Tronox reported Q1 2026 revenue of $760 million, up 3% year-over-year and 4% sequentially, and recorded a GAAP net loss of $103 million, including $15 million of restructuring charges. Adjusted EBITDA reached $62 million with an 8.2% margin, while capital expenditures totaled $67 million for the quarter.

TiO₂ pigment volumes rose 5% year-over-year to the highest first-quarter level since 2022, driven by seasonal demand and antidumping measures in Europe, Brazil and Saudi Arabia. Zircon sales surged 57% year-over-year to their highest level since Q4 2021, and both TiO₂ and zircon pricing is set to improve by mid-single-digit percentage ranges in Q2.

A targeted cost improvement program remains on track to deliver $125–175 million of run-rate savings by year-end 2026, partially offsetting near-term input cost pressures from higher natural gas, freight and insurance expenses. Working capital discipline reduced inventory by approximately $75 million, contributing to a first-quarter free cash flow deficit of $135 million that was better than expectations.

The company expects Q2 free cash flow to turn positive, largely offsetting Q1 cash use, and forecasts adjusted EBITDA of $65–85 million as volumes grow in the high single-digit range for TiO₂ and moderate for zircon. Sequential pricing actions and cost-related surcharges are anticipated to support margin recovery throughout the second quarter.