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About

Tronox Holdings plc operates as a manufacturer of TiO2 pigment in North America, South and Central America, Europe, the Middle East, Africa, and the Asia Pacific.

Key Ratios Snapshot

📈 Growth Pattern

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⭐ Superinvestors Holding TROX

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	4.84M	$47.3M	0.06%	Mar 2026
Jim Simons Renaissance Technologies LLC	215.1K	$2.1M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

📊 MIXED Tronox posts Q1 2026 revenue $760M, EBITDA $62M; sees pricing momentum and structural shift from anti-dumping.

Revenue & Profitability

Revenue for Q1 2026 was $760 million, up 3% year-over-year. Net loss was $103 million, and loss from operations was $41 million. Adjusted EBITDA was $62 million (8.2% margin), down 45% year-over-year due to unfavorable pricing, FX headwinds, higher production costs, and higher freight costs. Free cash flow was a use of $135 million, typical for the first quarter. Capital expenditures were $67 million.

Outlook

Management sees a structural shift in supply dynamics due to anti-dumping measures and capacity constraints, with global supply deficit entering 2026. The Middle East conflict has significantly increased sulfur prices (up ~300% since end 2024), impacting Chinese sulfate producers and tightening supply. Pricing momentum is expected to continue across TiO2 and zircon, with volume gains supported by reliable supply. However, the conflict also creates cost headwinds and potential demand destruction risks if prolonged.

Growth Drivers

Key growth levers include anti-dumping measures in Europe, Brazil, Saudi Arabia, the UK, and Australia, which drive volume gains as customers shift away from Chinese sulfate supply. Zircon pricing is improving due to capacity constraints (131,000 tons offline). Rare earths represent a future growth platform, with the company making progress on a definitive feasibility study and engaging with strategic partners and funding sources.

Balance Sheet & CapEx

Capital expenditures in Q1 2026 were $67 million, primarily for maintenance and safety. Full-year 2026 capex guidance is approximately $260 million. The company is also investing in rare earths, evaluating various development pathways with a focus on returns and limiting incremental leverage. The Australian Government awarded the rare earth project federal Major Project Status. Additionally, the company upsized its AR securitization facility by $45 million in total (Q1 and early Q2).

Margins

Adjusted EBITDA margin was 8.2% in Q1. Cost headwinds include higher input costs (sulfur, natural gas, diesel, freight) and the impact of planned and unplanned curtailments, which added $10-15 million in cost headwinds in Q2 versus Q1. The cost improvement program is on track to deliver $125-175 million in run-rate savings by end of 2026. Price increases and surcharges are being implemented to offset cost inflation, with a lag. Management expects meaningful earnings uplift in H2 as pricing flows through and outages conclude.

Key Risks

Key risks include: the Middle East conflict causing cost inflation and supply chain disruptions; sulfur price and availability volatility; planned outages in Q2 impacting costs and volumes; inventory constraints limiting ability to fill orders; potential demand destruction if the conflict persists; the temporary stay on anti-dumping duties in India; and the uncertainty of restarting idled capacity (e.g., Scarlino, Huelva, Greatham).

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-06

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.

Q1 2026 Q1 2026 2026-05-07

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.

Q4 2025 Q4 2025 2026-02-19

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.

Q3 2025 Q3 2025 2025-11-06

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.

Q2 2025 Q2 2025 2025-07-31

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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