Tronox Holdings plc

Good morning and welcome to the Tronox Holdings second quarter 2026 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star then the number one on your telephone keypad. I would now like to turn the call over to Jennifer Guenther, Chief Sustainability Officer, Head of Investor Relations and External Affairs. Jennifer, please go ahead.

Thank you and welcome to our second quarter 2026 conference call and webcast. Turning to slide two on our call today are John Romano, Chief Executive Officer and John Srivisal, 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.toronox.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. In the second quarter, we continued to build on the commercial momentum we saw in the first quarter. TIO2 volumes came in at the high end of our guidance and at the highest level since Q2 of 2022. Zircon volumes exceeded our expectations and surpassed the strong levels achieved in Q1 as supply remained constrained across the industry. This performance reflects disciplined commercial execution, strong customer engagement, and the value of our global footprint, which continues to allow us to reliably serve customers at supply dynamic shift across our markets. We also continue to see meaningful structural benefits from anti-dumping measures. In addition, customer shifts in certain markets, including India, where customers are increasingly prioritizing reliable supply and long-term supplier relationships, are driving strong volumes in the region. And as it relates to India, on August the 3rd, the Indian Trade Defense Agency issued a recommendation that duties on Chinese-made TO2 be reinstated. The level of the duties recommended is unchanged from the original duties imposed in May of 2025. The recommendation now goes to the Ministry of Finance, which has 90 days to approve. We believe this represents another important step towards reestablishing a more level and competitive environment. Given the long lead times associated with global shipments, the impact is unlikely to be immediate, but over time we would expect these measures to impact Chinese exports into India and further support the structural changes already underway in the market. We also remain encouraged by the progress of the anti-dumping investigations in Australia and the United Kingdom and will continue to evaluate additional appropriate actions such as anti-absorption in markets where duties have already been imposed to support fair competition. Additionally, broader supply dynamics continue to evolve. Capacity curtailments, logistics challenges, and trade defense measures are impacting supply and trade flows across a number of regions. On pricing, the previously announced increase took effect as planned during the second quarter, driving sequential pricing improvement of 5% for both CO2 and Zircon. The improvement in Q2 was driven primarily by higher base pricing rather than temporary surcharge mechanisms. We also announced additional pricing actions for both products that have gone into effect in the third quarter. While we continue to use targeted surcharges where appropriate, our focus has shifted towards more sustainable pricing actions that reflect the current market conditions, higher input costs, and the value of our reliable supply. We'll discuss our outlook in more detail later in the call, but the continued realization of these pricing actions remains an important driver of our expected margin improvement in the third quarter. From a cost perspective, we continue to realize the benefits from our cost improvement program, which remains on track to deliver at the higher end of our $125 to $175 million run rate target at the end of 2026. These efforts contributed to sales of lower cost inventory during the quarter and helped offset a number of headwinds. As expected, our second quarter cost profile reflected the impact of the planned outages. We successfully completed both the regulatory outage in Stalingboro and our extended SR killing outage. These were significant planned events for the year and I want to recognize our teams for executing both safely and efficiently. Importantly, those outages are now behind us and position us for improved operating performance moving forward. While we see elevated costs stemming from the conflict in the Middle East and unfavorable foreign exchange movements, Thank you for joining us. At the same time, we're making targeted operational decisions to support demand and product availability. This includes the restart of a furnace and advancing plans to bring production back online at our West Mine, both at Namaqua, to support inventory levels, including Zircon, to meet demand as we continue to ramp up East OFS support production. While the situation in the Middle East remains dynamic, our approach remains focused on factors we can control and influence. We are actively evaluating market conditions customer demand, supply chain impacts, and input costs, and taking targeted commercial and operational actions where appropriate. As conditions evolve, we'll remain disciplined and adaptable, focused on maintaining reliable supply to our customers while protecting earnings and cash flow. I'll speak to our expectations for the third quarter and the full year in more detail later in the call, but for now, I'll turn the call over to John to review our financials from the second quarter in more detail. John?