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TRONOXX Second Quarter 2026 Conference Call Tronox Holdings plc August 6 , 2026 Tronox Holdings plc | tronox.com | Confidential & Proprietary | 2026
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Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 2 Presenters Chief Executive Officer John Romano John Srivisal Senior Vice President, Chief Financial Officer
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Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 Safe Harbor Statement and Non-U.S. GAAP Financial Terms 3 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 Se curities Litigation Reform Act of 1995. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial p erformance, our operating rates, anticipated trends in our business and industry, including trade defense measures in specific jurisdictions and their timing and effectiveness, market penetration and growth rates, anticipated costs, competitive landscape, benefits and timing of capital projects, the Company's anticipated capital allocation strategy including future capital expenditures, the benefits and timing of the C ompany’s cost improvement and other cost saving, inventory reduction and asset rationalization plans, our rare earths and critical minerals strategy and our sustainability goals, commitments and programs. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance, actual costs, benefits and timing of capital projects, or the cost improvement plan and other cost saving, inventory reduction and asset rationalization plans, or achievements to differ materially from the results, level of activity, performance, anticipated costs, benefits and timing of capital projects, or the cost improvement plan and other cost saving, inventory reduction and asset rationalization plans, or achievements expressed or imp lied by the forward-looking statements. Significant risks and uncertainties may relate to, but are not limited to, macroeconomic conditions; policy changes affecting international trade, including import/export r estrictions and tariffs; inflationary pressures and energy costs; currency movements; interest rate and debt market volatility, including in respect of our debt securities; political instability, including the o ngoing conflicts in Eastern Europe and the Middle East and any expansion of such conflicts, and other geopolitical events; supply chain disruptions; market conditions and price volatility for titanium dioxide, zircon and other feedstock materials, as well as global and regional economic downturns, that adversely affect the demand for our end-use products; disruptions in production at our mining and manufacturing facilities; and other fina ncial, economic, competitive, environmental, political, legal and regulatory factors. These and other risk factors are discussed in the Company's filings with the Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of fact ors, may cause actual results to differ materially from those contained in any forward - looking statements. Although we believe the expectations reflected in the forward -looking statements are reasonable, we cannot g uarantee future results, level of activity, performance, synergies or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward -looking statements. You should not rely upon forward-looking statements as predictions of future events. Unless otherwise required by applicable laws, we undertake no obligation to update or revise any forward -looking statements, whether because of new information or future developments. Use of Non-GAAP Information To provide investors and others with additional information regarding the financial results of Tronox Holdings plc, we have d isclosed in this presentation certain non-U.S. GAAP operating performance measures of EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income attributable to Tronox, including its presentation on a per share basis, a non-U.S. GAAP liquidity measure of Free Cash Flow and net leverage ratio on a trailing twelve-month basis. These non-U.S. GAAP financial measures are a supplement to and not a substitute for or superior to, the Company's results presented in accordance with U.S. GAAP. The non-U.S. GAAP financial measures presented by the Company may be different from non -U.S. GAAP financial measures presented by other companies. Specifically, the Company believes the non - U.S. GAAP information provides useful measures to investors regarding the Company's financial and operational performance by excluding certain costs and expenses that the Company believes are not indicative of its core operating results. The presentation of these non -U.S. GAAP financial measures is not meant to be considered in isola tion or as a substitute for results or guidance prepared and presented in accordance with U.S. GAAP. A reconciliation of the non-U.S. GAAP financial measures to U.S. GAAP results is included herein. For the Compan y's guidance with respect to Adjusted EBITDA and free cash flow, the Company is not able to provide without unreasonable effort the most directly comparable GAAP financial measure, or reconciliation to such GAAP finan cial measure, because certain items that impact such measures are uncertain, out of the Company's control or cannot be reasonably predicted.
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Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 4 Key Messages from the Quarter • Delivered strong commercial performance driven by volume growth and pricing actions – Highest TiO2 volumes levels in any quarter since Q2 2022 – Zircon volumes beat expectations – highest level since Q4 2021 – TiO2 and zircon pricing increased 5% sequentially, in-line with expectations – Continue to realize meaningful benefits from antidumping measures and structural changes in the market • Delivered Adjusted EBITDA within expectations, despite unfavorable foreign exchange impacts – On-track for high end of $125-$175M run-rate cost savings target by end of 2026 • Generated positive free cash flow of $60M and strengthened liquidity – Reduced total inventories by approximately $120M to lowest level since June 2024 – Enhanced liquidity to $527M • Restarted a furnace and advanced plans to bring production back online at West Mine (both at Namakwa) to support inventory levels, including zircon, to meet demand Solid second quarter performance in line with expectations
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Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 5 Second Quarter 2026 Financial Highlights • Revenue increased YoY driven by higher TiO2 and zircon volumes, partly offset by lower average selling prices of zircon including mix • Loss from operations of $21M; Net loss attributable to Tronox of $171M, including $103M tax valuation allowance • Adjusted diluted loss per share of $0.51 • Adjusted EBITDA of $73M; Adjusted EBITDA margin of 8.4% • Capital expenditures of $45M • Free cash flow was a source of $60M Q2 ’26 Q2 ’25 YoY % ∆ Q1 ’26 QoQ % ∆ Revenue $ 868 $ 731 19% $ 760 14% (Loss) from Operations $(21) $(35) n/m $(41) n/m Net (loss) Attributable to Tronox $(171) $(84) n/m $(103) n/m GAAP Diluted (Loss) per share $(1.07) $(0.53) n/m $(0.65) n/m Adjusted Diluted (Loss) per share $(0.51) $(0.28) n/m $(0.55) n/m Adjusted EBITDA $ 73 $ 93 (22)% $ 62 18% Adj. EBITDA Margin % 8.4% 12.7% (430)bps 8.2% 20bps Free Cash Flow $60 $(55) n/m $(135) n/m Note: All figures are US$ in millions unless otherwise noted. Comparisons are year -over-year unless otherwise stated. Bridge amo unts may not add across due to rounding.
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Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 $33 $76 $1 $760 $868 Q1 2026 Price/Mix Volume Currency Q2 2026 6 Commercial Performance Strong volumes and pricing realization across TiO2 and zircon Volume • TiO2 volumes increased 9% QoQ and 18% YoY – Demand improved across all regions, supported by antidumping measures and structural industry changes • Zircon volumes increased 4% QoQ and 61% YoY driven by customers realigning suppliers in a capacity-constrained environment • Sales of other products increased QoQ due to higher pig iron volumes; YoY decline driven by lower volumes Price/Mix • In line with expectations – TiO2 and zircon pricing reflected continued realization of Q1 increases and additional Q2 pricing actions Currency • EUR and AUD movements drove tailwinds YoY YoY: Q2’26 vs Q2’25 Revenue QoQ: Q2’26 vs Q1’26 Revenue $145 $6 $14 $731 $868 Q2 2025 Price/Mix Volume Currency Q2 2026 Q2 ’26 Q2 ’25 YoY % ∆ Q1 ’26 QoQ % ∆ Revenue $ 868 $ 731 19% $ 760 14% TiO2 700 587 19% 616 14% Zircon 97 68 43% 89 9% Other Products 71 76 (7)% 55 29% YoY % ∆ QoQ % ∆ Volume Price/Mix FX Volume Price/Mix FX TiO2 18% 0% 1% 9% 5% 0% Zircon 61% (18)% - 4% 5% - Note: All figures are US$ in millions unless otherwise noted. Comparisons are year -over-year unless otherwise stated. Bridge amo unts may not add across due to rounding.
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Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 $33 $3 $5 $4 $12 $4 $62 $73 Q1 2026 Price/Mix Volume FX Freight Production Costs Other Q2 2026 7 Operational Performance Continued focus on cash and disciplined execution Production Costs • Lower of cost or market (LCM) and idle facility charges from routine maintenance outages partly offset by lower operating costs related to Botlek and Fuzhou closures and savings from cost improvement plan • YoY: Unfavorable LCM and idle facility charges of $37M partially offset by $27M from improved operating costs • QoQ: Unfavorable LCM and idle facility charges of $23M, partially offset by $11M of benefit due to lower-cost tons sold Freight • YoY and QoQ: Cost escalation from Middle East conflict and the resulting repositioning of inventory Currency • YoY: AUD, ZAR, and BRL movements drove headwinds, partly offset by favorable impacts of EUR • QoQ: Unfavorable impacts of AUD and BRL movements Q2 ’26 Q2 ’25 YoY % ∆ Q1 ’26 QoQ % ∆ Adjusted EBITDA $ 73 $ 93 (22)% $ 62 18% Adjusted EBITDA margin 8.4% 12.7% (430)bps 8.2% 20bps $36 $14 $23 $7 $10 $3 $93 $73 Q2 2025 Price/Mix Volume FX Freight Production Costs Other Q2 2026 YoY: Q2’26 vs Q2’25 Adjusted EBITDA QoQ: Q2’26 vs Q1’26 Adjusted EBITDA Note: All figures are US$ in millions unless otherwise noted. Comparisons are year -over-year unless otherwise stated. Bridge amo unts may not add across due to rounding.
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Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 8 Liquidity, Capital Expenditures & Cash Flow Actively managing balance sheet and enhancing liquidity • Total debt of $3.2B as of June 30, 2026; 11.4x net leverage on TTM basis – Q2 2026 weighted average interest rate of 6.03% – Maintain interest rate swaps such that ~75% of our interest rates are fixed through 2028 – Do not expect to trigger the springing covenant on US Cash Flow Revolver • Total available liquidity of $527M as of June 30, 2026 – Includes $194M in cash and cash equivalents – Includes $75M from a new long-term financing arrangement1 replacing expired short-term Emirates facility – Cash is well distributed across regions – no trapped cash • Working Capital source of ~$101M (excluding $10M of restructuring payments) for Q2 2026 – Inventory reduction better than expected partly offset by higher A/R from higher sales volumes and lower A/P • Invested $45M in the business in CapEx in Q2 – Majority in maintenance and safety capital • Returned $8M to shareholders in the form of dividends in Q2 1) Transaction structured as a sale and leaseback. Note: All figures are US$ in millions unless otherwise noted. See appendix reconciliations for non -GAAP financial measures. 728 883 1,075 400 52 2026 2027 2028 2029 2030 2031 2024 Term Loan 2024-B Term Loan 4.625% Sr Notes 9.125% Sr Sec. Notes RMB TL Facility Note: Excludes finance leases of $41M, MGT Loan of $10M and Australian Government Loan of $2M. Debt Maturity Schedule as of June 30, 2026
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Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 9 2026 Capital Allocation Priorities 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 recovers, resume debt paydown – targeting long-term net leverage ratio of <3.0x Prioritizing cash to ensure financial flexibility
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Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 Q1 ’26A Q2 ’26A Q3 ’26E TiO2 Volume QoQ / YoY 4% / 5% 9% / 18% ↓ MSD% QoQ Zircon Volume QoQ / YoY 14% / 57% 4% / 61% Moderate slightly vs. Q2 level Adjusted EBITDA $62M $73M $95-$115M Free Cash Flow Commentary • Expect free cash flow to be relatively neutral in Q3, including the semi-annual interest payments in the quarter • Cash taxes will be minimal as capital expenditures for mining expansion projects in South Africa are deductible expenses • Reduced CapEx by >$90M versus 2025 10 2026 Outlook Note: See appendix reconciliations for non-GAAP financial measures. For the Company's guidance with respect to Adjusted EBITDA and free cash flow, we are not able to provide without unreasonable effort the most directly comparable GAAP financial measure, or reconciliation to such GAAP financial measure, because certain items that impact such measures are unce rtain, out of the Company's control or cannot be reasonably predicted. Full Year Cash Items FY 2026E Net Cash Interest Expense ~$190M Net Cash Taxes <$10M Working Capital >$100M Source of cash Capital Expenditures <$260M Dividends ~$32M Q3 2026 Commentary • TiO2 volumes sequential decrease consistent with normal seasonal patterns • Zircon volume level expected to moderate slightly from Q2, due to inventory availability following a very strong first half • Expect pricing for both TiO2 to improve sequentially in the mid-single-digit percentage range and zircon pricing to improve in the mid- to high single-digit percentage range • Benefit from cost tailwinds related to non-repeat of Q2 extended outages offset by elevated input costs resulting from ongoing volatility in the Middle East expected to continue Expect to generate meaningful positive FCF for FY 2026
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Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 11 Focusing on the Controllables Commercial Approach Cost Structure Cash Generation • TiO2 and zircon 1H price increases achieved; additional pricing actions underway for 2H, including targeted surcharges as appropriate • Antidumping measures in place in the EU, Saudi Arabia, Brazil – India duty reinstatement recommendation submitted, pending approval – Investigations launched in the UK and Australia in 1H 2026 • As the most geographically diverse TiO2 producer, Tronox is well- positioned to capitalize on the opportunity created by rebalancing of the market • Sustainable cost improvement program expected to achieve high end of $125-$175M run-rate savings target by end of 2026 • Headwinds from unfavorable absorption starting to alleviate as mining asset and pigment plant utilization rates improve • Closure of two pigment plants enables improved cost structure with reduced overhead • Managing inventory while maintaining flexibility – continuous evaluation of production plans to match demand and cost structures • Maintain disciplined capital allocation approach • Capital expenditures expected to remain in line with the 2026 level over next several years • Expecting meaningful positive free cash flow in 2026 • Focused on building the foundation for a meaningful step-change in earnings potential
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Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 12 Progressing our Rare Earths Strategy Mining operations Chemical operations Hydro- and pyrometallurgy Tronox is currently mining monazite in Australia and South Africa Invested 5% equity stake in Lion Rock Minerals whose Minta Project has the potential to be a major source of quality monazite & rutile Tronox operates in both disciplines and counts more than 400 engineers, geologists, and metallurgists among ~5,700 employees Our global footprint provides flexibility to choose where along the value chain we can most effectively optimize our involvement Mining & Concentration Hydromet (Cracking & Leaching) Light & Heavy Rare Earth Separation Metals & Alloys Magnets Tronox’s areas of focus End-use applications: • Consumer electronics • Auto / EVs • Robotics • Offshore wind • Defense
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Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 13 Q&A Session
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Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 14 Appendix
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Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 15 Tronox – A Diversified, Vertically IntegratedTitanium Industry Leader • Vertically integrated mining and inorganic chemical company • Diverse, well-balanced global footprint aligned with our customer base • 7 pigment plants1, 6 mines, 5 upgrading facilities on 6 continents • Formed through a combination of strategic, transformational transactions – 2005 spin-off from Kerr-McGee Corporation – 2012 acquisition of mineral sands business of Exxaro Resources – April 2019 acquisition of the TiO2 business of The National Titanium Dioxide Company Limited of Saudi Arabia (“Cristal”) from Tasnee 1) Excludes Botlek and Fuzhou. 2) Sales split for FY2025. TROX NYSE $2.9B 2025 Revenue $336M 2025 Adj. EBITDA ~5,700 Global Employees ~1,200 Customers 40% 27% 26% 7% Sales by Region2 EMEA Asia Pacific North America Latin America 79% 10% 11% Sales by Product2 TiO2 Zircon Other Products 75% 20% 5% TiO2 Sales Volume by End Use Market2 Paints & Coatings Plastic Paper & Specialty
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Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 16 Tronox Environmental Sustainability Targets 25% reduction ACHIEVE NET ZERO SCOPE 1 & 2 EMISSIONS BY 2050 20501 2030 2025 50% reduction NET ZERO Reduce Scope 1 and 2 GHG emissions intensity 20302 9% reduction REDUCE SCOPE 3 EMISSIONS IN OUR SUPPLY CHAIN 2025 16% reduction in upstream Scope 3 GHG emissions intensity 15% reduction ZERO WASTE TO EXTERNAL DEDICATED LANDFILLS 2050 2030 2025 25% reduction Zero Waste Reduce absolute waste to external dedicated landfills 1Versus 2019 baseline 2Versus 2021 baseline. Tronox added Scope 3 emissions intensity reduction goals in its 2022 report and will expand and refine this goal as we gain better understanding of our suppliers’ emissions and reduction plans 2025 was a milestone year for Tronox’s public sustainability targets Exceeded 2025 Targets on all 3 metrics
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Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 17 Consolidated Statements of Operations (U.S. GAAP) 2026 2025 2026 2025 Net sales $ 868 $ 731 $ 1,628 $ 1,469 Cost of goods sold 813 652 1,529 1,291 Gross profit 55 79 99 178 Restructuring and other charges 4 42 18 128 Selling, general and administrative expenses 72 72 143 146 Loss from operations (21) (35) (62) (96) Interest expense (56) (45) (109) (87) Interest income — 1 2 3 Other income (expense), net 10 (2) (2) (7) Loss before income taxes (67) (81) (171) (187) Income tax provision (106) (4) (106) (9) Net loss (173) (85) (277) (196) Net loss attributable to noncontrolling interest (2) (1) (3) (1) Net loss attributable to Tronox Holdings plc $ (171) $ (84) $ (274) $ (195) Loss per share: Basic $ (1.07) $ (0.53) $ (1.72) $ (1.23) Diluted $ (1.07) $ (0.53) $ (1.72) $ (1.23) Weighted average shares outstanding, basic (in thousands) 159,841 158,561 159,444 158,358 Weighted average shares outstanding, diluted (in thousands) 159,841 158,561 159,444 158,358 Other Operating Data: Capital expenditures 45 83 112 193 Depreciation, depletion and amortization expense 76 74 151 145 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 June 30, Six Months Ended June 30,
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Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 18 Reconciliation of Non-U.S. GAAP Financial Measures 2026 2025 2026 2025 Net loss attributable to Tronox Holdings plc (U.S. GAAP) $ (171) $ (84) $ (274) $ (195) Gain on sale of Fuzhou (a) (20) — (20) — Restructuring and other charges (b) 4 38 18 124 Tax valuation allowance (c) 103 — 103 — Other (d) 2 1 3 2 Adjusted net loss attributable to Tronox Holdings plc (non-U.S. GAAP) $ (82) $ (45) $ (170) $ (69) Diluted net loss per share (U.S. GAAP) $ (1.07) $ (0.53) $ (1.72) $ (1.23) Gain on sale of Fuzhou, per share (0.13) — (0.13) — Restructuring and other charges, per share 0.03 0.24 0.12 0.78 Tax valuation allowance, per share 0.65 — 0.65 — Other, per share 0.01 0.01 0.01 0.01 Diluted adjusted net loss per share attributable to Tronox Holdings plc (non-U.S. GAAP) (1) $ (0.51) $ (0.28) $ (1.07) $ (0.44) Weighted average shares outstanding, diluted (in thousands) 159,841 158,561 159,444 158,358 (d) Represents other activity not representative of the ongoing operations of the Company. (a) Represents the gain on the sale of Fuzhou. (b) Represents restructuring and other charges associated with the Botlek and Fuzhou plant closures. (c) Represents the establishment of a valuation allowance against certain state deferred tax assets within our US jurisdiction. (1) Diluted adjusted net loss per share attributable to Tronox Holdings plc was calculated from exact, not rounded Adjusted net loss attributable to Tronox Holdings plc and share information. RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES TRONOX HOLDINGS PLC Six Months Ended June 30,Three Months Ended June 30, RECONCILIATION OF NET LOSS ATTRIBUTABLE TO TRONOX HOLDINGS PLC (U.S. GAAP) TO ADJUSTED NET LOSS ATTRIBUTABLE TO TRONOX HOLDINGS PLC (NON-U.S. GAAP) (Millions of U.S. dollars, except share and per share data) (UNAUDITED)
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Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 19 June 30, 2026 December 31, 2025 ASSETS Current Assets Cash and cash equivalents $ 194 $ 199 Restricted cash 12 12 Accounts receivable (net of allowance for credit losses of $1 and $1 as of June 30, 2026 and December 31, 2025, respectively) 363 289 Inventories, net 1,458 1,652 Prepaid and other assets 113 112 Income taxes receivable 1 1 Total current assets 2,141 2,265 Noncurrent Assets Property, plant and equipment, net 1,988 2,007 Mineral leaseholds, net 595 608 Intangible assets, net 203 214 Lease right of use assets, net 180 173 Deferred tax assets 727 833 Other long-term assets 116 117 Total assets $ 5,950 $ 6,217 LIABILITIES AND EQUITY Current Liabilities Accounts payable $ 404 $ 481 Accrued liabilities 254 274 Short-term lease liabilities 24 22 Obligations under inventory financing arrangement 50 50 Short-term debt 68 51 Long-term debt due within one year 39 39 Income taxes payable 1 2 Total current liabilities 840 919 Noncurrent Liabilities Long-term debt, net 3,123 3,132 Pension and postretirement healthcare benefits 80 81 Asset retirement obligations 209 198 Environmental liabilities 30 39 Long-term lease liabilities 156 148 Deferred tax liabilities 212 208 Other long-term liabilities 109 43 Total liabilities 4,759 4,768 Commitments and Contingencies Shareholders’ Equity Tronox Holdings plc ordinary shares, par value $0.01 — 159,700,029 shares issued and outstanding at June 30, 2026 and 158,557,858 shares issued and outstanding at December 31, 2025 2 2 Capital in excess of par value 2,097 2,103 (Accumulated deficit) retained earnings (244) 30 Accumulated other comprehensive loss (694) (717) Total Tronox Holdings plc shareholders’ equity 1,161 1,418 Noncontrolling interest 30 31 Total equity 1,191 1,449 Total liabilities and equity $ 5,950 $ 6,217 CONDENSED CONSOLIDATED BALANCE SHEETS TRONOX HOLDINGS PLC (Millions of U.S. dollars, except share and per share data) (UNAUDITED) Consolidated Balance Sheets
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Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 20 2026 2025 Cash Flows from Operating Activities: Net loss $ (277) $ (196) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation, depletion and amortization 151 145 Deferred income taxes 106 7 Share-based compensation expense 11 9 Amortization of deferred debt issuance costs and discount on debt 6 5 Restructuring and other charges 18 128 Other non-cash items affecting net loss 9 29 Changes in assets and liabilities: Increase in accounts receivable, net of allowance for credit losses (74) (19) Decrease (increase) in inventories, net 191 (76) Decrease in prepaid and other assets 21 29 Restructuring payments (29) (27) Decrease in accounts payable and accrued liabilities (84) (23) Net changes in income tax payables and receivables - (5) Changes in other non-current assets and liabilities (12) (10) Cash provided by (used in) operating activities 37 (4) Cash Flows from Investing Activities: Capital expenditures (112) (193) Loans - 15 Proceeds from dispositions and asset sales 15 2 Cash used in investing activities (97) (176) Cash Flows from Financing Activities: Repayments of short-term debt (99) (11) Repayments of long-term debt (16) (14) Repayments of inventory financing arrangement (50) - Proceeds from inventory financing arrangement 50 - Proceeds from sale and leaseback transaction 75 - Proceeds from short-term debt 116 203 Debt issuance costs (2) (1) Sale and leaseback transaction costs (1) - Dividends paid (16) (20) Restricted stock and performance-based shares settled in cash for withholding taxes - (1) Cash provided by financing activities 57 156 Effects of exchange rate changes on cash and cash equivalents and restricted cash (2) 5 Net decrease in cash and cash equivalents and restricted cash (5) (19) Cash and cash equivalents and restricted cash at beginning of period 211 152 Cash and cash equivalents and restricted cash at end of period $ 206 $ 133 CONSOLIDATED STATEMENTS OF CASH FLOWS TRONOX HOLDINGS PLC (Millions of U.S. dollars) (UNAUDITED) Six Months Ended June 30, Consolidated Statements of Cash Flows
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Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 21 Reconciliation of Net Income to EBITDA and Adjusted EBITDA (NON-U.S. GAAP) 2026 2025 2026 2025 Net loss (U.S. GAAP) $ (173) $ (85) $ (277) $ (196) Interest expense 56 45 109 87 Interest income — (1) (2) (3) Income tax provision 106 4 106 9 Depreciation, depletion and amortization expense 76 74 151 145 EBITDA (non-U.S. GAAP) 65 37 87 42 Gain on sale of Fuzhou (a) (20) — (20) — Share-based compensation (b) 5 4 11 9 Accretion expense and other adjustments to asset retirement obligations and environmental liabilities (c) 6 7 10 14 Accounts receivable securitization program (d) 4 3 7 7 Foreign currency remeasurement (e) 7 (2) 14 (1) Restructuring and other charges (f) 4 42 18 128 Other items (g) 2 2 8 6 Adjusted EBITDA (non-U.S. GAAP) $ 73 $ 93 $ 135 $ 205 2026 2025 Net sales $ 868 $ 731 Net loss (U.S. GAAP) $ (173) $ (85) Net loss (U.S. GAAP) as a % of Net sales (19.9)% (11.6)% Adjusted EBITDA (non-U.S. GAAP) (see above) as a % of Net sales 8.4 % 12.7 % June 30, 2026 December 31, 2025 Long-term debt, net $ 3,123 $ 3,132 Short-term debt 68 51 Long-term debt due within one year 39 39 (Less) Cash and cash equivalents (194) (199) Net debt (1) $ 3,036 $ 3,023 Trailing-twelve month Adjusted EBITDA (non-U.S. GAAP) $ 266 $ 336 Net debt to trailing-twelve month Adjusted EBITDA (non-U.S. GAAP) (see above) 11.4x 9.0x (1) Net debt calculation excludes the other financing arrangements (inventory financing arrangement and sale leaseback transaction). (g) Includes noncash pension and postretirement costs, asset write-offs and other items included in “Selling general and administrative expenses”, “Cost of goods sold” and “Other income (expense), net” in the unaudited Condensed Consolidated Statements of Operations. (f) Represents restructuring and other charges associated with the Botlek and Fuzhou plant closures. Three Months Ended June 30, (c) Primarily represents accretion expense and other noncash adjustments to asset retirement obligations and environmental liabilities. (b) Represents non-cash share-based compensation. (a) Represents the gain on the sale of Fuzhou. (e) Represents realized and unrealized gains and losses associated with foreign currency remeasurement related to third-party and intercompany receivables and liabilities denominated in a currency other than the functional currency of the entity holding them, which are included in “Other income (expense), net” in the unaudited Condensed Consolidated Statements of Operations. (d) Primarily represents expenses associated with the Company's accounts receivable securitization program which is used as a source of liquidity in the Company's overall capital structure. 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 (UNAUDITED) (Millions of U.S. dollars) Three Months Ended June 30, Six Months Ended June 30,
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Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 22 Free Cash Flow (NON-U.S. GAAP) Six Months Ended June 30, 2026 Three Months Ended March 31, 2026 Three Months Ended June 30, 2026 Cash used in operating activities $ 37 $ (68) $ 105 Capital expenditures (112) (67) (45) Free cash flow (non-U.S. GAAP) $ (75) $ (135) $ 60 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 and six months ended June 30, 2026:
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Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 23 Reconciliation of TTM Net Loss to EBITDA and Adjusted EBITDA (NON-U.S. GAAP) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Net loss (U.S. GAAP) $ (100) $ (177) $ (104) $ (173) $ (554) Interest expense 48 54 53 56 211 Interest income (1) (2) (2) — (5) Income tax provision (benefit) 8 (2) — 106 112 Depreciation, depletion and amortization expense 75 82 75 76 308 EBITDA (non-U.S. GAAP) 30 (45) 22 65 72 Gain on sale of Fuzhou (a) — — — (20) (20) Share-based compensation (b) 5 6 6 5 22 Foreign currency remeasurement (c) — 7 7 7 21 Accretion expense and other adjustments to asset retirement obligations and environmental liabilities (d) 6 (11) 4 6 5 Accounts receivable securitization program (e) 3 3 3 4 13 Restructuring and other charges (f) 25 79 14 4 122 Other items (g) 5 18 6 2 31 Adjusted EBITDA (non-U.S. GAAP) $ 74 $ 57 $ 62 $ 73 $ 266 (g) Includes noncash pension and postretirement costs, asset write-offs, severance expense and other items included in “Selling general and administrative expenses”, “Cost of goods sold” and “Other income (expense), net” in the unaudited Condensed Consolidated Statements of Operations. (f) Represents restructuring and other charges associated with the Botlek and Fuzhou plant closures. (b) Represents non-cash share-based compensation. (c) Represents realized and unrealized gains and losses associated with foreign currency remeasurement related to third-party and intercompany receivables and liabilities denominated in a currency other than the functional currency of the entity holding them, which are included in “Other income (expense), net” in the unaudited Condensed Consolidated Statements of Operations. (a) Represents the gain on the sale of Fuzhou. (d) Primarily represents accretion expense and other noncash adjustments to asset retirement obligations and environmental liabilities. (e) Primarily represents expenses associated with the Company's accounts receivable securitization program which is used as a source of liquidity in the Company's overall capital structure. 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 Adjusted EBITDA