Tronox Holdings Plc-Class A (TROX.N): 3Q26 EBITDA Ahead; FCF Now a Use of Cash

EBITDA of $101M beat MSe by 6.3% and consensus by 2.1%. Revenue of $827M missed MSe by 5.0%, while the 12.2% margin was 130 bps above MSe's 10.9%, so the beat was margin-driven. The revenue miss was driven by TiO2 volume, which grew 10.0% YoY though missed MSe's 15.8%. TiO2 price/mix rose 9.0% YoY and was a modest offset to the volume miss as it beat MSe by 1%. Revenue missed consensus by 3.2%, though margins were 63 bps above consensus, leading to a slight EBITDA beat. Results were within the 3Q $95-$115M EBITDA guidance range. Tronox cut its FY26 FCF guide to a use of $25-50M from meaningfully positive previously, attributing the cut to the unforeseen prolonged Middle East conflict, which drives raw material price headwinds and weaker volumes. Capex was reduced about $30M to about $230M. Tronox guided 4Q26 EBITDA to $80-$90M, in line with MSe at $85M and 7.6% below consensus at $92M, including $15-20M of higher input costs from natural gas, sulfur and sulfuric acid.