Tronox Holdings plc reported its financial results for the first quarter ending March 31, 2025, with revenue of $738 million, a 5% decrease year-over-year but a 9% increase sequentially from Q4 2024. The company recorded a net loss of $111 million, or $0.70 per diluted share, compared to a net loss of $9 million in the prior year's quarter.
Adjusted EBITDA for the quarter was $112 million, a 15% decrease year-over-year and a 13% sequential decline, resulting in an Adjusted EBITDA margin of 15.2%. Free cash flow for the quarter was a use of $142 million, with capital expenditures totaling $110 million.
CEO John D. Romano noted a stronger-than-normal seasonal demand uplift in TiO2 sequentially, particularly in Europe, where sales volumes recovered to levels not seen since Q2 2021 following the finalization of anti-dumping duties in January. Despite increased volatility, Tronox maintained its full-year 2025 guidance for revenue of $3.0 billion to $3.4 billion and Adjusted EBITDA of $525 million to $625 million.
The company expects the second half of 2025 to be stronger than the first, driven by momentum from anti-dumping measures in Europe and anticipated benefits in India and Brazil. Tronox also reduced its expected capital expenditures to less than $365 million for the year and reiterated its target of $125 million to $175 million in sustainable cost improvements by the end of 2026.
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