#United States #financial results #Stamford #Titanium Dioxide #Tronox Holdings

Tronox Holdings Reports Q4 and Full Year 2025 Financial Results

Date: February 18, 2026
Tronox Holdings plc, a renowned leader in titanium dioxide pigment manufacturing, has announced its fourth quarter and full-year financial results for 2025. Despite experiencing substantial losses during the year, the company remains optimistic about its outlook for 2026.

Fourth Quarter Highlights

In the fourth quarter, Tronox recorded revenues of $730 million, an increase of 8% from the previous year. However, the company suffered a loss from operations amounting to $114 million, leading to a net loss attributable to Tronox of $176 million. This loss was aggravated by $80 million in restructuring charges linked to the closure of its Botlek and Fuzhou pigment plants.

Adjusted net loss for the quarter stood at $96 million, with adjusted EBITDA of $57 million, yielding a margin of 7.8%. The diluted loss per share was $1.11, while the adjusted figure was $0.60 per share.

Full-Year Financial Performance

For the entire year, Tronox's revenue totaled $2.898 billion, reflecting a 6% decrease compared to 2024. The company reported a net loss of $470 million for the year, including $233 million in restructuring charges, marking a stark decline from 2024's earnings. Adjusted EBITDA for the year was $336 million, with a margin of 11.6%.

Challenges and Market Dynamics

The company's challenges were driven largely by a downturn in titanium dioxide and zircon pricing. However, fourth quarter TiO2 volumes reached their highest levels in over a year, a sign that anti-dumping duties in key regions have positively influenced market conditions.

Tronox's CEO John D. Romano outlined the company's strategy moving forward, emphasizing that 2026 will focus on improving cash flow, enhancing pricing strategies, and adopting efficiency measures across its operations. The company anticipates achieving positive free cash flow in 2026 and improving TiO2 pricing, which is expected to rise in the first quarter of the year.

Strategic Moves and Future Outlook

To streamline operations, Tronox undertook notable restructuring, including the closure of unprofitable plants and reductions in mining operations aimed at managing inventory levels. The firm also announced that it will continue its investments in new projects like the East OFS facility in South Africa and a cracking facility in Australia, supported by financing from Export Finance Australia.

The first quarter of 2026 is projecting TiO2 and zircon volumes to remain stable, with significant improvements expected in sales prices. Adjusted EBITDA for the quarter is estimated between $55 million to $65 million, suggesting a cautious yet positive outlook amidst recent challenges.

Conclusion

Despite a tumultuous year marked by restructuring and losses, Tronox Holdings is positioning itself to capitalize on market reliefs and operational efficiencies in 2026. As the industry landscape continues to evolve, Tronox's ability to navigate through these challenges will be pivotal in achieving its long-term goals and restoring profitability.