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Tronox Reports Second Quarter 2021 Financial Results Another Record Quarter for Tronox on TiO2 Volumes , Revenue , EPS , Adjusted EBITDA , and Free Cash Flow Market Recovery Momentum Expected to Continue Despite Supply Chain and Inflation Challenges Board Declares $ 0.02 Per Share Increase in Quarterly Dividend STAMFORD , Conn . , Jul . 28 , 2021 / PRNewswire / -- TRONOX Second Quarter 2021 Financial Highlights : • • • • • • Record revenue of $ 927 million increased 4 percent sequentially , driven primarily by 5 percent higher TiO2 average selling prices and 5 percent higher zircon average selling prices Income from operations of $ 150 million ; Net income of $ 77 million GAAP earnings per share of $ 0.46 ; Adjusted diluted EPS of $ 0.61 ( Non - GAAP ) ; the difference is due to second quarter debt extinguishment costs Adjusted EBITDA of $ 237 million , in line with guidance ; Adjusted EBITDA margin of 26 percent ( Non- GAAP ) ; sequential improvement driven primarily by increased TiO2 and zircon selling prices TiO2 sales volumes increased 1 percent sequentially , driven by continued recovery led by North America and Europe Zircon sales volumes continue to be very strong , but declined 5 percent sequentially from record first quarter levels as expected Strong Financial Position and Cash Flow : • • Generated a record $ 150 million in free cash flow in the second quarter after investing $ 60 million in capital expenditures Continued deleveraging with debt repayments of $ 135 million in the second quarter and $ 70 million completed in July for a total of $ 205 million , reducing total debt to $ 2.8 billion Dividend Increase and Third Quarter Outlook : 1 | Page