Tronox Holdings Plc · NYSE:TROX
Tronox — Q2 2025 Earnings Presentation
23 slides from Tronox's earnings presentation, Jul 31, 2025
Slide 1: Second Quarter 2025 Conference Call
Second Quarter 2025 Conference Call Tronox Holdings plc July 31, 2025 Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2025 1
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
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
Slide 4: Key Messages from the Quarter
Key Messages from the Quarter Executing disciplined strategy amid challenged markets • Q2 results impacted by weaker demand across most end markets • TiO2 volumes lower by 2% sequentially and 11% YoY, below expectations – Softer than anticipated coatings season and heightened competitive dynamics dr
Slide 5: Second Quarter 2025 Financial Highlights
Second Quarter 2025 Financial Highlights Q2 ’25 Q2 ’24 YoY % ∆ Q1 ’25 QoQ % ∆ • Revenue decreased YoY driven by lower sales volumes and unfavorable zircon pricing Revenue $ 731 $ 820 (11)% $ 738 (1)% • Loss from operations of $35M; Net loss attributable to (Loss) Income from Tronox of $84M including
Slide 6: Commercial Performance
Commercial Performance Weaker than usual seasonality in TiO2 across all regions Volume Q2’25 Q2 ’24 YoY % ∆ Q1’25 QoQ % ∆ • TiO2 volumes declined 2% QoQ and 11% YoY Revenue $ 731 $ 820 (11)% $ 738 (1)% – Lower than expected seasonal trends; Latin America TiO2 587 653 (10)% 584 1% impacted by delay i
Slide 7: Operational Performance
Operational Performance Higher production costs as anticipated Production Costs Q2 ’25 Q2 ’24 YoY % ∆ Q1 ’25 QoQ % ∆ • YoY: Unfavorable due to higher mining costs and headwinds Adjusted EBITDA $ 93 $ 161 (42)% $ 112 (17)% on pigment production costs primarily driven by high-cost Adjusted EBITDA marg
Slide 8: Liquidity, Capital Expenditures & Cash Flow
Liquidity, Capital Expenditures & Cash Flow Proactively managing balance sheet and bolstering liquidity • Total debt of $3.1B as of June 30, 2025; 6.1x net leverage • Total available liquidity of $397M as of June 30, 2025 on TTM basis – Includes $132M in cash and cash equivalents – Q2 2025 weighted
Slide 9: Taking Actions to Navigate the Current Landscape
Taking Actions to Navigate the Current Landscape Optimizing Our Improving Enhancing Growing the Global Footprint Costs Financial Flexibility Top Line Cost Improvement Program Commercial Priorities • Tracking ahead of plan – more than double run-rate • Deploying targeted initiatives to maintain and g
Slide 10: 2025 Outlook
2025 Outlook FY 2025E 2024 FY Actuals Low High Commentary Assumes lower pigment and zircon volumes than previously expected; Revenue $3.1B ~$3.0B ~$3.1B growth in “Other Products” sales in 2H Anticipate 2H costs to improve with execution of cost improvement Adjusted EBITDA $564M ~$410M ~$460M strate
Slide 11: 2025 Capital Allocation Priorities
2025 Capital Allocation Priorities Taking proactive measures to ensure financial flexibility Actions Taken Investing in maintaining our assets and projects critical to furthering our strategy and driving value from our • Idling of Botlek facility will vertically integrated portfolio reduce costs & i
Slide 12: Q&A Session
Q&A Session Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2025 12
Slide 13: Appendix
Appendix Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2025 13
Slide 14: 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
Slide 15: 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
Slide 16: Key Capital Projects to Sustain Vertical Integration
Key Capital Projects to Sustain Vertical Integration Progress • Fairbreeze Expansion commissioning in July; Namakwa East OFS in November of 2025 • South African mining projects replacing existing mines reaching end of life expected Benefits • Investment maintains ~$300+ per ton advantage relative to
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 June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net sales $ 731 $ 820 $
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) INCOME ATTRIBUTABLE TO TRONOX HOLDINGS PLC (U.S. GAAP) TO ADJUSTED NET (LOSS)
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) June 30, 2025 December 31, 2024 ASSETS Current Assets Cash and cash equivalents $ 132 $ 151 Restricted cash 1 1 Accounts receivable (net of al
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) Six Months Ended June 30, 2025 2024 Cash Flows from Operating Activities: Net (loss) income $ (196) $ 1 Adjustments to reconcile net (loss) income to net cash (used
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) (UNAUDITED) (Millions of U.S. dollars) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net (loss) income (U.S. GAAP) $ (85) $ 10 (196) 1 Interest expense 45 42 87 84 Interest income (1) (2) (3) (6) I
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 six months ended June 30, 2025: Six Months Ended Three Months Ended Three Mont
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 S