Tronox Holdings Plc · NYSE:TROX
Tronox — Q1 2025 Earnings Presentation
24 slides from Tronox's earnings presentation, May 1, 2025
Slide 1: First Quarter 2025 Conference Call
First Quarter 2025 Conference Call Tronox Holdings plc May 1, 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 Strategic Actions to Mitigate Macroeconomic Challenges • Stronger than normal seasonal demand uplift in TiO2 volumes, increase of 12% QoQ – Europe bolstered by anti-dumping duties – sales volumes not seen since Q2 2021 – Increased competitive activity in Latin America,
Slide 5: First Quarter 2025 Financial Highlights
First Quarter 2025 Financial Highlights Q1 ’25 Q1 ’24 YoY % ∆ Q4 ’24 QoQ % ∆ • Revenue increased QoQ driven by higher TiO2 sales volumes, partly offset by lower zircon volumes and Revenue $ 738 $ 774 (5)% $ 676 9% unfavorable pricing from zircon and TiO2 (Loss) Income from • Loss from operations of
Slide 6: Commercial Performance
Commercial Performance Seasonal uplift in TiO2 volumes led by European demand Volume Q1’25 Q1 ’24 YoY % ∆ Q4’24 QoQ % ∆ • TiO2 volumes improved 12% QoQ and declined 1% YoY Revenue $ 738 $ 774 (5)% $ 676 9% – Higher growth in Europe attributable to the finalization of TiO2 584 605 (3)% 533 10% antidu
Slide 7: Operational Performance
Operational Performance Higher mining costs drive higher production costs, as anticipated Production Costs Q1 ’25 Q1 ’24 YoY % ∆ Q4 ’24 QoQ % ∆ • YoY: Favorable pigment costs were partially offset by higher Adjusted EBITDA $ 112 $ 131 (15)% $ 129 (13)% mining costs Adjusted EBITDA margin 15.2% 16.9%
Slide 8: Liquidity, Capital Expenditures & Cash Flow
Liquidity, Capital Expenditures & Cash Flow Strong balance sheet with ample liquidity • Total debt of $3.0B as of March 31, 2025; 5.2x net • Total available liquidity of $443M as of March 31, 2025 leverage on TTM basis – Includes $138M in cash and cash equivalents – Q1 2025 weighted average interest
Slide 9: Taking Actions to Navigate the Current Landscape
Taking Actions to Navigate the Current Landscape Estimated EBITDA Improvement 2025 2026 • Cost Improvement Program $25-30M run-rate at exit $125-175M run-rate at exit • Idling of Botlek Plant $5-10M $30M+ annually onward • Completion of South Africa Mines $(50)-(60)M (headwind) $50-60M Additional ac
Slide 10: Tronox's Cost Improvement Program $125-175M
Tronox’s Cost Improvement Program Focused on enhancing cost efficiency and optimizing asset performance across all aspects of our business to be the best at what we do Targeted Actions: $125-175M sustainable, run-rate cost Leveraging Operational Excellence improvements by the Harnessing Technolo
Slide 11: Key Capital Projects to Sustain Vertical Integration
Key Capital Projects to Sustain Vertical Integration Progress • Fairbreeze Expansion slated for 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
Slide 12: 2025 Outlook
2025 Outlook FY 2025E 2024 FY Actuals Low High Commentary Assumes TiO2 and zircon volumes increase; headwinds from non- Revenue $3.1B ~$3.0B ~$3.4B repeating “Other Products” sales in 2024 Anticipate 2H to be stronger than 1H; Non-repeating idle facility charges Adjusted EBITDA $564M ~$525M ~$625M a
Slide 13: 2025 Capital Allocation Priorities
2025 Capital Allocation Priorities Remain unchanged - will continue to evaluate against macroeconomic backdrop Actions Taken Investing in maintaining our assets and projects 1 critical to furthering our strategy and driving value • Idling of Botlek facility will from our vertically integrated portfo
Slide 14: Q&A Session
Q&A Session Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2025 14
Slide 15: Appendix
Appendix Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2025 15
Slide 16: 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 Pro
Slide 17: 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 18: 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 March 31, 2025 2024 Net sales $ 738 $ 774 Cost of goods sold 639 654 Gross prof
Slide 19: 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
Slide 20: 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) March 31, 2025 December 31, 2024 ASSETS Current Assets Cash and cash equivalents $ 138 $ 151 Restricted cash — 1 Accounts receivable (net of a
Slide 21: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows TRONOX HOLDINGS PLC CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Millions of U.S. dollars) Three Months Ended March 31, 2025 2024 Cash Flows from Operating Activities: Net loss $ (111) $ (9) Adjustments to reconcile net loss to net cash provided by operati
Slide 22: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
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 EBITDA (NON-U.S. GAAP) (UNAUDITED) (Millions of U.S. dollars) T
Slide 23: 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 months ended March 31, 2025: Three Months Ended March 31, 2025 Cash used in operat
Slide 24: Trailing Twelve Month Net Income to 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 INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (NON-U.S. GAAP) (UNAUDITED) (Millions of U.S. dollars) Three Months Ended Trailing Twelv