TROX · Tronox Holdings plc

Tronox's first quarter 2026 results reflect a mixed performance. Revenue grew 3% year-over-year to $760 million, driven by higher TiO2 and zircon volumes, which reached multi-year highs. However, net loss attributable to Tronox was $103 million, including $15 million in restructuring charges from plant closures. Adjusted EBITDA fell 45% to $62 million, with margin contracting to 8.2% from 15.2% a year ago, as lower average selling prices and higher input costs (natural gas, sulfur, freight) more than offset volume gains. Management highlighted strong commercial execution and benefits from antidumping measures in Europe, Brazil, and Saudi Arabia. Sequentially, adjusted EBITDA improved 9% from Q4 2025, driven by higher TiO2 prices and volumes. The company provided Q2 2026 guidance for adjusted EBITDA of $65-$85 million, expecting sequential volume growth in TiO2 (high single-digit) and zircon (moderate), with mid-single-digit price increases. Free cash flow was a use of $135 million in Q1, but management expects positive free cash flow in Q2 and meaningful positive free cash flow for the full year. The balance sheet shows total debt of $3.3 billion and net debt of $3.2 billion, with available liquidity of $406 million. The next significant debt maturity is not until 2029. Overall, the earnings release indicates a recovering demand environment but persistent cost headwinds, with management focusing on cash generation and cost improvement.