Tronox Holdings PLC

Latest Results (08.10.2025):

Tronox Holdings PLC reported its second quarter of 2025 financial results, highlighting a decline in revenue and an increase in net loss compared to the previous year. The company has also adjusted its outlook for the full year and reduced its dividend to enhance balance sheet flexibility amidst ongoing market challenges.

Revenue Decline

For Q2 2025, Tronox reported revenue of $731 million, representing a 1% decrease from the prior quarter and an 11% decrease year-over-year. The decline was primarily driven by lower sales volumes in titanium dioxide (TiO₂) and zircon, as well as reduced average selling prices for zircon.

Increased Net Loss

The company recorded a net loss of $85 million for the quarter, compared to a net income of $16 million in Q2 2024. This loss includes $39 million in restructuring and other charges related to the idling of the Botlek pigment plant. On a non-GAAP basis, the adjusted net loss was $45 million.

Adjusted EBITDA Reduction

Tronox's adjusted EBITDA for Q2 2025 was $93 million, a 42% decrease from the same quarter last year. The adjusted EBITDA margin fell to 12.7%, reflecting lower sales volumes and higher production costs.

Dividend Reduction

The company's Board of Directors declared a quarterly dividend of $0.05 per share for Q3 2025, marking a 60% reduction. This move aims to provide enhanced balance sheet flexibility amid the prolonged market downturn.

Updated Financial Outlook

Tronox has revised its 2025 financial outlook, projecting revenue between $3.0-$3.1 billion and adjusted EBITDA of $410-$460 million. The company expects free cash flow to be a use of $100-$170 million and has reduced its capital expenditures to less than $330 million for the year. These adjustments reflect the company's strategy to manage through the market downturn and optimize earnings and cash flow.