Titan America SA Common Shares

Greetings and welcome to Titan America's third quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star and then zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Daniel Scott. Thank you, and you may proceed, Daniel.

Thank you, Operator, and good afternoon to everyone on the line. Thank you for joining us for Titan America's third quarter 2025 conference call. I am joined by Bill Zarkalis, President and Chief Executive Officer of Titan America, and Larry Wild, Chief Financial Officer. Before we begin, I would like to remind you that earlier this afternoon, we released Titan America's third quarter financial results, which are available on our website at ir.titanamerica.com, along with today's accompanying slide presentation. This call is being recorded, and a replay will be made available on our investor relations website. During the call, we will present both IFRS and non-IFRS financial measures. The most directly comparable IFRS measures and reconciliations for non-IFRS measures are available in today's press release and accompanying slides. Certain statements on today's call may be deemed to be forward-looking statements. Such statements can be identified by terms such as expect, believe, intend, anticipate, and may, among others, or by the use of the future tense. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today, as well as the risks and uncertainties described in our SEC filings. I would now like to turn the call over to Bill. Please go ahead, Bill.

Thank you, Dan. Good afternoon, everyone, and thank you for joining us today for our third quarter 2025 financial results call. If you turn to slide four in the presentation, I'd like to begin by highlighting our key messages for the quarter. We delivered solid performance in the third quarter, including 6% revenue growth, with adjusted EBITDA and net income growing faster at 18% and 45% respectively. Additionally, free cash flow reached $68 million in the quarter. These results reflect the strategic benefits of our vertically integrated business model and our ability to execute effectively in a challenging environment. Our Florida segment produced outstanding operating results, driven by our strong presence in the infrastructure and private non-residential end markets, as well as robust aggregates performance, where our recent investments in additional capacity enabled both volume growth and margin expansion. In the Mid-Atlantic region, we are pleased to report a return to growth in the quarter, supported by a release of project backlogs, improved pricing, and more favorable weather conditions. Pricing across our markets remain resilient on a like-for-like basis, moderated by mixed impacts and residential softness. Operational efficiencies and cost management initiatives also contributed to margin expansion. We believe that our strategic investments in plant capacity and efficiency, logistics infrastructure, and digital capabilities position us to capitalize on the secular growth trends ahead. As we approach the end of the year, and based on our results through the third quarter, we are updating our 2025 outlook. We now expect full-year revenue growth in the 2 to 3 percentage range. and continue to expect modest improvement in adjusted EBITDA margins compared to 2024. Turning now to slide 5, let me provide some context on the market environment and the factors that we believe position us well for continued success. The markets we serve remain resilient, supported by robust investments in infrastructure and private non-residential construction, as well as ongoing manufacturing reshoring and re-industrialization trends across our key geographies. Most importantly, our order book remains strong across these segments. However, residential markets continue to be challenged by elevated mortgage rates and housing affordability, with a rebound in single-family construction not expected before second half of 2026. Let's turn now to slide six. Recently, we announced an important strategic milestone for our entry in the precast lintel market, which are the structural beams above doors and windows in every building. Titan America received certification for our own lintel designs, meeting the most rigorous structural resilience standards in our markets. This achievement paves the way for Titan America to expand its precast solutions beyond concrete block, enhancing our vertical integration model, and accelerating growth through new adjacent channels. Leveraging our technology, product development, logistics, and downstream customer relationships, we believe Titan America is uniquely positioned to scale quickly in this new market while achieving attractive margins and quality of earnings. Currently, Titan America is in the engineering phase for site development and facility design for its first state-of-the-art lintel manufacturing plant. Now on slide seven, we show a sample of key projects we are participating in our two business segments. These projects demonstrate both the breadth of our market reach and our technical capabilities in providing specialized solution across diverse construction sectors. Let me describe two in more detail. In Virginia, QTS is expanding its data center presence with major developments in both Richmond and Manassas. In Richmond, QTS is building a 622-acre campus with phase construction expected to be completed in 2026 and 2027. The site could ultimately support up to 13 data centers and 280 megawatts of capacity. In Northern Virginia, its Manassas campus currently includes five data centers with room for four more and a total projected capacity of 280 megawatts. In Florida now, the state has embarked on one of the most significant environmental restoration efforts in its history, the Everglades Agricultural Area Reservoir. Using Titan America cement, The project is located south of Lake Okeechobee and aims to capture, store, and treat excess freshwater that would otherwise flow east and west and instead redirect it south into the Everglades. The system includes a massive 240,000-acre food reservoir and a 6,500-acre stormwater treatment area designed to remove nutrients before the water reaches the ecosystem. Managed by the U.S. Army Corps of Engineers and the South Florida Water Management District, the project is a cornerstone of the comprehensive Everglades restoration plan and is expected to improve water quality, restore natural flow patterns, and protect both the Everglades and Florida's coastal estuaries. Before I hand it over to Larry for the financial review, I want to recognize the outstanding performance of our team members across all our operations. The dedication to operational excellence, safety, and customer service continues to drive our success, and I'm grateful for their contributions to these strong results. Larry will now provide a more detailed breakdown of our financial results and segment performance. Larry?