Form 10-Q of Q3 2025 Report,

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

• TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

For the transition period from to

1-35573

(Commission file number)

(Exact Name of Registrant as Specified in its Charter)

England and Wales 98-1467236

(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

263 Tresser Boulevard, Suite 1100

Stamford, Connecticut 06901

Laporte Road, Stallingborough Grimsby, North East Lincolnshire, DN40 2PR

United Kingdom

Registrant's telephone number, including area code: (203) 705-3800 Securities registered pursuant to Section 12(b) of the Act:

Title of each class Name of each exchange on which registered Ordinary Shares, par value $0.01 per share New York Stock Exchange

Trading Symbol: TROX

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 20, 2025, the Registrant had 158,552,328 ordinary shares outstanding.

‌SIGNATURES 56

2

‌Item 1. Financial Statements (Unaudited)‌

Page No.

5

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024

Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 7

Notes to Unaudited Condensed Consolidated Financial Statements 10

3

‌TRONOX HOLDINGS PLC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Millions of U.S. dollars, except share and per share data)

Three Months Ended September 30, Nine Months Ended September 30,

See accompanying notes to unaudited condensed consolidated financial statements.

4

‌TRONOX HOLDINGS PLC

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited) (Millions of U.S. dollars)

Realized gains on derivatives reclassified from accumulated other comprehensive loss to the Condensed Consolidated Statement of Operations (net of tax expense of less than $1 million and a tax benefit of nil for the three months ended September 30, 2025 and 2024, respectively, and net of tax expense of $1 million and net of tax benefit of nil for the nine months ended September 30, 2025 and 2024, respectively) $

-

(2)

-

(5)

Amortization of unrecognized actuarial loss (net of tax benefit of nil in the three and nine months ended September 30, 2025 and 2024)

-

-

1

1

Net loss $ (100) $ (25) $ (296) $ (24)

Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024

Foreign currency translation adjustments 21 76 140 $ 49

Other comprehensive income:

Pension and postretirement plans:

Total pension and postretirement loss - - 1 1

Unrealized losses on derivative financial instruments, (net of tax expense of less than $1 million and net of tax benefit of $1 million for the three months ended September 30, 2025 and 2024, respectively, and net tax expense $2 million and net tax benefit of $1 million for the nine months ended

September 30, 2025 and 2024, respectively) - See Note 14 (3) (20) (8) (11)

Other comprehensive income $ 18 $ 54 $ 133 $ 34

Total comprehensive (loss) income $ (82) $ 29 $ (163) 10

Net loss $ (1) $ - $ (2) $ (6)

Comprehensive (loss) income attributable to noncontrolling interest:

Comprehensive (loss) income attributable to noncontrolling interest (1) - 2 (11)

Foreign currency translation adjustments $ - $ - $ 4 $ (5)

Comprehensive (loss) income attributable to Tronox Holdings plc $ (81) $ 29 $ (165) $ 21

See accompanying notes to unaudited condensed consolidated financial statements.

5

TRONOX HOLDINGS PLC CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Millions of U.S. dollars, except share and per share data)

September 30, 2025 December 31, 2024

ASSETS

Accounts receivable (net of allowance for credit losses of $1 million and $1 million as of September 30, 2025 and December 31, 2024, respectively)

301

266

Cash and cash equivalents $ 185 $ 151

Current Assets

Restricted cash 1 1

Prepaid and other assets 131 184

Inventories, net 1,688 1,551

Total current assets 2,308 2,155

Income taxes receivable 2 2

Property, plant and equipment, net 2,024 1,927

Noncurrent Assets

Intangible assets, net 221 244

Mineral leaseholds, net 610 616

Deferred tax assets 832 830

Lease right of use assets, net 178 140

Total assets $ 6,303 $ 6,038

Other long-term assets 130 126

LIABILITIES AND EQUITY

Accounts payable $ 433 $ 499

Current Liabilities

Short-term lease liabilities 27 24

Accrued liabilities 238 247

Short-term debt 58 65

Obligations under inventory financing arrangement 50 -

Income taxes payable 2 4

Long-term debt due within one year 39 35

Noncurrent Liabilities

Total current liabilities 847 874

Pension and postretirement healthcare benefits 90 85

Long-term debt, net 3,136 2,759

Environmental liabilities 31 40

Asset retirement obligations 213 172

Deferred tax liabilities 201 174

Long-term lease liabilities 147 107

Total liabilities 4,710 4,247

Other long-term liabilities 45 36

Shareholders' Equity

See accompanying notes to unaudited condensed consolidated financial statements.

‌6

‌TRONOX HOLDINGS PLC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited) (Millions of U.S. dollars)

Nine Months Ended September 30,

See accompanying notes to unaudited condensed consolidated financial statements.

7

TRONOX HOLDINGS PLC

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(Unaudited)

(Millions of U.S. dollars, except for shares)

For the nine months ended September 30, 2025

Tronox Holdings

Tronox Holdings

Capital

Total

See accompanying notes to unaudited condensed consolidated financial statements.

8

‌TRONOX HOLDINGS PLC

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Continued)

(Unaudited)

(Millions of U.S. dollars, except for shares)

For the nine months ended September 30, 2024

Tronox Holdings plc Ordinary

Tronox Holdings plc Ordinary

Capital in Excess

Accumulated Other

Total Tronox Holdings plc

Non-

See accompanying notes to unaudited condensed consolidated financial statements.

9

TRONOX HOLDINGS PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Millions of U.S. dollars, except share, per share and metric tons data or unless otherwise noted)

1. The Company

   Tronox Holdings plc (referred to herein as "Tronox", the "Company", "we", "us", or "our") operates titanium-bearing mineral sand mines and beneficiation operations in Australia and South Africa to produce feedstock materials that can be processed into TiO2 for pigment, high purity titanium chemicals, including titanium tetrachloride, and Ultrafine© titanium dioxide used in certain specialty applications. Our strategy is to be vertically integrated and produce enough feedstock materials to be as self-sufficient as possible in the production of TiO2 at our eight TiO2 pigment facilities located in the United States, Australia, Brazil, UK, France, China and the Kingdom of Saudi Arabia ("KSA"). We believe that vertical integration is the best way to achieve our ultimate goal of delivering low cost, high-quality pigment to our coatings and other TiO2 customers throughout the world. The mining, beneficiation and smelting of titanium bearing mineral sands creates meaningful quantities of zircon, pig iron and the rare-earth bearing mineral, monazite, which we also supply to customers around the world.

   We are a public limited company listed on the New York Stock Exchange and are registered under the laws of England and Wales.

   Basis of Presentation

   The accompanying condensed consolidated financial statements are unaudited and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission regarding interim financial reporting. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America ("U.S. GAAP") for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024.

   In management's opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, considered necessary for a fair statement of its financial position as of September 30, 2025, and its results of operations for the three and nine months ended September 30, 2025 and 2024. Our unaudited condensed consolidated financial statements include the accounts of all majority-owned subsidiary companies. All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the manner and presentation in the current period.

   The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. It is at least reasonably possible that the effect on the financial statements of a change in estimate due to one or more future confirming events could have a material effect on the financial statements, including, among other things, any potential impacts on the economy as a result of macroeconomic conditions, inflationary pressures, political instability, and supply chain disruptions.

   Recently Issued Accounting Pronouncements

   In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". The amendments in this update apply to all entities that are subject to Topic 740, Income Taxes. The standard requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The amendments in this update are effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. We are currently evaluating any incremental disclosures required as a result of this standard.

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   In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses". The amendments in this update apply to all public business entities. The standard requires that at each interim and annual reporting period an entity disclose additional information about specific expense categories in commonly presented expense captions within the notes to the financial statements. Further the amendments require that an entity include certain amounts that are already required to be disclosed by current GAAP in the same disclosure as the other disaggregation requirements, disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and disclose the total amount of selling expenses and an entity's definition of selling expenses (in annual reporting periods). The amendments in this update are effective for annual period beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. The guidance should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this update or (2) retrospectively to any or all prior periods presented in the financial statement. We are currently evaluating the impact this standard will have on our financial statements.

   In September 2025, the FASB issued ASU 2025-06 "Intangibles-Goodwill and other-Internal-use Software (Subtopic 350-40)". The amendments in this update apply to 1) all entities subject to the internal-use software guidance in Subtopic 350-40 and 2) those that account for website development costs in accordance with Subtopic 350-50. The amendments in this update seek to address previous application challenges by removing all references to the current prescriptive guidance and requiring an entity to start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended, referred to as the "probable-to-complete recognition threshold". The amendments also specify that the disclosure requirements in Subtopic 360-10, Property, Plant and Equipment-Overall, are required for all capitalized internal-use software costs, regardless of how those costs are presented in the financial statements. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. We are currently evaluating the impact this standard will have on our financial statements.

2. Restructuring and Other Charges

   In March 2025, Tronox announced that it has informed its Netherlands' labor force that it proposes to idle its 90,000 metric ton per year TiO2plant in the Netherlands indefinitely, as a result of a strategic review it undertook of the Company's global asset footprint. The Company believes this decision will optimize its global production footprint and improve its capacity utilizations. Approximately 240 employees will be impacted by the action. As a result of this decision, the Company expects to record total restructuring and other related charges of approximately $165-180 million, $65-75 million of which is

   11

   expected to be related to non-cash items, arising from idling site operations which is currently expected to be completed in the first half of 2026. The Company recorded the following charge for the three and nine months ended September 30, 2025 as a result of this action:

   Three Months Ended September

   30, Nine Months Ended September 30,

   2025				2025
   Severance and employee benefits	$	8	$	25
   Idling activities		16		46
   Asset retirement obligation adjustments		-		11
   Contract abandonment and other charges		-		7
   Total cash charges		24		89
   Asset disposal charges		1		63
   Other non-cash charges		-		1
   Total non-cash charges		1		64
   Total restructuring and other charges	$	25	$	153

   For the three and nine months ended September 30, 2025, Tronox incurred $24 million and $89 million of cash charges, respectively. For the three and nine months ended September 30, 2025, these charges included $8 million and $25 million in severance and employee separation benefits charges, respectively, $16 million and $46 million for activities associated with idling of site operations, respectively, nil and $11 million associated with asset retirement obligation adjustments, respectively, and nil and $7 million of contract early termination charges, respectively. Tronox expects to incur incremental expenses associated with these items through the first half of 2026 as severance and employee benefit obligations become due, site idling activities occur and contracts are terminated.

   In addition, the Company has recorded a non-cash charge of $1 million and $64 million during the three and nine months ended September 30, 2025, respectively, primarily associated with asset write-downs and accelerated depreciation associated with assets which are not redeployable to other locations of the Company. Assets at the site will continue to be evaluated for redeployment to other locations throughout the idling process which could result in changes to the amount of asset write-downs and accelerated depreciation.

   Rollforward of restructuring and other charges reserve

   The following table shows a rollforward of restructuring and other charges reserves that will result in cash spending. These amounts exclude asset retirement obligations, which is included in "Asset retirement obligations" on the Condensed Consolidated Balance Sheet:

   		Amount
   Balance at January 1, 2025	$		-
   Change in reserves			78
   Cash payments			(57)
   Foreign currency translation and other			2
   Balance at September 30, 2025	$		23

   Cash payments associated with the liability at September 30, 2025 are expected to occur through the second quarter of 2026. As of September 30, 2025,

   $17 million and $6 million are recorded within "Accrued liabilities" and "Other long-term liabilities", respectively, on the Condensed Consolidated Balance Sheet.

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3. Revenue

   We recognize revenue at a point in time when the customer obtains control of the promised products. For most transactions this occurs when products are shipped from our manufacturing facilities or at a later point when control of the products transfers to the customer at a specified destination or time.

   Contract assets represent our rights to consideration in exchange for products that have transferred to a customer when the right is conditional on situations other than the passage of time. For products that we have transferred to our customers, our rights to the consideration are typically unconditional and only the passage of time is required before payments become due. These unconditional rights are recorded as "Accounts receivable" in the unaudited Condensed Consolidated Balance Sheets. As of September 30, 2025, and December 31, 2024, we did not have any material contract asset balances.

   Contract liabilities represent our obligations to transfer products to a customer for which we have received consideration from the customer. From time to time, we may receive advance payment from our customers that is accounted for as deferred revenue. Deferred revenue is earned when control of the product transfers to the customer, which is typically within a short period of time from when we received the advanced payment. Contract liability balances as of both September 30, 2025 and December 31, 2024 were less than $1 million. Contract liability balances were reported as "Accounts payable" in the unaudited Condensed Consolidated Balance Sheets. All material contract liabilities as of December 31, 2024 were recognized as revenue in "Net sales" in the unaudited Condensed Consolidated Statements of Operations during the first quarter of 2025.

   Disaggregation of Revenue

   We operate under one operating and reportable segment, Tronox. See Note 22 for further details. We disaggregate our revenue from contracts with customers by product type and geographic area. We believe this level of disaggregation appropriately depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors and reflects how our business is managed.

   Net sales to external customers by geographic areas where our customers are located were as follows:

   Three Months Ended September 30, Nine Months Ended September 30,

   	2025		2024			2025		2024
   North America	$	186	$	212		$	591	$	626
   South and Central America		51		54			138		151
   Europe, Middle-East and Africa		280		332			891		949
   Asia Pacific		182		206			548		672
   Total net sales	$	699	$	804		$	2,168	$	2,398

   Net sales from external customers for each similar type of product were as follows:

   Three Months Ended September 30, Nine Months Ended September 30,

   2025		2024			2025		2024
   TiO2$	550	$	616		$	1,721	$	1,874
   Zircon	59		74			196		247
   Other products	90		114			251		277
   Total net sales $	699	$	804		$	2,168	$	2,398

   Other products mainly include pig iron, TiCl4and other mining products.

   During the nine months ended September 30, 2025 and 2024, our ten largest third-party customers represented 38% and 37%, respectively, of our consolidated net sales. During both the nine months ended September 30, 2025 and 2024, no single customer accounted for 10% of our consolidated net sales.

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4. Income Taxes

   Our operations are conducted through various subsidiaries in a number of countries throughout the world. We have provided for income taxes based upon the tax laws and rates in the countries in which operations are conducted and income is earned.

   (Loss) income before income taxes is comprised of the following:

   Three Months Ended September 30,

   Nine Months Ended September 30,

   	2025		2024			2025		2024
   Income tax provision	$	(8)	$	(26)		$	(17)	$	(82)
   (Loss) income before income taxes	$	(92)	$	1		$	(279)	$	58
   Effective tax rate		(9)%		2,600 %			(6)%		141 %

   Tronox Holdings plc, a U.K. public limited company is the parent company for the business group, and the statutory tax rate in the U.K. at both September 30, 2025 and 2024 was 25%. The effective tax rates for both the three and nine months ended September 30, 2025 and 2024 are impacted by a variety of factors including income and losses in jurisdictions with valuation allowances, non-taxable income and expense items, prior year accruals, and our jurisdictional mix of income at tax rates different than the U.K. statutory rate.

   At each reporting date, we perform an analysis to determine the likelihood of realizing our deferred tax assets and whether any valuation allowances are required. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income (including the reversals of deferred tax liabilities) during the periods in which those deferred tax assets will become deductible. Our analysis takes into consideration all available positive and negative evidence, including prior operating results, the nature and reason for any losses, our forecast of future taxable income, utilization of tax planning strategies, and the dates on which any deferred tax assets are expected to expire. These assumptions and estimates require a significant amount of judgment and are made based on current and projected circumstances and conditions.

   We continue to maintain full valuation allowances related to the total net deferred tax assets in Australia, Brazil, the Netherlands and the United Kingdom, as we cannot objectively assert that these deferred tax assets are more likely than not to be realized. Until these valuation allowances are eliminated, provisions for income taxes for these jurisdictions will include no tax benefits with respect to losses incurred and tax expense only to the extent of current tax payments.

   Additionally, we have valuation allowances against specific tax assets in China, South Africa and the United States.

   The new U.S. tax law, officially titled the "One Big Beautiful Bill", was signed into law on July 4, 2025. It represents a significant update of tax policy and includes a wide range of provisions. Many of the policy updates do not have an impact on Tronox, and the updates that do, are not expected to be material.

   During the nine months ended September 30, 2025, the Company received notification that the Australian Taxation Office ("ATO") initiated an audit of Tronox Limited, Tronox Holdings plc and their associates for the calendar years 2017 - 2022. The Company is responding to requests for information on this audit.

   The Company currently has no uncertain tax positions recorded. We believe that we have made adequate provisions for income taxes that may be payable with respect to years open for examination or currently under examination. With regard to years under examination, the ultimate outcome is not presently known and, accordingly, adjustments to our provisions may be necessary and/or reclassifications of noncurrent tax liabilities to current may occur in the future.

   During the year ended December 31, 2023, the United Kingdom enacted legislation consistent with guidance from the Organization for Economic Co-operation and Development ("OECD") for the implementation of the Global Anti-Base Erosion Model Rules (Pillar Two). Additionally, various other jurisdictions have now implemented domestic minimum taxes which are in effect. Neither the UK multinational top-up tax nor any jurisdiction's domestic minimum tax are expected to have a material impact on our income tax provisions for 2025.

   During the year ended December 31, 2024, Australia enacted legislation which changed its thin capitalization regime. The Company is continuing to analyze the full impact of this change and has posted both permanent and timing adjustments based on its current understanding of the new Australian legislation. As the ATO issues future guidance around its requirements in this area, the Company will further refine its calculations. The impacts of these adjustments are offset by a full valuation allowance for Australia.

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5. Loss Per Share

   The computation of basic and diluted loss per share for the periods indicated is as follows:

   Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024

   Numerator - Basic and Diluted:
   Net loss	$	(100)	$	(25)	$	(296)	$	(24)
   Less: Net loss attributable to noncontrolling interest	(1)		-		(2)		(6)
   Net loss available to ordinary shares	$ (99)		$ (25)		$ (294)		$ (18)
   Denominator - Basic and Diluted:
   Weighted-average ordinary shares, basic (in thousands)	158,600		158,095		158,439		157,811
   Weighted-average ordinary shares, diluted (in thousands)	158,600		158,095		158,439		157,811
   Basic net loss per ordinary share	$ (0.63)		$ (0.16)		$ (1.85)		$ (0.11)
   Diluted net loss per ordinary share	$ (0.63)		$ (0.16)		$ (1.85)		$ (0.11)

   Net loss per ordinary share amounts were calculated from exact, not rounded net loss and share information. Anti-dilutive shares not recognized in the diluted net loss per share calculation for the three and nine months ended September 30, 2025 and 2024 were as follows:

   Shares

   Three Months Ended September 30, Nine Months Ended September 30,

   	2025	2024		2025	2024
   Restricted share units	5,044,560	1,650,386		5,044,560	1,647,710

6. Accounts Receivable Securitization Program

   On March 15, 2022, the Company entered into an accounts receivable securitization program ("Securitization Facility") with a financial institution ("Purchaser"), through our wholly owned special purpose bankruptcy-remote subsidiary Tronox Securitization LLC (" SPE"). As the Company does not maintain effective control over the sold receivables, we derecognize the sold receivables from our unaudited Condensed Consolidated Balance Sheet and classify the cash proceeds as source of cash from operating activities in our unaudited Condensed Consolidated Statement of Cash Flows.

   In March 2025, the Securitization Facility was amended (the "Fifth Amendment") to extend the program term to March 2028. The facility limit remains at

   $230 million.

   The program is structured on a revolving basis under which cash collections from receivables are used to fund additional purchases of receivables at 100% face value, not to exceed the facility limit. As of September 30, 2025 and December 31, 2024, the total value of accounts receivables sold under the Securitization Facility and derecognized from the Company's unaudited Condensed Consolidated Balance Sheet was $230 million and $215 million, respectively. As a result of periodic decreases in accounts receivable sold to the Purchaser, at December 31, 2024 the Company recorded $15 million due to the Purchaser within "Accounts payable" on the Condensed Consolidated Balance Sheet. This amount was paid in January 2025. There was no corresponding amount in Accounts Payable as of September 30, 2025. Additionally, at September 30, 2025 and December 31, 2024, we retained approximately $131 million and $109 million, respectively, of unsold receivables which we pledged as collateral for the sold receivables.

   15

   The following table sets forth a summary of the receivables sold and fees incurred under the program during the related periods:

   Three Months Ended September 30, Nine Months Ended September 30,

   	2025		2024			2025		2024
   Cash proceeds from collections reinvested in the program	$	269	$	292		$	815	$	790
   Incremental accounts receivables sold		270		292			831		834
   Fees incurred1		3		4			10		11

   1Amounts relate to monthly utilization of the Securitization Facility and related third-party advisor fees. Such amounts are recorded in "Other (expense) income, net" in our unaudited Condensed Consolidated Statement of Operations.

7. Inventory Financing Arrangement

On July 29, 2025, we entered into an inventory financing arrangement whereby we agree with our counterparty to sell certain inventory, with short payment terms, and subsequently we repurchase such inventory at an agreed upon price with terms not to exceed 360 days. The agreed upon repurchase price is generally calculated as the original sale price plus financing charges and a nominal spread. As of September 30, 2025, we had financed inventory of

$50 million and $1 million of accrued interest, which were included in "Obligations under inventory financing arrangements" and "Accrued Liabilities", respectively, on the Condensed Consolidated Balance Sheets. We have $1 million for the three and nine months ended September 30, 2025 of financing charges that were recorded within "Interest Expense" on the Condensed Consolidated Statement of Operations.

Materials and supplies, net consists of processing chemicals, maintenance supplies and spare parts, which will be consumed directly and indirectly in the production of our products.

At September 30, 2025 and December 31, 2024, there was approximately $59 million and $59 million, respectively, of inventory that is not expected to be sold within one year and as such, has been recorded in "Other long-term assets" on the Condensed Consolidated Balance Sheets.

At September 30, 2025 and December 31, 2024, inventory obsolescence reserves primarily for materials and supplies were $45 million and $44 million, respectively. Reserves for lower of cost or market and net realizable value were $46 million and $28 million at September 30, 2025 and December 31, 2024, respectively.

16

Substantially all of the property, plant and equipment, net is pledged as collateral for our debt.

The table below summarizes depreciation expense related to property, plant and equipment for the periods presented, recorded in the specific line items in our unaudited Condensed Consolidated Statements of Operations:

Three Months Ended September 30,

Nine Months Ended September 30,

Depletion expense relating to mineral leaseholds recorded in "Cost of goods sold" in the unaudited Condensed Consolidated Statements of Operations was $8 million and $8 million during the three months ended September 30, 2025 and 2024, respectively. Depletion expense relating to mineral leaseholds recorded in "Cost of goods sold" in the unaudited Condensed Consolidated Statements of Operations was $25 million and $23 million during the nine months ended September 30, 2025 and 2024, respectively.

17

1. Intangible Assets, Net

   Intangible assets, net of accumulated amortization, consisted of the following:

   		September 30, 2025				December 31, 2024
   	Gross Cost	Accumulated Amortization	Net Carrying Amount		Gross Cost	Accumulated Amortization	Net Carrying Amount
   Customer relationships	$ 291	$ (285)	$ 6		$ 291	$ (270)	$ 21
   TiO2technology	94	(56)	38		94	(51)	43
   Internal-use software and other	246	(69)	177		239	(59)	180
   Intangible assets, net	$ 631	$ (410)	$ 221		$ 624	$ (380)	$ 244

   As of September 30, 2025 and December 31, 2024, internal-use software included approximately $56 million and $116 million, respectively, of capitalized software costs which are not being amortized as the software is not ready for its intended use.

   The table below summarizes amortization expense related to intangible assets for the periods presented, recorded in the specific line items in our unaudited Condensed Consolidated Statements of Operations:

   Three Months Ended September 30,

   Nine Months Ended September 30,

   	2025		2024			2025		2024
   Cost of goods sold	$	4	$	2		$	9	$	4
   Selling, general and administrative expenses		6		7			20		20
   Total	$	10	$	9		$	29	$	24

   Estimated future amortization expense related to intangible assets is $11 million for the remainder of 2025, $29 million for 2026, $33 million for 2027, $33 million for 2028, $32 million for 2029 and $83 million thereafter.

   18

2. Balance Sheet and Cash Flow Supplemental Information

   Accrued liabilities consisted of the following:

   		September 30, 2025			December 31, 2024
   Employee-related costs and benefits	$		114	$	107
   Related party payables			9		13
   Interest			4		17
   Sales rebates			33		40
   Taxes other than income taxes			13		9
   Asset retirement obligations			12		14
   Other accrued liabilities			53		47
   Accrued liabilities	$		238	$	247

   Additional supplemental cash flow information for the nine months ended September 30, 2025 and 2024 and as of September 30, 2025 and December 31, 2024 is as follows:

   Nine Months Ended September 30,

   Supplemental non cash information:	2025		2024
   Operating activities - Chloride slag inventory purchases made from AMIC (including VAT)	$	11	$	44
   Operating activities - MGT sales made to AMIC	$	5	$	5
   Operating activities - Withholding tax on sale of royalty interest1	$	-	$	7
   Investing activities - Proceeds from sale of royalty interest1	$	-	$	7
   Investing activities - In-kind receipt of AMIC loan repayment	$	11	$	44
   Financing activities - Initial commercial insurance premium financing agreement	$	21	$	18
   Financing activities - Repayment of MGT loan	$	5	$	5
   	September 30, 2025		December 31, 2024
   Capital expenditures acquired but not yet paid	$	45	$	91

   1 During the nine months ended September 30, 2024, the Company sold a royalty interest in certain Canadian mineral properties for proceeds of $28 million (net of associated transaction costs) which was recorded in "Other (expense) income, net" on the unaudited condensed consolidated statement of operations. Of the total proceeds, $7 million were withheld for tax purposes and never collected by the Company.

   19

3. Debt

   Long-Term Debt

   Long-term debt, net of an unamortized discount and debt issuance costs, consisted of the following:

   	Original Principal	Annual Interest Rate	Maturity Date	September 30, 2025	December 31, 2024
   2024 Term Loan Facility, net of unamortized discount(1)	741	Variable	4/4/2029	733	735
   2024-B Term Loan Facility, net of unamortized discount(1)	902	Variable	9/30/2031	889	896
   Senior Notes due 2029	1,075	4.625 %	3/15/2029	1,075	1,075
   Senior Secured Notes due 2030	400	9.125 %	9/30/2030	400	-
   RMB Term Loan Facility(1)	64	Variable	8/16/2029	56	58
   Australian Government Loan, net of unamortized discount	N/A	N/A	12/31/2036	2	1
   MGT Loan(2)	36	Variable	Variable	14	19
   Finance leases				40	42
   Long-term debt				3,209	2,826
   Less: Long-term debt due within one year				(39)	(35)
   Debt issuance costs				(34)	(32)
   Long-term debt, net				$ 3,136	$ 2,759

   1. The average effective interest rate on the 2024 Term Loan Facility (including the impacts of the interest rate swaps), the 2024-B Term Loan Facility (including the impacts of the interest rate swaps), and the RMB Term Loan Facility was 6.6%, 6.5%, and 9.2%, respectively, during the nine months ended September 30, 2025. The average effective interest rate on the previous Term Loan Facility (including the impacts of the interest rate swaps), the previous 2022 Term Loan Facility, the previous 2023 Term Loan Facility, the 2024 Term Loan Facility, the 2024-B Term Loan Facility, the previous Standard Bank Term Loan Facility, and the RMB Term Loan Facility was 5.9%, 9.2%, 9.3%, 4.9%, 5.9%, 10.8%, and 10.5%, respectively, during the nine months ended September 30, 2024. As of September 30, 2025, the applicable margin on the 2024 Term Loan Facility, the 2024-B Term Loan Facility and the RMB Term Loan Facility was 2.25%, 2.50% and 2.35%, respectively.

   2. The MGT loan is a related party debt facility. The average effective interest rate on the MGT loan was 6.1% during both the nine months ended September 30, 2025 and September 30, 2024.

      Senior Secured Notes due 2030

      On September 26, 2025, Tronox Incorporated, a Delaware corporation (the "Issuer"), a wholly owned indirect subsidiary of Tronox Holdings plc (the "Company"), closed an offering of $400 million aggregate principal amount of its 9.125% senior secured notes due 2030 (the "Notes"). The Notes were offered at par and issued under an indenture dated as of September 26, 2025 (the "Indenture") among the Issuer and the Company and, as described below, certain of the Company's restricted subsidiaries as guarantors and Wilmington Trust, National Association in its capacity as trustee and collateral agent.

      The Indenture and the Notes provide, among other things, that the Notes are guaranteed by the Company and certain of the Company's restricted subsidiaries, subject to certain exceptions. The Notes are scheduled to mature on September 30, 2030, subject to a springing maturity date that is 91 days prior to the stated maturity date of the Company's 4.625% Senior Notes due 2029, if on such date, the aggregate principal amount of the Senior Notes due 2029 outstanding is greater than $250 million. The terms of the Indenture, among other things, limit, in certain circumstances, the ability of the Issuer and the ability of the Company and its restricted subsidiaries to: incur secured indebtedness, incur indebtedness at a non-guarantor subsidiary, engage in certain sale-leaseback transactions and merge, consolidate or sell substantially all of their assets.

      20

      Short-Term Debt
      Short-term debt consisted of the following:	Annual Interest Rate	Maturity Date		September 30, 2025		December 31, 2024
      New Cash Flow Revolver(1)	Variable	8/15/2029	$	-	$		33
      RMB Revolving Credit Facility(1)	Variable	8/16/2027		-			21
      Emirates Revolver(1)(2)	Variable	6/4/2026		-			-
      SEB Credit Facility(1)	4.9 %	2/28/2026		40			-
      Insurance premium financing (Australia)	6.4 %	3/1/2026		1			-
      Insurance premium financing (global)	8.0 %	4/1/2026		17			11
      Short-term debt			$	58	$		65

      (1) The average effective interest rate on the new Cash Flow Revolver, the RMB Revolving Credit Facility, the Emirates Revolver, and the SEB Credit Facility was 7.5%, 9.5%, 6.3%, and 4.9%, respectively, during the nine months ended September 30, 2025. As of September 30, 2025, the applicable margin on the new Cash Flow Revolver, the RMB Revolving Credit Facility, and the Emirates Revolver was 2.25%, 2.25%, 1.75%, respectively.

      (2) In June 2025, the Company entered into an amendment to extend the maturity date of the Emirates Revolver from June 2025 to August 2025. In July 2025, Tronox Pigment UK Limited, as borrower, and Tronox Holdings plc, as guarantor, entered into a new revolving credit facility with Emirates NBD Bank PJSC ("Emirates") which replaced the existing revolving credit facility with Emirates. The new Emirates revolving credit facility is secured by inventory of Tronox Pigment UK Limited and matures in June 2026. The facility limit is 50 million Pound Sterling (approximately $67 million at the September 30, 2025 exchange rate) and can be drawn in either Pound Sterling, Euro or US Dollar. Under the terms of the revolver, for U.S. dollar borrowings, the interest rate is SOFR plus 1.75%, for Euro borrowings, the interest rate is Euribor plus 1.75% and for Pound Sterling borrowings, the interest rate is SONIA plus 1.75%.

      Insurance premium financing

      In May 2025, the Company entered into a $1 million insurance premium financing agreement in one of our Australian subsidiaries with a third-party financing company. The financing balance is repaid in monthly installments over 10 months at a 6.4% fixed annual interest rate. As of September 30, 2025, the financing balance was $1 million and is recorded in "Short-term debt" in the Condensed Consolidated Balance Sheet.

      In August 2025, the Company entered into a $30 million insurance premium financing agreement with a third-party financing company related to global policies. The financing balance required a 35% down payment and will be repaid in monthly installments over 8 months at an 8.0% fixed annual interest rate. At September 30, 2025, the financing balance was $17 million and is recorded in "Short-term debt" in the Condensed Consolidated Balance Sheet.

      Debt Covenants

      As of September 30, 2025, we are in compliance with all financial covenants in our debt facilities.

4. Derivative Financial Instruments

   Derivatives recorded on the Condensed Consolidated Balance Sheets:

   21

   The following table is a summary of the fair value of derivatives outstanding at September 30, 2025 and December 31, 2024:

   Fair Value

   September 30, 2025 December 31, 2024

   Assets(a)

   Accrued

   Liabilities Assets(a)

   Accrued Liabilities

   Derivatives Designated as Cash Flow Hedges

   Currency Contracts $ 6 $ - $ - $ 13

   Interest Rate Swaps $ 7 $ 1 $ 33 $ -

   Total Hedges $ 13 $ 1 $ 33 $ 13

   Derivatives Not Designated as Cash Flow Hedges

   Currency Contracts	$ 1 $	- $	1 $	5
   Total Derivatives	$ 14 $	1 $	34 $	18

   (a) At September 30, 2025 and December 31, 2024, current assets of $14 million and $34 million, respectively, are recorded in prepaid and other current assets on the Condensed Consolidated Balance Sheets.

   Derivatives' Impact on the Condensed Consolidated Statement of Operations:

   The following table summarizes the impact of the Company's derivatives on the unaudited Condensed Consolidated Statement of Operations:

   Amount of Pre-Tax Gain (Loss) Recognized in Earnings

   Amount of Pre-Tax Gain (Loss) Recognized in Earnings

   Revenue

   Cost of Goods Sold

   Other (expense)

   income, net Revenue

   Cost of Goods Sold

   Other (expense) income, net

   Three Months Ended September 30, 2025 Three Months Ended September 30, 2024

   Derivatives Not Designated as Hedging Instruments Currency Contracts $ - $ - $ - $ - $ - $ (2) Derivatives Designated as Hedging Instruments

   Currency Contracts	$ 4	$ (1)	$ - $ 2	$ - $ -
   Natural Gas Hedges	$ -	$ -	$ - $ -	$ - $ -
   Total Derivatives	$ 4	$ (1)	$ - $ 2	$ - $ (2)

   22

   Amount of Pre-Tax Gain (Loss) Recognized in Earnings

   Amount of Pre-Tax Gain (Loss) Recognized in Earnings

   Revenue

   Cost of Goods Sold

   Other (expense)

   income, net Revenue

   Cost of Goods Sold

   Other (expense) income, net

   Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024

   Derivatives Not Designated as Hedging Instruments Currency Contracts $ - $ - $ (1) $ - $ - $ (5) Derivatives Designated as Hedging Instruments

   Currency Contracts	$ 6	$ (2)	$ -	$ 2	$ -	$ -
   Natural Gas Hedges	$ -	$ -	$ -	$ -	$ (1)	$ -
   Total Derivatives	$ 6	$ (2)	$ (1)	$ 2	$ (1)	$ (5)
   Interest Rate Risk

   As a result of the 2024 Amendment associated with the 2024 Term Loan Facility, the Company noted that the hedged transaction associated with the interest rate swap with a notional value of $200 million (which converted the variable rate to a fixed rate for a portion of the 2022 Term Loan Facility) had changed as the hedged transaction would now convert the variable rate to a fixed rate for a portion of the 2024 Term Loan Facility. There were no amendments to the terms of the $200 million interest rate swap, including the notional value, index rate, or expiration date as a result of the 2024 Amendment. However, given the change in the hedged transaction, we completed a hedge effectiveness test and determined that this hedge instrument continues to be highly effective at achieving offsetting cash flows related to the hedged transaction, enabling us to continue to apply hedge accounting over the remaining term of this hedge relationship.

   In line with the original maturity date, one of the interest rate swap agreements (notional value of $250 million) expired in September 2024. As a result of this, on September 26, 2024, the Company entered into two new interest-rate swap agreements for a notional of $125 million each with two counterparty banks, for an aggregate notional of $250 million. These new agreements are effective as of September 30, 2024 and will mature on September 30, 2031, in line with the maturity date of the 2024-B Term Loan Facility following Amendment No.6. The Company has designated these two new hedges as cash flow hedges with the objective of ensuring that the Company continues to achieve the offsetting effect to the interest rate volatility associated with the $250 million portion of the 2024-B Term Loan Facility.

   Additionally, on September 26, 2024, the counterparty bank associated with one of the existing interest rate swap contracts (notional value of $250 million) novated its rights and obligations in the interest rate swap contracts to a new counterparty. No other terms and conditions of the interest rate swap contract were impacted by this transaction. We also determined that it is probable the new counterparty will perform its obligations under the interest rate swap agreements. However, following the novation, the Company terminated the existing interest rate swap agreement and simultaneously entered into a new interest rate swap agreement with the new counterparty bank with an effective date of September 30, 2024 and expiring on September 30, 2031 (in line with the maturity date of the 2024-B Term Loan Facility). At the time of this change, the Company determined that the interest payments hedged are still probable to occur, therefore, the gains accumulated of $3 million on the previous interest rate swap are being amortized into interest expense through March 11, 2028, the original maturity of the previous term loan agreement. As a result of this transaction, we completed a hedge effectiveness test and determined that this hedge instrument is highly effective at achieving offsetting cash flows related to the hedged transaction, enabling us to apply hedge accounting over the term of the new hedge relationship.

   23

   As of September 30, 2025, the Company maintains a total of $950 million of interest rate swaps (with $450 million maturing in March 2028 and $500 million maturing in September 2031) with the objective of using the interest-rate swap agreements to add stability to interest expense and to manage the Company's exposure to interest rate movements. These interest rate swaps have been designated as cash flow hedges and involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Fair value gains or losses on these cash flow hedges are recorded in accumulated other comprehensive loss and are subsequently reclassified into interest expense in the same periods during which the hedged transactions affect earnings.

   At September 30, 2025 and December 31, 2024, the net unrealized loss of $1 million and the net unrealized gain of $26 million, respectively, was recorded in "Accumulated other comprehensive loss" on the unaudited Condensed Consolidated Balance Sheet. For the three and nine months ended September 30, 2025, the amounts recorded in interest expense related to the interest-rate swap agreements were $2 million and $6 million, respectively, of which less than $1 million and $1 million, respectively, was reclassified from "Accumulated other comprehensive loss" to interest expense. For the three and nine months ended September 30, 2024, the net amounts recorded in interest expense related to the interest-rate swap agreements were $7 million and $23 million, respectively.

   Foreign Currency Risk

   From time to time, we enter into foreign currency contracts used to hedge forecasted third party non-functional currency sales for our South African subsidiaries. From time to time, we enter into foreign currency contracts used to hedge forecasted non-functional currency cost of goods sold and forecasted non-functional currency selling, general and administrative expenses ("SG&A expenses") for our Australian subsidiaries. Historically, we have used a combination of zero-cost collars, put options or forward contracts to reduce the exposure. These foreign currency contracts are designated as cash flow hedges. Changes to the fair value of these foreign currency contracts are recorded as a component of other comprehensive (loss) income, if these contracts remain highly effective, and are recognized in net sales, costs of goods sold or SG&A expenses in the period in which the forecasted transaction affects earnings or are recognized in other (expense) income, net when the transactions are no longer probable of occurring. As of September 30, 2025, we had notional amounts of 136 million Australian dollars ($90 million at the September 30, 2025 exchange rate) that expire between October 30, 2025 and December 30, 2025 to reduce the exposure of our Australian subsidiaries' cost of sales to fluctuations in currency rates. As of September 30, 2025, we had notional amounts of 6 million Australian dollars ($4 million at the September 30, 2025 exchange rate) that expire between October 30, 2025 and December 30, 2025 to reduce the exposure of our Australian subsidiaries' SG&A expenses to fluctuations in currency rates. As of September 30, 2025, we had notional amounts of 975 million South African Rand (or approximately $56 million at the September 30, 2025 exchange rate) that expire between October 30, 2025 and December 29, 2025 to reduce the exposure of our South African subsidiaries' third party sales to fluctuations in currency rates. At September 30, 2025, there was a net unrealized gain of $6 million recorded in "Accumulated other comprehensive loss" on the unaudited Condensed Consolidated Balance Sheet, which is expected to be fully recognized in earnings over the next twelve months. At December 31, 2024, there was a net loss of $14 million recorded in "Accumulated other comprehensive loss" on the Condensed Consolidated Balance Sheet.

   From time to time, we enter into foreign currency contracts for the South African Rand, Australian Dollar, Euro, Pound Sterling, and Saudi Riyal to reduce exposure of our subsidiaries' balance sheet accounts not denominated in our subsidiaries' functional currency to fluctuations in foreign currency exchange rates. Historically, we have used forward contracts to reduce the exposure. For accounting purposes, these foreign currency contracts are not considered hedges. The change in fair value associated with these contracts is recorded in "Other (expense) income, net" within the unaudited Condensed Consolidated Statement of Operations and partially offsets the change in value of third party and intercompany-related receivables not denominated in the functional currency of the subsidiary. At September 30, 2025, there was (i) 470 million South African Rand (or approximately $27 million at the September 30, 2025 exchange rate), (ii) 161 million Australian dollars (or approximately $106 million at the September 30, 2025 exchange rate), (iii) 61 million Pound Sterling (or approximately $82 million at the September 30, 2025 exchange rate), (iv) 40 million Euro (or approximately $47 million at the September 30, 2025 exchange rate), and (v) 155 million Saudi Riyal (or approximately $41 million at the September 30, 2025 exchange rate) of notional amounts of outstanding foreign currency contracts. At December 31, 2024, there was (i) 1.4 billion South African Rand (or approximately $80 million at the September 30, 2025 exchange rate), (ii) 113 million Australian dollars (or approximately $75 million at the September 30, 2025 exchange rate), (iii) 34 million Pound Sterling (or approximately $45 million at the September 30, 2025 exchange rate), (iv) 91 million Euro (or approximately $107 million at the September 30, 2025 exchange rate) and (v) 71 million Saudi Riyal (or approximately $19 million at the September 30, 2025 exchange rate) of notional amounts of outstanding foreign currency contracts.

   24

5. Fair Value

   Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The accounting standards also have established a fair value hierarchy, which prioritizes the inputs to valuation techniques used in measuring fair value into three broad levels as follows:

   Level 1 -Quoted prices in active markets for identical assets or liabilities

   Level 2 -Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly Level 3 -Unobservable inputs based on the Company's own assumptions

   Our debt is recorded at historical amounts. The following table presents the fair value of our debt and derivative contracts at both September 30, 2025 and December 31, 2024:

   September 30, 2025				December 31, 2024
   	Asset		Liability	Asset		Liability
   2024 Term Loan Facility		-	682		-	744
   2024-B Term Loan Facility		-	777		-	904
   RMB Term Loan Facility		-	56		-	58
   Senior Notes due 2029		-	701		-	966
   Senior Secured Notes due 2030		-	392		-	-
   Australian Government Loan		-	2		-	1
   MGT Loan		-	14		-	19
   Interest rate swaps		7	1		33	-
   Foreign currency contracts		7	-		1	18

   We determined the fair value of the 2024 Term Loan Facility, the 2024-B Term Loan Facility, the Senior Notes due 2029 and the Senior Secured Notes due 2030 using quoted market prices, which under the fair value hierarchy is a Level 1 input. We determined the fair value of the RMB Term Loan Facility utilizing transactions in the listed markets for identical or similar liabilities, which under the fair value hierarchy is a Level 2 input. The fair value of the Australian Government Loan and MGT Loan is based on the contracted amount which is a Level 2 input.

   We determined the fair value of the foreign currency contracts and the interest rate swaps using inputs other than quoted prices in active markets that are observable either directly or indirectly. The fair value hierarchy for the foreign currency contracts, natural gas hedges and interest rate swaps is a Level 2 input.

   The carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities and short-term debt approximate fair value due to the short-term nature of these items.

   25

6. Asset Retirement Obligations

   Asset retirement obligations consist primarily of rehabilitation and restoration costs, landfill capping costs, decommissioning costs, and closure and post-closure costs. Activities related to asset retirement obligations were as follows:

   Three Months Ended September 30,

   Nine Months Ended September 30,

   	2025		2024			2025		2024
   Beginning balance	$	220	$	194		$	186	$	186
   Additions		-		4			3		11
   Accretion expense		5		6			15		16
   Remeasurement/translation		2		7			16		2
   Other, including change in estimates1		-		-			12		-
   Settlements/payments		(2)		(5)			(7)		(9)
   Balance, September 30,	$	225	$	206		$	225	$	206

   1- Other, including change in estimates includes a charge of $11 million related to the Botlek plant shutdown recorded in "Restructuring and other charges" on the condensed consolidated statement of operations for the nine months ended September 30, 2025. Refer to note 2 for further details.

   		September 30, 2025		December 31, 2024
   Current portion included in "Accrued liabilities"	$	12	$	14
   Noncurrent portion included in "Asset retirement obligations"		213		172
   Asset retirement obligations	$	225	$	186

   26

7. Commitments and Contingencies

   Purchase and Capital Commitments-Includes obligations for purchase requirements of process chemicals, supplies, utilities and services entered into in the ordinary course of business. At September 30, 2025, purchase commitments were $159 million for the remainder of 2025, $298 million for 2026, $315 million for 2027, $186 million for 2028, $175 million for 2029, and $2,330 million thereafter.

   Letters of Credit-At September 30, 2025, we had outstanding letters of credit and bank guarantees of $147 million, of which $59 million were letters of credit (including $47 million is related to the sale of Hawkins Point as discussed below), and $88 million were bank guarantees. Amounts for performance bonds were not material.

   Environmental Matters-It is our policy to record appropriate liabilities for environmental matters when remedial efforts are probable and the costs can be reasonably estimated. Such liabilities are based on our best estimate of the undiscounted future costs required to complete the remedial work. The recorded liabilities are adjusted periodically as remediation efforts progress or as additional technical, regulatory or legal information becomes available. Given the uncertainties regarding the status of laws, regulations, enforcement policies, the impact of other potentially responsible parties, technology and information related to individual sites, we do not believe it is possible to develop an estimate of the range of reasonably possible environmental loss in excess of our recorded liabilities. We expect to fund expenditures for these matters from operating cash flows. The timing of cash expenditures depends principally on the timing of remedial investigations and feasibility studies, regulatory approval of cleanup projects, remedial techniques to be utilized and agreements with other parties. Included in these environmental matters is the following:

   Hawkins Point Plant. Residual waste mud, known as Batch Attack Mud, and a spent sulfuric waste stream were deposited in an onsite repository (the "Batch Attack Lagoon") at a former TiO2 manufacturing site, Hawkins Point Plant in Baltimore, Maryland, operated by Cristal USA, Inc. from 1954 until 2011. We assumed responsibility for remediation of the Hawkins Point Plant when we acquired the TiO2 business of Cristal in April 2019. On December 21, 2022, we sold the Hawkins Point Plant to the Maryland Port Administration ("MPA"), a state agency controlled by the Maryland Department of Transportation. Pursuant to the terms of the transaction, MPA became the lead party in developing and implementing appropriate measures to address, treat, control, and mitigate the environmental conditions at the property under the regulatory oversight of the Maryland Department of the Environment ("MDE"). Under MPA ownership, the Hawkins Point Plant will be utilized for storage and beneficial reuse of dredged material from the Port of Baltimore. In exchange for transferring ownership of the site to MPA, Tronox has agreed to make scheduled, annual payments to MPA which together with scheduled, annual contributions from MPA will be used to remediate the property. The sale of the property to MPA did not have a material impact to the Consolidated Statement of Operations. As of September 30, 2025, we have a provision of $41 million included in "Environmental liabilities" in our Condensed Consolidated Balance Sheet for the Hawkins Point Plant consistent with the accounting policy described above.

   Other Matters-We are subject to a number of other lawsuits, investigations and disputes (some of which involve substantial amounts claimed) arising out of the conduct of our business, including matters relating to commercial transactions, prior acquisitions and divestitures, including our acquisition of Cristal, employee benefit plans, intellectual property, and environmental, health and safety matters. We recognize a liability for any contingency that is probable of occurrence and reasonably estimable. We continually assess the likelihood of adverse judgments of outcomes in these matters, as well as potential ranges of possible losses (taking into consideration any insurance recoveries), based on a careful analysis of each matter with the assistance of outside legal counsel and, if applicable, other experts. Included in these other matters is the following:

   On September 3, 2025, a putative class action was filed in the U.S. District Court for the District of Connecticut against the Company and certain individual defendants. The complaint alleges that defendants violated the U.S. federal securities laws by making false and misleading statements in public filings and other public statements during the period February 12, 2025 and July 30, 2025 with respect to the Company's financial outlook and demand for its pigment and zircon products. The case is in its very early stages. No specific amount of damages has been alleged. The Company and the individual defendants intend to defend themselves vigorously against this lawsuit.

   27

8. Accumulated Other Comprehensive Loss Attributable to Tronox Holdings plc and Other Equity Items

   The tables below present changes in accumulated other comprehensive loss by component for the three months ended September 30, 2025 and 2024.

   Unrealized

   Cumulative Translation Adjustment

   Pension Liability Adjustment

   Gains (Losses) on

   Hedges Total

   Balance, July 1, 2025	$ (686)	$	(83)	$	-	$ (769)
   Other comprehensive income (loss)	21		-		(3)	18
   Amounts reclassified from accumulated other comprehensive loss	-		-		-	-
   Balance, September 30, 2025	$ (665)	$	(83)	$	(3)	$ (751)

   Cumulative Translation Adjustment

   Pension Liability Adjustment

   Unrealized Gains (Losses) on

   Hedges Total

   Balance, July 1, 2024	$ (751)	$	(91)	$	13	$ (829)
   Other comprehensive income (loss)	76		-		(20)	56
   Amounts reclassified from accumulated other comprehensive loss	-		-		(2)	(2)
   Balance, September 30, 2024	$ (675)	$	(91)	$	(9)	$ (775)

   The tables below present changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2025 and 2024.

   Cumulative Translation Adjustment

   Pension Liability Adjustment

   Unrealized Gains (Losses) on

   Hedges Total

   alance, January 1, 2025	$ (801)	$	(84)	$	5	$ (880)
   Other comprehensive income (loss)	136		-		(8)	128
   Amounts reclassified from accumulated other comprehensive loss	-		1		-	1
   alance, September 30, 2025	$ (665)	$	(83)	$	(3)	$ (751)

   Unrealized

   	Cumulative Translation Adjustment	Pension Liability Adjustment	Gains (Losses) on Hedges	Total
   Balance, January 1, 2024	$ (729) $	(92) $	7 $	(814)
   Other comprehensive income (loss)	54	-	(11)	43
   Amounts reclassified from accumulated other comprehensive loss	-	1	(5)	(4)
   Balance, September 30, 2024	$ (675) $	(91) $	(9) $	(775)

   28

   Repurchase of Common Stock

   On February 21, 2024, in connection with the expiration in February 2024 of the Company's previous share repurchase program, the Company's Board of Directors authorized the repurchase of up to $300 million of the Company's stock through February 21, 2027. During the nine months ended September 30, 2025, we made no repurchases of the Company's stock.

9. Share-Based Compensation

Restricted Share Units ("RSUs")

2025 Grant - During the nine months ended September 30, 2025, the Company granted both time-based and performance-based awards to certain members of management. A total of 1,497,530 of time-based awards were granted to management which will vest ratably over a three-year period ending March 5, 2028. A total of 250,724 of time-based awards were granted to non-employee members of the Board which will vest in May 2026. A total of 1,484,692 of performance-based awards were granted, of which 742,346 of the awards vest based on a relative Total Shareholder Return ("TSR") calculation and 742,346 of the awards vest based on certain performance metrics of the Company. The non-TSR performance-based awards vest on March 5, 2028 based on the actual 2027 annual return on invested capital (ROIC). Similar to the Company's historical TSR awards granted in prior years, the TSR awards vest based on the Company's three-year TSR versus the peer group performance levels. Given these terms, the TSR metric is considered a market condition for which we used a Monte Carlo simulation to determine the weighted average grant date fair value of $8.98. The following weighted average assumptions were utilized to value the TSR grants:

The unrecognized compensation cost associated with all unvested awards at September 30, 2025 was $30 million, adjusted for estimated forfeitures, which is expected to be recognized over a weighted-average period of approximately 1.9 years.

During the three months ended September 30, 2025 and 2024, we recorded $5 million and $7 million, respectively, of stock compensation expense. During the nine months ended September 30, 2025 and 2024, we recorded $14 million and $17 million, respectively, of stock compensation expense.

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