Tronox Holdings Plc -Class

Q2 FY2026 EarningsQ2 FY26 results beat revenue expectations ($868M vs. $837M consensus) driven by an 18% YoY surge in TiO2 volumes, reaching the highest levels since 2022. Despite the top-line beat, Adjusted EPS of -$0.51 missed the -$0.37 consensus due to a substantial $103M tax valuation allowance and elevated production costs from planned outages. Free cash flow of $60M significantly outperformed the ~$51M expectations as inventory was reduced by $120M. Q3 Adjusted EBITDA guidance of $95-$115M suggests a sequential recovery as pricing increases take full effect.