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Valhi (VHI) investor relations material
Valhi Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net loss attributable to stockholders was $22.2M ($0.78/share) for Q3 2025 vs. net income of $57.5M ($2.01/share) in Q3 2024; nine-month net loss was $4.4M ($0.15/share) vs. net income of $85.2M ($2.99/share) year-over-year.
Losses driven by lower Chemicals segment performance, non-cash deferred tax expense from German tax law changes, and absence of prior year’s $64.5M gain on TiO2 JV/LPC remeasurement.
Real Estate and Component Products segments showed improved operating income year-over-year.
Financial highlights
Q3 2025 revenues: $524.1M (or $503.5M per alternate source), down from $558.8M ($533.6M) in Q3 2024; nine-month revenues: $1.635B ($1.58B), down from $1.665B ($1.62B).
Q3 2025 net loss: $21.9M; nine-month net loss: $4.4M.
Q3 2025 operating income was $8.6M, down from $67.7M in Q3 2024; nine-month operating income was $94.2M, down from $154.0M.
Cash and equivalents at period end: $223.9M, down from $365.1M at prior year-end.
Q3 2025 interest expense increased to $14.9M from $13.4M; nine-month interest expense rose to $41.9M from $36.6M.
Outlook and guidance
2025 consolidated operating income expected to be lower than 2024, mainly due to weaker Chemicals segment performance.
Real Estate and Component Products segments expected to show higher operating income in 2025.
Chemicals segment does not expect near-term sales volume improvement; further operating rate reductions planned to align with demand.
Management notes ongoing global uncertainty in the TiO2 industry due to trade policies, geopolitical tensions, and customer inventory hesitancy, prolonging the market downturn.
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