Tronox Holdings Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw strong TiO2 and zircon volumes, with revenue up 19% year-over-year, but adjusted EBITDA declined 22% due to higher costs and outages. Pricing actions and inventory reductions improved margins, and guidance calls for sequential margin improvement in Q3. Trade defense measures and rare earths projects remain strategic priorities.
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Revenue grew 3% year-over-year on strong TiO2 and zircon volumes, but adjusted EBITDA fell 45% due to higher costs and unfavorable pricing mix. Guidance calls for sequential volume and price gains in Q2, with positive free cash flow expected for the full year.
Fiscal Year 2025
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2025 saw strong safety results, market share gains in protected regions, and significant cost savings, despite lower revenue and net loss driven by pricing and restructuring. 2026 guidance anticipates positive free cash flow, higher TiO2 and zircon prices, and continued cost improvements.
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Q3 2025 saw a 13% revenue decline and a net loss of $99M amid weak demand, destocking, and competitive pressures. Cost-saving actions and asset idling are expected to drive positive free cash flow in Q4 and 2026, with anti-dumping duties and rare earth initiatives supporting future growth.
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Q2 2025 results reflected weak demand, with revenue down 11% year-over-year and a net loss of $84 million, driven by lower volumes and restructuring costs. The outlook for 2025 was revised downward, with cost savings and capital reductions prioritized to bolster liquidity and weather ongoing macroeconomic headwinds.
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Q1 2025 saw strong TiO2 volume growth in Europe and North America, but overall results were impacted by lower Zircon sales, higher costs, and the idling of the Botlek plant. Guidance for 2025 is maintained, with cost improvements and mining projects expected to drive stronger results in the second half.
Fiscal Year 2024
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Solid 2024 results were achieved despite macro headwinds, with strong TiO2 and zircon volumes offsetting pricing pressures. The company expects 2025 revenue of $3.0-$3.4 billion and Adjusted EBITDA of $525-$625 million, driven by volume growth, cost improvements, and mine transitions, with most mining cost headwinds reversing in 2026.
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Q3 2024 saw continued demand recovery but results missed expectations due to market softness, especially in Europe and Asia Pacific. Revenue rose 21% year-over-year, but adjusted EBITDA was slightly below guidance. Q4 is expected to see lower TiO₂ volumes and flat zircon demand, with ongoing cost and competitive pressures.
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Q2 2024 saw revenue and volumes rise year-over-year, but operational ramp-up challenges led to higher costs and lower margins. Guidance for Q3 anticipates stable or slightly higher pricing, continued strong utilization, and EBITDA in the $145–$165 million range.