Thank you. Hello everyone.

Good morning, good afternoon. Very happy to be here with John Ioannou, our Group CFO, and Spyros Kamizoulis, our Investor Relations Head, and happy to share with you record results for a good quarter.

Although this is a small quarter marked by weather impact, has shown solid volumes and improved pricing, which led to organic sales growth, and at the same time, the positive price-over-cost has allowed EBITDA margin expansion by 250 basis points. I would like to thank all our teams and partners for delivering another record quarter for Titan.

At the same time, this quarter and couple of days ago, marked the completion of three transactions we have announced since our Investors Day in France, in Turkey, in greater Istanbul market, and in US Eastern Coast. A big welcome to our 450 new employees and their families to the big family of Titan.

I think that illustrates our capacity to identify, deliver, and execute in a very disciplined way cement acquisitions. This record performance has been also possible thanks to the cost optimization initiatives and cash initiatives, which are already delivering tangible financial benefits that John will walk us through later in the presentation.

We have announced at the time of the Investor Day that we are table-ling on €100 million slash from the cost base over a period of 3 years. We are announcing today that this target is anticipated, and we are already realizing it in a large proportion this year.

We will also share with you the outlook for 2026, where we remain cautiously optimistic given the energy crisis triggered by the Middle East conflict, and we'll go a little bit more in details on what we expect on sales, from EBITDA progression, as well as the capital expenditure, both in like-for-like for our organic growth, but also given the impact of the new acquisitions, which are now being consolidated as of quarter one, two of them, and as of quarter two, the third one. Maybe before we go into the financials of the quarter, let me walk you through this three significant acquisitions, which are front-loading our capital to be spent by €700 million-plus, which have been finalized in the first months of 2026.

We'll start with Granulats de l'Estuaire, closed in first quarter and already consolidated for 10 months of the year. It's a grinding cement plant in the port of Le Havre in northwestern France, with a clinker capacity of 600,000 tons per year, serving an addressable market of more than 7 million tons, one of the largest and thriving markets in France, providing direct access to the Paris metropolitan market.

Integration is going as planned, and we are already creating synergies in terms of direct sales channel, with our clinker supply from manufacturing units elsewhere in Europe. We are internalizing the flow, and at the same time, we are implementing digitalized tools, which are further improving the reliability of the asset.

The second acquisition, which has been completed in the first quarter, and we already have the integration teams in and on-site, and we have launched the new visual identity of Titan Traçim, a very well-known brand in Istanbul market. Titan has preserved its grinding capacity in the same market, and now we have one of the most modern and largest plants in Marmara region with a capacity of 2.5 million tons serving a very vibrant market of more than 15 million people, with multiple projects, both in terms of residential, but also in terms of power, renewables, infrastructure, and more projects to come on the next 5 years economic planning of the country.

This plant has also a permit for another 2.5 million tons production line, which, as we previously announced, would serve our export needs towards US. We have started investment there in a 100 MW solar plant in a partnership, which will further decrease the cost and improve the margins.

Significant synergies are there at stake, first in terms of network optimization between the cement plant and our existing grinding plant, as well as utilization of cementitious, as we aim at having more greener, high-premium, high-margin blended cements in Istanbul market. Same thing like for the grinding station in France, we are deploying the excellence models in terms of industrial, commercial, as well as logistics of Titan, but also the digitalization tools, which would bring upwards the reliability, as well as lower the consumptions and improve the overall margins.

Finally, we have announced a couple of days ago the completion of the acquisition of Keystone in Pennsylvania, that adds a clinker production capacity of 1 million tons, short tons, per year, again, in an excellent addressable market of 6 million tons in the mega regions of East Coast: Pennsylvania, Ohio, Delaware, and Maryland. As we have announced 2 days ago in Titan America analyst call, there are game-changing synergies for these assets, given the expectation of improved operating margins, reliability improvements, again thanks to digitalization tools, real-time optimizers, as well as immediate sustaining investments, the network optimization, the raw material cost optimization, but also commercial and energy efficiency plans.

Very happy to report this excellent start of the year in terms of our non-organic growth, in line with what we have announced at the time of the Investor Day, where we have announced to the community that about €3 billion to €4 billion capital will be deployed over the next 4 years, between 2025 and 2029, which will bring Titan to a new level of a €4 billion company with a €1 billion EBITDA profile, and with top-of-the-class return on capital employed. We have announced at the time 15% to 17%.

As we have delivered consistently above that target, both in 2024 and 2025. With this, John, will you walk us through the financial results of the quarter, please?

Sure. Thank you, Marcel, and good morning, good afternoon, everybody.

This was indeed a very interesting quarter in the sense that the quarter started soft, mainly due to adverse weather conditions across key territories. Then, by the end of February, the war broke in the Middle East.

Yet, we had the strongest March we had in the history of Titan, and that led us to a record performance, as Marcel indicated, for Q1. This performance was highlighted by good volume performance, very strong pricing execution with positive price-over-cost.

It was also characterized by the launch of a self-help cost initiative program called PRIME at the group level, delivering already 10% of our annual targeted savings. On the treasury front, this quarter, we had a very successful bond issuance, raising €350 million to support our M&A activities.

As Marcel explained just now, we completed three major acquisitions, two in quarter one and one just 6 days ago, which put us well on our way to deliver our Titan Forward 2029 strategic objectives. The only data point I'll probably add here is that all three acquisitions, from the moment we announced them until the moment we signed, took about 3 months, and just shows the strong execution of the team here and the ability to execute in three very diverse geographies, US, Turkey, and Western Europe.

We're very happy with that. Our key financial metrics: sales, €636 million, up 4.7%; our EBITDA, €138 million, up 16%, both like-for-like; our earnings per share, 86 cents, which is 29%; our capital investment in the first quarter was €70 million behind maintenance and growth investments.

We talked about the acquisitions. Our leverage ratio stands at 1.1, up from 0.4 times at the end of the year due to our bond issuance and our investments.

Dividends per share, €1.1, 10% up versus '24. This will be payable on the 2nd of July.

We launched our new share buyback of €10 million on April 1st, 2026. The '26 outlook: we're cautiously optimistic for the balance of the year, despite the uncertainty due to the Middle East crisis.

Our acquisitions are expected to provide additional growth in line with our strategic objectives. We expect stable volumes, improved price-over-cost positions, and margin expansions, and our capex investments estimated around €300 million to €350 million supporting our growth projects.

If we move to sales, we had a robust top-line growth. Adjusting 2025, which is our base here, for scope, which is Ateşim, and translation forex, mainly the US, we grew our sales by 4.7% on a like-for-like basis, driven by strong pricing and healthy volumes.

On the right-hand side, we can see already in the light blue color the impact of our two acquisitions in Turkey and France. Moving to the next slide, our EBITDA performance: very strong performance, marking a plus 16% growth on a like-for-like basis, driven by our top-line gains, as explained just now, positive price-over-cost management, which led to our margin expansion by 250 basis points from 19.2% to 21.7%.

On the volume front, we had a sustained performance in Q1 despite adverse weather conditions in the beginning of the year. Cement grew by 1% with solid performance in Greece and Egypt, and for the most part, in Southeast Europe as well, while US stayed at prior-year levels due to subdued residential demand and persistent economic uncertainty.

Aggregates grew by 5% with continued growth in Greece and in US, fueled by investments in Florida business unit. Our ready-mix, on a like-for-like basis, removing the Ateşim impact from 2025, was minus 1%, driven primarily by the weaker residential demand in the US.

Blocks grew by 10% in Q1, lapping a low comparative in Q1 of last year, but this is following a plus 10% in Q4 of 2025. We know that the trend is improving, and it's driven by the retail channels and sales to contractors in the US.

Moving on to our cash flow, our operating free cash flow improved. We delivered €53 million in Q1 versus €49 million last year.

Our net debt increased by €462 million, reflecting our investments in capex and the two M&As in Turkey and France that were completed in Q1. Despite the increase in net debt, our leverage ratio remains at low levels.

Currently stands at 1.1 times to EBITDA, and our debt maturity profile is healthy, as you can see on the right-hand side. At the end of Q1, more than 90% of our debt is long-term.

We're actively working, though, with our relationship banks to renew most of our loans maturing in '26 and '27 and push them to 2031. This picture by next quarter will improve even further.

Moving now to market overview: solid performance in the US despite the increased macroeconomic and geopolitical uncertainty and the subdued residential demand along with adverse weather conditions in the Mid-Atlantic region. This performance is attributed to the strength of our vertically integrated operations, our targeted cost initiatives and self-help program, and our ongoing strategic investments.

Sales in the US grew by 2%, and EBITDA grew by 2% as well, both in US dollar terms. In Greece and Western Europe, we continue our robust performance with healthy price increases across products early in the year that led us to double-digit growth rates and to robust margin expansion.

We also note the contribution of our newly acquired grinding plant in France, but on a like-for-like basis, sales grew 7% and EBITDA by 22%. In Southeast Europe, we had improved revenues and profitability despite headwinds from imports.

The market there remained overall flat, but resilient pricing across most of the region led to an EBITDA growth of 6% on a like-for-like basis and expanded margins by 130 basis points. A very strong growth in East Med region, driven primarily by Egypt, where domestic demand momentum continued, supported by large-scale projects and residential construction activity.

The country remains a leading export supplier, albeit in March, export momentum eased due to the Middle East crisis. In Turkey, Traçim acquisition was completed in Q1, and we already see the results in our figures.

Sales on a like-for-like basis grew by 29% in this region, and EBITDA tripled, leading to a very strong margin expansion. Finally, in Brazil, the market grew by 1.8%, but in the northeast region where we operate, consumption grew by 10%, driven by housing and infrastructure projects.

Sales grew by 16%, and EBITDA doubled, leading to, again, strong EBITDA margin expansion. Moving on to the outlook, as we look into the 2026 outlook and given that energy is the biggest victim of the Middle East crisis, we wanted to share some data points regarding our energy cost profile with you.

Energy is one of the five key cost elements, along with raw materials, labor, logistics, and third party, and represents approximately 20% of our cost structure. The key question is, how exposed are we here?

On the left graph, one can see that energy cost in absolute terms, despite volume growth, has been declining, mainly due to increase of our alternative fuel usage, our hedging activities, and surcharge programs that we have in place. As such, energy as a percent of sales, the blue line, is reducing year-on-year, while alternative fuel usage, the orange line, is growing.

On the right graph, one can see that we're gradually improving the profile of our energy cost exposure. Fuel and oil represent 11% of our cost structure, out of which 70% is in the US, where surcharges are in place.

Electricity represents 45%, out of which 45% of that is in Greece, where 50% to 60% is hedged, and 15% is in the US, where electricity is cheaper than the rest of the world. In Southeast Europe, we're also investing in PPAs with solar plants to mitigate our exposure there.

We don't see a huge impact of that yet, but it's coming. Finally, on thermal fuels, which represent 44%, where in Greece, East Med, and Bulgaria, we are increasing our alternative fuel usage, while in the US, we use natural gas, not exposed to that.

With that, we move to the last slide of the presentation, where the geopolitical uncertainty and its impact on macro, it is a concern, of course, to us. We're vigilant, and we continue to monitor the developments closely, and we're working on cost and self-help measures to mitigate the impact.

As I've mentioned earlier, we launched PRIME, our cost optimization initiative, that is targeting €40 million to €50 million of cost savings and self-help measures this year, out of which 10% have already been realized in quarter one. Following a strong quarter one, we're cautiously optimistic for the balance of the year, but we see stable volume growth, improved pricing over cost performance, and margin expansions.

We estimate our capex to reach €300 million to €350 million, with a higher share allocated towards growth projects. At this point, we complete our presentation, and we are happy to receive any questions you may have.

Yeah. Hi everyone.

Congrats on a good set of results. I've got three questions which are actually interlinked.

Number one is, what do you see on the ground? Heidelberg yesterday indicated some positive inflection point especially in April.

I was wondering if you see something similar on the ground. Then regarding the different wording in guidance versus last quarter, can you give us a bit more color?

What does it mean changing from low single-digit top line and mid single-digit EBITDA growth to the new guidance in Q1? Finally, on capex, this €50 million reduction, does it indicate lower capex needs for the acquisitions, once you got them on board you realized you need less capex, or this indicates some cautiousness for the year, hence, lower capex?

Thank you.

Thank you, Stathis. Very good questions.

We'll start on the first two, and maybe, John, you will give some examples of capex on the third one. What we see, Stathis, on the ground is positive.

Very good order books, very good backlog. We are very happy with the way in Greece, both the price increase realization, but also the volumes, with the four large contractors are coming on stream.

We are very well exposed to very large projects, iconic projects, not only Ellinikon, as we mentioned in the past, and the Thessaloniki flyover, but also new projects again in the ports, new projects in the airport in Athens. Very happy with the way we see the year here in Greece and also in couple of markets in the Western Balkans.

Very good growth also in Istanbul market, as well as in Egypt, where both the pricing environment and also the volumes are positive in April. Of course, we also see volume stability in US and sequential price increases compared to the last quarter in US, and we have given more color on this 2 days ago in Titan America call.

Positive inflection in April. Now what we have said is that, particularly for US and the elevated mortgage rates are still weighing on the housing affordability and residential activity, and taking into account also the American Cement Association latest forecast, the recovery is still expected early 2027.

However, currently, we see good stable volumes there. Guidance So we gave a couple of elements of guidance couple of weeks ago, in fact, when we published our full-year results.

We are, based on what's happening around us and the energy crisis, and I think we demonstrated our exposure, but also the good profile to mitigate those risks, we remain optimistic for the year. In fact, sales, if we indicated a low single digit, we see middle single digit.

EBITDA, we said that it will be margin expansion. If we indicated middle single-digit growth, we expect a high single-digit growth.

That's from the organic activity of our business. The amount of synergies and the additional sales and EBITDA coming from Titan Traçim, from the French unit, and from Keystone will come on top of this.

Capex, it's mainly deferrals, not that much cancellation of projects, and John will give a couple of examples. Again, we commit to a higher capex than last year, and that goes hand in hand with the optimism we are showing for the year results.

This does not include the capex which will be allocated for the synergies in that we mentioned for the newly acquired businesses. Yeah.

That's correct on the capex, Marcel. Some of the projects do spill over into 2027, into next year, hence the lowering of the capex this year.

We are really focusing on M&A-related capex. In other words, as we acquire the companies, I can give you some examples.

In Turkey, for example, we are investing in a new solar plant, and some of the funds will go out this year. It's a 2-year project, as well as in new transformers at the substation to ensure the good safety and maintenance of operations there, and a palletizer in Marmara that is more of a logistics play for us there and also a lot of savings and reducing cost and increase operational efficiencies.

We continue our alternative fuels capex investments there across the board in Greece, Southeast Europe, Egypt and the US, with the key objective obviously to reduce exposure to energy price volatility and reliance on coal and petcoke. Specifically, in the US, we have an investment in a new multi-fuel burner technology at Roanoke and a process engineered fuel capacity at Pennsuco.

Here we aim to get fuel flexibility resulting in lower production cost and improved CO2 profile at the two main manufacturing plants. Last but not least, we continue our digital investments, the deployment of our AI-driven real-time optimizers.

We aim that by the end of the year, almost all of our plants we'll have the RTO digital technology, and the benefits are huge, and we've been experiencing those: lower energy consumption, higher throughput, reduced downtime versus predictive and preventive maintenance, and so forth. We're very committed behind our capital investments, and yeah, there is an element of caution.

We take obviously each quarter as it comes, but we feel pretty confident behind our investments.

You are right, John, to mention this is a level of capex which is a record level for Titan. Definitely higher than the previous years, and we are fast-tracking here the energy-related capex, alternative fuels, waste heat recovery.

We continue allocating capex to our projects, lighthouse project on carbon capture and storage, where we are progressing towards financial close next year, and then other growth projects related to capacity expansion. Stathis, we are firing from all the engines on this one.

Thank you very much.

Yes, thank you for taking my questions. I have three, please.

The first one would be on the regulatory landscape. I'm referring to CBAM, ETS.

Is there any change in reasoning or discussions with the authorities or impact you see from that on the ground? Then the second question is on the pipeline for further M&A.

You were very active with M&A recently. Does that mean that you are now kind of going into a bit more a pause to integrate first what you acquired, or there's still possibility to see further sizable deals in the short term, the coming quarters?

Then third question would be on Egypt specifically, given its proximity to the Middle East. Is there any impact you see from the conflicts on the Egyptian business and maybe export plans or order books in that respect, if you can also clarify that?

Those were the questions. Thank you.

Thank you. Very good questions.

I like your business lenses. On the regulatory landscape, look, I was together with our head of Region Europe in Brussels at the beginning of the week, and we constantly spend time with the regulators, as well as with Cembureau, as we prepare for the ETS revision, which most likely will be tabled to the European Parliament, the European Commission sometime in July after a consultation period.

We are actively involved. We do have our own advocacy for the way the phasing out of CO2 rights, the mechanism for carbon pricing, the export allowances are currently shaping up.

We monitor this. There are no new elements as all this is in discussion, but we remain positive that they will be largely in line with the current ETS, probably with some alterations towards the end of the interval, that means 2032, 2034 going forward.

That doesn't change anything significantly for us. We have a limited number of assets and markets under ETS.

It's practically only Greece and Bulgaria. As you probably remember, we do have a large portfolio of CO2 rights, which allows us to, at the same time, to engage into high decarbonization projects, including financing of our CCS project, but also to weather any negative impacts if that goes that direction.

Far, is rather positive. On the pipeline of M&A, you are right to point out that we have been very successful in timing transactions, identifying realizable transactions, and also closing them in record time.

Those transactions are value-accretive, and as we spend more time in these businesses, we will give you more color on the amount of synergies, but we remain highly optimistic. Now, this is the result also of a very disciplined capital allocation, and you may remember at the time of Investor Day, we did not announce just the capital to be deployed, but also the targets and what is expected in terms of EBITDA growth over-proportional, but also return on capital employed, which needs to stay between 15% and 17%.

We remain highly disciplined capital. Now there are smaller transactions which have been realized as well over the past few months: a joint venture in mortars in Greece, the acquisition of additional sources of cementitious in Serbia, and a joint venture in precast with Cementos Molins and a local partner in Bosnia and parts of other markets, and we continue pursuing a number of transactions of a smaller size in line with our strategy.

Disciplined capital allocation, a pipeline which is active, and Titan was absent from the market for almost a decade. We have now a machine which is working nicely, both in terms of origination as well as in execution, and you will see in the next quarters in terms of integration and delivering the synergies.

We remain with our intact firepower given the strength of our balance sheet, and we pursue a number of transactions, and we will announce in due time. Regarding Egypt, we have just completed an important project of building additional silos in our plant in Alexandria, which gives more ample opportunities for our export capabilities.

We are practically sold out, and we also have Egypt for the first time supplying part of our US needs, which shows not only the strength of our delivery capability, but also the quality, the uniform quality of our products. Around Egypt, as you pointed out, there have been zones of conflict or areas under restructuring or reconstruction, whether it's Libya, Israel, and Gaza and other markets, and we are actively exporting in these markets.

Okay. Understood.

Very clear. Thank you.

Thank you.

Good afternoon. Thank you for the presentation and for taking my questions.

Just a couple of questions from me. Most have been already answered, yeah, just starting with the first one.

I understand that Q1 was largely unaffected by volatility in energy prices, but if you could give us any early indications on how costs are evolving in Q2, and particularly in Greece, in the Balkans, and in East Med. That's my first question.

My second one, if you could also comment on pricing trends in the US so far this year and if you still see any room to push through price increases across the key product lines there. Thank you.

Thank you, Marios, for your question. John has provided more information on our energy profile.

I think, again, we are much better off than in the past, and we are advancing at very rapid pace in using more alternative fuels and waste, which is reducing our thermal fuel needs, and therefore, volatility, and we are increasing also our electricity hedging, both in Greece or through hedged contracts or long-term PPA hedge contracts or through our own captive solar power plants. You heard that we are also investing now 100 MW, which will cover a large part of our needs and also make us a trader of electricity in Turkey.

These are very positive trends weathering us from any large spikes. As we look into quarter two, I think, John, you made an estimate of what could be the impact and how we mitigate that.

Can you give more color on this? On pricing, while John is preparing his answer, on pricing in US, again, sequentially, and what we have announced in Titan America call, sequentially, we see price improvements between quarter four and quarter one of this year.

We also have in US the energy surcharges, which for our ready-mix business are automatically passed through, and we will announce at the end of quarter two more on the pricing realization in the quarter. Again, we have positive news on infrastructure spending and construction technology, which is driving the growth.

As we are well placed in Virginia, which is the capital of data centers. 40% of these data centers are using our Titan products.

We have recently launched the Triforce, which is a dedicated product for complex projects. We are aiming high on non-residential and commercial projects.

We are also optimistic about the ripple effect of the infrastructure funding overall in US, and we have already announced that the recovery in the housing and residential activity we expect it in early 2027. You have some

Sure.

As I've said it before, we are monitoring very closely the market, and we're focusing a lot on the cost impact as that relates to electricity across each region, solid fuels, diesel oils, ocean freight, and generally other costs. We are estimating for the second quarter the impact on the cost inflation to be around €10 million.

We have identified initiatives already for this quarter, and some of them relates to pricing that, obviously, we take it now will be rolled over to the other quarters as well. Some, as I mentioned before, our program PRIME that goes in detail into cost initiatives and self-help measures to mitigate that impact.

We feel confident that we will cover all of the inflation, and our price-over-cost will still be positive in quarter two as well.

Thank you.

Thank you.

Yes, good morning. Good afternoon to all, and congratulations for these good results.

My question is on the US. You are forecasting stable volumes for 2026.

Does this mean that residential part should decline further given that infrastructure segment is performing well? Or is there a potential upside risk on the current forecast?

Thanks.

Thank you, thank you for your question. On the residential, in fact, we even see zip codes or micro markets where cement is going up.

That has to do also with the resilience and durable building trends, which is in US, given the fires, the replacement of wood by cement-intensive products. I think John mentioned that, for instance, our block, which is the concrete blocks business line, has recorded a very nice double-digit increase that has to do with residential, the walling, the facades in multi-family housing.

There we see positive trends. Again, residential is marked by the affordability and also by the mindset linked to the high mortgage rates, more is expected in terms of how the Federal Reserve Bank will address the inflationary impact later in the year, also how the housing bill will be shaped by the current administration.

More on that we will see in the later quarters, but for now, we expect an inflection point in 2027. Now, in some of the markets, we are with residential at 45% of our sales; in some other markets, we are at 30% or lower, as infrastructure and commercial projects, as we go into Virginia markets or New Jersey markets, they have a dominant position.

From market to market, the impact of residential is also varying.

Thanks a lot.

Thank you.

Yes, hello again. On the outlook front, you guiding for stable volumes this year, is it like-for-like or including the recent acquisitions?

Also, a follow-up on the two acquisitions. I think you said in a previous conference call that you expect an additional €40 million EBITDA from the Traçim and also the acquisition in France.

What do you stand with this estimate? Also, a third question regarding Keystone, is there an estimate for a contribution from this year?

Thank you.

Thank you. The guidance we mentioned is like-for-like, volume sales or EBITDA.

From the newly acquired businesses and consolidated, as we mentioned, 10 months for France and Turkey and, how many, 7 months for Keystone will be on top of that. The figures you quoted as an impact, EBITDA impact, full-year impact for Traçim and France, we reconfirm, yes, they should be in that range.

In fact, we are quite positive after the first few months of integration that this can be exceeded, and I think Spyros Kamizoulis in a subsequent call can give you more details on that. Keystone happened 6 days ago, you would appreciate that, as we speak, we have teams there.

We are very happy with the quality of people we have found in Keystone, and we have already started discussing about the synergies, the reliability of the assets, and marking a good start. More details on this at the end of quarter

two. Thanks.

Hi again. Actually, my question was answered.

Thank you.

Good to hear. Thank you.

Thank you, Marios. If

Thank you, Mike, for the question. We think alike.

We see the opportunity here. You're right to point out that the profit was low in 2025.

This was an asset of on sale for for quite some time. It's indeed exactly because the profit is low that has attracted our attention, and we see a lot of opportunity out there.

Again, we are we remain very optimistic on the level of synergies, and this asset will be part of a network, while in the past this asset was pretty much of a singular asset. The synergies here are the network synergies.

The synergies here are in transferring our model of factory excellence from our other plants, which, are at reliability levels of 98%, 99%, and also access to a high level technical expertise to to realize the the necessary capex and and and increase the reliability. Then it's raw materials cost optimization, energy efficiency, but also there will be commercial optimization of commercial synergies with our other activities of sailing in the region.

Very optimistic about the the level of of synergies. We have always proven in the past our ability to make plants at levels far to our performance, not far from this this asset.

We have the plant in Roanoke, where we have a good mastery of our of our costs. More on this at the end of quarter quarter two is is in the making as we speak.

Yeah. Thank you, Isaac, for your questions.

We have markets where we are already at the second price increase, and we will not spare any opportunity for our strategy of the year to have a positive price over cost. As John mentioned, positive price over cost, which has drove margin expansion.

I think, John, you announced that it was €20 million

in €21 million.

€21 million in price increases and €7 million from

Volume.

from from volume. That that is already in pocketed in quarter quarter one.

As for April, as I mentioned, good good backlog, good order books, and already price realization. We will comment more on this on at the end of quarter quarter two.

I think the split volumes and prices you gave already, and on the impact of freight costs, John, do you have the figure, or or Spyros will will come back directly to you?

Freight cost? Yeah.

I think Spyros will come specifically on the freight cost. For now, say that we have already contracted prior to the crisis a number of vessels, so that's a hedge, a consecutive hedge we have provided.

We also have a number of flows which are inside the group with predetermined freight costs, we do not expect here a high impact.

For third party,

yeah, you have the figure?

Yeah. The impact of the freight costs is around €9 million €9 million.

We also have our own vessels and it's kind of a hedging exercise that we have now as well. That will reduce it by 2.5 to €3 million because of the increased freight we have there.

On the pricing, I think you've indicated here the split between Greece. Greece was able to pass on early on healthy prices across all the categories, some double digits, some high single digit.

In Southeast Europe, especially in Bulgaria, we had double-digit price increase there as well. Where else?

In the East, and in North Macedonia, we also have a high single-digit price increase, where in the other countries, because they were impacted heavily by imports, they kept the prices at the prior-year levels in quarter

one. Difficult.

As you can see, Isaac, we are really acting simultaneously on all fronts, paying attention to the pricing realization, the cost savings. I think I would like to reiterate this.

We have announced at the Investor Day €100 million cost savings by end of 2029. We are bringing forward that objective with an objective of €50 million for this year.

We have already pocketed about 10% of that already in quarter one, you would expect a better cost base, which at the same time is mitigating for any adverse impact from war and Middle East energy crisis. Good price over cost, expecting a margin expansion, and at the same time, investments which will bring our energy costs further down, particularly in use of alternative fuels, waste heat recovery, and overall the energy consumption.

Thank you, everyone. Thank you for the very good questions with a very strong business hat, and you can be assured that we will continue feeding you with the latest information.

Of course, Spyros Kamizoulis is at your disposal for any other questions you may have. Again, this has been a very good quarter, record quarter for the group, both in terms of sales and EBITDA, over-proportional EBITDA growth, margin expansion, and it's marked specifically by the completion of three transactions, which are value-accretive for the group.

For two of them, we have provided already guidance for the year, and for the third one, at the end of quarter two, we'll give you more news. Thanks again, and we'll see each other on the 30th of July for quarter two results and more positive news on Titan.

Thank you.

Thank you.