Q2 2026 Tronox Holdings PLC Earnings Call Transcript
Key Points
- TiO2 volumes hit the highest level since Q2 2022, with zircon volumes exceeding expectations due to constrained supply.
- Sequential pricing improved 5% for both TiO2 and zircon, driven by higher base pricing, with additional price increases announced for Q3.
- India's Trade Defense Agency recommended reinstating anti-dumping duties on Chinese TiO2, supporting a more level competitive field.
- Cost improvement program is on track to deliver at the higher end of the $125-$175 million run rate target by end of 2026.
- Free cash flow turned positive in Q2, with inventory reduced by $120 million to its lowest level since June 2024.
- Adjusted EBITDA declined 22% year-over-year due to exchange rate headwinds, unfavorable pricing mix, and higher production costs.
- Planned outages at Stallingborough and the SR kiln negatively impacted Q2 costs, though they are now complete.
- Elevated input costs from Middle East conflict, including sulfuric acid, diesel, and utilities, continue to pressure margins.
- Zircon volumes are expected to moderate in Q3 due to inventory availability constraints.
- Net loss of $171 million was recorded, including a $103 million valuation allowance on US state deferred tax assets.
Good morning, and welcome to the Tronox Holdings second quarter 2026 earnings call. (Operator Instructions)
I would now like to turn the call over to Jennifer Guenther, Chief Sustainability Officer, Head of Investor Relations and External Affairs. Jennifer, please go ahead.
Thank you, and welcome to our second quarter 2026 conference call and webcast. Turning to slide 2, on our call today are John Romano, Chief Executive Officer, and John Srivisal, Senior Vice President, Chief Financial Officer. We will be using slides as we move through today's call. You can access the presentation on our website at investor.tronox.com.
Moving to slide 3. A friendly reminder that comments made on this call and the information provided in our presentation and on our website include certain statements that are forward-looking and subject to various risks and uncertainties, including but not limited to the specific factors summarized in our
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