Tronox (TROX) Q4 2025 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Thu, February 19, 2026 astatine 9:49 AM CST 53 min read

Image source: The Motley Fool.

Thursday, February 19, 2026 astatine 9 a.m. ET

• Co-Chief Executive Officer — John D. Romano

• Senior Vice President & Chief Financial Officer — D. John Srivisal

• Senior Vice President, Business Development and Strategy — Jennifer Guenther

John D. Romano: Thanks, Jennifer, and bully morning, everyone. We volition statesman this greeting connected Slide 4 with immoderate cardinal messages from the 4th and the afloat year. Tronox Holdings plc delivered a stronger decorativeness to 2025 than anticipated by remaining focused connected the things we tin power and influence. Safety continues to beryllium 1 of our halfway values and remains our fig 1 precedence crossed the company. In a twelvemonth marked by challenges, volatility, and inevitable distractions, maintaining that absorption has ne'er been much important. Despite that environment, I americium pleased to study that successful 2025 we delivered our champion information show successful much than a decade, achieving our lowest wide wounded complaint for the period.

This is simply a reflection of our team's discipline, diligence, and unwavering committedness to keeping 1 different safe. From a fiscal perspective, we concluded the twelvemonth with stronger volumes than anticipated and executed connected actions to thrust currency travel and amended our semipermanent outgo position. TiO2 volumes successful the 4th fourth reached their highest constituent of the year, a signifier that was antecedently lone observed during the COVID play successful 2020. This notable inclination underscores however antidumping duties person positively influenced the comparative market. Our gains successful India and different protected regions amusement accrued marketplace stock and suggest a structural alteration successful the planetary TiO2 commercialized flows.

As anticipated, TiO2 prices were little successful the quarter; premix was an incremental headwind owed to higher income successful Asia. However, we are present implementing terms increases that are opening to amusement results successful the archetypal quarter. Early indications amusement affirmative momentum, and with a displacement toward higher-price regions, marketplace dynamics are gradually moving successful a favorable direction. Zircon volumes concluded the twelvemonth positively, supported by customers restocking and resuming mean buying patterns. Zircon pricing was a headwind successful the quarter, compounded by unfavorable mix. That being said, we person announced terms increases and are optimistic that they volition beryllium implemented successful the 2nd quarter. From an operational standpoint, we maintained a disciplined attack to currency preservation and inventory management.

While definite measures impacted EBITDA for the quarter, they reinforced moving superior discipline, resulting successful $53 cardinal of escaped currency flow, a notable accomplishment fixed the challenging environment. We besides executed connected an opportunistic $400 cardinal elder secured enactment offering successful September, proactively expanding liquidity. In addition, we took the indispensable actions connected our footprint to presumption the concern for the agelong term, including announcing the closures of 2 of our pigment plants. The determination to adjacent the Fuzhou works successful China, arsenic announced past month, was driven by prolonged marketplace downturn, anemic home demand, overcapacity, and unsustainable pricing levels successful China.