TWI TITAN INTERNATIONAL INC

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 4/4 quarters. Q3 2025: $8M, Q2 2025: $6M, Q1 2025: $1M, Q3 2024: $13M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $8M vs trailing avg $7M (+22%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Negative FCF ($-82M), buybacks not supported by cash flow

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 5,553,786 shares = 8.7% of 63,951,494 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

1 open-market purchase by NARANCICH MAX

• NARANCICH MAX (COO, Carlstar) bought 3,500 shares at $8.56 on 2025-08-14

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Company buybacks in 4 quarters but insufficient insider buying

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $27M in the last 90 days (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 1011.7x more than bought. 1 C-suite officers among sellers

• Eheli Anthony (VP, Chief Accounting Officer) sold 25,000 shares on 2025-06-20