T I T A N C E M E N T G R O U P

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 2023 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

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 Directors	59
Board Committees	68
Diversity and inclusion in the Board of Directors	71
Internal audit and risk management in the scope of the financial reporting process	71
Internal audit	71
Remuneration report 2023	72
Capital, shares and shareholders	81
Investor's information	83
Risk management	84
Group risk strategy	84
Risk management process	84
Risk management, governance, and controls	84
TITAN's principal risks	85
Climate related financial disclosures (TCFD)	91
ESG performance review	92
ESG performance overview	94
Decarbonization and digitalization	94
Growth-enabling work environment	101
Positive local impact	105
Responsible sourcing	108
Good governance, transparency and business ethics	111
ESG performance statements	120
Financial review	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

2023 Highlights

Message from the Chairman of the BoD

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

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

Interview with the Chairman of the Group Executive Committee

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

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-inclass 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

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 emissions 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 existing 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 valuecreation 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.

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

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.

The need for construction materials and solutions remains robust

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.

Customer expectations are driving product innovation

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.

Climate change and resource scarcity call for transition to sustainable solutions

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, lowcarbon, 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.

Companies must address ESG issues holistically across the value chain

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 dedication to sustainable growth, we have expanded beyond our Greek origins in new geographies and new horizons. Our growth journey since 1902:

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 out 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.

Our purpose and values

O U R P U R P O S E

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.

O U R V A L U E S

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.

We care about:

Our people
Our customers
Our communities and the environment

Challenges and ambitious goals don't daunt us; they energize us.

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.

Building to last comes with:

A long-term, mid-term and short-term perspective
Teamwork and collaboration
Continuous improvement

At the heart of everything we do lies a simple but powerful belief: actions speak louder than words.

This value is underpinned by three

elements: • We deliver results
We live our values
We keep our promises

UNDERSTANDING TITAN OVERVIEW

Global

presence

Performance and activities across four regions and our joint ventures.

INTEGRATED CEMENT PLANTS 1. Roanoke, Virginia 2. Pennsuco, Florida

TERMINALS 3. Essex Port Newark 4. Tampa Port Complex 5. Norfolk

Chesapeake

2	TE T integrated cement plants	8	quarries
82	ready-mix plants	3	import terminals
8	concrete block plants	4	fly-ash processing plants1

Sales EBITDA €1,476.9m €295.9m

Assets

€1,347.5m

Includes one facility in Canada

INTEGRATED CEMENT PLANT 6. Quixere GRINDING PLANT 7. Pecem

INTEGRATED CEMENT PLANTS		TERMINALS
8. Thessaloniki 9. Kamari 10. Patras		12. Marseille, France 13. Venice, Italy 14. Hull, UK
	GRINDING PLANT
11. Elefsina
3	integrated cement plants	1	cement grinding plant
26	quarries2	31	ready-mix plants
3	import terminals 1	dry 2 mortar plant	processed engineered fuel facilities

Sales	EBITDA

€407.8m	€64.7m

€935.8m 2. Includes Aegean Perlites S.A. in Greece

TITAN CEMENT GROUP INTEGRATED ANNUAL REPORT 2023

Cement
Ready-mix concr
Aggregtes

INTEGRATED

CEMENT PLANTS
1. Kosjerić, Serbia
1. Zlatna Panega, Bulgaria 17. Sharr, Kosovo
1. Usje, North Macedonia
1. Antea, Albania

INTEGRATED CEMENT PLANTS 20. Tokat, Türkiye 21. Alexandria, Egypt 22. Beni Suef, Egypt

GRINDING PLANT 23. Marmara, Türkiye TERMINAL

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

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

Our strategic focus: capturing Green 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 netzero 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, readymix 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 midterm 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.

O U R S T R A T E G Y 2 0 2 6 I S C E N T E R E D O N F O U R K E Y S T R A T E G I C P R I O R I T I E S :

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 projects 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 infrastructurerelated sales representing over 40% of total revenue.

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.

Enable strategy execution through a local, performance-driven and talentenabled 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 CO² specific net emissions by 30% compared to 1990 level, double the amount of low-carbon products and fully digitize cement manufacturing and ready-mix concrete logistics.

2026 TARGETS

Focusing on the customer

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 lowcarbon cement products by 2026 from 23.4% to 40.0%.

S H I F T I N G T O A G R E E N E R P R O D U C T P O R T F O L I O

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 cement² .

A D D R E S S I N G C U S T O M E R S ' C H A N G I N G N E E D S

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.

A N E X A M P L E F R O M T H E U S M A R K E T

Delivering new high-performance concrete products, providing a total customer solution.

GREENCRETE

Lower-carbon concrete solution. Up to 70% CO² 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

F O C U S I N G O N C U S T O M E R I N A C T I O N

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

performance requirements

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

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

F O C U S I N G O N D E L I G H T I N G O U R C U S T O M E R S W I T H P R O D U C T S A N D S O L U T I O N S

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, awardedto INTERBETON capitalizing on its Metro Line 3 performance

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

Athens International Airport INTERBETON paving the way for high-performance

Infrastructure project for the New apron construction and new buildings for the airport's expansion
Customer: INTRAKAT
Antaeus high performance Concrete

concreteapplications

• 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

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

I-40/I-77 Interchange, USA

A critical component of North Carolina's highway system awardedto Roanoke Cement

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

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.

Industrial production of novel, low-CO² 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 CO² 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 lowcarbon 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 inhouse 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.

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
Academia and Research	• Corporate website, LinkedIn page • 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

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
1. Innovation with emphasis on
digitalization and decarbonization 3. Safe and healthy working environment
1. Continuous development of people
1. Diverse and inclusive workplace
1. Positive local social, economic and environmental impact
1. Resource efficiency, recycling, and recovery, contributing to the circular economy
1. Reliable and sustainable supply chain
1. 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 businesscritical 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.

Materiality assessment cycle
Materiality assessment at Group level in 2019 (2020-2024)	O	Materiality assessment at business unit level in 2021	O	Business units material issues validation in 2022	O	New materiality assessment in 2024 (2025-2030)

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 €839.8m
Manufactured capital	We manufacture our products using the best available technologies, and we distribute them reliably to our customers through dedicated terminals.	Capital expenditures €224.0m
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 €22.1m
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, including and beyond those provided by law €392.4m	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 €2.6m	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 2.2m tonnes	Climate change mitigation investments €63.4m

Note: For more information on our Value creations indicators, see Table 2.5.9 of the ESG performance statements on page 164.

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.

Performance 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

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 by 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 year. 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 m³ . 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 m3 )	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.

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

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.

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 buyback 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 performance 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 billion.

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". ³⁴ 0.20

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 structure

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 shareholders

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.

^{2019, 2020 &}amp; 2021: Capital return 2022 & 2023: Dividend

ESG performance 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.

Making progress towards our ESG targets

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
	SBTi targets validation	Validation according to the 1.5oC scenario	Validation according to the 1.5oC scenario
	Net-zero (2050) Net-zero GHG emissions across the value chain1	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 level1 • 95.6% by 2050 vs. 2020 level1 •	-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 (CO2 )	607.7	619.0
Decarbonization and digitalization	• 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%
	intensity (kg/€)10 Scope 1 net CO2	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

SBTi-validated targets
The target boundary includes land-related emissions and removals from bioenergy
Scope 1: direct CO² emissions (gross); Scope 2: indirect CO² emissions from electricity; Scope 3: indirect CO² emissions (gross) of the supply chain, covering produced and purchased cement and clinker
Emissions related to six categories considered relevant to cement production activities according to GCCA guidance

	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 group5		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
	Sustain and further improve strong performance in	Dust (g/t clinker)	19.8	21.7
	cement production-related specific emissions	NOx (g/t clinker)	1,165	1,251
		SOx (g/t clinker)	238.4	257.4
	100% of sites6	with quarry rehabilitation plans (%)	96	91
	Rehabilitation of 25% of affected areas (%)		23.9	23.8
Positive local impact	Quarry biodiversity management plans at 100% of our sites6 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
	Water consumption of 280l/t cementitious product		222.7	240.4
	70% of water demand covered by recycled water (%)		71.0	68.0
Responsible sourcing	85% of production7 covered by ISO 50001/energy audits (%)		86	86
	50% of production7 covered by "Zero Waste to Landfill" certification (%)		55	55
	70% of key suppliers8 meeting TITAN ESG supplier standards (%)		24.7	Code of Conduct for Procurement; ESG criteria for suppliers

Progress Key

Achieved On track In progress

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
Active wholly owned sites
Integrated clinker-cement plants
Key suppliers: critical suppliers according to GCCA Guidance for Sustainable Supply Chain management with a meaningful level of spend for TITAN as defined in the ESG Performance Statements Notes (page 151)
Our joint venture in Brazil is included in the target boundary for Scope 1, 2 and 3 CO² emissions
Both nominator and denominator of this metric are calculated in accordance to the financial statements

ESG commitments: Converting ambitions into performance outcomes

With concrete strides in each focus area, we are firmly on course to meet or even surpass all our ESG targets.

* Scope 1: direct CO² emissions; Scope 2: indirect CO² emissions from electricity; Scope 3: indirect CO² 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

Confidently progressing towards meeting our CO² targets

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 CO² annual avoidance.

Investments in R&D €22.1m

Initiatives to accelerate decarbonization 100+

Climate change mitigation investments

€63.4m

Specific CO² reduction by 10% vs 2020 level driven by:

(record high) alternative fuels thermal substitution rate of

(record low) clinker/cement ratio of

19.6%

76.9%

Specific net CO² emissions (Scope 1)

2023	607.7
2022	619.0
2021		651.6

2020			671.7

Alternative fuels substitution rate (%)

2023
2022			17.5
2021		15.5
2020	12.8

Clinker to cement ratio (%)

2023	76.9
2022	78.8
2021	81.7
2020	82.4

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

Sales through app >90%

where applicable

Dynamic logistics

Cutting-edge AI & analytics for efficiency & customer experience

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 Beneficiaries

265

330,824 Local spend 67.8%

Promoting circular economy

recycling 87.5%

Reduction in water consumption vs 2022

3.7%

Concrete waste

171,200t The Group's total clinker production covered by

ISO 50001 or energy

85.7%

Construction and demolition waste utilized

by TITAN

The Group's total clinker production

Empowering a sustainable supply chain

audits

Qualification of suppliers in place based on ESG criteria, across all countries of operation

Key suppliers evaluated

24.7%

Lost Time Incident Frequency Rate (employees) among the best in our peer group

0.35

25.8%

Promoting diversity, equity and inclusion

Increase of female participation in management roles (vs. 2020 level)

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.

8.0%

Alternative raw materials in cement production

covered by "zero waste"certification

55.0%

Sustainability governance

Sustainability is firmly embedded in our strategy through the regular review of all issues that are material to the business and our stakeholders, the definition of appropriate actions and targets, and the adherence to environmental, social and governance policies.

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 Performance Department

The role of the Group ESG Performance Department is to monitor, coordinate and consolidate the sustainability actions undertaken across the Group, ensuring that we collectively deliver the best possible results against well-defined ESG criteria It does so through a network consisting of ESG liaison delegates from every business unit and coordinates the implementation of sustainability commitments at regional level.

Conducting 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/grouppolicies/).

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 elearning modules through our Learning Management System.

Current and potential partners screened Compliance training hours through a Third-Party Due Diligence System Cases reported through EthicsPoint

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 performanceoriented 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.

Regional performance

2 0 2 3 H I G H L I G H T S

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 CO² (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

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

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. Construction 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 by 2.2% to 109 million tonnes.