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    Thomas Kerr • Zacks Small-Cap Research

    Thomas Kerr's questions to Titan International Inc (TWI) leadership

    Thomas Kerr's questions to Titan International Inc (TWI) leadership • Q1 2025

    Question

    Thomas Kerr requested more color on farmer sentiment, details on the increase in working capital, and asked about potential new industry verticals for Titan, such as military or aircraft.

    Answer

    CEO Paul Reitz characterized farmer sentiment as less dire than a 'crisis,' noting commodity prices are 'fine' and that government support provides a floor for farm income. CFO David Martin attributed the rise in working capital directly to the sequential sales ramp-up, with no changes in customer payment terms. Paul Reitz identified military as a promising vertical, especially given the focus on domestic supply chains, but dismissed highly-regulated areas like aircraft. He emphasized that the primary growth strategy is filling product gaps within existing complex, off-road verticals.

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    Thomas Kerr's questions to Titan International Inc (TWI) leadership • Q4 2024

    Question

    Thomas Kerr of Zacks Small-Cap Research asked about the flexibility of Titan's manufacturing footprint in response to tariffs, the drivers of Brazil's market strength, and the potential impact of federal budget changes on military opportunities.

    Answer

    CEO Paul Reitz confirmed that Titan is capable of moving production between its global facilities to align with customer needs and mitigate tariff risks. He attributed Brazil's strength to a cyclical upturn, supportive government policies, and strong global demand for its crops. Regarding military opportunities, Reitz characterized it as an effort to go from 'close to nothing to something positive,' viewing administrative and budget changes as an opportunity to re-engage with the sector rather than a risk.

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