Tronox (TROX) Investor presentation summary

Strategic positioning and market environment

• Vertically integrated across mining, feedstock, and pigment production, providing supply security and cost advantages in the TiO2 market.

• Structural shifts in the TiO2 market, including capacity reductions and anti-dumping duties, are tightening supply and supporting improved pricing and margins.

• Anti-dumping measures in key markets have reduced Chinese exports, creating a more level playing field and tighter regional supply.

• Western producers are gaining market share as Chinese producers face high costs and operate at losses, leading to plant closures and supply cuts.

• Long-term TiO2 demand remains highly correlated with global GDP growth, despite recent short-term volatility.

Operational excellence and cost management

• Achieved a $125–$175M sustainable cost improvement program, including plant closures and asset rationalization.

• Disciplined capital allocation with reduced capex (<$260M in 2026), enhanced liquidity, and a 60% dividend reduction in 2025.

• Focused on cash generation, expecting meaningful positive free cash flow in 2026 and targeting long-term net leverage below 3.0x.

• Flexible production planning and inventory management to match demand and optimize costs.

• Closure of two pigment plants improved cost structure and reduced overhead.

Product and geographic diversification

• Revenue of $2.9B and adjusted EBITDA of $336M in 2025, with a global workforce of ~5,700 and ~1,200 customers.

• TiO2 accounts for 79% of sales, with significant contributions from zircon (10%) and other products (11%).

• Sales are geographically diversified: EMEA (40%), APAC (27%), NAM (26%), LATAM (7%).

• Seven pigment plants across five continents, with major facilities in the US, UK, France, Saudi Arabia, Australia, and Brazil.

• Second largest global zircon producer and largest merchant supplier of titanium chemicals.