Tronox Sees Q4 2025 Revenue $730M Vs $686.188M Estimate

Sales of TiO2 and zircon exceeded expectations, with TiO2 volumes increasing 13% year-over-year or 9% sequentially, primarily due to higher volumes in India. Zircon volumes increased 27% year-over-year or 42% sequentially, driven by buyers in China reentering the market earlier than expected. As anticipated, TiO2 pricing declined in the quarter 8% year-over-year, or 2% sequentially, excluding unfavorable mix impact of 2% compared to the third quarter resulting from higher sales to Asia, including Fuzhou-related volumes. Zircon pricing was a greater headwind than anticipated, down 23% year-over-year or 10% sequentially, primarily due to product and segment mix.

Net loss attributable to Tronox is expected to be $176 million, and Adjusted EBITDA is expected to be $57 million. Free cash flow for the fourth quarter 2025 is expected to be $53 million, substantially exceeding our guidance.