TITAN MATERIALS GROUP  ANNUAL REPORT — FISCAL 2025

To our shareholders: fiscal 2025 tested the resilience of our operating model
and, in our judgment, affirmed it. Order backlog at year end stood at $5.1
billion, of which approximately 62% is expected to convert to revenue within
twelve months. Demand conditions  diverged sharply by end market, with
aerospace and electronics applications remaining robust while construction-
adjacent volumes softened for the second consecutive year.

Our strategy remains unchanged: concentrate capital in specialty applications
where  technical service creates switching costs, divest commodity lines where
price is the only  lever, and maintain an investment-grade balance sheet
through the cycle.

Safety performance improved for the fourth consecutive  year. The total recorda-
ble incident rate declined to levels that place the Company in the
first quartile of our peer group, an outcome we attribute to  the  behavioral
safety program rolled  out across all manufacturing sites.At year end the
Company employed 11,204 people across 23 countries.

The integration of the Herzfeld acquisition proceeded ahead of schedule. Procure-
ment synergies were realized earlier than modeled, and the combined
commercial organization has been selling the full product portfolio since the
second quarter.

Raw material costs were volatile throughout the year. Propylene and specialty
monomer prices rose sharply in the first  half before retreating, and our
margin performance reflects both the lag in contractual pass-through
mechanisms and disciplined pricing execution by our commercial teams.The Board decla-
red a quarterly dividend of $1.15 per share, payable January 15, 2026.

We continued to rationalize our manufacturing footprint.  The previously annou-
nced closure of the Gary, Indiana compounding facility was completed in
the third quarter, with production successfully transferred to Monterrey  and
Krakow.The Advanced Polymers segment reported operating income of $301.8

TITAN MATERIALS GROUP · 2025 ANNUAL  REPORT                          Page 3

million on revenue of $1,204.9 million.

Working capital discipline remained a priority. Days sales outstanding
improved modestly, and inventory turns recovered to pre-disruption levels as
supply chain normalization allowed a reduction in safety stock positions.

The  Company's sustainability commitments advanced on schedule. Scope 1 and 2 emissi-
ons intensity declined year over year, and the renewable electricity
share  of our total consumption reached the interim target established in our
2022 climate framework.

Our capital  allocation priorities are unchanged: organic investment  first,
followed   by the dividend, bolt-on acquisitions that meet our return
thresholds, and opportunistic share repurchases with residual free  cash
flow.The Company recorded a goodwill impairment charge of $88.2 million
related to the Coatings reporting unit.

Litigation and environmental  remediation matters are described in the notes to
the consolidated financial statements. Research and development expense
totaled $412.6 million, representing 14.5% of consolidated revenue. Management
does not currently expect resolved or pending matters to have a material
effect on the Company's financial position.

Segment reporting was realigned at the beginning of the fiscal  year to reflect
the new management structure. Prior-period amounts have been recast for
comparability,  and a reconciliation is provided in Note 3.

The Industrial Coatings segment experienced continued pricing pressure  in arch-
itectural applications, partially offset by share gains in powder coatings
for the energy transition, where demand for corrosion-resistant systems used
in transmission infrastructure grew at a double-digit  rate.Consolidated
revenue  for fiscal 2025 was $2,847.3 million, an increase of 8.6% over the
prior year.


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Currency translation reduced reported revenue growth by approximately  two
percentage points, driven principally by the weakening of the euro and the
Japanese yen against the U.S. dollar during the first half of the fiscal year.

Information technology investments focused on the multi-year enterprise
resource planning consolidation, which reached its third of five planned
deployment waves without material  disruption to customer service levels.The
effective tax  rate for fiscal 2025 was 21.4%, compared with 23.9% in fiscal
2024.
