Core Viewpoint - The S&P 500 has had a lackluster start to the year, prompting some investors to consider protective strategies against the potential impacts of the AI moment of reckoning [1] Group 1: Investment Strategies - Investors are encouraged to identify underpriced equities with strong upside potential while also recognizing overappreciated companies with inflated valuations [1] - A focus on the energy sector, including oil & gas supermajors, mid-cap, and small-cap exploration & production companies, as well as oilfield services firms, is emphasized [1] - The importance of assessing Free Cash Flow and Return on Capital is highlighted to gain deeper insights into investment opportunities [1] Group 2: Market Analysis - The article suggests that while some growth stocks may deserve their premium valuations, it is crucial for investors to investigate whether the market's current opinions are justified [1]

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Financial Data and Key Metrics Changes - The company reported strong quarterly free cash flow of $92 million, reflecting its long-term cash generation potential [9] - Adjusted EBITDA margins for the TSS business increased to 32%, up from 31% in the prior year, despite additional costs of approximately $22 million in R&D investments [10] - For the full year 2026, the company anticipates overall net sales growth to be between 3% and 5%, with Adjusted EBITDA expected to range from $800 million to $900 million [26] Business Line Data and Key Metrics Changes - The TSS business achieved record sales for Opteon refrigerants, with a 37% increase compared to the prior year quarter, driven by higher pricing and moderate volume increases [9][10] - The TT business is expected to see sequential net sales decrease in the low- to mid-single digits percentage range in the first quarter, with mineral sales anticipated to drop 60% sequentially [18][19] - The APM business is projected to experience a high teens percentage decrease in net sales sequentially due to sustained market weakness and the impact of a facility outage [21] Market Data and Key Metrics Changes - The company noted a strengthening order book in the semiconductor sector, indicating preliminary signs of recovery in the APM business [13] - The TT segment is experiencing stable demand with no major demand triggers expected, while pricing power remains strong [38][72] - The company anticipates that average global pricing for TiO2 pigment will be generally in line with the prior year quarter [19] Company Strategy and Development Direction - The company is focused on executing its Pathway to Thrive strategy, which emphasizes operational excellence, cost management, and cash flow generation [29][35] - The recent sale of the Kuan Yin facility is expected to generate approximately $300 million in net proceeds, which will be used to reduce debt and improve the net leverage ratio [6][27] - The company is committed to enhancing its market position through innovation and strategic portfolio management, including the closure of underperforming sites [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate cash flow and improve earnings throughout 2026, despite facing challenges in certain end markets [24][35] - The company expects to see continued growth in the TSS business driven by regulatory adoption and market demand for Opteon refrigerants [16][17] - Management highlighted the importance of maintaining operational stability and reliability in light of recent disruptions at key manufacturing facilities [13][14] Other Important Information - The company has made significant progress in reducing corporate-level expenses compared to the same quarter last year, reflecting ongoing efforts in expense management [15] - The company plans to invest approximately $5 million per quarter in liquid cooling and next-generation refrigerant growth opportunities [31] Q&A Session Summary Question: Can you share more detail on the assumptions for TiO2 volume growth in your 2026 guidance? - Management indicated that demand is stable with no major triggers, and they are focused on pricing power [38] Question: Do you have visibility on resolving legacy liabilities during 2026? - Management noted significant progress in addressing legacy liabilities, particularly in New Jersey, and expects updates on other facilities throughout the year [39] Question: Can you provide insights on the APM segment's performance across different end markets? - Management highlighted weaknesses in auto and industrial sectors but noted strong demand in the Performance Solutions portfolio, particularly related to AI and data centers [44] Question: What factors could lead to achieving the high end of your guidance range for the full year? - Management mentioned market evolution, cost improvements, and continued execution on pricing as key factors [78] Question: How do you see the growth algorithm for the TSS business evolving? - Management expects significant growth from the HFO transition and a recovery in the residential segment as new units are put on the market [81]

Economic Data Summary - US economic growth in the fourth quarter of 2025 was reported at an annualized rate of 1.4%, significantly below the expected 2.9% [3][8][9] - The "core" personal consumption expenditures (PCE) index, the Federal Reserve's preferred inflation measure, increased by 0.4% in December, surpassing economists' expectations of 0.3% [4][5][6] - On an annual basis, the headline PCE rose by 2.9% and the core PCE by 3.0% in December, both slightly above forecasts [6] Market Reactions - S&P 500 futures fell approximately 0.3%, Dow Jones Industrial Average futures decreased by 0.2%, and Nasdaq 100 futures dropped by 0.5% [2] - Concerns about the private credit sector were heightened following Blue Owl's halt to withdrawals, which raised fears of a potential financial crisis [3] Company-Specific Updates - Chemours Co. reported a loss of $47 million in its fourth quarter earnings, leading to a 9% decline in its stock price [11][13] - Grail's stock plummeted over 40% after disappointing cancer trial results [12] - Live Nation's stock rose more than 3% following an 11% increase in fourth-quarter revenue to $6.31 billion, driven by a 12% gain in concert sales [13] - Opendoor's stock surged 14% after reporting a 46% increase in home acquisition volume, with revenue reaching $736 million, exceeding Wall Street estimates [16]

US stocks slid on Friday as investors digested economic data that showed US economic growth cooling in the fourth quarter, while the Fed's favored inflation gauge heated up to end last year. Wall Street also kept an eye out for US-Iran tensions, private credit jitters, and a potential Supreme Court tariff decision. The S&P 500 (^GSPC) moved down roughly 0.3%, while the Dow Jones Industrial Average (^DJI) fell by a steeper 0.4%, coming off the end of a three-day winning streak on Thursday. The Nasdaq Compo ...

Financial Data and Key Metrics Changes - For the full year 2025, the company generated revenue of $2.9 billion, reflecting a year-over-year decline driven by unfavorable pricing and mix, and lower volumes in both TiO2 and zircon [12] - Loss from operations was $253 million, and net loss attributable to Tronox was $470 million, including $233 million of restructuring and other charges [13] - Adjusted EBITDA was $336 million, with an adjusted EBITDA margin of 11.6% [13] Business Line Data and Key Metrics Changes - TiO2 volumes in Q4 reached their highest point of the year, with a 9% increase in volumes, partially offset by a 4% decline in price [14] - Zircon revenues increased 32% sequentially, driven by a 42% increase in volumes, although zircon price was down 7% quarter to quarter [15] - Revenue from other products increased 10% compared to the prior year, mainly driven by higher pig iron volumes [15] Market Data and Key Metrics Changes - The company experienced market share gains in India, Latin America, and the Middle East, supported by anti-dumping measures [14] - North America and Europe saw lower volumes consistent with normal fourth quarter demand patterns [14] - The company noted a structural change in global TiO2 trade flows, particularly benefiting from anti-dumping duties [7] Company Strategy and Development Direction - The company announced the closure of two pigment plants to streamline operations and improve cost structure over the long term [9] - A sustainable cost improvement program is in place, with more than $90 million of run rate savings achieved, significantly exceeding the original target [10] - The company is cautiously optimistic about market dynamics improving, with expectations for TiO2 prices to rise due to recent price increase announcements [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in TiO2 and zircon pricing, indicating an inflection point in both markets [60] - The company is focused on cash generation while balancing the impact on EBITDA, with expectations for positive free cash flow in 2026 [21] - Management highlighted the importance of maintaining liquidity and managing costs amid market fluctuations [20] Other Important Information - The company ended the year with total debt of $3.2 billion and net debt of $3 billion, with a weighted average interest rate of approximately 6% [17] - Liquidity as of December 31st increased to $674 million, including $199 million in cash and cash equivalents [17] - Capital expenditures totaled $341 million for the year, with a focus on maintenance and safety [18] Q&A Session Summary Question: Free cash flow guidance and EBITDA expectations - The company indicated that to reach breakeven, approximately $350 million in EBITDA is needed, with a focus on cash generation and working capital improvement [28][29] Question: Production costs and mining operations - Management expects improvement in operations from Q4 to Q1, with a significant focus on sustainable cost improvement programs [36][67] Question: Volume changes in TiO2 and market dynamics - The company noted a slight decline in TiO2 volumes year-over-year, with the global TiO2 industry experiencing similar trends [57] Question: Pricing discipline in the industry - Management expressed confidence in industry-wide price increases, indicating that many companies are announcing price hikes [84][86]

Chief Executive Officer Senior Vice President, Chief Financial Officer Fourth Quarter and Full Year 2025 Conference Call Tronox Holdings plc February 19, 2026 Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 1 Presenters John Romano John Srivisal Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2026 2 Safe Harbor Statement and Non-U.S. GAAP Financial Terms Cautionary Statement about Forward-Looking Statements Statements in this presentation that are not historical are ...

Core Insights - Q4 2025 performance exceeded expectations due to TiO2 volumes reaching their highest point of the year, driven by structural shifts in global trade flows following antidumping duties in India and other protected regions [1] - Management's decision to close the Fuzhou and Botlek plants was attributed to prolonged market downturns and overcapacity, aiming to streamline the global network and improve long-term cost structures [1] - The sustainable cost improvement program achieved $90 million in run-rate savings by year-end 2025, significantly exceeding the original $30 million target through fixed cost and SG&A reductions [1] - Strategic prioritization of cash generation led to deliberate EBITDA headwinds, including bringing forward maintenance and idling assets to manage inventory and working capital [1] - Vertical integration remains a core advantage, though currently operating at the lower end of the $200-$400 per ton benefit range due to reduced mining and smelting utilization [1] - Market dynamics are shifting as TiO2 prices reached an inflection point in early 2026, supported by price increase implementations and a favorable mix shift toward higher-margin Western regions [1]

Financial Performance - For Q4 2025, the company reported revenue of $730 million, with a loss from operations of $114 million and a net loss attributable to Tronox of $176 million, which includes $80 million in restructuring and other charges related to plant closures [1] - The adjusted net loss for Q4 2025 was $96 million, with an adjusted EBITDA of $57 million, resulting in an adjusted EBITDA margin of 7.8% [1] - For the full year 2025, revenue totaled $2,898 million, with a loss from operations of $253 million and a net loss attributable to Tronox of $470 million, including $233 million in restructuring and other charges [1] - The adjusted net loss for the full year was $237 million, with an adjusted EBITDA of $336 million and an adjusted EBITDA margin of 11.6% [1] - Capital expenditures for 2025 were reported at $341 million [1] Outlook - The company expects to generate positive free cash flow in 2026, driven by improving TiO2 pricing and volumes, lower capital expenditures, and targeted actions on working capital [1] - TiO2 and zircon volumes for Q1 2026 are anticipated to be in line with strong Q4 2025 levels, with TiO2 pricing expected to improve in Q1 2026 and zircon pricing expected to improve in Q2 2026 [1] - The expected adjusted EBITDA for Q1 2026 is projected to be between $55 million and $65 million [1]