TROX - Upgrading to Hold from Sell; PT Unchanged at $7

Research evidence excerpt

TROX - Upgrading to Hold from Sell; PT Unchanged at $7

Truist Securities

Equity Research Report June 11, 2026

INDUSTRIALS: Chemicals Tronox Holdings plc (TROX)

TROX - Upgrading to Hold from Sell; PT Unchanged at $7 Peter Osterland, CFA

404-926-5136

Peter.Osterland@truist.com

We are upgrading TROX to Hold from Sell, with our price target unchanged at $7. At current

valuation we now view the potential near-term positives (improved TiO2 pricing dynamics,

Alek Ledvina potential for share gains) as appropriately balanced against what we view as the most 404-439-7399

Alek.Ledvina@truist.com significant downside risks (margin pressure from inputs / logistics, increasing potential for

demand stagnation or destruction). We continue to believe that pricing and self-help cost

actions will support margin improvement seq'l throughout this year, but expect TROX' near/

medium-term earnings to be well below its normalized potential.

Stock Rating HOLD

↑ Upgrade rationale. As outlined in our downgrade to Sell on 4/28 (link), we continue to from

Sell expect that TiO2 pricing will improve sequentially throughout the year, though we believe raw

material and logistics cost inflation have potential to offset much of the gains for TROX. We

Price Target $7.00 continue to believe that normalized or "mid-cycle" EBITDA for the company is substantially

Unchanged higher than what the company will likely deliver in 2026-27. In our view, current valuation

of ~9x 2027E EBITDA fairly balances the upside potential for the company's competitive

position to meaningfully improve (most significantly at the expense of Chinese producers)

with the downside potential for incremental deterioration from demand destruction in its

TR to Target 1.7% relatively rate-sensitive end markets.

Price (Jun. 9, 2026) $7.08