Tronox Holdings plc 2025年度报告

Tronox Holdings plc2025 Annual Report When it comes to working safely, our employees know the importanceof identifying and eliminating risks, looking out for one another andquestioning the status quo if a process or task can be completed in abetter — and safer — way. Demonstrating these behaviors enabled ourteams to accomplish their best collective safety performance in years.No matter the task at hand, level of seniority or geographical location,our people stay diligent – becauseluck isn’t a strategy. Safety is. Achieved recordimprovements in injuryfrequency rates, including6 sites with 0 injuries ~5,700employeesworldwide 4,700potential hazards removed throughour leadingindicators program $2.9 billionin revenue$336 million Adjusted EBITDA11.6%EBITDA margin 7 TiO2pigment facilities5 mines5 upgrading facilities942,000 metric tons of TiO2 (nameplate capacity) ~1,200customers in120 countries $1.0millioninvestedin ourcommunities Dear Shareholders: 2025 was a year that demanded resilience, discipline, and agility. In aprolonged downturn marked by global economic uncertainty, competitivepricing pressure, and muted demand across TiO2and zircon, we focusedRQZKDWZHFRXOGFRQWURODQGLQÀXHQFHRSHUDWLQJVDIHO\VWUHQJWKHQLQJour cost position, preserving liquidity, and executing with commercial rigor. Safety and Sustainability :HLGHQWL¿HG±PLOOLRQRIVXVWDLQDEOHUXQUDWHFRVWVDYLQJVDFKLHYDEOHE\WKHHQGRIZLWKPRUHWKDQmillion of annualized savings achieved by year end 2025.This program is a cornerstone of our strategy to navigatevolatility, while positioning Tronox for durable, long-termvalue creation. Our commitment to Zero Harm remains foundational.In 2025, we achieved record improvements in injuryfrequency rates and removed thousands of potentialhazards from our business through our leading indicatorsSURJUDPUHÀHFWLQJFRQWLQXHGGHYHORSPHQWRIRXUJOREDOsafety programs and the effectiveness of our risk-basedcontrols. Six of our operating sites achieved zero injuriesfor the year, reinforcing our belief that zero is possible.Additionally, we conducted a Global Safety Survey tofurther strengthen learning and leadership engagementand are using the results to augment our current initiatives. Optimizing Our Asset Footprint Following a strategic review of our asset base, in March2025 we announced the shutdown of our Botlek TiO2facilityin the Netherlands. We were able to minimize disruptionsto customer supply, as our diverse global manufacturingfootprint enabled uninterrupted service. We also recognizethe human impact of this decision, which affected approxi-mately 240 colleagues — and we supported our Botlek teamthrough local management engagement and comprehensiveservices during the transition. On sustainability, we exceeded our 2025 environmentaltargets: a 25% reduction in Scope 1 and 2 greenhouse gasemission; a 9% reduction in Scope 3 emissions intensity inour supply chain; and a 15% reduction in waste to externalODQG¿OOV7KLV\HDUPDUNHGWKHODXQFKRIRXU,QQRYDWHReconciliation Action Plan, outlining practical steps to buildrespectful relationships and create meaningful opportunitieswith Aboriginal and Torres Strait Islander peoples. Acrossclimate, waste, water, and biodiversity, we continuedintegrating sustainability into operations and governance,consistent with our alignment to the TCFD, SASB, andGRI reporting frameworks. More recently, in January 2026, we announced the decisionto permanently close our pigment facility in Fuzhou, China,impacting approximately 550 colleagues. This decision wasdriven by the prolonged market downturn, weak domesticdemand, overcapacity and unsustainable pricing levels.We thank both our Botlek and Fuzhou teams for theirunwavering commitment to safety and the contributionsthey have made to Tronox over the years. Sustainable Cost Improvement We believe the shutdown of Botlek and Fuzhou will improveRXURYHUDOOSUR¿WDELOLW\DQGHQDEOHIXUWKHURSWLPL]DWLRQRIoperating rates across the portfolio. Consistent with ourdisciplined approach, we also selectively adjusted operatingrates at other sites during 2025 to preserve cash and protectmargins while maintaining — and in key markets, growing —share through targeted commercial initiatives. From the outset of the year,ZHUHDI¿UPHGRXUFRPPLWPHQWfor continuous improvement and disciplined cost manage-ment and launched a comprehensive Sustainable CostImprovement Program designed to structurally lower ourmanufacturing and SG&A costs while enhancing productivityacross our global footprint. ³ :eUemain cRn¿Gent tKat tKe actiRnVtaNen in²KRZeYeUGiI¿cXlt at timeV²KaYeVtUenJtKeneGtKe cRUeRIRXUEXVineVVanGcUeateGaUXnZayIRUpUR¿taEility anGJURZtK$VGemanGnRUmali]eV7URnR[ZillEeUeaGy tRcapitali]eRnRXUinteJUateGmRGelJlREalIRRtpUintanGtecKnRlRJyenaEleGRpeUatiRnV´±-RKn'5RmanR Strategic Adjacency: Rare Earths Financial Discipline and Liquidity In response to the prolonged market weakness, dur