TITAN Zlatna Panega presents its 12th Integrated Annual Report

The company’s report for 2025 highlights strong financial performance and an increased share of alternative fuels in the production of the main component of cement

Sofia, 7 October 2026 - TITAN Zlatna Panega, part of the international TITAN Group, has published its 12th Integrated Annual Report, covering the period from 1 January to 31 December 2025.

The past year marked an important milestone for one of Bulgaria’s leading producers of cement and building materials. The data presented in the company’s 12th Integrated Annual Report demonstrate strong financial performance, progress in sustainability and decarbonisation, investments in production modernisation and enhanced safety, as well as progress towards the company’s strategic objectives.

In 2025, TITAN Zlatna Panega recorded its highest revenue to date, reaching €93.1 million. This performance was driven by higher sales volumes, the growth of the company’s ready-mix concrete business, supported by strong local demand, and the overall development of the construction materials market, primarily fuelled by the increasing number of residential and logistics projects in major cities.

EBITDA amounted to €22.1 million, while capital expenditure during the year totalled €4.6 million, including investments in production capabilities, laboratory equipment and fire protection.

The strong financial performance provides TITAN Zlatna Panega with a solid foundation to continue investing in production capacity, quality control and human capital, while pursuing its long-term sustainability objectives.

In 2025, the company also achieved 51.2% share of alternative fuels in clinker production - the main component of cement. This achievement comes as the company marks 60 years since the first use of clinker in cement production.

In terms of its product portfolio, the company maintained a significant share of construction materials with a lower carbon footprint - moderately low-carbon products accounted for 47%, while “green” products represented 22% (with a carbon footprint at least 25.0% lower than that of typical OPC cement). Nearly 140,000 tonnes of waste were also utilised as substitutes for conventional fuels and raw materials in clinker, cement and concrete production.

The change in the fuel mix was accompanied by a reduction in specific direct carbon dioxide emissions. Gross emissions per tonne of cementitious product decreased by 7% compared with 2024, while net emissions fell by 9% to 551.1 kg per tonne. Renewable electricity accounted for 35% of electricity consumption, while 100% of production is covered by energy management systems or energy audits.

The progress achieved at Zlatna Panega forms part of TITAN Group’s global decarbonisation efforts. This direction is also reflected in the TITAN Forward 2029 growth strategy, which envisages investments in more efficient production, alternative cementitious materials, lower-carbon products and digital technologies. The Group has also set a target to achieve net-zero emissions by 2050. TITAN is among the first three cement companies worldwide whose carbon reduction targets have been validated by the Science Based Targets initiative (SBTi) as being aligned with limiting global warming to 1.5°C.

“For TITAN Zlatna Panega, 2025 was a year of growth and progress. We delivered solid financial results and continued to invest in our operations, employees, and the safety of our contractors. Behind the figures that reflect the company’s success stands the contribution of nearly 270 colleagues, whose knowledge and dedication are our greatest achievement,” shared Behar Disha, CEO of TITAN Zlatna Panega.

Safety and employee development remain among TITAN Zlatna Panega’s key priorities. The company marked its fourth consecutive year without occupational accidents involving employees or contractors. The systematic preparation and training of the team also contributed to this achievement - nearly 50% of all training hours during the year were dedicated to occupational health and safety.

In support of local communities, TITAN Zlatna Panega implemented 17 initiatives during the year, reaching almost 12,000 people. Investments in community initiatives amounted to nearly €59,000, while donations totalled almost €57,000.

As part of the “On the Cement Road” programme, students from Teteven and Rumyantsevo visited the plant during two editions of the initiative in 2025 and met with specialists working on site. The Summer START Academy helped 35 children from Brestnitsa strengthen their knowledge of Bulgarian language and mathematics and develop teamwork skills. Support for film education in Dermantsi gave students the opportunity to create their own film about pollinator protection, which was screened in Paris and Sofia.

The theme of the film was also brought to life within the local community, where students, residents and employees built beehives and insect hotels and learned more about the role of pollinators in nature.

TITAN Zlatna Panega maintains its long-term focus on safety, local communities and its overall positive impact, while continuing on its path towards lower-carbon and more modernised production.

TITAN Zlatna Panega’s Integrated Annual Report for 2025 can be downloaded here.

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