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TITAN CEMENT GROUP
Integrated
Annual
Report
2023
Building a better
world together
About the Report
The 2023 TITAN Cement Group Integrated Annual Report (IAR 2023) has been prepared in accordance with Belgian law, the 2020
Belgian Code on Corporate Governance, 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.
Other reporting frameworks followed by TITAN Cement 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 Task Force on Climate-Related Financial Disclosures (TCFD) recommendations. The report has been
prepared with reference to the Global Reporting Initiative (GRI) standards.
The separate and consolidated financial statements of the IAR 2023 were audited by PwC. Selected information and data within the
“ESG performance overview” and “ESG performance statements” sections were independently verified by DNV in accordance with
the Charter and Guidelines of the Global Cement and Concrete Association (GCCA), as further detailed throughout the document
and outlined in the assurance statement.
The independent auditor’s report by PwC and the independent assurance statement by DNV are included in the IAR 2 023 and are
available online at www.titan-cement.com/newsroom/annual-reports. You may access the IAR 2023 by scanning the following QR
code with your mobile device. We welcome your feedback, which you can send to us through the link above.
Photo credits
Pages 6, 9, 12, 16, 30, 58: Getty images
Page 38: Shutterstock
Page 102: Lemanski Christine
Page 103; Natalia Tsoukala/Schema
Contents

Understanding TITAN | 2
2023 Highlights | 2
Message from the Chairman of the BoD | 3
Interview with the Chairman of the Group Executive Committee | 4
Overview | 6
The forces shaping our industry and the opportunities ahead | 8
120+ years of sustainable growth | 10
A purpose-driven company with a strong set of core values | 11
Global presence | 14
Our strategic focus: capturing Green Growth | 16
Focusing on the customer | 20
Fostering Innovation | 24
Material issues for TITAN and its stakeholders | 26
Delivering value for all | 28
Partnerships for sustainable development | 29
Performance highlights | 30
Financial performance | 32
Equity market information | 34
ESG performance | 35
ESG Performance acknowledged by world-leading rating agencies | 35
Making progress towards our ESG targets | 36
ESG commitments: Converting ambitions into performance outcomes | 38
Sustainability governance | 42
Regional performance | 44
Other business activities | 53
Outlook 2024 | 55

Management report | 56
Corporate governance and risk management | 56
Corporate governance statement | 58
Corporate governance code | 58
Board of Director s | 59
Board Committee s | 68
Diversity and inclusion in the Board of Directors | 71
Internal audit and risk management in the scope of the financial reporting proce ss | 71
Internal aud it | 71
Remuneration report 2023 | 72
Capital, shares and shareholders | 81
Investor’s informatio n | 83
Risk managemen t | 84
Group risk strateg y | 84
Risk management proce ss | 84
Risk management, governance, and controls | 84
TITAN’s principal risks | 85
Climate related financial disclosures (TCFD) | 91
ESG performance review | 92
ESG performance overvie w | 94
Decarbonization and digitalizatio n | 94
Growth-enabling work environmen t | 101
Positive local impa ct | 105
Responsible sourcing | 108
Good governance, transparency and business ethic s | 111
ESG performance statement s | 120
Financial revie w | 166
Financial performance overview | 167
Review of the year 2023 | 168
Investments and financing | 168
Resolutions of the Board of Directors | 168
Regional review of the year 2023 | 169
Outlook | 170
Treasury shares | 171
Sale of stock in the framework of the stock options plan | 171
Going concern disclosure | 171
Viability statement | 171
Annual report of the Board of Directors and financial accounts for the fiscal year 2023 | 171
Financial statements | 172
Parent company separate summarized financial | 242
Declarations by the persons responsible | 244
Auditor’s reports | 245
Glossary | 254

TITAN CEMENT GROUP
INTEGRATED ANNUAL REPORT 2023
1
2023 Highlights

| Sales €2,547.0m |  | Employees 5,751 |  | New hires 1,176
| EBITDA €540.3m (Earnings before interest, taxes, depreciation and amortization) |  | Lost time injuries frequency rate (LTIFR)* 0.45 * Employees and contractors
| EPS €3.60/share (Earnings per share) |  | Community Engagement Initiatives 265
| CapEx €224.0 m |  | Scope 1 net CO₂ (kg/t cementitious product) 607.7 kg/t -10% vs. 2020
| Credit rating S&P BB on a positive outlook |  | FITCH BB+ |  | Green products* as share of production 23.4% *25% less specific CO 2 vs. OPC
| TCI listed on Euronext Brussels, Euronext Paris and the Athens Exchange |  | Scope 1 net CO 2 intensity 3.84 kg/€ -37% vs. 2020

UNDERSTANDING TITAN
2
Message from the
Chairman of the BoD
Dear Shareholders and Stakeholders,
In the face of external challenges such as geopolitical tensions,
persistently high inflation and volatile energy prices, 2023 proved
to be a year of remarkable achievement for our organization. We
not only weathered these challenges but also grew the top line and
significantly increased profitability. Concurrently, we accelerated
our decarbonization and digitalization efforts, strategically laying
the foundations for future growth.
On the basis of our improved performance, the Board of Directors
is recommending the distribution of a €0.85 per share dividend,
compared to €0.60 last year.
During the year the Board worked closely with the new
management team on a number of fronts. Among the highlights:
We conducted a comprehensive strategy review in May,
culminating in the formulation of our Group's Green Growth
Strategy through 2026. The Board approved the key directions
aimed at realizing this vision. Our focus is on growth-oriented
investments, marketing new, innovative green products and
solutions for the benefit of our customers and the use of digital
technologies to transform the way we do business.
Later in the year, a thorough review of our Company’s Risk
Management approach was completed to ensure alignment with
the strategic directions outlined in the Green Growth Strategy and
the Group's risk tolerance.
In the context of good corporate governance practice, a formal
Board evaluation was concluded during the year, addressing,
among others, the Board’s performance, effectiveness and its
interaction with executive management.
In 2023, we welcomed Paula Hadjisotiriou to the Board, bringing
with her an excellent understanding of finance, market dynamics,
and strategic foresight. The Board continues to review its
composition and the skills necessary to ensure a diverse set of
expertise and perspectives.
While cognisant of the uncertainties and challenges around us, we
embark on 2024 with a sense of purpose and optimism. Our
primary focus will be on implementing our strategy in a way that
ensures long-term value creation for our shareholders and
stakeholders.
Dimitri Papalexopoulos
Chairman of the BoD
TITAN CEMENT GROUP
INTEGRATED ANNUAL REPORT 2023
3
We embark on 2024 with a
sense of purpose and
optimism. Our primary focus
will be on implementing our
strategy in a way that
ensures long-term value
creation for our shareholders
and stakeholders.
Dimitri Papalexopoulos
Chairman of the BoD
Interview with the Chairman of the
Group Executive Committee
Can you give us a bird's eye view of TITAN’s performance
in 2023?
2023 was another year of “all hands on deck”, during which we
showed our agility in creating value for all stakeholders,
maintaining an upward and forward momentum and
outperforming the market with robust pricing and costs
performance. Group Sales increased by 11.6% to €2,547.0 million
and EBITDA recorded an over-proportional growth by 63.1% to
€540.3 million. We continued to invest in the business, with
CapEx amounting to €224 million, focusing on aggregates,
ready-mix concrete, energy, digitalization, and logistics. Return
on Average Capital Employed (ROACE) reached 16.9%, a true
measure of long-term value creation.
Non-organic growth was also pursued, through acquisitions and
partnerships in new pozzolana businesses in Greece and
Türkiye, alongside investments in aggregates and GreenTech
startups.
What makes us even prouder is that TITAN Group became
family to more than 1,000 new recruits. Moreover, our best-in-
class safety performance and leadership in terms of ESG
improved last year. We reduced our direct CO₂ emissions by
10% versus 2020. Top ESG rating providers recognized our
accomplishments: Among others, in 2023 MSCI rated us “AA”
for the third consecutive year and CDP recognized our climate
leadership with a top “A” score.
What were the main factors contributing to the
company’s performance?
First, our biggest power is our people, whose passion, drive, and
dedication are a true inspiration. I am very thankful for everyone’s
contribution in keeping our operational sites efficient and safe
and in serving loyal partners and customers in 25 markets.
Secondly, the quality of TITAN’s portfolio in markets that
continued growing played a significant role in our strong
performance, despite global headwinds created by high inflation
and volatility in energy markets. We provided materials and
solutions to numerous landmark projects and public
infrastructure works in the US and in Greece.
Our participation in such projects is complemented by significant
investments upgrading our sales coverage, quality of services
and route to market. Our upgraded terminals in Tampa, Florida,
and Norfolk, Virginia, allow us to grow our logistics capabilities
and serve our customers more efficiently.
Finally, our new Green Growth Strategy is giving us new impetus
and focus for the mid-term. It is based on three pillars: focused
investments in attractive markets, an accelerated time-to-market
of new green products and solutions, and the use of digital and
innovative technologies to further modernize our operations,
supply chain, and customer experience. In 2023 we reconfirmed
our strong local, performance-driven operating model, powering
a fast-paced strategy execution while focusing on top- and
UNDERSTANDING TITAN
4
Our focused investments in
attractive markets, the
acceleration of new green
products’ time to market,
and the expanded use of
digital and innovative
technologies are the main
pillars of our strategy and
key to our strong 2023
performance.
Marcel Cobuz
C hairman of the Group Executive Committee
bottom-line performance with a lean Corporate adding value to
transformational technologies.
How does our new strategy underpin our decarbonization
objectives and how are we progressing against these?
With over 100 decarbonization initiatives in the pipeline, we are
on the first line of investments towards net zero, active on all
fronts: low-carbon fuels, low-carbon products, and increasing
use of renewables.
The latest testament to this strategy is the upgrade of our
flagship plant in Kamari, Greece, which will allow us to further
reduce CO₂ emissio ns by 150,000 tonnes annually and enhance
the plant’s ability to use alternative fuels.
Our global offering of green cementitious products is constantly
growing and accounted for 23.4% of our 2023 production
volumes. Our recent partnerships with pozzolana deposits
businesses will allow us to offer our customers in e xisting and
new markets a broader range of innovative, low-carbon
solutions.
In 2023, we also entered a long-term power purchase
agreement, ensuring that 90% of our future electricity supply in
Greece will be from renewable energy sources.
Last but not least, in line with our commitment to net zero by
2050, this year our teams launched the development of
“IFESTOS”, our pioneering Carbon Capture project in Greece,
which represents the largest initiative of its kind in Europe and is
partly financed by the EU Innovation Fund. Able to capture 20%
of the Group’s CO₂ emissions, IFESTOS also supports Greece’s
green transition efforts.
What about digitalization and broader innovation? How
are you planning to maintain our leading position in
these fields?
Innovation is increasingly important for TITAN, and 2023 marked
an acceleration, as we set our Corporate Ventures strategy in
motion and our first investments in coastal protection solutions,
new-generation cementitious materials, and energy storage are
already a reality. As I am convinced that everyone can innovate,
we also launched our internal “Ideation Challenge”, an initiative
that our people enthusiastically embraced, submitting over 220
ideas. Moving forward, our innovation efforts will continue to
focus on sustainable and circular solutions, material innovations,
and novel construction methods. The establishment of two
Innovation Hubs in Greece and the US will promote joint value-
creation processes and enhance our outside-in perspective,
through partnerships with customers, scientists, and the start-up
ecosystem.
On the digital front, we continue leveraging the power of big
data and AI, we optimize production lines in real time, and
predict equipment failures, while piloting solutions that automate
the extraction and processing of raw materials and predict the
quality of cement before its use. Our goal is a fully digitalized,
customer-oriented, and flexible operating model by 2026, and
the digitalization of our supply chain and customer logistics in
the US, which is nearly completed, brings us closer to its
accomplishment.
TITAN is undergoing a transformation. Is this affecting
the very core of our cultural fabric and, if so, how?
Our culture is strong, but, as the world around us is changing, we
too are evolving. With the input of many people and teams
across the Group we looked at our purpose and values. Our new
purpose statement, “Making the world around us a safe,
sustainable, and enjoyable place to live” captures who we are in
the world today: We are makers and changemakers. We have an
international footprint and great ambitions, but remain humble.
We are committed to responsible business practices, safety and
sustainability, but also to future generations and enhancing their
quality of life.
Our new purpose is interwoven with our values, which were
revitalized to represent how we behave in a warmer, more
energetic and in tune with the times way: We care – about our
people, customers, partners, communities, the planet. We dare –
we are determined, see challenges as opportunities, and
embrace change. We build to last – we keep an eye to the
future and create a lasting impact. And we walk the talk – we
keep our promises and do our best to accomplish our goals.
As of 2024, this evolution will also be reflected in our
redesigned logo and brands, which will still manifest our history
but in a more modern and dynamic way. Our new purpose,
revitalized values, and redesigned logo form and reflect our
identity, which stems from the lived experience of our people,
TITAN’s most valuable asset.
Fostering our people’s growth and nurturing their talent has
always been and will always be a top priority at TITAN. In 2023
we introduced several new people initiatives around learning
and empowered our leaders to strengthen their focus on people
development. I personally have multiplied informal meetings
with early career leaders from various functions across the
Group. I can assure you, their passion and energy are a true
source of inspiration for me! Their fresh ideas and different
perspectives, along with the new talent that keeps coming in
and the depth of knowledge of our existing workforce, will help
TITAN stay young and push through the challenges and
opportunities lying ahead.
TITAN CEMENT GROUP
INTEGRATED ANNUAL REPORT 2023
5
Overview
An overview of our Group, our purpose and values,
and our strategy. Our approach to value creation for
our stakeholders, our materiality process and our
partnerships for sustainable development.

Overview | 6
The forces shaping our industry and the opportunities ahead | 8
120+ years of sustainable growth | 10
A purpose-driven company with a strong set of core values | 11
Global presence | 14
Our strategic focus: capturing Green Growth | 16
Focusing on the customer | 20
Fostering Innovation | 24
Material issues for TITAN and its stakeholders | 26
Delivering value for all | 28
Partnerships for sustainable development | 29

UNDERSTANDING TITAN
6
TITAN CEMENT GROUP
INTEGRATED ANNUAL REPORT 2023
7
The forces shaping our industry
and the opportunities ahead
TITAN is a leading international business in the building and infrastructure materials
industry. Our passionate teams are committed to providing innovative construction
materials, solutions and the services needed for safe and sustainable homes,
buildings and infrastructure that enable people to enjoy life.
UNDERSTANDING TITAN
OVERVIEW
8
The need for
construction
materials and
solutions remains
robust
Customer
expectations are
driving product
innovation
With the increasing demand for
housing and infrastructure driven by
urbanization and population growth,
our operational strengths enable us to
offer innovative and sustainable
solutions rapidly. We empower our
customers to advance construction,
meeting the challenges and
opportunities of an ever-evolving
world.
Our customer-centric innovation
approach is propelling us into both
familiar and uncharted territories within
the construction industry. By engaging
with customers right from the early
design stages of their projects, we gain
invaluable insights into their
requirements. This knowledge
empowers us to provide innovative,
sustainable products, services, and
cutting-edge artificial intelligence
solutions, ensuring peak efficiency and
an enhanced customer experience.
We are building our talent and our organization’s capabilities to seize opportunities in a
dynamic world. This involves empowering our teams across our markets to progress
alongside TITAN within a safe, nurturing, inclusive, and equitable work environment.
With a rich history of over 120 years, our legacy is rooted in
innovation and an unwavering commitment to responsible
growth. 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.
TITAN employs more than 5,700 people and is present in over
25 countries, through a network of more than 240 operational
sites on four continents. It holds prominent positions in the USA,
Greece, the Balkans, and the Eastern Mediterranean. The Group
also has a joint venture in Brazil.
In an increasingly complex world, we are continuously adapting
and evolving to meet the ever-changing needs of society. In
collaboration with our stakeholders, we are committed to finding
better ways to build and enhance the quality of life.
TITAN CEMENT GROUP
INTEGRATED ANNUAL REPORT 2023
9
Climate change
and resource
scarcity call for
transition to
sustainable
solutions
C ompanies must
address ESG issues
holistically across
the value chain
We are transforming our product range
to address environmental challenges
and help build safe, resilient, and more
sustainable cities. Through our
transition to more sustainable, low-
carbon, and circular construction
solutions, we assist our customers in
achieving more sustainable building
practices and fulfilling their
environmental pledges. This approach
allows us to meet our ambitious,
science-based climate goals, aiming
for a net-zero, nature-positive world in
line with the 1.5°C scenario.
We are approaching sustainability
holistically both within our organization
and beyond. While we are providing a
more sustainable product portfolio with
exceptional performance throughout
the entire life cycle, from extraction to
delivery to the customer, at the same
time we are continuously improving
our ESG performance in alignment with
the United Nations Sustainable
Development Goals (SDGs).
Concurrently, we are encouraging our
supply chain partners to adhere to our
sustainability and ESG supplier criteria.
120+ years of sustainable growth
Guided by our entrepreneurial spirit and steadfast d edication to
sustainable growth, we have expanded beyond our Greek origins in new
geographies and new horizons. Our growth journey since 1902:
UNDERSTANDING TITAN
OVERVIEW
10
A purpose-driven company
with a strong set of core values
At TITAN, we have always acted with purpose, to protect and improve life. To better
reflect our evolution over the years, we have worked closely with our people across
the Group, acknowledging this progress and articulating our purpose and values in a
fresh, modern, and authentic manner that remains rooted in our core. At the same
time, we have updated our logo and visual identity to align with this evolution.
The articulation of TITAN's purpose and the revitalization of its
values was a collaborative journey, involving teams from various
regions and different areas of the organization. A combination of
workshops, surveys, and insightful interviews facilitated the
gathering of collective wisdom and diverse perspectives.
Purpose and values
Our purpose which is to “make the world around us a safe,
sustainable and enjoyable place to live” reflects our core values
and aspirations, and embodies the broader, profound “why”
behind our endeavors – to make the world a better place to
live in.
TITAN’s purpose statement strikes the balance between humility
and ambition, defining why the company exists, how it operates
inclusively, and the innovative solutions it delivers to the world
around us.
Our values “We care, We dare, We build to last, We walk the
talk” reflect our daily behaviors and guide us in the pursuit of our
purpose, while they also unify us, foster trust, and connect us
with our team members, communities, partners, and customers.
(Read more about our purpose, mission and values on page 12).
TITAN’s purpose and values are set to be influential catalysts for
fostering commitment, building trust, enhancing our
distinctiveness, and guiding the development of our Strategy
2026, which is centered on sustainable, green growth. (Find o ut
more about our Strategy on page 16).
TITAN logo
Our evolved logo integrates the company’s history by staying
close to the design of the previous one. It reflects the Group’s
strategy that combines dynamism, innovation, and sustainable
development. The new tagline “Building a better world together”
is comprehensive and aligned with our revitalized purpose.
Our approach involved updating both the emblem and logo.
With an emblem that is shaped like a globe, a reference to our
planet, we emphasize both the Group’s international presence
and TITAN’s concern for the planet. The color palette
emphasizes our commitment to sustainable business practices
and the future of construction materials and solutions.
TITAN CEMENT GROUP
INTEGRATED ANNUAL REPORT 2023
11
Our purpose and values
OUR PURPOSE
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:
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.
UNDERSTANDING TITAN
OVERVIEW
12
OUR VALUES

The four core values that serve as the bedrock of our culture are:
| We care |  |  | We dare
| 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. |  |  | Challenges and ambitious goals don't daunt us; they energize us.
| We care about: • Our people • Our customers • Our communities and the environment |  |  | We dare to: • Do challenging work • Be candid • Innovate • Learn
| We build to last |  |  | We walk the talk
| We believe that true success is built on a foundation of enduring value. |  |  | At the heart of everything we do lies a simple but powerful belief: actions speak louder than words.
| 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

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Global
presence
Performance and activities
across four regions and our
joint ventures.
UNDERSTANDING TITAN
OVERVIEW
14

INTEGRATED CEMENT PLANTS 1. Roanoke, Virginia 2. Pennsuco, Florida | TERMINALS 3. Essex Port Newark 4. Tampa Port Complex 5. Norfolk Chesapeake TE T
| 2 | integrated cement plants | 8 | quarries
| 82 | ready-mix plants | 3 | import terminals
| 8 | concrete block plants | 4 | fly-ash processing plants 1

Sales |  | EBITDA
€1,476.9m |  | €295.9m
Assets |  |
€1,347.5m |  |
1. Includes one facility in Canada

INTEGRATED CEMENT PLANT 6. Quixere GRINDING PLANT 7. Pecem
| 1 | integrated cement plants | 1 | cement grinding plant
| 4 | quarries | 4 | ready-mix plants

Sales |  | EBITDA
€407.8m |  | €64.7m
Assets |  |
€935.8m |  |
2. Includes Aegean Perlites S.A. in Greece

INTEGRATED CEMENT PLANTS 8. Thessaloniki 9. Kamari 10. Patras GRINDING PLANT 11. Elefsina | TERMINALS 12. Marseille, France 13. Venice, Italy 14. Hull, UK
3 | integrated cement plants |  | 1 | cement grinding plant
26 | quarries 2 | 31 | ready-mix plants
3 | import terminals | 1 | dry mortar plant | 2 | processed engineered fuel facilities

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INTEGRATED CEMENT PLANTS 20. Tokat, Türkiye 21. Alexandria, Egypt 22. Beni Suef, Egypt | GRINDING PLANT 23. Marmara, Türkiye TERMINAL 24. Samsun Port, Türkiye
| 3 | integrated cement plants | 1 | cement grinding plant
| 14 | quarries | 6 | ready-mix plants
| 1 | import terminal | 2 | processed engineered fuel facilities

INTEGRATED CEMENT PLANTS 15. Kosjerić, Serbia 16. Zlatna Panega, Bulgaria 17. Sharr, Kosovo 18. Usje, North Macedonia 19. Antea, Albania
| 5 | integrated cement plants | 21 | quarries
| 5 | ready-mix plants | 1 | processed engineered fuel facility

Sales |  | EBITDA
€239.9m |  | €33.2m
Assets |  |
€401.4m |  |

Sales |  | EBITDA
€422.4m |  | €146.6m
Assets |  |
€526.7m |  |

Our strategic focus: capturing
G reen Growth
Through our customer-focused growth strategy, we aim to become the leading
provider of green building materials and solutions everywhere we operate, by
delivering long-term value to our stakeholders and contributing to a safer, more
sustainable, and enjoyable world.
Over its 120-year history, TITAN Group has built strong market
positions, with integrated businesses that are supported by a
strong network of trading flows and local assets that allow
superior customer service. Amidst the global shift towards net-
zero emissions, TITAN is poised to capitalize on unique regional
trends across its markets. Leveraging its distinctive array of
products and capabilities, TITAN is well-positioned to seize
these emerging growth opportunities.
We expect healthy mid-term demand growth for cement, ready-
mix concrete, and aggregates in most of our markets. In the US,
this demand is mainly driven by healthy demographics, public
funding for infrastructure, and the housing deficit. Recovery
funds, combined with the drive for refurbishment, energy
efficiency and major infrastructure projects, are the key growth
factors in Greece, while urbanization and infrastructure rollout
are driving demand in the Southeastern European markets.
Besides the developed markets of the USA and Europe,
infrastructure tailwinds, coupled with population growth and
urbanization, are also present in our Eastern Mediterranean
markets, driven by public funding and economic multipliers.
In addition, the increasing demand for low-carbon materials and
digitally enabled solutions in developed markets offers
significant growth opportunities. This trend is propelled by green
public procurement policies and large clients who are
proactively setting voluntary emission reduction goals and
seeking eco-friendly and circular construction solutions. Europe
presents considerable potential for investments in
decarbonization, particularly within the framework of the EU’s
“Green Deal”. Similarly, the United States offers significant mid-
term opportunities through its sustainable growth initiatives,
such as the Inflation Reduction Act (IRA).
Regarding our exposure to emerging markets, despite the
presence of cyclical macroeconomic volatility, the prospects for
long-term growth remain robust. This optimism is underpinned
by favorable demographic trends and significant growth
potential for building materials in these regions.
Against this backdrop, TITAN Group is determined to execute its
growth-oriented strategy, which focuses on delivering
operational excellence, decarbonizing its portfolio, and
implementing pioneering digital technologies, while delivering
superior customer experience to best meet its customers’
evolving needs with unique building materials solutions.
UNDERSTANDING TITAN
OVERVIEW
16
OUR STRATEGY 2026 IS CENTERED ON FOUR KEY
STRATEGIC PRIORITIES:

| Focusing on growing our attractive positions in the US and Europe
| Accelerating new green products and solutions
| Leverage the growth potential of digital and new technologies
| Enable strategy execution through a local, performance-driven and talent-enabled operating model

Growing our attractive positions in the
USA and Europe
TITAN aims to capture green growth opportunities in existing
markets, especially in the USA and Europe, where we have
strong local positions. We plan to achieve this priority by
investing in capacity expansion, end-to-end supply chain
optimization and value chain integration that involves expanding
our aggregates, ready-mix concrete and downstream building
products businesses, both organically and via bolt-on
acquisitions. The multi-product USA hub terminals in Norfolk and
Tampa that are close to significant infrastructure projects, the
investment in portable ready-mix concrete plants in the US to
serve large but remote projects, and aggregate quarry
acquisitions in Greece, are all examples of crucial investments
that will help TITAN Group to harness the anticipated market
growth. In addition, we are actively working to get closer to our
customers, offering targeted solutions for each market segment.
These include specialty concretes for high-rise buildings in
Miami, and the integrated product offering (ready-mix concrete,
recycled aggregates, specialty products) for large project s such
as the The Ellinikon in Greece (a groundbreaking urban
redevelopment initiative located on the historic grounds of the
former Ellinikon International Airport in Athens).
TITAN’s midterm goal is to increase the significance of
aggregates and ready-mix in total sales, and have infrastructure-
related sales representing over 40% of total revenue.
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| Sales by business segment 1,2 |
| Sales by end user segment 1,2 |
| 1. Company estimates for 3rd-party sales 2. Based on 2022 results |

Accelerating new green products
and solutions
TITAN Group aims to double its sales of low-carbon products by
2026. To achieve this, a significant part of our CapEx will be
allocated to initiatives related to the decarbonization of clinker
production and to the production of lower-carbon (green)
cement. Additionally, significant investments will be made in the
development of specialty concrete products and the sourcing
and utilization of supplementary cementitious materials,
furthering our dedication to sustainable practices.
TITAN has already secured access to significant reserves of
pozzolan, a cementitious material that can replace a large part of
clinker in cement. In addition, it is planning to build the largest
carbon-capture project in Europe at its Kamari plant in Greece,
following the granting of a subsidy from the European Union
Innovation Fund. When this project is completed towards the
end of the decade, it will supply our markets in Europe with
more than three million tonnes of zero-carbon cement and will
reduce the Group’s carbon footprint by 20%.

Leverage the growth potential of digital
and new technologies
TITAN has successfully applied digital and AI solutions to
enhance operational performance in manufacturing and logistics
(energy consumption, throughput, reliability, product quality,
supply chain optimization) and improve customer experience.
TITAN, having developed a deep expertise and strong
capabilities in data-driven operations and AI, has a vision to
digitalize all cement manufacturing operations and ready-mix
concrete logistics by 2026. We are also developing new digital
service models and have launched our first digital business,
CemAI, which offers digital maintenance services. In addition to
digital transformation, the Group is exploring several other new
technologies to enhance its performance and customer
experience, including blended cements with novel cementitious
materials (e.g., calcined clays), 3D printing solutions and modular
waste heat recovery systems to convert heat from the kiln into
electricity and thereby reduce Scope 2 emissions by 20%.
Moreover, TITAN has launched a dedicated Corporate Venture
Capital unit to explore partnerships and invest in startups that
develop promising technologies and solutions for the building
materials industry of the future.
UNDERSTANDING TITAN
OVERVIEW
18
>12%
>35%
<45%
2022
2022
2026
2026

Enable strategy execution through a
local, performance-driven and talent-
enabled operating model
We are accelerating the execution of our strategy across the
regions that we are active in based on a strong decentralized
performance-driven operating model, with the support of a
value-adding corporate center and strong capital allocation
discipline, while continuing to build new capabilities and
distinctive talent throughout the organization.
TITAN Group has committed to an ambitious set of
financial and operational targets that will deliver superior
returns to our shareholders.
TITAN aims to grow its sales to €3 billion, driven by both organic
and bolt-on contributions. The Group expects over-proportional
growth in EBITDA by more than 10% per year, while aiming to
achieve a strong balance sheet with lower leverage, increased
returns on capital and a progressive shareholder reward policy.
At the same time, the Group will continue to focus on
operational excellence, aiming to reduce CO 2 specific net
emissions by 30% compared to 1990 level, double the amount of
low-carbon products and fully digitize cement manufacturing and
ready-mi x concrete lo gistic s.

| 2026 TARGETS |
| Sales |  | EBITDA growth (p.a.) |  | ROACE |  | EPS |
| €3bn |  | >10% |  | >12% |  | >€3/share |
| Leverage ratio |  | Green products portfolio |  | Specific net direct CO 2 emissions (per cementitious product) |  | Digitized cement manufacturing & ready-mix logistics |
| 1.5x-2x |  | >40% |  | <550 kg/t |  | 100% |

19
Focusing on the custom er
We aim to achieve customer-centric
growth while increasing the volume of
green solutions in response to rising
customer demand for environmentally
friendly products. We provide building
materials and innovative construction
solutions necessary for a more
sustainable, carbon-neutral world.
To accommodate these changes, we
plan to increase the percentage of low-
carbon cement products by 2026 from
23.4% to 40.0%.
SHIFTING TO A GREENER PRODUCT PORTFOLIO

Lower-carbon products at least 25% less than baseline OPC 1 |
| Lower-carbon products with at least 25% less CO 2 than OPC 1
1. Baseline OPC clinker-to-cement ratio: 95% Clinker specific Scope 1 gross emissions: Avg. GNR figure based on 2020 data |

| August 2023 New cementitious offering to the market Secured long-term pozzolan reserves, essential for the production of cementitious products and the decarbonization of our footprint. |  | July 2023 Preparing for future zero-carbon materials Carbon Capture and Storage investment in Greece, 3 m tonnes of zero-carbon cement 2.

UNDERSTANDING TITAN
OVERVIEW
20
2023
2026
ADDRESSING CUSTOMERS’
CHANGING NEEDS
We proactively anticipate and address our customers’ needs by
offering innovative, resilient, and cost-efficient materials and
solutions. Our goal is to minimize the carbon footprint
associated with buildings and infrastructure across the entire
construction value chain. As a preferred supplier, we are
committed to providing a more environmentally friendly and
diverse product portfolio, making lower-carbon cements
available across our operations.
Concurrently, we are accelerating the deployment and adoption
of cutting-edge digital technologies. Our aim is to become the
preferred choice for our customers in every market segment that
we serve, ensuring we stay at the forefront of quality, innovation
and sustainability.
In the US, a thorough market analysis has led to the offering of
new product lines, aligned with the modern needs of
construction trends.
AN EXAMPLE FROM THE US MARKET
Delivering new high-performance concrete products,
providing a total customer solution.

GREENCRETE Lower-carbon concrete solution. Up to 70% CO 2 reduction vs. standard concrete |  | EXTENDED JOINT SPACING Designed for super flat flooring to enhance usage of robotics |  | ANTI-MICROBIAL Prevents corrosion and bacterial build up in stormwater, drinking water and medical facilities
MARINE CONCRETE Anti-washout and increased corrosion resistance for seawalls, offshore windfarms etc. |  | ULTRA-HIGH PERFORMANCE Resilient urbanization needs >12,000 psi concrete for enhanced durability |  |

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FOCUSING ON CUSTOMER IN ACTION
We continuously enhance our portfolio to meet our customers’ evolving requirements.
This involves not just expanding our range of specialty products, but also developing
integrated solutions tailored for large-scale projects, such as “The Ellinikon”, a major
urban redevelopment project on the site of the former Ellinikon International Airport in
Athens, Greece. Furthermore, through investments to upgrade our logistics capabilities,
we effectively address the complex and diverse needs of our customers.

| Specialty offers for multi-family residential • Commercial High-rise Buildings • On the back of the Sunny Isle Project, TITAN Florida RMC secured the Waldorf Astoria foundations with Keller Group • Specialty products with super high-performance concrete • Delivered customizable solutions to meet challenging performance requirements
| Infrastructure integrated offers • Agreement with “Lamda Development” to install RMC plant at “The Ellinikon” • State of the art plant, enabling the production of all types of concrete • Supporting the customer with the entire range of specialty products required for the project • Reduction of CO₂ from transportation, Reduced energy consumption, 100% water recycling
| Upgrading our route to market • Increasing Titan America terminals’ capacity • Load capacity increase for low carbon cementitious materials • Support the increasing demand for sustainable solutions, while offering premium loading services to the market

UNDERSTANDING TITAN
OVERVIEW
22
FOCUSING ON DELIGHTING OUR CUSTOMERS WITH
PRODUCTS AND SOLUTIONS
The following projects are some highlights from our intense approach to serve our customers
and offer more than just a product.
We act every day with integrity, empathy, and environmental accountability to shape a brighter future for all.

Athens Metro Line 4, Greece Currently one of the largest infrastructure projects in EU, awarded to INTERBETON capitalizing on its Metro Line 3 performance |  | Athens International Airport INTERBETON paving the way for high-performance concrete applications
• Large infrastructure project for the new Subway Line 4 with several subway stations in Athens. One of the largest infrastructure projects in Europe • Elliniko Metro awarded the project to INTERBETON • Challenging constant supply of high-quality concrete • Combination of time framed services with many simultaneous distribution points |  | • Infrastructure project for the New apron construction and new buildings for the airport’s expansion • Customer: INTRAKAT • Antaeus – high performance Concrete • Product tailor-made for fast concrete layering, strength, durability and rheological properties
El Dabaa Nuclear Power Plant, Egypt The project is expected to boost the country’s economy and industrial development |  | I-40/I-77 Interchange, USA A critical component of North Carolina’s highway system awarded to Roanoke Cement
• Infrastructure : First Nuclear power plant (4.8GW) in El Dabaa, Matrouh Governorate, Egypt • Owned and Operated by the Nuclear Power Plant Authority (NPPA) of the Arab Republic of Egypt • Sulfate resistant and ordinary Portland cement • Simultaneous delivery to three main construction companies & RMC at site, meeting the strict timeframe |  | • Infrastructure: Streets & Highways - North Carolina’s highway system • Customer: Lane Construction, one of the largest contractors in the USA • Low-carbon interstate concrete paving project • Cement and RMC teams prescribed the first low-carbon concrete paving in the Eastern USA and are working to expand the decarbonized portfolio

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Fostering innovation
Spanning many decades, TITAN’s innovation journey is marked by pioneering
advances in manufacturing. We remain committed to excellence and fostering
innovation through collaborations with academia, startups, industries, and
stakeholders, transforming how we build.
With a focus on sustainability and durability in construction, TITAN acknowledges the evolving challenges posed by technological
advances and societal changes. We embrace innovation as the cornerstone for navigating these challenges, thereby catalyzing
tangible benefits for the environment, customers, and stakeholders.
Innovating across three megatrends that are transforming how we build
Novel construction methods and
technologies
• Smart digital technologies (AI, IoT,
Building Information Modeling)
• Prefabricated and modular
components
• 3D printing
Sustainable and circular solutions
• Eco-friendly materials and energy-
efficient technologies
• Renewable energy and energy
storage solutions
• Carbon capture, green hydrogen
Nanotechnology and material
innovations
• Advanced materials, offering improved
performance, efficiency and durability
• Activated cementitious materials
• Conductive mortars
• Novel admixtures
Our Carbon Capture, Utilization, and Storage (CCUS)
innovation journey
Our innovation journey reached a major milestone in 2023 when
IFESTOS, a groundbreaking carbon capture project in Greece,
was selected by the European Commission for grant agreement
preparation in the context of the third call for large-scale projects
under the EU Innovation Fund. Following our successful CCUS
pilots in previous years, IFESTOS is the largest project of its kind
in Europe, and will advance TITAN’s decarbonization journey,
expedite the sector’s green transition, and substantially
contribute to promoting carbon capture throughout the
continent. IFESTOS involves the construction of a large-scale
carbon capture facility at TITAN’s flagship Kamari plant near
Athens. This facility will enable the decarbonization of cement
manufacturing and the delivery of innovative green building
materials, the demand for which is increasing as a major lever in
creating a sustainable, climate-friendly built environment. The
project is intended to be part of an ecosystem of projects that
will combine carbon capture points with transportation and
storage infrastructure.
Green hydrogen
H2CEM is the only project for the cement sector that has been
approved within the second Important Project of Common
European Interest (IPCEI) “Hy2Use”, following rigorous
assessment by the European Commission, for activities related
to research and innovation, first industrial deployment, and
construction of relevant infrastructure in the hydrogen value
chain. With the goal to enhance the substitution of fossil fuels
with green hydrogen and other sustainably sourced fuels,
H2CEM concerns the production of green hydrogen through
electrolysis, powered by renewable energy sources, at TITAN
cement plants in Greece. H2CEM includes a demonstration, on
an industrial scale, of the use of hydrogen as the main fuel for
the production of cement clinker.
UNDERSTANDING TITAN
OVERVIEW
24
Industrial production of novel, low-CO 2 products
(calcined clays)
Calcined clays: Following a detailed mapping of the available
resources in the vicinity of our operations, we proceeded with
the successful thermal activation of locally available clay
materials on an industrial scale in Patras plant, Greece, achieving
product performance at par with conventional cement and up to
30% lower CO 2 emissions. With extensive testing for long-term
concrete durability currently under way, we are prepared to offer
novel cementitious materials as part of our sustainable low-
carbon solutions.
3D printing
We printed the first concrete structure in Greece, using the first
ever 3D concrete printer made entirely in Greece, at TITAN’s
Elefsina plant. Along with our partners in the research project
3BUILD, we successfully completed four years of laboratory and
pilot-scale testing, to develop the prototype 3D printer and the
innovative “printing ink”, based on a highly optimized cement
mix. At the same time, we proceeded with a full-scale printing
demonstration in the USA, utilizing commercial printers and in-
house printing solutions.
Nurturing an innovation culture within TITAN
TITAN actively fosters an innovation culture within its operations,
nurturing an environment that encourages creativity and
collaboration to drive continuous advancements.

| Ideation challenge In 2023, we held our first ever internal ideation challenge, aimed at bringing forth new concepts to improve everyday life for our people and our customers. Motivated by the vision that “everyone can innovate” in TITAN, the competition generated 220 ideas from colleagues across the globe, covering all areas in which an organization can innovate, from products and services to brand awareness and customer experience, and from manufacturing and other core business processes to workplace environment and employee experience. The ideas submitted ranged from solutions that can further reinforce TITAN’s position as an employer of choice and a preferred supplier, to next-generation safety solutions and new products that support the Group’s environmental sustainability strategy and enrich its smart construction portfolio. |

€40m venture capital initiative to invest in early-stage Contech and Greentech startups
With our Venture Capital initiative, launched in 2023, we aim to further foster innovation within the construction ecosystem, by
investing up to €40 million in the medium term and forging partnerships that will give us early exposure to disruptive
technologies and bolster our growth strategy. The initiative aligns with the Group’s objectives to integrate innovative products,
services and materials into our operations and solutions, seeking to drive growth and competitiveness while also accelerating
our sustainability and digitalization goals.
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Material issues for
TITAN and its stakeholders
We adhere to the principles of double and dynamic materiality, integrating them into
our business strategies to foster long-term sustainability. These approaches guide us
in not only addressing the financial implications of our actions but also in
understanding and responding to the environmental and societal impacts, ensuring a
comprehensive and forward-thinking approach to sustainable development.
Stakeholder engagement
We regularly receive feedback from our stakeholders, by leveraging a wide range of communication channels. Our Guidance
Framework for Stakeholder Engagement provides the guiding principles for all business units. We customize our approach according
to the characteristics and needs of different groups of stakeholders.

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 • Environmental complaints management
Business partners and suppliers |  | • Group Policies and Code of Conduct for Procurement • Qualification based on ESG Criteria
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 |  | • Participation in global and local campaigns, stakeholder forums and conferences • Integrated Annual Report, corporate website, LinkedIn page
Contractors |  | • Qualification based on ESG criteria • Health and Safety and Environmental Management training
Civil Society and Youth |  | • Internship programs • Regeneration Academy for Digital Acceleration, “Business days” with universities to attract talent • Corporate website, LinkedIn page
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
Investing community (shareholders, investors, and financial analysts) |  | • 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

UNDERSTANDING TITAN
OVERVIEW
26
Incorporating the principles of double materiality assessment
Mapping what is most material to our stakeholders and to the business is the key to effectively assessing the impact of possible
risks, as well as opportunities, and to develop action plans that serve our strategic goals.

Materiality matrix |  | Material issues
|  | 1. Future-ready business model in a carbon-neutral world 2. Innovation with emphasis on digitalization and decarbonization 3. Safe and healthy working environment 4. Continuous development of people 5. Diverse and inclusive workplace 6. Positive local social, economic and environmental impact 7. Resource efficiency, recycling, and recovery, contributing to the circular economy 8. Reliable and sustainable supply chain 9. Good governance, transparency and business ethics

Dynamic materiality
Our approach to dynamic materiality is driven by the need to
listen to the changing expectations and emerging needs of our
stakeholders over time. Also, we are mindful that what appears
financially immaterial today can quickly prove to be business-
critical tomorrow. We are enhancing our strategy based on the
valuable insights gained from our stakeholders’ feedback, which
is the result of a comprehensive materiality validation project
conducted in 2022. This project, implemented across all our
countries of operation, has provided us with critical information
to better align our objectives with stakeholder expectations and
needs.
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Delivering value for all
To make the world around us a safe, sustainable and enjoyable place to live, we
create and share value through the efficient utilization of our capital. We are focused
on addressing global and local societal and environmental challenges, and
contributing to the attainment of the UN SDGs 2030.

We draw on our capital |  | ESG highlights
Financial capital |  | We use our economic resources efficiently to support our business growth and safeguard our international competitiveness. |  | Gross Value Added €839.8 m
Manufactured capital |  | We manufacture our products using the best available technologies, and we distribute them reliably to our customers through dedicated terminals. |  | Capital expenditures €224.0 m
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. |  | Investments in research and innovation €22.1 m
Human capital |  | We value our people’s contribution and continuously support their professional development in an engaging, inclusive, and collaborative working environment. |  | Salaries, pensions and social benefits, i ncluding and beyond those provided by law €392.4 m |  | Internships 361
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. |  | Total spend on donations and community engagement initiatives €2.6 m |  | Local spend of TITAN 67.8%
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. |  | Waste utilization 2.2 m tonnes |  | Climate change mitigation investments €63.4 m

Note: For more information on our Value creations indicators, see Table 2.5.9 of the ESG performance statements on page 164.
UNDERSTANDING TITAN
OVERVIEW
28
Partnerships for
sustainable development
By actively engaging in global collaborative efforts and aligning with international
organizations, TITAN Group is contributing to the development of a world that is both
safer and more sustainable for future generations.

|  | Since 2002, TITAN has been a participant in the UN Global Compact (UNGC). Through an online questionnaire, we consistently disclose our company's ongoing efforts to integrate the UNGC Ten Principles into our business strategy, culture, and daily operations.
|  | We were one of the first three cement companies in the world to have our greenhouse gas (GHG) emissions reduction targets approved by the Science Based Targets initiative (SBTi) as being in line with the 1.5 o C pathway and among the first group of companies to receive approval for net-zero targets.
|  | We joined the “Business Ambition for 1.5°C” commitment to keep global warming under 1.5°C and achieve net- zero emissions by 2050, and the United Nations Framework Convention on Climate Change (UNFCC) “Race to Zero” global campaign, which encourages more companies, governments and institutions to come together and act for a healthier planet with zero carbon emissions.
|  | 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 participate in the Industrial Transition Accelerator (ITA), an initiative launched during COP28, pledging to accelerate the decarbonization of heavy industries on a large scale.TITAN will collaborate with leading global players across various sectors to collectively reshape the industrial landscape, promote climate-related innovation, and expedite progress toward achieving net-zero emissions.
|  | We are working with the Global Cement and Concrete Association (GCCA) and the GCCA Research Network Innovandi to implement the 2050 Roadmap to Net Zero. In 2023 we joined the new GCCA Nature Task Group, aligning with the latest trends and measures in the field of nature conservation.
|  | We participate in the Energy Transition and Climate Change Working Group of the European Round Table for Industry to address the triggers for a successful transition towards a low-carbon economy, and thus contribute to achieving the goals of the Paris Climate Agreement.
|  | 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 have been a CSR Europe member since 2004 and a founding member of national partner organizations. Through CSR Europe and its participation in EFRAG’s European Reporting Lab, in 2023, TITAN contributed to the development of the European Sustainability Reporting Standards.
|  | 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 TITAN’s efforts for the advancement of gender equality and women’s empowerment in the workplace.

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Pe rformance
highlights
An overview of our Group’s overall
performance in 2023, focusing on our
financial and ESG pillars.

Performance highlights | 30
Financial performance | 32
Equity market information | 34
ESG performance | 35
ESG performance acknowledged by world-leading rating agencies | 35
Making progress towards our ESG targets | 36
ESG commitments: converting ambitions into performance outcomes | 38
Sustainability governance | 42
Regional performance | 44
Other business activities | 53
Outlook 2024 | 55

UNDERSTANDING TITAN
30
TITAN CEMENT GROUP
INTEGRATED ANNUAL REPORT 2023
31
Financial performance
Record profitability led by strong sales growth
In 2023, TITAN Group achieved a strong financial performance
across the board, by growing sales, boosting earnings, and
strengthening the balance sheet position and liquidity. The
Group posted a record EBITDA result with double-digit
profitability growth in all regions of activity despite currency
weakness in the Eastern Mediterranean markets. Supported by
increased demand across its key markets, adapting pricing,
counterbalancing persistent inflationary headwinds, along with
better energy cost performance, the Group managed to restore
profitability margins. Cash generation grew significantly, while
the Group maintained high levels of CapEx during the year, in
line with the mandates of its Green Growth Strategy 2026,
prioritizing deployment of funds towards growth,
decarbonization, digital transformation initiatives and improved
logistics capabilities.
Group sales in 2023 totaled €2,547.0 million, a 11.6% increase
compared to the previous year, while EBITDA grew by 63.1%,
reaching €540.3 million. The Group's net profit after taxes and
minority interests more than doubled, reaching €268.7 million
from €109.7 million in 2022, despite FX losses – in Egypt and
Türkiye – and higher taxes. Earnings per Share (EPS) grew at
€3.6/share, versus €1.45/share in 2022. TITAN’s return on
average capital employed (ROACE) in 2023 also increased
significantly to 16.9%, compared to 7.0% in 2022.
2023 performance highlights
2023 was another year of strong growth in all our regions,
demonstrating significant profitability growth against the
backdrop of a mixed global economic environment.
The US region, TITAN’s biggest market, delivered milestone
results. With the aid of government programs, public funds for
infrastructure projects started to flow through into activity,
strengthening Group’s volumes. Demand for private
nonresidential was also sustained, benefiting from the local
economic trends in our main US states of activity – Florida and
the Mid-Atlantic – thanks to increased internal migration and
corporate relocations. A slowdown in demand for residential was
mitigated by both population and employment growth. While the
effect of persistently elevated costs during the year translated
into increased labor, import, distribution and logistics expenses
for the Group, our price increases and our substantial
investments across critical areas targeting the digitalization of
our operations, improved energy mix and productive capacity
expansion, created efficiencies which have been reflected in our
yearly improved performance. Overall, Titan America’s sales in
2023 increased by 16.6% versus 2022, reaching ca. $1.6 billion.
EBITDA increased by 67% during the year, reaching $319 million.
In euro terms, sales increased by 13% to €1,477 million while
EBITDA amounted to €296 million, up by 60.1%.
Greece’s economy continued its upward trend in 2023, with
many of the country’s key macroeconomic indicators improving.
This virtuous cycle supported TITAN’s operations in the country,
making for a strong performance year. The Greek region
recorded the highest sales and volumes growth, with total
domestic and export sales up b y 22%, on the back of significant
volume increases across all product lines. Domestic sales were
driven by large and smaller infrastructure projects, by private
real estate development projects such as “The Ellinikon”, among
others, and by hospitality-related construction thanks to the
flourishing tourism sector. Housing activity is also rising,
especially in the large cities. Sales to the Group’s European
terminals saw strong growth due to higher prices, ultimately
increasing total sales in Greece and Western Europe by 22% to
€407.8 million while EBITDA doubled to €64.7 million.
Southeast Europe experienced significant growth, with a
consistently dynamic year-over-year performance, augmented
volumes and margin restoration performance in all countries we
operate in. Within a positive economic environment and due to
strong market fundamentals, in 2023 sales increased by 9.5%,
reaching €422.4 million. Resilient pricing coupled with cost
optimizations contributed to EBITDA climbing to €146.6 million,
up by 54.4% versus €95 million in the previous yea r. The effects
of the Group’s focused investments in the green energy
transition, along with softer electricity prices, all contributed to
the improved bottom line result.
In the Eastern Mediterranean, Egypt’s and Türkiye’s
performance had diverging trajectories in 2023: Türkiye gained
momentum, despite alarming inflation, as demand showed signs
of recovery with the local real estate market seeing an uptick
and with pricing absorbing constant inflation pressures, following
a renewed need for extensive reconstruction in the aftermath of
last year’s tragic earthquake. Egypt, however, lost some ground,
having been adversely affected by a stalemate in difficult
macroeconomic conditions. Sales for the region fell by 6.1% to
€239.9 million, mainly due to the weakening of the currencies,
while EBITDA improved by 69.5% to €33.2 million, following
resilient pricing and targeted cost improvement activities that
included the accelerated utilization of alternative fuels.
Lastly, our Brazilian operations also ended the year with positive
results despite high interest rates and restricted credit which
weighs negatively on cement demand.
Sales volumes growth thanks to prolonged demand in
main markets
Steadily increasing demand levels for the Group’s leading
products across all main markets resulted in higher volumes.
TITAN’s resilience has validated anew the Group’s strategic
geographic selections in positions that have exhibited strong
market fundamentals and have performed well despite periodic
patterns of cyclicality. In 2023, the Group’s domestic cement
sales posted growth, increasing by 2% to 17.5 million tonnes and
total cement exports to third parties also slightly increasing, with
exports being mainly directed to the Group’s own terminals in
the US and Europe. Ready-mix volumes were reinforced owing
to expanded demand, leading to a 5% increase year over year
bringing the Group’s total ready-mix concrete volumes to 5.9
million m 3. Group aggregates sales also increased, growing by
4% to a total of 19.9 million tonnes in 2023, driven by substantial
demand in Greece.

| 2023 | 2022 | +/-
Cement – domestic (million tonnes)* | 17.5 | 17.2 | +2%
Ready-mix concrete (million m 3) | 5.9 | 5.6 | +5%
Aggregates (million tonnes) | 19.9 | 19.1 | +4%

Includes Brazil; does not include associates.
*Sales in domestic markets incl. clinker and cementitious materials.
UNDERSTANDING TITAN
PERFORMANCE HIGHLIGHTS
32
Investments and Operating Free Cash Flow
In 2023, the Group remained committed to its long-term
investment strategy, having upheld high levels of CapEx,
targeting future growth, directed to several projects across the
Group’s core markets mainly in the US and Europe. More than
half of the annual total CapEx amount was apportioned to the US
region as part of the Group’s $300 million growth investment
program for the period 2021–2023. The Group’s total CapEx
reached €224.0 million compared to €241.9 million in 2022. The
2023 capital allocation priorities were set in areas targeting
sales growth, cost efficiencies, transition to lower emissions and
carbon footprint reduction as well as logistics. Increased
expenditures were also earmarked for the digital technology
front, resulting in manufacturing production efficiencies, while
production and storage capacity expansion investment projects
improved the Group’s logistics capabilities, debottlenecking
operations.
The Group executed some landmark CapEx projects during the
year, including the calciner in the Kamari cement plant in Athens,
Greece, at a total cost of €26 million, contributing to increased
alternative fuels utilization. In the US, the Group constructed two
new domes at its key import terminals in Tampa (Florida) and
Norfolk (Virginia), in a total investment of ca. $70 million and with
a combined import storage capacity of more than 130,000
tonnes.
The Group also finalized two bolt-on investments as part of its
Green Growth Strategy to expand its offerings of supplementary
cementitious materials (SCMs). In early 2023, the Group took a
participation in Aegean Perlites, on the Greek island of Yali,
while at the end of the year the Group acquired the concession
rights in Vezirhan Pozzolana Quarry, in the East Marmara region
of Türkiye, bolstering its efforts to secure long-term pozzolana
reserves for its own use and for trading purposes.
The Group’s cash flow generation improved significantly during
2023 with the Operating Free Cash Flow (OFCF) standing at
€292.5 million due to the robust EBITDA result of €540.3 million
and following disciplined working capital management, despite
high CapEx levels and higher tax payments owing to the Group’s
increased profits.

| 2023 | 2022
EBITDA | €540m | €331m
Capital Expenditure | €224m | €242m
Working Capital Increase | €54m | €92m
Operating Free Cash Flow | €293m | €19m

Group leverage
The Group’s net financial debt position improved, with net debt
standing at €659.9 million at the end of 2023, a substantial
decrease of €137.4 million from €797.3 million in the previous
year. This deleveraging contributed to the sharp reduction of the
Net Debt/EBITDA ratio to 1.2x (2022: 2.4x), a decade-record low.
The Group’s credit ratings also improved during the year, with
S&P revising its rating for TCI in September to “BB with a
positive outlook”, versus a previous stable outlook. During the
summer of 2023, Fitch initiated coverage, assigning a long-term
issuer rating of “BB+’’ to TCI and the outstanding bonds of Titan
Global Finance, a TCI subsidiary.
The Group’s exposure to interest rate fluctuations remained low,
with the Group’s fixed-to-floating debt ratio at ca. 90%.
In December 2023, a new bond was issued through a private
placement for a total amount of €150 million at a 4.25% coupon
rate and a maturity of five-and-a-half years with the aim to
extend the debt maturity profile and reduce financing costs.

| 2023 | 2022
Net debt at year-end | €660m | €797m
Net Debt/EBITDA | 1.2x | 2.4x

| Bond repayment and debt maturity profile (€m) as of 31 December 2023 |
| n Bank debt n Bonds n Leases |

Outstanding bonds

ISIN | Amount Outstanding | Coupon | Maturity
XS1716212243 | €350,000,000 | 2.375% | 16/11/2024
XS2199268470 | €250,000,000 | 2.75% | 09/07/2027
XS2731293168 | €150,000,000 | 4.25% | 13/06/2029

Proposed dividend distribution
The Board of Directors is proposing to the Annual General
Assembly of Shareholders, scheduled to take place on 9 May
2024, a dividend of €0.85 per share, which represents an
increase of 42% versus last year’s distribution.
TITAN CEMENT GROUP
INTEGRATED ANNUAL REPORT 2023
33
387
94
12
254
5
154
21
Equity market information
Actively engaging with the investment community by communicating TITAN Group’s
financial performance and transformative strategy
Listings and indices
Following 107 years of listing history at the Greek stock exchange
and after the successful completion of a Voluntary Share Exchange
Offer that formed Titan Cement International (“TCI”), TITAN’s
shares were listed on Euronext Brussels, in July 2019, along with a
parallel listing on Euronext Paris and a secondary listing on the
Athens Stock Exchange. As of 31/12/23, TCI’s fully paid-in share
capital amounted to €959,347,807.86 with 78,325,475
outstanding shares. TCI forms part of various indices such as the
ATHEX Large Cap, ATHEX ESG, FTSE All-World, BEL All-Share,
CAC All-Share and, as of March’24 FTSE Russell Large Cap.
Treasury shares
During 2023, the Group has further strengthened shareholder
returns by launching two new share buy-back programs. In
February 2023, the Group completed a program that had started
in mid-2022 for a value of €10 million, while in March 2023
another €10 million program started which was completed in
November 2023. Upon its completion, a new larger share buy-
back program was launched, for a value of €20 million. Overall,
during 2023, 891,849 shares were acquired for a total amount of
€14.9 million and are held as treasury shares. On December 31,
2023, Titan Cement International owned 3,881,995 treasury
shares, representing 4.96% of the total voting rights.
Share price evolution
2023 has been a landmark year for TITAN’s stock, showcasing a
full-year performance of +77%, while reaching its highest level
since the Euronext listing - €21.85 - on 20/12/2023. TCI’s closing
share price at the last trading date of the year was €21.25 on
Euronext and €21.45 on the Athens Exchange, a year-on-year
notable hike of 77% and 78% respectively. The development of
TCI’s share price reflected the very strong results that the Group
presented throughout the year, the positive market sentiment
and the improved performan ce of the ATHEX stock exchange,
posting gains of 39%. 2023 has been a year in which most of the
equity indices across the globe had a positive performance;
however, TCI significantly outperformed them; the S&P 500 rose
by 24%; the STOXX Europe 600 Index by 13%, the BEL Midcap
by 10% and the Europe 600 Basic Materials by 4%. The market
capitalization of TCI at year-end 2023 stood at €1.7 bill ion.
Interaction with investors and analysts
The Investor Relations team actively interacts with existing
shareholders, including institutional and retail investors, while
engaging in raising awareness for the Company among new
potential investors. Targeted communication is fostered either in
the form of direct contact or through participation in roadshows
or conferences, facilitating discussion with interested parties.
Beyond the quarterly engagement following results-related
releases, regular updates are provided to investors outside
results cycles. Due to the increasing importance of sustainability
on investors’ portfolio selection agendas, TCI takes careful
consideration of those expectations and needs, while seeking
ratification from independent ESG rating agencies. On 28/09/23,
TITAN held an Investor Day in Athens, Greece, bringing together
many representatives of the investor community. The event
provided the opportunity for open dialogue with the Company’s
Management team while the Group presented its updated
“Green Growth Strategic Directions 2026”.
The Group also announced its financial, sustainability and
digitalization goals. TITAN also maintains regular contact with
International and Greek analysts, providing timely information
that helps analysts issue periodic reports within the year.
Shareholder s tructure
The Company’s Shareholder Structure is available on page 81 of
this report [9.3] and on the Company’s website: https://ir.titan-
cement.com/en/shareholder-center/shareholderstructure.
Returns to s hareholders
Apart from the various share buyback programs, the Company
enhances shareholder value by distributing profits, either in the
form of dividends or in the form of capital returns. For 2023, the
Board of Directors is proposing to the Annual General Assembly of
Shareholders, scheduled to take place on 9 May 2024, a dividend
distribution of €0.85 per share. This represents an increase of 42%
versus last year’s amount; distributions to shareholders have been
constantly increasing during the last 5 years.

| Return per share (€) |
| 2019, 2020 & 2021: Capital return 2022 & 2023: Dividend |

UNDERSTANDING TITAN
PERFORMANCE HIGHLIGHTS
34
ESG p erformance recognized by
world-leading rating agencies
We are committed to continuously improving our ESG performance while refining our
objectives to better match the expectations of our stakeholders. As part of this
commitment, we actively pursue and highly appreciate feedback from independent
ESG rating agencies.

|  | In February 2024, and for a second consecutive year, Titan Cement International S.A. received a top “A” score on climate action by the carbon disclosure non-profit organization CDP, in recognition of its leadership in corporate transparency and performance on climate change. TITAN is one of the 346 companies across all sectors that achieved this level in 2023, out of nearly 21,000 companies scored. Furthermore, TITAN Group achieved an “A-” score for water security and it is one of only three companies in its sector to attain top scores in both categories.
|  | In August 2023, and for a third consecutive year, Titan Cement International S.A. received an MSCI ESG Rating of “AA”, which acknowledged it a leader with one of the top scores in its peer group. MSCI ESG Research provides ESG Ratings on global public and some private companies on a scale of “AAA” (leader) to “CCC” (laggard), according to exposure to industry-specific ESG risks and the ability to manage those risks relative to peers.
|  | In December 2022, Titan Cement International S.A. received an improved ESG Risk Rating of 26.9 and was assessed by Sustainalytics to be at medium risk of experiencing material financial impacts from ESG factors. The score places us 16 th out of 142 construction materials companies.
|  | In December 2023, Titan Cement International S.A. scored 63/100 in the S&P Global Corporate Sustainability Assessment, a 4-point improvement from 2022, ranking in the top 10% of the construction materials industry. Notable sub-scores include 91 in climate strategy and 80 in sustainable construction.
|  | In December 2023, Titan Cement International S.A. received an increased overall ESG score of 64/100 by Moody’s Analytics (56/100 in 2021), 18 points higher than the European Building Materials sector average. Also, Moody’s Analytics evaluated the Group’s strategy to manage risks and opportunities related to the transition to a low carbon economy, with an “advanced” energy transition score (68/100).
|  | In July 2023, Titan Cement International S.A. was upgraded to “Prime” status in the ISS ESG Corporate Rating, positioned at the top 10% of the construction sector with a “C+” score.
|  | In March 2024, TITAN Cement International S.A. received a 71/100 ESG score by LSEG data & analytics, ranked 17th out of 120 construction materials companies.
|  | In December 2023, Titan Cement International S.A. earned the Silver Badge from EcoVadis, which places TITAN in the top 12% of companies rated in the Manufacture of cement, lime and plaster industry.
|  | In December 2023, Titan Cement International S.A. achieved a remarkable 95% ESG Transparency Score, accredited by ATHEX ESG, solidifying its position among top performers.
|  | In April 2023, Titan Cement International S.A. achieved platinum-level recognition for its exemplary transparency regarding ESG issues in the Forbes Transparency Index. This distinction was based on a survey conducted among the top 100 companies in Greece.

TITAN CEMENT GROUP
INTEGRATED ANNUAL REPORT 2023
35
Making progress
towards our ESG targe ts
In 2023 we recorded substantial progress towards our ESG targets, demonstrating
our strong commitment to sustainability and long-term value creation for our
customers, local communities, employees and other stakeholders.

| Targets 2025 and beyond | 2023 | 2022 | Progress vs. targets
Decarbonization and digitalization | SBTi targets validation | Validation according to the 1.5 o C scenario | Validation according to the 1.5 o C scenario |
Net-zero (2050) Net-zero GHG emissions across the value chain 1 | Net-zero target validated by SBTi | Net-zero target validated by SBTi |
Scope 1,2,3 GHG emissions (kg/t cementitious product)2,3 | 689.9 | 697.8 |
• 25.1% by 2030 vs. 2020 level 1 • 95.6% by 2050 vs. 2020 level 1 | -8.8% | -7.8% |
Scope 1 |  |  |
Scope 1 gross GHG (kg/t cementitious product) | 636.9 | 646.4 |
-22.8 % by 2030 (vs. 2020 level)1 | -8.3% | -7.0%
Scope 1 net GHG (CO 2) | 607.7 | 619.0 |
• 550kg/t cementitious product by 2026 (-18.1% vs. 2020 level) • 500kg/t cementitious product by 2030 (-25.6% vs. 2020 level) | -9.6% | -7.9%
Scope 1 net CO 2 intensity (kg/€)10 | 3.84 | 4.18 |
Scope 2 GHG (kg/t cementitious product) | 49.0 | 47.0 |
Scope 2 GHG -58.1% by 2030 (vs. 2020 level)1 | -16.0% | -19.4% |
Scope 3 GHG (kg/t cementitious product)4 | 114.5 | 116.7 |
Scope 3 absolute GHG from the use of sold fossil fuels - 80.9% by 2030 (vs. 2020 level) 1 | -95.5% | -95.2% |
Scope 3 other absolute GHG - 90% by 2050 (vs. 2020 level)1 | +4.5% | +1.4% |
Monitoring and independent verification of Scope 3 GHG | Independently verified | Independently verified |
Annual investment in Research & Innovation to €20m | 22.1 | 11.7 |

Progress Key
Achieved | On track | In progress

1. SBTi-validated targets
2. The target boundary includes land-related emissions and removals from bioenergy
3. Scope 1: direct CO 2 emissions (gross); Scope 2: indirect CO 2 emissions from electricity; Scope 3: indirect CO 2 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
UNDERSTANDING TITAN
PERFORMANCE HIGHLIGHTS
36

| Targets 2025 and beyond | 2023 | 2022 | Progress vs. targets
Growth enabling work environment | Zero fatalities | 0 | 1 |
LTIFR (employees) among the three best in peer group 5 | 0.35 | 0.63 |
Well-being initiatives, addressing the physical, mental, social and financial dimensions of well-being for our employees | 226 | 215 |
1/3 female participation in BoD | 1/3 | 1/3 |
Promote equal opportunities and inclusion; increase by 20% female participation in senior roles, talent pools and new hires | % women in management | 20.8 (+25.8% vs. 2020 level) | 19.4 (17.7% vs. 2020 level) |
% women in senior management | 12.7 (-9.6% vs. 2020 level) | 12.3 (-12.6% vs. 2020 level) |
% women in new hires | 12.8 (-4.7% vs. 2020 level) | 16.6 (23.8% vs. 2020 level) |
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 | 83,944 training hours | 66,531 training hours |
Positive local impact | Sustain and further improve strong performance in cement production-related specific emissions | Dust (g/t clinker) | 19.8 | 21.7 |
NOx (g/t clinker) | 1,165 | 1,251 |
SOx (g/t clinker) | 238.4 | 257.4 |
100% of sites 6 with quarry rehabilitation plans (%) | 96 | 91 |
Rehabilitation of 25% of affected areas (%) | 23.9 | 23.8 |
Quarry biodiversity management plans at 100% of our sites 6 in high biodiversity value areas (%) | 83 | 83 |
100% of key operations covered with community engagement plans (CEP), aligned with material issues and UN SDGs 2030 | 265 initiatives | 203 initiatives |
2/3 of total spend directed to local suppliers and communities (%) | 67.8 | 67.6 |
Responsible sourcing | Water consumption of 280l/t cementitious product | 222.7 | 240.4 |
70% of water demand covered by recycled water (%) | 71.0 | 68.0 |
85% of production 7 covered by ISO 50001/energy audits (%) | 86 | 86 |
50% of production 7 covered by “Zero Waste to Landfill” certification (%) | 55 | 55 |
70% of key suppliers 8 meeting TITAN ESG supplier standards (%) | 24.7 | Code of Conduct for Procurement; ESG criteria for suppliers |

Progress Key
Achieved | On track | In progress

5. Peer group definition: Cemex, Holcim, Argos, HeidelbergCement, 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 managemen t with a meaningful level of spend for TITAN as defined in the
ESG Performance Statements Notes (page 151)
9. Our joint venture in Brazil is included in the target boundary for Scope 1, 2 and 3 CO 2 emissions
10. Both nominator and denominator of this metric are calculated in accordance to the financial statements
TITAN CEMENT GROUP
INTEGRATED ANNUAL REPORT 2023
37
ESG commitments: Converting
ambitions into perfor mance
outcomes
With concrete strides in each focus area, we are firmly on course to meet or even
surpass all our ESG targets.

|  |  |  | We set our 2030 CO 2 reduction targets in line with the 1.5 o C scenario |  |  |
| 1990-2020 -13.7% |  |  | Scope 1 (gross), 2 , 3 * -25.1% vs. 2020 level |  | Scope 1 (gross), 2, 3 * -95.6% |
|  |  |  | Scope 1 -22.8% vs. 2020 level |  | Scope 2 -58.1% vs. 2020 level |  | Scope 3** -80.9% vs. 2020 level |  | Other absolute Scope 3 GHG emissions -90% |
| * Scope 1: direct CO 2 emissions; Scope 2: indirect CO 2 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

UNDERSTANDING TITAN
PERFORMANCE HIGHLIGHTS
38

| Investing in green innovation |  | Preparing for future zero-carbon materials
|  |  | The EU Innovation Fund has selected the TITAN Carbon Capture and Storage project in Greece, and will support the project with a grant of €234 million.
|  |  | More than 1.9m tonnes CO 2 annual avoidance.
|  |  | Investments in R&D €22.1 m |  | Initiatives to accelerate decarbonization 100+
|  |  | Climate change mitigation investments €63.4 m |  |
| Confidently progressing towards meeting our CO 2 targets |  | Specific CO 2 reduction by 10% vs 2020 level driven by:
|  | (record high) alternative fuels thermal substitution rate of 19.6% |  | (record low) clinker/cement ratio of 76.9%
|  |  | Specific net CO 2 emissions (Scope 1)
|  |  | Alternative fuels substitution rate (%)
|  |  | Clinker to cement ratio (%)

TITAN CEMENT GROUP
INTEGRATED ANNUAL REPORT 2023
39
2023
2022
2021
2020
2023
2022
2021
2020
2023
2022
2021
2020

| 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, five plants by end 2023 Pioneering “closed loop” AI optimizer in cement Real-time optimizers (RTOs) implemented in nine units by the end of 2023; full implementation in all plants before 2026 Predictive and prescriptive maintenance Only AI, end-to-end, failure prediction in cement supported by expert service centers |  | Cutting-edge digital supply chain and “Customer 4.0”
|  | Customer digital channel (app)
|  | Deployment rate in BUs 50% |  | Sales through app >90% where applicable
|  | Dynamic logistics Cutting-edge AI & analytics for efficiency & customer experience
| Contributing to the prosperity of local communities |  | Protecting the environment • Sustaining strong performance in air emissions and among the best in our peer group • New bag filters in Usje cement plant in North Macedonia
|  | Rehabilitated land 23.9% |  | Field work for biodiversity studies is currently in progress at the Drimos and Thisvi aggregate quarries in Greece

| Engaging with our local stakeholders
| Community initiatives 265 |  | Beneficiaries 330,824 |  | Local spend 67.8%

UNDERSTANDING TITAN
PERFORMANCE HIGHLIGHTS
40

| Preserving natural resources |  | Promoting circular economy
|  | Concrete waste recycling 87.5% |  | Construction and demolition waste utilized by TITAN 171,200t |  | Alternative raw materials in cement production 8.0%
|  |  | Reduction in water consumption vs 2022 3.7% |  | The Group’s total clinker production covered by ISO 50001 or energy audits 85.7% |  | The Group’s total clinker production covered by “zero waste”certification 55.0%
|  |  | Empowering a sustainable supply chain Qualification of suppliers in place based on ESG criteria, across all countries of operation
|  |  | Key suppliers evaluated 24.7%
| Cultivating an inclusive culture with equal opportunities |  |  |  |  |  |
| Committed to a safe and healthy workplace | Building talent and organization capabilities Rising leaders Commencement of a tailored blended learning experience, designed to empower new people managers. Well-being initiatives Titan Pulse Launch of new well-being program in TITAN America with very positive impact on talent retention.
| Lost Time Incident Frequency Rate (employees) among the best in our peer group 0.35 |
| Promoting diversity, equity and inclusion |
| Increase of female participation in management roles (vs. 2020 level) 25.8% |

TITAN CEMENT GROUP
INTEGRATED ANNUAL REPORT 2023
41
Sustainability g overnance
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.
Our two governance bodies, the Board of Directors and the
Group Executive Committee, oversee the implementation of our
strategy and sustainability imperatives and reflect the culture of
good governance, transparency and business ethics that is
prevalent across the Group.
The Board oversees on a regular basis the main areas of risk to
which the Group is exposed, including ESG risks. 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.
ExCo Sustainability Committee
Chair: Chairman of the Group Executive Committee
Convener: Chief Sustainability Officer
Acknowledging sustainability as a top priority of the Company,
the Group Executive Committee has set up an ExCo
Sustainability Committee comprising Executive Directors of the
Company, the Group ESG Performance Director and other
senior managers of the Group, depending on the agenda.
TITAN’s Executive Sustainability Committee is convened by the
Chief Sustainability Officer to monitor 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 sustainability strategy
• monitor performance vs. targets on a quarterly basis based
on Group ESG Performance Department dashboard
• decide on corrective actions, and set appropriate targets
dynamically.
Group ESG P erformance Departmen t
The role of the Group ESG Performance D epartmen t 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 coordinates the implementation of
sustainability commitments at regional level.
Co nducting our business with respect, accountability and
responsibility
We are strongly committed to conducting business with the
highest standards of transparency, accountability and
responsibility. Integrity and ethical business practices are
embedded in TITAN culture and are reflected in the way that we
operate in all parts of the world. Our Code of Conduct and
Group Policies convey the principles, rules of conduct and
standards in all strategic areas and provide guidelines to
employees and external business collaborators to ensure
compliance with the applicable internal and statutory rules.
Group Policies include, but are not limited to, Anti-Bribery and
Corruption, Conflict of Interest, Competition Law, Sanctions,
Occupational Health and Safety, Environmental and Climate
Mitigation, Corporate Social Responsibility, Human Rights,
Whistleblowing, Protection of Personal Data, Information
Security, Diversity, Equity and Inclusion and Procurement,
including a Group Code of Conduct for Procurement. We also
launched the Respect in the Workplace Group Policy, a policy
against harassment and any form of violence. All of our policies
are available on the Group’s corporate website (https://
www.titan-cement.com/about-us/corporate-governance/group-
policies/).
TITAN prides itself on its strong compliance culture. During
2023, special attention was placed on assurance activities and
systems to ensure compliance with regulatory, sustainability and
other integrity risks. Operated consistently, the Third-Party Due
Diligence System enables the corporate analysis, assessment
and enhanced screening of third parties as well as identification
of red flags in relation to sanctions, and events on human rights,
environmental and other integrity risks. In addition, the
EthicsPoint platform, a uniform, anonymous and strictly
confidential channel for reporting incidents of noncompliance,
reiterates TITAN’s openness and transparency, safeguarding
good governance and integrity. The platform, to which all Group
employees have access, ensures that incidents are reported,
examined and resolved with a remedy plan when necessary.
A six-member Supervisory Committee at Group level, which
includes the Chairman of the Audit and Risk Committee,
oversees the investigation and handling of reports, ensuring
confidentiality and non-retaliation for whistleblowers. Awareness
and training are key components of the Group Compliance
Program.
Regulatory Compliance Training has been launched across the
Group, with specialized training sessions addressed to a general
audience and specific roles to manage relevant risks, and e-
learning modules through our Learning Management System.
UNDERSTANDING TITAN
PERFORMANCE HIGHLIGHTS
42

|  |  | Current and potential partners screened through a Third-Party Due Diligence System |  |  |
| Compliance training hours |  |  | Cases reported through EthicsPoint |
| 4,300 |  | 200+ |  | 11 |

Introducing ESG criteria in executive remuneration
While strengthening the oversight of the sustainability agenda at
Board level, TITAN acknowledges that integrating
environmental, social and governance (ESG) performance with
executive compensation serves as a mechanism to ensure that
executive management is accountable for achieving the Group’s
ESG targets.
Our company is committed to achieving a reduction in net direct
CO₂ emissions to 500 kg per tonne of cementitious product by
2030. This target is in line with limiting global warming to below
1.5ºC compared to pre-industrial levels and has been validated
by the SBTi. To this effect, a three-year CO₂ target that is
compatible with the path to 500 kg CO₂ per tonne of
cementitious product is included in the performance objectives
of the deferred compensation incentive for the executive
members of the Board and the members of the Executive
Committee. Furthermore, the decarbonization target is linked to
the business unit managers’ annual performance appraisal and
reward system.
TITAN envisages a work environment that ensures the health
and safety of all employees, contractors and cooperating third
parties. To this end, 5% of the Short-Term Incentive Scheme
(STIP) is linked to the Lost Time Injury Frequency Rate (LTIFR).
At the local level, TITAN has implemented a performance-
oriented operating module that encompasses ESG performance
targets.

| Exceeding industry standards in compliance practices TITAN’s Group Anti-Fraud Compliance Program won the Silver prize in the category “Best AML/CFT Project including KYC and Anti-Fraud” at the first Compliance Awards in Greece. Photo: Exceptional Recognition - Silver Award for TITAN Group Anti-Fraud Program at the first Compliance Awards in Greece.

TITAN CEMENT GROUP
INTEGRATED ANNUAL REPORT 2023
43
2023 HIGHLIGHTS
Titan America achieved significant sales
growth and enhanced profitability amidst
continued inflation, higher interest rates
and persistent monetary tightening.
Market overview
In 2023, the US economy continued its post-pandemic rebound,
with real GDP growing by 2.5%. Job growth remained strong,
keeping unemployment steady at 3.7%, while wages rose by ca.
4.1%. The Federal Reserve raised benchmark interest rates to
5.25%-5.50% to balance its goals of maximum employment and
stable prices. By year-end, inflation slowed to 3.4%, down from
its 2022 peak but still above the Fed's target. Consumer
spending stayed robust, despite lasting inflation, supported by
strong job growth and rising wages. Consumer confidence grew
as inflation started easing, fueling positive economic momentum.
Against global uncertainties and challenging monetary policy,
the core markets we serve continued to outperform for another
year the broader US economy, with low unemployment and
state budget surpluses. The construction sector faced
challenges such as rising costs, labor shortage and stringent
lending conditions. C onstruction spending reached $2 trillion,
rising by 7%. Non-residential and public spending increased by
double digits, supported by government initiatives and
legislations such as the Infrastructure Investment and Jobs Act
(IIJA), while the residential segment faced difficulties due to
higher mortgage rates and inflation. Overall, cement
consumption in the US decreased b y 2.2% to 109 million tonnes.
Regional performance
In 2023, Titan America achieved notable growth and profitability,
outpacing the average market growth in the U.S. This success is
attributed to the expansion of our markets, heightened activity
from our customers, increased portfolio of significant value-
adding projects and price appreciations effectively absorbing
the effects of higher variable production, distribution and labor
costs. The Group successfully pushed profitability to higher
levels, capitalizing on sustained demand, a robust pricing cycle
and significant operational leverage achieved by its extensive
investments in supply chain and logistics as well as the
operational efficiencies accrued by its pioneering digitalization
investments in manufacturing. While inflation rates continued to
exceed the Fed’s target, a slowdown was observed compared
t o the high growth rates of the previous years. We effectively
adapted to the economic challenges and implemented our
strategic plan. We continue to position and capitalize on market
growth opportunities, mainly driven by sector trends and by
government initiatives such as the Infrastructure Investment and
Jobs Act (IIJA) and the US Inflation Reduction Act (IRA). This year
was also particularly significant for Titan America as we
completed the expansion of the Tampa import terminal (Florida),
which is now fully operational, and the expansion of the Norfolk
(Virginia) terminal, with expected commissioning in the first
quarter of 2024. Investments were also focused on additional
logistics infrastructure, designed to improve efficiency and
UNDERSTANDING TITAN
PERFORMANCE HIGHLIGHTS
44

Operational units
2 | integrated cement plants | 8 | quarries
82 | ready-mix plants | 3 | import terminals
8 | concrete block plants | 4 | fly-ash processing plants

Sales €1,476.9m 2022: €1,306.3m
EBITDA €295.9m 2022: €184.8m
Assets €1,347.5m 2022: €1,347.1m
Employees 3,040

Scope 1 net CO 2 (kg/t cementitious product): 569.2 2022: 587.9
Alternative fuel substitution (% heat basis): 14.8 2022: 11.4
Clinker to cement ratio (%): 80.1 2022: 80.9
LTIFR (employees) 0.4 2022: 0.7

Regional performance
USA
mitigate bottlenecks while augmenting our aggregate capacity
and operational efficiency in Florida. In 2023, Titan America saw
an increase in cement sales, while our aggregates and block
operations encountered softer volumes. Ready-mix sales
remained at high levels throughout the year and fly ash volumes
experienced a rebound, driven by higher availability from host
utility sites.
In Florida, housing demand and related nonresidential and
infrastructure construction spending continued to benefit from
positive migration trends supported by the relocation and
expansion of companies in the state. Public construction
received strong support from the Florida Department of
Transportation DoT’s substantial budget, along with additional
investments from the Investment and Jobs Act (IIJA) and state
budget surplus. In the Mid-Atlanti c, high demand for construction
projects in Virginia was driven by commercial projects whereas
in the Carolinas increased demand was driven by infrastructure
products, while there was a slowing in residential construction
mainly due to high interest rates. In the New York/New Jersey
metro area, cement consumption declined partially due to
adverse weather conditions throughout the year, with heavy rain
impacting construction activities.
Our sales for 2023 increased significantly by 16.6%, reaching
$1.6 billion, while EBITDA for the year reached $319 million,
marking a substantial increase of 67% compared to 2022. In
euro terms, sales increased by 13% to €1,477 million and EBITDA
reached €296 million compared to €185 million in 2022.
ESG performance
In 2023, we continued to focus on improving diversity, equity
and inclusion, building employee engagement, developing
capabilities and attracting and retaining the talent needed to
execute our strategic priorities. We significantly increased under-
represented talent in our management positions, b oosting the
hires of women and people from ethnic minorities into
management roles by three times over 2022 levels. We
achieved this by building strong partnerships with local colleges
and not-for-profit professional bodies of under-represented
talent. The improved retention rates in these diverse groups
were helped largely by the launch of a new mentoring program
that was designed and implemented by one of our Employee
Resource Groups.
We continued to invest heavily in developing all levels of
leadership through our flagship leadership development
program (LEAD), which was launched in 2022. We now have
72 leaders currently working through the modular development
program. In 2023, we also launched a new career and
development planning program to help support career
discussions and the identification of development needs to
enable career progression. These capability development
programs, along with our activities to create a positive employee
experience – for example, the launch of Titan Pulse, our new
well-being program – had a positive impact on talent retention.
The continuous improvements in Titan America’s safety
programs were again recognized in industry awards from the
Portland Cement Association, National Ready Mixed Concrete
Association, and the National Mining Association. Our incident
rates continued to trend lower than 2022 and we remain among
the very best performers in our industry.
With our new, high-capacity storage domes at both marine
terminals, in addition to distribution network upgrades, we have
doubled our ability to serve our market with lower-carbon
products. We were the first cement producer to completely
replace all Type I/II sales with our Portland-limestone Type IL
cement, which has an embodied carbon reduction of 10%. Both
cement plants now leverage end-to-end digitalization, with
autonomous AI real-time optimizers and failure prediction
algorithms resulting in higher reliability, higher product quality,
and decreased energy consumption. All of our cement
production again achieved ISO 50001 Standard for Energy
Management, TRUE Zero Waste and Energy Star certificatio ns.

| Enabling a new standard for nature-based coastal resilience and restoration |
| Natrx, a North Carolina-based startup, develops innovative, nature-based technologies that fuse data, material science, and advanced manufacturing. This innovation employs custom-designed concrete modules called ExoForms to fortify shorelines while promoting marine habitat restoration. TΙΤΑΝ invested in Natrx in 2023 through our Corporate Venture Capital (CVC) fund, actively collaborating to enhance carbon reduction and circularity. Natrx’s proven technology utilizes low-carbon cement from Titan America’s Roanoke cement plant. By utilizing satellite imagery and artificial intelligence, Natrx’s data scientists and coastal engineers create a targeted plan for addressing identified erosion and resilience risks tailored to each shoreline. Their proprietary patented DryForming technology produces project-specific, modular concrete elements. These resilient and compact modules form “living shorelines” that integrate with nature and strengthen over time. |

TITAN CEMENT GROUP
INTEGRATED ANNUAL REPORT 2023
45
2023 HIGHLIGHTS
Robust market growth, significant
operational improvements and better
energy cost performance led to a surge
in profitability.
Market overview
Domestic market growth maintained the same strong growth
pace witnessed in the last two years, with cement consumption
l evels reaching 3.7 million tonnes in 2023. This was primarily
driven by robust growth in the bulk market, fueled by the
resurgence of large infrastructure projects, numerous small and
medium-sized peripheral, public and private projects, as well as
high-end housing and land development projects. However, the
bagged cement segment experienced slower growth, attributed
to a further switch to bulk and to high interest rates, which
slowed down the pace of growth in the renovation segment.
Looking ahead, continuous growth is expected in the housing
and tourism sector and in land development projects, such as
“The Ellinikon”, while mature large infrastructure projects in the
pipeline are expected to continue contributing to growth.
Regional performance
Greece recorded further growth in performance compared to
the previous year, with positive market trends and improved
operational indicators across the board. Domestic market growth
was evident in all segments, accompanied by increases in
volumes and improved margins, including the concrete and
aggregates sectors, bolstering positive bottom-line results. A
series of operational efficiencies helped mitigate the volatility of
energy and logistics costs, while price adjustments successfully
offset cost surges from the previous year. In 2023 several
growth initiatives were underway. Our state-of-the-art Ready-mix
Concrete unit at “The Ellinikon”, a flagship land development
project, has commenced operations, expected to satisfy
significant demand. Additionally, our participation in Aegean
Perlites secures long-term pozzolan sourcing needs and
expands our range of low-carbon cementitious products.
Progress has also been made with new quarry commercial deals
and the establishment of demolition waste and recycled
aggregate units.
Cement exports remained strong for another year, with the US
being Greece’s biggest export market and our European
terminals also delivering good results. Improved profitability was
recorded thanks to higher global prices in seaborne-traded
cement across all export markets from our Greek plants. Specific
net CO 2 emissions dropped in 2023, while the pre-calciner at
the Kamari plant, which has been operational since the second
half of the year, will further increase the usage of alternative
fuels to record levels and contribute to the decrease of CO 2
emissions. Sales for Greece and Western Europe in 2023
increased by 22% to €407.8 million, while EBITDA more than
doubled to €64.7 million compared with €31.8 million in 2022.
UNDERSTANDING TITAN
PERFORMANCE HIGHLIGHTS
46

Operational units
3 | integrated cement plants | 26 | quarries
31 | ready-mix plants | 3 | import terminals
1 | grinding plant | 2 | processed engineering fuel facilities
1 | dry mortar plant |  |

Sales €407.8m 2022: €334.4m
EBITDA €64.7m 2022: €31.8m
Assets €935.8m 2022: €714.9m
Employees 1,324
Number of community engagement initiatives: 117 2022: 78

Scope 1 net CO 2 (kg/t cementitious product): 598.2 2022: 604.8
Alternative fuel substitution (% heat basis): 32.2 2022: 32.3
Clinker to cement ratio (%): 77.8 2022: 79.4
LTIFR (employees) 0.0 2022: 0.0

Regional performance
Greece & Western Europe
ESG performance
In 2023, all occupational Health and Safety leading indicators
remained on target. Our Greek operations recorded zero Loss
Time Incidents (LTIs) among our own staff. However, three LTIs
were recorded among contractors, including one related to off-
site works. The combined LTI frequency rate for employees and
contractors remained close to the all-time record low of last year.
Major initiatives and actions included increasing the size of the
team tasked with monitoring off-site works, preparing and rolling
out a safety-in-maintenance training module for RMC and
Aggregates staff, launching a Personal Protective Equipment
(PPE) campaign, and partnering with the Manufacturing
Digitization team for the development of several AI projects.
Our intensive decarbonization efforts were marked by three
significant milestones: the pre-calciner unit in the Kamari plant
was successfully completed and put into operation; the Group’s
groundbreaking carbon capture project in Kamari, IFESTOS, was
selected by the EU Innovation Fund for grant agreement
preparation; and finally, the new pozzolanic bagged cement
(CEM ΙV/Β(P-W) 32.5 R) with a reduced carbon footprint of up to
25% was launched in November.
TITAN’s digital transformation continued at a high pace, yielding
significant results in terms of increased productivity and reduced
energy consumption. Cement Mill Real Time Optimization (RTO)
projects have practically been completed in all integrated plants.
TITAN initiated a comprehensive program dedicated to Diversity,
Equity & Inclusion (DE&I), fostering a more inclusive and
equitable workplace environment, and enhanced its programs to
attract younger and more diverse talent.
Among our many social initiatives in 2023, the one that stands
out is the joint TITAN and Paul & Alexandra Canellopoulos
Foundation €3 million contribution towards immediate and long-
term actions for the rehabilitation effort of areas in Greece
affected by wildfires and floods.

| Cutting-edge pre-calciner technology slashes CO 2 emissions |
| A milestone in the Group’s decarbonization journey is the €26 million investment in the pre-calciner unit at the Kamari plant. Completed in May 2023, the cutting-edge technology is anticipated to slash annual CO 2 emissions by 150,000 tonnes. The unit facilitates the increased use of alternative fuels, thus decreasing dependence on fossil fuels. The upgraded plant can now incorporate 180,000 tonnes of alternative fuels annually, achieving thermal substitution rates exceeding 70% for Rotary Kiln 1, all of which amounts to savings of 100,000 tonnes of fossil fuels annually. The investment embraces the principles of the circular economy while contributing to climate change mitigation. |

TITAN CEMENT GROUP
INTEGRATED ANNUAL REPORT 2023
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