On this page of StockholderLetter.com we present the latest annual shareholder letter from Tronox Holdings plc — ticker symbol TROX. Reading current and past TROX letters to shareholders can bring important insights into the investment thesis.

 •  3/27/2025 Letter Continued (Full PDF)
 •  3/23/2023 TROX Stockholder Letter
 •  3/27/2024 TROX Stockholder Letter
 •  More "Specialty Chemicals" Category Stockholder Letters
 •  TROX Benford's Law Stock Score = 96

TROX Shareholder/Stockholder Letter Transcript:

Looking to the Future
TRONOX HOLDINGS PLC 2024 ANNUAL REPORT

T R O N O X     S B U S I N E S S S T R AT E G Y
What we do is essential to a sustainable, thriving world. We are
building on the strength of our foundation to realize our full
potential and create a more promising future.
We are proud to come to work every day knowing that our
products make a difference in this world, that our people and
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are better off because we   re there.
Our Purpose
Our Vision
We responsibly transform the earth   s resources
into products and opportunities that enhance lives
Be the leader in shaping a sustainable, thriving
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Our strategy centers on four pillars:
Be the best at what we do.
Foster a high-performance culture in which we strive for zero harm and operational
excellence, harness technology, and encourage innovation to create value.
Grow our future.
Build on our current offering by strategically aligning with markets and customers
outpacing broader economic trends.
Leverage what makes us unique.
Empower our people, capitalize on our vertical integration, maximize value from our
entire product range, and use our global footprint for competitive advantage.
Be the benchmark for sustainability.
Demonstrate excellence in our contribution to human, social, economic and
environmental improvements for future generations.

LETTER TO SHAREHOLDERS
Dear Shareholders:
John D. Romano
At Tronox, we responsibly transform the earth   s resources into products and
opportunities that enhance lives. This is our purpose, which we developed as an
organization in 2024, and it serves as our guiding principal. But it   s more than a
statement for us, it   s a reminder of the privilege of knowing that what we do every
day matters and can positively impact people everywhere, including our employees,
contractors, neighbors, customers and business partners around the world.
In support of our purpose, and in response to the many
challenges facing our industry, we also revised and
launched our business strategy to all of our employees.
Built on a strong foundation, we believe this strategy
will empower us to realize our full potential and create a
more promising future     together. Our strategy centers
on four pillars:
Be the best at what we do
We foster a high-performance culture in which we
strive for zero harm and operational excellence,
harness technology and encourage innovation to
create value.
We delivered encouraging safety performance in
2024, with one of our best Total Recordable Injury
Rates in decades. However, our Disabling Injury
Frequency Rate was higher than expected and a
humbling reminder that our journey to zero harm is
a relentless goal that requires an uncompromising
focus. Our leading indicators program continues to
help us identify and reduce operational risk while at
the same time fosters learning and the implementation
of best practices.
Our business transformation program progressed
with the challenging yet successful implementation
of operational excellence, global business processes
and digital architecture across all of our Australian
operations. The program turns its focus to implementation at our U.S. sites for 2025, with remaining sites
slated for subsequent years. It has taken immense
collaboration and teamwork to accomplish this work,
and we look forward to realizing the long-term impacts
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of our people as a result of this multi-year journey.
We are driving innovation in all parts of our business.
Creating a high performance culture in which it   s safe
to question the status quo and think big is how we   ll
create long-term value for Tronox.
Grow our future
We will build on our current offering by strategically
aligning with markets and customers outpacing
broader economic trends.
Our Research & Development efforts remain
focused on product and process innovation to
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the product side, we are proactively working with
customers to develop and implement alternatives for
Trimethylolpropane (TMP), a commonly used organic
surface treatment in TiO2 which has recently been
self-regulated by its manufacturers. And we are proud
to be further improving our offering by introducing
a new, global product for plastics masterbatch,
TiONA   233, after years of co-development and
testing with our customers.
We are also continuing to evaluate strategic, high
growth opportunities as they arise, including India
as a growth market as well as focusing on the rare
earths space where we are looking to broaden our
monazite and rare earth minerals concentrate tailings
for further downstream processing.
Leverage what
makes us unique
We empower our people, capitalize on our
vertical integration, maximize value from our
entire product range, and use our global footprint
for competitive advantage.
Our vertically integrated business model serves
as a differentiator for Tronox by providing a secure
supply of low-cost feedstock to our pigment plants
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high-margin revenue streams through the sale of
mining co-products like zircon.

LETTER TO SHAREHOLDERS
Be the benchmark
for sustainability
We demonstrate excellence in our contribution
to human, social, economic and environmental
improvements for future generations.
2024 Fast Facts
$3.1 billion in revenue
$564 million Adjusted EBITDA
18.3% EBITDA margin
        employees worldwide
9 TiO2 pigment facilities
6 mines
5 upgrading facilities
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        customers in 120 countries
1.1 million metric tons of TiO2
(nameplate capacity)
We are prioritizing investments in two key capital
mining projects in South Africa     Namakwa Sands
East OFS and KZN Fairbreeze     to replace our
existing mines reaching end of life. These investments
will ensure that we maintain our cost advantage for
feedstock sourced internally.
Further, we continue to use the results of our 2023
organization culture survey to understand how we
can best develop engaged and inclusive leaders,
drive better collaboration, create a healthy work
environment and celebrate success. We also
invested in developing our Employment Value
Proposition to capitalize on what makes Tronox
a special place to work, and we look forward to
bringing it to life in 2025.
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emissions reduction targets with two renewable
energy contracts in South Africa that will convert, on
a combined basis, a total of 70% of our electricity in
the region from coal-based to renewable sources
when the second project comes online in 2027. As a
result of the solar project coming online in 2024, we
are on track to achieve our Scope 1 and 2 emissions
reduction target for 2025 of 25%.
We are focused on numerous other initiatives including
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our top-emitting suppliers to help reduce emissions
across our value chain, and our continuous involvement
and partnership with the communities in which we
operate. 2025 is a milestone year across all of our
sustainability related targets, including a 15% reduction
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9% reduction in our Scope 3 emissions, and we expect
to achieve these goals in 2025.
:H   UPO\ EHOLHYH WKDW preserving our privilege to
operate is critical for our strategy today and for our
future. People and the environment are at the center
of preserving that privilege, and we therefore have the
responsibility to manage our business in a manner
that is both safe and sustainable.
2024 proved to be another year of unprecedented slow
recovery as the industry   s prolonged downturn continued.
We therefore remain focused on what is within our
control, including lowering our operating costs and
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sites. I am grateful to and proud of the resilience and
determination of our Tronox team. Our vision for Tronox
is to be the leader in shaping a sustainable, thriving
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people are essential to achieving this. We believe that if
we center everything we do around our purpose, vision
and strategy, great success will follow.
Sincerely,
John D. Romano
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2024 FINANCIAL HIGHLIGHTS
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2024
(1)
Sales
Net (loss) income
Diluted (loss) income per share
Dividend paid per share
Total assets
Shares outstanding (at December 31)
$3,074
$ (54)
$ (0.31)
$ 0.50
$6,038
157,938,056
2023
$2,850
$ (314)
$ (2.02)
$ 0.50
$6,134
156,793,755
2022
$3,454
$ 500
$ 3.16
$ 0.50
$6,306
154,496,923
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1.1
million
metric
tons*
$3.1
billion
Revenue from
Product Sales
TiO2 Sales Volume
Distribution by End Use
78%
11%
11%
76%
TiO2
Other Products
Zircon
20%
4%
Paints and
Coatings
Plastics
Paper and
Specialty
(*) Nameplate capacity
$3.1
billion
   6,500
Sales Revenue
Distribution by
Geography
Full-Time Employees
by Region
Europe,
Middle East
and Africa
28%   $VLD 3DFL  F
North America
26%
South and
7%
Central America
39%
32%
South Africa
Australia
20%
Europe
14%
11%   $VLD 3DFL  F
North America
10%
KSA
8%
South America
5%
Total Shareholder Return*
$197.02
$161.74
$137.58
$103.20
S&P 500**
S&P 400 Materials
S&P Midcap 400 Chemicals
Tronox
$250
$200
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$150
$100
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 3/27/2025 Letter Continued (Full PDF)