page 116.

S3-1

Policies

Our Corporate Social Responsibility (CSR) Policy ( https://

www.titanmaterials.com/about-us/corporate-governance/group-

policies/) establishes a framework for pursuing business objectives in

a socially responsible manner, contributing to the well-being of

employees and their families, the sustainability of communities, and

society as a whole.

TITAN’s Corporate Social Responsibility (CSR) Policy applies to all

affected communities across every geography in which the Group

operates, without limitation to specific community groups. The

Policy establishes the framework for responsible engagement,

social investment, environmental stewardship, and prevention and

mitigation of potential adverse impacts on communities surrounding

TITAN operations. All business units are required to implement the

policy locally, adapting activities to community‑specific needs while

remaining fully aligned with Group commitments.

TITAN’s policy framework is aligned with the UN Guiding Principles

on Business and Human Rights, the OECD Guidelines for

Multinational Enterprises, and relevant ILO conventions, and it

explicitly promotes respect for community rights, health and safety,

environmental protection, cultural heritage, and inclusive economic

development. Although TITAN does not currently operate in areas

with formally recognized indigenous peoples, the Group’s policies

apply equally should indigenous communities be present, with

commitments to respect their rights, traditions, and cultural identity,

following international standards.

Oversight is exercised by the Group Executive Committee, with

local ESG, CSR, and operational teams responsible for

implementation, engagement, and monitoring. TITAN maintains

several channels for community concerns, including structured

stakeholder engagement processes, local grievance mechanisms,

and the EthicsPoint whistleblowing platform.

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Management Report

Sustainability Statement

In recent reporting periods, no confirmed cases of non‑respect

involving affected communities were identified in TITAN’s own

operations or value chain. Instances of community concern (e.g.,

questions regarding environmental performance) were raised

through local engagement channels and directly addressed

through dialogue, site visits, or targeted mitigation actions.

Any potential adverse impacts are documented, assessed at

site level, and escalated for corrective action under Group

due‑diligence procedures.

Through this policy ecosystem, TITAN ensures that all communities

– current and future, including vulnerable groups – are protected

and engaged, and that impacts are responsibly identified,

monitored, and managed across the Group’s operations and

value chain.

S3-2

Processes for engaging with affected

communities about impacts

TITAN has established processes to remediate negative impacts on

affected communities through a combination of local ESG initiatives,

grievance mechanisms, and formal investigation and oversight

procedures. Business units implement targeted ESG initiatives in

line with the Group Framework Guidance for CEPs, tailored to local

community needs. These initiatives are periodically assessed for

alignment with material social and environmental issues,

stakeholder relevance, and the level of community engagement.

In parallel, members of local communities and other stakeholders

can raise concerns or complaints through the Group whistleblowing

system, which is accessible via EthicsPoint and other reporting

channels. All reported concerns are investigated in accordance with

the Group’s procedures. Following the completion of an

investigation, outcomes and corrective actions are documented in

the EthicsPoint platform and reviewed by the Supervisory

Committee. TITAN reports aggregated outcomes of grievance

procedures – including the number of cases received, investigation

results, substantiated incidents, and the remediation actions

implemented – in the section on Whistleblowing: grievance

management on page 194.

Oversight of remediation actions is ensured through regular

reporting, with the Group Compliance and Anti‑Fraud Director

providing quarterly updates to the Audit and Risk Committee of the

Board and to the Executive Committee. Where negative impacts

are identified, corrective measures are defined and implemented at

local or Group level, and lessons learned are used to inform future

community engagement and ESG initiatives.

S3-3

Processes to remediate negative

impacts and channels for affected

communities to raise concerns

TITAN engages stakeholders at both Group and local levels to

understand their expectations and integrate diverse perspectives

into strategic planning. In 2024, a double-materiality assessment

identified key topics relevant to both stakeholders and the

organization, guiding sustainable business strategies and long-term

value creation. The Group’s dynamic materiality process combines

top-down and bottom-up analyses over a five-year cycle, with

business units engaging local stakeholders to advance

sustainability and build strong relationships.

TITAN’s Stakeholder Engagement (SHE) Framework provides clear

protocols and tools for effective communication, ensuring

stakeholder feedback is collected, reviewed, and incorporated into

decision-making. The framework also includes transparent

procedures for managing complaints and concerns, promoting

trust, accountability, and continuous improvement.

Communities can raise concerns through accessible channels,

supported by the SHE Framework and Whistleblowing Policy.

Information about grievance mechanisms is shared via local

meetings, information boards, digital platforms, and outreach by

CSR, ESG, and operational teams. TITAN prioritizes confidentiality,

independence, and non-retaliation, with the Whistleblowing

Policy protecting individuals who report concerns in good faith,

including through anonymous channels like EthicsPoint

(https://secure.ethicspoint.eu/domain/media/en/gui/105103/

index.html).

For more, see Business conduct policies and corporate culture G1-1,

on page 180.

S3-4

Taking action on material impacts on

affected communities, and

approaches to managing material

risks and pursuing material

opportunities related to

affected communities, and

effectiveness of those actions

Community engagement plans

In 2025 TITAN continued its targeted initiatives and proactive

engagement across all countries of operations to ensure that

community needs and concerns are voiced and addressed on the

level of each business unit. Our approach fosters open dialogue

with stakeholders, building on collaboration and positive

relationships, and contributing to the well-being and sustainability

of local communities.

National debate competition “UNI Debate”, supported by

TITAN Albania.

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TITAN Group Integrated Annual Report 2025

We intensified our efforts to engage with our stakeholders in all

geographical areas of operations and to contribute to the

sustainability of communities, with good examples:

In Albania, the Developmental Space project – led by TITAN Antea

in collaboration with World Vision Albania and the Ministry of

Education and Sports – advanced inclusive education by making

schools more accessible for all children, especially those with

disabilities. In its second year (2025), the project expanded to two

local communities, using a community-based approach to foster

participation and support. By involving teachers, parents, students,

local institutions, and TITAN Albania employees, the initiative has

improved the lives of children with disabilities, promoted empathy

and cooperation, and strengthened long-term community support

for inclusive education.

In Egypt, TITAN supported the BSF public cancer hospital by

donating essential equipment and addressing urgent technical

needs, benefiting patients across three governorates. In Alexandria,

TITAN partnered with WEK Primary School – helping it achieve top

rankings in cleanliness, academics, and activities – by providing

smart screens, equipment, and upgrading the school garden.

Athar Award: recognition for our sustainability efforts in Egypt.

At the Kamari plant quarry in Greece, TITAN joined forces with the

NGO “Bee for Planet” to launch a pilot program focused on

enhancing biodiversity. The project started with efforts to restore

the soil, dispersing roughly 180,000 capsules filled with native plant

seeds, which sprouted and flourished following rainfall.

Subsequently, 30 beehives containing around 600,000 bees – the

region’s natural pollinators – were introduced to the site, aiming to

rejuvenate the quarry’s landscape, enrich the soil, and foster a

more robust ecosystem. Building on previous year’s initiatives to

support pollinator populations in quarries, the above project

coincided with a similar effort by TITAN Bulgaria (see below).

Meanwhile, over at the Sharrcem plant in Kosovo, the atmosphere

was equally vibrant, with 50 local pensioners from Hani i Elezit

gathering for a day filled with warmth, conversation, and joyful

activities. The Management Committee joined in, sharing meals

and lighthearted moments, creating memories that transcended

generations. The event was more than a simple social assembly –

it was a heartfelt tribute to the lifelong dedication of these

community pillars, reinforcing the strong bonds that unite

TITAN’s extended family.

“Excellence in Sustainability Integration” at the Kosovo CSR Awards.

In Türkiye, the Adoçim Marmara plant launched the “Employee

Garden” initiative to enhance employee well-being, teamwork, and

environmental sustainability. By converting unused land into a

green space using leftover materials and recycled water, the

project promotes resource efficiency, healthier lifestyles, and a

circular economy.

In Roanoke, US, the plant supported a variety of educational,

environmental, and community initiatives, including STEM events,

internships, student tours, and the “Waste Not Want Not” event

highlighting zero-waste practices. Additional activities included

family events, a community garden, participation in local festivals,

hands-on projects with schools, and environmental cleanups. These

efforts demonstrate TITAN America’s commitment to education,

workforce development, community engagement, and

environmental stewardship.

In Serbia, TITAN Kosjeric has consistently supported the local

community through cultural, educational, sports, and social

initiatives. This includes aid to local associations, summer camps,

schools, and NGOs, as well as organizing safety workshops, sports

events, and cultural activities. The company also runs the “Creative

Mentorship” program, rewards student achievements, and supports

school programs such as robotics workshops and facility

improvements.

Family Day at TCK, Serbia.

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Sustainability Statement

At the Kamari plant in Greece, anticipation ran high as 125 retirees

from the Kamari and Elefsina sites reunited after years apart. The

air buzzed with laughter and heartfelt stories as old friends

reconnected, reminisced, and explored the latest innovations

shaping the Company’s future. TITAN’s current employees joined

in, bridging generations as everyone toured the renovated facilities.

The day culminated in a festive meal, at which each retiree received

a special commemorative gift – a token of lasting appreciation for

their invaluable legacy.

Welcome back: A day for retirees, Greece.

In North Macedonia, TITAN Usje supported education, culture, and

community engagement through initiatives such as launching the

“Innovatorium” STEM club for primary schools, distributing 2,000

flowers on World Environment Day, and hosting events for its 70th

anniversary. Activities included a sustainability conference, student

visits, and a waste management lecture for NGOs, highlighting

TITAN Usje’s commitment to innovation, youth development, and

strong community partnerships.

In 2025, out of 285 interns (49.1% female) at Group level, 23 were

hired. Furthermore, TITAN continued its impactful contribution to blood

donation initiatives, with over 228 employees and contractors from

various business units across our operational geographies volunteering

in blood donation programs. Following previous years’ efforts in

Greece, we expanded our active pool of potential bone marrow donors

to 847, reaching a total of five successful donorships to date.

Furthermore, our assessment of performance in relation to access to

Water, Sanitation, and Hygiene (WASH) – as well as other efforts to

promote human rights in line with UN SDG 6 – was maintained. Since

2023, we have evaluated our integrated and cement grinding plants

using specific criteria from the WASH4Work initiative’s self-

assessment tool. The results of this evaluation indicated that every

facility reviewed met the necessary standards for WASH access for

both employees and contractors.

At the Zlatna Panega quarry, a biodiversity-themed event was

organized, involving cement plant staff, students, and local

residents, who constructed and decorated beehives and insect

hotels near a restored lake. This activity aimed to raise community

awareness about the significance of pollinators and deepen

engagement with local stakeholders. Led by their teacher, students

from the community school actively participated, documenting the

process through their “Cinema” class, conducting interviews, and

sharing environmental insights from the event. TITAN supported the

initiative by providing transportation, materials, and ensuring that all

participants had an educational and enjoyable experience. This

project exemplified the integration of Environmental and CSR

objectives, encouraged youth involvement, promoted

biodiversity, and reinforced TITAN’s commitment as a

responsible community partner.

TITAN Zlatna Panega gives wings to students at the 2025 Summer

START Academy in Bulgaria.

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TITAN Group Integrated Annual Report 2025

Metrics and targets

S3-5

Targets related to managing material negative impacts, advancing positive

impacts, and managing material risks and opportunities


Material matter	Sustainability matters included	ESG targets 2025
Local communities development	Communities’ economic, social and cultural rights	We will have community engagement plans that are aligned with material issues for stakeholders and UN SDGs 2030 at 100% of our key operations
		We will ensure that two-thirds of our total spend is directed to local suppliers and communities
		We will enable our business operations and our people worldwide to contribute to the prosperity of our local communities with respect to their social and environmental concerns

Under TITAN’s approach, Community Engagement Plans (CEPs) are

structured plans for stakeholder engagement and community

sustainability. Each business unit assesses alignment with material

issues and SDGs, focusing on local priorities. Achieving the target

ensures all key operations are covered by initiatives addressing

material issues for stakeholders.

According to the Group Guidance Framework for business unit

CEPs, TITAN encourages business units to list key operations

based on local conditions and materiality. Integrated cement and

grinding plants are the minimum required key operations due to

their environmental and social impact and strategic role. Other

operations, like ready-mix concrete plants, may also be included.

We use an in-house methodology to assess the connection of each

community engagement initiative and the material issues of

relevant business units, with quarterly reviews and annual

consolidation. Evaluations are managed through our internal ESG

platform, with business unit owners responsible for oversight,

reinforcing TITAN’s bottom-up approach. Results are aggregated at

both business unit and Group levels to ensure alignment with

business unit priorities. Each business unit conducts a local

materiality assessment to determine its own significant concerns,

and this process naturally aligns these issues with the UN

Sustainable Development Goals (SDGs) for 2030. The mapping,

which originates at the Group level and is communicated to

individual business units, serves as the basis for evaluating whether

initiatives genuinely contribute to SDG-related outcomes within

their respective communities. According to the Guidance

Framework, initiatives are reviewed every year through the ESG

Databank system, applying specific criteria: (1) how closely the

initiative matches the business unit’s material issues; (2) its support

for relevant SDGs; (3) anticipated benefits – social, environmental,

or economic – for the community; (4) involvement of essential

stakeholders; (5) likelihood of long-term effects; and (6) rationale for

resource allocation.

Our strategy supports the UN SDGs 2030 and aligns with the SASB

materiality framework, incorporating stakeholder engagement and

empowerment. Social investment spending and the number of ESG

initiative participants and beneficiaries are transparently reported.

In 2025, we launched a pilot project to further enhance our

approach and awareness assessing the Social Return on

Investment (SROI) of a specific initiative. By targeting two thirds of

our total spend for local suppliers and communities, we ensure our

operations and local procurement practices contribute significantly

to community income and support local stakeholders.


Targets 2025	2025	2024	Progress vs. targets
100% of key operations covered with community engagement plans (CEP), aligned with material issues and UN SDGs 2030	100% (314 initiatives)	100% (297 initiatives)	n
Two-thirds of total spend directed to local suppliers and communities (%)	74.1	68.4	n


Progress key
n Achieved	n On track	n In progress

In 2025 we continued our efforts to engage with our stakeholders

in all geographical areas of operations and to contribute to the

sustainability of communities. In total, 314 initiatives were

implemented in 2025 at all key operations across all countries, with

the engagement of at least 6,859 participants, of which 1,361 were

TITAN employees as volunteers. Over 278,000 people in local

communities and broader society in which we operate were direct

and indirect beneficiaries, while the total spending for initiatives

exceeded €2.5 million.

Our strategy aligns with the principles outlined in the SASB

Materiality Map, with a primary emphasis on social and human

capital. At the same time, we ensured ongoing engagement with

leadership and governance, our business model and innovation,

as well as environmental considerations. The core of our ESG

initiatives was centered around fostering voluntarism (19%),

advancing educational opportunities within local communities by

working alongside area schools (17%), strengthening social

cohesion and addressing inequalities (15%), supporting the

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Management Report

Sustainability Statement

preservation of local culture and promoting recreational and

wellness activities (15%), and facilitating skill-building programs for

emerging employment opportunities (11%). Specifically, in this last

area, our business units provided internships, traineeships, and

apprenticeships to local students across all regions. We also

partnered with our communities in targeted environmental projects,

aiming to boost awareness and support educational outreach

through collaborations with local schools, while also seeking ways

to drive further improvement.

By maintaining and increasing local spend, TITAN ensures that at

least two thirds of its total spend is directed to local suppliers and

communities, aligning with its 2025 ESG targets.

This commitment not only supports local economies but also brings

significant value to stakeholders. By prioritizing local suppliers,

TITAN stimulates economic growth within the communities it

operates, fostering job creation and business development.

Engaging with local suppliers reduces CO2 Scope 3 emissions from

transportation, contributing to environmental sustainability, and

helps mitigate risks associated with global supply chain disruptions,

ensuring a more stable and reliable supply chain. TITAN’s focused

approach toward spending on local suppliers, continuous

engagement with local communities, and support for local suppliers

are key strategies that ensure a continued contribution to shared

economic value, benefiting both the Company and communities.

In 2025, TITAN’s overall local spend remained stable, reaching an

average of 74.1% at Group level, which demonstrates the Group’s

ongoing commitment to supporting local suppliers and communities.

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TITAN Group Integrated Annual Report 2025

ESRS S4 Consumers and end-users

Strategy

ESRS 2 SBM-2

Interests and views of stakeholders

In an era where sustainability and environmental responsibility

increasingly define business success, TITAN has made meaningful

progress in aligning its commercial operations with evolving market

and customer needs. Through the Evergreen commercial

transformation program, the Group has systematically captured

valuable insights across markets, with structured feedback from

customers and stakeholders, significantly enhancing its ability to

transition from a predominantly product-oriented approach to a

customer- and segment-focused model. This shift enables TITAN to

better anticipate and address key megatrends, directing its efforts

and investments toward solutions that respond to clearly identified

customer needs.

Creating superior value for customers and exceeding their

expectations remain core priorities for TITAN Group. Building on

these insights, TITAN has implemented targeted product and

service enhancements designed to deliver differentiated value

across key customer segments, including ready-mix producers,

architects, structural engineers, and general contractors. Within this

framework, TITAN consistently meets and, where possible, exceeds

legislative and normative requirements by providing

comprehensive safety, performance, and technical information,

reinforcing its role as a trusted partner across the construction

value chain.

ESRS 2 SBM-3

Material impacts, risks and

opportunities and their interaction

with strategy and business model

TITAN’s business model is closely linked to the construction

materials sector, serving consumers and end‑users across

infrastructure, housing, and industrial projects. All consumers and

end‑users who are materially impacted by the Group’s products

and services across its own operations and its upstream and

downstream value chain are within scope. These include:

(i) users of products as intended in construction applications;

(ii) users potentially affected by reasonably foreseeable misuse,

including health and safety risks;

(iii) consumers impacted by product availability, transparency

of technical information; and

(iv) users of digital tools or services whose data or privacy may

be affected.

Material impacts on consumers and end‑users are widespread or

systemic, such as those related to product safety, environmental

footprint, responsible marketing, and availability of low‑carbon

solutions. No negative impacts or material risks for the Group have

been identified under the S4 area, including regulatory, liability, and

reputational risks, as well as loss of customer trust. Market

differentiation and revenue growth driven by demand for

sustainable construction solutions and due to urbanization are

opportunities for the future (resilient urbanization).

These risks and opportunities are identified through TITAN’s

Double Materiality Assessment and directly inform the Group’s

strategy and business model, including product innovation, quality

and safety management, and the development of low‑carbon

cement and concrete solutions. TITAN recognizes heightened risks

for certain consumer and end‑user groups, such as professional

users with intensive product exposure or users operating in

high‑risk environments, and addresses these through product

design, technical guidance, and customer engagement.

TITAN’s business model is closely linked to the construction

materials sector, serving customers across infrastructure, housing,

and industrial projects. Our products and solutions are integral to

societal development, which means that material impacts can be

widespread and long-term, affecting communities, ecosystems, and

supply chains.

We identify and assess actual and potential impacts, risks, and

opportunities through our Double Materiality Assessment, which

informs strategic priorities and ESG target-setting. Our approach

integrates stakeholder insights – customers, suppliers, employees,

and communities – into strategic planning. We collaborate to

address evolving needs for sustainable construction solutions, such

as low-carbon cement and concrete, and assess potential impacts

on local environments and livelihoods. These insights guide

mitigation measures and community engagement plans.

For further details, see “Evergreen commercial transformation” on

page 22.

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Sustainability Statement

S4-1

Policies

TITAN Group is committed to producing, distributing, and marketing

clinker, cement, and cementitious products that are safe, reliable,

and suitable for their intended purposes. This commitment applies

to all consumers and end‑users materially impacted by the Group’s

products and services across its own operations and downstream

value chain, including professional users of construction materials

and end‑users of the built environment.

TITAN’s policy commitments relevant to consumers and end‑users

are embedded in its Code of Conduct, Human Rights Policy, and

Quality and Product Responsibility frameworks. These

commitments aim to prevent and mitigate adverse impacts related

to product safety and quality, access to accurate and transparent

information, responsible product use, and customer trust. TITAN’s

approach is aligned with internationally recognized standards,

including the UN Guiding Principles on Business and Human Rights,

the ILO Declaration on Fundamental Principles and Rights at Work,

and the OECD Guidelines for Multinational Enterprises.

Quality management is implemented at country level, with all business

units maintaining Quality Management Systems designed to comply

with applicable legal and regulatory requirements. These systems

support the identification and monitoring of risks to consumers and

end‑users, including those arising from product performance,

handling, or use. TITAN continuously improves its products and

services through technological innovation, modernization of

production processes, and ongoing training of personnel.

Engagement with consumers and end‑users takes place through

customer service channels, technical support, and training

initiatives. Complaints and product‑related incidents can be

reported through established procedures, which function as

grievance and remedy mechanisms. Where adverse impacts are

identified, corrective actions are implemented. In the downstream

value chain, TITAN addresses potential consumer impacts through

technical guidance, contractual requirements, and engagement

with distributors and contractors.

S4-2

Processes for engaging with

consumers and end-users

about impacts

Customer satisfaction

TITAN applies a structured and institutionalized approach to

understanding and improving customer satisfaction across its

operations, combining regular periodic customer satisfaction

surveys, systematic complaint handling, and continuous customer

engagement embedded in local Quality and Integrated

Management Systems.

Across the Group, customer feedback is collected through

quantitative surveys, qualitative assessments, and ongoing

operational touchpoints, providing a holistic view of customer

perceptions on product quality, service reliability, ease of doing

business, technical support, and overall cooperation. While

qualitative assessments and ongoing operational touchpoints

provide a holistic view of customer perceptions on product quality,

service reliability, ease of doing business, technical support, and

overall cooperation, methodologies and frequency may vary by

market, reflecting local business models and customer profiles.

However, the objective remains consistent: to translate

customer feedback into actionable insights and continuous

improvement initiatives.

In 2025, surveys were conducted across six countries. These

surveys reflected strong customer satisfaction and willingness to

recommend TITAN, with feedback frequently highlighting product

quality, technical performance, reliability, and professionalism of

teams as key strengths. Where the Net Promoter Score (NPS) – a

widely used customer loyalty and satisfaction metric – is used, it

provides an additional lens on customer advocacy and supports

local improvement planning. Survey findings also help prioritize

opportunities for enhancement, including logistics efficiency,

delivery times, pricing perception, and responsiveness to

specialized customer needs.

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Customer satisfaction evaluations were conducted across TITAN

business units in six countries. In total, 13 structured surveys were

carried out across three product categories. Eight surveys focused

on cement in Albania, Bulgaria, Greece, Kosovo, North Macedonia,

and Serbia. Concrete was evaluated through four surveys – one in

Albania and three in Greece – while a single survey on dry mortars

was conducted in Greece.

Beyond surveys, TITAN maintains formal processes for recording,

monitoring, and resolving customer complaints. Complaints, non-

conformities, and customer recommendations are logged through

local quality or integrated management systems, reviewed by

management teams, and addressed through corrective and

preventive actions. This ensures that customer feedback is

systematically assessed and embedded into operational, technical,

and commercial decision-making.

Customer satisfaction results are evaluated using both quantitative

indicators and qualitative analysis by sales, marketing, quality, and

operations teams, and customer service teams. In several regions,

surveys are facilitated by independent third parties to ensure

objectivity and depth of insight. Customers also actively participate

in product validation, technical support activities, and performance

assessments, further strengthening collaboration and long-term

relationships.

Looking ahead, TITAN will continue to enhance the consistency

and effectiveness of customer feedback practices across the

Group, expanding the use of satisfaction and recommendation

metrics where appropriate, strengthening closed-loop follow-up,

and deepening customer engagement. These efforts support

TITAN’s strategic focus on customer-centricity, operational

excellence, and the delivery of high-performance, sustainable

construction solutions.

S4-3

Processes to remediate negative

impacts and channels for consumers

and end-users to raise concerns

Product responsibility

The Safety Data Sheets (SDS) of our products comply with the

European Regulation on Chemicals (REACH) and Classification

Labelling Packaging (CLP) Regulation requirements in providing

health, safety, and environmental information. In particular for

bagged cement, information for safe use is printed on the bag,

while for bulk cement customers all relevant information is provided

with the delivery document. For cements traded in the EU and UK,

the relevant cement product SDS are registered with the

competent authority in each country. All of our products in the EU

markets are CE marked, indicating that they have been assessed

and deemed to meet EU safety, health, and environmental

protection requirements.

TITAN Group is committed to product and process excellence

through transparency and verified environmental performance,

publishing third-party verified Environmental Product Declarations

(EPDs) for its products. We provide our customers with the

information needed to advance sustainable construction,

supporting compliance with recognized building certification

systems such as LEED and BREEAM.

CEM IV/B (P-W) 32.5R Environmental Product Declaration (EPD).

Since 2021, TITAN Greece has been leading the way in publishing

EPDs for its products, including cement, concrete, limestone

aggregates, and dry mortars. Cement EPDs are annually updated to

reflect improvements in carbon footprint, while in 2025 new EPDs

were published for concrete products, demonstrating our

commitment to transparency and customer requirements. In

parallel, TITAN’s in-house expertise continues to support

pioneering ready-mix and precast customers in developing life-

cycle assessments and third-party EPDs.

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Sustainability Statement

In 2025, TITAN’s Usje cement plant, North Macedonia, completed

and published EPDs for five key cement products – CEM I 52.5R,

CEM II/A‑LL 42.5R, CEM II/B‑M (P‑L) 42.5N, CEM II/B‑P 42.5R, and

MC 5 (Usjemal). These EPDs were prepared using the GCCA EPD

Tool, reinforcing TITAN’s commitment to transparent environmental

reporting and supporting customers with reliable sustainability

information for low‑carbon construction.

In 2025, TITAN Egypt successfully published EPDs for a wide range

of cement products produced at its two integrated plants in

Alexandria and Beni Suef. The Alexandria plant issued EPDs for

CEM I 42.5N, CEM I 52.5N, CEM III/A 42.5N, and CEM II/A‑P 42.5N,

while the Beni Suef Plant published EPDs for CEM I 42.5N, CEM I

52.5N, CEM II/A‑P 42.5N, CEM IV/A (P) 42.5N, and Type IL.

These publications mark a major milestone in TITAN Egypt’s

commitment to transparency, sustainability, and science‑based

environmental disclosure.

To communicate the importance of decarbonization and provide

guidance to customers in selecting green building materials, TITAN

Greece uses the Vesta green rating scheme for cement and

concrete, a third party-verified private labeling system that classifies

products according to their embodied carbon versus their technical

characteristics.

Customers are covered by the Group’s EthicsPoint and

Whistleblowing Policy and may raise concerns through these

channels. Awareness and trust in the grievance mechanisms are

assessed through stakeholder engagement and customer

feedback. Safeguards are in place to protect customers and other

stakeholders against retaliation, and reports can be submitted

confidentially and, where legally permitted, anonymously.

Concerns or complaints are addressed through our quality

management systems at the business unit level.

S4-4

Taking action on material impacts on

consumers and end-users, and

approaches to managing material

risks and pursuing material

opportunities related to consumers

and end-users, and effectiveness of

those actions

As sustainability and environmental stewardship become ever more

influential in determining business achievements, TITAN has

propelled its commercial transformation forward by reinforcing a

customer-focused operational approach tailored to shifting market

demands. The Evergreen commercial transformation initiative,

which was initially conceived and implemented by the Group

Corporate Center, has entered its implementation phase, with

explicit ownership, accountability, and responsibility now firmly

established within each business unit. This development

demonstrates the program’s growing maturity and further

underscores TITAN’s dedication to prioritizing customer feedback

in its commercial planning, thereby promoting ongoing value

generation, market-specific agility, and enduring growth throughout

its regions of operation.

For more, see “Evergreen commercial transformation” on page 22.

Additional details regarding customer satisfaction are available on

page 182.

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TITAN Group Integrated Annual Report 2025

Entity-specific: innovation

At TITAN, we are driving the transformation of the construction

materials industry through pioneering sustainable technologies,

products, and practices that shape the future of our built

environment. As outlined in the chapter “Fostering innovation”

(page 28), we systematically integrate innovation across our

operations. Our digital transformation program has also been

featured in the Harvard Business Review, underscoring TITAN’s

effective use of data and AI to enhance efficiency and

accelerate innovation.

Policies

Being among the leaders of digital innovation in the cement

industry, we leverage digital solutions to transform our business

end-to-end, from supplier to customer, with agility and an

entrepreneurial approach. More details are available on our

website: https://www.titanmaterials.com/digitalization.

To ensure innovation and digitalization are implemented safely,

ethically, and resiliently across the entire value chain – including

upstream suppliers and technology vendors, TITAN’s operations,

and downstream customer-facing activities – we have adopted

robust governance frameworks that apply to all regions where

TITAN operates. These policies cover employees, contractors,

digital platform users, technology partners, customers interacting

with TITAN digital systems, and any third parties accessing TITAN’s

information assets. In August 2025, we introduced the TITAN

Group Information/Cyber Security Policy, establishing a

comprehensive Information/Cyber Security Management System

(ICSMS) aligned with ISO/IEC 27001:2022 and ISA/IEC 62443. This

policy, which applies to all Group systems, people, and processes,

including third parties, is designed to protect information and

operational assets, ensure business continuity, and maintain

compliance with legal and regulatory requirements. The ICSMS is

supported by detailed sub-policies and procedures, and its

effectiveness is continually improved through regular management

reviews and audits. The policy statements made in this document

and in the set of supporting policies and procedures mentioned

above have been reviewed and approved by the Executive

Committee of TITAN Group and must always be complied with.

Policy development and updates incorporate input from internal

functions – such as Digital Transformation, Cyber Security and

Resilience, Legal and Compliance, Sustainability, Health and Safety,

HR and regional operations – as well as insights from external

stakeholders including technology vendors, industry associations,

and supplier‑engagement platforms. These contributions ensure

policies remain aligned with operational needs, stakeholder

expectations, and evolving regulatory requirements.

In parallel, TITAN has adopted a Trustworthy Artificial Intelligence

Framework aligned with the EU AI Act to ensure responsible and

ethical AI use. This framework includes three policies: the Artificial

Intelligence Framework and Principles, which sets governance

standards for AI design, development, and deployment; the

Trustworthy Artificial Intelligence Policy, which mandates risk and

privacy assessments, ongoing audits, employee training, and

vendor compliance; and the Artificial Intelligence Acceptable Use

Policy, which regulates the use of Generative AI tools, requiring

authorized solutions such as Microsoft Copilot and SAP Business

AI, strict data protection, and formal exception processes. For

personal use, employees may use other AI tools if validated by the

Cyber Security and Resilience team. Together, these policies

reinforce our commitment to innovation with strong safeguards for

ethics, security, and compliance.

Innovation is also embedded in our Environmental and Climate

Change policies. As part of our commitment to decarbonization, we

have also integrated digitalization, enhanced mix designs, and the

use of new admixtures into our operations, as outlined in our

Environmental Policy. Furthermore within the framework of our

Climate Change Policy, TITAN Group invests in energy-efficient

equipment and management systems and in process digitalization,

such as real-time optimization in both cement and concrete

activities. More information on our policies is available on our

corporate website: https://www.titanmaterials.com/about-us/

corporate-governance/group-policies/.

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Management Report

Sustainability Statement

Metrics and targets


Material matter	Sustainability matters included	Targets
Innovation	Optimized operational performance	Our target is to achieve end-to-end digitalized manufacturing, with Real-Time Optimizers (RTOs) fully implemented across all plants before 2026
Innovation	Improved customer experience	We will enhance our customer digital channel (app) dynamic logistics. By 2026, our target is to equip 100% of our customers with this advanced digital tool

Note: The above targets are part of our 2026 Strategy. The second target has already been achieved during the reporting period, as described and shown on page 38.

The innovation targets are expressed as absolute targets unless

otherwise stated. Progress is monitored quarterly through

established digital, operational, and commercial reporting systems,

with oversight by the Executive Committee and support from Digital

Transformation, Operations, Sustainability and regional business

units. Stakeholder insights – such as customer adoption patterns

and supplier readiness – inform implementation. No target revisions

were made during the reporting period, and no constraints related

to data quality or resources were identified.

Actions

To accelerate digital technology adoption, we have implemented

several key initiatives. Since the first end-to-end digital cement plant,

Pennsuco, TITAN has continued improving efficiencies in flagship

plants. Real-time optimizers (RTOs) were implemented across units, in

line with our target, while AI-powered predictive and prescriptive

maintenance is used for end-to-end failure prediction across all

TITAN cement plants. On the supply chain side, our “Customer 4.0”

enhanced logistics is driving efficiency and responsiveness through

digital channels. In ready-mix concrete (RMC) plants, AI-driven

logistics was deployed in all Titan America operations. Digital

customer applications have been installed in all business units, with

the most mature regions having over 90% of sales via the app.

Improved customer experience

In the customer experience domain, TITAN is working on improving

and digitalizing the way that the Group interacts with its customers, to

both improve customer experience and create a more efficient

commercial operating model. This action contributes directly to our

target to have 100% of our customers equipped with digital tools by

2026 and supports our long‑term commercial digitalization objectives.

The action covers downstream value chain stakeholders, primarily

concrete customers in selected operations in the US receiving SMS

notifications and using digital order channels, and indirectly affects

upstream partners through improved planning accuracy and better

coordination across the supply chain.

Compared with 2024, when the deployment of the digital customer

applications was still in progress across more than 60% of business

units, 2025 marks full implementation across 100% of the Group.

Moving forward, we have set the target to have 80% of sales orders

placed through digital channels by 2029.

TITAN assessed whether the actions undertaken or planned in

relation to its material topics required significant capital expenditure

(CapEx), operational expenditure (OpEx), or substantial internal or

external financing during the reporting period. Further details are

provided in the “BP-2 Disclosures in relation to specific

circumstances” section on page 100.

Optimized operational performance – digitalization

Digitalization continues to be a central strategic objective for TITAN,

as the opportunities presented by Industry 4.0 are reshaping the

cement industry. By harnessing big data, advanced analytics, and

artificial intelligence, TITAN is a pioneer in digital transformation,

particularly in cement manufacturing. These technologies are

unlocking substantial value, driving operational efficiency, and

positioning TITAN to compete effectively in a rapidly evolving

market landscape.

To accelerate this transformation, in 2020 TITAN established the

Group Digital Center of Competence, focusing on developing and

implementing innovative digital solutions across the manufacturing,

supply chain, and customer domains. In 2023, the Company

expanded its digital footprint by launching the Digital Center of

Excellence in the US, dedicated to advancing digitalization in its US

operations. The organizational alignment in 2024, which integrated

IT infrastructure and enterprise applications units with the Digital

Center of Competence, has further optimized TITAN’s technology

investments and digitalization roadmap.

In manufacturing, TITAN has prioritized the deployment of Artificial

Intelligence-based Real-Time Optimizer (RTO) solutions across its

cement manufacturing lines. These RTOs, developed both in-house

and with external partners, are designed to maximize output per

production asset and minimize energy consumption. By 2025,

TITAN had installed RTOs in assets of all cement plants, advancing

toward the Group’s goal of digitalizing 100% of cement

manufacturing by 2026. TITAN has deployed a machine learning-

based failure prediction system in all cement plants since 2023. This

system, tailored to the unique operating environments of cement

plants, enhances reliability and reduces the costs associated with

unplanned maintenance. In 2025, TITAN began rolling out a new AI-

driven cement quality prediction solution, following successful pilots

in the US that demonstrated rapid payback.

CemAI, TITAN’s digital spin-off established in 2022, continued to

expand its customer base in 2025. CemAI offers “CemAI Predictive

Maintenance”, a machine learning-based failure prediction service

for other cement manufacturers, and “CemAI Process Optimizer”,

an AI-enabled process optimization solution.

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TITAN Group Integrated Annual Report 2025

More information about CemAI is available under the “Other

business activities” section on page 54.

The digitalization of Ready-Mix Concrete (RMC) operations is a new

strategic focus for TITAN. The Company has developed a

comprehensive set of RMC value chain use cases, and launched

new pilots for concrete quality prediction in 2025, while rolling

out a mix design optimization solution, following successful pilots

in 2024.

In the integrated supply chain domain, TITAN has advanced its

expertise in developing Advanced Analytics and AI-based tools for

sales forecasting, distribution network optimization, and cement

spare parts inventory management. The AI-enabled Dynamic

Logistics solution, now fully deployed across all US ready-mix

concrete operations, enhances supply chain efficiency and

customer satisfaction. Investments in telematics for truck fleets in

the US, Greece, and Southeastern Europe further support TITAN’s

goal to digitalize concrete logistics by 2026.

TITAN’s digital transformation is underpinned by robust capability-

building initiatives, including the Digital Academy in Greece and

partnerships with not-for-profit organizations and academic and

research institutions, as in the case of the TITAN Digital Accelerator

(TDA), launched in Thessaloniki in 2024. In 2025, TDA focused on

exploring new frontiers in robotics leveraged for plant monitoring

and GenAI-enabled smart maintenance. The Group’s digital

upskilling program, initiated in 2024, continues to expand,

alongside a growing ecosystem of partners from start-ups,

academia, equipment manufacturers, and specialist advisers.

All above activities support our progress toward achieving the

digitalization targets for 2029 in alignment with the “TITAN Forward

2029” strategy. They cover upstream and midstream operations

and involve internal stakeholders such as plant operators,

maintenance teams, process engineers, and IT staff, while indirectly

affecting downstream customers through improved product quality

and operational reliability.

Resilience of IT infrastructure and cyberattacks

TITAN manages risks through an Information and Cyber Security

Management System aligned with ISO 27001:2022, supported by

Group-wide policies and procedures. All employees participate in

annual cybersecurity awareness training, with newcomers receiving

additional instruction. TITAN’s security architecture features a Zero

Trust model, redundant IT systems, SIEM, web filtering, next-

generation firewalls, intrusion prevention, multifactor authentication,

email protection, and Endpoint Detection and Response (EDR).

A Deloitte-led cybersecurity maturity assessment confirmed

TITAN’s strong security practices. In response, TITAN created a

Cybersecurity Strategy and roadmap to address gaps, updated

security policies, and uses KPIs to track progress. The Chief

Information Security Officer and security managers oversee

implementation and report to senior management, with IT

operations audited internally.

“At TITAN, cybersecurity is fundamental to

operational excellence and trust. As we digitalize

our plants, supply chain, and customer platforms,

secure and resilient systems keep our people

safe, our operations running, and our

commitments on track.”

Panagiotis Kalantzis

Chief Information Security Officer

Key 2025 initiatives include vulnerability management, penetration

testing, mobile device security, phishing simulations, a monthly

cybersecurity magazine, and improved security metrics. TITAN

continues to reduce vulnerabilities and enhance detection and

response, with all 2025 incidents resolved and no major breaches

or data compromises.

For more information on the risk management approach, see

pages 90-91.

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Management Report

Sustainability Statement

Governance information

ESRS G1 Business conduct

G1-1

Business conduct policies and

corporate culture

Whistleblowing : grievance management

At TITAN Group, we place strong emphasis on protecting and

promoting human rights across our workforce, business partners,

and the communities we impact. Through our Compliance Program,

we apply a clear and robust framework that drives consistent,

responsible practices throughout all our operations.

A culture of openness and accountability is essential to safeguard the

appropriate conduct within the Group. This culture is supported by a

comprehensive grievance and whistleblowing mechanism, aligned

with stakeholder engagement and business integrity principles, which

allows concerns to be raised and addressed in a responsible,

effective, and confidential manner, without any fear of retaliation.

During 2025, the Group Whistleblowing Policy was revised and rolled

out across the Group, reaffirming the Group’s commitment to ethical

conduct and business integrity. The revised policy conforms fully with

best practices and the applicable regulatory requirements, including

the principles of the EU Whistleblowing Directive. The revised policy

contributes to enhancing transparency and building trust across

TITAN Group. Its launch was accompanied by Group-wide

communication and awareness actions to support a consistent

understanding of the whistleblowing framework across all

organizational levels. Employees, business associates, and relevant

external stakeholders across the Group are encouraged to report any

reasonably suspected violation of TITAN Group’s Code of Conduct or

internal policies, acts that may adversely impact the reputation of the

Group, or instances of unethical or other misconduct, including fraud,

bribery, and corruption, and any kind of abuse.

EthicsPoint, the Group reporting platform, was actively promoted

in parallel with the Group-wide rollout. EthicsPoint is a globally

available digital platform that enables confidential and anonymous

whistleblowing concerns, including potential breaches of national

or EU law. The platform is hosted and operated by an independent

external service provider, ensuring the secure and confidential

collection of reported incidents. Practical guidance and supporting

information is made available through the Intranet and local

websites, as part of broader awareness and communication efforts.

All reports are promptly and thoroughly investigated in accordance

with the principles of impartiality, fairness, and confidentiality. Any

kind of retaliation or detrimental treatment against a whistleblower

or relevant parties is not tolerated.

The whistleblowing framework is supported by appropriate

technical and organizational measures and is subject to ongoing

oversight by the Group Audit and Risk Committee.

In addition to the mechanisms outlined in the Group Whistleblowing

Policy, the Group Anti-Fraud Program Framework sets global

standards for investigating and responding to fraud. It details

investigation procedures, responsibilities, and ensures consistent,

objective, and fact-based outcomes. The framework is part of our

governance policies and is accessible to all employees via the

Intranet. Protections against retaliation and investigation

procedures are described in a previous section.

“During continued growth, Internal Audit and

Compliance strengthened Group’s governance

framework with independent assurance and

advice, enhanced internal controls, and

consistent standards. Robust audits and

a trusted whistleblowing system foster

integrity and speaking up.”

Foteini Manolaki

Group Head of Audit and Compliance

Compliance program and policies

TITAN demonstrates a steadfast commitment to conducting

business ethically and lawfully, aligned with its purpose, values, and

high ethical standards. This commitment is embedded in a strong

compliance culture that promotes integrity, transparency, and

accountability – key drivers of performance and operational

excellence. Our disciplined approach is powered by the Group

Compliance Program, a dynamic, risk-based framework that

integrates assurance systems, training, and awareness initiatives,

continuous monitoring, and robust oversight.

Our Code of Conduct and Group Policies convey the rules,

standards, principles, and necessary guidelines to employees and

business partners. All employees have unrestricted access to

Group Policies in all local languages on the Intranet. The polices are

also available on our website (https://www.titanmaterials.com/

about-us/corporate-governance/group-policies/). All Group Policies

follow a unified template designed to enhance clarity,

attractiveness, and ease of understanding.

The set of Group Policies, broadly aligned with the ESRS standards

framework, cover all strategic compliance areas such as Anti-

Bribery and Corruption, Conflict of Interest, Sanctions, Protection of

Personal Data, Competition Law, Environmental and Climate

Change, Human Rights, Workplace Respect, and Health and Safety.

Our Anti-Bribery and Corruption Policy aims to ensure compliance

with the respective regulations prohibiting bribery and corruption.

The policy applies to all TITAN Group employees and to external

collaborators, who are expected to follow the highest standards of

professional and personal conduct at all times.

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TITAN Group Integrated Annual Report 2025

Our policy addresses a wide range of issues related to bribery

and corruption, setting TITAN Group’s global standards in full

compliance with applicable laws. TITAN adheres to all relevant

anti-bribery regulations, including the US Foreign Corrupt

Practices Act (FCPA), the UK Bribery Act, and local laws in every

country in which we operate.

Our Conflict of Interest Policy aims to ensure that all TITAN Group

employees act in the best interests of TITAN Group when

performing their duties, and that personal interests or relationships

do not interfere – or appear to interfere – with objective decision-

making that serves the Company’s interests.

This policy applies to all employees globally and sets out TITAN

Group’s standards, principles, and rules for preventing and managing

conflicts of interest, particularly in areas where such situations are

more likely to arise. It is fully aligned with applicable laws.

Awareness and training remain essential components of our

compliance culture. Regulatory compliance training continued

through e-learning modules with digital content and specialized

sessions delivered to various business units on topics such as

Sanctions, Due Diligence, Anti-Fraud, Whistleblowing and Anti-

Bribery and Corruption. A digital learning experience on the

whistleblowing system and policy was introduced, featuring insights

and interactive case studies.

In 2025, 1,533 employees completed compliance training,

representing 4,986 hours of training. Additionally, our regulatory

compliance training program was specifically focused on 154 key

roles, managing relevant risks.

Regulatory training session, Albania

TITAN’s Procurement Policy applies to all individuals working at all

levels and grades within the Group, including directors, senior

managers, officers and employees, as well as third parties and

external collaborators (e.g., agents, consultants) acting for the

Group in any procurement activity.

In the course of any procurement activity, TITAN employees and

third parties acting for the Group must, among others, comply with

all applicable laws and regulations, and appropriate social

practices, governing local and global business and evaluate and

select suppliers in a fair manner following a qualification process

that includes appropriately selected criteria that could include, as

required for each situation, reliability, price, quality, delivery time,

customer service, technological capability, business continuity and

sustainability. In 2025 we provided trainings to key suppliers as part

of their induction and familiarization with TITAN’s ESG standards,

reaching in total 4,198 hours across countries of operations. In

Greece we offered 72 hours of training to suppliers under the “Pact

for Sustainable Industry” program cumulatively in 2024 and 2025

(for details, see page 174).

Corporate culture is evaluated through a combination of

mechanisms, including periodic employee engagement, monitoring

of health and safety and compliance indicators, analysis of

whistleblowing and grievance data, and leadership reviews. In

addition, the Group reinforces and assesses its values through

targeted workshops and awareness initiatives. The outcomes of

these processes are reviewed by management and used to

strengthen ethical behavior and drive continuous improvement.

Awareness and training are a key part of our Compliance efforts

and are reflected across various Group Policies. Each year, we plan

a combination of e‑learning courses, refreshers, digital modules,

and in‑person sessions, focusing on the areas that matter most.

Training is delivered both centrally and within business units, and all

completed activities are recorded and monitored through the

central SAP training system.

Beyond compliance and integrity actions, the approach around

culture-building actions is articulated in the “A purpose-driven

company with a strong set of core values” chapter on page 11.

G1-2

Management of relationships

with suppliers

In 2025, TITAN continued to advance its Group Procurement

Transformation Program, strengthening the efficient sourcing of

global categories of materials and services. The program focuses

on optimizing the supplier landscape, fostering long-term strategic

partnerships, and systematically reviewing supplier performance,

including compliance with TITAN’s ESG Standards. These efforts

support total-cost optimization, enhance transparency in value

creation, and promote the consistent application of ESG practices

across the supply chain. Procurement activities are guided by the

Group’s Sustainable Supply Chain Roadmap, which defines clear

milestones and timelines to ensure that responsible sourcing

objectives – integral to TITAN’s ESG targets – are delivered in a

timely and structured manner. Beyond risk mitigation, this approach

generates tangible financial value by reinforcing supply chain

resilience and improving operational efficiency.

TITAN’s Procurement Policy establishes the core principles

governing procurement activities across the Group. These

principles are binding for all TITAN employees involved in

procurement processes and set clear expectations for suppliers

engaged with the Group.

The primary objective of procurement is to meet the operational

needs of TITAN’s plants and business units while optimizing costs,

strengthening competitiveness, and reinforcing the Group’s

commitment to ethical conduct, social responsibility, and

environmental stewardship.

The Code of Conduct for Procurement, which complements the

Procurement Policy, defines the standards of behavior and integrity

expected from all individuals participating in procurement-related

activities. It reaffirms TITAN’s commitment to sustainability,

transparency, and responsible supply chain management.

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Management Report

Sustainability Statement

Third-Party Due Diligence System

During 2025, we further enhanced our comprehensive approach to

maintaining adherence with international sanctions laws. Our Third-

Party Due Diligence System, designed to cover all phases of

business transactions, actively manages risk at each step. Utilizing

an advanced, automated, data-centric platform, the system delivers

independent insights into company ownership hierarchies,

facilitates more robust evaluations of third parties, shareholders,

and related persons, and detects warning signs linked to sanctions,

ESG concerns, and additional integrity threats.

In 2025, of TITAN’s 365 key suppliers, 88.0% entered the

qualification process, and 79.5% were assessed as either meeting

our ESG standards or having an improvement plan in place –

representing a significant increase compared with 2024.

Furthermore, it is important to note that 17 key suppliers have

committed to science‑based targets. All procurement leaders have

been introduced to TITAN’s ESG standards and trained in applying

ESG criteria. Furthermore, ESG requirements have been

incorporated into contractual obligations for 42.5% of key suppliers,

specifically in new contracts and renewals during 2025.

In collaboration with CDP, we reassessed key Group suppliers

using the most recent 2025 data on their emission‑reduction

initiatives and water disclosures. The results showed that 52% of

key suppliers responded to the Climate Questionnaire and 35% to

the Water Questionnaire. Among those who responded, 49% were

identified as climate leaders and 36% as water leaders.

This ongoing engagement reflects our continued commitment to

strengthening supply chain transparency, accountability, and

sustainability.

G1-3

Prevention and detection of

corruption and bribery

Anti-bribery and corruption

Our Anti-Bribery and Corruption Policy is designed to uphold strict

compliance with laws and regulations that prohibit bribery and

corruption. It applies to all employees, representatives, and agents

of TITAN Group, who are expected to consistently demonstrate the

highest standards of integrity and professional conduct.

Addressing effectively governance and ethics considerations and

deterring bribery and corruption risks are considered fundamental

to the implementation of our sustainability strategy, in accordance

with the principles of UN Global Compact and SDG 16, and the

achievement of our 2025 ESG targets.

Anti-Bribery and Corruption Policy training is provided to

employees across Group functions and business units, tailored to

their roles and responsibilities. These programs are conducted

annually to raise awareness, with particular emphasis on senior

management positions in high-risk areas such as procurement and

sales, as well as business unit leadership. Training frequency is

determined by role relevance and local requirements. Over the past

three years, 36% of TITAN senior managers have completed anti-

bribery and corruption training. In 2025 alone, 530 employees

participated in these training sessions. More information is available

in the section “Compliance program and policies” on page 196.

TITAN’s zero-tolerance stance against bribery and corruption

across the Group is confirmed through a consistent management

approach and a strong governance structure prescribed in the

Group Corporate Governance Charter, in conformance with the

Belgian Corporate Governance Code 2020. It is supported by a

comprehensive framework of tools, controls, and deterrence

mechanisms, overseen by the Board Audit and Risk Committee.

The Group Compliance and Anti-Fraud Department, part of Group

Audit and Compliance, maintains the overall responsibility for

monitoring strategic compliance risks and coordinating relevant

assurance activities, in cooperation with management and the

Legal Department.

As outlined in detail in the Group Whistleblowing Policy, the

Committees responsible for handling and investigating incoming

reports operate fully independently from any operational

management involved in the matter. Specific rules and technical

safeguards ensure that if any member faces a conflict of interest,

they are immediately excluded from the investigative process.

This applies to both Regional Committees and the Supervisory

Committee, with responsibilities escalated accordingly when

needed. These measures are designed to secure independence

and ensure full impartiality throughout the investigation of

reported incidents.

The TITAN Group Code of Conduct and Anti-Bribery and Corruption

Policy set forth the principles, rules, and responsibilities, and

provide specific guidance for the preventive and detective

procedures in place to mitigate the relevant risks. Business fraud

risks are effectively mitigated through the TITAN Group Anti-Fraud

Program, a modular and comprehensive system incorporating

dynamic elements, risk assessment, proactive activities, and

ongoing monitoring. The program, which is outlined in the Anti-

Fraud Program Framework and is easily accessible to TITAN

employees, covers a wide spectrum of possible fraud schemes

related to corruption, asset misappropriation and financial

statements. The program aims to provide a protection shield for

assets and resources, corporate reputation and credibility, cultural

strengths, and operational efficiency. It emphasizes fraud

prevention through targeted fraud risk assessment projects in high-

risk areas, alongside early detection of potential indicators or cases

of occupational fraud. This is supported by our whistleblowing

system, and the EthicsPoint reporting platform.

In 2025, a total of 18 cases were captured or reported through our

whistleblowing system/EthicsPoint, comprising 14 whistleblowing

concerns and 4 inquiries, the latter of which were referred to the

relevant departments for resolution. Of the 9 cases for which

investigation by the responsible committees under the supervision

of the Supervisory Committee is completed, 3 were substantiated and

6 were non substantiated. The 3 substantiated cases were related to

People, Diversity and Workplace Respect, and Health and Safety

concerns. Of the 6 non substantiated cases, 1 related to Business

Integrity. Action plans for remediation or enhancement of controls

have been established as required.

Moreover, 2 low‑value confirmed corruption/internal fraud cases

refer to incidents identified outside the whistleblowing system and

subsequently investigated. Remediation/loss recovery measures

were implemented and disciplinary action was taken as needed.

Detailed information is provided in Table 3.1.b “Governance

Core Indicators”.

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TITAN Group Integrated Annual Report 2025

The Group whistleblowing system is available to all employees at

every level, as well as to any associated person – including business

partners, vendors, customers, stakeholders, and members of local

communities. Dedicated references to the system are provided on

both the Group website and the Intranet. Whistleblowing concerns,

along with any other type of complaint, may be submitted through

EthicsPoint or via other internal reporting channels.

Once an investigation is completed, the outcomes are documented

within the EthicsPoint platform and are accessible to the members

of the Supervisory Committee and the Chair of the Audit and Risk

Committee. In addition, the Group Compliance and Anti-Fraud

Director provides quarterly reporting to the Audit and Risk

Committee of the Board and to the Executive Committee.

Moreover, two low-value corruption/internal fraud incidents were

fully investigated and resolved. Appropriate administrative

measures were taken against the responsible individuals, including

dismissal. Anti‑fraud controls were strengthened, and effective

loss‑recovery actions were carried out.

In 2025, there were no cases of significant fines related to

noncompliance of TITAN operations with environmental laws,

business ethics matters such as anti-bribery and corruption, or

human rights.

Metrics

G1-4

Incidents of corruption or bribery


	2025	2024
Number of incidents of corruption or bribery	2	0
Number of convictions	0	0
Amount of significant fines for violation of anti- corruption and anti-bribery laws	0	0

For more information about incidents of corruption or bribery, see

“Anti-bribery and corruption”, on page 190.

G1-5

Political influence and

lobbying activities

In 2025, TITAN’s only relevant interactions involving political parties

were connected to Titan America’s contributions within the US states

of Virginia and Florida. For reporting and internal due‑diligence

purposes, TITAN maintains complete documentation and contextual

information for all monetary contributions in each geography,

including the nature of the recipient. All related records are securely

managed by the Legal Department to ensure confidentiality and

proper oversight.

Since 2022, Titan America has followed an internal Guidance to

support proactive outreach efforts aimed at building long‑term,

constructive relationships with regulators and elected officials. This

framework reinforces the Company’s commitment to acting as a

responsible corporate citizen and a supportive neighbor in the

communities surrounding its US operations. All political engagement

activities fully comply with applicable campaign finance laws, while

Titan America’s senior management conducts an annual review of the

Guidance. This leadership team is responsible for approving the

Guidance and overseeing its implementation to ensure transparency,

accountability, and alignment with regulatory expectations.


	2025	2024
Total monetary value of financial political contributions	8,610	45,749

* Contributions made only in the US

Titan SA, as an EU‑based company, is registered in the EU

Transparency Register (TR ID: 447669443576‑63), demonstrating

its commitment to transparent and ethical interest representation.

The Register serves as a public database of organizations engaged

in influencing EU policy development and implementation, enabling

citizens and stakeholders to scrutinize lobbying activities. TITAN’s

inclusion underscores its dedication to openness, accountability,

and responsible engagement with EU institutions.

Mr. Dimitrios Papalexopoulos, Non-Executive Chair of the Board of

Directors of the Company, whose Board mandate was renewed by

the Annual General Meeting of Shareholders in May 2025, was

elected as a Member of the General Council of the Bank of Greece

in April 2025. No other member of TITAN’s administrative,

management, or supervisory bodies with the highest decision-

making authority in the undertaking (including respective

committees) held a comparable position in public administration

(including regulators) in the two years preceding such appointment

in the current reporting period.

192

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Sustainability Statement

TITAN’s lobbying activities are strictly professional and

sector‑focused, unrelated to political involvement or influence.

These activities are primarily conducted through memberships of

regional and industry associations such as Cement Europe and the

Portland Cement Association (PCA) in the US. The Group also

participates in global and regional platforms including the Global

Cement and Concrete Association (GCCA) and the European

Round Table for Industry (ERT). Information on these activities,

including any monetary contributions, is disclosed in the ESG Key

Performance Statements (voluntary KPIs). Table 3.1.b, “Governance

Core Indicators”, provides an overview of the main topics

addressed through lobbying efforts and summarizes TITAN’s

positions on these matters.

TITAN collaborates with organizations that share its vision for a

low‑carbon, sustainable, and inclusive future (additional information

on these collaborations is available on page 16). To ensure

meaningful and responsible partnerships, the Group applies a

rigorous selection process that evaluates each partner’s relevance,

credibility, impact, transparency, and alignment with strategic

priorities. Participation in these collaborations is continuously

monitored and reported, supported by ongoing dialogue and

structured feedback mechanisms.

Advocacy positions are coordinated at the highest level of the

Executive Committee, informed by insights from internal

representatives. A dedicated working group meets quarterly to

review developments, refine positions, and contribute to a

consistent and well‑governed approach to external engagement.

Transparency

For over three decades, TITAN has consistently reported its

financial and sustainability performance, underscoring an

unwavering commitment to transparency and the steadfast goal of

keeping stakeholders well-informed and engaged. Simultaneously,

the Group supports its business units in the publication of annual

sustainability reports (or integrated reports),where is required. In

2025, eight business units published annual sustainability or

integrated reports.

Furthermore, in numerous regions where the Group operates, air

emission data is accessible through public platforms. Notably, our

cement plants in Greece, North Macedonia, and Serbia play a

pivotal role in facilitating such initiatives. Similarly, our cement

plants in Egypt and Türkiye provide local authorities with access to

similar platforms. Additionally, we have established an awareness-

raising platform in Greece specifically focused on co-processing in

the cement industry, ensuring accessibility to our stakeholders.

193

TITAN Group Integrated Annual Report 2025

Disclosure requirements that derive from other EU legislation

List of datapoints in cross-cutting and topical standards that derive from other EU legislation


Disclosure Requirement and related datapoint	SFDR (1) reference	Pillar 3 (2) reference	Benchmark Regulation (3) reference	EU Climate Law (4) reference	Reference page Or stated 'not material'
ESRS 2 GOV-1 Board's gender diversity paragraph 21 (d)	Indicator number 13 of Table #1 of Annex 1		Commission Delegated Regulation (EU) 2020/1816 (5), Annex II		Page 59
ESRS 2 GOV-1 Percentage of board members who are independent paragraph 21 (e)			Delegated Regulation (EU) 2020/1816, Annex II		Page 59
ESRS 2 GOV-4 Statement on due diligence paragraph 30	Indicator number 10 Table #3 of Annex 1				Page 104
ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities paragraph 40 (d) i	Indicators number 4 Table #1 of Annex 1	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 (6) Table 1: Qualitative information on Environmental risk and Table 2: Qualitative information on Social risk	Delegated Regulation (EU) 2020/1816, Annex II		Not material (not applicable)
ESRS 2 SBM-1 Involvement in activities related to chemical production paragraph 40 (d) ii	Indicator number 9 Table #2 of Annex 1		Delegated Regulation (EU) 2020/1816, Annex II		Not material (not applicable)
ESRS 2 SBM-1 Involvement in activities related to controversial weapons paragraph 40 (d) iii	Indicator number 14 Table #1 of Annex 1		Delegated Regulation (EU) 2020/1818 (7), Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II		Not material (not applicable)
ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv			Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II		Not material (not applicable)
ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14				Regulation (EU) 2021/1119, Article 2(1)	Page 132
ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks paragraph 16 (g)		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book-Climate Change transition risk: Credit quality of exposures by sector, emissions and residual maturity	Delegated Regulation (EU) 2020/1818, Article12.1 (d) to (g), and Article 12.2		Not material (not applicable)
ESRS E1-4 GHG emission reduction targets paragraph 34	Indicator number 4 Table #2 of Annex 1	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics	Delegated Regulation (EU) 2020/1818, Article 6		Page 140
ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38	Indicator number 5 Table #1 and Indicator n. 5 Table #2 of Annex 1				Page 143
ESRS E1-5 Energy consumption and mix paragraph 37	Indicator number 5 Table #1 of Annex 1				Page 143
ESRS E1-5 Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43	Indicator number 6 Table #1 of Annex 1				Page 143

194

Management Report

Sustainability Statement


Disclosure Requirement and related datapoint	SFDR (1) reference	Pillar 3 (2) reference	Benchmark Regulation (3) reference	EU Climate Law (4) reference	Reference page Or stated 'not material'
ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44	Indicators number 1 and 2 Table #1 of Annex 1	Article 449a; Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity	Delegated Regulation (EU) 2020/1818, Article 5(1), 6 and 8(1)		Page 144
ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55	Indicators number 3 Table #1 of Annex 1	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics	Delegated Regulation (EU) 2020/1818, Article 8(1)		Page 144
ESRS E1-7 GHG removals and carbon credits paragraph 56				Regulation (EU) 2021/1119, Article 2(1)	Page 145
ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks paragraph 66			Delegated Regulation (EU) 2020/1818, Annex II Delegated Regulation (EU) 2020/1816, Annex II		Page 145
ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a) ESRS E1-9 Location of significant assets at material physical risk paragraph 66 (c).		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraphs 46 and 47; Template 5: Banking book - Climate change physical risk: Exposures subject to physical risk.			Page 145
ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes paragraph 67 (c).		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraph 34;Template 2:Banking book -Climate change transition risk: Loans collateralised by immovable property - Energy efficiency of the collateral			Page 145
ESRS E1-9 Degree of exposure of the portfolio to climate- related opportunities paragraph 69			Delegated Regulation (EU) 2020/1818, Annex II		Page 145
ESRS E2-4 Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil, paragraph 28	Indicator number 8 Table #1 of Annex 1 Indicator number 2 Table #2 of Annex 1 Indicator number 1 Table #2 of Annex 1 Indicator number 3 Table #2 of Annex 1				Page 148
ESRS E3-1 Water and marine resources paragraph 9	Indicator number 7 Table #2 of Annex 1				Page 149
ESRS E3-1 Dedicated policy paragraph 13	Indicator number 8 Table 2 of Annex 1				Page 149
ESRS E3-1 Sustainable oceans and seas paragraph 14	Indicator number 12 Table #2 of Annex 1				Page 149
ESRS E3-4 Total water recycled and reused paragraph 28 (c)	Indicator number 6.2 Table #2 of Annex 1				Page 151
ESRS E3-4 Total water consumption in m3 per net revenue on own operations paragraph 29	Indicator number 6.1 Table #2 of Annex 1				Page 151
ESRS 2- IRO-1 - E4 paragraph 16 (a) i	Indicator number 7 Table #1 of Annex 1				Page 112
ESRS 2- IRO-1 - E4 paragraph 16 (b)	Indicator number 10 Table #2 of Annex 1				Page 112
ESRS 2- IRO-1 - E4 paragraph 16 (c)	Indicator number 14 Table #2 of Annex 1				Page 112
ESRS E4-2 Sustainable land / agriculture practices or policies paragraph 24 (b)	Indicator number 11 Table #2 of Annex 1				Page 154
ESRS E4-2 Sustainable oceans / seas practices or policies paragraph 24 (c)	Indicator number 12 Table #2 of Annex 1				Not material (not applicable)

195

TITAN Group Integrated Annual Report 2025


Disclosure Requirement and related datapoint	SFDR (1) reference	Pillar 3 (2) reference	Benchmark Regulation (3) reference	EU Climate Law (4) reference	Reference page Or stated 'not material'
ESRS E4-2 Policies to address deforestation paragraph 24 (d)	Indicator number 15 Table #2 of Annex 1				Page 154
ESRS E5-5 Non-recycled waste paragraph 37 (d)	Indicator number 13 Table #2 of Annex 1				Page 200
ESRS E5-5 Hazardous waste and radioactive waste paragraph 39	Indicator number 9 Table #1 of Annex 1				Page 200
ESRS 2- SBM-3 - S1 Risk of incidents of forced labor paragraph 14 (f)	Indicator number 13 Table #3 of Annex I				Page 158
ESRS 2- SBM-3 - S1 Risk of incidents of child labor paragraph 14 (g)	Indicator number 12 Table #3 of Annex I				Page 158
ESRS S1-1 Human rights policy commitments paragraph 20	Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex I				Page 159
ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labor Organization Conventions 1 to 8, paragraph 21			Delegated Regulation (EU) 2020/1816, Annex II		Page 159
ESRS S1-1 processes and measures for preventing trafficking in human beings paragraph 22	Indicator number 11 Table #3 of Annex I				Page 159
ESRS S1-1 workplace accident prevention policy or management system paragraph 23	Indicator number 1 Table #3 of Annex I				Page 159
ESRS S1-3 grievance/complaints handling mechanisms paragraph 32 (c)	Indicator number 5 Table #3 of Annex I				Page 160
ESRS S1-14 Number of fatalities and number and rate of work-related accidents paragraph 88 (b) and (c)	Indicator number 2 Table #3 of Annex I		Delegated Regulation (EU) 2020/1816, Annex II		Page 169
ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e)	Indicator number 3 Table #3 of Annex I				Page 169
ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a)	Indicator number 12 Table #1 of Annex I		Delegated Regulation (EU) 2020/1816, Annex II		Page 169
ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b)	Indicator number 8 Table #3 of Annex I				Page 169
ESRS S1-17 Incidents of discrimination paragraph 103 (a)	Indicator number 7 Table #3 of Annex I				Page 170
ESRS S1-17 Non-respect of UNGPs on Business and Human Rights and OECD paragraph 104 (a)	Indicator number 10 Table #1 and Indicator n. 14 Table #3 of Annex I		Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1)		Page 170
ESRS 2- SBM3 – S2 Significant risk of child labor or forced labour in the value chain paragraph 11 (b)	Indicators number 12 and n. 13 Table #3 of Annex I				Page 171
ESRS S2-1 Human rights policy commitments paragraph 17	Indicator number 9 Table #3 and Indicator n. 11 Table #1 of Annex 1				Page 171
ESRS S2-1 Policies related to value chain workers paragraph 18	Indicator number 11 and n. 4 Table #3 of Annex 1				Page 171
ESRS S2-1 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19	Indicator number 10 Table #1 of Annex 1		Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)		Page 171
ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labor Organization Conventions 1 to 8, paragraph 19			Delegated Regulation (EU) 2020/1816, Annex II		Page 171
ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36	Indicator number 14 Table #3 of Annex 1				Page 172
ESRS S3-1 Human rights policy commitments paragraph 16	Indicator number 9 Table #3 of Annex 1 and Indicator number 11 Table #1 of Annex 1				Page 175

196

Management Report

Sustainability Statement


Disclosure Requirement and related datapoint	SFDR (1) reference	Pillar 3 (2) reference	Benchmark Regulation (3) reference	EU Climate Law (4) reference	Reference page Or stated 'not material'
ESRS S3-1 non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines paragraph 17	Indicator number 10 Table #1 Annex 1		Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)		Page 175
ESRS S3-4 Human rights issues and incidents paragraph 36	Indicator number 14 Table #3 of Annex 1				Page 176
ESRS S4-1 Policies related to consumers and end-users paragraph 16	Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex 1				Page 182
ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17	Indicator number 10 Table #1 of Annex 1		Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)		Page 182
ESRS S4-4 Human rights issues and incidents paragraph 35	Indicator number 14 Table #3 of Annex 1				Page 184
ESRS G1-1 United Nations Convention against Corruption paragraph 10 (b)	Indicator number 15 Table #3 of Annex 1				Page 188
ESRS G1-1 Protection of whistle- blowers paragraph 10 (d)	Indicator number 6 Table #3 of Annex 1				Page 188
ESRS G1-4 Fines for violation of anti-corruption and anti-bribery laws paragraph 24 (a)	Indicator number 17 Table #3 of Annex 1		Delegated Regulation (EU) 2020/1816, Annex II)		Page 191
ESRS G1-4 Standards of anti- corruption and anti- bribery paragraph 24 (b)	Indicator number 16 Table #3 of Annex 1				Page 191

Notes

1. Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (Sustainable Finance Disclosures Regulation) (OJ L 317, 9.12.2019, page 1).

2. Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (Capital Requirements Regulation “CRR”) (OJ L 176,

27.6.2013, page 1).

3. Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and

2014/17/EU and Regulation (EU) No 596/2014 (OJ L 171, 29.6.2016, page 1).

4. Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (‘European Climate Law’) (OJ L 243, 9.7.2021,

page 1).

5. Commission Delegated Regulation (EU) 2020/1816 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards the explanation in the benchmark statement of how environmental, social and governance

factors are reflected in each benchmark provided and published (OJ L 406, 3.12.2020, page 1).

6. Commission Implementing Regulation (EU) 2022/2453 of 30 November 2022 amending the implementing technical standards laid down in Implementing Regulation (EU) 2021/637 as regards the disclosure of environmental, social and governance risks (OJ L

324,19.12.2022, page 1.).

7. Commission Delegated Regulation (EU) 2020/1818 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks

(OJ L 406, 3.12.2020, page 17).

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TITAN Group Integrated Annual Report 2025

Voluntary sustainability disclosures

The information that is published in this section relate to disclosures, which are not required by the ESRS considering the outcome of our

double materiality assessment. This information is not part of TITAN’s Sustainability Statement. This “voluntary sustainability disclosures”

section is not subject to a limited assurance report in accordance with ISAE 3000 (Revised).

In this section, we present voluntary sustainability disclosures to highlight the Company’s sector-specific commitments under the GCCA

Sustainability Charter and Guidelines, along with related ESG Key Performance Indicators (KPIs) for TITAN’s targets with a horizon of 2025

and beyond. These disclosures align with other voluntary commitments in our reporting approach, including the IIRC principles, UNGC

Communication on Progress (CoP), and recommendations of TCFD and TNFD. We also provide connections of KPIs with SASB and GRI

Standards for the period from 1 January 2024 to 31 December 2024. To maintain the alignment of KPIs with ESRS requirements, we

present them alongside our voluntary commitments in the tables under the section “ESG key performance statements (voluntary KPIs)”.

For guidelines on KPIs and other disclosures, Table 9 “Sector and Other Standards for Non-financial Disclosures in 2024” offers detailed

references to guidance documents from the sector (GCCA) and other global institutions (UNCTAD and UNGC) that are incorporated into

our reporting approach. Retroactive changes were made to specific metrics for previous years to align with ESRS requirements, ensuring

more useful information and maintaining comparative figures. Non-relevant 2023 sustainability metrics were moved to the voluntary

disclosures section.

List of contents of ESG key performance statements (voluntary KPIs):

198

Management Report

Making progress toward our ESG targets

In 2025, we made substantial progress toward our ESG targets, with the 2025 objectives largely

achieved, underscoring our strong commitment to sustainability and long‑term value creation for

our customers, local communities, employees, and other stakeholders.


	Targets 2025 and beyond	2025	2024	Progress vs. targets
Decarbonization and digitalization	Near term (2030) SBTi targets validation	Targets validated since 2022 according to the 1.5^oC scenario		n
	Net zero (2050) SBTi targets validation Net-zero GHG emissions across the value chain ¹	Net-zero target validated by SBTi since 2022		n
	Scope 1, 2, 3 GHG emissions (kg/t cementitious product) ^2,3	669.2	676.6
	• 25.1% by 2030 vs. 2020 level ¹ • 95.6% by 2050 vs. 2020 level ¹	-11.6%	-10.6%	n
	Scope 1
	Scope 1 gross GHG (kg/t cementitious product)	626	630.0
	-22.8% by 2030 (vs. 2020 level)¹	-9.9%	-9.3%	n
	Scope 1 net GHG (CO2)	594.3	598.4	n
	• 550kg/t cementitious product by 2026 (-18.1% vs. 2020 level) • 500kg/t cementitious product by 2030 (-25.6% vs. 2020 level)	-11.5%	-10.6%	n
	Scope 1 net CO 2 intensity (kg/€) ¹⁰	3.51	3.76
	Scope 2 GHG (kg/t cementitious product)	38.1	42.8
	Scope 2 GHG -58.1% by 2030 (vs. 2020 level) ¹	-34.6%	-26.6%	n
	Scope 3 GHG (kg/t cementitious product)⁴	117.2	128.1
	Scope 3 absolute GHG from the use of sold fossil fuels - 80.9% by 2030 (vs. 2020 level) ¹	-100.0%	-100.0%	n
	Scope 3 other absolute GHG - 90% by 2050 (vs. 2020 level) ¹	+5.4%	+23.1%
	Monitoring and independent verification of Scope 3 GHG	Independently verified	Independently verified	n
	Annual investment in Research and Innovation to €20m	21.8	22.6	n


Progress key
n Achieved	n On track	n In progress

1. SBTi-validated targets.

2. The target boundary includes land-related emissions and removals from bioenergy.

3. Scope 1: direct CO2 emissions (gross); Scope 2: indirect CO2 emissions from electricity; Scope 3: indirect CO2 emissions (gross) of the supply chain, covering produced and

purchased cement and clinker.

4. Emissions related to six categories considered relevant to cement production activities according to GCCA guidance.

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	Targets 2025 and beyond		2025	2024	Progress vs. targets
Growth enabling work environment	Zero fatalities		2	0	Not achieved
	LTIFR (employees) among the three best in peer group ⁵		0.41	0.33	n
	Well-being initiatives, addressing the physical, mental, social, and financial dimensions of well-being for our employees		100% (382 initiatives)	100% (368 initiatives)	n
	One-third female participation in the Board of Directors		1/3	1/3	n
	Promote equal opportunities and inclusion; increase by 20% female participation in senior roles, talent pools, and new hires	% women in management	+30.3% vs. 2020 level ( 21.5% share of women)	+28.4% vs. 2020 level (21.2 % share of women)	n
		% women in talent pools	+143.1% vs. 2020 level ( 31.6% share of women)	+107.7% vs. 2020 level ( 27.0% share of women)	n
		% women in new hires	+24.91% vs. 2020 level (16.7% share of women)	+16.0% vs. 2020 level (15.5% share of women)
	100% of employees with access to upskilling and reskilling opportunities, especially in areas vital for sustainable growth, such as health and safety, digitalization, and decarbonization		100% (79,429 training hours)	100% (84,713 training hours)	n
Positive local impact	Sustain and further improve strong performance in cement production-related specific emissions	Dust (g/t clinker)	19.6	21.7	n
		NOx (g/t clinker)	1,314	1,149	n
		SOx (g/t clinker)	246.3	233.7	n
	100% of sites ⁶ with quarry rehabilitation plans (%)		100	100	n
	Rehabilitation of 25% of affected areas (%)		22	22.8
	Quarry biodiversity management plans at 100% of our sites ⁶ in high biodiversity value areas (%)		100	100	n
	100% of key operations covered with community engagement plans (CEP), aligned with material issues and UN SDGs 2030		100% ( 314 initiatives)	100% ( 297 initiatives)	n
	Two thirds of total spend directed to local suppliers and communities (%)		74.1	68.4	n
Responsible sourcing	Water consumption of 280 l/t cementitious product		229.9	220.9	n
	70% of water demand covered by recycled water (%)		71.6	72.9	n
	85% of production⁷ covered by ISO 50001/energy audits (%)		90	90	n
	50% of production⁷ covered by “Zero Waste to Landfill” certification (%)		55.1	51.1	n
	70% of key suppliers ⁸ meeting TITAN ESG supplier standards (%)		79.5	58.5	n


Progress key
n Achieved	n On track	n In progress

5. Peer group definition: Cemex, Holcim, Argos, Heidelberg Materials, CRH, Cementir, Vicat, Buzzi. Comparison based on latest available information. LTIFR: Lost Time Injury

Frequency Rate per million hours worked.

6. Active wholly owned sites.

7. Integrated clinker-cement plants.

8. Key suppliers: critical suppliers according to GCCA Guidance for Sustainable Supply Chain management with a meaningful level of spend for TITAN as defined in the ESG key

performance statements (voluntary KPIs) Notes (page 241).

9. Our joint venture in Brazil is included in the target boundary for Scope 1, 2 and 3 CO2 emissions.

10. Both nominator and denominator of this metric are calculated in accordance with the financial statements.

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Management Report

Resource use and circular economy

Resource outflows

Products and materials

Building on more than 120 years of industry experience and driven

by its commitment to sustainable growth, TITAN has become an

international cement and building materials producer, serving

customers in more than 25 countries worldwide through a network

of 13 integrated cement plants and three cement grinding plants.

TITAN also operates quarries, ready-mix plants, terminals.

We serve society’s need for safe, durable, resilient, and affordable

housing and infrastructure. By transforming raw materials into

products such as cement, concrete, aggregates, fly ash, dry

mortars, blocks, and other building materials, we create significant

value. Additionally, we offer transportation and distribution services

to our customers, along with a range of solutions including

beneficiation technologies and waste management.

Concrete, thanks to its versatility, resilience, and durability, is a safe,

reliable, and sustainable building product. Its high thermal mass,

100% recyclability, and carbonation potential contribute to reducing

emissions in the building sector, which accounts for 40% of energy

consumption and 36% of CO2 emissions in the EU. Cement and

concrete are essential for a sustainable built environment, and it is

crucial that policies continue to support their use.

Our products and services are utilized in various activities, from

major infrastructure projects (such as roads, bridges, airports,

hospitals, and schools) to residential housing, commercial buildings,

data centers and social projects

Cement

A binding substance and the main component of ready-mix

concrete. It is made by grinding clinker, gypsum, and other

cementitious materials to a fine powder.

Alternative Cementitious Materials (ACMs)

ACMs partially replace clinker, delivering equivalent performance

with a lower environmental footprint. Common ACMs include fly

ash, blast furnace slag, natural pozzolan, and calcined clay.

Ready-mix concrete

Made by combining cement, aggregates, and water to produce a

durable product that can be set in a variety of formats.

Aggregates

Aggregates and coarse materials, such as sand, gravel, crushed

stone, and recycled concrete, are used as raw materials in cement

and as reinforcing components in asphalt and concrete. They can

also be used in road and railway foundations.

Other building materials

Dry mortars, building blocks, and other concrete products are

among the materials used in construction and other industries.

We actively promote new products that will improve quality and

durability for our customers, such as ProAsh®, as well as methods

and materials that will make construction easier and contribute to

reducing environmental impacts.

For more information on our products, see “Commercial

transformation” on page 22.

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TITAN Group Integrated Annual Report 2025

Waste

Resource outflows (waste) at our facilities are calculated using

direct measurements and weighted quantities. We manage various

non-hazardous wastes, including wood, iron and steel, aluminum,

cables, construction and demolition wastes, packaging, paper,

electrical and electronic equipment, glass, and plastic. Additionally,

we handle hazardous wastes such as used oils, contaminated

materials, filter materials, batteries, and lighting lubes. Our

comprehensive waste management strategy ensures proper

sorting, recycling, or disposal of these materials in an

environmentally responsible manner, aligning with our commitment

to sustainability and the principles of the circular economy.

Our methodology adheres to the standards and guidelines set by

the Global Cement and Concrete Association (GCCA) protocol,

ensuring accuracy and consistency in our waste management

practices.

The following metrics are linked with the identified IROs, particularly

in resource use and the circular economy (negative impact).


Group level (all operations)	2025	2024
Total waste generated (t)	603,418	359,267
Total waste diverted from disposal (t)	568,975	318,141
Total waste reused non-hazardous (t)	849	0
Total waste reused hazardous (t)	12	0
Total waste recycled non-hazardous (t)	566,943	317,895
Total waste recycled hazardous (t)	707	245
Total waste recovered non-hazardous (t)	397	0
Total waste recovered hazardous (t)	67	0
Total waste directed to disposal (t)	34,442	41,126
Total waste non-hazardous – incineration (t)	19	16
Total waste hazardous – incineration (t)	1	0
Total waste non-hazardous – landfill (t)	30,878	38,365
Total waste hazardous – landfill (t)	45	200
Total waste non-hazardous – other disposal	3,491	2,544
Total waste hazardous – other disposal	8	1
Total waste non-recycled (t)	34,442	41,126
Total waste non-recycled (%)	5.7	11.4
Total hazardous waste (t)	840	447
Total radioactive waste (t)	0	0

Despite hazardous waste constituting a minimal fraction (0.1 %) of

the total disposed waste, its proper management adheres to local

regulations at all our facilities across various activities and

business units.

Leading by example, our plants have raised awareness in the

neighboring communities by participating in relevant collaborative

efforts like the “Nothing to Waste” initiative in Thessaloniki, Greece,

a pilot application of the circular economy and efficient waste

management program, where 24 businesses and 500 households

of their employees deliver measurable results to enhance the

recycling performance of the municipality. In 2025, a total of about

100 tonnes of waste have been collected and recycled, In total

about 363 tonnes have been handled since the initiation of the

program in 2021.

Actions related to pollution (other than

air pollution)

Water effluents

TITAN Group’s continuous target is to sustain the quality of water

resources in all its facilities and neighboring areas, by establishing

responsible and efficient practices for water usage and discharges.

Water management systems ensure that discharged water, both in

quality and quantity, meets or exceeds local standards and

regulations. By applying appropriate treatment processes, we aim to

mitigate and minimize any potential impacts on water ecosystems

and human health. The treatment methods include primary

treatment with sedimentation tanks and also specific facilities for

treating sewage water according to regulatory requirements. The

treated water is recycled and reused in our facilities. As required,

sites monitor the quantity and quality, including oil and fats, nitrates

and phosphates, of treated water that is finally discharged to natural

recipients. In all cases, our water effluents were below local

regulatory limits.

Noise reduction

TITAN systematically addresses ambient noise reduction through a

comprehensive program that involves periodic measurements to

monitor and control noise levels at all plants and according to local

legislation. The primary objective is to minimize disturbances to

neighboring communities and surrounding areas. This proactive

approach includes the development of well-defined action plans

and programs that incorporate best available techniques such as

enclosing noisy equipment, placing outlet silencers on exhaust

stacks, and using natural barriers (trees and bushes, and acoustic

panels), all of which serve to minimize the propagation of noise

beyond plant boundaries.

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Management Report

Human rights due diligence

In 2025, TITAN continued to reinforce its longstanding commitment

to upholding human rights, particularly for individuals and

communities affected by its operations. Strengthening internal

capacity was also a priority: A total of 479 employees received

training on the Human Rights Policy, demonstrating TITAN’s

organizational commitment to embedding human rights awareness

across functions and regions.

Since 2024, TITAN’s Double Materiality Assessment has used a

methodology that supports existing policies and due diligence by

integrating country-level human rights risk analysis. Using a top-

down approach with global benchmarks and US State Department

guidance, the study found high human rights risks in two of ten

operating countries, particularly concerning worker rights and

personal integrity. Other areas, such as civil liberties and political

freedoms, were deemed irrelevant or managed by authorities.

In 2025, TITAN improved community engagement by standardizing

practices and introducing the 2024 Framework Guidance for

stakeholder interaction. This framework, aligned with the updated

Whistleblowing Policy, promotes transparency, accountability, and a

stronger “speak-up” culture. The new approach prioritizes prompt

responses to environmental and human rights complaints,

strengthening trust and responsible conduct across all regions.

In 2025, TITAN introduced an Artificial Intelligence Management

Program and a Group Policy for Trustworthy AI, based on the

OECD’s AI Principles. The policy emphasizes human rights,

transparency, and accountability, guiding responsible AI use. This

proactive approach helps TITAN reduce risks, strengthen its

reputation, and attract customers concerned with ethical AI and

data privacy.

TITAN enhanced internal systems to prepare for new Corporate

Sustainability Due Diligence Directive requirements, updating its

2025 roadmap to reflect changes from the Omnibus simplification

and focusing on EU competitiveness. The company consulted

internal experts and reviewed global standards and best practices.

Tax governance

All Group entities comply with the tax legislation in force in the

countries in which the Group operates. Tax compliance and,

through it, the minimization of tax risks are a key driver in our

regular business operations, as well as in significant transactions

and potential investments; thus professional advice is sought from

suitable external advisors for defining our tax position. We promote

an open and transparent relationship with the tax authorities,

providing complete and timely feedback to all requests received.

TITAN Group pays tax on profits according to where value is

created within the normal course of its business activities.

TITAN Group uses business structures that are driven by commercial

considerations and does not seek to apply abusive tax schemes. We

ensure adherence to the arm’s length principle in all intragroup

transactions, in line with OECD guidelines and local tax laws, by

proactively setting prices in an arm’s length, timely, transparent, and

organized way. Our transfer pricing files are prepared by external tax

advisors in cooperation with the Group tax and local tax departments.

They consist of a master file containing standard information relevant

to all Group entities and local files relating to transactions carried out

by the local taxpayers and are submitted (and are available for

review) to the relevant tax authorities.

The Country-by-Country Report (CBCR) is prepared and submitted to

the parent company’s tax authorities (Cyprus) in a timely manner and

is aligned with the OECD guidance. We provide a list of all entities of

TITAN Group, with ownership information and a brief description of

the type and geographic scope of activities (Note 4. Investments in

subsidiaries, joint ventures and associates). We do not use secrecy

jurisdictions or so-called “tax havens” to avoid taxes. Entities which

are domiciled in low-rate jurisdictions exist for substantive and

commercial reasons. We apply for tax incentives offered by

government authorities to support investment, environmental

performance, employment, and economic development and we seek

to ensure that our claims are consistent with statutory and regulatory

frameworks. The Group’s Effective Tax Rate (ETR) in 2025 was

26.6%. This is our worldwide corporate tax charge shown as a

percentage of the worldwide Group profit before tax (Note 14. Income

taxes, provides a tax reconciliation on a Group basis).

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TITAN Group Integrated Annual Report 2025

Independent assessment of

ESG performance

In 2025, our ratings saw notable advancement, as depicted in the

accompanying charts. Notably, we achieved an improved ESG Risk

Rating of 24.2 and were assessed by Sustainalytics to be at

medium risk of experiencing material financial impacts from ESG

factors. Titan SA scored 70/100 in the S&P Global Corporate

Sustainability Assessment, a 4-point improvement on 2024. We

also retained our “Prime” status in the ISS ESG Corporate Rating,

securing a top 10% position in the construction sector. For the fifth

consecutive year, we received an “AA” MSCI ESG Rating.



	MSCI		CDP (Water)

	ISS		S&P CSA

AAA

BBB

CCC

A-

B-

C-

A-

B-

C+

C-

C+

TITAN Group has been included in the FTSE4Good Index Series,

receiving a 4.2 score, increasing our performance in the social part.

Created by the global index and data provider FTSE Russell, the

FTSE4Good Index Series is designed to measure the performance

of companies demonstrating strong ESG practices. In Greece, Titan

SA achieved a 98% ESG Transparency Score, as assessed by

ATHEX ESG.

TITAN continues to rank among global sustainability leaders,

earning Leadership status for the fifth consecutive year from CDP.

In 2025, the Company achieved an “A” in Water Security and “A-”

in Climate Change, marking a major milestone in our sustainability

journey. These distinctions place TITAN among the top 4% of

companies scored by CDP, the world’s only independent system for

environmental disclosure.

More information on the Group’s ESG performance assessment by

ESG Rating agencies is available on the corporate website ( https://

www.titanmaterials.com/sustainability/esg-ratings/).

Other disclosures concerning Social

and Governance

Corruption Perceptions Index for countries

of TITAN’s operations

According to the 2025 edition of Transparency International’s

Corruption Perceptions Index (CPI), in 2024 TITAN’s subsidiaries

operated in countries with CPI ranking higher or equal to 130

(Egypt’s ranking). Across the countries where we operate, Albania,

Bulgaria, Kosovo, Serbia, Türkiye and the US had a slightly lower

CPI ranking in 2025 (worsened conditions) compared with 2024,

whereas Bra zil and Greece had a higher CPI ranking (improved),

while Egypt and North Macedonia remained unchanged (source:

https://www.transparency.org/en/cpi/2025).

No incidents of disruption of operations or cases

of conflicts

In 2025, no incidents were recorded concerning operations

shutdowns or project delays due to non-technical factors, such as

those resulting from cases of litigations, like recalls of existing

permits for our operations, or sanctions for our operations, or

delays in receiving such permits, or other incidents related to

communities and stakeholders, including strikes and protests, or

lockouts, or other controversies concerning employees in own

workforce. TITAN does not operate in or near areas of conflict,

according to data from the Uppsala Conflict Data Program (UCDP,

www.uu.se/).

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Management Report

Climate-related financial

disclosures (TCFD)

By constructing robust infrastructure that assists communities in responding to shifting

weather trends and climate challenges, the cement sector plays a key role in adaptation

strategies. Additionally, through efforts to minimize greenhouse gas output along its

value chain, the industry supports the movement toward achieving carbon neutrality.

TITAN Group has engaged with experts on climate change risks assessment, according to TCFD recommendations, to identify the

physical and transitional risks stemming from climate change as well as the opportunities from the transition to a low-carbon economy

based on the different IPCC scenarios. This is a process incorporated in the Group’s overall risk management assessment. The following

table provides all necessary links to the TITAN Integrated Annual Report and our 2025 submission to the CDP. More information on the

methodology used and the risks and opportunities can be found on page 135 of the Report (Sustainability Statement).


Governance	Strategy	Risk management	Metrics and targets
Board’s oversight of climate-related risks and opportunities IAR 2025, p. 102, 58, 90 , 135 CDP C4. Governance	Climate-related risks and opportunities identified IAR 2025, p. 18 , 90 CDP C2. Identification, Assessment and Management of Dependencies, Impacts, Risks, and Opportunities	Processes for identifying and assessing climate- related risks IAR 2025, p. 90 , 91 , 135 CDP C2. Identification, Assessment and Management of Dependencies, Impacts, Risks, and Opportunities C4. Governance	Metrics used IAR 2025, p. 140 , 90, 91, 136 , 135 , 208 , 218 CDP C4. Governance C5. Business strategy C7. Environmental Performance – Climate Change
Management’s role IAR 2025, p. 102, 58 , 91 , 135 CDP C4. Governance	Impact on the organization’s businesses, strategy, and financial planning IAR 2025, p. 18 , 90 CDP C2.Identification, Assessment and Management of Dependencies, Impacts, Risks, and Opportunities C4. Governance C5. Business strategy C7. Environmental Performance – Climate Change	Processes for managing climate-related risks IAR 2025, p. 90 , 91 , 135 CDP C2. Identification, Assessment and Management of Dependencies, Impacts, Risks, and Opportunities C4. Governance C5. Business strategy C7. Environmental Performance – Climate Change	Scope 1, 2 and 3 GHG and related risks IAR 2025, p. 136 , 135 , 208 , 218 CDP C7. Environmental Performance – Climate Change
	Resilience of the organization’s strategy to different scenarios IAR 2025, p. 18 , 90 CDP C2. Identification, Assessment and Management of Dependencies, Impacts, Risks, and Opportunities	Integration into overall risk management IAR 2025, p. 90 , 91 , 135 CDP C2. Identification, Assessment and Management of Dependencies, Impacts, Risks, and Opportunities C4. Governance	Targets and performance against targets IAR 2025, p. 140, 151 CDP C4. Governance C7. Environmental Performance – Climate Change

See https://www.titanmaterials.com/Titan-SA-CDP-questionnaire-

climate-and-water-2025.pdf for TITAN’s response to the 2025 CDP

Corporate Questionnaire.

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TITAN Group Integrated Annual Report 2025

Nature-related financial

disclosures (TNFD)

TITAN is dedicated to reducing its environmental impact by protecting natural resources

and ecosystems. By adopting TNFD principles, the Group promotes transparency and

sets high standards for nature-positive actions, focusing on measurable conservation

progress and innovation to inspire others and safeguard the planet.

TITAN Group has engaged with experts on nature-related risks and opportunities assessment, according to TNFD recommendations,

to identify the dependencies, impacts, risks, and opportunities in its direct operations as well as in its upstream and downstream value

chain. This is a process incorporated in the Group’s overall risk management assessment. By prioritizing sustainable practices and

integrating nature-related risks and opportunities into our decision-making, we reaffirm our dedication to building a resilient and

environmentally responsible future. The following table provides all necessary links to the TITAN Integrated Annual Report. More

information on the methodology used and the risks and opportunities can be found on page 154 of the Report (Sustainability Statement).


Governance	Strategy	Risk and impact management	Metrics and targets
Board’s oversight of nature-related dependencies, impacts, risks and opportunities IAR 2025, p. 102, 58 , 90, 154	Nature-related dependencies, impacts, risks and opportunities identified IAR 2025, p. 18, 90	Processes for identifying, assessing and prioritizing nature-related dependencies, impacts, risks and opportunities IAR 2025, p. 90, 91, 154	Metrics used to assess and manage material nature-related risks and opportunities IAR 2025, p. 140, 90 , 91, 136, 154, 208, 218, 221
Management’s role IAR 2025, p. 102, 58, 90 , 154	Impact on the organization’s businesses model, value chain, strategy, and financial planning IAR 2025, p. 18 , 90	Processes for monitoring nature-related dependencies, impacts, risks, and opportunities IAR 2025, p. 90 , 91, 154	Metrics used to assess and manage dependencies and impacts on nature IAR 2025, p. 154, 208 , 218, 221
Policies and engagement activities, oversight by the board and management IAR 2025, p. 102, 58, 90 , 154	Resilience of the organization’s strategy to different scenarios IAR 2025, p. 18 , 90	Integration into overall risk management IAR 2025, p. 90 , 91 , 154	Targets and performance against targets IAR 2025, p. 140, 151
	Assets and/or activities meeting priority location criteria IAR 2025, p. 18 , 90

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Management Report


1. Material issues
	TITAN Group	Albania	Bulgaria	Egypt	Greece
1	Health and safety	Safe and healthy working environment for our employees and business partners	Safe and healthy working environment	Environmental and energy management	Customer satisfaction with sustainable, innovative, and quality products and services
2	Innovation	Employee engagement, continuous development, and well- being	Customer relations	Health and safety	Positive local social, economic, and environmental net impact
3	Business ethics	Customer satisfaction	Employee development and well-being	Competitiveness and business model resilience	Health, safety, and well-being for our employees
4	Energy and climate change mitigation	Good governance, transparency, and business ethics	Climate change mitigation and adaptation	Good governance, transparency, and business ethics	Future-ready business model in a carbon- neutral world
5	Biodiversity	Supporting our local communities well-being	Quality and sustainability of products	Positive impact for our communities	Good governance, transparency, and ethics
6	Climate change adaptation (resilient urbanization)	Environmental management	Efficient use of energy and natural resources (water, raw materials, and fuels)	Employee engagement and development	Resource efficiency, recycling, and recovery, contributing to a circular economy
7	Resources use and circular economy	Responsible, reliable, and sustainable supply chain	Good governance, transparency, and business ethics		Innovation with emphasis on digital and de-carbonization
8	Product responsibility	Stakeholder relations and engagement	Sustainability of communities		Employee engagement and continuous development
9	Climate change adaptation (physical risks)	Climate change and energy	Responsible and reliable supply chain		Reliable and sustainable supply chain
10	Training and skills development	Business model innovation	Biodiversity conservation		Diverse and inclusive workplace
11	Water
12	Diversity
13	Local communities development
14	Air pollution


Additional issues material to stakeholders based on the last materiality validation in 2022
		Albania	Bulgaria	Egypt	Greece
1		n/a	• Visual impacts • Data security • Business model resilience • Customer welfare	• Management of the legal and regulatory environment • Continuous development of our people	• Competitive behavior • Access and affordability • Selling practices and product labeling
	Level of material issues:	Global material issues Sectoral material issues Local material issues

Note: We compare the material issues identified from the Group’s double materiality assessment in 2024 with the existing material issues

for the countries, as determined by the previous materiality assessment conducted in 2022.

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TITAN Group Integrated Annual Report 2025


Tables
Kosovo	North Macedonia	Serbia	Türkiye	USA
Safe and healthy working environment for our employees and business partners along the value chain	Environmental management of local impacts and protection of natural resources	Environmental protection and investments	Health, safety, and well- being	Protect our people and promote health and safety
Environmental performance	Safe and healthy working environment for our employees and business partners	Safe and healthy working environment	Marketing and customer satisfaction (quality, product innovation, and safety)	Optimize and develop access to raw materials, including cement
Engaging and contributing to our local communities	Building trust of our customers and improving their satisfaction	Employment and employees well- being	Environmental management	Attract, develop, and maintain talent in an open, inclusive, and diverse culture
Good governance, transparency, and business ethics	Good governance and business ethics	Economic performance and market presence	Good governance, compliance, and business ethics	Mitigate climate change impacts and optimize energy use
Employee engagement and development	Continue engaging and contributing to sustainability of communities	Product quality and safety	Employee engagement, collaboration, and people development	Innovation and quick adaptation
Climate change and energy efficiency	Decarbonization, energy efficiency, and business model resilience	Stakeholder engagement and welfare of communities	Climate change and energy	Actively manage biodiversity and ecosystems (including water)
Diverse and inclusive workplace	Employee engagement, development, and well- being	Climate change and energy	Efficient use of resources and contribution to a circular economy	Community relations and engagement; license to operate
Responsible, reliable, and sustainable supply chain	Maintaining a sustainable and reliable supply chain	Good governance, transparency, and business ethics	Sustainable growth and resilient infrastructure	Sustainability of concrete/ sustainability of our products
		Responsible and sustainable supply chain	Responsible supply chain management	Incoming regulation; increasing regulation complexity
		Responsible use of resources and contribution to a circular economy, biodiversity, and forestry	Social license to operate and contribution to local communities' sustainability	Communication (internal and external)
			Digitalization	Brand reputation and exposure through social media





Kosovo	North Macedonia	Serbia	Türkiye	USA
• Customer welfare • Customer privacy • Data security • Access and affordability • Product design and lifecycle management	• Product design and lifecycle management	• Access and affordability • Competitive behavior • Data security	• Visual impacts • Impacts of climate change • Access and affordability • Diversity and inclusion	• Circular economy • Sustainable supply chain • Environmental management • Data security • Competitive behavior • Digitalization

208

Management Report

2. ESG key performance statements

(voluntary KPIs included)

1. Environmental information


Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes

	1.1 ESRS E1 - Climate Change														SDG 9.4

	All activities
1.01	Scope 1 gross CO2 emissions	million t	10.0	10.5	10.4	-	-	E1-6 44(a), 45(a), 48(a)					●	305-1
1.02	Scope 2 gross CO2 emissions	million t	0.7	0.8	0.9	-	-	E1-6 44(b), 45(b), 49(a)					●	305-2

	Cement and cementitious production activities
1.03	Total GHG emissions (Location-based)	million t	12.9	13.9	13.4	-	-
1.04	Total GHG emissions (Location-based, incl. Brazil)	million t	12.8	13.6	13.2	10.9	11.8
1.05	Total GHG emissions intensity (Location-based)	t/€	0.00484	0.00525	0.00526	-	-
1.06	Total GHG emissions (Market-based)	million t	12.9	13.90	-	-	-	E1-6 53, 54
1.07	Total GHG emissions (Market-based, incl. Brazil)	million t	12.4	13.40	-	-	-
1.08	Total GHG emissions intensity (Market-based)	t/€	0.00484	0.01	-	-	-
1.09	Scope 1 gross CO2 emissions	million t	9.9	10.5	10.3	-	-	E1-6 53, 54
1.10	Scope 1 gross CO2 emissions (incl. Brazil)	million t	10.3	10.7	10.5	10.2	10.4		●	●	●	●	●	305-1	1
1.11	Greece	million t	2.2	2.3	2.6	2.5	2.9		●	●	●	●	●
1.12	USA (incl. Brazil)	million t	2.5	2.5	2.5	2.6	2.7	E1-6 44(a), 45(a), 48(a)	●	●	●	●
1.13	Southeastern Europe	million t	2.3	2.5	2.5	2.4	2.6		●	●	●	●
1.14	Eastern Mediterranean	million t	3.3	3.4	2.9	2.7	2.8	E1-6 44(a), 45(a), 48(a)	●	●	●	●
1.15	Scope 1 specific gross CO2 emissions	kg/t cementitious product	627.2	630.7	638.3	648.20	681.9	E1-6 44(a), 45(a), 48(a)	●	●	●	●
1.16	Scope 1 specific gross CO2 emissions (incl. Brazil)	kg/t cementitious product	626.0	630.0	636.9	646.4	678.3		●	●		●		305-4
1.17	Scope 1 gross CO2 emissions coverage rate	%	100.0	100.0	100.0	100.0	100.0							305-1

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TITAN Group Integrated Annual Report 2025


Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes
1.18	Scope 1 gross CO2 emissions covered under limiting regulations	%	56.2	53.1	51.4	51.1	51.2			●	●		●
1.19	Scope 1 gross CO2 emissions covered under limiting regulations (incl. Brazil)	%	54.0	51.8	49.2	48.9	48.9			●	●		●
1.20	Scope 1 gross CO2 emissions covered by regulated emission trading schemes	%	25.6	26.3	29.5	29.3	31.0
1.21	Scope 1 gross CO2 emissions covered by regulated emission trading schemes (incl. Brazil)	%	24.6	25.6	28.3	28.0	29.6
1.22	Scope 1 net CO2 emissions	million t	9.4	9.9	9.6	9.3	10.1		●	●	●	●
1.23	Scope 1 net CO2 emissions (incl. Brazil)	million t	9.8	10.1	10.0	10.5	10.1		●	●	●	●
1.24	Greece	million t	2.0	2.1	2.4	2.3	2.7		●	●	●	●
1.25	USA (incl. Brazil)	million t	2.4	2.4	2.4	2.5	2.7		●	●	●	●
1.26	Southeastern Europe	million t	2.3	2.4	2.5	2.4	2.5		●	●	●	●
1.27	Eastern Mediterranean	million t	3.1	3.2	2.7	2.6	2.7		●	●	●	●
1.28	Scope 1 specific net CO2 emissions	kg/t cementitious product	594.4	598.0	608.1	619.8	654.2		●	●		●		305-4
1.29	Scope 1 specific net CO2 emissions (incl. Brazil)	kg/t cementitious product	594.3	598.4	607.7	619.0	651.6		●	●		●
1.30	Scope 1 net CO2 emissions intensity	t/€	0.00351	0.00376	0.00384	0.00418	0.00600							305-1
1.31	Scope 1 biogenic CO2 emissions (not included in Scope 1 gross CO2 emissions, incl. Brazil)	million t	0.4	0.4	0.3	-	-
1.32	Scope 1 net CO2 emissions coverage rate	% clinker production	100.0	100.0	100.0	100.0	100.0							305-1
1.33	Avoided Scope 1 net CO2 emissions (cumulative since 1990)	million t	42.1	39.2	36.3	33.6	31.2			●	●	●			2
1.34	Scope 2 CO2 emissions	million t	0.6	0.7	0.8	0.7	0.8	E1-6 44(b), 45(b), 49(a)	●	●	●	●			3
1.35	Scope 2 CO2 emissions (incl. Brazil)	million t	0.6	0.7	0.8	0.7	0.8		●	●	●	●		305-2	3
1.36	Greece	million t	0.1	0.1	0.3	0.2	0.2	E1-6 44(b), 45(b), 49(a), 50(a)	●	●	●	●			3
1.37	USA (incl. Brazil)	million t	0.1	0.1	0.1	0.1	0.2		●	●	●	●			3
1.38	Southeastern Europe	million t	0.2	0.2	0.2	0.2	0.2	E1-6 44(b), 45(b), 49(a), 50(a)	●	●	●	●			3
1.39	Eastern Mediterranean	million t	0.2	0.3	0.2	0.2	0.2	E1-6 44(b), 45(b), 49(a), 50(a)	●	●	●	●			3

210

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Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes
1.40	Scope 2 specific CO2 emissions	kg/t cementitious product	39.9	44.3	51.1	48.7	51.5		●	●		●		305-4	3
1.41	Scope 2 specific CO2 emissions (incl. Brazil)	kg/t cementitious product	38.1	42.8	49.0	47.0	49.3		●	●		●			3
1.42	Scope 2 CO2 emissions coverage rate	% clinker production	100.0	100.0	100.0	100.0	100.0							305-2
1.43	Scope 2 CO2 emissions intensity (Location-based)	t/€	0.00024	—	—	—	—
1.44	Scope 2 CO2 emissions (Market-based)	million t	0.6	0.7	-	-	-	E1-6 44(b), 45(b), 49(b)
1.45	Scope 2 CO2 emissions (Market-based, incl. Brazil)	million t	0.6	0.7	-	-	-
1.46	Scope 2 specific CO2 emissions (Market-based)	kg/t cementitious product	40.2	45.0	-	-	-								3
1.47	Scope 2 specific CO2 emissions (Market-based, incl. Brazil)	kg/t cementitious product	38.5	43.4	-	-	-								3
1.48	Scope 2 CO2 emissions intensity (Market-based)	t/€	0.00024	—	-	-	-
1.49	Scope 2 CO2 emissions (Market-based) linked to purchased electricity bundled with instruments	%	17.0	16.3	-	-	-	E1-6 AR45(d)
1.50	Scope 2 CO2 emissions (Market-based) linked to purchased electricity unbundled with instruments	%	—	—	-	-	-	E1-6 AR45(d)
1.51	Scope 3 CO2 emissions	kt	2,400.6	2,651.1	2,340.3	-	-	E1-6 44(c), 45(c), 51	●			●		305-3	4,9,13
1.52	Scope 3 CO2 emissions (incl. Brazil)	kt	1,896.7	2,154.1	1,871.2	-	-		●			●			9,13
1.53	Category 1 - Purchased goods and services	kt	494.8	544.7	418.0	-	-		●			●			10,13
1.54	Category 3 - Fuel and energy related activities	kt	831.4	1,011.9	853.9	-	-		●			●			13
1.55	Category 4 - Upstream transportation and distribution	kt	202.8	205.1	172.8	-	-		●			●			13
1.56	Category 6 - Business travels	kt	0.7	1.0	0.7	-	-		●			●			13
1.57	Category 7 - Employee commuting	kt	7.8	9.1	6.1	-	-		●			●			13
1.58	Category 9 - Downstream transportation and distribution	kt	359.2	382.3	419.7	-	-		●			●			13
1.59	Scope 3 CO2 emissions per region	kt	1,896.7	2,154.1	1,871.2	1,827.4	1,647.2	E1-6 44(c), 45(c), 51							9, 13
1.60	Greece	kt	427.4	504.4	498.5	508.6	423.5	E1-6 44(c), 45(c), 51	●			●			13
1.61	USA (incl. Brazil)	kt	404.2	482.1	425.6	334.2	311.8		●			●			13
1.62	Southeastern Europe	kt	413.5	471.2	408.8	443.8	408.3	E1-6 44(c), 45(c), 51	●			●			13

211

TITAN Group Integrated Annual Report 2025


Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes
1.63	Eastern Mediterranean	kt	651.6	696.4	538.3	540.8	503.6	E1-6 44(c), 45(c), 51	●			●			13
1.64	Scope 3 specific CO2 emissions	kg/t cementitious product	115.6	123.0	114.5	116.7	102.8		●			●		305-4	9,13
1.65	Scope 3 specific CO2 emissions (incl. Brazil)	kg/t cementitious product	117.2	128.1	114.4	116.7	102.8		●			●			9,13
1.66	Scope 3 CO2 emissions coverage rate	%	100.0	100.0	100.0	100.0	100.0							305-3	13
1.67	Scope 3 specific CO2 emissions covering purchased cement and clinker (incl. Brazil)	kg/t cementitious product	936.2	892.2	942.6	942.6	924.3							305-4
1.68	Scope 3 absolute CO2 emissions of sold fossil fuels (incl. Brazil)	t	0.0	0.0	3,826	4,107	24,648							305-3
1.69	Scope 3 absolute CO2 emissions of sold fossil fuels (incl. Brazil) - reduction vs. 2020	%	-100.0	-100.0	-95.5	-95.2	-71.2							305-5
1.70	Scope 1, 2 and 3 specific CO2 emissions covering produced and purchased cement and clinker (incl. Brazil, near term)	kg/t cementitious product	669.2	676.6	689.9	697.8	731.1							305-4	14
1.71	Scope 1, 2 and 3 specific CO2 emissions covering produced and purchased cement and clinker (incl. Brazil, long term)	kg/t cementitious product	669.2	676.6	689.9	697.8	731.1								14
1.72	Conventional fossil fuels substitution rate	%	77.4	78.2	80.3	82.5	84.5		●	●	●	●		302-3	11
1.73	Alternative fuel substitution rate	%	22.6	21.8	19.7	17.5	15.5		●	●	●	●	●		11
1.74	Biomass in fuel mix	%	10.1	9.1	7.9	6.1	4.8		●	●	●	●	●		5,11,12
1.75	Conventional fossil fuels substitution rate (incl. Brazil)	%	77.7	78.8	80.4	82.5	84.5		●	●	●	●			11
1.76	Alternative fuel substitution rate (incl. Brazil)	%	22.3	21.2	19.6	17.5	15.5		●	●	●	●	●		11
1.77	Biomass in fuel mix (incl. Brazil)	%	10.0	8.80	8.10	6.50	5.00		●	●	●	●	●		5,11,12
1.78	Fuel mix, energy consumption for clinker and cement production	%	100.0	100.0	100.0	100.0	100.0			●		●			11
1.79	Conventional fossil fuels	%	77.4	78.2	80.3	82.5	84.5			●		●			11
1.80	Coal, anthracite, and waste coal	%	22.4	30.7	26.6	28.8	44.7			●		●			11
1.81	Petroleum coke	%	38.8	30.9	37.5	37.8	28.5			●		●			11
1.82	Lignite	%	0	0.9	1.4	1.5	1.2			●		●			11
1.83	Other solid fossil fuel	%	0.8	1.5	1.5	1.1	1.9			●		●			11
1.84	Natural gas	%	13.9	12.9	11.6	11.8	7.4			●		●			11
1.85	Heavy fuel (ultra)	%	0.8	0.7	1.0	0.9	0.3			●		●			11
1.86	Diesel oil	%	0.6	0.5	0.6	0.5	0.4			●		●			11

212

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Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes
1.87	Gasoline, LPG (Liquified petroleum gas or liquid propane gas)	%	0.1	0.1	0.1	0.1	0.1			●		●			11
1.88	Alternative fossil and mixed fuels	%	22.1	20.8	18.7	17.2	15.4		●	●	●	●			11
1.89	Tires	%	6.3	5.6	5.0	4.0	2.9		●	●	●	●			11
1.90	RDF	%	9.1	8.6	6.2	6.2	5.6		●	●	●	●			11
1.91	Impregnated saw dust	%	0.7	0.7	0.7	0.7	0.7		●	●	●	●			11
1.92	Mixed industrial waste	%	2.1	1.6	1.8	1.9	1.5		●	●	●	●			11
1.93	Other fossil based and mixed wastes	%	3.9	4.3	5.0	4.4	4.7		●	●	●	●			11
1.94	Biomass fuels	%	0.5	1.0	1.0	0.3	0.1		●	●	●	●			11
1.95	Dried sewage sludge	%	0.0	0.0	0.0	0.2	0.1		●	●	●	●			11
1.96	Wood, non-impregnated saw dust	%	0.0	0.0	0.0	0.0	0.0		●	●	●	●		302-3	11
1.97	Agricultural, organic, diaper waste, charcoal	%	0.1	0.8	0.1	0.1	0.0		●	●	●	●			11
1.98	Other	%	0.4	0.2	0.9	0.0	0.0		●	●	●	●			11
1.99	Alternative fuels consumption (total)	t	538,164	525,744	431,077	349,514	335,700		●	●	●	●	●	302
1.100	Alternative fuels consumption (total) (incl. Brazil)	t	552,061	532,780	446,615	368,179	350,807		●	●	●	●	●	302
1.101	Clinker-to-cement ratio	%	77.3	76.9	77.3	78.8	81.7		●	●		●
1.102	Clinker-to-cement ratio (incl. Brazil)	%	76.9	76.5	76.9	78.4	81.0		●	●		●
1.103	Moderate carbon products	%	69.2	77.3	78.6	72.2	45.4					●			6
1.104	Green (lower-carbon) products	%	27.0	29.8	23.4	19.5	16.2	E1,9 69(b), AR81			●				7

	All activities														SDG 13.2
1.105	Annual investment in Research and Innovation	million €	21.8	22.6	22.1	11.7	10.7			●	●			201-2	8

	All activities
1.106	Thermal energy consumption	MWh	12,513,976	13,068,515	12,096,667	11,651,667	12,453,889	E1-5 37	●	●	●		●	302-1
1.107	Coal and coal products	MWh	2,754,167	4,152,329	-	-	-	E1-5 37(a)
1.108	Crude oil and petroleum products	MWh	5,173,649	4,213,025	-	-	-	E1-5 37(a)
1.109	Natural gas	MWh	1,698,084	1,644,095	-	-	-	E1-5 37(a)
1.110	Other fossil sources	MWh	1,646,687	1,858,194	-	-	-	E1-5 37(a)
1.111	Nuclear sources	MWh	—	—	-	-	-	E1-5 37(b)
1.112	Renewable sources	MWh	1,241,389	1,200,871	-	-	-	E1-5 37(c)i

213

TITAN Group Integrated Annual Report 2025


Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes
1.113	Electrical energy consumption	MWh	1,902,615	1,945,187	1,737,778	1,749,444	1,827,778	E1-5 37	●	●	●		●	302-1
1.114	Fossil sources	MWh	1,201,659	1,200,404	-	-	-	E1-5 37(a)
1.115	Nuclear sources	MWh	113,990	124,985	-	-	-	E1-5 37(b)
1.116	Renewable sources	MWh	586,966	619,798	-	-	-	E1-5 37(c)i
1.117	Total energy consumption	MWh	14,416,591	15,013,702	13,834,444	13,401,111	14,281,667	E1-5 37						302-1
1.118	Fossil sources	MWh	12,474,246	13,068,047	-	-	-	E1-5 37(a)
1.119	Nuclear sources	MWh	113,990	124,985	-	-	-	E1-5 37(b)
1.120	Renewable sources	MWh	1,828,355	1,820,669	-	-	-	E1-5 37(c)i
1.121	Thermal energy consumption	%	86.8	87.0	87.4	86.9	87.2							302-1
1.122	Electrical energy consumption	%	13.2	13.0	12.6	13.1	12.8							302-1
1.123	Renewable energy (non-fuel, self-generated)	MWh	9,067	6,701.00	-	-	-	E1-5 37(c)i
1.124	Renewable energy of total energy consumption	%	12.7	12.1	9.6	8	6.90
1.125	Total energy consumption intensity	MWh/€	0.0054	0.00568	0.00556	0.00583	0.00833	E1-5 40						302-3

	Cement production activities
1.126	Percentage of production covered by ISO50001 or energy audits	%	90.2	89.9	85.7	85.9	86.2				●			3-3	27
1.127	Thermal energy consumption (Cement, grinding plants and attached quarries)	MWh	12,283,890	12,950,275	12,080,278	11,542,778	12,154,444	E1-5 37	●	●	●	●	●	302-1
1.128	Specific heat energy consumption	kcal/kg clinker	891.0	878.0	855.0	844.0	840.0		●	●	●	●		302-3	28
1.129	Specific heat energy consumption (incl. Brazil)	kcal/kg clinker	890.0	878.0	858.0	848.0	841.0		●	●	●	●			28
1.130	Greece	kcal/kg clinker	898.0	909.0	904.0	893.0	895.0		●	●	●	●			28
1.131	USA (incl. Brazil)	kcal/kg clinker	794.0	779.0	774.0	791.00	-		●	●	●	●			28
1.132	Southeastern Europe	kcal/kg clinker	868.0	867.0	872.0	842.0	839.0		●	●	●	●			28
1.133	Eastern Mediterranean	kcal/kg clinker	985.0	945.0	881.0	870.0	849.0		●	●	●	●			28
1.134	Electrical energy consumption (Cement, grinding plants and attached quarries)	MWh	1,786,873	1,837,720	1,720,833	1,658,611	1,723,333	E1-5 37	●	●	●	●	●	302-1
1.135	Specific electrical energy consumption	kWh/t cement	111.7	114.0	112.5	110.8	115.0					●	●	302-3

214

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Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes
1.136	Specific electrical energy consumption (incl. Brazil)	kWh/t cement	110.8	112.9	111.4	109.7	113.5					●
1.137	Greece	kWh/t cement	122.7	120.4	127.8	124.4	132.1					●
1.138	USA (incl. Brazil)	kWh/t cement	109.7	111.1	107.5	109.80	-					●
1.139	Southeastern Europe	kWh/t cement	101.4	102.8	104.6	100.8	100.6					●
1.140	Eastern Mediterranean	kWh/t cement	109.4	115.9	106.5	104.3	106.5					●
1.141	Renewable energy as part of total electrical energy consumption	%	32.7	32.6	21.2	22.1	24.0					●		302-1

	Ready mix concrete activities
1.142	Specific electrical energy consumption in concrete production	kWh/m³ concrete	3.5	3.2	3.0	3.2	3.7			●	●			302-3

215

TITAN Group Integrated Annual Report 2025


Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes

	1.2 ESRS E2 - Pollution								SDG 3.9, 7b, 9.4, 15a, 15.3, 15.4, 15.9
	Air emissions
	Cement production activities
1.143	Overall coverage rate	%	79.9	86.5	70.8	76.4	72.0		●	●			●	305-7
1.144	Coverage rate continuous measurement	%	77.2	78.1	77.8	76.4	77.8		●	●			●
1.145	Dust emissions (total)	t	231	275	240	255	207	E2-4 28. 29. AR21	●	●			●
1.146	Specific dust emissions	g/t clinker	19.6	21.7	19.8	21.7	16.6		●	●			●
1.147	Coverage rate for dust emissions	%	100.0	100.0	100.0	100.0	100.0		●	●			●
1.148	Avoided dust emissions (cumulative since 2003)	t	81,950	77,824	73,492	69,232	65,132			●	●				15
1.149	Dust emissions (PM10)	t	107	110.3	86.1	103	-	E2-4 28. 29. AR21
1.150	Specific PM10 emissions	g/t clinker	9.0	9.0	-	-	-
1.151	Coverage rate for PM10 emissions	%	52.9	48.4	-	-	-
1.152	Dust emissions (PM2.5)	t	77.0	73.7	-	-	-	E2-4 28. 29. AR21
1.153	Specific PM2.5 emissions	g/t clinker	6.5	6.0	-	-	-
1.154	Coverage rate for PM2.5 emissions	%	42.6	48.4	-	-	-
1.155	NOx emissions (total)	t	15,566	14,547	14,152	14,718	15,729	E2-4 28. 29. AR21	●	●			●
1.156	Specific NOx emissions	g/t clinker	1,314	1,149	1,165	1,251	1,263		●	●			●
1.157	Coverage rate for NOx emissions	%	100.0	100.0	100.0	100.0	100.0		●	●			●
1.158	Avoided NOx emissions (cumulative since 2003)	t	366,701	347,230	324,605	302,678	282,474			●	●				15
1.159	SOx emissions (total)	t	2,899	2,907	2,896	3,028	3,051	E2-4 28. 29. AR21	●	●			●
1.160	Specific SOx emissions	g/t clinker	246.3	233.7	238.4	257.4	245.0		●	●			●
1.161	Coverage rate for SOx emissions	%	100.0	100.0	100.0	100.0	100.0		●	●			●
1.162	Avoided SOx emissions (cumulative since 2003)	t	48,086	46,057	43,756	41,563	39,665			●	●				15
1.163	N2O emissions (total)	t	62.0	213.8	83.2	-	-	E2-4 28. 29. AR21
1.164	Specific N2O emissions	g/t clinker	5.2	16.9	6.8	-	-
1.165	Coverage rate for N2O emissions	%	55.8	37.0	-	-	-
1.166	NH3 emissions (total)	t	380	1,071	265	-	-	E2-4 28. 29. AR21
1.167	Specific NH3 emissions	g/t clinker	32.3	87.3	21.8	-	-
1.168	Coverage rate for NH3 emissions	%	93.4	59.3	-	-	-
1.169	CO emissions (total)	t	24,164	21,860	16,978	-	-	E2-4 28. 29. AR21
1.170	Specific CO emissions	g/t clinker	2,051	1,743	1,397	-	-
1.171	Coverage rate for CO emissions	%	100.0	100.0	-	-	-
1.172	TOC emissions (total)	t	593	481	631	804	493	E2-4 28. 29. AR21	●	●			●

216

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Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes
1.173	Specific TOC emissions	g/t clinker	50.4	38.5	51.9	68.4	39.6		●	●			●
1.174	Coverage rate for TOC emissions	%	85.9	100.0	91.2	90.9	96.4		●	●			●
1.175	NVOC emissions (total)	t	379	295	-	-	-	E2-4 28. 29. AR21
1.176	Specific NVOC emissions	g/t clinker	31.9	23.8	-	-	-
1.177	Coverage rate for NVOC emissions	%	35.2	46.2	-	-	-
1.178	HCl emissions (total)	t	188	179	113	-	-	E2-4 28. 29. AR21
1.179	Specific HCl emissions	g/t clinker	16.0	14.2	9.3	-	-
1.180	Coverage rate for HCl emissions	%	100.0	100.0	-	-	-
1.181	HF emissions (total)	t	4	5	8	-	-	E2-4 28. 29. AR21
1.182	Specific HF emissions	g/t clinker	0.4	0.4	0.7	-	-
1.183	Coverage rate for HF emissions	%	97.0	82.9	-	-	-
1.184	HCN emissions (total)	t	75	115	-	-	-	E2-4 28. 29. AR21
1.185	Specific HCN emissions	g/t clinker	6.3	9.0	-	-	-
1.186	Coverage rate for HCN emissions	%	51.1	33.8	-	-	-
1.187	PCDD/F emissions (total)	mg	454	312	288	196	339	E2-4 28. 29. AR21	●	●			●
1.188	Specific PCDD/F emissions	ng/t clinker	38.2	24.9	23.7	16.6	27.3		●	●			●
1.189	Coverage rate for PCDD/F emissions	%	97.5	100.0	93.0	90.9	83.3		●	●			●
1.190	Hg emissions (total)	kg	253	365	219	279	280	E2-4 28. 29. AR21	●	●			●
1.191	Specific Hg emissions	mg/t clinker	21.3	29.1	18.0	23.7	22.5		●	●			●
1.192	Coverage rate for Hg emissions	%	97.5	100.0	93.0	100.0	94.5		●	●			●
1.193	Cd and Tl emissions (total)	kg	201	514	156	184	182	E2-4 28. 29. AR21	●	●			●
1.194	Specific (Cd and Tl) emissions	mg/t clinker	16.9	41.4	12.8	15.6	14.6		●	●			●
1.195	Coverage rate for (Cd and Tl) emissions	%	94.0	86.5	70.8	76.4	72.0		●	●			●
1.196	Sb, As, Pb, Cr, Co, Cu, Mn, Ni and V emissions (total)	kg	4,814	3,140	3,061	3,874	2,547	E2-4 28. 29. AR21	●	●			●
1.197	Specific (Sb, As, Pb, Cr, Co, Cu, Mn, Ni and V)	mg/t clinker	405.8	252.2	251.9	329.4	204.6		●	●			●
1.198	Coverage rate for (Sb, As, Pb, Cr, Co, Cu, Mn, Ni and V) emissions	%	94.0	86.5	72.8	76.4	72.0		●	●			●
1.199	PCB emissions (total)	mg	132,508	192,568	-	-	-	E2-4 28. 29. AR21
1.200	Specific PCB emissions	ng/t clinker	11,170	15,191	-	-	-
1.201	Coverage rate for PCB emissions	%	44.2	30.5	-	-	-
1.202	PAH emissions (total)	kg	1,426	2,171	-	-	-	E2-4 28. 29. AR21
1.203	Specific PAH emissions	μg/t clinker	120,226	181,539	-	-	-
1.204	Coverage rate for PAH emissions	%	37.5	33.1	-	-	-

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Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes
1.205	PAH emissions (total Borneff)	kg	82.0	89.6	-	-	-	E2-4 28. 29. AR21
1.206	Specific Borneff PAH emissions	μg/t clinker	6,907.9	7,573.7	-	-	-
1.207	Coverage rate for Borneff PAH emissions	%	30.1	27.8	-	-	-
1.208	Integrated cement plants and cement grinding plants with certified Environmental Management System (ISO 14001 or similar)	% of plants	86.7	86.7	86.7	86.7	86.7			●				3-3

	Cement production activities (all stacks)
1.209	Dust emissions (total)	t	432	441	240	-	-	E2-4 28. 29. AR21
1.210	Dust emissions (PM10)	t	322	232	86	-	-	E2-4 28. 29. AR21
1.211	Dust emissions (PM2.5)	t	235	140	-	-	-	E2-4 28. 29. AR21
1.212	NOx emissions (total)	t	15,566	14,547	14,152	-	-	E2-4 28. 29. AR21
1.213	SOx emissions (total)	t	2,900	2,912	2,896	-	-	E2-4 28. 29. AR21
1.214	CO emissions (total)	t	24,165	21,905	16,978	-	-	E2-4 28. 29. AR21

	All activities
1.215	Environmental complaints	#	23	5	24	24	13							3-3
1.216	Greece	#	13	4	6	6	6
1.217	USA	#	8	0	11	11	0
1.218	Southeastern Europe	#	1	1	3	3	6
1.219	Eastern Mediterranean	#	1	0	4	4	1
1.220	Operating expenditures (OpEx) in conjunction with major incidents and deposits (pollution)	million €	0.0	0.0	-	-	-
1.221	Capital expenditures (CapEx) in conjunction with major incidents and deposits (pollution)	million €	0.0	0.0	-	-	-

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Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes

	1.3.a ESRS E3 - Water and marine resources												SDG 6.3, 6.4, 6.5

	All activities
1.222	Water withdrawal (total, by source)	million m³	41.8	39.9	39.0	42.2	43.3		●	●	●		●	303-3	16
1.223	Groundwater	million m³	36.8	35.1	35.1	38.9	39.8						●
1.224	Municipal water	million m³	1.2	1.3	1.0	0.9	1.0						●
1.225	Rainwater	million m³	0.3	0.3	0.2	0.2	0.2						●
1.226	Surface water	million m³	1.5	1.3	0.7	0.7	0.8						●
1.227	Quarry water used (from quarry dewatering)	million m³	0.1	0.1	0.1	0.1	0.1
1.228	Ocean or sea water	million m³	1.3	1.3	1.3	1.3	1.3
1.229	Waste water	million m³	0.6	0.5	0.6	0.1	0.1
1.230	Water (fresh) withdrawal (total)	million m³	39.6	37.80	36.90	40.60	41.70
1.231	Water discharge (total, by destination)	million m³	30.0	28.0	28.5	31.3	31.9		●	●	●			303-4	17
1.232	Surface (river, lake)	million m³	28.1	26.1	26.5	29.9	30.4							303-4
1.233	Sub-surface water (well)	million m³	0.0	0.0	0.1	0.0	0.1							303-4
1.234	Ocean or sea	million m³	1.3	1.3	1.3	1.3	1.3							303-4
1.235	Off-site treatment	million m³	0.1	0.1	0.1	0.1	0.1							303-4
1.236	Other	million m³	0.5	0.5	0.5	0.0	—							303-4	18
1.237	Water consumption (total, by source)	million m³	11.7	11.9	10.5	10.90	-							303-5
1.238	Groundwater	million m³	9.2	9.4	9.1	9.50	-							303-5
1.239	Municipal water	million m³	1.1	1.2	0.8	0.80	-							303-5
1.240	Rainwater	million m³	0.2	0.2	0.2	0.20	-							303-5
1.241	Surface water	million m³	0.9	0.8	0.2	0.20	-							303-5
1.242	Quarry water used (from quarry dewatering)	million m³	0.1	0.1	0.1	0.10	-							303-5
1.243	Ocean or sea water	million m³	0.0	0.0	0.0	—	-							303-5
1.244	Waste water	million m³	0.2	0.2	0.1	0.10	-							303-5
1.245	Water consumption (total)	million m³	11.7	11.8	10.5	10.9	11.3		●	●
1.246	Greece	million m³	1.8	1.8	1.6	1.5	1.6
1.247	USA	million m³	8.2	8.2	7.4	7.6	7.9
1.248	Southeastern Europe	million m³	0.7	0.7	0.7	1.0	0.9
1.249	Eastern Mediterranean	million m³	1.0	1.1	0.8	0.8	0.9
1.250	Water (fresh) consumption (total)	million m³	11.3	11.5	10.2	10.6	-
1.251	Water withdrawal in water risk areas	million m³	6.6	7.6	-	-	-
1.252	Water consumption in water risk areas	million m³	5.2	6.1	-	-	-

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Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes
1.253	Water consumption intensity	million m³/ million €	0.00440	0.00448	0.00412	0.00478	0.00659
1.254	Water recycled (total)	million m³	26.5	29.3	26.8	26.20	-
1.255	Water demand covered with recycled water	%	38.8	42.3	40.7	38.30	-								19

	Cement and cementitious production activities
1.256	Water consumption (total)	million m³	3.7	3.6	3.5	3.5	3.8	E3-4 28(a)	●	●				303-5
1.257	Greece	million m³	1.0	1.0	0.9	0.9	1.0	E3-4 28(a). AR30
1.258	USA	million m³	1.1	0.9	1.1	1.0	1.1	E3-4 28(a). AR30
1.259	Southeastern Europe	million m³	0.7	0.7	0.7	0.9	0.9	E3-4 28(a). AR30
1.260	Eastern Mediterranean	million m³	0.9	1.0	0.8	0.7	0.8	E3-4 28(a). AR30						303-5
1.261	Water withdrawal (total)	million m³	6.9	6.9	7.3	7.7	7.8							303-3	16
1.262	Water (fresh) withdrawal (total)	million m³	5.3	5.40	-	-	-
1.263	Specific (fresh) water withdrawal	l/t cementitious product	339.8	326.3	364.20	-	-							303-3
1.264	Water discharge (total)	million m³	3.3	3.3	3.8	4.1	4.0							303-4	17
1.265	Water recycled (total)	million m³	17.4	18.9	17.8	16.5	15.2	E3-4 AR28(c)	●	●	●
1.266	Specific water consumption	l/t cementitious product	229.9	220.9	222.7	240.4	245.7	E3-3. E3-4 28(a). AR31	●	●	●			303-5
1.267	Specific water consumption	l/t cement	226.4	226.7	228.6	241.2	250.9	E3-4 28(a). AR31	●	●	●			303-5
1.268	Specific (fresh) water consumption	l/t cementitious product	132.5	205.50	-	-	-	E3-4 28(a). AR31
1.269	Water demand covered with recycled water	%	71.6	72.9	71.0	68.0	66.1	E3-4 AR28(c)							19
1.270	Avoided water consumption (cumulative since 2003)	million m³	53.3	48.9	44.5	40.3	36.3			●	●			303-5	20

	Ready-mix concrete activities
1.271	Total water withdrawal	million m³	3.0	4.0	3.1	3.1	3.1			●	●			303-3
1.272	Specific water withdrawal	l/m³ concrete	485.7	654.5	545.5	566.5	572.8			●	●			303-3

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1.3.b TITAN Group cement plant sites within water-stressed areas


Site	Country	Water Stress (Baseline)
Antea	Albania	>80%
Alexandria	Egypt	>80%
Beni Suef	Egypt	>80%
Kamari	Greece	>80%
Patras	Greece	>80%
Thessaloniki	Greece	40-80%
Kosjeric	Serbia	>80%

Notes

1. The water risk assessment for all TITAN Group sites was conducted in 2020 with the use of the World Resources Institute’s (WRI) Aqueduct tool.

2. The above table presents the cement plant sites (as the larger water users among Group activities) that operate within water-stressed areas, namely the areas where the Baseline Water Stress Indicator is >40%, as classified by the Aqueduct tool.

3. The Water Stress Indicator measures the ratio of total water withdrawals to available renewable surface and groundwater supplies. Higher values indicate more competition among users.

4. This information for the activities that operate in water-stressed areas, combined with the disclosures under the section “Non-financial performance overview” of this report, also covers the requirements for reporting according to the SASB Standards for “Water

Management” and more specifically the KPI EM-CM-140a.1 (1) Total fresh water withdrawn, (2) percentage recycled, (3) percentage in regions with High or Extremely High Baseline Water Stress.

221

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Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes

	1.4.a ESRS E4 - Biodiversity and ecosystems

	Rehabilitation
	Cement production and aggregates activities
1.273	Percentage of quarry sites with rehabilitation plans	%	100.0	100.0	96.0	91.0	91.0		●	●			●	101-2	21
1.274	Total land use	million m²	33.3	31.3	29.3	29.2	28.8						●	101-2	21
1.275	Percentage of affected quarry areas that have been rehabilitated	%	22.0	22.8	23.9	23.8	22.6			●			●	101-2	21, 24
1.276	Quarry sites with Environmental Management System (ISO14001 or similar)	%	73.1	67.3	74.5	78.0	78.0			●			●	3-3	21
	All activities
1.277	Total number of planted trees (cumulative since 1975)	#	2,665,769	2,630,494	2,613,961	2,584,592	2,522,551
1.278	Total number of planted trees	#	35,275	16,533	29,369	62,041	78,831
1.279	Planted trees due to compliance requirements	#	26,092.0	16,533	29,129	62,041	78,701
1.280	Planted trees in addition to compliance requirements	#	7,394.0	-	-	-	-
1.281	Trees given to third parties	#	1,789.0	—	240	—	130
	Biodiversity
	Cement production and aggregates activities
1.282	Quarry sites in high biodiversity value areas	#	12.0	12.0	12.0	12.0	12.0	E4-5 35	●	●			●	101-4, 101-5	21, 22
1.283	Quarry sites with biodiversity management plans	#	12.0	12.0	10.0	10.0	10.0	E4-5	●	●			●	101-2	21, 23
1.284	Percentage of quarry sites with biodiversity management plans	%	100.0	100.0	83.3	83.3	83.3	E4-4 29, E4-5	●	●			●
1.285	Area of quarry sites in high biodiversity value areas	ha	3,348.4	3,348	3,287	3,287	3,287	E4-5 35
	Investments in environmental protection
	All activities
1.286	Environmental protection expenditures and investments	million €	78.2	53.8	87.9	65.3	25.2			●	●			201-2av	25
1.287	Environmental investments (CapEx)	million €	47.8	25.3	65.9	42.7	4.8
1.288	Taxonomy aligned investments	million €	36.3	19.4	63.4	38.60	-
1.289	Other environmental investments	million €	11.5	5.9	2.5	4.1	4.8			●	●

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Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes
1.290	Environmental expenses (OpEx)	million €	30.4	28.5	22.0	22.6	20.4
1.291	Environmental management	million €	21.6	23.4	16.9	17.8	16.7			●	●
1.292	Reforestation	million €	0.5	0.5	0.7	0.5	0.5			●	●
1.293	Rehabilitation	million €	3.6	0.7	0.3	0.4	0.8			●	●
1.294	Environmental training and awareness building	million €	0.1	0.1	0.2	0.2	0.3			●	●
1.295	Biodiversity and landscape protection	million €	0.2	0.2	0.0	—	-
1.296	Waste management	million €	4.4	3.6	3.9	3.7	2.1			●	●

223

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1.4.b TITAN Group quarry sites with high biodiversity value
Site	Country	Raw Material use	Location	Status	Biodiversity Management Plan	Notes
Pennsuco Quarry	USA	Cement and Aggregates	Miami Dade Florida	Inside area for protection of freshwater ecosystems (wetlands) on local/state level	YES	According to New Permit (April 2010), Under Lake Belt Plan - "Restoring Littoral Shelf Areas" BMP developed in 2012
Center Sand Quarry	USA	Aggregates	Clermont, Florida	Adjacent to area for preservation of terrestrial ecosystems on local/state level	YES	Relocate Gopher Tortoise Protected Species into new-created Conservation Area - Monitoring Program ongoing BMP developed in 2013
Corkscrew Quarry	USA	Aggregates	Naples, Florida	Adjacent to area for protection of freshwater ecosystems (wetlands) on local/state level	YES	Preservation of wetlands from invasive species; need to adjust BMP as per the GCCA Sustainability Guidelines for quarry rehabilitation and biodiversity management
Zlatna Panega Quarry	Bulgaria	Cement	Zlatna Panega	Partly inside NATURA 2000 area for protection of terrestrial ecosystems (SAC)	YES	Baseline assessment by an "Initial Ecological Scoping Study" (ATKINS). A structured BMP was developed in end 2013 acc. to CSI Guidance; implemented in 2014
Xilokeratia Quarry	Greece	Cement	Milos Island	Inside/adjacent to NATURA 2000 area for protection of terrestrial and maritime ecosystems (SAC/SPA)	YES	Biodiversity Studies for the "baseline" assessment completed in 2015, followed by BMPs. The Apsalos and Aspra Homata quarries are covered by the same biodiversity study and BMP
Apsalos (West and East) Quarries	Greece	Cement	Apsalos, Pella	Inside NATURA 2000 area for protection of terrestrial ecosystems (SPA)	YES
Aspra Homata United Quarry	Greece	Cement	Apsalos, Pella	Inside NATURA 2000 area for protection of terrestrial ecosystems (SPA)	YES
Rethymno Quarry	Greece	Aggregates	Rethymno, Crete Island	Inside area for protection of terrestrial ecosystems on national level	YES
Leros Quarry	Greece	Aggregates	Leros Island	Inside area for protection of terrestrial ecosystems on national level	YES	Biodiversity Study completed in 2018, followed by BMP
Agrinio Quarry	Greece	Aggregates	Agrinio, Aitoloakarnania	Inside area for protection of terrestrial ecosystems on national level	YES	Biodiversity Study completed in 2021, followed by BMP
Drimos Quarry	Greece	Cement and Aggregates	Drimos, Thessaloniki	Inside area for protection of terrestrial ecosystems on national level	YES	Biodiversity Study completed in 2024, followed by BMP
Thisvi Quarry	Greece	Aggregates	Thisvi, Viotia	Adjacent to NATURA 2000 area for protection of marine ecosystems (SCI)	YES	Biodiversity Study completed in 2024, followed by BMP

Note

1. The above table is complementary to the table “ESRS E4 - Biodiversity and ecosystems”, and specifically for the Indicators: “Sites in high biodiversity value areas”, “Sites with biodiversity management plans (number)”, “Sites with biodiversity management plans

(percentage)”.

2. The table includes the needed disclosures for supporting TITAN’s performance monitoring and reporting according to the sectoral commitments (GCCA Sustainability Guidelines for Quarry Rehabilitation and Biodiversity Management, May 2020). This

information, combined with the disclosures under the respective section of this report, also covers the requirements for reporting according to the SASB Standards for “Biodiversity Impacts” and in more specifically the KPI EM-CM-160a.1 Description of

environmental management policies and practices for active sites.1.2.

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Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes

	1.5 ESRS E5 - Resource use and circular economy													SDG 6.3, 6.4, 6.5

	All activities
1.297	Natural raw materials extracted (total, wet)	million t	39.8	37.9	33.6	32.7	35.0	E5-4 31(a)		●				301-1
1.298	Raw materials extracted for clinker and cement production	million t	18.9	21.0	19.0	18.8	18.9	E5-4 31(a)		●
1.299	Raw materials extracted for aggregates	million t	20.9	16.9	14.6	13.9	16.1	E5-4 31(a)		●
1.300	Materials consumption (total, wet)	million t	36.9	37.8	36.00	-	-	E5-4 31(a)
1.301	Extracted (natural) raw materials consumption (wet)	million t	35	35.7	33.90	-	-	E5-4 31(a)
1.302	Alternative raw materials consumption (wet)	million t	1.9	2.1	2.10	-	-	E5-4 31(c)
1.303	Materials consumption (total, dry)	million t	34.7	36.0	-	-	-	E5-4
1.304	Extracted (natural) raw materials consumption (dry)	million t	32.9	34.0	-	-	-	E5-4
1.305	Alternative raw materials consumption (dry)	million t	1.8	2.0	-	-	-	E5-4
1.306	Alternative raw materials use (of total raw materials consumed)	%	5.2	5.6	-	-	-	E5-4							26
1.307	Packaging materials consumption	t	21,713	18,966	20,801	9,666	10,404	E5-4 30
1.308	Paper	t	9,459	9,662	9,343	9,088	9,883	E5-4 30
1.309	Plastic	t	653	645	449	578	521	E5-4 30
1.310	Wood	t	11,583	8,636	11,003	-	-	E5-4 30
1.311	Other	t	18	23	6	-	-	E5-4 30
1.312	Packaging materials recyclable content	%	—	-	-	-	-

	Cement production activities
1.313	Materials consumption (total, wet)	million t	24.4	25.5	24.2	-	-	E5-4 31(a)
1.314	Extracted (natural) raw materials consumption (wet)	million t	22.7	23.5	22.3	-	-	E5-4 31(a)
1.315	Alternative raw materials consumption (wet)	million t	1.7	2	1.9	-	-	E5-4 31(c)
1.316	Materials consumption (total, dry)	million t	22.3	23.6	22.2	21.3	22.0	E5-4		●				301-1
1.317	Extracted (natural) raw materials consumption (dry)	million t	20.7	21.8	20.4	19.7	20.5	E5-4
1.318	Alternative raw materials consumption (dry)	million t	1.6	1.8	1.8	1.6	1.5	E5-4
1.319	Alternative raw materials use (of total raw materials consumed)	%	7.2	7.8	8.1	7.5	6.8	E5-4	●		●			301-2	26
1.320	Alternative raw materials rate (based on clinker-to-cement equivalent factor)	%	7.9	9.2	9.3	8.8	7.6	E5-4	●	●	●			301-2
1.321	Avoided consumption of natural resources and landfilling of alternative materials and fuels (cumulative since 2003)	million t	32.7	32.2	31.7	29.5	27.5			●	●			301-1	20
1.322	Packaging materials consumption	t	21,713	18,966	20,801	9,666	10,404
1.323	Paper	t	9,459	9,662	9,343	9,088	9,883
1.324	Plastic	t	653	645	449	578	521

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Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes
1.325	Wood	t	11,583	8,636	11,003	-	-
1.326	Other	t	18	23	6	-	-
1.327	Packaging materials recyclable content	%	—	-	-	-	-
	All activities
1.328	Generated waste (total, wet)	t	603,418	359,267	370,361	339,552	315,623			●	●		●	306-3
1.329	Non-hazardous waste (total)	t	602,577	358,820	369,874	339,143	315,178			●	●		●
1.330	Hazardous waste (total)	t	840.2	447	487	409	445			●	●		●
1.331	Reused (externally) waste (total, wet)	t	861.3	0	15,077	6,526	23							306-4
1.332	Recycled (externally) waste (total, wet)	t	567,650	318,141	306,529	280,798	262,928
1.333	Recovered (externally) waste (total, wet)	t	463.7	0	2,052	709	778
1.334	Non-recycled (externally) waste (total, wet)	t	34,442	41,126	46,703	51,519	51,894
1.335	Recycled (externally) waste (total, wet)	%	94.3	88.6	87.4	84.8	83.6
1.336	Non-recycled (externally) waste (total, wet)	%	5.7	11.4	12.6	15.2	16.4
1.337	Recycled (externally and internally) waste (total, wet)	%	73.7	-	-	-	-
1.338	Waste management, breakdown by destination-usage (wet)	%	100.0	100.0	100.1	100.1	100.0			●	●		●
1.339	Reused	%	0.1	0.0	4.1	2.0	0.0			●	●		●	306-4
1.340	Recycled	%	94.1	88.6	82.8	82.7	83.3			●	●		●
1.341	Recovered (including energy recovery)	%	0.1	0.0	0.6	0.2	0.2			●	●		●
1.342	Incineration	%	0.0	0.0	0.0	0.0	0.0			●	●		●	306-5
1.343	Landfilled	%	5.1	10.7	12.3	14.5	16.4			●	●		●
1.344	Composted	%	0.0	0.0	0.0	0.0	0.0			●	●		●	306-4
1.345	Other (incl. storage)	%	0.6	0.7	0.3	0.7	0.1			●	●		●	306-5
1.346	Hazardous waste management, breakdown by destination- usage (wet)	%	100.0	100.0	100.0	100.0	-
1.347	Reused	%	1.5	0.0	0.6	0.4	-							306-4
1.348	Recycled	%	84.2	54.9	55.1	43.8	-
1.349	Recovered	%	7.9	0.0	21.5	11.8	-
1.350	Incineration	%	0.1	0.0	0.1	—	-							306-5
1.351	Landfilled	%	5.4	44.8	12.0	43.0	-
1.352	Other (incl. storage)	%	0.9	0.3	10.7	1.0	-
1.353	Percentage of production covered by “Zero Waste to Landfill” certification	%	55.1	51.1	55.0	54.9	56.2							3-3	29

	Ready mix concrete activities
1.354	Recycled/reused concrete (internally and externally)	%	96.2	91.7	87.5	87.5	86.0			●	●			306-4

226

Management Report

Notes – 1. Environmental information

Notes for specific KPIs

1. Direct CO2 emissions related to the operation of TITAN’s clinker, cement, and cementitious production facilities.

2. Avoided CO2 emissions is the total accumulated quantity for the period between the specific year and the base year which in the case of CO2 emissions is 1990

in accordance with the Kyoto protocol. The base year performance for specific net Scope 1 CO2 emissions was 778kg/t cementitious product adjusted for year

2025 equity.

3. Indirect CO2 emissions related to emissions released for the production of the electrical energy consumed at TITAN’s clinker, cement and cementitious production

facilities. For the calculation, we use emission factors provided by the supplier of electrical energy (market based) or other publicly available data sources (location

based).

4. Indirect CO₂ emissions related to the emissions of the supply chain.

5. Percentage of energy originated from biomass over the total thermal energy consumption.

6. Moderate carbon products refer to produced cement types with a carbon footprint that is at least 10.0% lower than that of a typical OPC type.

7. Green (lower carbon) products refer to produced cement types with a carbon footprint that is at least 25.0% lower than that of a typical OPC type.

8. For the definition see “Notes for Value creation indicators”.

9. Scope 3 analysis covers 6 (out of 15) categories, namely purchased goods and services, fuel and energy-related activities, upstream transportation and distribution,

business travel, employee commuting, and downstream transportation and distribution, that are considered relevant to cement activities according to the GCCA

analysis. Each one of the above categories cover emissions related to the:

• Cat. 1 production of raw materials, own and purchased, packaging material like paper bags, foils, pallets, grinding aids, and other additives, etc.

• Cat. 3 production and transportation of fuels and electrical energy, including losses in transmission

• Cat. 4 transportation of materials accounted in Category 1

• Cat. 6 business-related travel by our employees

• Cat. 7 commuting of our employees

• Cat. 9 transportation of all sold products sold that are transported under our responsibility.

For emissions related to production, the average-data method is used to calculate the corresponding emissions by multiplying the amount/quantity of materials/fuels

and energy with a relevant emission factor. For emissions related to transportation, the distance-based method is used to calculate the corresponding emissions by

multiplying the amount/quantity of materials/fuels, distance with a relevant emission factor. In most cases, emission factors are taken from the Ecoinvent database

while that related to electrical energy production and transmission are taken from public sources,

10. Scope 3 Category 1 emissions do not include emissions related to services like data, professional, maintenance, catering, security, cleaning services, etc., as there are

not considered to contribute significantly to the overall Scope 3 emissions while reliable relevant information are not readily available.

11. Calculated based on the both kiln and non-kiln fuels.

12. Total biomass content of fuel mix including pure biomass and biomass portion of mixed alternative fuels.

13. ST operations are excluded from Scope 3 CO2 emissions calculations.

14. The denominator for this calculation is the sum of cementitious products produced and clinker/cement purchased.

15. Avoided air emissions are the total accumulated quantities (for each specific emission separately) for the period between the specific year and the base year which in

the case of air emissions is 2003, the year of publishing the first sustainability report of TITAN Group. The base year performance for specific dust emissions was

370g/t clinker, for specific NOx emissions was 2,969g/t clinker and for specific SOx emissions was 419g/t clinker, adjusted for the equity of year 2025.

16. Total withdrawal also includes quantities of water withdrawn by TITAN and supplied to third parties without being used in any of TITAN facilities.

17. Total discharge also includes quantities of water withdrawn by TITAN and supplied to third parties without being used in any of TITAN facilities plus quantities of

water used by TITAN and supplied to facilities within TITAN for further beneficial use.

18. Refers to the quantities of water withdrawn by TITAN and supplied to third parties without being used in any of TITAN facilities plus quantities of water used by TITAN

and supplied to facilities within TITAN for further beneficial use.

19. Water demand is defined as the sum of water withdrawal and water recycled.

20. Avoided natural resources consumption is the total accumulated quantity (for water and raw materials/fuels separately) for the period between the specific year and

the base year which in the case of natural resources is 2003, the year of publishing the first sustainability report of TITAN Group. The base year performance for

specific water consumption was 504lt/t cement, adjusted for the equity of year 2025. According to TITAN’s approach, all quantities of alternative raw materials and

fuels would, otherwise, have been handled as waste and would have been land filled, with subsequent impacts to the local environment, land, water resources, and

ecosystems.

21. Coverage includes all quarries attached to cement plants and quarries for aggregates production, which are wholly-owned and under full management control of

TITAN. Since 2021, all TITAN Cement Egypt quarries have been excluded from the baseline and the calculations of the respective local impact indicators, as they are

no longer considered to be under full management control of TITAN due to changes in mining legislation in the country.

22. Active quarries within, containing or adjacent to areas designated for their high biodiversity value, see Table “TITAN Group Quarry Sites with High Biodiversity Value”.

23. Active quarries with high biodiversity value where biodiversity management plans are actively implemented, see Table “TITAN Group Quarry Sites with High

Biodiversity Value”.

24. Calculated as the percentage of the impacted/disturbed quarry areas that have been rehabilitated (total and cumulative), aggregated at Group level. 2020 was the

initial year for disclosing data for this indicator.

25. Total amount of expenditures (capital and operational) for those investments whose primary purpose is the prevention, reduction and elimination of pollution and

other forms of degradation to the environment (UNCTAD Guidance, 2022). In 2025 TITAN incorporated in this disclosure the figure of total capital expenditures

(CapEx), aligned with the EU Taxonomy Regulation, in specific projects for meeting the Technical Screening Criteria for the environmental objectives of climate

change mitigation.

26. Calculated as the total quantity of alternative raw materials over the total quantity of extracted and alternative raw materials used for clinker and cement production.

27. Refers to all integrated clinker and cement production facilities.

28. Measurement unit is selected based on its relevance to clinker production.

29. Coverage is based on certificates covering the wastes management of the previous year.

30. Metric tonne refer to tonne (t), the international mass unit according to the International System of Units (SI)

Connection of KPIs with the SASB Standards

Connection of ESG performance indicators with metrics according to SASB Standards, specifically:

• EM-CM-110a.1 under the topic “Greenhouse Gas Emissions” for Gross global Scope 1 emissions, percentage covered under emissions-limiting regulations.

• EM-CM-110a.2 under the topic “Greenhouse Gas Emissions” for the discussion of long-term and short-term strategy or plan to manage Scope 1 emissions, emissions

reduction targets, and an analysis of performance against those targets. The connection with the ESG performance review is provided by disclosures under section

“Material impacts, risks and opportunities and their interaction with strategy and business mode-ESRS 2, SBM-3/Climate Change Risks Assessment: TCFD

Framework”, and section “Climate-related financial disclosures (TCFD)”.

• EM-CM-130a.1 under the topic “Energy Management” for total energy consumed, percentage grid electricity, percentage alternative, and percentage renewable.

• EM-CM-120a.1 under the topic (area) “Air Quality” for air emissions of pollutants including NOx, SOx, particulate matter (PM10), dioxins/furans, volatile organic

compounds (VOCs), polycyclic aromatic hydrocarbons (PAHs), and (7) heavy metals.

• EM-CM-160a.1 and EM-CM-160a.2 under the topic (area) “Biodiversity Impacts” for the environmental management policies and practices for active sites, and

terrestrial acreage disturbed, percentage of impacted area restored. See also Table “TITAN Group Quarry Sites with High Biodiversity Value”.

• EM-CM-130a.1 under the area “Energy Management” for total energy consumed, percentage grid electricity, percentage alternative, and percentage renewable.

• EM-CM-140a.1 under the area “Water Management” for total fresh water withdrawn, percentage recycled, percentage in regions with high or extremely high baseline

water stress. See also Table “TITAN Group Cement Plant Sites within water-stressed Areas”.

• EM-CM-150a.1 under the area “Waste Management” for amount of waste generated, percentage hazardous, percentage recycled.

227

TITAN Group Integrated Annual Report 2025

2. Social information


Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes

	2.2.1 ESRS S1 - Own workforce								SDG 3.1, 3.6, 3.8, 4.3, 8.6, 8.1, 8.8, 10.3

	All activities
2.01	Employee fatalities	#	1	0	0	0	0	S1-14 88(b)	●	●	●			403-9
2.02	Employee fatality rate	#/10⁴ persons	1.69	0.00	0.00	0.00	0.00		●	●	●
2.03	Contractor fatalities	#	1	0	0	1	0	S1-14 88(b)	●	●	●
2.04	Employee and contractor fatalities	#	2.00	0.00	0.00	1.00	0.00	S1-14 88(b)
2.05	Third-party fatalities	#	0.00	0.00	0.00	0.00	0.00		●	●	●
2.06	Employee Lost Time Injuries (LTIs)	#	5	4	4	7	10		●	●	●
2.07	Employee Lost Time Injuries Frequency Rate (LTIFR)	#/10⁶ h	0.41	0.33	0.35	0.63	0.91		●	●	●		●
2.08	Employee lost working days	d	401	125	285	762	417	S1-14 88(e)	●	●					2
2.09	Employee Lost Time Injuries Severity Rate	d/10⁶ h	32.60	10.20	24.70	68.50	38.10		●	●	●				2
2.10	Contractor Lost Time Injuries (LTIs)	#	8	8	5	11	11		●	●	●
2.11	Contractor Lost Time Injuries Frequency Rate (LTIFR)	#/10 ⁶ h	0.86	0.85	0.58	1.43	1.55		●	●	●		●
2.12	Employee and contractor Lost Time Injuries (LTIs)	#	13	12	9	18	21
2.13	Employee and contractor Lost Time Injuries Frequency Rate (LTIFR)	#/10 ⁶ h	0.60	0.56	0.45	0.96	1.16
2.14	Employee Total Recordable Injuries (TRIs)	#	70	93	95	111	110	S1-14 88(c)
2.15	Employee Total Recordable Injuries Frequency Rate (TRIFR)	#/10 ⁶ h	5.7	7.59	8.24	9.98	10.05
2.16	Contractor Total Recordable Injuries (TRIs)	#	27	24	17	40	37	S1-14 88(c)
2.17	Contractor Total Recordable Injuries Frequency Rate (TRIFR)	#/10 ⁶ h	2.89	2.56	1.98	5.20	5.23
2.18	Employee and contractor Total Recordable Injuries (TRIs)	#	97	117	112	151	147	S1-14 88(c)
2.19	Employee and contractor Total Recordable Injuries Frequency Rate (TRIFR)	#/10 ⁶ h	4.48	5.41	5.56	8.03	8.15
2.20	Near misses	#	4,355	5,198	3,974	3,603	3,746			●			●
2.21	Training man-hours on health and safety/employee	h/person	12.2	13.9	13.2	11.2	9.5			●	●			403-5	3
2.22	Training man-hours on health and safety/contractor	h/person	14.6	14.3	14.9	12.7	10.8			●	●
2.23	Expenditures for Health and Safety	million €	7.9	6.1	5.9	5.4	6.5			●	●			201-2
2.24	Share of countries where employees are covered by social protection	%	100.0	100.0	100.00	-	-	S1-11 AR 75		●				401	6
2.25	Well-being initiatives for employees	#	382	368	226	215	118	S1-10, S1-13,S1-14		●				403-6	10
2.26	Well-being initiatives for employees (incl. Brazil)	#	432	417	268	226	129.00			●					10

228

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Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes
	Cement production activities
2.27	Employee fatalities	#	1	0	0	0	0	S1-14 88(b)	●	●	●			403-9
2.28	Employee fatality rate	#/10 ⁴ persons	2.77	0.00	0.00	0.00	0.00		●	●	●
2.29	Contractor fatalities	#	1	0	0	1	0	S1-14 88(b)	●	●	●
2.30	Employee and contractor fatalities	#	2	0	0	1	0	S1-14 88(b)
2.31	Third-party fatalities	#	0	0	0	0	0		●	●	●
2.32	Employee Lost Time Injuries (LTIs)	#	2	0	2	3	7		●	●	●
2.33	Employee Lost Time Injuries Frequency Rate (LTIFR)	#/10 ⁶ h	0.29	0.00	0.30	0.46	1.11		●	●	●		●
2.34	Employee lost working days	d	307	0	103	43	283		●	●
2.35	Employee Lost Time Injuries Severity Rate	d/10⁶ h	43.80	0.00	15.40	6.70	44.90		●	●	●
2.36	Contractor Lost Time Injuries (LTIs)	#	5	5	3	8	8		●	●	●
2.37	Contractor Lost Time Injuries Frequency Rate (LTIFR)	#/10 ⁶ h	0.7	0.7	0.46	1.25	1.34
2.38	Employee and contractor Lost Time Injuries (LTIs)	#	7	5	5	11	15
2.39	Employee and contractor Lost Time Injuries Frequency Rate (LTIFR)	#/10 ⁶ h	0.50	0.35	0.38	0.86	1.22
2.40	Employee Total Recordable Injuries (TRIs)	#	20	18	19	17	23
2.41	Employee Total Recordable Injuries Frequency Rate (TRIFR)	#/10 ⁶ h	2.85	2.53	2.83	2.63	3.65
2.42	Contractor Total Recordable Injuries (TRIs)	#	17	17	12	30	31
2.43	Contractor Total Recordable Injuries Frequency Rate (TRIFR)	#/10 ⁶ h	2.39	2.38	1.83	4.71	5.20
2.44	Employee and contractor Total Recordable Injuries (TRIs)	#	37	35	31	47	54
2.45	Employee and contractor Total Recordable Injuries Frequency Rate (TRIFR)	#/10 ⁶ h	2.62	2.45	2.34	3.66	4.40

229

TITAN Group Integrated Annual Report 2025


Code	ESG Performance Indicators	Unit					ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes

	2025 Performance by region		Greece and Western Europe	USA	SEE	EM
2.46	Employee fatalities	#	1	0	0	0	S1-14 88(b)	●	●	●			403-9
2.47	Employee fatality rate	#/10⁴ h	6.98	0.00	0.00	0.00		●	●	●
2.48	Contractor fatalities	#	1	0	0	0	S1-14 88(b)	●	●	●
2.49	Employee and contractor fatalities	#	2	0	0	0	S1-14 88(b)
2.50	Third-party fatalities	#	0	0	0	0		●	●	●
2.51	Employee Lost Time Injuries (LTIs)	#	3	1	0	1		●	●	●
2.52	Employee Lost Time Injuries Frequency Rate (LTIFR)	#/10 ⁶ h	1.11	0.16	0	0.69		●	●	●		●
2.53	Employee lost working days	d	205	0	0	196	S1-14 88(e)	●	●
2.54	Employee Lost Time Injuries Severity Rate	d/10⁶ h	75.80	0.00	0.00	134.40		●	●	●
2.55	Contractor Lost Time Injuries (LTIs)	#	5	1	1	1		●	●	●
2.56	Contractor Lost Time Injuries Frequency Rate (LTIFR)	#/10⁶ h	1.75	1.32	0.55	0.25		●	●	●		●
2.57	Employee and contractor Lost Time Injuries (LTIs)	#	8	2	1	2
2.58	Employee and contractor Lost Time Injuries Frequency Rate (LTIFR)	#/10⁶ h	1.44	0.29	0.26	0.37
2.59	Employee Total Recordable Injuries (TRIs)	#	7	59	2	2
2.60	Employee Total Recordable Injuries Frequency Rate (TRIFR)	#/10⁶ h	2.59	9.71	0.98	1.37
2.61	Contractor Total Recordable Injuries (TRIs)	#	14	3	3	7
2.62	Contractor Total Recordable Injuries Frequency Rate (TRIFR)	#/10⁶ h	4.91	3.96	1.66	1.78
2.63	Employee and contractor Total Recordable Injuries (TRIs)	#	21	62	5	9
2.64	Employee and contractor Total Recordable Injuries Frequency Rate (TRIFR)	#/10 ⁶ h	3.78	9.08	1.3	1.67
2.65	Training man-hours on health and safety/employee	h/person	10.4	11	20.4	7.6			●	●			403-5	3
2.66	Training man-hours on health and safety/contractor	h/person	15.4	3.2	23.1	12.1			●	●

230

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Code	ESG Performance Indicators	Unit					ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes

	2025 Performance by activity		Cement	Aggregates	Ready- Mix	Other

2.67	Employee fatalities	#	1	0	0	0	S1-14 88(b)	●	●	●			403-9
2.68	Employee fatality rate	#/10⁴ persons	2.77	0.00	0.00	0.00		●	●	●
2.69	Contractor fatalities	#	1	0	0	0	S1-14 88(b)	●	●	●
2.70	Employee and contractor fatalities	#	2	0	0	0	S1-14 88(b)
2.71	Third-party fatalities	#	0	0	0	0		●	●	●
2.72	Employee Lost Time Injuries (LTIs)	#	2	1	2	0		●	●	●
2.73	Employee Lost Time Injuries Frequency Rate (LTIFR)	#/10⁶ h	0.29	1.05	0.51	0.00		●	●	●		●
2.74	Employee lost working days	d	307	0	94	0	S1-14 88(e)	●	●
2.75	Employee Lost Time Injuries Severity Rate	d/10⁶ h	43.80	0.00	24.10	0.00		●	●	●
2.76	Contractor Lost Time Injuries (LTIs)	#	5	1	2	0		●	●	●
2.77	Contractor Lost Time Injuries Frequency Rate (LTIFR)	#/10⁶ h	0.70	1.42	1.45	0.00		●	●	●		●
2.78	Employee and contractor Lost Time Injuries (LTIs)	#	7	2	4	0
2.79	Employee and contractor Lost Time Injuries Frequency Rate (LTIFR)	#/10⁶ h	0.50	1.42	1.45	0.00
2.80	Employee Total Recordable Injuries (TRIs)	#	20	4	43	3	S1-14 88(c)
2.81	Employee Total Recordable Injuries Frequency Rate (TRIFR)	#/10⁶ h	2.85	3.15	11.04	7.13
2.82	Contractor Total Recordable Injuries (TRIs)	#	17	5	5	0
2.83	Contractor Total Recordable Injuries Frequency Rate (TRIFR)	#/10⁶ h	2.39	7.10	3.63	0.00
2.84	Employee and contractor Total Recordable Injuries (TRIs)	#	37	8	48	3
2.85	Employee and contractor Total Recordable Injuries Frequency Rate (TRIFR)	#/10⁶ h	2.62	5.43	9.10	5.24
2.86	Training man-hours on health and safety/employee	h/person	10.9	8.7	14.9	18.7			●	●			403-5	3
2.87	Training man-hours on health and safety/contractor	h/person	16.6	11.0	7.0	5.9			●	●				3

231

TITAN Group Integrated Annual Report 2025


Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes

2.88	Average employment, Group	#	5,916	5,876	5,652	5,411	5,352	S1-6, 50(d,ii)		●				2-7b	4
2.89	Average employment, Group (incl. Brazil)	#	6,465	6,394	6,146	5,880	5,823								4
2.90	Number of employees by year end, Group	#	5,797	6,049	5,751	5,486	5,358	S1-6, 50(a)		●					5
2.91	Number of employees by year end, Group (incl. Brazil)	#	6,351	6,583	6,253	5,964	5,827			●					5
	Number of employees/region														5
2.92	Greece and Western Europe	#	1,492	1,395	1,324	1,257	1,208	S1-6, 50(a)		●					12
2.93	USA (including Brazil)	#	3,118	3,264	3,040	2,852	2,747			●
2.94	Southeastern Europe	#	1,131	1,116	1,098	1,107	1,130	S1-6, 50(a)		●
2.95	Eastern Mediterranean	#	610	808	791	748	742	S1-6, 50(a)		●
	Number of employees/country and breakdown by gender														11
2.96	Albania, total employees by year end	#	191	196	194	189	190	S1-6, 50(a)
2.97	Females	#	26	26	24	22	17	S1-6, 50(a)
2.980	Males	#	165	170	170	167	173	S1-6, 50(a)
2.990	Bulgaria, total employees by year end	#	254	241	227	248	255	S1-6, 50(a)
2.100	Females	#	67	66	65	70	72	S1-6, 50(a)
2.101	Males	#	187	175	162	178	183	S1-6, 50(a)
2.102	Egypt, total employees by year end	#	555	511	494	460	466	S1-6, 50(a)
2.103	Females	#	30	22	23	25	24	S1-6, 50(a)
2.104	Males	#	525	489	471	435	442	S1-6, 50(a)
2.105	Greece, total employees by year end	#	1,464	1,368	1,324	1,257	1,208	S1-6, 50(a)							12
2.106	Females	#	272	245	235	225	208	S1-6, 50(a)
2.107	Males	#	1,192	1,123	1,089	1,032	1,000	S1-6, 50(a)
2.108	Kosovo, total employees by year end	#	231	235	244	246	236	S1-6, 50(a)
2.109	Females	#	26	23	17	17	12	S1-6, 50(a)
2.110	Males	#	205	212	227	229	224	S1-6, 50(a)
2.111	North Macedonia, total employees by year end	#	249	247	237	237	250	S1-6, 50(a)
2.112	Females	#	53	48	41	39	42	S1-6, 50(a)
2.113	Males	#	196	199	196	198	208	S1-6, 50(a)
2.114	Serbia, total employees by year end	#	206	197	196	187	199	S1-6, 50(a)
2.115	Females	#	47	45	44	43	43	S1-6, 50(a)
2.116	Males	#	159	152	152	144	156	S1-6, 50(a)
2.117	Türkiye, total employees by year end	#	55	297	297	288	276	S1-6, 50(a)
2.118	Females	#	7	29	29	26	26	S1-6, 50(a)

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Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes
2.119	Males	#	48	268	268	262	250	S1-6, 50(a)
2.120	USA, total employees by year end	#	2,564	2,730	2,538	2,374	2,278	S1-6, 50(a)
2.121	Females	#	338	347	322	308	272	S1-6, 50(a)
2.122	Males	#	2,226	2,383	2,216	2,066	2,006	S1-6, 50(a)
2.123	Employee turnover/gender, Group avg.	%	18.2	17.0	16.0	16.6	10.6	S1-6, 50(c)		●					11
2.124	Females	%	16.2	17.0	16.3	16.5	9.1	S1-6, 50(c)		●				401-1
2.125	Males	%	18.6	17.0	15.9	16.6	10.9	S1-6, 50(c)		●
	Employee turnover/age, Group
2.126	Under 30	%	28.2	28.6	31.3	35.5	31.8			●				401-1
2.127	Between 30-50	%	18.1	15.9	15.8	16.7	10.8			●
2.128	Over 50	%	15.9	15.5	12.8	12.7	6.8			●
2.129	Employee voluntary turnover, Group	%	10.2	9.1	9.0	10.5	-			●					5
2.130	Employee involuntary turnover, Group	%	4.4	3.8	3.2	3.7	-			●					5
2.131	Employees left, Group	#	1,057	1028	918	909	569	S1-6, 50(c)		●				401-1
	Employees left/age, Group
2.132	Under 30	#	165	173	163	161	121	S1-9, 66(b), S1-6, 50(c)		●				401-1
2.133	Between 30-50	#	512	477	446	453	293	S1-9, 66(b), S1-6, 50(c)		●
2.134	Over 50	#	380	378	309	295	155	S1-9, 66(b), S1-6, 50(c)		●
	Employees left/gender
2.135	Females	#	141	146	130	128	65	S1-6, 50(c)		●				401-1	11
2.136	Males	#	916	882	788	781	504	S1-6, 50(c)		●
2.137	Employee new hires, Group avg.	%	18.4	21.8	20.4	20.5	15.5	S1-1, AR.17(f)		●
2.138	Employee new hires, Group avg. (incl. Brazil)	%	18.0	21.5	20.2	20.2	—			●
2.139	Employee new hires, Group	#	1,064	1,320	1,176	1123	829	S1-1, AR.17(f)		●
	Employee new hires/gender														5, 11
2.140	Females	#	178	205	150	186	143			●				401-1
2.141	Males	#	886	1,115	1,026	937	686			●
	New hires/age, Group
2.142	Under 30	#	288	349	317	324	241			●				401-1
2.143	Between 30-50	#	582	723	648	583	415			●
2.144	Over 50	#	194	248	211	216	173			●

233

TITAN Group Integrated Annual Report 2025


Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes
	Employment/gender, Group														5, 11
2.145	Females	#	873	857	800	773	716	S1-6, 50(a)
2.146	Males	#	4,924	5,192	4,951	4,713	4,642	S1-6, 50(a)
	Employment/contract type and gender, Group														5, 11
2.147	Permanent, total employees	#	5,692	5,965	5,650	5,409	5,277	S1-6, 50(a)
2.148	Females	#	844	835	771	750	689	S1-6, 50(a)
2.149	Males	#	4,848	5,130	4,879	4,659	4,588	S1-6, 50(a)
2.150	Temporary, total employees	#	105	84	101	77	81	S1-6, 50(a)
2.151	Females	#	29	22	29	23	27	S1-6, 50(a)
2.152	Males	#	76	62	72	54	54	S1-6, 50(a)
	Employment/full-time and part-time and gender, Group														5, 11
2.153	Full-time, total employees	#	5,769	6,012	5,718	5,455	5,323	S1-6, 50(a)
2.154	Females	#	863	850	792	767	710	S1-6, 50(a)
2.155	Males	#	4,906	5,162	4,926	4,688	4,613	S1-6, 50(a)							5, 11
2.156	Part-time, total employees	#	28	37	33	31	35	S1-6, 50(a)
2.157	Females	#	10	7	8	6	6	S1-6, 50(a)
2.158	Males	#	18	30	25	25	29	S1-6, 50(a)
2.159	Employment/gender, Group (incl. Brazil)	#	6,351	6,583	6,253	5,964	5,827								5, 11
2.160	Females	#	988	957	898	869	803
2.161	Males	#	5,363	5,626	5,355	5,095	5,024
	Employment/contract type and gender, Group (incl. Brazil)	#													5, 11
2.162	Permanent, total employees	#	6,242	6,495	6,150	5,887	5,746
2.163	Females	#	957	933	869	844	776
2.164	Males	#	5,285	5,562	5,281	5,043	4970
2.165	Temporary, total employees	#	109	88	103	77	81
2.166	Females	#	31	24	29	23	27
2.167	Males	#	78	64	74	54	54
	Employment/full-time and part-time and gender, Group (incl. Brazil)	#													5, 11
2.168	Full-time, total employees	#	6,323	6,546	6,220	5,933	5,792
2.169	Females	#	978	950	890	861	797
2.170	Males	#	5,345	5,596	5,330	5,072	4995
2.171	Part-time, total employees	#	28	37	33	31	35
2.172	Females	#	10	7	8	6	6
2.173	Males		18	30	25	25	29

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Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes
	Employment/category														5
2.174	Senior managers	#	142	142	126	114	116			●				2-7
2.175	Managers	#	739	699	674	669	657			●
2.176	Administration/technical	#	1,662	1,705	1,631	1,572	1,514			●
2.177	Semi-skilled/unskilled	#	3,254	3,503	3,320	3,131	3,071			●
	Employment/category (incl. Brazil)														5
2.178	Senior managers	#	167	168	151	138.00	-			●				2-7
2.179	Managers	#	797	753	723	716.00	-			●
2.180	Administration/technical	#	1955	1,971	1,883	1,813.00	-			●
2.181	Semi-skilled/unskilled	#	3432	3,691	3,496	3,297.00	-			●
	Employment/age, Group	#													5
2.182	Under 30	#	585	605	521	453	380			●				2-7
2.183	Between 30-50	#	2823	3,002	2,824	2,716	2,708			●
2.184	Over 50	#	2389	2,442	2,406	2,317	2,270			●
	Employment/age, Group (incl. Brazil)														5
2.185	Under 30	#	701	720	647	560.00	-			●				2-7
2.186	Between 30-50	#	3191	3,349	3,149	3,040.00	-			●
2.187	Over 50	#	2459	2,514	2,457	2,364.00	-			●
2.188	Share of women in employment, Group avg.	%	15.1	14.2	13.9	14.1	13.4	S1-9, 66(a)		●				405-1	5
2.189	Share of women in management, Group avg.	%	21.5	21.2	20.8	19.4	17.6	S1-9, 66(a)		●	●				5
2.190	Share of women in management, Group avg. (incl. Brazil)	%	21.1	20.7	20.3	19.40	-								5
2.191	Share of women in Senior Management, Group avg	%	14.1	13.4	12.7	12.3	14.7	S1-9, 66(a)		●	●				5
2.192	Share of employees with disabilities, Group	%	0.9	1.6	1.1	1.10	-			●					5
2.193	Number of parental leaves, Group	#	68	74	77	58.00	-			●					5
2.194	Gender pay gap, Group	%	4.6	3.4	-	-	-	S1-16, 97, AR.98		●	●			405-2	6
2.195	Total remuneration ratio for our employees, Group avg.		93.3	68.90	-	-	-	S1-16, 97, AR.101							6
2.196	Share of employees who were paid an adequate wage, Group avg.	%	100.0	100.00	-	-	-	S1-10, 67, AR.72-74							6
2.197	Share of employees covered by collective bargaining agreements stipulating provisions for working conditions, Group	%	34.4	33.9	34.8	50.3	52.3	S1-8, 60(a)		●	●			2-30	6
2.198	Number of collective bargaining agreements for countries in EEA (Greece and Bulgaria)	#	2	2	2	2	2	S1-8, 60(b)							6
2.199	Share of employees covered by collective bargaining agreements in Greece	%	22.3	23.9	25.2	51.9	56.0	S1-8, 60(b)							6

235

TITAN Group Integrated Annual Report 2025


Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes
2.200	Share of employees covered by collective bargaining agreements in Bulgaria	%	36.2	35.7	37.4	71.4	89.4	S1-8, 60(b)							6
2.201	Share of employees covered by workers’ representatives (unionized employees), Group avg.	%	25.1	26.8	28.8	31.7	33.2	S1-8, 63, AR.69-70							6, 13
2.202	Share of employees covered by workers’ representatives (unionized employees) in Greece	%	32.3	36.9	38.8	40.1	41.7	S1-8, 63, AR.69-70							6
2.203	Share of employees covered by workers’ representatives (unionized employees) in Bulgaria	%	35.8	35.7	37.4	35.5	35.3	S1-8, 63, AR.69-70							6
2.204	Number of incidents of discrimination, including harassment, within our employees workforce	#	1	0	—			S1-17, 100,102,103 (a)							6
2.205	Number of complaints through grievance mechanisms for our employees, for matters of working conditions other than above	#	11	21	8.00			S1-17, 103(b)							6
2.206	Total amount of fines, penalties, and compensation for damages as a result of incidents and complaints disclosed above (discrimination, including harassment, and other/working conditions)	€	0	0	0	0	0	S1-17, 103(c)							6
2.207	Number of identified cases of severe human rights incidents connected to our employees workforce	#	0	0	0	0	0	S1-17, 104(a)							6
2.208	Total amount of fines, penalties, and compensation for damages as a result of incidents disclosed above for cases of severe human rights	€	0	0	0	0	0	S1-17, 104(b)							6
2.209	Training investment/(trained) employee, Group avg.	€	250	248	164	168	205			●	●			404-1
2.210	Training investment, Group	€	1,458,798	1,421,391	868,090	814,226	312,045			●	●
	Training investment/gender, Group														11
2.211	Females	€	323,441	328,361	105,119	225,001	239,806			●	●			404-1	11
2.212	Males	€	1,135,357	1,093,030	762,971	589,225	72,239			●	●
2.213	Trained employees, Group total	#	5,611	5,720	5,283	4,860	4,693	S1-13, 83(a)		●
2.214	Share of trained employees, Group avg.	%	96.8	94.6	91.9	88.6	87.6	S1-13, 83(a)		●					5
2.215	Share of trained employees, Group avg. (incl. Brazil)	%	94.7	93.9	91.0	87.30	-	S1-13, 83(a)		●					5
2.216	Share of trained female employees (in total female employees). Group avg.	%	96.5	95.8	95.3	91.2	96.8	S1-13, 83(a,b)		●					5, 11
2.217	Share of trained female employees (in total female employees), Group avg. (incl. Brazil)	%	95.5	95.5	94.9	86.90	-	S1-13, 83(a,b)		●
	Trained employees/category, Group
2.218	Senior Managers	#	148	122	118	107	113	S1-13, 83, AR.79		●				404-1
2.219	Managers	#	722	703	668	646	689	S1-13, 83, AR.79		●
2.220	Administration/technical	#	1,638	1,657	1,578	1,525	1,520	S1-13, 83, AR.79		●

236

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Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes
2.221	Semi-skilled/Unskilled	#	3,103	3,238	2,917	2,582	2,371	S1-13, 83, AR.79		●
	Trained employees/age group, Group
2.222	Under 30	#	566	554	475	413	357			●				404-1
2.223	Between 30-50	#	2,798	2,730	2,616	2,604	2,603			●
2.224	Over 50	#	2,247	2,436	2,190	1,843	1,733			●				404-1
	Training hours/category, Group							S1-13, AR.78							5, 7
2.225	Senior Managers	h	5,204	3,650	1,972.00	-	-	S1-13, AR.78		●	●			404-1	5, 7
2.226	Managers	h	27,505	30,738	23,735.00	-	-	S1-13, AR.78		●	●				5, 7
2.227	Administration/technical	h	51,272	52,269	51,032.00	-	-	S1-13, AR.78		●	●				5, 7
2.228	Semi-skilled/unskilled	h	54,220	73,650	68,171.00	-	-	S1-13, AR.78		●	●				5, 7
2.229	Training hours, Group	h	138,201	160,306	144,866	124,504	109,364	S1-13, 83(b), and AR 78		●	●				7
2.230	Average training hours /employee (over the total number of direct employees), and breakdown per gender, Group	h/person	23.8	26.5	25.2	22.7	20.4	S1-13, 83(b), and AR 78		●	●			404-1	5, 7
2.231	Average female	h/person	32.3	30.7	28.6	27.9	25.7	S1-13, 83(b), and AR 78
2.232	Average male	h/person	22.3	25.8	24.6	21.8	19.6	S1-13, 83(b), and AR 78
	Training hours/subject, Group														7
2.233	Company onboarding	h	2,667	4,312	3,865	2,343	2,651	S1-13, 82, AR.78						404-1
2.234	Compliance	h	4,986	3,707	4,300	4,774	8,974	S1-13, 82, AR.78			●
2.235	Sustainability	h	751	1,374	730	423	554	S1-13, 82, AR.78			●
2.236	Decarbonization	h	1,362	837	427	848.00	-	S1-13, 82, AR.78							8
2.237	Digital & IT	h	5,629	2,225	8,742	5,069	9,718	S1-13, 82, AR.78
2.238	Environment	h	2,406	4,111	3,076	2,150	3,186	S1-13, 82, AR.78
2.239	Foreign languages	h	2,652	4,773	3,657	3,988	3,692	S1-13, 82, AR.78
2.240	Functional competence	h	7,511	11,815	4,026	8,176	7,856	S1-13, 82, AR.78
2.241	Generic competence	h	8,320	6,572	6,911	9,041	4,711	S1-13, 82, AR.78
2.242	Diversity Equity & Inclusion	h	1,184	661	671	-	-	S1-13, 82, AR.78							7

237

TITAN Group Integrated Annual Report 2025


Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes
2.243	Health and Safety	h	72,437	81,651	74,776	60,614	50,992	S1-13, 82, AR.78
2.244	Managerial skills	h	17,043	14,566	12,265	9,605	4,243	S1-13, 82, AR.78
2.245	Other	h	6,388	6,566	1,286	9,364	1,738	S1-13, 82, AR.78
2.246	Security	h	239	657	814	975	136	S1-13, 82, AR.78
2.247	Technical know-how	h	5,810	17,144	20,006	7,136	10,916	S1-13 AR 82
2.248	Share of employees who received training for DE&I, Group	%	4.5	4.2	7.40	-	-	S1-13, 82, S1-4, AR.42
2.249	Share of employees with performance evaluation, Group avg.	%	53.2	50.5	57.3	58.3	60.7	S1-13, AR.77						404-3
2.250	Share of female employees with performance evaluation, Group avg.	%	78.8	78.3	84.3	84.5	83.4	S1-13, AR.77
2.251	Share of open positions filled by internal candidates, Group	%	31.8	29.3	28.90	-	-
2.252	Share of female employees in talent pools, Group avg.	%	31.6	27.0	24.0	13.8	13.9							405-1	9

	Investments in environmental protection
	All activities
2.253	Training man-hours on environmental issues per employee	h/person	0.4	0.7	0.50	0.40	0.60
2.254	Training man-hours on environmental issues per contractor	h/person	0.5	0.5	0.30	-	-
2.255	Internships, Group	#	285	365	361	482	391							404-1
2.256	Internships, Group (incl. Brazil)	#	337	407	404	526.00	-
2.257	New entry level jobs from internships/traineeships, Group	#	23	18	28	46	24			●				2-8

238

Management Report

Notes –2.1 ESRS S1 - Own workforce

Notes for specific KPIs

1. For the definition see “Notes for Value creation indicators”.

2. Lost days are reported as calendar days. Figure(s) for 2020 adjusted to include previously unreported data.

3. The KPI was calculated for the closing of the reporting period 2025 in accordance with the practice for all Safety data, being the use of “Average Employment” (see Note

below about Belgian law).

4. The calculation was made according to Belgian law (sec. 165 XIVB of RD of 30 January 2001).

5. The methodology used for compiling the data for all KPIs is according to measuring the employees head count (number of employees) at the end of the reporting period for

each year, except for the KPIs related to Safety data and according to Belgian law (see above Notes). Concerning the KPI “Share of women in management”, we provide the

percentage for the ratio of total number of women in Categories of employment “Managers” and “Senior Managers”, divided by the total number of all employees in above

Categories (for relevant figures see the above Table). This KPI supports the reporting on performance for TITAN’s target “Promote equal opportunities and inclusion and

increase by 20% female participation in senior roles talent pools and new hires”, in specific about female participation in “senior roles”, which according to TITAN’s approach

covers both above employment categories.

6. The calculation of KPIs followed the requirements of ESRS S1. TITAN’s approach ensured coverage of all Group employees.

7. About training hours: In training hours we include instructor-led training (classroom training), online items, and blended programs (a mix of online and classroom), also we

leverage our external platform (LinkedIn Learning) which is integrated into the system of SuccessFactors and enables us to track user’s activity. Diversity, Equity, and Inclusion

(DE&I) is included as material area for training, because of increased attention and efforts to raise the level of awareness across countries of operations, and to signify the

importance of DE&I for TITAN. The training programs for DE&I were included under the subject area “Generic competence”, and the respective number of training hours as

a separate KPI. The total of all training hours is calculated by adding together the figures for all subject areas, and excluding the subject DE&I, to avoid double counting.

8. Under the “Decarbonization” area we include the training on subjects linked to the reduction of CO2 emissions in the life cycle and the value chain of our products, with

relevant topics: alternative fuels, energy efficiency, clinker and cement substitution, carbon capture storage and utilization, hydrogen, electrification of the kiln, solar

calcination, renewable energy, calcined clays, low-carbon products, recarbonated materials, life-cycle analysis, CO2 regulation, relevant standards and certifications, science-

based targets, climate risk assessment, and climate change disclosures.

9. Concerning the KPI for Share of female employees in talent pools: employees are included in the Talent Pools through annual Talent reviews for evaluating employee’s

potential and identifying future roles along with personal development plan. These reviews follow the annual process of TITAN for People Development Review (PDR) and

comprise an integral building block of PDR. The KPI is calculated as the share of females to males, for all employees in Talent Pools (100% coverage for BUs and

Corporate Center).

10. Regarding the number of well-being initiatives for employees, KPIs reflect the outcomes of a coordinated approach, in alignment between the Group HR and BUs. The effort is

to ensure the implementation of good practices and efficient use of resources, and to promote ideas and initiatives at local level in all countries. Our approach was further

improved for 2025, focusing on important and comprehensive initiatives at each BU, consistent with guidance and support provided by Group, per each Well-being

“dimension” under TITAN Framework.

11. About employees’ breakdown by gender: in 2025 TITAN had no records of genders except female and male in any of BUs. Same holds for previous years. Our Group Policies

and HR system ensure the recording of employees’ gender with the inclusion of a third gender, or even “undefined”. In all countries of TITAN's operations our employees

have the right to specify-declare their gender without legal restrictions and could change their gender in their records overtime. TITAN fosters such practice without prejudice

and ensures intolerance against any form of discrimination or harassment in the workplace. About employees’ breakdown by contract type: In 2025 TITAN had no cases of

“zero hours” contracts in any of BUs. The respective breakdown of KPIs was for Permanent and Temporary (TITAN refers to Permanent employees as “Regular” in the Group

HR system), also for Full-time and Part-time.

12. Under “Greece” we include the employees number for operations of TITAN in Greece, including the Group Corporate Center, also employees of Titan SA offices in Cyprus

and Belgium. Under Region “Greece and Western Europe” we include also the data of employees of TITAN’s Terminals in countries: Italy, France, and the UK.

13. Specific information provided by the Adoçim BU under confidentiality regarding the names of employees.

Reference to SASB Standards

• Connection of ESG performance indicators with the metric EM-CM-320a.1 according to SASB Standards, concerning the KPIs of Health and Safety, in specific the connection

concerns the KPIs of near misses and frequency rate for full-time employees, and contract employees.

• The KPIs of percentage of employees covered by collective bargaining agreements, and employees covered by Social dialogues (Unionized), cover the requirements for

reporting according to the SASB Standards for the topic (area) of “Labor Relations” and in more specific the metrics (KPIs) EM-MM-310a.1 and EM-MM-310a.2.

239

TITAN Group Integrated Annual Report 2025


Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes

	2.2.2 ESRS S3 - Affected Communities									SDG 2.1, 2.3, 4.3, 4.4, 9.3, 17.17

2.258	Donations, Group	€	4,124,689	4,128,193	3,207,526	2,483,380	2,310,864			●	●			2-29 203-1 203-2 413-1	1
2.259	Donations, Group (incl. Brazil)	€	4,132,152	4,131,565	3,207,526	2,511,769.00	-								1
2.260	Donations in cash, Group	€	3,039,833	3,074,261	2,592,419	1,822,386	1,836,286			●	●
2.261	Donations in kind, Group	€	1,084,856	1,053,932	615,107	660,994	474,578			●	●
2.262	Employees from local community, Group avg.	%	83.9	83.7	83.9	83.8	83.3							2-29 413-1	2
2.263	Employees from local community, Group avg. (incl. Brazil)	%	84.7	84.6	85.8	85.70	-								2
2.264	Internships from Local Community, Group avg.	%	69.1	66.9	80.3	87.1	83.4
2.265	Key operations with Community Engagement Plans related to material issues and Group policies	#	19 of 19	18 of 18	18 of 18	18 of 18	15 of 15			●	●			2-29 413-1
2.266	Key operations with Community Engagement Plans aligned with material issues and Group policies (incl. Brazil)	#	22 of 22	21 of 21	21 of 21	20 of 20	17 of 17			●
2.267	Total number of Initiatives under Community Engagement Plans, Group	#	314	297	265	203	142			●
2.268	Total number of Initiatives under Community Engagement Plans, Group (incl. Brazil)	#	328	310	276	212	149.00			●
2.269	Total number of Participants to Community Engagement Plans, Group	#	6,859	8,567	6,537	5,911	2,750			●					3
2.270	Total number of Participants to Community Engagement Plans, Group (incl. Brazil)	#	7,928	9,272	6,726	6,012.00	-			●					3
2.271	TITAN Employees, volunteers to Community Engagement Plans, Group	#	1,361	1,955	1,853	1,923	1,873.00			●					3
2.272	TITAN Employees, volunteers to Community Engagement Plans, Group (incl. Brazil)	#	2,020	2,492	1,967	2,016.00	-			●					3
2.273	Social investment (in cash and in kind) for community initiatives, Group	million €	2.5	2.5	2.6	1.7	1.3			●	●			2-29 203-1 203-2 413-1	1
2.274	Social investment (in cash and in kind) for community initiatives, Group (incl. Brazil)	million €	2.6	2.6	2.6	1.70	-			●	●				1
2.275	Blood donations (TITAN employees, business partners and communities), Group	#	228	607	642	652	579.00							203-2
2.276	Local Spend, Group avg.	%	74.1	68.4	67.8	67.6	65.1			●	●			204-1	1
2.277	Local Spend, Group avg. (incl. Brazil)	%	73.2	67.6	66.8	66.70	-			●	●				1

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Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes

	2.2.3 ESRS S4 - Consumers and end-users														SDG 6, 7, 12, 13

	All Activities
2.278	Number of cases on products recalls	#	12	1	3	-	-						●
2.279	Customer satisfaction surveys coverage	%	66.7	55.6	77.8	-	-								1
2.280	Customer complaints	#	110	69	-	-	-

Notes – 2.2 ESRS S3 - Affected communities

Notes for specific KPIs

1. For definitions related to “Social investment (in cash and in kind) for community initiatives”, “Donations”, and “Local Spend”, see “Notes for Value creation indicators”.

2. Specific information is not available for the operations of TITAN in the USA. The Group Average was calculated excluding the employment of TITAN in the US.

3. “Participants” are persons who had active involvement (engagement) in the reporting period in initiatives for Community Engagement (related to KPI “Key operations with CEPs”). The respective figures include the sum of number of persons for two sub-categories:

(a) Direct Employees who volunteered for participation, or/and had active role because of their position/role in the BU organization, and (b) Partners as active contributors (e.g., local authorities; specialists. such as academia or other experts; NGOs; suppliers and

contractors, customers, etc. The list is not exhaustive).

Notes –2.3 ESRS S4 - Consumers and end-users

Notes for specific KPIs

1. Note for Customer satisfaction surveys coverage: Percentage of countries that a customer satisfaction survey took place in the reference year.

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3. Governance information


Code	ESG Performance Indicators	Unit	2025	2024	2023	2022	2021	ESRS	GCCA	UNGC	UNCTAD	TCFD	SASB	GRI	Notes

	2.3.1 ESRS G1 - Business conduct

	All Activities													SDG 6, 7, 12, 13
3.01	Key suppliers meeting TITAN ESG standards	%	79.5	58.5	24.7	-	-	G1-2, 15, AR.2(c)		●			●
3.02	Key Suppliers assessed/under assessment stage for meeting TITAN ESG standards, Group	%	88.0	72.0	51.3	-	-			●			●	308-1 414-1
3.03	Key suppliers with contracts requiring adherence to TITAN ESG standards, Group	%	42.5	46.1	15.5	-	-						●	308-1 414-1
3.04	Number of suppliers with Science Based Targets	#	17	17	13	-	-						●	308-1
3.05	Suppliers training hours for TITAN ESG standards, Group	#	4,198	204	200	-	-							308-1 414-1

Notes – 3.1.a ESRS G1 – Business conduct

General note

TITAN defines key suppliers as critical suppliers according to the GCCA Guidance for Sustainable Supply Chain Management, and with a meaningful level of spend (i.e., 80%) for the level of the Group and for each business unit.

Connection of KPIs with the SASB Standards

Disclosure of KPIs for progress 2025 aligned with the Sustainable Supply Chain Roadmap of TITAN, and disclosures in the Sustainability Statement under “Processes for engaging with value chain workers about impacts”, in specific for integrating ESG criteria into

the supplier qualification process, cover the requirements for reporting according to the SASB Standards for the area: “Business Ethics and Transparency” and more specifically the metric (KPI) EM-MM-510a.1. The connection concerns the description of the

management system for prevention of corruption and bribery throughout the value chain.

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3.1.b Governance core indicators


Code	Governance Core Indicators	Notes	Performance 2025	ESRS	Reporting Standards
1	Lobbying expenditures as contributions to collaborative initiatives and associations		€ 1,429,172 Note: Includes participation fees to GCCA, Cement Europe, ERT, CSR Europe, Hellenic Federation of Enterprises (SEV), and Portland Cement Association in USA (PCA).		SDG 5.5 SDG 16.5 SDG 16.6 SDG 16.7 UNGC UNCTAD GRI 2-10 GRI 2-18 GRI 2-30 GRI 205-1 GRI 205-2 GRI 205-3 GRI 405-1 GRI 407-1 SASB
2	Number of board meetings that sustainability was included as thematic area		4/11
3	Grievance mechanism (Ethicspoint) coverage	1	100%	S1-3, 32, AR.32
4	Number of cases reported in EthicsPoint	1	18	S1-3, 32, AR.32
5	Number of incidents of corruption/bribery	1	2	G1-4, 25(a)
6	Amount of significant fines for violation of anti-corruption and anti-bribery laws	1	0	G1-4, 25(a)
7	Number of information security incidents, Group		487
8	Average number of hours of training on subjects related to Compliance, per employee	2	0.86
9	Anti-bribery and corruption training		802 hours
10	Effective Tax Rate	3	0.266

Notes – 3.1.b ESRS G1 – Business conduct

Notes for specific KPIs

1. Disclosures aligned with requirements of ESRS S1 and G1.

2. Average number of hours of training per employee and per year, on TITAN policies and internal procedures (priority being on the Code of Conduct, Policies for Human Rights, Anti-Bribery, GDPR, while this list is not exhaustive). The KPI is calculated as the total

hours of training in the subject areas, divided by the total number of employees, head count at the end of year. TITAN categorizes these training subjects under the overall subject area: “Compliance”.

3. Effective Tax Rate (%) provided here in connection with the Financial Statements, see Note 14.

Connection of KPIs with the SASB Standards' for including:

The KPI of “Amount of significant fines for violation of anti-corruption and anti-bribery laws” covers the requirements for reporting according to the SASB Standards for “Pricing Integrity and Transparency” and in more specifically the metric (KPI) EM-CM-520a.1. “Total

amount of monetary losses as a result of legal proceedings associated with cartel activities, price fixing, and anti-trust activities”

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TITAN Group Integrated Annual Report 2025

4. Group Management Systems in 2025

Area

Albania

Bulgaria

Egypt

Greece

Kosovo

North Macedonia

Serbia

Türkiye

USA

Health & Safety

ISO 45001

All operations

(1 terminal

excluded)

ISO 45001

All operations

(1 terminal

excluded)

ISO 45001

All integrated

cement plants

ISO 45001

All operations

(1 RMC unit, 1

aggregate quarry

and 2 terminals

excluded)

ISO 45001

All operations

(3 terminals

excluded)

ISO 45001

All operations

(2 terminal and 1

quarry excluded)

ISO 45001

All operations

ISO 45001

1 integrated

cement plant

1 grinding cement

plant

All operations

conform with the

regulatory

framework of

MSHA and OSHA

Environment

ISO 14001

All operations

(1 terminal

excluded)

ISO 14001

All operations

ISO 14001

All integrated

cement plants

ISO 14001

All operations

(2 terminals

excluded)

ISO 14001

All operations

ISO 14001

All operations

ISO 14001

All operations

ISO 14001

1 integrated

cement plant

1 grinding cement

plant

All operations

conform with the

regulatory

framework of EPA

Wastes

Zero Waste to

Landfill

3 integrated

cement plants

Zero Waste to

Landfill

1 integrated

cement plant

Zero Waste to

Landfill

1 integrated

cement plant

TRUE Zero Waste

2 integrated

cement plants

Water

ISO 46001

1 RMC unit and

1 aggregate quarry

Quality

ISO 9001

All operations

ISO 9001

All operations

(2 quarries

excluded)

ISO 9001

All integrated

cement plants

ISO 9001

All operations

(1 quarry excluded)

ISO 9001

All operations

ISO 9001

All operations

(1 quarry excluded)

ISO 9001

All operations

ISO 9001

All operations

Quality ASHTO

All operations

Energy

ISO 50001

All RMC units

Energy audits

1 integrated

cement plant

ISO 50001

All integrated

cement plants

ISO 50001

All integrated

cement plants,

Energy audits

All RMC units

All aggregates

quarries

ISO 50001

1 integrated

cement plant

ISO 50001

1 integrated

cement plant

ISO 50001

All integrated

cement plants

Social

GHRMS/SF and SA

8000

All operations

GHRMS/SF

All operations

GHRMS/SF

All operations

GHRMS/SF

All operations

GHRMS/SF and SA

8000

All operations

GHRMS/SF

All operations

GHRMS/SF

All operations

GHRMS/SF

All operations

GHRMS/SF

All operations

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5. Audits in 2025



Area		Albania	Bulgaria	Egypt	Greece	North Macedonia	Kosovo	Serbia	Türkiye	USA	Total
Environmental Management System	External	1	6	9	16	1	2	3	1	65	104
Environmental Management System	Internal	1	21	1	47	1	0	3	6	2	82
Energy Management System/Energy audits	External	0	0	3	3	1	2	0	0	0	9
Energy Management System/Energy audits	Internal	0	0	2	3	1	0	0	0	0	6
CO2 emissions	External	1	3	3	3	0	1	0	0	0	11
CO2 emissions	Internal	0	0	0	3	0	0	0	0	0	3
Waste Management	External	0	1	1	5	0	1	0	0	0	8
Waste Management	Internal	0	18	0	4	0	0	0	0	0	22
Complaints	External	0	0	1	13	0	0	0	0	5	19
Complaints	Internal	0	0	0	0	0	0	0	0	0	0
Permitting	External	1	4	1	0	0	1	0	0	11	18
Permitting	Internal	0	0	0	0	0	0	0	12	0	12
Water	External	1	3	2	4	0	1	0	0	10	21
Water	Internal	0	0	0	2	0	0	0	0	0	2
Other (environmental)	External	0	1	1	2	0	0	2	0	1	7
Other (environmental)	Internal	0	0	0	2	0	0	0	0	2	4
Health & Safety	External	4	10	7	9	1	3	3	4	14	55
Health & Safety	Internal	221	413	168	1,938	238	102	164	24	1687	4,955
Social	External	2	0	0	2	0	1	0	0	2	7
Social	Internal	0	0	2	1	0	0	0	0	1	4
TOTAL	External	10	28	28	57	3	12	8	5	108	259
TOTAL	Internal	222	452	173	2,000	240	102	167	42	1,692	5,090

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TITAN Group Integrated Annual Report 2025

6. Consolidated report on payments to governments for extractive operations in 2025



Legal entity	Country	Payment type	Amount
			(€)
Titan Cement Company S.A.	Greece	Quarry Rental Fees/Taxes	508,014
Interbeton Construction Materials S.A.	Greece	Quarry Rental Fees/Taxes	5,600,618
Alexandria Portland Cement Co. S.A.E.	Egypt	Clay Tax	950,321
Alexandria Portland Cement Co. S.A.E.	Egypt	Quarry Royalties	971,883
Beni Suef Cement Co. S.A.E.	Egypt	Clay Tax	1,626,789
Beni Suef Cement Co. S.A.E.	Egypt	Quarry Royalties	982,303
Titan Beton & Aggregate Egypt LLC	Egypt	Quarry Royalties	151,235
Zlatna Panega Cement AD	Bulgaria	Concession Fees	262,883
Cementi Antea Sha	Albania	Quarry Royalties	502,259
Titan America LLC	USA	Mitigation Fees	399,701
Sharrcem SH.P.K	Kosovo	Extraction Royalties	235,940
Titan Cementarnica Usje A.D.	North Macedonia	Concession Fees	534,023
Titan Cementara Kosjeric A.D.	Serbia	Concession Fees	216,956
Adoçim Cimento Beton Sanayi ve Ticaret A.S.	Türkiye	Permission/Forestation Fees	164,500

		TOTAL	13,107,424

Note

Titan hereby reports, in accordance with article 3:33 of the Belgian Code of Companies and Associations, that Titan Group during 2025 has paid to Governments (i.e. national, regional or municipal authorities of EU Member States and third countries) the total

amount of Euro 13,107,424.49 for extracting operations, as presented in the table above. As specified in article 6:2 par. 2 of the Royal Decree of 29 April 2019 implementing the Belgian Code of Companies and Associations, the threshold for disclosure of the relevant

data is set at €100,000, whether as a single payment or as a series of related payments.

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7. Sector and other standards for the non-financial disclosures in 2025



Sector Association or Initiative	Guidelines and other documents of reference	Published	Notes
GCCA	Sustainability Charter	Latest edition (publications between 2019 and 2021)	1
	Sustainability Framework Guidelines
	Sustainability Guidelines for the monitoring and reporting of safety in cement and concrete manufacturing* [Pillar 1]
	Sustainability Guidelines for the monitoring and reporting of CO2 emissions from cement manufacturing [Pillar 2]
	Sustainability Guidelines for the monitoring and reporting of water in cement manufacturing [Pillar 4]
	Sustainability Guidelines for the monitoring and reporting of emissions from cement manufacturing [Pillar 4]
	Sustainability Guidelines for co-processing fuels and raw materials in cement manufacturing [Pillar 5]
	Sustainability Guidelines for quarry rehabilitation and biodiversity management [Pillar 4]
	Guidance for Sustainable Supply Chain Management [Pillars 1, 3 and 5]
Supplementary to the GCCA standards: (Previously) WBCSD/CSI	Recommended Good Practices for: (a) Contractor Safety, and (b) Driving Safety	2009
Supplementary to the GCCA standards: (Previously) WBCSD/CSI	Cement Sector Scope 3 GHG Accounting and Reporting Guidance	2016
UNCTAD	Guidance on Core Indicators for Sustainability and SDG Impact Reporting	2022	2
UNGC CoP	Questionnaire Guidebook for the CoP	2022	3
TCFD	Reporting in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)
TNFD	Reporting in line with the recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD)
GRI Standards	Reporting with reference to the Global Reporting Initiative (GRI) standards for the period January 1, 2023 to December 31, 2023	Latest edition (publications between 2016 and 2021)
SASB	Reporting in connection with the SASB standards, with reference to the amended version published by IFRS Foundation in 2023 for the sectors of Construction Materials, and Metals & Mining	2023
ESRS	Reporting with reference to the ESRS sustainability reporting standards 2023/2772

Notes

1. The Global Cement and Concrete Association (GCCA) has built its Sustainability Charter around five (5) Sustainability Pillars, to encompass the full sustainability spectrum for its work purposes:

Pillar 1: Health and Safety, Pillar 2: Climate Change and Energy, Pillar 3: Social Responsibility, Pillar 4: Environment and Nature and Pillar 5: Circular Economy.

The terminology of the “Pillars” is specific to the GCCA Charter of commitments for member companies, and details are available in the Charter and Framework Guidelines in the GCCA website: https://gccassociation.org/sustainability-innovation/sustainability-

charter-and-guidelines/

TITAN continued efforts in 2024 for implementing the GCCA 2050 Roadmap to Net Zero Concrete “Concrete Future” and focused on SBTi Targets for the 1.5 degrees scenario, while continuing active participation in various working groups and contributing with

knowhow and expertise, in line with its practice since the foundation of the Sectoral Association.

2. The UNCTAD Guidance provides meaningful connections of KPIs with the most relevant SDGs and specific targets for each SDG, and is leveraged under the reporting approach of TITAN according to Material Issues.

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TITAN Group Integrated Annual Report 2025

Notes for Value creation indicators

About the standards, guidance, and terms used for the KPIs:

• Gross Value Added (GVA): Economic value created and distributed to key stakeholders has been calculated using the United Nations UNCTAD Guidance on

Core indicators for entity reporting on the contribution toward the attainment of the - Sustainable Development Goals (2022 edition).

• Total spend on suppliers, local, national and international for goods and services: According to TITAN’s approach for “Local spend”.

• Local spend: The %ratio of spend on local suppliers over the total spend on all suppliers, as a percentage. Costs of local procurement are a general indicator of

the extent of an entity’s linkages with the local economy (UNCTAD Guidance, 2022). Local are those suppliers which provide goods or services to TITAN and

have company tax registration inside the country of interest, same as the country of TITAN BUs location and tax registration. For countries with a governmental

structure characterized as federation-of-states this applies specifically today to the US, where different states have local governments and vast geographical

extent, the term local refers to those suppliers with company tax registration in the same state with the tax registration of the BU or location of operations, and

also in the states which are neighboring to the state of the BU or location of operations (the definition is applicable to TITAN’s operations in the US, for the above

KPI figure).

• Social investment: Expenditures incurred in cash and in kind, and investments of funds (both capital expenditures and operating ones) for TITAN BUs’ community

initiatives. Target beneficiaries are stakeholders in the broader communities, while TITAN employees from local communities were included as beneficiaries of

specific initiatives for community engagement.

• Donations: is reported as equivalent to charitable/voluntary donations and investments of funds (the approach is in line with the UNCTAD Guidance, 2022).

• Total amount of expenditures on Research and Development (R&D) and Innovation during the reporting period. TITAN follows the UNCTAD Guidance (latest

edition 2022), and the Oslo Manual: “Guidelines for collecting, reporting and using data on Innovation”, published by OECD and Eurostat (2018).

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Financial

review

249

TITAN Group Integrated Annual Report 2025

An overview of our financial

performance and our financial

statements.

Downtown One, Tirana, Albania

250

Management Report

Financial review

Financial performance overview

Review of the year 2025

The Group continued its growth trajectory in 2025, with both sales

and EBITDA increasing. Group sales grew by 6.4% (LfL), reaching

€2,669 million, driven by strong momentum in Greece and Egypt,

and improved performance in Southeast Europe while US

operations also contributed positively, excluding the effects from

the weaker US dollar for much of the year. The year was marked by

heightened geopolitical uncertainty, including tariff pressures on

cement in the U.S. and another year of a sluggish residential

market, partially offset by robust infrastructure demand in the U.S.,

strong momentum in Greece and a turnaround in Egypt. Our

operations in Southeast Europe also closed the year positively,

consolidating performance after a more challenging first half,

against a record first half of 2024. Group EBITDA profitability

improved year-over-year, surpassing the €600 million threshold, to

reach €606.1 million, a 9.3% (LfL) increase, adjusted for the lost

contribution from Türkiye following the sale of Adoçim in May as

well as the FX impact. This performance was driven by a resilient

pricing environment across our global operations, including

selective price increases in certain markets to counter inflationary

pressures on electricity, raw materials and labor costs, alongside

cement volume growth in Greece and Egypt, and higher export

activity from Egypt. Significant growth has been recorded in

downstream products, both in aggregates and ready-mix concrete.

Ongoing investments in the digitalization of our end-to-end

production and distribution processes, together with improvements

in fuel substitution rates through increased use of alternative fuels,

generated operational efficiencies that helped reduce total energy

costs at Group level, effectively offsetting the rise in input costs.

Group Net Profit After Taxes and Minority Interests attributable to

shareholders reached €236.3 million for the year, growing by 7.4%

year-on-year (LfL), impacted by FX, scope change, the one-off

€51.9 million impact from the divestment of the Group's stake in

Adoçim, the €21.6 million minority income in Titan America,

following its IPO on February 2025, and a €5.9 million recognized

deferred tax asset in Brazil in 4Q24. Earnings per share, reached

€3.2/share, increased by +7.4% year-on-year (LfL). The Group also

continues to report very strong returns on capital, with a return on

(average) capital employed (ROACE) of 18.2 % for 2025.

During a seasonally softer quarter for the industry, Group volumes

in Q4 increased across all core products and in every region,

supported by a particularly strong December. Sales in Q4 reached

€656.5 million, up 8.1% (LfL) versus 2024. Profitability was also

slightly improved, with Q4 EBITDA growing by 0.2% (Lf1), reaching

€132.5 million, adjusted for the divestment of Adoçim and the FX

headwinds. Solid operational performance and healthy underlying

demand trends towards these figures, with Egypt recording

significant growth. Group Net Profit After Taxes and Minority

Interests (LfL) attributable to shareholders reached €70.3 million

for the last quarter of the year.

In 2025, significant volume growth was achieved at Group level -

continuing the positive trend of previous years- across our main

product categories, both upstream and downstream. This

performance was driven by solid demand, despite a slight drag on

cement volumes in the first half of the year due to cold and rainy

weather and the residential slowdown in the US. The Group’s

cement sales ultimately closed the year at 18.0 million tonnes,

representing a 1% increase year-over-year, LfL. This growth was

underpinned by high single-digit growth in Greece, a strong second

half in the US -given a softer comparable base in 2024 due to the

hurricanes’ impact- , and a solid rebound in Egypt, while the

Southeast Europe region ended the year at levels comparable to

2024. All Group exports from Greece were directed to TITAN’s own

terminals -primarily to Titan America in the US- although volumes

were lower year-over-year. Exports to our European terminals in

France, the UK, and Italy also trailed last year’s performance. In

contrast, Egypt recorded strong growth in cement exports. Ready-

mix volumes increased by 6%, supported by the construction

momentum in Greece and resilient demand in the US, reaching

6.4 million m³ at Group level by year-end, LfL. Aggregates volumes

also grew by 9% to 23.7 million tonnes, driven by strong demand in

Greece and increased demand in the US (Florida), supported by

capital investments made in 2024. The Group’s building blocks

volumes softened due to weaker residential demand in the US but

showed a rebound in the fourth quarter. Volumes of cementitious

materials, including fly ash and pozzolan, increased, alongside

higher mortar volumes in Greece.

Investments and financing

In 2025, the Group delivered strong Operating Free Cash Flow

(OFCF) of €504 million, compared to €414 million in the prior year.

This performance was supported by robust EBITDA growth, lower

cash interest and tax payments, and disciplined operating cycle

management, which resulted in a year-over-year reduction in

working capital across most regions. In addition to recurring cash

generation, the Group realized significant one-off inflows from

milestone transactions, including the listing of a minority stake in

Titan America on the NYSE in February 2025, raising $393 million

in gross proceeds, and the divestment of Adoçim in Eastern Türkiye

in May 2025. These actions enhanced financial flexibility and

enabled the disciplined execution of the Group’s capital

allocation priorities.

CapEx reached a record €285 million in 2025 (2024: €251 million),

largely directed toward growth initiatives, including aggregates

reserve expansion, stronger vertical integration, development of

alternative cementitious materials (ACMs) platforms, and upgrades

to digital, logistics and storage infrastructure. At the same time,

capital resources were allocated to AI-powered logistics solutions

aimed at improving operational efficiency and enhancing customer

experience. Furthermore, IFESTOS, the Group’s carbon capture

and storage (CCS) project, continued to progress through the

development stage.

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TITAN Group Integrated Annual Report 2025

Targeted bolt-on acquisitions further expanded the Group’s

aggregates footprint. In Greece, two quarries were acquired in

Thessaly and Crete, the latter located near the new International

Airport of Heraklion, currently under development. Together with

similar investments completed in recent years, these additions

secure aggregate reserves exceeding 200 million tonnes in the

country. Vertical integration was further reinforced through ready-

mix concrete investments, including a second unit at “The Ellinikon”

development in Athens, a project-specific unit serving a gold mine

in Northern Greece, and a newly inaugurated concrete plant in

Southern Greece. Additionally, at the end of the year, a strategic

partnership was established for the creation of a joint dry

mortar company in Greece, strengthening the Group’s

downstream presence.

In line with the Group’s Strategic Directions 2026 and further

reinforced under the TITAN Forward 2029 Strategy, the expansion

of ACM platforms remained a key priority. Building on earlier

partnerships in Greece and Türkiye to secure pozzolan reserves,

the Group advanced its fly ash strategy through the establishment

of a joint venture in India to secure access to fly ash and a joint

venture in the UK for the beneficiation of ponded fly ash, leveraging

proprietary technology from ST Equipment & Technology enabling

the efficient extraction and processing of previously unused

materials. In early 2026, TITAN signed a 10-year agreement with

Electric Power of Serbia securing access to approximately 5 million

tonnes of fresh fly ash. These investments enhance supply security,

support decarbonization targets, and strengthen cost

competitiveness. The Group also expanded into structural precast,

a business adjacent to its core heavy materials activities. Through a

partnership with Molins, TITAN acquired an 80% stake in

Baupartner, a leading precast concrete and steel structure

specialist in Bosnia and Herzegovina. In the United States, Titan

America accelerated its expansion into the precast and prestressed

lintel market in Florida, securing key Miami-Dade approvals for

more than 40 SKUs. Engineering and site development are

underway for its first state-of-the-art lintel manufacturing facility.

These initiatives broaden the Group’s product offering and

enhance value creation across the construction value chain.

At the end of the year, TITAN announced milestone acquisitions

that further expanded its core cement platform and production

capacity. In November 2025, the Group announced the acquisition

of the Vraçs de l’ Estuaire cementitious business in France,

including a grinding plant at the port of Le Havre, with the

transaction completed in January 2026. In December 2025, TITAN

signed an agreement to acquire Traçim Cement in the Greater

Istanbul market of Türkiye, operating a modern integrated plant

with annual capacity of 2.5 million tonnes, with the transaction

completed in early 2026. In January 2026, the Group also signed

an agreement to acquire Keystone Cement Company in

Pennsylvania, which operates an integrated cement plant with

annual clinker capacity of approximately 1 million short tonnes,

subject to regulatory approval and customary closing conditions.

The Group’s liquidity position strengthened significantly within

2025, reaching a low net debt level in the first half of the year at

€137 million following the receipt of proceeds from the IPO of Titan

America and the divestment of Adoçim. Notwithstanding the

special and much higher dividend payment compared with the

2024 distribution, including a dividend amount of €224 million, net

debt at year end stood at €214 million. This reduction in net debt

contributed to a further decrease in the leverage ratio to 0.4x

(2024: 1.1x). In January 2026, the Group, through its subsidiary Titan

Global Finance Plc, issued senior unsecured notes with an

aggregate principal amount of €350 million, bearing a fixed

coupon of 3.5% per annum and maturing in 2031.

Resolutions of the Board of Directors

Share buy-back

On 30 June 2025, the €20 million share buy‑back programme,

which was launched on 28 August 2024, was completed.

Following its completion, a new share buy-back programme of

up to €10 million was initiated and is expected to conclude by

31 March 2026.

In 2025, a total of 379,204 shares were acquired for a

consideration of €15,336,893, and as a result, as of 31 December

2025, TITAN held a total of 3,950,347 treasury shares,

representing 5.04% of the total voting rights.

Proposed dividend

The Board of Directors will propose to the Annual General

Assembly of Shareholders, scheduled for 7 May 2026, the

distribution of a dividend of €1.10 per share. This represents

an increase of 10% compared to last year’s dividend of €1.00

(excluding the 2025 one-off special dividend of €2.00, related

to the IPO), consistent with the Group’s commitment to increase

shareholder returns at a double-digit annual rate, in line with

profitability growth as confirmed at TITAN Forward 2029

Investor Day.

252

Management Report

Financial review

Financial performance overview (continued)

Regional review of the year 2025

In 2025, the Group’s North American operations delivered record

level revenue, profitability and operating cash flow despite a

market backdrop marked by softer demand and economic

uncertainty. This performance underscored the ability of the local

business to deliver organic growth and outperform across the

cycle. The year was marked by higher sales volumes in aggregates

and fly ash, while volumes of ready-mix remained at the high levels

of 2024. Cement and block volumes declined slightly reflecting the

downturn in residential construction. Cement pricing remained

broadly stable, while prices for aggregates, ready mix and fly ash

continued to improve. Our strategic investments in aggregates

capacity, logistics, and efficiency coupled with our strong

participation in public sector activity (linked to the IIJA), private non

residential construction (linked to data centers, manufacturing and

logistics) as well as resilient pricing and self-help cost initiatives

enabled our record performance. The Florida segment delivered

record strong results, with increased aggregates capabilities and

strong participation in the infrastructure and private non residential

construction sectors more than offsetting weaker residential

demand. In the Mid Atlantic, improved ready mix pricing, growth in

infrastructure and private non residential construction (including

data center demand), and cost initiatives partially mitigated the

headwinds from inclement weather, tariffs and softer demand

headwinds in NJ and NY metro area.

Overall, construction in the US was mixed in 2025, with divergence

across end markets. Elevated interest rates and affordability

continued to weigh on residential construction, although renovation

and remodeling segments showed resilience. Infrastructure and

public works provided a stabilizing base supported by federal and

state funding. Non residential activity showed strength in data

centers, power, logistics and manufacturing while traditional

commercial and office construction slowed. In this mixed demand

environment, the Group’s North American operations capitalized on

its proven strengths: its strategic positioning and capital allocation,

its integrated and interconnected business model, its unwavering

focus on serving its customers, and its disciplined cost

management. This allowed the Group to leverage opportunities in

pockets of market growth, especially in infrastructure and large

project activity where our diverse product mix and prior

investments continued to drive performance - reinforcing our

position as a leader in the markets we serve. Sales for Titan’s North

American operations increased by 2% (LfL), reaching €1.48 billion,

while EBITDA reached €334.5 million, an increase of 5.6% (LfL).

In 2025, Titan’s operations in Greece sustained their upward

trajectory, delivering robust double-digit revenue growth

underpinned by favorable market conditions and enhanced

operational performance. Cement consumption in Greece

increased by a high single digit, with Group cement sales

performing at par with the market. Domestic demand remained

strong across all product categories, with notable double-digit

increases in ready-mix concrete, aggregates, and dry mortars—

underscoring the Group’s strategic emphasis on vertical integration

and its evolution into a comprehensive solutions provider through

the expansion of its value-added offerings. Sustained pricing

strength was maintained across all product lines, offsetting a

persistently higher cost base. The Group is embedded in all major

projects currently underway in the country, such as the Ellinikon

urban development, the new Airport in Crete, the expansion of the

Athens Airport, the Thessaloniki Flyover where it is sole supplier,

the extension of the Athens metro and in flooding repair in

Thessaly. Reinforcing its commitment to high-growth regions, in the

course of the year, Titan commissioned a modern concrete facility

in Kalamata, Peloponnese—an asset acquired in 2024 and

subsequently upgraded—and deployed a mobile ready-mix unit to

support infrastructure development at a copper-gold mining site in

Northern Greece. In a further move to consolidate its regional

footprint, the Group acquired an aggregates and ready-mix firm in

Crete, facilitating participation in major projects on the island

through ensuring logistical efficiency gains and streamlined project

cost management. Bolt-on acquisitions in Crete and Thessaly

augment Titan’s raw material reserves and reinforced its integrated

market presence. Moreover, TITAN entered into a strategic alliance

in the mortars and external thermal insulation segment, aimed at

broadening its geographic reach and securing a leadership position

in this rapidly expanding market. The domestic Greek market was

the main driver of sales and profitability offsetting the performance

of export sales to the US. Augmenting that strategy, was the

group’s acquisition of one more terminal and grinding unit, Vracs

de L' Estuaire, operating a state-of-the-art grinding plant,

strategically located at the port of Le Havre in Northern France, with

annual clinker grinding capacity of 0.6 million tonnes, serving one

of Europe’s largest and fastest-growing construction markets.

To meet the growing demand, the Group continued to invest

throughout the year, increasing storage capacity for final product

and increased Alternative Cementitious Materials (ACMs) usage,

expanded its cement and ready-mix fleet, and invested in

strengthening its supply chain in alternative fuels and their

attendant feeding systems in both the Thessaloniki and Kamari

plants. Notably, in 2025 the Kamari plant achieved record levels of

ca. 60% in alternative fuels usage. Process automation work

through the Group’s pioneering Real-Time Optimizers (RTOs) is

being rolled out across the Group’s assets in Greece, together with

upgrades to meet the increased volume intensity of work, such as

the introduction of more mobile units to serve the increasing

number of projects. Overall, sales for this region in 2025 increased

by 12.9% (LfL) to €518.8, while EBITDA reached €61.2 million,

growing by 10.3%.

253

TITAN Group Integrated Annual Report 2025

In 2025, Titan’s operations in Southeastern Europe maintained

stable revenues year-on-year, as broadly unchanged volumes and

pricing offset competitive pressures, particularly from import

activity. Residential construction remained the primary demand

driver across most markets, while infrastructure investment played

a more prominent role in cement consumption in Bulgaria and

Serbia. Pricing trends varied across the region, with Bulgaria

achieving the most pronounced increases, in contrast to softer

pricing conditions in Albania. Cement consumption in Albania

increased, as did our volumes, driven by demand in the residential

sector. Increased pressure from imports, however, led to pricing

pressure and impacted Titan cement volumes, which grew at a

slower pace than the market. In Bulgaria, the domestic construction

market expanded, driven mainly by infrastructure and commercial

projects in major cities. TITAN’s sales grew year-on-year as a result

of higher pricing and increased volumes. Notably, Group’s ready-

mix operations, mainly in Sofia, recorded significant growth,

supported by strong local demand. The Group’s decarbonization

efforts continued in 2025, building on the 2024 inauguration of the

solar plant, which supplies up to 13% of the plant’s electricity needs,

while the alternative fuels substitution rate exceeded 50%.

Domestic cement demand in Kosovo also increased, with the

country continuing to benefit from EU-related remittances and

growing foreign direct investment, however TITAN’s sales volumes

did not increase due to heightened competitive pressures. Demand

was driven predominantly by the residential sector. Thanks to

changes in product mix, the clinker-to-cement ratio declined further

and remained the lowest among the Group’s regional operations. In

North Macedonia, the construction market expanded, driven by

residential projects, while new infrastructure projects experienced

delays. Titan’s cement volumes increased, supported by moderate

pricing adjustments. During the year, the Group introduced two

new mobile ready-mix units to support existing infrastructure

projects and ensure the efficient continuation of its ready-mix

operations. Cement consumption in Serbia declined slightly after

reaching record levels in 2024. Infrastructure projects -mainly

highways and projects related to EXPO 2027- continued to support

construction activity. Notably, in January 2026, Titan signed a 10-

year contract with Electric Power of Serbia (EPS), the country’s

state-owned power utility, under which the Group secures access

to ca. 5 million tonnes of fresh fly ash, reinforcing the Group’s long-

term strategic resource in alternative cementitious materials.

Overall, EBITDA for the region declined from the prior year’s record

levels, impacted by higher input and labor costs, as well as

temporary production disruptions. Despite these headwinds, the

region continued to deliver the highest margins across the Group,

underscoring its operational resilience in the region. Overall, sales

slightly increased at €418.5 million, while EBITDA reached

€148.8 million.

Egypt’s cement industry recorded a renewed expansion in market

activity during 2025, supported by improving demand conditions,

regulatory oversight and a gradual rebalancing of supply and

pricing dynamics across the domestic construction sector. Industry

estimates indicate that domestic cement sales grew by 13%,

reflecting the strong cement demand by virtue of the ongoing

megaprojects. In addition, the changes in the building code which

took place in late 2024, supported domestic demand growth. At

the same time, Egypt has transformed into a major export hub in

the Mediterranean and the neighboring region. While channeling

surplus capacity, this also has exerted a positive stabilizing effect

on prices. Cement exports from Egypt in 2025 grew by more than

40% reaching 11 million tonnes compared to almost zero exports

just four years ago. The industry expects these to grow further in

the years to come. All these, place Titan’s Alexandria plant in an

ideally strategic position as it offers a direct port outlet while on the

other, while it benefits from the construction boom on the country’s

north coast. The Group is investing in additional storage capacity to

enhance flexibility, allowing the plant to efficiently serve both

domestic and export markets. At the same time, the Group is

establishing three solid waste treatment facilities enabling it to

produce alternative fuels, and thereby reducing its dependence

on coal, and lowering its carbon emissions.

In Türkiye, policy normalization helped restore some stability

through disinflation and the decline in interest rates while the

weaker Lira boosted export activity. Tourism revenues continued to

recover, while construction activity remained strong. Growing focus

on seismic resilience has accelerated investment in the renewal of

older housing stock, particularly around the Marmara region. Small

and medium-sized private and public projects have maintained

overall consumption at the same levels as last year, with our

operations outperforming the overall market trend. The region

recorded sales of €250.8 million, growing by 43.6% (LfL), thanks to

the turnaround in Egypt. EBITDA (LfL) more than tripled, reaching

€61.6 million.

Domestic cement consumption in Brazil grew by 3.7% in 2025.

In the Northeast region, where we operate, consumption rose

by 7.2%, the highest regional performance in the country. This

performance was supported by strong housing activity and

infrastructure projects. Apodi prioritized margin expansion by

optimizing its product mix, geographic allocation and sales strategy.

Sales volume increased by 7% year-on-year, while Apodi achieved

a significant increase in prices, reflecting successful commercial

execution and pricing discipline. In 2025, Apodi’s sales reached

€109 million versus €103 million in 2024, an increase of 7% (LfL),

(-1% reported), while EBITDA reached €32.8 million compared to

€27.9 million, an increase of 17.4% (LfL) compared to 2024

(+11.3% reported).

254

Management Report

Financial review

Financial performance overview (continued)

Outlook

In 2026, the global economy is expected to expand at a moderate

pace, extending the resilience seen in the previous year, though

geopolitical risks have increased. Inflation had been easing,

supporting expectations for gradual monetary policy normalization;

however, the escalation of the conflict in the Middle East has

introduced new risks via higher energy prices, increased logistics’

costs and renewed supply chain uncertainty, which could slow the

pace of interest rate cuts. Regional prospects for our markets

remain mixed, with the US benefiting from resilient domestic

demand in particular infrastructure, while Europe’s recovery is

likely to remain more fragile given its greater exposure to energy

price volatility.

The U.S. construction market is expected to remain broadly stable

in 2026, amid elevated financing costs, persistent input inflation

and ongoing labor constraints. Recent developments in energy

pricing add further uncertainty to an already complex

macroeconomic environment. Mortgage rates are expected to

remain at elevated levels, continuing to weigh on housing

affordability and residential activity, which is likely to remain

subdued. As a result, the anticipated inflection point in residential

construction may be pushed into 2027, with strong longer-term

support from a structural housing supply gap. Industrial

construction is expected to remain resilient in 2026, driven by

manufacturing, energy and tech investments, mainly in the South.

Infrastructure is a bright spot, with IIJA funding accelerating

projects in Florida and the Mid-Atlantic. Strong bipartisan support is

expected to result in the renewal of federal infrastructure funding at

elevated levels later in the year.

Despite the near-term challenges, the markets where we operate

are the beneficiaries of significant long-term demand tailwinds,

including investments to replace and renew aging infrastructure,

investments in manufacturing reshoring, and emerging trends in

resilient urbanization and construction technology. We see strong

opportunities in high-demand markets and are meeting these

opportunities with targeted investments in capacity expansion,

logistics, and adjacencies. Finally, the integration of Keystone

acquisition (subject to regulatory approval), later in 2026, will add

substantial domestic cement production capacity, expand our

geographic reach and further strengthen our position along the

East Coast and inland.

Greece’s construction sector is set for moderate growth, supported

by resilient private demand and strong public investment. With GDP

expected to grow in 2026–27 at twice the EU average, momentum

in Greece is underpinned by RRF funding, supporting investment

activity. Residential construction remains buoyant, driven by a

housing shortage and new supply-side policies. Public

infrastructure will lead growth, backed by EU-funded transport,

energy, and post-disaster reconstruction projects. Commercial and

industrial segments are also benefiting from robust investment,

particularly in tourism, manufacturing, and renewables.

In 2026, the construction sector across Southeastern Europe’s

markets is expected to stabilize at high levels, following several

years of robust expansion. Residential construction remains a key

driver of demand, supported by urbanization, housing shortages

and diaspora-related investments; however, elevated financing

costs are tempering new homebuilding. Private non residential

construction is following a two speed‑ trajectory. On the one hand,

strong foreign and domestic investment is driving industrial and

energy projects, including new manufacturing facilities and

large‑scale renewable power installations, particularly in North

Macedonia. On the other hand, marquee events such as Serbia’s

upcoming EXPO 2027 are catalyzing a surge in related commercial

developments. Public infrastructure is expected to be the most

dynamic segment, underpinned by large‑scale transport and

energy projects supported by EU and multilateral funding, including

Bulgaria’s Recovery and Resilience Plan and Western Balkans

investment programs.

In 2026, Egypt and Türkiye’s construction sectors are set for

moderate growth, driven by expansive development pipelines -

Egypt’s alone exceeding $565 billion- despite ongoing affordability

and financing challenges. Easing inflation and improved FX stability

should support Egypt’s economy, while Türkiye benefits from

resilient domestic demand and a gradual policy shift. Residential

construction remains a key growth engine in both countries, fueled

by population growth, housing shortages, and large-scale

reconstruction (post-earthquake) and renewal programs, while cost

inflation and financing constraints persist. Industrial and energy

megaprojects, along with rising FDI and decarbonization efforts, are

boosting private non residential activity. Public infrastructure will

also play a central role, supported by sustained government and

Public Private Investment programs in both countries.

Our regional teams have demonstrated agility through adaptive

pricing and strong ‑cross functional coordination, supported by a

solid balance sheet and disciplined cost management. We continue

to embed AI across operations to enhance productivity, while our

inorganic growth strategy remains anchored to EBITDA margin and

ROACE targets. The current conflict in the Middle East creates

geopolitical uncertainties with macroeconomic implications the

extent of which cannot yet be fully assessed. TITAN Group has no

exposure to the affected regions. Nevertheless, conflict-driven

developments, including higher energy prices, are anticipated to

impact market trends and further increase inflationary risks.

Looking ahead to 2026, we expect low single-digit (LfL) sales

growth and mid-single-digit (LfL) EBITDA growth, supported by

resilient pricing, and productivity and efficiency initiatives.

Additionally, the integration of our latest acquisitions, will further

drive growth. Capital expenditures are expected to range between

€350 million and €400 million, focused on growth and efficiency

initiatives, consistent with recent years.

255

TITAN Group Integrated Annual Report 2025

Going concern disclosure

The Board of Directors having taken into account:

a. the Company’s 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’s ability to continue as a going concern in the

foreseeable future and in any event over a period of at least

12 months 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.

Annual Report of the Board of Directors and Financial

Accounts for the fiscal year 2025

The Board of Directors considers that the Annual Report and the

Financial Accounts for the fiscal year 2025, taken as a whole, are

fair, balanced, and understandable and provide the information

necessary for shareholders to assess the Company’s performance,

business model, and strategy.

256

Management Report

Financial review

Financial statements

The Annual Consolidated Financial Statements presented on the following pages were

approved by the Board of Directors on 18 March 2026.


Chair of the Board of Directors			Managing Director
Dimitrios Papalexopoulos			Michael Colakides





Group CFO			Financial Consolidation Director
Ioannis Ioannou			Athanasios Ntanas

257

TITAN Group Integrated Annual Report 2025

Consolidated Income Statement


(all amounts in Euro thousands)		Year ended 31 December
	Notes	2025	2024

Sales	5	2,669,006	2,644,040
Cost of sales	8	-1,934,721	-1,942,187
Gross profit		734,285	701,853
Other operating income	6	10,773	11,266
Administrative expenses	8	-269,497	-257,419
Selling and marketing expenses	8	-39,516	-40,005
Net impairment losses on financial assets	22	-1,749	383
Other operating expenses	6	-363	-1,795
Profit before impairment losses on goodwill, net finance costs and taxes	5	433,933	414,283
Impairment losses on goodwill	18	–	-17,004
Operating profit		433,933	397,279
Loss on disposal of subsidiaries	4	-52,080	–
Gain on net monetary position in hyperinflationary economies	7	1,384	8,293
Finance income	7	13,751	10,154
Finance expenses	7	-42,849	-46,512
Loss from foreign exchange differences	7	-9,828	-1,629
Net finance costs		-37,542	-29,694
Share of profit of associates and joint ventures	4	6,665	7,986
Profit before taxes		350,976	375,571
Income taxes	14	-93,350	-85,316
Profit after taxes		257,626	290,255

Attributable to:
Equity holders of the parent		236,291	289,160
Non-controlling interests		21,335	1,095
		257,626	290,255

Basic earnings per share (in €)	9	3.1765	3.8858
Diluted earnings per share (in €)	9	3.1526	3.8568
The primary financial statements should be read in conjunction with the accompanying notes.

258

Management Report

Financial review

Consolidated Statement of Comprehensive Income


(all amounts in Euro thousands)		Year ended 31 December
	Notes	2025	2024

Profit after taxes		257,626	290,255

Other comprehensive income:
Items that may be reclassified to income statement
Exchange (losses)/gains on translation of foreign operations	28	-111,316	21,972
Reclassification of foreign currency translation reserve to profit or loss on disposal of subsidiary	4	38,518	–
Currency translation differences on transactions designated as part of net investment in foreign operation		-1,077	-8,613
Losses on cash flow hedges	25, 28	–	-102
Reclassification of cash flow hedge reserve to profit or loss	25, 28	-3,618	-3,607
Reclassification to profit or loss of deferred tax relating to realized foreign currency translation differences	14	-4,305	–
Income tax relating to these items	14	242	1,940
Items that will not be reclassified to income statement
Re-measurement losses on defined benefit plans	11	-326	-1,553
Share of other comprehensive gains of associates and joint ventures		–	2
Income tax relating to these items	14	51	285

Other comprehensive (loss)/income for the year net of tax		-81,831	10,324

Total comprehensive income for the year net of tax		175,795	300,579

Attributable to:
Equity holders of the parent		169,108	292,465
Non-controlling interests		6,687	8,114
		175,795	300,579

The primary financial statements should be read in conjunction with the accompanying notes.

259

TITAN Group Integrated Annual Report 2025

Consolidated Statement of Financial Position


(all amounts in Euro thousands)	Notes	31.12.2025	31.12.2024

Assets
Property, plant and equipment	15	1,667,646	1,814,163
Investment properties	17	11,184	11,025
Goodwill	18	248,491	273,482
Intangible assets	19	104,032	97,232
Investments in associates and joint ventures	4	134,546	105,843
Derivative financial instruments	28, 29	23,855	–
Receivables from interim settlement of derivatives	28, 29	–	3,628
Other non-current assets	20	38,683	21,939
Deferred tax assets	14	5,035	4,732
Total non-current assets		2,233,472	2,332,044

Inventories	21	405,208	442,186
Receivables and prepayments	22	331,069	354,174
Income tax receivable		42,702	29,611
Derivative financial instruments	28, 29	15	683
Receivables from interim settlement of derivatives	28, 29	–	596
Cash and cash equivalents	23	483,558	123,283
Total current assets		1,262,552	950,533

Total Assets		3,496,024	3,282,577

Equity and Liabilities
Equity and reserves attributable to owners of the parent	24, 25	1,954,427	1,787,064
Non-controlling interests	4a	129,311	37,449
Total equity (a)		2,083,738	1,824,513

Long-term borrowings	27	520,055	597,021
Long-term lease liabilities	16	62,253	65,175
Derivative financial instruments	28, 29	–	8,103
Payables from interim settlement of derivatives	28, 29	24,086	–
Deferred tax liability	14	144,703	149,606
Retirement benefit obligations	11	25,170	23,875
Provisions	30	66,046	65,994
Other non-current liabilities	31	11,867	10,758
Total non-current liabilities		854,180	920,532

Short-term borrowings	27	100,534	66,415
Short-term lease liabilities	16	14,247	16,720
Derivative financial instruments	28, 29	–	976
Payables from interim settlement of derivatives	28, 29	14	305
Trade and other payables	32	392,511	400,574
Current contract liabilities	32	23,562	18,973
Income tax payable		17,033	15,278
Provisions	30	10,205	18,291
Total current liabilities		558,106	537,532

Total liabilities (b)		1,412,286	1,458,064

Total Equity and Liabilities (a+b)		3,496,024	3,282,577
The primary financial statements should be read in conjunction with the accompanying notes.

260

Management Report

Financial review

Consolidated Statement of Changes in Equity


(all amounts in Euro thousands)	Attributable to equity holders of the parent
	Ordinary shares	Share premium	Share options	Ordinary treasury shares

Balance at 1 January 2024	959,348	5,974	1,585	-63,138
Profit for the year	–	–	–	–
Other comprehensive income	–	–	–	–
Total comprehensive (loss)/income for the year	–	–	–	–
Deferred tax on treasury shares held by subsidiary	–	–	–	–
Dividends distributed (note 26)	–	–	–	–
Purchase of treasury shares (note 24)	–	–	–	-22,443
Disposal of treasury shares for option plan (note 24)	–	–	–	823
Treasury shares granted as part of the share-based payment (note 24)	–	–	–	8,261
Share based payment transactions (note 10, 12)	–	–	26,269	–
Deferred tax adjustment on share based payment transactions	–	–	–	–
Tax expenses due to share capital transactions	–	–	–	–
New acquisition (note 4a)	–	–	–	–
Acquisition of non-controlling interest	–	–	–	–
Transfer among reserves (note 25)	–	–	-543	–
Balance at 31 December 2024	959,348	5,974	27,311	-76,497


Balance at 1 January 2025	959,348	5,974	27,311	-76,497
Profit for the year	–	–	–	–
Other comprehensive income	–	–	–	–
Total comprehensive (loss)/income for the year	–	–	–	–
Deferred tax on treasury shares held by subsidiary	–	–	–	–
Dividends distributed (note 26)	–	–	–	–
Purchase of treasury shares (note 24)	–	–	–	-15,337
Disposal of treasury shares for option plan (note 24)	–	–	–	348
Treasury shares granted as part of the share-based payment (note 24)	–	–	-14,619	9,866
Share based payment transactions (note 10, 12)	–	–	11,413	–
Deferred tax adjustment on share based payment transactions	–	–	–	–
Tax effect on treasury shares used for settlement of share-based payments	–	–	–	–
Capital return	–	–	–	–
Tax expenses due to share capital transactions	–	–	–	–
Deferred tax adjustment on revaluation reserves (note 14)	–	–	–	–
Change in ownership interest without loss of control	–	–	–	–
Expenses due to share capital transactions	–	–	–	–
Change in ownership interest with loss of control	–	–	–	–
Transfer among reserves (note 25)	–	–	-626	–
Balance at 31 December 2025	959,348	5,974	23,479	-81,620
The primary financial statements should be read in conjunction with the accompanying notes.

261

TITAN Group Integrated Annual Report 2025

Consolidated Statement of Changes in Equity



Other reserves (note 25)	Retained earnings	Total	Non-controlling interests	Total equity

-889,147	1,534,379	1,549,001	30,720	1,579,721
–	289,160	289,160	1,095	290,255
3,305	–	3,305	7,019	10,324
3,305	289,160	292,465	8,114	300,579
-10,432	–	-10,432	–	-10,432
–	-63,395	-63,395	-2,303	-65,698
–	–	-22,443	–	-22,443
–	-335	488	–	488
–	4,657	12,918	–	12,918
–	–	26,269	–	26,269
–	2,406	2,406	–	2,406
–	-208	-208	–	-208
–	–	–	913	913
–	-5	-5	5	–
48,680	-48,137	–	–	–
-847,594	1,718,522	1,787,064	37,449	1,824,513


-847,594	1,718,522	1,787,064	37,449	1,824,513
–	236,291	236,291	21,335	257,626
-67,183	–	-67,183	-14,648	-81,831
-67,183	236,291	169,108	6,687	175,795
-6,746	–	-6,746	–	-6,746
–	-223,551	-223,551	-747	-224,298
–	–	-15,337	–	-15,337
–	-177	171	–	171
–	4,753	–	–	–
–	–	11,413	–	11,413
–	1,422	1,422	219	1,641
–	1,521	1,521	–	1,521
–	–	–	-3,400	-3,400
–	-21	-21	–	-21
-118	–	-118	–	-118
-28,298	284,881	256,583	121,511	378,094
–	-27,082	-27,082	-4,055	-31,137
-32,363	32,363	–	-28,353	-28,353
-13,348	13,974	–	–	–
-995,650	2,042,896	1,954,427	129,311	2,083,738

262

Management Report

Financial review

Consolidated Cash Flow Statement


(all amounts in Euro thousands)		Year ended 31 December
	Notes	2025	2024

Cash flows from operating activities
Profit after taxes		257,626	290,255
Depreciation, amortization and impairment of assets	33	172,147	182,846
Interest and related expenses	33	23,749	35,546
Income taxes	33	93,350	85,316
Other non-cash items	33	89,147	21,213
Changes in working capital	33	-24,586	-65,094
Cash generated from operations		611,433	550,082
Income tax paid		-79,579	-97,310
Net cash generated from operating activities (a)		531,854	452,772

Cash flows from investing activities
Payments for property, plant and equipment	15	-274,267	-234,811
Payments for intangible assets	19	-10,709	-15,809
Payments of share capital increase in associates	4	-4,671	–
Payments for acquisition of subsidiaries and associates, net of cash acquired	4	-22,873	-13,584
Payments for financial assets designated at FVTPL		-6,132	-3,401
Proceeds from sale of PPE, intangible assets and investment property	33	5,279	3,156
Proceeds from dividends		1,368	1,319
Proceeds from disposal of subsidiary, net of cash disposed	4	71,467	–
Interest received		11,399	7,162
Net cash flows used in investing activities (b)		-229,139	-255,968

Net cash flows after investing activities (a)+(b)		302,715	196,804

Cash flows from financing activities
Proceeds from non-controlling interest's participation in subsidiary's share capital increase/ establishment		346,957	–
Payments due to share capital return		-3,400	–
Dividends paid to equity holders of the parent	26	-223,551	-63,408
Dividends paid to non-controlling interests		-754	-2,303
Payments for treasury shares purchased	24	-15,337	-22,443
Proceeds from sale of treasury shares	24	171	488
Interest and other related charges paid	34	-37,445	-43,952
Proceeds from borrowings	34	136,948	306,501
Payments of borrowings and derivative financial instruments	34	-107,090	-503,510
Principal elements of lease	34	-14,972	-15,472
Bank term deposit		–	80,000
Net cash flows from/(used in) financing activities (c)		81,527	-264,099

Net increase/(decrease) in cash and cash equivalents (a)+(b)+(c)		384,242	-67,295
Cash and cash equivalents at beginning of the year	23	123,283	194,525
Effects of exchange rate changes		-23,967	-3,947
Cash and cash equivalents at end of the year	23	483,558	123,283
The primary financial statements should be read in conjunction with the accompanying notes.

263

TITAN Group Integrated Annual Report 2025

Contents of notes to the financial statements


	Page		Page
1. Corporate information and basis of preparation	264	20. Other non-current assets	312
2. Summary of other material accounting policies	265	21. Inventories	313
3. Critical estimates and judgements	268	22. Receivables and prepayments	313
4. Investments in subsidiaries, joint ventures and associates	269	23. Cash, cash equivalents and bank deposits	315
5. Operating segment information	281	24. Share capital and premium	316
6. Other income and expense items	285	25. Other reserves	317
7. Net finance costs and foreign exchange differences	286	26. Dividends and return of capital	319
8. Expenses by nature	286	27. Borrowings	319
9. Earnings per share	287	28. Financial risk management objectives and policies	321
10. Employee Benefits Expense	287	29. Financial instruments and fair value measurement	329
11. Pensions and other post-employment benefit plans	288	30. Provisions	331
12. Share-based payments to employees	291	31. Other non-current liabilities and non-current contract liabilities	333
13. Related party transactions and compensation of key management personnel	295	32. Trade payables, other liabilities and current contract liabilities	333
14. Income taxes	295	33. Cash generated from operations	334
15. Property, plant and equipment	300	34. Changes in liabilities arising from financing activities	335
16. Leases	303	35. Contingencies and commitments	336
17. Investment property	306	36. Fiscal years unaudited by tax authorities	337
18. Goodwill	307	37. Events after the reporting period	338
19. Intangible assets	310

264

Management Report

Financial review

Notes to the Financial Statements

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 “Parent” or the “Company”).

The Company’s 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’s 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, Türkiye, the USA and Brazil.

Information on the Group’s structure is provided in note 4.

These consolidated financial statements were authorized for issue

by the Board of Directors on 18 March 2026.

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 (€000), 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:

1.1 The following new amendments to standards are mandatory

for the first time for the financial year beginning 1 January 2025

and have been endorsed by the European Union:

Amendments to IAS 21 ‘The Effects of Changes in Foreign

Exchange Rates: Lack of Exchangeability’ (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:

• Determining when a currency is exchangeable into another and

when it is not;

• Determining the exchange rate to apply in case a currency is not

exchangeable;

• Additional disclosures to provide when a currency is not

exchangeable.

The Group has adopted the amendments in the consolidated

financial statements of 2025.

1.2 The following amendments have been issued, but are not

mandatory for the first time for the financial year beginning 1

January 2025 and have been endorsed by the European Union:

Amendments to IFRS 9 and to IFRS 7: the Classification and

Measurement of Financial Instruments (effective on 1 January

2026). On 30 May 2024, the IASB issued amendments to IFRS 9

and IFRS 7 to:

• Clarify the date of recognition and derecognition of some

financial assets and liabilities, with a new exception for

some financial liabilities settled through an electronic cash

transfer system;

• Clarify and add further guidance for assessing whether a

financial asset meets the solely payments of principal and

interest (SPPI) criterion;

• Add new disclosures for certain instruments with contractual

terms that can change cash flows (such as some instruments

with features linked to the achievement environment, social and

governance (ESG) targets); and

• Update the disclosures for equity instruments designated at fair

value through other comprehensive income (FVOCI).

Amendments to IFRS 9 and to IFRS 7: Contracts Referencing

Nature-dependent Electricity Amendments to IFRS 9 and IFRS 7

(effective on 1 January 2026). On 18 December 2024, the IASB

issued amendments to IFRS 9 and IFRS 7:

• clarify the application of the ‘own-use’ requirements;

• permit hedge accounting if these contracts are used as hedging

instruments; and

• new disclosure requirements to enable investors to understand

the effect of these contracts on a company’s financial

performance and cash flows.

Annual improvements Volume 11 (effective 1 January 2026). The

amended Standards are:

• IFRS 1 First-time Adoption of International Financial Reporting

Standards;

• IFRS 7 Financial Instruments: Disclosures and its accompanying

Guidance on implementing IFRS 7;

• IFRS 9 Financial Instruments;

• IFRS 10 Consolidated Financial Statements; and

• IAS 7 Statement of Cash Flows.

265

TITAN Group Integrated Annual Report 2025

1.3 The following Standards and amendments have been

issued, but are not mandatory for the first time for the financial

year beginning 1 January 2025 and have not been endorsed by

the European Union:

IFRS 18 Presentation and Disclosure in Financial Statements

(effective on 1 January 2027). The IASB has issued IFRS 18, the new

standard on presentation and disclosure in financial statements,

with a focus on updates to the statement of profit or loss. The key

new concepts introduced in IFRS 18 relate to:

• the structure of the statement of profit or loss;

• required disclosures in the financial statements for certain profit

or loss performance measures that are reported outside an

entity’s financial statements (that is, management-defined

performance measures); and

• enhanced principles on aggregation and disaggregation which

apply to the primary financial statements and notes in general.

IFRS 18 will replace IAS 1; many of the other existing principles in

IAS 1 are retained, with limited changes. IFRS 18 will not impact the

recognition or measurement of items in the financial statements,

but it might change what an entity reports as its ‘operating profit

or loss’.

IFRS 18 will apply for reporting periods beginning on or after 1

January 2027 and also applies to comparative information. The

changes in presentation and disclosure required by IFRS 18 might

require system and process changes.

The Group will apply IFRS 18 from 1 January 2027, with

retrospective application, including restatement of comparative

information. While IFRS 18 does not affect the recognition or

measurement of items in the financial statements, it will impact

presentation and related disclosures, particularly the classification

of income and expenses and the way performance measures are

communicated.

The Group is currently assessing the impact of the new

requirements on its financial reporting, systems and processes. This

assessment covers the revised income statement categories, the

identification and reconciliation of management‑defined

performance measures, and necessary updates to internal mapping

and reporting structures. Further information will be provided in

future reporting periods as the evaluation progresses.

IFRS 19 Subsidiaries without Public Accountability: Disclosures

(effective on 1 January 2027). The International Accounting

Standard Board (IASB) has issued a new IFRS Accounting Standard

for subsidiaries. IFRS 19 ‘Subsidiaries without Public Accountability:

Disclosures’ permits eligible subsidiaries to use IFRS Accounting

Standards with reduced disclosures. Applying IFRS 19 will reduce

the costs of preparing subsidiaries’ financial statements while

maintaining the usefulness of the information for users of their

financial statements.

Amendments to IAS 21 ‘The effects of changes in foreign

exchange rates: Translation to a hyperinflationary presentation

currency (effective 1 January 2027). The IASB has issued

amendments to IAS 21 to specify the translation procedures for an

entity whose presentation currency is that of a hyperinflationary

economy. The entity applies the amendments if:

• its functional currency is that of a non-hyperinflationary

economy and it is translating its results and financial position

into the currency of a hyperinflationary economy; or

• it is translating into the currency of a hyperinflationary economy

the results and financial position of a foreign operation whose

functional currency is that of a non-hyperinflationary economy.

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’ 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 “gain/(loss) from foreign exchange differences” 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 “currency translation differences reserve

on transactions designated as part of net investment in foreign

266

Management Report

Financial review

Notes to the Financial Statements (continued)

operation” 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 income.

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:

• Assets and liabilities for each balance sheet presented are

translated at the closing rate at the date of the balance sheet.

• 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.

• All exchange differences resulting from the above are

recognized in other comprehensive income and subsequently

included in “foreign currency translation reserve”.

• On the disposal of a foreign operation (partially or fully

disposed), the cumulative exchange differences relating to that

particular foreign operation, recognized in the “foreign currency

translation reserve” 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 “currency translation differences on derivative hedging

position” 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:

• 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.

• Where such costs are incurred on non-owned quarries, these

are included under “Development expenditure” 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 Goodwill

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’s 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’s recoverable amount is the higher of

an asset or CGU fair value less costs of sell and its value-in-use.

CO₂ 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.

267

TITAN Group Integrated Annual Report 2025

Financial assets

Classification and measurement

The Group classifies its financial assets in the following

measurement categories:

• those to be measured subsequently at fair value (either through

other comprehensive income (OCI) or through profit or loss (PL));

and

• those to be measured at amortized cost.

The classification depends on the entity’s business model for

managing the financial assets and the contractual terms of the

cash flows.

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’

contractual cash flows represent “solely payments of principal and

interest” on the principal amount outstanding (the ‘SPPI criterion’).

The new classification and measurement of the Group’s 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 loss arising on derecognition is recognized directly in the

income statement.

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 follows:

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 “accounting mismatch”

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:

• the rights to receive cash flows from the asset have expired;

• 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 “pass-through”

arrangement; or

• 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’s

continuing involvement in the asset. A respective liability is

also recognized.

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.

268

Management Report

Financial review

Notes to the Financial Statements (continued)

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’s Power Purchase

Agreements (PPAs) requireds significant judgement. In assessing

the contractual arrangements, the Group evaluated the appropriate

accounting framework, including whether the agreements:

• give rise to consolidation under IFRS 10, constitute an associate

under IAS 28, a joint arrangement under IFRS 11, or a service

concession under IFRIC 12;

• contain a lease in the scope of IFRS 16; and

• fall within or outside the “own‑use” exemption of IFRS 9.

During 2023, the Group’s subsidiary in Greece, Titan Cement

Company S.A., entered into a 10‑year 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 9 “own‑use”

exemption and is accounted for as an executory contract. Following

the contractual amendments, the electricity to be purchased in

Period B also meets the “own‑use” criteria, and is likewise

accounted for as an executory contract.

During April 2024, the Group’s 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 Ifestos Carbon Capture Project, which serves as a condition

precedent to the agreements.

There were no new developments in 2025 requiring reassessment

of the Group’s 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 10,

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‑making 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’s 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’Estuaire

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’Estuaire 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 37).

Caba Çimento Sanayi ve Ticaret A.Ş.

On 11 December 2025, the Group entered into a share purchase

agreement to acquire 100% of Caba Çimento Sanayi ve Ticaret A.Ş.,

a holding company that owns the Traçim 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 Çimento and its

subsidiaries, including Traçim Çimento Sanayi ve Ticaret A.Ş.,

will be consolidated from completion in Q1.2026 (note 37).

269

TITAN Group Integrated Annual Report 2025

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’s

proportionate share of the acquiree’s net assets.

If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s 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.

270

Management Report

Financial review

Notes to the Financial Statements (continued)

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	–	100.000	–
	Τitan Cement Company S.A.	Greece	Cement producer	100.000	–	100.000	–
	Aitolika Quarries S.A.	Greece	Quarries & aggregates	–	100.000	–	99.760
	Business Park Titan Elefsinas S.A.	Greece	Provision of technical and business services	–	100.000	–	100.000
	Interbeton Construction Materials S.A.	Greece	Ready-mix & aggregates	–	100.000	–	100.000
	Intertitan Trading International S.A.	Greece	Trading company	–	100.000	–	100.000
	Gournon Quarries S.A.	Greece	Quarries & aggregates	–	100.000	–	100.000
	Quarries of Tagaradon Community S.A.	Greece	Quarries & aggregates	–	67.587	–	67.587
	Vahou Quarries S.A.	Greece	Quarries & aggregates	–	100.000	–	100.000
	Sigma Beton S.A.	Greece	Quarries & aggregates	–	100.000	–	100.000
	Titan Atlantic Cement Industrial & Commercial S.A.	Greece	Investment holding company	–	86.667	–	100.000
	Xirorema Quarries S.A.	Greece	Quarries & aggregates	–	90.000	–	90.000
(1)	Cooperative Niki IKE	Greece	Quarries & aggregates	–	100.000	–	–
(1)	Latekat Sourlas S.A.	Greece	Quarries & aggregates	–	100.000	–	–
(1)	Standard Ipodomon S.A.	Greece	Ready mix & aggregates	–	100.000	–	–
	Brazcem Participacoes S.A.	Brazil	Investment holding company	–	100.000	–	100.000
(4)	Double W & Co OOD	Bulgaria	Port	–	–	–	99.989
	Granitoid AD	Bulgaria	Trading company	–	99.760	–	99.760
	Gravel & Sand PIT AD	Bulgaria	Quarries & aggregates	–	99.989	–	99.989
	Zlatna Panega Cement AD	Bulgaria	Cement producer	–	99.989	–	99.989
	Green Alternative Energy Assets EAD	Bulgaria	Alternative fuels	–	100.000	–	100.000
	Cementi ANTEA SRL	Italy	Trading company	–	100.000	–	100.000
	Cementi Crotone S.R.L.	Italy	Import & distribution of Cement	–	100.000	–	100.000
	Fintitan SRL	Italy	Import & distribution of cement	–	100.000	–	100.000
	Separation Technologies Canada Ltd	Canada	Processing of fly ash	–	100.000	–	100.000
	Alexandria Development Co. Ltd	Cyprus	Investment holding company	–	100.000	–	100.000
	Alvacim Ltd	Cyprus	Investment holding company	–	100.000	–	100.000
	Feronia Holding Ltd	Cyprus	Investment holding company	–	100.000	–	100.000
	Iapetos Ltd	Cyprus	Investment holding company	–	100.000	–	100.000
	Rea Cement Investments Limited	Cyprus	Investment holding company	–	100.000	–	100.000
	Themis Holdings Ltd	Cyprus	Investment holding company	–	100.000	–	100.000
	Titan Cement Cyprus Limited	Cyprus	Investment holding company	–	100.000	–	100.000
	Tithys Holdings Limited	Cyprus	Investment holding company	100.000	–	100.000	–
(1)	Titan Workforce Solutions Limited	Cyprus	Investment holding company	–	100.000	–	–
	Alexandria Portland Cement Co. S.A.E	Egypt	Cement producer	–	99.609	–	99.609
	Beni Suef Cement Co.S.A.E.	Egypt	Cement producer	–	100.000	–	100.000
	GAEA -Green Alternative Energy Assets	Egypt	Alternative fuels	–	99.996	–	99.996
	Titan Beton & Aggregate Egypt LLC	Egypt	Quarries & aggregates	–	99.615	–	99.615
	Sharr Beteiligungs GmbH	Germany	Investment holding company	–	100.000	–	100.000
	Titan Cimento Beton Sanayi ve Ticaret A.S.	Türkiye	Processing and trading of cement	–	100.000	–	100.000
(3)	Adoçim Cimento Beton Sanayi ve Ticaret A.S.	Türkiye	Cement producer	–	–	–	75.000
	Titan Cement U.K. Ltd	U.K.	Import & distribution of cement	–	100.000	–	100.000
	Titan Global Finance PLC	U.K.	Financial services	100.000	–	100.000	–
	Carolinas Cement Company LLC	U.S.A.	Own/develop real estate	–	86.667	–	100.000
	CemAI Inc.	U.S.A.	Preventing maintenance	–	100.000	–	100.000
	Essex Cement Co. LLC	U.S.A.	Trading company	–	86.667	–	100.000
	Massey Sand and Rock Co	U.S.A.	Quarries & aggregates	–	86.667	–	100.000
	Mechanicsville Concrete LLC	U.S.A.	Ready-mix	–	86.667	–	100.000
	Metro Redi-Mix LLC	U.S.A.	Ready-mix	–	86.667	–	100.000
	Miami Valley Ready Mix of Florida LLC	U.S.A.	Ready-mix	–	86.667	–	100.000
	* Percentage of investment represents both percentage of shareholding and percentage of control.

271

TITAN Group Integrated Annual Report 2025

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	–	86.667	–	100.000
	Norfapeake Terminal LLC	U.S.A.	Trading company	–	86.667	–	100.000
	Roanoke Cement Co. LLC	U.S.A.	Cement producer	–	86.667	–	100.000
	S&W Ready Mix Concrete Co. Inc.	U.S.A.	Ready-mix	–	86.667	–	100.000
	S&W Ready Mix LLC	U.S.A.	Ready-mix	–	86.667	–	100.000
	Separation Technologies LLC	U.S.A.	Processing of fly ash	–	86.667	–	100.000
	Silver Sand Transportation LLC	U.S.A.	Transportation	–	86.667	–	100.000
	Standard Concrete LLC	U.S.A.	Trading company	–	86.667	–	100.000
	ST Equipment & Technology LLC	U.S.A.	Sales of fly ash processing equipment	–	86.667	–	100.000
	Summit Ready-Mix LLC	U.S.A.	Ready-mix	–	86.667	–	100.000
	Titan Florida LLC	U.S.A.	Cement producer	–	86.667	–	100.000
	Titan Florida Concrete Products LLC	U.S.A.	Ready mix	–	86.667	–	100.000
	Titan Florida Aggregates LLC	U.S.A.	Quarries & aggregates	–	86.667	–	100.000
	Titan Florida Cement LLC	U.S.A.	Cement producer	–	86.667	–	100.000
	Titan Florida Holdings LLC	U.S.A.	Investment holding company	–	86.667	–	100.000
	Titan Mid-Atlantic Aggregates LLC	U.S.A.	Quarries & aggregates	–	86.667	–	100.000
	Titan Virginia Ready Mix LLC	U.S.A.	Ready-mix	–	86.667	–	100.000
	Τitan Αmerica LLC	U.S.A.	Investment holding company	–	86.667	–	100.000
	Trusa Realty LLC	U.S.A.	Real estate brokerage	–	86.667	–	100.000
	D.M. Conner LLC	U.S.A.	Quarries & aggregates	–	86.667	–	100.000
	Daleville Development LLC	U.S.A.	Real estate holding company	–	86.667	–	100.000
	Nestor Timber Development LLC	U.S.A.	Real estate holding company	–	86.667	–	100.000
	SEI LLC	U.S.A.	Real estate holding company	–	86.667	–	100.000
(1)	Maple Holding Company LLC	U.S.A.	Investment holding company	–	86.667	–	–
(1)	Titan Mid Atlantic LLC	U.S.A.	Investment holding company	–	86.667	–	–
	Cementara Kosjeric AD	Serbia	Cement producer	–	100.000	–	100.000
	TCK Montenegro DOO	Montenegro	Trading company	–	100.000	–	100.000
	Esha Material DOOEL	North Macedonia	Quarries & aggregates	–	100.000	–	100.000
	MILLCO-PCM DOOEL	North Macedonia	Renting and leasing of machines, equipment and material goods	–	100.000	–	100.000
	Rudmak DOOEL	North Macedonia	Trading company	–	100.000	–	100.000
	Usje Cementarnica AD	North Macedonia	Cement producer	–	95.000	–	95.000
	Cement Plus LTD	Kosovo	Trading company	–	64.999	–	64.999
	Esha Material LLC	Kosovo	Quarries & aggregates	–	100.000	–	100.000
(4)	Kosovo Construction Materials L.L.C.	Kosovo	Quarries & aggregates	–	–	–	100.000
	Sharrcem SH.P.K.	Kosovo	Cement producer	–	100.000	–	100.000
	Antea Cement SHA	Albania	Cement producer	–	100.000	–	100.000
(4)	Colombus Properties B.V.	Holland	Investment holding company	–	–	–	100.000
	Salentijn Properties1 B.V.	Holland	Investment holding company	–	100.000	–	100.000
	Titan Cement Netherlands BV	Holland	Investment holding company	–	100.000	–	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’s 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 Adoçim 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..

272

Management Report

Financial review

Notes to the Financial Statements (continued)

4. Investments in subsidiaries, joint ventures and associates (continued)

a. Acquisitions and disposals

Disposals in 2025

Partial Disposal of Titan America SA

On 10 February 2025, the Group’s Belgian subsidiary, Titan America S.A. (“Titan America”), which is the parent company of the Group’s 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 €378 million ($393 million) and proceeds, net of disposal costs of €347 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’s 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 Adoçim Cimento Beton Sanayi ve Ticaret A.S.

On 19 May 2025, the Group announced that it finalized the divestment of its 75% share in Adoçim Cimento Beton Sanayi ve Ticaret A.S.,

which includes cement assets located in the Eastern Region of Türkiye. This transaction is consistent with the Group’s 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 Türkiye. The transaction resulted in total net proceeds o f €71.5 million. The Group recognized a loss of €51.9 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

273

TITAN Group Integrated Annual Report 2025

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’s long‑term 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 ongoing 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 €12 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 €5 thousand.

The amounts arising from the above acquisitions are not considered to be material to the Group’s consolidated financial statements and,

accordingly, no separate detailed disclosure is presented.

274

Management Report

Financial review

Notes to the Financial Statements (continued)

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’s 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		8,213
Deferred payments		-557
Net cash acquired with the subsidiary		-33
Net cash flow on acquisition		7,623

275

TITAN Group Integrated Annual Report 2025

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’s operations in Türkiye, as if these were highly inflationary as of 1 January 2022.

Specifically, IAS 29 requires:

• 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 initial recognition to the end of the reporting date;

• 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;

• adjustment of the income statement for inflation and its translation with the closing exchange rate instead of an average rate; and

• 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’s 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 €1.4 million (31.12.2024: €8.3 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 €129.3 million (2024: €37.4 million), derived from the

following subsidiaries:

• Adoçim Cimento Beton Sanayi ve Türkiye A.S.: € nil (2024: €31.6 million), following the full disposal in May 2025 (note 4a)

• Titan America S.A.: €122.5 million (2024: nil), following the partial disposal in February 2025 (note 4a)

• Usje Cementarnica AD: €4.4 million (2024: €3.6 million)

• Cement Plus LTD: €1.0 million (2024: €1.0 million)

• Xirorema Quarries S.A.: €0.9 million (2024: €1.0 million)

• Alexandria Portland Cement Co. S.A.E.: €0.4 million (2024: €0.2 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’s subsidiaries operating in Türkiye (Adoçim Cimento Beton Sanayi ve Ticaret

A.S. and Adoçim 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.

276

Management Report

Financial review

Notes to the Financial Statements (continued)

4. Investments in subsidiaries, joint ventures and associates (continued)

The table below provides a summary of the financial information for Adoçim Cimento Beton Sanayi ve Ticaret A.S., a subsidiary with

significant non‑controlling interests, for the year ended 31 December 2024. During 2025, the Group completed the full disposal of Adoçim

and, accordingly, no non‑controlling 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‑controlling interest (note 4a).


(all amounts in Euro thousands)	Titan America S.A.*	Adoçim 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‑controlling interest balance of €116 million shown in the table above excludes €6.4 million relating to the non‑controlling

interest’s 13.333% share of the “Currency Translation Differences on Derivative Hedging Position Reserve”. This amount was allocated to

non‑controlling 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).

277

TITAN Group Integrated Annual Report 2025

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’s share of the post-acquisition profits or losses and movements in other comprehensive income. When the

Group’s 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’s 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’s 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 Distribuição e Logistica Ltda, a trading company based in Brazil, held by the Group with an ownership interest of 50%

(31 December 2024: 50%).

None of the aforementioned companies are listed on a public exchange market.

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Financial review

Notes to the Financial Statements (continued)

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 €	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:

• Increase in the discount rate by 3.5%.

• 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 €19.5 million (recognized amount in 2024: €19.8 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.

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TITAN Group Integrated Annual Report 2025

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’s investment in associates includes goodwill (net of any cumulative impairments losses)

identified on acquisition.

Under the equity method the Group’s 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’s 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 “share of profit/(loss)

of associates and joint ventures” in the income statement.

Profit and losses resulting from upstream and downstream transactions between the Group and its associate are recognized in the

Group’s financial statements only to the extent of unrelated investor’s interests in the associates. Unrealized gains on transactions

between the Group and its associates are eliminated to the extent of the Group’s 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 ownership 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 ownership interest of 49% (31 December 2024: 49%).

e) On 3 July 2025, the Group’s 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’s 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 Group holds an indirect equity interest of 39.20% in Baupartner d.o.o. The total consideration for these acquisitions amounted to

€19.6 million.

None of the aforementioned companies are publicly listed.

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Financial review

Notes to the Financial Statements (continued)

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	–	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	–	4
Share capital increase	9,512	–
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

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TITAN Group Integrated Annual Report 2025

5. Operating segment information

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 customer, 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’s 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 Group's CEO. In addition, the Group’s finance department is organized by region for effective financial control and

performance monitoring.

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.

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Financial review

Notes to the Financial Statements (continued)

5. Operating segment information (continued)


(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	–	24,955	–	41,622
Non-qualified deferred compensation plans (note 20)	–	3,922	–	–	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.

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TITAN Group Integrated Annual Report 2025

5. Operating segment information (continued)

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	–	-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)	–	–	–	-17,004	-17,004
Allowance for doubtful debtors (note 22)	1,044	-381	-231	-49	383
Investment in associates	12,304	–	3,990	–	16,294
Non-qualified deferred compensation plans (note 20)	–	3,886	–	–	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’s 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.

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Management Report

Financial review

Notes to the Financial Statements (continued)

5. Operating segment information (continued)

Accounting Policy

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 equal 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.

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TITAN Group Integrated Annual Report 2025

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

“Employee Benefits Expense” .

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Management Report

Financial review

Notes to the Financial Statements (continued)

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

€4.3 million from derivatives hedging foreign‑currency cash positions.

Finance costs of actuarial studies are included in note 10 “Employee Benefits Expense”.

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 €103.7 million (2024: € 111.5 million).

The above expenses include the amount of €7.1 million (2024: €8.8 million) for research and development activities aimed at advancing

innovation within the context of climate change mitigation and sustainable construction.

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TITAN Group Integrated Annual Report 2025

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 €)	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

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 €)	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’s 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 €0.0283 per share

compared to 2024 published respective figure.

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.

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Financial review

Notes to the Financial Statements (continued)

11. Pensions and other post-employment benefit plans

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:

• the date of the plan amendment or curtailment

• the date that the Group recognizes restructuring-related costs

• 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:

• Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements

under other operating expenses/income

• Net interest expense or income under finance expenses

• 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.

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TITAN Group Integrated Annual Report 2025

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:

• 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;

• future salary increases of 2% (2024: 2%); and

• 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. 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 €3,922 thousand

and €3,886 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	–
	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 οther 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

290

Management Report

Financial review

Notes to the Financial Statements (continued)

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 οther comprehensive income	326	1,553
Additions due to acquisition of subsidiary	4	–
Disposal of subsidiary	-266	–
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

291

TITAN Group Integrated Annual Report 2025

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

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 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.

292

Management Report

Financial review

Notes to the Financial Statements (continued)

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	–	155,058	1,568,017	71,617
Granted	148,600	23,814	235,898	–
Exercised	–	-63,504	-407,315	-44,088
Cancelled	-2,690	–	-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	–
Exercised	–	-95,575	-414,205	-17,090
Cancelled	-5,355	–	-55,504	-4,911
Balance at 31 December 2025	226,108	53,305	1,062,881	–

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		€ 10
	2025	2024	2025	2024	2025	2024	2025	2024
Expiration date
2025	–	–	–	62,063	–	413,495	–	22,001
2026	–	–	53,305	53,305	461,481	489,897	–	–
2027	140,618	145,910	–	–	337,447	358,968	–	–
2028	85,490	–	–	–	263,953	114,811	–	–
	226,108	145,910	53,305	115,368	1,062,881	1,377,171	–	22,001


	2025	Fair Value at Grant Date	2024	Fair Value at Grant Date

LTI-PS	140,618	28.7	145,910	28.7
LTI-PS	85,490	37.4	–
	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
LTI-RS	155,366	37.4	–
	1,062,881		1,377,171

2017 scheme	–		22,001	17.72
	–		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 €10.00

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

293

TITAN Group Integrated Annual Report 2025

12. Share-based payments to employees (continued)

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 €171 thousand (2024: €488

thousand) and the loss caused by this transaction and recognized in equity amounted to €102 thousand (2024: €293 thousand).

2) Long-Term Incentive – Restricted Stock (LTI-RS)

The Long-Term Incentive – Restricted Stock plan (LTI-RS) was first applied in 2020, under the name “The Long-Term Incentive Plan (LTIP)”.

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‑year 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 – Performance Shares (LTI-PS)

The Long‑Term Incentive – Performance Shares plan (LTI‑PS) (LTI-PS is actually the rebranded DCP) was approved by the General Meeting

of Titan S.A. on 9 May 2024. As in LTI‑RS, 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‑PS 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‑related KPI linked to net CO₂ 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‑related KPI, with each KPI evaluated independently.

Payout at threshold performance is 50%, target payout is 100% and, in case of over‑achievement (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.

294

Management Report

Financial review

Notes to the Financial Statements (continued)

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 CO₂ target supporting the decarbonization priority of the Group; reduction of net direct CO₂ 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’s long‑term incentive schemes are accounted for as equity‑settled share‑based 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‑RS, LTI‑PS and DCP schemes amounted

to €10.0 million (2024: €20.2 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 “Omnibus Plan”) 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 (“RSUs”), performance stock units (“PSUs”), other stock‑based 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‑based compensation at the grant‑date fair value and recognizes compensation expense over the

requisite service period. The grant‑date 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‑line 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‑based 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 €1.4 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 December 2025 and the changes during the year then ended:


	PSUs	RSUs

Balance at 31 December 2024	–	–
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

295

TITAN Group Integrated Annual Report 2025

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

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 basis.

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.

296

Management Report

Financial review

Notes to the Financial Statements (continued)

14. Income taxes (continued)


(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	–	-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 – which it is required to pay under Pillar Two legislation – 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:

• The Group is in scope of the Pillar 2 legislation due to the fact that its consolidated revenues exceed the 750 million Euros threshold.

• 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.

• 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.

297

TITAN Group Integrated Annual Report 2025

14. Income taxes (continued)

On 31 December 2025, certain Group entities had tax carryforward losses of €18.5 million (2024: €32.8 million). These entities have

recognized deferred tax assets amounting to €1.7 million (2024: €5.2 million), attributable to losses amounting to €7.6 million

(2024: €22.4 million), 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 €10.9 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	–
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

298

Management Report

Financial review

Notes to the Financial Statements (continued)

14. Income taxes (continued)

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	–	20,382	–	3,872	-17,523	-32,963	131,973
Mineral deposits	18,540	–	599	–	–	-2,163	–	16,976
Intangible assets	48,371	–	323	–	–	-5,407	–	43,287
Unrealized foreign exchange differences	3,689	–	-3,297	–	–	-278	–	114
Inventories	504	–	–	–	4	-89	-403	16
Other non-current receivables	1,013	–	-185	–	–	–	–	828
Receivables and prepayments	1,220	–	275	–	–	–	–	1,495
Trade and other payables	114	–	–	–	–	–	–	114
Prepaid expenses	3,150	–	43	–	–	-365	–	2,828
Other	-1,081	–	6,399	–	–	-283	–	5,035
	233,725	–	24,539	–	3,876	-26,108	-33,366	202,666
Deferred tax assets (before set - offs)
Property, plant and equipment	-12,851	118	-265	–	–	2,169	8,900	-1,929
Intangible assets	-78	–	–	–	–	–	–	-78
Investments & other non-current receivables	-101	–	107	–	–	–	–	6
Treasury Shares	13,806	6,746	–	–	–	–	–	20,552
Unrealized foreign exchange differences	-9,498	–	3,301	4,063	–	558	–	-1,576
Inventories	-4,219	–	458	–	–	332	388	-3,041
Post-employment and termination benefits	-4,953	–	-242	-51	–	185	117	-4,944
Receivables and prepayments	-5,719	–	-838	–	–	261	149	-6,147
Tax losses carried forward	-5,192	–	3,111	–	–	337	–	-1,744
Interest expense tax carried forward	-5,470	–	615	–	–	–	–	-4,855
Deferred income	-1,552	–	-97	–	–	184	–	-1,465
Long-term debt/lease obligations	-17,530	–	442	–	–	1,928	–	-15,160
Provisions and accrued expenses	-28,029	–	-2,968	–	–	2,556	225	-28,216
Trade and other payables	-203	–	-5,773	–	–	231	–	-5,745
Other	-7,262	-1,422	-342	–	–	370	–	-8,656
	-88,851	5,442	-2,491	4,012	–	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

299

TITAN Group Integrated Annual Report 2025

14. Income taxes (continued)

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	–		15,891	–	–	8,280		-8,480	158,205
Mineral deposits	17,410	–		46	–	–	–		1,084	18,540
Intangible assets	45,355	–		280	–	–	–		2,736	48,371
Unrealized foreign exchange differences	6,044	–		-2,678	–	–	–		323	3,689
Inventories	1,014	–		–	–	–	-397		-113	504
Other non-current receivables	1,169	–		-156	–	–	–		–	1,013
Receivables and prepayments	1,106	–		114	–	–	–		–	1,220
Trade and other payables	87	–		27	–	–	–		–	114
Prepaid expenses	2,557	–		417	–	–	–		176	3,150
Other	-878	–		-217	–	–	–		14	-1,081
	216,378	–	–	13,724	–	–	7,883	–	-4,260	233,725
Deferred tax assets (before set - offs)
Property, plant and equipment	-12,006	–		-2,143	–		–		1,298	-12,851
Intangible assets	-78	–		–	–		–		–	-78
Investments & other non-current receivables	-1,435	–		1,334	–		–		–	-101
Treasury Shares	3,374	10,432		–	–		–		–	13,806
Unrealized foreign exchange differences	-5,241	–		-4,062	-1,940		–		1,745	-9,498
Inventories	-3,189	–		-907	–		–		-123	-4,219
Post-employment and termination benefits	-4,349	–		-256	-285		–		-63	-4,953
Receivables and prepayments	-7,850	–		2,286	–		–		-155	-5,719
Tax losses carried forward	-10,060	–		1,724	–		–		3,144	-5,192
Interest expense tax carried forward	-4,638	–		-832	–		–		–	-5,470
Deferred income	-444	–		-1,036	–		–		-72	-1,552
Long-term debt/lease obligations	-15,340	–		-1,209	–		–		-981	-17,530
Provisions and accrued expenses	-26,176	–		-1,976	–		–		123	-28,029
Trade and other payables	-126	–		-77	–		–		–	-203
Other	-4,611	-2,406		-79	–		–		-166	-7,262
	-92,169	8,026		-7,233	-2,225		–		4,750	-88,851

Net deferred tax liability	124,209	8,026		6,491	-2,225		7,883		490	144,874

300

Management Report

Financial review

Notes to the Financial Statements (continued)

15. Property, plant and equipment

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 extent that they have been recognized as a provision (refer to note 30). Subsequent costs are included in the asset’s carrying

amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with

the item 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 the sooner.

Depreciation, with the exception of quarries and land, is calculated using the straight-line method to allocate the cost of the assets

to their 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’ 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 recognition criteria are met.

For the accounting policy regarding right-of-use assets, refer to note 16 “Leases”.

301

TITAN Group Integrated Annual Report 2025

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	–	13,893	31,580	43	88	92	47,773
Additions due to acquisition (note 4)	700	–	77	17	–	3	–	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	–
Transfer to other ROU's categories	–	–	-113	12	-2,448	–	–	-2,549
Transfers from/to other accounts	-16	2,542	82	113	–	15	-475	2,261
Depreciation charge (note 33)	-3,437	-12,815	-12,723	-80,721	-23,838	-3,393	–	-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	–	22,938	323	28,762	–	–	67,404
Additions	2,567	–	10,934	442	5,437	51	–	19,431
Disposals (NBV)	–	–	–	–	-218	–	–	-218
Transfers from/to other accounts	–	–	-28	–	-53	–	–	-81
Transfers from other PPE categories	–	–	113	-12	2,448	–	–	2,549
Depreciation charge (note 33, 16)	-2,084	–	-4,352	-285	-8,899	-5	–	-15,625
Exchange differences	1,015	–	1,266	19	1,247	3	–	3,550
Ending balance (note 16)	16,879	–	30,871	487	28,724	49	–	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	–	-2,299,171
Accumulated losses of impairment of PPE	-3,704	-967	-1,039	-6,793	–	-12	–	-12,515
Net book value	259,801	129,814	288,227	860,551	158,392	14,692	102,686	1,814,163

302

Management Report

Financial review

Notes to the Financial Statements (continued)

15. Property, plant and equipment (continued)


(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	–	6,291	13,728	15	18	-61	21,383
Additions due to acquisition (note 4)	–	–	2,778	618	260	5	2	3,663
Interest capitalization	–	–	–	–	–	–	1,104	1,104
Disposals (NBV)	-803	–	-98	-521	-435	-20	-1,962	-3,839
Derecognition on subsidiary disposal (net book value)	-2,433	–	-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	–
Transfers from/to other accounts	21	885	-141	-256	–	–	-3,709	-3,200
Depreciation charge (note 33)	-3,038	-8,960	-13,734	-85,630	-28,750	-3,860	–	-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	–	30,871	487	28,724	49	–	77,010
Additions	902	–	7,318	212	9,611	–	–	18,043
Hyperinflation adjustments	–	–	28	370	350	–	–	748
Disposals (NBV)	–	–	-13	-140	-857	–	–	-1,010
Derecognition on subsidiary disposal (net book value)	–	–	-266	–	-176	–	–	-442
Transfers to other accounts	–	–	-468	–	–	–	–	-468
Additions for restoration provisions	–	–	–	–	5,874	–	–	5,874
Depreciation charge (note 33, 16)	-2,078	–	-4,501	-116	-10,843	-12	–	-17,550
Exchange differences	-1,825	–	-2,659	-29	-2,846	-6	–	-7,365
Ending balance (note 16)	13,878	–	30,310	784	29,837	31	–	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	–	-2,234,321
Accumulated losses of impairment of PPE	-3,481	-855	-1,039	-6,438	–	-12	–	-11,825
Net book value	238,723	119,158	238,670	712,266	184,000	17,140	157,689	1,667,646

303

TITAN Group Integrated Annual Report 2025

15. Property, plant and equipment (continued)

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 €5,279 thousand (2024: €3,156 thousand) from the disposal of tangible, intangible assets and

investment property with total net book value of €5,358 thousand (2024: €4,755 thousand). Thus, the Group recognized a loss of

€79 thousand (2024: loss of €1,599 thousand) on disposal of PPE in the consolidated income statement (note 6, 33).

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 “property, plant and

equipment”, 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:

• Fixed payments (including in-substance fixed payments)

• Variable lease payments that are based on an index or a rate

• Amounts expected to be payable by the lessee under residual value guarantees

• The exercise price of a purchase option if the lessee is reasonably certain to exercise that option

• Payments of penalties for terminating the lease if the lessee will exercise that option

304

Management Report

Financial review

Notes to the Financial Statements (continued)

16. Leases (continued)

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’s accounting policy.

The initial measurement of the ROU asset is comprised by:

• the amount of the initial measurement of lease liability;

• any lease payments made at or before the commencement; date less any lease incentives received

• any initial direct costs; and

• 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

305

TITAN Group Integrated Annual Report 2025

16. Leases (continued)

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 (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 €44,185 thous and (2024: €47,240 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

306

Management Report

Financial review

Notes to the Financial Statements (continued)

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 the 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 “other income” or “other expense” as appropriate.

Subsequent expenditure is capitalized to the asset’s 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’s length transaction, the carrying value immediately prior to the sale

is adjusted 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 deemed 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 financial 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 property.


(all amounts in Euro thousands)	2025	2024

Opening balance	11,025	11,018
Additions	26	–
Net profit from measurement at fair value (note 6, 33)	145	88
Transfer to property, plant and equipment	-16	-81
Exchange differences	4	–
Ending balance	11,184	11,025

307

TITAN Group Integrated Annual Report 2025

17. Investment property (continued)


(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	–
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

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)	–	-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	–
Reduced due to liquidation	-630	–	-630
Exchange differences	-31,371	7,010	-24,361
Balance at 31 December 2025	338,519	-90,028	248,491

308

Management Report

Financial review

Notes to the Financial Statements (continued)

18. Goodwill (continued)

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 goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal

management purposes.

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 the 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 the CGU 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.

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 forecasted projections provided by international agencies and institutions.

Furthermore, digital transformation efforts for driving business efficiencies, and actions for the curtailment of the Group’s

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’ or banks’ forecasts.

Discount rates are according to post-tax weighted average cost of capital (WACC) for each CGUs, deriving from Group’s current

market risk assessment, applicable local tax rates and local currency risk-free rates.

309

TITAN Group Integrated Annual Report 2025

18. Goodwill (continued)

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 Adoçim 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.

310

Management Report

Financial review

Notes to the Financial Statements (continued)

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’s 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’s 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 €4,772 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’s 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 €11,158 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’s strategy to expand its presence

in the 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 software."

311

TITAN Group Integrated Annual Report 2025

19. Intangible assets (continued)


(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	–	2,296	4,591	8,776	15,809
Disposals (NBV)	–	–	-1	–	-5	-6
Hyperinflation adjustments	195	–	6	1	–	202
Additions due to acquisition	11,158	–	–	–	–	11,158
Reclassification of assets from/to other intangible assets categories	–	–	1,613	1,935	-3,548	–
Transfers from/(to) other accounts	–	–	695	-323	-23	349
Amortization charge (note 33)	-1,147	-185	-5,784	-237	–	-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	–	1,582	38	8,938	10,709
Disposals (NBV)	-9	–	–	–	-500	-509
Hyperinflation adjustments	376	–	26	1	–	403
Additions due to acquisition (note 4a)	4,772	–	–	15	–	4,787
Derecognition on subsidiary disposal (net book value)	-521	–	–	-2	–	-523
Reclassification of assets from/to other intangible assets categories	14	–	2,325	6,954	-9,293	–
Transfers from/(to) other accounts	–	–	88	2,241	1,289	3,618
Amortization charge (note 33)	-813	-185	-6,532	-147	–	-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

312

Management Report

Financial review

Notes to the Financial Statements (continued)

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’s equity investments focus on venture capital initiatives aimed at fostering innovation within the construction ecosystem.

Through direct investments in start‑ups 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 €36.5 million in the medium term as part of its long‑term

growth strategy.

In 2023, the Group invested €1.1 million in Zacua Ventures I, an early‑stage venture capital fund focused on the built environment. During

the same year, the Group expanded its existing investment in Rondo Energy by €1.9 million, a company developing zero‑carbon industrial

heat solutions. In addition, investments of €0.2 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‑based 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 €1.7 million in Optimitive, a company providing AI‑driven solutions for real‑time industrial optimization, €1.0 million in

C2CA, a company focused on upcycling end‑of‑life concrete into recycled aggregates and supplementary cementitious materials, and

€0.2 million in Concrete.ai, a platform for optimizing concrete mix designs. During the same year, the Group also increased its existing

investments by €0.7 million in Zacua Ventures I and by €0.1 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 €1.2 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 (“PropTech”)

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 €0.6 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 €0.3 million in Optimitive and €0.6 million in Zacua Ventures I.

Following year end valuation of the Group’s equity instruments, there was an overall gain of €1.6 million.

During 2025, the Group prepaid €9.5 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.

313

TITAN Group Integrated Annual Report 2025

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.

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 €15,242 thousand (31 December 2024: €29,442 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. 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.

314

Management Report

Financial review

Notes to the Financial Statements (continued)

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	–	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	–
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.

315

TITAN Group Integrated Annual Report 2025

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

316

Management Report

Financial review

Notes to the Financial Statements (continued)

24. Share capital and premium


(all amounts are shown in Euro thousands unless otherwise stated)	Ordinary shares		Share premium	Total
	Number of shares	€'000	€'000	Number of shares	€'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	€'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.’s ordinary shares for the period from January 1 to December 31, 2025, was €40.23 (2024: €30.35)

on Euronext Brussels and €40.42 (2024: €30.36) on the Athens Stock Exchange.

As of December 31, 2025, the closing share price stood at €52.70 (2024: €39.90) on Euronext Brussels and €52.50 (2024: €40.20) on

the Athens Stock Exchange.

On 30 June 2025, the €20 million share buy‑back programme, which was launched on 28 August 2024, was completed. Following its

completion, a new share buy-back programme of up to €10 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’s 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 (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 €15,337 (2024: €22,443) 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’s 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%) of the Company’s 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) shares of the Company, representing approximately 0.02% (2024: 0.06%) of the share capital of the Company, for a total

amount of €170,900 (2024: 487,580) (i.e.€10/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 share-based payment plans.

317

TITAN Group Integrated Annual Report 2025

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

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)

–

-1,258

-3,707

–

36,527

-28,257

3,305

Deferred tax on treasury shares held

by subsidiary

–

-10,432

–

-10,432

Transfer from/(to) retained earnings

46,721

–

4,646

-1,863

–

-1,376

48,137

Transfer from share options

–

543

–

543

Transfer among reserves

–

13,514

-13,514

–

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)

–

-270

-3,618

–

-88,584

25,289

-67,183

Change in ownership interest

without loss of control

-448

–

-293

–

-6,446

–

-21,111

-28,298

Change in ownership interest with

loss of control

-1,676

–

-30,687

–

-32,363

Deferred tax on treasury shares held

by subsidiary

–

-6,746

–

-6,746

Deferred tax adjustment on

revaluation reserves (note 14)

–

-118

–

-118

Transfer from/(to) retained earnings

–

5,647

–

-18,750

-871

–

-13,974

Transfer from share options

–

626

–

626

Transfer among reserves

–

3,147

-3,147

–

7,232

–

-7,232

–

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

318

Management Report

Financial review

Notes to the Financial Statements (continued)

25. Other reserves (continued)

Certain Group companies are obliged according to the applicable commercial law to retain a percentage of their annual net profits as

“Legal Reserve”. 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, €43.6 million (2024: €44.1 million) representing 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 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

€76.9 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 €25.8 million (2024: €22.0 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 €6.4 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’s subsidiary, Titan America S.A., on the New York Stock Exchange.

Titan America S.A. is the parent company of the Group’s U.S. operations (see Note 4).

The “Hedging reserve from cash flow hedges” represents the exchange differences arising from the valuation of financial instruments used

as cash flow hedges for transactions in foreign currencies.

319

TITAN Group Integrated Annual Report 2025

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 €1.10 (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 €2.00 per share.

As a result, the total dividend distribution for the year amounts to €3.00 per share, to all the Shareholders of the Company on record on

30 June 2025.

For the year ended 31 December 2024

Dividends paid

The Annual General Meeting of Shareholders, held on May 9, 2024, approved a gross dividend distribution of €0.85 per share to all the

Shareholders of the Company on record on 25 June 2024

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 months 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	–	364,224
Between 3 and 4 years	149,615	–
Between 4 and 5 years	–	149,945
Over 5 years	1,357	775
	520,055	597,021

The fair value of the Group’s borrowing is disclosed in note 29.

320

Management Report

Financial review

Notes to the Financial Statements (continued)

27. Borrowings (continued)

In July 2025, TGF renewed the revolving facility agreement of €230 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 (€)	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’s 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

321

TITAN Group Integrated Annual Report 2025

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:

• Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized

firm commitment.

• 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.

• 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:

• There is “an economic relationship” between the hedged item and the hedging instrument.

• The effect of credit risk does not “dominate the value changes” that result from that economic relationship.

• 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 “Finance income/expense”.

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 “hedging reserve from cash flow hedges”. The gain or loss relating to the ineffective portion is recognized

immediately in the income statement within “Finance income/expenses”.

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.

322

Management Report

Financial review

Notes to the Financial Statements (continued)

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 derivative, 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 “translation differences

on derivative hedging position” in “other reserves”.

Gains or losses accumulated in equity are included in the income statement when the foreign operation is (partially or fully) disposed

of. The Group’s “other reserves” 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 the 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 are identified, measured and managed in accordance with the Group's policies and risk objectives. All derivative activities

for risk 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 achieving its strategic objectives.

323

TITAN Group Integrated Annual Report 2025

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	–
	23,855	–
Current assets
Interest rate swap - trading derivatives	–	683
Forwards - trading derivatives	15	–
	15	683
Non-current liabilities
Cross currency swaps - trading derivatives	–	8,103
	–	8,103
Current liabilities
Forwards - trading derivatives	–	976
	–	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	–	-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

324

Management Report

Financial review

Notes to the Financial Statements (continued)

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	–	10,413
MKD	12,000	–
EGP	–	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‑currency interest rate swap agreements, maturing in June 2029, to hedge

interest payments and foreign currency exposure related to a €150 million loan obtained from TITAN Global Finance Plc. In 2025, these

CCSs resulted in a net gain of €16.0 million, comprising foreign exchange gains of €18.3 million recognized under “Loss from foreign

exchange differences” and a loss of €2.2 million recognized under “Finance expenses” 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 €18.3 million and was

recognized under the same account, “Loss from foreign exchange differences”.

Subsequently, in November 2024, TALLC entered into another cross‑currency 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 €150 million financing

arrangement with TITAN Global Finance Plc. For the year, these CCSs resulted in a net gain of €16.5 million. This net gain comprised

foreign exchange gains of €18.3 million recognized under “Loss from foreign exchange differences,” which were fully offset by a

corresponding €18.3 million foreign exchange loss on the related loan, recorded in the same account. The remaining loss of the derivative

amounted to €1.8 million, representing the difference between the foreign exchange gains and the net gain of €16.5 million, was

recognized under “Finance expenses” in the consolidated income statement.

2) Moreover, in 2025, TALLC entered into various short‑term 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 €32.8 million. In 2025, these

forward contracts resulted in foreign exchange gains of €4.9 million, which were recognized under “Loss from foreign exchange

differences” in the consolidated income statement. These gains were partially offset by foreign exchange losses of €5.6 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 “Loss from foreign exchange differences”.

3) Furthermore, in 2025, the Group’s subsidiary TITAN Global Finance Plc entered into additional short‑term EUR/USD forward foreign

exchange contracts, all of which expired during the year, in order to hedge the Group’s cash positions denominated in U.S. dollars. For the

year ended 31 December 2025, these positions resulted in a net foreign exchange gain of €4.4 million, which was recognized under “Loss

from foreign exchange differences” in the consolidated income statement.

325

TITAN Group Integrated Annual Report 2025

28. Financial risk management objectives and policies (continued)

In 2025, the total net foreign exchange losses recognized in the consolidated income statement amounted to €9.8 million (2024:

€1.6 million). These losses are further analyzed into net exchange losses of €55.6 million (2024: gains of €22.0 million) and fair value gains

on derivatives of €45.8 million (2024: losses of €23.7 million) (note 7).

Addit ionally, the Group recognized exchange losses on the translation of foreign operations amounting to €111.3 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

€101.8 million) and the depreciation of the Turkish lira against the euro (net loss of €6.2 million), reflecting gross exchange losses of €28.3

million partially offset by a gain of €22.1 million recognized in other comprehensive income from the indexation of Turkish subsidiaries’

equity under IAS 29 – Financial Reporting in Hyperinflationary Economies.

In the prior year, exchange gains on the translation of foreign operations amounted to €22.0 million. These gains were primarily

attributable to the depreciation of the euro against the US dollar (gain of €42.5 million) and the Albanian Lek (gain of €7.3 million), partly

offset by the appreciation of the euro against the Egyptian pound (loss of €43.3 million), the Brazilian real (loss of €15.9 million) and the

Turkish lira (loss of €15.6 million). In addition, a gain of €46.8 million was recognized under exchange gains/(losses) on the translation of

foreign operations in other comprehensive income, arising from the indexation of Turkish subsidiaries’ equity in accordance with IAS 29 –

Financial Reporting in Hyperinflationary Economies.

Sensitivity analysis in foreign exchange rate changes

The following table demonstrates the sensitivity of the Group’s profit before tax and the Group’s 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. €	Effect on Profit Before Tax	Effect on equity
Year ended 31 December 2025	USD	5%	11,050	191,142
	USD	-5%	-9,998	-172,938
	RSD	5%	1,317	1,786
	RSD	-5%	-1,192	-1,616
	EGP	5%	2,819	6,276
	EGP	-5%	-2,551	-5,678
	TRY	5%	-124	829
	TRY	-5%	112	-750
	ALL	5%	844	6,738
	ALL	-5%	-764	-6,096
	MKD	5%	1,797	4,897
	MKD	-5%	-1,626	-4,431
	BRL	5%	414	8,970
	BRL	-5%	-375	-8,116
Year ended 31 December 2024	USD	5%	11,208	37,847
	USD	-5%	-10,141	-34,243
	RSD	5%	1,576	1,672
	RSD	-5%	-1,426	-1,513
	EGP	5%	-138	3,896
	EGP	-5%	125	-3,525
	TRY	5%	-92	7,618
	TRY	-5%	83	-6,892
	ALL	5%	1,285	6,550
	ALL	-5%	-1,162	-5,927
	BRL	5%	98	6,462
	BRL	-5%	-89	-5,846

326

Management Report

Financial review

Notes to the Financial Statements (continued)

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’s exposure to the risk of changes in market interest rates relates primarily to the Group’s 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’s 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’s borrowings.

On 31 December 2025, the Group’s 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’s 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‑starting interest rate swap in order to partially hedge the risk of an

increase in future mid‑swap 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‑starting fixed‑for‑floating EURIBOR‑based five‑year interest rate swap, with a notional amount of €250 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‑starting interest rate swap and locked in a total gain of €29 million, which

was recognized in equity within the cash flow hedge reserve (note 25).

In December 2023, TITAN Global Finance Plc issued €150 million of notes bearing a fixed coupon of 4.25%. As a result, amounts of

€3.6 million (€3.7 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 the corresponding hedged cash flows.

327

TITAN Group Integrated Annual Report 2025

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‑for‑floating

interest rate swaps to hedge its exposure to increases in floating interest rates on its short‑term USD‑denominated debt and to mitigate

future volatility in finance costs. The fixed‑for‑floating 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‑year 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 €7 thousand (2024: gain of €70 thousand) related to these transactions,

which was presented within “finance income” 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%	–
	BGN	1.0%	–
Note: Table above excludes the positive impact of interest received from deposits.

b) Credit risk

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’ 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’s 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.

328

Management Report

Financial review

Notes to the Financial Statements (continued)

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 contractual undiscounted payments.


(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	–	–	24,086	–	24,100
Other non-current liabilities	–	–	–	6,489	–	6,489
Trade and other payables	291,157	63,729	20,180	–	–	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	–	976	–	8,103	–	9,079
Payables from interim settlement of derivatives	12	293	–	–	–	305
Other non-current liabilities	–	–	–	4,296	–	4,296
Trade and other payables	227,362	137,503	18,546	–	–	383,411
	247,656	168,126	64,742	708,373	30,733	1,219,630

d) Capital management

The primary objective of the Group’s 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’s 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

329

TITAN Group Integrated Annual Report 2025

29. Financial instruments and fair value measurement

Set out below is a comparison by category of carrying amounts and fair values of the Group’s 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	–	23,855	–
Receivables from interim settlement of derivatives - non current	–	3,628	–	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	–	596	–	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	–	8,103	–	8,103
Payables from interim settlement of derivatives - non current	24,086	–	24,086	–
Derivative financial instruments - current	–	976	–	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.

330

Management Report

Financial review

Notes to the Financial Statements (continued)

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	Fair value hierarchy
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	–	4,224	Level 2
Liabilities
Long-term borrowings	401,182	599,680	Level 2
Long-term borrowings	121,546	–	Level 3
Short-term borrowings	100,534	66,415	Level 3
Derivative financial instruments	–	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.

331

TITAN Group Integrated Annual Report 2025

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’s environmental policies.

Provisions for environmental restoration are recognized when the Group has a present legal or constructive obligation as a result

of past 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 these 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.

332

Management Report

Financial review

Notes to the Financial Statements (continued)

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	–	858	-120	1,272	-3,149	127	-3,000	33,947
Insurance reserves	b	23,029	–	44,527	–	676	-43,857	–	-2,577	21,798
Provisions for other taxes	c	1,037	–	593	–	–	-18	–	-56	1,556
Litigation provisions	d	1,535	–	855	–	–	-832	–	-236	1,322
Provisions for restorations of leased equipment	e	9,780	–	6,236	–	494	–	–	-1,105	15,405
Other provisions	f	10,945	–	1,850	-7,060	–	-3,115		-397	2,223
		84,285	–	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	–	39,143	-1,470	745	-39,326	–	1,321	23,029
Provisions for other taxes	c	1,601	–	26	–	–	-116	–	-474	1,037
Litigation provisions	d	230	1,361	–	–	–	-17	–	-39	1,535
Provisions for restorations of leased equipment	e	5,871	–	3,278	–	256	–	–	375	9,780
Other provisions	f	13,717	–	5,859	-6,488	–	-1,948	–	-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. 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’ compensation claims, excluding any

potential recoveries from insurance coverage in the Group’s 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.

f. Other provisions include amounts for various risks. The expected timing of future cash outflows is over the next 1 to 10 years.

333

TITAN Group Integrated Annual Report 2025

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	–
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 €15,991 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: €13,451 thousand).

334

Management Report

Financial review

Notes to the Financial Statements (continued)

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)	–	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	–
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	–
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

335

TITAN Group Integrated Annual Report 2025

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	–	–	21,492	–	21,492
Changes in fair value	–	–	–	21,205	21,205
Transfer among financial liabilities	-458	575	-117	–	–
Charged in the finance expenses	1,321	40,898	–	–	42,219
Bank term deposit	–	-80,000	–	–	-80,000
Cash flow hedge	–	–	–	3,709	3,709
Currency translation differences on transactions designated as part of net investment in foreign operation	8,613	–	–	–	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	–	–	17,551	–	17,551
Changes in fair value	–	–	–	-41,801	-41,801
Transfer among financial liabilities	-94,642	94,642	–	–	–
Charged in the finance expenses	1,062	35,688	–	–	36,750
Acquisition of subsidiaries	2,779	402	–	–	3,181
Disposal of subsidiaries	-7,524	-12,432	-591	–	-20,547
Cash flow hedge	–	–	–	3,618	3,618
Currency translation differences on transactions designated as part of net investment in foreign operation	1,077	–	–	–	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

336

Management Report

Financial review

Notes to the Financial Statements (continued)

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 (“BSCC”) obtained the license for a second production line at the company’s plant in Beni Suef

through a bidding process run by the Egyptian Trading and Industrial Authority (“IDA”) 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’s claim. BSCC has filed an appeal

against that judgment.

2.In late August 2023, the Egyptian Competition Authority (“ECA”) 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. (“APCC”) 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

337

TITAN Group Integrated Annual Report 2025

35. Contingencies and commitments (continued)

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 €21.27 ($24.99) and €21.87 ($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’s subsidiary, Tithys Holding Limited, is committed to subscribe a total amount of €11.3 million to Zacua Ventures I,

Zacua Ventures II, New Energy Capital A.K.E.S. and Fifth Wall React Fund L.P (note 20).

36. Fiscal years unaudited by tax authorities


(1)	Τitan Cement Company S.A	2019-2025		Granitoid AD	2007-2025
(1)	Interbeton Construction Materials S.A.	2020-2025		Gravel & Sand PIT AD	2005-2025
(1)	Intertitan Trading International S.A.	2021-2025		Zlatna Panega Cement AD	2010-2025
(1)	Vahou Quarries S.A.	2021-2025		Cement Plus LTD	2014-2025
(1)	Gournon Quarries S.A.	2021-2025		Rudmak DOOEL	2016-2025
(1)	Quarries of Tagaradon Community S.A.	2021-2025		Esha Material LLC	2016-2025
(1)	Aitolika Quarries S.A.	2021-2025		Esha Material DOOEL	2016-2025
(1)	Sigma Beton S.A.	2021-2025		Usje Cementarnica AD	2020-2025
(1)	Titan Atlantic Cement Industrial and Commercial S.A.	2021-2025		Titan Cement Netherlands BV	2010-2025
	Titan S.A.	2019-2025		Antea Cement SHA	2021-2025
	Alvacim Ltd	2023-2025		Sharr Beteiligungs GmbH	2014-2025
	Iapetos Ltd	2022-2025	(5)	Kosovo Construction Materials L.L.C.	–
(4)	Themis Holdings Ltd	2021-2025		Sharrcem SH.P.K.	2017-2025
	Feronia Holding Ltd	2023-2025		Alexandria Development Co.Ltd	2023-2025
(2)	Titan Global Finance PLC	2025		Alexandria Portland Cement Co. S.A.E	2024-2025
	Salentijn Properties1 B.V.	2007-2025		Beni Suef Cement Co.S.A.E.	2024-2025
	Titan Cement Cyprus Limited	2023-2025		Titan Beton & Aggregate Egypt LLC	2021-2025
	Fintitan SRL	2021-2025		Green Alternative Energy Assets EAD	2016-2025
	Cementi Crotone S.R.L.	2021-2025		GAEA -Green Alternative Energy Assets	2012-2025
	Cementi ANTEA SRL	2020-2025		Tithys Holdings Limited	2022-2025
(5)	Colombus Properties B.V.	2010-2024		Rea Cement Investments Limited	2023-2025
	Brazcem Participacoes S.A.	2016-2025		CemAI Inc.	2022-2025
(5)	Adoçim Cimento Beton Sanayi ve Ticaret A.S.	–		Business Park Titan Elefsinas S.A.	2021-2025
	Adoçim Marmara Cimento Beton Sanayi ve Ticaret A.S.	2025	(1)	Xirorema Querries SA	2021-2025
	Titan Cement U.K. Ltd	2021-2025		Titan America S.A.	2024-2025
(3)	Τitan Αmerica LLC	2021-2025	(1)	Cooperative Niki IKE	2021-2025
	Separation Technologies Canada Ltd	2020-2025	(1)	Latekat Sourlas S.A.	2021-2025
	MILLCO-PCM DOOEL	2016-2025		ST Equipment & Technology LLC	2025
	Cementara Kosjeric AD	2021-2025		Standard Ipodomon SA	2021-2025
	TCK Montenegro DOO	2007-2025		Titan Workforce Solutions Limited	2025
(5)	Double W & Co OOD	–

1. For the fiscal years 2020-2025 Certified Auditors Accountants tax audited the above companies and issued tax certificates without qualifications, according to the article

65A, par. 1 of L. 4987/2022.

2. As per UK tax legislation, HMRC could address any enquiry only for the year 2025 which remain open to enquiry without the need for a discovery assessment.

3. Companies operating in the USA. are incorporated in the TITAN America LLC subgroup (note 4).

4. Under special tax status for the period 2023-2025.

5. The companies are fully audited.

338

Management Report

Financial review

Notes to the Financial Statements (continued)

37. Events after the reporting period

On 8 January 2026, the Group’s 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‑based cement manufacturer and aggregates producer, from the

Fortaleza, Uniland and Tritadura Groups. The transaction consideration amounts to USD 310 million, subject to customary post‑closing

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’Estuaire 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 Çimento Sanayi ve

Ticaret A.Ş. for a consideration of approximately USD 190 million. Caba Çimento and its subsidiaries, including Traçim Çimento Sanayi ve

Ticaret A.Ş., 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’s subsidiary Titan Global Finance Plc successfully priced an offering of €350 million 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.

339

TITAN Group Integrated Annual Report 2025

Parent company’s separate

summarized financial statements

Income statement


(all amounts in Euro thousands)	Year ended 31 December
	2025	2024

Operating income	4,618	5,282
Operating charges	-15,268	-14,163
Operating loss	-10,650	-8,881
Financial result	4,234	2,311,798
Profit/(loss) for the period before taxes	-6,416	2,302,917
Income taxes	-1,271	-1,299

Profit/(loss) for the period	-7,687	2,301,618

This is an abbreviated version of the parent Company's Financial Statements. A full version of the accounts (including the Auditors Report), that will be filed with the BNB/NBB, is

available on the Company's website www.titan-cement.com and can be obtained free of charge.

340

Management Report

Financial review

Statutory Balance Sheet After Appropriation


(all amounts in Euro thousands)	31.12.2025	31.12.2024
Assets

Formation expenses	–	136
Fixed assets
Intangible assets	–	12
Tangible assets	10	18
Financial fixed assets
Participating interests	4,160,940	4,456,706
Other financial fixed assets	19	20
Total financial fixed assets	4,160,959	4,456,726
Total fixed assets	4,160,969	4,456,755

Current assets
Inventory	20,061	20,061
Amounts receivable within one year	32,015	2,769
Treasury shares	38,492	35,106
Cash at bank and in hand	435	456
Deferred charges and accrued income	525	509
Total current assets	91,528	58,901

Total assets	4,252,497	4,515,793

Equity and liabilities

Equity
Capital	959,348	959,348
Share premium	15,321	15,321
Reserves	241,265	241,265
Retained (losses)/earnings	2,678,245	2,771,388
Total equity	3,894,179	3,987,321

Provisions and deferred taxes	4,283	2,395

Amounts payable
Amounts payable after more than one year
Other amounts payable	263,493	264,771
Total amounts payable after more than one year	263,493	264,771
Amounts payable within one year
Financial debt	–	27,031
Trade debts	1,886	2,347
Taxes, remunerations and social security	3,614	1,105
Other amounts payable	84,594	230,477
Total amounts payable within one year	90,094	260,959
Accruals and deferred income	448	346
Total amount payables	354,035	526,077

Total equity and liabilities	4,252,497	4,515,793

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Declaration by the persons

responsible

The Board of Directors hereby declares that, to the best of its knowledge:

a. The financial statements, prepared in accordance with International Financial Reporting Standards (IFRS), give a true and fair view of the

assets, liabilities, financial position and profit or loss of the issuer and of the entities included in the consolidation;

b. The management report includes a fair review of the developments and the performance of the business and the financial position of

the issuer and of the entities included in the consolidation, together with a description of the main risks and uncertainties that these

entities face.

For the Board of Directors,

18 March 2026


Chair of the Board of Directors			Managing Director of Titan SA
Dimitrios Papalexopoulos			Michael Colakides

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Glossary

Financial

CapEx: Acquisitions/additions of property, plant and equipment, right of

use assets, investment property, and intangible assets. It allows

management to monitor the capital expenditure.

Earning per share (LfL): NPAT (LfL) divided by the weighted average

number of shares in issue during the year, excluding shares

purchased and held as treasury shares. It provides a measure of

profitability on a per-share basis that is comparable over time.

EBITDA: Profit before impairment losses on goodwill, net finance costs

and taxes plus depreciation, amortization, and impairment of tangible

and intangible assets and amortization of government grants. It

provides a measure of operating profitability that is comparable among

reportable segments consistently.

EBITDA (LfL): EBITDA adjusted for foreign exchange effects and scope

changes. In 2025, scope effects include the sale of Adoçim Cimento

Beton Sanayi ve Ticaret A.S.. It provides a measure of operating

profitability that is comparable among reportable segments

consistently.

Net debt: Sum of long-term borrowings and lease liabilities, plus short-

term borrowings and lease liabilities (collectively gross debt), minus

cash, cash equivalents and bank term deposits. It allows management

to monitor the indebtedness.

NPAT: Profit after tax attributable to equity holders of the parent. It

provides a measure of total profitability that is comparable over time.

NPAT (LfL): NPAT adjusted for foreign exchange effects and scope

changes. In 2025, scope effects include the sale of Adoçim Cimento

Beton Sanayi ve Ticaret A.S and the non-controlling interest to Titan

America S.A.. In 2024, scope effects include the goodwill impairment

in Türkiye and the recognized deferred tax asset in Brazil. It provides

a measure of total profitability that allows comparability between

reporting periods.

Operating free cash flow (OFCF): Net cash generated from operating

activities plus interest received, minus interest and other related

charges paid. It measures the capability of the Group in turning profit

into cash through the management of cash flow from operating

activities and net interest and other related charges paid.

Profit before impairment losses on goodwill, net finance costs, and

taxes: Profit before income tax, share of gain or loss of associates and

joint ventures, net finance costs, loss on disposal of subsidiaries and

impairment losses on goodwill. It provides a measure of operating

profitability that is comparable over time.

ROACE: Operating profit divided by average capital employed (average

annual net debt plus equity). It assists management in monitoring the

efficiency of the capital employed.

Sales (LfL): Sales adjusted for foreign exchange effects and scope

changes. In 2025, scope effects include the sale of AdoçimCimento

Beton Sanayi ve Ticaret A.S.. It provides a measure of sales that allows

comparability between reporting periods.

ESG

Aqueduct: The World Resource Institute’s (WRI) Aqueduct Water Risk

Atlas is a publicly available online global database of local level water

risk indicators and a global standard for measuring and reporting

geographic water risk. The World Resources Institute is a global,

independent, non-partisan, and nonprofit research organization, with a

mission to move human society to live in ways that protect Earth’s

environment and its capacity to provide for the needs and aspirations

of current and future generations (https://www.wri.org/aqueduct).

CDP: CDP is a global nonprofit organization that runs the world’s

environmental disclosure system for companies, cities, states, and regions.

Founded in 2000 and working with about 640 investors representing

~US$127 trillion in assets—roughly a quarter of global institutional financial

assets—CDP pioneered the use of capital markets and corporate

procurement to motivate disclosure and action on climate change, water

security and forests. In 2025, more than 23,100 organizations disclosed

through CDP, including over 22,100 companies (representing more than

half of global market capitalization) and over 1,000 cities, states and

regions (together representing over one billion people). In parallel, 270+

major buyers requested data from ~45,000 suppliers via CDP’s Supply

Chain program—evidence of the platform’s role in investment and

procurement decisions. Fully TCFD aligned, CDP holds the largest

environmental database in the world, and CDP scores are widely used to

drive investment and procurement decisions towards a zero-carbon,

sustainable, and resilient economy. CDP is a founding member of the

Science Based Targets initiative, We Mean Business Coalition, The

Investor Agenda, and the Net Zero Asset Managers initiative on-free and

water-secure world (https://www.cdp.net/en).

GRIs: The Global Reporting Initiative (GRI) Standards stand out as the

foremost global benchmarks for sustainability reporting, enjoying

widespread adoption by prominent corporations spanning more than

100 nations. Their significance is underscored by their incorporation

into numerous policy frameworks and stock exchange directives

worldwide. Used by 10,000 organizations, the Standards are advancing

the practice of sustainability reporting, and enabling organizations and

their stakeholders to take action that creates economic, environmental,

and social benefits for everyone. This robust acceptance underscores

their pivotal role in shaping corporate sustainability strategies and

ensuring transparency. By communicating ESG performance, these

standards empower organizations to make informed decisions and

cultivate sustainable practices across varied sectors and geographic

boundaries (https://www.globalreporting.org/).

IBAT: The Integrated Biodiversity Assessment Tool (IBAT) is a global

decision‑support platform that provides fast, reliable, and integrated

access to the world’s most authoritative biodiversity datasets.

Developed and maintained by the IBAT Alliance—a coalition of leading

conservation organizations including BirdLife International,

Conservation International, the International Union for Conservation of

Nature (IUCN), and the UN Environment Programme World

Conservation Monitoring Centre—IBAT serves as a “one‑stop shop” for

high‑quality, up‑to‑date spatial data essential for biodiversity risk

screening and responsible decision‑making (https://www.ibat-

alliance.org/).

IIRC: he International Integrated Reporting Council (IIRC) is a global

coalition of regulators, investors, companies, standard setters, the

accounting profession, academia, and civil society. It developed the

International <ir> Framework</ir>, now governed by the IFRS

Foundation, to promote clear, integrated communication on how

organizations create value over time. The <ir> Framework supports

more cohesive reporting by connecting financial information with

sustainability‑related disclosures and encouraging integrated

thinking across strategy, governance, and performance (https://

integratedreporting.ifrs.org/).

OECD: The Organization for Economic Co-operation and Development

(OECD) is an intergovernmental organization of 38 member countries,

founded in 1961 to promote economic progress, world trade, and

evidence‑based policymaking. It provides a global forum where

democratic, market‑economy nations compare policy experiences,

identify good practices, and coordinate domestic and international

policies to foster sustainable growth and well‑being (https://

www.oecd.org/).

SASB: The Sustainability Accounting Standards Board (SASB)

developed a globally recognized set of industry‑based sustainability

disclosure standards designed to help companies identify, manage,

and report on financially material sustainability topics for investors.

Since 2022, the SASB Standards and their due‑process oversight have

been housed under the IFRS Foundation’s International Sustainability

Standards Board (ISSB), which now maintains and enhances them as

part of the global baseline for sustainability‑related financial

disclosures. Companies applying IFRS S1 are required to refer to and

consider the SASB Standards when preparing sustainability‑related

disclosures, ensuring high‑quality, decision‑useful information for

capital markets (https://www.ifrs.org/issued-standards/sasb-standards/).

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SBTi: The Science Based Targets initiative is a partnership between CDP,

the United Nations Global Compact, World Resources Institute (WRI) and

the World Wide Fund for Nature (WWF). SBTi’s aim is to mobilize

companies to take the lead on urgent climate actions and guide them in

setting science-based targets that could limit global warming to 1.5oC,

achieve a net-zero world by no later than 2050 and prevent the worst

effects of climate change (https://sciencebasedtargets.org/).

SDGs: The Sustainable Development Goals are a collection of 17 global

goals designed to be a “blueprint to achieve a better and more

sustainable future for all”. The SDGs, set in 2015 by the United Nations

General Assembly and intended to be achieved by the year 2030, are

part of UN Resolution 70/1, the 2030 Agenda (https://unric.org/en/

united-nations-sustainable-development-goals/).

UNCTAD: The United Nations Conference on Trade and Development is

a United Nations body responsible for dealing with economic and

sustainable development issues with a focus on trade, finance,

investment, and technology, in particular for helping developing countries

to participate equitably in the global economy (https://unctad.org/).

UNGC: The United Nations Global Compact is a voluntary initiative

based on CEO commitments to implement universal sustainability

principles (“Ten Principles”) and to take steps to support UN goals. “Ten

Principles” are derived from the Universal Declaration of Human Rights,

the International Labor Organization’s Declaration on Fundamental

Principles and Rights at Work, the Rio Declaration on Environment and

Development, and the United Nations Convention Against Corruption

(https://unglobalcompact.org/).

WRI: The World Resources Institute is a global, independent,

nonpartisan, and nonprofit research organization, with mission to move

human society to live in ways that protect Earth’s environment and its

capacity to provide for the needs and aspirations of current and future

generations (https://www.wri.org/).


Understanding TITAN	2
2025 highlights	2
Message from the Chair of the Board of Directors	3
Interview with the Chair of the Group Executive Committee	4

Overview	6
TITAN at a glance	8
123 years of sustainable growth	10
A purpose-driven company with a strong set of core values	11
Global presence	12
Delivering value for all	14
Partnerships for sustainable development	15
Responding to the forces transforming our industry	16
Strategy 2026 delivered in advance: Record financials and sustained value performance	18
“TITAN Forward 2029”: Our new Growth Plan	20


Voluntary sustainability disclosures	197
ESG key performance statements	208

Financial review	248
Financial performance overview	249
Review of the year 2025	250
Investments and financing	250
Resolutions of the Board of Directors	251
Regional review of the year 2025	252
Outlook	254
Going concern disclosure	255
Viability statement	255
Annual report of the Board of Directors and financial accounts for the fiscal year 2025	255
Financial statements	256

Parent company's separate summarized financial statements	339
Declarations by the persons responsible	341
Auditor’s reports	342
Glossary	358


Material issues	206
ESG key performance statements (voluntary KPIs)	208
1. Environmental information	208
2. Social information	227
3. Governance information	241
4. Group management systems in 2025	243
5. Audits in 2025	244
6. Consolidated report on payments to governments for extractive operations	245
7. Sector and other standards for the non-financial disclosures in 2025	246