Tronox Holdings Plc · NYSE:TROX

Tronox — Q3 2020 Earnings Presentation

20 slides from Tronox's earnings presentation, Oct 29, 2020

1. Slide 1: Third Quarter 2020 Conference Call

   Third Quarter 2020 Conference Call Tronox Holdings plc October 29, 2020 Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2020 1

2. Slide 2: 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

3. Slide 3: Third Quarter 2020 Highlights

   Third Quarter 2020 Highlights TiO2 Sales Volumes Recovered Strongly; TiO2 Pricing Remained Level Summary Financials Q3 ‘20 Q3 ’19 YoY % ∆ Q2 ‘20 QoQ % ∆ • Revenue increased 17 percent sequentially driven by continued Revenue $ 675 $ 768 (12%) $ 578 17% recovery in TiO2 sales volumes and improved fee

4. Slide 4: Commercial Performance

   Commercial Performance USD millions 3Q20 3Q19 YoY % ∆ 2Q20 QoQ % ∆ YoY % ∆ QoQ % ∆ Revenue $ 675 $ 768 (12%) $ 578 17% Volume Price Volume Price TiO2 543 603 (10%) 466 17% TiO2 (9%) (1%) 16% 0% Zircon 56 68 (18%) 68 (18%) Local Currency n/a (3%) n/a (1%) Feedstock & Other 76 97 (22%) 44 73% Zircon (

5. Slide 5: Operational Performance

   Operational Performance USD millions 3Q20 3Q19 YoY % ∆ 2Q20 QoQ % ∆ Adjusted EBITDA $ 148 184 (20%) $ 142 4% Adjusted EBITDA margin 22% 24% (2) Pts 25% (3) pts • Increased production costs driven by the adjustment of our operations to accommodate the effects of the pandemic, pigment plant idle facil

6. Slide 6: Tronox Continues to Over Deliver on Synergy Targets

   Tronox Continues to Over Deliver on Synergy Targets Increased FY 2020 synergy target to $235 million from $190 million Total Synergies USD millions Nearly 2x our Investor Day YTD EBITDA Synergy Breakout EBITDA Synergies Achieved & Reflected in P&L YTD Target of $120 million Other Tax and Other Syner

7. Slide 7: Tronox's Financial Position Remains Strong

   Tronox’s Financial Position Remains Strong Liquidity and Capital Resources Balance Sheet as of September 30, 2020 (US$ in millions) Sep. 30, 2020 • Total debt of $3.5 billion, net debt of $2.8 billion; Trailing Twelve Cash and cash equivalents $ 722 Month net leverage of 4.5x Available under: • No f

8. Slide 8: Updates on Strategic Developments

   Updates on Strategic Developments TTI Jazan Project newTRON Atlas Campaspe • Announced acquisition of • Amended Jazan Technical • Multi-year, global digital • Australia mining project TTI in May 2020 Services Agreement in transformation strategy replacing existing Snapper May 2020 project / Gingko m

9. Slide 9: Outlook

   Outlook • Q4 2020 outlook: • Raising previous FY 2020 synergy targets: ‒ Strong sales trends reflect favorable deviation from ‒ Total synergies of $235 million, with $185 million in typical fourth quarter seasonality Adjusted EBITDA ‒ Anticipate TiO2 sales volumes at or above Q3 2020 and Q4 2019 ‒ E

10. Slide 10: Q&A Session

    Q&A Session Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2020 10

11. Slide 11: Appendix

    Appendix © 2020 Tronox Holdings plc. | All rights reserved. | tronox.com 11

12. Slide 12: 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 Nine Months Ended Septem ber 30, Septem ber 30, 2020 2019 2020 2019 Net sales $

13. Slide 13: 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 INCOME (LOSS) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO TRONOX HOLDINGS PLC (U.S. G

14. Slide 14: Consolidated Balance Sheets

    Consolidated Balance Sheets TRONOX HOLDINGS PLC CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Millions of U.S. dollars, except share and per share data) September 30, 2020 December 31, 2019 ASSETS Current Assets Cash and cash equivalents $ 722 $ 302 Restricted cash 27 9 Accounts receivable (net

15. Slide 15: 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, 2020 2019 Cash Flows from Operating Activities: Net income (loss) $ 938 $ (92) Net income from discontinued operations, net of tax -

16. Slide 16: Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA

    Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA (NON-U.S. GAAP) TRONOX HOLDINGS PLC RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (NON-U.S. GAAP) (UNAUDITED) (Millions of U.S. dollars) Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 20

17. Slide 17: 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 nine months ended September 30, 2020: Consolidated Cash provided by operating activities

18. Slide 18: Pro Forma Consolidated Statements of Operations (U.S. GAAP)

    Pro Forma Consolidated Statements of Operations (U.S. GAAP) TRONOX HOLDINGS PLC PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. GAAP) (UNAUDITED) (Millions of U.S. dollars, except share and per share data) Proforma amounts Proforma amounts September 30, Nine Months Ended September 30

19. Slide 19: Reconciliation of Pro Forma Net Income from Continuing Operations

    Reconciliation of Pro Forma Net Income from Continuing Operations attributable to Tronox Holdings plc (U.S. GAAP) to Adjusted Net Income from Continuing Operations attributable to Tronox Holdings plc (NON-U.S. GAAP) TRONOX HOLDINGS PLC PRO FORMA RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UN

20. Slide 20: Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA

    Pro Forma Reconciliation of Net Income from Continuing Operations to EBITDA and Adjusted EBITDA (non-U.S. GAAP) TRONOX HOLDINGS PLC PRO FORMA RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA (NON-U.S. GAAP) (UNAUDITED) (Millions of U.S. dollars) Pro Forma Pro Forma Three Months Ended Septe

Tronox Holdings — Q3 2020 Earnings Presentation on 6ix