Titan America SA Common Shares

Greetings. Welcome to Titan America's fourth quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star and the number zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Daniel Scott of Investor Relations. Thank you, and you may begin.

Thank you, Operator, and good afternoon to everyone on the line. Thank you for joining us for Titan America's fourth quarter and full year 2025 conference call. I am joined by Bill Zarkalis, President and Chief Executive Officer of Titan America, and Larry Wilk, Chief Financial Officer. Before we begin, I would like to remind you that earlier this afternoon, we released Titan America's fourth quarter and full year 2025 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 will now turn the call over to Bill. Please go ahead.

Thank you, Dan. Good afternoon, everyone, and thank you for joining us today for Titan America's fourth quarter and full year 2025 financial results call. Before I get into the results, I want to take a moment to welcome Michael Bennett, who recently joined Titan America as Vice President, Investor Relations, and Corporate Communications. We're very pleased to have him on the team. If you turn to slide four in the presentation, I'd like to begin by highlighting what rendered 2025 a historic transformative year for Titan America, marked by strategic milestones. In 2025, Titan America joined the roster of companies that trade in the New York Stock Exchange, following a strong period of 11 years of achieving above-market performance and demonstrating we are passionate about providing innovative building materials and solutions that protect life and property, improve the quality of life, generate economic prosperity, and connect communities. Equally remarkable was our performance in 2025. In a construction materials market that was affected by soft demand and economic uncertainty, Titan America delivered all-time high revenue, adjusted EBITDA, net income, and operating cash flows. This success reflects the strength of our business model disciplined decision-making, skillful execution across our operations, and an unwavering focus on serving our customers. Titan America can grow and outperform organically, even in challenging environments. At the end of the year, we concluded negotiations to acquire the Keystone Cement Company and signed an agreement in early January 2026. This strategic initiative marks a foundational investment in Titan America's new era of growth, represents an important step forward in advancing our long-term growth strategy, and reflects a disciplined approach to expansion through M&A. Coming out to the specifics, the year presented a mixed demand environment. The residential sector remained challenging for yet another year throughout 2025 due to persistently elevated mortgage rates and low housing affordability. In contrast, robust demand from public sector projects driven by the Infrastructure Investment and Jobs Act and strong private non-residential construction, particularly in data centers, manufacturing, logistics facilities, and energy projects supported our performance. Our markets continue to benefit from population growth and business migration, particularly in Florida and the Carolinas, and the data center market remained exceptionally strong, with Virginia continuing to represent the largest hyperscale data center market in the world. In the fourth quarter, we achieved 4% year-over-year revenue growth and 12% year-over-year adjusted EBITDA improvement. For the full year, we delivered record revenues up approximately 2% and record adjusted EBITDA of $390 million. This represented a 75 basis points improvement in our adjusted EBITDA margin demonstrating the inherent benefit of our vertically integrated business model and our cost efficiency, despite a challenging market and macro environment. For the full year, our Florida business segment delivered strong results, with solid infrastructure and private non-residential construction demand offsetting a soft residential land market. Our investments in increased aggregates capabilities and our cost initiatives helped deliver record full-year adjusted EBITDA in 2025, reflecting our discipline execution during the year, as well as the benefits of our strategic capacity investments. The Mid-Atlantic business segment was impacted by a combination of tariffs and soft demand in Metro New York and New Jersey. the only regions where we do not operate an integrated business model, as well as adverse weather impacting the mid-Atlantic. Resilient pricing, growth in infrastructure, data centers, and private non-residential investment, as well as self-help from cost initiatives, partially mitigated the impact from the headwinds in the region. Larry will provide further detail on the segment's performance, and our capital investments for 2026 later on. Let's move now to slide five. As communicated, we have entered into an agreement to acquire the Keystone Cement Company in Bath, Pennsylvania, expanding our geographic reach in the eastern coast of our country while strengthening our vertically integrated footprint in the region. This transaction will add to our domestic cement production capacity. It is synergistic to our existing operations. And this pending acquisition demonstrates a disciplined approach to value creating M&A, and we believe positions us to capitalize on powerful secular growth trends in the region. Keystone is a modern cement facility. with approximately 990,000 short-tons of current clinker capacity, and is well positioned to serve a greater than 6 million short-ton addressable market across Pennsylvania, Ohio, Maryland, and Delaware. These are markets where we have limited, if any, presence currently. Keystone's mineral assets are expected to support more than 50 years of cement production capacity, and the site presents meaningful future commercial aggregates opportunities that fit squarely within our growth playbook. The logistics and customer service network synergies with our existing operations are compelling. The Keystone Plan is approximately 75 miles from our Essex Marine Hub and approximately 200 miles from the Metro DC area, creating strong interconnectivity that we believe will enhance our strategic supply chain and customer service capabilities across the mid-Atlantic. This acquisition adds to our domestic production capacity at what we believe is an attractive valuation relative to scarce, high-cost greenfield or brownfield investment alternatives. The transaction is subject to regulatory approval and is currently under review. We believe it is strongly pro-competitive, and we look forward to providing updates in the near future. At slide six now, it showcases a selection of key projects we participated in during the fourth quarter across both business segments. As we have shared in the past, these projects illustrate both the breadth of our market reach and our technical capabilities in providing specialized solutions across diverse construction sectors. I'd like to highlight today a few examples. At the top left of the slide, we have the Bentley Residences in Sunny Isles Beach in Miami. There's more than 60-story ultra-luxury oceanfront condominium tower with more than 200 residences. The foundation work alone is requiring over 23,000 cubic yards of concrete, the largest in Florida history, supporting significant demand for structural concrete and building materials during construction. The next photo to the right shows the job site at the Kennedy Space Complex, supporting next-generation Starship missions, including a new launch tower and a dual-pad launch facility. The expansion will establish the Florida Space Coast as a major operational hub for Starship missions, significantly increasing capacity for commercial and government space missions. The multi-year project is expected to require approximately 120,000 cubic yards of concrete, supporting substantial no-cone construction activity and materials demand across the Florida Space Coast region. On the bottom left of the slide, we have Powerhouse 95. This project is a large-scale data center campus development near Fredericksburg in Virginia, located along the I-95 corridor. The project will be built on approximately 145 acres and is designed to support up to 800 megawatts of power capacity making it one of the larger emerging data center developments in the region. PowerFiles 95 is intended to serve hyperscale technology and cloud computing companies, expanding the Northern Virginia data center ecosystem southward and supporting no-cone construction projects. Larry will now provide a more detailed breakdown of our financial results and business segment performance. Larry?