Company Overview - Titan International is a global leader in off-highway tires, wheels, and undercarriage equipment manufacturing[7] - The company's total revenues for the trailing twelve months (TTM) ending September 2025 were $18 billion[9] - Adjusted EBITDA for the same period was $100 million[9] - The company's net debt stood at $373 million, with a leverage ratio of 37x[9] Financial Performance & Strategic Transformation - The company has undergone a multi-year strategic transformation focusing on operational excellence and product innovation[15] - TTM production volume is more than 15% below the prior cyclical trough (2019 – 2020) levels[18] - The TTM gross margin of 139% represents an improvement of approximately 430 basis points compared to the prior cyclical low in 2019/2020[18] - The company aims to achieve $250 million in mid-cycle adjusted EBITDA, with revenue reaching approximately $18 billion[19, 25] Segment Highlights - The Agriculture segment's TTM revenue as of September 2025 was $737 million, with an adjusted gross margin of 13%[46] - The Earthmoving/Construction (EMC) segment's TTM revenue was $557 million, with an adjusted gross margin of 10%[62] - The Consumer segment's TTM revenue was $507 million, with an adjusted gross margin of 20%[77]