Tronox Holdings plc

Tronox Holdings plc ( TROX ) Q3 2026 Earnings Call November 5, 2026 9:00 AM EST Company Participants Jennifer Guenther - VP, Chief Sustainability Officer, Head of Investor Relations & External Affairs John Romano - CEO & Director John Srivisal - Senior VP & CFO Conference Call Participants David Begleiter - Deutsche Bank AG, Research Division James Cannon - UBS Investment Bank, Research Division Frank Mitsch - Fermium Research, LLC Jeffrey Zekauskas - JPMorgan Chase & Co, Research Division Peter Osterland - Truist Securities, Inc., Research Division Hassan Ahmed - Alembic Global Advisors Colton Bina John Ezekiel Roberts - Mizuho Securities USA LLC, Research Division Roger Spitz - BofA Securities, Research Division Aaron Rosenthal - JPMorgan Chase & Co, Research Division Justin Pellegrino - Morgan Stanley, Research Division Presentation Operator Good morning, and welcome to the Tronox Holdings Third Quarter 2026 Earnings Call. [Operator Instructions] As a reminder, this conference call is being recorded.

While the top- and bottom-line numbers for Tronox (TROX) give a sense of how the business performed in the quarter ended September 2026, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

Tronox (TROX) came out with a quarterly loss of $0.34 per share versus the Zacks Consensus Estimate of a loss of $0.21. This compares to a loss of $0.46 per share a year ago.

Third quarter financial results in-line with prior guidance STAMFORD, Conn., Nov. 4, 2026 /PRNewswire/ -- Tronox Holdings plc (NYSE:TROX) ("Tronox" or the "Company"), the world's leading integrated manufacturer of titanium dioxide ("TiO2") pigment, today reported its financial results for the quarter ending September 30, 2026, as follows: Third Quarter 2026 Financial Highlights: Revenue of $827 million, an 18% increase compared to the prior year and a 5% decrease compared to the prior quarter Income from operations of $12 million; net loss attributable to Tronox of $55 million; and adjusted net loss attributable to Tronox was $54 million (non-GAAP) GAAP diluted loss per share was $0.34; Adjusted diluted loss per share was $0.34 (non-GAAP) Adjusted EBITDA of $101 million; Adjusted EBITDA margin of 12.2% (non-GAAP) Capital expenditures of $57 million Generated free cash flow of $5 million (non-GAAP) Outlook: Expect Q4 2026 TiO2 volumes to decline sequentially in the high-single to low double-digit percentage range, primarily driven by seasonality Expect Q4 2026 zircon volume levels to soften moderately sequentially, primarily due to inventory availability Expect Q3 TiO2 pricing gains to be sustained in Q4 and zircon pricing to increase sequentially in the mid-single-digit percentage range Q4 2026 Adjusted EBITDA expected to be $80-$90 million Expect free cash flow to be a source of $20-$45 million for Q4 2026, resulting in a free cash flow use of $25-50 million for full year 2026, updated from previous expectations primarily due to the unforeseen prolonged conflict in the Middle East, driving unanticipated raw material price headwinds and weaker sales volumes This outlook is based on Tronox's views on current global economic activity and is subject to changes and impacts associated with the general macroeconomic and industry-related conditions, global supply chain, and inflation-related challenges, among others.