Titan America Cuts 2026 Growth Outlook, Sees Adjusted EBITDA Margin Fall

Titan America SA lowered its 2026 growth outlook on Nov. 4, projecting slower revenue gains and a larger decline in its Adjusted EBITDA margin amid soft residential activity, higher costs and unplanned maintenance outages. The vertically integrated cement and building materials producer operates along the U.S. East Coast.

For 2026, Titan America now expects revenue growth in the mid-single digits from 2025 and an Adjusted EBITDA margin decline of about 250 to 300 basis points. The forecast includes Keystone Cement Company operations. In July, the company had projected high-single-digit revenue growth and a “modest” margin decline, also including Keystone.

Revenue for the quarter ended Sept. 30 increased 5.7% to $461.6 million from $436.8 million a year earlier. Keystone contributed about $30 million, while like-for-like revenue fell about $5 million. Adjusted EBITDA declined 18.6% to $95 million from $116.7 million. Net income fell 30.8% to $39.8 million from $57.4 million.

Adjusted EBITDA measures earnings before interest, taxes, depreciation and amortization, with specified adjustments. Titan America’s quarterly results showed revenue growth alongside lower Adjusted EBITDA and net income, while its revised full-year forecast calls for slower growth and a year-over-year margin decline.

The company attributed the outlook revision to evolving market conditions, unplanned maintenance outages and Keystone’s low contribution before synergies. It also cited higher energy and materials costs, soft residential activity, job-site labor shortages, record September rainfall in parts of Southeast Florida and an unplanned outage at its Roanoke Cement plant.

Project Cornerstone generated about $20 million in cost savings year to date in 2026. Titan America expects the program’s annual savings run rate to exceed $50 million by year-end 2029.

That initiative is separate from the company’s Keystone-specific savings target. Titan America’s second-quarter update set a goal of at least $30 million in annual run-rate synergies from Keystone by 2029.