TROX - Live from the Truist Securities Industrials & Services Conference

Research evidence excerpt

TROX - Live from the Truist Securities Industrials & Services Conference

Truist Securities

Equity Research Report June 16, 2026

INDUSTRIALS: Chemicals Tronox Holdings plc (TROX)

TROX - Live from the Truist Securities Industrials & Services Peter Osterland, CFA

404-926-5136 Conference

Peter.Osterland@truist.com

Alek Ledvina We hosted TROX today at the Truist Securities Industrials & Services Conference. Our

404-439-7399 takeaways from today's meetings:

Alek.Ledvina@truist.com • We believe key debates around TiO2 fundamentals continue to be focused on industry

supply dynamics and the stickiness of recent price momentum. TROX expects that

elevated prices for sulfur will be sustained, pressuring Chinese production, in some cases

with smaller suppliers challenged to secure supply; this should continue to support pricing

Current Price (Jun. 16, $7.59 dynamics despite potential for incremental demand weakness. We also note that while 2026)

TROX has implemented some surcharges related to energy, raw material, and logistics

Stock Rating HOLD costs (most significantly in Brazil, followed by Europe), this represents a minority of

Unchanged implemented price increases.

Price Target • Anti-dumping update: TROX expects that implementation of anti-dumping duties across $7.00 several regions will ultimately result in more Chinese volumes re-routed to SE Asia/Middle

Unchanged East markets which are already saturated. UK anti-dumping duties are a watch item in our

view given LB Group's (002601-CN, NR) purchase of the ex-Venator Greatham facility.

TROX expects initially LB Group will be importing unfinished TiO2 (which is covered by

the UK anti-dumping probe) and finishing it at Greatham; ramping the facility to its full 4 Page Document