Tronox Holdings Plc · NYSE:TROX

Tronox — Q3 2025 Earnings Presentation

23 slides from Tronox's earnings presentation, Nov 6, 2025

  1. Slide 1: Third Quarter 2025 Conference Call

    Third Quarter 2025 Conference Call Tronox Holdings plc November 6, 2025 Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2025 1

  2. Slide 2: Presenters

    Presenters John Romano John Srivisal Chief Executive Officer Senior Vice President, Chief Financial Officer Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2025 2

  3. Slide 3: Safe Harbor Statement and Non-U.S. GAAP Financial Terms

    Safe Harbor Statement and Non-U.S. GAAP Financial Terms Cautionary Statement about Forward-Looking Statements Statements in this presentation that are not historical are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking

  4. Slide 4: Key Messages from the Quarter

    Key Messages from the Quarter Prioritizing cash amid ongoing market pressures • Q3 results impacted by persistent weak demand, increased downstream destocking, and heightened competitive dynamics across both TiO2 and zircon – Competitor insolvency drove inventory liquidation at below-market prices –

  5. Slide 5: Third Quarter 2025 Financial Highlights

    Third Quarter 2025 Financial Highlights • Revenue YoY decrease driven by lower market demand Q3 ’25 Q3 ’24 YoY % ∆ Q2 ’25 QoQ % ∆ and pricing Revenue $ 699 $ 804 (13)% $ 731 (4)% • Loss from operations of $43M; Net loss attributable to Tronox of $99M including $27M of restructuring and other (Loss)

  6. Slide 6: Commercial Performance

    Commercial Performance Further market demand weakness; heightened competitive dynamics Volume Q3’25 Q3’24 YoY % ∆ Q2’25 QoQ % ∆ • TiO2 volumes declined 4% QoQ and 8% YoY Revenue $ 699 $ 804 (13)% $ 731 (4)% – Europe, Middle East, and North America saw sharper TiO2 550 616 (11)% 587 (6)% seasonal dec

  7. Slide 7: Operational Performance

    Operational Performance Lower market demand drove actions to manage inventory Production Costs Q3 ’25 Q3 ’24 YoY % ∆ Q2 ’25 QoQ % ∆ • YoY and QoQ: Unfavorable lower of cost or market (LCM) Adjusted EBITDA $ 74 $ 143 (48)% $ 93 (20)% and idle facility adjustments due to lower pricing & higher Adjuste

  8. Slide 8: Liquidity, Capital Expenditures & Cash Flow

    Liquidity, Capital Expenditures & Cash Flow Actively managing balance sheet and enhancing liquidity • Raised $400 million of secured notes in Q3 • Total available liquidity of $664M as of September 30, 2025 • Total debt of $3.2B as of September 30, 2025; 7.5x net – Includes $185M in cash and cash eq

  9. Slide 9: Anti-Dumping Measures Create Significant Market Opportunity for Tronox

    Anti-Dumping Measures Create Significant Market Opportunity for Tronox EU – ~1,000kt market India – ~480kt market Final Duties Implemented Provisional Duties (May-2025) Final Duties Implemented Temporary Stay on Duties Implemented (Jul-2024) (Jan-2025) (Sep-2025) Exports (MT) Exports (MT) Brazil – ~

  10. Slide 10: Rare Earths Opportunity: Tronox Has a Rare Mix of Skill Sets

    Rare Earths Opportunity: Tronox Has a Rare Mix of Skill Sets Uniquely positioned as a global leader in the mining and chemical industry with established technical and operational expertise invaluable across the Rare Earths chain Hydro- and pyrometallurgy Tronox operates in both disciplines and count

  11. Slide 11: 2025 Outlook

    2025 Outlook Q1 ’25A Q2 ’25A Q3 ’25A Q4 ’25E Full Year Uses of Cash FY 2025E ↑3-5% / TiO2 Volume QoQ / YoY 12% / (1%) (2%) / (11%) (4%) / (8%) Net Cash Interest Expense ~$150M ↑HSD to ↑LDD ↑15-20% Net Cash Taxes <$5M Zircon Volume QoQ / YoY (6%) / (15%) 1% / (10%) (7%) / (4%) Flat / ↑ MSD Flattish t

  12. Slide 12: 2025 Capital Allocation Priorities

    2025 Capital Allocation Priorities Taking proactive measures to ensure financial flexibility Actions Taken Investing to maintain our assets, vertical integration, • Closure of Botlek facility will and projects critical to furthering our strategy reduce costs & inventory • Pull forward of maintenance

  13. Slide 13: Q&A Session

    Q&A Session Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2025 13

  14. Slide 14: Appendix

    Appendix Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2025 14

  15. Slide 15: Tronox – A Diversified, Vertically Integrated Titanium Industry Leader

    Tronox – A Diversified, Vertically Integrated Titanium Industry Leader TROX $3.1B $564M 85%* ~6,500 ~1,200 NYSE 2024 Revenue 2024 Adj. EBITDA Feedstock Integration1 Global Employees Customers • Vertically integrated mining and inorganic chemical Sales by Sales by TiO2 Sales Volume company Region2 Pr

  16. Slide 16: 2025: Milestone Year for Tronox's Sustainability Targets

    2025: Milestone Year for Tronox’s Sustainability Targets ACHIEVE NET ZERO REDUCE SCOPE 3 ZERO WASTE TO SCOPE 1 & 2 EMISSIONS EMISSIONS IN OUR EXTERNAL DEDICATED BY 2050 SUPPLY CHAIN LANDFILLS 20501 2050 NET ZERO Zero Waste Reduce Scope 1 Reduce absolute and 2 GHG waste to external emissions dedicate

  17. Slide 17: Consolidated Statements of Operations (U.S. GAAP)

    Consolidated Statements of Operations (U.S. GAAP) TRONOX HOLDINGS PLC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. GAAP) (UNAUDITED) (Millions of U.S. dollars, except share and per share data) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net sales $ 6

  18. Slide 18: Reconciliation of Non-U.S. GAAP Financial Measures

    Reconciliation of Non-U.S. GAAP Financial Measures TRONOX HOLDINGS PLC RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED) (Millions of U.S. dollars, except share and per share data) RECONCILIATION OF NET LOSS ATTRIBUTABLE TO TRONOX HOLDINGS PLC (U.S. GAAP) TO ADJUSTED NET LOSS ATTRIBUTAB

  19. Slide 19: Consolidated Balance Sheets

    TRONOX HOLDINGS PLC Consolidated Balance Sheets CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Millions of U.S. dollars, except share and per share data) September 30, 2025 December 31, 2024 ASSETS Current Assets Cash and cash equivalents $ 185 $ 151 Restricted cash 1 1 Accounts receivable (net

  20. Slide 20: Consolidated Statements of Cash Flows

    Consolidated Statements of Cash Flows TRONOX HOLDINGS PLC CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Millions of U.S. dollars) Nine Months Ended September 30, 2025 2024 Cash Flows from Operating Activities: Net loss $ (296) $ (24) Adjustments to reconcile net loss to net cash (used in) provi

  21. Slide 21: Reconciliation of Net Income to EBITDA and Adjusted EBITDA (NON-U.S. GAAP)

    Reconciliation of Net Income to EBITDA and Adjusted EBITDA (NON-U.S. GAAP) TRONOX HOLDINGS PLC RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA, ADJUSTED EBITDA AS A % OF NET SALES AND NET DEBT TO TRAILING-TWELVE MONTHS ADJUSTED (UNAUDITED) (Millions of U.S. dollars) Three Months Ended Septe

  22. Slide 22: Free Cash Flow (NON-U.S. GAAP)

    Free Cash Flow (NON-U.S. GAAP) TRONOX HOLDINGS PLC FREE CASH FLOW (NON-U.S. GAAP) (UNAUDITED) (Millions of U.S. dollars) The following table reconciles cash used in operating activities to free cash flow for the three and nine months ended September 30, 2025: Nine Months Ended Six Months Ended Three

  23. Slide 23: Reconciliation of Trailing Twelve Month Net Income (Loss) to EBITDA and Adjusted EBITDA

    RECONCILIATION OF TRAILING TWELVE MONTH NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (NON-U.S. GAAP) TRONOX HOLDINGS PLC RECONCILIATION OF TRAILING TWELVE MONTH NET LOSS TO EBITDA AND ADJUSTED EBITDA (NON-U.S. GAAP) (UNAUDITED) (Millions of U.S. dollars) Three Months Ended Trailing Twelve Month D

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