Financial Performance - Revenue decreased by 11% year-over-year, from $820 million in Q2 2024 to $731 million in Q2 2025[11, 16] - Adjusted EBITDA decreased by 42% year-over-year, from $161 million in Q2 2024 to $93 million in Q2 2025[11, 24] - Adjusted EBITDA margin decreased by 690 basis points year-over-year, from 19.6% in Q2 2024 to 12.7% in Q2 2025[11, 24] - Free cash flow was a use of $55 million in Q2 2025, compared to a generation of $84 million in Q2 2024[11] - Net loss attributable to Tronox was $84 million in Q2 2025, compared to a net income of $16 million in Q2 2024[11] Operational Highlights - TiO2 volumes decreased by 11% year-over-year and 2% sequentially[10, 20] - Zircon volumes decreased by 10% year-over-year and increased 1% sequentially[10, 20] - The company is executing a cost improvement program targeting $125-$175 million in run-rate savings by the end of 2026[10] - Capital expenditures were $83 million in Q2 2025, with approximately 56% allocated to maintenance and safety, and 44% to mining extensions[13, 35] - The company reduced the dividend by 60% to $0.05 per share for Q3 2025[36, 37, 38]