Tronox Holdings plc · NYSE:TROX
Tronox — Q3 2026 Earnings Presentation
25 slides from Tronox's earnings presentation, Nov 5, 2026
Slide 1: Third Quarter 2026 Conference Call
Third Quarter 2026 Conference Call Tronox Holdings plc November 5, 2026 Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 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 | © 2026 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 Third quarter financial results in line with prior guidance • Successfully implemented pricing as anticipated for both TiO2 and zircon – TiO2 and zircon pricing increased 4% and 9% sequentially, respectively • Delivered sequential Adjusted EBITDA and margin improvement
Slide 5: Third Quarter 2026 Financial Highlights
Third Quarter 2026 Financial Highlights Q3 ’26 Q3 ’25 YoY % ∆ Q2 ’26 QoQ % ∆ • Revenue increased YoY driven by higher sales volumes Revenue $ 827 $ 699 18% $ 868 (5)% and higher average selling prices including mix for both TiO2 and zircon Income (Loss) from $12 $(43) n/m $(21) n/m Operations • Inco
Slide 6: Commercial Performance
Commercial Performance Strong pricing realization across TiO2 and zircon Price/Mix Q3 ’26 Q3 ’25 YoY % ∆ Q2 ’26 QoQ % ∆ • Strong pricing realization for TiO2 and zircon across all Revenue $ 827 $ 699 18% $ 868 (5)% markets, in line with expectations as previously announced TiO2 653 550 19% 700 (7)%
Slide 7: Operational Performance
Operational Performance Continued focus on costs Production Costs Q3 ’26 Q3 ’25 YoY % ∆ Q2 ’26 QoQ % ∆ • QoQ: Unfavorable $14M primarily due to the sale of higher- Adjusted EBITDA $ 101 $ 74 36% $ 73 38% cost inventory from Q2; Lower LCM and idle facility charges in the quarter of $9M, due to the pl
Slide 8: Liquidity, Capital Expenditures & Cash Flow
Liquidity, Capital Expenditures & Cash Flow Actively managing balance sheet and enhancing liquidity • Total debt of $3.2B as of September 30, 2026; 10.5x net • Total available liquidity of $509M as of September 30, leverage on TTM basis 2026 – Q3 2026 weighted average interest rate of 6.0% – Include
Slide 9: 2026 Capital Allocation Priorities
2026 Capital Allocation Priorities Prioritizing cash to ensure financial flexibility Investing to maintain our assets, vertical integration advantage, and projects critical to furthering our strategy Preserving liquidity Maintaining dividend aligned with current macroenvironment As the market recove
Slide 10: 2026 Outlook
2026 Outlook Q1 ’26A Q2 ’26A Q3 ’26A Q4 ’26E Full Year Cash Items FY 2026E ↓ HSD% to LDD% Net Cash Interest Expense ~$195M TiO2 Volume QoQ / YoY 4% / 5% 9% / 18% (11%) / 10% QoQ Soften moderately Net Cash Taxes <$5M Zircon Volume QoQ / YoY 14% / 57% 4% / 61% (13%) / 49% vs. Q3 level $65M to $80M Wor
Slide 11: Focusing on the Controllables
Focusing on the Controllables Commercial Approach Cost Structure Cash Generation • TiO2 and zircon price increases • Sustainable cost improvement • Maintain proactive approach to the achieved and expected to sustain program expected to deliver more balance sheet through Q4 than $175 million of run-r
Slide 12: Progressing our Rare Earths Strategy
Progressing our Rare Earths Strategy End-use applications: Hydromet Light & Heavy • Consumer electronics Mining & Metals & • Auto / EVs (Cracking & Rare Earth Magnets Concentration Alloys • Robotics Leaching) Separation • Offshore wind • Defense Tronox’s Hydro- and areas of focus pyrometallurgy Tron
Slide 13: Proposed Cracking Plant and Refinery Would Leverage Existing Operational Footprint
Proposed Cracking Plant and Refinery Would Leverage Tronox’s Existing Operational Footprint in Australia and the United States Australian Operations US Existing Infrastructure • We operate three large mineral sands • Our 225ktpa Hamilton, Mississippi mines throughout Australia: TiO2 site has ~28 acr
Slide 14: The Two Proposed Sites Expected to Produce up to 10,000tpa of TREO
The Two Proposed Sites Expected to Produce up to 10,000tpa of Total Rare Earth Oxides (TREO) Monazite from our mineral sands would be cracked in Western Australia and separated at Hamilton into individual rare earth oxides 3 2 RE Refinery — Hamilton, MS Cracking Plant — Rockingham, Western Australia
Slide 15: Q&A Session
Q&A Session Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 15
Slide 16: Appendix
Appendix Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 16
Slide 17: Tronox – A Diversified, Vertically Integrated Titanium Industry Leader
Tronox – A Diversified, Vertically Integrated Titanium Industry Leader TROX $2.9B $336M ~5,700 ~1,200 NYSE 2025 Revenue 2025 Adj. EBITDA Global Employees Customers • Vertically integrated mining and inorganic chemical Sales by Sales by TiO2 Sales Volume company Region2 Product2 by End Use Market2 •
Slide 18: Tronox Environmental Sustainability Targets
Tronox Environmental Sustainability Targets 2025 was a milestone year for Tronox’s public 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
Slide 19: 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, 2026 2025 2026 2025 Net sales $ 8
Slide 20: 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 21: 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, 2026 December 31, 2025 ASSETS Current Assets Cash and cash equivalents $ 136 $ 199 Restricted cash 18 12 Accounts receivable (ne
Slide 22: Consolidated Statements of Cash Flows
TRONOX HOLDINGS PLC CONSOLIDATED STATEMENTS OF CASH FLOWS Consolidated Statements of Cash Flows (UNAUDITED) (Millions of U.S. dollars) Nine Months Ended September 30, 2026 2025 Cash Flows from Operating Activities: Net loss $ (333) $ (296) Adjustments to reconcile net loss to net cash provided by (u
Slide 23: 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 (UNAUDITED) (Millions of U.S. dollars) Three Months Ended September 30,
Slide 24: 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, 2026: Nine Months Ended Six Months Ended Three
Slide 25: Reconciliation of TTM Net Loss to EBITDA and Adjusted EBITDA
Reconciliation of TTM Net 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 December 31, 2025 March 31,