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Dedicated. Strong. Resilient. Tronox Holdings plc 2025 Annual Report
2025 FAST FACTS When it comes to working safely, our employees know the importance of identifying and eliminating risks, looking out for one another and questioning the status quo if a process or task can be completed in a better and safer way. Demonstrating these behaviors enabled our teams to accomplish their best collective safety performance in years. No matter the task at hand, level of seniority or geographical location, our people stay diligent because luck isn t a strategy. Safety is. Achieved record improvements in injury frequency rates, including 6 sites with 0 injuries 4,700 potential hazards removed through our leading indicators program employees worldwide 2.9 billion in revenue 7 TiO2 pigment facilities 5 mines 5 upgrading facilities 942,000 metric tons of TiO2 336 million Adjusted EBITDA 11.6% EBITDA margin (nameplate capacity) 1.0 million invested in our communities 5,700 1,200 customers in 120 countries
LETTER TO SHAREHOLDERS Dear Shareholders: 2025 was a year that demanded resilience, discipline, and agility. In a prolonged downturn marked by global economic uncertainty, competitive pricing pressure, and muted demand across TiO2 and zircon, we focused RQ ZKDW ZH FRXOG FRQWURO DQG LQ XHQFH RSHUDWLQJ VDIHO\ VWUHQJWKHQLQJ our cost position, preserving liquidity, and executing with commercial rigor. Safety and Sustainability Our commitment to Zero Harm remains foundational. In 2025, we achieved record improvements in injury frequency rates and removed thousands of potential hazards from our business through our leading indicators SURJUDP UH HFWLQJ FRQWLQXHG GHYHORSPHQW RI RXU JOREDO safety programs and the effectiveness of our risk-based controls. Six of our operating sites achieved zero injuries for the year, reinforcing our belief that zero is possible. Additionally, we conducted a Global Safety Survey to further strengthen learning and leadership engagement and are using the results to augment our current initiatives. On sustainability, we exceeded our 2025 environmental targets: a 25% reduction in Scope 1 and 2 greenhouse gas emission; a 9% reduction in Scope 3 emissions intensity in our supply chain; and a 15% reduction in waste to external ODQG OOV 7KLV \HDU PDUNHG WKH ODXQFK RI RXU ,QQRYDWH Reconciliation Action Plan, outlining practical steps to build respectful relationships and create meaningful opportunities with Aboriginal and Torres Strait Islander peoples. Across climate, waste, water, and biodiversity, we continued integrating sustainability into operations and governance, consistent with our alignment to the TCFD, SASB, and GRI reporting frameworks. Sustainable Cost Improvement From the outset of the year, ZH UHDI UPHG RXU FRPPLWPHQW for continuous improvement and disciplined cost management and launched a comprehensive Sustainable Cost Improvement Program designed to structurally lower our manufacturing and SG&A costs while enhancing productivity across our global footprint. :H LGHQWL HG PLOOLRQ RI VXVWDLQDEOH UXQ UDWH FRVW VDYLQJV DFKLHYDEOH E\ WKH HQG RI ZLWK PRUH WKDQ million of annualized savings achieved by year end 2025. This program is a cornerstone of our strategy to navigate volatility, while positioning Tronox for durable, long-term value creation. Optimizing Our Asset Footprint Following a strategic review of our asset base, in March 2025 we announced the shutdown of our Botlek TiO2 facility in the Netherlands. We were able to minimize disruptions to customer supply, as our diverse global manufacturing footprint enabled uninterrupted service. We also recognize the human impact of this decision, which affected approximately 240 colleagues and we supported our Botlek team through local management engagement and comprehensive services during the transition. More recently, in January 2026, we announced the decision to permanently close our pigment facility in Fuzhou, China, impacting approximately 550 colleagues. This decision was driven by the prolonged market downturn, weak domestic demand, overcapacity and unsustainable pricing levels. We thank both our Botlek and Fuzhou teams for their unwavering commitment to safety and the contributions they have made to Tronox over the years. We believe the shutdown of Botlek and Fuzhou will improve RXU RYHUDOO SUR WDELOLW\ DQG HQDEOH IXUWKHU RSWLPL]DWLRQ RI operating rates across the portfolio. Consistent with our disciplined approach, we also selectively adjusted operating rates at other sites during 2025 to preserve cash and protect margins while maintaining and in key markets, growing share through targeted commercial initiatives.
LETTER TO SHAREHOLDERS :e Uemain cRn Gent tKat tKe actiRnV taNen in KRZeYeU GiI cXlt at timeV KaYe VtUenJtKeneG tKe cRUe RI RXU EXVineVV anG cUeateG a UXnZay IRU pUR taEility anG JURZtK $V GemanG nRUmali]eV 7URnR[ Zill Ee UeaGy tR capitali]e Rn RXU inteJUateG mRGel JlREal IRRtpUint anG tecKnRlRJy enaEleG RpeUatiRnV -RKn ' 5RmanR Financial Discipline and Liquidity Strategic Adjacency: Rare Earths In response to the prolonged market weakness, during 2025, we also reduced planned capital expenditures to PLOOLRQ LQFOXGLQJ PLOOLRQ RI FDSLWDOL]HG LQWHUHVW for 2025 and reduced our quarterly dividend by 60% to HQKDQFH QHDU WHUP EDODQFH VKHHW H[LELOLW\ :H DOVR H[HFXWHG DQ RSSRUWXQLVWLF PLOOLRQ 6HQLRU 6HFXUHG Note offering in September, proactively increasing available OLTXLGLW\ 7KHVH DFWLRQV UH HFW RXU SULRULW\ WR VWUHQJWKHQ FDVK RZ DQG OLTXLGLW\ VXSSRUW VDIH DQG UHOLDEOH RSHUDWLRQV and retain optionality for strategic investments. We advanced our rare earths strategy to build an adjacent business that leverages our core mining and processing expertise and aligns with global supply chain security needs. 'XULQJ WKH \HDU 8 6 DQG $XVWUDOLDQ JRYHUQPHQW QDQFLQJ agencies provided non-binding expressions of support for the development of Tronox s rare earth supply chain, including mine extensions, infrastructure, and cracking and leaching capacity. This interest underscores the strong opportunity for Tronox to become a leading supplier of rare earth elements to support the critical minerals priorities of both countries. We will continue to assess rare earth growth opportunities through a phased, risk-managed, and returns-focused approach. Vertical Integration and Resource Continuity We continued to invest prudently in our mineral sands portfolio, with capital expenditures in two major South African mining projects that underpin years of high-value internal ore supply. These mines will help protect the vertical integration cost advantage that differentiates Tronox and supports stable pigment production through cycles. Trade Defense and Level Playing Field :H LQWHQVL HG RXU WUDGH GHIHQVH LQLWLDWLYHV to address the global supply imbalance driven by Chinese overcapacity and Chinese dumping of TiO2 throughout the world. Over the past year, we led the effort to obtain anti-dumping duties in the European Union, Brazil, India, and Saudi Arabia, with additional actions underway. While tariffs are not a substitute for competitiveness, they contribute WR UHVWRULQJ D OHYHO SOD\LQJ HOG DQG IDLU FRPSHWLWLRQ People We are pleased to share that we advanced our Employee Experience agenda earning Top Employer recognition in Australia, France and the United Kingdom, and Top Place to Work accolades in Brazil. We continued to scale our employee listening strategy, refreshed our Employment Value Proposition, strengthened our leadership development framework, and expanded our culture program grounded in Tronox s values. We also invested in career development, aligning capabilities with the evolving needs of our business. 2026 Priorities While we do not control the timing or pace of recovery, we are focused on ensuring we remain well positioned to respond quickly to the market. Looking ahead, our priorities are clear: Operate safely and reliably across all sites 'ULYH HI FLHQF\ DQG FRVW FRPSHWLWLYHQHVV through our Sustainable Cost Improvement Program Fortify the balance sheet and generate positive free FDVK RZ Pursue strategic growth opportunities, including rare earths, in a disciplined, returns-based manner :H UHPDLQ FRQ GHQW WKDW WKH DFWLRQV WDNHQ LQ KRZHYHU GLI FXOW DW WLPHV KDYH VWUHQJWKHQHG WKH FRUH RI RXU EXVLQHVV DQG FUHDWHG D UXQZD\ IRU SUR WDELOLW\ DQG growth. As demand normalizes, Tronox will be ready to capitalize on our integrated model, global footprint, and technology-enabled operations. Thank you for your continued trust and investment. To our employees, customers, suppliers, and communities thank you for your commitment and partnership. Sincerely, John D. Romano &KieI ([ecXtiYe 2I ceU 7URnR[ +RlGinJV plc
20 25 FINANCIAL HI G HLI G HTS Revenue from Product Sales TiO2 Sales Volume Distribution by End Use 79% TiO2 11% Other Products 10% Zircon Sales Revenue Distribution by Geography 75% Paints and Coatings 20% Plastics 5% Paper and Specialty Full-Time Employees by Region 38% South Africa 21% Australia 13% Europe 11% North America 9% KSA 6% South America 2% $VLD 3DFL F 40% Europe, Middle East and Africa 27% $VLD 3DFL F 26% North America 7% South and Central America (Millions of U.S. dollars, except (1) share and per share amounts) Sales Net (loss) Diluted (loss) per share Dividend paid per share Total assets Shares outstanding (at December 31) 2025 2024 2023 $2,898 $(473) $(2.97) $0.35 $6,217 158,557,858 7KH IROORZLQJ LQIRUPDWLRQ LV IURP RXU )RUP . IRU WKH \HDU HQGHG 'HFHPEHU OHG ZLWK WKH 6HFXULWLHV DQG ([FKDQJH Commission on February 20, 2026. Total Shareholder Return* $196.16 S&P 500** 200 $152.53 S&P 400 Materials 150 $100.30 S&P Midcap 400 Chemicals 100 $34.60 Tronox (* LQYHVWPHQW LQ VWRFN RU index on December 31. Assumes reinvestment of dividends. 50 2020 2021 2022 2023 2024 $34.60 (**) Index is utilized in the Company s annual report. 2025 Copyright 2025 Standard & Poor s, a division of S&P Global. All rights reserved.
 • shareholder letter icon 3/19/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/23/2023 TROX Stockholder Letter
 • stockholder letter icon 3/27/2024 TROX Stockholder Letter
 • stockholder letter icon 3/27/2025 TROX Stockholder Letter
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TROX Shareholder/Stockholder Letter Transcript:

Dedicated.
Strong.
Resilient.
Tronox Holdings plc
2025 Annual Report

2025 FAST FACTS
When it comes to working safely, our employees know the importance
of identifying and eliminating risks, looking out for one another and
questioning the status quo if a process or task can be completed in a
better     and safer     way. Demonstrating these behaviors enabled our
teams to accomplish their best collective safety performance in years.
No matter the task at hand, level of seniority or geographical location,
our people stay diligent     because luck isn   t a strategy. Safety is.
Achieved record
improvements in injury
frequency rates, including
6 sites with
0 injuries
4,700

potential hazards
removed through
our leading
indicators program
employees
worldwide
2.9 billion in revenue
7 TiO2 pigment facilities
5 mines
5 upgrading facilities
942,000 metric tons of TiO2

336 million Adjusted EBITDA
11.6% EBITDA margin

(nameplate capacity)
1.0
million

invested
in our
communities
5,700
1,200

customers in
120 countries

LETTER TO SHAREHOLDERS
Dear Shareholders:
2025 was a year that demanded resilience, discipline, and agility. In a
prolonged downturn marked by global economic uncertainty, competitive
pricing pressure, and muted demand across TiO2 and zircon, we focused
RQ ZKDW ZH FRXOG FRQWURO DQG LQ   XHQFH  RSHUDWLQJ VDIHO\  VWUHQJWKHQLQJ 
our cost position, preserving liquidity, and executing with commercial rigor.
Safety and Sustainability
Our commitment to Zero Harm remains foundational.
In 2025, we achieved record improvements in injury
frequency rates and removed thousands of potential
hazards from our business through our leading indicators
SURJUDP  UH   HFWLQJ FRQWLQXHG GHYHORSPHQW RI RXU JOREDO 
safety programs and the effectiveness of our risk-based
controls. Six of our operating sites achieved zero injuries
for the year, reinforcing our belief that zero is possible.
Additionally, we conducted a Global Safety Survey to
further strengthen learning and leadership engagement
and are using the results to augment our current initiatives.
On sustainability, we exceeded our 2025 environmental
targets: a 25% reduction in Scope 1 and 2 greenhouse gas
emission; a 9% reduction in Scope 3 emissions intensity in
our supply chain; and a 15% reduction in waste to external
ODQG   OOV  7KLV \HDU PDUNHG WKH ODXQFK RI RXU ,QQRYDWH 
Reconciliation Action Plan, outlining practical steps to build
respectful relationships and create meaningful opportunities
with Aboriginal and Torres Strait Islander peoples. Across
climate, waste, water, and biodiversity, we continued
integrating sustainability into operations and governance,
consistent with our alignment to the TCFD, SASB, and
GRI reporting frameworks.
Sustainable Cost Improvement
From the outset of the year, ZH UHDI   UPHG RXU FRPPLWPHQW 
for continuous improvement and disciplined cost management and launched a comprehensive Sustainable Cost
Improvement Program designed to structurally lower our
manufacturing and SG&A costs while enhancing productivity
across our global footprint.
:H LGHQWL   HG            PLOOLRQ RI VXVWDLQDEOH  UXQ UDWH FRVW 
VDYLQJV DFKLHYDEOH E\ WKH HQG RI       ZLWK PRUH WKDQ     
million of annualized savings achieved by year end 2025.
This program is a cornerstone of our strategy to navigate
volatility, while positioning Tronox for durable, long-term
value creation.
Optimizing Our Asset Footprint
Following a strategic review of our asset base, in March
2025 we announced the shutdown of our Botlek TiO2 facility
in the Netherlands. We were able to minimize disruptions
to customer supply, as our diverse global manufacturing
footprint enabled uninterrupted service. We also recognize
the human impact of this decision, which affected approximately 240 colleagues     and we supported our Botlek team
through local management engagement and comprehensive
services during the transition.
More recently, in January 2026, we announced the decision
to permanently close our pigment facility in Fuzhou, China,
impacting approximately 550 colleagues. This decision was
driven by the prolonged market downturn, weak domestic
demand, overcapacity and unsustainable pricing levels.
We thank both our Botlek and Fuzhou teams for their
unwavering commitment to safety and the contributions
they have made to Tronox over the years.
We believe the shutdown of Botlek and Fuzhou will improve
RXU RYHUDOO SUR   WDELOLW\ DQG HQDEOH IXUWKHU RSWLPL]DWLRQ RI 
operating rates across the portfolio. Consistent with our
disciplined approach, we also selectively adjusted operating
rates at other sites during 2025 to preserve cash and protect
margins while maintaining     and in key markets, growing    
share through targeted commercial initiatives.

LETTER TO SHAREHOLDERS
  :e Uemain cRn  Gent tKat tKe actiRnV taNen in         KRZeYeU
GiI  cXlt at timeV    KaYe VtUenJtKeneG tKe cRUe RI RXU EXVineVV anG
cUeateG a UXnZay IRU pUR  taEility anG JURZtK  $V GemanG nRUmali]eV 
7URnR[ Zill Ee UeaGy tR capitali]e Rn RXU inteJUateG mRGel  JlREal
IRRtpUint  anG tecKnRlRJy enaEleG RpeUatiRnV      -RKn '  5RmanR
Financial Discipline and Liquidity
Strategic Adjacency: Rare Earths
In response to the prolonged market weakness, during
2025, we also reduced planned capital expenditures to
     PLOOLRQ  LQFOXGLQJ     PLOOLRQ RI FDSLWDOL]HG LQWHUHVW  
for 2025 and reduced our quarterly dividend by 60% to
HQKDQFH QHDU WHUP EDODQFH VKHHW    H[LELOLW\  :H DOVR 
H[HFXWHG DQ RSSRUWXQLVWLF      PLOOLRQ 6HQLRU 6HFXUHG 
Note offering in September, proactively increasing available
OLTXLGLW\  7KHVH DFWLRQV UH   HFW RXU SULRULW\ WR VWUHQJWKHQ 
FDVK    RZ DQG OLTXLGLW\  VXSSRUW VDIH DQG UHOLDEOH RSHUDWLRQV  
and retain optionality for strategic investments.
We advanced our rare earths strategy to build an adjacent
business that leverages our core mining and processing
expertise and aligns with global supply chain security needs.
'XULQJ WKH \HDU  8 6  DQG $XVWUDOLDQ JRYHUQPHQW    QDQFLQJ 
agencies provided non-binding expressions of support
for the development of Tronox   s rare earth supply chain,
including mine extensions, infrastructure, and cracking and
leaching capacity. This interest underscores the strong
opportunity for Tronox to become a leading supplier of rare
earth elements to support the critical minerals priorities
of both countries. We will continue to assess rare earth
growth opportunities through a phased, risk-managed, and
returns-focused approach.
Vertical Integration and
Resource Continuity
We continued to invest prudently in our mineral sands
portfolio, with capital expenditures in two major South
African mining projects that underpin years of high-value
internal ore supply. These mines will help protect the vertical
integration cost advantage that differentiates Tronox
and supports stable pigment production through cycles.
Trade Defense and Level
Playing Field
:H LQWHQVL   HG RXU WUDGH GHIHQVH LQLWLDWLYHV to address
the global supply imbalance driven by Chinese overcapacity
and Chinese dumping of TiO2 throughout the world. Over
the past year, we led the effort to obtain anti-dumping
duties in the European Union, Brazil, India, and Saudi
Arabia, with additional actions underway. While tariffs
are not a substitute for competitiveness, they contribute
WR UHVWRULQJ D OHYHO SOD\LQJ    HOG DQG IDLU FRPSHWLWLRQ 
People
We are pleased to share that we advanced our Employee
Experience agenda     earning Top Employer recognition
in Australia, France and the United Kingdom, and Top Place
to Work accolades in Brazil. We continued to scale our
employee listening strategy, refreshed our Employment
Value Proposition, strengthened our leadership development
framework, and expanded our culture program grounded in
Tronox   s values. We also invested in career development,
aligning capabilities with the evolving needs of our business.
2026 Priorities
While we do not control the timing or pace of recovery,
we are focused on ensuring we remain well positioned to
respond quickly to the market. Looking ahead, our priorities
are clear:
Operate safely and reliably across all sites
'ULYH HI   FLHQF\ DQG FRVW FRPSHWLWLYHQHVV through our
Sustainable Cost Improvement Program
Fortify the balance sheet and generate positive free
FDVK    RZ
Pursue strategic growth opportunities, including rare
earths, in a disciplined, returns-based manner
:H UHPDLQ FRQ   GHQW WKDW WKH DFWLRQV WDNHQ LQ         
KRZHYHU GLI   FXOW DW WLPHV    KDYH VWUHQJWKHQHG WKH FRUH 
RI RXU EXVLQHVV DQG FUHDWHG D UXQZD\ IRU SUR   WDELOLW\ DQG 
growth. As demand normalizes, Tronox will be ready to
capitalize on our integrated model, global footprint, and
technology-enabled operations.
Thank you for your continued trust and investment. To our
employees, customers, suppliers, and communities    
thank you for your commitment and partnership.
Sincerely,
John D. Romano
&KieI ([ecXtiYe 2I  ceU  7URnR[ +RlGinJV plc

20 25 FINANCIAL HI G HLI G HTS
Revenue from
Product Sales
TiO2 Sales Volume
Distribution by
End Use
79% TiO2
11% Other Products
10% Zircon
Sales Revenue
Distribution by
Geography
75% Paints and
Coatings
20% Plastics
5% Paper and
Specialty
Full-Time Employees
by Region
38% South Africa
21% Australia
13% Europe
11% North America
9% KSA
6% South America
2%  $VLD 3DFL   F
40% Europe, Middle
East and Africa
27%  $VLD 3DFL   F
26% North America
7% South and
Central America
(Millions of U.S. dollars, except
(1)
share and per share amounts)
Sales
Net (loss)
Diluted (loss) per share
Dividend paid per share
Total assets
Shares outstanding
(at December 31)
2025
2024
2023
$2,898 
$(473) 
$(2.97) 
$0.35 
$6,217 






158,557,858 


   7KH IROORZLQJ LQIRUPDWLRQ LV IURP RXU )RUP    . IRU WKH \HDU HQGHG 'HFHPEHU              OHG ZLWK WKH 6HFXULWLHV DQG ([FKDQJH 
Commission on February 20, 2026.
Total Shareholder Return*
$196.16 S&P 500**
200
$152.53 S&P 400
Materials
150
$100.30 S&P
Midcap 400
Chemicals
100
$34.60 Tronox
(*       LQYHVWPHQW LQ VWRFN RU 
index on December 31. Assumes
reinvestment of dividends.
50
2020
2021
2022
2023
2024
$34.60
(**) Index is utilized in the Company   s
annual report.
2025
Copyright   2025 Standard & Poor   s,
a division of S&P Global. All rights
reserved.


shareholder letter icon 3/19/2026 Letter Continued (Full PDF)
 

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