Tronox Holdings plc

Good morning, ladies and gentlemen, and welcome to Tronix Holding Q4 2025 earnings call. Note that all participants are in the listen-only mode. Following the presentation, we will conduct a question-and-answer session. And if at any time during this call you require immediate assistance, please press star zero for the operator. Also note that this call is being recorded on Thursday, February 19, 2026. And I would like to turn the conference over to Jennifer Gunther, Chief Sustainability Officer, Head of Investor Relations and External Affairs. Please go ahead.

Thank you and welcome to our fourth quarter and full year 2025 conference call and webcast. Turning to slide two on our call today are Don Romano, Chief Executive Officer, and John Srivastol, Senior Vice President, Chief Financial Officer. We will be using slides as we move through today's call. You can access the presentation on our website at investor.tronox.com. Moving to slide three, a friendly reminder that comments made on this call and the information provided in our presentation and on our website include certain statements that are forward-looking and subject to various risks and uncertainties, including but not limited to the specific factors summarized in our SEC filings. This information represents our best judgment based on what we know today. However, actual results may vary based on these risks and uncertainties. The company undertakes no obligation to update or revise any forward-looking statements. During the conference call, we will refer to certain non-US GAAP financial terms that we use in the management of our business and believe are useful to investors in evaluating the company's performance. Reconciliations to their nearest US GAAP terms are provided in our earnings release and in the appendix of the accompanying presentation. Additionally, please note that all financial comparisons made during the call are on a year-over-year basis unless otherwise noted. It is now my pleasure to turn the call over to John Romano. John?

Thanks Jennifer, and good morning everyone. We'll begin this morning on slide four with some key messages from the quarter and the full year. Toronto has delivered a stronger finish to 2025 than anticipated by remaining focused on the things we can control and influence. Safety continues to be one of our core values and remains our number one priority across the company. In a year marked by challenges, volatility, and inevitable distractions, maintaining that focus has never been more important. Despite that environment, I'm pleased to report that in 2025 we delivered our best safety performance in more than a decade, achieving our lowest overall injury rate for the period. This is a reflection of our team's discipline, diligence, and unwavering commitment to keeping one another safe. From a financial perspective, we concluded the year with stronger volumes than anticipated and executed on actions to drive cash flow and improve our long-term cost position. TIO2 volumes in the fourth quarter reached their highest point of the year. a pattern that was previously only observed during the COVID period in 2020. This notable trend underscores how anti-dumping duties have positively influenced the relative markets. Our gains in India and other protected regions show increased market share and suggest a structural change in the global TO2 trade flows. As anticipated, TO2 prices were lower in the quarter, and mixed with an incremental headwind due to higher sales in Asia. However, we are now implementing price increases that are beginning to show results in the first quarter. Early indications show positive momentum, and with a shift toward higher price regions, market dynamics are gradually moving in a favorable direction. Zircon volumes concluded the year positively, supported by customers restocking and resuming normal buying patterns. Zircon pricing was a headwind in the quarter, compounded by unfavorable mix. That being said, we've announced price increases and are optimistic that they will be implemented in the second quarter. From an operational standpoint, we maintained a disciplined approach to cash preservation and inventory management. While certain measures impacted EBITDA for the quarter, they reinforced working capital discipline, resulting in $53 million of free cash flow, a notable achievement given the challenging environment. We also executed on an opportunistic $400 million senior secured note offering in September, proactively increasing liquidity. In addition, we took the necessary actions on our footprint to position the business for the long term, including announcing the closures of two of our payment plans. The decision to close the Fuzhou plant in China, as announced last month, was driven by prolonged market downturn, weak domestic demand, over capacity and unsustainable pricing levels in China. Combined with the Botlic closure, which we announced in March of last year, these actions streamline our footprint and improve our cost structure over the long term, while ensuring we can continue to reliably serve customers through a more efficient global network. We thank our Botlic and Fuzhou teams for their unwavering commitment to safety and their contributions as they have made to Tronox over the years. Transitioning to our sustainable cost improvement program, we continued to make significant progress. We exited 2025 with more than $90 million of run rate savings, three times our original target, and we remained on pace for the high end of our 125 to $175 million run rate target at the exit of 26. We're now tracking more than 2,000 initiatives. More than 500 of them are already delivering savings, and another 250 are moving through the planning and execution stage. The largest benefits came from fixed cost reductions, including the work we've actioned across labor, contractors, and outside services, along with SG&A reductions that came in ahead of plan. These savings are helping us offset a number of headwinds this year and continue to structurally lower our costs for the long term. We also reached key milestones on our mining projects in South Africa last year. We commenced mining at Fairbreds and began the commissioning of East OFS. We also advanced our rare earth strategy with the announcement in December of the conditional non-binding financing with EFA and Ex-Im Bank for the building out of a cracking and leaching facility in Australia. We are progressing our work on definitive feasibility study and continue to evaluate adding refining capacity to the value chain. As we look ahead, we're cautiously optimistic and that optimism is grounded in facts and execution. Market dynamics are starting to change. TIO2 prices are improving as a result of price increase announcements that are starting to take effect in the first quarter, and we expect favorable mixed benefit from selling more into higher price regions. At the same time, our actions on inventory, cost, and portfolio rationalization are designed to counterbalance near-term headwinds and support cash generation. As pricing and costs improve from actions already underway, I expect free cash flow to be positive in 2026. Taken together, these developments position us for a step change in earnings power as market fundamentals continue to improve. I'll speak to 2026 in more detail later in the call, but for now, I'll turn the call over to John for a review of our financials from 2025 in more detail.