Financial Data and Key Metrics Changes - Titan International reported revenues of $461 million for Q2 2025, with adjusted EBITDA of $30 million, and positive cash flow of $4 million [20][27] - Gross margins improved by 100 basis points sequentially to 15%, driven by product mix [20][21] - Year-over-year gross margins decreased from 16% to 15% when adjusting for the previous year's inventory step-up [21][24] Business Line Data and Key Metrics Changes - Agricultural segment gross margin increased to 14.6% from 12.4% in Q1 [21] - EMC segment gross margin rose to 11.5% from 10.4% in Q1 [21] - Consumer segment gross margin improved to 20.4% from 19.6% in Q1 [21] Market Data and Key Metrics Changes - Demand in Europe remained flat, while Brazil showed better performance due to localized manufacturing [16][19] - The consumer segment was significantly impacted by tariffs, leading to cautious purchasing behavior [17][18] - Farmers expressed concerns over high financing costs, which hindered large equipment purchases [14][13] Company Strategy and Development Direction - Titan is focusing on a one-stop-shop strategy, enhancing customer service through a broad product portfolio [10][12] - The company is actively pursuing partnerships, including a minority investment in Brazilian wheel manufacturer Roderos to penetrate the Brazilian market [12][72] - Titan aims to leverage its U.S.-based production to benefit from tariffs on imports, enhancing its competitive position [8][9] Management's Comments on Operating Environment and Future Outlook - Management noted that the macro environment remains challenging, with cautious behavior from OEMs and consumers due to interest rates and trade policies [6][7] - There is optimism for a rebound in demand as inventory levels have dropped too low, particularly in the consumer segment [35][36] - Management expects an uptick in market conditions in 2026, contingent on interest rate reductions and tariff resolutions [67][68] Other Important Information - The company is managing costs effectively while preparing to ramp up production when demand increases [15][19] - Titan's net debt decreased by $10 million to $401 million, with expectations to exit the year with a debt ratio closer to three times adjusted EBITDA [23][24] - The effective tax rate for Q2 was over 100%, influenced by geographic profit distribution [24] Q&A Session Summary Question: Clarification on Q3 sales and EBITDA expectations - Management indicated that Q3 sales could be similar to Q2, but EBITDA might decline by 10% to 15% due to seasonal shutdowns and product mix changes [28][29] Question: Outlook for the agricultural sector in the U.S. - Management noted a cautious tone in the U.S. agricultural sector, with OEMs waiting for improved farmer orders before increasing production [32][33] Question: Impact of tax and NOLs on valuation - Management confirmed the presence of NOLs that could affect valuation allowances if market conditions do not improve, but cash taxes have remained stable [38][39] Question: Details on the investment in Roderos - The initial investment in Roderos is $4 million for a 20% stake, with potential for future increases [72][109] Question: Customer inquiries about capacity for 2026 - Customers have begun asking about Titan's capacity for 2026, indicating confidence in Titan's position for future demand [111][112]

INVESTOR PRESENTATION – JULY 2025 NYSE: TWI Actual results may differ materially from those projected in these forward-looking statements as a result of certain factors which are contained in the Company's most recent 10K filing. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained ...

Mr. Reitz continued, "Among the highlights from our second quarter, we were able to maintain gross and EBITDA margins which continued to be meaningfully above where they were during the last cyclical trough. We also continued to focus on expanding our reach via our one-stop-shop strategy and our focus on innovation, and we expect those efforts to help drive growth when broad-based industry demand resumes. In the near term, we remain confident that wheel and tire inventories throughout the chain are reaching ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended: June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-12936 TITAN INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 1525 Kautz Road, ...

Company Overview - Titan International, Inc. is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products [3] - The company is headquartered in West Chicago, Illinois, and produces a broad range of products for original equipment manufacturers (OEMs) and aftermarket customers in agricultural, earthmoving/construction, and consumer markets [3] Upcoming Financial Results - Titan International will release its second quarter 2025 financial results before the market opens on Thursday, July 31, 2025 [1] - A teleconference and webcast will follow the financial results announcement on the same day at 9:00 a.m. Eastern Time [1] Access Information - The real-time, listen-only webcast can be accessed via a specific link or through the company's Investor Relations page [2] - Participants wishing to join the teleconference can dial a toll-free number in the United States or access global numbers for other locations [2]

Titan International (TWI) Conference Summary Company Overview - Titan International is a leading manufacturer of wheels, tires, and steel tracks for off-road equipment in agriculture, construction, and consumer industries [2][3] - The company has a global presence with manufacturing facilities in North America, South America, and Europe [3] Core Differentiators - Titan focuses exclusively on off-road products, allowing for specialized design and better customer connection compared to competitors who may be part of larger conglomerates [5][6] - The company emphasizes the importance of its products, which are custom-designed and not easily replaceable due to significant investment in tooling and engineering [6][7] Impact of Tariffs - Long-term, tariffs are viewed positively for Titan as they create a level playing field against foreign competition [9][10] - Titan has manufacturing facilities in the U.S. and China, allowing flexibility in production locations to optimize costs [11][12] Q2 Performance Expectations - Q2 is expected to meet internal expectations for key metrics such as top line, gross margins, and EBITDA despite market uncertainties [14] - Adjusted EPS is anticipated to align with high rates seen in Q1 due to tax implications from profit distribution [15] Agricultural Cycle Insights - The agricultural cycle is nearing a bottom, with dealers expressing concerns over high interest rates impacting inventory management [16][17] - Some customers are beginning to express a need to rebuild inventory, indicating a potential shift in the cycle [19] Earthmoving and Consumer Segments - Titan has diversified into earthmoving and consumer segments, with a focus on aftermarket sales, particularly in mining and construction [22][27] - The company owns a foundry in Spain, allowing for customized aftermarket parts for mining equipment [26] Goodyear Brand License Renewal - Titan renewed its brand license with Goodyear, expanding into new segments such as light construction and industrial applications [31][33] - The Goodyear brand provides a strong market entry point due to its global recognition [33] Karlstar Acquisition - The acquisition of Karlstar has broadened Titan's product portfolio and enhanced market share opportunities [34][36] - The integration has met expectations, with synergies in cost and commercial operations being realized [37] Aftermarket Business Growth - The aftermarket segment has grown to represent 45% of sales, providing better margins and a direct connection to end users [54][55] - Continuous investment in aftermarket capabilities is seen as crucial for driving innovation and customer support [55][56] Capital Allocation Strategy - Current capital allocation priorities include paying down debt incurred from the Karlstar acquisition and preparing for future opportunities [60][61] South American Market Insights - The South American market, particularly Brazil, is viewed as significant but often misunderstood due to currency fluctuations [62][63] - The Brazilian agriculture economy is crucial to the global landscape, and Titan has seen business growth in this region since 2011 [63][64] Final Thoughts - Titan believes it is well-positioned for recovery following current market challenges, with significant upside potential once conditions improve [69]

Titan International (TWI) Conference Summary Company Overview - Titan International manufactures wheels, tires, and steel tracks for off-road equipment used in agriculture, construction, earth moving, and utility vehicles [3][4] - The company operates over 20 manufacturing locations globally, with a significant presence in the US, Latin America, Europe, and China [4] Key Points US Manufacturing Advantages and Challenges - Titan's primary manufacturing base is in the US, with eight large plants, which allows for proximity to customers [5][6] - Challenges include competition from low-cost manufacturing countries and the need for a level playing field in global trade [7][9] - Titan has successfully defended its position in front of the International Trade Commission (ITC) three times, indicating the unfairness of global competition [9][10] Tariffs and Their Impact - Tariffs are viewed as potentially beneficial for Titan, as they may create a more level playing field [13][14] - The management believes that tariffs will lead to risk mitigation in supply chains, enhancing Titan's competitive position [15][16] - Short-term chaos due to tariffs is acknowledged, but the company is adapting its business strategy accordingly [17][19] Market Segments and Demand Drivers - Agriculture is currently in a downturn, but signs indicate a potential turnaround as farmer incomes stabilize and equipment needs updating [21][22][25] - The construction market is experiencing a pause due to geopolitical and tariff-related uncertainties, but the need for infrastructure development remains [28][29] - The aftermarket business is becoming increasingly important, as equipment usage continues despite OEM market fluctuations [29][30] Customer Base and OEM Relationships - Titan's largest customer is John Deere, with a diverse range of other OEMs in agriculture and construction [32][33] - The company is focusing on strengthening its aftermarket connections and providing a comprehensive product portfolio to meet customer needs [34][35] Innovation and Product Development - Titan emphasizes innovation to enhance equipment performance, with recent developments like LSW and VPO technologies [38][41] - The company aims to improve ROI for customers by developing products that enhance efficiency and reduce downtime [41][43] Recent Acquisition - Titan acquired Carlstar, which has diversified its offerings and expanded its market reach into high-speed trailers and outdoor power equipment [47][48] - The integration of Carlstar is progressing well, with both companies benefiting from shared resources and distribution channels [51][53] Capital Allocation Strategy - The company plans to focus on funding innovation, paying down debt, and exploring joint ventures for geographical and product expansion [54][56] - Stock buybacks were executed as part of a positive capital allocation strategy [54] Future Outlook - Titan is excited about continuing to innovate and produce high-quality products that meet customer needs [57][59] - The company aims to maintain its energized workforce and drive momentum in its operations [59][60]

Financial Data and Key Metrics Changes - Revenues for Q1 2025 were $491 million, with adjusted EBITDA of $31 million, marking a sequential improvement from Q4 2024 [22] - Gross margin increased to 14% in Q1 2025 from 10.7% in Q4 2024, indicating positive leverage from increased sales [22] - SG&A expenses for Q1 2025 were $49.9 million, or 10% of sales, compared to $39 million, or 8% of sales, in the prior year [23] Business Line Data and Key Metrics Changes - Agricultural segment gross margins were 12.4%, EMC was 10.4%, and consumer gross margins were 19.6%, with the consumer segment continuing to be the most profitable [23] - Overall agriculture orders remained muted, but there was positive OEM activity in the U.S. despite a key customer experiencing a drop in orders [10][11] Market Data and Key Metrics Changes - In Brazil, business has strengthened since Q4 2024, benefiting from the U.S. trade standoff as Brazilian farmers increase exports to China [12] - European business has been impacted by the situation in Ukraine, but investments in Turkey are expected to improve overall European wheel capacity [13] Company Strategy and Development Direction - The company is focused on internal growth initiatives, including new product development and driving revenue synergies among segments [18] - Expansion of Goodyear licensing rights into new product segments is expected to enhance market presence and sales [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current volatility and emphasized the importance of a diversified global business model [6][7] - The company anticipates that the tariffs applied globally will benefit them in the long term, despite short-term uncertainties [7][21] Other Important Information - The company plans to curtail capital investments in 2025 while focusing on key investments that drive growth strategy [26] - Net debt at the end of the quarter was $411 million, or 3.8 times trailing twelve-month adjusted EBITDA [26] Q&A Session Summary Question: How does Titan source rubber and manage costs? - Titan primarily sources rubber from West Africa and has solid contracts in place, minimizing the impact of tariffs [31][32] Question: What is the outlook for the global agricultural market? - Management noted that Brazil is showing strength, with increased demand for grains, while the U.S. market is currently facing challenges [38][39] Question: How does Titan plan to benefit from the current market environment? - Titan is positioned to gain market share as customers seek domestic sourcing options amid trade uncertainties [78][79] Question: What is the sentiment among farmers regarding the current market? - Management indicated that while farmer sentiment has decreased, it does not directly correlate with equipment purchases, and overall farmer income remains stable [84][85] Question: What are the potential new verticals for Titan? - The company is exploring military options and sees potential in non-regulated off-road applications, while focusing on high complexity production [90][91]

Financial Data and Key Metrics Changes - Revenues for Q1 were reported at $491 million, with adjusted EBITDA of $31 million, marking a sequential improvement from the previous quarter [22] - Gross margin increased to 14% in Q1 from 10.7% in Q4, indicating positive leverage from increased sales [22] - SG&A expenses for Q1 were $49.9 million, representing 10% of sales, compared to $39 million or 8% of sales in the prior year [23] Business Line Data and Key Metrics Changes - Agricultural segment gross margins were 12.4%, EMC at 10.4%, and consumer segment at 19.6%, with the consumer segment continuing to be the most profitable due to a higher proportion of aftermarket sales [22][23] - Overall agriculture orders remained muted, but there was positive OEM activity in the U.S. despite a key customer experiencing a drop in orders [10][11] Market Data and Key Metrics Changes - In Brazil, business has strengthened since Q4, with farmers benefiting from the U.S. trade standoff by increasing exports to China [12] - European operations are currently impacted by the situation in Ukraine, but investments in Turkey are expected to improve capacity and lower costs [13] Company Strategy and Development Direction - The company is focusing on internal growth initiatives, including new product development and revenue synergies across segments [17] - Expansion of Goodyear licensing rights into new product segments is expected to enhance market presence and sales [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating current market volatility and emphasized the importance of a diversified global business model [5][6] - The company anticipates that the tariffs will ultimately benefit them in the long term, despite short-term uncertainties [6][21] Other Important Information - The company plans to curtail capital investments in 2025 while focusing on key investments that drive growth [25] - Net debt at the end of the quarter was $411 million, representing 3.8 times trailing twelve-month adjusted EBITDA [25] Q&A Session Summary Question: How does Titan source rubber and manage costs? - Titan sources rubber primarily from West Africa and has solid contracts in place, minimizing the impact of tariffs [30][31] Question: What is the outlook for the global agricultural market? - Titan is seeing strength in Brazil, with increased demand for grains, while the U.S. market is currently facing challenges [34][36] Question: How does Titan plan to handle visibility and demand fluctuations? - Management noted that visibility is improving but is not yet at pre-2024 levels, and they are prepared to adapt to market conditions [48][50] Question: What is the sentiment among farmers regarding the current market? - Farmer sentiment is cautious but not in crisis, with expectations of government support for income stability [82][84] Question: What are Titan's future verticals or industries to explore? - The company is exploring military options and focusing on high-complexity, non-regulated markets, while continuing product development in existing verticals [88][90]

Financial Performance - Titan International reported Q1 2025 revenues of $491 million and Adjusted EBITDA of $31 million, both at the higher end of guidance[2]. - Net sales increased by 1.0% from $482.2 million in Q1 2024 to $490.7 million in Q1 2025, driven by increased sales volumes and positive price/mix effects[4]. - Adjusted net income applicable to common shareholders for Q1 2025 was $0.7 million, compared to $19.0 million in Q1 2024, reflecting a significant decline[18]. - Net income attributable to Titan was a loss of $0.6 million in Q1 2025, a significant decline from a profit of $9.2 million in Q1 2024[30]. - Adjusted net income attributable to Titan for Q1 2025 was $736,000, down from $19,048,000 in Q1 2024, reflecting a decline of approximately 96.1%[41]. - EBITDA for the three months ended March 31, 2025, was $29,438,000, compared to $39,858,000 in Q1 2024, representing a decrease of about 26.1%[42]. - Adjusted EBITDA for Q1 2025 was $30,823,000, down from $49,705,000 in Q1 2024, indicating a decline of approximately 38.1%[42]. Segment Performance - The agricultural segment experienced a 17.5% decrease in net sales, from $239.7 million in Q1 2024 to $197.7 million in Q1 2025, primarily due to reduced global demand[10]. - The earthmoving/construction segment saw a 13.3% decline in net sales, from $165.2 million in Q1 2024 to $143.3 million in Q1 2025, attributed to lower sales volume and negative currency translation[12]. - The consumer segment achieved a 93.6% increase in net sales, from $77.3 million in Q1 2024 to $149.7 million in Q1 2025, largely due to the Titan Specialty acquisition[15]. - The United States market saw a 7.0% increase in sales to $266,504,000, while Europe/CIS experienced a decline of 14.8% to $109,053,000[43]. Cash Flow and Debt - The company ended Q1 2025 with total cash and cash equivalents of $174.4 million, down from $196.0 million at the end of 2024[19]. - Long-term debt increased to $571.6 million at March 31, 2025, compared to $553.0 million at December 31, 2024[19]. - The company reported a net cash used for operating activities of $38.6 million in Q1 2025, contrasting with a net cash provided of $2.0 million in Q1 2024[34]. - Free cash flow for Q1 2025 was negative at $(53,618,000), compared to $(14,602,000) in Q1 2024, indicating a worsening cash flow situation[43]. - Net debt as of March 31, 2025, was $410,973,000, an increase from $369,471,000 as of March 31, 2024[43]. Expenses and Profitability - Gross profit decreased to $68.6 million in Q1 2025, down 11.1% from $77.4 million in Q1 2024, resulting in a gross margin of 14.0%[30][39]. - Research and development expenses rose to $4.5 million in Q1 2025, compared to $3.7 million in Q1 2024, indicating a focus on innovation[30]. - Interest expense increased to $9.5 million in Q1 2025, compared to $8.4 million in Q1 2024, reflecting higher borrowing costs[30]. - The company experienced a foreign exchange loss of $1.4 million in Q1 2025, compared to a loss of $0.3 million in Q1 2024[30]. - The company incurred foreign exchange losses of $1,385,000 in Q1 2025, compared to $275,000 in Q1 2024, highlighting increased currency volatility impacts[42]. Future Outlook - The company expects Q2 2025 sales to be between $450 million and $500 million, with Adjusted EBITDA between $25 million and $35 million[3]. - Total assets increased to $1.72 billion as of March 31, 2025, up from $1.58 billion at the end of 2024[32]. - Total liabilities rose to $1.18 billion as of March 31, 2025, compared to $1.09 billion at the end of 2024[32]. - Average common shares outstanding decreased slightly, with basic shares at 63,283,000 in Q1 2025 compared to 64,928,000 in Q1 2024[41]. - Titan announced an expanded licensing agreement with Goodyear, aimed at complementing growth initiatives and enhancing product offerings[2].