Titan International : Investor Presentation - May 2024

INVESTOR PRESENTATION - MAY 2024

NYSE: TWI

Forward-Looking Statements & Non-GAAP Metrics

Forward-Looking Statements

The accompanying material includes forward-looking comments and information concerning the company's expectations and objectives for the future. Readers of this material should understand that these forward-looking statements are based on the Company's expectations and subject to a number of risks and uncertainties, certain of which are beyond the Company's control.

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 in this document will in fact transpire.

Reconciliation of GAAP to Non-GAAP Financial Measures

The Company reports its financial results in accordance with generally accepted accounting principles in the United States (GAAP). These supplemental schedules provide a quantitative reconciliation between each of adjusted net income attributable to Titan, EBITDA, adjusted EBITDA, net sales on a constant currency basis, and net debt, each of which is a non-GAAP financial measure and the most directly comparable financial measures calculated and reported in accordance with GAAP. We present adjusted net income attributable to Titan, adjusted earnings per common share, EBITDA, adjusted EBITDA, net sales on a constant currency basis, and net debt, as we believe that they assist investors with analyzing our business results. In addition, management reviews each of these non-GAAP financial measures in order to evaluate the financial performance of each of our segments, as well as the Company's performance as a whole. We believe that the presentation of these non-GAAP financial measures will permit investors to assess the performance of the Company on the same basis as management. Adjusted net income attributable to Titan, adjusted earnings per common share, EBITDA, adjusted EBITDA, net sales on a constant currency basis, and net debt should be considered supplemental to, not a substitute for, the financial measures calculated in accordance with GAAP. One should not consider these measures in isolation or as a substitute for our results reported under GAAP. These measures have limitations in that they do not reflect all of the costs associated with the operations of our businesses as determined in accordance with GAAP. In addition, these measures may be calculated differently than non-GAAP financial measures reported by other companies, limiting their usefulness as comparative measures. We attempt to compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results.

2

Titan International Overview

WHY WE MATTER

• We produce equipment to help farmers feed the world, outdoor enthusaists get the most out of their equipment, construction operators develop projects & miners extract resources.
• We have cultivated longstanding relations with blue-chip OEM customers who rely on us as a complete solutions provider, with an expanded 'one stop shop' offering for aftermarket customers
• For decades, we have brought innovative products to market that make equipment run better

WHO WE ARE

Titan is a global leading manufacturer of off - highway tires, wheels & undercarriage equipment.

WHAT WE DO (OUR 3 SEGMENTS)	Proforma 2023 Revenue1

• Agriculture - tires & wheels for all types of Ag equipment from tractors & harvesters to sprayers, planters and irrigation pivots.
• Earthmoving / Construction (EMC) - undercarriages (including steel tracks), wheels and tires for earthmoving, mining, construction & forestry equipment.
• Consumer - tires and wheels for outdoor power equipment, power sports, and

high-speed trailers; custom rubber mixing.

Ag EMC Consumer

KEY DATA
Market Cap2	$800M
Enterprise Value	$1.2B
Total Revenues (TTM Mar' 243)	$1.76B
Adjusted EBITDA (TTM Mar '24)	$187M
FCF (TTM Mar '24)	$91M
Net Debt4	$370M
Leverage Ratio	2.0x

1 Segment revenue split is based on proforma 2023 inclusive of Carlstar acquisition

2 Market Cap and Enterprise Value as of 5/1/24	3
3	Trailing 12-month figures include only 1 month of Carlstar results (acquired 2/29/24)
4	Net Debt and Leverage Ratio as of 3/31/24

Why Invest in TWI ?

Titan's Strong	Foundation
Financial	Improvement

Global Market

Leadership

Strategic

Transformation

Sustained

Financial

Performance

The Opportunity

• Long-standingrelationships with blue-chip OEMs, aftermarket dealers, and consumers
• Recognized global brands
• History of market share gains through new product development
• Megatrends: Growing Global Ag and Infrastructure needs driving multi-decade demand
• Optimized portfolio and improved price discipline
• Invested in operational efficiencies
• Significantly expanded aftermarket business through 'one stop shop' strategy which produces higher margins than OEM sales
• Transformative acquisition of Carlstar Group in February 2024
• Raised gross margin and cash flow baselines, while enhancing working capital management
• Expanded customer base and wallet share
• Reduced leverage from ~11.5x in 2019 to ~2x today
• Supports balanced capital allocation - share buyback, organic investments, highly selective M&A

Solid Earnings and Cash Flow Generation via Organic Growth Investments & Highly

Selective, Value-Focused M&A to advance manufacturing/product capabilities and distribution,

positioning Titan to capture improved and sustained return on capital

*Leverage profile defined as Net Debt/TTM Adj. EBITDA	4

Strategic Actions Have Elevated The Baseline

Multi-Year Strategic Transformation

Titan including Carlstar have proven

earnings power of ~$250M to

2019 AEBITDA*: $38M, 3%

2018 AEBITDA: $119M, 7%

Pre-2019

• Underperforming assets, inefficient supply chain
• Lack of optimization & operational inefficiencies
• Highly-leveredbalance sheet

1

Focus on Core

• Sold underperforming assets
• Increased plant utilization
• Focus on market niches/customers

Focus on

Core

~$15M

AEBITDA

2		3
	Product
Operational		Innovation
Excellence		New products
 Supply chain		Increased market
strengthening		penetration

• Quality improvements
• 80/20 optimization

Product

Development

Operational & Optimization

Excellence

~$25M ~$50M

AEBITDAAEBITDA

$300M AEBITDA in a typical year

• 2023 AEBITDA: $205M, 11%
• 2022 AEBITDA: $253M, 12%
• 2021 AEBITDA: $135M, 8%

New Titan

Foundation

• Optimized Product Portfolio
• Strong Customer Relationships
• Expanded Aftermarket Business
• Nimble Operations
• Stronger Financial Foundation
• Significant Free Cash Flow Generation
• Fortified Balance Sheet

*AEBITDA = Adjusted EBITDA	5

Carlstar Acquisition is Integral Step to Titan's Shareholder Return Strategy

 Added significant new customer relationships in multiple

channels, including leading wholesale distributors, national

retailers, commercial servicing dealers, and OEMs.

 Significantly expands Titan's aftermarket business through one

stop shop strategy, which is expected to positively impact

margins.

 Further diversified Titan's product portfolio, especially in outdoor

power equipment, power sports and high-speed trailers, where

Titan did not have a presence.

 Created what we believe to be the largest pure play specialty tire

manufacturer covering commercial and consumer end markets.

 Expanded Titan's existing wheel/tire assembly capabilities,

providing further value for existing and new customers.

Titan's Shareholder Return Strategy

				Product innovation (R&D)
			 One Titan team development
			 Grow customer relationships via "One
	Organic	Stop Shop" strategy
	Growth
	Balanced Capital
	Allocation,
	Focused on
	Driving Long-
Strategic Term Value	Capital
	M&A	Returns

 Added four manufacturing facilities - Aiken, SC; Jackson and

Clinton, TN; and Meizhou, China - along with twelve internally

managed distribution centers in North America and Europe.

• Highly selective in core markets
• Increase market penetration
• Extend category leadership
• Expand capabilities / offerings

• Active $50M share repurchase program

6

Keys to Driving Long-Term Value

1

Leverage

Megatrends

5

Allocate

Capital To

Optimize

Shareholder

Returns

Collaborative

Customer

Relationships 2

Develop

Innovative

Solutions

3

Expand

Footprint &

4 Capabilities

Megatrends in Ag and Infrastructure

+

Preeminent partner to customers

-Superior aftermarket presence - Longstanding OEM relationships

+

Commitment to R&D & innovation

+

Competitive advantage as a complete solutions

provider

+

A "one stop shop" within the aftermarket channel

+

Strong balance sheet supports continued debt repayment, share repurchases & investments in organic growth/highly selective M&A

7

Unmatched Global Footprint, High Barriers to Entry

Serving customers regionally and locally provides significant competitive advantage

$1.8B	9,100
Mar'24 TTM	Global
Revenue	Employees
17%	$187M
Mar'24 TTM	Mar'24 TTM
Adj. Gross Margin	Adj. EBITDA
2.0x1	$91M
Net Debt	Mar'24 TTM
Leverage	Free Cashflow

	North America
 Quincy, IL	 Querétaro, Mexico
 Bryan, OH	 Union City, TN
 Dallas, TX	West-Chicago, IL (Corporate
 headquarters)

• Des Moines, IA  Winston-Salem, NC

 Elkhorn, WI	 Granteville, SC
 Freeport, IL	 Kent, WA
Fort McMurray,	 McDonough, GA
 AB, Canada
 Clinton, TN	 Edwardsville, KS
 Jackson, TN	 Fontana, CA
 Aiken, SC	 Slinger, WI
 Holden, WV	 Edmonton, Canada

• Jefferson, GA  Waterloo, Canada

Latin / South America

 Atibaia, Brazil

• Buenos Aires, Argentina
• Cali, Columbia

	Iquique, Chile
/ Lima, Peru
	Parauapebas, Pará, Brazil
	São Paulo, Brazil	 Tires
/ Santiago, Chile

 Wheels

 Undercarriage

 Mining Services

 Distribution

Europe / CIS

	Ceprano, Italy		Kidderminster, UK
	Fanano, Italy		Monreal del Campo, Spain
	Finale Emilia, Italy		Potenza, Italy
	Flers, France		St. Helens, UK
	Gevelsburg, Germany		Valsamoggia, Italy
	Jesi, Italy		Volgograd, Russia

• Budapest, Hungary

Asia / Africa

 Aydin, Turkey

 Heidelberg, South Africa

 Jakarta, Indonesia

 Liuzhou, China

 Tianjin, China

 Meizhou, China

 Visakhapatnam, Andhra

Pradesh, India

Australia

• Perth, WA
• Yatala, QLD

1 (Mar'24 ending Net Debt) / (Mar'24 TTM AEBITDA)

8

Recent Industry Leading Product Innovation

Deep culture of product development and innovation to meet customers' evolving needs, translating to

increased performance and financial benefits

Agriculture

Earthmoving / Construction

Consumer

ITM MINING

TRUST ITM

Intersect

SD 10

Powersports

Turf Armor CSL 16

Lawn and Garden

Goodyear R14T Hybrid

• Product line expansion to include larger sizes for MFWD Tractors, Combines and Sprayers
• The innovative R14T tread design is a hybrid of ag, turf and industrial tread designs, ready for any application

Ultimate Flex

Technology® (UFT) ®

UFT is the only tire technology that can act as a replacement to three types of tires, conventional, increased flexion (IF) and very high flexion (VF)

• Aftermarket Mining growth through introduction of new shovel and dozer parts, interchangeable with key OEMs and performing even better
• Special Projects for tracks on applications including surface mining, deep sea mining and railway laying

• Innovative undercarriage monitoring solution provides tracking system of vital parameters in real time, even in the toughest environments, empowering autonomous-drive equipment
• This undercarriage sensor technology enhances day-to- day operations by improving safety and productivity in the field.

• Launched additional sizes in the Intersect line, which is a market leading line of tires for rock crawling applications
• Launched the SD 10 Beadlock wheel as an aftermarket upgrade to the Polaris Pro RZR PRO R

• Developing new tread patterns (including Turf Armor) and Flat free options for Commercial Landscapers

High Speed Trailer

• Developing a new line of off road trailer tire
• Expanded All Steel trailer tire offering (CSL 16)

9

AG - Low Sidewall Technology® (LSW®)

End-user enthusiasm and demand for industry leading technology remains high

• Superior Alternative to Tracks:
• • Less Compaction: LSW equipped machines generate a more consistent and lower ground bearing pressure, equating to 25% less compaction in comparison to a tracked machine.
  • Cost Effective: Compared to tracks, LSW equipped machines can save end-users up to $100,000 or more, on initial investment, while reducing maintenance costs and improving fuel efficiency.
• Continuing LSW Momentum across both OEM and Aftermarket channels:
• • Enhanced Distribution: In recent years has moved from distribution primarily in the Midwest US to across North America, particularly in Canada, South America, as well as Southern Africa.
  • Expansion of Size Offerings: LSW continues to move into new sizes for wheels and tires, including a new tread pattern for the world's largest farm tire size, the LSW1400/30R46

10