Tronox Holdings Plc · NYSE:TROX
Tronox — Q1 2026 Earnings Presentation
23 slides from Tronox's earnings presentation, May 7, 2026
Slide 1: First Quarter 2026 Conference Call
First Quarter 2026 Conference Call Tronox Holdings plc May 7, 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 Solid first quarter performance • Delivered strong and better-than-expected top-line performance – Volumes exceeded guidance, with highest first quarter TiO2 volumes since 2022 and highest overall zircon volumes since Q4 of 2021 – Pricing in-line with expectations, with
Slide 5: First Quarter 2026 Financial Highlights
First Quarter 2026 Financial Highlights Q1 ’26 Q1 ’25 YoY % ∆ Q4 ’25 QoQ % ∆ • Revenue increase YoY driven by higher TiO2 and zircon Revenue $ 760 $ 738 3% $ 730 4% volumes • Loss from operations of $41M; Net loss attributable to (Loss) from Operations $(41) $ (61) n/m $(114) n/m Tronox of $103M inc
Slide 6: Commercial Performance
Commercial Performance Stronger than expected volumes across TiO2 and zircon Volume Q1’26 Q1’25 YoY % ∆ Q4’25 QoQ % ∆ • TiO2 volumes increased 4% QoQ and 5% YoY Revenue $ 760 $ 738 3% $ 730 4% – Seasonal demand improvement in North America and TiO2 616 584 5% 577 7% Europe; structural benefits from
Slide 7: Operational Performance
Operational Performance Continued focus on cash and disciplined execution Production Costs Q1’26 Q1 ’25 YoY % ∆ Q4’25 QoQ % ∆ • YoY: Unfavorable lower of cost or market (LCM) and idle Adjusted EBITDA $ 62 $ 112 (45)% $ 57 9% facility adjustments of $12M partially offset by a net $5M Adjusted EBITDA
Slide 8: Liquidity, Capital Expenditures & Cash Flow
Liquidity, Capital Expenditures & Cash Flow Actively managing balance sheet and enhancing liquidity • Total debt of $3.3B as of March 31, 2026; 11.1x net • Total available liquidity of $406M1 as of March 31, 2026 leverage on TTM basis – Includes $126M in cash and cash equivalents – Q1 2026 weighted
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 Q4 ’25A Q1 ’26A Q2 ’26E Full Year Cash Items FY 2026E ↑ HSD% range TiO2 Volume QoQ / YoY 9% / 13% 4% / 5% Net Cash Interest Expense ~$190M QoQ Zircon Volume QoQ / Moderate slightly Net Cash Taxes <$10M 42% / 27% 14% / 57% YoY vs. Q1 level >$100M Working Capital Adjusted EBITDA $57M $62M
Slide 11: Focusing on the Controllables
Focusing on the Controllables Commercial Approach Cost Structure Cash Generation • Antidumping measures in place the • Sustainable cost improvement • Maintain disciplined capital European Union, Saudi Arabia, program expected to achieve high allocation approach Brazil. India duties currently end of
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: Q&A Session
Q&A Session Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 13
Slide 14: Appendix
Appendix Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 14
Slide 15: 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 16: 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 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 March 31, 2026 2025 Net sales $ 760 $ 738 Cost of goods sold 716 639 Gross prof
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
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) March 31, 2026 December 31, 2025 ASSETS Current Assets Cash and cash equivalents $ 126 $ 199 Restricted cash 12 12 Accounts receivable (net of
Slide 20: Consolidated Statements of Cash Flows
TRONOX HOLDINGS PLC Consolidated Statements of Cash Flows CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Millions of U.S. dollars) Three Months Ended March 31, 2026 2025 Cash Flows from Operating Activities: Net loss $ (104) $ (111) Adjustments to reconcile net loss to net cash used in operating
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 EBITDA (NON-U.S. GAAP) (UNAUDITED) (Millions of U.S. dollars) T
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 months ended March 31, 2026: Three Months Ended March 31, 2026 Cash used in operat
Slide 23: Reconciliation of TTM Net Loss to EBITDA and Adjusted EBITDA (NON-U.S. GAAP)
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 June 30, 2025 September 30,